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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.

All data as of April 30, 2022. The BBH Partner Fund – Small Cap Equity (the “Fund”) sector diversification is expressed as a percentage of net assets and may vary over time.

Shares			Value
		COMMON STOCK (89.9%)
		BASIC MATERIALS (3.8%)
	650,000	Element Solutions, Inc.	$	13,403,000
		Total Basic Materials		13,403,000
		COMMUNICATIONS (16.0%)
	1,425,000	Despegar.com Corp. (British Virgin Islands)1		15,803,250
	200,000	Mimecast, Ltd. (Jersey)1		15,936,000
	1,150,000	Stitch Fix, Inc. (Class A)1		10,925,000
	725,000	WideOpenWest, Inc.1		14,536,250
		Total Communications		57,200,500
		CONSUMER CYCLICAL (13.3%)
	135,000	Papa John's International, Inc.		12,291,750
	1,200,000	ThredUp, Inc. (Class A)1		7,908,000
	625,000	XPEL, Inc.1		27,043,750
		Total Consumer Cyclical		47,243,500
		CONSUMER NON-CYCLICAL (21.1%)
	525,000	Alarm.com Holdings, Inc.1		32,067,000
	275,000	Cimpress , Plc. (Ireland)1		13,890,250
	350,000	EVERTEC, Inc. (Puerto Rico)		13,790,000
	100,000	Heska Corp.1		10,984,000
	100,000	Inmode, Ltd. (Israel)		2,511,000
	60,486	iRadimed Corp.		1,990,594
		Total Consumer Non-cyclical		75,232,844
		INDUSTRIALS (2.7%)
	1,000,000	Astronics Corp.1		9,690,000
		Total Industrials		9,690,000

Shares			Value
		COMMON STOCK (continued)
		TECHNOLOGY (33.0%)
	550,000	Agilysys, Inc.1	$	20,245,500
	250,000	Health Catalyst, Inc.1		4,160,000
	750,000	Model N, Inc.1		19,380,000
	1,100,000	Olo, Inc. (Class A)1		11,759,000
	200,000	Onto Innovation, Inc.1		14,228,000
	1,100,000	PagerDuty, Inc.1		31,427,000
	1,350,000	Zuora, Inc. (Class A)1		16,429,500
		Total Technology		117,629,000
		Total Common Stock
		(Cost $447,625,000)		320,398,844

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:

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, 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 April 30, 2022.

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 April 30, 2022
Common Stock:
Basic Materials		$	13,403,000		$	–		$	–		$	13,403,000
Communications			57,200,500			–			–			57,200,500
Consumer Cyclical			47,243,500			–			–			47,243,500
Consumer Non-Cyclical			75,232,844			–			–			75,232,844
Industrials			9,690,000			–			–			9,690,000
Technology			117,629,000			–			–			117,629,000
Total Investments, at value		$	320,398,844		$	–		$	–		$	320,398,844

ASSETS:
Investments in securities, at value (Cost $447,625,000)	$	320,398,844
Cash		36,071,773
Receivables for:
Shares sold		671,600
Dividends		15,750
Interest		5,470
Prepaid assets		88
Total Assets		357,163,525
LIABILITIES:
Payables for:
Investments purchased		404,096
Investment advisory and administrative fees		268,270
Professional fees		36,400
Custody and fund accounting fees		19,744
Transfer agent fees		4,799
Board of Trustees' fees		994
Accrued expenses and other liabilities		12,873
Total Liabilities		747,176
NET ASSETS	$	356,416,349
Net Assets Consist of:
Paid-in capital	$	483,472,138
Accumulated deficit		(127,055,789			)
Net Assets	$	356,416,349
NET ASSET VALUE AND OFFERING PRICE PER SHARE
($356,416,349 ÷ 51,185,723 shares outstanding)			$	6.96

	For the six months ended April 30, 2022 (unaudited)				For the period from July 8, 2021 (commencement of operations) to October 31, 2021
INCREASE IN NET ASSETS:
Operations:
Net investment loss		$	(1,361,250	)		$	(708,006	)
Net realized gain on investments in securities and foreign exchange transactions and translations			1,531,623				2,758,868
Net change in unrealized appreciation/(depreciation) on investments in securities and foreign currency translations.			(122,070,873	)			(5,155,283	)
Net decrease in net assets resulting from operations			(121,900,500	)			(3,104,421	)
Dividends and distributions declared:
Class I			(2,050,868	)			–
Share transactions:
Proceeds from sales of shares			173,649,456				327,054,355
Cost of shares redeemed			(15,760,482	)			(1,471,191	)
Net increase in net assets resulting from share transactions			157,888,974				325,583,164
Total increase in net assets			33,937,606				322,478,743
NET ASSETS:
Beginning of period			322,478,743				–
End of period		$	356,416,349			$	322,478,743

	For the six months ended April 30, 2022 (unaudited)				For the period from July 8, 2021 (commencement of operations) to October 31, 2021
Net asset value, beginning of period		$	9.85			$	10.00
Income from investment operations:
Net investment loss1			(0.03	)			(0.03	)
Net realized and unrealized loss			(2.80	)			(0.12	)
Total loss from investment operations			(2.83	)			(0.15	)
Less dividends and distributions:
From investment income			—				—
From net realized gains			(0.06	)			—
Total dividends and distributions			(0.06	)			—
Net asset value, end of period		$	6.96			$	9.85
Total return2			(28.88	)%3			(1.50	)%3
Ratios/Supplemental data:
Net assets, end of period (in millions)		$	356			$	322
Ratio of expenses to average net assets before reductions			0.93	%4			0.93	%5
Fee waiver			(0.00	)%4,6,7			(0.01	)%5,6
Ratio of expenses to average net assets after reductions			0.93	%4			0.92	%5
Ratio of net investment income to average net assets			(0.77	)%4			(0.83	)%5
Portfolio turnover rate			2	%3			3	%3

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 do 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 April 30, 2022, there were eight series of the Trust.

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

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.

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. 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 six months ended April 30, 2022, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for open tax period since July 8, 2021 (commencement of operations). The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

E.Dividends and Distributions to Shareholders. Dividends and distributions from net investment income to shareholders, if any, are paid annually and are recorded on the ex-dividend date. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends and distributions in the amount of $2,050,868 to Class I shares shareholders, during the six months ended April 30, 2022.

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

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

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

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 the six months ended April 30, 2022, the Fund incurred $1,509,285 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 voluntary waiver was terminated on December 5, 2021. For the six months ended April 30, 2022, the Investment Adviser waived fees in the amount of $2,089 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 six months ended April 30, 2022, the Fund incurred $16,622 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 six months ended April 30, 2022 was $25,389. 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 six months ended April 30, 2022, was $1,842. 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 six months ended April 30, 2022, the Fund incurred $27,476 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 six months ended April 30, 2022, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $162,603,753 and $5,310,839, 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:

* 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 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). 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.

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, 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 third 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 April 30, 2022 through the date the financial statements were issued and determined that there were no other subsequent events that would require recognition or additional disclosure in the financial statements.

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 (November 1, 2021 to April 30, 2022).

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.

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.

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

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

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

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

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

Other Clients and Allocation of Investment Opportunities. BBH, the Investment Adviser, and the Sub-Adviser manage funds and accounts of clients other than the Fund (“Other Clients”). In general, BBH, the Investment Adviser, and the Sub-Adviser face conflicts of interest when they render investment advisory services to different clients and, from time to time, provide dissimilar investment advice to different clients. Investment decisions will not necessarily be made in parallel among the Fund and Other Clients. Investments made by the Fund do not, and are not intended to, replicate the investments, or the investment methods and strategies, of Other Clients. Accordingly, such Other Clients may produce results that are materially different from those experienced by the Fund. Certain other conflicts of interest may arise in connection with a portfolio manager’s management of the Fund’s investments, on the one hand, and the investments of other funds or accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various funds or accounts managed by the Investment Adviser or Sub-Adviser could have different

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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’s Forms N-MFP are available electronically on the SEC’s website (sec.gov). For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund’s web site at http://www.bbhfunds.com.

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

All data as of April 30, 2022. The 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 (99.8%)
		COMMUNICATIONS (4.0%)
	4,371	Arista Networks, Inc.1	$	505,156
		Total Communications		505,156
		CONSUMER CYCLICAL (14.0%)
	130	NVR, Inc.1		568,907
	2,445	Watsco, Inc.		652,277
	6,413	Wyndham Hotels & Resorts, Inc.		564,088
		Total Consumer Cyclical		1,785,272
		CONSUMER NON-CYCLICAL (18.2%)
	7,160	AMN Healthcare Services, Inc.1		699,890
	2,541	Bright Horizons Family Solutions, Inc.1		290,284
	3,458	Bruker Corp.		198,800
	3,087	Charles River Laboratories International, Inc.1		745,541
	7,123	Shift4 Payments, Inc. (Class A)1		373,673
		Total Consumer Non-Cyclical		2,308,188
		FINANCIALS (12.0%)
	11,084	Brown & Brown, Inc.		686,986
	1,931	LPL Financial Holdings, Inc		362,777
	967	SVB Financial Group1		471,548
		Total Financials		1,521,311
		INDUSTRIALS (28.6%)
	5,171	Advanced Drainage Systems, Inc.		529,821
	4,587	AptarGroup, Inc.		526,725
	7,815	Crown Holdings, Inc.		859,963
	3,380	Graco, Inc.		209,628
	3,656	HEICO Corp. (Class A)		426,436
	7,565	Mercury Systems, Inc.1		422,051
	1,847	Toro Co.		148,000
	2,896	Vulcan Materials Co.		498,952
		Total Industrials		3,621,576

Shares			Value
		COMMON STOCK (continued)
		TECHNOLOGY (23.0%)
	2,704	Aspen Technology, Inc.1	$	428,692
	10,549	Black Knight, Inc.1		694,019
	7,016	Entegris, Inc.		781,512
	6,149	Guidewire Software, Inc.1		534,594
	3,925	Take-Two Interactive Software, Inc.1		469,077
		Total Technology		2,907,894
		Total Common Stock (Cost $13,439,032)		12,649,397

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 April 30, 2022.

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 April 30, 2022
Common Stock:
Communications		$	505,156		$	—		$	—		$	505,156
Consumer Cyclical			1,785,272			—			—			1,785,272
Consumer Non-Cyclical			2,308,188			—			—			2,308,188
Financials			1,521,311			—			—			1,521,311
Industrials			3,621,576			—			—			3,621,576
Technology			2,907,894			—			—			2,907,894
Investments, at value		$	12,649,397		$	—		$	—		$	12,649,397

ASSETS:
Investments in securities, at value (Cost $13,439,032)	$	12,649,397
Cash		65,345
Receivables for:
Investment advisory and administrative fee waiver reimbursement		17,842
Dividends		2,453
Interest		63
Prepaid assets		14
Total Assets		12,735,114
LIABILITIES:
Payables for:
Professional fees		33,650
Investment advisory and administrative fees		8,382
Transfer agent fees		4,836
Custody and fund accounting fees		2,340
Board of Trustees' fees		2,045
Accrued expenses and other liabilities		5,499
Total Liabilities		56,752

NET ASSETS	$	12,678,362
Net Assets Consist of:
Paid-in capital	$	13,627,105
Accumulated deficit		(948,743)
Net Assets	$	12,678,362

NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS I SHARES
($12,678,362 ÷ 1,361,082 shares outstanding)	$	9.31

NET INVESTMENT INCOME:
Income:
Dividends	$	32,457
Interest income		207
Total Income		32,664

Expenses:
Investment advisory and administrative fees		51,387
Professional fees		29,928
Board of Trustees' fees		27,350
Registration fees		17,072
Transfer agent fees		16,326
Custody and fund accounting fees		1,696
Miscellaneous expenses		13,184
Total Expenses		156,943
Investment advisory and administrative fee waiver		(95,247	)
Net Expenses		61,696
Net Investment Loss		(29,032	)

NET REALIZED AND UNREALIZED LOSS:
Net realized loss on investments in securities		(130,076	)
Net change in unrealized appreciation/(depreciation) on investments in securities		(1,644,836	)
Net Realized and Unrealized Loss		(1,774,912	)
Net Decrease in Net Assets Resulting from Operations	$	(1,803,944	)

	For the six months ended April 30, 2022 (unaudited)				For the period from May 24, 2021 (commencement of operations) to October 31, 2021
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment loss		$	(29,032	)		$	(22,618	)
Net realized gain (loss) on investments in securities			(130,076	)			12,020
Net change in unrealized appreciation/(depreciation) on investments in securities			(1,644,836	)			855,201
Net increase (decrease) in net assets resulting from operations.			(1,803,944	)			844,603
Share transactions:
Proceeds from sales of shares			648,453				12,989,250
Net increase in net assets resulting from share transactions			648,453				12,989,250
Total increase/(decrease) in net assets			(1,155,491	)			13,833,853
NET ASSETS:
Beginning of period			13,833,853				–
End of period		$	12,678,362			$	13,833,853

	For the six months ended April 30, 2022 (unaudited)				For the period from May 24, 2021 (commencement of operations) to October 31, 2021
Net asset value, beginning of period		$	10.68			$	10.00
Income from investment operations:
Net investment loss1			(0.02	)			(0.02	)
Net realized and unrealized gain (loss)			(1.35	)			0.70
Total income from investment operations			(1.37	)			0.68
Net asset value, end of period		$	9.31			$	10.68
Total return			(12.83	)%2			6.80	%2
Ratios/Supplemental data:
Net assets, end of period (in millions)		$	13			$	14
Ratio of expenses to average net assets before reductions			2.29	%3			2.46	%4
Fee waiver			(1.39	)%3,5			(1.56	)%4,5
Ratio of expenses to average net assets after reductions			0.90	%3			0.90	%4
Ratio of net investment income to average net assets			(0.42	)%3			(0.40	)%4
Portfolio turnover rate			10	%2			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 May 24, 2021 and offers two share classes, Class I and Retail Class. As of April 30, 2022, Retail Class shares are not available for purchase by investors but may be offered in the future. The investment objective of the Fund is to provide investors with long-term growth of capital. As of April 30, 2022, there were eight series of the Trust.

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 six months ended April 30, 2022, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for open tax period since May 24, 2021 (commencement of operations). The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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 six months ended April 30, 2022.

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, 2023, unless it is renewed by all parties to the agreement. The agreement may only be terminated during its term with approval of the Fund’s Board of Trustees. For the six months ended April 30, 2022, the Investment Adviser waived fees in the amount of $95,247.

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 six months ended April 30, 2022, the Fund incurred $1,696 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 six months ended April 30, 2022 was $207. 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 Fund did not incur any such fees during the six months ended April 30, 2022. 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 six months ended April 30, 2022, the Fund incurred $27,350 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.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

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

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

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

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

Other Clients and Allocation of Investment Opportunities. BBH and the Investment Adviser manage funds and accounts of clients other than the Fund (“Other Clients”). In general, BBH and the Investment Adviser face conflicts of interest when they render investment advisory services to different clients and, from time to time, provide dissimilar investment advice to different clients. Investment decisions will not necessarily be made in parallel among the Fund and Other Clients. Investments made by the Fund do not, and are not intended to, replicate the investments, or the investment methods and strategies, of Other Clients. Accordingly, such Other Clients may produce results that are materially different from those experienced by the Fund. Certain other conflicts of interest may arise in connection with a portfolio manager’s management of the Fund’s investments, on the one hand, and the investments of other funds or accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various funds or accounts managed by the Investment Adviser could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Fund. From time to time, the Investment Adviser sponsor funds and other investment pools and accounts which engage in the same or similar businesses as the Fund

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

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

Cross Trades. Under certain circumstances, the Investment Adviser, on behalf of the Fund, may seek to buy from or sell securities to another fund or account advised by BBH or the Investment Adviser. Subject to applicable law and regulation, BBH or the Investment Adviser may (but is not required to) effect purchases

and sales between BBH’s or the Investment Adviser’s clients (“cross trades”), including the Fund, if BBH or the Investment Adviser believes such transactions are appropriate based on each party’s investment objectives and guidelines. There may be potential conflicts of interest or regulatory issues relating to these transactions which could limit the Investment Adviser’s decision to engage in these transactions for the Fund. BBH or the Investment Adviser may have a potentially conflicting division of loyalties and responsibilities to the parties in such transactions.

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

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

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

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

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

and/or entertainment from clients, intermediaries, or service providers to the Fund or BBH, including the Investment Adviser, which could have the appearance of affecting or may potentially affect the judgment of the employees, or the manner in which they conduct business. BBH, including the Investment Adviser, has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Partners and employees.

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

	U.S. $ Value		Percent of Net Assets
Common Stock:
Canada	$	222,853,367		9.5	%
Cayman Islands		84,239,417		3.6
France		323,726,195		13.8
Germany		64,250,266		2.7
Hong Kong		91,112,214		3.9
Ireland		141,033,566		6.0
Italy		41,260,725		1.8
Japan		225,140,128		9.6
Jersey		83,232,770		3.5
Luxembourg		12,078,186		0.5
Netherlands		142,955,099		6.1
Spain		160,298,014		6.8
Sweden		82,812,250		3.5
Switzerland		200,209,277		8.5
Taiwan		25,790,880		1.1
United Kingdom		101,450,150		4.3
United States		206,271,909		8.8
Registered Investment Companies:
United States		74,600,000		3.2
Cash and Other Assets in Excess of Liabilities		65,104,264		2.8
NET ASSETS	$	2,348,418,677		100.0	%

All data as of April 30, 2022. BBH Partner Fund - International Equity's (the "Fund") 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 April 30, 2022. The Fund's sector diversification is expressed as a percentage of net assets and may vary over time.

Shares/ Units		Value
	COMMON STOCK (94.0%)
	CANADA (9.5%)
	CONSUMER CYCLICAL
867,627	Alimentation Couche-Tard, Inc.	$	38,753,193
	FINANCIALS
2,068,445	Brookfield Asset Management, Inc. (Class A)		103,519,178
	INDUSTRIALS
159,175	Canadian Pacific Railway, Ltd.		11,682,033
	TECHNOLOGY
43,632	Constellation Software, Inc.		68,898,963
	Total Canada		222,853,367
	CAYMAN ISLANDS (3.6%)
	COMMUNICATIONS
2,702,280	JD.com, Inc. (Class A)1		84,239,417
	Total Cayman Islands		84,239,417
	FRANCE (13.8%)
	CONSUMER CYCLICAL
51,138	LVMH Moet Hennessy Louis Vuitton SE		32,684,206
	CONSUMER NON-CYCLICAL
77,977	L'Oreal S.A.		28,334,464
33,893	Sartorius Stedim Biotech		11,018,974
1,313,372	Worldline S.A.1,2		51,417,337
			90,770,775
	INDUSTRIALS
885,746	Safran S.A.		94,156,039
298,869	Schneider Electric SE		42,515,692
497,069	Thales S.A.		63,599,483
			200,271,214
	Total France		323,726,195
	GERMANY (2.7%)
	TECHNOLOGY
623,663	SAP SE		64,250,266
	Total Germany		64,250,266
	HONG KONG (3.9%)
	FINANCIALS
7,278,260	AIA Group, Ltd.		71,114,787
471,479	Hong Kong Exchanges & Clearing, Ltd.		19,997,427
	Total Hong Kong		91,112,214

Shares/ Units		Value
	COMMON STOCK (continued)
	IRELAND (6.0%)
	INDUSTRIALS
2,693,065	CRH, Plc.	$	106,701,217
	TECHNOLOGY
114,304	Accenture, Plc. (Class A)		34,332,349
	Total Ireland		141,033,566
	ITALY (1.8%)
	CONSUMER NON-CYCLICAL
4,202,836	Nexi SpA1,2		41,260,725
	Total Italy		41,260,725
	JAPAN (9.6%)
	CONSUMER CYCLICAL
46,140	Nintendo Co., Ltd.		21,252,612
	CONSUMER NON-CYCLICAL
1,855,080	Olympus Corp.		32,840,058
886,659	Shiseido Co., Ltd.		41,761,908
			74,601,966
	INDUSTRIALS
184,944	Keyence Corp.		74,576,605
	TECHNOLOGY
369,915	Obic Co., Ltd.		54,708,945
	Total Japan		225,140,128
	JERSEY (3.5%)
	CONSUMER NON-CYCLICAL
1,461,961	Clarivate, Plc.1		22,923,548
1,741,264	Experian, Plc.		60,309,222
	Total Jersey		83,232,770
	LUXEMBOURG (0.5%)
	COMMUNICATIONS
59,969	Spotify Technology S.A.1		6,095,849
	CONSUMER NON-CYCLICAL
64,450	Eurofins Scientific SE		5,982,337
	Total Luxembourg		12,078,186
	NETHERLANDS (6.1%)
	CONSUMER CYCLICAL
1,376,280	Universal Music Group NV		31,803,067

Shares/ Units		Value
	COMMON STOCK (continued)
	NETHERLANDS (continued)
	CONSUMER NON-CYCLICAL
20,002	Adyen NV1,2	$	33,412,861
167,408	Heineken NV		16,308,460
			49,721,321
	TECHNOLOGY
108,708	ASML Holding NV		61,430,711
	Total Netherlands		142,955,099
	SPAIN (6.8%)
	CONSUMER CYCLICAL
2,046,283	Industria de Diseno Textil S.A.		42,859,611
1,087,542	Amadeus IT Group S.A.		67,731,401
2,991,046	Grifols S.A.		49,707,002
			117,438,403
	Total Spain		160,298,014
	SWEDEN (3.5%)
	INDUSTRIALS
1,681,173	Assa Abloy AB (Class B)		42,459,785
3,117,440	Hexagon AB (Class B)		40,352,465
	Total Sweden		82,812,250
	SWITZERLAND (8.5%)
	CONSUMER NON-CYCLICAL
1,128,762	Alcon, Inc.		80,105,996
100,287	Sonova Holding AG		36,118,379
			116,224,375
	FINANCIALS
55,994	Partners Group Holding AG		59,348,513
	INDUSTRIALS
80,999	Sika AG		24,636,389
	Total Switzerland		200,209,277
	TAIWAN (1.1%)
	TECHNOLOGY
209,420	MediaTek, Inc		5,749,503
215,661	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		20,041,377
	Total Taiwan		25,790,880
	UNITED KINGDOM (4.3%)
	FINANCIALS
431,247	London Stock Exchange Group, Plc		42,758,925

Shares/ Units		Value
	COMMON STOCK (continued)
	UNITED KINGDOM (continued)
30,636,845	Melrose Industries, Plc.	$	44,035,924
1,179,875	Prudential, Plc.		14,655,301
	Total United Kingdom		101,450,150
	UNITED STATES (8.8%)
	CONSUMER CYCLICAL
104,171	Lululemon Athletica, Inc.1		36,942,162
	CONSUMER NON-CYCLICAL
319,203	PerkinElmer, Inc.		46,798,352
91,877	S&P Global, Inc.		34,591,691
			81,390,043
	TECHNOLOGY
886,936	Fidelity National Information Services, Inc.		87,939,704
	Total United States		206,271,909
	Total Common Stock (Cost $2,260,863,529)		2,208,714,413
	REGISTERED INVESTMENT COMPANIES (3.2%)
	UNITED STATES (3.2%)
74,600,000	Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio, Institutional Share Class		74,600,000
	Total United States		74,600,000
	Total Registered Investment Companies (Cost $74,600,000)		74,600,000

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

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:

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.

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 April 30, 2022.

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 April 30, 2022
Common Stock:
Canada		$	222,853,367		$	—		$	—		$	222,853,367
Cayman Islands			—			84,239,417			—			84,239,417
France			—			323,726,195			—			323,726,195
Germany			—			64,250,266			—			64,250,266
Hong Kong			—			91,112,214			—			91,112,214
Ireland			34,332,349			106,701,217			—			141,033,566
Italy			—			41,260,725			—			41,260,725
Japan			—			225,140,128			—			225,140,128
Jersey			22,923,548			60,309,222			—			83,232,770
Luxembourg			6,095,849			5,982,337			—			12,078,186
Netherlands			—			142,955,099			—			142,955,099
Spain			—			160,298,014			—			160,298,014
Sweden			—			82,812,250			—			82,812,250
Switzerland			—			200,209,277			—			200,209,277
Taiwan			20,041,377			5,749,503			—			25,790,880
United Kingdom			—			101,450,150			—			101,450,150
United States			206,271,909			—			—			206,271,909
Registered Investment Companies:
United States			74,600,000			—			—			74,600,000
Investments, at value		$	587,118,399		$	1,696,196,014		$	—		$	2,283,314,413

ASSETS:
Investments in securities, at value (Cost $2,335,463,529)	$	2,283,314,413
Cash		47,000,300
Foreign currency at value (Identified cost $241,628)		234,835
Receivables for:
Shares sold		17,784,700
Dividends		8,827,657
Interest		4,776
Prepaid assets		38,801
Total Assets		2,357,205,482
LIABILITIES:
Payables for:
Investments purchased		6,895,791
Investment advisory and administrative fees		1,300,358
Custody and fund accounting fees		374,299
Shares redeemed		76,500
Professional fees		34,434
Transfer agent fees		5,090
Board of Trustees' fees		1,729
Accrued expenses and other liabilities		98,604
Total Liabilities		8,786,805
NET ASSETS	$	2,348,418,677
Net Assets Consist of:
Paid-in capital	$	2,467,457,217
Accumulated deficit		(119,038,540		)
Net Assets	$	2,348,418,677
NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS I SHARES
($2,348,418,677 ÷ 160,406,534 shares outstanding)			$14.64

NET INVESTMENT INCOME:
Income:
Dividends (net of foreign withholding taxes of $816,891)	$	9,864,691
Interest income		18,095
Other income		694
Total Income		9,883,480
Expenses:
Investment advisory and administrative fees		7,893,607
Custody and fund accounting fees		293,045
Board of Trustees' fees		35,782
Professional fees		34,526
Transfer agent fees		16,682
Miscellaneous expenses		58,567
Total Expenses		8,332,209
Net Investment Income		1,551,271
NET REALIZED AND UNREALIZED LOSS:
Net realized loss on investments in securities		(55,583,002	)
Net realized gain on foreign exchange transactions and translations		192,129
Net realized loss on investments in securities and foreign exchange transactions and translations		(55,390,873	)
Net change in unrealized appreciation/(depreciation) on investments in securities		(533,993,845	)
Net change in unrealized appreciation/(depreciation) on foreign currency translations		(329,695	)
Net change in unrealized appreciation/(depreciation) on investments in securities and foreign currency translations		(534,323,540	)
Net Realized and Unrealized Loss		(589,714,413	)
Net Decrease in Net Assets Resulting from Operations	$	(588,163,142	)


	For the six months ended April 30, 2022 (unaudited)				For the year ended October 31, 2021
INCREASE/(DECREASE) IN NET ASSETS:
Operations:
Net investment income		$	1,551,271			$	16,562,728
Net realized gain/(loss) on investments in securities and foreign exchange transactions and translations			(55,390,873	)			313,366,122
Net change in unrealized appreciation/(depreciation) on investments in securities and foreign currency translations			(534,323,540	)			127,875,518
Net increase/(decrease) in net assets resulting from operations			(588,163,142	)			457,804,368
Dividends and distributions declared:
Class I			(306,843,011	)			(64,592,022	)
Share transactions:
Proceeds from sales of shares			607,125,355				459,117,145
Net asset value of shares issued to shareholders for reinvestment of dividends and distributions			11,341,834				2,021,437
Cost of shares redeemed			(93,408,275	)			(165,132,495	)
Net increase in net assets resulting from share transactions			525,058,914				296,006,087
Total increase/(decrease) in net assets			(369,947,239	)			689,218,433
NET ASSETS:
Beginning of period			2,718,365,916				2,029,147,483
End of period		$	2,348,418,677			$	2,718,365,916

	For the six months ended April 30, 2022				For the years ended October 31,
	(unaudited)				2021			2020			2019			2018			2017*
Net asset value, beginning of period		$	21.10		$	17.73		$	16.15		$	14.90		$	16.75		$	14.46
Income from investment operations:
Net investment income1			0.01			0.14			0.04			0.10			0.18			0.14
Net realized and unrealized gain (loss)			(4.12	)		3.79			1.81			2.19			(0.83	)		2.47
Total income (loss) from investment operations			(4.11	)		3.93			1.85			2.29			(0.65	)		2.61
Less dividends and distributions:
From net investment income			(0.13	)		(0.04	)		(0.09	)		(0.16	)		(0.10	)		(0.32	)
From net realized gains			(2.22	)		(0.52	)		(0.18	)		(0.88	)		(1.10	)		—
Total dividends and distributions			(2.35	)		(0.56	)		(0.27	)		(1.04	)		(1.20	)		(0.32	)
Short-term redemption fees1			—			—			—			—			—			0.00	2
Net asset value, end of period		$	14.64		$	21.10		$	17.73		$	16.15		$	14.90		$	16.75
Total return3			(21.39	)%4		22.38	%		11.59	%		16.92	%		(4.12	)%		18.51	%
Ratios/Supplemental data:
Net assets, end of period (in millions)		$	2,348		$	2,718		$	2,029		$	1,790		$	1,506		$	1,426
Ratio of expenses to average net assets before reductions			0.69	%5		0.68	%		0.69	%		0.71	%		0.68	%		0.74	%
Expense offset arrangement			—	%5		—	%		—	%		(0.01	)%		(0.03	)%		(0.01	)%
Ratio of expenses to average net assets after reductions			0.69	%5		0.68	%		0.69	%		0.70	%		0.65	%		0.73	%
Ratio of net investment income to average net assets			0.13	%5		0.65	%		0.22	%		0.66	%		1.15	%		0.91	%
Portfolio turnover rate			37	%4		86	%		77	%		135	%		124	%		130	%

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.

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

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 six months ended April 30, 2022, 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 arise from the sales of portfolio securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. The effect of changes in foreign exchange rates on foreign denominated securities is reflected in the net realized and unrealized gain or loss on investments in securities and foreign exchange transactions and translations and net change in unrealized appreciation or depreciation on investments in securities and foreign currency translations within the Statement of Operations. Net unrealized appreciation or depreciation on foreign currency translations arise from changes in the value of the assets and liabilities, excluding investments in securities, at period end, resulting from changes in the exchange rate.

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

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

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

The Fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (“ASC 740”). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Fund did not have any unrecognized tax benefits as of October 31, 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 six months ended April 30, 2022, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

G.Dividends and Distributions to Shareholders. Dividends and distributions from net investment income to shareholders, if any, are paid annually and are recorded on the ex-dividend date. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends and distributions in the amount of $306,843,011 to Class I shares during the six months ended April 30, 2022. 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.

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.

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 six months ended April 30, 2022, the Fund incurred $7,893,607 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 six months ended April 30, 2022, the Fund incurred $293,045 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 six months ended April 30, 2022 was $18,095. 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 six months ended April 30, 2022, was $2. 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 six months ended April 30, 2022, the Fund incurred $35,782 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.

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.

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 (November 1, 2021 to April 30, 2022).

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 meetings on November 18, 2021 and December 14, 2021, in reliance on the Exemptive Relief, to consider whether to renew the combined Amended and Restated Investment Advisory and Administrative Services Agreement (the “Advisory Agreement”) between the Trust and the Investment Adviser with respect to the existing funds in the Trust, including the Fund. At these meetings the Board also considered the renewal of the sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Advisory Agreement, the “Agreements”) between the Investment Adviser and Select Equity Group, L.P. (“Select Equity Group” or the “Sub-Adviser”). At the December 14, 2021 meeting, the Board voted to approve the renewal of the Agreements with respect to the Fund for an additional one-year term. In doing so, the Board determined that the terms of the Agreements were fair and reasonable in the best interest of the Fund and its shareholders, and that it had received sufficient information to make an informed business decision with respect to the continuation of the Agreements.

Both in the meetings specifically held to address the continuance of the Agreements and at other meetings over the course of the year, the Board requested, received and assessed a variety of materials provided by the Investment Adviser, Sub-Adviser and BBH, including, among other things, information about the nature, extent and quality of the services provided to the Fund by the Investment Adviser, the Sub-Adviser and BBH, including investment management and administrative, the oversight of Fund service providers, marketing, risk oversight, compliance, and the ability to meet applicable legal and regulatory requirements. The Board also received comparative performance and fee and expense information for the Fund prepared by Broadridge Financial Solutions, Inc. (“Broadridge”) using data from Lipper Inc., an independent provider of investment company data (“Lipper Report”). The Board reviewed this report with Broadridge, Fund Counsel and BBH. The Board received from, and discussed with, counsel to the Trust (“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 continuation of the Agreements, the Board considered: (a) the nature, extent and quality of services provided by the Investment Adviser and Sub-Adviser; (b) the investment performance of the Fund; (c) the advisory fee and the cost of the services and profits to be realized by the Investment Adviser from its relationship with the Fund; (d) the Fund’s costs to investors compared to the costs of comparative funds and performance compared to the relevant performance of comparative funds; (e) the sharing of potential economies of scale; (f) fall-out benefits to the Investment Adviser as a result of its relationship with the Fund;

and (g) other factors deemed relevant by the Board. The following is a summary of the factors the Board considered in making its determination to approve the continuance of the Agreements. No single factor reviewed by the Board was identified as the principal factor in determining whether to approve the 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 fees paid by the Fund to the Investment Adviser and Select Equity Group were reasonable based on the comparative performance, expense information, the cost of the services provided, and the profits realized by the Investment Adviser.

The Board noted that, under the Advisory Agreement and with respect to the Fund, the Investment Adviser, subject to the supervision of the Board, is responsible for providing administrative services and overseeing the investment advisory services provided to the Fund under the same fee structure. Pursuant to the Sub-Advisory Agreement, the Sub-Adviser, subject to the supervision of the Investment Adviser and 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 received and considered information during the December 14, 2021 meeting, and over the course of the previous year, regarding the nature, extent and quality of services provided to the Fund by the Investment Adviser including: the supervision of the Sub-Adviser, supervision of operations and compliance and regulatory filings, disclosures to Fund shareholders, general oversight of service providers, organizing Board meetings and preparing the materials for such Board meetings, assisting 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 Advisory Agreement. The Board also considered the policies and practices followed by BBH and the Investment Adviser. The Board noted that during the course of its regular meetings it received reports on each of the foregoing topics. The Board concluded that, overall, they were 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 Agreements.

The Board received and considered information, during the meeting held on December 14, 2021, and over the course of the year, regarding the nature, extent and quality of services provided to the Fund by the Sub-Adviser, particularly portfolio management in light of the narrower scope of services performed by the Sub-Adviser. The Board also considered brokerage policies and practices and the standards applied in seeking best execution. The Board reviewed the qualifications of the key investment personnel primarily responsible for the day-to-day portfolio management of the Fund.

At the November 18, 2021 and December 14, 2021 meetings, and throughout the year, the Board received and considered performance information for the Fund provided by BBH. The Board considered the Fund’s performance relative to a peer category of other mutual funds in a report compiled by Broadridge. As part of this review, the Trustees considered the composition of the peer category, selection criteria and reputation of Broadridge who prepared the peer category analysis. The Board reviewed and discussed, with both BBH and Broadridge, the report’s findings and discussed the positioning of the Fund relative to the selected peer category. The Board considered short-term and long-term investment performance for the Fund over various periods of time as compared to a selection of peer funds, noting the Fund’s below average performance in the 1- and 2- year periods, average performance in the 3-, 5- and 10-year periods and above average performance in the 4-year period, each ended September 30, 2021. They further noted the Fund’s historical track record of positive absolute returns was consistent with the investment approach communicated to investors. In evaluating the performance of the Fund, the Board considered the risk expectations for the Fund as well as the level of Fund performance in the context of Fund expenses and the Investment Adviser’s profitability.

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 combined investment advisory and administration fee and the Fund’s net operating expenses with those of other comparable mutual funds, such peer group and comparisons having been selected and calculated by Broadridge, 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 fees paid to the Sub-Adviser for their services to the Fund. The compensation paid to the Sub-Adviser is paid by the Investment Adviser, not the Fund directly, and, accordingly, the retention of the Sub-Adviser does not increase the fees or expenses otherwise incurred by the Fund’s shareholders.

With regard to profitability, the Trustees considered the compensation flowing to the Adviser and BBH, directly or indirectly, and to the Sub-Adviser. The Board reviewed annualized profitability data for the Fund using data for 2021 and prior years as of September 30, for both the Investment Adviser and BBH. The data also included the effect of revenue generated by the custody and fund accounting and administration fees paid by the Fund to BBH. The Board conducted a detailed review of the allocation methods used in preparing the profitability data. The Board also reviewed the Sub-Adviser’s profitability data for the Fund. The Board also considered the effect of fall-out benefits on the expenses of the Investment Adviser and BBH such as the increased visibility of BBH’s investment management business due to the distribution of the Funds. The

Board focused on profitability of the Investment Adviser’s and BBH’s relationships with the Fund before taxes and distribution expenses. The Board concluded that neither the Investment Adviser and BBH’s nor the Sub-Adviser’s profitability was excessive in light of the nature, extent and quality of services provided to the Fund. The Board considered other benefits received by BBH, the Investment Adviser, and the Sub-Adviser, as applicable, as a result of their relationships with the Fund. These other benefits include proprietary research received from brokers that execute the Fund’s purchases and sales of securities and fees received for being the Fund’s administrator, custodian and fund accounting agent. In light of the costs of providing services pursuant to the Advisory 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 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, noting the existence of a graduated investment advisory fee. Based on information it had been provided over many years, the Board observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there appeared to be no uniformity or pattern in the fees and asset levels at which breakpoints apply. In light of the Fund’s current size and expense structure, the Board concluded that the current breakpoints for the Fund were reasonable. The Board concluded that the fees paid by the Fund to the Investment Adviser, and from the Investment Adviser to the Sub-Adviser, were reasonable based on the comparative performance, expense information, the cost of the services provided and the profits to be realized by the Investment Adviser.

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

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

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

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

All data as of April 30, 2022. The BBH Limited Duration Fund’s (the “Fund”) breakdown by security type is expressed as a percentage of net assets and may vary over time.

Principal Amount				Maturity Date		Interest Rate			Value
			ASSET BACKED SECURITIES (27.9%)
	$	10,000,000	AGL Core CLO 2, Ltd. 2019-2A (3-Month USD-LIBOR + 1.390%)1,2		04/20/32		2.453	%	$	9,935,467
		14,341,940	AIM Aviation Finance, Ltd. 2015-1A1		02/15/40		6.213			11,999,801
		14,068,969	AmeriCredit Automobile Receivables Trust 2021-2		11/18/24		0.260			14,010,259
		33,782,369	AmeriCredit Automobile Receivables Trust 2021-3		02/18/25		0.410			33,505,319
		3,739,078	Amur Equipment Finance Receivables VII LLC 2019-1A1		06/20/24		2.630			3,744,440
		14,240,000	Amur Equipment Finance Receivables X LLC 2022-1A1		10/20/27		1.640			13,778,586
		14,300,000	ARI Fleet Lease Trust 2022-A1		01/15/31		3.120			14,264,250
		48,700,000	Audax Senior Debt CLO III LLC 2020-1A (3-Month USD-LIBOR + 1.610%)1,2		01/20/30		2.673			48,521,130
		8,792,281	Bankers Healthcare Group Securitization Trust 2020-A1		09/17/31		2.560			8,725,250
		39,888,450	BHG Securitization Trust 2022-A1		02/20/35		1.710			38,965,121
		12,410,000	BlackRock Elbert CLO V, Ltd. 5A (3-Month CME Term SOFR + 1.850%)1,2,3		06/15/34		2.962			12,410,000
		31,700,000	BMW Vehicle Lease Trust 2022-1		05/28/24		0.670			31,424,210
		11,828,979	Business Jet Securities LLC 2020-1A1		11/15/35		2.981			11,285,218
		44,170,000	California Street CLO IX LP 2012-9A (3-Month USD-LIBOR + 1.100%)1,2		07/16/32		2.144			43,889,730
		29,280,000	Carlyle US CLO, Ltd. 2019-2A (3-Month USD-LIBOR + 1.120%)1,2		07/15/32		2.164			29,061,621
		23,500,000	CarMax Auto Owner Trust 2022-1		02/18/25		0.910			23,234,018
		20,599,481	CARS-DB4 LP 2020-1A1		02/15/50		3.190			19,884,677
		23,454,429	CF Hippolyta LLC 2020-11		07/15/60		1.690			21,755,756
		5,531,408	Chesapeake Funding II LLC 2019-1A1		04/15/31		2.940			5,535,401
		16,617,280	Chesapeake Funding II LLC 2020-1A1		08/15/32		0.870			16,495,743
		25,000,000	Churchill MMSLF CLO-I LP 2021-2A (3-Month USD-LIBOR + 1.450%)1,2,3		10/01/32		1.535			24,728,000
		1,672,952	CIG Auto Receivables Trust 2020-1A1		10/12/23		0.680			1,671,868
		22,673,650	CIG Auto Receivables Trust 2021-1A1		04/14/25		0.690			22,347,025
		8,361,377	Credit Acceptance Auto Loan Trust 2019-3A1		11/15/28		2.380			8,371,042
		57,480,000	Credit Acceptance Auto Loan Trust 2020-3A1		10/15/29		1.240			56,254,837
		12,445,000	Deerpath Capital CLO, Ltd. 2022-1A (3-Month CME Term SOFR + 1.950%)1,2,3		07/15/33		3.062			12,445,000
		14,798,703	Dell Equipment Finance Trust 2019-21		10/22/24		1.910			14,811,743
		36,940,000	Dell Equipment Finance Trust 2022-11		08/23/27		2.110			36,630,188
		24,676,665	Donlen Fleet Lease Funding 2 LLC 2021-21		12/11/34		0.560			24,137,897
		28,359,472	Drive Auto Receivables Trust 2021-3		01/15/25		0.520			28,161,889
		17,180,000	Dryden 93 CLO, Ltd. 2021-93A (3-Month USD-LIBOR + 1.080%)1,2		01/15/34		2.124			17,127,415
		4,852,608	ECAF I, Ltd. 2015-1A1		06/15/40		3.473			4,028,538

Principal Amount				Maturity Date		Interest Rate			Value
			ASSET BACKED SECURITIES (continued)
	$	17,170,000	Elm Trust 2020-3A1		08/20/29		2.954	%	$	16,619,720
		377,350	Enterprise Fleet Financing LLC 2019-11		10/20/24		2.980			377,721
		8,847,637	Enterprise Fleet Financing LLC 2019-21		02/20/25		2.290			8,852,022
		15,500,000	Enterprise Fleet Financing LLC 2022-11		01/20/28		3.030			15,347,534
		58,580,000	Exeter Automobile Receivables Trust 2022-1A		06/17/24		1.150			58,363,395
		28,100,000	Exeter Automobile Receivables Trust 2022-2 2022-2A		11/17/25		2.190			28,077,438
		8,944,495	FCI Funding LLC 2021-1A1		04/15/33		1.130			8,855,531
		36,649,794	Finance of America HECM Buyout 2022-HB11,2,4		02/25/32		2.695			35,711,967
		50,300,000	Flexential Issuer 2021-1A1		11/27/51		3.250			47,237,092
		17,139,696	FNA LLC 2019-13		12/10/31		3.000			17,076,279
		6,147,268	Foursight Capital Automobile Receivables Trust 2021-21		04/15/25		0.400			6,090,425
		15,000,000	Foursight Capital Automobile Receivables Trust 2022-11		09/15/25		1.150			14,753,179
		4,919,284	FREED ABS Trust 2021-3FP1		11/20/28		0.620			4,898,221
		12,235,809	FREED ABS Trust 2022-1FP1		03/19/29		0.940			12,135,426
		30,450,000	FREED ABS Trust 2022-2CP1		05/18/29		3.030			30,364,396
		23,708,458	Global SC Finance VII Srl 2020-1A1		10/17/40		2.170			22,060,390
		24,613,943	Global SC Finance VII Srl 2020-2A1		11/19/40		2.260			22,924,604
		34,620,000	GM Financial Consumer Automobile Receivables Trust 2022-1		02/18/25		0.760			34,279,949
		50,750,000	Golub Capital Partners ABS Funding, Ltd. 2021-2A1		10/19/29		2.944			47,110,022
		25,000,000	HPEFS Equipment Trust 2022-1A1		05/21/29		1.020			24,622,885
		21,000,000	HTS Fund I LLC 2021-11		08/25/36		1.411			20,653,393
		22,360,000	Hyundai Auto Receivables Trust 2022-A		02/18/25		1.810			22,205,908
		31,960,000	Kubota Credit Owner Trust 2022-1 2022-1A1		04/15/25		2.340			31,657,134
		18,647,000	LCM XXIV, Ltd. 24A (3-Month USD-LIBOR + 0.980%)1,2.		03/20/30		2.043			18,530,976
		28,190,000	Lendmark Funding Trust 2019-1A1		12/20/27		3.000			28,016,189
		21,710,000	Lendmark Funding Trust 2019-2A1		04/20/28		2.780			21,486,042
		40,030,000	Madison Park Funding XXV, Ltd. 2017-25A (3-Month USD-LIBOR + 0.970%)1,2		04/25/29		2.154			39,777,595
		12,620,000	Mariner Finance Issuance Trust 2019-AA1		07/20/32		2.960			12,605,497
		16,460,000	Mariner Finance Issuance Trust 2020-AA1		08/21/34		2.190			15,825,133
		8,450,000	MCF CLO IX, Ltd. 2019-1A (3-Month CME Term SOFR + 1.500%)1,2		07/17/31		2.351			8,378,358
		41,880,000	Monroe Capital Income Plus ABS Funding LLC 2022-1A1		04/30/32		4.050			41,061,803
		12,410,000	Monroe Capital Mml CLO X, Ltd. 2020-1A (3-Month CME Term SOFR + 1.870%)1,2		05/20/34		2.982			12,392,626

Principal Amount				Maturity Date		Interest Rate			Value
			ASSET BACKED SECURITIES (continued)
	$	27,120,000	Navistar Financial Dealer Note Master Trust 2020-1 (1-Month USD-LIBOR + 0.950%)1,2		07/25/25		1.618	%	$	27,133,254
		47,600,000	Neuberger Berman Loan Advisers CLO 34, Ltd. 2019-34A (3-Month CME Term SOFR + 1.240%)1,2		01/20/35		2.091			47,256,290
		40,570,000	New Residential Advance Receivables Trust Advance Receivables Backed 2020-T11		08/15/53		1.426			39,559,738
		17,140,000	NextGear Floorplan Master Owner Trust 2019-2A1		10/15/24		2.070			17,115,587
		30,640,000	NextGear Floorplan Master Owner Trust 2020-1A1		02/15/25		1.550			30,365,380
		17,690,000	NextGear Floorplan Master Owner Trust 2022-1A1		03/15/27		2.800			17,194,772
		34,930,000	NMEF Funding LLC 2022-A1		10/16/28		2.580			34,280,595
		30,000,000	Northwoods Capital XVIII, Ltd. 2019-18A (3-Month USD-LIBOR + 1.100%)1,2		05/20/32		1.580			29,713,881
		24,700,000	NRZ Advance Receivables Trust 2015-ON1 2020-T21		09/15/53		1.475			23,917,504
		6,800,000	NRZ Advance Receivables Trust 2015-ON1 2020-T31		10/15/52		1.317			6,790,832
		32,920,000	Octagon Investment Partners 20-R, Ltd. 2019-4A (3-Month USD-LIBOR + 1.150%)1,2		05/12/31		1.545			32,667,036
		21,250,000	OnDeck Asset Securitization Trust III LLC 2021-1A1		05/17/27		1.590			20,182,389
		195,506	OneMain Financial Issuance Trust 2019-1A1		02/14/31		3.480			195,464
		13,350,000	OneMain Financial Issuance Trust 2022-S11		05/14/35		4.130			13,386,045
		26,430,000	Oportun Funding XIII LLC 2019-A1		08/08/25		3.080			26,416,788
		56,210,000	Oportun Issuance Trust 2021-C1		10/08/31		2.180			52,491,208
		16,062,392	OSCAR US Funding XIII LLC 2021-2A1		08/12/24		0.390			15,881,895
		11,228,177	OSCAR US Funding XII LLC 2021-1A1		03/11/24		0.400			11,132,861
		39,680,000	OSCAR US Funding XIV LLC 2022-1A1		03/10/25		1.600			39,089,609
		25,930,000	Oxford Finance Funding 2022-1 LLC 2022-1A1		02/15/30		3.602			24,869,818
		20,000,000	Palmer Square Loan Funding, Ltd. 2019-3A (3-Month USD-LIBOR + 1.600%)1,2		08/20/27		2.080			19,920,000
		15,000,000	Palmer Square Loan Funding, Ltd. 2019-4A (3-Month USD-LIBOR + 1.600%)1,2		10/24/27		2.784			14,913,495
		47,880,000	Palmer Square Loan Funding, Ltd. 2022-1A (3-Month CME Term SOFR + 1.050%)1,2		04/15/30		1.284			47,571,145
		19,490,000	Parliament CLO II, Ltd. 2021-2A (3-Month USD-LIBOR + 1.350%)1,2		08/20/32		1.830			19,434,361
		6,994,884	Pawnee Equipment Receivables Series LLC 2019-11		10/15/24		2.290			6,999,139
		9,874,382	Pawnee Equipment Receivables Series LLC 2020-11		11/17/25		1.370			9,803,760
		27,650,000	PFS Financing Corp. 2019-C1		10/15/24		2.230			27,640,511
		23,070,000	PFS Financing Corp. 2020-F1		08/15/24		0.930			23,004,163
		47,670,000	PFS Financing Corp. 2022-A1		02/15/27		2.470			46,117,493
		18,070,000	Regional Management Issuance Trust 2020-11		10/15/30		2.340			17,274,002

Principal Amount				Maturity Date		Interest Rate			Value
			ASSET BACKED SECURITIES (continued)
	$	16,470,000	Republic Finance Issuance Trust 2020-A1		11/20/30		2.470	%	$	15,973,120
		56,030,000	Republic Finance Issuance Trust 2021-A1		12/22/31		2.300			52,588,290
		36,157,399	Santander Drive Auto Receivables Trust 2021-4		08/15/24		0.370			36,037,711
		61,020,000	Santander Drive Auto Receivables Trust 2022-1		12/16/24		1.360			60,525,964
		34,490,000	Santander Revolving Auto Loan Trust 2019-A1		01/26/32		2.510			33,327,152
		40,105,000	SCF Equipment Leasing 2022-1 LLC 2022-1A1		02/22/28		2.060			39,415,455
		9,956,996	Shenton Aircraft Investment I, Ltd. 2015-1A1		10/15/42		4.750			8,971,277
		22,755,000	Southwick Park CLO LLC 2019-4A (3-Month USD-LIBOR + 1.060%)1,2		07/20/32		2.123			22,576,435
		50,179,032	Stack Infrastructure Issuer LLC 2019-1A1		02/25/44		4.540			50,065,307
		19,160,000	Stack Infrastructure Issuer LLC 2020-1A1		08/25/45		1.893			17,725,654
		25,258,038	SWC Funding LLC 2018-1A1,3		08/15/33		4.750			24,563,675
		50,790,000	Symphony CLO XXI, Ltd. 2019-21A (3-Month USD-LIBOR + 1.060%)1,2		07/15/32		2.104			50,228,583
		12,760,000	Synchrony Card Funding LLC 2022-A1		04/17/28		3.370			12,754,583
		20,677,018	Veros Auto Receivables Trust 2022-11		12/15/25		3.470			20,635,431
		35,976,181	VFI ABS 2022-1 LLC 2022-1A1		03/24/28		2.230			35,553,749
		41,339,446	Volkswagen Auto Loan Enhanced Trust 2021-1		10/21/24		0.490			40,950,636
		17,848,614	Westlake Automobile Receivables Trust 2020-3A1		05/15/24		0.560			17,811,334
		17,172,755	Westlake Automobile Receivables Trust 2021-1A1		10/15/24		0.390			17,082,409
		32,619,382	Westlake Automobile Receivables Trust 2021-2A1		04/15/25		0.320			32,312,346
		39,217,731	Westlake Automobile Receivables Trust 2021-3A1		09/16/24		0.570			38,859,116
		34,080,000	Westlake Automobile Receivables Trust 2022-1 2022-1A1		12/16/24		1.970			33,923,897
		43,010,000	Wheels Fleet Lease Funding 1 LLC 2022-1A1		10/18/36		2.470			42,451,111
			Total Asset Backed Securities (Cost $2,892,180,345)							2,838,142,539
			COMMERCIAL MORTGAGE BACKED SECURITIES (4.6%)
		26,807,000	BB-UBS Trust 2012-TFT1,2,4		06/05/30		3.559			25,531,933
		20,300,000	BPR Trust 2022-OANA (1-Month CME Term SOFR + 1.898%)1,2		04/15/37		2.248			20,261,446
		12,304,989	BX Commercial Mortgage Trust 2019-XL (1-Month USD-LIBOR + 0.920%)1,2		10/15/36		1.474			12,235,872
		54,935,415	BX Commercial Mortgage Trust 2022-LP2 (1-Month CME Term SOFR + 1.013%)1,2		02/15/39		1.535			53,747,244
		16,051,103	BX Trust 2019-RP (1-Month USD-LIBOR + 1.045%)1,2		06/15/34		1.599			15,896,195
		39,480,000	BXMT, Ltd. 2020-FL2 (30-Day SOFR + 1.014%)1,2		02/15/38		1.282			39,039,960
		20,990,000	BXMT, Ltd. 2020-FL3 (30-Day SOFR + 1.514%)1,2		11/15/37		1.782			20,990,000

Principal Amount				Maturity Date		Interest Rate			Value
			COMMERCIAL MORTGAGE BACKED SECURITIES (continued)
	$	17,250,000	BXMT, Ltd. 2021-FL4 (1-Month USD-LIBOR + 1.050%)1,2		05/15/38		1.604	%	$	17,066,719
		31,329,000	CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 2.900%)1,2		11/15/31		3.454			27,810,440
		9,690,000	Commercial Mortgage Pass Through Certificates 2013-GAM1,2,4		02/10/28		3.417			9,279,151
		18,443,191	HPLY Trust 2019-HIT (1-Month USD-LIBOR + 1.000%)1,2		11/15/36		1.554			18,026,950
		18,040,000	MED Trust 2021-MDLN (1-Month USD-LIBOR + 0.950%)1,2		11/15/38		1.505			17,734,671
		33,690,000	MHC Commercial Mortgage Trust 2021-MHC (1-Month USD-LIBOR + 0.801%)1,2		04/15/38		1.355			33,035,626
		32,615,000	Morgan Stanley Capital I Trust 2017-CLS (1-Month USD-LIBOR + 0.700%)1,2		11/15/34		1.254			32,450,894
		16,040,000	MTN Commercial Mortgage Trust 2022-LPFL (1-Month CME Term SOFR + 1.397%)1,2		03/15/39		1.906			15,959,696
		25,489,870	PFP, Ltd. 2021-7 (1-Month USD-LIBOR + 0.850%)1,2		04/14/38		1.404			25,351,690
		21,560,000	Ready Capital Mortgage Financing 2022-FL8 LLC (30-Day SOFR + 1.650%)1,2		01/25/37		1.938			21,427,652
		46,350,000	SPGN 2022-TFLM Mortgage Trust (1-Month CME Term SOFR + 1.550%)1,2		02/15/39		2.059			45,509,489
		20,035,280	STWD, Ltd. 2019-FL1 (1-Month CME Term SOFR + 1.194%)1,2		07/15/38		1.716			19,943,070
			Total Commercial Mortgage Backed Securities (Cost $480,895,169)							471,298,698
			CORPORATE BONDS (48.6%)
			AUTO MANUFACTURERS (0.8%)
		45,590,000	Daimler Trucks Finance North America LLC (SOFR + 0.500%)1,2		06/14/23		0.776			45,515,427
		30,805,000	General Motors Financial Co., Inc.		06/30/22		3.150			30,842,870
		7,750,000	General Motors Financial Co., Inc.		07/08/22		3.550			7,778,078
										84,136,375
			BANKS (14.6%)
		41,195,000	ASB Bank, Ltd.1		06/14/23		3.750			41,581,912
		34,375,000	Australia & New Zealand Banking Group, Ltd.		05/19/22		2.625			34,386,756
		47,633,000	Australia & New Zealand Banking Group, Ltd.		11/09/22		2.625			47,727,797
		78,697,000	Bank of America Corp. (3-Month USD-LIBOR + 0.930%)2		07/21/23		2.816			78,686,483
		19,530,000	Bank of America Corp. (SOFR + 0.670%)2		02/04/25		1.843			18,903,004
		51,125,000	Bank of Montreal		01/10/25		1.500			48,493,401

Principal Amount				Maturity Date		Interest Rate			Value
			CORPORATE BONDS (continued)
			BANKS (continued)
	$	54,710,000	Bank of New Zealand1		02/20/24		3.500	%	$	54,921,295
		58,070,000	Bank of Nova Scotia		03/11/24		2.440			57,121,296
		32,500,000	Bank of Nova Scotia (SOFR + 0.380%)2		07/31/24		0.660			32,264,665
		15,015,000	Bank of Nova Scotia		01/10/25		1.450			14,184,067
		26,935,000	BNP Paribas S.A.1		05/23/22		2.950			26,959,051
		40,560,000	Canadian Imperial Bank of Commerce		09/13/23		3.500			40,849,482
		16,860,000	Canadian Imperial Bank of Commerce		10/18/24		1.000			15,842,049
		69,806,000	Citigroup, Inc.		10/27/22		2.700			69,985,781
		40,893,000	Citigroup, Inc. (3-Month USD-LIBOR + 0.950%)2		07/24/23		2.876			40,885,428
		33,540,000	Commonwealth Bank of Australia (SOFR + 0.400%)1,2		07/07/25		0.682			33,244,311
		33,560,000	DNB Bank ASA1		12/02/22		2.150			33,548,680
		65,000,000	DNB Bank ASA (1-Year CMT Index + 0.330%)1,2		09/30/25		0.856			60,953,307
		50,978,000	Goldman Sachs Group, Inc. (3-Month USD-LIBOR + 0.990%)2		07/24/23		2.905			50,947,253
		20,810,000	Goldman Sachs Group, Inc.		12/06/23		1.217			20,210,350
		29,665,000	HSBC Holdings, Plc. (SOFR + 0.534%)2		08/17/24		0.732			28,550,652
		33,350,000	HSBC Holdings, Plc. (SOFR + 1.929%)2		06/04/26		2.099			31,143,524
		62,235,000	JPMorgan Chase & Co. (SOFR + 0.580%)2		03/16/24		0.697			60,829,580
		33,270,000	JPMorgan Chase & Co. (3-Month CME Term SOFR + 1.585%)2		03/13/26		2.005			31,343,144
		33,923,000	Lloyds Banking Group, Plc.		03/12/24		3.900			33,973,528
		24,865,000	Lloyds Banking Group, Plc. (1-Year CMT Index + 1.600%)2		03/18/26		3.511			24,385,411
		17,755,000	Lloyds Banking Group, Plc. (1-Year CMT Index + 1.800%)2		03/18/28		3.750			17,133,086
		39,660,000	Mitsubishi UFJ Financial Group, Inc.		07/17/25		1.412			36,572,204
		105,556,000	Morgan Stanley		05/19/22		2.750			105,619,403
		30,000,000	Royal Bank of Canada		01/21/25		1.600			28,464,166
		16,070,000	Santander Holdings USA, Inc.		06/07/24		3.500			15,971,042
		26,360,000	Skandinaviska Enskilda Banken AB1		09/09/24		0.650			24,706,259
		31,121,000	Toronto-Dominion Bank		03/08/24		2.350			30,658,155
		34,335,000	Toronto-Dominion Bank		12/13/24		1.250			32,593,802
		61,285,000	Truist Bank		03/09/23		1.250			60,629,650
		21,430,000	Truist Financial Corp.		12/06/23		3.750			21,637,241
		42,990,000	US Bancorp (5-Year CMT Index + 2.541%)2,5				3.700			36,725,067
		22,790,000	Wells Fargo & Co. (SOFR + 1.600%)2		06/02/24		1.654			22,401,953
		19,370,000	Wells Fargo & Co. (SOFR + 2.000%)2		04/30/26		2.188			18,296,639
										1,483,330,874

Principal Amount				Maturity Date		Interest Rate			Value
			CORPORATE BONDS (continued)
			BIOTECHNOLOGY (0.5%)
	$	53,483,000	Gilead Sciences, Inc.		09/01/22		3.250	%	$	53,612,579
			DIVERSIFIED FINANCIAL SERVICES (5.2%)
		11,426,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		09/15/23		4.500			11,448,952
		47,945,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		02/15/24		3.150			46,787,770
		21,450,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		10/29/24		1.750			19,960,897
		84,507,000	AIG Global Funding1		09/13/23		0.400			81,638,841
		35,795,000	Air Lease Corp.		01/15/23		2.250			35,662,899
		29,300,000	Air Lease Corp.		01/15/23		2.750			29,280,867
		59,004,000	American Express Co.		08/01/22		2.500			59,099,830
		33,230,000	Aviation Capital Group LLC1		12/15/24		5.500			33,728,064
		33,535,000	Avolon Holdings Funding, Ltd.1		01/15/26		5.500			33,585,664
		37,385,000	Bread Financial Holdings, Inc.1		12/15/24		4.750			36,263,450
		16,045,000	Capital One Financial Corp.		05/11/23		2.600			16,008,833
		45,285,000	Capital One Financial Corp. (SOFR + 0.690%)2		12/06/24		1.343			43,518,927
		14,430,000	Credit Acceptance Corp.1		12/31/24		5.125			14,256,984
		2,785,000	Credit Acceptance Corp.		03/15/26		6.625			2,812,850
		48,895,000	Drawbridge Special Opportunities Fund LP1		02/15/26		3.875			46,143,773
		25,095,000	Strategic Credit Opportunities Partners LLC		04/01/26		4.250			23,392,756
										533,591,357
			ELECTRIC (4.8%)
		74,190,000	Alexander Funding Trust1		11/15/23		1.841			71,190,401
		16,025,000	Constellation Energy Generation LLC		06/01/25		3.250			15,701,843
		39,340,000	Duke Energy Corp. (SOFR + 0.250%)2		06/10/23		0.511			39,190,792
		56,760,000	Duke Energy Progress NC Storm Funding LLC		07/01/30		1.295			52,824,635
		61,690,000	Edison International (5-Year CMT Index + 4.698%)2,5				5.375			56,898,538
		12,750,000	Edison International		03/15/23		2.950			12,705,117
		25,345,000	New York State Electric & Gas Corp.		05/01/23		5.750			26,004,216
		42,385,000	NextEra Energy Capital Holdings, Inc.		03/01/23		0.650			41,702,867
		88,057,000	Public Service Enterprise Group, Inc.		11/15/22		2.650			88,216,799
		24,425,000	Southern California Edison Co. (SOFR + 0.350%)2		06/13/22		0.615			24,425,000
		27,010,000	Southern Co. (SOFR + 0.370%)2		05/10/23		0.555			26,928,153
		36,892,000	Vistra Operations Co. LLC1		09/01/26		5.500			36,762,878
										492,551,239

Principal Amount				Maturity Date		Interest Rate			Value
			CORPORATE BONDS (continued)
			HEALTHCARE-PRODUCTS (0.4%)
	$	45,636,000	Thermo Fisher Scientific, Inc.		10/18/23		0.797	%	$	44,249,007
			HEALTHCARE-SERVICES (0.6%)
		60,630,000	Sutter Health		08/15/25		1.321			56,184,461
			INSURANCE (7.0%)
		15,483,000	Aon Corp.		11/15/22		2.200			15,456,624
		20,325,000	Athene Global Funding1		07/01/22		3.000			20,357,759
		16,760,000	Athene Global Funding1		01/08/24		0.950			15,990,617
		18,000,000	Athene Global Funding1		01/14/25		2.500			17,232,219
		14,345,000	Athene Global Funding1		06/29/25		2.550			13,772,534
		33,775,000	Equitable Financial Life Global Funding1		11/12/24		1.100			31,778,469
		59,274,000	F&G Global Funding1		09/20/24		0.900			55,328,466
		64,675,000	GA Global Funding Trust1		12/08/23		1.250			62,194,956
		50,000,000	GA Global Funding Trust (SOFR + 0.500%)1,2		09/13/24		0.765			49,154,064
		44,790,000	Met Tower Global Funding1		09/14/26		1.250			40,208,614
		73,445,000	New York Life Global Funding1		01/14/25		1.450			69,948,103
		74,165,000	Northwestern Mutual Global Funding1		03/25/24		0.600			70,588,398
		19,330,000	Pacific Life Global Funding II1		06/24/25		1.200			17,858,451
		37,180,000	Pricoa Global Funding I1		12/06/24		1.150			35,195,703
		47,175,000	Principal Life Global Funding II1		01/10/25		1.375			44,523,080
		29,855,000	Protective Life Global Funding1		07/05/24		0.781			28,174,900
		42,465,000	Protective Life Global Funding1		01/13/25		1.646			40,260,486
		37,290,000	Sirius International Group, Ltd.1		11/01/26		4.600			35,749,923
		31,750,000	United Insurance Holdings Corp.		12/15/27		6.250			30,690,663
		4,205,000	Universal Insurance Holdings, Inc.		11/30/26		5.625			4,033,793
		11,950,000	Vitality Re XIII Ltd. (3-Month U.S. 3-Month Treasury Bill + 2.000%)1,2		01/06/26		2.803			11,702,635
										710,200,457
			INVESTMENT COMPANIES (6.3%)
		74,580,000	Ares Capital Corp.		02/10/23		3.500			74,566,340
		41,185,000	BlackRock TCP Capital Corp.		08/23/24		3.900			40,798,142
		46,600,000	Blackstone Private Credit Fund1		09/15/24		1.750			43,549,309
		30,840,000	Blackstone Private Credit Fund1		11/22/24		2.350			29,101,282
		24,645,000	Blackstone Secured Lending Fund		07/14/23		3.650			24,681,359
		14,654,000	Blackstone Secured Lending Fund		01/15/26		3.625			14,020,786
		35,855,000	Business Development Corp. of America1		12/30/22		4.750			35,734,108
		18,375,000	Business Development Corp. of America1		12/15/24		4.850			18,238,395
		26,475,000	Business Development Corp. of America		03/30/26		3.250			24,206,286

Principal Amount				Maturity Date		Interest Rate			Value
			CORPORATE BONDS (continued)
			INVESTMENT COMPANIES (continued)
	$	31,955,000	FS KKR Capital Corp.		07/15/24		4.625	%	$	31,936,161
		18,859,000	FS KKR Capital Corp.		02/01/25		4.125			18,500,980
		42,821,000	FS KKR Capital Corp.1		02/14/25		4.250			41,136,700
		39,855,000	Golub Capital BDC, Inc.		04/15/24		3.375			39,107,366
		9,329,000	Main Street Capital Corp.		12/01/22		4.500			9,425,055
		49,650,000	Main Street Capital Corp.		05/01/24		5.200			50,203,256
		33,980,000	Main Street Capital Corp.		07/14/26		3.000			30,912,480
		31,201,000	Owl Rock Capital Corp.		04/15/24		5.250			31,566,276
		10,000,000	Owl Rock Capital Corp.		03/30/25		4.000			9,738,115
		27,070,000	Owl Rock Capital Corp. II1		11/26/24		4.625			26,659,375
		18,000,000	OWL Rock Core Income Corp.1		09/23/26		3.125			16,017,185
		20,015,000	Owl Rock Technology Finance Corp.1		12/15/25		4.750			19,398,531
		17,345,000	PennantPark Investment Corp.		11/01/26		4.000			16,044,755
										645,542,242
			MEDIA (0.6%)
		58,742,000	Charter Communications Operating LLC / Charter Communications Operating Capital		07/23/22		4.464			58,842,627
			OIL&GAS (0.2%)
		6,400,000	Continental Resources, Inc.		04/15/23		4.500			6,471,680
		10,072,000	Woodside Finance, Ltd.1		09/15/26		3.700			9,843,815
										16,315,495
			PHARMACEUTICALS (0.8%)
		20,446,000	AbbVie, Inc.		10/01/22		3.250			20,489,992
		57,840,000	AbbVie, Inc.		11/21/22		2.300			57,830,866
										78,320,858
			PIPELINES (2.0%)
		52,187,000	Energy Transfer LP / Regency Energy Finance Corp.		10/01/22		5.000			52,339,857
		42,750,000	EnLink Midstream Partners, LP		06/01/25		4.150			41,574,375
		73,930,000	Kinder Morgan, Inc.		01/15/23		3.150			74,127,666
		31,985,000	Northriver Midstream Finance LP1		02/15/26		5.625			31,185,375
										199,227,273
			REAL ESTATE INVESTMENT TRUSTS (1.5%)
		82,304,000	American Tower Corp.		01/31/23		3.500			82,806,697
		25,360,000	EF Holdco / EF Cayman Hold / Ellington Finance REIT Cayman/TRS / EF Cayman Non-MTM1		04/01/27		5.875			25,168,821
		23,540,000	HAT Holdings I LLC / HAT Holdings II LLC1		06/15/26		3.375			21,622,196
		19,215,000	Scentre Group Trust 1 / Scentre Group Trust 21		01/28/26		3.625			18,841,747
										148,439,461

Principal Amount				Maturity Date		Interest Rate			Value
			CORPORATE BONDS (continued)
			RETAIL (0.8%)
	$	11,000,000	Nordstrom, Inc.		04/08/24		2.300	%	$	10,532,500
		72,275,000	Walgreens Boots Alliance, Inc.		11/17/23		0.950			70,061,451
										80,593,951
			SEMICONDUCTORS (0.3%)
		33,545,000	ams-OSRAM AG1		07/31/25		7.000			33,954,585
			SOFTWARE (1.2%)
		120,307,000	Oracle Corp.		05/15/22		2.500			120,344,871

			TELECOMMUNICATIONS (1.0%)
		100,479,000	AT&T, Inc.		06/30/22		3.000			100,479,000
			Total Corporate Bonds (Cost $5,075,657,832)							4,939,916,712
			LOAN PARTICIPATIONS AND ASSIGNMENTS (12.7%)
		36,085,000	AAdvantage Loyality IP, Ltd. (3-Month USD-LIBOR + 4.750%)2		04/20/28		5.813			36,696,280
		21,819,970	Allen Media LLC (3-Month USD-LIBOR + 5.500%)2		02/10/27		6.151			21,596,315
		20,938,603	Allspring Buyer LLC (3-Month USD-LIBOR + 3.250%)2		11/01/28		4.313			20,883,325
		47,052,244	Asplundh Tree Expert LLC (1-Month USD-LIBOR + 1.750%)2		09/07/27		2.514			46,556,314
		11,070,067	Avantor Funding, Inc. Term B5 (1-Month USD-LIBOR + 2.250%)2		11/08/27		3.014			10,987,042
		20,775,495	Avolon TLB Borrower 1 (US) LLC Term B3 (1-Month USD-LIBOR + 1.750%)2		01/15/25		2.500			20,541,771
		14,812,500	Avolon TLB Borrower 1 (US) LLC Term B5 (1-Month USD-LIBOR + 2.250%)2		12/01/27		2.875			14,710,738
		56,167,421	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		2.756			55,575,416
		10,387,182	BCP Renaissance Parent LLC Term B3 (1-Month CME Term SOFR + 3.500%)2		11/02/26		4.500			10,276,870
		36,158,127	Buckeye Partners LP Term B1 (1-Month USD-LIBOR + 2.250%)2		11/01/26		2.707			35,880,432
		36,356,636	Charter Communications Operating LLC (CCo. Safari LLC) Term B1 (1-Month USD-LIBOR + 1.750%)2		04/30/25		2.520			36,058,875
		24,491,572	Clarios Global LP (1-Month USD-LIBOR + 3.250%)2		04/30/26		4.014			24,073,256
		36,491,389	Clean Harbors, Inc. (1-Month USD-LIBOR + 1.750%)2		06/28/24		2.514			36,324,258
		19,950,000	Clean Harbors, Inc. (1-Month USD-LIBOR + 2.000%)2		10/08/28		2.764			19,860,225
		25,891,030	Delos Finance S.a.r.l. (3-Month USD-LIBOR + 1.750%)2		10/06/23		2.756			25,775,556

Principal Amount				Maturity Date		Interest Rate			Value
			LOAN PARTICIPATIONS AND ASSIGNMENTS (continued)
	$	38,650,623	Eastern Power LLC (TPF II LC, LLC) (3-Month USD-LIBOR + 3.750%)2		10/02/25		4.756	%	$	27,776,270
		47,308,408	Elanco Animal Health, Inc. (1-Month USD-LIBOR + 1.750%)2		08/01/27		2.205			46,303,104
		22,197,874	Genpact, Ltd. (1-Month USD-LIBOR + 1.375%)2		08/09/23		2.139			22,031,390
		3,970,000	HCA, Inc. Term B (1-Month USD-LIBOR + 1.750%)2		06/30/28		2.514			3,966,268
		20,765,464	Icon Plc. (3-Month USD-LIBOR + 2.250%)2		07/03/28		3.313			20,632,358
		11,904,043	Iqvia, Inc. Term B1 (1-Month USD-LIBOR + 1.750%)2		03/07/24		2.514			11,832,619
		6,309,540	Iqvia, Inc. Term B2 (1-Month USD-LIBOR + 1.750%)2		01/17/25		2.514			6,267,455
		11,310,890	Iqvia, Inc. Term B3 (3-Month USD-LIBOR + 1.750%)2		06/11/25		2.756			11,235,446
		33,741,266	Iridium Satellite LLC Term B2 (1-Month USD-LIBOR + 2.500%)2		11/04/26		3.264			33,498,666
		36,777,088	Jazz Pharmaceuticals, Plc. (1-Month USD-LIBOR + 3.500%)2		05/05/28		4.264			36,703,533
		51,300,631	Lumen Technologies, Inc. Term A (1-Month USD-LIBOR + 2.000%)2		01/31/25		2.764			50,627,567
		22,759,678	Lumen Technologies, Inc. Term B (1-Month USD-LIBOR + 2.250%)2		03/15/27		3.014			21,768,722
		36,601,075	MPH Acquisition Holdings LLC (3-Month USD-LIBOR + 4.250%)2		09/01/28		4.758			35,097,137
		16,103,094	Nexstar Media, Inc. (1-Month USD-LIBOR + 1.500%)2		10/26/23		1.955			15,989,084
		42,239,911	Nexstar Media, Inc. (1-Month USD-LIBOR + 1.500%)2		09/19/24		1.955			41,958,170
		38,605,707	NorthRiver Midstream Finance LP Term B (3-Month USD-LIBOR + 3.250%)2		10/01/25		4.217			38,330,834
		50,000,000	NVA Holdings Parent LLC (1-Month USD-LIBOR + 1.750%)2,3		12/16/24		2.563			48,950,000
		51,819,138	Organon & Co. (3-Month USD-LIBOR + 3.000%)2		06/02/28		3.563			51,527,914
		56,015,195	Ortho Clinical Diagnostics Inc. (1-Month USD-LIBOR + 3.000%)2		06/30/25		3.266			55,857,792
		15,000,000	Setanta Aircraft Leasing DAC (3-Month USD-LIBOR + 2.000%)2		11/05/28		3.006			14,890,650
		45,000,000	SkyMiles IP, Ltd. (3-Month USD-LIBOR + 3.750%)2		10/20/27		4.750			46,443,600
		15,960,000	Southwestern Energy Co. (3-Month USD-LIBOR + 2.500%)2		06/22/27		3.151			15,920,100
		12,957,889	SS&C Technologies Holdings, Inc. Term B3 (1-Month USD-LIBOR + 1.750%)2		04/16/25		2.514			12,759,115
		9,749,173	SS&C Technologies Holdings, Inc. Term B4 (1-Month USD-LIBOR + 1.750%)2		04/16/25		2.514			9,599,621
		8,137,818	SS&C Technologies Holdings, Inc. Term B5 (1-Month USD-LIBOR + 1.750%)2		04/16/25		2.514			8,022,912

Principal Amount				Maturity Date		Interest Rate			Value
			LOAN PARTICIPATIONS AND ASSIGNMENTS (continued)
	$	17,490,413	UGI Energy Services LLC (1-Month USD-LIBOR + 3.750%)2		08/13/26		4.514	%	$	17,441,264
		48,138,750	United AirLines, Inc. Term B (3-Month USD-LIBOR + 3.750%)2		04/21/28		4.500			47,684,802
		20,881,100	Vistra Operations Co. LLC (Tex Operations Co. LLC) (1-Month USD-LIBOR + 1.750%)2		12/31/25		2.472			20,587,930
		41,357,776	Wyndham Hotels & Resorts, Inc. Term B (1-Month USD-LIBOR + 1.750%)2		05/30/25		2.514			40,949,575
		61,214,787	Wynn Resorts, Ltd. (1-Month USD-LIBOR + 1.750%)2		09/20/24		2.520			60,449,602
			Total Loan Participations and Assignments Cost $1,308,792,851)							1,290,900,173
			MUNICIPAL BONDS (1.7%)
		31,000,000	Kentucky Public Energy Authority, Revenue Bonds (SOFR + 1.200%)2		08/01/52		1.388			30,294,245
		10,100,000	New Jersey Turnpike Authority, Revenue Bonds (1-Month USD-LIBOR + 0.700%)2		01/01/24		1.019			10,144,466
		12,845,000	Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds		12/15/26		6.250			13,756,412
		119,055,000	Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month USD-LIBOR + 0.690%)2		09/15/27		1.235			116,829,409
			Total Municipal Bonds (Cost $174,003,231)							171,024,532

			RESIDENTIAL MORTGAGE BACKED SECURITIES (1.1%)
		17,788,522	Cascade Funding Mortgage Trust 2019-RM31,2,4		06/25/69		2.800			17,362,797
		16,463,703	CFMT LLC 2021-HB51,2,4		02/25/31		0.801			16,242,572
		4,219,556	Pepper Residential Securities Trust No. 23A (1-Month USD-LIBOR + 0.950%)1,2		08/18/60		1.504			4,226,439
		2,514,795	Pepper Residential Securities Trust No. 24A (1-Month USD-LIBOR + 0.900%)1,2		11/18/60		1.454			2,519,859
		8,598,933	RESIMAC Premier 2019-2A (1-Month USD-LIBOR + 0.950%)1,2		02/10/51		1.438			8,477,791
		9,812,010	RESIMAC Premier 2020-1A (1-Month USD-LIBOR + 1.050%)1,2		02/07/52		1.496			9,792,997
		13,640,800	RESIMAC Premier 2021-1A (1-Month USD-LIBOR + 0.700%)1,2		07/10/52		1.188			13,543,347
		30,138,083	RMF Buyout Issuance Trust 2021-HB11,2,4		11/25/31		1.259			28,933,024
		8,782,468	RMF Proprietary Issuance Trust 2019-11,2,4		10/25/63		2.750			8,537,191
			Total Residential Mortgage Backed Securities (Cost $111,890,147)							109,636,017

Principal Amount				Maturity Date		Interest Rate			Value
			U.S. GOVERNMENT AGENCY OBLIGATIONS (1.7%)
	$	15,622,000	Federal Farm Credit Banks Funding Corp.		08/25/25		0.610	%	$	14,430,427
		36,000,000	Federal Home Loan Mortgage Corp.		05/19/23		0.250			35,232,997
		40,168,000	Federal Home Loan Mortgage Corp.		10/27/25		0.600			36,875,011
		26,490,000	Federal Home Loan Mortgage Corp.		10/27/25		0.625			24,304,802
		40,500,000	Federal Home Loan Mortgage Corp.		11/12/25		0.600			37,134,186
		24,040,000	Federal Home Loan Mortgage Corp.		11/25/25		0.625			22,086,357
		22,775	Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (1-Year USD-LIBOR + 1.769%)2		04/01/36		2.083			23,308
		13,229	Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (6-Month USD-LIBOR + 1.740%)2		12/01/36		1.865			13,212
		10,946	Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (1-Year USD-LIBOR + 1.745%)2		01/01/37		1.995			10,884
		3,197,976	Federal National Mortgage Association (FNMA)		07/01/35		5.000			3,387,490
		200,360	Federal National Mortgage Association (FNMA)		11/01/35		5.500			214,105
		27,405	Federal National Mortgage Association (FNMA) (1-Year USD-LIBOR + 1.979%)2		07/01/36		2.229			28,770
		40,985	Federal National Mortgage Association (FNMA) (1-Year USD-LIBOR + 1.724%)2		09/01/36		1.974			42,346
		26,560	Federal National Mortgage Association (FNMA) (1-Year USD-LIBOR + 1.754%)2		01/01/37		2.089			26,516
		186,243	Federal National Mortgage Association (FNMA)		08/01/37		5.500			198,121
		2,247,486	Federal National Mortgage Association (FNMA)		08/01/37		5.500			2,387,167
		864,371	Federal National Mortgage Association (FNMA)		06/01/40		6.500			937,200
		5,766	Government National Mortgage Association (GNMA) (1-Year CMT Index + 1.500%)2		08/20/29		1.625			5,825
			Total U.S. Government Agency Obligations (Cost $189,977,454)							177,338,724

			U.S. TREASURY BILLS (1.9%)
		11,000,000	U.S. Treasury Bill6		05/24/22		0.000			10,998,310
		71,250,000	U.S. Treasury Bill6		06/23/22		0.000			71,233,511
		110,000,000	U.S. Treasury Bill6,7		07/07/22		0.000			109,851,649
			Total U.S. Treasury Bills (Cost $192,162,149)							192,083,470

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:

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

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

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

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2022.

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 April 30, 2022
Asset Backed Securities		$	—	$	2,746,919,585		$	91,222,954		$	2,838,142,539
Commercial Mortgage Backed Securities			—		471,298,698			—			471,298,698
Corporate Bonds			—		4,939,916,712			—			4,939,916,712
Loan Participations and Assignments			—		1,241,950,173			48,950,000			1,290,900,173
Municipal Bonds			—		171,024,532			—			171,024,532
Residential Mortgage Backed Securities			—		109,636,017			—			109,636,017
U.S. Government Agency Obligations			—		177,338,724			—			177,338,724
U.S. Treasury Bills			—		192,083,470			—			192,083,470
Total Investment, at value		$	—	$	10,050,167,911		$	140,172,954		$	10,190,340,865
Other Financial Instruments, at value
Financial Futures Contracts		$	32,845,242	$	—		$	—		$	32,845,242
Other Financial Instruments, at value		$	32,845,242	$	—		$	—		$	32,845,242

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period ended April 30, 2022:

	Asset Backed Securities				Loan Participations and Assignments				Total
Balance as of October 31, 2021		$	62,676,293			$	—			$	62,676,293
Purchases			49,855,000				49,625,000				99,480,000
Sales / Paydowns			(20,414,548	)			—				(20,414,548	)
Realized gains (losses)			—				—				—
Change in unrealized appreciation (depreciation)			(893,791	)			(720,402	)			(1,614,193	)
Amortization			—				45,402				45,402
Transfers from Level 3			—				—				—
Transfers to Level 3			—				—				—
Balance as of April 30, 2022		$	91,222,954			$	48,950,000			$	140,172,954

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 $10,425,559,178)	$	10,190,340,865
Cash		799,433
Cash collateral for futures contracts		100,000
Receivables for:
Interest		43,626,194
Investments sold		15,345,374
Shares sold		13,269,558
Futures variation margin on open contracts		1,299,608
Investment advisory and administrative fee waiver reimbursement		73,993
Other		132,695
Prepaid assets		81,669
Total Assets		10,265,069,389
LIABILITIES:
Payables for:
Shares redeemed		48,493,769
Investments purchased		37,247,626
Investment advisory and administrative fees		2,271,242
Dividends declared		1,374,948
Custody and fund accounting fees		599,781
Shareholder servicing fees		97,093
Professional fees		47,428
Transfer agent fees		11,988
Board of Trustees' fees		558
Accrued expenses and other liabilities		93,990
Total Liabilities		90,238,423
NET ASSETS	$	10,174,830,966
Net Assets Consist of:
Paid-in capital	$	10,428,716,386
Accumulated deficit		(253,885,420	)
Net Assets	$	10,174,830,966

NET INVESTMENT INCOME:
Income:
Dividends	$	2,992,201
Interest income		99,544,419
Other income		995,961
Total Income		103,532,581
Expenses:
Investment advisory and administrative fees		14,925,328
Shareholder servicing fees		615,205
Custody and fund accounting fees		517,085
Board of Trustees' fees		69,358
Professional fees		48,106
Transfer agent fees		38,818
Miscellaneous expenses		589,500
Total Expenses		16,803,400
Investment advisory and administrative fee waiver		(431,823	)
Net Expenses		16,371,577
Net Investment Income		87,161,004
NET REALIZED AND UNREALIZED LOSS:
Net realized loss on investments in securities		(29,311,923	)
Net realized gain on futures contracts		42,479,414
Net realized gain on investments in securities and futures contracts		13,167,491
Net change in unrealized appreciation/(depreciation) on investments in securities		(306,054,492	)
Net change in unrealized appreciation/(depreciation) on futures contracts		23,262,498
Net change in unrealized appreciation/(depreciation) on investments in securities and futures contracts		(282,791,994	)
Net Realized and Unrealized Loss		(269,624,503	)
Net Decrease in Net Assets Resulting from Operations	$	(182,463,499	)

	For the six months ended April 30, 2022 (unaudited)			For the year ended October 31, 2021
INCREASE/(DECREASE) IN NET ASSETS:
Operations:
Net investment income	$	87,161,004		$	155,597,806
Net realized gain/(loss) on investments in securities and futures contracts		13,167,491			(5,762,719	)
Net change in unrealized appreciation/(depreciation) on investments in securities and futures contracts		(282,791,994	)		70,872,033
Net increase/(decrease) in net assets resulting from operations		(182,463,499	)		220,707,120
Dividends and distributions declared:
Class N		(4,329,470	)		(8,039,596	)
Class I		(82,314,323	)		(145,689,084	)
Total dividends and distributions declared		(86,643,793	)		(153,728,680	)
Share transactions:
Proceeds from sales of shares1		2,964,410,351			7,111,674,362
Net asset value of shares issued to shareholders for reinvestment of dividends and distributions		18,681,225			32,811,791
Cost of shares redeemed1		(4,636,882,859	)		(3,185,266,679	)
Net increase/(decrease) in net assets resulting from share transactions		(1,653,791,283	)		3,959,219,474
Total increase/(decrease) in net assets		(1,922,898,575	)		4,026,197,914

NET ASSETS:
Beginning of period		12,097,729,541			8,071,531,627
End of period	$	10,174,830,966		$	12,097,729,541

	For the six months ended April 30, 2022				For the years ended October 31,
	(unaudited)				2021			2020			2019			2018			2017
Net asset value, beginning of period		$	10.32		$	10.23		$	10.26		$	10.15		$	10.19		$	10.13
Income from investment operations:
Net investment income1			0.07			0.15			0.24			0.30			0.26			0.21
Net realized and unrealized gain (loss)			(0.23	)		0.09			(0.03	)		0.11			(0.06	)		0.05
Total income from investment operations			(0.16	)		0.24			0.21			0.41			0.20			0.26
Less dividends and distributions:
From net investment income			(0.07	)		(0.15	)		(0.24	)		(0.30	)		(0.24	)		(0.20	)
Total dividends and distributions			(0.07	)		(0.15	)		(0.24	)		(0.30	)		(0.24	)		(0.20	)
Net asset value, end of period		$	10.09		$	10.32		$	10.23		$	10.26		$	10.15		$	10.19
Total return2			(1.54	)%3		2.38	%		2.06	%		4.14	%		2.03	%		2.64	%
Ratios/Supplemental data:
Net assets, end of period (in millions)		$	585		$	656		$	461		$	371		$	275		$	72
Ratio of expenses to average net assets before reductions			0.49	%4		0.49	%		0.49	%		0.51	%		0.50	%		0.67	%
Fee waiver			(0.14	)%4,5		(0.14	)%5		(0.14	)%5		(0.16	)%5		(0.15	)%5		(0.27	)%5
Expense offset arrangement			0.00	%		0.00	%		0.00	%		(0.00	)%6		(0.00	)%6		(0.00	)%6
Ratio of expenses to average net assets after reductions			0.35	%4		0.35	%		0.35	%		0.35	%		0.35	%		0.40	%
Ratio of net investment income to average net assets			1.42	%4		1.48	%		2.32	%		2.98	%		2.52	%		2.05	%
Portfolio turnover rate			26	%3		34	%		51	%		53	%		48	%		52	%

	For the six months ended April 30, 2022				For the years ended October 31,
	(unaudited)				2021			2020			2019			2018			2017
Net asset value, beginning of period		$	10.32		$	10.23		$	10.25		$	10.15		$	10.19		$	10.13
Income from investment operations:
Net investment income1			0.08			0.16			0.24			0.31			0.25			0.22
Net realized and unrealized gain (loss)			(0.23	)		0.09			(0.02	)		0.10			(0.04	)		0.06
Total income from investment operations			(0.15	)		0.25			0.22			0.41			0.21			0.28
Less dividends and distributions:
From net investment income			(0.08	)		(0.16	)		(0.24	)		(0.31	)		(0.25	)		(0.22	)
Total dividends and distributions			(0.08	)		(0.16	)		(0.24	)		(0.31	)		(0.25	)		(0.22	)
Net asset value, end of period		$	10.09		$	10.32		$	10.23		$	10.25		$	10.15		$	10.19
Total return2			(1.50	)%3		2.46	%		2.24	%		4.12	%		2.11	%		2.77	%
Ratios/Supplemental data:
Net assets, end of period (in millions)		$	9,590		$	11,442		$	7,610		$	6,769		$	6,000		$	6,346
Ratio of expenses to average net assets before reductions			0.27	%4		0.27	%		0.27	%		0.28	%		0.27	%		0.28	%
Expense offset arrangement			0.00	%		0.00	%		0.00	%		(0.00	)%5		(0.00	)%5		(0.00	)%5
Ratio of expenses to average net assets after reductions			0.27	%4		0.27	%		0.27	%		0.28	%		0.27	%		0.28	%
Ratio of net investment income to average net assets			1.49	%4		1.55	%		2.40	%		3.04	%		2.47	%		2.17	%
Portfolio turnover rate			26	%3		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 April 30, 2022, there were eight series of the Trust.

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

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

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 April 30, 2022, are listed in the Portfolio of Investments.

For the six months ended April 30, 2022, the average monthly notional amount of open futures contracts was $1,143,230,932. The range of monthly notional amounts was $763,520,244 to $1,373,921,148.

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

E.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 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 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.

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

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

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

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 six months ended April 30, 2022, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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 $4,329,470 and $82,314,323 to Class N and Class I shareholders, respectively, during the six months ended April 30, 2022.

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.

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.

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 six months ended April 30, 2022, the Investment Adviser waived fees in the amount of $431,823 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 six months ended April 30, 2022, Class N shares of the Fund incurred $615,205 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 six months ended April 30, 2022, the Fund incurred $517,085 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 six months ended April 30, 2022 was $2,725. 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 six months ended April 30, 2022, was $606. 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 six months ended April 30, 2022, the Fund incurred $69,358 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 six months ended April 30, 2022 (unaudited)						For the year ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		17,431,788		$	178,562,159			37,397,145		$	386,600,187
Shares issued in connection with reinvestments of dividends		409,034			4,176,315			754,073			7,791,895
Shares redeemed		(23,365,067	)		(239,229,278	)		(19,724,527	)		(203,824,235	)
Net increase (decrease)		(5,524,245	)	$	(56,490,804	)		18,426,691		$	190,567,847
Class I
Shares sold		271,997,632		$	2,785,848,192			650,852,091		$	6,725,074,175
Shares issued in connection with reinvestments of dividends		1,421,130			14,504,910			2,421,793			25,019,896
Shares redeemed		(431,476,711	)		(4,397,653,581	)		(288,574,356	)		(2,981,442,444	)
Net increase (decrease)		(158,057,949	)	$	(1,597,300,479	)		364,699,528		$	3,768,651,627

Included in Shares Sold and Shares Redeemed are shareholder exchanges during the six months ended April 30, 2022 and the year ended October 31, 2021. Specifically:

During the six months ended April 30, 2022, 644,524 shares of Class N were exchanged for 644,524 shares of Class I valued at $6,632,150 and 117,094 shares of Class I were exchanged for 117,174 shares of Class N valued at $1,202,554.

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.

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 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 United Kingdom’s Financial Conduct Authority announced a phase out of the LIBOR. Although many LIBOR rates were phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. The unavailability and/ or discontinuation of LIBOR may affect the value, liquidity or return on certain fund investments that mature later than June 2023 and may result in costs incurred in connection with closing out positions and entering into new positions. Any pricing adjustments to the fund’s investments resulting from a substitute reference rate may also adversely affect the fund’s performance and/or net asset value (LIBOR transition risk). The extent of the Fund’s exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund’s Statement of Assets and Liabilities.

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

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.

Management has evaluated events and transactions that have occurred since April 30, 2022 through the date the financial statements were issued and determined that there were no other 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 (November 1, 2021 to April 30, 2022).

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.

The 1940 Act requires that a fund’s investment advisory agreements be approved annually by the fund’s board of trustees, including 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 meetings on November 18, 2021 and on December 14, 2021, in reliance on the Exemptive Relief, to consider whether to renew the combined Amended and Restated Investment Advisory and Administrative Services Agreement (the “Agreement”) between the Trust and the Investment Adviser with respect to the existing funds in the Trust, including the Fund. At the December 14, 2021 meeting, the Board voted to approve the renewal of the Agreement with respect to the Fund for an additional one-year term. In doing so, the Board determined that the terms of the Agreement were fair and reasonable and in the best interest of the Fund and its shareholders, and that it had received sufficient information to make an informed business decision with respect to the continuation of the Agreement.

Both in the meetings specifically held to address the continuance of the Agreement and at other meetings over the course of 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 to the Fund by the Investment Adviser and BBH, including investment management, administrative and shareholder services, the oversight of Fund service providers, marketing, risk oversight, compliance, and the ability to meet applicable legal and regulatory requirements. The Board also received third-party comparative performance and fee and expense information for the Fund prepared by Broadridge Financial Solutions, Inc. (“Broadridge”) using data from Lipper Inc., an independent provider of investment company data (“Lipper Report”). The Board reviewed this report with Broadridge, counsel to the Trust (“Fund Counsel”) and BBH. 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 continuation of the Agreement, the Board considered: (a) the nature, extent and quality of services provided by the Investment Adviser; (b) the investment performance of the Fund; (c) the advisory fee and the cost of the services and profits to be realized by the Investment Adviser from its relationship with the Fund; (d) the Fund’s costs to investors compared to the costs of comparative funds and performance compared to the relevant performance of comparative funds; (e) the sharing of potential economies of scale; (f) fall-out benefits to the Investment Adviser as a result of its relationship with the Fund; and (g) 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 continuance of 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 paid by the Fund to the Investment Adviser were reasonable based on the comparative performance, expense information, the cost of the services provided, and the profits realized by the Investment Adviser.

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 December meetings, and over the course of the previous year, regarding the nature, extent and quality of services 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, shareholder servicing, 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 noted that during the course of its regular meetings, it received reports on each of the foregoing topics. 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.

At the November 18, 2021 and December 14, 2021 meetings, and throughout the year, the Board received and considered performance information for the Fund provided by BBH. The Board also considered the Fund’s performance relative to a peer category of other mutual funds in a report compiled by Broadridge. As part of this review, the Trustees considered the composition of the peer category, selection criteria and reputation of Broadridge who prepared the peer category analysis. The Board reviewed and discussed with both BBH and Broadridge the report’s findings and discussed the positioning of the Fund relative to its selected peer category. The Board considered short-term and long-term investment performance for the Fund over various periods of time as compared to a selection of peer category, noting the Fund’s above average performance in the 1-, 2-, 4-, 5- and 10-year periods, and average performance in the 3-year period, each ended September 30, 2021. Additionally, the Board reviewed an additional peer category selected by the

Investment Adviser and noted that the Fund performed in the top quintile when compared to the additional peer category for each of the respective periods. In evaluating the performance of the Fund, the Board considered the risk expectations for the Fund as well as the relevant market conditions for the Fund’s investments and investment strategy. Based on this information, and in light of the Fund’s historic investment style, the Board concluded that it was satisfied with the Fund’s investment results.

The Board considered the fee rates paid by the Fund to the Investment Adviser 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 that was in place for the Fund’s Class N shares and considered the actual fee rates after taking into account the waiver. The Board 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, such peer category and comparisons having been selected and calculated by Broadridge, noting that the Fund compared exceedingly well to the selected peer category. 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.

With regard to profitability, the Trustees considered the compensation and benefits flowing to the Investment Adviser and BBH, directly or indirectly. The Board reviewed annualized profitability data for the Fund using data for 2021 and prior years as of September 30, for both the Investment Adviser and BBH. The data also included the effect of revenue generated by the shareholder servicing, custody and fund accounting fees paid by the Fund to BBH. The Board conducted a detailed review of the allocation methods used in preparing the profitability data. The Board focused on profitability of the Investment Adviser and BBH’s relationships with the Fund before taxes and distribution expenses. The Board concluded that the Investment Adviser’s and BBH’s profitability was not excessive in light of the nature, extent and quality of services provided to the Fund.

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 administrator, custodian, fund accounting and shareholder servicing 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.

many years, the Board observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there appeared to be no uniformity or pattern in the fees and asset levels at which breakpoints apply. In light of the Fund’s current size and expense structure, the Board concluded that the current breakpoints for the Fund were reasonable. The Board concluded that the fees paid by the Fund to the Investment Adviser were reasonable based on the comparative performance, expense information, the cost of the services provided and the profits to be realized by the Investment Adviser.

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

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

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

the Investment Adviser believes such transactions are appropriate based on each party’s investment objectives and guidelines. There may be potential conflicts of interest or regulatory issues relating to these transactions which could limit the Investment Adviser’s decision to engage in these transactions for the Fund. BBH or the Investment Adviser may have a potentially conflicting division of loyalties and responsibilities to the parties in such transactions.

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

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

	U.S. $ Value		Percent of Net Assets
Asset Backed Securities		$110,277,671		19.1	%
Commercial Mortgage Backed Securities		39,720,950		6.9
Corporate Bonds		260,663,486		45.1
Loan Participations and Assignments		105,883,364		18.3
Municipal Bonds		5,802,859		1.0
Preferred Stock		18,336,132		3.2
Residential Mortgage Backed Securities		1,915,240		0.3
U.S. Treasury Bills		6,597,843		1.1
U.S. Treasury Bonds and Notes		33,928,451		5.9
Liabilities in Excess of Other Assets		(5,133,637)		(0.9)
NET ASSETS		$577,992,359		100.0	%

All data as of April 30, 2022. The BBH Income Fund’s (the “Fund”) breakdown by security type is expressed as a percentage of net assets and may vary over time.

Principal Amount				Maturity Date		Interest Rate			Value
			ASSET BACKED SECURITIES (19.1%)
	$	2,640,000	ABPCI Direct Lending Fund ABS I, Ltd. 2020-1A1,2		12/20/30		3.199	%	$	2,531,431
		2,270,000	ABPCI Direct Lending Fund ABS II LLC 2022-2A1,2		03/01/32		4.987			2,237,849
		1,245,061	Adams Outdoor Advertising LP 2018-11		11/15/48		4.810			1,254,177
		1,480,000	Ares PBN Finance Co. LLC1,2		10/15/36		6.000			1,470,021
		3,983,208	BHG Securitization Trust 2022-A1		02/20/35		1.710			3,891,006
		919,696	Business Jet Securities LLC 2020-1A1		11/15/35		2.981			877,418
		1,430,000	CARS-DB4 LP 2020-1A1		02/15/50		4.170			1,392,471
		1,049,374	CF Hippolyta LLC 2020-11		07/15/60		2.280			977,065
		1,750,000	CFG Investments, Ltd. 2021-11		05/20/32		5.820			1,698,632
		2,000,000	Credit Acceptance Auto Loan Trust 2020-2A1		09/17/29		1.930			1,946,794
		2,850,000	DigitalBridge Issuer LLC 2021-1A1		09/25/51		3.933			2,692,674
		1,070,000	Elm Trust 2020-3A1		08/20/29		2.954			1,035,708
		2,490,000	Elm Trust 2020-4A1		10/20/29		2.286			2,363,932
		79,368	FCI Funding LLC 2019-1A1		02/18/31		3.630			79,619
		4,460,000	Flexential Issuer 2021-1A1		11/27/51		3.250			4,188,418
		979,986	FNA LLC 2019-12		12/10/31		3.000			976,360
		1,670,000	FREED ABS Trust 2022-2CP1		05/18/29		4.490			1,655,055
		1,501,893	Global SC Finance VII Srl 2020-1A1		10/17/40		2.170			1,397,491
		1,425,680	Global SC Finance VII Srl 2020-2A1		11/19/40		2.260			1,327,831
		4,270,000	Golub Capital Partners ABS Funding, Ltd. 2021-1A1		04/20/29		2.773			4,024,444
		1,430,000	Lendmark Funding Trust 2019-1A1		12/20/27		3.000			1,421,183
		1,120,000	Lendmark Funding Trust 2019-2A1		04/20/28		2.780			1,108,446
		508,658	LIAS Administration Fee Issuer LLC 2018-1A		07/25/48		5.956			514,221
		690,000	Mariner Finance Issuance Trust 2019-AA1		07/20/32		2.960			689,207
		1,070,000	Mariner Finance Issuance Trust 2020-AA1		08/21/34		2.190			1,028,730
		1,260,000	Monroe Capital ABS Funding, Ltd. 2021-1A1		04/22/31		2.815			1,171,929
		1,790,000	Monroe Capital Income Plus ABS Funding LLC 2022-1A1		04/30/32		5.150			1,756,169
		2,700,000	Neuberger Berman Loan Advisers Clo 40 Ltd. 2021-40A (3-Month USD-LIBOR + 1.060%)1,3		04/16/33		2.104			2,671,469
		2,520,000	New Residential Advance Receivables Trust Advance Receivables Backed 2020-T1		08/15/53		1.426			2,457,248
		355,313	Newtek Small Business Loan Trust 2018-1 (U.S. Prime Rate - 0.550%)1,3		02/25/44		2.950			353,804
		168,546	Newtek Small Business Loan Trust 2018-1 (U.S. Prime Rate + 0.750%)1,3		02/25/44		4.250			168,268
		3,550,000	NextGear Floorplan Master Owner Trust 2022-1A1		03/15/27		2.800			3,450,618
		3,960,000	Niagara Park CLO, Ltd. 2019-1A (3-Month USD-LIBOR + 1.000%)1,3		07/17/32		2.044			3,914,358

Principal Amount				Maturity Date		Interest Rate			Value
			ASSET BACKED SECURITIES (continued)
	$	2,180,000	OnDeck Asset Securitization Trust III LLC 2021-1A1		05/17/27		1.590	%	$	2,070,476
		8,439	OneMain Financial Issuance Trust 2019-1A1		02/14/31		3.480			8,437
		1,540,000	OneMain Financial Issuance Trust 2020-1A1		05/14/32		3.840			1,547,431
		2,930,000	OneMain Financial Issuance Trust 2022-S11		05/14/35		4.130			2,937,911
		5,630,000	Oportun Issuance Trust 2021-C1		10/08/31		2.180			5,257,525
		370,004	Oscar US Funding XI LLC 2019-2A1		09/11/23		2.590			370,461
		822,926	Oxford Finance Funding LLC 2019-1A1		02/15/27		4.459			827,211
		2,964,477	Oxford Finance Funding LLC 2020-1A1		02/15/28		3.101			2,964,045
		1,940,000	Palmer Square Loan Funding, Ltd. 2019-3A (3-Month USD-LIBOR + 2.100%)1,3		08/20/27		2.580			1,943,428
		749,184	ReadyCap Lending Small Business Loan Trust 2019-2 (U.S. Prime Rate - 0.500%)1,3		12/27/44		3.000			732,715
		5,150,000	Regional Management Issuance Trust 2022-11		03/15/32		3.070			4,941,889
		2,060,000	Republic Finance Issuance Trust 2020-A1		11/20/30		2.470			1,997,852
		2,130,000	Sabey Data Center Issuer LLC 2020-11		04/20/45		3.812			2,094,225
		1,500,000	Santander Drive Auto Receivables Trust 2020-1		12/15/25		4.110			1,512,753
		1,940,000	Santander Revolving Auto Loan Trust 2019-A1		01/26/32		2.510			1,874,592
		2,310,000	Southwick Park CLO LLC 2019-4A (3-Month USD-LIBOR + 1.060%)1,3		07/20/32		2.123			2,291,873
		2,159,383	Stack Infrastructure Issuer LLC 2019-1A1		02/25/44		4.540			2,154,489
		491,960	SWC Funding LLC 2018-1A1,2		08/15/33		4.750			478,436
		1,590,950	Textainer Marine Containers VII, Ltd. 2020-1A1		08/21/45		2.730			1,514,829
		4,867,336	Thrust Engine Leasing DAC 2021-1A1		07/15/40		4.163			4,374,942
		5,911,184	VC 3 LS LP 2021-B		10/15/41		4.750			5,843,206
		2,187,632	VCP RRL ABS I Ltd. 2021-1A1		10/20/31		2.152			2,163,731
		1,657,835	WRG Debt Funding IV LLC 2020-11,2		07/15/28		6.535			1,651,168
			Total Asset Backed Securities (Cost $113,670,299)							110,277,671

			COMMERCIAL MORTGAGE BACKED SECURITIES (6.9%)
		1,390,000	BPR Trust 2022-OANA (1-Month CME Term SOFR + 2.697%)1,3		04/15/37		3.047			1,387,360
		2,190,000	BXMT, Ltd. 2020-FL2 (30-Day SOFR + 1.014%)1,3		02/15/38		1.282			2,165,590
		1,250,000	BXMT, Ltd. 2020-FL3 (30-Day SOFR + 2.664%)1,3		11/15/37		2.932			1,250,000
		786,000	CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 4.000%)1,3		11/15/31		2.738			621,247
		146,085	CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 4.250%)1,2,3		11/15/31		4.619			132,499

Principal Amount				Maturity Date		Interest Rate			Value
			COMMERCIAL MORTGAGE BACKED SECURITIES (continued)
	$	1,375,473	CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 5.000%)1,2,3		11/15/31		5.380	%	$	1,099,690
		600,000	CGMS Commercial Mortgage Trust 2017-MDRB (1-Month USD-LIBOR + 1.750%)1,3		07/15/30		2.304			598,774
		890,000	Citigroup Commercial Mortgage Trust 2019-SMRT1		01/10/36		4.149			895,412
		3,540,000	CSMC 2018-SITE1,3,4		04/15/36		4.782			3,417,540
		5,870,000	DFVI 2021-1A1,2		12/15/29		2.982			5,870,000
		1,000,000	Hudsons Bay Simon JV Trust 2015-HB101,3,4		08/05/34		5.447			750,653
		240,000	JPMBB Commercial Mortgage Securities Trust 2014-C241,3,4.		11/15/47		3.884			169,919
		3,070,000	Morgan Stanley Capital I Trust 2019-BPR (1-Month USD-LIBOR + 1.400%)1,3		05/15/36		1.954			3,028,516
		5,860,000	MTN Commercial Mortgage Trust 2022-LPFL (1-Month CME Term SOFR + 1.896%)1,3		03/15/39		2.405			5,815,961
		1,087,167	NADG NNN Operating LP 2019-11		12/28/49		3.368			1,051,546
		3,964,764	Ready Capital Mortgage Financing LLC 2021-FL7 (1-Month USD-LIBOR + 1.200%)1,3		11/25/36		1.868			3,930,357
		2,270,000	SPGN Mortgage Trust 2022-TFLM (1-Month CME Term SOFR + 2.650%)1,3		02/15/39		3.159			2,224,519
		1,310,000	SPGN Mortgage Trust 2022-TFLM (1-Month CME Term SOFR + 3.500%)1,3		02/15/39		4.009			1,284,144
		890,000	STWD, Ltd. 2019-FL1 (1-Month CME Term SOFR + 1.714%)1,3		07/15/38		2.236			886,473
		300,000	UBS-BAMLL Trust 2012-WRM1		06/10/30		3.663			299,525
		2,915,000	Wells Fargo Commercial Mortgage Trust 2020-SDAL (1-Month USD-LIBOR + 1.340%)1,3		02/15/37		1.894			2,841,225
			Total Commercial Mortgage Backed Securities (Cost $40,820,848)							39,720,950

			CORPORATE BONDS (45.1%)
			AEROSPACE/DEFENSE (1.4%)
		2,220,000	BAE Systems , Plc.1		04/15/30		3.400			2,070,848
		3,250,000	Boeing Co.		05/01/23		4.508			3,280,002
		2,700,000	Boeing Co.		02/01/28		3.250			2,488,645
										7,839,495
			AIRLINES (0.2%)
		880,000	Delta Air Lines, Inc./SkyMiles IP, Ltd.1		10/20/28		4.750			869,737
			BANKS (6.3%)
		1,155,000	ANZ New Zealand Int'l, Ltd., London Branch1		03/19/24		3.400			1,156,081

Principal Amount				Maturity Date		Interest Rate			Value
			CORPORATE BONDS (continued)
			BANKS (continued)
	$	5,910,000	Bank of America Corp. (5-Year CMT Index + 2.760%)3,5				4.375	%	$	5,230,350
		1,365,000	Bank of New Zealand1		02/20/24		3.500			1,370,272
		3,095,000	Bank of Nova Scotia		03/11/27		2.951			2,945,540
		1,735,000	HSBC Holdings, Plc		03/31/30		4.950			1,750,469
		1,140,000	HSBC Holdings, Plc (SOFR + 2.387%)3		06/04/31		2.848			984,040
		2,020,000	JPMorgan Chase & Co. (3-Month CME Term SOFR + 1.585%)3		03/13/26		2.005			1,903,010
		2,340,000	Lloyds Banking Group, Plc		05/08/25		4.450			2,363,756
		2,440,000	Mitsubishi UFJ Financial Group, Inc.		07/17/25		1.412			2,250,030
		1,410,000	Morgan Stanley (SOFR + 1.990%)3		04/28/26		2.188			1,329,792
		2,000,000	Morgan Stanley (SOFR + 1.610%)3		04/20/28		4.210			1,983,949
		3,310,000	Toronto-Dominion Bank		03/10/27		2.800			3,149,462
		6,100,000	US Bancorp (5-Year CMT Index + 2.541%)3,5				3.700			5,211,047
		1,245,000	Wells Fargo & Co. (SOFR + 2.000%)3		04/30/26		2.188			1,176,010
		1,165,000	Wells Fargo & Co. (SOFR + 2.100%)3		06/02/28		2.393			1,059,835
		3,020,000	Wells Fargo & Co. (SOFR + 1.500%)3		03/02/33		3.350			2,743,979
										36,607,622
			BEVERAGES (0.2%)
		1,310,000	Anheuser-Busch InBev Worldwide, Inc.		01/23/39		5.450			1,392,121
			BIOTECHNOLOGY (0.2%)
		1,395,000	Amgen, Inc.		02/21/27		2.200			1,295,236
			BUILDING MATERIALS (0.9%)
		2,472,000	Builders FirstSource, Inc.1		06/01/27		6.750			2,549,250
		2,530,000	James Hardie International Finance DAC1		01/15/28		5.000			2,440,413
										4,989,663
			DIVERSIFIED FINANCIAL SERVICES (5.6%)
		2,160,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		10/29/24		1.750			2,010,048
		485,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		10/15/27		4.625			470,105
		1,265,000	American Express Co.		03/04/27		2.550			1,190,798
		2,330,000	Aviation Capital Group LLC1		12/15/24		5.500			2,364,923
		2,685,000	Avolon Holdings Funding, Ltd.1		07/01/24		3.950			2,637,501
		925,000	Avolon Holdings Funding, Ltd.1		01/15/26		5.500			926,398
		3,055,000	Bread Financial Holdings, Inc.1		12/15/24		4.750			2,963,350
		2,338,000	Brightsphere Investment Group, Inc.		07/27/26		4.800			2,174,340
		2,345,000	Capital One Financial Corp.		05/11/27		3.650			2,274,191
		840,000	Credit Acceptance Corp.1		12/31/24		5.125			829,928

Principal Amount				Maturity Date		Interest Rate			Value
			CORPORATE BONDS (continued)
			DIVERSIFIED FINANCIAL SERVICES (continued)
	$	1,400,000	Credit Acceptance Corp.		03/15/26		6.625	%	$	1,414,000
		2,485,000	Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance1		02/15/26		3.875			2,345,174
		2,550,000	GCM Grosvenor Diversified Alternatives Issuer LLC1,2		11/15/41		6.000			2,060,655
		2,050,000	Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc.1		02/01/27		6.375			2,075,215
		4,620,000	Sculptor Alternative Solutions LLC1,2		05/15/37		6.000			4,349,268
		2,655,000	Strategic Credit Opportunities Partners LLC		04/01/26		4.250			2,474,906
										32,560,800
			ELECTRIC (1.9%)
		1,840,000	Alabama Power Co.		03/15/32		3.050			1,678,901
		1,635,000	Avista Corp.		04/01/52		4.000			1,521,298
		5,065,000	Edison International (5-Year CMT Index + 4.698%)3,5				5.375			4,671,601
		2,095,000	Narragansett Electric Co.1		04/09/30		3.395			1,963,761
		1,060,000	PacifiCorp		04/01/24		3.600			1,067,033
										10,902,594
			GAS (0.2%)
		1,455,000	Southern California Gas Co.		04/15/27		2.950			1,391,402
			HEALTHCARE-SERVICES (0.6%)
		825,000	Centene Corp.		12/15/27		4.250			800,250
		2,545,000	PeaceHealth Obligated Group		11/15/50		3.218			2,076,288
		490,000	Sutter Health		08/15/30		2.294			421,004
										3,297,542
			INSURANCE (10.4%)
		4,175,000	Aegon NV (6-Month USD-LIBOR + 3.540%)3		04/11/48		5.500			4,275,659
		2,880,000	Ascot Group, Ltd.1		12/15/30		4.250			2,787,947
		2,035,000	Athene Global Funding1		06/29/25		2.550			1,953,789
		5,715,000	AXIS Specialty Finance LLC (5-Year CMT Index + 3.186%)3		01/15/40		4.900			5,314,950
		4,210,000	Doctors Co. An Interinsurance Exchange1		01/18/32		4.500			3,818,148
		1,600,000	Enstar Finance LLC (5-Year CMT Index + 5.468%)3		09/01/40		5.750			1,573,783
		4,100,000	Enstar Finance LLC (5-Year CMT Index + 4.006%)3		01/15/42		5.500			3,813,000
		2,195,000	Fairfax Financial Holdings, Ltd.		04/29/30		4.625			2,145,179
		4,765,000	Fidelis Insurance Holdings, Ltd. (5-Year CMT Index + 6.323%)1,3		04/01/41		6.625			4,791,207
		2,720,000	Guardian Life Global Funding1		03/29/27		3.246			2,656,188
		1,690,000	Metropolitan Life Global Funding I1		03/21/29		3.300			1,612,970
		1,180,000	New York Life Insurance Co.1		05/15/50		3.750			1,028,376
		3,708,000	PartnerRe Finance B LLC (5-Year CMT Index + 3.815%)3		10/01/50		4.500			3,466,980

Principal Amount				Maturity Date		Interest Rate			Value
			CORPORATE BONDS (continued)
			INSURANCE (continued)
	$	2,995,000	Sirius International Group, Ltd.1		11/01/26		4.600	%	$	2,871,306
		3,125,000	Stewart Information Services Corp.		11/15/31		3.600			2,696,336
		4,830,000	Swiss Re Finance Luxembourg S.A. (5-Year CMT Index + 3.582%)1,3		04/02/49		5.000			4,830,029
		2,520,000	Teachers Insurance & Annuity Association of America1		05/15/50		3.300			2,018,670
		2,660,000	United Insurance Holdings Corp.		12/15/27		6.250			2,571,249
		6,280,000	Universal Insurance Holdings, Inc.		11/30/26		5.625			6,024,310
										60,250,076
			INVESTMENT COMPANIES (8.4%)
		2,960,000	Apollo Investment Corp.		07/16/26		4.500			2,757,101
		200,000	Business Development Corp. of America1		12/30/22		4.750			199,326
		2,930,000	Business Development Corp. of America1		12/15/24		4.850			2,908,218
		2,490,000	Capital Southwest Corp.		01/31/26		4.500			2,427,750
		1,635,000	CION Investment Corp.2		02/11/26		4.500			1,508,581
		5,725,000	Fairfax India Holdings Corp.1		02/26/28		5.000			5,628,333
		1,370,000	FS KKR Capital Corp.		02/01/25		4.125			1,343,992
		3,450,000	FS KKR Capital Corp.1		02/14/25		4.250			3,314,299
		2,330,000	Gladstone Capital Corp.		01/31/26		5.125			2,289,225
		2,580,000	Golub Capital BDC, Inc.		04/15/24		3.375			2,531,602
		1,965,000	Main Street Capital Corp.		05/01/24		5.200			1,986,896
		3,185,000	Morgan Stanley Direct Lending Fund1		02/11/27		4.500			2,986,720
		2,095,000	OFS Capital Corp.		02/10/26		4.750			2,018,951
		1,445,000	Owl Rock Capital Corp. II1		11/26/24		4.625			1,423,081
		2,560,000	Owl Rock Technology Finance Corp.1		06/30/25		6.750			2,617,181
		2,535,000	PennantPark Floating Rate Capital, Ltd.		04/01/26		4.250			2,358,503
		3,025,000	Saratoga Investment Corp.		02/28/26		4.375			2,907,557
		3,050,000	Silver Point Specialty Credit Fund, L.P.2		11/04/26		4.000			2,847,418
		1,775,000	Stellus Capital Investment Corp.		03/30/26		4.875			1,726,573
		3,165,000	Trinity Capital, Inc.		12/15/26		4.250			2,898,363
										48,679,670
			OIL & GAS (1.0%)
		2,280,000	Equinor ASA		04/06/25		2.875			2,245,453
		860,000	Equinor ASA		05/22/30		2.375			766,579

Principal Amount				Maturity Date		Interest Rate			Value
			CORPORATE BONDS (continued)
			OIL & GAS (continued)
	$	2,610,000	Exxon Mobil Corp.		03/19/30		3.482	%	$	2,541,148
										5,553,180
			PACKAGING&CONTAINERS (0.2%)
		1,465,000	AptarGroup, Inc.		03/15/32		3.600			1,337,199
			PHARMACEUTICALS (0.8%)
		1,695,000	AbbVie, Inc.		05/14/25		3.600			1,683,923
		455,000	AbbVie, Inc.		05/14/35		4.500			449,525
		450,000	AbbVie, Inc.		05/14/36		4.300			435,069
		730,000	Bausch Health Cos., Inc.1		06/01/28		4.875			647,692
		1,630,000	Bristol-Myers Squibb Co.		03/15/52		3.700			1,444,467
										4,660,676
			PIPELINES (2.7%)
		4,045,000	Energy Transfer LP (3-Month USD-LIBOR + 4.028%)3,5				6.250			3,438,250
		2,230,000	EnLink Midstream LLC1		01/15/28		5.625			2,209,706
		2,230,000	EnLink Midstream Partners, LP		06/01/25		4.150			2,168,675
		2,430,000	Harvest Midstream I LP1		09/01/28		7.500			2,465,624
		4,400,000	MPLX LP (3-Month USD-LIBOR + 4.652%)3,5				6.875			4,307,600
		1,150,000	Northriver Midstream Finance LP1		02/15/26		5.625			1,121,250
										15,711,105
			PRIVATE EQUITY (0.3%)
		2,095,000	Apollo Management Holdings LP (5-Year CMT Index + 3.266%)1,3		01/14/50		4.950			1,945,402
			REAL ESTATE INVESTMENT TRUSTS (2.7%)
		5,075,000	EF Holdco / EF Cayman Hold / Ellington Finance REIT Cayman/TRS / EF Cayman Non-MTM1		04/01/27		5.875			5,036,742
		2,065,000	HAT Holdings I LLC / HAT Holdings II LLC1		06/15/26		3.375			1,896,764
		2,300,000	HAT Holdings I LLC / HAT Holdings II LLC1		09/15/30		3.750			1,983,750
		1,380,000	Scentre Group Trust 1/Scentre Group Trust 21		02/12/25		3.500			1,365,871
		1,945,000	Scentre Group Trust 1/Scentre Group Trust 21		01/28/26		3.625			1,907,218
		1,345,000	Scentre Group Trust 2 (5-Year CMT Index + 4.685%)1,3		09/24/80		5.125			1,284,193
		2,065,000	Starwood Property Trust, Inc.1		01/15/27		4.375			1,926,418
										15,400,956
			RETAIL (0.5%)
		3,450,000	Nordstrom, Inc.		04/01/30		4.375			3,002,432

Principal Amount				Maturity Date		Interest Rate			Value
			CORPORATE BONDS (continued)
			SEMICONDUCTORS (0.4%)
	$	2,100,000	ams-OSRAM AG1		07/31/25		7.000	%	$	2,125,641
			TELECOMMUNICATIONS (0.2%)
		875,000	Connect Finco S.a r.l. / Connect US Finco LLC1		10/01/26		6.750			850,937
			Total Corporate Bonds (Cost $274,291,114)							260,663,486

			LOAN PARTICIPATIONS AND ASSIGNMENTS (18.3%)
		5,110,000	AAdvantage Loyality IP, Ltd. (3-Month USD-LIBOR + 4.750%)3		04/20/28		5.813			5,196,563
		3,341,814	AHP Health Partners, Inc. (1-Month USD-LIBOR + 3.500%)3		08/24/28		4.264			3,319,892
		4,560,000	Air Canada (3-Month USD-LIBOR + 3.500%)3		08/11/28		4.250			4,508,700
		2,446,018	AL NGPL Holdings LLC (3-Month USD-LIBOR + 3.750%)3		04/14/28		4.750			2,437,604
		3,042,411	Allen Media LLC (3-Month CME Term SOFR + 5.500%)3		02/10/27		6.151			3,011,226
		2,319,758	Allspring Buyer LLC (3-Month USD-LIBOR + 3.250%)3		11/01/28		4.313			2,313,634
		397,101	Athenahealth Group, Inc. (3-Month CME Term SOFR + 1.750%)3		02/15/29		1.750			391,145
		2,342,899	Athenahealth Group, Inc. (1-Month CME Term SOFR + 3.500%)3		02/15/29		4.009			2,307,755
		1,180,745	Avolon TLB Borrower 1 (US) LLC Term B3 (1-Month USD-LIBOR + 1.750%)3		01/15/25		2.500			1,167,462
		1,947,616	Axalta Coating Systems Dutch Holding B BV Term B3 (3-Month USD-LIBOR + 1.750%)3		06/01/24		2.756			1,927,088
		2,380,000	Bausch Health Companies, Inc. Term B (3-Month CME Term SOFR + 5.250%)3		02/01/27		6.016			2,299,675
		2,810,929	BCP Renaissance Parent LLC Term B3 (1-Month CME Term SOFR + 3.500%)3		11/02/26		4.500			2,781,077
		1,386,833	Buckeye Partners LP Term B1 (1-Month USD-LIBOR + 2.250%)3		11/01/26		2.707			1,376,182
		1,916,239	Clarios Global LP (1-Month USD-LIBOR + 3.250%)3		04/30/26		4.014			1,883,509
		3,870,505	Connect Finco S.a.r.l. (1-Month USD-LIBOR + 3.500%)3		12/11/26		4.500			3,844,224
		2,500,000	Delos Finance S.a.r.l. (3-Month USD-LIBOR + 1.750%)3		10/06/23		2.756			2,488,850
		4,080,724	Eastern Power LLC (3-Month USD-LIBOR + 3.750%)3		10/02/25		4.756			2,932,612
		2,419,369	Elanco Animal Health, Inc. (1-Month USD-LIBOR + 1.750%)3.		08/01/27		2.205			2,367,958
		1,925,325	Geon Performance Solutions LLC (Fka. Echo US Holdings LLC) (1-Month USD-LIBOR + 4.750%)3		08/18/28		5.514			1,914,505
		1,819,060	GIP II Blue Holding, LP (3-Month USD-LIBOR + 4.500%)3		09/29/28		5.506			1,811,856
		1,571,871	Global Medical Responce, Inc. (3-Month USD-LIBOR + 4.250%)3		03/14/25		5.250			1,558,337
		780,412	Icon Plc. (3-Month USD-LIBOR + 2.250%)3		07/03/28		3.313			775,410

Principal Amount				Maturity Date		Interest Rate			Value
			LOAN PARTICIPATIONS AND ASSIGNMENTS (continued)
	$	3,132,292	Icon Plc. (3-Month USD-LIBOR + 2.250%)3		07/03/28		3.313	%	$	3,112,214
		4,983,630	ILPEA Parent, Inc. (1-Month USD-LIBOR + 4.500%)3		06/22/28		5.270			4,890,187
		1,785,888	Iridium Satellite LLC Term B2 (1-Month USD-LIBOR + 2.500%)3		11/04/26		3.264			1,773,048
		2,848,475	Jazz Pharmaceuticals Plc. (1-Month USD-LIBOR + 3.500%)3		05/05/28		4.264			2,842,778
		2,280,000	LendingTree, Inc. Term B (3-Month USD-LIBOR + 4.750%)3		09/15/28		4.750			2,262,900
		2,955,375	Lumen Technologies, Inc. Term A (1-Month USD-LIBOR + 2.000%)3		01/31/25		2.764			2,916,600
		3,050,000	Medline Borrower, LP (1-Month USD-LIBOR + 3.250%)3		10/23/28		4.014			2,996,625
		3,070,000	MIP V Waste LLC (1-Month USD-LIBOR + 3.250%)3		12/08/28		4.014			3,050,813
		3,059,625	MPH Acquisition Holdings LLC (3-Month USD-LIBOR + 4.250%)3		09/01/28		4.758			2,933,905
		2,687,841	NorthRiver Midstream Finance LP Term B (3-Month USD-LIBOR + 3.250%)3		10/01/25		4.217			2,668,704
		5,602,663	OCM System One Buyer CTB LLC (6-Month CME Term SOFR + 4.000%)3		03/02/28		4.750			5,532,629
		2,685,204	Organon & Co. (3-Month USD-LIBOR + 3.000%)3		06/02/28		3.563			2,670,113
		3,080,000	Propulsion (BC) Midco S.a.r.l.3		02/10/29		4.500			3,062,690
		2,110,000	SkyMiles IP, Ltd. (3-Month USD-LIBOR + 3.750%)3		10/20/27		4.750			2,177,689
		2,760,546	UGI Energy Services LLC (1-Month USD-LIBOR + 3.750%)3		08/13/26		4.514			2,752,789
		3,752,100	United AirLines, Inc. Term B (3-Month USD-LIBOR + 3.750%)3		04/21/28		4.500			3,716,718
		1,809,271	Vistra Operations Company LLC (fka Tex Operations Co. LLC) (1-Month USD-LIBOR + 1.750%)3		12/31/25		2.472			1,783,869
		2,145,000	Wyndham Hotels & Resorts, Inc. Term B (1-Month USD-LIBOR + 1.750%)3		05/30/25		2.514			2,123,829
			Total Loan Participations and Assignments (Cost $107,785,054)							105,883,364

			MUNICIPAL BONDS (1.0%)
		1,645,000	Indiana Finance Authority, Revenue Bonds		03/01/51		3.313			1,291,118
		5,605,000	Port Authority of New York & New Jersey, Revenue Bonds		10/01/33		2.000			4,511,741
			Total Municipal Bonds (Cost $7,336,082)							5,802,859

			PREFERRED STOCK (3.2%)
		178,600	Eagle Point Credit Co., Inc.		01/31/29		5.375			4,195,314
		99,600	First Eagle Alternative Capital BDC, Inc.		05/25/26		5.000			2,464,104
		132,600	Gladstone Investment Corp.		11/01/28		4.875			3,295,110

Principal Amount				Maturity Date		Interest Rate			Value
			PREFERRED STOCK (continued)
	$	93,600	Horizon Technology Finance Corp.		03/30/26		4.875	%	$	2,327,832
		130,800	Oxford Lane Capital Corp.		01/31/27		5.000			3,118,272
		114,000	Trinity Capital, Inc.		01/16/25		7.000			2,935,500
			Total Preferred Stock (Cost $18,770,836)							18,336,132

			RESIDENTIAL MORTGAGE BACKED SECURITIES (0.3%)
		592,513	Cascade Funding Mortgage Trust 2018-RM21,3,4		10/25/68		4.000			587,235
		915,550	Cascade Funding Mortgage Trust 2019-RM31,3,4		06/25/69		2.800			893,639
		446,845	RMF Proprietary Issuance Trust 2019-11,3,4		10/25/63		2.750			434,366
			Total Residential Mortgage Backed Securities (Cost $1,949,738)							1,915,240

			U.S. TREASURY BILLS (1.1%)
		3,000,000	U.S. Treasury Bill6		05/17/22		0.000			2,999,610
		3,300,000	U.S. Treasury Bill6		05/24/22		0.000			3,299,374
		300,000	U.S. Treasury Bill6,7		09/08/22		0.000			298,859
			Total U.S. Treasury Bills (Cost $6,598,166)							6,597,843

			U.S. TREASURY BONDS AND NOTES (5.9%)
		36,000,000	U.S. Treasury Bond7		08/15/41		1.750			28,518,750
		3,865,000	U.S. Treasury Bond		08/15/50		1.375			2,660,056
		700,000	U.S. Treasury Note7		02/15/23		2.000			700,520
		1,200,000	U.S. Treasury Note7		10/31/23		1.625			1,184,203
		300,000	U.S. Treasury Note7		08/15/26		1.500			282,305
		500,000	U.S. Treasury Note7		08/31/28		1.125			446,914
		150,000	U.S. Treasury Note7		12/31/28		1.375			135,703
			Total U.S. Treasury Bonds and Notes (Cost $38,435,143)						$	33,928,451

	Number of	Expiration		Notional		Market		Unrealized Gain /
Description	Contracts	Date		Amount		Value		(Loss)
Contracts to Buy:
U.S. Long Bond	100	June 2022	$	15,406,250	$	14,068,750	$	(1,337,500	)
U.S. Treasury 5-Year Notes	480	June 2022		56,523,461		54,082,500		(2,440,961	)
U.S. Treasury 10-Year Notes	655	June 2022		80,948,909		78,047,344		(2,901,565	)
U.S. Ultra 10-Year Notes	162	June 2022		22,437,102		20,898,000		(1,539,102	)
U.S. Ultra Bond	198	June 2022		35,604,344		31,766,625		(3,837,719	)
							$	(12,056,847	)
Contracts to Sell:
U.S. Treasury 2-Year Notes	79	June 2022	$	16,949,481		16,654,188	$	295,293
Net Unrealized (Loss) on Open Futures Contracts							$	(11,761,554	)

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:

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

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

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

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2022.

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 April 30, 2022
Asset Backed Securities		$	—			$	100,932,406		$	9,345,265		$	110,277,671
Commercial Mortgage Backed Securities			—				32,618,761			7,102,189			39,720,950
Corporate Bonds			—				249,897,564			10,765,922			260,663,486
Loan Participations and Assignments			—				105,883,364			—			105,883,364
Municipal Bonds			—				5,802,859			—			5,802,859
Preferred Stock			15,400,632				2,935,500			—			18,336,132
Residential Mortgage Backed Securities.			—				1,915,240			—			1,915,240
U.S. Treasury Bills			—				6,597,843			—			6,597,843
U.S. Treasury Bonds and Notes			—				33,928,451			—			33,928,451
Total Investment, at value		$	15,400,632			$	540,511,988		$	27,213,376		$	583,125,996
Other Financial Instruments, at value
Financial Futures Contracts		$	(11,761,554	)		$	—		$	—		$	(11,761,554	)
Other Financial Instruments, at value		$	(11,761,554	)		$	—		$	—		$	(11,761,554	)

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period ended April 30, 2022:

	Asset Backed Securities				Commercial Mortgage Backed Securities				Corporate Bonds				Total
Balance as of October 31, 2021		$	11,932,402			$	1,309,688			$	4,687,961			$	17,930,051
Purchases			2,270,000				5,870,000				7,170,000				15,310,000
Sales / Paydowns			(1,409,595	)			—				—				(1,409,595	)
Realized gains (losses)			—				—				—				—
Change in unrealized appreciation (depreciation)			(135,764	)			(78,292	)			(1,092,039	)			(1,306,095	)
Amortization			(3	)			793				—				790
Transfers from Level 3			(5,843,206	)			—				—				(5,843,206	)
Transfers to Level 3			2,531,431				—				—				2,531,431
Balance as of April 30, 2022		$	9,345,265			$	7,102,189			$	10,765,922			$	27,213,376

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 $609,657,280)	$	583,125,996
Cash		250,642
Receivables for:
Investments sold		2,698,282
Interest		1,011,823
Dividends		40,402
Shares sold		25,113
Total Assets		587,152,258
LIABILITIES:
Payables for:
Investments purchased		8,095,638
Futures variation margin on open contracts		454,173
Investment advisory and administrative fees		192,732
Dividends declared		154,032
Shares redeemed		124,555
Custody and fund accounting fees		66,269
Professional fees		42,006
Transfer agent fees		4,932
Board of Trustees' fees		1,692
Accrued expenses and other liabilities		23,870
Total Liabilities		9,159,899
NET ASSETS	$	577,992,359
Net Assets Consist of:
Paid-in capital	$	626,270,597
Accumulated deficit		(48,278,238)
Net Assets	$	577,992,359
NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS I SHARES
($577,992,359 ÷ 61,064,907 shares outstanding)	$	9.47

NET INVESTMENT INCOME:
Income:
Dividends	$	379,931
Interest income		10,867,285
Other income		125,972
Total Income		11,373,188
Expenses:
Investment advisory and administrative fees		1,200,729
Custody and fund accounting fees		58,186
Professional fees		42,684
Board of Trustees' fees		29,149
Transfer agent fees		16,252
Miscellaneous expenses		52,865
Total Expenses		1,399,865
Net Investment Income		9,973,323
NET REALIZED AND UNREALIZED LOSS:
Net realized loss on investments in securities		(3,228,160	)
Net realized loss on futures contracts		(8,118,252	)
Net realized loss on investments in securities and futures contracts		(11,346,412	)
Net change in unrealized appreciation/(depreciation) on investments in securities		(40,651,735	)
Net change in unrealized appreciation/(depreciation) on futures contracts		(9,793,976	)
Net change in unrealized appreciation/(depreciation) on investments in securities and futures contracts		(50,445,711	)
Net Realized and Unrealized Loss		(61,792,123	)
Net Decrease in Net Assets Resulting from Operations	$	(51,818,800	)

	For the six months ended April 30, 2022 (unaudited)				For the year ended October 31, 2021
INCREASE IN NET ASSETS:
Operations:
Net investment income		$	9,973,323			$	17,430,111
Net realized loss on investments in securities and futures contracts			(11,346,412	)			(132,131	)
Net change in unrealized appreciation/(depreciation) on investments in securities and futures contracts			(50,445,711	)			6,465,042
Net increase (decrease) in net assets resulting from operations			(51,818,800	)			23,763,022
Dividends and distributions declared:
Class I			(9,947,695	)			(36,718,571	)
Share transactions:
Proceeds from sales of shares			58,665,195				216,267,575
Net asset value of shares issued to shareholders for reinvestment of dividends and distributions			1,365,573				3,100,657
Proceeds from short-term redemption fees			750				2,369
Cost of shares redeemed			(32,518,573	)			(62,053,028	)
Net increase in net assets resulting from share transactions			27,512,945				157,317,573
Total increase/(decrease) in net assets			(34,253,550	)			144,362,024
NET ASSETS:
Beginning of period			612,245,909				467,883,885
End of period		$	577,992,359			$	612,245,909

	For the six months ended April 30, 2022				For the years ended October 31,									For the period from June 27, 2018 (commencement of operations) to
	(unaudited)				2021			2020			2019			October 31, 2018
Net asset value, beginning of period		$	10.49		$	10.77		$	10.61		$	9.83			$	10.00
Income from investment operations:
Net investment income1			0.17			0.34			0.34			0.36				0.10
Net realized and unrealized gain (loss)			(1.02	)		0.15			0.46			0.78				(0.17	)
Total income (loss) from investment operations			(0.85	)		0.49			0.80			1.14				(0.07	)
Less dividends and distributions:
From net investment income			(0.17	)		(0.33	)		(0.34	)		(0.36	)			(0.10	)
From net realized gains			—			(0.44	)		(0.30	)		—				—
Total dividends and distributions			(0.17	)		(0.77	)		(0.64	)		(0.36	)			(0.10	)
Short-term redemptions fees1			0.00	2		0.00	2		0.00	2		0.00	2			—
Net asset value, end of period		$	9.47		$	10.49		$	10.77		$	10.61			$	9.83
Total return3			(8.22	)%4		4.64	%		7.87	%		11.76	%			(0.75	)%4
Ratios/Supplemental data:
Net assets, end of period (in millions)		$	578		$	612		$	468		$	406			$	147
Ratio of expenses to average net assets before reductions			0.47	%5		0.47	%		0.48	%		0.52	%			0.67	%6
Fee waiver7			—	%		—	%		—	%		(0.02	)%			(0.17	)%6
Ratio of expenses to average net assets after reductions			0.47	%5		0.47	%		0.48	%		0.50	%			0.50	%6
Ratio of net investment income to average net assets			3.32	%5		3.19	%		3.24	%		3.49	%			3.12	%6
Portfolio turnover rate			38	%4		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 April 30, 2022, Class N shares are not available for purchase by investors but may be offered in the future. The investment objective of the Fund is to provide maximum total return, with an emphasis on current income, consistent with preservation of capital and prudent investment management. Neither Class N shares nor Class I shares automatically convert to any other share class of the Fund. As of April 30, 2022, there were eight 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.

Open future contracts held at April 30, 2022, are listed in the Portfolio of Investments.

For the six months ended April 30, 2022, the average monthly notional amount of open futures contracts was $186,368,701. The range of monthly notional amounts was $165,430,266 to $227,869,545.

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 six months ended April 30, 2022, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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 $9,947,695 to Class I shareholders during the six months ended April 30, 2022. 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 on the Fund's average daily net assets. For the six months ended April 30, 2022, the Fund incurred $1,200,729 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% on the Fund's average daily net assets. The agreement

will terminate on March 1, 2023, unless it is renewed by all parties to the agreement. The agreement may only be terminated during its term with approval of the Fund’s Board of Trustees. For the six months ended April 30, 2022, 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 six months ended April 30, 2022, the Fund incurred $58,186 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 six months ended April 30, 2022 was $494. 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 six months ended April 30, 2022, was $314. 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 six months ended April 30, 2022, the Fund incurred $29,149 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:

	For the six months ended						For the year ended
	April 30, 2022 (unaudited)						October 31, 2021
	Shares			Dollars			Shares			Dollars
Class I
Shares sold		5,775,810		$	58,665,195			20,537,274		$	216,267,575
Shares issued in connection with reinvestments of dividends		135,405			1,365,573			293,453			3,100,657
Proceeds from short-term redemption fees		N/A			750			N/A			2,369
Shares redeemed		(3,197,597	)		(32,518,573	)		(5,908,472	)		(62,053,028	)
Net increase		2,713,618		$	27,512,945			14,922,255		$	157,317,573

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:

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

affect the fund’s performance and/or net asset value (LIBOR transition risk). The extent of the Fund’s exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund’s Statement of Assets and Liabilities.

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

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 (November 1, 2021, to April 30, 2022).

The Board, a majority of which is comprised of Independent Trustees, held meetings on November 18, 2021 and December 14, 2021, in reliance on the Exemptive Order, to consider whether to renew the combined Amended and Restated Investment Advisory and Administrative Services Agreement (the “Agreement”) between the Trust and the Investment Adviser with respect to the existing funds in the Trust, including the Fund. At the December 14, 2021 meeting, the Board voted to approve the renewal of the Agreement with respect to the Fund for an additional one-year term. In doing so, the Board determined that the terms of the Agreement were fair and reasonable and in the best interest of the Fund and its shareholders, and that it had received sufficient information to make an informed business decision with respect to the continuation of the Agreement.

Both in the meetings specifically held to address the continuance of the Agreement and at other meetings over the course of 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 to the Fund by the Investment Adviser and BBH, including investment management, administrative and shareholder services, the oversight of Fund service providers, marketing, risk oversight, compliance, and the ability to meet applicable legal and regulatory requirements. The Board also received third-party comparative performance and fee and expense information for the Fund prepared by Broadridge Financial Solutions, Inc. (“Broadridge”) using data from Lipper Inc., an independent provider of investment company data (“Lipper Report”). The Board reviewed this report with Broadridge, counsel to the Trust (“Fund Counsel”) and BBH. 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 continuation of the Agreement, the Board considered: (a) the nature, extent and quality of services provided by the Investment Adviser; (b) the investment performance of the Fund; (c) the advisory fee and the cost of the services and profits to be realized by the Investment Adviser from its relationship with the Fund; (d) the Fund’s costs to investors compared to the costs of comparative funds; (e) the sharing of potential economies of scale; (f) fall-out benefits to the Investment Adviser as a result of its relationship with the Fund; and (g) 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 continuance of 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 paid by the Fund to the Investment Adviser were reasonable based on the expense information, the cost of the services provided, and the profits realized by the Investment Adviser.

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 December meeting, and over the course of the previous year, regarding the nature, extent and quality of services provided to the Trust and 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, shareholder servicing, 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 noted that during the course of its regular meetings, it received reports on each of the foregoing topics. 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.

At the November 18, 2021 and December 14, 2021 meetings, and throughout the year, the Board received and considered performance information for the Fund provided by BBH. The Board also considered the Fund’s performance relative to a peer category of other mutual funds in a report compiled by Broadridge. As part of this review, the Trustees considered the composition of the peer category, selection criteria and reputation of Broadridge who prepared the peer category analysis. The Board reviewed and discussed with both BBH and Broadridge the report’s findings and discussed the positioning of the Fund relative to its selected peer category. The Board considered investment performance for the Fund over the 1-, 2- and 3-year periods ended September 30, 2021 as compared to a its peer category, noting the Fund’s outperformance during each of the periods. In evaluating the performance of the Fund, the Board considered the risk expectations for the Fund as well as the relevant market conditions for the Fund’s investments and investment strategy. Based on this information, and in light of the Fund’s investment style, the Board concluded that it was satisfied with the Fund’s investment results.

The Board considered the fee rates paid by the Fund to the Investment Adviser 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 that was in place for the Fund and considered the actual fee rates after taking into account the fee waiver. The Board noted that they had previously 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, such peer category and comparisons having been selected and calculated by Broadridge. 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 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. The Board concluded that the fees paid by the Fund to the Investment Adviser were reasonable based on the comparative performance, expense information, the cost of the services provided and the profits to be realized by the Investment Adviser.

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

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

Other Clients and Allocation of Investment Opportunities. BBH, and the Investment Adviser manage funds and accounts of clients other than the Fund (“Other Clients”). In general, BBH and the Investment Adviser face conflicts of interest when they render investment advisory services to different clients and, from time to time, provide dissimilar investment advice to different clients. Investment decisions will not necessarily be made in parallel among the Fund and Other Clients. Investments made by the Fund do not, and are not intended to, replicate the investments, or the investment methods and strategies, of Other Clients. Accordingly, such Other Clients may produce results that are materially different from those experienced by the Fund. Certain other conflicts of interest may arise in connection with a portfolio manager’s management of the Fund’s investments, on the one hand, and the investments of other funds or accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various funds or accounts managed by the Investment Adviser could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Fund. From time to time, the Investment Adviser sponsor funds and other investment pools and accounts which engage in the same or similar businesses as the Fund using the same or similar investment strategies. To the extent that the same investment opportunities might

be desirable for more than one account or funds, possible conflicts could arise in determining how to allocate them because the Investment Adviser may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH and the Investment Adviser have implemented policies and procedures designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. The policies and procedures require, among other things, objective allocation for limited investment opportunities, and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Nevertheless, access to investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance and investment restrictions or for other reasons.

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

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

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

All data as of April 30, 2022. The BBH Select Series - Large Cap Fund’s (the “Fund”) sector diversification is expressed as a percentage of net assets and may vary over time.

Shares		Value
	COMMON STOCK (99.1%)
	BASIC MATERIALS (10.7%)
95,190	Celanese Corp. (Series A)	$	13,987,219
64,148	Linde, Plc. (Ireland)		20,011,610
34,856	Sherwin-Williams Co.		9,584,006
	Total Basic Materials		43,582,835

	COMMUNICATIONS (13.1%)
11,777	Alphabet, Inc. (Class C)1		27,079,209
6,632	Amazon.com, Inc.1		16,484,698
4,451	Booking Holdings, Inc.1		9,838,090
	Total Communications		53,401,997

	CONSUMER CYCLICAL (16.6%)
130,166	Copart, Inc.1		14,793,366
28,843	Costco Wholesale Corp.		15,336,400
46,163	Dollar General Corp.		10,965,097
89,967	NIKE, Inc. (Class B)		11,218,885
18,322	Pool Corp.		7,424,441
104,346	Starbucks Corp.		7,788,385
	Total Consumer Cyclical		67,526,574

	CONSUMER NON-CYCLICAL (19.5%)
93,440	Abbott Laboratories		10,605,440
208,070	Alcon, Inc. (Switzerland)		14,816,665
46,074	Diageo, Plc. ADR (United Kingdom)		9,153,982
57,960	Nestle S.A. ADR (Switzerland)		7,455,974
25,819	S&P Global, Inc.		9,720,854
21,635	Thermo Fisher Scientific, Inc.		11,962,424
90,394	Zoetis, Inc. (Class A)		16,022,337
	Total Consumer Non-Cyclical		79,737,676

	FINANCIALS (23.7%)
131,012	Arthur J Gallagher & Co.		22,074,212
54	Berkshire Hathaway, Inc. (Class A)1		26,154,360
67,175	Mastercard, Inc. (Class A)		24,410,052
132,270	Progressive Corp.		14,200,507
40,187	Signature Bank		9,735,301
	Total Financials		96,574,432

Shares		Value
	COMMON STOCKS (continued)
	INDUSTRIALS (6.8%)
151,801	AO Smith Corp.	$	8,869,732
118,591	Graco, Inc.		7,355,014
70,825	Waste Management, Inc.		11,646,463
	Total Industrials		27,871,209

	TECHNOLOGY (8.7%)
29,425	KLA Corp.		9,394,225
58,242	Microsoft Corp.		16,163,320
135,018	Oracle Corp.		9,910,321
	Total Technology		35,467,866
	Total Common Stock (Cost $317,583,540)		404,162,589

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 April 30, 2022.

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 April 30, 2022
Common Stock:
Basic Materials		$	43,582,835	$	—		$	—		$	43,582,835
Communications			53,401,997		—			—			53,401,997
Consumer Cyclical			67,526,574		—			—			67,526,574
Consumer Non-Cyclical			79,737,676		—			—			79,737,676
Financials			96,574,432		—			—			96,574,432
Industrials			27,871,209		—			—			27,871,209
Technology			35,467,866		—			—			35,467,866
Investments, at value		$	404,162,589	$	—		$	—		$	404,162,589

ASSETS:
Investments in securities, at value (Cost $317,583,540)	$	404,162,589
Cash		4,844,330
Receivables for:
Shares sold		886,900
Dividends		501,448
Investment advisory and administrative fee waiver reimbursement		2,416
Interest		588
Prepaid assets		5,118
Total Assets		410,403,389
LIABILITIES:
Payables for:
Investments purchased		1,830,676
Shares redeemed		328,015
Investment advisory and administrative fees		231,398
Professional fees		28,893
Custody and fund accounting fees		21,106
Transfer agent fees		5,674
Board of Trustees' fees		1,716
Distribution fees		322
Accrued expenses and other liabilities		19,901
Total Liabilities		2,467,701
NET ASSETS	$	407,935,688
Net Assets Consist of:
Paid-in capital	$	307,883,836
Retained earnings		100,051,852
Net Assets	$	407,935,688

NET INVESTMENT INCOME:
Income:
Dividends (net of foreign withholding taxes of $32,961)	$	2,158,001
Interest income		2,526
Other income		15
Total Income		2,160,542
Expenses:
Investment advisory and administrative fees		1,436,315
Professional fees		29,571
Board of Trustees' fees		28,575
Transfer agent fees		19,593
Custody and fund accounting fees		17,667
Distribution fees		2,198
Miscellaneous expenses		39,915
Total Expenses		1,573,834
Investment advisory and administrative fee waiver		(14,238	)
Net Expenses		1,559,596
Net Investment Income		600,946
NET REALIZED AND UNREALIZED LOSS:
Net realized gain on investments in securities		12,880,953
Net change in unrealized appreciation/(depreciation) on investments in securities		(59,035,453	)
Net Realized and Unrealized Loss		(46,154,500	)
Net Decrease in Net Assets Resulting from Operations	$	(45,553,554	)

	For the six months ended April 30, 2022 (unaudited)				For the year ended October 31, 2021
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income		$	600,946			$	1,329,279
Net realized gain on investments in securities and foreign exchange transactions and translations			12,880,953				24,792,983
Net change in unrealized appreciation/(depreciation) on investments in securities and foreign currency translations			(59,035,453	)			117,074,293
Net increase (decrease) in net assets resulting from operations			(45,553,554	)			143,196,555
Dividends and distributions declared:
Class I			(15,461,745	)			(1,483,494	)
Retail Class			(57,689	)			(5,835	)
Total dividends and distributions declared			(15,519,434	)			(1,489,329	)
Share transactions:
Proceeds from sales of shares*			43,777,373				70,848,905
Net asset value of shares issued to shareholders for reinvestment of dividends and distributions			2,698,512				296,987
Proceeds from short-term redemption fees			2				40
Cost of shares redeemed*			(46,319,861	)			(132,867,067	)
Net increase (decrease) in net assets resulting from share transactions			156,026				(61,721,135	)
Total increase (decrease) in net assets			(60,916,962	)			79,986,091
NET ASSETS:
Beginning of period			468,852,650				388,866,559
End of period		$	407,935,688			$	468,852,650

	For the six months ended April 30, 2022 (unaudited)			For the years ended October 31,						For the period from September 9, 2019 (commencement of operations) to October 31, 2019
	For the six months ended April 30, 2022 (unaudited)			2021			2020
Net asset value, beginning of period		$14.12			$10.30			$10.12			$10.00
Income from investment operations:
Net investment income1		0.02			0.04			0.03			0.01
Net realized and unrealized gain (loss)		(1.41)			3.82	2		0.15			0.11
Total income (loss) from investment operations		(1.39)			3.86	2		0.18			0.12
Less dividends and distributions:
From investment income		(0.04)			(0.04)	2		(0.00)	3		—
From net realized gains		(0.43)			—			—			—
Total dividends and distributions		(0.47)			(0.04)	2		(0.00)	3		—
Short-term redemption fees1		—			0.00	3		0.00	3		—
Net asset value, end of period		$12.26			$14.12			$10.30			$10.12
Total return4		(10.30)	%5		37.56	%		1.82	%		1.20	%5
Ratios/Supplemental data:
Net assets, end of period (in millions)		$407			$467			$387			$397
Ratio of expenses to average net assets before reductions		0.70	%6		0.70	%		0.74	%		0.75	%7
Fee waiver		—	%6,8		—	%8		—	%8		(0.01	)%7,8
Ratio of expenses to average net assets after reductions		0.70	%6		0.70	%		0.74	%		0.74	%7
Ratio of net investment income to average net assets		0.27	%6		0.29	%		0.34	%		0.52	%7
Portfolio turnover rate		15	%5		18	%		38	%		0	%5

	For the six months ended April 30, 2022 (unaudited)			For the years ended October 31,						For the period from September 9, 2019 (commencement of operations) to October 31, 2019
	For the six months ended April 30, 2022 (unaudited)			2021			2020
Net asset value, beginning of period		$13.99			$10.24			$10.09			$10.00
Income from investment operations:
Net investment income (loss)1		(0.01	)		(0.01	)		0.00	2		0.01
Net realized and unrealized gain (loss)		(1.40	)		3.80	3		0.15			0.08
Total income (loss) from investment operations		(1.41	)		3.79	3		0.15			0.09
Less dividends and distributions:
From investment income		—			(0.04	)3		—			—
From net realized gains		(0.43	)		—			—			—
Total dividends and distributions		(0.43	)		(0.04	)3		—			—
Short-term redemption fees1		0.00	2		—			—			0.00	2
Net asset value, end of period		$12.15			$13.99			$10.24			$10.09
Total return4		(10.48	)%5		37.10	%		1.49	%		0.90	%5
Ratios/Supplemental data:
Net assets, end of period (in millions)		$1			$2			$2			$2
Ratio of expenses to average net assets before reductions		2.67	%6		2.68	%		3.48	%		5.79	%7
Fee waiver		(1.62	)%6,8		(1.63	)%8		(2.43	)%8		(4.74	)%7,8
Ratio of expenses to average net assets after reductions		1.05	%6		1.05	%		1.05	%		1.05	%7
Ratio of net investment income to average net assets		(0.09	)%6		(0.06	)%		0.03	%		0.46	%7
Portfolio turnover rate		15	%5		18	%		38	%		0	%5

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 April 30, 2022, there were eight series of 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.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 six months ended April 30, 2022, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for open tax period since September 9, 2019 (commencement of operations). The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

E.Dividends and Distributions to Shareholders. Dividends and distributions from net investment income to shareholders, if any, are paid annually and are recorded on the ex-dividend date. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends and distributions in the amount of $15,461,745 and $57,689 to Class I shares and Retail Class shareholders, respectively, during the six months ended April 30, 2022.

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, 2023, unless it is renewed by all parties to the agreement. The agreement may only be terminated during its term with approval of the Fund’s Board of Trustees. For the six months ended, the Investment Adviser waived fees in the amount of $0 and $14,238 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 six months ended April 30, 2022, Retail Class shares of the Fund incurred $2,198 for Distribution (12b-1) Fees. This amount is presented under line item “Distribution fees” in the Statement of Operations.

earned by the Fund for the six months ended April 30, 2022 was $2,526. 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 six months ended April 30, 2022, was $0. 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 six months ended April 30, 2022, the Fund incurred $28,575 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 six months ended April 30, 2022 (unaudited)						For the year ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Class I
Shares sold		3,286,594		$	43,753,929			5,766,662		$	70,599,590
Shares issued in connection with reinvestments of dividends		186,762			2,640,823			25,428			291,152
Proceeds from short-term redemption fees		N/A			N/A			N/A			40
Shares redeemed		(3,357,491	)		(45,693,811	)		(10,274,265	)		(131,739,744	)
Net increase (decrease)		115,865		$	700,941			(4,482,175	)	$	(60,848,962	)
Retail Class
Shares sold		1,762		$	23,444			20,099		$	249,315
Shares issued in connection with reinvestments of dividends		4,112			57,689			513			5,835
Proceeds from short-term redemption fees		N/A			2			N/A			N/A
Shares redeemed		(49,572	)		(626,050	)		(98,352	)		(1,127,323	)
Net decrease		(43,698	)	$	(544,915	)		(77,740	)	$	(872,173	)

Included in Shares Sold and Shares Redeemed are shareholder exchanges during the six months ended April 30, 2022 and the year ended October 31, 2021. Specifically:

During the six months ended April 30, 2022, there were no exchanges between Class I and Retail Class.

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

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. The Fund invests in large cap company securities, which may underperform other funds during periods when the Fund’s large cap securities are out of favor (large cap company risk).

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

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.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

The Board, a majority of which is comprised of Independent Trustees, held meetings on November 18, 2021 and on December 14, 2021, in reliance on the Exemptive Order, to consider whether to renew the combined Amended and Restated Investment Advisory and Administrative Services Agreement (the “Advisory Agreement”) between the Trust and the Investment Adviser with respect to the existing funds in the Trust, including the Fund. At the December 14, 2021 meeting, the Board voted to approve the renewal of the Agreement with respect to the Fund for an additional one-year term. In doing so, the Board determined that the terms of the Agreement were fair and reasonable and in the best interest of the Fund and its shareholders and that it had received sufficient information throughout the year to make an informed business decision with respect to the continuation of the Agreement.

Both in the meetings specifically held to address the continuance of the Agreement and at other meetings over the course of 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 to the Trust and the Fund by the Investment Adviser and BBH, including investment management and administrative, the oversight of Fund service providers, marketing, risk oversight, compliance, and the ability to meet applicable legal and regulatory requirements. The Board also received and reviewed third-party comparative fee and expense information for the Fund prepared by Broadridge Financial Solutions, Inc. (“Broadridge”) using data from Lipper Inc., an independent provider of investment company data (“Lipper Report”). The Board reviewed this report with Broadridge, counsel to the Trust (“Fund Counsel”) and BBH. 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 continuation of the Agreement, the Board considered: (a) the nature, extent and quality of services provided by the Investment Adviser; (b) the investment performance of the Fund; (c) the advisory fee and the cost of the services and profits to be realized by the Investment Adviser from its relationship with the Fund; (d) the Fund’s costs to investors compared to the costs of comparative funds; (e) the sharing of potential economies of scale; (f) fall-out benefits to the Investment Adviser as a result of its relationship with the Fund; and (g) 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 continuance of 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 paid by the Fund to the Investment Adviser were reasonable based on the expense information, the cost of the services provided, and the profits realized by the Investment Adviser.

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 December meeting, and over the course of the previous year, regarding the nature, extent and quality of services provided to the Trust and 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.

At the November 18, 2021 and December 14, 2021 meetings, and throughout the year, the Board received and considered performance information for the Fund provided by BBH. The Board also considered the Fund’s performance relative to a peer category of other mutual funds in a report compiled by Broadridge. As part of this review, the Trustees considered the composition of the peer category, selection criteria and reputation of Broadridge who prepared the peer category analysis. The Board reviewed and discussed with both BBH and Broadridge the report’s findings and discussed the positioning of the Fund relative to its selected peer category. The Board considered investment performance for the Fund over the 1- and 2-year periods of time noting the Fund had below average performance as compared to its peer category for the 1- and 2-year periods, ended September 30, 2021. In evaluating the performance of the Fund, the Board considered the risk expectations for the Fund as well as the level of Fund performance in the context of Fund expenses and the Investment Adviser’s profitability. The Board also noted the addition of a new portfolio manager for the Fund

after September 30, 2021. Based on this information, the Board concluded that it was satisfied with the Fund’s investment results.

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 that was in place for the Fund and considered the actual fee rates after taking into account the fee waiver. The Board noted that they had previously 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, such peer category and comparisons having been selected and calculated by Broadridge. 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.

With regard to profitability, the Trustees considered the compensation and benefits flowing to the Investment Adviser and BBH, directly or indirectly. The Board reviewed annualized profitability data for the Fund using data for 2021 and prior years as of September 30, for both the Investment Adviser and BBH. The data also included the effect of revenue generated by the custody and fund accounting fees paid by the Fund to BBH. The Board conducted a detailed review of the allocation methods used in preparing the profitability data. The Board focused on profitability of the Investment Adviser and BBH’s relationships with the Fund before taxes and distribution expenses. The Board concluded that the Investment Adviser’s and BBH’s profitability was not excessive in light of the nature, extent and quality of services provided to the Fund.

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, 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. The Board concluded that the fees paid by the Fund to the Investment Adviser were reasonable based on the comparative expense information, the cost of the services provided by the Investment Adviser.

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

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

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

All data as of April 30, 2022. The BBH Intermediate Municipal Bond Fund’s (the “Fund”) breakdown by security type is expressed as a percentage of net assets and may vary over time.

All data as of April 30, 2022. The Fund’s credit quality is expressed as a percentage of total investments and may vary over time. Ratings are provided by Standard and Poor’s (S&P). Where S&P ratings are not available, they are substituted with Moody’s. S&P and Moody’s are independent third parties.

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (109.6%)
			Arizona (0.7%)
	$	2,250,000	Coconino County Pollution Control Corp., Revenue Bonds1,2		09/01/32		1.875	%	$	2,242,444
		3,000,000	County of Yavapai Industrial Development Authority, Revenue Bonds		06/01/27		1.300			2,657,862
		205,000	Salt Verde Financial Corp., Revenue Bonds		12/01/22		5.250			208,400
			Total Arizona							5,108,706
			California (9.0%)
		3,700,000	Allan Hancock Joint Community College District, General Obligation Bonds		08/01/42		0.000			2,981,606
		510,000	Anaheim City School District, General Obligation Bonds, NPFG3		08/01/24		0.000			477,829
		1,000,000	Anaheim City School District, General Obligation Bonds, NPFG3		08/01/26		0.000			876,326
		1,040,000	Anaheim City School District, General Obligation Bonds, AGM, NPFG3		08/01/28		0.000			850,357
		2,140,000	Anaheim City School District, General Obligation Bonds, AGM, NPFG3		08/01/29		0.000			1,684,236
		3,195,000	Anaheim Public Financing Authority, Revenue Bonds, AGM3		09/01/30		0.000			2,416,372
		1,185,000	California Pollution Control Financing Authority, Revenue Bonds1,2		11/01/40		3.125			1,180,137
		1,100,000	California State Public Works Board, Revenue Bonds4		08/01/25		5.000			1,166,506
		1,470,000	California State Public Works Board, Revenue Bonds4		08/01/26		5.000			1,584,398
		2,400,000	California State Public Works Board, Revenue Bonds4		08/01/29		5.000			2,667,510
		2,785,000	California State Public Works Board, Revenue Bonds4		08/01/30		5.000			3,120,138
		2,560,000	California State Public Works Board, Revenue Bonds4		08/01/31		5.000			2,890,567
		2,000,000	Center Unified School District, General Obligation Bonds, BAM3		08/01/31		0.000			1,433,781
		1,040,000	Chaffey Joint Union High School District, General Obligation Bonds3		08/01/33		0.000			697,756
		1,000,000	Chaffey Joint Union High School District, General Obligation Bonds3		02/01/34		0.000			656,791
		1,450,000	Chino Valley Unified School District, General Obligation Bonds3		08/01/34		0.000			877,735

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			California (continued)
	$	2,200,000	Chino Valley Unified School District, General Obligation Bonds3		08/01/35		0.000	%	$	1,265,282
		1,015,000	Downey Unified School District, General Obligation Bonds3		08/01/33		0.000			685,512
		1,000,000	Downey Unified School District, General Obligation Bonds3		08/01/35		0.000			620,938
		2,000,000	Glendale Community College District, General Obligation Bonds3		08/01/32		0.000			1,336,731
		2,500,000	Glendale Community College District, General Obligation Bonds3		08/01/33		0.000			1,590,080
		3,350,000	Glendale Community College District, General Obligation Bonds3		08/01/35		0.000			1,921,763
		5,240,000	Glendale Community College District, General Obligation Bonds3		08/01/36		0.000			2,856,164
		1,900,000	Glendale Community College District, General Obligation Bonds3		08/01/37		0.000			983,215
		1,040,000	Golden State Tobacco Securitization Corp., Revenue Bonds, AGM3		06/01/25		0.000			963,369
		1,000,000	Grossmont Healthcare District, General Obligation Bonds, AMBAC3		07/15/30		0.000			763,008
		1,100,000	La Mesa-Spring Valley School District, General Obligation Bonds, NPFG3		08/01/26		0.000			965,571
		1,660,000	Lake Tahoe Unified School District, General Obligation Bonds, NPFG3		08/01/27		0.000			1,399,890
		1,110,000	Lake Tahoe Unified School District, General Obligation Bonds, NPFG3		08/01/30		0.000			830,605
		725,000	Long Beach Bond Finance Authority, Revenue Bonds		11/15/22		5.250			736,769
		755,000	Long Beach Bond Finance Authority, Revenue Bonds (3-Month USD-LIBOR + 1.450%)2		11/15/27		1.789			748,752
		9,565,000	Northern California Gas Authority No 1, Revenue Bonds (3-Month USD-LIBOR + 0.720%)2		07/01/27		1.368			9,438,602
		1,725,000	Oak Grove School District, General Obligation Bonds		08/01/31		0.000			1,229,024
		1,030,000	Oak Grove School District, General Obligation Bonds		08/01/32		0.000			731,037
		1,050,000	Oak Park Unified School District, General Obligation Bonds, AGM3		08/01/28		0.000			852,752
		1,310,000	Palmdale Elementary School District, General Obligation Bonds, AGM3		08/01/36		0.000			721,211
		975,000	Placer Union High School District, General Obligation Bonds, AGM3		08/01/30		0.000			737,312

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			California (continued)
	$	775,000	Roseville Joint Union High School District, General Obligation Bonds, AGM3		08/01/30		0.000	%	$	586,068
		1,035,000	Roseville Joint Union High School District, General Obligation Bonds3		08/01/33		0.000			674,737
		2,415,000	San Diego Unified School District, General Obligation Bonds3		07/01/34		0.000			1,529,551
		3,000,000	San Diego Unified School District, General Obligation Bonds3		07/01/37		0.000			1,652,523
		1,000,000	Santa Ana Unified School District, General Obligation Bonds, NPFG3		08/01/24		0.000			938,371
		1,120,000	Santa Rita Union School District, General Obligation Bonds, AGM3		08/01/33		0.000			729,956
		2,415,000	State of California, General Obligation Bonds		12/01/32		2.850			2,343,296
		1,000,000	Ukiah Unified School District, General Obligation Bonds, NPFG3		08/01/24		0.000			938,163
		1,040,000	Windsor Unified School District, General Obligation Bonds3		08/01/33		0.000			689,331
			Total California						67,021,628
			Colorado (2.1%)
		879,993	Colorado Housing & Finance Authority, Revenue Bonds, GNMA		11/01/48		4.200			887,298
		6,515,000	E-470 Public Highway Authority, Revenue Bonds, NPFG3		09/01/22		0.000			6,482,353
		1,900,000	E-470 Public Highway Authority, Revenue Bonds, NPFG3		09/01/25		0.000			1,732,483
		1,750,000	E-470 Public Highway Authority, Revenue Bonds, NPFG3		09/01/27		0.000			1,493,041
		5,000,000	E-470 Public Highway Authority, Revenue Bonds (SOFR + 0.350%)2		09/01/39		0.538			4,899,423
			Total Colorado							15,494,598
			Connecticut (6.0%)
		1,135,000	Connecticut Housing Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		11/15/22		2.100			1,136,252
		530,000	Connecticut Housing Finance Authority, Revenue Bonds		05/15/23		2.800			531,024
		1,605,000	Connecticut Housing Finance Authority, Revenue Bonds		05/15/26		1.150			1,491,639
		1,070,000	Connecticut Housing Finance Authority, Revenue Bonds		11/15/26		1.200			986,751
		2,340,000	Connecticut Housing Finance Authority, Revenue Bonds		05/15/27		1.350			2,150,601

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Connecticut (continued)
	$	1,000,000	Connecticut Housing Finance Authority, Revenue Bonds		11/15/27		1.400	%	$	912,251
		165,000	Connecticut Housing Finance Authority, Revenue Bonds		05/15/30		2.000			147,608
		450,000	Connecticut Housing Finance Authority, Revenue Bonds		11/15/30		2.050			400,897
		400,000	Connecticut Housing Finance Authority, Revenue Bonds		05/15/31		2.100			355,882
		995,000	Connecticut Housing Finance Authority, Revenue Bonds		11/15/41		4.000			1,008,892
		2,865,000	Connecticut Housing Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		05/15/42		4.250			2,933,189
		2,090,000	Connecticut Housing Finance Authority, Revenue Bonds		11/15/45		3.500			2,097,819
		3,800,000	Connecticut State Health & Educational Facilities Authority, Revenue Bonds1,2		07/01/35		0.375			3,563,726
		9,000,000	Connecticut State Health & Educational Facilities Authority, Revenue Bonds1,2		07/01/37		0.250			8,587,999
		2,945,000	Connecticut State Health & Educational Facilities Authority, Revenue Bonds1,2		07/01/42		2.000			2,782,914
		10,000,000	Connecticut State Health & Educational Facilities Authority, Revenue Bonds1,2		07/01/49		1.100			9,385,368
		3,705,000	Connecticut State Health & Educational Facilities Authority, Revenue Bonds1,2		07/01/49		1.800			3,655,473
		395,000	State of Connecticut, General Obligation Bonds (SIFMA Municipal Swap Index Yield + 0.900%)2		03/01/23		1.340			395,105
		1,000,000	State of Connecticut, General Obligation Bonds (SIFMA Municipal Swap Index Yield + 0.990%)2		03/01/25		1.430			1,013,904
		1,345,000	State of Connecticut, General Obligation Bonds		03/01/26		5.000			1,405,268
			Total Connecticut							44,942,562
			District of Columbia (0.9%)
		800,000	District of Columbia, Revenue Bonds2,5		05/02/22		0.320			800,000
		5,800,000	District of Columbia, Revenue Bonds2,5		05/06/22		0.430			5,800,000
			Total District of Columbia							6,600,000

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Florida (5.0%)
	$	2,170,000	City of Jacksonville, Revenue Bonds4		10/01/24		5.000	%	$	2,269,854
		5,250,000	City of Jacksonville, Revenue Bonds4		10/01/29		5.000			5,843,912
		3,350,000	City of Jacksonville, Revenue Bonds4		10/01/30		5.000			3,760,949
		2,600,000	City of Jacksonville, Revenue Bonds4		10/01/31		5.000			2,943,087
		2,660,000	County of Broward Airport System Revenue, Revenue Bonds		10/01/27		5.000			2,878,264
		1,015,000	County of Hillsborough Solid Waste & Resource Recovery Revenue, Revenue Bonds		09/01/24		5.000			1,066,342
		1,200,000	Florida Department of Children & Families, Certificates of Participation		10/01/22		5.000			1,216,675
		865,000	Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA		07/01/49		4.000			879,260
		3,670,000	Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA		01/01/50		4.250			3,757,108
		3,565,000	Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA		07/01/50		4.000			3,630,760
		1,250,000	Okaloosa County School Board, Certificates of Participation		10/01/27		5.000			1,388,507
		1,400,000	Okaloosa County School Board, Certificates of Participation		10/01/28		5.000			1,573,559
		1,750,000	State of Florida, General Obligation Bonds		06/01/26		5.000			1,923,171
		3,875,000	State of Florida Lottery Revenue, Revenue Bonds		07/01/27		5.000			4,249,016
			Total Florida							37,380,464
			Georgia (3.8%)
		4,850,000	Development Authority of Burke County, Revenue Bonds1,2		10/01/32		2.250			4,821,911
		5,000,000	Development Authority of Burke County, Revenue Bonds1,2		01/01/40		1.500			4,818,568
		1,200,000	Development Authority of Burke County, Revenue Bonds1,2		11/01/45		3.000			1,206,653
		2,565,000	Development Authority of Burke County, Revenue Bonds1,2		11/01/45		3.250			2,589,748
		345,000	Georgia Municipal Electric Authority, Revenue Bonds		01/01/25		5.000			365,006
		1,265,000	Georgia Municipal Electric Authority, Revenue Bonds		01/01/26		5.000			1,357,646
		800,000	Georgia Municipal Electric Authority, Revenue Bonds		01/01/27		5.000			871,722
		990,000	Georgia Municipal Electric Authority, Revenue Bonds		01/01/29		5.000			1,095,780

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Georgia (continued)
	$	2,700,000	Georgia Municipal Electric Authority, Revenue Bonds		01/01/29		5.000	%	$	2,969,990
		1,140,000	Georgia Municipal Electric Authority, Revenue Bonds		01/01/31		5.000			1,252,589
		1,000,000	Georgia Municipal Electric Authority, Revenue Bonds		01/01/33		5.000			1,094,895
		500,000	Georgia Municipal Electric Authority, Revenue Bonds		01/01/34		5.000			546,728
		1,750,000	Monroe County Development Authority, Revenue Bonds		07/01/25		2.250			1,704,685
		3,850,000	Monroe County Development Authority, Revenue Bonds1,2		01/01/39		1.500			3,710,297
			Total Georgia							28,406,218
			Hawaii (1.8%)
		2,250,000	City & County of Honolulu, General Obligation Bonds4		11/01/23		5.000			2,323,257
		3,750,000	City & County of Honolulu, General Obligation Bonds4		11/01/27		5.000			4,142,418
		4,345,000	City & County of Honolulu, General Obligation Bonds4		11/01/28		5.000			4,861,510
		2,000,000	City & County of Honolulu, General Obligation Bonds4		11/01/29		5.000			2,264,457
			Total Hawaii							13,591,642
			Illinois (3.1%)
		3,130,000	Illinois Finance Authority, Revenue Bonds		07/15/32		3.000			2,916,826
		1,285,000	Illinois Finance Authority, Revenue Bonds		08/15/32		5.000			1,440,812
		2,000,000	Illinois Finance Authority, Revenue Bonds		08/15/34		5.000			2,228,812
		2,470,000	Illinois Finance Authority, Revenue Bonds		08/15/36		4.000			2,519,226
		2,585,000	Metropolitan Pier & Exposition Authority, Revenue Bonds		07/01/26		7.000			2,836,410
		4,675,000	Railsplitter Tobacco Settlement Authority, Revenue Bonds		06/01/24		5.000			4,872,231
		985,000	Railsplitter Tobacco Settlement Authority, Revenue Bonds		06/01/26		5.000			1,055,541
		4,300,000	Railsplitter Tobacco Settlement Authority, Revenue Bonds		06/01/27		5.000			4,596,545
		870,000	Railsplitter Tobacco Settlement Authority, Revenue Bonds		06/01/28		5.000			926,953
			Total Illinois							23,393,356

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Indiana (1.8%)
	$	1,665,000	Indiana Bond Bank, Revenue Bonds (3-Month USD-LIBOR + 0.970%)2		10/15/22		1.670	%	$	1,661,435
		2,000,000	Indiana Finance Authority, Revenue Bonds1,2		12/01/58		2.250			1,991,487
		1,580,000	Indiana Housing & Community Development Authority, Revenue Bonds, GNMA		07/01/22		5.000			1,588,717
		1,565,000	Indiana Housing & Community Development Authority, Revenue Bonds, GNMA		01/01/23		5.000			1,594,403
		3,415,000	Indiana Housing & Community Development Authority, Revenue Bonds		01/01/49		3.750			3,456,464
		2,170,000	Indiana Housing & Community Development Authority, Revenue Bonds, GNMA		07/01/49		3.250			2,165,847
		1,000,000	Lake Central Multi-District School Building Corp., Revenue Bonds		07/15/32		4.000			1,015,152
			Total Indiana							13,473,505
			Iowa (1.5%)
		2,020,000	Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		07/01/30		1.800			1,802,852
		335,000	Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		07/01/46		4.000			340,093
		460,000	Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		01/01/49		3.500			461,697
		3,570,000	Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		01/01/50		3.750			3,613,597
		5,435,000	Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		01/01/52		3.000			5,312,191
			Total Iowa							11,530,430
			Kentucky (2.2%)
		5,000,000	County of Trimble, Revenue Bonds		11/01/27		1.350			4,379,414
		5,355,000	Kentucky Public Energy Authority, Revenue Bonds1,2		12/01/49		4.000			5,431,213
		6,500,000	Kentucky Public Energy Authority, Revenue Bonds (SOFR + 1.200%)2		08/01/52		1.388			6,352,019
			Total Kentucky							16,162,646

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Maryland (2.8%)
	$	10,000,000	State of Maryland, General Obligation Bonds4		08/01/27		3.000	%	$	10,201,509
		1,000,000	State of Maryland Department of Transportation, Revenue Bonds4		12/01/23		5.000			1,027,074
		2,000,000	State of Maryland Department of Transportation, Revenue Bonds4		12/01/26		5.000			2,164,961
		2,250,000	State of Maryland Department of Transportation, Revenue Bonds4		12/01/27		5.000			2,463,399
		2,250,000	State of Maryland Department of Transportation, Revenue Bonds4		12/01/28		5.000			2,489,373
		2,125,000	State of Maryland Department of Transportation, Revenue Bonds4		12/01/29		5.000			2,373,744
			Total Maryland							20,720,060
			Massachusetts (2.4%)
		1,805,000	Commonwealth of Massachusetts, Revenue Bonds, AGM1,2		06/01/22		11.416			1,809,507
		5,000,000	Massachusetts Clean Water Trust, Revenue Bonds (U.S. Consumer Price Index + 0.990%)2		08/01/23		7.791			5,101,176
		4,000,000	Massachusetts Development Finance Agency, Revenue Bonds2,5		05/02/22		0.300			4,000,000
		6,250,000	Massachusetts Development Finance Agency, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.600%)2,6		07/01/49		1.040			6,239,616
		370,000	Massachusetts Housing Finance Agency, Revenue Bonds		06/01/34		3.300			349,844
		485,000	Massachusetts Housing Finance Agency, Revenue Bonds		12/01/36		3.450			460,216
			Total Massachusetts							17,960,359
			Michigan (2.7%)
		90,000	Detroit City School District, General Obligation Bonds, BHAC, FGIC		05/01/25		5.250			93,549
		325,000	Detroit City School District, General Obligation Bonds, AGM		05/01/27		5.250			362,260
		5,350,000	Detroit City School District, General Obligation Bonds, AGM		05/01/29		6.000			6,022,496
		1,550,000	Detroit City School District, General Obligation Bonds, AGM		05/01/30		5.250			1,800,379
		3,940,000	Detroit City School District, General Obligation Bonds, AGM		05/01/32		5.250			4,645,564
		1,195,000	Michigan Finance Authority, Revenue Bonds		05/01/28		5.000			1,306,422
		1,235,000	Pontiac School District, General Obligation Bonds		05/01/26		5.000			1,353,105

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Michigan (continued)
	$	1,355,000	Pontiac School District, General Obligation Bonds		05/01/27		5.000	%	$	1,511,383
		1,480,000	Pontiac School District, General Obligation Bonds		05/01/28		5.000			1,675,364
		1,240,000	Pontiac School District, General Obligation Bonds		05/01/31		5.000			1,433,626
			Total Michigan							20,204,148
			Minnesota (5.9%)
		1,400,000	Becker Independent School District No 726, General Obligation Bonds3		02/01/32		0.000			1,000,558
		3,420,000	Becker Independent School District No 726, General Obligation Bonds3		02/01/34		0.000			2,248,817
		2,770,000	Becker Independent School District No 726, General Obligation Bonds3		02/01/35		0.000			1,742,206
		2,000,000	Becker Independent School District No 726, General Obligation Bonds3		02/01/36		0.000			1,205,370
		5,000,000	City of Minneapolis/St Paul Housing & Redevelopment Authority, Revenue Bonds2,5		05/06/22		0.450			5,000,000
		1,300,000	Duluth Independent School District No 709, General Obligation Bonds3		02/01/31		0.000			915,676
		1,050,000	Duluth Independent School District No 709, General Obligation Bonds3		02/01/32		0.000			708,013
		1,035,000	Duluth Independent School District No 709, General Obligation Bonds3		02/01/33		0.000			665,639
		1,005,000	Lakeville Independent School District No 194, General Obligation Bonds		02/01/24		5.000			1,049,352
		765,000	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		01/01/28		1.750			709,850
		1,465,000	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		07/01/28		1.300			1,311,542
		797,533	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		03/01/47		2.930			783,352
		633,828	Minnesota Housing Finance Agency, Revenue Bonds, FHA, FHLMC, FNMA, GNMA		01/01/49		3.600			631,357
		1,815,639	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		03/01/49		3.450			1,802,916
		718,619	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		06/01/49		3.150			709,117
		3,988,162	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		01/01/50		2.470			3,879,239
		1,000,000	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		01/01/50		3.750			1,011,682

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Minnesota (continued)
	$	1,970,000	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		01/01/51		3.000	%	$	1,946,620
		1,955,000	Minnesota Housing Finance Agency, Revenue Bonds		01/01/31		2.200			1,723,382
		1,000,000	Sartell-St Stephen Independent School District No 748, General Obligation Bonds3		02/01/33		0.000			680,282
		6,655,000	Shakopee Independent School District No 720, General Obligation Bonds3		02/01/28		0.000			5,578,025
		5,155,000	Shakopee Independent School District No 720, General Obligation Bonds3		02/01/29		0.000			4,165,216
		2,250,000	St Paul Independent School District No 625, Certificates of Participation		02/01/32		2.000			1,922,774
		1,780,000	Winona Independent School District No 861, General Obligation Bonds		02/01/24		4.000			1,833,269
		1,000,000	Winona Independent School District No 861, General Obligation Bonds		02/01/25		4.000			1,039,225
			Total Minnesota							44,263,479
			Mississippi (0.1%)
		1,000,000	Mississippi Business Finance Corp., Revenue Bonds1,2		03/01/27		2.200			978,016
			Total Mississippi							978,016
			Montana (0.7%)
		1,050,000	Montana Board of Housing, Revenue Bonds		12/01/43		4.000			1,067,014
		2,300,000	Montana Board of Housing, Revenue Bonds		12/01/51		3.000			2,261,400
		2,000,000	Montana Board of Housing, Revenue Bonds		06/01/52		3.000			1,960,976
			Total Montana							5,289,390
			Nebraska (3.5%)
		2,515,000	Central Plains Energy Project, Revenue Bonds		09/01/27		5.000			2,539,708
		11,000,000	Central Plains Energy Project, Revenue Bonds		09/01/37		5.250			11,116,993
		6,635,000	Central Plains Energy Project, Revenue Bonds1,2		03/01/50		5.000			6,808,456
		1,710,000	Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		03/01/29		1.950			1,580,738
		1,710,000	Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		03/01/33		1.950			1,460,128
		2,480,000	Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		09/01/49		4.000			2,514,303
			Total Nebraska							26,020,326
			Nevada (0.2%)
		1,250,000	County of Clark, Revenue Bonds1,2		01/01/36		1.650			1,244,734
			Total Nevada							1,244,734

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	%	$	996,212
			Total New Hampshire							996,212
			New Jersey (6.3%)
		2,835,000	Eastern Camden County Regional School District Board of Education, General Obligation Bonds		08/15/24		1.000			2,691,051
		1,420,000	Holmdel Township School District, General Obligation Bonds		02/01/27		3.250			1,455,670
		1,705,000	Mount Laurel Township Board of Education, General Obligation Bonds		09/01/24		2.500			1,702,658
		3,830,000	New Jersey Economic Development Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 1.550%)2		09/01/27		1.990			3,859,802
		5,100,000	New Jersey Economic Development Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 1.600%)2		03/01/28		2.040			5,140,992
		2,200,000	New Jersey Economic Development Authority, Revenue Bonds1,2		11/01/34		1.200			2,171,098
		8,500,000	New Jersey Health Care Facilities Financing Authority, Revenue Bonds2,5		05/02/22		0.300			8,500,000
		3,525,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds3		12/15/26		0.000			2,986,257
		1,380,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds3		12/15/28		0.000			1,072,977
		7,000,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds		06/15/30		5.000			7,679,026
		4,405,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds3		12/15/30		0.000			3,129,532
		6,000,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds3		12/15/31		0.000			4,059,784
		1,375,000	Rumson Boro School District, General Obligation Bonds		07/15/33		2.000			1,119,369
		1,750,000	Township of Ewing, General Obligation Bonds		08/01/29		2.000			1,563,188
			Total New Jersey							47,131,404
			New Mexico (0.6%)
		1,280,000	New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		01/01/49		4.000			1,302,676
		2,795,000	New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA		01/01/51		3.500			2,808,656
			Total New Mexico							4,111,332

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			New York (2.5%)
	$	2,000,000	Metropolitan Transportation Authority, Revenue Bonds (1-Month USD-LIBOR + 0.550%)2		11/01/30		0.855	%	$	1,996,006
		5,460,000	Metropolitan Transportation Authority, Revenue Bonds (SOFR + 0.330%)2		11/01/35		0.518			5,417,582
		5,655,000	Port Authority of New York & New Jersey, Revenue Bonds		10/01/31		2.000			4,749,170
		3,279,804	Triborough Bridge & Tunnel Authority, Revenue Bonds (SOFR + 0.380%)2		01/01/32		0.568			3,272,744
		4,755,000	Triborough Bridge & Tunnel Authority, Revenue Bonds3		05/15/33		0.000			3,163,927
			Total New York							18,599,429
			North Carolina (1.9%)
		565,000	North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		01/01/23		2.750			566,210
		570,000	North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		07/01/23		2.800			569,548
		1,580,000	North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		01/01/28		1.100			1,420,897
		4,150,000	North Carolina Housing Finance Agency, Revenue Bonds, FNMA, GNMA		01/01/50		4.000			4,228,079
		2,375,000	North Carolina Housing Finance Agency, Revenue Bonds		07/01/50		4.000			2,423,340
		5,000,000	University of North Carolina at Chapel Hill, Revenue Bonds2,5		05/02/22		0.350			5,000,000
			Total North Carolina							14,208,074
			North Dakota (1.5%)
		1,000,000	North Dakota Housing Finance Agency, Revenue Bonds		01/01/29		1.650			900,255
		1,985,000	North Dakota Housing Finance Agency, Revenue Bonds		07/01/32		2.800			1,871,966
		1,145,000	North Dakota Housing Finance Agency, Revenue Bonds		01/01/49		4.250			1,172,052
		3,835,000	North Dakota Housing Finance Agency, Revenue Bonds		07/01/49		4.250			3,930,571
		3,500,000	North Dakota Housing Finance Agency, Revenue Bonds		01/01/53		4.000			3,586,589
			Total North Dakota							11,461,433

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Ohio (1.8%)
	$	1,090,000	Miami University of Oxford, Revenue Bonds4		09/01/29		5.000	%	$	1,236,210
		700,000	Miami University of Oxford, Revenue Bonds4		09/01/31		5.000			811,822
		1,470,000	Miami University of Oxford, Revenue Bonds4		09/01/32		5.000			1,698,486
		2,000,000	Ohio Turnpike & Infrastructure Commission, Revenue Bonds4		02/15/29		5.000			2,216,707
		2,000,000	Ohio Turnpike & Infrastructure Commission, Revenue Bonds4		02/15/30		5.000			2,240,097
		2,550,000	Ohio Turnpike & Infrastructure Commission, Revenue Bonds4		02/15/31		5.000			2,881,049
		2,000,000	Ohio Turnpike & Infrastructure Commission, Revenue Bonds4		02/15/32		5.000			2,272,596
			Total Ohio							13,356,967
			Oklahoma (0.9%)
		3,675,000	Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		09/01/49		4.000			3,747,133
		2,900,000	Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA		09/01/50		3.250			2,884,992
			Total Oklahoma							6,632,125
			Oregon (5.0%)
		7,600,000	Clackamas & Washington Counties School District No 3, General Obligation Bonds3		06/15/35		0.000			4,585,953
		1,020,000	Clackamas County School District No 115, General Obligation Bonds3		06/15/27		0.000			879,571
		1,670,000	Lane County School District No 1 Pleasant Hill, General Obligation Bonds3		06/15/27		0.000			1,443,718
		1,445,000	Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow, General Obligation Bonds3		06/15/32		0.000			1,034,410
		4,200,000	Oregon State Business Development Commission, Revenue Bonds1,2		12/01/40		2.400			4,189,114
		3,905,000	Salem-Keizer School District No 24J, General Obligation Bonds3		06/15/25		0.000			3,570,493
		1,500,000	Salem-Keizer School District No 24J, General Obligation Bonds3		06/15/26		0.000			1,332,460
		4,335,000	Salem-Keizer School District No 24J, General Obligation Bonds3		06/15/26		0.000			3,836,775
		5,000,000	Salem-Keizer School District No 24J, General Obligation Bonds3		06/15/27		0.000			4,292,101
		1,500,000	Salem-Keizer School District No 24J, General Obligation Bonds3		06/15/28		0.000			1,235,738

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Oregon (continued)
	$	2,745,000	Salem-Keizer School District No 24J, General Obligation Bonds3		06/15/28		0.000	%	$	2,272,321
		1,045,000	Salem-Keizer School District No 24J, General Obligation Bonds3		06/15/31		0.000			769,897
		1,000,000	Salem-Keizer School District No 24J, General Obligation Bonds3		06/15/33		0.000			678,598
		1,045,000	Salem-Keizer School District No 24J, General Obligation Bonds3		06/15/35		0.000			651,194
		5,000,000	Umatilla County School District No 8R Hermiston, General Obligation Bonds3		06/15/32		0.000			3,552,141
		2,225,000	Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds3		06/15/33		0.000			1,474,482
		1,500,000	Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds3		06/15/31		0.000			1,092,382
		1,055,000	Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds3		06/15/33		0.000			705,480
			Total Oregon							37,596,828
			Other Territory (0.3%)
		2,735,000	FHLMC Multifamily VRD Certificates, Revenue Bonds		05/15/27		2.304			2,579,467
			Total Other Territory							2,579,467
			Pennsylvania (4.6%)
		85,000	Allegheny County Airport Authority, Revenue Bonds, FGIC		01/01/23		5.000			86,692
		6,000,000	Bethlehem Area School District Authority, Revenue Bonds (SOFR + 0.350%)2		07/01/31		0.538			5,938,782
		1,000,000	New Kensington-Arnold School District, General Obligation Bonds, BAM		05/15/28		2.500			961,227
		1,225,000	North Penn Water Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.560%)2		11/01/24		1.000			1,226,269
		710,000	Pennsbury School District, General Obligation Bonds4		08/01/27		4.000			746,423
		1,070,000	Pennsbury School District, General Obligation Bonds4		08/01/30		4.000			1,134,875

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Pennsylvania (continued)
	$	10,700,000	Pennsylvania Economic Development Financing Authority, Revenue Bonds1,2		08/01/37		0.580	%	$	10,075,270
		1,000,000	School District of Philadelphia, General Obligation Bonds		09/01/23		5.000			1,034,680
		1,760,000	School District of Philadelphia, General Obligation Bonds		09/01/26		5.000			1,910,790
		1,610,000	School District of Philadelphia, General Obligation Bonds		09/01/28		5.000			1,790,883
		2,210,000	State Public School Building Authority, Revenue Bonds, AGM		06/01/32		5.000			2,402,340
		6,255,000	State Public School Building Authority, Revenue Bonds, AGM		06/01/33		5.000			6,793,798
			Total Pennsylvania							34,102,029
			South Carolina (1.1%)
		890,000	South Carolina State Housing Finance & Development Authority, Revenue Bonds		07/01/34		2.650			813,887
		7,500,000	South Carolina State Housing Finance & Development Authority, Revenue Bonds		01/01/52		4.000			7,685,453
			Total South Carolina							8,499,340
			South Dakota (1.8%)
		1,500,000	South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA		11/01/32		3.400			1,489,523
		310,000	South Dakota Housing Development Authority, Revenue Bonds		11/01/44		4.000			313,349
		1,995,000	South Dakota Housing Development Authority, Revenue Bonds		11/01/46		3.500			2,006,747
		2,155,000	South Dakota Housing Development Authority, Revenue Bonds		11/01/48		4.500			2,223,552
		2,525,000	South Dakota Housing Development Authority, Revenue Bonds		11/01/49		4.000			2,576,774
		4,790,000	South Dakota Housing Development Authority, Revenue Bonds		11/01/50		3.750			4,850,780
			Total South Dakota							13,460,725

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Tennessee (1.3%)
	$	4,000,000	New Memphis Arena Public Building Authority, Revenue Bonds		04/01/29		0.000	%	$	3,643,422
		1,750,000	New Memphis Arena Public Building Authority, Revenue Bonds3		04/01/33		0.000			1,167,624
		3,000,000	New Memphis Arena Public Building Authority, Revenue Bonds3		04/01/35		0.000			1,830,084
		1,000,000	Tennessee Energy Acquisition Corp., Revenue Bonds		11/01/28		5.000			1,086,273
		2,085,000	Tennessee Housing Development Agency, Revenue Bonds		01/01/47		3.500			2,092,646
			Total Tennessee							9,820,049
			Texas (18.8%)
		1,395,000	City of Austin Airport System Revenue, Revenue Bonds4		11/15/31		5.000			1,553,071
		1,120,000	City of Houston Airport System Revenue, Revenue Bonds		07/01/24		5.000			1,167,968
		1,170,000	City of Houston Airport System Revenue, Revenue Bonds		07/01/25		5.000			1,236,187
		500,000	City of San Antonio Electric & Gas Systems Revenue, Revenue Bonds1,2		02/01/48		2.750			502,370
		8,000,000	City of San Antonio Electric & Gas Systems Revenue, Revenue Bonds1,2		02/01/49		2.000			7,496,138
		1,130,000	Crandall Independent School District, General Obligation Bonds3		08/15/24		0.000			1,042,878
		420,000	Crandall Independent School District, General Obligation Bonds3		08/15/25		0.000			372,952
		450,000	Crandall Independent School District, General Obligation Bonds3		08/15/26		0.000			384,522
		140,000	Crandall Independent School District, General Obligation Bonds3		08/15/27		0.000			114,916
		4,330,000	Fort Bend Independent School District, General Obligation Bonds1,2		08/01/51		0.720			3,928,777
		1,750,000	Goose Creek Consolidated Independent School District, General Obligation Bonds1,2		02/15/35		0.600			1,588,287
		1,000,000	Hays Consolidated Independent School District, General Obligation Bonds		02/15/27		5.000			1,109,421

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Texas (continued)
	$	6,000,000	Houston Independent School District, General Obligation Bonds1,2		06/01/36		3.000	%	$	6,056,401
		8,000,000	Katy Independent School District, General Obligation Bonds1,2		08/15/50		1.500			7,808,259
		3,455,000	Leander Independent School District, General Obligation Bonds3		08/15/29		0.000			2,607,887
		3,380,000	Little Elm Independent School District, General Obligation Bonds1,2		08/15/48		0.680			3,161,645
		1,025,000	Love Field Airport Modernization Corp., Revenue Bonds		11/01/25		5.000			1,088,332
		3,400,000	Love Field Airport Modernization Corp., Revenue Bonds		11/01/25		5.000			3,610,076
		1,380,000	Lower Colorado River Authority, Revenue Bonds, AGM		05/15/27		5.000			1,527,123
		2,280,000	Lower Colorado River Authority, Revenue Bonds, AGM		05/15/28		5.000			2,559,458
		6,250,000	Medina Valley Independent School District, General Obligation Bonds1,2		02/15/51		0.820			5,696,133
		7,800,000	Northside Independent School District, General Obligation Bonds1,2		06/01/50		0.700			7,302,049
		5,000,000	Northside Independent School District, General Obligation Bonds1,2		06/01/52		2.000			4,800,327
		2,000,000	Permanent University Fund - University of Texas System, Revenue Bonds2,5		05/06/22		0.400			2,000,000
		4,580,000	San Antonio Water System, Revenue Bonds1,2		05/01/49		2.625			4,579,906
		1,000,000	State of Texas, General Obligation Bonds		08/01/26		5.000			1,093,516
		3,609,152	Texas Department of Housing & Community Affairs, Revenue Bonds, FNMA		03/01/35		3.400			3,431,293
		1,075,000	Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA		09/01/35		2.150			901,743
		2,175,000	Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA		07/01/37		2.150			1,826,998
		10,731,962	Texas Department of Housing & Community Affairs, Revenue Bonds, FHLMC, FNMA, GNMA		09/01/47		2.835			10,444,264
		1,140,000	Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA		03/01/50		4.000			1,164,940
		10,360,000	Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds (3-Month USD-LIBOR + 0.700%)2		12/15/26		1.253			10,257,654
		8,590,000	Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds		12/15/26		6.250			9,199,500

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Texas (continued)
	$	3,765,000	Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.550%)2		09/15/27		0.990	%	$	3,721,522
		12,255,000	Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month USD-LIBOR + 0.690%)2		09/15/27		1.235			12,025,907
		11,920,000	Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month USD-LIBOR + 0.870%)2		09/15/27		1.423			11,783,908
		1,000,000	Wylie Independent School District, General Obligation Bonds3		08/15/24		0.000			943,844
		1,000,000	Wylie Independent School District, General Obligation Bonds3		08/15/25		0.000			915,973
			Total Texas							14,006,145
			Virginia (2.3%)
		2,750,000	Amelia County Industrial Development Authority, Revenue Bonds		04/01/27		1.450			2,469,816
		1,755,000	City of Virginia Beach, General Obligation Bonds		04/01/25		5.000			1,881,861
		2,300,000	Virginia Housing Development Authority, Revenue Bonds		01/01/23		2.740			2,307,189
		1,445,000	Virginia Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA		12/01/31		1.900			1,268,800
		1,305,000	Virginia Public School Authority, Revenue Bonds		08/01/26		5.000			1,433,644
		8,700,000	Wise County Industrial Development Authority, Revenue Bonds1,2		10/01/40		0.750			8,056,880
			Total Virginia							17,418,190
			Washington (1.0%)
		425,000	Port of Seattle, Revenue Bonds		06/01/27		3.750	%		429,422
		1,150,000	State of Washington, General Obligation Bonds		08/01/26		5.000			1,262,392
		1,345,000	State of Washington, General Obligation Bonds, NPFG3		06/01/30		0.000			1,042,438
		70,000	Washington State Housing Finance Commission, Revenue Bonds		06/01/44		3.500			70,518
		975,000	Washington State Housing Finance Commission, Revenue Bonds, FHLMC, FNMA, GNMA		12/01/47		4.000			986,443
		4,000,000	Washington State Housing Finance Commission, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.550%)2		12/01/48		0.990			4,006,036
			Total Washington							7,797,249

Principal Amount				Maturity Date		Interest Rate			Value
			MUNICIPAL BONDS (continued)
			Wisconsin (1.1%)
	$	300,000	County of Milwaukee Airport Revenue, Revenue Bonds		12/01/28		5.250	%	$	310,095
		7,000,000	State of Wisconsin, General Obligation Bonds4		05/01/27		5.000			7,547,265
			Total Wisconsin							7,857,360
			Wyoming (0.5%)
		2,365,000	Wyoming Community Development Authority, Revenue Bonds		12/01/48		4.000			2,408,734
		1,380,000	Wyoming Community Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA		06/01/50		3.000			1,364,488
			Total Wyoming							3,773,222
			Total Municipal Bonds
			(Cost $857,572,898)							820,193,847
			SHORT-TERM MUNICIPAL BONDS (0.8%)
			Missouri (0.1%)
		1,000,000	Cape Girardeau County Industrial Development Authority, Revenue Bonds		06/01/22		5.000			1,003,515
			Total Missouri							1,003,515
			New Jersey (0.7%)
		5,000,000	County of Union, General Obligation Bonds		06/17/22		1.000			5,005,102
			Total New Jersey							5,005,102
			Pennsylvania (0.0%)
		315,000	Pennsbury School District, General Obligation Bonds4		08/01/22		4.000			316,952
			Total Pennsylvania							316,952
			Total Short-term Municipal Bonds
			(Cost $6,326,155)							6,325,569

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:

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 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 April 30, 2022.

ASSETS:
Investments in securities, at value (Cost $863,899,053)	$	826,519,416
Cash		32,965
Receivables for:
Investments sold		17,283,350
Interest		4,748,843
Shares sold		1,124,865
Investment advisory and administrative fee waiver reimbursement		3,722
Prepaid assets		135
Total Assets		849,713,296
LIABILITIES:
Payables for:
Investments purchased		99,326,854
Shares redeemed		1,216,415
Investment advisory and administrative fees		251,619
Custody and fund accounting fees		88,757
Periodic distributions		59,346
Professional fees		38,338
Shareholder servicing fees		11,118
Transfer agent fees		5,633
Board of Trustees' fees		1,732
Accrued expenses and other liabilities		16,640
Total Liabilities		101,016,452
NET ASSETS	$	748,696,844
Net Assets Consist of:
Paid-in capital	$	785,690,756
Accumulated deficit.		(36,993,912)
Net Assets	$	748,696,844

	For the six months ended April 30, 2022 (unaudited)			For the year ended October 31, 2021
INCREASE/(DECREASE) IN NET ASSETS:
Operations:
Net investment income	$	5,564,689		$	11,519,424
Net realized gain on investments in securities		371,215			621,594
Net change in unrealized appreciation/(depreciation) on investments in securities		(64,321,235	)		(3,779,387	)
Net increase/(decrease) in net assets resulting from operations		(58,385,331	)		8,361,631
Dividends and distributions declared:
Class N		(490,078	)		(1,254,792	)
Class I		(5,693,647	)		(11,067,676	)
Total dividends and distributions declared		(6,183,725	)		(12,322,468	)
Share transactions:
Proceeds from sales of shares*		93,157,261			278,506,756
Net asset value of shares issued to shareholders for reinvestment of dividends and distributions		2,471,328			5,195,409
Proceeds from short-term redemption fees		3,479			4,901
Cost of shares redeemed*		(152,546,407	)		(157,456,767	)
Net increase/(decrease) in net assets resulting from share transactions		(56,914,339	)		126,250,299
Total increase/(decrease) in net assets		(121,483,395	)		122,289,462
NET ASSETS:
Beginning of period		870,180,239			747,890,777
End of period	$	748,696,844		$	870,180,239

	For the six months ended April 30, 2022 (unaudited)				For the years ended October 31,
	For the six months ended April 30, 2022 (unaudited)				2021			2020			2019			2018			2017
Net asset value, beginning of period		$	10.93		$	10.96		$	10.76		$	10.15		$	10.48		$	10.56
Income from investment operations:
Net investment income1			0.06			0.13			0.17			0.21			0.21			0.22
Net realized and unrealized gain (loss)			(0.82	)		(0.02	)		0.25			0.62			(0.23	)		0.11
Total income (loss) from investment operations			(0.76	)		0.11			0.42			0.83			(0.02	)		0.33
Less dividends and distributions:
From net investment income			(0.06	)		(0.13	)		(0.17	)		(0.21	)		(0.21	)		(0.26	)
From net realized gains			(0.01	)		(0.01	)		(0.05	)		(0.01	)		(0.10	)		(0.15	)
Total dividends and distributions			(0.07	)		(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		0.00	‍2
Net asset value, end of period		$	10.10		$	10.93		$	10.96		$	10.76		$	10.15		$	10.48
Total return3			(6.99	)%4		1.01	%		4.00	%		8.21	%		(0.26	)%		3.20	%
Ratios/Supplemental data:
Net assets, end of period (in millions)			$66			$82			$92			$54			$34			$16
Ratio of expenses to average net assets before reductions			0.69	%5		0.69	%		0.71	%		0.77	%		0.91	%		1.05	%
Fee waiver			(0.04	)%5,6		(0.04	)%6		(0.06	)%6		(0.12	)%6		(0.26	)%6		(0.40	)%6
Expense offset arrangement			—	%		—	%		(0.00	)%7		(0.00	)%7		(0.00	)%7		(0.00	)%7
Ratio of expenses to average net assets after reductions			0.65	%5		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets			1.15	%5		1.18	%		1.58	%		2.01	%		2.07	%		2.16	%
Portfolio turnover rate			75	%4		45	%		32	%		104	%		146	%		125	%
Portfolio turnover rate8			40	%4		23	%		19	%		32	%		52	%		64	%

	For the six months ended April 30, 2022 (unaudited)				For the years ended October 31,
	For the six months ended April 30, 2022 (unaudited)				2021			2020			2019			2018			2017
Net asset value, beginning of period		$	10.92		$	10.95		$	10.75		$	10.14		$	10.47		$	10.55
Income from investment operations:
Net investment income1			0.07			0.15			0.19			0.23			0.23			0.25
Net realized and unrealized gain (loss)			(0.82	)		(0.02	)		0.25			0.61			(0.24	)		0.09
Total income (loss) from investment operations			(0.75	)		0.13			0.44			0.84			(0.01	)		0.34
Less dividends and distributions:
From net investment income			(0.07	)		(0.15	)		(0.19	)		(0.22	)		(0.22	)		(0.27	)
From net realized gains			(0.01	)		(0.01	)		(0.05	)		(0.01	)		(0.10	)		(0.15	)
Total dividends and distributions			(0.08	)		(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		—			0.00	2
Net asset value, end of period		$	10.09		$	10.92		$	10.95		$	10.75		$	10.14		$	10.47
Total return3			(6.91	)%4		1.21	%		4.18	%		8.38	%		(0.12	)%		3.36	%
Ratios/Supplemental data:
Net assets, end of period (in millions)			$682			$788			$656			$334			$129			$71
Ratio of expenses to average net assets before reductions			0.45	%5		0.45	%		0.47	%		0.50	%		0.62	%		0.69	%
Fee waiver			—	%6		—	%6		(0.00	)%6,7		(0.00	)%6,7		(0.12	)%6		(0.19	)%6
Expense offset arrangement			—	%		—	%		(0.00	)% 7		(0.00	)%7		(0.00	)%7		(0.00	)%7
Ratio of expenses to average net assets after reductions			0.45	%5		0.45	%		0.47	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assets			1.35	%5		1.38	%		1.75	%		2.17	%		2.23	%		2.46	%
Portfolio turnover rate			75	%4		45	%		32	%		104	%		146	%		125	%
Portfolio turnover rate8			40	%4		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 April 30, 2022, there were eight series of the Trust.

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

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 six months ended April 30, 2022, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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 $490,078 and $5,693,647 to Class N and Class I shareholders, respectively, during the six months ended April 30, 2022. 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 six months ended April 30, 2022, the Fund incurred $1,667,735 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, 2023, unless it is renewed by all parties to the agreement. The agreement may only be terminated during its term with approval of the Fund’s Board of Trustees. For the six months ended April 30, 2022, the Investment Adviser waived fees in the amount of $16,745 and $0 for Class N and Class I, respectively.

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 six months ended April 30, 2022, the Fund incurred $76,230 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 six months ended April 30, 2022 was $274. 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 six months ended April 30, 2022 was $918. 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 six months ended April 30, 2022, the Fund incurred $30,072 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.

	For the six months ended April 30, 2022 (unaudited)						For the year ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		479,997		$	5,134,044			3,040,169		$	33,549,002
Shares issued in connection with reinvestments of dividends		46,178			490,964			113,559			1,252,118
Proceeds from short-term redemption fees		N/A			41			N/A			511
Shares redeemed		(1,430,554	)		(15,253,217	)		(4,036,559	)		(44,522,443	)
Net decrease		(904,379	)	$	(9,628,168	)		(882,831	)	$	(9,720,812	)
Class I
Shares sold		8,259,574		$	88,023,217			22,224,702		$	244,957,754
Shares issued in connection with reinvestments of dividends		186,352			1,980,364			358,044			3,943,291
Proceeds from short-term redemption fees		N/A			3,438			N/A			4,390
Shares redeemed		(13,035,473	)		(137,293,190	)		(10,256,469	)		(112,934,324	)
Net increase (decrease)		(4,589,547	)	$	(47,286,171	)		12,326,277		$	135,971,111

Included in Shares Sold and Shares Redeemed are shareholder exchanges during the six months ended April 30, 2022 and the year ended October 31, 2021. Specifically:

During the six months ended April 30, 2022, there were no shareholder exchanges.

During the year ended October 31, 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.

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). The United Kingdom's Financial Conduct Authority announced a phase out of the LIBOR. Although many LIBOR rates were phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The unavailability and/or discontinuation of LIBOR may affect the

value, liquidity or return on certain fund investments that mature later than June 2023 and may result in costs incurred in connection with closing out positions and entering into new positions. Any pricing adjustments to the fund’s investments resulting from a substitute reference rate may also adversely affect the fund’s performance and/or net asset value (LIBOR Transition Risk).The extent of the Fund’s exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund’s Statement of Assets and Liabilities.

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

Management has evaluated events and transactions that have occurred since April 30, 2022 through the date the financial statements were issued and determined that there were no other 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 period and held for the entire period (November 1, 2021 to April 30, 2022).

Both in the meetings specifically held to address the continuance of the Agreement and at other meetings over the course of 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 to the Fund by the Investment Adviser and BBH, including investment management, administrative and shareholder services, the oversight of Fund service providers, marketing, risk oversight, compliance, and the ability to meet applicable legal and regulatory requirements. The Board also received comparative performance and fee and expense information for the Fund prepared by Broadridge Financial Solutions, Inc. (“Broadridge”) using data from Lipper Inc., an independent provider of investment company data (“Lipper Report”). The Board reviewed this report with Broadridge, Fund Counsel and BBH. The Board received from, and discussed with, counsel to the Trust (“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 continuation of the Agreement, the Board considered: (a) the nature, extent and quality of services provided by the Investment Adviser; (b) the investment performance of the Fund; (c) the advisory fee and the cost of the services and profits to be realized by the Investment Adviser from its relationship with the Fund; (d) the Fund’s costs to investors compared to the costs of comparative funds and performance compared to the relevant performance of comparative funds; (e) the sharing of potential economies of scale; (f) fall-out benefits to the Investment Adviser as a result of its relationship with the Fund; and (g) other factors deemed relevant by the Board. The following is a summary of the factors the Board considered in making its determination to approve the continuance of 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

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 December 14, 2021 meeting, and over the course of the previous year, regarding the nature, extent and quality of services provided to the Fund by the Investment Adviser including: portfolio management, 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, shareholder servicing, 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 noted that during the course of its regular meetings, it received reports on each of the foregoing topics. The Board concluded that, overall, they were 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.

above average performance for the 4- and 5-year periods ended September 30, 2021. In evaluating the performance of the Fund, the Board considered the risk expectations for the Fund as well as the level of Fund performance in the context of Fund expenses and the Investment Adviser’s profitability. Based on this information, the Board concluded that it was satisfied with the Fund’s investment results.

The Board considered the fee rates paid by the Fund to the Investment Adviser 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 that was in place for the Fund and considered the actual fee rates, after taking into account the waiver. The Board 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, such peer category and comparisons having been selected and calculated by Broadridge, noting that the Fund was very well placed, as compared to its selected peer category. 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.

size and expense structure, the Board concluded that it was unnecessary at this time to consider breakpoints with respect to the Fund. The Board concluded that the fees paid by the Fund to the Investment Adviser were reasonable based on the comparative performance, expense information, the cost of the services provided and the profits to be realized by the Investment Adviser.

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

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

the employees, or the manner in which they conduct business. BBH, including the Investment Adviser, has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Partners and employees.

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

All data as of April 30, 2022. The BBH U.S. Government Money Market Fund’s (the “Fund”) 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 OBLIGATIONS (10.0%)
	$	75,000,000	Federal Home Loan Bank Discount Notes1		05/04/22		0.220	%	$	74,998,625
		100,000,000	Federal Home Loan Bank Discount Notes1		05/10/22		0.200			99,995,000
		100,000,000	Federal Home Loan Bank Discount Notes1		05/20/22		0.300			99,984,167
		150,000,000	Federal Home Loan Bank Discount Notes1		06/24/22		0.721			149,838,000
			Total U.S. Government Agency Obligations (Cost $424,815,792)							424,815,792

			U.S. TREASURY BILLS (84.3%)
		550,000,000	U.S. Treasury Bill1,2		05/03/22		0.185			549,994,335
		505,000,000	U.S. Treasury Bill1,2		05/05/22		0.198			504,988,908
		400,000,000	U.S. Treasury Bill1,2		05/10/22		0.232			399,976,819
		450,000,000	U.S. Treasury Bill1,2		05/17/22		0.254			449,949,278
		315,000,000	U.S. Treasury Bill1,2		05/24/22		0.304			314,938,837
		150,000,000	U.S. Treasury Bill1,2		05/31/22		0.312			149,961,063
		150,000,000	U.S. Treasury Bill1		06/07/22		0.501			149,922,762
		215,000,000	U.S. Treasury Bill1,2		06/14/22		0.478			214,874,478
		250,000,000	U.S. Treasury Bill1,2		06/21/22		0.520			249,816,187
		100,000,000	U.S. Treasury Bill1		06/23/22		0.483			99,929,039
		100,000,000	U.S. Treasury Bill1		07/07/22		0.602			99,888,147
		150,000,000	U.S. Treasury Bill1		07/26/22		0.804			149,712,617
		150,000,000	U.S. Treasury Bill1		07/28/22		0.798			149,708,133
		100,000,000	U.S. Treasury Bill1		09/15/22		0.820			99,689,086
			Total U.S. Treasury Bills (Cost $3,583,349,689)							3,583,349,689

			REPURCHASE AGREEMENTS (4.1%)
		55,000,000	BNP Paribas (Agreement dated 04/29/22 collateralized by FCSB 2.070%, due 12/21/40, original par $3,000, value $2,281, FHLMC 3.500%-4.500%, due 10/01/23-11/01/48, original par $37,582, value $2,694, FNMA 0.000%-5.000%, due 01/15/30-09/01/50, original par $389,372, value $19,336, GNMA 3.000%, due 09/20/50, original par $9,563, value $8,677, U.S. Treasury Securities 0.000%-2.375%, due 05/19/22-04/15/25, original par $56,219,000, value $56,067,013)		05/02/22		0.280			55,000,000

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:

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

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

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

At April 30, 2022, 100% of the Fund’s investments were valued using amortized cost, in accordance with rules under the Investment Company Act of 1940, as amended (the “1940 Act”). Amortized cost approximates the fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2022.

ASSETS:
Investments, at cost which approximates fair value			$4,008,165,481
Repurchase agreements (Cost $175,000,000)			175,000,000
Cash			70,096,593
Receivables for:
Interest			35,535
Prepaid assets			15,472
Total Assets			4,253,313,081
LIABILITIES:
Payables for:
Investment advisory and administrative fees			854,316
Custody and fund accounting fees			146,411
Dividends declared			30,443
Professional fees			27,075
Transfer agent fees			3,701
Board of Trustees' fees			813
Accrued expenses and other liabilities			19,844
Total Liabilities			1,082,603
NET ASSETS			$4,252,230,478
Net Assets Consist of:
Paid-in capital			$4,252,200,796
Undistributed net investment income			29,682
Net Assets			$4,252,230,478

	For the six months ended April 30, 2022 (unaudited)				For the year ended October 31, 2021
INCREASE IN NET ASSETS:
Operations:
Net investment income		$	396,973			$	392,672
Net realized gain on investments			1,225				16,860
Net increase in net assets resulting from operations			398,198				409,532
Distributions declared:
Regular Shares*			—				(2,579	)
Institutional Shares			(369,115	)			(371,165	)
Total distributions declared			(369,115	)			(373,744	)
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			5,759,415,652				8,901,851,221
Fund shares repurchased			(5,734,631,059	)			(8,210,017,012	)
Net increase in net assets resulting from fund share transactions			24,784,593				691,834,209
Total increase in net assets			24,813,676				691,869,997
NET ASSETS:
Beginning of period			4,227,416,802				3,535,546,805
End of period		$	4,252,230,478			$	4,227,416,802

	For the six months ended April 30, 2022 (unaudited)										For the period from July 1, 2019 to October 31, 2019
					For the years ended October 30,										For the years ended June 30,
					2021			2020							2019			2018			2017
Net asset value, beginning of period		$	1.00		$	1.00		$	1.00			$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations:
Net investment income1			0.00	2		0.00	2		0.01				0.01			0.02			0.01			0.00	2
Distributions to shareholders:
From net investment income			(0.00	)2		(0.00	)2		(0.01	)			(0.01	)		(0.02	)		(0.01	)		(0.00	)2
Total distributions			(0.00	)2		(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		$	1.00
Total return3			0.01	%4		0.01	%		0.59	%			0.63	%4		2.02	%		1.06	%		0.22	%
Ratios/Supplemental data:
Net assets, end of period (in millions)		$	4,252		$	4,227		$	3,475			$	2,040		$	2,126		$	1,710		$	1,455
Ratio of expenses to average net assets before reductions			0.22	%5		0.23	%		0.24	%			0.24	%6		0.24	%		0.26	%		0.24	%
Expense reimbursement7			(0.15	)%		(0.19	)%		(0.05	)%			–	%		–	%		–	%		–	%
Expense offset arrangement			–	%		–	%		–	%			–	%		(0.01	)%		(0.02	)%		(0.00	)%8
Ratio of expenses to average net assets after reductions			0.07	%5		0.04	%		0.19	%			0.24	%6		0.23	%		0.24	%		0.24	%
Ratio of net investment income to average net assets			0.02	%		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 25, 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 April 30, 2022, there were eight series of the Trust. Effective July 1, 2019, the Fund changed its fiscal year end from June 30 to October 31.

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

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.

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 six months ended April 30, 2022, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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 $369,115 to Institutional shareholders, during the six months ended April 30, 2022.

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 six months ended April 30, 2022, the Fund incurred $5,268,907 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 six months ended April 30, 2022, BBH waived fees in the amount of $3,724,415 for Institutional Shares.

C.Custody and Fund Accounting Fees. BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and paid monthly. BBH holds all of the Fund’s cash and investments and calculates the Fund’s daily net asset value. The custody fee is an asset and 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 six months ended April 30, 2022, the Fund incurred $145,498 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 six months ended April 30, 2022 was $17,037. 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 six months ended April 30, 2022 was $27,217. This amount is included in the “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 (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 six months ended April 30, 2022, the Fund incurred $43,394 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.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 25, 2021, shares of the Fund’s Regular Share Class were converted to Fund’s Institutional Share Class.” Transactions in Regular Shares and Institutional Shares were as follows:

	For the six months ended April 30, 2022						For the year ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Regular Shares
Shares sold		—		$	—			107,428,914		$	107,428,914
Shares issued in connection with reinvestments of dividends		—			—			7			7
Shares redeemed		—			—			(168,383,442	)		(168,383,442	)
Net decrease		—		$	—			(60,954,521	)	$	(60,954,521	)
Institutional Shares
Shares sold		5,759,415,625		$	5,759,415,625			8,794,422,278		$	8,794,422,278
Shares issued in connection with reinvestments of dividends		27			27			22			22
Shares redeemed		(5,734,631,059	)		(5,734,631,059	)		(8,041,633,570	)		(8,041,633,570	)
Net increase		24,784,593		$	24,784,593			752,788,730		$	752,788,730

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. 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 third 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 April 30, 2022 through the date the financial statements were issued and determined that there were no others 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-months period and held for the entire period (November 1, 2021 to April 30, 2022).

The Board, a majority of which is comprised of Independent Trustees, held a telephonic meeting on November 18, 2021 and on December 14, 2021, in reliance on the Exemptive Relief, to consider whether to renew the combined Amended and Restated Investment Advisory and Administrative Services Agreement (the “Agreement”) between the Trust and the Investment Adviser with respect to the existing funds in the Trust, including the Fund. At the December 14, 2021 meeting, the Board voted to approve the renewal of the Agreement with respect to the Fund for an additional one-year term. In doing so, the Board determined that the terms of the Agreement were fair and reasonable and in the best interest of the Fund and its shareholders, and that it had received sufficient information to make an informed business decision with respect to the continuation of the Agreement.

Both in the meetings specifically held to address the continuance of the Agreement and at other meetings over the course of 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 to the Fund by the Investment Adviser and BBH, including investment management, administrative and shareholder services, the oversight of Fund service providers, marketing, risk oversight, compliance, and the ability to meet applicable legal and regulatory requirements. The Board also received comparative performance and fee and expense information for the Fund prepared by Broadridge Financial Solutions, Inc. using data from Lipper Inc. (“Lipper”), an independent provider of investment company data (“Lipper Report”). The Board reviewed this report with both counsel to the Trust (“Fund Counsel”) and BBH. 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.

The following is a summary of the factors the Board considered in making its determination to approve the continuance of 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 paid by the Fund to the Investment Adviser were reasonable based on the comparative performance, expense information, the cost of the services provided and the profits realized by the Investment Adviser.

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 December meeting, and over the course of the previous year, regarding the nature, extent and quality of services provided to the Fund by BBH Investment Adviser including: portfolio management, 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, shareholder servicing, 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 noted that, during the course of its regular meetings, it received reports on each of the foregoing topics. The Board concluded that, overall, they were satisfied with the nature, extent and quality of investment advisory and administrative services provided, and expected to be provided, to the Fund pursuant to the Agreement.

At the November and December meetings, and throughout the year, the Board received and reviewed detailed performance information for the Fund. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of Broadridge, who prepared the peer category analysis. The Board reviewed and discussed, with both BBH Broadridge, the report’s findings and discussed the positioning of the Fund relative to its peer category. The Board considered short-term and long-term investment performance for the Fund over various periods of time as compared to a selection of peer funds, noting the Fund’s above average performance for the 2-year period and average performance as compared to its peer category for the 1-, 3-, 4-, 5- and 10-year periods. In evaluating the performance of the Fund, the Board considered risk expectations for the Fund in light of relevant regulatory and market factors and in the context of Fund expenses and the Investment Adviser’s profitability.

comparable mutual funds, such peer group and comparisons having been selected and calculated by Broadridge. As part of this review, the Board noted the differences between the Fund’s total net expenses as compared to those of other comparable mutual funds, due to the timing of the Fund’s transition, as compared to that of other Funds, from a prime money market fund to a government money market fund in 2016. The Board recognized that it was difficult to make comparisons of fee rates, or of combined advisory and administration fees, because there are variations in the services that are included in the fees paid by other funds, as well as the timing of other funds’ transitions from prime money market funds to a government money market fund. 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.

With regard to profitability, the Trustees considered the compensation and benefits flowing to the Adviser and BBH, directly or indirectly. The Board reviewed annualized profitability data for the Fund using data for 2021 and prior years as of September 30, for both the Investment Adviser and BBH. The data also included the effect of revenue generated by the shareholder servicing, custody and fund accounting fees paid by the Fund to BBH. The Board noted the information was consistent when compared to the previous year. The Board also reviewed the expense allocation methods used in preparing the profitability data. The Board considered the effect of fall-out benefits on the expenses of the Investment Adviser and BBH. The Board considered other benefits received by BBH and the Investment Adviser as a result of their relationships with the Fund. The Board concluded that the Investment Adviser and BBH’s profitability were not excessive in light of the nature, extent and quality of services provided to the Fund.

The Board also considered the existence of 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, noting the existence of a graduated investment advisory fee and the voluntary fee waiver. Based on information it had been provided over many years, the Board observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there appeared to be no uniformity or pattern in the fees and asset levels at which breakpoints apply. In light of the Fund’s current size and expense structure, the Board concluded that the current breakpoints for the Fund were reasonable. The Board concluded that the fees paid by the Fund to the Investment Adviser were reasonable based on the comparative performance, expense information, the cost of the services provided and the profits to be realized by the Investment Adviser.

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

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

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

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.

1	Calculated using average shares outstanding for the period.
2	Assumes the reinvestment of distributions.
3	Not annualized.
4	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 six months ended April 30, 2022 and the period ended October 31, 2021 reflect fees reduced as result of a voluntary operating expense waiver. For the six months ended April 30, 2022 and the period from July 8, 2021 to October 31, 2021, the waived fees were $2,089 and $40,593, respectively.
7	Less than 0.01%.

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

1	Calculated using average shares outstanding for the period.
2	Not annualized.
3	Annualized.
4	Annualized with the exception of audit fees, legal fees and registration fees.
5	The ratio of expenses to average net assets for the six months ended April 30, 2022 and the period ended October 31, 2021 reflect fees reduced as result of a contractual operating expense limitation of the share class of 0.90%. The Agreement is effective through March 1, 2023 and may only be terminated during its term with approval of the Fund’s Board of Trustees. For the six months ended April 30, 2022 and the period from May 24, 2021 to October 31, 2021, the waived fees were $95,247 and $135,159, respectively.


	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

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 $447,625,000)2	89.9	%	$	320,398,844
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES	10.1	%		36,017,505
NET ASSETS	100.00	%	$	356,416,349

1	Non-income producing security.
2	The aggregate cost for federal income tax purposes is $447,625,000, the aggregate gross unrealized appreciation is $4,912,034 and the aggregate gross unrealized depreciation is $132,138,190, resulting in net unrealized depreciation of $127,226,156.

—	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 six months ended April 30, 2022 (unaudited)						For the period ended October 31, 2021*
	Shares			Dollars			Shares			Dollars
Class I
Shares sold		20,490,754		$	173,649,456			32,889,385		$	327,054,355
Shares redeemed		(2,042,372	)		(15,760,482	)		(152,044	)		(1,471,191	)
Net increase		18,448,382		$	157,888,974			32,737,341		$	325,583,164

	Beginning Account Value November 1, 2021			Ending Account Value April 30, 2022			Expenses Paid During Period November 1, 2021 to April 30, 20221
Class I
Actual		$	1,000		$	711		$	3.95
Hypothetical2		$	1,000		$	1,020		$	4.66

1	Expenses are equal to the Fund’s annualized expense ratio of 0.93% for Class I, multiplied by the average account value over the period, multiplied by 181/365.
2	Assumes a return of 5% before expenses. For the purposes of the calculation, the applicable annualized expense ratio for each class of shares is subtracted from the assumed return before expenses.

TOTAL INVESTMENTS (Cost $13,439,032)2	99.8	%	$	12,649,397
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES	0.2	%		28,965
NET ASSETS	100.00	%	$	12,678,362

TOTAL INVESTMENTS (Cost $2,335,463,529)3	97.2	%	$	2,283,314,413
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES	2.8	%	$	65,104,264
NET ASSETS	100.00	%	$	2,348,418,677

1	Non-income producing security.
2	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 April 30, 2022 was $126,090,923 or 5.4% of net assets.
3	The aggregate cost for federal income tax purposes is $2,335,463,529, the aggregate gross unrealized appreciation is $249,871,093 and the aggregate gross unrealized depreciation is $302,020,209, resulting in net unrealized depreciation of $(52,149,116).

*	Effective February 24, 2017 Class N shares were converted into Class I shares.
1	Calculated using average shares outstanding for the period.
2	Less than $0.01.
3	Assumes reinvestment of distributions.
4	Not annualized.
5	Annualized.

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

TOTAL INVESTMENTS (Cost $10,425,559,178)8	100.2	%	$	10,190,340,865
LIABILITIES IN EXCESS OF OTHER ASSETS	(0.2	)%		(15,509,899	)
NET ASSETS	100.0	%	$	10,174,830,966

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 April 30, 2022 was $4,683,940,794 or 46.0% 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 April 30, 2022 coupon or interest rate.
3	Security that used significant unobservable inputs to determine fair value.
4	This variable rate security is based on a predetermined schedule and the rate at period end also represents the reference rate at period end.
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 for federal income tax purposes is $10,425,559,178, the aggregate gross unrealized appreciation is $37,399,565 and the aggregate gross unrealized depreciation is $239,772,636, resulting in net unrealized depreciation of $202,373,071.

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.

NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($585,170,436 ÷ 57,989,831 shares outstanding)	$	10.09
CLASS I SHARES
($9,589,660,530 ÷ 950,830,196 shares outstanding)	$	10.09

	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	$	32,845,242	*	Net unrealized appreciation/(depreciation) on futures contracts		$	—

Total		$	32,845,242				$	—

	Interest Rate Risk
Net Realized Gain/(Loss) on Derivatives
Futures Contracts		$	42,479,414
Net Change in Unrealized Appreciation/(Depreciation) on Derivatives
Futures Contracts		$	23,262,498

TOTAL INVESTMENTS (Cost $609,657,280)8	100.9	%	$	583,125,996
LIABILITIES IN EXCESS OF OTHER ASSETS	(0.9	)%		(5,133,637	)
NET ASSETS	100.0	%	$	577,992,359

_______________________
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 April 30, 2022 was $250,253,091 or 43.3% of net assets.

	Interest Rate Risk
Net Realized Loss on Derivatives
Futures Contracts		$	(8,118,252	)
Net Change in Unrealized Appreciation/(Depreciation) on
Derivatives Futures Contracts		$	(9,793,976	)

TOTAL INVESTMENTS (Cost $317,583,540)2	99.1	%	$	404,162,589
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES	0.9	%		3,773,099
NET ASSETS	100.00	%	$	407,935,688

1	Non-income producing security.
2	The aggregate cost for federal income tax purposes is $317,583,540, the aggregate gross unrealized appreciation is $99,926,474 and the aggregate gross unrealized depreciation is $13,347,425, resulting in net unrealized appreciation of $86,579,049.
Abbreviation:
ADR – American Depositary Receipt.

NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS I SHARES
($406,837,399 ÷ 33,183,824 shares outstanding)			$12.26
RETAIL CLASS SHARES
($1,098,289 ÷ 90,400 shares outstanding)			$12.15

1	Calculated using average shares outstanding for the period.
2	Amounts previously presented incorrectly have been revised to reflect the proper per share amounts. The amounts have been revised from previously reported $3.74, $3.78, $0.04 and $0.04 per share for Net realized and unrealized gain (loss), Total income (loss) from investment operations, From investment income and Total dividends and distributions, respectively.
3	Less than $0.01.
4	Assumes the reinvestment of distributions.
5	Not annualized.
6	Annualized.
7	Annualized with the exception of audit fees, legal fees and registration fees.
8	The ratio of expenses to average net assets for the six months ended April 30, 2022, the years ended October 31, 2021, 2020 and the period ended October 31, 2019 reflect fees reduced as result of a contractual operating expense limitation of the share class of 0.80%. The Agreement is effective through March 1, 2023 and may only be terminated during its term with approval of the Fund’s Board of Trustees. For the six months ended April 30, 2022, the years ended October 31, 2021, 2020 and the period from September 9, 2019 to October 31, 2019 the waived fees were $0, $0, $0 and $27,976, respectively.

	U.S. $ Value		Percent of Total Investments
AAA	$	212,872,420		25.8	%
AA		318,674,829		38.5
A		205,532,623		24.9
BBB		84,347,750		10.2
Not Rated		5,091,794		0.6
TOTAL INVESTMENTS	$	826,519,416		100.0	%

TOTAL INVESTMENTS (Cost $863,899,053)7	110.4	%	$	826,519,416
LIABILITIES IN EXCESS OF OTHER ASSETS	(10.4)	%		(77,822,572)
NET ASSETS	100.00	%	$	748,696,844

2	Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the April 30, 2022 coupon or interest rate.
3	Security issued with zero coupon. Income is recognized through accretion of discount.
4	Represent a security purchased on a when-issued basis.
5	Variable rate demand note. The maturity date reflects the demand repayment dates. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the coupon or interest rate as of April 30, 2022.
6	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 April 30, 2022 was $6,239,616 or 0.8% of net assets.
7	The aggregate cost for federal income tax purposes is $863,899,053, the aggregate gross unrealized appreciation is $1,759,156 and the aggregate gross unrealized depreciation is $39,138,793, resulting in net unrealized depreciation of $(37,379,637).
Abbreviations:
AGM − Assured Guaranty Municipal Corporation.
AMBAC − AMBAC Financial Group, Inc.
BAM − Build America Mutual.
BHAC − Berkshire Hathaway Assurance Corporation.
FGIC − Financial Guaranty Insurance Company.
FHA − Federal Housing Administration.
FHLMC − Federal Home Loan Mortgage Corporation.
FNMA − Federal National Mortgage Association.
GNMA − Government National Mortgage Association.
LIBOR − London Interbank Offered Rate.
NPFG − National Public Finance Guarantee Corporation.
SIFMA − Securities Industry and Financial Markets Association.
SOFR − Secured Overnight Financing Rate.

_______________________
*	For geographical breakdown of municipal bond investments, refer to the Portfolio Investments.

NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($66,408,372 ÷ 6,577,763 shares outstanding)			$10.10
CLASS I SHARES
($682,288,471 ÷ 67,635,245 shares outstanding)			$10.09

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

TOTAL INVESTMENTS (Cost $4,183,165,481)3	98.4	%	$	4,183,165,481
ASSETS IN EXCESS OF OTHER LIABILITIES	1.6	%		69,064,997
NET ASSETS	100.0	%	$	4,252,230,478