UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------------------- FORM N-17f-2 OMB Approval ----------------------------- Certificate of Accounting of Securities and OMB Number: 3235-0360 Similar Investments in the Custody Expires: February 29, 2024 of Management Investment Companies Estimate average burden hours per response . . . . . 1.90 Pursuant to Rule 17f-2 [17 CFR 270.17f-2] ----------------------------- ----------------------------------------------------------------------------- 1. Investment Company Act File Number: Date examination completed: 811-21829 June 30, 2022 ----------------------------------------------------------------------------- 2. State Identification Number: AL AK AZ AR CA CO CT DE X DC FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY PUERTO RICO Other (specify): ----------------------------------------------------------------------------- 3. Exact name of investment company as specified in registration statement: BBH Trust ----------------------------------------------------------------------------- 4. Address of principal executive office (number, street, city, state, zip code): 140 Broadway, New York, NY 10005 ----------------------------------------------------------------------------- INDEPENDENT ACCOUNTANTS' REPORT To the Trustees of the BBH Trust: We have examined management's assertion, included in the accompanying Management's Assertion Regarding BBH Trust's Compliance with Rule 17f-2 Under the Investment Company Act of 1940, that BBH Trust comprised of BBH Select Series - Large Cap Fund, BBH Limited Duration Fund, BBH Partner Fund - International Equity, BBH Intermediate Municipal Bond Fund, BBH Income Fund, BBH U.S. Government Money Market Fund, BBH Select Series - Mid Cap Fund, and BBH Partner Fund - Small Cap Equity (collectively, the "Funds"), complied with the requirements of subsections (b) and (c) of Rule 17f-2 under the Investment Company Act of 1940 (the "specified requirements") as of June 30, 2022, with respect to the securities reflected in the investment account of the Funds. The Funds' management is responsible for its assertion. Our responsibility is to express an opinion on management's assertion about the Funds' compliance with the specified requirements based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the specified requirements is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about management's assertion. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of management's assertion, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Included among our procedures were the following tests performed as of June 30, 2022, and with respect to agreement of security purchases and sales for the period from October 31, 2021 (date of our last examination) through June 30, 2022 for the BBH Select Series - Large Cap Fund, BBH Limited Duration Fund, BBH Partner Fund - International Equity, BBH Intermediate Municipal Bond Fund, BBH Income Fund, BBH U.S. Government Money Market Fund, BBH Select Series - Mid Cap Fund, and BBH Partner Fund - Small Cap Equity. 1. Count and inspection of all securities located in the vault, as applicable, of Brown Brothers Harriman & Co. (the "Custodian") in New York, NY without prior notice of management; 2. Confirmation of all securities held by institutions in book entry form by The Depository Trust Company, Bank of New York Mellon, various sub-custodians and various agent banks; 3. Reconciliation of all such securities to the books and records of the Funds' and the Custodian. 4. Confirmation of all repurchase agreements with brokers/banks and agreement of underlying collateral with the banks and Custodian's records; and 5. Agreement of 17 security purchases and 17 security sales or maturities since our last examination from the books and records of the Funds to bank statements. Our examination does not provide a legal determination on the Funds' compliance with specified requirements. In our opinion, management's assertion that the Funds complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of June 30, 2022, with respect to securities reflected in the investment accounts of the Funds, is fairly stated, in all material respects. This report is intended solely for the information and use of management and the Board of Trustees of the BBH Trust and the U.S. Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. /s/ DELOITTE & TOUCHE LLP Boston, Massachusetts October 6, 2022 October 6, 2022 Deloitte & Touche LLP 200 Berkeley Street Boston, MA 02116 Management's Assertion Regarding BBH Trust's Compliance with Rule 17f-2 Under the Investment Company Act of 1940 We, as members of management of BBH Trust comprised of BBH Select Series - Large Cap Fund, BBH Limited Duration Fund, BBH Partner Fund - International Equity, BBH Intermediate Municipal Bond Fund, BBH Income Fund, BBH U.S. Government Money Market Fund, BBH Select Series - Mid Cap Fund , and BBH Partner Fund - Small Cap Equity (collectively, the "Funds"), are responsible for complying with the requirements of subsections (b) and (c) of Rule 17f-2, "Custody of Investments by Registered Management Investment Companies," of the Investment Company Act of 1940. We are also responsible for establishing and maintaining effective internal control over compliance with those requirements. We have performed an evaluation of the Funds' compliance with the requirements of subsections (b) and (c) of Rule 17f-2 as of June 30, 2022, and for the period from October 31, 2021 (date of our last examination of the Funds) through June 30, 2022 for the BBH Select Series - Large Cap Fund, BBH Limited Duration Fund, BBH Partner Fund - International Equity, BBH Intermediate Municipal Bond Fund, BBH Income Fund, BBH U.S. Government Money Market Fund, BBH Select Series - Mid Cap Fund, and BBH Partner Fund - Small Cap Equity. Based on this evaluation, we assert that the Funds were in compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of June 30, 2022, with respect to securities reflected in the investment accounts of the Funds. ON BEHALF OF: BBH Trust /s/ Charles Schreiber Charles Schreiber Treasurer and Principal Financial Officer BBH Trust /s/ Jean-Pierre Paquin Jean-Pierre Paquin President and Principal Executive Officer BBH Trust