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Interest Rate Risk

Net Realized Gain/(Loss) on Derivatives

Futures Contracts

Net Change in Unrealized Appreciation/(Depreciation) on Derivatives

Futures Contracts

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Intermediate-term corporate indexes eked out paltry gains, as risk spreads compressed and credit-related performance just offset the impact of rising rates. This created an accommodative environment for active fixed income strategies to outperform market indexes. We are proud to report that the BBH Select Short-Term Assets Fund gained 0.02% for the 10-month period ending October 31, 2021, exceeding the -0.26% return of the Bloomberg U.S. 1-3 Year Treasury Index.

Heavy issuance was a distinguishing feature of the past 12 months, as the lower rate environment combined with increased investor appetite for yield to fuel record levels of issuance in several market sectors, including corporate bonds, loans, mortgage- and asset-backed securities, and commercial mortgage-backed securities. Issuance in all sectors was met with remarkable demand, with many deals being oversubscribed at their prevailing yields. We maintained our valuation and fundamental research disciplines and participated in issuances only when the yields offered were adequate and our research revealed the issue to be durable – able to perform through a variety of macroeconomic and industry environments. This credit and valuation discipline may seem less necessary in a period of strong growth and tight spread levels, but our experience suggests such discipline is rewarded when market risks re-emerge. It is unfortunately difficult to predict when and how risks events will manifest.

Since the Fund’s inception, short-term rates hovered near historical lows while credit risk spreads started at relatively low levels then narrowed to levels not seen since the 1990s. Our highly selective and valuation-focused approach made it increasingly challenging to source new opportunities in mainstream bond sectors in this market. Despite the challenging environment, we were able to identify and invest in many credits that were durable, were fundamentally sound, and offered appealing compensation for the Fund. The Fund’s allocation to these credits, particularly within corporate securities, were notable contributors to performance results over the past year.

The Fund’s overall duration profile was managed in a range of 0.7 – 1.1 year over the past year*. The Fund’s duration profile detracted modestly from results, as short-term rates rose from their historic lows at the Fund’s inception.

As we look forward, we balance an opportunistic mindset with the proper caution required in a low yield and risk spread environment. The Federal Reserve plans to curb new purchases of Treasuries and agency mortgage-backed securities. The macroeconomic environment may challenge fixed income returns in the near-term. The fed funds futures market predicts the Federal Reserve will raise policy rates three times in 2022 (by 0.25% in each occurrence). Inflationary pressures seem to be mounting, and while the high levels of recent inflation data may be transitory, near-term inflation may settle at levels higher than what prevailed pre-pandemic. Treasury Inflation-Protected Securities (TIPS) are valued with breakeven inflation rates – the inflation rates that would need to prevail so their yields would equal those of traditional, nominal Treasury securities – of 2.5% – 3.0% at various maturities over the next ten years. Forward-looking forecasts of various inflation indexes estimate annual inflation rates of 2.0% - 2.5% over the next three to four years. With the 2-year Treasury offered at 0.50%, the 10-year Treasury offered at 1.55%, and the average yield of investment-grade corporate bonds at 2.22%, either current yields rise to offer compensation for inflation or estimates of forward-looking inflation are too high.

We believe the Select Short-Term Assets Fund is positioned well to perform amidst such risks. The portfolio’s credit composition emphasizes instruments with short duration profiles. We believe these positions allow the Fund to enhance income versus cash alternatives while remaining defensive in the face of more-hawkish policies from the Fed. The Fund’s duration was 0.72 years offering investors a prudent way of taking modestly higher interest rate risk than cash alternatives to earn higher yields while maintaining positive returns over a short-term horizon. Further, the duration profile allows cash flows to be reinvested rapidly if rates rise, mitigating the overall effects of rising rates on the portfolio.

The markets appear to be at a delicate balance where yields have stabilized and spreads are at decades-long lows. Macroeconomic risks linger, and the most profound risks may be unidentified by the markets right now. We are confident that our approach and process will allow us to adapt to changes, capitalize on opportunities, and perform through a variety of environments. Thank you for the trust placed in BBH, and we look forward to engaging with you in 2022 and beyond.

The graph below illustrates the hypothetical investment of $10,000¹ in the Fund since inception (January 20, 2021) to October 31, 2021 as compared to the Bloomberg Short Treasury TR Index.

The annualized gross expense ratio as shown in the March 1, 2021 prospectus for the Fund was 0.36%.

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

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

To the Trustees of the BBH Trust and Shareholders of BBH Partner Fund – Select Short Term Assets:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH Partner Fund – Select Short Term Assets (the "Fund"), one of the funds within BBH Trust, as of October 31, 2021, the related statement of operations, statement of changes in net assets and financial highlights for the period from January 20, 2021 (commencement of operations) to October 31, 2021, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations, the changes in its net assets and the financial highlights for the period from January 20, 2021 (commencement of operations) to October 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

These financial statements and financial highlights are the responsibility of the BBH Trust's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the BBH Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The BBH Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the BBH Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

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

All data as of October 31, 2021. The Fund’s sector diversification is expressed as a percentage of net assets and may vary over time.

Principal Amount				Maturity Date		Interest Rate			Value
			ASSET BACKED SECURITIES (20.7%)
	$	2,480,000	California Street CLO IX LP 2012-9A (3-Month USD-LIBOR + 1.100%)^1,2		07/16/32		1.182	%	$	2,479,927
		1,830,000	Carlyle Global Market Strategies CLO Ltd. 2012-4A (3-Month USD-LIBOR + 1.080%)^1,2		04/22/32		1.208			1,828,313
		3,000,000	Credit Acceptance Auto Loan Trust 2021-2A¹		02/15/30		0.960			2,992,374
		4,276,975	Dell Equipment Finance Trust 2019-2¹		10/22/24		1.910			4,304,876
		3,900,000	Donlen Fleet Lease Funding 2 LLC 2021-2¹		12/11/34		0.560			3,899,404
		858,120	Drive Auto Receivables Trust 2021-1		12/15/23		0.360			858,359
		2,830,000	Dryden 72 CLO, Ltd. 2019-72A (3-Month USD-LIBOR + 1.080%)^1,2		05/15/32		1.205			2,826,813
		1,648,114	Enterprise Fleet Financing LLC 2019-2¹		02/20/25		2.290			1,665,115
		508,263	Exeter Automobile Receivables Trust 2021-1A		06/15/23		0.300			508,264
		3,638,214	Foursight Capital Automobile Receivables Trust 2021-1¹		08/15/24		0.400			3,638,188
		3,524,626	FREED ABS Trust 2021-1CP¹		03/20/28		0.660			3,525,689
		6,000,000	Madison Park Funding XXV, Ltd. 2017-25A (3-Month USD-LIBOR + 0.970%)^1,2		04/25/29		1.094			6,002,981
		5,100,000	Neuberger Berman Loan Advisers CLO 25, Ltd. 2017-25A (3-Month USD-LIBOR + 0.930%)^1,2		10/18/29		1.052			5,101,275
		5,000,000	Northwoods Capital XVII Ltd. 2018-17A (3-Month USD-LIBOR + 1.060%)^1,2		04/22/31		1.188			4,987,500
		1,820,000	OnDeck Asset Securitization Trust III LLC 2021-1A¹		05/17/27		1.590			1,812,393
		2,762,176	Oscar US Funding XII LLC 2021-1A¹		03/11/24		0.400			2,748,602
		1,230,000	Parliament CLO II, Ltd. 2021-2A (3-Month USD-LIBOR + 1.350%)^1,2		08/20/32		1.482			1,229,933
		2,750,000	Pawneee Equipment Receivables LLC Series 2021-1¹		07/15/27		1.100			2,742,550
		2,527,409	United Auto Credit Securitization Trust 2021-1¹		07/10/23		0.340			2,527,700
		5,001,187	Westlake Automobile Receivables Trust 2021-1A¹		10/15/24		0.390			5,000,876
			Total Asset Backed Securities (Cost $60,736,753)							60,681,132

Principal Amount				Maturity Date		Interest Rate			Value
			COMMERCIAL MORTGAGE BACKED SECURITIES (6.1%)
	$	4,439,095	ACRE Commercial Mortgage Ltd. 2021-FL4 (1-Month USD-LIBOR + 0.830%)^1,2		12/18/37		0.910	%	$	4,424,712
		5,550,000	BXMT, Ltd. 2020-FL2 (30-Day SOFR + 1.014%)^1,2.		02/15/38		1.064			5,539,455
		2,110,000	MHC Commercial Mortgage Trust 2021-MHC (1-Month USD-LIBOR + 0.801%)^1,2		04/15/38		0.891			2,110,653
		5,999,701	PFP Ltd. 2021-7 (1-Month USD-LIBOR + 0.850%)^1,2		04/14/38		0.940			5,951,883
			Total Commercial Mortgage Backed Securities (Cost $18,098,011)							18,026,703
			CORPORATE BONDS (56.8%)
			AEROSPACE/DEFENSE (1.8%)
		5,255,000	Boeing Co.		10/30/22		2.200			5,315,199
			AUTO MANUFACTURERS (1.0%)
		2,814,000	General Motors Financial Co., Inc.		01/14/22		3.450			2,824,018
			BANKS (14.8%)
		5,395,000	BNZ International Funding, Ltd., London Branch¹.		03/01/23		3.375			5,596,535
		3,335,000	Canadian Imperial Bank of Commerce		12/14/23		0.500			3,309,886
		4,115,000	Citigroup, Inc.		12/08/21		2.900			4,116,877
		5,755,000	Goldman Sachs Group, Inc.		01/27/23		0.481			5,739,318
		5,580,000	HSBC Holdings Plc (3-Month USD-LIBOR + 1.055%)²		03/13/23		3.262			5,635,015
		2,000,000	JPMorgan Chase & Co.		09/23/22		3.250			2,051,785
		1,960,000	JPMorgan Chase & Co. (SOFR + 0.580%)²		03/16/24		0.697			1,960,405
		5,640,000	KeyBank NA		03/10/23		1.250			5,696,421
		5,465,000	MUFG Americas Holdings Corp.		06/18/22		3.500			5,574,013
		1,615,000	Santander Holdings USA, Inc.		03/28/22		3.700			1,630,535
		2,000,000	Westpac Banking Corp.		06/28/22		2.500			2,029,257
										43,340,047
			BIOTECHNOLOGY (0.6%)
		1,750,000	Gilead Sciences, Inc.		09/29/23		0.750			1,746,328
			COMPUTERS (1.8%)
		5,000,000	Hewlett Packard Enterprise Co		10/02/23		4.450			5,318,347
			DIVERSIFIED FINANCIAL SERVICES (6.0%)
		1,045,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust		10/29/24		1.750			1,045,876
		3,030,000	Air Lease Corp.		01/15/22		3.500			3,047,997
		945,000	Air Lease Corp.		02/01/22		3.750			947,193
		2,500,000	American Express Co.		05/20/22		2.750			2,527,843

Principal Amount				Maturity Date		Interest Rate			Value
			CORPORATE BONDS (continued)
			DIVERSIFIED FINANCIAL SERVICES (continued)
	$	4,300,000	Aviation Capital Group LLC¹		01/20/22		2.875	%	$	4,313,519
		5,510,000	Capital One Financial Corp.		05/11/23		2.600			5,663,211
										17,545,639
			ELECTRIC (8.0%)
		2,000,000	Alexander Funding Trust¹		11/15/23		1.841			2,031,414
		5,050,000	American Electric Power Co., Inc.		12/01/21		3.650			5,063,809
		3,655,000	New York State Electric & Gas Corp.		05/01/23		5.750			3,921,246
		1,180,000	NextEra Energy Capital Holdings, Inc.		04/01/22		2.900			1,192,175
		1,125,000	NextEra Energy Capital Holdings, Inc.		03/01/23		0.650			1,126,265
		4,590,000	Southern California Edison Co.		04/01/24		1.100			4,600,191
		5,635,000	Virginia Electric & Power Co.		01/15/22		2.950			5,642,068
										23,577,168
			HEALTHCARE-PRODUCTS (0.5%)
		1,350,000	Zimmer Biomet Holdings, Inc.		04/01/22		3.150			1,358,913
			INSURANCE (7.9%)
		5,250,000	Athene Global Funding¹		07/01/22		3.000			5,331,023
		1,735,000	Enstar Group, Ltd.		03/10/22		4.500			1,753,657
		1,600,000	Five Corners Funding Trust¹		11/15/23		4.419			1,716,782
		5,625,000	Guardian Life Global Funding¹		05/08/22		2.500			5,686,345
		5,760,000	New York Life Global Funding¹		10/21/23		0.400			5,743,270
		3,000,000	Northwestern Mutual Global Funding¹		03/25/24		0.600			2,979,860
										23,210,937
			INVESTMENT COMPANIES (1.2%)
		1,800,000	Ares Capital Corp.		01/19/22		3.625			1,807,050
		1,750,000	Ares Capital Corp.		02/10/23		3.500			1,803,643
										3,610,693
			MACHINERY-CONSTRUCTION & MINING (1.9%)
		5,605,000	Caterpillar Financial Services Corp.		09/06/22		1.900			5,680,865
			MEDIA (1.4%)
		4,000,000	Sky Ltd.¹		11/26/22		3.125			4,116,907
			OIL & GAS (3.9%)
		5,670,000	Chevron Corp.		06/24/23		3.191			5,875,827
		5,605,000	Exxon Mobil Corp.		04/15/23		1.571			5,688,443
										11,564,270

Principal Amount				Maturity Date		Interest Rate			Value
			CORPORATE BONDS (continued)
			PHARMACEUTICALS (1.7%)
	$	2,500,000	AbbVie, Inc.		11/06/22		2.900	%	$	2,556,821
		2,500,000	AbbVie, Inc.		11/21/22		2.300			2,543,301
										5,100,122
			PIPELINES (1.1%)
		3,320,000	Energy Transfer LP		02/01/22		5.200			3,320,000
			SEMICONDUCTORS (0.7%)
		2,000,000	QUALCOMM, Inc.		01/30/23		2.600			2,049,583
			SOFTWARE (2.5%)
		1,540,000	Oracle Corp.		05/15/22		2.500			1,552,297
		5,540,000	VMware, Inc.		08/21/22		2.950			5,632,878
										7,185,175
			Total Corporate Bonds (Cost $167,137,301)						166,864,211
			RESIDENTIAL MORTGAGE BACKED SECURITIES (1.6%)
		4,804,942	RESIMAC Premier 2021-1A (1-Month USD-LIBOR + 0.700%)^1,2		07/10/52		0.784			4,800,540
			Total Residential Mortgage Backed Securities (Cost $4,804,942)							4,800,540
			U.S. TREASURY BILLS (14.3%)
		2,250,000	U.S. Treasury Bill³		12/30/21		0.000			2,249,686
		10,600,000	U.S. Treasury Bill³		01/27/22		0.000			10,598,527
		19,400,000	U.S. Treasury Bill³		02/10/22		0.000			19,397,006
		6,100,000	U.S. Treasury Bill³		02/24/22		0.000			6,098,904
		3,750,000	U.S. Treasury Bill³		03/10/22		0.000			3,749,194
			Total U.S. Treasury Bills (Cost $42,094,824)							42,093,317

The Fund is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Authoritative guidance establishes three levels of the fair value hierarchy as follows:

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

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

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations and over-the-counter derivatives. As Level 2 financial assets include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

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

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of October 31, 2021.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Balance as of October 31, 2021
Asset Backed Securities		$	–		$	60,681,132		$	–		$	60,681,132
Commercial Mortgage Backed Securities			–			18,026,703			–			18,026,703
Corporate Bonds			–			166,864,211			–			166,864,211
Residential Mortgage Backed Securities			–			4,800,540			–			4,800,540
U.S. Treasury Bills			–			42,093,317			–			42,093,317
Total Investment, at value		$	–		$	292,465,903		$	–		$	292,465,903

ASSETS:
Investments in securities, at value (Cost $292,871,831)	$	292,465,903
Cash		176,772
Receivables for:
Interest		1,308,633
Investment advisory and administrative fee waiver reimbursement		56,679
Total Assets		294,007,987
LIABILITIES:
Payables for:
Investment advisory and administrative fees		76,301
Professional fees		59,274
Registration Expense		42,909
Custody and fund accounting fees		9,696
Dividends declared		5,954
Transfer agent fees		5,455
Board of Trustees' fees		1,111
Accrued expenses and other liabilities		9,866
Total Liabilities		210,566
NET ASSETS	$	293,797,421
Net Assets Consist of:
Paid-in capital	$	294,193,634
Accumulated deficit		(396,213			)
Net Assets	$	293,797,421
NET ASSET VALUE AND OFFERING PRICE PER SHARE
($293,797,421 ÷ 29,422,199 shares outstanding)			$	9.99

1.Organization. The Fund is a separate, diversified series of BBH Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. The Fund commenced operations on January 20, 2021 and currently concentrated their investments on the Total Fund share class. The investment objective of the Fund is to provide income balanced with low price volatility by investing in a well-diversified portfolio of durable performing fixed income instruments. As of October 31, 2021, there were nine series of the Trust.

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

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

Securities or other assets for which market quotations are not readily available are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. Short-term investments, which mature in 60 days or less are valued at amortized cost if their original maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if their original maturity when acquired by the Fund was more than 60 days, unless the use of amortized cost is determined not to represent “fair value” by the Board.

B.Accounting for Investments and Income. Investment transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined based on the identified cost method. Interest income is accrued daily and consists of interest accrued, discount earned (including, if any, both original issue and market discount) and premium amortization on the investments of the Fund. Investment income is recorded net of any foreign taxes withheld where recovery of such tax is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a

portion of the interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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

D.Private Placement Securities. The Fund may purchase securities that are not registered under the Securities Act of 1933, as amended (“1933 Act”) but that can be sold to “qualified institutional buyers” in accordance with the requirements stated in Rule 144A or the requirements stated in Regulation S of the 1933 Act (“Private Placement Securities”). A Private Placement Security may be considered illiquid and therefore, under SEC Regulations for open-end investment companies, subject to the 15% limitation on the purchase of illiquid securities, unless it is determined on an ongoing basis that an adequate trading market exists for the security, which is the case for the Fund. Guidelines have been adopted and the daily function of determining and monitoring liquidity of Private Placement Securities has been delegated to the investment adviser. All relevant factors will be considered in determining the liquidity of Private Placement Securities and all investments in Private Placement Securities will be carefully monitored. Information regarding Private Placement Securities is included at the end of the Portfolio of Investments.

E.Loan Participations and Assignments. The Fund may invest in loan participations and assignments, which include institutionally traded floating and fixed-rate debt securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the “Lender”) that acts as agent for all holders. Some loan participations and assignments may be purchased on a “when-issued” basis. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan assignment, the Fund acquires the loan in whole or in part and becomes a lender under the loan agreement. The Fund generally has the right to enforce compliance with the terms of the loan agreement with the borrower.

Assignments and participations involve credit, interest rate, and liquidity risk. Interest rates on floating rate securities adjust with interest rate changes and/or issuer credit quality, and unexpected changes in such rates could result in losses to the Fund. The interest rates paid on a floating rate security in which the Fund invests generally are readjusted periodically to an increment over a designated benchmark rate, such as the one-month, three-month, six-month, or one-year London Interbank Offered Rate (“LIBOR”). LIBOR is a short-term interest rate that banks charge one another and is generally representative of the most competitive and current cash rates.

markets. As a result, the Fund may be unable to sell assignments or participations at the desired time or may be able to sell only at a price less than fair market value. The Fund utilizes an independent third party to value individual loan participations and assignments on a daily basis.

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

The Fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (“ASC 740”). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statement of Operations. During the period ended October 31, 2021, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for open tax period since January 20, 2021 (commencement of operations). The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

G.Dividends and Distributions to Shareholders. Dividends and distributions from net investment income to shareholders are declared daily and paid monthly to shareholders. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends and distributions in the amount of $394,085 to shareholders during the period ended October 31, 2021.

The tax character of distributions paid during the period ended October 31, 2021 was as follows:

As of October 31, 2021, the components of retained earnings/(accumulated deficit) was as follows:

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

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

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

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

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

B.Investment Advisory and Administrative Fee Waivers. The Investment Adviser voluntarily agreed to limit the annual fund operating expenses (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business). This is a voluntary waiver that can be changed at any time at the sole discretion of the Investment Adviser. For the period ended October 31, 2021, the Investment Adviser waived fees in the amount of $286,212.

C.Custody and Fund Accounting Fees. BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and incurred monthly. BBH holds all of the Fund’s cash and investments and calculates the Fund’s daily net asset value. The custody fee is an asset and transaction-based fee. The fund accounting fee is an asset-based fee calculated at 0.004% of the Fund’s net asset value. The period ended October 31, 2021, the Fund incurred $29,229 in custody and fund accounting fees. As per agreement with the Fund’s custodian, the Fund receives interest income on cash balances held by the custodian at the BBH Base Rate. The BBH Base Rate is defined as BBH’s effective trading rate in local money markets on each day. The total interest earned by the Fund for the period ended October 31, 2021 was $1,062. This amount is included in “Interest income” in the Statement of Operations. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the Federal Funds overnight investment rate on the day of the overdraft. The total interest incurred by the Fund for the period ended October 31, 2021, was $34. This amount is included under line item “Custody and fund accounting fees” in the Statement of Operations.

D.Board of Trustees’ Fees. Each Trustee who is not an “interested person” as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the period ended October 31, 2021, the Fund incurred $45,910 in independent Trustee compensation and expense reimbursements.

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

4.Investment Transactions. For the period ended October 31, 2021, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $318,199,694 and $98,972,065, respectively.

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

* The period represented is from January 20, 2021 (commencement of operations) to October 31, 2021.

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

(leverage risk). The value of securities held by the Fund may decline in response to certain events, including: those directly involving the companies or issuers whose securities are held by the Fund; conditions affecting the general economy; overall market changes; local, regional or political, social or economic instability; and currency and interest rate and price fluctuations (market risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (shareholder concentration risk). While the U.S. Government has historically provided financial support to U.S. government-sponsored agencies or instrumentalities during times of financial stress, such as the various actions taken to stabilize the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the credit crisis of 2008, no assurance can be given that it will do so in the future. Such securities are neither issued nor guaranteed by the U.S. Treasury (U.S. Government Agency Securities Risk). The Fund may invest in private placement securities that are issued pursuant to Regulation S and Rule 144A which have not been registered with the U.S. Securities and Exchange Commission (“SEC”). These securities may be subject to contractual restrictions which prohibit or limit their resale (private placement risk). The unavailability and/ or discontinuation of LIBOR may affect the value, liquidity or return on certain fund investments that mature later than 2021 and may result in costs incurred in connection with closing out positions and entering into new positions. Any pricing adjustments to the fund’s investments resulting from a substitute reference rate may also adversely affect the fund’s performance and/or net asset value (LIBOR transition risk). The extent of the Fund’s exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund’s Statement of Assets and Liabilities.

In 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. The situation is dynamic with various cities and countries around the world responding in different ways to address the outbreak. The rapid development and fluidity of this situation precludes any prediction as its ultimate impact, which may have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. Management is monitoring developments relating to COVID-19 and is coordinating its operational response based on existing business continuity plans and on guidance from global health organizations, relevant governments, and general pandemic response best practices.

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

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

7.Subsequent Events. BBH&Co. ("BBH"), the custodian and fund accountant for the Fund, has entered into an agreement with State Street Corporation (“State Street”) under which State Street will acquire BBH’s Investor Services business; which includes those services provided to the Fund. The transaction is expected to be completed in the first quarter of 2022, subject to customary closing conditions and regulatory approvals. Investment advisory, portfolio management and administrative services provided to BBH Trust by BBH through its SID are not impacted by the agreement with State Street.

Management has evaluated events and transactions that have occurred since October 31, 2021 through the date the financial statements were issued and determined that there were no other subsequent events that would require recognition or additional disclosure in the financial statements.

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

The Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2021 to October 31, 2021).

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

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

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

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

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

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

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

could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Funds. From time to time, the Investment Adviser and Sub-Adviser, sponsor and with other investment pools and accounts which engage in the same or similar businesses as the Funds using the same or similar investment strategies. To the extent that the same investment opportunities might be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Investment Adviser or Sub-Adviser may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH and the Investment Adviser have implemented policies and procedures designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. The policies and procedures require, among other things, objective allocation for limited investment opportunities, and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Nevertheless, access to investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance and investment restrictions or for other reasons.

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

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

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

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

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

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

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

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

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

investment advisory clients, BBH may limit its selection to funds managed by BBH or the Investment Adviser. BBH may not consider or canvass the universe of unaffiliated investment companies available, even though there may be unaffiliated investment companies that may be more appropriate or that have superior performance. BBH, the Investment Adviser and their affiliates providing services to the Funds benefit from additional fees when the Funds is included as an investment by a discretionary investment advisory client.

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

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

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

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

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

The qualified investment income (“QII”) percentage for the period ended October 31, 2021 was 69.21%. In January 2022, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2021. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

Information pertaining to the Trustees and executive officers of the Trust as of October 31, 2021 is set forth below. The mailing address for each Trustee is c/o BBH Trust, 140 Broadway, New York, NY 10005.

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

The Board of Trustees (the “Board”) of BBH Trust met on March 9, 2021 to review the liquidity risk management program (the “Program”) for the funds of BBH Trust (the “Funds”) pursuant to the Liquidity Rule. The Board has appointed three members of the Brown Brothers Harriman & Co. Mutual Fund Advisory Department, the Investment Adviser to the Funds, as the Program Administrator for each Fund’s Program. The Program Administrator provided the Board with a report (the “Report”) that addressed the operations of the Program and assessed its adequacy and effectiveness of the Program. The Report covered the period from February 1, 2020 through January 31, 2021 (the “Reporting Period”).

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

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

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

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

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

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

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

This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund.

For more complete information, visit www.bbhfunds.com for a prospectus. You should consider the Fund’s investment objectives, risks, charges and expenses carefully before you invest. Information about these and other important subjects is in the Fund’s prospectus, which you should read carefully before investing.

Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available electronically on the SEC’s website (sec.gov). For a complete list of a fund’s portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund’s web site at http://www.bbhfunds.com.

A summary of the Fund’s Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC’s website at www.sec.gov.

Since inception on July 8, 2021, the BBH Partner Fund – Small Cap Equity (“the Fund” or “BBH Small Cap”) returned -1.50%, net of fees, while the Fund’s benchmark, the Russell 2000, returned 3.22%.

For the period, the Fund underperformed its benchmark, largely driven by individual security performance from the following holdings: Stitch Fix Inc, Astronics Corp, Cimpress PLC, Agilysys Inc and Despegar.com Corp. The largest positive contributors to performance during the same time period include: Mimecast Ltd, InMode Ltd, Zuora Inc, Papa John’s International Inc and Onto Innovation Inc.

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

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

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

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

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

The graph below illustrates the hypothetical investment of $10,000¹ in the Class I shares of the Fund since inception (July 8, 2021) to October 31, 2021 as compared to the Russell 2000 TR USD.

The annualized gross expense ratio as shown in the June 28, 2021 prospectus for Class I shares was 0.95%.

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

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

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH Partner Fund – Small Cap Equity (the "Fund"), one of the funds within BBH Trust, as of October 31, 2021, the related statement of operations, statement of changes in net assets and financial highlights for period from July 8, 2021 (commencement of operations) to October 31, 2021, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations, and the changes in its net assets and the financial highlights for the period from July 8, 2021 (commencement of operations) to October 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

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

All data as of October 31, 2021. The Fund's sector diversification is expressed as a percentage of net assets and may vary over time.

Shares				Value
			COMMON STOCK (88.0%)
			BASIC MATERIALS (3.8%)
	$	540,353	Element Solutions, Inc.	$	12,271,417
			Total Basic Materials		12,271,417
			COMMUNICATIONS (20.5%)
		1,000,000	Despegar.com Corp. (British Virgin Islands)¹		11,120,000
		267,270	Mimecast, Ltd. (Jersey)¹		20,162,849
		760,000	Stitch Fix, Inc. (Class A)¹		26,296,000
		431,335	WideOpenWest, Inc.¹		8,216,932
			Total Communications		65,795,781
			CONSUMER CYCLICAL (9.7%)
		113,660	Papa John's International, Inc.		14,102,933
		225,000	XPEL, Inc.¹		17,077,500
			Total Consumer Cyclical		31,180,433
			CONSUMER NON-CYCLICAL (23.1%)
		330,000	Alarm.com Holdings, Inc.¹		27,805,800
		170,000	Cimpress , Plc. (Ireland)¹		15,184,400
		283,984	EVERTEC, Inc. (Puerto Rico)		12,838,917
		31,910	Heska Corp.¹		7,132,842
		100,000	Inmode, Ltd. (Israel)¹		9,474,000
		60,486	iRadimed Corp.¹		2,257,337
			Total Consumer Non-cyclical		74,693,296
			INDUSTRIALS (2.5%)
		626,838	Astronics Corp.¹		8,086,210
			Total Industrials		8,086,210
			TECHNOLOGY (28.4%)
		330,224	Agilysys, Inc.¹		15,758,289
		136,905	Health Catalyst, Inc.¹		7,206,679
		400,000	Model N, Inc.¹		12,964,000
		157,500	Onto Innovation, Inc.¹		12,475,575
		590,000	PagerDuty, Inc.¹		24,632,500
		850,000	Zuora, Inc. (Class A)¹		18,581,000
			Total Technology		91,618,043
			Total Common Stock
			(Cost $288,800,463)		283,645,180

The Fund is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Authoritative guidance establishes three levels of the fair value hierarchy as follows:

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

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

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

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of October 31, 2021.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Balance as of October 31, 2021
Common Stock:
Basic Materials		$	12,271,417		$	–		$	–		$	12,271,417
Communications			65,795,781			–			–			65,795,781
Consumer Cyclical			31,180,433			–			–			31,180,433
Consumer Non-cyclical			74,693,296			–			–			74,693,296
Industrials			8,086,210			–			–			8,086,210
Technology			91,618,043			–			–			91,618,043
Total Investment, at value		$	283,645,180		$	–		$	–		$	283,645,180

ASSETS:
Investments in securities, at value (Cost $288,800,463)	$	283,645,180
Cash		38,084,916
Receivables for:
Investments sold.		4,100,759
Shares sold		1,360,000
Dividends		12,779
Investment advisory and administrative fee waiver reimbursement		9,509
Interest		1,542
Total Assets		327,214,685
LIABILITIES:
Payables for:
Investments purchased		4,439,509
Investment advisory and administrative fees		216,464
Professional fees.		49,974
Custody and fund accounting fees		10,000
Shares redeemed.		5,500
Transfer agent fees		5,426
Board of Trustees' fees.		1,111
Accrued expenses and other liabilities		7,958
Total Liabilities		4,735,942
NET ASSETS	$	322,478,743
Net Assets Consist of:
Paid-in capital	$	325,583,164
Accumulated deficit		(3,104,421			)
Net Assets	$	322,478,743
NET ASSET VALUE AND OFFERING PRICE PER SHARE
($322,478,743 ÷ 32,737,341 shares outstanding)			$	9.85

	For the period from July 8, 2021 (commencement of operations) to October 31, 2021
Net asset value, beginning of period		$	10.00
Income from investment operations:
Net investment loss¹			(0.03	)
Net realized and unrealized loss			(0.12	)
Total loss from investment operations			(0.15	)
Less dividends and distributions:
From investment income			—
Total dividends and distributions			—
Net asset value, end of period		$	9.85
Total return			(1.50	)%²
Ratios/Supplemental data:
Net assets, end of period (in millions)		$	322
Ratio of expenses to average net assets before reductions			0.93	%³
Fee waiver			(0.01	)%^3,4
Ratio of expenses to average net assets after reductions			0.92	%³
Ratio of net investment income to average net assets			(0.83	)%³
Portfolio turnover rate			3	%²

1.Organization. The Fund is a separate, non-diversified series of BBH Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. The Fund commenced operations on July 8, 2021 and offers one share class, Class I. Class I shares is not automatically convert to any other share class of the Fund. The investment objective of the Fund is to provide investors with long-term growth of capital. As of October 31, 2021, there were nine series of the Trust.

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

on a net assets basis or other suitable method. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

The Fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (“ASC 740”). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Fund did not have any unrecognized tax benefits as of October 31, 2021, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statement of Operations. During the period ended October 31, 2021, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for open tax period since July 8, 2021 (commencement of operations). The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

E.Dividends and Distributions to Shareholders. Dividends and distributions from net investment income to shareholders, if any, are paid annually and are recorded on the ex-dividend date. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends and distributions in the amount of $0 to Class I shares shareholders, during the period ended October 31, 2021.

As of October 31, 2021 the components of retained earnings/(accumulated deficit) was as follows:

The Fund had did not have a net capital loss carryforwards as of October 31, 2021.

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

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

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

A.Investment Advisory and Administrative Fees. Under a combined Investment Advisory and Administrative Services Agreement (“Agreement”) with the Trust, Brown Brothers Harriman & Co. (“BBH”) through a separately identifiable department (“SID” or “Investment Adviser”) provides investment advisory, portfolio management and administrative services to the Fund. BBH employs a “manager-of-managers” investment approach, whereby it allocates the Fund’s assets to the Fund’s sub-adviser, currently Bares Capital Management, Inc. (“Bares Capital Management” or the “Sub-adviser”). The Sub-adviser is responsible for investing the assets of the Fund and the Investment Adviser oversees the Sub-adviser and evaluates its performance results. The Fund pays a combined fee for investment advisory and administrative services calculated daily and paid monthly at an annual rate equivalent to 0.85% per annum on the first $3 billion of the Fund’s average daily net assets and 0.80% per annum on the Fund’s average daily net assets over $3 billion. The Investment Adviser pays

its Sub-adviser a percentage from its investment advisory and administrative fees. For period ended October 31, 2021, the Fund incurred 729,310 under the Agreement.

B.Investment Advisory and Administrative Fee Waivers. The Investment Adviser voluntarily agreed to limit the annual fund operating expenses (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) of Class I. This is a voluntary waiver that can be changed at any time at the sole discretion of the Investment Adviser. For the period ended October 31, 2021, the Investment Adviser waived fees in the amount of $40,593 for Class I.

C.Custody and Fund Accounting Fees. BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and incurred monthly. BBH holds all of the Fund’s cash and investments and calculates the Fund’s daily net asset value. The custody fee is an asset and transaction-based fee. The fund accounting fee is an asset-based fee calculated at 0.004% of the Fund’s net asset value. For the period ended October 31, 2021, the Fund incurred $10,316 in custody and fund accounting fees. As per agreement with the Fund’s custodian, the Fund receives interest income on cash balances held by the custodian at the BBH Base Rate. The BBH Base Rate is defined as BBH’s effective trading rate in local money markets on each day. The total interest earned by the Fund for the period ended October 31, 2021 was $8,240. This amount is included in "interest income" in the Statement of Operations. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the Federal Funds overnight investment rate on the day of the overdraft. The total interest incurred by the Fund for the period ended October 31, 2021, was $735. This amount is included under line item “Custody and fund accounting fees” in the Statement of Operations.

D.Board of Trustees’ Fees. Each Trustee who is not an “interested person” as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the period ended October 31, 2021, the Fund incurred $14,690 in independent Trustee compensation and expense reimbursements.

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

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

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

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

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Investment Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). Price movements may occur due to factors affecting individual companies, such as the issuance of an unfavorable earnings report, or other events affecting particular industries or the equity market as a whole (equity securities risk). Small cap companies, when compared to larger companies, may experience lower trading volume and could be subject to greater and less predictable price changes (Small Cap Company risk). The fund will invest 25% or more of its net assets in the Software & Services Industry Group. When a fund focuses its investments in a particular industry, group of industries, or sector, financial, economic business and other developments affecting issuers in those industries or groups of industries will have a greater effect on the fund than if the fund did not focus on an industry or group of industries (Software & Service Industry Group Concentration risk). The value of securities held by the Fund may fall due to changing economic, political, regulatory or market conditions, or due to a company’s or issuer’s individual situation. Natural disasters, the spread of infectious illness and other public health emergencies, recession, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse effects on world economies and markets generally (market risk). In the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to assumption of large positions in securities of a small number of issuers (non-diversification risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (Large Shareholder risk). The extent of the Fund’s exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund’s Statement of Assets and Liabilities.

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

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 8, 2021 to October 31, 2021).

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

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

Investment Advisory and Administrative Services and Sub-Advisory Agreements Approval

The 1940 Act requires that a fund’s investment advisory agreements must be approved both by a fund’s board of trustees and by a majority of the trustees who are not parties to the investment advisory agreements or “interested persons” of any party (“Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. However, due to the ongoing COVID-19 pandemic the U.S. Securities and Exchange Commission provided exemptive relief from the in-person provisions of Section 15 of the 1940 Act related to the approval certain agreements on March 25, 2020 (“Exemptive Relief”).

The Board, a majority of which is comprised of Independent Trustees, held a meeting on June 16, 2021, in reliance on the Exemptive Order, to consider the combined Amended and Restated Investment Advisory and Administrative Services Agreement (the “Agreement”) between the Trust and the Investment Adviser with respect to the Fund. The Board approved the Agreement at that time. In approving the Agreement, the Board determined that the terms of the Agreement were fair and reasonable and in the best interest of the Fund and its shareholders.

Throughout the year, the Board requested, received and assessed a variety of materials provided by the Investment Adviser and BBH, including, among other things, information about the nature, extent and quality of the services provided and to be provided to the Trust and the Fund by the Investment Adviser and BBH, including investment management and administrative services, the oversight of Fund service providers, marketing, risk oversight, compliance, and the ability to meet applicable legal and regulatory requirements. The Board received and reviewed a comparative fee and expense information for the Fund as compared to similar funds at the meeting held on June 16, 2021. The Board reviewed this report with fund management, the Adviser and counsel to the Trust (“Fund Counsel”). The Board received from, and discussed with, Fund Counsel a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements under the 1940 Act, as well as the guidance provided in Gartenburg v. Merrill Lynch Asset Management, Inc., which was affirmed in Jones v. Harris Associates, L.P. In addition, the Board met in executive session outside the presence of Fund management.

In approving the Agreement, the Board considered: (a) the nature, extent and quality of services provided by the Investment Adviser; (b) the advisory fee and the cost of the services to be realized by the Investment Adviser from its relationship with the Fund; (c) the Fund’s costs to investors compared to the costs of comparative funds; (d) the sharing of potential economies of scale; and (e) other factors deemed relevant by the Board. The following is a summary of certain factors the Board considered in making its determination to approve the Agreement. No single factor reviewed by the Board was identified as the principal factor in determining whether to approve the Agreement, and individual Trustees may have given different weight to various factors. The Board reviewed these factors with Fund Counsel. The Board concluded that the fees to be paid by the Fund to the Investment Adviser were reasonable.

also contemplates the provision of administrative services by the Investment Adviser to the Fund within the same fee structure. The Board received and considered information during the Meeting, and over the course of the previous year, regarding the nature, extent and quality of services provided to the Trust and those that would be provided to the Fund by the Investment Adviser including: portfolio management, the supervision of operations and compliance, preparation of regulatory filings, disclosures to Fund shareholders, general oversight of service providers, organizing Board meetings and preparing the materials for such Board meetings, assistance to the Board (including the Independent Trustees in their capacity as Trustees), legal and Chief Compliance Officer services for the Trust, and other services necessary for the operation of the Fund. The Board considered the resources of the Investment Adviser and BBH, as a whole, dedicated to the Fund noting that, pursuant to separate agreements, BBH also provides custody and fund accounting services to the Fund. The Board considered the depth and range of services provided pursuant to the Agreement, noting that the Investment Adviser also coordinates the provision of services to the Fund by affiliated and nonaffiliated service providers.

The Board considered the scope and quality of services provided by the Investment Adviser under the Agreement. The Board reviewed the qualifications of the key investment personnel primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered the policies and practices followed by BBH and the Investment Adviser. The Board concluded that, overall, it was satisfied with the nature, extent and quality of the investment advisory and administrative services provided, and expected to be provided, to the Fund pursuant to the Agreement.

The Board considered the fee rates paid by the Fund to the Investment Adviser and BBH in light of the nature, extent and quality of the services provided to the Fund. The Board considered the depth and range of services provided pursuant to the Advisory Agreement, noting that the Investment Adviser also coordinates the provision of services to the Fund by affiliated and nonaffiliated service providers. The Board received and considered information comparing the Fund’s investment advisory and administration fee and the Fund’s net total expenses with those of other comparable mutual funds, such peer group and comparisons having been selected and calculated by an independent third party, noting that the Fund compared favorably to the selected peer-set. The Board recognized that it is difficult to make comparisons of the fee rate, or of combined advisory and administration fees, because there are variations in the services that are included in the fees paid by other funds. The Board concluded that the advisory and administration fee appeared to be both reasonable in light of the services rendered and the result of arm’s length negotiations.

The Board also considered the effect of fall-out benefits to the Investment Adviser and BBH such as the increased visibility of BBH’s investment management business due to the distribution of the Trust’s funds. The Board considered other benefits received by BBH and the Investment Adviser as a result of their relationships with the Fund. These other benefits include fees received for being the Fund’s custodian and fund accounting agent. In light of the costs of providing services pursuant to the Agreement as well as the Investment Adviser and BBH’s commitment to the Fund, the ancillary benefits that the Investment Adviser and BBH received were considered reasonable.

The Board also considered the existence of any economies of scale and whether those economies are passed along to the Fund’s shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by the Investment Adviser and BBH. The Board considered the fee schedule for the Fund, including applicable breakpoints. The Board concluded that the fees to be paid by the Fund to the Investment Adviser were reasonable based on the comparative expense information and the cost of the services provided by the Investment Adviser.

The Board, a majority of which is comprised of Independent Trustees, held a meeting on June 16, 2021, in reliance on the Exemptive Order, to consider the combined Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between the Investment Adviser and Bares Capital Management, Inc. (“Bares”) (the “Sub-Advisory Agreement”). Following their review and consideration, the Board, including the Independent Trustees, determined that the terms of the Sub-Advisory Agreement were reasonable and unanimously approved the Sub-Advisory Agreement for an initial period of two-years.

In connection with the approval of the Sub-advisory Agreement, the Board was provided written materials prepared by BBH, the Investment Adviser and Bares and received oral presentations from BBH, Investment Adviser and Bares personnel. The Board received from, and discussed with, Fund Counsel a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements, including sub-advisory agreements, under the 1940 Act, as well as the guidance provided in Gartenburg v. Merrill Lynch Asset Management, Inc., which was affirmed in Jones v. Harris Associates, L.P. In addition, the Board met in executive session outside the presence of Fund management.

The following is a summary of the factors the Board considered in making its determination to approve the Sub-Advisory Agreement. No single factor reviewed by the Board was identified as the principal factor in determining whether to approve the Sub-Advisory Agreement, and individual Trustees may have given different weight to various factors. The Board reviewed these factors with Fund Counsel. The Board concluded that the terms of the Sub-Advisory Agreement are fair and reasonable and that the fee to be paid to Bares was reasonable in light of the services to be provided.

In evaluating the nature, extent and quality of the services to be provided by Bares under the Sub-Advisory Agreement, the Board considered, among other things, information provided by the Investment Adviser and Bares regarding the operations, facilities, organization and personnel of Bares, the anticipated ability of Bares to perform its duties under the Sub-Advisory Agreement, and the anticipated investment program and other practices of the Fund. The Board considered that, although Bares did not have prior experience managing registered investment companies, Bares is an experienced and respected asset management firm and that the Investment Adviser believed that Bares has the capabilities, experience, resources and personnel necessary to provide sub-advisory services to the Fund based on the assessment of Bares’ organization and investment talent. The Board considered whether Bares would be able to provide sub-advisory services that are appropriate in scope and extent in light of the investment program for the Fund and whether Bares’ portfolio management team had demonstrated its ability to adhere to compliance

procedures. The Board also considered the quality of the investment research capabilities of Bares and the resources it has dedicated to performing services for the Fund. On the basis of these considerations, together with other information considered, the Board determined that it was satisfied with the nature, extent and quality of the services to be provided by Bares.

The Board considered Bares’ performance relating to its other accounts, including pooled investment vehicles, investment management experience, capabilities and resources. The Board further considered information regarding Bares’ investment philosophy, the proposed portfolio construction for the Fund, and investment techniques to be employed. On the basis of this information and the Board’s assessment of the nature, extent and quality of the services to be provided by Bares, the Board concluded that Bares is capable of generating an appropriate level of investment performance.

The Board considered the proposed sub-advisory fee schedule under the Sub-Advisory Agreement , noting that the Investment Adviser would be responsible for paying the sub-advisory fee out of the fee it receives from the Fund. The Board considered whether there will be any incidental benefits expected to be derived by Bares from its relationship with the Fund. On the basis of these considerations, together with other information considered, the Board determined that the sub-advisory fee to be received by Bares under the Sub-Advisory Agreement is reasonable in light of the sub-advisory services to be provided.

In evaluating the extent to which the sub-advisory fees payable under the Sub-Advisory Agreement reflect economies of scale or would permit economies of scale to be realized in the future, the Board considered the sub-advisory fee schedule and the existence of breakpoints in both the advisory and sub-advisory fee schedules. The Board concluded that the fees to be paid by the Fund to the Investment Adviser and the fees paid by the Investment Adviser to Bares were reasonable based on the comparative expense information and the cost of the services provided by the Investment Adviser.

In January 2022, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2021. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns. The amounts which represent income derived from sources within, and taxes paid to foreign counties or possessions of the United States are as follows:

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

This is the inaugural annual report for the BBH Select Series – Mid Cap Fund (“the Fund”), which launched on May 24, 2021. The Fund seeks to generate attractive compounded investment returns over full market cycles, while reducing the likelihood of permanent loss of capital on any single investment. To achieve this, the Fund’s strategy is to invest in a select number of high-quality business franchises, as defined by the four pillars of our investment criteria – business quality, attractive financial returns, strong management, and growth potential. By adhering to our disciplined criteria and process, and investing at a discount to our estimate of intrinsic value, we believe we can establish a strong margin of safety for our investments in companies that have the potential to compound attractive investment returns over many years.*

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

The Fund rose by 6.80% net of fees from inception on May 24, 2021 to fiscal year ended October 31, 2021. During the same period, the Russell Midcap Index rose by 7.51%.

While we prefer to focus on company fundamentals and do not invest with a top down perspective, we have observed strong sector and thematic rotational trends between growth and value, large cap and small cap, and a wide range of returns by sector. The divergence between various factors and the volatility of returns since inception is likely driven by a growing list of market concerns, as the economy struggles to sustain the strong growth it initially enjoyed emerging from the pandemic. These concerns include the Delta variant, inflation, the debt ceiling, supply chain tightness, energy shortages, a Chinese economic slowdown, and the potential acceleration of monetary tightening by the Federal Reserve. By and large, we were very pleased with our portfolio companies’ ability to navigate these conditions as evidenced by strong reported earnings results. Notwithstanding the market gyrations, we ascribe higher intrinsic values to the majority of our portfolio companies today than we did at the inception of the Fund. Our investment strategy does not change based on the market backdrop. We remain always focused on the quality of our companies and anticipate that this will serve us well across a wide variety of market conditions and through full market cycles.

The Fund’s largest positive contributors from inception on May 24, 2021 to fiscal year ended October 31, 2021 were Charles River Laboratories International Inc., Entegris Inc., and Brown & Brown Inc. As a leading early-stage contract research organization (CRO) providing discovery, safety assessment, and other services to pharmaceutical and biotechnology companies, Charles River has experienced a step change in its growth profile that we believe will prove to be very long duration and is driven by increased outsourcing of drug development to achieve greater productivity and increased funding for drug development overall. Entegris is a key supplier to the semiconductor industry of essential filtration products, materials, and related delivery equipment that enable the high precision fabrication of chips, and demand for their services is tied both to the volume of chips produced and the increased complexity of new chip designs that are fundamental to artificial intelligence, 5G, cloud data centers, and other advanced technologies. Brown & Brown is a leading property & casualty insurance broker with a focus on the US domestic mid-sized commercial market, a segment that has enjoyed strong growth in 2021 delivering the best results in company history for the first nine months of the year against a backdrop of strong increases in premium rates.

The Fund’s largest detractors from inception on May 24, 2021 to fiscal year ended October 31, 2021 were IPG Photonics Corp., AptarGroup Inc., and Crown Holdings Inc. As the leading producer of fiber laser products used in cutting and welding applications, IPG has been directly impacted by moderating Chinese industrial activity. Aptar is a leading supplier of dispensers, closures, and active packaging solutions for the pharmaceutical, beauty, home, personal care, food, and beverage markets, and many of these end markets continue to be disrupted by the ongoing pandemic and its variants. Crown is a leading manufacturer of aluminum beverage cans and industrial transit packaging, and its share price has been impacted by market concerns regarding future potential overcapacity despite a chronically undersupplied North American market.

As of October 31, 2021, the Fund had positions in 23 companies with approximately 56% of the assets held in the ten largest holdings. The weighted average market cap of our holdings was $15.7 billion, and our portfolio turnover from inception to fiscal year end was 3%. The Fund ended the fiscal year trading at roughly 91% of our underlying intrinsic value estimates on a weighted average basis.

There is no assurance the objective will be achieved. Holdings are subject to change.

The graph below illustrates the hypothetical investment of $10,000¹ in the Class I shares of the Fund since inception (May 24, 2021) to October 31, 2021 as compared to the RMCCTR.

The annualized gross expense ratios as shown in the May 24, 2021 prospectus for Class I was 1.40%.

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

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

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

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

All data as of October 31, 2021. BBH Select Series – Mid Cap Fund’s (the “Fund”) sector diversification is expressed as a percentage of net assets and may vary over time.

Shares			Value
		COMMON STOCK (96.7%)
		COMMUNICATIONS (3.6%)
	1,229	Arista Networks, Inc.¹	$	503,509
		Total Communications		503,509
		CONSUMER CYCLICAL (13.7%)
	137	NVR, Inc.¹		670,588
	2,214	Watsco, Inc.		641,130
	6,784	Wyndham Hotels & Resorts, Inc.		573,044
		Total Consumer Cyclical		1,884,762
		CONSUMER NON-CYCLICAL (15.8%)
	7,731	AMN Healthcare Services, Inc.¹		763,050
	3,805	Bruker Corp.		305,542
	2,486	Charles River Laboratories International, Inc.¹		1,115,418
		Total Consumer Non-cyclical		2,184,010
		FINANCIALS (10.1%)
	14,574	Brown & Brown, Inc.		919,765
	659	SVB Financial Group¹		472,767
		Total Financials		1,392,532
		INDUSTRIALS (26.6%)
	4,926	Advanced Drainage Systems, Inc.		555,653
	4,242	AptarGroup, Inc.		512,349
	7,151	Crown Holdings, Inc.		743,632
	3,380	Graco, Inc.		254,108
	3,530	HEICO Corp. (Class A)		443,650
	6,653	Mercury Systems, Inc.¹		342,896
	1,847	Toro Co.		176,333
	3,428	Vulcan Materials Co.		651,731
		Total Industrials		3,680,352

Shares			Value
		COMMON STOCK (96.7%) (continued)
		TECHNOLOGY (26.9%)
	8,656	Black Knight, Inc.¹	$	606,872
	1,984	Broadridge Financial Solutions, Inc.		353,965
	6,715	Entegris, Inc.		945,338
	5,215	Guidewire Software, Inc.¹		655,682
	3,051	IPG Photonics Corp.¹		485,140
	3,760	Take-Two Interactive Software, Inc.¹		680,560
		Total Technology		3,727,557
		Total Common Stock (Cost $12,517,521)	$	13,372,722

The Fund is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Authoritative guidance establishes three levels of the fair value hierarchy as follows:

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

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

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

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of October 31, 2021.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Balance as of October 31, 2021
Common Stock:
Communications		$	503,509		$	—		$	—		$	503,509
Consumer Cyclical			1,884,762			—			—			1,884,762
Consumer Non-cyclical			2,184,010			—			—			2,184,010
Financials			1,392,532			—			—			1,392,532
Industrials			3,680,352			—			—			3,680,352
Technology			3,727,557			—			—			3,727,557
Investments, at value		$	13,372,722		$	—		$	—		$	13,372,722

	For the period from May 24, 2021 (commencement of operations) to October 31, 2021
Net asset value, beginning of period		$10.00
Income from investment operations:
Net investment loss¹		(0.02	)
Net realized and unrealized gain		0.70
Total income from investment operations		0.68
Less dividends and distributions:
From investment income		–
Total dividends and distributions		–
Net asset value, end of period		$10.68
Total return		6.80	%²
Ratios/Supplemental data:
Net assets, end of period (in millions)		$14
Ratio of expenses to average net assets before reductions		2.46	%³
Fee waiver		(1.56	)%^3,4
Ratio of expenses to average net assets after reductions		0.90	%³
Ratio of net investment income to average net assets		(0.40	)%³
Portfolio turnover rate		3	%²

³ Annualized with the exception of audit fees, legal fees and registration fees.

1.Organization. The Fund is a separate, non-diversified series of BBH Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. The Fund commenced operations on May 24, 2021 and offers two share classes, Class I and Retail Class. As of October 31, 2021, Retail Class shares are not available for purchase by investors but may be offered in the future. The investment objective of the Fund is to provide investors with long-term growth of capital. As of October 31, 2021, there were nine series of the Trust.

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

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

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

E.Dividends and Distributions to Shareholders. Dividends and distributions from net investment income to shareholders, if any, are paid annually and are recorded on the ex-dividend date. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund did not declare any dividends and distributions to shareholders during the period ended October 31, 2021.

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

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

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

B.Investment Advisory and Administrative Fee Waivers. Effective May 24, 2021 (commencement of operations), the Investment Adviser contractually agreed to limit the annual fund operating expenses (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to 0.90%. The agreement will terminate on March 1, 2022, unless it is renewed by all parties to the agreement. The agreement may only be terminated during its term with approval of the Fund’s Board of Trustees. For the period ended October 31, 2021, the Investment Adviser waived fees in the amount of $135,159.

C.Custody and Fund Accounting Fees. BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and incurred monthly. BBH holds all of the Fund’s cash and investments and calculates the Fund’s daily net asset value. The custody fee is an asset and transaction-based fee. The fund accounting fee is an asset-based fee calculated at 0.004% of the Fund’s net asset value. For the period ended October 31, 2021, the Fund incurred $2,038 in custody and fund accounting fees. As per agreement with the Fund’s custodian, the Fund receives interest income on cash balances held by the custodian at the BBH Base Rate. The BBH Base Rate is defined as BBH’s effective trading rate in local money markets on each day. The total interest earned by the Fund for the period ended October 31, 2021 was $95. This amount is included in ²interest income² in the Statement of Operations. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the Federal Funds overnight investment rate on the day of the overdraft. The Fund did not include any such fees in the period ended October 31, 2021. This amount, if any, is included under line item “Custody and fund accounting fees” in the Statement of Operations.

D.Board of Trustees’ Fees. Each Trustee who is not an “interested person” as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the period ended October 31, 2021, the Fund incurred $28,991 in independent Trustee compensation and expense reimbursements.

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

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

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

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

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Investment Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). Price movements may occur due to factors affecting individual companies, such as the issuance of an unfavorable earnings report, or other events affecting particular industries or the equity market as a whole (equity securities risk). Mid cap companies, when compared to larger companies, may experience lower trade volume and could be subject to greater and less predictable price changes (Mid Cap Company risk). The value of securities held by the Fund may fall due to changing economic, political, regulatory or market conditions, or due to a company’s or issuer’s individual situation. Natural disasters, the spread of infectious illness and other public health emergencies, recession, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse effects on world economies and markets generally (market risk). In the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to assumption of large positions in securities of a small number of issuers (non-diversification risk). There are certain risks associated with investing in foreign securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (foreign investment risk). Investments in other investment companies are subject to market and selection risk, as well as the specific risks associated with the investment companies' portfolio securities (investment in other investment companies risk). Initial public offerings (“IPOs”) are new issues of equity securities, as such they have no trading history and there may be limited information about the companies for a very limited period. Additionally, the prices of securities sold in IPOs may be highly volatile (IPO risk). Preferred securities are subject to issuer-specific and market risks. Generally, issuers only pay dividends after the company makes required payments to holders of bonds and other debt, as such the value of preferred securities may react more strongly to market conditions than bonds and other debts (Preferred Securities risk). The Fund’s shareholders may be adversely impacted by asset

allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (shareholder concentration risk). The extent of the Fund’s exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund’s Statement of Assets and Liabilities.

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

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 24, 2021 to October 31, 2021).

The Board, a majority of which is comprised of Independent Trustees, held a meeting on May 10, 2021, in reliance on the Exemptive Order, to consider the combined Amended and Restated Investment Advisory and Administrative Services Agreement (the “Agreement”) between the Trust and the Investment Adviser with respect to the Fund. The Board approved the Agreement at that time. In approving the Agreement, the Board determined that the terms of the Agreement were fair and reasonable and in the best interest of the Fund and its shareholders.

Throughout the year, the Board requested, received and assessed a variety of materials provided by the Investment Adviser and BBH, including, among other things, information about the nature, extent and quality of the services provided and to be provided to the Trust and the Fund by the Investment Adviser and BBH, including investment management and administrative services, the oversight of Fund service providers, marketing, risk oversight, compliance, and the ability to meet applicable legal and regulatory requirements. The Board received and reviewed a comparative fee and expense information for the Fund as compared to similar funds at the meeting held on May 10, 2021. The Board reviewed this report with fund management, the Adviser and counsel to the Trust (“Fund Counsel”).The Board received from, and discussed with, Fund Counsel a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements under the 1940 Act, as well as the guidance provided in Gartenburg v. Merrill Lynch Asset Management, Inc., which was affirmed in Jones v. Harris Associates, L.P.

The Board noted that, under the Agreement and with respect to the Fund, the Investment Adviser, subject to the supervision of the Board, is responsible for providing a continuous investment program and making purchases and sales of portfolio securities consistent with the Fund’s investment objective and policies. The Board further noted that, as a combined investment advisory and administration agreement, the Agreement also contemplates the provision of administrative services by the Investment Adviser to the Fund within the same fee structure. The Board received and considered information during the Meeting, and over the course of the previous year, regarding the nature, extent and quality of services provided to the Trust and those that would be provided to the Fund by the Investment Adviser including: portfolio management, the supervision of operations and compliance, preparation of regulatory filings, disclosures to Fund shareholders, general oversight of service providers, organizing Board meetings and preparing the materials for such Board meetings, assistance to the Board (including the Independent Trustees in their capacity as Trustees), legal and Chief Compliance Officer services for the Trust, and other services necessary for the operation of the Fund. The Board considered the resources of the Investment Adviser and BBH, as a whole, dedicated to the Fund noting that, pursuant to separate agreements, BBH also provides custody and fund accounting services to the Fund. The Board considered the depth and range of services provided pursuant to the Agreement, noting that the Investment Adviser also coordinates the provision of services to the Fund by affiliated and nonaffiliated service providers.

The Board considered the fee rates paid by the Fund to the Investment Adviser and BBH in light of the nature, extent and quality of the services provided to the Fund. The Board also considered and reviewed the fee waiver arrangement in place for the Fund and considered the actual fee rates after taking into account the fee waiver. The Board noted that they had received and considered information comparing the Fund’s combined investment advisory and administration fee and the Fund’s net operating expenses with those of other comparable mutual funds. The Board recognized that it is difficult to make comparisons of the fee rate, or of combined advisory and administration fees, because there are variations in the services that are included in the fees paid by other funds. The Board concluded that the advisory and administration fee appeared to be both reasonable in light of the services rendered and the result of arm’s length negotiations.

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

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

The BBH Partner Fund – International Equity (“the Fund” or “BBH International”) returned 22.38%, net of fees, for the fiscal year ended October 31, 2021. During the same twelve-month period, the Fund’s benchmark, the MSCI Europe, Australasia Far East Index (the “EAFE”) returned 34.18%. From the inception of the Fund through October 31, 2021, the Fund has compounded at an annualized rate of 7.60%, net of fees, while the MSCI EAFE has returned 6.20% per year.

Since Select Equity Group (“SEG”), as sub-adviser, began the management of the Fund’s portfolio on February 24, 2017, the Fund has returned 12.75% (annualized, net of fees), while the MSCI EAFE returned 9.03% (annualized).

For fiscal 2021, the Fund underperformed its benchmark driven by security selection within Consumer Discretionary, an overweight to China, and individual security performance from the following holdings: Worldline SA, Alibaba Group Holding, Nintendo Co Ltd, Clarivate PLC and Fidelity National Information Services. The largest contributors to performance during the same time period include: ASML Holding NV, Constellation Software Inc, Alcon Inc, IHS Markit Ltd, Brookfield Asset Management Inc and strong stock selection in the Industrials sector relative to MSCI EAFE index.

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

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

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

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

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

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

The graph below illustrates the hypothetical investment of $10,000¹ in the Class I shares of the Fund (Effective February 24, 2017, the Fund’s Class N shares were converted into Class I shares) over the ten years ended October 31, 2021 as compared to the MSCI EAFE.

The annualized gross expense ratio as in the March 1, 2021 prospectus for Class I shares was 0.69%. Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund performance changes over time and current performance may be lower or higher than what is stated. Fund shares redeemed within 30 days of purchase are subject to a redemption fee of 2.00%. Returns do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For performance current to the most recent month-end please call 1-800-575-1265.

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

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments of BBH Partner Fund – International Equity (the "Fund"), one of the funds within BBH Trust, as of October 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

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

	U.S. $ Value		Percent of Net Assets
Common Stock:
Bermuda	$	30,329,916		1.1	%
Canada		321,394,045		11.8
Cayman Islands		112,023,160		4.1
France		216,335,589		8.0
Germany		241,992,454		8.8
Hong Kong		115,032,605		4.2
Ireland		114,707,138		4.3
Japan		208,430,336		7.7
Jersey		178,410,485		6.6
Luxembourg		17,355,029		0.6
Netherlands		193,421,047		7.1
South Korea		2,301,904		0.1
Spain		209,486,259		7.7
Sweden		39,812,798		1.5
Switzerland		182,367,577		6.7
Taiwan		48,779,460		1.8
United Kingdom		180,292,804		6.7
United States		138,916,320		5.1
Registered Investment Companies:
United States		106,700,000		3.9
Warrants:
Switzerland		412,911		0.0
Cash and Other Assets in Excess of Liabilities		59,864,079		2.2
NET ASSETS	$	2,718,365,916		100.0	%

All data as of October 31, 2021. The Fund’s country diversification is expressed as a percentage of net assets and may vary over time. The Fund’s country diversification is derived from respective security’s country of incorporation.

All data as of October 31, 2021. The Fund’s sector diversification is expressed as a percentage of net assets and may vary over time.

Shares/ Units		Value
	COMMON STOCK (93.9%)
	BERMUDA (1.1%)
	CONSUMER NON-CYCLICAL
232,022	IHS Markit, Ltd.	$	30,329,916
	Total Bermuda		30,329,916
	CANADA (11.8%)
	CONSUMER CYCLICAL
1,040,669	Alimentation Couche-Tard, Inc. (Class B)		38,956,377
	FINANCIALS
2,024,790	Brookfield Asset Management, Inc. (Class A)		122,005,007
	INDUSTRIALS
1,150,848	Canadian Pacific Railway, Ltd.		88,899,423
	TECHNOLOGY
40,784	Constellation Software, Inc.		71,533,238
	Total Canada		321,394,045
	CAYMAN ISLANDS (4.1%)
	COMMUNICATIONS
1,463,822	Alibaba Group Holding, Ltd.¹		30,290,093
2,080,680	JD.com, Inc. (Class A)¹		81,733,067
	Total Cayman Islands		112,023,160
	FRANCE (8.0%)
	CONSUMER NON-CYCLICAL
353,185	Worldline S.A.^1,2		20,589,620
	INDUSTRIALS
949,175	Safran S.A.		127,493,223
128,707	Schneider Electric SE		22,239,641
499,343	Thales S.A.		46,013,105
			195,745,969
	Total France		216,335,589

Shares/ Units		Value
	COMMON STOCK (continued)
	GERMANY (8.8%)
	CONSUMER CYCLICAL
213,772	Adidas AG	$	69,936,892
	CONSUMER NON-CYCLICAL
132,691	Merck KGaA		31,298,552
	FINANCIALS
219,343	Deutsche Boerse AG		36,377,928
	TECHNOLOGY
721,455	SAP SE		104,379,082
	Total Germany		241,992,454
	HONG KONG (4.2%)
	FINANCIALS
7,278,260	AIA Group, Ltd.		82,263,121
539,870	Hong Kong Exchanges & Clearing, Ltd.		32,769,484
	Total Hong Kong		115,032,605
	IRELAND (4.3%)
	INDUSTRIALS
2,254,742	CRH, Plc.		107,864,654
	TECHNOLOGY
19,071	Accenture, Plc. (Class A)		6,842,484
	Total Ireland		114,707,138
	JAPAN (7.7%)
	CONSUMER CYCLICAL
6,240	Nintendo Co., Ltd.		2,757,033
	CONSUMER NON-CYCLICAL
1,310,782	Shiseido Co., Ltd.		87,260,411
	INDUSTRIALS
88,824	Keyence Corp.		53,528,886
	TECHNOLOGY
351,915	Obic Co., Ltd.		64,884,006
	Total Japan		208,430,336

Shares/ Units		Value
	COMMON STOCK (continued)
	JERSEY (6.6%)
	CONSUMER NON-CYCLICAL
2,141,310	Experian, Plc.	$	97,927,693
	TECHNOLOGY
3,432,102	Clarivate, Plc.¹		80,482,792
	Total Jersey		178,410,485
	LUXEMBOURG (0.6%)
	COMMUNICATIONS
59,969	Spotify Technology S.A.¹		17,355,029
	Total Luxembourg		17,355,029
	NETHERLANDS (7.1%)
	CONSUMER NON-CYCLICAL
20,002	Adyen NV^1,2		60,357,348
167,408	Heineken NV		18,552,361
1,280,767	Koninklijke Philips NV		60,285,646
			139,195,355
	TECHNOLOGY
66,629	ASML Holding NV		54,225,692
	Total Netherlands		193,421,047
	SOUTH KOREA (0.1%)
	CONSUMER NON-CYCLICAL
2,306	LG Household & Health Care, Ltd.		2,301,904
	Total South Korea		2,301,904
	SPAIN (7.7%)
	CONSUMER CYCLICAL
2,369,608	Industria de Diseno Textil S.A.		85,588,787
	CONSUMER NON-CYCLICAL
1,087,542	Amadeus IT Group S.A.¹		72,803,376
2,234,060	Grifols S.A.		51,094,096
			123,897,472
	Total Spain		209,486,259

Shares/ Units		Value
	COMMON STOCK (continued)
	SWEDEN (1.5%)
	COMMUNICATIONS
2,259,540	Telefonaktiebolaget LM Ericsson (Class B)	$	24,721,394
	INDUSTRIALS
514,930	Assa Abloy AB (Class B)		15,091,404
	Total Sweden		39,812,798
	SWITZERLAND (6.7%)
	CONSUMER NON-CYCLICAL
1,374,915	Alcon, Inc.		114,089,224
	FINANCIALS
23,369	Partners Group Holding AG		40,824,224
	INDUSTRIALS
80,999	Sika AG		27,454,129
	Total Switzerland		182,367,577
	TAIWAN (1.8%)
	TECHNOLOGY
429,019	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		48,779,460
	Total Taiwan		48,779,460
	UNITED KINGDOM (6.7%)
	CONSUMER NON-CYCLICAL
300,867	Reckitt Benckiser Group, Plc.		24,399,773
	FINANCIALS
32,426,953	Melrose Industries, Plc.		69,816,633
4,205,221	Prudential, Plc.		86,076,398
			155,893,031
	Total United Kingdom		180,292,804
	UNITED STATES (5.1%)
	CONSUMER CYCLICAL
40,373	Lululemon Athletica, Inc.¹		18,814,222
	CONSUMER NON-CYCLICAL
528,971	PerkinElmer, Inc.		93,569,680
	TECHNOLOGY
239,592	Fidelity National Information Services, Inc.		26,532,418
	Total United States		138,916,320
	Total Common Stock (Cost $2,069,957,108)		2,551,388,926

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

Authoritative guidance establishes three levels of the fair value hierarchy as follows:

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

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

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

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of October 31, 2021.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of October 31, 2021
Common Stock:
Bermuda	$	30,329,916	$	–	$	–	$	30,329,916
Canada		321,394,045		–		–		321,394,045
Cayman Islands		–		112,023,160		–		112,023,160
France		–		216,335,589		–		216,335,589
Germany		–		241,992,454		–		241,992,454
Hong Kong		–		115,032,605		–		115,032,605
Ireland		6,842,484		107,864,654		–		114,707,138
Japan		–		208,430,336		–		208,430,336
Jersey		80,482,792		97,927,693		–		178,410,485
Luxembourg		17,355,029		–		–		17,355,029
Netherlands		–		193,421,047		–		193,421,047
South Korea		–		2,301,904		–		2,301,904
Spain		–		209,486,259		–		209,486,259
Sweden		–		39,812,798		–		39,812,798
Switzerland		–		182,367,577		–		182,367,577
Taiwan		48,779,460		–		–		48,779,460
United Kingdom		–		180,292,804		–		180,292,804
United States		138,916,320		–		–		138,916,320
Registered Investment Companies:
United States		106,700,000		–		–		106,700,000
Warrants:
Switzerland		–		412,911		–		412,911
Investments, at value	$	750,800,046	$	1,907,701,791	$	–	$	2,658,501,837

ASSETS:
Investments in securities, at value (Cost $2,176,657,108)	$	2,658,501,837
Cash		54,496,300
Foreign currency at value (Identified cost $182,737)		183,862
Receivables for:
Investments sold		99,252,566
Shares sold		10,330,500
Dividends		4,221,236
Interest		1,801
Prepaid assets		29,940
Total Assets		2,827,018,042
LIABILITIES:
Payables for:
Investments purchased		106,628,579
Investment advisory and administrative fees		1,471,606
Shares redeemed		329,500
Custody and fund accounting fees		149,703
Professional fees		59,281
Transfer agent fees		5,658
Board of Trustees' fees		1,111
Accrued expenses and other liabilities		6,688
Total Liabilities		108,652,126
NET ASSETS	$	2,718,365,916
Net Assets Consist of:
Paid-in capital	$	1,942,398,303
Retained earnings		775,967,613
Net Assets	$	2,718,365,916
NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS I SHARES
($2,718,365,916 ÷ 128,860,831 shares outstanding)			$	21.10

NET INVESTMENT INCOME:
Income:
Dividends (net of foreign withholding taxes of $2,680,858)	$	33,871,639
Interest income		27,964
Other income		61
Total Income		33,899,664
Expenses:
Investment advisory and administrative fees		16,492,950
Custody and fund accounting fees		576,392
Board of Trustees’ fees		73,196
Professional fees		68,141
Transfer agent fees		33,896
Miscellaneous expenses		92,361
Total Expenses		17,336,936
Net Investment Income		16,562,728
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments in securities		313,486,094
Net realized loss on foreign exchange transactions and translations		(119,972	)
Net realized gain on investments in securities and foreign exchange transactions and translations		313,366,122
Net change in unrealized appreciation/(depreciation) on investments in securities		127,959,503
Net change in unrealized appreciation/(depreciation) on foreign currency translations		(83,985	)
Net change in unrealized appreciation/(depreciation) on investments in securities and foreign currency translations		127,875,518
Net Realized and Unrealized Gain		441,241,640
Net Increase in Net Assets Resulting from Operations	$	457,804,368

	For the years ended October 31,
	2021			2020
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	16,562,728		$	4,202,779
Net realized gain on investments in securities and foreign exchange transactions and translations		313,366,122			44,517,984
Net change in unrealized appreciation/(depreciation) on investments in securities and foreign currency translations		127,875,518			156,313,921
Net increase in net assets resulting from operations		457,804,368			205,034,684
Dividends and distributions declared:
Class I		(64,592,022	)		(30,519,179	)
Share transactions:
Proceeds from sales of shares		459,117,145			310,598,256
Net asset value of shares issued to shareholders for reinvestment of dividends and distributions		2,021,437			1,103,760
Cost of shares redeemed		(165,132,495	)		(247,264,351	)
Net increase in net assets resulting from share transactions		296,006,087			64,437,665
Total increase in net assets		689,218,433			238,953,170
NET ASSETS:
Beginning of year		2,029,147,483			1,790,194,313
End of year	$	2,718,365,916		$	2,029,147,483

	For the years ended October 31,
	2021			2020			2019			2018			2017*
Net asset value, beginning of year	$	17.73		$	16.15		$	14.90		$	16.75		$	14.46
Income from investment operations:
Net investment income¹		0.14			0.04			0.10			0.18			0.14
Net realized and unrealized gain (loss)		3.79			1.81			2.19			(0.83	)		2.47
Total income (loss) from investment operations		3.93			1.85			2.29			(0.65	)		2.61
Less dividends and distributions:
From net investment income		(0.04	)		(0.09	)		(0.16	)		(0.10	)		(0.32	)
From net realized gains		(0.52	)		(0.18	)		(0.88	)		(1.10	)		—
Total dividends and distributions		(0.56	)		(0.27	)		(1.04	)		(1.20	)		(0.32	)
Short-term redemption fees¹		—			—			—			—			0.00	²
Net asset value, end of year	$	21.10		$	17.73		$	16.15		$	14.90		$	16.75
Total return³		22.38	%		11.59	%		16.92	%		(4.12	)%		18.51	%
Ratios/Supplemental data:
Net assets, end of year (in millions)	$	2,718		$	2,029		$	1,790		$	1,506		$	1,426
Ratio of expenses to average net assets before reductions		0.68	%		0.69	%		0.71	%		0.68	%		0.74	%
Expense offset arrangement		—	%		—	%		(0.01	)%		(0.03	)%		(0.01	)%
Ratio of expenses to average net assets after reductions		0.68	%		0.69	%		0.70	%		0.65	%		0.73	%
Ratio of net investment income to average net assets		0.65	%		0.22	%		0.66	%		1.15	%		0.91	%
Portfolio turnover rate		86	%		77	%		135	%		124	%		130	%

1.Organization. The Fund is a separate, diversified series of BBH Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. The Fund commenced operations on June 6, 1997 and currently offers one class of shares, Class I. The investment objective of the Fund is to provide investors with long-term maximization of total return, primarily through capital appreciation. As of October 31, 2021, there were nine series of the Trust.

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

A.Valuation of Investments. (1) The value of investments listed on a securities exchange is based on the last sale price on that exchange prior to the time when assets are valued, or in the absence of recorded sales, at the average of readily available closing bid and asked prices on such exchange; (2) securities not traded on an exchange are valued at the average of the quoted bid and asked prices in the over-the-counter market; (3) securities or other assets for which market quotations are not readily available are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board of Trustees (the “Board”); (4) for securities traded on international exchanges, if events which may affect the value of the Fund’s securities occur after the close of the primary exchange on which such securities trade and before the Fund’s net asset value is next determined, then those securities will be fair valued as determined in good faith under supervision of the Board. The Fund currently uses a systematic fair value model provided by an independent third party to adjust the observed values of international securities on a daily basis; (5) short-term investments, which mature in 60 days or less are valued at amortized cost if their original maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if their original maturity when acquired by the Fund was more than 60 days, unless the use of amortized cost is determined not to represent “fair value” by the Board.

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

D.Forward Foreign Currency Exchange Contracts. The Fund may enter into forward foreign currency exchange contracts (“Contracts”) in connection with planned purchases or sales of securities to economically hedge the U.S. dollar value of securities denominated in a particular currency, or to increase or shift its exposure to a currency other than U.S. dollars. The Fund has no specific limitation on the percentage of assets which may be committed to these types of Contracts. The Fund could be exposed to risks if the counterparties to the Contracts are unable to meet the terms of their Contracts or if the value of the foreign currency changes unfavorably. The U.S. dollar values of foreign currency underlying all contractual commitments held by the Fund are determined using forward foreign currency exchange rates supplied by a quotation service. During the year ended October 31, 2021, the Fund had no open contracts.

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

F.Rule 144A Securities. The Fund may purchase securities that are not registered under the Securities Act of 1933, as amended (“1933 Act”) but that can be sold to “qualified institutional buyers” in accordance with the requirements stated in Rule 144A under the 1933 Act (“Rule 144A Securities”). A Rule 144A Security may be considered illiquid, under SEC Regulations for open-end investment

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

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

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

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

examination by U.S. federal and state tax authorities for returns filed for the prior three years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

H.Dividends and Distributions to Shareholders. Dividends and distributions from net investment income to shareholders, if any, are paid annually and are recorded on the ex-dividend date. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends and distributions in the amount of $64,592,022 to Class I shares during the year ended October 31, 2021. In addition, the Fund designated a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

The tax character of distributions paid during the years ended October 31, 2021 and 2020, respectively, were as follows:

As of October 31, 2021 and 2020, respectively, the components of retained earnings/(accumulated deficit) were as follows:

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

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

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

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

A.Investment Advisory and Administrative Fees. Under a combined Investment Advisory and Administrative Services Agreement (“Agreement”) with the Trust, Brown Brothers Harriman & Co. (“BBH”) through a separately identifiable department (“SID” or “Investment Adviser”) provides investment advisory, portfolio management and administrative services to the Fund. BBH employs a “manager-of-managers” investment approach, whereby it allocates the Fund’s assets to the Fund’s sub-adviser, currently Select Equity Group, L.P. (“Select Equity Group” or the “Sub-adviser”). The Sub-adviser is responsible for investing the assets of the Fund and the Investment Adviser oversees the Sub-adviser and evaluates its performance results. The Fund’s investment advisory and administrative services fee is calculated daily and paid monthly at an annual rate equivalent to 0.65% per annum on the first $3 billion of average daily net assets and 0.60% per annum on all average daily net assets over $3 billion. The Investment Adviser pays its Sub-adviser a percentage from its investment advisory and administrative fees. For the year ended October 31, 2021, the Fund incurred $16,492,950 for services under the Agreement.

B.Custody and Fund Accounting Fees. BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and incurred monthly. BBH holds all of the Fund’s cash and investments and calculates the Fund’s daily net asset value. The custody fee is an asset and transaction-based fee. The fund accounting fee is an asset-based fee calculated at 0.004% of the Fund’s net asset value. For the year ended October 31, 2021, the Fund incurred $576,392 in custody and fund accounting fees. As per agreement with the Fund’s custodian, the Fund receives interest income on cash balances held by the custodian at the BBH Base Rate. The BBH Base Rate is defined as BBH’s effective trading rate in local money markets on each day. The total interest earned by the Fund for the year ended October 31, 2021 was $27,964. This amount is included in “Interest income” in the Statement of Operations. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the Federal Funds overnight investment rate on the day of the overdraft. The total interest incurred by the Fund for the year ended October 31, 2021, was $217. This amount is included under line item “Custody and fund accounting fees” in the Statement of Operations.

C.Board of Trustees’ Fees. Each Trustee who is not an “interested person” as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the year ended October 31, 2021, the Fund incurred $73,196 in independent Trustee compensation and expense reimbursements.

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

4.Investment Transactions. For the year ended October 31, 2021, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $2,250,254,180 and $2,085,478,058, respectively.

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

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

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Sub- Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). Price movements may occur due to factors affecting individual companies, such as the issuance of an unfavorable earnings report, or other events affecting particular industries or the equity market as a whole (equity securities risk). The value of securities held by the Fund may fall due to changing economic, political, regulatory or market conditions, or due to a company’s or issuer’s individual situation. Natural disasters, the spread of infectious illness and other public health emergencies, recession, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse effects on world economies and markets generally (market risk). The Fund may, from time to time, invest in a limited number of issuers. As a result, the appreciation or depreciation of any one security held by the Fund will have a greater impact on the Fund’s net asset

value than it would if the Fund invested in a larger number of securities. Although that strategy has the potential to generate attractive returns over time, it also increases the Fund’s volatility and may lead to greater losses (concentrated portfolio holdings risk). There are certain risks associated with investing in foreign securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (foreign investment risk), capital controls imposed by foreign governments in response to economic or political events that may impact the ability of the Fund to buy, sell or otherwise transfer securities or currency (capital controls risk), and risks from investing in securities of issuers based in developing countries (emerging markets risk). Non-U.S. currencies invested in by the Fund may depreciate against the U.S. dollar (currency exchange rate risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (shareholder concentration risk). The derivatives held by the Fund including forwards and futures, may be riskier than other types of investments and may increase the volatility of the Fund (derivatives risk). Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. Derivatives expose the Fund to counter-party risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Because the Fund invests in large cap company securities, it may underperform other funds during periods when the Fund’s large cap securities are out of favor (large cap company risk). The extent of the Fund’s exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund’s Statement of Assets and Liabilities.

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

The Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2021 to October 31, 2021).

The Fund hereby designates $26,881,831 as an approximate amount of capital gain dividend for the purpose of dividends paid deduction.

Under Section 854(b)(2) of the Internal Revenue Code (the “Code”), the Fund designates up to a maximum of $37,710,191 as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the year ended October 31, 2021. In January 2022, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2021. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns. The amounts which represent income derived from sources within, and taxes paid to foreign counties or possessions of the United States are as follows:

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

Intermediate-term corporate indexes eked out paltry gains, as risk spreads compressed and credit-related performance just offset the impact of rising rates. This created an accommodative environment for active fixed income strategies to outperform market indexes. We are proud to report that the BBH Limited Duration Fund gained 2.46% during its fiscal year (I Shares), exceeding the -0.26% return of the Bloomberg U.S. 1-3 Year Treasury Index and ranking in the 6^th percentile out of 242 funds of its competitive Morningstar Ultrashort Bond fund peer group.*

Longer-term interest rates spiked and credit risk spreads narrowed substantially during the first few months of the fiscal year when markets were still recovering from the depths of the COVID-19 pandemic. Increased optimism over the advent of vaccinations returned investors to risk-taking instruments. Following those initial large moves in the fall and winter, the optimism dampened, but Investment-grade and high-yield credit spreads eventually narrowed to levels not seen since the 1990s.

Our highly selective and valuation-focused approach made it increasingly challenging to source new opportunities in mainstream bond sectors in this market. The Fund’s spread duration, a risk measure of how sensitive the portfolio value is to changes in “credit spreads” (the additional yield on credit instruments over a comparable-maturity Treasury), declined in tandem with the reduction of attractive opportunities. The Fund’s spread duration was 2.0 years at the start of the fiscal year and reached a low of 1.6 years on August 31, 2021.

Despite the challenging environment, we were able to identify and invest in many credits that were durable, were fundamentally sound, and offered appealing compensation for the Fund. Those credits tended to reside in less traditional segments of the fixed income market, such as nontraditional asset-backed securities** (ABS), business development company debt, and corporate loans. One shared characteristic among these opportunities is they have relatively short duration profiles (including lower “spread duration”, as discussed above). The Fund’s allocation to, and selection within, these segments were notable contributors to performance results over the past year.

The Fund’s overall duration profile was managed in a range of 0.8 – 1.0 year over the past year. This exposure reflects our investments in short-dated bonds and credit opportunities coupled with purchases or sales of Treasury futures to gain or reduce exposures to various points of the yield curve. The Fund’s short duration profile accordingly detracted modestly from results, as short-term rates rose from their historic lows at the start of the fiscal year.

As we look forward, we balance an opportunistic mindset with the proper caution required in a low yield and risk spread environment. The Federal Reserve plans to curb new purchases of Treasuries and agency mortgage-backed securities. The macroeconomic environment may challenge fixed income returns in the near-term. The fed funds futures market predicts the Federal Reserve will raise policy rates three times in 2022 (by 0.25% in each occurrence). Inflationary pressures continue, and while the high levels of recent inflation data may be transitory, near-term inflation may settle at levels higher than what prevailed pre-pandemic. Treasury Inflation-Protected Securities (TIPS) are valued with breakeven inflation rates – the inflation rates that would need to prevail so their yields would equal those of traditional, nominal Treasury securities – of 2.5% – 3.0% at various maturities over the next ten years. Forward-looking forecasts of various inflation indexes estimate annual inflation rates of 2.0% - 2.5% over the next three to four years. With the 2-year Treasury offered at 0.50%, the 10-year Treasury offered at 1.55%, and the average yield of investment-grade corporate bonds at 2.22%, either: current yields rise to offer compensation for inflation or estimates of forward-looking inflation are too high.

We believe the Limited Duration Fund is positioned well to perform amidst these risks. The portfolio’s credit composition emphasizes instruments with relatively short duration profiles that are less trafficked by bond market participants and offer higher yields. We believe these positions allow the Fund to enhance income versus cash alternatives while remaining defensive in the face of more-hawkish policies from the Fed. The Fund’s duration was 0.91 years, offering investors a prudent way of taking modestly more interest rate risk than cash alternatives to earn higher yields while maintaining a positive return over a six-month horizon. Further, the short duration profile allows cash flows to be reinvested rapidly if rates rise, mitigating the overall effects of rising rates on the portfolio. The Fund’s spread duration stood at 1.7 years. This level is lower than where it stood during the depths of pandemic when valuations rewarded increased risk taking, reflecting prudent credit positioning in a thinner value environment.

The graph below illustrates the hypothetical investment of $10,000¹ in the Class N shares of the Fund over the ten years ended October 31, 2021 as compared to the BCTSY.

The annualized gross expense ratios as in the March 1, 2021 prospectus for Class N and Class I shares were 0.49% and 0.27%, respectively.

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

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH Limited Duration Fund (the "Fund"), one of the funds within BBH Trust, as of October 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

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

All data as of October 31, 2021. The Fund’s sector diversification is expressed as a percentage of net assets and may vary over time.

Principal Amount				Maturity Date		Interest Rate			Value
			ASSET BACKED SECURITIES (15.4%)
	$	14,535,273	AIM Aviation Finance, Ltd. 2015-1A¹		02/15/40		4.213	%	$	12,344,444
		28,830,000	AmeriCredit Automobile Receivables Trust 2021-2		11/18/24		0.260			28,823,225
		3,146,535	Amur Equipment Finance Receivables VI LLC 2018-2A¹		07/20/22		3.890			3,170,982
		7,097,174	Amur Equipment Finance Receivables VII LLC 2019-1A¹		06/20/24		2.630			7,178,577
		11,767,474	Bankers Healthcare Group Securitization Trust 2020-A¹		09/17/31		2.560			11,917,168
		10,305,430	BCC Funding Corp. XVI LLC 2019-1A¹		08/20/24		2.460			10,407,575
		14,333,644	Business Jet Securities LLC 2020-1A¹		11/15/35		2.981			14,410,094
		44,170,000	California Street CLO IX LP 2012-9A (3-Month USD-LIBOR + 1.100%)^1,2		07/16/32		1.181			44,168,704
		22,591,546	Capital Automotive LLC 2017-1A¹		04/15/47		3.870			22,616,139
		20,638,275	CARS-DB4 LP 2020-1A¹		02/15/50		3.190			20,915,938
		23,745,152	CF Hippolyta LLC 2020-1¹		07/15/60		1.690			23,744,504
		20,452,503	CFMT LLC 2021-HB5^1,2,3		02/25/31		0.801			20,442,436
		12,327,224	Chesapeake Funding II LLC 2019-1A¹		04/15/31		2.940			12,444,465
		21,831,951	Chesapeake Funding II LLC 2020-1A¹		08/16/32		0.870			21,903,278
		13,210,560	Chesterfield Financial Holdings LLC 2014-1A^1,4		12/15/34		4.500			13,239,070
		9,390,996	CIG Auto Receivables Trust 2020-1A¹		10/12/23		0.680			9,397,718
		18,960,000	Credit Acceptance Auto Loan Trust 2019-3A¹		11/15/28		2.380			19,196,966
		57,480,000	Credit Acceptance Auto Loan Trust 2020-3A¹		10/15/29		1.240			57,737,464
		50,169,982	Dell Equipment Finance Trust 2019-2¹		10/22/24		1.910			50,497,266
		29,900,000	Donlen Fleet Lease Funding 2 LLC 2021-2¹		12/11/34		0.560			29,895,428
		13,408,659	Drive Auto Receivables Trust 2021-1		12/15/23		0.360			13,412,393
		17,180,000	Dryden 93 CLO Ltd. 2021-93A (3-Month USD-LIBOR + 1.080%)^1,2		01/15/34		1.212			17,180,000
		5,114,927	ECAF I, Ltd. 2015-1A¹		06/15/40		3.473			4,936,150
		17,170,000	Elm Trust 2020-3A¹		08/20/29		2.954			17,048,896
		4,609,438	Enterprise Fleet Financing LLC 2019-1¹		10/20/24		2.980			4,629,741
		17,954,552	Enterprise Fleet Financing LLC 2019-2¹		02/20/25		2.290			18,139,761
		1,455,326	Exeter Automobile Receivables Trust 2021-1A		06/15/23		0.300			1,455,330
		11,169,647	FCI Funding LLC 2021-1A¹		04/15/33		1.130			11,143,580
		20,537,445	FNA LLC 2019-1⁴		12/10/31		3.000			20,615,487
		9,750,000	Foursight Capital Automobile Receivables Trust 2021-2¹		04/15/25		0.400			9,744,192
		1,084,614	FREED ABS Trust 2020-FP1¹		03/18/27		2.520			1,086,196
		13,300,000	FREED ABS Trust 2021-3FP¹		11/20/28		0.620			13,297,899
		25,225,321	Global SC Finance VII Srl 2020-1A¹		10/17/40		2.170			25,307,137
		26,207,782	Global SC Finance VII Srl 2020-2A¹		11/19/40		2.260			26,364,550
		50,750,000	Golub Capital Partners ABS Funding 2019-1 Ltd. 2021-2A¹		10/20/29		2.953			50,750,000

Principal Amount				Maturity Date		Interest Rate			Value
			ASSET BACKED SECURITIES (continued)
	$	21,000,000	HTS Fund I LLC 2021-1¹		08/25/36		1.411	%	$	20,887,320
		28,190,000	Lendmark Funding Trust 2019-1A¹		12/20/27		3.000			28,607,178
		21,710,000	Lendmark Funding Trust 2019-2A¹		04/20/28		2.780			22,095,075
		37,214,241	Madison Park Funding X, Ltd. 2012-10A (3-Month USD-LIBOR + 1.010%)^1,2		01/20/29		1.142			37,214,212
		40,030,000	Madison Park Funding XXV, Ltd. 2017-25A (3-Month USD-LIBOR + 0.970%)^1,2		04/25/29		1.094			40,049,891
		12,620,000	Mariner Finance Issuance Trust 2019-AA¹		07/20/32		2.960			12,823,769
		16,460,000	Mariner Finance Issuance Trust 2020-AA¹		08/21/34		2.190			16,708,062
		27,346,419	Nationstar HECM Loan Trust 2020-1A^1,2,3		09/25/30		1.269			27,406,100
		27,120,000	Navistar Financial Dealer Note Master Trust 2020-1 (1-Month USD-LIBOR + 0.950%)^1,2		07/25/25		1.039			27,248,324
		2,543,949	New Mexico Educational Assistance Foundation 2013-1 (1-Month USD-LIBOR + 0.700%)²		01/02/25		0.782			2,544,430
		40,570,000	New Residential Advance Receivables Trust Advance Receivables Backed 2020-T1¹		08/15/53		1.426			40,409,903
		3,354,549	Newtek Small Business Loan Trust 2016-1A (1-Month USD-LIBOR + 3.000%)^1,2		02/25/42		3.089			3,359,979
		21,800,000	NextGear Floorplan Master Owner Trust 2019-1A¹		02/15/24		3.210			21,979,536
		17,140,000	NextGear Floorplan Master Owner Trust 2019-2A¹		10/15/24		2.070			17,399,817
		30,640,000	NextGear Floorplan Master Owner Trust 2020-1A¹		02/15/25		1.550			31,019,718
		1,649,544	NMEF Funding LLC 2019-A¹		08/17/26		2.730			1,653,078
		24,700,000	NRZ Advance Receivables Trust 2015-ON1 2020-T2¹		09/15/53		1.475			24,715,803
		10,200,000	NRZ Advance Receivables Trust 2015-ON1 2020-T3¹		10/15/52		1.317			10,197,046
		21,250,000	OnDeck Asset Securitization Trust III LLC 2021-1A¹		05/17/27		1.590			21,161,179
		8,464,459	OneMain Financial Issuance Trust 2019-1A¹		02/14/31		3.480			8,473,112
		26,430,000	Oportun Funding XIII LLC 2019-A¹		08/08/25		3.080			26,807,016
		56,210,000	Oportun Issuance Trust 2021-C¹		10/08/31		2.180			56,203,491
		21,200,000	OSCAR US Funding Trust XIII LLC 2021-2A¹		08/12/24		0.390			21,149,465
		19,195,058	OSCAR US Funding Trust XII LLC 2021-1A¹		03/11/24		0.400			19,100,732
		20,000,000	Palmer Square Loan Funding, Ltd. 2019-3A (3-Month USD-LIBOR + 1.600%)^1,2		08/20/27		1.731			20,004,336
		15,000,000	Palmer Square Loan Funding, Ltd. 2019-4A (3-Month USD-LIBOR + 1.600%)^1,2		10/24/27		1.724			15,002,986
		19,490,000	Parliament Clo II, Ltd. 2021-2A (3-Month USD-LIBOR + 1.350%)^1,2		08/20/32		1.482			19,488,933
		15,458,889	Pawnee Equipment Receivables Series LLC 2019-1¹		10/15/24		2.290			15,581,297
		16,427,569	Pawnee Equipment Receivables Series LLC 2020-1¹		11/17/25		1.370			16,505,626

Principal Amount				Maturity Date		Interest Rate			Value
			ASSET BACKED SECURITIES (continued)
	$	18,200,000	PFS Financing Corp. 2019-A¹		04/15/24		2.860	%	$	18,413,400
		27,650,000	PFS Financing Corp. 2019-C¹		10/15/24		2.230			28,124,809
		23,070,000	PFS Financing Corp. 2020-F¹		08/15/24		0.930			23,170,004
		18,070,000	Regional Management Issuance Trust 2020-1¹		10/15/30		2.340			18,297,496
		27,400,000	Republic Finance Issuance Trust 2019-A¹		11/22/27		3.430			27,485,439
		16,470,000	Republic Finance Issuance Trust 2020-A¹		11/20/30		2.470			16,769,299
		23,087,618	Santander Drive Auto Receivables Trust 2020-3		07/15/24		0.520			23,087,817
		19,410,889	Santander Drive Auto Receivables Trust 2021-2		04/15/24		0.280			19,417,120
		65,000,000	Santander Drive Auto Receivables Trust 2021-4		08/15/24		0.370			64,988,690
		34,490,000	Santander Revolving Auto Loan Trust 2019-A¹		01/26/32		2.510			35,885,838
		5,630,134	SCF Equipment Leasing LLC 2019-2A¹		06/20/24		2.220			5,653,122
		10,849,599	Shenton Aircraft Investment I, Ltd. 2015-1A¹		10/15/42		4.750			10,475,958
		50,438,133	Stack Infrastructure Issuer LLC 2019-1A¹		02/25/44		4.540			52,621,846
		19,160,000	Stack Infrastructure Issuer LLC 2020-1A¹		08/25/45		1.893			19,098,652
		27,996,299	SWC Funding LLC 2018-1A^1,4		08/15/33		4.750			27,756,005
		50,790,000	Symphony CLO XXI, Ltd. 2019-21A (3-Month USD-LIBOR + 1.060%)^1,2		07/15/32		1.184			50,728,940
		2,601,935	Veros Automobile Receivables Trust 2020-1¹		09/15/23		1.670			2,604,902
		43,645,640	Westlake Automobile Receivables Trust 2020-3A¹		05/15/24		0.560			43,684,467
		32,090,948	Westlake Automobile Receivables Trust 2021-1A¹		10/15/24		0.390			32,088,955
		47,730,000	Westlake Automobile Receivables Trust 2021-2A¹		04/15/25		0.320			47,717,027
		1,067,978	WRG Debt Funding II LLC 2017-1^1,4		03/15/26		4.458			1,065,731
			Total Asset Backed Securities (Cost $1,858,516,602)							1,864,495,684
			COMMERCIAL MORTGAGE BACKED SECURITIES (3.1%)
		26,807,000	BB-UBS Trust 2012-TFT^1,2,3		06/05/30		3.678			25,025,672
		13,031,276	BX Commercial Mortgage Trust 2019-XL (1-Month USD-LIBOR + 0.920%)^1,2		10/15/36		1.010			13,035,293
		25,084,425	BX Trust 2019-RP (1-Month USD-LIBOR + 1.045%)^1,2		06/15/34		1.135			25,021,466
		39,480,000	BXMT, Ltd. 2020-FL2 (30-Day SOFR + 1.014%)^1,2		02/15/38		1.064			39,404,988
		20,990,000	BXMT, Ltd. 2020-FL3 (30-Day SOFR + 1.514%)^1,2		03/15/37		1.564			21,010,490
		17,250,000	BXMT, Ltd. 2021-FL4 (1-Month USD-LIBOR + 1.050%)^1,2		05/15/38		1.136			17,236,200

Principal Amount				Maturity Date		Interest Rate			Value
			COMMERCIAL MORTGAGE BACKED SECURITIES (continued)
	$	31,329,000	CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 2.900%)^1,2		11/15/31		2.990	%	$	25,977,694
		9,690,000	Commercial Mortgage Pass Through Certificates 2013-GAM^1,2,3		02/10/28		3.417			9,402,541
		19,337,720	HPLY Trust 2019-HIT (1-Month USD-LIBOR + 1.000%)^1,2		11/15/36		1.090			19,326,063
		18,040,000	MED Trust 2021-MDLN (1-Month USD-LIBOR + 0.950%)^1,2		11/15/38		1.050			18,040,000
		33,690,000	MHC Commercial Mortgage Trust 2021-MHC (1-Month USD-LIBOR + 0.801%)^1,2		04/15/38		0.892			33,700,427
		32,615,000	Morgan Stanley Capital I Trust 2017-CLS (1-Month USD-LIBOR + 0.700%)^1,2		11/15/34		0.790			32,595,170
		28,602,573	PFP, Ltd. 2021-7 (1-Month USD-LIBOR + 0.850%)^1,2		04/14/38		0.940			28,374,610
		24,260,000	STWD, Ltd. 2019-FL1 (30-Day SOFR + 1.194%)^1,2		07/15/38		1.244			24,221,184
		41,657,788	TPG Real Estate Finance Issuer, Ltd. 2018-FL2 (1-Month USD-LIBOR + 1.130%)^1,2		11/15/37		1.216			41,645,290
			Total Commercial Mortgage Backed Securities (Cost $381,672,892)							374,017,088
			CORPORATE BONDS (42.2%)
			AUTO MANUFACTURERS (1.3%)
		20,585,000	Daimler Finance North America LLC¹		02/22/22		3.400			20,777,068
		82,838,000	General Motors Financial Co., Inc.		01/14/22		3.450			83,132,923
		15,132,000	General Motors Financial Co., Inc.		04/10/22		3.450			15,259,322
		30,805,000	General Motors Financial Co., Inc.		06/30/22		3.150			31,267,740
		7,750,000	General Motors Financial Co., Inc.		07/08/22		3.550			7,908,718
										158,345,771
			BANKS (13.9%)
		14,895,000	ANZ New Zealand Int'l, Ltd., London Branch¹		03/19/24		3.400			15,766,459
		19,435,000	ASB Bank, Ltd.¹		06/14/23		3.750			20,420,080
		34,375,000	Australia & New Zealand Banking Group, Ltd.		05/19/22		2.625			34,810,465
		35,542,000	Bank of America Corp. (3-Month USD-LIBOR + 1.160%)²		01/20/23		3.124			35,748,075
		78,697,000	Bank of America Corp. (3-Month USD-LIBOR + 0.930%)²		07/21/23		2.816			79,922,027
		23,531,000	Bank of Montreal		03/26/22		2.900			23,769,934
		54,710,000	Bank of New Zealand¹		02/20/24		3.500			57,810,053
		85,200,000	Bank of Nova Scotia		03/07/22		2.700			85,891,916
		32,500,000	Bank of Nova Scotia (SOFR + 0.380%)²		07/31/24		0.430			32,544,525
		26,935,000	BNP Paribas S.A.¹		05/23/22		2.950			27,311,861
		14,660,000	BNZ International Funding, Ltd., London Branch¹		03/01/23		3.375			15,207,639
		19,610,000	Canadian Imperial Bank of Commerce (SOFR + 0.800%)²		03/17/23		0.849			19,748,171

Principal Amount				Maturity Date		Interest Rate			Value
			CORPORATE BONDS (continued)
			BANKS (continued)
	$	12,895,000	Canadian Imperial Bank of Commerce		06/22/23		0.450	%	$	12,847,782
		60,560,000	Canadian Imperial Bank of Commerce		09/13/23		3.500			63,867,222
		16,860,000	Canadian Imperial Bank of Commerce		10/18/24		1.000			16,788,514
		33,260,000	Citigroup, Inc.		12/08/21		2.900			33,275,171
		39,239,000	Citigroup, Inc.		10/27/22		2.700			40,030,881
		40,893,000	Citigroup, Inc. (3-Month USD-LIBOR + 0.950%)²		07/24/23		2.876			41,555,728
		33,540,000	Commonwealth Bank of Australia (SOFR + 0.400%)^1,2		07/07/25		0.449			33,598,024
		23,400,000	DNB Bank ASA¹		12/02/22		2.150			23,846,532
		65,000,000	DNB Bank ASA (1-Year CMT Index + 0.330%)^1,2		09/30/25		0.856			64,543,558
		10,635,000	Fifth Third Bancorp		01/25/24		3.650			11,250,103
		31,800,000	Goldman Sachs Group, Inc.		01/27/23		0.481			31,713,347
		16,845,000	Goldman Sachs Group, Inc.		03/08/23		0.523			16,814,067
		50,978,000	Goldman Sachs Group, Inc. (3-Month USD-LIBOR + 0.990%)²		07/24/23		2.905			51,786,670
		26,887,000	HSBC Holdings, Plc.		03/30/22		4.000			27,294,948
		29,665,000	HSBC Holdings, Plc. (SOFR + 0.534%)²		08/17/24		0.732			29,536,837
		33,350,000	HSBC Holdings, Plc. (SOFR + 1.929%)²		06/04/26		2.099			33,764,186
		62,235,000	JPMorgan Chase & Co. (SOFR + 0.580%)²		03/16/24		0.697			62,247,873
		33,270,000	JPMorgan Chase & Co. (SOFR + 1.585%)²		03/13/26		2.005			33,904,607
		19,761,000	Lloyds Banking Group, Plc.		01/11/22		3.000			19,862,062
		33,923,000	Lloyds Banking Group, Plc.		03/12/24		3.900			36,195,962
		24,769,000	Mitsubishi UFJ Financial Group, Inc.		02/22/22		2.998			24,971,405
		48,955,000	Mitsubishi UFJ Financial Group, Inc.		03/07/22		3.218			49,433,461
		39,660,000	Mitsubishi UFJ Financial Group, Inc.		07/17/25		1.412			39,575,770
		105,556,000	Morgan Stanley		05/19/22		2.750			106,927,703
		24,842,000	Santander Holdings USA, Inc.		03/28/22		3.700			25,080,957
		16,070,000	Santander Holdings USA, Inc.		06/07/24		3.500			16,968,034
		23,890,000	Skandinaviska Enskilda Banken AB¹		09/09/24		0.650			23,643,455
		47,680,000	Svenska Handelsbanken AB		11/20/23		3.900			50,855,503
		61,285,000	Truist Bank		03/09/23		1.250			61,888,652
		21,430,000	Truist Financial Corp.		12/06/23		3.750			22,706,370
		42,990,000	US Bancorp (5-Year CMT Index + 2.541%)^2,5				3.700			42,820,189
		22,470,000	US Bancorp		05/12/25		1.450			22,686,481
		13,500,000	US Bank NA		05/23/22		2.650			13,654,213
		22,790,000	Wells Fargo & Co. (SOFR + 1.600%)²		06/02/24		1.654			23,118,847
		19,370,000	Wells Fargo & Co. (SOFR + 2.000%)²		04/30/26		2.188			19,795,787
										1,677,802,106

Principal Amount				Maturity Date		Interest Rate			Value
			CORPORATE BONDS (continued)
			BIOTECHNOLOGY (0.9%)
	$	59,774,000	Amgen, Inc.		05/11/22		2.650	%	$	60,391,623
		18,240,000	Amgen, Inc.		05/15/22		3.625			18,380,061
		25,120,000	Gilead Sciences, Inc.		09/29/23		0.750			25,067,286
										103,838,970
			COMPUTERS (0.1%)
		17,250,000	Dell International LLC / EMC Corp.		06/15/23		5.450			18,369,366
			DIVERSIFIED FINANCIAL SERVICES (4.8%)
		11,426,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		09/15/23		4.500			12,116,011
		47,945,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		02/15/24		3.150			49,810,393
		21,450,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		10/29/24		1.750			21,467,981
		69,908,000	Air Lease Corp.		01/15/22		3.500			70,323,233
		23,208,000	Air Lease Corp.		02/01/22		3.750			23,261,859
		37,385,000	Alliance Data Systems Corp.¹		12/15/24		4.750			38,244,587
		103,504,000	American Express Co.		08/01/22		2.500			104,901,784
		32,260,000	Aviation Capital Group LLC¹		01/20/22		2.875			32,361,423
		33,230,000	Aviation Capital Group LLC¹		12/15/24		5.500			36,887,365
		33,535,000	Avolon Holdings Funding, Ltd.¹		01/15/26		5.500			37,568,822
		46,600,000	Blackstone Private Credit Fund¹		09/15/24		1.750			46,167,185
		16,045,000	Capital One Financial Corp.		05/11/23		2.600			16,491,147
		14,430,000	Credit Acceptance Corp.¹		12/31/24		5.125			14,754,675
		2,785,000	Credit Acceptance Corp.		03/15/26		6.625			2,899,881
		48,895,000	Drawbridge Special Opportunities Fund LP¹		02/15/26		3.875			50,212,298
		25,095,000	Strategic Credit Opportunities Partners LLC		04/01/26		4.250			25,509,695
										582,978,339
			ELECTRIC (3.5%)
		74,190,000	Alexander Funding Trust¹		11/15/23		1.841			75,355,315
		33,445,000	Dominion Energy, Inc.		03/15/25		3.300			35,519,813
		39,340,000	Duke Energy Corp. (SOFR + 0.250%)²		06/10/23		0.299			39,346,252
		61,690,000	Edison International (5-Year CMT Index + 4.698%)^2,5				5.375			63,694,925
		12,750,000	Edison International		03/15/23		2.950			13,012,346
		18,525,000	Exelon Generation Co. LLC		06/01/25		3.250			19,579,666

Principal Amount				Maturity Date		Interest Rate			Value
			CORPORATE BONDS (continued)
			ELECTRIC (continued)
	$	25,345,000	New York State Electric & Gas Corp.		05/01/23		5.750	%	$	27,191,236
		42,459,000	NextEra Energy Capital Holdings, Inc.		04/01/22		2.900			42,897,065
		42,385,000	NextEra Energy Capital Holdings, Inc.		03/01/23		0.650			42,432,665
		24,425,000	Southern California Edison Co. (SOFR + 0.350%)²		06/13/22		0.399			24,435,537
		36,892,000	Vistra Operations Co. LLC¹		09/01/26		5.500			37,987,692
										421,452,512
			HEALTHCARE-PRODUCTS (0.5%)
		28,015,000	Thermo Fisher Scientific, Inc.		10/18/23		0.797			28,024,035
		33,970,000	Zimmer Biomet Holdings, Inc.		04/01/22		3.150			34,194,283
										62,218,318
			HEALTHCARE-SERVICES (0.5%)
		60,630,000	Sutter Health		08/15/25		1.321			60,399,491
			INSURANCE (4.2%)
		24,310,000	Athene Global Funding¹		01/25/22		4.000			24,515,016
		20,325,000	Athene Global Funding¹		07/01/22		3.000			20,638,673
		16,760,000	Athene Global Funding¹		01/08/24		0.950			16,745,239
		18,000,000	Athene Global Funding¹		01/14/25		2.500			18,556,828
		14,345,000	Athene Global Funding¹		06/29/25		2.550			14,836,541
		47,588,000	Enstar Group, Ltd.		03/10/22		4.500			48,099,718
		35,000,000	F&G Global Funding¹		09/20/24		0.900			34,666,935
		50,000,000	GA Global Funding Trust (SOFR + 0.500%)^1,2		09/13/24		0.550			50,216,294
		37,190,000	Marsh & McLennan Cos, Inc.		01/30/22		2.750			37,331,047
		44,790,000	Met Tower Global Funding¹		09/14/26		1.250			44,139,654
		74,165,000	Northwestern Mutual Global Funding¹		03/25/24		0.600			73,667,118
		19,330,000	Pacific Life Global Funding II¹		06/24/25		1.200			19,239,237
		29,855,000	Protective Life Global Funding¹		07/05/24		0.781			29,631,981
		37,290,000	Sirius International Group, Ltd.¹		11/01/26		4.600			38,618,456
		31,750,000	United Insurance Holdings Corp.		12/15/27		6.250			33,334,797
										504,237,534
			INTERNET (0.2%)
		19,060,000	Expedia Group, Inc.		12/15/23		3.600			20,047,844
			INVESTMENT COMPANIES (5.2%)
		56,908,000	Ares Capital Corp.		01/19/22		3.625			57,130,885
		33,512,000	Ares Capital Corp.		02/10/23		3.500			34,539,258
		17,695,000	BlackRock TCP Capital Corp.		03/01/22		4.625			17,871,950

Principal Amount				Maturity Date		Interest Rate			Value
			CORPORATE BONDS (continued)
			INVESTMENT COMPANIES (continued)
	$	41,185,000	BlackRock TCP Capital Corp.		08/23/24		3.900	%	$	43,384,326
		24,645,000	Blackstone Secured Lending Fund		07/14/23		3.650			25,626,590
		19,925,000	Blackstone Secured Lending Fund		01/15/26		3.625			20,837,603
		35,855,000	Business Development Corp. of America¹		12/30/22		4.750			36,890,794
		18,375,000	Business Development Corp. of America¹		12/15/24		4.850			19,626,327
		26,475,000	Business Development Corp. of America		03/30/26		3.250			26,559,360
		31,955,000	FS KKR Capital Corp.		07/15/24		4.625			34,158,454
		24,150,000	FS KKR Capital Corp.		02/01/25		4.125			25,504,624
		42,821,000	FS KKR Capital Corp.¹		02/14/25		4.250			45,067,927
		39,855,000	Golub Capital BDC, Inc.		04/15/24		3.375			41,291,019
		49,650,000	Main Street Capital Corp.		05/01/24		5.200			53,618,022
		33,980,000	Main Street Capital Corp.		07/14/26		3.000			34,296,267
		31,201,000	Owl Rock Capital Corp.		04/15/24		5.250			33,742,914
		10,000,000	Owl Rock Capital Corp.		03/30/25		4.000			10,487,222
		27,070,000	Owl Rock Capital Corp. II¹		11/26/24		4.625			28,738,741
		20,015,000	Owl Rock Technology Finance Corp.¹		12/15/25		4.750			21,630,973
		17,345,000	PennantPark Investment Corp.		11/01/26		4.000			17,261,169
										628,264,425
			MACHINERY CONSTRUCTION & MINING (0.2%)
		24,145,000	Caterpillar Financial Services Corp.		07/07/23		0.650			24,198,290
			MACHINERY-DIVERSIFIED (0.1%)
		17,865,000	John Deere Capital Corp.		01/10/22		3.200			17,964,511
			MEDIA (0.4%)
		49,392,000	Charter Communications Operating LLC / Charter Communications Operating Capital		07/23/22		4.464			50,397,547
			OIL & GAS (1.1%)
		35,498,000	Apache Corp.		11/15/25		4.625			38,266,489
		61,645,000	Occidental Petroleum Corp.		08/15/22		2.700			62,415,563
		17,822,000	Ovintiv Exploration, Inc.		07/01/24		5.625			19,622,905
		10,072,000	Woodside Finance, Ltd.¹		09/15/26		3.700			10,808,062
										131,113,019

Principal Amount				Maturity Date		Interest Rate			Value
			PHARMACEUTICALS (0.7%)
	$	28,971,000	AbbVie, Inc.		03/15/22		3.450	%	$	29,149,332
		20,446,000	AbbVie, Inc.		10/01/22		3.250			20,802,752
		32,890,000	AbbVie, Inc.		11/21/22		2.300			33,459,665
										83,411,749
			PIPELINES (1.2%)
		78,564,000	Energy Transfer LP		02/01/22		5.200			78,564,000
		42,750,000	EnLink Midstream Partners, LP		06/01/25		4.150			44,625,870
		24,865,000	Northriver Midstream Finance LP Term B1¹		02/15/26		5.625			25,673,113
										148,862,983
			REAL ESTATE INVESTMENT TRUSTS (0.4%)
		23,540,000	HAT Holdings I LLC / HAT Holdings II LLC¹		06/15/26		3.375			23,334,025
		19,215,000	Scentre Group Trust 1 / Scentre Group Trust 2¹		01/28/26		3.625			20,622,021
										43,956,046
			RETAIL (0.1%)
		11,000,000	Nordstrom, Inc.		04/08/24		2.300			11,053,900
			SEMICONDUCTORS (0.3%)
		33,545,000	ams AG¹		07/31/25		7.000			35,515,769
			SOFTWARE (1.5%)
		104,097,000	Oracle Corp.		05/15/22		2.500			104,928,236
		72,910,000	VMware, Inc.		08/21/22		2.950			74,132,329
										179,060,565
			TELECOMMUNICATIONS (0.8%)
		100,479,000	AT&T, Inc.		06/30/22		3.000			101,665,834
			TRANSPORTATION (0.3%)
		41,623,000	Union Pacific Corp.		07/15/22		4.163			42,340,039
			Total Corporate Bonds (Cost $5,028,763,982)							5,107,494,928
			EXCHANGE-TRADED FUNDS (3.5%)
		4,950,000	iShares 1-5 Year Investment Grade Corporate Bond ETF							268,785,000
		4,900,000	SPDR Portfolio Short Term Corporate Bond ETF							152,439,000
			Total Exchange-Traded Funds (Cost $425,467,000)							421,224,000

Principal Amount				Maturity Date		Interest Rate			Value
			LOAN PARTICIPATIONS AND ASSIGNMENTS (11.5%)
	$	36,085,000	AAdvantage Loyality IP, Ltd. (3-Month USD-LIBOR + 4.750%)²		04/20/28		5.500	%	$	37,562,320
		21,931,314	Allen Media LLC (Entertainment Studios) (3-Month USD-LIBOR + 5.500%)²		02/10/27		5.632			21,913,111
		47,291,088	Asplundh Tree Expert LLC (1-Month USD-LIBOR + 1.750%)²		09/07/27		1.837			47,048,012
		12,000,000	Avantor Funding, Inc. Term B5 (3-Month USD-LIBOR + 2.250%)²		11/08/27		2.750			11,990,040
		20,775,495	Avolon TLB Borrower 1 (US) LLC Term B3 (1-Month USD-LIBOR + 1.750%)²		01/15/25		2.500			20,744,747
		14,887,500	Avolon TLB Borrower 1 (US) LLC Term B5 (1-Month USD-LIBOR + 2.250%)²		12/01/27		2.750			14,898,666
		56,503,132	Axalta Coating Systems Dutch Holding B BV (Axalta Coating Systems U.S. Holdings, Inc.) Term B3 (3-Month USD-LIBOR + 1.750%)²		06/01/24		1.882			56,361,874
		10,892,596	BCP Renaissance Parent LLC (3-Month USD-LIBOR + 3.500%)²		10/31/24		4.500			10,851,749
		139,659,618	Boeing Co. (3-Month USD-LIBOR + 1.250%)²		02/07/22		1.366			139,436,163
		36,341,206	Buckeye Partners LP Term B1 (1-Month USD-LIBOR + 2.250%)²		11/01/26		2.334			36,155,139
		36,546,488	Charter Communications Operating LLC (CCo. Safari LLC) Term B1 (1-Month USD-LIBOR + 1.750%)²		04/30/25		1.840			36,491,668
		24,491,572	Clarios Global LP (1-Month USD-LIBOR + 3.250%)²		04/30/26		3.337			24,328,213
		36,682,945	Clean Harbors, Inc. (3-Month USD-LIBOR + 1.750%)²		06/28/24		1.837			36,672,673
		10,000,000	Clean Harbors, Inc. (1-Month USD-LIBOR + 2.000%)²		10/08/28		2.087			9,993,800
		24,975,000	DaVita, Inc. Term A (1-Month USD-LIBOR + 1.500%)²		08/12/24		1.587			24,787,688
		16,411,006	Dell International LLC Term B2 (1-Month USD-LIBOR + 1.750%)²		09/19/25		2.000			16,398,370
		25,891,030	Delos Finance S.a r.l. (3-Month USD-LIBOR + 1.750%)².		10/06/23		1.882			25,854,524
		38,650,623	Eastern Power LLC (TPF II LC, LLC) (3-Month USD-LIBOR + 3.750%)²		10/02/25		4.750			34,193,819
		48,378,981	Elanco Animal Health, Inc. (1-Month USD-LIBOR + 1.750%)²		08/01/27		1.832			47,946,956
		2,562,217	EnLink Midstream Partners, LP (1-Month USD-LIBOR + 1.500%)²		12/10/21		1.586			2,555,812
		3,990,000	HCA, Inc. Term B (1-Month USD-LIBOR + 1.750%)²		06/30/28		1.837			4,009,950
		4,846,602	Icon Plc. (3-Month USD-LIBOR + 2.500%)²		07/03/28		3.000			4,846,069
		19,452,498	Icon Plc. (3-Month USD-LIBOR + 2.500%)²		07/03/28		3.000			19,450,358
		33,913,415	Iridium Satellite LLC Term B2 (1-Month USD-LIBOR + 2.500%)²		11/04/26		3.250			33,934,781

Principal Amount				Maturity Date		Interest Rate			Value
			LOAN PARTICIPATIONS AND ASSIGNMENTS (continued)
	$	36,962,363	Jazz Pharmaceuticals, Inc. (1-Month USD-LIBOR + 3.500%)²		05/05/28		4.000	%	$	37,008,565
		52,745,719	Lumen Technologies, Inc. Term A (1-Month USD-LIBOR + 2.000%)²		01/31/25		2.087			52,416,058
		22,876,096	Lumen Technologies, Inc. Term B (1-Month USD-LIBOR + 2.250%)²		03/15/27		2.337			22,571,158
		36,785,000	MPH Acquisition Holdings LLC (3-Month USD-LIBOR + 4.250%)²		09/01/28		4.750			35,834,843
		38,805,737	NorthRiver Midstream Finance LP Term B (3-Month USD-LIBOR + 3.250%)²		10/01/25		3.382			38,713,767
		27,325,000	NVA Holdings, Inc. Term A3 (1-Month USD-LIBOR + 1.750%)²		02/20/23		1.875			27,188,375
		28,196,803	NVA Holdings, Inc. Term A5 (1-Month USD-LIBOR + 2.000%)²		02/19/25		2.125			27,632,867
		53,610,638	Organon & Co. (3-Month USD-LIBOR + 3.000%)²		06/02/28		3.500			53,711,426
		23,003,125	Owens-Illinois Group, Inc. (1-Month USD-LIBOR + 1.500%)²		06/25/24		1.587			22,830,602
		56,715,000	PPD, Inc. (1-Month USD-LIBOR + 2.000%)²		01/13/28		2.500			56,582,287
		7,549,364	RPI Intermediate Finance Trust Term B1 (1-Month USD-LIBOR + 1.750%)²		02/11/27		1.837			7,522,941
		45,000,000	SkyMiles IP, Ltd. (3-Month USD-LIBOR + 3.750%)²		10/20/27		4.750			47,899,800
		13,881,043	SS&C Technologies Holdings, Inc. Term B3 (1-Month USD-LIBOR + 1.750%)²		04/16/25		1.837			13,727,797
		9,775,789	SS&C Technologies Holdings, Inc. Term B4 (1-Month USD-LIBOR + 1.750%)²		04/16/25		1.837			9,667,865
		8,160,113	SS&C Technologies Holdings, Inc. Term B5 (1-Month USD-LIBOR + 1.750%)²		04/16/25		1.837			8,056,076
		17,580,338	UGI Energy Services LLC (1-Month USD-LIBOR + 3.750%)²		08/13/26		3.837			17,635,364
		48,381,875	United AirLines, Inc. Term B (3-Month USD-LIBOR + 3.750%)²		04/21/28		4.500			49,029,708
		20,998,381	Vistra Operations Co. LLC (Tex Operations Co. LLC) (1-Month USD-LIBOR + 1.750%)²		12/31/25		1.840			20,788,397
		40,338,824	Wyndham Hotels & Resorts, Inc. Term B (1-Month USD-LIBOR + 1.750%)²		05/30/25		1.837			40,041,930
		62,963,781	Wynn Resorts, Ltd. Term A (1-Month USD-LIBOR + 1.750%)²		09/20/24		1.840			61,704,505
		20,938,603	Zebra Buyer LLC (3-Month USD-LIBOR + 3.250%)²		04/21/28		3.750			20,979,643
			Total Loan Participations and Assignments (Cost $1,391,156,699)							1,389,970,476

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (1.3%)
	$	110,000	Indiana Health & Educational Facilities Financing Authority, Revenue Bonds^2,3		11/15/31		1.750	%	$	110,000
		7,070,000	Indiana Health & Educational Facilities Financing Authority, Revenue Bonds^2,3		11/15/31		1.750			7,070,000
		10,100,000	New Jersey Turnpike Authority, Revenue Bonds (1-Month USD-LIBOR + 0.700%)²		01/01/24		0.758			10,191,292
		14,775,000	Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds		12/15/26		6.250			17,087,806
		119,055,000	Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month USD-LIBOR + 0.690%)²		09/15/27		0.767			119,658,073
			Total Municipal Bonds (Cost $152,425,297)							154,117,171
			RESIDENTIAL MORTGAGE BACKED SECURITIES (0.7%)
		25,058,730	Cascade Funding Mortgage Trust 2019-RM3^1,2,3		06/25/69		2.800			25,252,900
		5,872,208	Pepper Residential Securities Trust No. 23A (1-Month USD-LIBOR + 0.950%)^1,2		08/18/60		1.036			5,786,237
		3,521,790	Pepper Residential Securities Trust No. 24A (1-Month USD-LIBOR + 0.900%)^1,2		11/18/60		0.986			3,530,701
		13,236,373	RESIMAC Premier 2019-2A (1-Month USD-LIBOR + 0.950%)^1,2		02/10/51		1.034			13,043,889
		12,706,762	RESIMAC Premier 2020-1A (1-Month USD-LIBOR + 1.050%)^1,2		02/07/52		1.136			12,754,561
		16,817,296	RESIMAC Premier 2021-1A (1-Month USD-LIBOR + 0.700%)^1,2		07/10/52		0.784			16,801,890
		11,445,920	RMF Proprietary Issuance Trust 2019-1^1,2,3		10/25/63		2.750			11,304,473
			Total Residential Mortgage Backed Securities (Cost $88,568,422)							88,474,651
			U.S. GOVERNMENT AGENCY OBLIGATIONS (2.0%)
		25,622,000	Federal Farm Credit Banks Funding Corp.		08/25/25		0.610			25,291,639
		46,000,000	Federal Home Loan Mortgage Corp.		05/19/23		0.250			45,913,119
		50,168,000	Federal Home Loan Mortgage Corp.		10/27/25		0.600			49,199,402
		36,490,000	Federal Home Loan Mortgage Corp.		10/27/25		0.625			35,815,049
		45,500,000	Federal Home Loan Mortgage Corp.		11/12/25		0.600			44,861,639
		29,040,000	Federal Home Loan Mortgage Corp.		11/25/25		0.625			28,665,337
		30,617	Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (1-Year USD-LIBOR + 1.761%)²		04/01/36		2.118			31,821

Principal Amount				Maturity Date		Interest Rate			Value
			U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
	$	13,568	Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (6-Month USD-LIBOR + 1.740%)²		12/01/36		1.990	%	$	13,651
		17,065	Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (1-Year USD-LIBOR + 1.745%)²		01/01/37		2.120			17,234
		3,646,697	Federal National Mortgage Association (FNMA)		07/01/35		5.000			4,157,761
		229,452	Federal National Mortgage Association (FNMA)		11/01/35		5.500			267,995
		29,946	Federal National Mortgage Association (FNMA) (1-Year USD-LIBOR + 1.992%)²		07/01/36		2.242			31,919
		61,863	Federal National Mortgage Association (FNMA) (1-Year USD-LIBOR + 1.722%)²		09/01/36		1.972			65,330
		27,298	Federal National Mortgage Association (FNMA) (1-Year USD-LIBOR + 1.754%)²		01/01/37		2.129			27,696
		213,479	Federal National Mortgage Association (FNMA)		08/01/37		5.500			248,610
		2,548,593	Federal National Mortgage Association (FNMA)		08/01/37		5.500			2,947,755
		1,046,482	Federal National Mortgage Association (FNMA)		06/01/40		6.500			1,207,873
		6,306	Government National Mortgage Association (GNMA) (1-Year CMT Index + 1.500%)²		08/20/29		1.625			6,508
			Total U.S. Government Agency Obligations (Cost $241,082,885)							238,770,338
			U.S. TREASURY BILLS (21.2%)
		500,000	U.S. Treasury Bill⁶		11/04/21		0.000			499,998
		198,000,000	U.S. Treasury Bill⁶		11/12/21		0.000			197,998,274
		210,500,000	U.S. Treasury Bill⁶		11/18/21		0.000			210,498,020
		268,000,000	U.S. Treasury Bill⁶		11/26/21		0.000			267,993,417
		210,000,000	U.S. Treasury Bill⁶		12/16/21		0.000			209,991,516
		138,000,000	U.S. Treasury Bill⁶		12/30/21		0.000			137,980,775
		185,500,000	U.S. Treasury Bill⁶		01/06/22		0.000			185,476,987
		182,250,000	U.S. Treasury Bill⁶		01/13/22		0.000			182,227,026
		173,050,000	U.S. Treasury Bill⁶		02/03/22		0.000			173,024,582
		138,750,000	U.S. Treasury Bill⁶		02/10/22		0.000			138,728,589
		120,600,000	U.S. Treasury Bill⁶		02/17/22		0.000			120,580,553
		198,750,000	U.S. Treasury Bill⁶		03/10/22		0.000			198,707,269
		153,000,000	U.S. Treasury Bill⁶		03/24/22		0.000			152,963,939
		138,250,000	U.S. Treasury Bill⁶		04/07/22		0.000			138,215,332
		203,000,000	U.S. Treasury Bill⁶		04/14/22		0.000			202,943,357
		55,000,000	U.S. Treasury Bill^6,7		04/21/22		0.000			54,983,672
			Total U.S. Treasury Bills (Cost $2,572,887,684)							2,572,813,306

Authoritative guidance establishes three levels of the fair value hierarchy as follows:

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

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

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of October 31, 2021.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Balance as of October 31, 2021
Asset Backed Securities		$	—	$	1,801,819,391		$	62,676,293		$	1,864,495,684
Commercial Mortgage Backed Securities			—		374,017,088			—			374,017,088
Corporate Bonds			—		5,107,494,928			—			5,107,494,928
Exchange-Traded Funds			421,224,000		—			—			421,224,000
Loan Participations and Assignments			—		1,389,970,476			—			1,389,970,476
Municipal Bonds			—		154,117,171			—			154,117,171
Residential Mortgage Backed Securities			—		88,474,651			—			88,474,651
U.S. Government Agency Obligations			—		238,770,338			—			238,770,338
U.S. Treasury Bills			—		2,572,813,306			—			2,572,813,306
Total Investment, at value .		$	421,224,000	$	11,727,477,349		$	62,676,293		$	12,211,377,642
Other Financial Instruments, at value
Financial Futures Contracts		$	9,582,744	$	—		$	—		$	9,582,744
Other Financial Instruments, at value.		$	9,582,744	$	—		$	—		$	9,582,744

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the year ended October 31, 2021:

	Asset Backed Securities				Loan Participations and Assignments				Total
Balance as of October 31, 2020		$	71,714,438			$	29,455,128			$	101,169,566
Purchases			—				—				—
Sales / Paydowns			(22,363,356	)			(27,512,570	)			(49,875,926	)
Realized gains (losses)			1,377				35,321				36,698
Change in unrealized appreciation (depreciation)			36,624				555,207				591,831
Amortization			48,140				22,725				70,865
Transfers from Level 3			—				(2,555,811	)			(2,555,811	)
Transfers to Level 3			13,239,070				—				13,239,070
Balance as of October 31, 2021		$	62,676,293			$	—			$	62,676,293

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

ASSETS:
Investments in securities, at value (Cost $12,140,541,463)	$	12,211,377,642
Cash		2,776,777
Cash collateral for futures contracts		100,000
Receivables for:
Interest		45,439,882
Shares sold		8,352,117
Investment advisory and administrative fee waiver reimbursement		85,485
Investments sold		18,132
Other		1,022,173
Prepaid assets		79,380
Total Assets		12,269,251,588
LIABILITIES:
Payables for:
Investments purchased		158,841,429
Shares redeemed		8,360,653
Investment advisory and administrative fees		2,579,436
Dividends declared		1,146,157
Custody and fund accounting fees		261,362
Shareholder servicing fees		111,427
Futures variation margin on open contracts		102,672
Professional fees		86,275
Transfer agent fees		13,226
Board of Trustees' fees		1,111
Accrued expenses and other liabilities		18,299
Total Liabilities		171,522,047
NET ASSETS	$	12,097,729,541
Net Assets Consist of:
Paid-in capital	$	12,082,507,669
Retained earnings		15,221,872
Net Assets	$	12,097,729,541

NET INVESTMENT INCOME:
Income:
Dividends	$	4,205,311
Interest income		177,480,149
Other income		1,631,545
Total Income		183,317,005
Expenses:
Investment advisory and administrative fees		25,619,922
Shareholder servicing fees		1,101,833
Custody and fund accounting fees		976,379
Board of Trustees' fees		119,301
Professional fees		93,915
Transfer agent fees		74,199
Miscellaneous expenses		480,172
Total Expenses		28,465,721
Investment advisory and administrative fee waiver		(746,522	)
Net Expenses		27,719,199
Net Investment Income		155,597,806
NET REALIZED AND UNREALIZED GAIN:
Net realized loss on investments in securities		(13,302,188	)
Net realized gain on futures contracts		7,539,469
Net realized loss on investments in securities and futures contracts		(5,762,719	)
Net change in unrealized appreciation/(depreciation) on investments in securities		63,310,214
Net change in unrealized appreciation/(depreciation) on futures contracts		7,561,819
Net change in unrealized appreciation/(depreciation) on investments in securities and futures contracts		70,872,033
Net Realized and Unrealized Gain		65,109,314
Net Increase in Net Assets Resulting from Operations	$	220,707,120

	For the years ended October 31,
	2021			2020
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	155,597,806		$	176,679,793
Net realized gain (loss) on investments in securities and futures contracts		(5,762,719	)		4,229,221
Net change in unrealized appreciation/(depreciation) on investments in securities and futures contracts		70,872,033			(54,311,352	)
Net increase in net assets resulting from operations		220,707,120			126,597,662
Dividends and distributions declared:
Class N		(8,039,596	)		(9,638,723	)
Class I		(145,689,084	)		(166,935,856	)
Total dividends and distributions declared		(153,728,680	)		(176,574,579	)
Share transactions:
Proceeds from sales of shares¹		7,111,674,362			4,159,732,686
Net asset value of shares issued to shareholders for reinvestment of dividends and distributions		32,811,791			37,126,855
Cost of shares redeemed¹		(3,185,266,679	)		(3,215,918,972	)
Net increase in net assets resulting from share transactions		3,959,219,474			980,940,569
Total increase in net assets		4,026,197,914			930,963,652

NET ASSETS:
Beginning of year		8,071,531,627			7,140,567,975
End of year	$	12,097,729,541		$	8,071,531,627

	For the years ended October 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of year	$	10.23		$	10.26		$	10.15		$	10.19		$	10.13
Income from investment operations:
Net investment income¹		0.15			0.24			0.30			0.26			0.21
Net realized and unrealized gain (loss)		0.09			(0.03	)		0.11			(0.06	)		0.05
Total income from investment operations		0.24			0.21			0.41			0.20			0.26
Less dividends and distributions:
From net investment income		(0.15	)		(0.24	)		(0.30	)		(0.24	)		(0.20	)
Total dividends and distributions		(0.15	)		(0.24	)		(0.30	)		(0.24	)		(0.20	)
Net asset value, end of year	$	10.32		$	10.23		$	10.26		$	10.15		$	10.19
Total return²		2.38	%		2.06	%		4.14	%		2.03	%		2.64	%
Ratios/Supplemental data:
Net assets, end of year (in millions)	$	656		$	461		$	371		$	275		$	72
Ratio of expenses to average net assets before reductions		0.49	%		0.49	%		0.51	%		0.50	%		0.67	%
Fee waiver		(0.14	)%³		(0.14	)%³		(0.16	)%³		(0.15	)%³		(0.27	)%³
Expense offset arrangement		0.00	%		0.00	%		(0.00	)%⁴		(0.00	)%⁴		(0.00	)%⁴
Ratio of expenses to average net assets after reductions		0.35	%		0.35	%		0.35	%		0.35	%		0.40	%
Ratio of net investment income to average net assets		1.48	%		2.32	%		2.98	%		2.52	%		2.05	%
Portfolio turnover rate		34	%		51	%		53	%		48	%		52	%

	For the years ended October 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of year	$	10.23		$	10.25		$	10.15		$	10.19		$	10.13
Income from investment operations:
Net investment income¹		0.16			0.24			0.31			0.25			0.22
Net realized and unrealized gain (loss)		0.09			(0.02	)		0.10			(0.04	)		0.06
Total income from investment operations		0.25			0.22			0.41			0.21			0.28
Less dividends and distributions:
From net investment income		(0.16	)		(0.24	)		(0.31	)		(0.25	)		(0.22	)
Total dividends and distributions		(0.16	)		(0.24	)		(0.31	)		(0.25	)		(0.22	)
Net asset value, end of year	$	10.32		$	10.23		$	10.25		$	10.15		$	10.19
Total return²		2.46	%		2.24	%		4.12	%		2.11	%		2.77	%
Ratios/Supplemental data:
Net assets, end of year (in millions)	$	11,442		$	7,610		$	6,769		$	6,000		$	6,346
Ratio of expenses to average net assets before reductions		0.27	%		0.27	%		0.28	%		0.27	%		0.28	%
Expense offset arrangement		0.00	%		0.00	%		(0.00	)%³		(0.00	)%³		(0.00	)%³
Ratio of expenses to average net assets after reductions		0.27	%		0.27	%		0.28	%		0.27	%		0.28	%
Ratio of net investment income to average net assets		1.55	%		2.40	%		3.04	%		2.47	%		2.17	%
Portfolio turnover rate		34	%		51	%		53	%		48	%		52	%

1.Organization. The Fund is a separate, diversified series of BBH Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. The Fund commenced operation on December 22, 2000 and offers two share classes, Class N and Class I. Neither Class N shares nor Class I shares automatically convert to any other share class of the Fund. The investment objective of the Fund is to provide maximum total return, consistent with preservation of capital and prudent investment management. As of October 31, 2021, there were nine series of the Trust.

B.Accounting for Investments and Income. .Investment transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined based on the identified cost method. Interest income is accrued daily and consists of interest accrued, discount earned (including, if any, both original issue and market discount) and premium amortization on the investments of the Fund. Investment income is recorded net of any foreign taxes withheld where recovery of such tax is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of the interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

D.Financial Futures Contracts. The Fund may enter into open futures contracts in order to economically hedge against anticipated future changes in interest rates which otherwise might either adversely affect the value of securities held for the Fund or adversely affect the prices of securities that are intended to be purchased at a later date for the Fund. The contractual amount of the futures contracts represents the investment the Fund has in a particular contract and does not necessarily represent the amounts potentially subject to risk of loss. Trading in futures contracts involves, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The measurement of risk associated with futures contracts is meaningful only when all related and offsetting transactions are considered. Gains and losses are realized upon the expiration or closing of the futures contracts.

Risks related to the use of futures contracts include possible illiquidity of the futures markets, contract prices that can be highly volatile and imperfectly correlated to movements in economically hedged security values and/or interest rates, and potential losses in excess of the Fund’s initial investment.

Open future contracts held at October 31, 2021, are listed in the Portfolio of Investments.

For the year ended October 31, 2021, the average monthly notional amount of open futures contracts was $1,124,481,281. The range of monthly notional amounts was $763,520,244 to $1,332,100,072.

Derivatives not accounted for as economically hedging instruments under authoritative guidance for derivatives instruments and hedging activities:

E.Private Placement Securities. The Fund may purchase securities that are not registered under the Securities Act of 1933, as amended (“1933 Act”) but that can be sold to “qualified institutional buyers” in accordance with the requirements stated in Rule 144A or the requirements stated in Regulation S of the 1933 Act ("Private Placement Securities"). A Private Placement Security may be considered illiquid and therefore, under SEC Regulations for open-end investment companies, subject to the 15% limitation on the purchase of illiquid securities, unless it is determined on an ongoing basis that an adequate trading market exists for the security, which is the case for the Fund. Guidelines have been adopted and the daily function of determining and monitoring liquidity of Private Placement Securities has been delegated to the investment adviser. All relevant factors will be considered in determining the liquidity of Private Placement Securities and all investments in Private Placement Securities will be carefully monitored. Information regarding Private Placement Securities is included at the end of the Portfolio of Investments.

F.Loan Participations and Assignments. The Fund may invest in loan participations and assignments, which include institutionally traded floating and fixed-rate debt securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the “Lender”) that acts as agent for all holders. Some loan participations and assignments may be purchased on a “when-issued” basis. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan assignment, the Fund acquires the loan in whole or in part and becomes a lender under the loan agreement. The Fund generally has the right to enforce compliance with the terms of the loan agreement with the borrower.

The Fund may have difficulty trading assignments and participations to third parties. There may be restrictions on transfer and only limited opportunities may exist to sell such securities in secondary markets. As a result, the Fund may be unable to sell assignments or participations at the desired time or may be able to sell only at a price less than fair market value. The Fund utilizes an independent third party to value individual loan participations and assignments on a daily basis.

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

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

H.Dividends and Distributions to Shareholders. Dividends and distributions from net investment income to shareholders are declared daily and paid monthly to shareholders. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends and distributions in the amount of $8,039,596 and $145,689,084 to Class N and Class I shareholders, respectively, during the year ended October 31, 2021.

The tax character of distributions paid during the years ended October 31, 2021 and 2020, respectively, were as follows:

As of October 31, 2021 and 2020, respectively, the components of retained earnings/(accumulated deficit) were as follows:

The Fund had $55,613,992 of post-December 22, 2010 net capital loss carryforwards as of October 31, 2021, of which $– and $55,613,992, is attributable to short-term and long-term capital losses, respectively.

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

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

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

B.Investment Advisory and Administrative Fee Waivers. Effective June 14, 2018 the Investment Adviser has contractually agreed to waive fees and/or reimburse expenses for the Fund’s Class N shares in order to limit total annual fund operating expenses (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Fund’s business) of Class N to 0.35%. For the year ended October 31, 2021, the Investment Adviser waived fees in the amount of $746,522 for Class N.

C.Shareholder Servicing Fees. The Trust has a shareholder servicing agreement with BBH. BBH receives a fee from the Fund calculated daily and paid monthly at an annual rate of 0.20% of Class N shares’ average daily net assets. For the year ended October 31, 2021, Class N shares of the Fund incurred $1,101,833 in shareholder servicing fees.

D.Custody and Fund Accounting Fees. BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and incurred monthly. BBH holds all of the Fund’s cash and investments and calculates the Fund’s daily net asset value. The custody fee is an asset and transaction-based fee. The fund accounting fee is an asset-based fee calculated at 0.004% of the Fund’s net asset value. For the year ended October 31, 2021, the Fund incurred $976,379 in custody and fund accounting fees. As per agreement with the Fund’s custodian, the Fund receives interest income on cash balances held by the custodian at the BBH Base Rate. The BBH Base Rate is defined as BBH’s effective trading rate in local money markets on each day. The total interest earned by the Fund for the year ended October 31, 2021 was $5,699. This amount is included in “Interest income” in the Statement of Operations. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the Federal Funds overnight investment rate on the day of the overdraft. The total interest incurred by the Fund for the year ended October 31, 2021, was $847. This amount is included under line item “Custody and fund accounting fees” in the Statement of Operations.

E.Board of Trustees’ Fees. Each Trustee who is not an “interested person” as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the year ended October 31, 2021, the Fund incurred $119,301 in independent Trustee compensation and expense reimbursements.

F.Officers of the Trust. Officers of the Trust are also employees of BBH. Officers are paid no fees by the Trust for their services to the Trust.

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

	For the year ended October 31, 2021						For the year ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		37,397,145		$	386,600,187			38,050,699		$	388,416,903
Shares issued in connection with reinvestments of dividends		754,073			7,791,895			911,844			9,267,354
Shares redeemed		(19,724,527	)		(203,824,235	)		(30,058,670	)		(304,777,755	)
Net increase		18,426,691		$	190,567,847			8,903,873		$	92,906,502
Class I
Shares sold		650,852,091		$	6,725,074,175			369,593,937		$	3,771,315,783
Shares issued in connection with reinvestments of dividends		2,421,793			25,019,896			2,741,019			27,859,501
Shares redeemed		(288,574,356	)		(2,981,442,444	)		(288,332,500	)		(2,911,141,217	)
Net increase		364,699,528		$	3,768,651,627			84,002,456		$	888,034,067

Included in Shares Sold and Shares Redeemed are shareholder exchanges during the years ended October 31, 2021 and October 31, 2020. Specifically:

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

During the year ended October 31, 2020, 815,626 shares of Class N were exchanged for 816,288 shares of Class I valued at $8,142,838 and 22,929 shares of Class I were exchanged for 22,929 shares of Class N valued at $235,706.

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

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Investment Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). In the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to failure of a counterparty to a transaction to perform (credit risk), changes in interest rates (interest rate risk), higher volatility for securities with longer maturities (maturity risk), financial performance or leverage of the issuer (issuer risk), difficulty in being able to purchase or sell a security (illiquid securities risk), or certain risks associated with investing in foreign securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (foreign investment risk). The Fund’s use of derivatives creates risks that are different from, or possibly greater than, the risks associated with investing directly in securities as the Fund could lose more than the principal amount invested (derivatives risk). The Fund invests in asset-backed and mortgage-backed securities (mortgage-backed securities risk) which are subject to the risk that borrowers may default on the obligations that underlie these securities. In addition, these securities may be paid off sooner (prepayment risk) or later than expected which may increase the volatility of securities during periods of fluctuating interest rates. The Fund may invest in bonds issued by foreign governments which may be unable or unwilling to make interest payments and/or repay the principal owed (sovereign debt risk). The Fund’s use of borrowing, in reverse repurchase agreements and investment in some derivatives, involves leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s securities and may cause the Fund to be more volatile (leverage risk). The value of securities held by the Fund may decline in response to certain events, including: those directly involving the companies or issuers whose securities are held by the Fund; conditions affecting the general economy; overall market changes; local, regional or political, social or economic instability; and currency and interest rate and price fluctuations. Natural disasters, the spread of infectious illness and other public health emergencies, recession, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse effects on world economies and markets generally (market risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (shareholder concentration risk). While the U.S. Government has historically provided financial support to U.S. government-sponsored agencies or instrumentalities during times of financial stress, such as the various actions taken to stabilize the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the credit crisis of 2008, no assurance can be given that it will do so in the future. Such securities are neither issued nor guaranteed by the U.S. Treasury (U.S. Government Agency Securities Risk). The Fund may invest in private placement securities that are issued pursuant to Rule 144A or Regulation S which have not been registered with the U.S. Securities and Exchange Commission ("SEC"). These securities may be subject to contractual restrictions which prohibit or limit

their resale (Private Placement risk). LIBOR is scheduled to be phased out by the end of 2021. The unavailability and/or discontinuation of LIBOR may affect the value, liquidity or return on certain fund investments that mature later than 2021 and may result in costs incurred in connection with closing out positions and entering into new positions. Any pricing adjustments to the fund’s investments resulting from a substitute reference rate may also adversely affect the fund’s performance and/or net asset value (LIBOR Transition risk). The extent of the Fund’s exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund’s Statement of Assets and Liabilities.

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

7.Subsequent Events. BBH, the custodian and fund accountant for the Fund, has entered into an agreement with State Street Corporation (“State Street”) under which State Street will acquire BBH’s Investor Services business; which includes those services provided to the Fund. The transaction is expected to be completed in the first quarter of 2022, subject to customary closing conditions and regulatory approvals. Investment advisory, portfolio management and administrative services provided to BBH Trust by BBH through its SID are not impacted by the agreement with State Street.

The Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2021 to October 31, 2021).

The qualified investment income (“QII”) percentage for the year ended October 31, 2021 was 79.25%. In January 2022, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2021. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

The Board of Trustees (the “Board”) of BBH Trust met on March 11, 2020 to review the liquidity risk management program (the “Program”) applicable to the funds of BBH Trust (the “Funds”) pursuant to the Liquidity Rule. The Board has appointed three members of the Brown Brothers Harriman & Co. Mutual Fund Advisory Department, the Investment Adviser to the Funds, as the Program Administrator for each Fund’s Program. The Program Administrator provided the Board with an annual report (the “Report”) that addressed the operations of the Program and assessed its adequacy and effectiveness of the Program. The Report covered the period from June 1, 2019 through January 31, 2020.

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

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

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

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

Intermediate-term corporate indexes eked out paltry gains, as risk spreads compressed and credit-related performance just offset the impact of rising rates. This created an accommodative environment for active fixed income strategies to outperform market indexes. We are proud to report that the BBH Income Fund gained 4.64% during its fiscal year, exceeding the -0.48% return of the Bloomberg U.S. Aggregate Index and ranking in the 6^th percentile out of 611 funds of its competitive Morningstar Intermediate Core-Plus Bond fund peer group.*

Our highly selective and valuation-focused approach made it increasingly challenging to source new opportunities in mainstream bond sectors in this market. The Fund's spread duration, a measure of how sensitive the portfolio value is to changes in “credit spreads” (the additional yield on credit instruments over a comparable-maturity Treasury), declined in tandem with the reduction of attractive opportunities. The Fund's spread duration was 4.2 years at the start of the fiscal year and reached a low of 3.4 years on September 30, 2021.

Despite the challenging environment, we were able to identify and invest in many credits that were durable, were fundamentally sound, and offered appealing compensation for the Fund. Those credits tended to reside in less traditional segments of the fixed income market, such as nontraditional asset-backed securities (ABS)**, business development company debt, and corporate loans. These sectors tend to be less trafficked by overseas investors, and thus offer higher yields to investors willing to search out and research them. One shared characteristic among many of these better opportunities is a relatively short duration profile (including lower “spread duration”, as discussed above), which protects the Fund somewhat from a sharp upward movement in spreads. The Fund’s allocation to, and selection within, these segments were notable contributors to performance results over the past year.

We find few value opportunities in longer duration credits, and the Fund’s allocation to such securities has dwindled as credit spreads compressed. We would enjoy having a segment of the portfolio invested in long-dated credit instruments that offered compelling yields. However, we find most longer credits overpriced, and we wait patiently for conditions to change so that longer-dated credit securities offer adequate compensation for the risks assumed. Not coincidentally, our credit exposure resides in shorter duration instruments, and this positioning may provide the benefit of providing a defensive approach to enhancing yield as the markets face prospects of rising rates in the face of mounting inflationary pressures. These positions may provide price stability and generate cash flows that allow for more rapid reinvestment in a changing investment environment.

These credit positions are considered as we construct the portfolio’s total duration profile. We position the Fund to have an interest rate risk profile that differs little from the Fund’s performance benchmark. We achieve this objective through purchasing or selling Treasury futures to gain or reduce exposures to various points of the yield curve. This positioning explains why changes to interest rates had a negligible impact on the Fund’s performance versus its performance benchmark, the Bloomberg Aggregate Index. Instead, the Fund’s outperformance was driven by capturing the above-market yields offered by the credits we purchased.

As we look forward, we balance an opportunistic mindset with the proper caution required in a low yield and risk spread environment. The macroeconomic environment may challenge fixed income returns in the near-term. The Federal Reserve plans to curb new purchases of Treasuries and agency mortgage-backed securities. The fed funds futures market predicts the Federal Reserve will raise policy rates three times in 2022 (by 0.25% in each occurrence). Inflationary pressures seem to be mounting, and while the high levels of recent inflation data may be transitory, near-term inflation may settle at levels higher than what prevailed pre-pandemic. Treasury Inflation-Protected Securities (TIPS) are valued with breakeven inflation rates – the inflation rates that would need to prevail so their yields would equal those of traditional, nominal Treasury securities – of 2.5% – 3.0% at various maturities over the next ten years. Forward-looking forecasts of various inflation indexes estimate annual inflation rates of 2.0% - 2.5% over the next three to four years. With the 2-year Treasury offered at 0.50%, the 10-year Treasury offered at 1.55%, and the average yield of investment-grade corporate bonds at 2.22%, either: current yields rise to offer compensation for inflation or estimates of forward-looking inflation are too high.

We believe the Income Fund is positioned well to perform amidst such risks. The portfolio’s credit composition emphasizes instruments with relatively short duration profiles that are less trafficked by bond market participants and offer higher yields. We believe these positions allow the Fund to enhance income versus traditional alternatives and preserve capital versus predicted inflation levels in a rising-rate environment. The Fund’s duration was 6.81 years, a level consistent with its performance benchmark and peer funds. We believe that this duration profile offers benefits if the forward-looking inflation estimates are too high and affords investors the diversification benefits high-grade bonds tend to offer versus riskier assets in the event of a market disruption. The Fund’s spread duration stood at 3.6 years. This level is lower than where it stood during the depths of pandemic when valuations rewarded increased risk taking, reflecting prudent credit positioning in a thinner value environment.

Contribution figures are presented gross of fees. An investor’s returns will be reduced by fees incurred by the management of the Fund.

The graph below illustrates the hypothetical investment of $10,000¹ in the Class I shares of the Fund since inception (June 27, 2018) to October 31, 2021 as compared to the Bloomberg Barclays U.S. Aggregate Bond Index.

The annualized gross expense ratio as shown in the March 1, 2021 prospectus for Class I shares was 0.48%. Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will ﬂuctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund performance changes over time and current performance may be lower or higher than what is stated. Returns do not reﬂect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For performance current to the most recent month-end please call 1-800-575-1265.

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

Investing in the bond market is subject to certain risks including market, interest-rate, issuer, credit, maturity, call and inflation risk; investments may be worth more or less than the original cost when redeemed. The value of some asset- backed securities and mortgage-backed securities may be particularly sensitive to changes in prevailing interest rates and are subject to prepayment and extension risks, as well as risk that the underlying borrower will be unable to meet its obligations. Below investment grade bonds, commonly known as junk bonds, are subject to a high level of credit and market risks.

The Fund also invests in derivative instruments, investments whose values depend on the performance of the underlying security, assets, interest rate, index or currency and entail potentially higher volatility and risk of loss compared to traditional bond investments.

Foreign investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards. Prices of emerging market securities can be significantly more volatile than the prices of securities in developed countries, and currency risk and political risks are accentuated in emerging markets.

The Fund may engage in certain investment activities that involve the use of leverage, which may magnify losses.

A significant investment of Fund assets within one or more sectors, industries, securities and/or durations may increase its vulnerability to any single economic, political, or regulatory developments, which will have a greater impact on the Fund’s return.

Illiquid investments subject the Fund to the risk that it may not be able to sell the investments when desired or at favorable prices.

To the extent that the Fund experiences a large purchase or redemption on any business day, the Fund’s performance may be adversely affected.

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH Income Fund (the "Fund"), one of the funds within BBH Trust, as of October 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and for the period from June 27, 2018 (commencement of operations) to October 31, 2018, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from June 27, 2018 (commencement of operations) to October 31, 2018, in conformity with accounting principles generally accepted in the United States of America.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

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

All data as of October 31, 2021. The Fund’s sector diversification is expressed as a percentage of net assets and may vary over time.

Principal Amount			Maturity Date		Interest Rate			Value
		ASSET BACKED SECURITIES (16.3%)
$	2,640,000	ABPCI Direct Lending Fund ABS I, Ltd. 2020-1A¹		12/20/30		3.199	%	$	2,634,545
	96,578	ACC Trust 2019-2¹		02/21/23		2.820			96,772
	1,133,960	ACC Trust 2020-A¹		03/20/23		6.000			1,152,337
	1,278,652	Adams Outdoor Advertising LP 2018-1¹		11/15/48		4.810			1,336,313
	206,405	Amur Equipment Finance Receivables VI LLC 2018-2A¹		07/20/22		3.890			208,009
	2,860,000	Antares CLO, Ltd. 2020-1A (3-Month USD-LIBOR + 1.900%)^1,2		10/23/31		2.024			2,860,061
	1,480,000	Ares PBN Finance Co. LLC 2021-1A^1,3		10/15/36		6.000			1,484,429
	154,977	ARI Fleet Lease Trust 2018-B¹		08/16/27		3.220			155,387
	529,735	BCC Funding Corp. XVI LLC 2019-1A¹		08/20/24		2.460			534,985
	1,114,432	Business Jet Securities LLC 2020-1A¹		11/15/35		2.981			1,120,376
	1,430,000	CARS-DB4 LP 2020-1A¹		02/15/50		4.170			1,460,611
	1,062,381	CF Hippolyta LLC 2020-1¹		07/15/60		2.280			1,068,469
	1,750,000	CFG Investments, Ltd. 2021-1¹		05/20/32		5.820			1,780,658
	2,000,000	Credit Acceptance Auto Loan Trust 2020-2A¹		09/17/29		1.930			2,023,934
	2,850,000	DigitalBridge Issuer LLC 2021-1A¹		09/25/51		3.933			2,841,766
	1,070,000	Elm Trust 2020-3A¹		08/20/29		2.954			1,062,453
	2,490,000	Elm Trust 2020-4A¹		10/20/29		2.286			2,459,319
	59,814	Enterprise Fleet Financing LLC 2018-3¹		05/20/24		3.380			60,000
	164,763	FCI Funding LLC 2019-1A¹		02/18/31		3.630			166,191
	1,174,256	FNA LLC 2019-1³		12/10/31		3.000			1,178,719
	1,597,984	Global SC Finance VII Srl 2020-1A¹		10/17/40		2.170			1,603,167
	1,517,998	Global SC Finance VII Srl 2020-2A¹		11/19/40		2.260			1,527,078
	4,270,000	Golub Capital Partners ABS Funding, Ltd. 2021-1A¹		04/20/29		2.773			4,224,172
	1,430,000	Lendmark Funding Trust 2019-1A¹		12/20/27		3.000			1,451,162
	1,120,000	Lendmark Funding Trust 2019-2A¹		04/20/28		2.780			1,139,866
	523,432	LIAS Administration Fee Issuer LLC 2018-1A		07/25/48		5.956			587,311
	690,000	Mariner Finance Issuance Trust 2019-AA¹		07/20/32		2.960			701,141
	1,070,000	Mariner Finance Issuance Trust 2020-AA¹		08/21/34		2.190			1,086,125
	1,260,000	Monroe Capital ABS Funding, Ltd. 2021-1A¹		04/22/31		2.815			1,242,580
	1,089,917	NADG NNN Operating LP 2019-1¹		12/28/49		3.368			1,112,895

Principal Amount			Maturity Date		Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	2,520,000	New Residential Advance Receivables Trust Advance Receivables Backed 2020-T1¹		08/15/53		1.426	%	$	2,510,056
	420,622	Newtek Small Business Loan Trust 2018-1 (U.S. Prime Rate - 0.550%)^1,2		02/25/44		2.700			414,555
	199,526	Newtek Small Business Loan Trust 2018-1 (U.S. Prime Rate + 0.750%)^1,2		02/25/44		4.000			193,309
	3,960,000	Niagara Park CLO, Ltd. 2019-1A (3-Month USD-LIBOR + 1.000%)^1,2		07/17/32		1.122			3,963,960
	93,904	NMEF Funding LLC 2019-A¹		08/17/26		2.730			94,105
	2,180,000	OnDeck Asset Securitization Trust III LLC 2021-1A¹		05/17/27		1.590			2,170,888
	365,372	OneMain Financial Issuance Trust 2019-1A¹		02/14/31		3.480			365,746
	1,540,000	OneMain Financial Issuance Trust 2020-1A¹		05/14/32		3.840			1,585,122
	5,630,000	Oportun Issuance Trust 2021-C¹		10/08/31		2.180			5,629,348
	1,122,811	Oscar US Funding XI LLC 2019-2A¹		09/11/23		2.590			1,131,847
	1,051,445	Oxford Finance Funding LLC 2019-1A¹		02/15/27		4.459			1,078,028
	3,450,000	Oxford Finance Funding LLC 2020-1A¹		02/15/28		3.101			3,508,399
	1,520,000	Palmer Square Loan Funding, Ltd. 2019-2A (3-Month USD-LIBOR + 2.250%)^1,2		04/20/27		2.382			1,520,824
	1,940,000	Palmer Square Loan Funding, Ltd. 2019-3A (3-Month USD-LIBOR + 2.100%)^1,2		08/20/27		2.231			1,940,047
	924,954	ReadyCap Lending Small Business Loan Trust 2019-2 (U.S. Prime Rate + -0.500%)^1,2		12/27/44		2.750			886,220
	1,390,000	Republic Finance Issuance Trust 2019-A¹		11/22/27		3.430			1,394,334
	2,060,000	Republic Finance Issuance Trust 2020-A¹		11/20/30		2.470			2,097,435
	2,130,000	Sabey Data Center Issuer LLC 2020-1¹		04/20/45		3.812			2,232,063
	1,500,000	Santander Drive Auto Receivables Trust 2020-1		12/15/25		4.110			1,555,540
	1,940,000	Santander Revolving Auto Loan Trust 2019-A¹		01/26/32		2.510			2,018,513
	2,170,533	Stack Infrastructure Issuer LLC 2019-1A¹		02/25/44		4.540			2,264,506
	545,294	SWC Funding LLC 2018-1A^1,3		08/15/33		4.750			540,614
	1,688,525	Textainer Marine Containers VII, Ltd. 2020-1A¹		08/21/45		2.730			1,704,735
	4,942,445	Thrust Engine Leasing DAC 2021-1A¹		07/15/40		4.163			4,844,565
	5,990,000	VC 3 LS LP 2021-B³		10/15/41		4.750			5,990,000
	2,590,000	VCP RRL ABS I Ltd. 2021-1A¹		10/20/31		2.152			2,589,957
	2,500,000	World Financial Network Credit Card Master Trust 2019-A		12/15/25		3.140			2,521,256
	2,741,010	WRG Debt Funding IV LLC 2020-1^1,3		07/15/28		6.535			2,738,640
		Total Asset Backed Securities (Cost $99,203,932)							99,845,443

Principal Amount			Maturity Date		Interest Rate			Value
		COMMERCIAL MORTGAGE BACKED SECURITIES (3.3%)
$	2,190,000	BXMT, Ltd. 2020-FL2 (30-Day SOFR + 1.014%)^1,2		02/15/38		1.064	%	$	2,185,839
	1,250,000	BXMT, Ltd. 2020-FL3 (30-Day SOFR + 2.664%)^1,2		03/15/37		2.714			1,255,653
	146,085	CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 4.000%)^1,2,3		11/15/31		4.090			145,763
	786,000	CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 4.000%)^1,2		11/15/31		4.090			590,695
	1,375,473	CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 4.750%)^1,2,3		11/15/31		4.840			1,163,925
	600,000	CGMS Commercial Mortgage Trust 2017-MDRB (1-Month USD-LIBOR + 1.750%)^1,2		07/15/30		1.840			592,850
	890,000	Citigroup Commercial Mortgage Trust 2019-SMRT¹		01/10/36		4.149			943,925
	3,540,000	CSMC 2018-SITE^1,2,4		04/15/36		4,941			3,584,192
	1,000,000	Hudsons Bay Simon JV Trust 2015-HB10^1,2,4		08/05/34		5.629			859,014
	240,000	JPMBB Commercial Mortgage Securities Trust 2014-C24^1,2,4		11/15/47		3.903			159,966
	3,070,000	Morgan Stanley Capital I Trust 2019-BPR (1-Month USD-LIBOR + 1.400%)^1,2		05/15/36		1.490			3,042,547
	890,000	STWD, Ltd. 2019-FL1 (30-Day SOFR + 1.714%)^1,2		07/15/38		1.764			889,923
	1,561,269	TPG Real Estate Finance Issuer, Ltd. 2018-FL2 (1-Month USD-LIBOR + 1.130%)^1,2		11/15/37		1.216			1,560,801
	300,000	UBS-BAMLL Trust 2012-WRM¹		06/10/30		3.663			301,162

Principal Amount			Maturity Date		Interest Rate			Value
		COMMERCIAL MORTGAGE BACKED SECURITIES (continued)
$	2,915,000	Wells Fargo Commercial Mortgage Trust 2020-SDAL (1-Month USD-LIBOR + 1.340%)^1,2		02/15/37		1.430	%	$	2,900,381
		Total Commercial Mortgage Backed Securities (Cost $20,656,657)							220,176,636
		CORPORATE BONDS (43.5%)
		AEROSPACE/DEFENSE (1.4%)
	2,220,000	BAE Systems , Plc.¹		04/15/30		3.400			2,373,820
	3,250,000	Boeing Co.		05/01/23		4.508			3,407,340
	2,700,000	Boeing Co.		02/01/28		3.250			2,827,147
									8,608,307
		AIRLINES (0.5%)
	1,990,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd.¹		04/20/26		5.500			2,087,510
	880,000	Delta Air Lines, Inc./ SkyMiles IP, Ltd.¹		10/20/28		4.750			977,179
									3,064,689
		AUTO MANUFACTURERS (0.5%)
	3,080,000	Ford Motor Credit Co. LLC		11/13/25		3.375			3,164,700
		BANKS (4.0%)
	1,155,000	ANZ New Zealand Int'l, Ltd., London Branch¹		03/19/24		3.400			1,222,575
	1,365,000	Bank of New Zealand¹		02/20/24		3.500			1,442,346
	1,735,000	HSBC Holdings, Plc		03/31/30		4.950			2,042,619
	1,140,000	HSBC Holdings, Plc (SOFR + 2.387%)²		06/04/31		2.848			1,158,139
	2,020,000	JPMorgan Chase & Co. (SOFR + 1.585%)²		03/13/26		2.005			2,058,530
	2,340,000	Lloyds Banking Group, Plc		05/08/25		4.450			2,574,777
	2,440,000	Mitsubishi UFJ Financial Group, Inc.		07/17/25		1.412			2,434,818
	1,410,000	Morgan Stanley (SOFR + 1.990%)²		04/28/26		2.188			1,443,148
	505,000	Santander Holdings USA, Inc.		12/03/21		4.450			506,446
	810,000	Santander Holdings USA, Inc.		03/28/22		3.700			817,792
	6,100,000	US Bancorp (5-Year CMT Index + 2.541%)^2,5				3.700			6,075,905
	1,245,000	Wells Fargo & Co. (SOFR + 2.000%)²		04/30/26		2.188			1,272,367
	1,165,000	Wells Fargo & Co. (SOFR + 2.100%)²		06/02/28		2.393			1,184,068
									24,233,530
		BEVERAGES (0.3%)
	1,310,000	Anheuser-Busch InBev Worldwide, Inc.		01/23/39		5.450			1,721,065
		BIOTECHNOLOGY (0.2%)
	1,395,000	Amgen, Inc.		02/21/27		2.200			1,422,841

Principal Amount			Maturity Date		Interest Rate			Value
		CORPORATE BONDS (continued)
		BUILDING MATERIALS (0.9%)
$	2,804,000	Builders FirstSource, Inc.¹		06/01/27		6.750	%	$	2,954,715
	2,530,000	James Hardie International Finance DAC¹		01/15/28		5.000			2,631,200
									5,585,915
		DIVERSIFIED FINANCIAL SERVICES (4.9%)
	2,160,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		10/29/24		1.750			2,161,811
	485,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		10/15/27		4.625			539,623
	2,530,000	Air Lease Corp.		01/15/22		3.500			2,545,028
	3,055,000	Alliance Data Systems Corp.¹		12/15/24		4.750			3,125,243
	2,330,000	Aviation Capital Group LLC¹		12/15/24		5.500			2,586,445
	2,685,000	Avolon Holdings Funding, Ltd.¹		07/01/24		3.950			2,831,445
	925,000	Avolon Holdings Funding, Ltd.¹		01/15/26		5.500			1,036,265
	2,475,000	Brightsphere Investment Group, Inc.		07/27/26		4.800			2,534,931
	2,345,000	Capital One Financial Corp.		05/11/27		3.650			2,548,524
	840,000	Credit Acceptance Corp.¹		12/31/24		5.125			858,900
	1,400,000	Credit Acceptance Corp.		03/15/26		6.625			1,457,750
	2,485,000	Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance¹		02/15/26		3.875			2,551,949
	2,665,000	Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc.¹		12/15/22		6.375			2,677,845
	2,655,000	Strategic Credit Opportunities Partners LLC		04/01/26		4.250			2,698,874
									30,154,633
		ELECTRIC (2.4%)
	5,065,000	Edison International (5-Year CMT Index + 4.698%)^2,5				5.375			5,229,612
	2,800,000	Electricite de France S.A.¹		09/21/28		4.500			3,214,108
	2,095,000	Narragansett Electric Co.¹		04/09/30		3.395			2,255,726
	1,060,000	PacifiCorp		04/01/24		3.600			1,121,521
	2,500,000	Vistra Operations Co. LLC¹		07/31/27		5.000			2,562,500
									14,383,467
		HEALTHCARE-SERVICES (3.4%)
	1,280,000	Advocate Health & Hospitals Corp.		06/15/50		3.008			1,333,786
	1,930,000	Ascension Health		11/15/29		2.532			2,007,728
	825,000	Centene Corp.		12/15/27		4.250			864,188

Principal Amount			Maturity Date		Interest Rate			Value
		CORPORATE BONDS (continued)
		HEALTHCARE-SERVICES (continued)
$	1,750,000	Franciscan Missionaries of Our Lady Health System, Inc.		07/01/49		3.914	%	$	2,053,877
	6,675,000	MEDNAX, Inc.¹		01/15/27		6.250			6,999,205
	2,085,000	Orlando Health Obligated Group		10/01/50		3.327			2,245,607
	2,545,000	PeaceHealth Obligated Group		11/15/50		3.218			2,705,633
	2,490,000	Sutter Health		08/15/30		2.294			2,500,942
									20,710,966
		INSURANCE (7.6%)
	4,175,000	Aegon NV (6-Month USD-LIBOR + 3.540%)²		04/11/48		5.500			4,848,217
	2,880,000	Ascot Group, Ltd.¹		12/15/30		4.250			3,008,182
	2,035,000	Athene Global Funding¹		06/29/25		2.550			2,104,731
	4,295,000	AXIS Specialty Finance LLC (5-Year CMT Index + 3.186%)²		01/15/40		4.900			4,536,782
	1,600,000	Enstar Finance LLC (5-Year CMT Index + 5.468%)²		09/01/40		5.750			1,688,000
	3,145,000	Enstar Group, Ltd.		06/01/29		4.950			3,546,358
	2,195,000	Fairfax Financial Holdings, Ltd.		04/29/30		4.625			2,461,434
	4,765,000	Fidelis Insurance Holdings, Ltd. (5-Year CMT Index + 6.323%)^1,2		04/01/41		6.625			5,217,675
	1,180,000	New York Life Insurance Co.¹		05/15/50		3.750			1,353,539
	3,708,000	PartnerRe Finance B LLC (5-Year CMT Index + 3.815%)²		10/01/50		4.500			3,958,437
	2,995,000	Sirius International Group, Ltd.¹		11/01/26		4.600			3,101,697
	4,830,000	Swiss Re Finance Luxembourg S.A. (5-Year CMT Index + 3.582%)^1,2		04/02/49		5.000			5,466,352
	2,520,000	Teachers Insurance & Annuity Association of America¹		05/15/50		3.300			2,670,034
	2,660,000	United Insurance Holdings Corp		12/15/27		6.250			2,792,773
									46,754,211

Principal Amount			Maturity Date		Interest Rate			Value
		CORPORATE BONDS (continued)
		INVESTMENT COMPANIES (8.6%)
$	2,960,000	Apollo Investment Corp.		07/16/26		4.500	%	$	2,950,565
	1,680,000	BlackRock TCP Capital Corp.		08/23/24		3.900			1,769,714
	200,000	Business Development Corp. of America¹		12/30/22		4.750			205,778
	2,930,000	Business Development Corp. of America¹		12/15/24		4.850			3,129,531
	2,490,000	Capital Southwest Corp.		01/31/26		4.500			2,632,627
	1,635,000	CION Investment Corp.³		02/11/26		4.500			1,637,961
	5,725,000	Fairfax India Holdings Corp.¹		02/26/28		5.000			5,667,750
	1,145,000	FS KKR Capital Corp.		07/15/24		4.625			1,223,953
	1,370,000	FS KKR Capital Corp.		02/01/25		4.125			1,446,846
	3,450,000	FS KKR Capital Corp.¹		02/14/25		4.250			3,631,030
	2,330,000	Gladstone Capital Corp.		01/31/26		5.125			2,463,975
	3,580,000	Golub Capital BDC, Inc.		04/15/24		3.375			3,708,991
	3,465,000	Main Street Capital Corp.		05/01/24		5.200			3,741,922
	2,095,000	OFS Capital Corp.		02/10/26		4.750			2,122,866
	1,445,000	Owl Rock Capital Corp. II¹		11/26/24		4.625			1,534,078
	3,495,000	Owl Rock Technology Finance Corp.¹		06/30/25		6.750			3,977,507
	470,000	Owl Rock Technology Finance Corp.¹		12/15/25		4.750			507,947
	2,535,000	PennantPark Floating Rate Capital, Ltd		04/01/26		4.250			2,544,001
	3,025,000	Saratoga Investment Corp.		02/28/26		4.375			3,107,044
	3,050,000	Silver Point Specialty Credit Fund, L.P.³		11/04/26		4.000			3,050,000
	1,775,000	Stellus Capital Investment Corp.		03/30/26		4.875			1,845,533
									52,899,619
		OIL & GAS (2.6%)
	2,010,000	Apache Corp.		11/15/25		4.625			2,166,760
	2,280,000	Equinor ASA		04/06/25		2.875			2,403,141
	860,000	Equinor ASA		05/22/30		2.375			880,983
	2,610,000	Exxon Mobil Corp.		03/19/30		3.482			2,889,819
	5,000,000	Occidental Petroleum Corp.		08/15/24		2.900			5,093,500
	2,315,000	Ovintiv Exploration, Inc.		07/01/24		5.625			2,548,930
									15,983,133
		PHARMACEUTICALS (0.6%)
	1,695,000	AbbVie, Inc.		05/14/25		3.600			1,817,327
	455,000	AbbVie, Inc.		05/14/35		4.500			538,125
	450,000	AbbVie, Inc.		05/14/36		4.300			521,976
	730,000	Bausch Health Cos., Inc.¹		06/01/28		4.875			751,754
									3,629,182

Principal Amount			Maturity Date		Interest Rate			Value
		CORPORATE BONDS (continued)
		PIPELINES (2.6%)
$	1,730,000	Enable Midstream Partners LP		09/15/29		4.150	%	$	1,863,133
	4,045,000	Energy Transfer LP (3-Month USD-LIBOR + 4.028%)^2,5				6.250			3,684,752
	1,995,000	Energy Transfer LP		02/01/22		5.200			1,995,000
	2,230,000	EnLink Midstream LLC¹		01/15/28		5.625			2,364,542
	2,230,000	EnLink Midstream Partners, LP		06/01/25		4.150			2,327,852
	2,430,000	Harvest Midstream I LP¹		09/01/28		7.500			2,551,500
	1,150,000	Northriver Midstream Finance LP¹		02/15/26		5.625			1,187,375
									15,974,154
		PRIVATE EQUITY (0.4%)
	2,095,000	Apollo Management Holdings LP (5-Year CMT Index + 3.266%)^1,2		01/14/50		4.950			2,169,811
		REAL ESTATE INVESTMENT TRUSTS (1.5%)
	2,065,000	HAT Holdings I LLC / HAT Holdings II LLC¹		06/15/26		3.375			2,046,931
	2,300,000	HAT Holdings I LLC / HAT Holdings II LLC¹		09/15/30		3.750			2,285,625
	1,380,000	Scentre Group Trust 1 / Scentre Group Trust 2¹		02/12/25		3.500			1,462,621
	1,945,000	Scentre Group Trust 1 / Scentre Group Trust 2¹		01/28/26		3.625			2,087,423
	1,345,000	Scentre Group Trust 2 (5-Year CMT Index + 4.685%)^1,2		09/24/80		5.125			1,429,062
									9,311,662
		RETAIL (0.6%)
	3,450,000	Nordstrom, Inc.		04/01/30		4.375			3,510,237
		SEMICONDUCTORS (0.4%)
	2,100,000	ams AG¹		07/31/25		7.000			2,223,375
		TELECOMMUNICATIONS (0.1%)
	875,000	Connect Finco S.a r.l. / Connect US Finco LLC¹		10/01/26		6.750			907,812
		Total Corporate Bonds (Cost $252,547,657)							266,413,309
		LOAN PARTICIPATIONS AND ASSIGNMENTS (17.3%)
	5,110,000	AAdvantage Loyality IP, Ltd. (3-Month USD-LIBOR + 4.750%)²		04/20/28		5.500			5,319,203
	3,358,608	AHP Health Partners, Inc. (1-Month USD-LIBOR + 3.500%)²		08/24/28		4.000			3,368,045

Principal Amount			Maturity Date		Interest Rate			Value
		LOAN PARTICIPATIONS AND ASSIGNMENTS (continued)
$	4,560,000	Air Canada (3-Month USD-LIBOR + 3.500%)²		08/11/28		4.250	%	$	4,604,642
	2,560,000	AL NGPL Holdings LLC (3-Month USD-LIBOR + 3.750%)²		04/14/28		4.750			2,566,400
	3,057,935	Allen Media LLC (3-Month USD-LIBOR + 5.500%)²		02/10/27		5.632			3,055,397
	1,180,745	Avolon TLB Borrower 1 (US) LLC Term B3 (1-Month USD-LIBOR + 1.750%)²		01/15/25		2.500			1,178,998
	1,959,257	Axalta Coating Systems Dutch Holding B BV Term B3 (3-Month USD-LIBOR + 1.750%)²		06/01/24		1.882			1,954,359
	2,947,702	BCP Renaissance Parent LLC (3-Month USD-LIBOR + 3.500%)²		10/31/24		4.500			2,936,648
	1,393,855	Buckeye Partners LP Term B1 (1-Month USD-LIBOR + 2.250%)²		11/01/26		2.334			1,386,718
	1,916,239	Clarios Global LP (1-Month USD-LIBOR + 3.250%)²		04/30/26		3.337			1,903,458
	3,890,253	Connect Finco S.a r.l. (1-Month USD-LIBOR + 3.500%)²		12/11/26		4.500			3,890,253
	1,887,462	Dell International LLC Term B2 (1-Month USD-LIBOR + 1.750%)²		09/19/25		2.000			1,886,009
	2,500,000	Delos Finance S.a r.l. (3-Month USD-LIBOR + 1.750%)²		10/06/23		1.882			2,496,475
	4,080,724	Eastern Power LLC (3-Month USD-LIBOR + 3.750%)²		10/02/25		4.750			3,610,175
	2,474,119	Elanco Animal Health, Inc. (1-Month USD-LIBOR + 1.750%)²		08/01/27		1.832			2,452,025
	1,935,000	Geon Performance Solutions, LLC (Fka. Echo US Holdings, LLC) (3-Month USD-LIBOR + 4.750%)²		08/18/28		5.500			1,951,931
	2,255,000	GIP II Blue Holding, LP (3-Month USD-LIBOR + 4.500%)²		09/29/28		5.500			2,259,239
	1,580,000	Global Medical Response, Inc. (3-Month USD-LIBOR + 4.250%)²		03/14/25		5.250			1,571,658
	913,214	Icon Plc. (3-Month USD-LIBOR + 2.500%)²		07/03/28		3.000			913,114

Principal Amount			Maturity Date		Interest Rate			Value
		LOAN PARTICIPATIONS AND ASSIGNMENTS (continued)
$	3,665,311	Icon Plc. (3-Month USD-LIBOR + 2.500%)²		07/03/28		3.000	%	$	3,664,907
	5,048,028	ILPEA Parent, Inc. (1-Month USD-LIBOR + 4.500%)²		06/22/28		5.250			5,035,408
	2,862,825	Jazz Pharmaceuticals Plc. (1-Month USD-LIBOR + 3.500%)²		05/05/28		4.000			2,866,404
	2,280,000	LendingTree, Inc. Term B (3-Month USD-LIBOR + 4.000%)²		09/15/28		4.000			2,275,736
	3,038,625	Lumen Technologies, Inc. Term A (1-Month USD-LIBOR + 2.000%)²		01/31/25		2.087			3,019,634
	2,350,000	Medline Borrower, LP (3-Month USD-LIBOR + 3.250%)²		10/23/28		3.750			2,352,327
	3,070,000	MIP V Waste Holdings, LLC (3-Month USD-LIBOR + 3.250%)²		10/27/28		3.750			3,073,838
	3,075,000	MPH Acquisition Holdings LLC (3-Month USD-LIBOR + 4.250%)²		09/01/28		4.750			2,995,573
	2,701,768	NorthRiver Midstream Finance LP Term B (3-Month USD-LIBOR + 3.250%)²		10/01/25		3.382			2,695,364
	5,632,211	OCM System One Buyer CTB LLC (3-Month USD-LIBOR + 4.000%)²		03/02/28		4.750			5,632,211
	2,778,038	Organon & Co. (3-Month USD-LIBOR + 3.000%)²		06/02/28		3.500			2,783,260
	1,085,712	RPI Intermediate Finance Trust Term B1 (1-Month USD-LIBOR + 1.750%)²		02/11/27		1.837			1,081,912
	2,110,000	SkyMiles IP, Ltd. (3-Month USD-LIBOR + 3.750%)²		10/20/27		4.750			2,245,968
	440,581	SS&C Technologies Holdings, Inc. Term B3 (1-Month USD-LIBOR + 1.750%)²		04/16/25		1.837			435,717
	334,780	SS&C Technologies Holdings, Inc. Term B4 (1-Month USD-LIBOR + 1.750%)²		04/16/25		1.837			331,084
	706,870	SS&C Technologies Holdings, Inc. Term B5 (1-Month USD-LIBOR + 1.750%)²		04/16/25		1.837			700,155
	1,694,200	Tivity Health, Inc. Term B (1-Month USD-LIBOR + 4.250%)²		06/30/28		4.337			1,688,694
	2,774,739	UGI Energy Services LLC (1-Month USD-LIBOR + 3.750%)²		08/13/26		3.837			2,783,424
	3,771,050	United AirLines, Inc. Term B (3-Month USD-LIBOR + 3.750%)²		04/21/28		4.500			3,821,544
	1,819,433	Vistra Operations Company LLC (fka Tex Operations Company LLC) (1-Month USD-LIBOR + 1.750%)²		12/31/25		1.840			1,801,239

Principal Amount			Maturity Date		Interest Rate			Value
		LOAN PARTICIPATIONS AND ASSIGNMENTS (continued)
$	2,910,000	Wyndham Hotels & Resorts, Inc. Term B (1-Month USD-LIBOR + 1.750%)²		05/30/25		1.837	%	$	2,888,582
	2,319,758	Zebra Buyer LLC (3-Month USD-LIBOR + 3.250%)²		04/21/28		3.750			2,324,305
		Total Loan Participations and Assignments (Cost $105,895,079)							105,802,033
		MUNICIPAL BONDS (1.2%)
	1,645,000	Indiana Finance Authority, Revenue Bonds		03/01/51		3.313			1,667,805
	5,605,000	Port Authority of New York & New Jersey, Revenue Bonds		10/01/33		2.000			5,504,819
		Total Municipal Bonds (Cost $7,339,432)							7,172,624
		PREFERRED STOCKS (1.5%)
	132,600	Gladstone Investment Corp.		11/01/28		4.875			3,480,750
	93,600	Horizon Technology Finance Corp.		03/30/26		4.875			2,442,024
	114,000	Trinity Capital, Inc.		01/16/25		7.000			2,981,100
		Total Preferred Stocks (Cost $8,505,000)							8,903,874
		RESIDENTIAL MORTGAGE BACKED SECURITIES (0.4%)
	686,981	Cascade Funding Mortgage Trust 2018-RM2^1,2,4		10/25/68		4.000			708,901
	1,289,738	Cascade Funding Mortgage Trust 2019-RM3^1,2,4		06/25/69		2.800			1,299,732
	582,360	RMF Proprietary Issuance Trust 2019-1^1,2,4		10/25/63		2.750			575,163
		Total Residential Mortgage Backed Securities (Cost $2,552,444)							2,583,796
		U.S. INFLATION LINKED DEBT (1.1%)
	6,126,916	U.S. Treasury Inflation Indexed Note		10/15/26		0.125			6,713,281
		Total U.S. Inflation Linked Debt (Cost $6,702,200)							6,713,281
		U.S. TREASURY BONDS AND NOTES (16.2%)
	27,750,000	U.S. Treasury Bond		08/15/40		3.875			36,416,455
	9,400,000	U.S. Treasury Bond		08/15/46		2.250			9,908,922
	11,450,000	U.S. Treasury Bond		08/15/50		1.375			9,984,310
	700,000	U.S. Treasury Note⁶		02/15/23		2.000			715,559
	1,200,000	U.S. Treasury Note⁶		10/31/23		1.625			1,226,578
	22,340,000	U.S. Treasury Note		06/30/26		0.875			22,046,787

	Number of	Expiration	Notional		Market		Unrealized Gain /
Description	Contracts	Date	Amount		Value		(Loss)
Contracts to Buy:
U.S. Long Bond	154	December 2021	$	25,188,312	$	24,769,937	$	(418,375	)
U.S. Treasury 5-Year Notes	500	December 2021		61,653,594		60,875,000		(778,594	)
U.S. Treasury 10-Year Notes	100	December 2021		13,287,813		13,070,313		(217,500	)
U.S. Ultra 10-Year Notes	133	December 2021		19,711,672		19,289,156		(422,516	)
U.S. Ultra Bond	119	December 2021		23,583,406		23,372,344		(211,062	)
							$	(2,048,047	)
Contracts to Sell:
U.S. Treasury 2-Year Notes	100	December 2021	$	22,005,469	$	21,925,000	$	80,469
Net Unrealized (Loss) on Open Futures Contracts							$	(1,967,578	)

Authoritative guidance establishes three levels of the fair value hierarchy as follows:

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

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

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of October 31, 2021.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of October 31, 2021
Asset Backed Securities	$	—		$	87,913,041	$	11,932,402	$	99,845,443
Commercial Mortgage Backed Securities		—			18,866,948		1,309,688		20,176,636
Corporate Bonds		—			261,725,348		4,687,961		266,413,309
Loan Participations and Assignments.		—			105,802,033		—		105,802,033
Municipal Bonds		—			7,172,624		—		7,172,624
Preferred Stock		—			8,903,874		—		8,903,874
Residential Mortgage Backed Securities		—			2,583,796		—		2,583,796
U.S. Inflation Linked Debt		—			6,713,281		—		6,713,281
U.S. Treasury Bonds and Notes		—			99,239,416		—		99,239,416
U.S. Treasury Bills		—			4,999,370		—		4,999,370
Total Investment, at value	$	—		$	603,919,731	$	17,930,051	$	621,849,782
Other Financial Instruments, at value
Financial Futures Contracts	$	(1,967,578	)	$	—	$	—	$	(1,967,578	)
Other Financial Instruments, at value	$	(1,967,578	)	$	—	$	—	$	(1,967,578	)

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the year ended October 31, 2021:

	Asset Backed Securities			Commercial Mortgage Backed Securities		Corporate Bonds		Total
Balance as of October 31, 2020	$	5,694,790		$	1,081,308	$	—	$	6,776,098
Purchases		7,470,000			—		4,685,000		12,155,000
Sales / Paydowns		(1,234,108	)		—		—		(1,234,108	)
Realized gains (losses)		26			—		—		26
Change in unrealized appreciation (depreciation)		756			227,053		2,961		230,770
Amortization		938			1,327		—		2,265
Transfers from Level 3		—			—		—		—
Transfers to Level 3		—			—		—		—
Balance as of October 31, 2021	$	11,932,402		$	1,309,688	$	4,687,961	$	17,930,051

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

ASSETS:
Investments in securities, at value (Cost $607,729,331)	$	621,849,782
Cash		378,916
Receivables for:
Interest		1,427,049
Shares sold		242,046
Investments sold		197,810
Futures variation margin on open contracts		169,220
Dividends		32,770
Prepaid assets		1,043
Total Assets		624,298,636
LIABILITIES:
Payables for:
Investments purchased	$	10,772,881
Shares redeemed		769,242
Investment advisory and administrative fees		208,222
Dividends declared		177,852
Professional fees		75,474
Custody and fund accounting fees		29,329
Transfer agent fees		5,569
Board of Trustees' fees		1,111
Accrued expenses and other liabilities		13,047
Total Liabilities		12,052,727
NET ASSETS	$	612,245,909
Net Assets Consist of:
Paid-in capital	$	598,757,652
Retained earnings		13,488,257
Net Assets	$	612,245,909
NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS I SHARES
($612,245,909 ÷ 58,351,289 shares outstanding)			$10.49

NET INVESTMENT INCOME:
Income:
Dividends	$	289,308
Interest income (net of foreign withholding taxes of $42)		19,481,254
Other income		212,366
Total Income		19,982,928
Expenses:
Investment advisory and administrative fees		2,183,036
Custody and fund accounting fees		111,836
Professional fees		83,709
Board of Trustees' fees		60,547
Transfer agent fees		33,074
Miscellaneous expenses		80,615
Total Expenses		2,552,817
Net Investment Income		17,430,111
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments in securities		2,009,665
Net realized loss on futures contracts		(2,141,796	)
Net realized loss on investments in securities and futures contracts		(132,131	)
Net change in unrealized appreciation/(depreciation) on investments in securities		7,071,872
Net change in unrealized appreciation/(depreciation) on futures contracts		(606,830	)
Net change in unrealized appreciation/(depreciation) on investments in securities and futures contracts		6,465,042
Net Realized and Unrealized Gain		6,332,911
Net Increase in Net Assets Resulting from Operations	$	23,763,022

	For the years ended October 31,
	2021			2020
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	17,430,111		$	14,298,266
Net realized gain (loss) on investments in securities and futures contracts		(132,131	)		20,454,049
Net change in unrealized appreciation/(depreciation) on investments in securities and futures contracts		6,465,042			(1,313,986	)
Net increase in net assets resulting from operations		23,763,022			33,438,329
Dividends and distributions declared:
Class I		(36,718,571	)		(26,351,493	)
Share transactions:
Proceeds from sales of shares		216,267,575			119,485,340
Net asset value of shares issued to shareholders for reinvestment of dividends and distributions		3,100,657			1,898,492
Proceeds from short-term redemption fees		2,369			4,617
Cost of shares redeemed		(62,053,028	)		(66,597,003	)
Net increase in net assets resulting from share transactions		157,317,573			54,791,446
Total increase in net assets		144,362,024			61,878,282
NET ASSETS:
Beginning of year		467,883,885			406,005,603
End of year	$	612,245,909		$	467,883,885

	For the years ended October 31,									For the period from June 27, 2018 (commencement of operations) to October 31, 2018
	2021			2020			2019
Net asset value, beginning of period	$	10.77		$	10.61		$	9.83			$	10.00
Income from investment operations:
Net investment income¹		0.34			0.34			0.36				0.10
Net realized and unrealized gain (loss)		0.15			0.46			0.78				(0.17	)
Total income (loss) from investment operations		0.49			0.80			1.14				(0.07	)
Less dividends and distributions:
From net investment income		(0.33	)		(0.34	)		(0.36	)			(0.10	)
From net realized gains		(0.44	)		(0.30	)		–				–
Total dividends and distributions		(0.77	)		(0.64	)		(0.36	)			(0.10	)
Short-term redemptions fees¹		0.00	²		0.00	²		0.00	²			–
Net asset value, end of period	$	10.49		$	10.77		$	10.61			$	9.83
Total return³		4.64	%		7.87	%		11.76	%			(0.75	)%⁴
Ratios/Supplemental data:
Net assets, end of period (in millions)	$	612		$	468		$	406			$	147
Ratio of expenses to average net assets before reductions		0.47	%		0.48	%		0.52	%			0.67	%⁵
Fee waiver⁶		–	%		–	%		(0.02	)%			(0.17	)%⁵
Ratio of expenses to average net assets after reductions		0.47	%		0.48	%		0.50	%			0.50	%⁵
Ratio of net investment income to average net assets		3.19	%		3.24	%		3.49	%			3.12	%⁵
Portfolio turnover rate		69	%		116	%		77	%			94	%⁴

1.Organization. The Fund is a separate, diversified series of BBH Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. The Fund commenced operations on June 27, 2018 and offers two share classes, Class N and Class I. As of October 31, 2021, Class N shares are not available for purchase by investors but may be offered in the future. The investment objective of the Fund is to provide maximum total return, with an emphasis on current income, consistent with preservation of capital and prudent investment management. Neither Class N shares nor Class I shares automatically convert to any other share class of the Fund. As of October 31, 2021, there were nine series of the Trust.

Securities or other assets for which market quotations are not readily available are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. Short-term investments, which mature in 60 days or less are valued at amortized cost if their original maturity was 60 days or less, or by amortizing their value on the 61^st day prior to maturity, if their original maturity when acquired by the Fund was more than 60 days, unless the use of amortized cost is determined not to represent “fair value” by the Board.

Open future contracts held at October 31, 2021, are listed in the Portfolio of Investments.

For the year ended October 31, 2021, the average monthly notional amount of open futures contracts was $108,887,860. The range of monthly notional amounts was $84,977,448 to $165,430,266.

Derivatives not accounted for as economically hedging instruments under authoritative guidance for derivatives instruments and hedging activities:

E.Private Placement Securities. The Fund may purchase securities that are not registered under the Securities Act of 1933, as amended (“1933 Act”) but that can be sold to “qualified institutional buyers” in accordance with the requirements stated in Rule 144A or the requirements stated in Regulation S of the 1933 Act (“Private Placement Securities”). A Private Placement Security may be considered illiquid, under SEC Regulations for open-end investment companies, and therefore subject to the 15% limitation on the purchase of illiquid securities, unless it is determined on an ongoing basis that an adequate trading market exists for the security, which is the case for the Fund. Guidelines have been adopted and the daily function of determining and monitoring liquidity of Private Placement Securities has been delegated to the investment adviser. All relevant factors will be considered in determining the liquidity of Private Placement Securities and all investments in Private Placement Securities will be carefully monitored. Information regarding Private Placement Securities is included at the end of the Portfolio of Investments.

The Fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (“ASC 740”). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit

of a tax position taken or expected to be taken in a tax return. The Fund did not have any unrecognized tax benefits as of October 31, 2021, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statement of Operations. During the year ended October 31, 2021, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

H.Dividends and Distributions to Shareholders. Dividends and distributions from net investment income to shareholders are declared daily and paid monthly to shareholders. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends in the amount of $36,718,571 to Class I shareholders during the year ended October 31, 2021. In addition, the Fund designated a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

The tax character of distributions paid during the years ended October 31, 2021 and 2020, respectively, were as follows:

As of October 31, 2021 and 2020, respectively, the components of retained earnings/(accumulated deficit) were as follows:

The Fund had $257,363 of post-December 22, 2010 net capital loss carryforwards as of October 31, 2021, of which $205,257 and $52,106, is attributable to short-term and long-term capital losses, respectively.

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

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

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

A.Investment Advisory and Administrative Fees. Effective June 27, 2018 (commencement of operations), under a combined Investment Advisory and Administrative Services Agreement (“Agreement”) with the Trust, Brown Brothers Harriman & Co. (“BBH”) through a separately identifiable department (“SID” or “Investment Adviser”) provides investment advisory, portfolio management and administrative services to the Fund. The Fund pays a combined fee for investment advisory and administrative services calculated daily and paid monthly at an annual rate equivalent to 0.40% per annum. For the year ended October 31, 2021, the Fund incurred $2,183,036 for services under the Agreement.

B.Investment Advisory and Administrative Fee Waivers. Effective June 27, 2018 (commencement of operations), the Investment Adviser has contractually agreed to waive fees and/or reimburse expenses in order to limit the total annual fund operating expenses (excluding interests, taxes, brokerage commissions, other expenditures that are capitalized in accordance with generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the

Fund’s business) for Class I shares to 0.50%. The agreement will terminate on March 1, 2022, unless it is renewed by all parties to the agreement. The agreement may only be terminated during its term with approval of the Fund’s Board of Trustees. For the year ended October 31, 2021, the Investment Adviser waived fees in the amount of $0 for Class I.

C.Custody and Fund Accounting Fees. BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and incurred monthly. BBH holds all of the Fund’s cash and investments and calculates the Fund’s daily net asset value. The custody fee is an asset and transaction-based fee. The fund accounting fee is an asset-based fee calculated at 0.004% of the Fund’s net asset value. For the year ended October 31, 2021, the Fund incurred $111,836 in custody and fund accounting fees. The Fund receives interest income on cash balances held by the custodian at the BBH Base Rate. The BBH Base Rate is defined as BBH’s effective trading rate in local money markets on each day. The total interest earned by the Fund for the year ended October 31, 2021 was $6,306. This amount is included in “Interest income” in the Statement of Operations. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the Federal Funds overnight investment rate on the day of the overdraft. The total interest incurred by the Fund for the year ended October 31, 2021, was $119. This amount is included under line item “Custody and fund accounting fees” in the Statement of Operations.

D.Board of Trustees’ Fees. Each Trustee who is not an “interested person” as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the year ended October 31, 2021, the Fund incurred $60,547 in independent Trustee compensation and expense reimbursements.

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

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

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

interest rate (call risk). The Fund invests in asset-backed (asset-backed securities risk) and mortgage-backed securities (mortgage-backed securities risk) which are subject to the risk that borrowers may default on the obligations that underlie these securities. In addition, these securities may be paid off sooner (prepayment risk) or later than expected which may increase the volatility of securities during periods of fluctuating interest rates. The Fund may invest in bonds issued by foreign governments which may be unable or unwilling to make interest payments and/or repay the principal owed (sovereign debt risk). The Fund’s use of borrowing, in reverse repurchase agreements and investment in some derivatives, involves leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s securities and may cause the Fund to be more volatile (leverage risk). Loan participations, delayed funding loans and revolving credit facilities may have the effect of requiring the Fund to increase its investments in a company at a time when it might not otherwise decide to do so (loan risk). The value of securities held by the Fund may decline in response to certain events, including: those directly involving the companies or issuers whose securities are held by the Fund; conditions affecting the general economy; overall market changes; local, regional or political, social or economic instability; and currency and interest rate and price fluctuations. Natural disasters, the spread of infectious illness and other public health emergencies, recession, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse effects on world economies and markets generally (market risk). A significant investment of Fund assets within one or more sectors, industries, securities and/or durations may increase the Fund’s sensitivity to adverse economic, business, political, or other, risks associated with such sector, industry, security or duration (sector risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (shareholder concentration risk). Even though the Fund’s investments in repurchase agreements are collateralized at all times, there is some risk to the Fund if the other party to the agreement should default on its obligations (repurchase agreement risk). While the U.S. Government has historically provided financial support to U.S. government-sponsored agencies or instrumentalities during times of financial stress, such as the various actions taken to stabilize the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the credit crisis of 2008, no assurance can be given that it will do so in the future. Such securities are neither issued nor guaranteed by the U.S. Treasury (U.S. Government Agency Securities Risk). The Fund may invest in private placement securities that are issued pursuant to Regulation S and Rule 144A which have not been registered with the U.S. Securities and Exchange Commission ("SEC"). These securities may be subject to contractual restrictions which prohibit or limit their resale (private placement risk). LIBOR is scheduled to be phased out by the end of 2021. The unavailability and/or discontinuation of LIBOR may affect the value, liquidity or return on certain fund investments that mature later than 2021 and may result in costs incurred in connection with closing out positions and entering into new positions. Any pricing adjustments to the fund’s investments resulting from a substitute reference rate may also adversely affect the fund’s performance and/or net asset value (LIBOR transition risk). The extent

of the Fund’s exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund’s Statement of Assets and Liabilities.

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

7.Subsequent Events. BBH, the custodian and fund accountant for the Fund, has entered into an agreement with State Street Corporation (“State Street”) under which State Street will acquire BBH's Investor Services business; which includes those services provided to the Fund. The transaction is expected to be completed in the first quarter of 2022, subject to customary closing conditions and regulatory approvals. Investment advisory, portfolio management and administrative services provided to BBH Trust by BBH through its SID are not impacted by the agreement with State Street.

The Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2021, to October 31, 2021).

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

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

behalf of its discretionary investment advisory clients could significantly reduce the asset size of the Funds, which might have an adverse effect on the Funds’ investment flexibility, portfolio diversification and expense ratio.

The Fund hereby designates $6,525,975 as an approximate amount of capital gain dividend for the purpose of dividends paid deduction.

The qualified investment income (“QII”) percentage for the period ended October 31, 2021 was 81.64%. In January 2022, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2021. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

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

Our primary goal in managing the BBH Select Series – Large Cap Fund (“the Fund”) is to provide attractive compounded returns over full market cycles in a risk-conscious way. We employ a bottom-up, fundamentals-based process that seeks to invest in competitively advantaged, well-managed, cash generative businesses that provide essential products and services. With reducing the likelihood of a permanent capital loss for each investment being one of our key goals, we work to explicitly identify key risks outside of company management’s control so that we can contemplate the range of potential outcomes for each business. Our portfolio construction decisions are driven by an approach that considers the quality of the businesses, their long-term growth prospects and their valuation levels relative to our appraisals of intrinsic value*. We invest with a long-term ownership perspective and an expectation that our returns will be driven not by short-term trading activity, but instead by the underlying earnings power of the businesses, their effectiveness at deploying capital and their operational and financial resilience during periods of economic stress. We do not prioritize benchmark sensitivity in managing the Fund – neither in terms of sector exposures nor individual position weights. As a result, we expect that our active share** will remain relatively high, and therefore the performance of the Fund may differ meaningfully – both positively and negatively – from major indexes at various points within a market cycle as we maintain our independent perspective and focus on long-term compounding.

The Institutional Share class of the Fund rose by 37.6% net of fees during its fiscal year ended October 31, 2021. During the same period, the S&P 500 Index (“S&P 500”) returned 42.9%. Since its inception on September 9, 2019, the Fund returned 17.7% on an annualized basis, compared to 24.6% for the S&P 500. Notably, the strong absolute returns for both the Fund and the Index in fiscal 2021 were influenced by the widespread economic recovery and improving investor confidence following the pandemic-induced disruption that affected fiscal 2020.

During fiscal 2021 and since inception, the Fund’s annualized return differential vis-à-vis the performance of the S&P 500 has resulted primarily from our under-exposure to the small group of mega-cap technology and Internet companies that drove a substantial share of the Index’s returns. Nevertheless, we believe our portfolio companies have executed well and have produced solid growth and fundamental performance while maintaining appropriately conservative capital structures. These achievements are evident at the aggregate portfolio level, where we have observed attractive growth in revenue and earnings, strong profit margins, solid returns on capital and reasonable debt levels (relative to pre-tax cash flows).

The Fund’s largest positive contributors during fiscal 2021 were Alphabet Inc., Arthur J. Gallagher & Co., Berkshire Hathaway Inc. and Oracle Corp. The share prices of each of the four companies benefited from rebounding economic activity, strong competitive positioning and beneficial capital allocation.

The Fund’s largest detractors during fiscal 2021 were Colgate-Palmolive Co., Brown-Forman Corp., Perrigo Inc. and Henry Schein Inc. While there were specific circumstances affecting the fundamental performance of each company during the year, they also shared a common attribute of being perceived as relatively defensive, which acted as a sentiment headwind in the context of a broader market that was heavily driven by growth and momentum characteristics. We sold our positions in Perrigo and Henry Schein in January 2021 and March 2021, respectively.

During fiscal 2021, the Fund made new investments in Graco Inc., Sherwin-Williams Co., Abbott Laboratories and S&P Global Inc., all of which we view as being well-positioned leaders in attractive market segments with durable growth characteristics. In addition to the exits of Perrigo and Henry Schein, the Fund also sold its holdings of Allegion PLC, FleetCor Technologies Inc. and Comcast Corp. based on our assessments of their attractiveness relative to other investment opportunities.

As of October 31, 2021, the Fund had positions in 31 companies, with approximately 48% of the assets held in the ten largest holdings. The Fund ended the fiscal year trading at roughly 94% of our underlying intrinsic value estimates on a weighted average basis.

During fiscal 2021, Nicholas Haffenreffer joined the BBH Select Series – Large Cap investment team as a Portfolio Manager. Prior to joining BBH, he had been Principal, Chief Investment Officer and Portfolio Manager at Torray LLC, overseeing the TorrayResolute Concentrated Large Growth strategy and the TorrayResolute Small/Mid Cap Growth strategy. Previously, Nicholas had founded Resolute Capital Management in 1998 and merged the company with Torray in 2010. Earlier in his career, Nicholas held positions as Director of Research at Farr Miller & Washington, equity analyst at T. Rowe Price Associates, Inc. and equity analyst for Select Equity Group, Inc. Nicholas received a BA from Brown University in 1990.

Nicholas’ philosophy and approach are very well aligned with BBH’s equity investment culture. While our core investment philosophy and key objectives will remain broadly consistent with the past, we do expect that Nicholas’s approach and the tools and techniques he has successfully employed in his career will enhance our investment execution and be additive to our research, portfolio construction and long-term performance.

The graph below illustrates the hypothetical investment of $10,000¹ in the Class I shares of the Fund since inception (September 9, 2019) to October 31, 2021 as compared to the S&P 500.

The annualized gross expense ratios as shown in the March 1, 2021 prospectus for Class I and Retail Class shares were 0.74% and 3.48%, respectively.

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

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH Select Series – Large Cap Fund (the "Fund"), one of the funds within BBH Trust, as of October 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and for the period from September 9, 2019 (commencement of operations) to October 31, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from September 9, 2019 (commencement of operations) to October 31, 2019, in conformity with accounting principles generally accepted in the United States of America.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

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

All data as of October 31, 2021. The Fund’s sector diversification is expressed as a percentage of net assets and may vary over time.

Shares		Value
	COMMON STOCK (97.9%)
	BASIC MATERIALS (10.4%)
102,055	Celanese Corp. (Series A)	$	16,482,903
66,060	Linde, Plc. (Ireland)		21,086,352
35,854	Sherwin-Williams Co.		11,351,735
	Total Basic Materials		48,920,990

	COMMUNICATIONS (15.1%)
13,263	Alphabet, Inc. (Class C)¹		39,330,233
6,526	Amazon.com, Inc.¹		22,008,478
3,857	Booking Holdings, Inc.¹		9,336,949
	Total Communications		70,675,660

	CONSUMER CYCLICAL (15.3%)
134,128	Copart, Inc.¹		20,828,737
32,751	Costco Wholesale Corp.		16,098,427
39,576	Dollar General Corp.		8,766,876
96,160	NIKE, Inc. (Class B)		16,086,607
90,963	Starbucks Corp.		9,648,446
	Total Consumer Cyclical		71,429,093

	CONSUMER NON-CYCLICAL (27.1%)
96,192	Abbott Laboratories		12,398,187
214,140	Alcon, Inc. (Switzerland)		17,850,710
121,016	Baxter International, Inc.		9,555,423
147,908	Brown-Forman Corp. (Class B)		10,041,474
131,669	Colgate-Palmolive Co.		10,031,861
47,508	Diageo, Plc. ADR (United Kingdom)		9,485,922
59,560	Nestle S.A. ADR (Switzerland)		7,851,199
26,961	S&P Global, Inc.		12,783,828
22,288	Thermo Fisher Scientific, Inc.		14,109,864
106,137	Zoetis, Inc. (Class A)		22,946,819
	Total Consumer Non-Cyclical		127,055,287

	FINANCIALS (18.5%)
135,096	Arthur J Gallagher & Co.		22,651,546
62	Berkshire Hathaway, Inc. (Class A)¹		26,839,924
48,487	Mastercard, Inc. (Class A)		16,268,358

Shares		Value

	COMMON STOCKS (continued)
	FINANCIALS (continued)
144,655	Progressive Corp	$	13,724,866
36,122	Visa, Inc. (Class A)		7,649,556
	Total Financials		87,134,250
	INDUSTRIALS (6.9%)
156,489	AO Smith Corp.		11,434,651
123,866	Graco, Inc.		9,312,246
73,116	Waste Management, Inc.		11,715,377
	Total Industrials		32,462,274

	TECHNOLOGY (4.6%)
21,664	KLA Corp.		8,075,473
139,116	Oracle Corp.		13,346,789
	Total Technology		21,422,262
	Total Common Stock
	(Cost $313,485,314)		459,099,816

The Fund is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Authoritative guidance establishes three levels of the fair value hierarchy as follows:

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

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

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

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of October 31, 2021.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Balance as of October 31, 2021
Common Stock:
Basic Materials		$	48,920,990	$	—		$	—		$	48,920,990
Communications			70,675,660		—			—			70,675,660
Consumer Cyclical			71,429,093		—			—			71,429,093
Consumer Non-Cyclical			127,055,287		—			—			127,055,287
Financials			87,134,250		—			—			87,134,250
Industrials			32,462,274		—			—			32,462,274
Technology			21,422,262		—			—			21,422,262
Investments, at value		$	459,099,816	$	—		$	—		$	459,099,816

ASSETS:
Investments in securities, at value (Cost $313,485,314)	$	459,099,816
Cash		9,407,690
Receivables for:
Shares sold		466,811
Dividends		379,385
Investment advisory and administrative fee waiver reimbursement		3,531
Interest		509
Prepaid assets		6,966
Total Assets		469,364,708
LIABILITIES:
Payables for:
Investment advisory and administrative fees		254,652
Shares redeemed		180,976
Professional fees		50,375
Custody and fund accounting fees		9,000
Transfer agent fees		6,574
Board of Trustees' fees		1,111
Distribution fees		384
Accrued expenses and other liabilities		8,986
Total Liabilities		512,058
NET ASSETS	$	468,852,650
Net Assets Consist of:
Paid-in capital	$	307,727,810
Retained earnings		161,124,840
Net Assets	$	468,852,650

	For the years ended October 31,
	2021				2020
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income		$	1,329,279			$	1,354,299
Net realized gain (loss) on investments in securities and foreign exchange transactions and translations			24,792,983				(9,767,949	)
Net change in unrealized appreciation/(depreciation) on investments in securities and foreign currency translations			117,074,293				22,620,092
Net increase in net assets resulting from operations			143,196,555				14,206,442
Dividends and distributions declared:
Class I			(1,483,494	)			(170,101	)
Retail Class			(5,835	)			—
Total dividends and distributions declared			(1,489,329	)			(170,101	)
Share transactions:
Proceeds from sales of shares*			70,848,905				106,103,818
Net asset value of shares issued to shareholders for reinvestment of dividends and distributions			296,987				30,580
Proceeds from short-term redemption fees			40				2,937
Cost of shares redeemed*			(132,867,067	)			(130,069,475	)
Net decrease in net assets resulting from share transactions.			(61,721,135	)			(23,932,140	)
Total increase (decrease) in net assets			79,986,091				(9,895,799	)
NET ASSETS:
Beginning of year			388,866,559				398,762,358
End of year		$	468,852,650			$	388,866,559

	For the years ended October 31,								For the period from September 9, 2019 (commencement of operations) to October 31, 2019
	2021				2020
Net asset value, beginning of period		$	10.30			$	10.12			$	10.00
Income from investment operations:
Net investment income¹			0.04				0.03				0.01
Net realized and unrealized gain			3.74				0.15				0.11
Total income from investment operations			3.78				0.18				0.12
Short-term redemption fees¹			0.00	²			0.00	²			—
Less dividends and distributions:
From investment income			0.04				0.00	²			—
Total dividends and distributions			0.04				0.00	²			—
Net asset value, end of period		$	14.12			$	10.30			$	10.12
Total return³			37.56	%			1.82	%			1.20	%⁴
Ratios/Supplemental data:
Net assets, end of period (in millions)		$	467			$	387			$	397
Ratio of expenses to average net assets before reductions			0.70	%			0.74	%			0.75	%⁵
Fee waiver			—	%⁶			—	%⁶			(0.01	)%^5,6
Ratio of expenses to average net assets after reductions			0.70	%			0.74	%			0.74	%⁵
Ratio of net investment income to average net assets			0.29	%			0.34	%			0.52	%⁵
Portfolio turnover rate			18	%			38	%			0	%⁴

	For the years ended October 31,								For the period from September 9, 2019 (commencement of operations) to October 31, 2019
	2021				2020
Net asset value, beginning of period		$	10.24			$	10.09			$	10.00
Income from investment operations:
Net investment income (loss)¹			(0.01	)			0.00	²			0.01
Net realized and unrealized gain			3.72				0.15				0.08
Total income from investment operations			3.71				0.15				0.09
Short-term redemption fees¹			—				—				0.00	²
Less dividends and distributions:
From investment income			0.04				—				—
Total dividends and distributions			0.04				—				—
Net asset value, end of period		$	13.99			$	10.24			$	10.09
Total return³			37.10	%			1.49	%			0.90	%⁴
Ratios/Supplemental data:
Net assets, end of period (in millions)		$	2			$	2			$	2
Ratio of expenses to average net assets before reductions			2.68	%			3.48	%			5.79	%⁵
Fee waiver			(1.63	)%⁶			(2.43	)%⁶			(4.74	)%^5,6
Ratio of expenses to average net assets after reductions			1.05	%			1.05	%			1.05	%⁵
Ratio of net investment (loss) income to average net assets			(0.06	)%			0.03	%			0.46	%⁵
Portfolio turnover rate			18	%			38	%			0	%⁴

1.Organization. The Fund is a separate, non-diversified series of BBH Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. The Fund commenced operations on September 9, 2019 and offers two share classes, Class I and Retail Class. Neither Class I shares nor Retail Class shares automatically convert to any other share class of the Fund. The investment objective of the Fund is to provide investors with long-term growth of capital. As of October 31, 2021, there were nine series of the Trust.

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

on a net assets basis or other suitable method. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

The Fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (“ASC 740”). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Fund did not have any unrecognized tax benefits as of October 31, 2021, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statement of Operations. During the year ended October 31, 2021, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for open tax period since September 9, 2019 (commencement of operations). The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

E.Dividends and Distributions to Shareholders. Dividends and distributions from net investment income to shareholders, if any, are paid annually and are recorded on the ex-dividend date. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends and distributions in the amount of $1,483,494 and $5,835 to Class I shares and Retail Class shareholders, respectively, during the year ended October 31, 2021.

The tax character of distributions paid during the years ended October 31, 2021 and 2020, respectively, were as follows:

As of October 31, 2021 and 2020, respectively, the components of retained earnings/(accumulated deficit) were as follows:

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

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

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

B.Investment Advisory and Administrative Fee Waivers. Effective September 9, 2019 (commencement of operations), the Investment Adviser contractually agreed to limit the annual fund operating expenses (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Fund’s business and for Retail Class, amounts payable pursuant to any plan adopted in accordance with Rule 12b-1) of Class I and Retail Class to 0.80%. The agreement will terminate on March 1, 2022, unless it is renewed by all parties to the agreement. The agreement may only be terminated during its term with approval of the Fund’s Board of Trustees. For the year ended October 31, 2021, the Investment Adviser waived fees in the amount of $0 and $27,841 for Class I and Retail Class, respectively.

C.Distribution (12b-1) Fees. The Fund has adopted a distribution plan pursuant to Rule 12b-1 for Retail Class shares that allows the Fund to pay distribution and other fees for the sale of its shares and for distribution-related services provided to shareholders. Because these fees are paid out of the Fund’s assets continuously, over time these fees will increase the cost of investment in Retail Class shares and may cost the Retail Class shareholder more than paying other types of sales charges. The maximum annual distribution fee for Retail Class shares is 0.25% of the average daily net assets of the Retail Class shares of the Fund. With this agreement along with the investment advisory and waiver agreements above, it is anticipated that total operating expenses for Retail Class shares will be no greater than 1.05% of the average daily net assets. For the year ended October 31, 2021, Retail Class shares of the Fund incurred $4,278 for Distribution (12b-1) Fees. This amount is presented under line item “Distribution fees” in the Statement of Operations.

by the Fund for the year ended October 31, 2021 was $58,719. This amount is included in "interest income" in the Statement of Operations. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the Federal Funds overnight investment rate on the day of the overdraft. The total interest incurred by the Fund for the year ended October 31, 2021, was $53. This amount is included under line item “Custody and fund accounting fees” in the Statement of Operations.

E.Board of Trustees’ Fees. Each Trustee who is not an “interested person” as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the year ended October 31, 2021, the Fund incurred $60,050 in independent Trustee compensation and expense reimbursements.

F.Officers of the Trust. Officers of the Trust are also employees of BBH. Officers are paid no fees by the Trust for their services to the Trust.

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

	For the year ended October 31, 2021						For the year ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class I
Shares sold		5,766,662		$	70,599,590			11,524,670		$	105,474,945
Shares issued in connection with reinvestments of dividends		25,428			291,152			2,943			30,580
Proceeds from short-term redemption fees		N/A			40			N/A			2,937
Shares redeemed		(10,274,265	)		(131,739,744	)		(13,218,054	)		(129,851,574	)
Net increase		(4,482,175	)	$	(60,848,962	)		(1,690,441	)	$	(24,343,112	)
Retail Class
Shares sold		20,099		$	249,315			63,876		$	628,873
Shares issued in connection with reinvestments of dividends		513			5,835			—			—
Proceeds from short-term redemption fees		N/A			—			N/A			—
Shares redeemed		(98,352	)		(1,127,323	)		(21,650	)		(217,901	)
Net increase		(77,740	)	$	(872,173	)		42,226		$	410,972

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

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

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

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Investment Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). Price movements may occur due to factors affecting individual companies, such as the issuance of an unfavorable earnings report, or other events affecting particular industries or the equity market as a whole (equity securities risk). The value of securities held by the Fund may fall due to changing economic, political, regulatory or market conditions, or due to a company’s or issuer’s individual situation. Natural disasters, the spread of infectious illness and other public health emergencies, recession, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse effects on world economies and markets generally (market risk). In the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to assumption of large positions in securities of a small number of issuers (non-diversification risk). There are certain risks associated with investing in foreign securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (foreign investment risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (shareholder concentration risk). The extent of the Fund’s exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund’s Statement of Assets and Liabilities.

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

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

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

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

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

The Fund hereby designates $708,659 as an approximate amount of capital gain dividend for the purpose of dividends paid deduction.

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

BBH Intermediate Municipal Bond Fund (the “Fund”) Class I produced a total return of 1.21% (net of fees and expenses) for the twelve-month period ending October 31, 2021 as compared to its benchmark, Bloomberg 1-15 Year Municipal Index¹ which had a return of 1.78% over the same period. Longer-term performance remains strong and our team was excited that the Fund received a Lipper award in the spring as the top performing intermediate municipal debt fund over the five years period ending December 31, 2020. The Fund was assessed against 55 funds in this category. Ratings are based on risk-adjusted performance.*

The objective of the Intermediate Municipal Bond Fund is to protect our investors’ capital and generate attractive risk-adjusted returns. We seek to achieve this objective by investing in a limited number of durable credits that provide attractive yields or return potential. Our objective and strategy have remained the same since we launched the Fund on April 1, 2014. We are pleased that the Fund’s net assets continued to grow and ended October at just under $870 million.

In the Municipal market, valuations are often disconnected from their underlying fundamentals, particularly during periods of heightened market volatility. In the early stages of the pandemic, investors were consumed by widespread fears of credit insolvencies. Since then, effective vaccines, record fiscal stimulus, and ultra-accommodative monetary policy helped the economy recover quickly and fueled investor demand for lower-rated credits, pushing spreads to historic low levels.

For the twelve-month period, intermediate five- to ten-year maturity tax-exempt interest rates increased by 30 basis points², while short and long maturities remained stable. During this time, the credit-sensitive portions of the Municipal market generated historically strong results. Relative to an equal-weighted blend of AAA- and AA-rated securities, BBB-rated debt outperformed by 550 basis points and Municipal High Yield outperformed by over 850 basis points during the year. The Fund’s exposure to BBB-rated bonds has been modest, at around 5%, and it has zero high-yield exposure. The Fund owns a portfolio of resilient, higher-quality credits which benefited during the early stages of the pandemic but lagged during the recovery over the last twelve months.

We invest our portfolios from the bottom-up and have continued to identify more opportunities in Revenue Bonds than in General Obligation issues (GO). As of October 31, 2021, the Fund held approximately 65% of its net assets in Revenue Bonds and the balance in GOs. Within the Revenue sector, the Fund’s largest exposure was to State Housing Finance Authority (HFA) sector, which comprised 16% of net assets at the end of the fiscal year.

Over the past year, we continued to identify better opportunities in bonds with non-standard coupons than in traditional 5% coupon, fixed-rate municipal bonds, The Fund holds meaningful exposures of floating-rate notes and zero-coupon bonds. As of October 31^st, these two types of bonds comprised 12% and 16% of the fund’s net assets, respectively. This year, we also actively invested in a range of high-quality new issues with 6- to 12-month delayed settlement periods. As of fiscal year-end, the Fund holds 9% of its net assets in these bonds that have yet to settle. Although these opportunities generally offered comparable yields and return potential compared to lower-rated investment-grade bonds, they underperformed on a relative basis.

Despite the performance headwinds from low-rated credit rally, we believe the Fund is well-positioned going forward, with ample liquidity to take advantage of market volatility and a weakening in credit valuations. We view current valuations as heavily reliant on fiscal and monetary stimulus and look forward to our opportunity set broadening as these stimulus measures recede.

The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com. Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper. The BBH Intermediate Municipal Bond Fund (Class I) competed with 55 portfolios in the Intermediate Municipal Debt Funds category for the five-year period ending December 31, 2020. Lipper Fund Awards are based on the Institutional Class shares. Other share classes may have different performance characteristics. Past performance does not guarantee future results.

The graph below illustrates the hypothetical investment of $10,000¹ in the Class N shares of the Fund since inception (April 1, 2014) to October 31, 2021 as compared to the BMBB.

The annualized gross expense ratios as shown in the March 1, 2021 prospectus for Class N and Class I shares were 0.71% and 0.47%, respectively.

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

To the Trustees of the BBH Trust and Shareholders of BBH Intermediate Municipal Bond Fund:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH Intermediate Municipal Bond Fund (the "Fund"), one of the funds within BBH Trust, as of October 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

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

All data as of October 31, 2021. BBH Intermediate Municipal Bond Fund’s (the “Fund”) security type diversification is expressed as a percentage of net assets and may vary over time.

All data as of October 31, 2021. The Fund’s credit quality is expressed as a percentage of total investments and may vary over time. Ratings are provided by Standard and Poor’s (S&P). Where S&P ratings are not available, they are substituted with Moody’s. S&P and Moody’s are independent third parties.

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (109.0%)
			Arizona (0.6%)
	$	2,250,000	Coconino County Pollution Control Corp., Revenue Bonds^1,2		09/01/32		1.875	%	$	2,291,226
		3,000,000	County of Yavapai Industrial Development Authority, Revenue Bonds		06/01/27		1.300			2,990,349
		205,000	Salt Verde Financial Corp., Revenue Bonds		12/01/22		5.250			215,188
			Total Arizona							5,496,763
			California (13.1%)
		3,640,000	Allan Hancock Joint Community College District, General Obligation Bonds		08/01/42		0.000			3,460,756
		510,000	Anaheim City School District, General Obligation Bonds, NPFG³		08/01/24		0.000			497,623
		1,000,000	Anaheim City School District, General Obligation Bonds, NPFG³		08/01/26		0.000			941,084
		1,040,000	Anaheim City School District, General Obligation Bonds, AGM, NPFG³		08/01/28		0.000			933,243
		2,140,000	Anaheim City School District, General Obligation Bonds, AGM, NPFG³		08/01/29		0.000			1,865,318
		3,120,000	Anaheim Public Financing Authority, Revenue Bonds, AGM³		09/01/30		0.000			2,674,604
		3,000,000	Bay Area Toll Authority, Revenue Bonds		04/01/54		5.000			3,340,449
		4,375,000	Burbank Unified School District, General Obligation Bonds, NPFG³		08/01/23		0.000			4,323,693
		6,550,000	Burbank Unified School District, General Obligation Bonds, NPFG³		08/01/24		0.000			6,405,040
		6,060,000	California Infrastructure & Economic Development Bank, Revenue Bonds (1-Month USD-LIBOR + 0.330%)²		10/01/47		0.388			6,060,728
		1,185,000	California Pollution Control Financing Authority, Revenue Bonds^1,2		11/01/40		3.125			1,285,021
		1,100,000	California State Public Works Board, Revenue Bonds⁴		08/01/25		5.000			1,224,078
		1,470,000	California State Public Works Board, Revenue Bonds⁴		08/01/26		5.000			1,682,918
		2,400,000	California State Public Works Board, Revenue Bonds⁴		08/01/29		5.000			2,914,239
		2,785,000	California State Public Works Board, Revenue Bonds⁴		08/01/30		5.000			3,432,887
		2,560,000	California State Public Works Board, Revenue Bonds⁴		08/01/31		5.000			3,205,748

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			California (continued)
	$	1,040,000	Chaffey Joint Union High School District, General Obligation Bonds³		08/01/33		0.000	%	$	789,911
		1,000,000	Chaffey Joint Union High School District, General Obligation Bonds³		02/01/34		0.000			768,236
		800,000	City of Irvine, Special Assessment Bonds^2,5		11/01/21		0.010			800,000
		4,050,000	Coast Community College District, General Obligation Bonds, AGM³		08/01/28		0.000			3,722,980
		1,015,000	Downey Unified School District, General Obligation Bonds³		08/01/33		0.000			766,544
		1,000,000	Downey Unified School District, General Obligation Bonds³		08/01/35		0.000			690,647
		2,000,000	Glendale Community College District, General Obligation Bonds³		08/01/32		0.000			1,597,775
		2,500,000	Glendale Community College District, General Obligation Bonds³		08/01/33		0.000			1,927,615
		3,350,000	Glendale Community College District, General Obligation Bonds³		08/01/35		0.000			2,410,296
		5,240,000	Glendale Community College District, General Obligation Bonds³		08/01/36		0.000			3,639,679
		1,900,000	Glendale Community College District, General Obligation Bonds³		08/01/37		0.000			1,272,812
		1,040,000	Golden State Tobacco Securitization Corp., Revenue Bonds, AGM³		06/01/25		0.000			1,017,742
		5,500,000	Golden State Tobacco Securitization Corp., Revenue Bonds, AMBAC³		06/01/27		0.000			5,207,990
		1,000,000	Grossmont Healthcare District, General Obligation Bonds, AMBAC³		07/15/30		0.000			875,042
		1,100,000	La Mesa-Spring Valley School District, General Obligation Bonds, NPFG³		08/01/26		0.000			1,043,038
		1,660,000	Lake Tahoe Unified School District, General Obligation Bonds, NPFG³		08/01/27		0.000			1,535,901
		1,110,000	Lake Tahoe Unified School District, General Obligation Bonds, NPFG³		08/01/30		0.000			944,543
		725,000	Long Beach Bond Finance Authority, Revenue Bonds		11/15/22		5.250			762,141
		680,000	Long Beach Bond Finance Authority, Revenue Bonds (3-Month USD-LIBOR + 1.450%)²		11/15/27		1.534			703,652
		4,000,000	Newark Unified School District, General Obligation Bonds, AGM³		08/01/25		0.000			3,881,788

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			California (continued)
	$	9,150,000	Northern California Gas Authority No 1, Revenue Bonds (3-Month USD-LIBOR + 0.720%)²		07/01/27		0.808	%	$	9,203,909
		1,725,000	Oak Grove School District, General Obligation Bonds³		08/01/31		0.000			1,382,314
		1,030,000	Oak Grove School District, General Obligation Bonds³		08/01/32		0.000			822,721
		1,050,000	Oak Park Unified School District, General Obligation Bonds, AGM³		08/01/28		0.000			947,277
		975,000	Placer Union High School District, General Obligation Bonds, AGM³		08/01/30		0.000			840,526
		775,000	Roseville Joint Union High School District, General Obligation Bonds, AGM³		08/01/30		0.000			665,220
		1,035,000	Roseville Joint Union High School District, General Obligation Bonds³		08/01/33		0.000			731,313
		2,415,000	San Diego Unified School District, General Obligation Bonds³		07/01/34		0.000			1,618,106
		3,000,000	San Diego Unified School District, General Obligation Bonds³		07/01/37		0.000			1,745,906
		1,900,000	San Mateo County Transportation Authority, Revenue Bonds^2,5		11/01/21		0.010			1,900,000
		1,000,000	Santa Ana Unified School District, General Obligation Bonds, NPFG³		08/01/24		0.000			980,012
		1,120,000	Santa Rita Union School District, General Obligation Bonds, AGM³		08/01/33		0.000			850,362
		9,000,000	Southern California Public Power Authority, Revenue Bonds^2,5		11/01/21		0.010			9,000,000
		2,415,000	State of California, General Obligation Bonds		12/01/32		2.850			2,614,770
		1,000,000	Ukiah Unified School District, General Obligation Bonds, NPFG³		08/01/24		0.000			980,549
		1,040,000	Windsor Unified School District, General Obligation Bonds³		08/01/33		0.000			809,286
			Total California						113,698,032
			Colorado (1.4%)
		800,000	Colorado Educational & Cultural Facilities Authority, Revenue Bonds^2,5		11/01/21		0.030			800,000
		1,300,000	Colorado Health Facilities Authority, Revenue Bonds^2,5		11/01/21		0.030			1,300,000
		1,156,155	Colorado Housing & Finance Authority, Revenue Bonds, GNMA		11/01/48		4.200			1,209,465
		1,900,000	E-470 Public Highway Authority, Revenue Bonds, NPFG³		09/01/25		0.000			1,838,160

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Colorado (continued)
	$	1,750,000	E-470 Public Highway Authority, Revenue Bonds, NPFG³		09/01/27		0.000	%	$	1,626,435
		5,000,000	E-470 Public Highway Authority, Revenue Bonds (SOFR + 0.350%)²		09/01/39		0.384			5,010,668
			Total Colorado							11,784,728
			Connecticut (3.7%)
		1,135,000	Connecticut Housing Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		11/15/22		2.100			1,153,335
		530,000	Connecticut Housing Finance Authority, Revenue Bonds		05/15/23		2.800			545,401
		1,605,000	Connecticut Housing Finance Authority, Revenue Bonds		05/15/26		1.150			1,595,475
		1,070,000	Connecticut Housing Finance Authority, Revenue Bonds		11/15/26		1.200			1,062,025
		2,120,000	Connecticut Housing Finance Authority, Revenue Bonds		05/15/27		1.350			2,110,652
		1,000,000	Connecticut Housing Finance Authority, Revenue Bonds		11/15/27		1.400			993,622
		165,000	Connecticut Housing Finance Authority, Revenue Bonds		05/15/30		2.000			165,322
		350,000	Connecticut Housing Finance Authority, Revenue Bonds		11/15/30		2.050			350,773
		400,000	Connecticut Housing Finance Authority, Revenue Bonds		05/15/31		2.100			401,574
		1,135,000	Connecticut Housing Finance Authority, Revenue Bonds		11/15/41		4.000			1,216,488
		2,845,000	Connecticut State Health & Educational Facilities Authority, Revenue Bonds^1,2		07/01/42		2.000			3,007,407
		3,705,000	Connecticut State Health & Educational Facilities Authority, Revenue Bonds^1,2		07/01/49		1.800			3,813,338
		395,000	State of Connecticut, General Obligation Bonds (SIFMA Municipal Swap Index Yield + 0.900%)²		03/01/23		0.950			397,557
		1,000,000	State of Connecticut, General Obligation Bonds (SIFMA Municipal Swap Index Yield + 0.990%)²		03/01/25		1.040			1,019,877
		1,845,000	State of Connecticut, General Obligation Bonds		03/01/26		5.000			2,040,882
		2,050,000	State of Connecticut Special Tax Revenue, Revenue Bonds		08/01/25		5.000			2,390,180
		2,945,000	State of Connecticut Special Tax Revenue, Revenue Bonds		09/01/26		5.000			3,547,856

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Connecticut (continued)
	$	1,065,000	State of Connecticut Special Tax Revenue, Revenue Bonds		08/01/27		5.000	%	$	1,235,265
		2,205,000	State of Connecticut Special Tax Revenue, Revenue Bonds		01/01/29		5.000			2,729,381
		2,000,000	State of Connecticut Special Tax Revenue, Revenue Bonds		05/01/36		4.000			2,363,555
			Total Connecticut							32,139,965
			District of Columbia (0.9%)
		1,000,000	District of Columbia, Revenue Bonds		03/01/27		5.000			1,223,415
		5,000,000	District of Columbia, Revenue Bonds		10/01/28		5.000			6,351,652
			Total District of Columbia							7,575,067
			Florida (1.8%)
		1,015,000	County of Hillsborough Solid Waste & Resource Recovery Revenue, Revenue Bonds		09/01/24		5.000			1,134,845
		970,000	Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA		07/01/49		4.000			1,042,518
		4,020,000	Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA		01/01/50		4.250			4,376,245
		1,750,000	State of Florida, General Obligation Bonds		06/01/26		5.000			2,093,797
		2,125,000	State of Florida Lottery Revenue, Revenue Bonds		07/01/25		5.000			2,470,998
		3,875,000	State of Florida Lottery Revenue, Revenue Bonds		07/01/27		5.000			4,655,597
			Total Florida							15,774,000
			Georgia (3.9%)
		4,850,000	Development Authority of Burke County, Revenue Bonds^1,2		10/01/32		2.250			4,984,896
		5,000,000	Development Authority of Burke County, Revenue Bonds^1,2		01/01/40		1.500			5,123,108
		1,200,000	Development Authority of Burke County, Revenue Bonds^1,2		11/01/45		3.000			1,237,406
		2,565,000	Development Authority of Burke County, Revenue Bonds^1,2		11/01/45		3.250			2,772,167
		345,000	Georgia Municipal Electric Authority, Revenue Bonds		01/01/25		5.000			392,880
		1,265,000	Georgia Municipal Electric Authority, Revenue Bonds		01/01/26		5.000			1,484,703
		800,000	Georgia Municipal Electric Authority, Revenue Bonds		01/01/27		5.000			961,833
		990,000	Georgia Municipal Electric Authority, Revenue Bonds		01/01/29		5.000			1,227,330
		2,700,000	Georgia Municipal Electric Authority, Revenue Bonds		01/01/29		5.000			3,300,525

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Georgia (continued)
	$	1,140,000	Georgia Municipal Electric Authority, Revenue Bonds		01/01/31		5.000	%	$	1,396,430
		1,000,000	Georgia Municipal Electric Authority, Revenue Bonds		01/01/33		5.000			1,218,932
		500,000	Georgia Municipal Electric Authority, Revenue Bonds		01/01/34		5.000			608,456
		1,750,000	Monroe County Development Authority, Revenue Bonds		07/01/25		2.250			1,808,191
		3,850,000	Monroe County Development Authority, Revenue Bonds^1,2		01/01/39		1.500			3,944,793
		1,200,000	State of Georgia, General Obligation Bonds		02/01/25		5.000			1,378,279
		1,710,000	State of Georgia, General Obligation Bonds		12/01/26		5.000			2,080,167
			Total Georgia							33,920,096
			Hawaii (1.7%)
		2,250,000	City & County of Honolulu, General Obligation Bonds⁴		11/01/23		5.000			2,367,801
		3,750,000	City & County of Honolulu, General Obligation Bonds⁴		11/01/27		5.000			4,439,044
		4,345,000	City & County of Honolulu, General Obligation Bonds⁴		11/01/28		5.000			5,256,362
		2,000,000	City & County of Honolulu, General Obligation Bonds⁴		11/01/29		5.000			2,456,850
			Total Hawaii							14,520,057
			Illinois (5.9%)
		1,400,000	Illinois Finance Authority, Revenue Bonds^2,5		11/01/21		0.030			1,400,000
		2,400,000	Illinois Finance Authority, Revenue Bonds^2,5		11/01/21		0.030			2,400,000
		7,400,000	Illinois Finance Authority, Revenue Bonds^2,5		11/01/21		0.030			7,400,000
		600,000	Illinois Finance Authority, Revenue Bonds^2,5		11/01/21		0.040			600,000
		1,350,000	Illinois Finance Authority, Revenue Bonds		10/01/23		5.000			1,470,491
		3,500,000	Illinois Finance Authority, Revenue Bonds		10/01/25		5.000			4,093,455
		2,000,000	Illinois Finance Authority, Revenue Bonds		08/15/27		5.000			2,460,903
		2,000,000	Illinois Finance Authority, Revenue Bonds		08/15/28		5.000			2,513,679
		2,990,000	Illinois Finance Authority, Revenue Bonds		07/15/32		3.000			3,233,182
		1,285,000	Illinois Finance Authority, Revenue Bonds		08/15/32		5.000			1,662,544
		2,000,000	Illinois Finance Authority, Revenue Bonds		10/01/33		5.000			2,776,644
		2,000,000	Illinois Finance Authority, Revenue Bonds		08/15/34		5.000			2,571,404
		2,470,000	Illinois Finance Authority, Revenue Bonds		08/15/36		4.000			2,933,104
		95,000	Illinois Finance Authority, Revenue Bonds^1,2		07/15/57		5.000			99,996

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Illinois (continued)
	$	2,585,000	Metropolitan Pier & Exposition Authority, Revenue Bonds		07/01/26		7.000	%	$	3,040,367
		4,675,000	Railsplitter Tobacco Settlement Authority, Revenue Bonds		06/01/24		5.000			5,204,706
		905,000	Railsplitter Tobacco Settlement Authority, Revenue Bonds		06/01/26		5.000			1,070,648
		4,300,000	Railsplitter Tobacco Settlement Authority, Revenue Bonds		06/01/27		5.000			5,051,303
		870,000	Railsplitter Tobacco Settlement Authority, Revenue Bonds		06/01/28		5.000			1,015,948
			Total Illinois							50,998,374
			Indiana (2.2%)
		1,665,000	Indiana Bond Bank, Revenue Bonds (3-Month USD-LIBOR + 0.970%)²		10/15/22		1.053			1,665,423
		900,000	Indiana Finance Authority, Revenue Bonds^2,5		11/01/21		0.040			900,000
		950,000	Indiana Finance Authority, Revenue Bonds^2,5		11/01/21		0.040			950,000
		2,000,000	Indiana Finance Authority, Revenue Bonds^1,2		12/01/58		2.250			2,100,567
		4,335,000	Indiana Housing & Community Development Authority, Revenue Bonds^2,5		11/01/21		0.030			4,335,000
		1,580,000	Indiana Housing & Community Development Authority, Revenue Bonds, GNMA		07/01/22		5.000			1,626,754
		1,565,000	Indiana Housing & Community Development Authority, Revenue Bonds, GNMA		01/01/23		5.000			1,643,915
		3,605,000	Indiana Housing & Community Development Authority, Revenue Bonds		01/01/49		3.750			3,928,592
		2,265,000	Indiana Housing & Community Development Authority, Revenue Bonds, GNMA		07/01/49		3.250			2,419,323
			Total Indiana							19,569,574
			Iowa (0.7%)
		7,000,000	Iowa Finance Authority, Revenue Bonds^2,5		11/01/21		0.030			7,000,000
		415,000	Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		07/01/46		4.000			435,845
		3,840,000	Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		01/01/50		3.750			4,187,469
			Total Iowa							11,623,314
			Kentucky (1.2%)
		5,000,000	County of Trimble KY, Revenue Bonds		11/01/27		1.350			5,015,481
		4,965,000	Kentucky Public Energy Authority, Revenue Bonds^1,2		12/01/49		4.000			5,494,944
			Total Kentucky							10,510,425

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Maryland (6.6%)
	$	1,125,000	County of Baltimore, General Obligation Bonds		02/01/26		5.000	%	$	1,334,028
		2,200,000	County of Prince George's, General Obligation Bonds		07/15/26		5.000			2,645,071
		3,500,000	County of Prince George's, General Obligation Bonds		09/15/27		5.000			4,335,186
		135,000	State of Maryland, General Obligation Bonds		08/01/24		5.000			152,242
		10,000,000	State of Maryland, General Obligation Bonds		03/15/25		5.000			11,526,646
		5,200,000	State of Maryland, General Obligation Bonds⁴		03/01/26		5.000			6,063,160
		10,000,000	State of Maryland, General Obligation Bonds⁴		08/01/27		3.000			10,940,664
		5,000,000	State of Maryland, General Obligation Bonds⁴		03/01/28		4.000			5,828,874
		2,500,000	State of Maryland, General Obligation Bonds⁴		03/01/29		4.000			2,962,989
		1,000,000	State of Maryland Department of Transportation, Revenue Bonds⁴		12/01/23		5.000			1,044,946
		2,000,000	State of Maryland Department of Transportation, Revenue Bonds⁴		12/01/26		5.000			2,303,255
		2,250,000	State of Maryland Department of Transportation, Revenue Bonds⁴		12/01/27		5.000			2,646,183
		2,250,000	State of Maryland Department of Transportation, Revenue Bonds⁴		12/01/28		5.000			2,699,956
		2,125,000	State of Maryland Department of Transportation, Revenue Bonds⁴		12/01/29		5.000			2,594,021
			Total Maryland							57,077,221
			Massachusetts (4.4%)
		1,805,000	Commonwealth of Massachusetts, Revenue Bonds, AGM^1,2		06/01/22		8.873			1,847,651
		12,935,000	Commonwealth of Massachusetts, General Obligation Bonds (3-Month USD-LIBOR + 0.550%)²		11/01/25		0.634			12,952,641
		4,625,000	Commonwealth of Massachusetts, General Obligation Bonds		07/01/26		5.000			5,544,881
		1,200,000	Commonwealth of Massachusetts, General Obligation Bonds		09/01/26		5.000			1,445,646
		5,000,000	Massachusetts Clean Water Trust, Revenue Bonds (U.S. Consumer Price Index + 0.990%)²		08/01/23		6.401			5,321,607
		10,000,000	Massachusetts Health & Educational Facilities Authority, Revenue Bonds⁵		11/01/21		0.010			10,000,000
		370,000	Massachusetts Housing Finance Agency, Revenue Bonds		06/01/34		3.300			392,146
		485,000	Massachusetts Housing Finance Agency, Revenue Bonds		12/01/36		3.450			516,538
			Total Massachusetts							38,021,110

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Michigan (4.3%)
	$	1,930,000	Brighton Area School District, General Obligation Bonds		05/01/33		3.000	%	$	2,119,705
		2,385,000	Brighton Area School District, General Obligation Bonds		05/01/34		3.000			2,607,002
		90,000	Detroit City School District, General Obligation Bonds, BHAC, FGIC		05/01/25		5.250			98,401
		325,000	Detroit City School District, General Obligation Bonds, AGM		05/01/27		5.250			401,512
		5,025,000	Detroit City School District, General Obligation Bonds, AGM		05/01/29		5.250			6,500,499
		5,350,000	Detroit City School District, General Obligation Bonds, AGM		05/01/29		6.000			6,539,595
		1,550,000	Detroit City School District, General Obligation Bonds, AGM		05/01/30		5.250			2,039,622
		3,940,000	Detroit City School District, General Obligation Bonds, AGM		05/01/32		5.250			5,207,762
		1,195,000	Michigan Finance Authority, Revenue Bonds		05/01/28		5.000			1,423,873
		3,850,000	Michigan Finance Authority, Revenue Bonds^1,2		10/15/38		1.200			3,831,509
		1,235,000	Pontiac School District, General Obligation Bonds		05/01/26		5.000			1,472,139
		1,355,000	Pontiac School District, General Obligation Bonds		05/01/27		5.000			1,659,924
		1,480,000	Pontiac School District, General Obligation Bonds		05/01/28		5.000			1,857,522
		1,240,000	Pontiac School District, General Obligation Bonds		05/01/31		5.000			1,610,919
			Total Michigan							37,369,984
			Minnesota (4.1%)
		7,500,000	City of Minneapolis MN/St Paul Housing & Redevelopment Authority, Revenue Bonds^2,5		11/01/21		0.040			7,500,000
		1,300,000	Duluth Independent School District No 709, General Obligation Bonds³		02/01/31		0.000			1,063,709
		1,050,000	Duluth Independent School District No 709, General Obligation Bonds³		02/01/32		0.000			829,808
		1,025,000	Duluth Independent School District No 709, General Obligation Bonds³		02/01/33		0.000			782,601
		835,000	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		01/01/28		1.750			853,430
		1,525,000	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		07/01/28		1.300			1,517,038
		927,019	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		03/01/47		2.930			949,867
		817,809	Minnesota Housing Finance Agency, Revenue Bonds, FHA, FHLMC, FNMA, GNMA		01/01/49		3.600			846,969

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Minnesota (continued)
	$	2,273,621	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		03/01/49		3.450	%	$	2,349,085
		834,333	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		06/01/49		3.150			857,216
		4,655,201	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		01/01/50		2.470			4,734,744
		1,000,000	Sartell-St Stephen Independent School District No 748, General Obligation Bonds³		02/01/33		0.000			741,967
		6,655,000	Shakopee Independent School District No 720, General Obligation Bonds³		02/01/28		0.000			6,075,108
		5,155,000	Shakopee Independent School District No 720, General Obligation Bonds³		02/01/29		0.000			4,595,985
		2,250,000	St Paul Independent School District No 625, Certificates of Participation		02/01/32		2.000			2,296,546
			Total Minnesota							35,994,073
			Mississippi (0.1%)
		1,000,000	Mississippi Business Finance Corp., Revenue Bonds^1,2		03/01/27		2.200			1,037,327
			Total Mississippi							1,037,327
			Missouri (0.0%)
		40,000	Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA		05/01/51		3.250			43,355
			Total Missouri							43,355
			Montana (0.1%)
		1,190,000	Montana Board of Housing, Revenue Bonds		12/01/43		4.000			1,276,654
			Total Montana							1,276,654
			Nebraska (1.6%)
		2,515,000	Central Plains Energy Project, Revenue Bonds		09/01/27		5.000			2,611,786
		3,675,000	Central Plains Energy Project, Revenue Bonds^1,2		03/01/50		5.000			3,997,863
		1,710,000	Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		03/01/29		1.950			1,753,543
		1,710,000	Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		03/01/33		1.950			1,688,383
		2,750,000	Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		09/01/49		4.000			2,994,704
		500,000	Saline County Hospital Authority No 1, Revenue Bonds^2,5		11/01/21		0.030			500,000
			Total Nebraska							13,546,279
			Nevada (0.1%)
		1,250,000	County of Clark, Revenue Bonds^1,2		01/01/36		1.650			1,271,260
			Total Nevada							1,271,260

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			New Hampshire (0.1%)
	$	1,000,000	New Hampshire Business Finance Authority, Revenue Bonds		08/01/24		3.125	%	$	1,064,734
			Total New Hampshire							1,064,734
			New Jersey (6.1%)
		1,420,000	Holmdel Township School District, General Obligation Bonds		02/01/27		3.250			1,595,548
		2,075,000	Mount Laurel Township Board of Education, General Obligation Bonds		09/01/23		2.500			2,159,341
		1,630,000	Mount Laurel Township Board of Education, General Obligation Bonds		09/01/24		2.500			1,721,779
		3,830,000	New Jersey Economic Development Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 1.550%)²		09/01/27		1.600			3,877,508
		5,100,000	New Jersey Economic Development Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 1.600%)²		03/01/28		1.650			5,165,194
		2,200,000	New Jersey Economic Development Authority, Revenue Bonds^1,2		11/01/34		1.200			2,218,157
		3,000,000	New Jersey Health Care Facilities Financing Authority, Revenue Bonds^2,5		11/01/21		0.010			3,000,000
		3,350,000	New Jersey Health Care Facilities Financing Authority, Revenue Bonds^1,2		07/01/45		5.000			3,990,770
		3,365,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds³		12/15/26		0.000			3,128,804
		1,380,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds³		12/15/28		0.000			1,216,836
		7,000,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds⁴		06/15/30		5.000			8,705,011
		4,405,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds³		12/15/30		0.000			3,659,213
		6,000,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds³		12/15/31		0.000			4,834,663
		2,760,000	New Jersey Turnpike Authority, Revenue Bonds (1-Month USD-LIBOR + 0.750%)²		01/01/30		0.808			2,767,692
		1,375,000	Rumson Boro School District, General Obligation Bonds		07/15/33		2.000			1,400,106
		1,750,000	Township of Ewing, General Obligation Bonds		08/01/27		3.000			1,904,506
		1,750,000	Township of Ewing, General Obligation Bonds		08/01/29		2.000			1,788,227
			Total New Jersey							53,133,355

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			New Mexico (0.5%)
	$	1,420,000	New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		01/01/49		4.000	%	$	1,544,386
		2,895,000	New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		01/01/51		3.500			3,143,498
			Total New Mexico							4,687,884
			New York (6.7%)
		5,000,000	Metropolitan Transportation Authority, Revenue Bonds		02/01/22		4.000			5,045,539
		4,165,000	Metropolitan Transportation Authority, Revenue Bonds (1-Month USD-LIBOR + 0.820%)²		11/01/26		0.875			4,169,490
		5,750,000	Metropolitan Transportation Authority, Revenue Bonds (SOFR + 0.330%)²		11/01/35		0.363			5,734,456
		2,100,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds^2,5		11/01/21		0.030			2,100,000
		10,200,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds^2,5		11/01/21		0.030			10,200,000
		4,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds		08/01/28		5.000			5,046,810
		3,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds		11/01/28		5.000			3,806,631
		2,500,000	New York City Water & Sewer System, Revenue Bonds^2,5		11/01/21		0.030			2,500,000
		925,000	New York State Dormitory Authority, Revenue Bonds		02/15/24		5.000			1,024,451
		5,000,000	New York State Urban Development Corp., Revenue Bonds		03/15/28		5.000			6,250,671
		5,655,000	Port Authority of New York & New Jersey, Revenue Bonds		10/01/31		2.000			5,636,452
		3,500,000	Port Authority of New York & New Jersey, Revenue Bonds		10/01/33		2.000			3,437,443
		3,350,000	Triborough Bridge & Tunnel Authority, Revenue Bonds (SOFR + 0.380%)²		01/01/32		0.414			3,353,784
			Total New York							58,305,727
			North Carolina (3.0%)
		4,400,000	Charlotte-Mecklenburg Hospital Authority, Revenue Bonds^2,5		11/01/21		0.030			4,400,000
		2,315,000	County of New Hanover, Revenue Bonds		10/01/26		5.000			2,781,883
		1,725,000	County of Wake, General Obligation Bonds		03/01/24		5.000			1,914,145

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			North Carolina (continued)
	$	735,000	North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		01/01/23		2.750	%	$	750,845
		745,000	North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		07/01/23		2.800			767,441
		1,625,000	North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		01/01/28		1.100			1,598,653
		4,320,000	North Carolina Housing Finance Agency, Revenue Bonds, FNMA, GNMA		01/01/50		4.000			4,725,368
		2,520,000	North Carolina Housing Finance Agency, Revenue Bonds		07/01/50		4.000			2,780,678
		1,570,000	State of North Carolina, General Obligation Bonds		06/01/24		5.000			1,759,089
		2,000,000	State of North Carolina, General Obligation Bonds		06/01/27		5.000			2,462,468
		2,225,000	State of North Carolina, General Obligation Bonds		06/01/32		2.000			2,299,251
			Total North Carolina							26,239,821
			North Dakota (0.9%)
		1,000,000	North Dakota Housing Finance Agency, Revenue Bonds		01/01/29		1.650			995,933
		2,200,000	North Dakota Housing Finance Agency, Revenue Bonds		07/01/32		2.800			2,332,569
		4,230,000	North Dakota Housing Finance Agency, Revenue Bonds		07/01/49		4.250			4,623,931
			Total North Dakota							7,952,433
			Ohio (3.1%)
		2,800,000	Ohio Higher Educational Facility Commission, Revenue Bonds^1,2		01/01/39		0.030			2,800,000
		14,500,000	Ohio Higher Educational Facility Commission, Revenue Bonds^2,5		11/01/21		0.030			14,500,000
		2,000,000	Ohio Higher Educational Facility Commission, Revenue Bonds (1-Month USD-LIBOR + 0.420%)²		10/01/44		0.478			2,000,311
		4,750,000	State of Ohio, Revenue Bonds^2,5		11/01/21		0.030			4,750,000
		2,195,000	State of Ohio, General Obligation Bonds		08/01/25		5.000			2,559,241
			Total Ohio							26,609,552

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Oklahoma (0.8%)
	$	4,115,000	Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		09/01/49		4.000	%	$	4,514,987
		1,930,000	Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		09/01/50		3.250			2,092,239
			Total Oklahoma							6,607,226
			Oregon (5.4%)
		6,400,000	Clackamas & Washington Counties School District No 3, General Obligation Bonds³		06/15/35		0.000			4,701,367
		1,020,000	Clackamas County School District No 115, General Obligation Bonds³		06/15/27		0.000			956,527
		1,670,000	Lane County School District No 1 Pleasant Hill, General Obligation Bonds³		06/15/27		0.000			1,566,953
		1,445,000	Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow, General Obligation Bonds³		06/15/32		0.000			1,153,169
		3,905,000	Salem-Keizer School District No 24J, General Obligation Bonds³		06/15/25		0.000			3,812,712
		4,335,000	Salem-Keizer School District No 24J, General Obligation Bonds³		06/15/26		0.000			4,167,195
		5,000,000	Salem-Keizer School District No 24J, General Obligation Bonds³		06/15/26		0.000			4,738,455
		5,000,000	Salem-Keizer School District No 24J, General Obligation Bonds³		06/15/27		0.000			4,631,604
		1,500,000	Salem-Keizer School District No 24J, General Obligation Bonds³		06/15/28		0.000			1,382,378
		2,745,000	Salem-Keizer School District No 24J, General Obligation Bonds³		06/15/28		0.000			2,478,720
		2,185,000	Salem-Keizer School District No 24J, General Obligation Bonds		06/15/29		5.000			2,810,592
		1,045,000	Salem-Keizer School District No 24J, General Obligation Bonds³		06/15/31		0.000			862,651
		1,000,000	Salem-Keizer School District No 24J, General Obligation Bonds³		06/15/33		0.000			772,881
		1,045,000	Salem-Keizer School District No 24J, General Obligation Bonds³		06/15/35		0.000			753,074
		4,500,000	State of Oregon, General Obligation Bonds⁵		11/01/21		0.030			4,500,000
		5,000,000	Umatilla County School District No 8R Hermiston, General Obligation Bonds³		06/15/32		0.000			4,080,847

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Oregon (continued)
	$	2,225,000	Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds³		06/15/33		0.000	%	$	1,596,094
		1,500,000	Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds³		06/15/31		0.000			1,217,633
		1,055,000	Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds³		06/15/33		0.000			783,401
			Total Oregon							46,966,253
			Other Territory (0.6%)
		4,920,000	FHLMC Multifamily VRD Certificates, Revenue Bonds		05/15/27		2.304			5,044,500
			Total Other Territory							5,044,500
			Pennsylvania (3.5%)
		150,000	Allegheny County Airport Authority, Revenue Bonds, FGIC		01/01/22		5.000			151,134
		85,000	Allegheny County Airport Authority, Revenue Bonds, FGIC		01/01/23		5.000			89,488
		6,000,000	Bethlehem Area School District Authority, Revenue Bonds (SOFR + 0.350%)^2,4		07/01/31		0.000			6,000,021
		1,000,000	New Kensington-Arnold School District, General Obligation Bonds, BAM		05/15/28		2.500			1,057,422
		1,225,000	North Penn Water Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.560%)²		11/01/24		0.610			1,231,144
		5,000,000	Pennsylvania Economic Development Financing Authority, Revenue Bonds^1,2		08/01/37		0.580			4,978,277
		2,000,000	School District of Philadelphia, General Obligation Bonds		09/01/23		5.000			2,170,602
		635,000	School District of Philadelphia, General Obligation Bonds, AGM, FGIC		06/01/24		5.000			704,192
		1,710,000	School District of Philadelphia, General Obligation Bonds		09/01/26		5.000			2,048,333
		1,610,000	School District of Philadelphia, General Obligation Bonds		09/01/28		5.000			2,002,736
		2,210,000	State Public School Building Authority, Revenue Bonds, AGM		06/01/32		5.000			2,644,371
		6,255,000	State Public School Building Authority, Revenue Bonds, AGM		06/01/33		5.000			7,467,288
			Total Pennsylvania							30,545,008

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			South Carolina (0.1%)
	$	930,000	South Carolina State Housing Finance & Development Authority, Revenue Bonds		07/01/34		2.650	%	$	971,435
			Total South Carolina							971,435
			South Dakota (2.0%)
		3,785,000	Educational Enhancement Funding Corp., Revenue Bonds		06/01/26		5.000			4,066,722
		1,500,000	South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA		11/01/32		3.400			1,601,097
		405,000	South Dakota Housing Development Authority, Revenue Bonds		11/01/44		4.000			421,976
		2,395,000	South Dakota Housing Development Authority, Revenue Bonds		11/01/48		4.500			2,649,649
		2,750,000	South Dakota Housing Development Authority, Revenue Bonds		11/01/49		4.000			3,025,673
		5,025,000	South Dakota Housing Development Authority, Revenue Bonds		11/01/50		3.750			5,489,951
			Total South Dakota							17,255,068
			Tennessee (1.4%)
		2,485,000	Clarksville Natural Gas Acquisition Corp., Revenue Bonds		12/15/21		5.000			2,499,287
		1,750,000	New Memphis Arena Public Building Authority, Revenue Bonds		04/01/29		0.000			1,784,791
		1,750,000	New Memphis Arena Public Building Authority, Revenue Bonds³		04/01/33		0.000			1,371,313
		3,000,000	New Memphis Arena Public Building Authority, Revenue Bonds³		04/01/35		0.000			2,207,406
		1,000,000	Tennessee Energy Acquisition Corp., Revenue Bonds		11/01/28		5.000			1,239,891
		2,435,000	Tennessee Housing Development Agency, Revenue Bonds		01/01/47		3.500			2,565,310
		100,000	Tennessee Housing Development Agency, Revenue Bonds		07/01/50		3.500			108,959
			Total Tennessee							11,776,957
			Texas (10.6%)
		1,385,000	City of Denton, General Obligation Bonds		02/15/28		5.000			1,719,825
		910,000	City of Houston Airport System Revenue, Revenue Bonds		07/01/24		5.000			1,016,463

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Texas (continued)
	$	1,170,000	City of Houston Airport System Revenue, Revenue Bonds		07/01/25		5.000	%	$	1,349,425
		500,000	City of San Antonio Electric & Gas Systems Revenue, Revenue Bonds^1,2		02/01/48		2.750			512,999
		765,000	Crandall Independent School District, General Obligation Bonds³		08/15/24		0.000			752,543
		420,000	Crandall Independent School District, General Obligation Bonds³		08/15/25		0.000			407,207
		450,000	Crandall Independent School District, General Obligation Bonds³		08/15/26		0.000			428,844
		140,000	Crandall Independent School District, General Obligation Bonds³		08/15/27		0.000			130,539
		2,000,000	Fort Bend Independent School District, General Obligation Bonds		08/15/28		5.000			2,524,136
		1,000,000	Hays Consolidated Independent School District, General Obligation Bonds		02/15/27		5.000			1,216,146
		3,455,000	Leander Independent School District, General Obligation Bonds³		08/15/29		0.000			2,613,702
		4,000,000	Little Elm Independent School District, General Obligation Bonds^1,2		08/15/48		0.680			4,002,058
		1,025,000	Love Field Airport Modernization Corp., Revenue Bonds		11/01/25		5.000			1,193,913
		1,380,000	Lower Colorado River Authority, Revenue Bonds, AGM⁴		05/15/27		5.000			1,652,494
		2,280,000	Lower Colorado River Authority, Revenue Bonds, AGM⁴		05/15/28		5.000			2,784,686
		7,500,000	Medina Valley Independent School District, General Obligation Bonds^1,2		02/15/51		0.820			7,430,333
		2,000,000	Round Rock Independent School District, General Obligation Bonds		08/01/34		2.750			2,164,965
		1,000,000	State of Texas, General Obligation Bonds		08/01/26		5.000			1,193,537
		1,970,000	Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA		09/01/34		2.700			2,049,218
		3,632,025	Texas Department of Housing & Community Affairs, Revenue Bonds, FNMA		03/01/35		3.400			3,963,919

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Texas (continued)
	$	1,295,000	Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA		09/01/35		2.150	%	$	1,311,904
		11,712,199	Texas Department of Housing & Community Affairs, Revenue Bonds, FHLMC, FNMA, GNMA		09/01/47		2.835			12,275,732
		990,000	Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA		03/01/50		4.000			1,102,890
		510,000	Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds		12/15/21		5.250			513,153
		12,035,000	Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds (3-Month USD-LIBOR + 0.700%)²		12/15/26		0.778			12,088,035
		4,080,000	Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds		12/15/26		6.250			4,718,663
		3,765,000	Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.550%)²		09/15/27		0.600			3,798,478
		3,755,000	Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month USD-LIBOR + 0.690%)²		09/15/27		0.767			3,774,021
		11,880,000	Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month USD-LIBOR + 0.870%)²		09/15/27		0.948			12,020,697
		1,000,000	Wylie Independent School District, General Obligation Bonds³		08/15/24		0.000			987,551
		1,000,000	Wylie Independent School District, General Obligation Bonds³		08/15/25		0.000			975,778
			Total Texas							92,673,854
			Virginia (3.2%)
		2,750,000	Amelia County Industrial Development Authority, Revenue Bonds		04/01/27		1.450			2,762,866
		1,755,000	City of Virginia Beach, General Obligation Bonds		04/01/25		5.000			2,026,633
		2,005,000	County of Arlington, General Obligation Bonds		08/15/25		5.000			2,347,184
		1,215,000	County of Arlington, General Obligation Bonds		08/15/30		2.500			1,281,401
		6,040,000	Virginia College Building Authority, Revenue Bonds		09/01/27		5.000			7,455,161
		1,835,000	Virginia College Building Authority, Revenue Bonds		02/01/28		5.000			2,291,690
		5,000,000	Virginia Commonwealth Transportation Board, Revenue Bonds		05/15/24		5.000			5,584,319

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Virginia (continued)
	$	2,300,000	Virginia Housing Development Authority, Revenue Bonds		01/01/23		2.740	%	$	2,348,114
		1,205,000	Virginia Public School Authority, Revenue Bonds		08/01/26		5.000			1,448,181
			Total Virginia							27,545,549
			Washington (1.0%)
		850,000	County of King, General Obligation Bonds^2,5		11/01/21		0.030			850,000
		425,000	Port of Seattle, Revenue Bonds		06/01/27		3.750			443,690
		1,050,000	State of Washington, General Obligation Bonds		08/01/26		5.000			1,261,900
		1,330,000	State of Washington, General Obligation Bonds, NPFG³		06/01/30		0.000			1,159,257
		105,000	Washington State Housing Finance Commission, Revenue Bonds		06/01/44		3.500			107,348
		1,270,000	Washington State Housing Finance Commission, Revenue Bonds, FHLMC, FNMA, GNMA		12/01/47		4.000			1,315,767
		4,000,000	Washington State Housing Finance Commission, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.550%)²		12/01/48		0.600			4,021,752
			Total Washington							9,159,714
			Wisconsin (0.7%)
		300,000	County of Milwaukee Airport Revenue, Revenue Bonds		12/01/28		5.250			329,044
		5,400,000	Wisconsin Health & Educational Facilities Authority, Revenue Bonds^2,5		11/01/21		0.030			5,400,000
			Total Wisconsin							5,729,044
			Wyoming (0.3%)
		2,605,000	Wyoming Community Development Authority, Revenue Bonds		12/01/48		4.000			2,825,786
			Total Wyoming							2,825,786
			Total Municipal Bonds
			(Identified cost $921,399,960)							948,341,558

Authoritative guidance establishes three levels of the fair value hierarchy as follows:

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

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include municipal bonds, investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations and over-the-counter derivatives. As Level 2 financial assets include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

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

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of October 31, 2021.

ASSETS:
Investments in securities, at value (Cost $921,399,960)	$	948,341,558
Cash		119,580
Receivables for:
Interest		5,320,686
Shares sold		1,143,477
Investment advisory and administrative fee waiver reimbursement		2,704
Prepaid assets		1,329
Total Assets		954,929,334
LIABILITIES:
Payables for:
Investments purchased		83,618,578
Shares redeemed		603,496
Investment advisory and administrative fees		294,524
Dividends declared		87,263
Professional fees		68,274
Custody and fund accounting fees		38,304
Shareholder servicing fees		14,281
Transfer agent fees		6,586
Board of Trustees' fees		1,111
Accrued expenses and other liabilities		16,678
Total Liabilities		84,749,095
NET ASSETS	$	870,180,239
Net Assets Consist of:
Paid-in capital	$	842,605,095
Retained earnings		27,575,144
Net Assets	$	870,180,239

	For the years ended October 31,
	2021			2020
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	11,519,424		$	9,421,154
Net realized gain on investments in securities		621,594			882,684
Net change in unrealized appreciation/(depreciation) on investments in securities		(3,779,387	)		15,478,840
Net increase in net assets resulting from operations		8,361,631			25,782,678
Dividends and distributions declared:
Class N		(1,254,792	)		(1,300,344	)
Class I		(11,067,676	)		(9,979,557	)
Total dividends and distributions declared		(12,322,468	)		(11,279,901	)
Share transactions:
Proceeds from sales of shares^*		278,506,756			429,297,126
Net asset value of shares issued to shareholders for reinvestment of dividends and distributions		5,195,409			3,707,156
Proceeds from short-term redemption fees		4,901			2,857
Cost of shares redeemed^*		(157,456,767	)		(88,067,119	)
Net increase in net assets resulting from share transactions		126,250,299			344,940,020
Total increase in net assets		122,289,462			359,442,797
NET ASSETS:
Beginning of year		747,890,777			388,447,980
End of year	$	870,180,239		$	747,890,777

	For the years ended October 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of year		$10.96			$10.76			$10.15			$10.48			$10.56
Income from investment operations:
Net investment income¹		0.13			0.17			0.21			0.21			0.22
Net realized and unrealized gain (loss)		(0.02	)		0.25			0.62			(0.23	)		0.11
Total income (loss) from investment operations		0.11			0.42			0.83			(0.02	)		0.33
Less dividends and distributions:
From net investment income		(0.13	)		(0.17	)		(0.21	)		(0.21	)		(0.26	)
From net realized gains		(0.01	)		(0.05	)		(0.01	)		(0.10	)		(0.15	)
Total dividends and distributions		(0.14	)		(0.22	)		(0.22	)		(0.31	)		(0.41	)
Short-term redemption fees¹		0.00	‍²		0.00	‍²		0.00	‍²		0.00	‍²		0.00	‍²
Net asset value, end of year		$10.93			$10.96			$10.76			$10.15			$10.48
Total return³		1.01	%		4.00	%		8.21	%		(0.26	)%		3.20	%
Ratios/Supplemental data:
Net assets, end of year (in millions)		$82			$92			$54			$34			$16
Ratio of expenses to average net assets before reductions		0.69	%		0.71	%		0.77	%		0.91	%		1.05	%
Fee waiver		(0.04	)%⁴		(0.06	)%⁴		(0.12	)%⁴		(0.26	)%⁴		(0.40	)%⁴
Expense offset arrangement		–	%		(0.00	)%⁵		(0.00	)%⁵		(0.00	)%⁵		(0.00	)%⁵
Ratio of expenses to average net assets after reductions		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets		1.18	%		1.58	%		2.01	%		2.07	%		2.16	%
Portfolio turnover rate		45	%		32	%		104	%		146	%		125	%
Portfolio turnover rate⁶		23	%		19	%		32	%		52	%		64	%

	For the years ended October 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of year		$10.95			$10.75			$10.14			$10.47			$10.55
Income from investment operations:
Net investment income¹		0.15			0.19			0.23			0.23			0.25
Net realized and unrealized gain (loss)		(0.02	)		0.25			0.61			(0.24	)		0.09
Total income (loss) from investment operations		0.13			0.44			0.84			(0.01	)		0.34
Less dividends and distributions:
From net investment income		(0.15	)		(0.19	)		(0.22	)		(0.22	)		(0.27	)
From net realized gains		(0.01	)		(0.05	)		(0.01	)		(0.10	)		(0.15	)
Total dividends and distributions		(0.16	)		(0.24	)		(0.23	)		(0.32	)		(0.42	)
Short-term redemption fees¹		0.00	²		0.00	²		0.00	²		—			0.00	²
Net asset value, end of year		$10.92			$10.95			$10.75			$10.14			$10.47
Total return³		1.21	%		4.18	%		8.38	%		(0.12	)%		3.36	%
Ratios/Supplemental data:
Net assets, end of year (in millions)		$788			$656			$334			$129			$71
Ratio of expenses to average net assets before reductions		0.45	%		0.47	%		0.50	%		0.62	%		0.69	%
Fee waiver		–	%⁴		(0.00	)%^4,5		(0.00	)%^4,5		(0.12	)%⁴		(0.19	)%⁴
Expense offset arrangement		–	%		(0.00	)%⁵		(0.00	)%⁵		(0.00	)%⁵		(0.00	)%⁵
Ratio of expenses to average net assets after reductions		0.45	%		0.47	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assets		1.38	%		1.75	%		2.17	%		2.23	%		2.46	%
Portfolio turnover rate		45	%		32	%		104	%		146	%		125	%
Portfolio turnover rate⁶		23	%		19	%		32	%		52	%		64	%

1. Organization. The Fund is a separate, diversified series of BBH Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. The Fund commenced operations on April 1, 2014 and offers two share classes, Class N and Class I. Neither Class N shares nor Class I shares automatically convert to any other share class of the Fund. The investment objective of the Fund is to protect investor’s capital and generate attractive risk-adjusted returns. As of October 31, 2021, there were nine series of the Trust.

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

A. Valuation of Investments. Prices of municipal bonds are provided by an external pricing service approved by the Fund’s Board of Trustees (the “Board”). These securities are generally classified as Level 2. The evaluated vendor pricing is based on methods that may include consideration of the following: yields or prices of municipal securities of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant.

B. Accounting for Investments and Income. Investment transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined based on the identified cost method. Interest income is accrued daily and consists of interest accrued, discount earned (including, if any, both original issue and market discount) and premium amortization on the investments of the Fund. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of the interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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

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

E. Dividends and Distributions to Shareholders. Dividends and distributions from net investment income to shareholders are declared daily and paid monthly to shareholders. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends and distributions in the amount of $1,254,792 and $11,067,676 to Class N and Class I shareholders, respectively, during the year ended October 31, 2021. In addition, the Fund designated a portion of the payment made to redeeming shareholders as a distribution for income tax purpose.

The tax character of distributions paid during the years ended October 31, 2021 and 2020, respectively, were as follows:

As of October 31, 2021 and 2020, respectively, the components of retained earnings/(accumulated deficit) were as follows:

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

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

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

A. Investment Advisory and Administrative Fees. Effective April 1, 2014 (commencement of operations), under a combined Investment Advisory and Administrative Services Agreement (“Agreement”) with the Trust, Brown Brothers Harriman & Co. (“BBH”) through a separately identifiable department (“SID” or “Investment Adviser”) provides investment advisory, portfolio management and administrative services to the Fund. The Fund’s investment advisory and administrative services fee is calculated daily and paid monthly at an annual rate equivalent to 0.40% of the Fund’s average daily net assets. For the year ended October 31, 2021, the Fund incurred $3,401,911 under the Agreement.

B. Investment Advisory and Administrative Fee Waiver. Effective April 1, 2014 (commencement of operations), the Investment Adviser contractually agreed to limit the annual fund operating expenses (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) of Class N and Class I to 0.65% and 0.50%, respectively. The agreement will terminate on March 1, 2022, unless it is renewed by all parties to the agreement. The agreement may only be terminated during its term with approval of the Fund’s Board of Trustees. For the year ended October 31, 2021, the Investment Adviser waived fees in the amount of $35,002 and $0 for Class N and Class I, respectively.

C. Shareholder Servicing Fees. The Trust has a shareholder servicing agreement with BBH. BBH receives a fee from the Fund calculated daily and paid monthly at an annual rate of 0.20% of Class N shares’ average daily net assets. For the year ended October 31, 2021, Class N shares of the Fund incurred $195,924 in shareholder servicing fees.

D. Custody and Fund Accounting Fees. BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and incurred monthly. BBH holds all of the Fund’s cash and investments and calculates the Fund’s daily net asset value. The custody fee is an asset and transaction-based fee. The fund accounting fee is an asset-based fee calculated at 0.004% of the Fund’s net asset value. For the year ended October 31, 2021, the Fund incurred $151,988 in custody and fund accounting fees. As per agreement with the Fund’s custodian, the Fund receives interest income on cash balances held by the custodian at the BBH Base Rate. The BBH Base Rate is defined as BBH’s effective trading rate in local money markets on each day. The total interest earned by the Fund under the revised agreement for the year ended October 31, 2021 was $1,565. This amount is included in “Interest income” in the Statement of Operations. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the Federal Funds overnight investment rate on the day of the overdraft. The total interest incurred by the Fund for the year ended October 31, 2021 was $119. This amount is included under line item “Custody and fund accounting fees” in the Statement of Operations.

E. Board of Trustees’ Fees. Each Trustee who is not an “interested person” as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the year ended October 31, 2021, the Fund incurred $62,558 in independent Trustee compensation and expense reimbursements.

F. Officers of the Trust. Officers of the Trust are also employees of BBH. Officers are paid no fees by the Trust for their services to the Trust.

4.Investment Transactions. For the year ended October 31, 2021, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, was $590,748,583 and $393,155,336, respectively.

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

	For the year ended October 31, 2021						For the year ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		3,040,169		$	33,549,002			5,598,508		$	60,922,314
Shares issued in connection with reinvestments of dividends		113,559			1,252,118			119,749			1,297,371
Proceeds from short-term redemption fees		N/A			511			N/A			2,422
Shares redeemed		(4,036,559	)		(44,522,443	)		(2,416,961	)		(26,142,859	)
Net increase (decrease)		(882,831	)	$	(9,720,812	)		3,301,296		$	36,079,248
Class I
Shares sold		22,224,702		$	244,957,754			34,364,204		$	368,374,812
Shares issued in connection with reinvestments of dividends		358,044			3,943,291			222,188			2,409,785
Proceeds from short-term redemption fees		N/A			4,390			N/A			435
Shares redeemed		(10,256,469	)		(112,934,324	)		(5,743,724	)		(61,924,260	)
Net increase		12,326,277		$	135,971,111			28,842,668		$	308,860,772

Included in Shares Sold and Shares Redeemed are shareholder exchanges during the years ended October 31, 2021 and 2020. Specifically:

During the year ended 2021, 243 shares of Class N were exchanged for 244 shares of Class I valued at $2,688, and 106,612 shares of Class I were exchanged for 106,515 shares of Class N valued at $1,172,702.

During the year ended 2020, 994,055 shares of Class N were exchanged for 994,975 shares of Class I valued at $10,757,858.

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

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Investment Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). Additionally, in the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to redemption of securities by the issuer before maturity (call risk), failure of a counterparty to a transaction to perform (credit risk), changes in interest rates, higher volatility for securities with longer maturities (interest rate risk), difficulty in being able to purchase or sell a security (liquidity risk) and a significant position in municipal securities in a particular state (geographic risk). Political, legislative and economic events may affect a municipal security’s value, interest payments, repayments of principal and the Fund’s ability to sell it (municipal issuer risk). Additionally, as the Fund’s exposure to similar municipal revenue sectors increases, the Fund will become more sensitive to adverse economic, business or political developments relevant to these sectors (municipal revenue sector risk). The Fund’s use of derivatives creates risks that are different from, or possibly greater than, the risks associated with investing directly in securities as the Fund could lose more than the principal amount invested (derivatives risk). The value of securities held by the Fund may decline in response to certain events, including: those directly involving the companies or issuers whose securities are held by the Fund; conditions affecting the general economy; overall market changes; and political and regulatory events. Natural disasters, the spread of infectious illness and other public health emergencies, recession, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse effects on world economies and markets generally (market risk). While the Fund endeavors to purchase only bona fide tax exempt bonds, there is a risk that a bond may be reclassified by the IRS as a taxable bond creating taxable income for the Fund and its shareholders (taxation risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients may make up a large percentage of the Fund’s shareholders (shareholder concentration risk). LIBOR is scheduled to be phased out by 2022. The unavailability and/or discontinuation of LIBOR may affect the value, liquidity or return on certain fund investments that mature later than 2022 and may result in costs incurred in connection with closing out positions and entering into new positions. Any pricing adjustments to the fund’s

investments resulting from a substitute reference rate may also adversely affect the fund’s performance and/or net asset value (LIBOR Transition Risk). The extent of the Fund’s exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund’s Statement of Assets and Liabilities.

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

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

7. Subsequent Events. BBH&Co. ("BBH"), the custodian and fund accountant for the Fund, has entered into an agreement with State Street Corporation (“State Street”) under which State Street will acquire BBH’s Investor Services business; which includes those services provided to the Fund. The transaction is expected to be completed in the first quarter of 2022, subject to customary closing conditions and regulatory approvals. Investment advisory, portfolio management and administrative services provided to BBH Trust by BBH through its SID are not impacted by the agreement with State Street.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

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

The Fund hereby designates $602,567 as an approximate amount of capital gain dividend for the purpose of dividends paid deduction.

The qualified investment income (“QII”) percentage for the year ended October 31, 2021 was 100%. In January 2022, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2021. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

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

For the 12-month period ended October 31, 2021, the BBH U.S. Government Money Market Fund (the “Fund”) returned 0.01%. We believe the performance of the Fund remains competitive with industry peers, while maintaining a high degree of quality and liquidity throughout the period.

The Fund seeks to maximize income while attempting to preserve capital and maintain liquidity by investing in securities issued or guaranteed as to principal and interest by the U.S. Government or its Agencies and repurchase agreements fully backed by such instruments.

The Federal Reserve (“Fed”) maintained an accommodative monetary policy throughout the reporting period leaving the Federal Funds Rate target unchanged at a range of 0% to 0.25%. Throughout the first half of the period the Fed noted that the path of the economy would depend significantly on the course of the virus. And while the economy and labor market improved, they remained far from substantial further progress that would prompt a change in the accommodative stance of policy. In March, the American Rescue Plan Act of 2021 was signed into law by the President addressing the need for more fiscal stimulus. The Fed increased the rate of Interest on Excess Reserves and the Reverse Repo Facility by 5 basis points* to 15 and 5 basis points, respectively, giving a much-needed boost to the money markets.

During the second half of the period, higher inflation readings and uneven labor market gains have challenged the Fed’s stance on accommodative policy as the economy continues to emerge from the depths of the pandemic. The Fed announced its plan to taper the $120 billion monthly pace of its asset purchases beginning in mid-November, stating that the move came “in light of the substantial further progress the economy has made toward the Committee’s goals since last December.” The markets expectations of an increase in the Federal Funds Rate target shifted to mid-2022. However, the outlook for the economy remains uncertain and Fed policy remains supportive to mitigate the downside risks.

The investment team for the BBH Money Market Fund maintained what it believed to be a prudent investment strategy throughout the period, with a weighted average maturity typically between 35 and 45 days.

To the Trustees of the BBH Trust and Shareholders of BBH U.S. Government Money Market Fund:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH U.S. Government Money Market Fund (the "Fund"), one of the funds within BBH Trust, as of October 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended, the period from July 1, 2019 to October 31, 2019 and for each of the three years in the period ended June 30, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended, the period from July 1, 2019 to October 31, 2019 and for each of the three years in the period ended June 30, 2019, in conformity with accounting principles generally accepted in the United States of America.

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

All data as of October 31, 2021. The Fund's breakdown by security type is expressed as a percentage of net assets and may vary over time.

Principal Amount			Maturity Date	Interest Rate		Value

		U.S. GOVERNMENT AGENCY OBLIGATION (2.0%)
$	85,000,000	Federal Home Loan Bank Discount Notes¹	11/17/21	0.025	%	$	84,999,056
		Total U.S. Government Agency Obligation (Cost $84,999,056)					84,999,056
		U.S. TREASURY BILLS (92.2%)
	45,000,000	U.S. Treasury Bill¹	11/02/21	0.040			44,999,950
	200,000,000	U.S. Treasury Bill^1,2	11/04/21	0.048			199,999,208
	225,000,000	U.S. Treasury Bill^1,2	11/09/21	0.045			224,997,750
	290,000,000	U.S. Treasury Bill^1,2	11/12/21	0.029			289,997,418
	320,000,000	U.S. Treasury Bill^1,2	11/16/21	0.034			319,995,506
	345,000,000	U.S. Treasury Bill^1,2	11/18/21	0.039			344,993,626
	425,000,000	U.S. Treasury Bill^1,2	11/23/21	0.041			424,989,330
	275,000,000	U.S. Treasury Bill^1,2	11/26/21	0.047			274,991,094
	270,000,000	U.S. Treasury Bill^1,2	11/30/21	0.048			269,989,487
	280,000,000	U.S. Treasury Bill^1,2	12/02/21	0.041			279,990,132
	400,000,000	U.S. Treasury Bill^1,2	12/07/21	0.041			399,983,550
	360,000,000	U.S. Treasury Bill^1,2	12/09/21	0.041			359,984,325
	100,000,000	U.S. Treasury Bill¹	12/14/21	0.067			99,991,997
	310,000,000	U.S. Treasury Bill^1,2	12/16/21	0.056			309,978,413
	50,000,000	U.S. Treasury Bill¹	01/27/22	0.025			49,996,979
		Total U.S. Treasury Bills (Cost $3,894,878,765)					3,894,878,765
		REPURCHASE AGREEMENTS (4.1%)
	55,000,000	BNP Paribas (Agreement dated 10/29/21 collateralized by FHLMC 3.000%-8.000%, due 01/01/27-09/01/51, original par $19,987,036, value $4,803,805, FNMA 1.807%-6.000%, due 01/01/27-07/01/51, original par $25,429,488, value $9,034,788, GNMA 2.126%-4.500%, due 11/20/34- 01/20/69, original par $30,537,941, value $11,775,613, U.S. Treasury Securities 0.000%-6.875%, due 12/07/21-08/31/26, original par $28,020,000, value $30,485,798)	11/01/21	0.050			55,000,000
	65,000,000	National Australia Bank Ltd. (Agreement dated 10/29/21 collateralized by U.S. Treasury Notes 1.250%, due 05/31/28, original par $66,980,000, value $66,300,000)	11/01/21	0.020			65,000,000

Authoritative guidance establishes three levels of the fair value hierarchy as follows:

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

Financial assets classified within Level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include private equity and certain corporate debt securities. As observable prices are not available for these securities, valuation techniques are used to derive fair value.

At October 31, 2021, 100% of the Fund’s investments were valued using amortized cost, in accordance with rules under the Investment Company Act of 1940, as amended (the “1940 Act”). Amortized cost approximates the fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of October 31, 2021.

ASSETS:
Investments, at cost which approximates fair value			$3,979,877,821
Repurchase agreements (Cost $175,000,000)			175,000,000
Cash			72,741,428
Receivables for:
Investment advisory and administrative fees waiver reimbursement			615,601
Interest			1,443
Shares sold			359
Prepaid assets			19,700
Total Assets			4,228,256,352
LIABILITIES:
Payables for:
Investment advisory and administrative fees			703,493
Custody and fund accounting fees			63,637
Professional fees			47,083
Transfer agent fees			4,407
Dividends declared			3,474
Board of Trustees' fees			1,111
Accrued expenses and other liabilities			16,345
Total Liabilities			839,550
NET ASSETS			$4,227,416,802
Net Assets Consist of:
Paid-in capital			$4,227,416,203
Undistributed net investment income			599
Net Assets			$4,227,416,802

	For the years ended October 31,
		2021			2020
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	392,672		$	13,697,472
Net realized gain on investments		16,860			40,269
Net increase in net assets resulting from operations		409,532			13,737,741
Distributions declared:
Regular Shares*		(2,579	)		(345,171	)
Institutional Shares		(371,165	)		(13,392,570	)
Total distributions declared		(373,744	)		(13,737,741	)
From Fund Share (Principal) Transactions at Net Asset Value of $1.00 per share:
Fund shares sold and fund shares issued in connection with reinvestments of dividends		8,901,851,221			8,663,555,206
Fund shares repurchased		(8,210,017,012	)		(7,238,357,034	)
Net increase in net assets resulting from fund share transactions		691,834,209			1,425,198,172
Total increase in net assets		691,869,997			1,425,198,172
NET ASSETS:
Beginning of year		3,535,546,805			2,110,348,633
End of year	$	4,227,416,802		$	3,535,546,805

	For the years ended October 31,						For the period from July 1, 2019 to October 31,				For the years ended June 30,
	2021			2020			2019				2019			2018			2017
Net asset value, beginning of period	$	1.00		$	1.00			$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations:
Net investment income¹		0.00	²		0.01				0.01			0.02			0.01			0.00	²
Distributions to shareholders:
From net investment income		0.00	²		(0.01	)			(0.01	)		(0.02	)		(0.01	)		0.00	²
Total distributions		0.00	²		(0.01	)			(0.01	)		(0.02	)		(0.01	)		0.00	²
Net asset value, end of period	$	1.00		$	1.00			$	1.00		$	1.00		$	1.00		$	1.00
Total return³		0.01	%		0.59	%			0.63	%⁴		2.02	%		1.06	%		0.22	%
Ratios/Supplemental data:
Net assets, end of period (in millions)	$	4,227		$	3,475			$	2,040		$	2,126		$	1,710		$	1,455
Ratio of expenses to average net assets before reductions		0.23	%		0.24	%			0.24	%⁵		0.24	%		0.26	%		0.24	%
Expense reimbursement⁶		(0.19	)%		(0.05	)%			–	%		–	%		–	%		–	%
Expense offset arrangement		–	%		–	%			–	%		(0.01	)%		(0.02	)%		(0.00	)%⁷
Ratio of expenses to average net assets after reductions		0.04	%		0.19	%			0.24	%⁵		0.23	%		0.24	%		0.24	%
Ratio of net investment income to average net assets		0.01	%		0.48	%			1.86	%		2.02	%		1.07	%		0.21	%

1. Organization. The Fund is a separate series of BBH Trust (the “Trust”), which is registered under the 1940 Act, as an open-end management investment company. The Trust was originally organized as a Massachusetts business trust on June 7, 1983 and re-organized as a Delaware statutory trust on June 12, 2007. The Fund commenced operations on December 12, 1983. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to create an unlimited number of series, each of which may issue a separate class of shares. As of the close of business on February 26, 2021, shares of the Fund’s Regular Shares class were converted to the Fund’s Institutional Shares class. The Regular Shares class ceased operation at this time. The Fund currently offers one class of shares designated as Institutional Shares. The investment objective of the Fund is to provide investors with as high a level of income as is consistent with the preservation of capital and the maintenance of liquidity. At October 31, 2021, there were nine series of the Trust. Effective July 1, 2019, the Fund changed its fiscal year end from June 30, 2019 to October 31, 2019.

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

A. Valuation of Investments. The Fund values its investments at amortized cost, which approximates fair value. The amortized cost method values a security at its cost at the time of purchase and thereafter assumes a constant amortization to maturity of any discount or premium. The Fund’s use of amortized cost is in compliance with Rule 2a-7 of the 1940 Act. In the event that security valuations do not approximate fair value, securities may be valued as determined in accordance with procedures adopted by the Board.

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

D.Repurchase Agreements. The Fund may enter into repurchase agreements. Repurchase agreements are transactions in which the Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price normally is in excess

of the purchase price, reflecting an agreed upon interest rate. The rate is effective for the period of time that assets of the Fund are invested in the agreement and is not related to the coupon rate on the underlying security. The Fund will enter into repurchase agreements only with banks and other recognized financial institutions, such as securities dealers, deemed creditworthy by the investment adviser. The Fund’s custodian or sub-custodian will take possession of the securities subject to repurchase agreements. The investment adviser, custodian or sub-custodian will monitor the marked-to-market value of the underlying collateral each day to ensure that the value of the security always equals or exceeds the repurchase price.

Repurchase agreements are entered into by the Fund under Master Repurchase Agreements (MRA) which permit the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Lastly, the MRA does not preclude the Fund from selling, transferring, pledging or hypothecating the underlying collateral but no such transaction shall relieve the Fund of its obligation to transfer the collateral to the counterparty upon the latter’s repurchase of the securities.

The Fund’s repurchase agreements are disclosed on a gross basis and information related to collateral, which could be offset in event of default, are shown in the Portfolio of Investments.

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

tax benefits as of October 31, 2021, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statement of Operations. During the year ended October 31, 2021, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

F.Dividends and Distributions to Shareholders. Dividends and distributions from net investment income to shareholders are declared daily and paid monthly to shareholders. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends in the amounts of $2,579 and $371,165 to Regular and Institutional shareholders, respectively, during the year ended October 31, 2021.

The tax character of distributions paid during the years ended October 31, 2021 and 2020, respectively, were as follows:

As of October 31, 2021 and 2020, respectively, the components of retained earnings/(accumulated deficit) were as follows:

The Fund is permitted to carryforward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period and they will retain their character as either short-term or long-term capital losses rather than being considered all short-term capital losses.

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

There are no significant differences between book-basis and tax-basis unrealized appreciation/(depreciation) for investments for the current period.

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

G. Use of Estimates. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from these estimates.

A.Investment Advisory and Administrative Fees. Effective June 12, 2007, under a combined Investment Advisory and Administrative Services Agreement (“Agreement”) with the Trust, Brown Brothers Harriman & Co. (“BBH”) through a separately identifiable department (“SID” or “Investment Adviser”) provides investment advisory and portfolio management services to the Fund. BBH also provides administrative services to the Fund. The Fund pays a combined fee for investment advisory and administrative services calculated daily and paid monthly at an annual rate equivalent to 0.25% on the first $1,000,000,000 of the Fund’s average daily net assets and 0.20% of the Fund’s average daily net assets in excess of $1,000,000,000. For the year ended October 31, 2021, the Fund incurred $7,972,965 for services under the Agreement.

B.Investment Advisory and Administrative Fee Waiver. BBH has voluntarily agreed to waive its Investment Advisory and Administrative Fee and credit daily to the Fund an amount necessary to maintain the minimum annualized yield of the Fund at 0.01%. The amount credited each day will offset the daily accrual of the Investment Advisory and Administrative Fee. This is a voluntary waiver that can be changed at any time at the sole discretion of BBH. For the year ended October 31, 2021, BBH waived fees in the amount of $54,794 and $7,060,486 for Regular Shares and Institutional Shares, respectively.

C.Shareholder Servicing Fees. The Trust has a shareholder servicing agreement with BBH. BBH receives a fee from the Regular Shares of the Fund calculated daily and paid monthly at an annual rate of 0.20% of the Regular Shares’ average daily net assets. For the year ended October 31, 2021, the Regular Shares of the Fund incurred $51,544 in shareholder servicing fees.

D.Shareholder Servicing Fee Waiver. BBH has voluntarily agreed to waive its Shareholder Servicing Fee for the Regular Shares only when the Investment Advisory and Administrative Fee waiver

described above is not enough to maintain the minimum daily yield of the Fund at 1 basis point (0.01%). The amount credited each day will offset to the daily accrual of the Shareholder Servicing Fee. This is a voluntary waiver that can be changed at any time at the sole discretion of BBH. For the year ended October 31, 2021, the Regular Shares of the Fund incurred $43,285 in shareholder servicing fees.

E.Custody and Fund Accounting Fees. BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and paid monthly. BBH holds all of the Fund’s cash and investments and calculates the Fund’s daily net asset value. The custody fee is an asset and transaction based fee. The fund accounting fee is an asset based fee calculated at 0.004% per annum of average daily net assets. For the year ended October 31, 2021, the Fund incurred $285,999 in custody and fund accounting fees. As per agreement with the Fund’s custodian, the Fund receives interest income on cash balances held by the custodian at the BBH Base Rate. The BBH Base Rate is defined as BBH’s effective trading rate in local money markets on each day. The total interest earned by the Fund under the agreement for the year ended October 31, 2021 was $19,606. This amount is included in “Interest income” in the Statement of Operations. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the Federal Funds overnight investment rate on the day of the overdraft. The total interest incurred by the Fund for the year ended October 31, 2021 was $22,874. This amount is included in the “Custody and fund accounting fees” in the Statement of Operations.

F.Board of Trustees’ Fees. Each Trustee who is not an “interested person” as defined under the 1940 Act (referred to here as an “Independent Trustee”) receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the year ended October 31, 2021, the Fund incurred $81,638 in Independent Trustee compensation and expense reimbursements.

G.Officers of the Trust. Officers of the Trust are also employees of BBH. Officers are paid no fees by the Trust for their services to the Trust.

4.Shares of Beneficial Interest. The Trust is permitted to issue an unlimited number of Regular Shares and Institutional Shares of beneficial interest, at no par value. Effective February 26, 2021, the Fund’s Regular Share Class was converted to the Fund’s Institutional Share Class. Transactions in Regular Shares and Institutional Shares were as follows:

	For the year ended October 31, 2021						For the year ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Regular Shares
Shares sold		107,428,914		$	107,428,914			315,424,689		$	315,424,689
Shares issued in connection with reinvestments of dividends		7			7			126,888			126,888
Shares redeemed		(168,383,442	)		(168,383,442	)		(325,258,417	)		(325,258,417	)
Net decrease		(60,954,521	)	$	(60,954,521	)		(9,706,840	)	$	(9,706,840	)
Institutional Shares
Shares sold		8,794,422,278		$	8,794,422,278			8,347,970,492		$	8,347,970,492
Shares issued in connection with reinvestments of dividends		22			22			33,137			33,137
Shares redeemed		(8,041,633,570	)		(8,041,633,570	)		(6,913,098,617	)		(6,913,098,617	)
Net increase		752,788,730		$	752,788,730			1,434,905,012		$	1,434,905,012

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

Investments in the Fund are neither insured nor guaranteed by the U.S. Government. Shares of the Fund are not deposits or obligations of, or guaranteed by, BBH or any other bank, and the shares are neither insured nor guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other federal, state or other governmental agency. BBH has no legal obligation to provide financial support to the Fund and you should not expect that BBH as the Fund’s sponsor will provide financial support to the Fund at any time. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Please refer to the Fund’s prospectus for a complete description of the principal risks of investing in the Fund.

The divergence of the Fund’s amortized cost price per share from its market based net asset value per share may result in the Fund’s inability to maintain a stable $1.00 NAV, resulting in material dilution or other unfair results to shareholders (stable NAV risk). In the normal course of business the Fund invests in securities and enters into transactions where risks exist due to fluctuations in the market (market risk), failure of an issuer, guarantor or counterparty to a transaction to perform (credit risk) or

changes in interest rates (interest rate risk). The Fund is subject to the risk that the securities selected by the investment adviser may underperform (management risk). Even though the Fund’s investments in repurchase agreements are collateralized at all times, there is some risk to the Fund if the other party to the agreement should default on its obligations (repurchase agreement risk). The Fund’s investments in certain U.S. government agency securities may not be backed by the U.S. Treasury and may be supported only by the credit of the issuer (U.S. government agency securities risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by the Fund’s investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (shareholder concentration risk). The Fund’s exposure to these risks with respect to these financial assets held by the Fund is reflected in their value as recorded in the Fund’s Statement of Assets and Liabilities. The U.S. Securities and Exchange Commission (“SEC”) and other regulators may adopt additional money market fund regulations in the future, which may impact the operation and performance of the Fund (Regulatory Risk). The absence of an active market for the Fund’s variable and floating rate securities could make it difficult for the Fund to dispose of them if the issuer defaults (variable and floating rate instrument risk).

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

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

6. Money Market Regulation. Money market funds are required to comply with SEC regulations and governing rules for money market funds. Government money market funds, such as BBH U.S. Government Money Market Fund, are permitted to continue to transact fund shares at a NAV calculated using the amortized cost valuation method. The Fund’s Board of Trustees has determined not to impose any liquidity-based redemption fees or redemption gates on the Fund as permitted by the SEC amendments. As a government

money market fund, the Fund must invest 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully by cash or government securities.

7. Significant Events. Effective February 26, 2021, the Fund’s Regular Share Class was converted to the Fund’s Institutional Share Class.

8.Subsequent Events. BBH, the custodian and fund accountant for the Fund, has entered into an agreement with State Street Corporation (“State Street”) under which State Street will acquire BBH’s Investor Services business; which includes those services provided to the Fund. The transaction is expected to be completed in the first quarter of 2022, subject to customary closing conditions and regulatory approvals. Investment advisory, portfolio management and administrative services provided to BBH Trust by BBH through its SID are not impacted by the agreement with State Street.

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

In January 2022, the Fund will report on Form 1099 the tax status of all distributions made during the calendar year 2021. Shareholders should use the information on Form 1099 for their income tax returns.

Information pertaining to the Trustees and executive officers of BBH Trust as of October 31, 2021 is set forth below. The mailing address for each Trustee is c/o BBH Trust, 140 Broadway, New York, NY 10005.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Name and Birth Year	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee^	Other Public Company or Investment Company Directorships held by Trustee During Past 5 Years
Independent Trustees
H. Whitney Wagner Birth Year: 1956	Chairman of the Board and Trustee	Chairman Since 2014; Trustee Since 2007 and 2006-2007 with the Predecessor Trust	President, Clear Brook Advisors, a registered investment adviser.	9	None.
Andrew S. Frazier Birth Year: 1948	Trustee	Since 2010	Retired.	9	None.
Mark M. Collins Birth Year: 1956	Trustee	Since 2011	Partner of Brown Investment Advisory Incorporated, a registered investment adviser.	9	Chairman of Dillon Trust Company.
John M. Tesoro Birth Year: 1952	Trustee	Since 2014	Retired.	9	Trustee, Bridge Builder Trust (8 Funds); Director, Teton Advisors, Inc. (a registered investment adviser).
Joan A. Binstock Birth Year: 1954	Trustee	Since 2019	Partner, Chief Financial and Operations Officer, Lord Abbett & Co. LLC (1999-2018); Lovell Minnick Partners, Advisers Counsel (2018-present).	9	Independent Director, Morgan Stanley Direct Lending Fund; KKR Real Estate Interval Fund.

Name, Address and Birth Year	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee^	Other Public Company or Investment Company Directorships held by Trustee During Past 5 Years
Interested Trustees
Susan C. Livingston+ 50 Post Office Square Boston, MA 02110 Birth Year: 1957	Trustee	Since 2011	Partner (since 1998) and Senior Client Advocate (since 2010) for BBH&Co.	9	None.
John A. Gehret+ 140 Broadway New York, NY 10005 Birth Year: 1959	Trustee	Since 2011	Limited Partner of BBH&Co. (2012-present).	9	None.

Name, Address and Birth Year	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years
Officers
Jean-Pierre Paquin 140 Broadway New York, NY 10005 Birth Year: 1973	President and Principal Executive Officer	Since 2016	Partner of BBH&Co. since 2015; joined BBH&Co. in 1996.
Daniel Greifenkamp 140 Broadway New York, NY 10005 Birth Year: 1969	Vice President	Since 2016	Managing Director of BBH&Co. since 2014; joined BBH&Co. in 2011.
Charles H. Schreiber 140 Broadway New York, NY 10005 Birth Year: 1957	Treasurer and Principal Financial Officer	Since 2007 2006-2007 with the Predecessor Trust	Senior Vice President of BBH&Co. since 2001; joined BBH&Co. in 1999.
Paul F. Gallagher 140 Broadway New York, NY 10005 Birth Year: 1959	Chief Compliance Officer (“CCO”)	Since 2015	Senior Vice President of BBH&Co. since 2015.
Kristin Marvin 140 Broadway New York, NY 10005 Birth Year: 1981	Anti-Money Laundering Officer (“AMLO”)	Since 2021	Assistant Vice President of BBH&Co. since March 2020; Program Manager, Ares Management Corporation, April 2015 - March 2020.

Name, Address and Birth Year	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years
Suzan M. Barron 50 Post Office Square Boston, MA 02110 Birth Year: 1964	Secretary	Since 2009	Senior Vice President and Senior Investor Services Counsel of BBH&Co. since 2005.
Crystal Cheung 140 Broadway New York, NY 10005 Birth Year: 1974	Assistant Treasurer	Since 2018	Assistant Vice President of BBH&Co. since 2016; joined BBH&Co. in 2014.
Dania C. Piscetta 50 Post Office Square Boston, MA 02110 Birth Year: 1989	Assistant Secretary	Since 2021	Assistant Vice President of BBH&Co. since 2021; Assistant Vice President and Legal Associate of Wellington Management Company LLP. April 2018 - March 2021; Senior Compliance Analyst, Fidelity Investments, May 2016 – April 2018.

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

TOTAL INVESTMENTS (Cost $292,871,831)⁴	99.5	%	$	292,465,903
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES	0.5	%		1,331,518
NET ASSETS	100.00	%	$	293,797,421

¹	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities owned at October 31, 2021 was $119,657,407 or 40.7% of net assets.
²	Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the October 31, 2021 coupon or interest rate.
³	Security issued with zero coupon. Income is recognized through accretion of discount.
⁴	The aggregate cost for federal income tax purposes is $292,871,893, the aggregate gross unrealized appreciation is $31,760 and the aggregate gross unrealized depreciation is $437,750, resulting in net unrealized depreciation of $405,990.

—	Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities.
—	Level 2 – significant other observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.).
—	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets and liabilities).

	For the period from January 20, 2021 (commencement of operations) to October 31, 2021
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income		$	370,836
Net realized gain on investments in securities and foreign exchange transactions and translations			32,964
Net change in unrealized appreciation/(depreciation) on investments in securities and foreign currency translations			(405,928	)
Net decrease in net assets resulting from operations			(2,128	)
Total dividends and distributions declared			(394,085	)
Share transactions:
Proceeds from sales of shares			527,085,420
Cost of shares redeemed			(232,891,786	)
Net increase in net assets resulting from share transactions			294,193,634
Total increase in net assets			293,797,421
NET ASSETS:
Beginning of period			–
End of period		$	293,797,421

	For the period from January 20, 2021 (commencement of operations) to October 31, 2021
Net asset value, beginning of period		$	10.00
Income from investment operations:
Net investment income¹			0.01
Net realized and unrealized loss			(0.01	)
Total income from investment operations			0.00	²
Less dividends and distributions:
From net investment income			(0.01	)
Net asset value, end of period		$	9.99
Total return³			0.02	%⁴
Ratios/Supplemental data:
Net assets, end of period (in millions)		$	294
Ratio of expenses to average net assets before reductions			0.39	%⁵
Fee waiver			(0.09	)%^5.6
Ratio of expenses to average net assets after reductions			0.30	%⁵
Ratio of net investment income to average net assets			0.14	%⁵
Portfolio turnover rate			42	%⁴

¹	Calculated using average shares outstanding for the period.
²	Less than $0.01.
³	Assumes the reinvestment of distributions.
⁴	Not annualized.
⁵	Annualized with the exception of audit fees, legal fees and registration fees.
⁶	The ratio of expenses to average net assets for the period ended October 31, 2021 reflect fees reduced as result of a voluntary operating expense waiver. For the period from January 20, 2021 to October 31, 2021 the waived fee was $286,212.


	For the period ended October 31, 2021*
	Shares			Dollars

Shares sold		52,713,222		$	527,085,420
Shares redeemed		(23,291,023	)		(232,891,786	)
Net increase		29,422,199		$	294,193,634

¹	Expenses are equal to the Fund’s annualized expense ratio of 0.15% multiplied by the average account value over the period, multiplied by 184/365.
²	Assumes a return of 5% before expenses. For the purposes of the calculation, the applicable annualized expenses ratio is subtracted from the assumed return before expenses.

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

TOTAL INVESTMENTS (Cost $288,800,463)²	88.0	%	$	283,645,180
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES	12.0	%		38,833,563
NET ASSETS	100.00	%	$	322,478,743

¹	Non-income producing security.
²	The aggregate cost for federal income tax purposes is $288,800,463, the aggregate gross unrealized appreciation is $18,235,629 and the aggregate gross unrealized depreciation is $23,390,912, resulting in net unrealized depreciation of $5,155,283.

	For the period from July 8, 2021 (commencement of operations) to October 31, 2021
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income		$	(708,006	)
Net realized gain on investments in securities and foreign exchange transactions and translations			2,758,868
Net change in unrealized appreciation/(depreciation) on investments in securities and foreign currency translations			(5,155,283	)
Net decrease in net assets resulting from operations			(3,104,421	)
Share transactions:
Proceeds from sales of shares			327,054,355
Cost of shares redeemed			(1,471,191	)
Net increase in net assets resulting from share transactions			325,583,164
Total increase in net assets			322,478,743
NET ASSETS:
Beginning of period			–
End of period		$	322,478,743

	Beginning Account Value July 8, 2021			Ending Account Value October 31, 2021			Expenses Paid During Period July 8, 2021 to October 31, 2021¹
Class I
Actual		$	1,000		$	985		$	2.88
Hypothetical²		$	1,000		$	1,013		$	2.92

TOTAL INVESTMENTS (Cost $12,517,521)²	96.7	%	$	13,372,722
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES	3.3	%		461,131
NET ASSETS	100.00	%	$	13,833,853

	For the period from May 24, 2021 (commencement of operations) to October 31, 2021
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment loss		$	(22,618	)
Net realized gain on investments in securities			12,020
Net change in unrealized appreciation/(depreciation) on investments in securities			855,201
Net increase in net assets resulting from operations			844,603
Share transactions:
Proceeds from sales of shares			12,989,250
Net increase in net assets resulting from share transactions			12,989,250
Total increase in net assets			13,833,853
NET ASSETS:
Beginning of period			–
End of period		$	13,833,853


	Components of retained earnings/(accumulated deficit):
	Undistributed ordinary income			Undistributed long-term capital gain			Accumulated capital and other losses			Other book/tax temporary differences			Unrealized appreciation/ (depreciation)			Total retained earnings/ (accumulated deficit)
2021:		$	—		$	—		$	—		$	—		$	855,201		$	855,201

Shares/ Units		Value
	REGISTERED INVESTMENT COMPANIES (3.9%)
	UNITED STATES (3.9%)
106,700,000	Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio, Institutional Share Class	$	106,700,000
	Total United States		106,700,000
	Total Registered Investment Companies (Cost $106,700,000)		106,700,000

	WARRANTS (0.0%)
	SWITZERLAND (0.0%)
573,446	Cie Financiere Richemont S.A., expires 11/22/2023¹		412,911
	Total Switzerland		412,911
	Total Warrants (Cost $–)		412,911

TOTAL INVESTMENTS (Cost $2,176,657,108)³	97.8	%	$	2,658,501,837
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES	2.2	%		59,864,079
NET ASSETS	100.00	%	$	2,718,365,916

*	Effective February 24, 2017 Class N shares were converted into Class I shares.
¹	Calculated using average shares outstanding for the year.
²	Less than $0.01.
³	Assumes the reinvestment of distributions.

Distributions paid from:
	Ordinary income			Net long-term capital gain			Total taxable distributions			Tax return of capital			Total distributions paid
2021		$	37,710,191		$	26,881,831		$	64,592,022		$	—		$	64,592,022
2020:			9,900,534			20,618,645			30,519,179			—			30,519,179

	Beginning Account Value May 1, 2021			Ending Account Value October 31, 2021			Expenses Paid During Period May 1, 2021 to October 31, 2021¹
Class I
Actual		$	1,000		$	999		$	3.44
Hypothetical²		$	1,000		$	1,022		$	3.48

*	Morningstar rankings are based on risk-adjusted returns.
**	Traditional ABS include prime auto backed loans, credit cards and student loans (FFELP). Non-traditional ABS include ABS backed by other collateral types.

¹	The Fund’s performance assumes the reinvestment of all dividends and distributions. The Barclays Capital U.S. 1-3 Year Treasury Bond Index (“BCTSY”) has been adjusted to reflect reinvestment of dividends on securities in the index. The BCTSY is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance.
The Reference Benchmark is an unmanaged weighted index comprised as follows: 40% Bloomberg Barclays Short-Term Corporate Index; 40% Bloomberg Barclays US Aggregate ABS Index; and 20% Bloomberg Barclays US Treasury Bills Index. The indexes are not available for direct investment. The Fund does not measure its performance success nor alter its construction in relation to any particular benchmark or index.
Bloomberg^® and the Bloomberg indexes are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Brown Brothers Harriman & Co (BBH). Bloomberg is not affiliated with BBH, and Bloomberg does not approve, endorse, review, or recommend the BBH strategies. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the fund.

	Interest Rate			Value
TOTAL INVESTMENTS (Cost $12,140,541,463)⁸	100.9	%	$	12,211,377,642
LIABILITIES IN EXCESS OF OTHER ASSETS	(0.9)	%		(113,648,101	)
NET ASSETS	100.0	%	$	12,097,729,541

¹	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities owned at October 31, 2021 was $3,478,486,746 or 28.8% of net assets.
²	Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the October 31, 2021 coupon or interest rate.
³	This variable rate security is based on a predetermined schedule and the rate at period end also represents the reference rate at period end.
⁴	Security that used significant unobservable inputs to determine fair value.
⁵	Security is perpetual in nature and has no stated maturity date.
⁶	Security issued with zero coupon. Income is recognized through accretion of discount.
⁷	All or a portion of this security is held at the broker as collateral for open futures contracts.
⁸	The aggregate cost of investments (including derivatives, if any) for federal income tax purposes is $12,150,124,522, the aggregate gross unrealized appreciation is $113,038,375 and the aggregate gross unrealized depreciation is $42,202,511, resulting in net unrealized appreciation of $70,835,864.

Abbreviations:
CMT – Constant Maturity Treasury.
FHLMC – Federal Home Loan Mortgage Corporation.
FNMA – Federal National Mortgage Association.
GNMA – Government National Mortgage Association.
LIBOR – London Interbank Offered Rate.
SOFR – Secured Overnight Financing Rate.

	Number						Unrealized
	of	Expiration	Notional		Market		Gain /
Description	Contracts	Date	Amount		Value		(Loss)
Contracts to Sell:
U.S. Treasury 2-Year Notes	900	December 2021		$198,171,137		$197,325,000	$	846,137
U.S. Treasury 5-Year Notes	4,400	December 2021		543,989,107		535,700,000		8,289,107
U.S. Treasury 10-Year Notes	160	December 2021		21,360,000		20,912,500		447,500
							$	9,582,744

NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($655,707,480 ÷ 63,514,076 shares outstanding)			$10.32
CLASS I SHARES
($11,442,022,061 ÷ 1,108,888,145 shares outstanding)			$10.32

¹	Calculated using average shares outstanding for the year.
²	Assumes the reinvestment of distributions.
³	Less than 0.01%.

	Asset Derivatives				Liability Derivatives
Risk	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest Rate Risk	Net unrealized appreciation/(depreciation) on futures contracts	$	9,582,744	*	Net unrealized appreciation/(depreciation) on futures contracts	$	—

Total		$	9,582,744			$	—