UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------------------------------------------------
FORM N-CSR
CERTIFIED
SHAREHOLDER REPORT
OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: 811-21829
----------------------------------------------------------------
BBH
TRUST
On behalf of the following series:
BBH
Select Mid Cap ETF
BBH Partner Fund — International Equity
BBH Limited Duration Fund
BBH Income Fund
BBH
Select Large Cap ETF
BBH Intermediate Municipal Bond Fund
BBH U.S. Government Money Market Fund
(Exact name of registrant
as specified in charter)
----------------------------------------------------------------
140
Broadway, New York, NY 10005
(Address of principal
executive offices) (Zip Code)
Corporation
Services Company
251 Little Falls Drive
Wilmington,
DE 19808
(Name
and address of agent for service)
----------------------------------------------------------------
Registrant’s telephone number, including area code: (800) 575-1265
Date of fiscal year end: October 31
Date of reporting period: April 30, 2026
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, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
Item 2. Code of Ethics.
Not required for this semi-annual report on Form N-CSR.
Item 3. Audit Committee Financial Expert.
Not required for this semi-annual report on Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Not required for this semi-annual report on Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not required for this semi-annual report on Form N-CSR.
Item 6. Investments.
(a) A Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period is included in the financial statements filed under Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
|
Semi-Annual
April 30, 2026 BBH
Select Mid Cap ETF
|
|
BBH Select Mid Cap ETF Table of Contents April 30, 2026 (unaudited) |
|
Page(s) | ||
|
Financial Statements as of and for the six months ended April 30, 2026: |
||
|
3 | ||
|
4 | ||
|
9 | ||
|
10 | ||
|
11 | ||
|
12 | ||
|
13 | ||
|
22 | ||
|
26 |
|
© Brown Brothers Harriman |
2 |
|
BBH Select Mid Cap ETF Portfolio
Allocation |
Sector Diversification
|
U.S. $ Value |
Percent
of | |||||
|
Common Stock: |
|
| ||||
|
Communication Services |
$ |
16,667,081 |
3.2 |
% | ||
|
Consumer Discretionary |
|
22,548,445 |
4.3 |
| ||
|
Consumer Staples |
|
39,824,034 |
7.6 |
| ||
|
Financials |
|
54,048,488 |
10.4 |
| ||
|
Health Care |
|
21,646,697 |
4.2 |
| ||
|
Industrials |
|
186,860,541 |
35.8 |
| ||
|
Information Technology |
|
109,293,679 |
21.0 |
| ||
|
Materials |
|
35,974,686 |
6.9 |
| ||
|
Real Estate |
|
23,414,999 |
4.5 |
| ||
|
Cash and Other Assets in Excess of Liabilities |
|
11,136,367 |
2.1 |
| ||
|
Net Assets |
$ |
521,415,017 |
100.0 |
% | ||
All data as of April 30, 2026. The BBH Select Mid Cap ETF’s (the “Fund”) sector diversification is expressed as a percentage of net assets and may vary over time.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
3 |
|
BBH Select Mid Cap ETF Portfolio
of Investments All investments in the United States, except as noted. |
|
Shares |
Value | ||||
|
Common Stock (97.9%) |
|
||||
|
Communication Services (3.2%) |
|
||||
|
77,971 |
Take-Two Interactive Software, Inc.1 |
$ |
16,667,081 | ||
|
Total Communication Services |
|
16,667,081 | |||
|
|
|||||
|
Consumer Discretionary (4.3%) |
|
||||
|
277,076 |
Wyndham Hotels & Resorts, Inc. |
|
22,548,445 | ||
|
Total Consumer Discretionary |
|
22,548,445 | |||
|
|
|||||
|
Consumer Staples (7.6%) |
|
||||
|
162,869 |
BJ’s Wholesale Club Holdings, Inc.1 |
|
15,291,771 | ||
|
381,944 |
Darling Ingredients, Inc.1 |
|
24,532,263 | ||
|
Total Consumer Staples |
|
39,824,034 | |||
|
|
|||||
|
Financials (10.4%) |
|
||||
|
216,066 |
Brown & Brown, Inc. |
|
12,996,370 | ||
|
50,013 |
LPL Financial Holdings, Inc. |
|
16,710,844 | ||
|
249,196 |
Shift4 Payments, Inc. (Class A)1 |
|
11,034,399 | ||
|
117,500 |
Tradeweb Markets, Inc. (Class A) |
|
13,306,875 | ||
|
Total Financials |
|
54,048,488 | |||
|
|
|||||
|
Health Care (4.2%) |
|
||||
|
72,740 |
West Pharmaceutical Services, Inc. |
|
21,646,697 | ||
|
Total Health Care |
|
21,646,697 | |||
|
|
|||||
|
Industrials (35.8%) |
|
||||
|
146,801 |
Advanced Drainage Systems, Inc. |
|
21,910,049 | ||
|
71,551 |
Broadridge Financial Solutions, Inc. |
|
11,017,423 | ||
|
557,476 |
GFL Environmental, Inc. (Canada) |
|
22,360,362 | ||
|
423,557 |
GXO Logistics, Inc.1 |
|
24,197,811 | ||
|
83,370 |
HEICO Corp. (Class A) |
|
17,425,997 | ||
|
19,367 |
Hubbell, Inc. (Class B) |
|
9,841,728 | ||
|
103,284 |
ITT, Inc. |
|
22,137,893 | ||
|
182,802 |
UL Solutions, Inc. (Class A) |
|
16,541,753 | ||
|
© Brown Brothers Harriman |
4 |
|
BBH Select Mid Cap ETF Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Shares |
Value | ||||
|
Common Stock (continued) |
|
||||
|
Industrials (continued) |
|
||||
|
68,718 |
Watsco, Inc. |
$ |
30,087,489 | ||
|
500,885 |
WillScot Holdings Corp. |
|
11,340,036 | ||
|
Total Industrials |
|
186,860,541 | |||
|
|
|||||
|
Information Technology (21.0%) |
|
||||
|
157,404 |
Arista Networks, Inc.1 |
|
27,185,245 | ||
|
205,577 |
Entegris, Inc. |
|
29,064,476 | ||
|
135,001 |
Guidewire Software, Inc.1 |
|
18,682,788 | ||
|
73,682 |
Keysight Technologies, Inc.1 |
|
25,782,069 | ||
|
37,917 |
Zebra Technologies Corp. (Class A)1 |
|
8,579,101 | ||
|
Total Information Technology |
|
109,293,679 | |||
|
|
|||||
|
Materials (6.9%) |
|
||||
|
126,937 |
AptarGroup, Inc. |
|
15,699,568 | ||
|
67,194 |
Vulcan Materials Co. |
|
20,275,118 | ||
|
Total Materials |
|
35,974,686 | |||
|
|
|||||
|
Real Estate (4.5%) |
|
||||
|
164,051 |
CBRE Group, Inc. (Class A)1 |
|
23,414,999 | ||
|
Total Real Estate |
|
23,414,999 | |||
|
Total
Common Stock |
|
510,278,650 | |||
|
Total Investments (Cost $427,260,026)2 |
97.9 |
% |
$ |
510,278,650 | ||
|
Cash and Other Assets in Excess of Liabilities |
2.1 |
% |
|
11,136,367 | ||
|
Net Assets |
100.0 |
% |
$ |
521,415,017 |
____________
1 Non-income producing security.
2 The aggregate cost for federal income tax purposes is $427,260,026, the aggregate gross unrealized appreciation is $103,670,550 and the aggregate gross unrealized depreciation is $20,651,926, resulting in net unrealized appreciation of $83,018,624.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
5 |
|
BBH Select Mid Cap ETF Portfolio
of Investments (continued) |
Fair Value Measurements
The Fund is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Authoritative guidance establishes three levels of the fair value hierarchy as follows:
|
— |
Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities. | |
|
— |
Level 2 – significant other observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.). | |
|
— |
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets and liabilities). |
Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires judgment by the investment adviser. The investment adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the
|
© Brown Brothers Harriman |
6 |
|
BBH Select Mid Cap ETF Portfolio
of Investments (continued) |
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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
7 |
|
BBH Select Mid Cap ETF Portfolio
of Investments (continued) |
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2026.
|
Investments, at value |
Unadjusted
|
Significant
|
Significant |
Balance as of | ||||||||
|
Common Stock: |
|
|
|
|
||||||||
|
Communication Services |
$ |
16,667,081 |
$ |
— |
$ |
— |
$ |
16,667,081 | ||||
|
Consumer
|
|
22,548,445 |
|
— |
|
— |
|
22,548,445 | ||||
|
Consumer Staples |
|
39,824,034 |
|
— |
|
— |
|
39,824,034 | ||||
|
Financials |
|
54,048,488 |
|
— |
|
— |
|
54,048,488 | ||||
|
Health Care |
|
21,646,697 |
|
— |
|
— |
|
21,646,697 | ||||
|
Industrials |
|
186,860,541 |
|
— |
|
— |
|
186,860,541 | ||||
|
Information
|
|
109,293,679 |
|
— |
|
— |
|
109,293,679 | ||||
|
Materials |
|
35,974,686 |
|
— |
|
— |
|
35,974,686 | ||||
|
Real Estate |
|
23,414,999 |
|
— |
|
— |
|
23,414,999 | ||||
|
Total Investments, at value |
$ |
510,278,650 |
$ |
— |
$ |
— |
$ |
510,278,650 | ||||
|
© Brown Brothers Harriman |
8 |
|
BBH Select Mid Cap ETF Statement
of Assets and Liabilities |
|
Assets: |
|
||
|
Investments in securities, at value (Cost $427,260,026) |
$ |
510,278,650 | |
|
Cash |
|
11,924,389 | |
|
Foreign currency at value (Cost $141) |
|
142 | |
|
Receivables for: |
|
||
|
Investments sold |
|
700,474 | |
|
Dividends |
|
42,125 | |
|
Prepaid expenses |
|
2,170 | |
|
Total Assets |
|
522,947,950 | |
|
|
|||
|
Liabilities: |
|
||
|
Payables for: |
|
||
|
Investments purchased |
|
1,167,457 | |
|
Investment advisory fees |
|
300,178 | |
|
Administrative fees |
|
12,508 | |
|
Professional fees |
|
40,790 | |
|
Custody and fund accounting fees |
|
7,253 | |
|
Board of Trustees’ fees |
|
4,378 | |
|
Accrued expenses and other liabilities |
|
369 | |
|
Total Liabilities |
|
1,532,933 | |
|
Net Assets |
$ |
521,415,017 | |
|
|
|||
|
Net Assets Consist of: |
|
||
|
Paid-in capital |
$ |
469,077,463 | |
|
Retained earnings |
|
52,337,554 | |
|
Net Assets |
$ |
521,415,017 | |
|
|
|||
|
Net Asset Value and Offering Price per Share |
|
||
|
($521,415,017 ÷ 43,664,460 shares outstanding) |
$ |
11.94 |
____________
* Effective November 17, 2025, the BBH Select Series – Mid Cap Fund was reorganized to the BBH Select Mid Cap ETF.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
9 |
|
BBH Select Mid Cap ETF Statement
of Operations |
|
Net Investment Loss: |
|
| ||
|
Income: |
|
| ||
|
Dividends (net of foreign withholding taxes of $2,701) |
$ |
1,256,470 |
| |
|
Interest income on cash balances |
|
202,657 |
| |
|
Total Income |
|
1,459,127 |
| |
|
|
| |||
|
Expenses: |
|
| ||
|
Investment advisory fees |
|
1,803,790 |
| |
|
Administrative fees |
|
48,912 |
| |
|
Board of Trustees’ fees |
|
49,901 |
| |
|
Professional fees |
|
31,983 |
| |
|
Custody and fund accounting fees |
|
18,785 |
| |
|
Transfer agent fees |
|
2,650 |
| |
|
Miscellaneous expenses |
|
41,506 |
| |
|
Total Expenses |
|
1,997,527 |
| |
|
Net Investment Loss |
|
(538,400 |
) | |
|
|
| |||
|
Net Realized and Unrealized Gain: |
|
| ||
|
Net realized loss on investments in securities |
|
(10,847,399 |
) | |
|
Net realized gain on in-kind transactions |
|
11,655,385 |
| |
|
Net change in unrealized appreciation/(depreciation) on investments in securities |
|
16,214,389 |
| |
|
Net change in unrealized appreciation/(depreciation) on foreign currency translations |
|
1 |
| |
|
Net change in unrealized appreciation/(depreciation) on investments in securities and foreign currency translations |
|
16,214,390 |
| |
|
Net Realized and Unrealized Gain |
|
17,022,376 |
| |
|
Net Increase in Net Assets Resulting from Operations |
$ |
16,483,976 |
|
____________
* Effective November 17, 2025, the BBH Select Series - Mid Cap Fund was reorganized to the BBH Select Mid Cap ETF
|
© Brown Brothers Harriman |
10 |
|
BBH Select Mid Cap ETF Statements
of Changes in Net Assets |
|
For
the |
For
the | |||||||
|
Increase/(Decrease) in Net Assets from: |
|
|
|
| ||||
|
Operations: |
|
|
|
| ||||
|
Net investment loss |
$ |
(538,400 |
) |
$ |
(1,140,724 |
) | ||
|
Net realized gain/(loss) on investments in securities and in-kind transactions |
|
807,986 |
|
|
(30,045,993 |
) | ||
|
Net change in unrealized appreciation/(depreciation) on investments in securities, foreign currency transactions and translations |
|
16,214,390 |
|
|
1,454,889 |
| ||
|
Net increase/(decrease) in net assets resulting from operations |
|
16,483,976 |
|
|
(29,731,828 |
) | ||
|
|
|
|
| |||||
|
Dividends and distributions declared |
|
— |
|
|
(1,516,497 |
) | ||
|
|
|
|
| |||||
|
Share transactions: |
|
|
|
| ||||
|
Proceeds from sales of shares1 |
|
1,446,238 |
|
|
157,303,478 |
| ||
|
Proceeds from sales of shares in-kind |
|
24,210,746 |
|
|
— |
| ||
|
Net asset value of shares issued to shareholders for reinvestment of dividends and distributions |
|
— |
|
|
45,957 |
| ||
|
Cost of shares redeemed1 |
|
(1,313,237 |
) |
|
(83,629,667 |
) | ||
|
Costs of shares redeemed in-kind |
|
(37,145,717 |
) |
|
— |
| ||
|
Net increase/(decrease) in net assets resulting from share transactions |
|
(12,801,970 |
) |
|
73,719,768 |
| ||
|
Total increase in net assets |
|
3,682,006 |
|
|
42,471,443 |
| ||
|
|
|
|
| |||||
|
Net Assets: |
|
|
|
| ||||
|
Beginning of period/year |
|
517,733,011 |
|
|
475,261,568 |
| ||
|
End of period/year |
$ |
521,415,017 |
|
$ |
517,733,011 |
| ||
____________
1 Includes share exchanges. See Note 5 in Notes to Financial Statements.
* Effective November 17, 2025, the BBH Select Series - Mid Cap Fund was reorganized to the BBH Select Mid Cap ETF.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
11 |
|
BBH Select Mid Cap ETF Financial
Highlights |
|
|
For
the |
|
|
|
|
|
For the
|
| ||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
|||||||||||||||||||||
|
Net asset value, beginning of period/year |
$ |
11.56 |
|
$ |
12.23 |
|
$ |
8.95 |
|
$ |
8.85 |
|
$ |
10.68 |
|
$ |
10.00 |
| ||||||
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net investment income/(loss)1 |
|
(0.01 |
) |
|
(0.03 |
) |
|
(0.03 |
) |
|
0.01 |
|
|
(0.04 |
) |
|
(0.02 |
) | ||||||
|
Net realized and unrealized gain/(loss) |
|
0.39 |
|
|
(0.60 |
) |
|
3.32 |
|
|
0.09 |
|
|
(1.79 |
) |
|
0.70 |
| ||||||
|
Total income/(loss) from investment operations |
|
0.38 |
|
|
(0.63 |
) |
|
3.29 |
|
|
0.10 |
|
|
(1.83 |
) |
|
0.68 |
| ||||||
|
Dividends and distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
From net investment income |
|
— |
|
|
— |
|
|
(0.01 |
) |
|
— |
|
|
— |
|
|
— |
| ||||||
|
From net realized gains |
|
— |
|
|
(0.04 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
| ||||||
|
Total dividends and distributions to shareholders |
|
— |
|
|
(0.04 |
) |
|
(0.01 |
) |
|
— |
|
|
— |
|
|
— |
| ||||||
|
Net asset value, end of period/year |
$ |
11.94 |
|
$ |
11.56 |
|
$ |
12.23 |
|
$ |
8.95 |
|
$ |
8.85 |
|
$ |
10.68 |
| ||||||
|
Total return2 |
|
3.29 |
%3 |
|
(5.19 |
)% |
|
36.79 |
% |
|
1.13 |
% |
|
(17.13 |
)% |
|
6.80 |
%3 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net assets, end of period/year (in millions) |
$ |
521 |
|
$ |
518 |
|
$ |
475 |
|
$ |
140 |
|
$ |
12 |
|
$ |
14 |
| ||||||
|
Ratio of expenses to average net assets before reductions |
|
0.81 |
%4 |
|
0.81 |
% |
|
0.84 |
% |
|
1.09 |
% |
|
2.29 |
% |
|
2.46 |
%5 | ||||||
|
Fee waiver6 |
|
— |
% |
|
— |
% |
|
— |
% |
|
(0.19 |
)% |
|
(1.39 |
)% |
|
(1.56 |
)%5 | ||||||
|
Ratio of expenses to average net assets after reductions |
|
0.81 |
%4 |
|
0.81 |
% |
|
0.84 |
% |
|
0.90 |
% |
|
0.90 |
% |
|
0.90 |
%5 | ||||||
|
Ratio of net investment income/(loss) to average net assets |
|
(0.22 |
)%4 |
|
(0.22 |
)% |
|
(0.23 |
)% |
|
0.14 |
% |
|
(0.38 |
)% |
|
(0.40 |
)%5 | ||||||
|
Portfolio turnover rate |
|
8 |
%3,7 |
|
23 |
% |
|
6 |
% |
|
7 |
% |
|
23 |
% |
|
3 |
%3 | ||||||
____________
* Effective November 17, 2025, the BBH Select Series - Mid Cap Fund was reorganized to the BBH Select Mid Cap ETF.
1 Calculated using average shares outstanding for the period/year.
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, 2026, the years ended October 31, 2025, 2024, 2023, 2022 and the period from May 24, 2021 to October 31, 2021, reflects fees reduced as result of a contractual operating expense limitation of the share class to 0.90%. The agreement is effective through March 1, 2027 and may only be terminated during its term with approval of the Fund’s Board of Trustees. For the six months ended April 30, 2026, the years ended October 31, 2025, 2024, 2023, 2022 and the period from May 24, 2021 to October 31, 2021, the waived fees were $–, $–, $–, $124,636,$179,874 and $135,159, respectively.
7 In-kind transactions are not included in portfolio turnover calculations.
|
© Brown Brothers Harriman |
12 |
|
BBH Select Mid Cap ETF Notes to Financial Statements April 30, 2026 (unaudited) |
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. As of April 30, 2026, there were seven series of the Trust. The Fund commenced operations on May 24, 2021. The investment objective of the Fund is to provide investors with long-term growth of capital. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in mid cap publicly traded equity securities.
The Fund is the successor to the Predecessor Fund, a mutual fund series of BBH Trust, as a result of the reorganization of the Predecessor Fund into the Fund on November 17, 2025 (the “Reorganization”). The Fund has adopted the Predecessor Fund’s performance history. The Predecessor Fund also was advised by the Investment Adviser and had the same investment objective, investment strategies, and fundamental and non-fundamental investment policies as the Fund.
The Predecessor Fund’s shareholders received new Fund shares equal in value to the shares of the Predecessor Fund they owned on the day the reorganization was effective. The reorganization was executed on a tax-free basis and, relating to each underlying Fund security, historical cost of investments, unrealized gains (losses), and fair value of investments carried forward from the Predecessor Fund to the new Fund.
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 Board of Trustees (the “Board”) has ultimate responsibility for the supervision and oversight of the determination of the fair value of investments. Pursuant to Rule 2a-5 of the 1940 Act, the Board has designated the Investment Adviser as its valuation designee. The Investment Adviser monitors the continual appropriateness of valuation methods applied and determines if adjustments should be made in light of market factor changes and events affecting issuers. The Investment Adviser performs a series of activities to provide reasonable assurance of the appropriateness of the prices utilized, including but not limited to: periodic independent pricing service due diligence meetings and reviewing
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
13 |
|
BBH Select Mid Cap ETF Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
the results of back testing on a monthly basis. The Investment Adviser provides the Board with reporting on the results of the back testing as well as positions which were fair valued during the period.
All securities and other investments are recorded at their estimated fair value. The value of investments listed on a securities exchange is based on the last sale price prior to the time when assets are valued, or in the absence of recorded sales, at the most recent bid price on such exchange. If a readily available market quotation is not available or is determined to be unreliable, the investments may be valued utilizing evaluated prices provided by independent pricing services. In establishing such prices, the independent pricing service utilizes both dealer supplied prices and electronic data processing techniques which take into account appropriate factors such as institutional sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, the closure of the primary exchange on which securities trade and before the Fund’s net asset value is next determined and other market data without exclusive reliance on quoted exchange prices or over-the-counter prices since such valuations are believed to reflect more accurately the fair value of such investments. Investments may be fair valued by Brown Brothers Harriman & Co. (“BBH”) through a separately identifiable department (“SID” or “Investment Adviser”) in accordance with the BBH Trust Portfolio Valuation Policy and Procedures using methods that most fairly reflect the amount that the Fund would reasonably expect to receive for the investment on a current sale in its principal market in the ordinary course of business. 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. Any futures contracts held by the Fund are valued daily at the official settlement price of the exchange on which they are traded.
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.
|
© Brown Brothers Harriman |
14 |
|
BBH Select Mid Cap ETF Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
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 April 30, 2026, 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, 2026, 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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
15 |
|
BBH Select Mid Cap ETF Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
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 tax character of distributions paid during the years ended October 31, 2025 and 2024, respectively, were as follows:
|
Distributions paid from: | |||||||||||||||
|
Ordinary
|
Net
|
Total
|
Tax
return |
Total
| |||||||||||
|
2025: |
$ |
— |
$ |
1,516,497 |
$ |
1,516,497 |
$ |
— |
$ |
1,516,497 | |||||
|
2024: |
|
190,598 |
|
— |
|
190,598 |
|
— |
|
190,598 | |||||
As of October 31, 2025 and 2024, respectively, the components of retained earnings/(accumulated deficit) on tax basis were as follows:
|
Components of retained earnings/(accumulated deficit): | ||||||||||||||||||||||
|
Undistributed |
Undistributed |
Accumulated |
Other |
Late
Year |
Unrealized |
Total
| ||||||||||||||||
|
2025: |
$ |
— |
$ |
— |
$ |
(29,932,878) |
$ |
(155,259) |
$ |
(862,520 |
) |
$ |
66,804,235 |
$ |
35,853,578 | |||||||
|
2024: |
|
— |
|
1,514,856 |
|
— |
|
(42,144) |
|
(558,706 |
) |
|
65,349,346 |
|
66,263,352 | |||||||
The Fund had $29,932,878 net capital loss carryforwards as of October 31, 2025, of which $11,590,699 and $18,342,179, is attributable to short-term and long-term capital losses, respectively.
The Fund is permitted to carryforward capital losses for an unlimited period and they will retain their character as either short-term or long-term capital losses.
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.
|
© Brown Brothers Harriman |
16 |
|
BBH Select Mid Cap ETF Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
F. Segment Reporting. The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Oversight Committee of the BBH & Co. Separately Identifiable Department, the Board of Directors of BBH Credit Partners, LLC, the named portfolio manager(s) of the Funds and the Funds’ principal executive officer and principal financial officer act as the Fund’s CODM, who is responsible for assessing the performance of the Fund’s single segment and deciding how to allocate the segment’s resources. The Fund is considered a single operating segment as the Fund has a single investment strategy as disclosed in its prospectus. The financial information provided to and reviewed by the CODM is presented in the Fund’s financial statements.
G. Use of Estimates. The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from these estimates.
3. Fees and Other Transactions with Affiliates.
A. Investment Advisory Fees. For investment advisory services, the Investment Adviser receives a fee, computed daily and payable monthly, equal to 0.72% per annum for the first $1 billion of the Fund’s average daily net assets and 0.67% per annum for amounts over $1 billion of the average daily net assets of the Fund. Prior to January 1, 2026, the Investment Adviser was entitled to a combined investment advisory and administration fee of $629,901 computed daily and payable monthly, equal to 0.75% per annum of the first $3 billion of the Fund’s average daily net assets and 0.70% per annum for amounts over $3 billion of the average daily net assets of the Fund. For the six months ended April 30, 2026, the Fund incurred $1,803,790 in investment advisory fees and $48,912 in administrative fees, as included in the Statement of Operations.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
17 |
|
BBH Select Mid Cap ETF Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
B. Expense Waivers and Reimbursements. Effective May 24, 2021 (commencement of operations), the Investment Adviser contractually agreed to limit the annual fund operating expenses (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to 0.90%. The agreement will terminate on March 1, 2027, 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, 2026, Investment Adviser waived Investment Advisory and Administrative fees in the amount of $0.
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 based partially on asset values and partially on individual fund transactions. The fund accounting fee is primarily an asset-based fee calculated at 0.00325% per annum of the Fund’s net asset value. For the six months ended April 30, 2026, the Fund incurred $18,785 in custody and fund accounting fees. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the BBH Overdraft Base Rate plus 2% on the day of the overdraft. The Fund did not incur any such fees during the six months ended April 30, 2026. This amount, if any, is included under line item “Custody and fund accounting fees” in the Statement of Operations. Effective August 1, 2025, the Fund enrolled in the BBH Cash Management Services Sweep. Under this agreement, the Fund’s end-of-day cash balance is swept into overnight deposits with one or more deposit institutions. The interest income earned on the overnight deposits is credited to the Fund’s cash account(s) the next business day. The total interest earned by the Fund for the six months ended April 30, 2026 was $202,657. This amount is included in “Interest income on cash balances” 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, 2026, the Fund incurred $49,901 in Independent Trustee compensation and expense reimbursements.
|
© Brown Brothers Harriman |
18 |
|
BBH Select Mid Cap ETF Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
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, 2026, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments and in-kind transactions, were $39,345,820 and $42,126,225, respectively. For the six months ended April 30, 2026, the cost of purchases and the proceeds of sales of in-kind transactions were $23,506,395 and $36,573,658, respectively.
5. Issuance and Redemption of ETF Shares. The Fund issues and redeems its shares at NAV only in Creation Units in transactions with authorized participants. Most investors buy and sell shares of the Fund in secondary market transactions through a broker at market prices. Shares of the Fund are listed for trading on the NYSE Arca and can be bought and sold throughout the trading day like shares of other publicly traded companies. There is no minimum investment. When buying or selling Fund shares through a broker, investors will incur customary brokerage commissions and charges, and investors may pay some or all of the spread between the bid and offered price in the secondary market on each purchase and sale transaction.
6. Shares of Beneficial Interest. The Trust is permitted to issue an unlimited number of shares of beneficial interest at no par value. Transactions shares were as follows:
|
For
the six months ended |
For
the year ended | |||||||||||||
|
Shares |
Dollars |
Shares |
Dollars | |||||||||||
|
Shares sold |
126,761 |
|
$ |
1,446,238 |
|
13,232,259 |
|
$ |
157,303,478 |
| ||||
|
Shares sold in-kind |
2,110,000 |
|
|
24,210,746 |
|
— |
|
|
— |
| ||||
|
Shares issued in connection with reinvestments of dividends |
N/A |
|
|
— |
|
3,715 |
|
|
45,957 |
| ||||
|
Shares redeemed |
(115,538 |
) |
|
(1,313,237 |
) |
(7,310,018 |
) |
|
(83,629,667 |
) | ||||
|
Shares redeemed in-kind |
(3,230,001 |
) |
|
(37,145,717 |
) |
— |
|
|
— |
| ||||
|
Net increase/ (decrease) |
(1,108,778 |
) |
$ |
(12,801,970 |
) |
5,925,956 |
|
$ |
73,719,768 |
| ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
19 |
|
BBH Select Mid Cap ETF Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
7. Principal Risk Factors and Indemnifications.
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 non-U.S. securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (non-U.S. 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 (large shareholder risk). The Fund may invest in large cap company securities, it may underperform
|
© Brown Brothers Harriman |
20 |
|
BBH Select Mid Cap ETF Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
other funds during periods when the Fund’s large cap securities are out of favor (Large Cap Company Risk). Small cap companies may have limited product lines or markets. They may be less financially secure than larger, more established companies and may depend on a more limited management group than larger capitalized companies (Small 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.
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.
8. Recent Pronouncements. In December 2023, the FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.
9. Subsequent Events. Management has evaluated events and transactions that have occurred since April 30, 2026 through the date the financial statements were issued and determined that there were no subsequent events that would require recognition or additional disclosure in the financial statements.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
21 |
|
BBH Select Mid Cap ETF Disclosure
of Advisor Selection |
Investment Advisory Agreement 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.
The Board, a majority of which is comprised of Independent Trustees, held a telephonic meeting on November 20, 2025 and an in-person meeting on December 10, 2025, to consider whether to approve an amended and restated Advisory Agreement (the “Advisory Agreement”) between the Trust and the Investment Adviser with respect to certain funds in the Trust, including the Fund. The Investment Adviser previously provided advisory and administrative services to the Trust under a combined Amended and Restated Investment Advisory and Administrative Services Agreement (the “Combined Agreement”). The Trust entered into a new Administrative Services Agreement with the Investment Adviser as of January 1, 2026, under which the Investment Adviser would provide the same administrative services as it had under the Combined Agreement at the same fee, when combined with the Advisory Agreement fees, as it had under the Combined Agreement. BBH launched a new subsidiary registered investment adviser, Brown Brothers Harriman Credit Partners, LLC on December 31, 2025 which became investment manager to certain other Funds on January 1, 2026. At the December 10, 2025 meeting, the Board voted to approve the Advisory Agreement with respect to the Fund for a one-year term. In doing so, the Board determined that the terms of the Advisory 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 investment advisory services and the Advisory Agreement.
Both in the meetings specifically held to address the continuance of investment advisory services and the approval of the Advisory 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
|
© Brown Brothers Harriman |
22 |
|
BBH Select Mid Cap ETF Disclosure of Advisor Selection (continued) April 30, 2026 (unaudited) |
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 Gartenberg v. Merrill Lynch Asset Management, Inc., which was affirmed in Jones v. Harris Associates, L.P. In addition, the Board met in executive session outside the presence of Fund management.
In approving the Agreement, the Board considered: (a) the nature, extent and quality of services provided by the Investment Adviser; (b) the 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 Advisory Agreement. 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 were reasonable based on the expense information, the cost of the services provided, and the profits realized by the Investment Adviser.
Nature, Extent and Quality of Services
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 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 10, 2025 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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
23 |
|
BBH Select Mid Cap ETF Disclosure of Advisor Selection (continued) April 30, 2026 (unaudited) |
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 Advisory 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 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 services provided, and expected to be provided, to the Fund pursuant to the Advisory Agreement.
Fund Performance
At the November 20, 2025 and December 10, 2025 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 ETFs, as well as other mutual funds compared to the Fund’s predecessor, in reports 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 1-, 2-,3- and 4-year periods ended September 30, 2025, noting the Fund had below average performance as compared to its peer category for each of the 1-, 2- and 3-year periods and average performance when compared to its peer category for the 4-year period. In evaluating the performance of the Fund, the Board considered the risk expectations for the Fund as well as 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.
Costs of Services Provided and 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 noted that they had previously received and considered information comparing the Fund’s investment advisory and administration fees and the Fund’s
|
© Brown Brothers Harriman |
24 |
|
BBH Select Mid Cap ETF Disclosure of Advisor Selection (continued) April 30, 2026 (unaudited) |
net operating expenses with those of other comparable mutual funds, such peer category and comparisons having been selected and calculated by Broadridge. 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 from October 1, 2024 through September 30, 2025, 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 and corresponding expenses. The Board conducted a detailed review of the expense 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 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.
Economies of Scale
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 on the 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 expense information, the cost of the services provided by the Investment Adviser.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
25 |
|
BBH Select Mid Cap ETF Conflicts of Interest April 30, 2026 (unaudited) |
Description of Potential Material Conflicts of Interest – Investment Advisers
BBH&Co., its Separately Identifiable Department (“SID”) and Brown Brothers Harriman Credit Partners, LLC (“BBH Credit Partners” and together with the SID, the “Advisers” and each an “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 their business, BBH&Co., including the Advisers, may engage in activities in which their interests or the interests of their clients may conflict with or be adverse to the interests of the Funds. In addition, certain of such clients (including the Funds) utilize the services of BBH&Co. for which they will pay to BBH&Co. customary fees and expenses that will not be shared with the Funds.
The Advisers and the Sub-advisers have adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Advisers and each Sub-adviser monitor a variety of areas, including compliance with fund investment guidelines, the investment in only those securities that have been approved for purchase, and compliance with their respective Code of Ethics.
The Trust also manages these conflicts of interest. For example, the Trust has designated a CCO and has adopted and implemented policies and procedures designed to manage the conflicts identified below and other conflicts that may arise in the course of the Funds’ operations in such a way as to safeguard the Funds from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Advisers, the Sub-advisers 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&Co., the Advisers and Sub-advisers 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 Advisers, the Sub-advisers and the Funds have adopted policies and procedures reasonably designed to appropriately prevent, limit, or mitigate the conflicts of interest described below. Additional information about potential conflicts of interest regarding the Advisers is set forth in their respective Form ADV. A copy of Part 1 and Part 2A of 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.
|
© Brown Brothers Harriman |
26 |
|
BBH Select Mid Cap ETF Conflicts of Interest (continued) April 30, 2026 (unaudited) |
Other Clients and Allocation of Investment Opportunities. BBH&Co., the Advisers, and the Sub-advisers manage funds and accounts of clients other than the Funds (“Other Clients”). In general, BBH&Co., the Advisers, and the Sub-advisers 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 with the Funds and Other Clients. Investments made by the Funds do not, and are not intended to, replicate the investments, or the investment methods and strategies, of Other Clients. Accordingly, such Other Clients may produce results that are materially different from those experienced by the Funds. Certain other conflicts of interest may arise in connection with a portfolio manager’s management of the Funds’ investments, on the one hand, and the investments of other funds or accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various funds or accounts managed by the Advisers or Sub-advisers could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Funds. From time to time, the Advisers and Sub-advisers may sponsor other investment pools and accounts which engage in the same or similar businesses as the Funds using the same or similar investment strategies. To the extent that the same investment opportunities might be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Advisers or Sub-advisers may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH&Co. and the Advisers 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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
27 |
|
BBH Select Mid Cap ETF Conflicts of Interest (continued) April 30, 2026 (unaudited) |
Affiliated Service Providers. Other potential conflicts might include conflicts between the Funds and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management services through the SID or, BBH&Co. provides administrative, custody, shareholder servicing, and fund accounting services to the Funds. BBH&Co. may have conflicting duties of loyalty while servicing the Funds and/or opportunities to further its own interest to the detriment of the Funds. For example, in negotiating fee arrangements with affiliated service providers, BBH&Co. may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH&Co., acting in its capacity as the Funds’ administrator, is the primary valuation agent of the Funds.
BBH&Co. values securities and assets in the Funds according to the Funds’ valuation policies. Because the Advisers’ advisory fees and the SID’s administrative fee are calculated by reference to Funds’ net assets, BBH&Co. and its affiliates may have an incentive to seek to overvalue certain assets.
Aggregation. Potential conflicts of interest also arise with the aggregation of trade orders. Purchases and sales of securities for the Funds may be aggregated with orders for other client accounts managed by the Advisers and Sub-advisers. The Advisers and Sub-advisers, however, are not required to aggregate orders if portfolio management decisions for different accounts are made separately, or if it is determined that aggregating is not practicable, or in cases involving client direction. Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission equivalent rates in connection with an aggregated order.
Cross Trades. Under certain circumstances, and. subject to applicable law and regulation, BBH&Co., and the SID may (but is not required to) effect purchases and sales between BBH&Co., and the SID clients (“cross trades”), including the Funds, if BBH&Co., the SID or a Fund’s Sub-adviser believe such transactions are appropriate based on each party’s investment objectives and guidelines. Similarly, under certain circumstances, and subject to applicable law and regulations, BBH Credit Partners may (but is not required to) effect cross trades between its clients, including the Funds, if it 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
|
© Brown Brothers Harriman |
28 |
|
BBH Select Mid Cap ETF Conflicts of Interest (continued) April 30, 2026 (unaudited) |
Advisers’ decisions to engage in these transactions for the Funds. BBH&Co., the Advisers and/or a Fund’s Sub-adviser may have a potentially conflicting division of loyalties and responsibilities to the parties in such transactions.
Soft Dollars. The SID 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 SID’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 SID will determine in good faith whether the amount of commission is reasonable in relation to the value of research and services provided and whether the services provide lawful and appropriate assistance in its investment decision-making responsibilities.
Research or other services obtained in this manner may be used in servicing any or all of the Funds and other accounts managed by the SID, including in connection with accounts that do not pay commissions to the broker related to the research or other service arrangements. Such products and services may disproportionately benefit other client accounts relative to the Funds based on the amount of brokerage commissions paid by the Funds and such other accounts. To the extent that a Sub-adviser uses soft dollars, it will not have to pay for those products and services itself. BBH&Co. 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 a 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&Co. and BBH Credit Partners may invest a portion of the assets of their discretionary investment advisory clients in the Funds. The investment by BBH&Co. or BBH Credit Partners on behalf of their discretionary investment advisory clients in the Funds may be significant at times.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
29 |
|
BBH Select Mid Cap ETF Conflicts of Interest (continued) April 30, 2026 (unaudited) |
Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Funds’ expense ratio. In selecting the Funds for their discretionary investment advisory clients, BBH&Co. and BBH Credit Partners may limit their selection to funds managed by BBH&Co. or the Advisers.
BBH&Co. or BBH Credit Partners 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&Co., the Advisers and their affiliates providing services to the Funds, benefit from additional fees when the Funds are included as an investment by a discretionary investment advisory client.
BBH&Co. or BBH Credit Partners reserve the right to redeem at any time some or all of the shares of the Funds acquired for their discretionary investment advisory clients’ accounts. A large redemption of shares of the Funds by BBH&Co. or BBH Credit Partners on behalf of their discretionary investment advisory clients could significantly reduce the asset size of the Funds, which might have an adverse effect on the Funds’ investment flexibility, portfolio diversification, and expense ratio.
Valuation. When market quotations are not readily available or are believed to be unreliable, the Funds’ investments will be valued at fair value. pursuant to procedures adopted by the Funds’ Board. When determining an asset’s “fair value,” an Adviser. seeks to determine the price that a Fund might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. The price generally may not be determined based on what the Funds might reasonably expect to receive for selling an asset at a later time or if it holds the asset to maturity. While fair value determinations will be based upon all available factors the Adviser deems relevant at the time of the determination and may be based on analytical values determined by the Adviser using proprietary or third-party valuation models, fair value represents only a good faith approximation of the value of a security. The fair value of one or more securities may not, in retrospect, be the price at which those assets could have been sold during the period in which the particular fair values were used in determining the Funds’ net asset value. As a result, the Funds’ sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued (pursuant to Board-adopted procedures) at fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.
|
© Brown Brothers Harriman |
30 |
|
BBH Select Mid Cap ETF Conflicts of Interest (continued) April 30, 2026 (unaudited) |
Referral Arrangements. BBH&Co. or BBH Credit Partners may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH&Co. or BBH Credit Partners to the third party. BBH&Co. or BBH Credit Partners may pay a solicitation fee for referrals and/or advisory or incentive fees.
BBH&Co. or BBH Credit Partners may benefit from increased amounts of assets under management.
Personal Trading. BBH&Co., including the Advisers, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, face conflicts of interest when transacting in securities for their own accounts because they could benefit by trading in the same securities as the Funds, which could have an adverse effect on the Funds.
However, BBH&Co., including the Advisers, have implemented policies and procedures concerning personal trading by BBH Credit Partners employees and BBH&Co. Partners and employees. The policies and procedures are intended to prevent BBH Credit Partners employees and BBH&Co. Partners and employees with access to Fund material non-public information from trading in the same securities as the Funds.
Gifts and Entertainment. From time to time, employees of BBH Credit Partners and BBH&Co., including the SID, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, may receive gifts and/or entertainment from clients, intermediaries, or service providers to the Funds or BBH&Co., including the Advisers, which could have the appearance of affecting or may potentially affect the judgment of the employees, or the manner in which they conduct business. The Advisers have implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Credit Partners employees and BBH&Co. Partners and employees. BBH&Co., including the Advisers, have implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Credit Partners employees and BBH&Co. Partners and employees.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
31 |
|
ADMINISTRATOR BROWN BROTHERS HARRIMAN MUTUAL FUND ADVISORY DEPARTMENT 140 BROADWAY NEW YORK, NY 10005 DISTRIBUTOR ALPS DISTRIBUTORS, INC. 1290 BROADWAY, SUITE 1000 DENVER, CO 80203 SHAREHOLDER SERVICING AGENT BROWN BROTHERS HARRIMAN & Co. 140 BROADWAY NEW YORK, NY 10005 1-800-575-1265 To obtain information or make shareholder inquiries: |
INVESTMENT ADVISER BROWN BROTHERS HARRIMAN MUTUAL FUND ADVISORY DEPARTMENT 140 BROADWAY NEW YORK, NY 10005 |
|||||
|
By telephone: By E-mail send your request to: On the internet: |
Call 1-800-575-1265 bbhfunds@bbh.com www.bbhfunds.com |
|||||
|
This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund. For more complete information, visit www.bbhfunds.com for a prospectus. You should consider the Fund’s investment objectives, risks, charges and expenses carefully before you invest. Information about these and other important subjects is in the Fund’s prospectus, which you should read carefully before investing. Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available electronically on the SEC’s website (sec.gov). For a complete list of a fund’s portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund’s website at http://www.bbhfunds.com. A summary of the Fund’s Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC’s website at www.sec.gov. |
||||||
|
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE |
||||||
|
NEW YORK BEIJING BOSTON CHARLOTTE CHICAGO DUBLIN GRAND CAYMAN HONG KONG HOUSTON JERSEY CITY KRAKÓW LONDON LUXEMBOURG NASHVILLE PHILADELPHIA TOKYO WILMINGTON ZÜRICH BBH.COM |
||||||
|
Semi-Annual
April 30, 2026 BBH Partner Fund - International
|
|
BBH Partner Fund - International Equity Table of Contents April 30, 2026 (unaudited) |
|
Page(s) | ||
|
Financial Statements as of and for the six months ended April 30, 2026: |
||
|
3 | ||
|
5 | ||
|
16 | ||
|
17 | ||
|
18 | ||
|
19 | ||
|
20 | ||
|
30 | ||
|
35 |
|
© Brown Brothers Harriman |
2 |
|
BBH Partner Fund - International Equity Portfolio
Allocation |
Country Diversification
|
U.S. $ Value |
Percent of
| |||||
|
Common Stock: |
|
| ||||
|
Canada |
$ |
136,561,245 |
5.4 |
% | ||
|
Denmark |
|
96,610,563 |
3.8 |
| ||
|
France |
|
259,813,338 |
10.2 |
| ||
|
Germany |
|
196,471,759 |
7.7 |
| ||
|
Hong Kong |
|
26,783,282 |
1.1 |
| ||
|
India |
|
74,537,538 |
2.9 |
| ||
|
Ireland |
|
147,447,044 |
5.8 |
| ||
|
Japan |
|
384,674,859 |
15.2 |
| ||
|
Jersey, Channel Islands |
|
26,462,623 |
1.0 |
| ||
|
Luxembourg |
|
30,683,344 |
1.2 |
| ||
|
Netherlands |
|
265,004,447 |
10.5 |
| ||
|
Norway |
|
40,843,113 |
1.6 |
| ||
|
South Korea |
|
93,401,257 |
3.7 |
| ||
|
Spain |
|
41,627,303 |
1.6 |
| ||
|
Sweden |
|
97,718,640 |
3.9 |
| ||
|
Switzerland |
|
68,555,697 |
2.7 |
| ||
|
Taiwan |
|
156,888,560 |
6.2 |
| ||
|
United Kingdom |
|
222,312,459 |
8.8 |
| ||
|
United States |
|
32,804,448 |
1.3 |
| ||
|
Preferred Stock: |
|
| ||||
|
Germany |
|
34,391,507 |
1.4 |
| ||
|
Warrants: |
|
| ||||
|
Canada |
|
0 |
0.0 |
| ||
|
Cash and Other Assets in Excess of Liabilities |
|
102,522,450 |
4.0 |
| ||
|
Net Assets |
$ |
2,536,115,476 |
100.0 |
% | ||
All data as of April 30, 2026. The 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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
3 |
|
BBH Partner Fund - International Equity Portfolio
Allocation (continued) |
Sector Diversification
|
U.S. $ Value |
Percent
of | |||||
|
Common Stock: |
|
| ||||
|
Communication Services |
$ |
119,339,741 |
4.7 |
% | ||
|
Consumer Discretionary |
|
106,178,423 |
4.2 |
| ||
|
Energy |
|
45,778,986 |
1.8 |
| ||
|
Financials |
|
305,376,747 |
12.0 |
| ||
|
Health Care |
|
215,913,368 |
8.5 |
| ||
|
Industrials |
|
669,906,951 |
26.4 |
| ||
|
Information Technology |
|
767,824,770 |
30.3 |
| ||
|
Materials |
|
168,882,533 |
6.7 |
| ||
|
Preferred Stock: |
|
| ||||
|
Consumer Discretionary |
|
34,391,507 |
1.4 |
| ||
|
Warrants: |
|
| ||||
|
Information Technology |
|
0 |
0.0 |
| ||
|
Cash and Other Assets in Excess of Liabilities |
|
102,522,450 |
4.0 |
| ||
|
Net Assets |
$ |
2,536,115,476 |
100.0 |
% | ||
All data as of April 30, 2026. The Fund’s sector diversification is expressed as a percentage of net assets and may vary over time.
|
© Brown Brothers Harriman |
4 |
|
BBH Partner Fund - International Equity Portfolio
of Investments |
|
Shares/ |
Value | ||||||
|
Common Stock (94.6%) |
|
||||||
|
Canada (5.4%) |
|
||||||
|
Financials |
|
||||||
|
123,194 |
Brookfield Corp. |
$ |
5,552,622 | ||||
|
|
|||||||
|
Industrials |
|
||||||
|
508,292 |
Canadian Pacific Kansas City, Ltd. |
|
44,116,825 | ||||
|
|
|||||||
|
Information Technology |
|
||||||
|
11,988 |
Constellation Software, Inc. |
|
21,788,189 | ||||
|
45,161 |
Shopify, Inc. (Class A)1 |
|
5,470,352 | ||||
|
|
27,258,541 | ||||||
|
|
|||||||
|
Materials |
|
||||||
|
259,014 |
Franco-Nevada Corp. |
|
59,633,257 | ||||
|
Total Canada |
|
136,561,245 | |||||
|
|
|||||||
|
Denmark (3.8%) |
|
||||||
|
Health Care |
|
||||||
|
88,078 |
Coloplast A/S (Class B) |
|
5,455,123 | ||||
|
|
|||||||
|
Industrials |
|
||||||
|
190,465 |
DSV A/S |
|
46,561,422 | ||||
|
1,450,835 |
Vestas Wind Systems A/S |
|
44,594,018 | ||||
|
|
91,155,440 | ||||||
|
Total Denmark |
|
96,610,563 | |||||
|
|
|||||||
|
France (10.2%) |
|
||||||
|
Consumer Discretionary |
|
||||||
|
85,342 |
LVMH Moet Hennessy Louis Vuitton SE |
|
45,255,656 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
5 |
|
BBH Partner Fund - International Equity Portfolio
of Investments (continued) |
|
Shares/ |
Value | ||||||
|
Common Stock (continued) |
|
||||||
|
France (continued) |
|
||||||
|
Health Care |
|
||||||
|
21,378 |
EssilorLuxottica S.A. |
$ |
4,555,631 | ||||
|
84,530 |
Sartorius Stedim Biotech |
|
15,645,915 | ||||
|
|
20,201,546 | ||||||
|
|
|||||||
|
Industrials |
|
||||||
|
551,377 |
Cie de Saint-Gobain S.A. |
|
50,332,345 | ||||
|
134,077 |
Safran S.A. |
|
42,720,484 | ||||
|
166,677 |
Schneider Electric SE |
|
52,603,037 | ||||
|
177,702 |
Thales S.A. |
|
48,700,270 | ||||
|
|
194,356,136 | ||||||
|
Total France |
|
259,813,338 | |||||
|
|
|||||||
|
Germany (7.7%) |
|
||||||
|
Financials |
|
||||||
|
126,718 |
Deutsche Boerse AG |
|
38,892,099 | ||||
|
|
|||||||
|
Health Care |
|
||||||
|
734,718 |
Fresenius SE & Co. KGaA |
|
35,590,206 | ||||
|
967,551 |
Siemens Healthineers AG2 |
|
39,623,073 | ||||
|
|
75,213,279 | ||||||
|
|
|||||||
|
Industrials |
|
||||||
|
16,833 |
Rheinmetall AG |
|
26,791,139 | ||||
|
79,873 |
Siemens AG |
|
23,707,262 | ||||
|
|
50,498,401 | ||||||
|
|
|||||||
|
Information Technology |
|
||||||
|
186,255 |
SAP SE |
|
31,867,980 | ||||
|
Total Germany |
|
196,471,759 | |||||
|
© Brown Brothers Harriman |
6 |
|
BBH Partner Fund - International Equity Portfolio
of Investments (continued) |
|
Shares/ |
Value | ||||||
|
Common Stock (continued) |
|
||||||
|
Hong Kong (1.1%) |
|
||||||
|
Financials |
|
||||||
|
2,432,013 |
AIA Group, Ltd. |
$ |
26,783,282 | ||||
|
Total Hong Kong |
|
26,783,282 | |||||
|
|
|||||||
|
India (2.9%) |
|
||||||
|
Financials |
|
||||||
|
1,415,300 |
HDFC Bank, Ltd. ADR |
|
35,962,773 | ||||
|
|
|||||||
|
Information Technology |
|
||||||
|
3,095,888 |
Infosys, Ltd. ADR |
|
38,574,765 | ||||
|
Total India |
|
74,537,538 | |||||
|
|
|||||||
|
Ireland (5.8%) |
|
||||||
|
Health Care |
|
||||||
|
213,777 |
ICON, Plc. ADR1 |
|
25,296,232 | ||||
|
|
|||||||
|
Industrials |
|
||||||
|
641,100 |
Ryanair Holdings, Plc. ADR |
|
35,036,115 | ||||
|
|
|||||||
|
Materials |
|
||||||
|
438,841 |
CRH, Plc. |
|
51,967,551 | ||||
|
926,675 |
Smurfit Westrock, Plc. |
|
35,147,146 | ||||
|
|
87,114,697 | ||||||
|
Total Ireland |
|
147,447,044 | |||||
|
|
|||||||
|
Japan (15.2%) |
|
||||||
|
Communication Services |
|
||||||
|
114,118 |
Nintendo Co., Ltd. |
|
5,547,552 | ||||
|
|
|||||||
|
Consumer Discretionary |
|
||||||
|
1,368,978 |
Suzuki Motor Corp. |
|
15,268,670 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
7 |
|
BBH Partner Fund - International Equity Portfolio
of Investments (continued) |
|
Shares/ |
Value | ||||||
|
Common Stock (continued) |
|
||||||
|
Japan (continued) |
|
||||||
|
Health Care |
|
||||||
|
279,462 |
Hoya Corp. |
$ |
52,282,099 | ||||
|
|
|||||||
|
Industrials |
|
||||||
|
878,700 |
Recruit Holdings Co., Ltd. |
|
40,990,476 | ||||
|
|
|||||||
|
Information Technology |
|
||||||
|
82,592 |
Advantest Corp. |
|
15,460,032 | ||||
|
247,273 |
Keyence Corp. |
|
113,180,878 | ||||
|
853,365 |
Nomura Research Institute, Ltd. |
|
22,973,285 | ||||
|
887,762 |
Obic Co., Ltd. |
|
23,417,788 | ||||
|
322,345 |
Tokyo Electron, Ltd. |
|
95,554,079 | ||||
|
|
270,586,062 | ||||||
|
Total Japan |
|
384,674,859 | |||||
|
|
|||||||
|
Jersey, Channel Islands (1.0%) |
|
||||||
|
Industrials |
|
||||||
|
726,378 |
Experian, Plc. |
|
26,462,623 | ||||
|
Total Jersey, Channel Islands |
|
26,462,623 | |||||
|
|
|||||||
|
Luxembourg (1.2%) |
|
||||||
|
Communication Services |
|
||||||
|
68,712 |
Spotify Technology S.A.1 |
|
30,683,344 | ||||
|
Total Luxembourg |
|
30,683,344 | |||||
|
|
|||||||
|
Netherlands (10.5%) |
|
||||||
|
Communication Services |
|
||||||
|
2,048,893 |
Universal Music Group NV |
|
42,872,307 | ||||
|
|
|||||||
|
Consumer Discretionary |
|
||||||
|
442,506 |
Prosus NV1 |
|
21,375,946 | ||||
|
© Brown Brothers Harriman |
8 |
|
BBH Partner Fund - International Equity Portfolio
of Investments (continued) |
|
Shares/ |
Value | ||||||
|
Common Stock (continued) |
|
||||||
|
Netherlands (continued) |
|
||||||
|
Financials |
|
||||||
|
4,237 |
Adyen NV1,2 |
$ |
4,791,354 | ||||
|
|
|||||||
|
Industrials |
|
||||||
|
99,688 |
Airbus SE |
|
20,654,260 | ||||
|
|
|||||||
|
Information Technology |
|
||||||
|
67,891 |
ASML Holding NV |
|
97,940,779 | ||||
|
1,405,027 |
STMicroelectronics NV |
|
77,369,801 | ||||
|
|
175,310,580 | ||||||
|
Total Netherlands |
|
265,004,447 | |||||
|
|
|||||||
|
Norway (1.6%) |
|
||||||
|
Financials |
|
||||||
|
1,353,242 |
DNB Bank ASA |
|
40,843,113 | ||||
|
Total Norway |
|
40,843,113 | |||||
|
|
|||||||
|
South Korea (3.7%) |
|
||||||
|
Financials |
|
||||||
|
437,349 |
KB Financial Group, Inc. |
|
47,643,699 | ||||
|
|
|||||||
|
Information Technology |
|
||||||
|
300,498 |
Samsung Electronics Co., Ltd. |
|
45,757,558 | ||||
|
Total South Korea |
|
93,401,257 | |||||
|
|
|||||||
|
Spain (1.6%) |
|
||||||
|
Communication Services |
|
||||||
|
1,196,880 |
Cellnex Telecom S.A.2 |
|
40,236,538 | ||||
|
|
|||||||
|
Financials |
|
||||||
|
359,551 |
Banco de Sabadell S.A. |
|
1,390,765 | ||||
|
Total Spain |
|
41,627,303 | |||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
9 |
|
BBH Partner Fund - International Equity Portfolio
of Investments (continued) |
|
Shares/ |
Value | ||||||
|
Common Stock (continued) |
|
||||||
|
Sweden (3.9%) |
|
||||||
|
Financials |
|
||||||
|
1,185,215 |
EQT AB |
$ |
38,143,096 | ||||
|
|
|||||||
|
Industrials |
|
||||||
|
743,750 |
Atlas Copco AB (Class A) |
|
14,353,067 | ||||
|
564,892 |
Sandvik AB |
|
23,641,753 | ||||
|
|
37,994,820 | ||||||
|
|
|||||||
|
Information Technology |
|
||||||
|
1,996,618 |
Hexagon AB (Class B) |
|
21,580,724 | ||||
|
Total Sweden |
|
97,718,640 | |||||
|
|
|||||||
|
Switzerland (2.7%) |
|
||||||
|
Consumer Discretionary |
|
||||||
|
80,005 |
Cie Financiere Richemont S.A. (Class A) |
|
15,247,163 | ||||
|
|
|||||||
|
Health Care |
|
||||||
|
416,686 |
Alcon AG |
|
31,173,955 | ||||
|
|
|||||||
|
Materials |
|
||||||
|
237,805 |
Holcim AG1 |
|
22,134,579 | ||||
|
Total Switzerland |
|
68,555,697 | |||||
|
|
|||||||
|
Taiwan (6.2%) |
|
||||||
|
Information Technology |
|
||||||
|
149,414 |
MediaTek, Inc. |
|
12,723,116 | ||||
|
363,999 |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR |
|
144,165,444 | ||||
|
Total Taiwan |
|
156,888,560 | |||||
|
© Brown Brothers Harriman |
10 |
|
BBH Partner Fund - International Equity Portfolio
of Investments (continued) |
|
Shares/ |
Value | ||||||
|
Common Stock (continued) |
|
||||||
|
United Kingdom (8.8%) |
|
||||||
|
Consumer Discretionary |
|
||||||
|
319,681 |
Compass Group, Plc. |
$ |
9,030,988 | ||||
|
|
|||||||
|
Energy |
|
||||||
|
1,010,683 |
Shell, Plc. |
|
45,778,986 | ||||
|
|
|||||||
|
Financials |
|
||||||
|
300,167 |
London Stock Exchange Group, Plc. |
|
38,860,630 | ||||
|
|
|||||||
|
Industrials |
|
||||||
|
2,002,039 |
BAE Systems, Plc. |
|
55,555,388 | ||||
|
857,677 |
RELX, Plc. |
|
31,259,949 | ||||
|
6,242,313 |
Rentokil Initial, Plc. |
|
41,826,518 | ||||
|
|
128,641,855 | ||||||
|
Total United Kingdom |
|
222,312,459 | |||||
|
|
|||||||
|
United States (1.3%) |
|
||||||
|
Financials |
|
||||||
|
61,483 |
S&P Global, Inc. |
|
26,513,314 | ||||
|
|
|||||||
|
Health Care |
|
||||||
|
4,928 |
Mettler-Toledo International, Inc.1 |
|
6,291,134 | ||||
|
Total United States |
|
32,804,448 | |||||
|
Total
Common Stock |
|
2,399,201,519 | |||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
11 |
|
BBH Partner Fund - International Equity Portfolio
of Investments (continued) |
|
Shares/ |
Value | |||||||
|
Preferred Stock (1.4%) |
|
|
||||||
|
Germany (1.4%) |
|
|
||||||
|
Consumer Discretionary |
|
|
||||||
|
710,724 |
Dr Ing hc F Porsche AG (Class Preference) |
|
$ |
34,391,507 | ||||
|
Total Germany |
|
|
34,391,507 | |||||
|
Total
Preferred Stock |
|
|
34,391,507 | |||||
|
|
|
|||||||
|
Warrants (0.0%) |
|
|
||||||
|
Canada (0.0%) |
|
|
||||||
|
18,143 |
Constellation Software, Inc., expires 03/31/20401 |
|
|
0 | ||||
|
Total Canada |
|
|
0 | |||||
|
Total
Warrants |
|
|
0 | |||||
|
|
|
|||||||
|
Total Investments (Cost $1,857,675,105)3 |
96.0 |
% |
$ |
2,433,593,026 | ||||
|
Cash and Other Assets in Excess of Liabilities |
4.0 |
% |
|
102,522,450 | ||||
|
Net Assets |
100.0 |
% |
$ |
2,536,115,476 | ||||
____________
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, 2026 was $84,650,965 or 3.3% of net assets.
3 The aggregate cost for federal income tax purposes is $1,857,675,105, the aggregate gross unrealized appreciation is $732,266,578 and the aggregate gross unrealized depreciation is $156,348,657, resulting in net unrealized appreciation of $575,917,921.
The Fund’s country diversification is based on the respective security’s country of incorporation.
Abbreviation:
ADR – American Depositary Receipt.
|
© Brown Brothers Harriman |
12 |
|
BBH Partner Fund - International Equity Portfolio
of Investments (continued) |
Fair Value Measurements
The Fund is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Authoritative guidance establishes three levels of the fair value hierarchy as follows:
|
— |
Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities. | |
|
— |
Level 2 – significant other observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.). | |
|
— |
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets and liabilities). |
Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires judgment by the investment adviser. The investment adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
13 |
|
BBH Partner Fund - International Equity Portfolio
of Investments (continued) |
relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the investment adviser’s perceived risk of that instrument.
Financial assets within Level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.
Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations and over-the-counter derivatives 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, which include applying international fair value factors provided by approved pricing vendors. 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.
|
© Brown Brothers Harriman |
14 |
|
BBH Partner Fund - International Equity Portfolio
of Investments (continued) |
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2026:
|
Investments, at value |
Unadjusted
|
Significant
|
Significant |
Balance
as of | ||||||||
|
Common Stock: |
|
|
|
|
||||||||
|
Canada |
$ |
136,561,245 |
$ |
— |
$ |
— |
$ |
136,561,245 | ||||
|
Denmark |
|
— |
|
96,610,563 |
|
— |
|
96,610,563 | ||||
|
France |
|
— |
|
259,813,338 |
|
— |
|
259,813,338 | ||||
|
Germany |
|
— |
|
196,471,759 |
|
— |
|
196,471,759 | ||||
|
Hong Kong |
|
— |
|
26,783,282 |
|
— |
|
26,783,282 | ||||
|
India |
|
74,537,538 |
|
— |
|
— |
|
74,537,538 | ||||
|
Ireland |
|
112,299,898 |
|
35,147,146 |
|
— |
|
147,447,044 | ||||
|
Japan |
|
— |
|
384,674,859 |
|
— |
|
384,674,859 | ||||
|
Jersey, Channel Islands |
|
— |
|
26,462,623 |
|
— |
|
26,462,623 | ||||
|
Luxembourg |
|
30,683,344 |
|
— |
|
— |
|
30,683,344 | ||||
|
Netherlands |
|
— |
|
265,004,447 |
|
— |
|
265,004,447 | ||||
|
Norway |
|
— |
|
40,843,113 |
|
— |
|
40,843,113 | ||||
|
South Korea |
|
— |
|
93,401,257 |
|
— |
|
93,401,257 | ||||
|
Spain |
|
— |
|
41,627,303 |
|
— |
|
41,627,303 | ||||
|
Sweden |
|
— |
|
97,718,640 |
|
— |
|
97,718,640 | ||||
|
Switzerland |
|
— |
|
68,555,697 |
|
— |
|
68,555,697 | ||||
|
Taiwan |
|
144,165,444 |
|
12,723,116 |
|
— |
|
156,888,560 | ||||
|
United Kingdom |
|
9,030,988 |
|
213,281,471 |
|
— |
|
222,312,459 | ||||
|
United States |
|
32,804,448 |
|
— |
|
— |
|
32,804,448 | ||||
|
Preferred Stock: |
|
|
|
|
||||||||
|
Germany |
|
— |
|
34,391,507 |
|
— |
|
34,391,507 | ||||
|
Warrants: |
|
|
|
|
||||||||
|
Canada |
|
— |
|
— |
|
0 |
|
0 | ||||
|
Total
Investments, |
$ |
540,082,905 |
$ |
1,893,510,121 |
$ |
0 |
$ |
2,433,593,026 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
15 |
|
BBH Partner Fund - International Equity Statement
of Assets and Liabilities |
|
Assets: |
|||
|
Investments in securities, at value (Cost $1,857,675,105) |
$ |
2,433,593,026 | |
|
Cash |
|
87,759,839 | |
|
Foreign currency at value (Cost $2,935,009) |
|
2,935,133 | |
|
Receivables for: |
|
||
|
Dividends |
|
7,955,303 | |
|
Investments sold |
|
7,951,743 | |
|
Shares sold |
|
1,181,800 | |
|
Prepaid expenses |
|
18,296 | |
|
Total Assets |
|
2,541,395,140 | |
|
|
|||
|
Liabilities: |
|
||
|
Payables for: |
|
||
|
Shares redeemed |
|
2,446,727 | |
|
Investments purchased |
|
1,402,115 | |
|
Investment advisory fees |
|
1,178,451 | |
|
Administrative fees |
|
62,024 | |
|
Custody and fund accounting fees |
|
108,792 | |
|
Professional fees |
|
66,198 | |
|
Board of Trustees' fees |
|
4,491 | |
|
Transfer agent fees |
|
1,176 | |
|
Accrued expenses and other liabilities |
|
9,690 | |
|
Total Liabilities |
|
5,279,664 | |
|
Net Assets |
$ |
2,536,115,476 | |
|
|
|||
|
Net Assets Consist of: |
|
||
|
Paid-in capital |
$ |
1,791,086,359 | |
|
Retained earnings |
|
745,029,117 | |
|
Net Assets |
$ |
2,536,115,476 | |
|
|
|||
|
Net Asset Value and Offering Price per Share |
|
||
|
Class I Shares |
|
||
|
($2,536,115,476 ÷ 118,215,264 shares outstanding) |
$ |
21.45 | |
|
© Brown Brothers Harriman |
16 |
|
BBH Partner Fund - International Equity Statement
of Operations |
|
Net Investment Income: |
|
| ||
|
Income: |
|
| ||
|
Dividends (net of foreign withholding taxes of $1,644,581) |
$ |
16,171,728 |
| |
|
Interest income on cash balances |
|
1,183,752 |
| |
|
Other income |
|
1,143 |
| |
|
Total Income |
|
17,356,623 |
| |
|
|
| |||
|
Expenses: |
|
| ||
|
Investment advisory fees |
|
7,279,960 |
| |
|
Administrative fees |
|
250,711 |
| |
|
Custody and fund accounting fees |
|
239,728 |
| |
|
Board of Trustees' fees |
|
58,185 |
| |
|
Professional fees |
|
41,060 |
| |
|
Transfer agent fees |
|
25,375 |
| |
|
Miscellaneous expenses |
|
42,600 |
| |
|
Total Expenses |
|
7,937,619 |
| |
|
Net Investment Income |
|
9,419,004 |
| |
|
|
| |||
|
Net Realized and Unrealized Gain: |
|
| ||
|
Net realized gain on investments in securities |
|
176,178,379 |
| |
|
Net realized loss on foreign exchange translations |
|
(584,378 |
) | |
|
Net realized gain on investments in securities and foreign exchange translations |
|
175,594,001 |
| |
|
Net change in unrealized appreciation/(depreciation) on investments in securities |
|
(55,908,283 |
) | |
|
Net change in unrealized appreciation/(depreciation) on foreign currency translations |
|
238,611 |
| |
|
Net change in unrealized appreciation/(depreciation) on investments in securities, foreign currency translations |
|
(55,669,672 |
) | |
|
Net Realized and Unrealized Gain |
|
119,924,329 |
| |
|
Net Increase in Net Assets Resulting from Operations |
$ |
129,343,333 |
|
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
17 |
|
BBH Partner Fund - International Equity Statements of Changes in Net Assets
|
|
For
the |
For
the | |||||||
|
Increase/(Decrease) in Net Assets from: |
|
|
|
| ||||
|
Operations: |
|
|
|
| ||||
|
Net investment income |
$ |
9,419,004 |
|
$ |
28,996,920 |
| ||
|
Net realized gain on investments in securities and foreign exchange translations |
|
175,594,001 |
|
|
240,067,943 |
| ||
|
Net change in unrealized appreciation/(depreciation) on investments in securities, foreign currency transactions and translations |
|
(55,669,672 |
) |
|
235,956,900 |
| ||
|
Net increase in net assets resulting from operations |
|
129,343,333 |
|
|
505,021,763 |
| ||
|
|
|
|
| |||||
|
Dividends and distributions declared: |
|
|
|
| ||||
|
Class I |
|
(43,454,093 |
) |
|
(20,331,677 |
) | ||
|
|
|
|
| |||||
|
Share transactions: |
|
|
|
| ||||
|
Proceeds from sales of shares |
|
127,809,616 |
|
|
228,947,730 |
| ||
|
Net asset value of shares issued to shareholders for reinvestment of dividends and distributions |
|
973,998 |
|
|
530,285 |
| ||
|
Proceeds from short-term redemption fees |
|
13 |
|
|
— |
| ||
|
Cost of shares redeemed1 |
|
(242,214,020 |
) |
|
(333,865,185 |
) | ||
|
Net decrease in net assets resulting from share transactions |
|
(113,430,393 |
) |
|
(104,387,170 |
) | ||
|
Total increase/(decrease) in net assets |
|
(27,541,153 |
) |
|
380,302,916 |
| ||
|
|
|
|
| |||||
|
Net Assets: |
|
|
|
| ||||
|
Beginning of period/year |
|
2,563,656,629 |
|
|
2,183,353,713 |
| ||
|
End of period/year |
$ |
2,536,115,476 |
|
$ |
2,563,656,629 |
| ||
|
© Brown Brothers Harriman |
18 |
|
BBH Partner Fund - International Equity Financial
Highlights |
|
For
the |
| |||||||||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||||||||
|
Net asset value, beginning of period/year |
$ |
20.73 |
|
$ |
16.92 |
|
$ |
13.28 |
|
$ |
12.68 |
|
$ |
21.10 |
|
$ |
17.73 |
| ||||||
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net investment income1 |
|
0.08 |
|
|
0.23 |
|
|
0.16 |
|
|
0.12 |
|
|
0.07 |
|
|
0.14 |
| ||||||
|
Net realized and unrealized gain/(loss) |
|
0.99 |
|
|
3.74 |
|
|
3.62 |
|
|
0.55 |
|
|
(6.14) |
|
|
3.79 |
| ||||||
|
Total income/(loss) from investment operations |
|
1.07 |
|
|
3.97 |
|
|
3.78 |
|
|
0.67 |
|
|
(6.07) |
|
|
3.93 |
| ||||||
|
Dividends and distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
From net investment income |
|
(0.23 |
) |
|
(0.16 |
) |
|
(0.14 |
) |
|
(0.07 |
) |
|
(0.13 |
) |
|
(0.04 |
) | ||||||
|
From net realized gains |
|
(0.12 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2.22 |
) |
|
(0.52 |
) | ||||||
|
Total dividends and distributions to shareholders |
|
(0.35 |
) |
|
(0.16 |
) |
|
(0.14 |
) |
|
(0.07 |
) |
|
(2.35 |
) |
|
(0.56 |
) | ||||||
|
Short-term redemption fees1 |
|
0.00 |
2 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
| ||||||
|
Net
asset value, end of |
$ |
21.45 |
|
$ |
20.73 |
|
$ |
16.92 |
|
$ |
13.28 |
|
$ |
12.68 |
|
$ |
21.10 |
| ||||||
|
Total return3 |
|
5.27 |
%4 |
|
23.66 |
% |
|
28.56 |
% |
|
5.24 |
% |
|
(31.91 |
)% |
|
22.38 |
% | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net assets, end of period/year (in millions) |
$ |
2,536 |
|
$ |
2,564 |
|
$ |
2,183 |
|
$ |
1,857 |
|
$ |
2,050 |
|
$ |
2,718 |
| ||||||
|
Ratio of expenses to average net assets |
|
0.63 |
%5 |
|
0.63 |
% |
|
0.63 |
% |
|
0.64 |
% |
|
0.68 |
% |
|
0.68 |
% | ||||||
|
Ratio of net investment income to average net assets |
|
0.75 |
%5 |
|
1.22 |
% |
|
0.99 |
% |
|
0.85 |
% |
|
0.45 |
% |
|
0.65 |
% | ||||||
|
Portfolio turnover rate |
|
25 |
%4 |
|
62 |
% |
|
54 |
% |
|
65 |
% |
|
52 |
% |
|
86 |
% | ||||||
____________
1 Calculated using average shares outstanding for the period/year.
2 Less than $0.01.
3 Assumes the reinvestment of distributions.
4 Not annualized.
5 Annualized.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
19 |
|
BBH Partner Fund - International Equity Notes
to Financial Statements |
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. As of April 30, 2026, there were seven series of the Trust. The Fund commenced operations on June 6, 1997 and currently offers one class, Class I. The investment objective of the Fund is to provide investors with long-term maximization of total return, primarily through capital appreciation. Under normal circumstances, at least 80% of the net assets of the Fund at the time of purchase, plus any borrowings for investment purposes, are invested in equity securities of companies in the developed and emerging markets of the world, excluding the United States.
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 Board of Trustees (the “Board”) has ultimate responsibility for the supervision and oversight of the determination of the fair value of investments. Pursuant to Rule 2a-5 of the 1940 Act, the Board has designated the Investment Adviser as its valuation designee. The Investment Adviser monitors the continual appropriateness of valuation methods applied and determines if adjustments should be made in light of market factor changes and events affecting issuers. The Investment Adviser performs a series of activities to provide reasonable assurance of the appropriateness of the prices utilized, including but not limited to: periodic independent pricing service due diligence meetings and reviewing the results of back testing on a monthly basis. The Investment Adviser provides the Board with reporting on the results of the back testing as well as positions which were fair valued during the period.
All securities and other investments are recorded at their estimated fair value. The value of investments listed on a securities exchange is based on the last sale price prior to the time when assets are valued, or in the absence of recorded sales, at the most recent bid price on such exchange. If a readily available market quotation is not available or is determined to be unreliable, the investments may be valued utilizing evaluated prices
|
© Brown Brothers Harriman |
20 |
|
BBH Partner Fund - International Equity Notes
to Financial Statements (continued) |
provided by independent pricing services. In establishing such prices, the independent pricing service utilizes both dealer supplied prices and electronic data processing techniques which take into account appropriate factors such as institutional sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, the closure of the primary exchange on which securities trade and before the Fund’s net asset value is next determined and other market data without exclusive reliance on quoted exchange prices or over-the-counter prices since such valuations are believed to reflect more accurately the fair value of such investments. Investments may be fair valued by Brown Brothers Harriman & Co. (“BBH”) through a separately identifiable department (“SID” or “Investment Adviser”) in accordance with the BBH Trust Portfolio Valuation Policy and Procedures using methods that most fairly reflect the amount that the Fund would reasonably expect to receive for the investment on a current sale in its principal market in the ordinary course of business. 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. Any futures contracts held by the Fund are valued daily at the official settlement price of the exchange on which they are traded.
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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
21 |
|
BBH Partner Fund - International Equity Notes
to Financial Statements (continued) |
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, 2026, 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 year end, resulting from changes in the exchange rate.
F. Rule 144A Securities. The Fund may purchase securities that are not registered under the Securities Act of 1933, as amended (“1933 Act”) but that can be sold to “qualified institutional buyers” in accordance with
|
© Brown Brothers Harriman |
22 |
|
BBH Partner Fund - International Equity Notes
to Financial Statements (continued) |
the requirements stated in Rule 144A under the 1933 Act (“Rule 144A Securities”). A Rule 144A Security may be considered illiquid, under SEC Regulations for open-end investment companies, and therefore subject to the 15% limitation on the purchase of illiquid securities, unless it is determined on an ongoing basis that an adequate trading market exists for the security, which is the case for the Fund. Guidelines have been adopted and the daily function of determining and monitoring liquidity of Rule 144A Securities has been delegated to the investment adviser. All relevant factors will be considered in determining the liquidity of Rule 144A Securities and all investments in Rule 144A Securities will be carefully monitored. Information regarding Rule 144A Securities is included at the end of the Portfolio of Investments.
G. Federal Income Taxes. The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities and as an expense in the Statement of Operations.
It is the Trust’s policy to comply with the requirements of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Accordingly, no federal income tax provision is required. The Fund files a tax return annually using tax accounting methods required under provisions of the Code, which may differ from GAAP, which is the basis on which these financial statements are prepared. Accordingly, the amount of net investment income and net realized gain reported in these financial statements may differ from that reported on the Fund’s tax return, due to certain book-to-tax timing differences such as losses deferred due to “wash sale” transactions and utilization of capital loss carryforwards. These differences may result in temporary over-distributions for financial statement purposes and are classified as distributions in excess of accumulated net realized gains or net investment income. These distributions do not constitute a return of capital. Permanent differences are reclassified between paid-in capital and retained earnings/(accumulated
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
23 |
|
BBH Partner Fund - International Equity Notes
to Financial Statements (continued) |
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 April 30, 2026, 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, 2026, 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.
H. Dividends and Distributions to Shareholders. Dividends and distributions from net investment income to shareholders, if any, are paid annually and are recorded on the ex-dividend date. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends and distributions in the amount of $43,454,093 to Class I shareholders during the six months ended April 30, 2026. 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, 2025 and 2024, respectively, were as follows:
|
Distributions paid from: | |||||||||||||||
|
Ordinary
|
Net
|
Total
|
Tax
|
Total
| |||||||||||
|
2025: |
$ |
20,331,677 |
$ |
— |
$ |
20,331,677 |
$ |
— |
$ |
20,331,677 | |||||
|
2024: |
|
18,885,138 |
|
— |
|
18,885,138 |
|
— |
|
18,885,138 | |||||
|
© Brown Brothers Harriman |
24 |
|
BBH Partner Fund - International Equity Notes
to Financial Statements (continued) |
As of October 31, 2025 and 2024, respectively, the components of retained earnings/(accumulated deficit) on tax basis were as follows:
|
Components of retained earnings/(accumulated deficit): | ||||||||||||||||||||
|
Undistributed
|
Undistributed
|
Accumulated
|
Other
|
Unrealized
|
Total
| |||||||||||||||
|
2025: |
$ |
28,843,282 |
$ |
14,595,889 |
$ |
— |
|
$ |
(16,146,562 |
) |
$ |
631,847,268 |
$ |
659,139,877 | ||||||
|
2024: |
|
20,323,342 |
|
— |
|
(233,040,893 |
) |
|
(7,837,720 |
) |
|
395,890,368 |
|
175,335,097 | ||||||
The Fund did not have a net capital loss carryforward as of October 31, 2025.
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.
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 difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.
To the extent future capital gains are offset by capital loss carryforwards, if any, such gains will not be distributed.
I. Segment Reporting. The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Oversight Committee of the BBH & Co. Separately Identifiable Department, the Board of Directors of BBH Credit Partners, LLC, the
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
25 |
|
BBH Partner Fund - International Equity Notes
to Financial Statements (continued) |
named portfolio manager(s) of the Funds and the Funds’ principal executive officer and principal financial officer act as the Fund’s CODM, who is responsible for assessing the performance of the Fund’s single segment and deciding how to allocate the segment’s resources. The Fund is considered a single operating segment as the Fund has a single investment strategy as disclosed in its prospectus. The financial information provided to and reviewed by the CODM is presented in the Fund’s financial statements.
J. Use of Estimates. The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from these estimates.
3. Fees and Other Transactions with Affiliates.
A. Investment Advisory Fees. For investment advisory services, the Investment Adviser receives a fee, computed daily and payable monthly, equal to 0.57% per annum for the first $3 billion of the Fund’s average daily net assets and 0.52% per annum for amounts over $3 billion. This fee compensates the Investment Adviser for its services and its expenses. Prior to January 1, 2026, the Investment Adviser was entitled to a combined investment advisory and administration fee of $2,516,447, computed daily and payable monthly, equal to 0.60% per annum on the first $3 billion of the Fund’s average daily net assets and 0.55% per annum on amounts over $3 billion. BBH employs a “manager-of-managers” investment approach, whereby it allocates the Fund’s assets to the Fund’s Sub-Advisers, currently Select Equity Group, L.P. (“Select Equity Group”) and Trinity Street Asset Management (together the “Sub-Advisers”). The Sub-Advisers are responsible for investing the assets of the Fund and the Investment Adviser oversees the Sub-Advisers and evaluates their performance results. The Investment Adviser pays each Sub-Adviser from its investment advisory and administrative fee an amount that in the aggregate equals the Fund’s investment advisory and administration fee based upon the percentage of net assets that each Sub-Adviser manages. For the six months ended April 30, 2026, the Fund incurred $7,279,960 in investment advisory fees and $250,711 in administrative fees, as included in the Statement of Operations.
|
© Brown Brothers Harriman |
26 |
|
BBH Partner Fund - International Equity Notes
to Financial Statements (continued) |
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 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 based partially on asset values and partially on individual fund transactions. The fund accounting fee is primarily an asset-based fee calculated at 0.00325% per annum of the Fund’s net asset value. For the six months ended April 30, 2026, the Fund incurred $239,728 in custody and fund accounting fees. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the BBH Overdraft Base Rate plus 2% on the day of the overdraft. The total interest incurred by the Fund for the six months ended April 30, 2026 was $12,908. This amount is included under line item “Custody and fund accounting fees” in the Statement of Operations. Effective August 1, 2025, the Fund enrolled in the BBH Cash Management Services Sweep. Under this agreement, the Fund’s end-of-day cash balance is swept into overnight deposits with one or more deposit institutions. The interest income earned on the overnight deposits is credited to the Fund’s cash account(s) the next business day. The total interest earned by the Fund under the agreement for the six months ended April 30, 2026 was $1,183,752. This amount is included in “Interest income on cash balances” 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, 2026, the Fund incurred $58,185 in Independent Trustee compensation and expense reimbursements.
D. Officers of the Trust. Officers of the Trust are also employees of BBH. Officers are paid no fees by the Trust for their services to the Trust.
4. Investment Transactions. For the six months ended April 30, 2026, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $606,256,470 and $818,300,608, respectively.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
27 |
|
BBH Partner Fund - International Equity Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
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 | |||||||||||||
|
Shares |
Dollars |
Shares |
Dollars | |||||||||||
|
Class I |
|
|
|
|
|
| ||||||||
|
Shares sold |
6,109,370 |
|
$ |
127,809,616 |
|
12,518,552 |
|
$ |
228,947,730 |
| ||||
|
Shares issued in connection with reinvestments of dividends |
47,910 |
|
|
973,998 |
|
31,083 |
|
|
530,285 |
| ||||
|
Proceeds from short-term redemption fees |
N/A |
|
|
13 |
|
N/A |
|
|
— |
| ||||
|
Shares redeemed |
(11,633,401 |
) |
|
(242,214,020 |
) |
(17,884,170 |
) |
|
(333,865,185 |
) | ||||
|
Net decrease |
(5,476,121 |
) |
$ |
(113,430,393 |
) |
(5,334,535 |
) |
$ |
(104,387,170 |
) | ||||
6. Principal Risk Factors and Indemnifications.
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
|
© Brown Brothers Harriman |
28 |
|
BBH Partner Fund - International Equity Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
increases the Fund’s volatility and may lead to greater losses (limited portfolio holdings risk). There are certain risks associated with non-U.S. securities, including, but not limited to, recovery of tax withheld by foreign jurisdictions (Non-U.S. 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 (large shareholder risk). Because the Fund invests in large cap company securities, it may underperform other funds during periods when the Fund’s large cap securities are out of favor (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.
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. Recent Pronouncements. In December 2023, the FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.
8. Subsequent Events. Management has evaluated events and transactions that have occurred since April 30, 2026 through the date the financial statements were issued and determined that there were no subsequent events that would require recognition or additional disclosure in the financial statements.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
29 |
|
BBH Partner Fund - International Equity Disclosure of Advisor Selection April 30, 2026 (unaudited) |
Investment Advisory 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.
The Board, a majority of which is comprised of Independent Trustees, held meetings on November 20, 2025 and December 10, 2025, to consider whether to approve an amended and restated Advisory Agreement (the “Advisory Agreement”) between the Trust and the Investment Adviser with respect to certain funds in the Trust, including the Fund. The Investment Adviser previously provided advisory and administrative services to the Trust under a combined Amended and Restated Investment Advisory and Administrative Services Agreement (the “Combined Agreement”). The Trust entered into a new Administrative Services Agreement with the Investment Adviser as of January 1, 2026, under which the Investment Adviser would provide the same administrative services as it had under the Combined Agreement at the same fee, when combined with the Advisory Agreement fees, as it had under the Combined Agreement. BBH launched a new subsidiary registered investment adviser, Brown Brothers Harriman Credit Partners, LLC on December 31, 2025 which became investment manager to certain other Funds on January 1, 2026. At these meetings the Board also considered the renewal of the sub-advisory agreements (the “Sub-Advisory” and, together with the Advisory Agreement, the “Agreements”) between the Investment Adviser and Select Equity Group, L.P. (“Select Equity Group”) as well as the Investment Adviser and Trinity Street Asset Management , LLP. (“Trinity Street Asset Management” or together with Select Equity Group the “Sub-Advisers”). At the December 10, 2025 meeting, the Board voted to approve the Advisory Agreement and the renewal of the Sub-Advisory Agreements with respect to the Fund for a 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 approval of the Advisory Agreement and continuation of the Sub-Advisory Agreements.
Both in the meetings specifically held to address the continuance investment advisory services and the approval 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-Advisers 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-Advisers and
|
© Brown Brothers Harriman |
30 |
|
BBH Partner Fund - International Equity Disclosure of Advisor Selection (continued) April 30, 2026 (unaudited) |
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 Gartenberg 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 approval of the Advisory Agreements and the continuation of the Sub-Advisory Agreements, the Board considered: (a) the nature, extent and quality of services provided by the Investment Adviser and Sub-Advisers; (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 approval of the Advisory Agreement and 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 the Sub-Advisers were reasonable based on the comparative performance, expense information, the cost of the services provided, and the profits realized by the Investment Adviser.
Nature, Extent and Quality of Services
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 Agreements, the Sub-Advisers, subject to the supervision of the Investment
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
31 |
|
BBH Partner Fund - International Equity Disclosure of Advisor Selection (continued) April 30, 2026 (unaudited) |
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 10, 2025 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-Advisers, 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 10, 2025, and over the course of the year, regarding the nature, extent and quality of services provided to the Fund by the Sub-Advisers, particularly portfolio management in light of the narrower scope of services performed by the Sub-Advisers. 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.
Fund Performance
At the November 20, 2025 and December 10, 2025 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
|
© Brown Brothers Harriman |
32 |
|
BBH Partner Fund - International Equity Disclosure of Advisor Selection (continued) April 30, 2026 (unaudited) |
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 for each of the 1-, 2-, 3-, 4-, 5- and 10-year periods ended September 30, 2025. The Board noted the Fund had above average performance for the 1-, 2-, 3- and 10-year periods, average performance for the 4-year period, and below average performance for 5-year period. 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 Fund’s investment strategy, 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.
Costs of Services Provided and 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 investment advisory 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 concluded that the advisory 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 each of the Sub-Advisers for their services to the Fund. The compensation paid to the Sub-Advisers is paid by the Investment Adviser, not the Fund directly, and, accordingly, the retention of the Sub-Advisers 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-Advisers. The Board reviewed profitability data for the Fund using data from October 1, 2024 through September 30, 2025 for both the Investment Adviser and BBH. The data also included the effect of revenue generated by the custody and fund accounting and
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
33 |
|
BBH Partner Fund - International Equity Disclosure of Advisor Selection (continued) April 30, 2026 (unaudited) |
administration fees paid by the Fund to BBH and corresponding expenses. The Board conducted a detailed review of the allocation methods used in preparing the profitability data.
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 each of 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-Advisers, 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 administer, 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.
Economies of Scale
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 they had 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-Advisers, were reasonable based on the comparative performance, expense information, the cost of the services comparative performance, expense information, the cost of the services provided and the profits to the realized by the Investment Adviser.
|
© Brown Brothers Harriman |
34 |
|
BBH Partner Fund - International Equity Conflicts of Interest April 30, 2026 (unaudited) |
Description of Potential Material Conflicts of Interest – Investment Advisers
BBH&Co., its Separately Identifiable Department (“SID”) and Brown Brothers Harriman Credit Partners, LLC (“BBH Credit Partners” and together with the SID, the “Advisers” and each an “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 their business, BBH&Co., including the Advisers, may engage in activities in which their interests or the interests of their clients may conflict with or be adverse to the interests of the Funds. In addition, certain of such clients (including the Funds) utilize the services of BBH&Co. for which they will pay to BBH&Co. customary fees and expenses that will not be shared with the Funds.
The Advisers and the Sub-advisers have adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Advisers and each Sub-adviser monitor a variety of areas, including compliance with fund investment guidelines, the investment in only those securities that have been approved for purchase, and compliance with their respective Code of Ethics.
The Trust also manages these conflicts of interest. For example, the Trust has designated a CCO and has adopted and implemented policies and procedures designed to manage the conflicts identified below and other conflicts that may arise in the course of the Funds’ operations in such a way as to safeguard the Funds from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Advisers, the Sub-advisers 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&Co., the Advisers and Sub-advisers 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 Advisers, the Sub-advisers and the Funds have adopted policies and procedures reasonably designed to appropriately prevent, limit, or mitigate the conflicts of interest described below. Additional information about potential conflicts of interest regarding the Advisers is set forth in their respective Form ADV. A copy of Part 1 and Part 2A of 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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
35 |
|
BBH Partner Fund - International Equity Conflicts of Interest (continued) April 30, 2026 (unaudited) |
Other Clients and Allocation of Investment Opportunities. BBH&Co., the Advisers, and the Sub-advisers manage funds and accounts of clients other than the Funds (“Other Clients”). In general, BBH&Co., the Advisers, and the Sub-advisers 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 with the Funds and Other Clients. Investments made by the Funds do not, and are not intended to, replicate the investments, or the investment methods and strategies, of Other Clients. Accordingly, such Other Clients may produce results that are materially different from those experienced by the Funds. Certain other conflicts of interest may arise in connection with a portfolio manager’s management of the Funds’ investments, on the one hand, and the investments of other funds or accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various funds or accounts managed by the Advisers or Sub-advisers could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Funds. From time to time, the Advisers and Sub-advisers may sponsor other investment pools and accounts which engage in the same or similar businesses as the Funds using the same or similar investment strategies. To the extent that the same investment opportunities might be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Advisers or Sub-advisers may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH&Co. and the Advisers have implemented policies and procedures designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. The policies and procedures require, among other things, objective allocation for limited investment opportunities, and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Nevertheless, access to investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance, and investment restrictions or for other reasons.
Actual or potential conflicts of interest may also arise when a portfolio manager has management responsibilities to multiple accounts or funds, resulting in unequal commitment of time and attention to the portfolio management of the funds or accounts.
Affiliated Service Providers. Other potential conflicts might include conflicts between the Funds and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management
|
© Brown Brothers Harriman |
36 |
|
BBH Partner Fund - International Equity Conflicts of Interest (continued) April 30, 2026 (unaudited) |
services through the SID or, BBH&Co. provides administrative, custody, shareholder servicing, and fund accounting services to the Funds. BBH&Co. may have conflicting duties of loyalty while servicing the Funds and/or opportunities to further its own interest to the detriment of the Funds. For example, in negotiating fee arrangements with affiliated service providers, BBH&Co. may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH&Co., acting in its capacity as the Funds’ administrator, is the primary valuation agent of the Funds.
BBH&Co. values securities and assets in the Funds according to the Funds’ valuation policies. Because the Advisers’ advisory fees and the SID’s administrative fee are calculated by reference to Funds’ net assets, BBH&Co. and its affiliates may have an incentive to seek to overvalue certain assets.
Aggregation. Potential conflicts of interest also arise with the aggregation of trade orders. Purchases and sales of securities for the Funds may be aggregated with orders for other client accounts managed by the Advisers and Sub-advisers. The Advisers and Sub-advisers, however, are not required to aggregate orders if portfolio management decisions for different accounts are made separately, or if it is determined that aggregating is not practicable, or in cases involving client direction. Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission equivalent rates in connection with an aggregated order.
Cross Trades. Under certain circumstances, and. subject to applicable law and regulation, BBH&Co., and the SID may (but is not required to) effect purchases and sales between BBH&Co., and the SID clients (“cross trades”), including the Funds, if BBH&Co., the SID or a Fund’s Sub-adviser believe such transactions are appropriate based on each party’s investment objectives and guidelines. Similarly, under certain circumstances, and subject to applicable law and regulations, BBH Credit Partners may (but is not required to) effect cross trades between its clients, including the Funds, if it 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 Advisers’ decisions to engage in these transactions for the Funds. BBH&Co., the Advisers and/or a Fund’s Sub-adviser may have a potentially conflicting division of loyalties and responsibilities to the parties in such transactions.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
37 |
|
BBH Partner Fund - International Equity Conflicts of Interest (continued) April 30, 2026 (unaudited) |
Soft Dollars. The SID 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 SID’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 SID will determine in good faith whether the amount of commission is reasonable in relation to the value of research and services provided and whether the services provide lawful and appropriate assistance in its investment decision-making responsibilities.
Research or other services obtained in this manner may be used in servicing any or all of the Funds and other accounts managed by the SID, including in connection with accounts that do not pay commissions to the broker related to the research or other service arrangements. Such products and services may disproportionately benefit other client accounts relative to the Funds based on the amount of brokerage commissions paid by the Funds and such other accounts. To the extent that a Sub-adviser uses soft dollars, it will not have to pay for those products and services itself. BBH&Co. 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 a 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&Co. and BBH Credit Partners may invest a portion of the assets of their discretionary investment advisory clients in the Funds. The investment by BBH&Co. or BBH Credit Partners on behalf of their discretionary investment advisory clients in the Funds may be significant at times.
Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Funds’ expense ratio. In selecting the Funds for their discretionary investment advisory clients, BBH&Co. and BBH Credit Partners may limit their selection to funds managed by BBH&Co. or the Advisers.
|
© Brown Brothers Harriman |
38 |
|
BBH Partner Fund - International Equity Conflicts of Interest (continued) April 30, 2026 (unaudited) |
BBH&Co. or BBH Credit Partners 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&Co., the Advisers and their affiliates providing services to the Funds, benefit from additional fees when the Funds are included as an investment by a discretionary investment advisory client.
BBH&Co. or BBH Credit Partners reserve the right to redeem at any time some or all of the shares of the Funds acquired for their discretionary investment advisory clients’ accounts. A large redemption of shares of the Funds by BBH&Co. or BBH Credit Partners on behalf of their discretionary investment advisory clients could significantly reduce the asset size of the Funds, which might have an adverse effect on the Funds’ investment flexibility, portfolio diversification, and expense ratio.
Valuation. When market quotations are not readily available or are believed to be unreliable, the Funds’ investments will be valued at fair value. pursuant to procedures adopted by the Funds’ Board. When determining an asset’s “fair value,” an Adviser. seeks to determine the price that a Fund might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. The price generally may not be determined based on what the Funds might reasonably expect to receive for selling an asset at a later time or if it holds the asset to maturity. While fair value determinations will be based upon all available factors the Adviser deems relevant at the time of the determination and may be based on analytical values determined by the Adviser using proprietary or third-party valuation models, fair value represents only a good faith approximation of the value of a security. The fair value of one or more securities may not, in retrospect, be the price at which those assets could have been sold during the period in which the particular fair values were used in determining the Funds’ net asset value. As a result, the Funds’ sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued (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&Co. or BBH Credit Partners may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH&Co. or BBH Credit Partners to the third party. BBH&Co. or BBH Credit Partners may pay a solicitation fee for referrals and/or advisory or incentive fees.
BBH&Co. or BBH Credit Partners may benefit from increased amounts of assets under management.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
39 |
|
BBH Partner Fund - International Equity Conflicts of Interest (continued) April 30, 2026 (unaudited) |
Personal Trading. BBH&Co., including the Advisers, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, face conflicts of interest when transacting in securities for their own accounts because they could benefit by trading in the same securities as the Funds, which could have an adverse effect on the Funds.
However, BBH&Co., including the Advisers, have implemented policies and procedures concerning personal trading by BBH Credit Partners employees and BBH&Co. Partners and employees. The policies and procedures are intended to prevent BBH Credit Partners employees and BBH&Co. Partners and employees with access to Fund material non-public information from trading in the same securities as the Funds.
Gifts and Entertainment. From time to time, employees of BBH Credit Partners and BBH&Co., including the SID, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, may receive gifts and/or entertainment from clients, intermediaries, or service providers to the Funds or BBH&Co., including the Advisers, which could have the appearance of affecting or may potentially affect the judgment of the employees, or the manner in which they conduct business. The Advisers have implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Credit Partners employees and BBH&Co. Partners and employees. BBH&Co., including the Advisers, have implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Credit Partners employees and BBH&Co. Partners and employees.
|
© Brown Brothers Harriman |
40 |
|
ADMINISTRATOR BROWN BROTHERS HARRIMAN MUTUAL FUND ADVISORY DEPARTMENT 140 BROADWAY NEW YORK, NY 10005 DISTRIBUTOR ALPS DISTRIBUTORS, INC. 1290 BROADWAY, SUITE 1000 DENVER, CO 80203 SHAREHOLDER SERVICING AGENT BROWN BROTHERS HARRIMAN & Co. 140 BROADWAY NEW YORK, NY 10005 1-800-575-1265 To obtain information or make shareholder inquiries: |
INVESTMENT ADVISER BROWN BROTHERS HARRIMAN MUTUAL FUND ADVISORY DEPARTMENT 140 BROADWAY NEW YORK, NY 10005 |
|||||
|
By telephone: By E-mail send your request to: On the internet: |
Call 1-800-575-1265 bbhfunds@bbh.com www.bbhfunds.com |
|||||
|
This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund. For more complete information, visit www.bbhfunds.com for a prospectus. You should consider the Fund’s investment objectives, risks, charges and expenses carefully before you invest. Information about these and other important subjects is in the Fund’s prospectus, which you should read carefully before investing. Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available electronically on the SEC’s website (sec.gov). For a complete list of a fund’s portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund’s website at http://www.bbhfunds.com. A summary of the Fund’s Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC’s website at www.sec.gov. |
||||||
|
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE |
||||||
|
NEW YORK BEIJING BOSTON CHARLOTTE CHICAGO DUBLIN GRAND CAYMAN HONG KONG HOUSTON JERSEY CITY KRAKÓW LONDON LUXEMBOURG NASHVILLE PHILADELPHIA TOKYO WILMINGTON ZÜRICH BBH.COM |
||||||
|
Semi-Annual
April 30, 2026 BBH Limited Duration Fund
|
|
BBH Limited Duration Fund Table of Contents April 30, 2026 (unaudited) |
|
Page(s) | ||
|
Financial Statements as of and for the six months ended April 30, 2026: |
||
|
3 | ||
|
4 | ||
|
42 | ||
|
43 | ||
|
44 | ||
|
45 | ||
|
47 | ||
|
60 | ||
|
64 |
|
© Brown Brothers Harriman |
2 |
|
BBH Limited Duration Fund Portfolio
Allocation |
Breakdown by Security Type
|
U.S. $ Value |
Percent of
| ||||||
|
Asset Backed Securities |
$ |
2,359,477,090 |
|
22.4 |
% | ||
|
Commercial Mortgage Backed Securities |
|
385,275,611 |
|
3.7 |
| ||
|
Corporate Bonds |
|
5,834,285,171 |
|
55.5 |
| ||
|
Loan Participations and Assignments |
|
674,310,058 |
|
6.4 |
| ||
|
Municipal Bonds |
|
31,047,135 |
|
0.3 |
| ||
|
Residential Mortgage Backed Securities |
|
4,555,430 |
|
0.0 |
| ||
|
U.S. Government Agency Obligations |
|
153,778,519 |
|
1.5 |
| ||
|
U.S. Treasury Bills |
|
1,071,085,344 |
|
10.2 |
| ||
|
U.S. Treasury Bonds and Notes |
|
23,865,427 |
|
0.2 |
| ||
|
Liabilities in Excess of Cash and Other Assets |
|
(24,336,633 |
) |
(0.2 |
) | ||
|
Net Assets |
$ |
10,513,343,152 |
|
100.0 |
% | ||
All data as of April 30, 2026. 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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
3 |
|
BBH Limited Duration Fund Portfolio
of Investments All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Asset Backed Securities (22.4%) |
|
|
||||||||
|
|
Automobile ABS (6.7%) |
|
|
||||||||
|
$ |
19,550,000 |
AmeriCredit Automobile Receivables Trust 2025-11 |
05/20/30 |
4.120 |
% |
$ |
19,495,338 | ||||
|
|
13,000,000 |
AmeriCredit Automobile Receivables Trust 2026-11 |
04/18/29 |
4.030 |
|
|
12,995,512 | ||||
|
|
1,652,799 |
ARI Fleet Lease Trust 2023-B1 |
07/15/32 |
6.050 |
|
|
1,660,731 | ||||
|
|
10,559,500 |
ARI Fleet Lease Trust 2025-B1 |
03/15/34 |
4.590 |
|
|
10,591,485 | ||||
|
|
4,451,765 |
AutoNation Finance Trust 2025-1A1 |
04/10/28 |
4.720 |
|
|
4,456,400 | ||||
|
|
11,930,000 |
Avis Budget Rental Car Funding AESOP LLC 2023-3A1 |
02/22/28 |
5.440 |
|
|
12,016,769 | ||||
|
|
9,500,000 |
Avis Budget Rental Car Funding AESOP LLC 2023-7A1 |
08/21/28 |
5.900 |
|
|
9,659,655 | ||||
|
|
11,865,394 |
Carmax Auto Owner Trust 2025-2 |
07/17/28 |
4.590 |
|
|
11,891,062 | ||||
|
|
21,040,000 |
Carmax Auto Owner Trust 2025-4 |
12/16/30 |
3.970 |
|
|
20,914,501 | ||||
|
|
18,380,923 |
Carmax Select Receivables Trust 2025-B |
03/15/29 |
4.190 |
|
|
18,390,187 | ||||
|
|
2,417,956 |
Chesapeake Funding II LLC 2023-1A1 |
05/15/35 |
5.650 |
|
|
2,419,421 | ||||
|
|
2,481,629 |
Chesapeake Funding II LLC 2023-2A1 |
10/15/35 |
6.160 |
|
|
2,499,029 | ||||
|
|
6,470,000 |
Credit Acceptance Auto Loan Trust 2023-1A1 |
07/15/33 |
7.710 |
|
|
6,550,911 | ||||
|
|
18,320,000 |
Credit Acceptance Auto Loan Trust 2024-2A1 |
06/15/34 |
5.950 |
|
|
18,505,105 | ||||
|
|
17,680,000 |
Credit Acceptance Auto Loan Trust 2024-3A1 |
09/15/34 |
4.680 |
|
|
17,711,265 | ||||
|
|
17,180,000 |
Credit Acceptance Auto Loan Trust 2025-1A1 |
03/15/35 |
5.020 |
|
|
17,269,619 | ||||
|
|
20,650,000 |
Drive Auto Receivables Trust 2025-2 |
09/15/32 |
4.140 |
|
|
20,649,366 | ||||
|
© Brown Brothers Harriman |
4 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Asset Backed Securities (continued) |
|
|
||||||||
|
|
Automobile ABS (continued) |
|
|
||||||||
|
$ |
12,311 |
Enterprise Fleet Financing LLC 2022-41 |
10/22/29 |
5.760 |
% |
$ |
12,323 | ||||
|
|
3,260,620 |
Enterprise Fleet Financing LLC 2023-31 |
03/20/30 |
6.400 |
|
|
3,289,061 | ||||
|
|
15,262,612 |
Enterprise Fleet Financing LLC 2025-21 |
02/22/28 |
4.510 |
|
|
15,302,618 | ||||
|
|
9,204,156 |
Enterprise Fleet Financing LLC 2025-31 |
04/20/28 |
4.500 |
|
|
9,229,080 | ||||
|
|
6,432,764 |
Exeter Automobile Receivables Trust 2025-1A |
08/15/28 |
4.670 |
|
|
6,438,385 | ||||
|
|
10,230,000 |
Exeter Automobile Receivables Trust 2025-1A |
08/15/29 |
4.910 |
|
|
10,271,221 | ||||
|
|
13,560,000 |
Exeter Automobile Receivables Trust 2025-3A |
07/16/29 |
4.780 |
|
|
13,608,760 | ||||
|
|
17,825,342 |
Exeter Automobile Receivables Trust 2025-5A |
06/15/28 |
4.380 |
|
|
17,840,852 | ||||
|
|
14,500,000 |
Exeter Automobile Receivables Trust 2026-1A |
03/15/30 |
4.030 |
|
|
14,457,025 | ||||
|
|
13,720,000 |
Exeter Automobile Receivables Trust 2026-2A |
11/15/28 |
4.310 |
|
|
13,728,771 | ||||
|
|
25,940,000 |
Ford Credit Floorplan Master Owner Trust A 2023-11 |
05/15/28 |
4.920 |
|
|
25,949,676 | ||||
|
|
30,550,000 |
Ford Credit Floorplan Master Owner Trust A 2024-31 |
09/15/29 |
4.300 |
|
|
30,607,410 | ||||
|
|
20,530,000 |
Ford Credit Floorplan Master Owner Trust A 2025-1 |
04/15/30 |
4.630 |
|
|
20,678,664 | ||||
|
|
1,710,064 |
Foursight Capital Automobile Receivables Trust 2024-11 |
01/16/29 |
5.490 |
|
|
1,713,501 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
5 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Asset Backed Securities (continued) |
|
|
||||||||
|
|
Automobile ABS (continued) |
|
|
||||||||
|
$ |
20,340,000 |
GLS Auto Select Receivables Issuer Trust 2026-2A1 |
06/15/32 |
4.460 |
% |
$ |
20,354,216 | ||||
|
|
6,406,490 |
GLS Auto Select Receivables Trust 2025-1A1 |
04/15/30 |
4.710 |
|
|
6,428,207 | ||||
|
|
12,283,939 |
GLS Auto Select Receivables Trust 2025-3A1 |
10/15/30 |
4.460 |
|
|
12,289,569 | ||||
|
|
4,057,405 |
GM Financial Consumer Automobile Receivables Trust 2025-2 |
02/16/28 |
4.400 |
|
|
4,061,901 | ||||
|
|
10,900,000 |
GM Financial Revolving Receivables Trust 2023-21 |
08/11/36 |
5.770 |
|
|
11,281,364 | ||||
|
|
28,000,000 |
GMF Floorplan Owner Revolving Trust 2025-2A1 |
03/15/30 |
4.640 |
|
|
28,181,241 | ||||
|
|
20,210,000 |
Hertz Vehicle Financing III LLC 2025-1A1 |
09/25/29 |
4.910 |
|
|
20,319,290 | ||||
|
|
15,280,053 |
Honda Auto Receivables Owner Trust 2025-2 |
01/18/28 |
4.300 |
|
|
15,295,178 | ||||
|
|
24,520,000 |
NextGear Floorplan Master Owner Trust 2024-1A1 |
03/15/29 |
5.120 |
|
|
24,720,140 | ||||
|
|
27,500,000 |
NextGear Floorplan Master Owner Trust 2024-2A1 |
09/15/29 |
4.420 |
|
|
27,570,064 | ||||
|
|
33,840,000 |
NextGear Floorplan Master Owner Trust 2025-2A1 |
10/15/30 |
4.230 |
|
|
33,701,269 | ||||
|
|
2,160,312 |
Nissan Auto Receivables Owner Trust 2023-B |
03/15/28 |
5.930 |
|
|
2,172,405 | ||||
|
|
26,350,000 |
Santander Drive Auto Receivables Trust 2025-2 |
08/15/29 |
4.670 |
|
|
26,437,561 | ||||
|
|
14,240,000 |
Toyota Lease Owner Trust 2025-A1 |
02/22/28 |
4.750 |
|
|
14,312,801 | ||||
|
© Brown Brothers Harriman |
6 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Asset Backed Securities (continued) |
|
|
||||||||
|
|
Automobile ABS (continued) |
|
|
||||||||
|
$ |
7,040,000 |
Westlake Automobile Receivables Trust 2023-4A1 |
11/15/28 |
6.640 |
% |
$ |
7,107,005 | ||||
|
|
24,250,000 |
Westlake Automobile Receivables Trust 2026-1A1 |
05/15/31 |
4.200 |
|
|
24,147,156 | ||||
|
|
3,578,941 |
Wheels Fleet Lease Funding 1 LLC 2023-1A1 |
04/18/38 |
5.800 |
|
|
3,593,423 | ||||
|
|
3,478,068 |
Wheels Fleet Lease Funding 1 LLC 2023-2A1 |
08/18/38 |
6.460 |
|
|
3,504,056 | ||||
|
|
29,984,650 |
Wheels Fleet Lease Funding 1 LLC 2025-1A1 |
01/18/40 |
4.570 |
|
|
30,116,694 | ||||
|
|
|
|
706,397,243 | ||||||||
|
|
Credit Card ABS (0.4%) |
|
|
||||||||
|
|
32,195,000 |
World Financial Network Credit Card Master Note Trust 2024-B |
05/15/31 |
4.620 |
|
|
32,368,380 | ||||
|
|
11,295,000 |
World Financial Network Credit Card Master Trust 2023-A |
03/15/30 |
5.020 |
|
|
11,299,859 | ||||
|
|
|
|
43,668,239 | ||||||||
|
|
Other ABS (15.3%) |
|
|
||||||||
|
|
15,160,000 |
AGL CLO 13, Ltd. 2021-13A (3-Month CME Term SOFR + 1.100%) (Cayman Islands)1,2 |
10/20/34 |
4.775 |
|
|
15,154,051 | ||||
|
|
4,792,137 |
AIM Aviation Finance, Ltd. 2015-1A (China)1 |
02/15/40 |
6.213 |
|
|
4,713,909 | ||||
|
|
7,555,000 |
Aligned Data Centers Issuer LLC 2023-1A1 |
08/17/48 |
6.000 |
|
|
7,574,164 | ||||
|
|
1,259,684 |
Amur Equipment Finance Receivables XII LLC 2023-1A1 |
12/20/29 |
6.090 |
|
|
1,266,322 | ||||
|
|
7,846,774 |
Amur Equipment Finance Receivables XIII LLC 2024-1A1 |
01/21/31 |
5.380 |
|
|
7,905,754 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
7 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Asset Backed Securities (continued) |
|
|
||||||||
|
|
Other ABS (continued) |
|
|
||||||||
|
$ |
11,486,445 |
Amur Equipment Finance Receivables XIV LLC 2024-2A1 |
07/21/31 |
5.190 |
% |
$ |
11,590,247 | ||||
|
|
9,676,692 |
Amur Equipment Finance Receivables XV LLC 2025-1A1 |
09/22/31 |
4.700 |
|
|
9,733,543 | ||||
|
|
24,150,000 |
Bain Capital Credit CLO, Ltd. 2021-2A (3-Month CME Term SOFR + 0.970%) (Cayman Islands)1,2 |
07/16/34 |
4.650 |
|
|
24,113,046 | ||||
|
|
6,435,944 |
Barings Equipment Finance LLC 2025-A1 |
10/13/28 |
4.640 |
|
|
6,459,143 | ||||
|
|
23,921,838 |
BHG Owner Loan Trust Series 2025-1CON1 |
08/18/36 |
5.000 |
|
|
24,011,349 | ||||
|
|
2,517,816 |
BHG Securitization Trust 2023-B1 |
12/17/36 |
6.920 |
|
|
2,610,318 | ||||
|
|
2,950,780 |
BHG Securitization Trust 2024-1CON1 |
04/17/35 |
5.810 |
|
|
2,994,880 | ||||
|
|
18,031,267 |
BHG Securitization Trust 2025-2CON1 |
09/17/36 |
4.840 |
|
|
18,029,399 | ||||
|
|
19,240,000 |
BHG Securitization Trust 2026-1CON1 |
06/17/36 |
4.810 |
|
|
19,211,275 | ||||
|
|
12,016,113 |
BlackRock Elbert CLO V LLC 5A (3-Month CME Term SOFR + 1.850%)1,2 |
06/15/34 |
5.524 |
|
|
12,020,175 | ||||
|
|
4,565,120 |
Business Jet Securities LLC 2022-1A1 |
06/15/37 |
4.455 |
|
|
4,510,780 | ||||
|
|
13,820,297 |
California Street CLO IX LP 2012-9A (3-Month CME Term SOFR + 1.362%) (Cayman Islands)1,2 |
07/16/32 |
5.041 |
|
|
13,813,504 | ||||
|
|
10,617,217 |
Capital Automotive REIT 2024-2A1 |
05/15/54 |
4.900 |
|
|
10,604,222 | ||||
|
© Brown Brothers Harriman |
8 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Asset Backed Securities (continued) |
|
|
||||||||
|
|
Other ABS (continued) |
|
|
||||||||
|
$ |
30,000,000 |
Carlyle Global Market Strategies CLO, Ltd. 2016-1A (3-Month CME Term SOFR + 1.090%) (Cayman Islands)1,2 |
04/20/34 |
4.765 |
% |
$ |
29,989,863 | ||||
|
|
32,520,000 |
Carlyle US CLO, Ltd. 2019-2A (3-Month CME Term SOFR + 1.360%) (Cayman Islands)1,2 |
10/15/37 |
5.033 |
|
|
32,575,697 | ||||
|
|
9,677,610 |
CARS-DB7 LP 2023-1A1 |
09/15/53 |
5.750 |
|
|
9,708,705 | ||||
|
|
1,818,027 |
CCG Receivables Trust 2023-21 |
04/14/32 |
6.280 |
|
|
1,834,300 | ||||
|
|
11,631,247 |
CCG Receivables Trust 2024-11 |
03/15/32 |
4.990 |
|
|
11,707,606 | ||||
|
|
15,591,912 |
CCG Receivables Trust 2025-11 |
10/14/32 |
4.480 |
|
|
15,639,105 | ||||
|
|
25,780,000 |
CCG Receivables Trust 2025-21 |
08/15/34 |
4.140 |
|
|
25,772,562 | ||||
|
|
22,424,820 |
CF Hippolyta Issuer LLC 2020-11 |
07/15/60 |
1.690 |
|
|
18,665,559 | ||||
|
|
1,518,695 |
Daimler Trucks Retail Trust 2023-1 |
03/15/27 |
5.900 |
|
|
1,521,969 | ||||
|
|
11,100,000 |
Deerpath Capital CLO, Ltd. 2022-1A (3-Month CME Term SOFR + 1.700%)1,2 |
01/15/37 |
5.373 |
|
|
11,103,480 | ||||
|
|
4,944,601 |
Dell Equipment Finance Trust 2025-11 |
07/22/27 |
4.680 |
|
|
4,955,027 | ||||
|
|
1,563,908 |
ECAF I, Ltd. 2015-1A (Ireland)1 |
06/15/40 |
3.473 |
|
|
1,411,427 | ||||
|
|
7,508,664 |
FCI Funding LLC 2024-1A1 |
08/15/36 |
5.440 |
|
|
7,508,790 | ||||
|
|
23,800,000 |
Flexential Issuer LLC 2025-1A1 |
10/25/60 |
6.030 |
|
|
23,668,976 | ||||
|
|
3,988,702 |
FNA LLC 2019-1*,1,2,3 |
12/10/31 |
3.000 |
|
|
3,988,702 | ||||
|
|
17,000,000 |
GCRED BSL CLO 1 2025-BSL1A (3-Month CME Term SOFR + 1.050%)1,2 |
01/20/34 |
4.714 |
|
|
17,005,867 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
9 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Asset Backed Securities (continued) |
|
|
||||||||
|
|
Other ABS (continued) |
|
|
||||||||
|
$ |
11,106,427 |
Global SC Finance VII Srl 2020-1A (Barbados)1 |
10/17/40 |
2.170 |
% |
$ |
10,638,454 | ||||
|
|
11,809,883 |
Global SC Finance VII Srl 2020-2A (Barbados)1 |
11/19/40 |
2.260 |
|
|
11,310,456 | ||||
|
|
35,818,610 |
Golub Capital Partners ABS Funding, Ltd. 2021-2A1 |
10/19/29 |
2.944 |
|
|
32,684,245 | ||||
|
|
7,962,452 |
Kubota Credit Owner Trust 2024-1A1 |
07/17/28 |
5.190 |
|
|
8,019,593 | ||||
|
|
35,215,000 |
Lendmark Funding Trust 2025-1A1 |
09/20/34 |
4.940 |
|
|
35,373,263 | ||||
|
|
42,930,000 |
Lendmark Funding Trust 2025-3A1 |
05/21/35 |
4.510 |
|
|
42,539,049 | ||||
|
|
38,520,000 |
Madison Park Funding LXIII, Ltd. 2023-63A (3-Month CME Term SOFR + 1.400%) (Cayman Islands)1,2 |
07/21/38 |
5.072 |
|
|
38,576,963 | ||||
|
|
50,000,000 |
Madison Park Funding XLIX, Ltd. 2021-49A (3-Month CME Term SOFR + 1.050%) (Cayman Islands)1,2 |
10/19/34 |
4.725 |
|
|
49,900,195 | ||||
|
|
17,250,000 |
Magnetite XXXI, Ltd. 2021-31A (3-Month CME Term SOFR + 1.000%) (Cayman Islands)1,2 |
07/15/34 |
4.673 |
|
|
17,227,708 | ||||
|
|
14,700,000 |
Mariner Finance Issuance Trust 2025-AA1 |
05/20/38 |
4.980 |
|
|
14,782,746 | ||||
|
|
16,140,000 |
Mariner Finance Issuance Trust 2025-BA1 |
11/22/38 |
4.590 |
|
|
16,061,327 | ||||
|
|
26,855,721 |
Monroe Capital Income Plus ABS Funding LLC 2022-1A1 |
04/30/32 |
4.050 |
|
|
25,855,988 | ||||
|
|
11,780,000 |
Monroe Capital Mml CLO X, Ltd. 2020-1A (3-Month CME Term SOFR + 1.670%)1,2 |
08/20/37 |
5.326 |
|
|
11,784,395 | ||||
|
© Brown Brothers Harriman |
10 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Asset Backed Securities (continued) |
|
|
||||||||
|
|
Other ABS (continued) |
|
|
||||||||
|
$ |
21,720,000 |
Monroe Capital MML CLO XV LLC 2023-1A (3-Month CME Term SOFR + 1.270%)1,2 |
09/23/35 |
4.936 |
% |
$ |
21,684,681 | ||||
|
|
52,000,000 |
Neuberger Berman Loan Advisers CLO 38, Ltd. 2020-38A (3-Month CME Term SOFR + 0.960%) (Cayman Islands)1,2 |
10/20/36 |
4.635 |
|
|
51,911,543 | ||||
|
|
13,580,000 |
Neuberger Berman Loan Advisers CLO 40, Ltd. 2021-40A (3-Month CME Term SOFR + 1.230%) (Cayman Islands)1,2 |
10/16/37 |
4.910 |
|
|
13,589,353 | ||||
|
|
1,060,527 |
NMEF
Funding LLC |
06/17/30 |
6.570 |
|
|
1,063,121 | ||||
|
|
6,633,616 |
NMEF
Funding LLC |
07/15/32 |
4.720 |
|
|
6,651,312 | ||||
|
|
17,875,159 |
Northwoods Capital XVIII, Ltd. 2019-18A (3-Month CME Term SOFR + 1.362%) (Cayman Islands)1,2 |
05/20/32 |
5.017 |
|
|
17,857,792 | ||||
|
|
33,880,000 |
Octagon 57, Ltd. 2021-1A (3-Month CME Term SOFR + 1.070%) (Cayman Islands)1,2 |
10/15/34 |
4.743 |
|
|
33,837,650 | ||||
|
|
48,100,000 |
Octagon Investment Partners 41, Ltd. 2019-2A (3-Month CME Term SOFR + 1.090%) (Cayman Islands)1,2 |
10/15/33 |
4.763 |
|
|
48,080,717 | ||||
|
|
32,100,000 |
OnDeck Asset Securitization IV LLC 2025-1A1 |
04/19/32 |
5.080 |
|
|
32,044,233 | ||||
|
|
14,337,000 |
OnDeck Asset Securitization Trust IV LLC 2023-1A1 |
08/19/30 |
7.000 |
|
|
14,412,087 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
11 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Asset Backed Securities (continued) |
|
|
||||||||
|
|
Other ABS (continued) |
|
|
||||||||
|
$ |
19,615,000 |
OnDeck Asset Securitization Trust IV LLC 2024-1A1 |
06/17/31 |
6.270 |
% |
$ |
19,752,754 | ||||
|
|
13,920,000 |
OnDeck Asset Securitization Trust IV LLC 2024-2A1 |
10/17/31 |
4.980 |
|
|
13,907,336 | ||||
|
|
3,377,269 |
OneMain Financial Issuance Trust 2022-S11 |
05/14/35 |
4.130 |
|
|
3,376,811 | ||||
|
|
1,009,788 |
OneMain Financial Issuance Trust 2022-3A1 |
05/15/34 |
5.940 |
|
|
1,010,817 | ||||
|
|
16,380,000 |
OneMain Financial Issuance Trust 2023-2A1 |
09/15/36 |
5.840 |
|
|
16,609,892 | ||||
|
|
25,010,000 |
Onemain Financial Issuance Trust 2025-1A1 |
07/14/38 |
4.820 |
|
|
25,006,424 | ||||
|
|
12,951,940 |
Oportun Issuance Trust 2021-C1 |
10/08/31 |
2.180 |
|
|
12,783,688 | ||||
|
|
33,240,000 |
Oportun Issuance Trust 2025-B1 |
05/09/33 |
4.880 |
|
|
33,282,132 | ||||
|
|
48,380,000 |
Oportun Issuance Trust 2025-C1 |
07/08/33 |
4.490 |
|
|
48,231,943 | ||||
|
|
31,980,000 |
Oportun Issuance Trust 2025-D1 |
02/08/33 |
4.530 |
|
|
31,853,903 | ||||
|
|
11,167,370 |
Oxford Finance Funding LLC 2022-1A1 |
02/15/30 |
3.602 |
|
|
10,840,084 | ||||
|
|
13,240,000 |
Oxford Finance Funding Trust LLC 2025-1A1 |
02/15/35 |
5.413 |
|
|
13,226,628 | ||||
|
|
14,230,000 |
Palmer Square Loan Funding, Ltd. 2025-3A (3-Month CME Term SOFR + 0.950%) (Cayman Islands)1,2 |
01/15/34 |
4.660 |
|
|
14,229,381 | ||||
|
|
32,740,000 |
Palmer Square Loan Funding, Ltd. 2026-1A (3-Month CME Term SOFR + 1.000%) (Cayman Islands)1,2,4 |
07/15/34 |
0.000 |
|
|
32,740,000 | ||||
|
|
14,090,000 |
PFS Financing Corp. 2025-A (30-Day SOFR + 0.650%)1,2 |
01/15/29 |
4.290 |
|
|
14,104,969 | ||||
|
© Brown Brothers Harriman |
12 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Asset Backed Securities (continued) |
|
|
||||||||
|
|
Other ABS (continued) |
|
|
||||||||
|
$ |
12,690,000 |
PFS Financing Corp. 2025-B1 |
02/15/30 |
4.850 |
% |
$ |
12,812,311 | ||||
|
|
23,860,000 |
PFS Financing Corp. 2025-D1 |
05/15/30 |
4.470 |
|
|
23,911,962 | ||||
|
|
30,830,000 |
Regional Management Issuance Trust 2025-11 |
04/17/34 |
4.990 |
|
|
30,925,086 | ||||
|
|
21,950,000 |
Republic Finance Issuance Trust 2024-B1 |
11/20/37 |
5.420 |
|
|
22,197,464 | ||||
|
|
36,780,000 |
Republic Finance Issuance Trust 2025-A1 |
11/20/34 |
4.590 |
|
|
36,549,551 | ||||
|
|
30,230,000 |
Republic Finance Issuance Trust 2026-A1 |
06/20/39 |
4.820 |
|
|
30,162,877 | ||||
|
|
23,320,000 |
Retained Vantage Data Centers Issuer LLC 2023-1A1 |
09/15/48 |
5.000 |
|
|
23,206,509 | ||||
|
|
13,300,000 |
SCF Equipment Leasing LLC 2025-2A1 |
12/22/31 |
4.260 |
|
|
13,315,381 | ||||
|
|
56,420,000 |
Stack Infrastructure Issuer LLC 2026-1A1 |
03/27/56 |
5.000 |
|
|
54,465,515 | ||||
|
|
44,390,000 |
T-Mobile US Trust 2026-1A1 |
10/21/30 |
4.250 |
|
|
44,235,705 | ||||
|
|
17,610,000 |
Verizon Master Trust 2025-3 |
03/20/30 |
4.510 |
|
|
17,679,287 | ||||
|
|
11,196,428 |
Woodmont LP 2025-14A (3-Month CME Term SOFR + 1.250%) (Cayman Islands)1,2 |
01/20/34 |
4.925 |
|
|
11,178,749 | ||||
|
|
28,590,000 |
Zayo Issuer LLC 2026-1A1 |
04/20/56 |
5.546 |
|
|
28,553,862 | ||||
|
|
|
|
1,609,411,608 | ||||||||
|
|
Total Asset Backed Securities (Cost $2,365,425,588) |
|
|
2,359,477,090 | |||||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
13 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Commercial Mortgage Backed Securities (3.7%) |
|
|
||||||||
|
$ |
31,250,000 |
Atrium Hotel Portfolio Trust 2025-ATRM (1-Month CME Term SOFR + 1.650%)1,2 |
08/15/42 |
5.305 |
% |
$ |
31,298,372 | ||||
|
|
20,984,034 |
BB-UBS Trust 2012-TFT1,2,3 |
06/05/30 |
3.559 |
|
|
19,934,622 | ||||
|
|
8,826,685 |
BLP Commercial Mortgage Trust 2023-IND (1-Month CME Term SOFR + 1.692%)1,2 |
03/15/40 |
5.347 |
|
|
8,834,960 | ||||
|
|
20,681,768 |
BX Commercial Mortgage Trust 2024-GPA2 (1-Month CME Term SOFR + 1.542%)1,2 |
11/15/41 |
5.197 |
|
|
20,701,157 | ||||
|
|
25,830,000 |
BX Commercial Mortgage Trust 2026-CSMO (1-Month CME Term SOFR + 1.400%)1,2 |
02/15/43 |
5.055 |
|
|
25,846,144 | ||||
|
|
29,240,000 |
BX Commercial Mortgage Trust 2026-LP3 (1-Month CME Term SOFR + 1.380%)1,2 |
04/15/43 |
5.030 |
|
|
29,303,963 | ||||
|
|
17,759,894 |
BX Trust 2025-LUNR (1-Month CME Term SOFR + 1.500%)1,2 |
06/15/40 |
5.155 |
|
|
17,793,174 | ||||
|
|
27,631,003 |
BX Trust 2025-ROIC (1-Month CME Term SOFR + 1.144%)1,2 |
03/15/30 |
4.799 |
|
|
27,596,440 | ||||
|
|
1,019,438 |
BXMT, Ltd. 2020-FL2 (1-Month CME Term SOFR + 1.264%) (Cayman Islands)1,2 |
02/15/38 |
4.932 |
|
|
1,018,896 | ||||
|
|
7,158,516 |
BXMT, Ltd. 2021-FL4 (1-Month CME Term SOFR + 1.414%)1,2 |
05/15/38 |
5.082 |
|
|
7,150,118 | ||||
|
|
22,375,438 |
CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month CME Term SOFR + 3.014%)1,2 |
11/15/31 |
6.669 |
|
|
18,365,956 | ||||
|
|
18,875,000 |
COMM Mortgage Trust 2025-SBX1,2,3 |
08/10/41 |
5.257 |
|
|
18,833,369 | ||||
|
© Brown Brothers Harriman |
14 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Commercial Mortgage Backed Securities (continued) |
|
|
||||||||
|
$ |
11,715,000 |
Commercial Mortgage Pass Through Certificate1,3 |
07/12/28 |
6.891 |
% |
$ |
12,051,409 | ||||
|
|
25,310,000 |
DBC Mortgage Trust 2025-DBC (1-Month CME Term SOFR + 1.350%)1,2 |
11/15/42 |
5.005 |
|
|
25,325,819 | ||||
|
|
20,885,000 |
DK Trust 2024-SPBX (1-Month CME Term SOFR + 1.500%)1,2 |
03/15/34 |
5.155 |
|
|
20,885,000 | ||||
|
|
23,600,000 |
Life Mortgage Trust 2022-BMR2 (1-Month CME Term SOFR + 1.295%)1,2 |
05/15/39 |
4.950 |
|
|
22,805,671 | ||||
|
|
16,040,000 |
MTN Commercial Mortgage Trust 2022-LPFL (1-Month CME Term SOFR + 1.397%)1,2 |
03/15/39 |
5.057 |
|
|
16,034,988 | ||||
|
|
14,870,000 |
ORL Trust 2024-GLKS (1-Month CME Term SOFR + 1.493%)1,2 |
12/15/39 |
5.147 |
|
|
14,893,234 | ||||
|
|
29,100,000 |
SHRN Trust 2025-MF18 (1-Month CME Term SOFR + 1.200%)1,2 |
10/15/40 |
4.855 |
|
|
29,063,660 | ||||
|
|
17,494,889 |
WMRK Commercial Mortgage Trust 2022-WMRK (1-Month CME Term SOFR + 2.789%)1,2 |
11/15/27 |
6.444 |
|
|
17,538,659 | ||||
|
|
Total Commercial Mortgage Backed Securities (Cost $390,174,687) |
|
|
385,275,611 | |||||||
|
|
|
|
|||||||||
|
|
Corporate Bonds (55.5%) |
|
|
||||||||
|
|
Aerospace/Defense (0.1%) |
|
|
||||||||
|
|
11,105,000 |
BAE Systems, Plc. (United Kingdom)1 |
03/26/27 |
5.000 |
|
|
11,182,448 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
15 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Agriculture (0.3%) |
|
|
||||||||
|
$ |
27,545,000 |
Bunge, Ltd. Finance Corp. |
04/21/27 |
4.900 |
% |
$ |
27,723,431 | ||||
|
|
2,420,000 |
Bunge, Ltd. Finance Corp. |
05/14/31 |
2.750 |
|
|
2,211,728 | ||||
|
|
2,000,000 |
Philip Morris International, Inc. |
02/13/29 |
4.875 |
|
|
2,026,183 | ||||
|
|
|
|
31,961,342 | ||||||||
|
|
Airlines (0.1%) |
|
|
||||||||
|
|
5,879,167 |
Delta Air Lines, Inc./SkyMiles IP, Ltd. (Multinational)1 |
10/20/28 |
4.750 |
|
|
5,883,811 | ||||
|
|
|
|
|||||||||
|
|
Auto Manufacturers (6.8%) |
|
|
||||||||
|
|
55,000 |
American Honda Finance Corp. |
10/22/27 |
4.450 |
|
|
54,958 | ||||
|
|
21,515,000 |
BMW US Capital LLC1 |
08/13/26 |
4.650 |
|
|
21,552,739 | ||||
|
|
27,240,000 |
BMW US Capital LLC1 |
03/19/27 |
4.650 |
|
|
27,366,121 | ||||
|
|
20,480,000 |
BMW US Capital LLC1 |
08/11/27 |
4.150 |
|
|
20,428,283 | ||||
|
|
42,490,000 |
BMW US Capital LLC1 |
03/17/28 |
4.300 |
|
|
42,460,350 | ||||
|
|
76,889,000 |
Ford Motor Credit Co. LLC |
11/05/26 |
5.125 |
|
|
77,087,002 | ||||
|
|
10,370,000 |
General Motors Co. |
04/15/28 |
5.350 |
|
|
10,513,586 | ||||
|
|
2,000,000 |
General Motors Financial Co., Inc. |
06/10/26 |
1.500 |
|
|
1,993,788 | ||||
|
|
14,835,000 |
Hyundai Capital America1 |
06/24/26 |
5.450 |
|
|
14,860,710 | ||||
|
|
13,795,000 |
Hyundai Capital America1 |
06/26/26 |
5.650 |
|
|
13,822,133 | ||||
|
|
11,580,000 |
Hyundai Capital America1 |
01/08/27 |
5.250 |
|
|
11,647,099 | ||||
|
|
18,920,000 |
Hyundai Capital America1 |
03/25/27 |
4.850 |
|
|
18,996,826 | ||||
|
|
44,615,000 |
Hyundai Capital America1 |
06/23/27 |
4.875 |
|
|
44,789,432 | ||||
|
|
20,885,000 |
Hyundai Capital America1 |
11/01/27 |
4.875 |
|
|
20,977,434 | ||||
|
|
2,100,000 |
Hyundai Capital America1 |
01/16/29 |
6.500 |
|
|
2,193,331 | ||||
|
|
20,170,000 |
Hyundai Capital America1 |
04/06/29 |
4.750 |
|
|
20,200,986 | ||||
|
|
37,185,000 |
Mercedes-Benz Finance North America LLC1 |
07/31/26 |
4.875 |
|
|
37,237,717 | ||||
|
|
31,410,000 |
Mercedes-Benz Finance North America LLC1 |
11/13/26 |
4.800 |
|
|
31,527,826 | ||||
|
|
57,680,000 |
Mercedes-Benz Finance North America LLC1 |
04/01/27 |
4.650 |
|
|
57,953,364 | ||||
|
© Brown Brothers Harriman |
16 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Auto Manufacturers (continued) |
|
|
||||||||
|
$ |
47,800,000 |
Mercedes-Benz Finance North America LLC1 |
03/10/28 |
4.125 |
% |
$ |
47,563,007 | ||||
|
|
17,090,000 |
Toyota Motor Credit Corp. |
08/07/26 |
4.550 |
|
|
17,119,126 | ||||
|
|
2,100,000 |
Toyota Motor Credit Corp. |
03/22/27 |
3.050 |
|
|
2,083,433 | ||||
|
|
32,165,000 |
Toyota Motor Credit Corp. |
05/14/27 |
4.500 |
|
|
32,309,221 | ||||
|
|
33,086,000 |
Toyota Motor Credit Corp. |
11/10/27 |
5.450 |
|
|
33,737,237 | ||||
|
|
17,830,000 |
Volkswagen Group of America Finance LLC1 |
08/14/26 |
4.900 |
|
|
17,853,300 | ||||
|
|
46,749,000 |
Volkswagen Group of America Finance LLC1 |
09/26/26 |
3.200 |
|
|
46,505,309 | ||||
|
|
18,870,000 |
Volkswagen Group of America Finance LLC1 |
03/25/27 |
4.950 |
|
|
18,951,759 | ||||
|
|
20,600,000 |
Volkswagen Group of America Finance LLC1 |
08/15/27 |
4.850 |
|
|
20,651,840 | ||||
|
|
|
|
712,437,917 | ||||||||
|
|
Banks (11.9%) |
|
|
||||||||
|
|
17,000,000 |
Banco Santander S.A. (1-Year CMT Index + 1.250%) (Spain)2 |
03/14/28 |
5.552 |
|
|
17,141,289 | ||||
|
|
30,000,000 |
Bank of America Corp. (SOFR + 1.340%)2 |
09/15/27 |
5.933 |
|
|
30,156,018 | ||||
|
|
1,920,000 |
Bank of America Corp. (3-Month CME Term SOFR + 1.774%)2 |
04/24/28 |
3.705 |
|
|
1,907,086 | ||||
|
|
1,925,000 |
Bank of New York Mellon Corp. (SOFR + 1.598%)2 |
10/25/29 |
6.317 |
|
|
2,011,106 | ||||
|
|
19,870,000 |
Bank of New Zealand (New Zealand)1 |
02/07/28 |
4.846 |
|
|
20,053,639 | ||||
|
|
9,500,000 |
Bank of New Zealand (New Zealand)1 |
01/30/29 |
5.076 |
|
|
9,670,068 | ||||
|
|
23,440,000 |
BNP Paribas S.A. (SOFR + 1.450%) (France)1,2 |
05/09/29 |
4.792 |
|
|
23,508,048 | ||||
|
|
80,625,000 |
Canadian Imperial Bank of Commerce (Canada) |
10/02/26 |
5.926 |
|
|
81,195,980 | ||||
|
|
19,725,000 |
Canadian Imperial Bank of Commerce (Canada) |
04/28/28 |
5.001 |
|
|
19,965,273 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
17 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Banks (continued) |
|
|
||||||||
|
$ |
53,295,000 |
Citibank NA |
05/29/27 |
4.576 |
% |
$ |
53,573,957 | ||||
|
|
45,795,000 |
Citigroup, Inc. (SOFR + 1.143%)2 |
05/07/28 |
4.643 |
|
|
45,874,673 | ||||
|
|
2,100,000 |
Citigroup, Inc. (SOFR + 1.887%)2 |
05/24/28 |
4.658 |
|
|
2,105,224 | ||||
|
|
1,940,000 |
Citizens Bank NA (SOFR + 2.000%)2 |
08/09/28 |
4.575 |
|
|
1,942,903 | ||||
|
|
25,252,000 |
Fifth Third Financial Corp. (SOFR + 2.155%)2 |
01/30/30 |
5.982 |
|
|
26,041,034 | ||||
|
|
1,925,000 |
Goldman Sachs Group, Inc. (SOFR + 1.114%)2 |
02/24/28 |
2.640 |
|
|
1,896,818 | ||||
|
|
16,355,000 |
Goldman Sachs Group, Inc. (SOFR + 1.319%)2 |
04/23/28 |
4.937 |
|
|
16,431,888 | ||||
|
|
25,640,000 |
HSBC Holdings, Plc. (SOFR + 1.570%) (United Kingdom)2 |
08/14/27 |
5.887 |
|
|
25,738,445 | ||||
|
|
18,414,000 |
Huntington Bancshares, Inc. (SOFR + 1.970%)2 |
08/04/28 |
4.443 |
|
|
18,392,195 | ||||
|
|
1,915,000 |
Huntington National Bank (SOFR + 1.650%)2 |
05/17/28 |
4.552 |
|
|
1,914,146 | ||||
|
|
2,110,000 |
JPMorgan Chase & Co. (SOFR + 1.190%)2 |
01/23/28 |
5.040 |
|
|
2,119,786 | ||||
|
|
12,600,000 |
JPMorgan Chase & Co. (SOFR + 0.930%)2 |
07/22/28 |
4.979 |
|
|
12,684,935 | ||||
|
|
18,760,000 |
Keybank National Association |
11/15/27 |
5.850 |
|
|
19,118,834 | ||||
|
|
17,755,000 |
Lloyds Banking Group, Plc. (1-Year CMT Index + 1.800%) (United Kingdom)2 |
03/18/28 |
3.750 |
|
|
17,651,165 | ||||
|
|
2,100,000 |
M&T Bank Corp. (SOFR + 2.260%)2 |
03/13/32 |
6.082 |
|
|
2,200,819 | ||||
|
|
26,420,000 |
Morgan Stanley (SOFR + 1.380%)2 |
04/12/29 |
4.994 |
|
|
26,641,474 | ||||
|
|
26,755,000 |
Morgan Stanley Bank NA (SOFR + 0.906%)2 |
01/12/29 |
5.016 |
|
|
27,003,654 | ||||
|
© Brown Brothers Harriman |
18 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Banks (continued) |
|
|
||||||||
|
$ |
47,310,000 |
Morgan Stanley Private Bank NA (SOFR + 0.780%)2 |
11/17/28 |
4.204 |
% |
$ |
47,152,198 | ||||
|
|
2,215,000 |
National Securities Clearing Corp.1 |
05/20/27 |
4.350 |
|
|
2,224,697 | ||||
|
|
33,755,000 |
NatWest Group, Plc. (SOFR + 1.300%) (United Kingdom)2 |
11/15/28 |
4.965 |
|
|
34,043,689 | ||||
|
|
19,015,000 |
NatWest Markets, Plc. (United Kingdom)1 |
03/21/28 |
4.789 |
|
|
19,148,323 | ||||
|
|
37,695,000 |
NatWest Markets, Plc. (United Kingdom)1 |
03/27/29 |
4.654 |
|
|
37,806,527 | ||||
|
|
45,895,000 |
PNC Bank NA (SOFR + 0.630%)2 |
05/13/27 |
4.543 |
|
|
45,899,433 | ||||
|
|
25,345,000 |
PNC Financial Services Group, Inc. (SOFR + 1.730%)2 |
10/20/27 |
6.615 |
|
|
25,608,635 | ||||
|
|
2,200,000 |
PNC Financial Services Group, Inc. (SOFR + 1.850%)2 |
06/06/33 |
4.626 |
|
|
2,140,499 | ||||
|
|
24,915,000 |
Royal Bank of Canada (Canada) |
08/03/27 |
4.240 |
|
|
24,940,655 | ||||
|
|
64,445,000 |
Royal Bank of Canada (SOFR + 0.810%) (Canada)2 |
03/27/28 |
4.715 |
|
|
64,643,759 | ||||
|
|
12,379,000 |
Santander Holdings USA, Inc. (SOFR + 2.356%)2 |
03/09/29 |
6.499 |
|
|
12,764,590 | ||||
|
|
28,865,000 |
Santander Holdings USA, Inc. (SOFR + 1.610%)2 |
03/20/29 |
5.473 |
|
|
29,285,530 | ||||
|
|
37,275,000 |
Skandinaviska Enskilda Banken AB (Sweden)1 |
06/02/28 |
4.375 |
|
|
37,342,127 | ||||
|
|
11,875,000 |
Skandinaviska Enskilda Banken AB (Sweden)1 |
03/05/29 |
5.375 |
|
|
12,158,887 | ||||
|
|
47,860,000 |
State Street Corp. |
02/28/28 |
4.536 |
|
|
48,150,282 | ||||
|
|
2,125,000 |
State Street Corp. (SOFR + 1.018%)2 |
02/20/29 |
4.530 |
|
|
2,133,274 | ||||
|
|
33,741,000 |
Svenska Handelsbanken AB (Sweden)1 |
06/15/28 |
5.500 |
|
|
34,505,239 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
19 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Banks (continued) |
|
|
||||||||
|
$ |
2,200,000 |
Synchrony Bank |
08/23/27 |
5.625 |
% |
$ |
2,219,147 | ||||
|
|
72,735,000 |
Truist Bank (SOFR + 0.590%)2 |
05/20/27 |
4.671 |
|
|
72,725,463 | ||||
|
|
2,200,000 |
Truist Bank (SOFR + 0.911%)2 |
10/23/29 |
4.136 |
|
|
2,180,908 | ||||
|
|
26,490,000 |
UBS AG (SOFR + 0.810%) (Switzerland)2 |
03/16/29 |
4.302 |
|
|
26,463,359 | ||||
|
|
42,990,000 |
US Bancorp (5-Year CMT Index + 2.541%)2,5 |
3.700 |
|
|
42,311,321 | |||||
|
|
1,910,000 |
US Bancorp (SOFR + 2.020%)2 |
06/12/29 |
5.775 |
|
|
1,960,088 | ||||
|
|
20,635,000 |
US Bank NA (SOFR + 0.910%)2 |
05/15/28 |
4.730 |
|
|
20,707,899 | ||||
|
|
1,925,000 |
Wells Fargo & Co. (SOFR + 1.510%)2 |
03/24/28 |
3.526 |
|
|
1,910,372 | ||||
|
|
32,115,000 |
Wells Fargo & Co. (SOFR + 1.370%)2 |
04/23/29 |
4.970 |
|
|
32,406,625 | ||||
|
|
26,655,000 |
Westpac Banking Corp. (Australia) |
11/18/27 |
5.457 |
|
|
27,180,864 | ||||
|
|
30,895,000 |
Westpac New Zealand, Ltd. (New Zealand)1 |
02/15/28 |
4.902 |
|
|
31,191,267 | ||||
|
|
|
|
1,248,146,114 | ||||||||
|
|
Beverages (0.0%) |
|
|
||||||||
|
|
2,200,000 |
Keurig Dr Pepper, Inc. |
03/15/27 |
5.100 |
|
|
2,211,549 | ||||
|
|
2,105,000 |
PepsiCo, Inc. |
07/17/29 |
4.500 |
|
|
2,122,999 | ||||
|
|
|
|
4,334,548 | ||||||||
|
|
Biotechnology (0.0%) |
|
|
||||||||
|
|
2,200,000 |
CSL Finance, Plc. (United Kingdom)1 |
04/27/32 |
4.250 |
|
|
2,130,269 | ||||
|
|
1,910,000 |
Illumina, Inc. |
12/13/27 |
5.750 |
|
|
1,943,994 | ||||
|
|
|
|
4,074,263 | ||||||||
|
|
Building Materials (0.3%) |
|
|
||||||||
|
|
29,770,000 |
Amrize Finance US LLC |
04/07/27 |
4.600 |
|
|
29,854,960 | ||||
|
© Brown Brothers Harriman |
20 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Commercial Services (0.1%) |
|
|
||||||||
|
$ |
12,154,000 |
Ashtead Capital, Inc.1 |
11/01/29 |
4.250 |
% |
$ |
11,916,971 | ||||
|
|
|
|
|||||||||
|
|
Computers (0.0%) |
|
|
||||||||
|
|
2,200,000 |
Accenture Capital, Inc. |
10/04/34 |
4.500 |
|
|
2,119,546 | ||||
|
|
2,460,000 |
Apple, Inc. |
08/05/28 |
1.400 |
|
|
2,327,246 | ||||
|
|
|
|
4,446,792 | ||||||||
|
|
Cosmetics/Personal Care (0.2%) |
|
|
||||||||
|
|
2,100,000 |
Kenvue, Inc. |
03/22/30 |
5.000 |
|
|
2,141,608 | ||||
|
|
19,550,000 |
Unilever Capital Corp. |
08/12/27 |
4.250 |
|
|
19,608,236 | ||||
|
|
|
|
21,749,844 | ||||||||
|
|
Diversified Financial Services (2.0%) |
|
|
||||||||
|
|
46,858,000 |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) |
10/29/26 |
2.450 |
|
|
46,477,291 | ||||
|
|
2,175,000 |
American Express Co. (SOFR + 1.000%)2 |
02/16/28 |
5.098 |
|
|
2,187,844 | ||||
|
|
27,030,000 |
American Express Co. (SOFR + 1.260%)2 |
04/25/29 |
4.731 |
|
|
27,170,917 | ||||
|
|
2,300,000 |
Apollo Global Management, Inc. |
08/12/35 |
5.150 |
|
|
2,238,833 | ||||
|
|
2,220,000 |
Atlas Warehouse Lending Co. LP1 |
11/15/30 |
4.950 |
|
|
2,182,969 | ||||
|
|
12,080,000 |
Capital One Financial Corp. (SOFR + 2.440%)2 |
10/29/27 |
7.149 |
|
|
12,233,037 | ||||
|
|
18,620,000 |
Credit Acceptance Corp.1 |
12/15/28 |
9.250 |
|
|
19,417,085 | ||||
|
|
2,100,000 |
Enact Holdings, Inc. |
05/28/29 |
6.250 |
|
|
2,169,646 | ||||
|
|
43,835,000 |
Equitable America Global Funding1 |
06/09/28 |
4.650 |
|
|
43,867,389 | ||||
|
|
2,200,000 |
Stellantis Financial Services US Corp.1 |
09/15/28 |
4.950 |
|
|
2,192,232 | ||||
|
|
49,595,000 |
Western Union Co. |
06/15/29 |
4.750 |
|
|
49,266,992 | ||||
|
|
|
|
209,404,235 | ||||||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
21 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Electric (0.7%) |
|
|
||||||||
|
$ |
1,920,000 |
Atlantic City Electric Co. |
03/15/31 |
2.300 |
% |
$ |
1,729,016 | ||||
|
|
1,910,000 |
Duke Energy Ohio, Inc. |
06/01/30 |
2.125 |
|
|
1,739,789 | ||||
|
|
21,932,382 |
Duke Energy Progress NC Storm Funding LLC |
07/01/30 |
1.295 |
|
|
21,133,549 | ||||
|
|
2,000,000 |
Evergy Missouri West, Inc.1 |
12/15/27 |
5.150 |
|
|
2,016,564 | ||||
|
|
1,930,000 |
Fells Point Funding Trust1 |
01/31/27 |
3.046 |
|
|
1,911,763 | ||||
|
|
10,240,000 |
FirstEnergy Pennsylvania Electric Co.1 |
03/15/28 |
4.150 |
|
|
10,197,075 | ||||
|
|
2,100,000 |
Florida Power & Light Co. |
04/01/33 |
5.100 |
|
|
2,143,137 | ||||
|
|
2,130,000 |
Pacific Gas & Electric Co. |
05/15/29 |
5.550 |
|
|
2,178,121 | ||||
|
|
1,940,000 |
PacifiCorp |
02/15/34 |
5.450 |
|
|
1,963,403 | ||||
|
|
2,100,000 |
Public Service Co of Colorado |
05/15/34 |
5.350 |
|
|
2,135,467 | ||||
|
|
18,615,000 |
Public Service Enterprise Group, Inc. |
10/15/28 |
5.875 |
|
|
19,188,361 | ||||
|
|
2,100,000 |
Southern California Edison Co. |
03/15/30 |
5.250 |
|
|
2,133,482 | ||||
|
|
|
|
68,469,727 | ||||||||
|
|
Electronics (0.0%) |
|
|
||||||||
|
|
2,200,000 |
Honeywell International, Inc. |
03/01/27 |
1.100 |
|
|
2,148,213 | ||||
|
|
|
|
|||||||||
|
|
Energy-Alternate Sources (0.2%) |
|
|
||||||||
|
|
22,605,000 |
XPLR Infrastructure LP1 |
06/15/26 |
2.500 |
|
|
22,491,975 | ||||
|
|
|
|
|||||||||
|
|
Food (1.6%) |
|
|
||||||||
|
|
15,535,000 |
General Mills, Inc. |
10/17/28 |
5.500 |
|
|
15,891,750 | ||||
|
|
12,590,000 |
Hormel Foods Corp. |
03/30/27 |
4.800 |
|
|
12,674,948 | ||||
|
|
78,823,000 |
Mars, Inc.1 |
03/01/27 |
4.450 |
|
|
79,102,341 | ||||
|
|
2,120,000 |
Mars, Inc.1 |
03/01/32 |
5.000 |
|
|
2,150,639 | ||||
|
|
21,220,000 |
Nestle Capital Corp.1 |
03/12/29 |
4.650 |
|
|
21,462,445 | ||||
|
|
39,970,000 |
Nestle Capital Corp.1 |
03/18/31 |
4.200 |
|
|
39,613,782 | ||||
|
|
2,200,000 |
Nestle Holdings, Inc.1 |
03/14/28 |
5.000 |
|
|
2,234,948 | ||||
|
|
|
|
173,130,853 | ||||||||
|
© Brown Brothers Harriman |
22 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Gas (0.2%) |
|
|
||||||||
|
$ |
1,940,000 |
Brooklyn Union Gas Co.1 |
08/05/27 |
4.632 |
% |
$ |
1,939,774 | ||||
|
|
18,599,000 |
Southern
California |
04/15/27 |
2.950 |
|
|
18,422,451 | ||||
|
|
|
|
20,362,225 | ||||||||
|
|
Healthcare-Products (1.5%) |
|
|
||||||||
|
|
57,515,000 |
Augusta SpinCo Corp. |
09/23/27 |
4.321 |
|
|
57,421,106 | ||||
|
|
970,000 |
Baxter International, Inc. |
02/01/27 |
1.915 |
|
|
950,674 | ||||
|
|
74,315,000 |
Medline Borrower LP1 |
04/01/29 |
3.875 |
|
|
72,201,660 | ||||
|
|
24,315,000 |
Medtronic Global Holdings SCA (Luxembourg) |
03/30/28 |
4.250 |
|
|
24,314,930 | ||||
|
|
|
|
154,888,370 | ||||||||
|
|
Healthcare-Services (1.6%) |
|
|
||||||||
|
|
1,925,000 |
Adventist Health System |
03/01/29 |
2.952 |
|
|
1,834,292 | ||||
|
|
13,340,000 |
Ascension Health |
11/15/28 |
4.078 |
|
|
13,281,093 | ||||
|
|
2,200,000 |
Ascension Health |
11/15/30 |
4.294 |
|
|
2,176,156 | ||||
|
|
56,710,000 |
Centene Corp. |
02/15/30 |
3.375 |
|
|
52,697,099 | ||||
|
|
2,125,000 |
Health Care Service Corp. A Mutual Legal Reserve Co.1 |
06/15/34 |
5.450 |
|
|
2,126,041 | ||||
|
|
2,100,000 |
Icon Investments Six DAC (Ireland) |
05/08/29 |
5.849 |
|
|
2,139,900 | ||||
|
|
12,919,000 |
Providence St Joseph Health Obligated Group |
10/01/29 |
2.532 |
|
|
12,053,902 | ||||
|
|
32,090,000 |
Roche Holdings, Inc.1 |
11/13/26 |
5.265 |
|
|
32,256,129 | ||||
|
|
22,000,000 |
Roche Holdings, Inc.1 |
03/08/29 |
4.790 |
|
|
22,344,382 | ||||
|
|
18,145,000 |
Roche Holdings, Inc.1 |
09/09/29 |
4.203 |
|
|
18,088,992 | ||||
|
|
7,490,000 |
Roche Holdings, Inc.1 |
12/02/30 |
4.075 |
|
|
7,390,890 | ||||
|
|
2,000,000 |
Roche Holdings, Inc.1 |
11/13/33 |
5.593 |
|
|
2,111,794 | ||||
|
|
2,355,000 |
UnitedHealth Group, Inc. |
05/15/26 |
1.150 |
|
|
2,352,382 | ||||
|
|
|
|
170,853,052 | ||||||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
23 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Insurance (11.5%) |
|
|
||||||||
|
$ |
26,415,000 |
American Coastal Insurance Corp. |
12/15/27 |
6.250 |
% |
$ |
26,349,781 | ||||
|
|
22,375,000 |
American National Global Funding1 |
01/28/30 |
5.550 |
|
|
22,704,893 | ||||
|
|
33,015,000 |
American National Global Funding1 |
06/03/30 |
5.250 |
|
|
33,048,422 | ||||
|
|
33,170,000 |
American National Global Funding1 |
01/23/31 |
4.875 |
|
|
32,629,039 | ||||
|
|
25,000,000 |
Athene Global Funding1 |
07/09/27 |
5.349 |
|
|
25,130,203 | ||||
|
|
22,035,000 |
Athene Global Funding (SOFR + 0.950%)1,2 |
03/06/28 |
4.605 |
|
|
21,995,444 | ||||
|
|
47,995,000 |
Athene Global Funding1 |
01/09/29 |
5.583 |
|
|
48,653,715 | ||||
|
|
2,120,000 |
Athene Global Funding1 |
01/07/30 |
5.380 |
|
|
2,129,882 | ||||
|
|
1,925,000 |
Brighthouse Financial Global Funding1 |
04/09/27 |
5.550 |
|
|
1,935,133 | ||||
|
|
1,910,000 |
CNO Global Funding1 |
06/04/27 |
5.875 |
|
|
1,934,482 | ||||
|
|
30,350,000 |
Corebridge
Global |
06/24/26 |
5.350 |
|
|
30,403,722 | ||||
|
|
2,130,000 |
Corebridge
Global |
08/20/27 |
4.650 |
|
|
2,133,044 | ||||
|
|
26,910,000 |
Corebridge
Global |
09/19/28 |
5.900 |
|
|
27,717,123 | ||||
|
|
15,280,000 |
Equitable Financial Life Global Funding1 |
03/27/30 |
5.000 |
|
|
15,364,738 | ||||
|
|
1,925,000 |
F&G Global Funding1 |
06/30/26 |
1.750 |
|
|
1,915,765 | ||||
|
|
25,964,000 |
F&G Global Funding1 |
04/11/27 |
2.300 |
|
|
25,398,079 | ||||
|
|
34,080,000 |
F&G Global Funding1 |
06/10/27 |
5.875 |
|
|
34,458,995 | ||||
|
|
17,735,000 |
F&G Global Funding1 |
09/08/28 |
4.650 |
|
|
17,507,878 | ||||
|
|
31,655,000 |
F&G Global Funding1 |
01/09/29 |
4.500 |
|
|
31,038,288 | ||||
|
|
2,200,000 |
GA Global Funding Trust1 |
09/23/27 |
4.400 |
|
|
2,187,776 | ||||
|
|
17,225,000 |
GA Global Funding Trust1 |
01/08/29 |
5.500 |
|
|
17,438,900 | ||||
|
|
41,635,000 |
Guardian
Life Global |
09/26/29 |
4.179 |
|
|
41,268,686 | ||||
|
|
24,485,000 |
Guardian
Life Global |
04/28/30 |
4.798 |
|
|
24,707,395 | ||||
|
© Brown Brothers Harriman |
24 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Insurance (continued) |
|
|
||||||||
|
$ |
23,835,000 |
Guardian
Life Global |
12/11/30 |
4.402 |
% |
$ |
23,665,035 | ||||
|
|
2,059,000 |
Jackson National Life Global Funding1 |
07/02/27 |
5.550 |
|
|
2,080,314 | ||||
|
|
2,100,000 |
Lincoln Financial Global Funding1 |
01/13/30 |
5.300 |
|
|
2,129,744 | ||||
|
|
1,924,000 |
MassMutual Global Funding II1 |
04/09/27 |
5.100 |
|
|
1,942,409 | ||||
|
|
44,790,000 |
Met Tower Global Funding1 |
09/14/26 |
1.250 |
|
|
44,325,115 | ||||
|
|
23,485,000 |
Met Tower Global Funding1 |
04/12/29 |
5.250 |
|
|
23,978,475 | ||||
|
|
22,050,000 |
Metropolitan Life Global Funding I1 |
04/13/28 |
4.250 |
|
|
22,022,086 | ||||
|
|
28,050,000 |
Mutual of Omaha Cos Global Funding1 |
04/09/27 |
5.350 |
|
|
28,353,598 | ||||
|
|
54,060,000 |
Mutual of Omaha Cos Global Funding1 |
06/09/28 |
4.514 |
|
|
53,959,858 | ||||
|
|
18,735,000 |
Mutual of Omaha Cos Global Funding1 |
04/01/30 |
5.000 |
|
|
18,916,417 | ||||
|
|
27,190,000 |
New York Life Global Funding1 |
04/25/28 |
4.400 |
|
|
27,246,320 | ||||
|
|
2,100,000 |
New York Life Global Funding1 |
06/13/28 |
4.900 |
|
|
2,123,819 | ||||
|
|
22,295,000 |
New York Life Global Funding1 |
04/20/29 |
4.200 |
|
|
22,190,130 | ||||
|
|
38,945,000 |
Northwestern Mutual Global Funding1 |
03/25/27 |
5.070 |
|
|
39,307,052 | ||||
|
|
24,865,000 |
Northwestern Mutual Global Funding1 |
01/10/29 |
4.710 |
|
|
25,096,915 | ||||
|
|
37,640,000 |
Northwestern Mutual Global Funding1 |
03/30/29 |
4.400 |
|
|
37,696,128 | ||||
|
|
37,490,000 |
Pacific
Life Global |
04/04/28 |
4.900 |
|
|
37,863,334 | ||||
|
|
14,300,000 |
Pacific
Life Global |
08/28/29 |
4.500 |
|
|
14,289,234 | ||||
|
|
12,685,000 |
Pricoa Global Funding I1 |
08/27/27 |
4.400 |
|
|
12,719,769 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
25 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Insurance (continued) |
|
|
||||||||
|
$ |
12,560,000 |
Principal Life Global Funding II1 |
01/16/27 |
5.000 |
% |
$ |
12,627,324 | ||||
|
|
1,955,000 |
Principal Life Global Funding II1 |
06/28/28 |
5.500 |
|
|
1,990,801 | ||||
|
|
36,560,000 |
Protective Life Global Funding1 |
09/13/27 |
4.335 |
|
|
36,513,167 | ||||
|
|
28,265,000 |
Protective Life Global Funding1 |
06/05/30 |
4.803 |
|
|
28,310,822 | ||||
|
|
42,940,000 |
Protective Life Global Funding1 |
04/14/31 |
4.827 |
|
|
42,882,901 | ||||
|
|
16,160,000 |
RGA Global Funding1 |
11/21/28 |
6.000 |
|
|
16,687,475 | ||||
|
|
2,280,000 |
RGA Global Funding1 |
01/18/29 |
2.700 |
|
|
2,164,423 | ||||
|
|
17,755,000 |
RGA Global Funding1 |
05/24/29 |
5.448 |
|
|
18,161,216 | ||||
|
|
32,080,000 |
RGA Global Funding1 |
11/25/30 |
4.600 |
|
|
31,845,284 | ||||
|
|
27,515,000 |
SiriusPoint, Ltd. |
04/05/29 |
7.000 |
|
|
28,826,394 | ||||
|
|
4,205,000 |
Universal Insurance Holdings, Inc. |
11/30/26 |
5.625 |
|
|
4,171,470 | ||||
|
|
46,898,000 |
Western-Southern Global Funding1 |
07/16/28 |
4.500 |
|
|
46,851,999 | ||||
|
|
11,106,000 |
Western-Southern Global Funding1 |
05/01/30 |
4.900 |
|
|
11,164,566 | ||||
|
|
2,200,000 |
Willis North America, Inc. |
06/15/27 |
4.650 |
|
|
2,205,191 | ||||
|
|
|
|
1,212,360,168 | ||||||||
|
|
Internet (1.4%) |
|
|
||||||||
|
|
48,115,000 |
Alphabet, Inc. |
02/15/29 |
3.700 |
|
|
47,568,802 | ||||
|
|
2,200,000 |
Alphabet, Inc. |
11/15/30 |
4.100 |
|
|
2,181,270 | ||||
|
|
68,025,000 |
Amazon.com, Inc. |
03/13/29 |
4.000 |
|
|
67,542,729 | ||||
|
|
2,200,000 |
Amazon.com, Inc. |
11/20/30 |
4.100 |
|
|
2,169,707 | ||||
|
|
2,100,000 |
AppLovin Corp. |
12/01/29 |
5.125 |
|
|
2,116,764 | ||||
|
|
26,465,000 |
Meta Platforms, Inc. |
11/15/30 |
4.200 |
|
|
26,155,665 | ||||
|
|
2,200,000 |
Meta Platforms, Inc. |
11/15/32 |
4.600 |
|
|
2,173,548 | ||||
|
|
|
|
149,908,485 | ||||||||
|
© Brown Brothers Harriman |
26 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Investment Companies (5.1%) |
|
|
||||||||
|
$ |
30,435,000 |
Ares Capital Corp. |
07/15/26 |
2.150 |
% |
$ |
30,281,752 | ||||
|
|
2,045,000 |
Ares Capital Corp. |
01/15/27 |
7.000 |
|
|
2,071,886 | ||||
|
|
16,000,000 |
BlackRock TCP Capital Corp. |
05/30/29 |
6.950 |
|
|
15,819,803 | ||||
|
|
2,200,000 |
Blackstone Private Credit Fund |
03/15/27 |
3.250 |
|
|
2,164,052 | ||||
|
|
25,975,000 |
Blackstone Private Credit Fund |
09/26/27 |
4.950 |
|
|
25,780,081 | ||||
|
|
10,211,000 |
Blackstone Secured Lending Fund |
02/15/27 |
2.125 |
|
|
9,969,085 | ||||
|
|
37,115,000 |
Blue Owl Capital Corp. |
07/15/26 |
3.400 |
|
|
36,962,504 | ||||
|
|
18,000,000 |
Blue Owl Credit Income Corp. |
09/23/26 |
3.125 |
|
|
17,819,735 | ||||
|
|
26,605,000 |
Blue Owl Technology Finance Corp. |
01/23/31 |
6.125 |
|
|
25,616,164 | ||||
|
|
30,835,000 |
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance1 |
09/17/30 |
5.950 |
|
|
29,215,556 | ||||
|
|
33,538,000 |
Golub Capital BDC, Inc. |
08/24/26 |
2.500 |
|
|
33,234,074 | ||||
|
|
41,130,000 |
HA Sustainable Infrastructure Capital, Inc. |
01/15/31 |
6.150 |
|
|
42,342,426 | ||||
|
|
48,540,000 |
HAT Holdings I LLC/HAT Holdings II LLC1 |
06/15/26 |
3.375 |
|
|
48,439,460 | ||||
|
|
46,053,000 |
HPS Corporate Lending Fund1 |
04/02/29 |
5.150 |
|
|
45,092,656 | ||||
|
|
74,189,000 |
Main Street Capital Corp. |
07/14/26 |
3.000 |
|
|
73,877,158 | ||||
|
|
13,000,000 |
Main Street Capital Corp. |
08/15/28 |
5.400 |
|
|
12,947,802 | ||||
|
|
7,835,000 |
Main Street Capital Corp. |
03/01/29 |
6.950 |
|
|
8,075,597 | ||||
|
|
35,359,000 |
North Haven Private Income Fund LLC |
02/01/30 |
5.750 |
|
|
34,546,854 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
27 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Investment Companies (continued) |
|
|
||||||||
|
$ |
10,878,000 |
PennantPark Investment Corp. |
05/01/26 |
4.500 |
% |
$ |
10,878,000 | ||||
|
|
30,205,000 |
PennantPark Investment Corp. |
11/01/26 |
4.000 |
|
|
29,861,174 | ||||
|
|
|
|
534,995,819 | ||||||||
|
|
Machinery-Constraction & Mining (0.1%) |
|
|
||||||||
|
|
9,240,000 |
Caterpillar Financial Services Corp. |
10/16/26 |
4.450 |
|
|
9,261,453 | ||||
|
|
2,040,000 |
Komatsu Finance America, Inc.1 |
10/06/27 |
5.649 |
|
|
2,072,908 | ||||
|
|
|
|
11,334,361 | ||||||||
|
|
Machinery-Diversified (1.3%) |
|
|
||||||||
|
|
24,855,000 |
AGCO Corp. |
03/21/27 |
5.450 |
|
|
25,033,370 | ||||
|
|
10,920,000 |
CNH Industrial Capital LLC |
01/12/29 |
5.500 |
|
|
11,165,258 | ||||
|
|
27,185,000 |
CNH Industrial Capital LLC |
04/20/29 |
5.100 |
|
|
27,536,605 | ||||
|
|
27,370,000 |
John Deere Capital Corp. |
07/15/27 |
4.200 |
|
|
27,435,277 | ||||
|
|
44,670,000 |
John Deere Capital Corp. (SOFR + 0.500%)2 |
03/06/28 |
4.158 |
|
|
44,757,833 | ||||
|
|
1,935,000 |
John Deere Capital Corp. |
03/07/31 |
4.900 |
|
|
1,974,817 | ||||
|
|
|
|
137,903,160 | ||||||||
|
|
Oil & Gas (0.4%) |
|
|
||||||||
|
|
26,796,000 |
Continental
Resources, |
11/15/26 |
2.268 |
|
|
26,495,826 | ||||
|
|
2,500,000 |
Shell Finance US, Inc. |
11/07/29 |
2.375 |
|
|
2,345,333 | ||||
|
|
13,932,000 |
Woodside Finance, Ltd. (Australia)1 |
09/15/26 |
3.700 |
|
|
13,890,152 | ||||
|
|
|
|
42,731,311 | ||||||||
|
|
Packaging & Containers (0.4%) |
|
|
||||||||
|
|
37,691,000 |
Amcor Flexibles North America, Inc. |
03/17/28 |
4.800 |
|
|
37,912,447 | ||||
|
© Brown Brothers Harriman |
28 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Pharmaceuticals (2.5%) |
|
|
||||||||
|
$ |
46,200,000 |
Eli Lilly & Co. |
08/14/27 |
4.150 |
% |
$ |
46,285,027 | ||||
|
|
48,105,000 |
Eli Lilly & Co. |
02/12/28 |
4.550 |
|
|
48,438,749 | ||||
|
|
38,225,000 |
Johnson & Johnson |
03/01/27 |
4.500 |
|
|
38,431,527 | ||||
|
|
27,840,000 |
Merck & Co., Inc. |
03/15/29 |
3.850 |
|
|
27,615,674 | ||||
|
|
33,465,000 |
Merck & Co., Inc. |
09/15/30 |
4.150 |
|
|
33,289,725 | ||||
|
|
2,400,000 |
Merck & Co., Inc. |
12/10/31 |
2.150 |
|
|
2,124,852 | ||||
|
|
18,445,000 |
Novartis Capital Corp. |
03/16/29 |
4.100 |
|
|
18,388,962 | ||||
|
|
2,200,000 |
Novartis Capital Corp. |
11/05/32 |
4.300 |
|
|
2,169,740 | ||||
|
|
44,811,000 |
PRA Health Sciences, Inc.1 |
07/15/26 |
2.875 |
|
|
44,559,197 | ||||
|
|
2,200,000 |
Sanofi S.A. (France) |
11/03/32 |
4.200 |
|
|
2,160,247 | ||||
|
|
|
|
263,463,700 | ||||||||
|
|
Pipelines (0.5%) |
|
|
||||||||
|
|
49,031,000 |
Energy Transfer LP |
03/15/27 |
4.400 |
|
|
49,060,993 | ||||
|
|
2,100,000 |
ONEOK, Inc. |
11/01/26 |
5.550 |
|
|
2,110,827 | ||||
|
|
2,000,000 |
Targa Resources Corp. |
07/01/27 |
5.200 |
|
|
2,014,713 | ||||
|
|
|
|
53,186,533 | ||||||||
|
|
Private Equity (0.2%) |
|
|
||||||||
|
|
18,411,000 |
Hercules Capital, Inc. |
01/20/27 |
3.375 |
|
|
18,168,252 | ||||
|
|
|
|
|||||||||
|
|
Real Estate Investment Trusts (1.7%) |
|
|
||||||||
|
|
70,535,000 |
American Tower Corp. |
10/15/26 |
3.375 |
|
|
70,259,841 | ||||
|
|
9,290,000 |
American Tower Trust #11 |
03/15/53 |
5.490 |
|
|
9,385,715 | ||||
|
|
14,500,000 |
Arbor Realty SR, Inc.1 |
12/15/28 |
8.500 |
|
|
14,366,293 | ||||
|
|
7,570,000 |
Arbor Realty SR, Inc.1 |
07/15/30 |
7.875 |
|
|
7,150,987 | ||||
|
|
19,450,000 |
Arbor Realty Trust, Inc.1 |
09/01/26 |
4.500 |
|
|
19,281,981 | ||||
|
|
1,920,000 |
Boston Properties LP |
10/01/26 |
2.750 |
|
|
1,907,390 | ||||
|
|
25,360,000 |
EF Holdco/EF Cayman Hold/Ellington Finance REIT Cayman/TRS/EF Cayman Non-MTM (Multinational)1 |
04/01/27 |
5.875 |
|
|
24,465,453 | ||||
|
|
29,500,000 |
Rexford Industrial Realty LP |
06/15/28 |
5.000 |
|
|
29,818,182 | ||||
|
|
|
|
176,635,842 | ||||||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
29 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Retail (0.2%) |
|
|
||||||||
|
$ |
22,320,000 |
Home Depot, Inc. |
06/25/26 |
5.150 |
% |
$ |
22,362,565 | ||||
|
|
2,110,000 |
Starbucks Corp. |
02/08/27 |
4.850 |
|
|
2,119,630 | ||||
|
|
|
|
24,482,195 | ||||||||
|
|
Semiconductors (0.2%) |
|
|
||||||||
|
|
16,565,000 |
ams-OSRAM AG (Austria)1 |
03/30/29 |
12.250 |
|
|
17,688,024 | ||||
|
|
|
|
|||||||||
|
|
Software (2.0%) |
|
|
||||||||
|
|
2,000,000 |
Concentrix Corp. |
08/02/28 |
6.600 |
|
|
1,982,019 | ||||
|
|
27,660,000 |
Fidelity National Information Services, Inc. |
03/10/28 |
4.450 |
|
|
27,582,392 | ||||
|
|
61,486,000 |
Oracle Corp. |
07/15/26 |
2.650 |
|
|
61,265,668 | ||||
|
|
2,200,000 |
Oracle Corp. |
05/06/30 |
4.650 |
|
|
2,156,662 | ||||
|
|
78,135,000 |
Salesforce, Inc. |
03/15/29 |
4.650 |
|
|
78,287,183 | ||||
|
|
36,227,000 |
Synopsys, Inc. |
04/01/27 |
4.550 |
|
|
36,363,031 | ||||
|
|
2,235,000 |
VMware LLC |
08/15/26 |
1.400 |
|
|
2,217,823 | ||||
|
|
2,400,000 |
Workday, Inc. |
04/01/32 |
3.800 |
|
|
2,234,795 | ||||
|
|
|
|
212,089,573 | ||||||||
|
|
Trucking & Leasing (0.3%) |
|
|
||||||||
|
|
2,200,000 |
Penske Truck Leasing Co. LP/PTL Finance Corp.1 |
07/01/27 |
4.400 |
|
|
2,195,572 | ||||
|
|
31,000,000 |
Penske Truck Leasing Co. LP/PTL Finance Corp.1 |
05/01/28 |
5.550 |
|
|
31,492,069 | ||||
|
|
|
|
33,687,641 | ||||||||
|
|
Total Corporate Bonds (Cost $5,822,379,409) |
|
|
5,834,285,171 | |||||||
|
© Brown Brothers Harriman |
30 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Loan Participations and Assignments (6.4%) |
|
|
||||||||
|
|
Airlines (0.5%) |
|
|
||||||||
|
$ |
53,464,600 |
AAdvantage Loyality IP, Ltd. (3-Month CME SOFR + 2.250%) (Cayman Islands)2 |
04/20/28 |
5.925 |
% |
$ |
53,122,961 | ||||
|
|
|
|
|||||||||
|
|
Chemicals (0.2%) |
|
|
||||||||
|
|
19,140,069 |
Axalta Coating Systems U.S. Holdings, Inc. Term B7 (3-Month CME SOFR + 1.750%)2 |
12/20/29 |
5.450 |
|
|
19,159,975 | ||||
|
|
|
|
|||||||||
|
|
Diversified Financial Services (0.7%) |
|
|
||||||||
|
|
20,210,987 |
Allspring Buyer LLC (3-Month CME SOFR + 3.000%)2 |
11/01/30 |
6.750 |
|
|
20,286,778 | ||||
|
|
41,625,000 |
Relam Amsterdam Holdings BV Term A (1-Month CME SOFR + 1.250%) (Netherlands)*,2 |
07/10/28 |
5.002 |
|
|
41,416,875 | ||||
|
|
9,284,243 |
Setanta Aircraft Leasing DAC (3-Month CME SOFR + 1.750%) (Ireland)2 |
11/05/28 |
5.450 |
|
|
9,332,150 | ||||
|
|
|
|
71,035,803 | ||||||||
|
|
Electric (0.3%) |
|
|
||||||||
|
|
19,496,650 |
Eastern Power LLC (1-Month CME SOFR + 4.750%)2 |
04/03/29 |
8.402 |
|
|
19,541,298 | ||||
|
|
7,939,241 |
NRG Energy, Inc. (3-Month CME Term SOFR + 1.750%)2 |
04/16/31 |
5.419 |
|
|
7,951,785 | ||||
|
|
|
|
27,493,083 | ||||||||
|
|
Electronics (0.7%) |
|
|
||||||||
|
|
68,750,000 |
Honeywell International, Inc. Term A1 (1-Month CME SOFR + 0.875%)2 |
05/07/27 |
4.527 |
|
|
68,664,063 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
31 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Loan Participations and Assignments (continued) |
|
|
||||||||
|
|
Engineering & Construction (0.8%) |
|
|
||||||||
|
$ |
49,572,614 |
Asplundh Tree Expert LLC (1-Month CME SOFR + 1.750%)2 |
09/07/27 |
5.502 |
% |
$ |
49,744,631 | ||||
|
|
39,127,837 |
SBA Senior Finance II LLC (1-Month CME SOFR + 1.750%)2 |
01/25/31 |
5.410 |
|
|
39,286,696 | ||||
|
|
|
|
89,031,327 | ||||||||
|
|
Entertainment (0.1%) |
|
|
||||||||
|
|
20,929,017 |
Allen Media LLC (3-Month CME SOFR + 5.500%)2 |
02/10/27 |
9.350 |
|
|
13,603,861 | ||||
|
|
|
|
|||||||||
|
|
Healthcare-Services (0.5%) |
|
|
||||||||
|
|
17,819,549 |
Iqvia, Inc. Term B5 (3-Month CME SOFR + 1.750%)2 |
01/02/31 |
5.450 |
|
|
17,942,147 | ||||
|
|
3,792,896 |
MPH Acquisition Holdings LLC (3-Month CME SOFR + 3.750%)2 |
12/31/30 |
7.413 |
|
|
3,785,310 | ||||
|
|
31,440,697 |
MPH Acquisition Holdings LLC (3-Month CME SOFR + 4.600%)2 |
12/31/30 |
8.263 |
|
|
28,049,503 | ||||
|
|
|
|
49,776,960 | ||||||||
|
|
Media (0.8%) |
|
|
||||||||
|
|
60,511,529 |
Charter Communications Operating LLC Term B4 (3-Month CME SOFR + 2.000%)2 |
12/07/30 |
5.692 |
|
|
60,427,418 | ||||
|
|
27,043,672 |
Midcontinent Communications (1-Month CME SOFR + 2.500%)2 |
08/16/31 |
6.152 |
|
|
26,925,492 | ||||
|
|
|
|
87,352,910 | ||||||||
|
© Brown Brothers Harriman |
32 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Loan Participations and Assignments (continued) |
|
|
||||||||
|
|
Pharmaceuticals (0.4%) |
|
|
||||||||
|
$ |
21,697,945 |
Elanco Animal Health, Inc. (1-Month CME SOFR + 1.750%)2 |
10/31/32 |
5.415 |
% |
$ |
21,752,190 | ||||
|
|
22,744,000 |
Jazz Pharmaceuticals, Inc. Term B2 (1-Month CME SOFR + 2.250%)2 |
05/05/28 |
5.902 |
|
|
22,835,659 | ||||
|
|
|
|
44,587,849 | ||||||||
|
|
Pipelines (0.2%) |
|
|
||||||||
|
|
8,740,559 |
Buckeye Partners LP Term B7 (1-Month CME SOFR + 1.750%)2 |
11/22/32 |
5.402 |
|
|
8,780,591 | ||||
|
|
16,791,470 |
UGI Energy Services LLC (1-Month CME SOFR + 2.500%)2 |
02/22/30 |
6.152 |
|
|
16,877,107 | ||||
|
|
|
|
25,657,698 | ||||||||
|
|
Real Estate Investment Trusts (0.1%) |
|
|
||||||||
|
|
2,579,851 |
Healthpeak OP LLC Term A1 (1-Month CME SOFR + 0.840%)2 |
08/20/27 |
4.492 |
|
|
2,544,378 | ||||
|
|
2,579,851 |
Healthpeak OP LLC Term A2 (1-Month CME SOFR + 0.840%)2 |
02/22/27 |
4.492 |
|
|
2,544,378 | ||||
|
|
5,448,842 |
Healthpeak OP LLC Term A3 (SOFR + 0.850%)2 |
03/01/29 |
4.500 |
|
|
5,346,676 | ||||
|
|
|
|
10,435,432 | ||||||||
|
|
Software (0.6%) |
|
|
||||||||
|
|
60,831,689 |
Oracle Corp. (1-Month CME SOFR + 1.250%)2 |
08/16/27 |
5.002 |
|
|
60,603,570 | ||||
|
|
|
|
|||||||||
|
|
Telecommunications (0.3%) |
|
|
||||||||
|
|
30,347,290 |
Iridium Communications, Inc. Term B4 (1-Month CME SOFR + 2.250%)2 |
09/20/30 |
5.902 |
|
|
29,774,637 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
33 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Loan Participations and Assignments (continued) |
|
|
||||||||
|
|
Transportation (0.2%) |
|
|
||||||||
|
$ |
23,935,013 |
Stonepeak Nile Parent LLC (3-Month CME SOFR + 2.250%)2 |
04/09/32 |
5.919 |
% |
$ |
24,009,929 | ||||
|
|
Total Loan Participations and Assignments (Cost $681,806,742) |
|
|
674,310,058 | |||||||
|
|
|
|
|||||||||
|
|
Municipal Bonds (0.3%) |
|
|
||||||||
|
|
31,000,000 |
Kentucky Public Energy Authority, Revenue Bonds (SOFR + 1.200%)2 |
08/01/52 |
3.632 |
|
|
31,047,135 | ||||
|
|
Total Municipal Bonds (Cost $31,000,000) |
|
|
31,047,135 | |||||||
|
|
|
|
|||||||||
|
|
Residential Mortgage Backed Securities (0.0%) |
|
|
||||||||
|
|
4,724,365 |
RMF Proprietary Issuance Trust 2019-11,2,3 |
10/25/63 |
2.750 |
|
|
4,555,430 | ||||
|
|
Total Residential Mortgage Backed Securities (Cost $4,692,947) |
|
|
4,555,430 | |||||||
|
|
|
|
|||||||||
|
|
U.S. Government Agency Obligations (1.5%) |
|
|
||||||||
|
|
150,280,000 |
Federal Home Loan Bank Discount Notes6,7 |
05/01/26 |
3.550 |
|
|
150,280,000 | ||||
|
|
5,778 |
Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (1-Year RFUCCT + 1.795%)2 |
04/01/36 |
6.795 |
|
|
5,890 | ||||
|
|
10,616 |
Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (6-Month RFUCCT + 1.740%)2 |
12/01/36 |
5.990 |
|
|
10,970 | ||||
|
© Brown Brothers Harriman |
34 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
U.S. Government Agency Obligations (continued) |
|
|
||||||||
|
$ |
1,578,861 |
Federal National Mortgage Association (FNMA) |
07/01/35 |
5.000 |
% |
$ |
1,587,090 | ||||
|
|
97,459 |
Federal National Mortgage Association (FNMA) |
11/01/35 |
5.500 |
|
|
100,501 | ||||
|
|
13,872 |
Federal National Mortgage Association (FNMA) (1-Year RFUCCT + 1.964%)2 |
07/01/36 |
6.714 |
|
|
14,433 | ||||
|
|
22,388 |
Federal National Mortgage Association (FNMA) (1-Year RFUCCT + 1.718%)2 |
09/01/36 |
6.438 |
|
|
23,053 | ||||
|
|
16,860 |
Federal National Mortgage Association (FNMA) (1-Year RFUCCT + 1.716%)2 |
01/01/37 |
5.993 |
|
|
17,347 | ||||
|
|
94,831 |
Federal National Mortgage Association (FNMA) |
08/01/37 |
5.500 |
|
|
97,792 | ||||
|
|
1,098,830 |
Federal National Mortgage Association (FNMA) |
08/01/37 |
5.500 |
|
|
1,118,954 | ||||
|
|
490,125 |
Federal National Mortgage Association (FNMA) |
06/01/40 |
6.500 |
|
|
520,840 | ||||
|
|
1,643 |
Government National Mortgage Association (GNMA) (1-Year CMT Index + 1.500%)2 |
08/20/29 |
5.375 |
|
|
1,649 | ||||
|
|
Total U.S. Government Agency Obligations (Cost $153,810,038) |
|
|
153,778,519 | |||||||
|
|
|
|
|||||||||
|
|
U.S. Treasury Bills (10.2%) |
|
|
||||||||
|
|
125,000,000 |
U.S. Treasury Bill6,7 |
05/05/26 |
3.588 |
|
|
124,950,688 | ||||
|
|
128,070,000 |
U.S. Treasury Bill6,7 |
05/12/26 |
3.603 |
|
|
127,929,838 | ||||
|
|
120,800,000 |
U.S. Treasury Bill6,7 |
05/19/26 |
3.606 |
|
|
120,584,477 | ||||
|
|
123,145,000 |
U.S. Treasury Bill6,7 |
05/26/26 |
3.606 |
|
|
122,839,307 | ||||
|
|
119,000,000 |
U.S. Treasury Bill6,7 |
06/02/26 |
3.632 |
|
|
118,617,866 | ||||
|
|
115,730,000 |
U.S. Treasury Bill6,7 |
06/11/26 |
3.603 |
|
|
115,257,350 | ||||
|
|
115,845,000 |
U.S. Treasury Bill6,7 |
06/18/26 |
3.614 |
|
|
115,290,303 | ||||
|
|
117,000,000 |
U.S. Treasury Bill6,7 |
07/02/26 |
3.643 |
|
|
116,272,585 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
35 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||||
|
|
U.S. Treasury Bills (continued) |
|
|
| ||||||||
|
$ |
100,000,000 |
U.S. Treasury Bill6,7 |
07/16/26 |
3.612 |
% |
$ |
99,242,850 |
| ||||
|
|
10,250,000 |
U.S. Treasury Bill6,7,8 |
09/24/26 |
3.641 |
|
|
10,100,080 |
| ||||
|
|
Total U.S. Treasury Bills (Cost $1,071,086,873) |
|
|
1,071,085,344 |
| |||||||
|
|
|
|
| |||||||||
|
|
U.S. Treasury Bonds and Notes (0.2%) |
|
|
| ||||||||
|
|
23,975,000 |
U.S. Treasury Note |
07/31/30 |
3.875 |
|
|
23,865,427 |
| ||||
|
|
Total U.S. Treasury Bonds and Notes (Cost $ 24,088,884) |
|
|
23,865,427 |
| |||||||
|
|
|
|
| |||||||||
|
|
Total Investments (Cost $10,544,465,168) |
100.2 |
% |
$ |
10,537,679,785 |
| ||||||
|
|
Liabilities in Excess of Cash and Other Assets |
(0.2 |
)% |
|
(24,336,633 |
) | ||||||
|
|
Net Assets |
100.0 |
% |
$ |
10,513,343,152 |
| ||||||
____________
* Security that used significant unobservable inputs to determine fair value.
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, 2026 was $5,159,764,734 or 49.1% 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, 2026 coupon or interest rate.
3 This variable rate security is based on a predetermined schedule and the rate at April 30, 2026, also represents the reference rate at April 30, 2026.
4 Security issued with zero coupon. Income is recognized through accretion of discount.
5 Security is perpetual in nature and has no stated maturity date.
6 Coupon represents a yield to maturity.
7 Coupon represents a weighted average yield.
8 All or a portion of this security is held at the broker as collateral for open futures contracts.
Abbreviations:
CME − Chicago Mercantile Exchange.
CMT − Constant Maturity Treasury.
FHLMC − Federal Home Loan Mortgage Corporation.
FNMA − Federal National Mortgage Association.
GNMA − Government National Mortgage Association.
RFUCCT − Refinitiv USD IBOR Consumer Cash Fallbacks Term.
SOFR − Secured Overnight Financing Rate.
|
© Brown Brothers Harriman |
36 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) |
Financial Futures Contracts
The following futures contracts were open at April 30, 2026:
|
Description |
Number
of |
Expiration
|
Notional
|
Market Value |
Unrealized
| ||||||||
|
Contracts to Sell: |
|
|
|
||||||||||
|
U.S. Treasury 2-Year Notes |
2,100 |
June 2026 |
$ |
437,027,069 |
$ |
434,962,500 |
$ |
2,064,569 | |||||
|
U.S. Treasury 5-Year Notes |
5,050 |
June 2026 |
|
551,812,799 |
|
544,571,487 |
|
7,241,312 | |||||
|
|
|
$ |
9,305,881 | ||||||||||
|
Net Unrealized Gain on Open Futures Contracts9 |
|
|
$ |
9,305,881 | |||||||||
____________
9 The aggregate cost of investments and derivatives for federal income tax purposes is $10,544,465,168, the aggregate gross unrealized appreciation is $45,379,280 and the aggregate gross unrealized depreciation is $42,858,782, resulting in net unrealized appreciation of $2,520,498.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
37 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) |
Fair Value Measurements
The Fund is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Authoritative guidance establishes three levels of the fair value hierarchy as follows:
|
— |
Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities. | |
|
— |
Level 2 – significant other observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.). | |
|
— |
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets and liabilities). |
Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires judgment by the investment adviser. The investment adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the investment adviser’s perceived risk of that instrument.
|
© Brown Brothers Harriman |
38 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) |
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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
39 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) |
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2026:
|
Investments, at value |
Unadjusted
|
Significant
|
Significant
|
Balance
as of | ||||||||
|
Asset Backed Securities |
$ |
— |
$ |
2,355,488,388 |
$ |
3,988,702 |
$ |
2,359,477,090 | ||||
|
Commercial Mortgage Backed Securities |
|
— |
|
385,275,611 |
|
— |
|
385,275,611 | ||||
|
Corporate Bonds |
|
— |
|
5,834,285,171 |
|
— |
|
5,834,285,171 | ||||
|
Loan Participations and Assignments |
|
— |
|
632,893,183 |
|
41,416,875 |
|
674,310,058 | ||||
|
Municipal Bonds |
|
— |
|
31,047,135 |
|
— |
|
31,047,135 | ||||
|
Residential Mortgage Backed Securities |
|
— |
|
4,555,430 |
|
— |
|
4,555,430 | ||||
|
U.S. Government Agency Obligations |
|
— |
|
153,778,519 |
|
— |
|
153,778,519 | ||||
|
U.S. Treasury Bills |
|
— |
|
1,071,085,344 |
|
— |
|
1,071,085,344 | ||||
|
U.S. Treasury Bonds and Notes |
|
— |
|
23,865,427 |
|
— |
|
23,865,427 | ||||
|
Total Investments, at value |
$ |
— |
$ |
10,492,274,208 |
$ |
45,405,577 |
$ |
10,537,679,785 | ||||
|
|
|
|
|
|||||||||
|
Other
Financial |
|
|
|
|
||||||||
|
Assets |
|
|
|
|
||||||||
|
Financial Futures Contracts |
$ |
9,305,881 |
$ |
— |
$ |
— |
$ |
9,305,881 | ||||
|
Other Financial Instruments, at value |
$ |
9,305,881 |
$ |
— |
$ |
— |
$ |
9,305,881 | ||||
|
© Brown Brothers Harriman |
40 |
|
BBH Limited Duration Fund Portfolio
of Investments (continued) |
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, 2026:
|
Asset
|
Loan
|
Total | ||||||||||
|
Balance as of October 31, 2025 |
$ |
4,714,320 |
|
$ |
42,536,250 |
|
$ |
47,250,570 |
| |||
|
Purchases |
|
— |
|
|
— |
|
|
— |
| |||
|
Sales/Paydowns |
|
(728,449 |
) |
|
(1,125,000 |
) |
|
(1,853,449 |
) | |||
|
Realized gains/(losses) |
|
— |
|
|
382 |
|
|
382 |
| |||
|
Change in unrealized appreciation/(depreciation) |
|
2,831 |
|
|
2,263 |
|
|
5,094 |
| |||
|
Amortization |
|
— |
|
|
2,980 |
|
|
2,980 |
| |||
|
Transfers from Level 3 |
|
— |
|
|
— |
|
|
— |
| |||
|
Transfers to Level 3 |
|
— |
|
|
— |
|
|
— |
| |||
|
Balance as of April 30, 2026 |
$ |
3,988,702 |
|
$ |
41,416,875 |
|
$ |
45,405,577 |
| |||
As of April 30, 2026, $45,405,577 of value of the Level 3 assets in the Fund was based on single quotes from brokers.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
41 |
|
BBH Limited Duration Fund Statement
of Assets and Liabilities |
|
Assets: |
|
| ||
|
Investments in securities, at value (Cost $10,544,465,168) |
$ |
10,537,679,785 |
| |
|
Cash |
|
3,052,198 |
| |
|
Receivables for: |
|
| ||
|
Interest |
|
66,573,448 |
| |
|
Shares sold |
|
13,987,841 |
| |
|
Investments sold |
|
41,623 |
| |
|
Prepaid expenses |
|
46,272 |
| |
|
Total Assets |
|
10,621,381,167 |
| |
|
|
| |||
|
Liabilities: |
|
| ||
|
Payables for: |
|
| ||
|
Investments purchased |
|
89,617,797 |
| |
|
Shares redeemed |
|
13,476,459 |
| |
|
Net Investment advisory fees |
|
1,873,442 |
| |
|
Administrative fees |
|
257,791 |
| |
|
Dividends declared |
|
1,238,369 |
| |
|
Futures variation margin on open contracts |
|
1,228,904 |
| |
|
Custody and fund accounting fees |
|
178,832 |
| |
|
Shareholder servicing fees |
|
78,860 |
| |
|
Professional fees |
|
58,714 |
| |
|
Board of Trustees’ fees |
|
6,699 |
| |
|
Transfer agent fees |
|
1,119 |
| |
|
Accrued expenses and other liabilities |
|
21,029 |
| |
|
Total Liabilities |
|
108,038,015 |
| |
|
Net Assets |
$ |
10,513,343,152 |
| |
|
|
| |||
|
Net Assets Consist of: |
|
| ||
|
Paid-in capital |
$ |
10,516,572,478 |
| |
|
Accumulated deficit |
|
(3,229,326 |
) | |
|
Net Assets |
$ |
10,513,343,152 |
| |
|
|
| |||
|
Net Asset Value and Offering Price per Share |
|
| ||
|
Class N Shares |
|
| ||
|
($485,394,009 ÷ 46,329,131 shares outstanding) |
$ |
10.48 |
| |
|
Class I Shares |
|
| ||
|
($10,027,949,143 ÷ 957,624,525 shares outstanding) |
$ |
10.47 |
|
|
© Brown Brothers Harriman |
42 |
|
BBH Limited Duration Fund Statement
of Operations |
|
Net Investment Income: |
|
| ||
|
Income: |
|
| ||
|
Interest income |
$ |
248,726,414 |
| |
|
Interest income on cash balances |
|
112,423 |
| |
|
Other income |
|
76,682 |
| |
|
Total Income |
|
248,915,519 |
| |
|
|
| |||
|
Expenses: |
|
| ||
|
Investment advisory fees |
|
12,071,148 |
| |
|
Administrative fees |
|
1,029,600 |
| |
|
Shareholder servicing fees |
|
481,463 |
| |
|
Custody and fund accounting fees |
|
367,782 |
| |
|
Board of Trustees’ fees |
|
91,841 |
| |
|
Professional fees |
|
61,814 |
| |
|
Transfer agent fees |
|
44,774 |
| |
|
Miscellaneous expenses |
|
583,012 |
| |
|
Total Expenses |
|
14,731,434 |
| |
|
Investment advisory and administrative fee waiver |
|
(340,910 |
) | |
|
Net Expenses |
|
14,390,524 |
| |
|
Net Investment Income |
|
234,524,995 |
| |
|
|
| |||
|
Net Realized and Unrealized Loss: |
|
| ||
|
Net realized gain on investments in securities |
|
1,788,041 |
| |
|
Net realized loss on futures contracts |
|
(828,543 |
) | |
|
Net realized gain on investments in securities and futures contracts |
|
959,498 |
| |
|
Net change in unrealized appreciation/(depreciation) on investments in securities |
|
(49,624,154 |
) | |
|
Net change in unrealized appreciation/(depreciation) on futures contracts |
|
9,211,240 |
| |
|
Net change in unrealized appreciation/(depreciation) on investments in securities and futures contracts |
|
(40,412,914 |
) | |
|
Net Realized and Unrealized Loss |
|
(39,453,416 |
) | |
|
Net Increase in Net Assets Resulting from Operations |
$ |
195,071,579 |
|
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
43 |
|
BBH Limited Duration Fund Statements of Changes in Net Assets
|
|
For
the |
For
the | |||||||
|
Increase/(Decrease) in Net Assets from: |
|
|
|
| ||||
|
Operations: |
|
|
|
| ||||
|
Net investment income |
$ |
234,524,995 |
|
$ |
444,644,112 |
| ||
|
Net realized gain on investments in securities and futures contracts |
|
959,498 |
|
|
2,179,162 |
| ||
|
Net change in unrealized appreciation/(depreciation) on investments in securities and futures contracts |
|
(40,412,914 |
) |
|
76,931,748 |
| ||
|
Net increase in net assets resulting from operations |
|
195,071,579 |
|
|
523,755,022 |
| ||
|
|
|
|
| |||||
|
Dividends and distributions declared: |
|
|
|
| ||||
|
Class N |
|
(10,626,392 |
) |
|
(22,173,309 |
) | ||
|
Class I |
|
(219,933,942 |
) |
|
(420,920,457 |
) | ||
|
Total
dividends and distributions |
|
(230,560,334 |
) |
|
(443,093,766 |
) | ||
|
|
|
|
| |||||
|
Share transactions: |
|
|
|
| ||||
|
Proceeds from sales of shares1 |
|
2,396,914,177 |
|
|
5,353,210,217 |
| ||
|
Net asset value of shares issued to shareholders for reinvestment of dividends and distributions |
|
99,847,944 |
|
|
167,499,153 |
| ||
|
Cost of shares redeemed1 |
|
(2,108,472,398 |
) |
|
(3,640,250,908 |
) | ||
|
Net increase in net assets resulting from share transactions |
|
388,289,723 |
|
|
1,880,458,462 |
| ||
|
Total increase in net assets |
|
352,800,968 |
|
|
1,961,119,718 |
| ||
|
|
|
|
| |||||
|
Net Assets: |
|
|
|
| ||||
|
Beginning of period/year |
|
10,160,542,184 |
|
|
8,199,422,466 |
| ||
|
End of period/year |
$ |
10,513,343,152 |
|
$ |
10,160,542,184 |
| ||
____________
1 Includes share exchanges. See Note 5 in Notes to Financial Statements.
|
© Brown Brothers Harriman |
44 |
|
BBH Limited Duration Fund Financial
Highlights |
|
For
the |
| |||||||||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||||||||
|
Net asset value, beginning of period/year |
$ |
10.51 |
|
$ |
10.42 |
|
$ |
10.11 |
|
$ |
9.91 |
|
$ |
10.32 |
|
$ |
10.23 |
| ||||||
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net investment income1 |
|
0.23 |
|
|
0.49 |
|
|
0.50 |
|
|
0.41 |
|
|
0.19 |
|
|
0.15 |
| ||||||
|
Net realized and unrealized gain/(loss) |
|
(0.03 |
) |
|
0.09 |
|
|
0.31 |
|
|
0.20 |
|
|
(0.41 |
) |
|
0.09 |
| ||||||
|
Total income/(loss) from investment operations |
|
0.20 |
|
|
0.58 |
|
|
0.81 |
|
|
0.61 |
|
|
(0.22 |
) |
|
0.24 |
| ||||||
|
Dividends and distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
From net investment income |
|
(0.23 |
) |
|
(0.49 |
) |
|
(0.50 |
) |
|
(0.41 |
) |
|
(0.19 |
) |
|
(0.15 |
) | ||||||
|
From net realized gains |
|
— |
|
|
— |
|
|
(0.00 |
)2 |
|
— |
|
|
— |
|
|
— |
| ||||||
|
Total dividends and distributions to shareholders |
|
(0.23 |
) |
|
(0.49 |
) |
|
(0.50 |
) |
|
(0.41 |
) |
|
(0.19 |
) |
|
(0.15 |
) | ||||||
|
Net asset value, end of period/year |
$ |
10.48 |
|
$ |
10.51 |
|
$ |
10.42 |
|
$ |
10.11 |
|
$ |
9.91 |
|
$ |
10.32 |
| ||||||
|
Total return3 |
|
1.92 |
%4 |
|
5.64 |
% |
|
8.20 |
% |
|
6.24 |
% |
|
(2.12 |
)% |
|
2.38 |
% | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net assets, end of period/year (in millions) |
$ |
485 |
|
$ |
472 |
|
$ |
468 |
|
$ |
440 |
|
$ |
490 |
|
$ |
656 |
| ||||||
|
Ratio of expenses to average net assets before reductions |
|
0.49 |
%5 |
|
0.49 |
% |
|
0.49 |
% |
|
0.49 |
% |
|
0.49 |
% |
|
0.49 |
% | ||||||
|
Fee waiver6 |
|
(0.14 |
)%5 |
|
(0.14 |
)% |
|
(0.14 |
)% |
|
(0.14 |
)% |
|
(0.14 |
)% |
|
(0.14 |
)% | ||||||
|
Ratio of expenses to average net assets after reductions |
|
0.35 |
%5 |
|
0.35 |
% |
|
0.35 |
% |
|
0.35 |
% |
|
0.35 |
% |
|
0.35 |
% | ||||||
|
Ratio of net investment income to average net assets |
|
4.49 |
%5 |
|
4.66 |
% |
|
4.84 |
% |
|
4.06 |
% |
|
1.87 |
% |
|
1.48 |
% | ||||||
|
Portfolio turnover rate |
|
17 |
%4 |
|
38 |
% |
|
40 |
% |
|
22 |
% |
|
46 |
% |
|
34 |
% | ||||||
____________
1 Calculated using average shares outstanding for the period/year.
2 Less than $0.01.
3 Assumes the reinvestment of distributions.
4 Not annualized.
5 Annualized.
6 The ratio of expenses to average net assets for the six months ended April 30, 2026, the years ended October 31, 2025, 2024, 2023, 2022 and 2021, reflects fees reduced as result of a contractual operating expense limitation of the share class to 0.35%. The agreement is effective through March 1, 2027 and may only be terminated during its term with approval of the Fund’s Board of Trustees. For the six months ended April 30, 2026 and the years ended October 31, 2025, 2024, 2023, 2022 and 2021, the waived fees were $340,910, $653,680, $631,656, $665,947, $797,646 and $746,522, respectively.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
45 |
|
BBH Limited Duration Fund Financial
Highlights (continued) |
|
For
the |
| |||||||||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||||||||
|
Net asset value, beginning of period/year |
$ |
10.51 |
|
$ |
10.42 |
|
$ |
10.11 |
|
$ |
9.90 |
|
$ |
10.32 |
|
$ |
10.23 |
| ||||||
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net investment income1 |
|
0.24 |
|
|
0.50 |
|
|
0.51 |
|
|
0.41 |
|
|
0.19 |
|
|
0.16 |
| ||||||
|
Net realized and unrealized gain/(loss) |
|
(0.05 |
) |
|
0.08 |
|
|
0.31 |
|
|
0.22 |
|
|
(0.41 |
) |
|
0.09 |
| ||||||
|
Total income/(loss) from investment operations |
|
0.19 |
|
|
0.58 |
|
|
0.82 |
|
|
0.63 |
|
|
(0.22 |
) |
|
0.25 |
| ||||||
|
Dividends and distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
From net investment income |
|
(0.23 |
) |
|
(0.49 |
) |
|
(0.51 |
) |
|
(0.42 |
) |
|
(0.20 |
) |
|
(0.16 |
) | ||||||
|
From net realized gains |
|
— |
|
|
— |
|
|
(0.00 |
)2 |
|
— |
|
|
— |
|
|
— |
| ||||||
|
Total dividends and distributions to shareholders |
|
(0.23 |
) |
|
(0.49 |
) |
|
(0.51 |
) |
|
(0.42 |
) |
|
(0.20 |
) |
|
(0.16 |
) | ||||||
|
Net asset value, end of period/year |
$ |
10.47 |
|
$ |
10.51 |
|
$ |
10.42 |
|
$ |
10.11 |
|
$ |
9.90 |
|
$ |
10.32 |
| ||||||
|
Total return3 |
|
1.86 |
%4 |
|
5.72 |
% |
|
8.28 |
% |
|
6.43 |
% |
|
(2.14 |
)% |
|
2.46 |
% | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net assets, end of period/year (in millions) |
$ |
10,028 |
|
$ |
9,689 |
|
$ |
7,732 |
|
$ |
6,688 |
|
$ |
7,749 |
|
$ |
11,442 |
| ||||||
|
Ratio of expenses to average net assets |
|
0.28 |
%5 |
|
0.27 |
% |
|
0.27 |
% |
|
0.28 |
% |
|
0.27 |
% |
|
0.27 |
% | ||||||
|
Ratio of net investment income to average net assets |
|
4.57 |
%5 |
|
4.74 |
% |
|
4.92 |
% |
|
4.13 |
% |
|
1.92 |
% |
|
1.55 |
% | ||||||
|
Portfolio turnover rate |
|
17 |
%4 |
|
38 |
% |
|
40 |
% |
|
22 |
% |
|
46 |
% |
|
34 |
% | ||||||
____________
1 Calculated using average shares outstanding for the period/year.
2 Less than $0.01.
3 Assumes the reinvestment of distributions.
4 Not annualized.
5 Annualized.
|
© Brown Brothers Harriman |
46 |
|
BBH Limited Duration Fund Notes
to Financial Statements |
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. As of April 30, 2026, there were seven series of the Trust. The Fund commenced operations 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.
Effective January 1, 2026, Brown Brothers Harriman Credit Partners, LLC (“BBH Credit Partners”), a subsidiary that is majority owned and controlled by Brown Brothers Harriman & Co. (“BBH&Co.”), became the investment adviser of BBH Limited Duration Fund.
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 Board of Trustees (the “Board”) has ultimate responsibility for the supervision and oversight of the determination of the fair value of investments. Pursuant to Rule 2a-5 of the 1940 Act, the Board has designated the Investment Adviser as its valuation designee. The Investment Adviser monitors the continual appropriateness of valuation methods applied and determines if adjustments should be made in light of market factor changes and events affecting issuers. The Investment Adviser performs a series of activities to provide reasonable assurance of the appropriateness of the prices utilized, including but not limited to: periodic independent pricing service due diligence meetings and reviewing the results of back testing on a monthly basis. The Investment Adviser provides the Board with reporting on the results of the back testing as well as positions which were fair valued during the period.
All securities and other investments are recorded at their estimated fair value. The value of investments listed on a securities exchange is based on the last sale price prior to the time when assets are valued, or in the
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
47 |
|
BBH Limited Duration Fund Notes
to Financial Statements (continued) |
absence of recorded sales, at the most recent bid price on such exchange. If a readily available market quotation is not available or is determined to be unreliable, the investments may be valued utilizing evaluated prices provided by independent pricing services. In establishing such prices, the independent pricing service utilizes both dealer supplied prices and electronic data processing techniques which take into account appropriate factors such as institutional sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, the closure of the primary exchange on which securities trade and before the Fund’s net asset value is next determined and other market data without exclusive reliance on quoted exchange prices or over-the-counter prices since such valuations are believed to reflect more accurately the fair value of such investments. Investments may be fair valued by Brown Brothers Harriman Credit Partners, LLC (“BBH Credit Partners” or “Investment Adviser”) in accordance with the BBH Trust Portfolio Valuation Policy and Procedures using methods that most fairly reflect the amount that the Fund would reasonably expect to receive for the investment on a current sale in its principal market in the ordinary course of business. 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. Any futures contracts held by the Fund are valued daily at the official settlement price of the exchange on which they are traded.
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.
|
© Brown Brothers Harriman |
48 |
|
BBH Limited Duration Fund Notes
to Financial Statements (continued) |
C. Fund Expenses. Most expenses of the Trust can be directly attributed to a specific fund and share class. Expenses which cannot be directly attributed to a fund are generally apportioned among each fund in the Trust and the respective share classes on a net assets basis or other suitable method. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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, 2026, are listed in the Portfolio of Investments.
For the six months ended April 30, 2026, the average month-end notional amount of open futures contracts was $665,348,703. The range of month-end notional amounts was $521,984,578 to $988,839,868.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
49 |
|
BBH Limited Duration Fund Notes
to Financial Statements (continued) |
Fair Values of Derivative Instruments as of April 30, 2026
Derivatives not accounted for as economically hedging instruments under authoritative guidance for derivatives instruments and hedging activities:
|
Asset Derivatives |
Liability Derivatives | ||||||||||
|
Risk |
Statement
of Assets |
|
Fair Value |
|
Statement
of Assets |
|
Fair Value | ||||
|
Interest Rate Risk |
Net
unrealized |
$ |
9,305,881 |
* |
Net
unrealized |
$ |
— | ||||
|
Total |
$ |
9,305,881 |
|
$ |
— | ||||||
–––––––
* Includes cumulative appreciation/(depreciation) of futures contracts reported under line item “Futures variation margin on open contracts” in the Statement of Assets and Liabilities and Notes to Financial Statements. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
|
Effect of Derivative Instruments on the Statement of Operations |
||||
|
Interest | ||||
|
Net Realized Loss on Derivatives Futures Contracts |
$ |
(828,543 |
) | |
|
|
| |||
|
Net Change in Unrealized Appreciation/(Depreciation) on Derivatives Futures Contracts |
$ |
9,211,240 |
| |
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 D of the 1933 Act (”Private Placement Securities”). A Private Placement Security may be considered illiquid and therefore, under the U.S. Securities and Exchange Commission (“SEC”) Regulations for open-end investment companies, subject to the 15% limitation on the purchase of illiquid securities, unless it is determined on an ongoing basis that an adequate trading market exists for the security, which is the case for the Fund. Guidelines have been adopted and the daily function of determining and monitoring liquidity of Private Placement Securities has been delegated to the investment adviser. All relevant factors will be considered in determining the liquidity of Private Placement Securities and
|
© Brown Brothers Harriman |
50 |
|
BBH Limited Duration Fund Notes
to Financial Statements (continued) |
all investments in Private Placement Securities will be carefully monitored. Information regarding Private Placement Securities is included at the end of the Portfolio of Investments.
F. Loan Participations and Assignments. The Fund may invest in loan participations and assignments, which include institutionally traded floating and fixed-rate debt securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the “Lender”) that acts as agent for all holders. Some loan participations and assignments may be purchased on a “when-issued” basis. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan assignment, the Fund acquires the loan in whole or in part and becomes a lender under the loan agreement. The Fund generally has the right to enforce compliance with the terms of the loan agreement with the borrower.
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 Secured Overnight Financing Rate (“SOFR”).
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
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
51 |
|
BBH Limited Duration Fund Notes
to Financial Statements (continued) |
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 April 30, 2026, 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, 2026, 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 $10,626,392 and $219,933,942 to Class N and Class I shareholders, respectively, during the six months ended April 30, 2026.
|
© Brown Brothers Harriman |
52 |
|
BBH Limited Duration Fund Notes
to Financial Statements (continued) |
The tax character of distributions paid during the years ended October 31, 2025 and 2024, respectively, were as follows:
|
Distributions paid from: | |||||||||||||||
|
Ordinary |
Net |
Total
|
Tax |
Total | |||||||||||
|
2025: |
$ |
443,093,766 |
$ |
— |
$ |
443,093,766 |
$ |
— |
$ |
443,093,766 | |||||
|
2024: |
|
362,226,484 |
|
— |
|
362,226,484 |
|
— |
|
362,226,484 | |||||
As of October 31, 2025 and 2024, respectively, the components of retained earnings/(accumulated deficit) on tax basis were as follows:
|
Components of retained earnings/(accumulated deficit): | ||||||||||||||||||||||
|
Undistributed |
Undistributed |
Accumulated |
Other |
Book |
Total | |||||||||||||||||
|
2025: |
$ |
1,860,623 |
$ |
— |
$ |
(11,200,600 |
) |
$ |
(1,334,006 |
) |
$ |
42,933,412 |
|
$ |
32,259,429 |
| ||||||
|
2024: |
|
1,220,586 |
|
— |
|
(5,332,094 |
) |
|
(10,291,983 |
) |
|
(33,998,336 |
) |
|
(48,401,827 |
) | ||||||
The Fund had $11,200,600 net capital loss carryforwards as of October 31, 2025, of which $271,141 and $10,929,459, is attributable to short-term and long-term capital losses, respectively.
The Fund is permitted to carryforward capital losses for an unlimited period and they will retain their character as either short-term or long-term capital losses.
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 difference 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.Segment Reporting. The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund’s financial
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
53 |
|
BBH Limited Duration Fund Notes
to Financial Statements (continued) |
position or results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Oversight Committee of the BBH & Co. Separately Identifiable Department, the Board of Directors of BBH Credit Partners, LLC, the named portfolio manager(s) of the Funds and the Funds’ principal executive officer and principal financial officer act as the Fund’s CODM, who is responsible for assessing the performance of the Fund’s single segment and deciding how to allocate the segment’s resources. The Fund is considered a single operating segment as the Fund has a single investment strategy as disclosed in its prospectus. The financial information provided to and reviewed by the CODM is presented in the Fund’s financial statements.
J. Use of Estimates. The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from these estimates.
3. Fees and Other Transactions with Affiliates.
A. Investment Advisory Fees. For investment advisory services, the Investment Adviser receives an annual fee, computed daily and payable monthly, equal to 0.27% on the first $1 billion of the Fund’s average daily net assets and 0.22% on amounts over $1 billion. This fee compensates the Investment Adviser for its services and its expenses. Prior to January 1, 2026, the Fund paid an annual combined investment advisory and administration fee of $4,356,366 to BBH&Co., through a separately identifiable department, computed daily and payable monthly, equal to 0.30% on the first $1 billion of the Fund’s average daily net assets and 0.25% on amounts over $1 billion. For the six months ended April 30, 2026, the Fund incurred $12,071,148 in investment advisory fees and $1,029,600 in administrative fees, as included in the Statement of Operations.
B. Expense Waivers and Reimbursements. 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,
|
© Brown Brothers Harriman |
54 |
|
BBH Limited Duration Fund Notes
to Financial Statements (continued) |
other expenditures that are capitalized in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Fund’s business) for Class N to 0.35%. The agreement will terminate on March 1, 2027, 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, 2026, the Investment Adviser waived fees in the amount of $340,910 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, 2026, Class N shares of the Fund incurred $481,463 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 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 based partially on asset values and partially on individual fund transactions. The fund accounting fee is primarily an asset-based fee calculated at 0.00325% per annum of the Fund’s net asset value. For the six months ended April 30, 2026, the Fund incurred $367,782 in custody and fund accounting fees. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the BBH Overdraft Base Rate plus 2% on the day of the overdraft. The Fund did not incur any such fees during the six months ended April 30, 2026. This amount, if any, is included under line item “Custody and fund accounting fees” in the Statement of Operations. Effective August 1, 2025, the Fund enrolled in the BBH Cash Management Services Sweep. Under this agreement, the Fund’s end-of-day cash balance is swept into overnight deposits with one or more deposit institutions. The interest income earned on the overnight deposits is credited to the Fund’s cash account(s) the next business day. The total interest earned by the Fund under the agreement for the six months ended April 30, 2026 was $112,423. This amount is included in “Interest income on cash balances” 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, 2026, the Fund incurred $91,841 in independent Trustee compensation and expense reimbursements.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
55 |
|
BBH Limited Duration Fund Notes
to Financial Statements (continued) |
F. Officers of the Trust. Officers of the Trust are also employees of BBH. Officers are paid no fees by the Trust for their services to the Trust.
4. Investment Transactions. For the six months ended April 30, 2026, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $2,108,258,350 and $1,415,823,723, respectively.
5. Shares of Beneficial Interest. The Trust is permitted to issue an unlimited number of Class N shares and Class I shares of beneficial interest, at no par value. Transactions in Class N and Class I shares were as follows:
|
For
the six months ended |
For
the year ended | |||||||||||||
|
Shares |
Dollars |
Shares |
Dollars | |||||||||||
|
Class N |
|
|
|
|
|
| ||||||||
|
Shares sold |
13,054,996 |
|
$ |
137,176,757 |
|
20,118,272 |
|
$ |
210,565,018 |
| ||||
|
Shares issued in connection with reinvestments of dividends |
966,884 |
|
|
10,150,459 |
|
2,053,399 |
|
|
21,499,130 |
| ||||
|
Shares redeemed |
(12,580,068 |
) |
|
(132,166,570 |
) |
(22,149,078 |
) |
|
(231,740,466 |
) | ||||
|
Net increase |
1,441,812 |
|
$ |
15,160,646 |
|
22,593 |
|
$ |
323,682 |
| ||||
|
|
|
|
|
|
| |||||||||
|
Class I |
|
|
|
|
|
| ||||||||
|
Shares sold |
215,257,054 |
|
$ |
2,259,737,420 |
|
491,638,681 |
|
$ |
5,142,645,199 |
| ||||
|
Shares issued in connection with reinvestments of dividends |
8,545,698 |
|
|
89,697,485 |
|
13,943,229 |
|
|
146,000,023 |
| ||||
|
Shares redeemed |
(188,299,755 |
) |
|
(1,976,305,828 |
) |
(325,821,935 |
) |
|
(3,408,510,442 |
) | ||||
|
Net increase |
35,502,997 |
|
$ |
373,129,077 |
|
179,759,975 |
|
$ |
1,880,134,780 |
| ||||
Included in Shares Sold and Shares Redeemed are shareholder exchanges during the six months ended April 30, 2026 and the year ended October 31, 2025. Specifically:
During the six months ended April 30, 2026, 45,361 shares of Class N were exchanged for 45,400 shares of Class I valued at $477,137 and 99,872 shares of Class I were exchanged for 99,793 shares of Class N valued at $1,048,992.
During the year ended October 31, 2025, 35,623 shares of Class N were exchanged for 35,635 shares of Class I valued at $372,591 and 63,132 shares of Class I were exchanged for 63,092 shares of Class N valued at $661,222.
|
© Brown Brothers Harriman |
56 |
|
BBH Limited Duration Fund Notes
to Financial Statements (continued) |
6. Principal Risk Factors and Indemnifications.
A. Principal Risk Factors. Investing in the Fund may involve certain risks, as discussed in the Fund’s prospectus, including but not limited to, those described below:
A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Investment Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). In the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to failure of a counterparty to a transaction to perform (credit risk), changes in interest rates (interest rate risk), higher volatility for securities with longer maturities (maturity risk), financial performance or leverage of the issuer (issuer risk), difficulty in being able to purchase or sell a security (illiquid investment risk), or certain risks associated with investing in non-U.S. securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (non-U.S. investment risk). The Fund may invest in securities of other investment companies, consisting of ETFs and money market funds. When purchasing shares of other investment companies, shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company when the Fund invests in shares of another investment company. The Fund is subject to the risks associated with the investment company’s investments (investment company risk), and risks from investing in securities of issuers based in developing countries (emerging markets risk). The Fund may use of derivatives that could create risks that are different from, or possibly greater than, the risks associated with investing directly in securities as the Fund could lose more than the principal amount invested (derivatives risk). Due to uncertainty regarding the ability of the issuer to pay principal and interest, securities that are rated below investment grade (i.e., Ba1/BB+ or lower) (junk bond risk), and their unrated equivalents, may be subject to greater risks than securities which have higher credit ratings, including a high risk of default. The Fund invests in asset-backed (asset-backed securities risk) and mortgage-backed securities (mortgage-backed securities risk) which are subject to the risk that borrowers may default on the obligations that underlie these securities. In addition, these securities may be paid off sooner (prepayment risk) or later than expected which may increase the volatility of securities during periods of fluctuating interest rates. The Fund may invest in bonds issued by foreign governments which may be unable or unwilling to make interest payments and/or repay the principal owed (sovereign debt risk). The Fund’s use of borrowing, in reverse repurchase
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
57 |
|
BBH Limited Duration Fund Notes
to Financial Statements (continued) |
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 and assignments, delayed funding loans and revolving credit facilities may have the effect of requiring the Fund to increase its investment 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). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (large shareholder risk). While the U.S. Government has historically provided financial support to U.S. government-sponsored agencies or instrumentalities during times of financial stress, such as the various actions taken to stabilize the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the credit crisis of 2008, no assurance can be given that it will do so in the future. Such securities are neither issued nor guaranteed by the U.S. Treasury (U.S. Government Agency Securities Risk). The Fund may invest in private placement securities that are issued pursuant to Regulation S, Regulation D and Rule 144A which have not been registered with SEC. These securities may be subject to contractual restrictions which prohibit or limit their resale (private placement risk). The Fund may invest in convertible securities which may perform in a similar manner to a regular debt security and are subject to variety of risks, including investment risk, market risk, issuer risk and interest rate risk (convertible securities risk). The Fund may invest in preferred securities which are equity interests in a company that entitle the holder to receive common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company, in preference to the holders of other securities. Preferred securities are subject to issuer specific and market risks applicable generally to equity securities (preferred securities risk). The Fund may also invest in notes issued by Business Development Companies (“BDCs”). These notes are subject to risks similar to those of other issuers and those of investment
|
© Brown Brothers Harriman |
58 |
|
BBH Limited Duration Fund Notes
to Financial Statements (continued) |
companies (business development 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.
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. Recent Pronouncements. In December 2023, the FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.
8. Subsequent Events. Management has evaluated events and transactions that have occurred since April 30, 2026 through the date the financial statements were issued and determined that there were no subsequent events that would require recognition or additional disclosure in the financial statements.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
59 |
|
BBH Limited Duration Fund Disclosure of Advisor Selection April 30, 2026 (unaudited) |
Investment Advisory Agreement 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.
The Board, a majority of which is comprised of Independent Trustees, held a telephonic meeting on November 20, 2025 and an in-person meeting on December 10, 2025, to consider whether to approve the new Investment Advisory Agreement (the “Advisory Agreement”) between the Trust and the Investment Adviser with respect to certain of the funds in the Trust, including the Fund. The Investment Adviser was a newly created subsidiary of BBH and the personnel who had previously provided investment advisory services would continue to provide them as part of the Investment Adviser. At the December 10, 2025 meeting, the Board voted to approve the Advisory Agreement with respect to the Fund for a one-year term. The Board recognized the fact that the same investment team would continue to provide investment advisory services under the Investment Adviser. In doing so, the Board determined that the terms of the Advisory 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 Advisory Agreement.
Both in the meetings specifically held to address the Advisory 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 BBH and anticipated to be provided by the Investment Adviser, 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 Gartenberg 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.
|
© Brown Brothers Harriman |
60 |
|
BBH Limited Duration Fund Disclosure of Advisor Selection (continued) April 30, 2026 (unaudited) |
In approving the Advisory Agreement, the Board considered: (a) the nature, extent and quality of services previously provided by BBH and to be 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 Advisory Agreement. 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 BBH and to be paid to the Investment Adviser as of January 1, 2026 were reasonable based on the expense information, the cost of the services provided, and the profits realized by the Investment Adviser.
Nature, Extent and Quality of Services
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 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 10, 2025 meeting, and over the course of the previous year, regarding the nature, extent and quality of services previously provided to the Trust and the Fund by BBH and to be provided by BBH and 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 Advisory Agreement, noting that the Investment Adviser also coordinates the provision of services to the Fund by affiliated and nonaffiliated service providers.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
61 |
|
BBH Limited Duration Fund Disclosure of Advisor Selection (continued) April 30, 2026 (unaudited) |
The Board considered the scope and quality of services provided by the Investment Adviser under the Advisory 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 Advisory Agreement.
Fund Performance
At the November 20, 2025 and December 10, 2025 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 each of the 1-, 2-, 3-, 4-, 5- and 10-year periods ended September 30, 2025. 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.
Costs of Services Provided and Profitability
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 contractual fee 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 concluded that the advisory fee appeared to be both reasonable in light of the services rendered and the result of arm’s length negotiations.
|
© Brown Brothers Harriman |
62 |
|
BBH Limited Duration Fund Disclosure of Advisor Selection (continued) April 30, 2026 (unaudited) |
With regard to profitability, the Trustees considered the compensation and benefits flowing to the Investment Adviser and BBH, directly or indirectly. The Board reviewed profitability data for the Fund using data from October 1, 2024 through September 30, 2025, 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 and corresponding expenses. The Board conducted a detailed review of the expense 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 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.
Economies of Scale
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 on the information they 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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
63 |
|
BBH Limited Duration Fund Conflicts of Interest April 30, 2026 (unaudited) |
Description of Potential Material Conflicts of Interest – Investment Adviser
BBH&Co., its Separately Identifiable Department (“SID”) and Brown Brothers Harriman Credit Partners, LLC (“BBH Credit Partners” and together with the SID, the “Advisers” and each an “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 their business, BBH&Co., including the Advisers, may engage in activities in which their interests or the interests of their clients may conflict with or be adverse to the interests of the Funds. In addition, certain of such clients (including the Funds) utilize the services of BBH&Co. for which they will pay to BBH&Co. customary fees and expenses that will not be shared with the Funds.
The Advisers and the Sub-advisers have adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Advisers and each Sub-adviser monitor a variety of areas, including compliance with fund investment guidelines, the investment in only those securities that have been approved for purchase, and compliance with their respective Code of Ethics.
The Trust also manages these conflicts of interest. For example, the Trust has designated a CCO and has adopted and implemented policies and procedures designed to manage the conflicts identified below and other conflicts that may arise in the course of the Funds’ operations in such a way as to safeguard the Funds from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Advisers, the Sub-advisers 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&Co., the Advisers and Sub-advisers 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 Advisers, the Sub-advisers and the Funds have adopted policies and procedures reasonably designed to appropriately prevent, limit, or mitigate the conflicts of interest described below. Additional information about potential conflicts of interest regarding the Advisers is set forth in their respective Form ADV. A copy of Part 1 and Part 2A of 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.
|
© Brown Brothers Harriman |
64 |
|
BBH Limited Duration Fund Conflicts of Interest (continued) April 30, 2026 (unaudited) |
Other Clients and Allocation of Investment Opportunities. BBH&Co., the Advisers, and the Sub-advisers manage funds and accounts of clients other than the Funds (“Other Clients”). In general, BBH&Co., the Advisers, and the Sub-advisers 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 with the Funds and Other Clients. Investments made by the Funds do not, and are not intended to, replicate the investments, or the investment methods and strategies, of Other Clients. Accordingly, such Other Clients may produce results that are materially different from those experienced by the Funds. Certain other conflicts of interest may arise in connection with a portfolio manager’s management of the Funds’ investments, on the one hand, and the investments of other funds or accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various funds or accounts managed by the Advisers or Sub-advisers could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Funds. From time to time, the Advisers and Sub-advisers may sponsor other investment pools and accounts which engage in the same or similar businesses as the Funds using the same or similar investment strategies. To the extent that the same investment opportunities might be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Advisers or Sub-advisers may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH&Co. and the Advisers 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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
65 |
|
BBH Limited Duration Fund Conflicts of Interest (continued) April 30, 2026 (unaudited) |
Affiliated Service Providers. Other potential conflicts might include conflicts between the Funds and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management services through the SID or, BBH&Co. provides administrative, custody, shareholder servicing, and fund accounting services to the Funds. BBH&Co. may have conflicting duties of loyalty while servicing the Funds and/or opportunities to further its own interest to the detriment of the Funds. For example, in negotiating fee arrangements with affiliated service providers, BBH&Co. may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH&Co., acting in its capacity as the Funds’ administrator, is the primary valuation agent of the Funds.
BBH&Co. values securities and assets in the Funds according to the Funds’ valuation policies. Because the Advisers’ advisory fees and the SID’s administrative fee are calculated by reference to Funds’ net assets, BBH&Co. and its affiliates may have an incentive to seek to overvalue certain assets.
Aggregation. Potential conflicts of interest also arise with the aggregation of trade orders. Purchases and sales of securities for the Funds may be aggregated with orders for other client accounts managed by the Advisers and Sub-advisers. The Advisers and Sub-advisers, however, are not required to aggregate orders if portfolio management decisions for different accounts are made separately, or if it is determined that aggregating is not practicable, or in cases involving client direction. Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission equivalent rates in connection with an aggregated order.
Investments in BBH Funds. From time-to-time BBH&Co. and BBH Credit Partners may invest a portion of the assets of their discretionary investment advisory clients in the Funds. The investment by BBH&Co. or BBH Credit Partners on behalf of their discretionary investment advisory clients in the Funds may be significant at times.
Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Funds’ expense ratio. In selecting the Funds for their discretionary investment advisory clients, BBH&Co. and BBH Credit Partners may limit their selection to funds managed by BBH&Co. or the Advisers.
|
© Brown Brothers Harriman |
66 |
|
BBH Limited Duration Fund Conflicts of Interest (continued) April 30, 2026 (unaudited) |
BBH&Co. or BBH Credit Partners 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&Co., the Advisers and their affiliates providing services to the Funds, benefit from additional fees when the Funds are included as an investment by a discretionary investment advisory client.
BBH&Co. or BBH Credit Partners reserve the right to redeem at any time some or all of the shares of the Funds acquired for their discretionary investment advisory clients’ accounts. A large redemption of shares of the Funds by BBH&Co. or BBH Credit Partners on behalf of their discretionary investment advisory clients could significantly reduce the asset size of the Funds, which might have an adverse effect on the Funds’ investment flexibility, portfolio diversification, and expense ratio.
Valuation. When market quotations are not readily available or are believed to be unreliable, the Funds’ investments will be valued at fair value. pursuant to procedures adopted by the Funds’ Board. When determining an asset’s “fair value,” an Adviser. seeks to determine the price that a Fund might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. The price generally may not be determined based on what the Funds might reasonably expect to receive for selling an asset at a later time or if it holds the asset to maturity. While fair value determinations will be based upon all available factors the Adviser deems relevant at the time of the determination and may be based on analytical values determined by the Adviser using proprietary or third-party valuation models, fair value represents only a good faith approximation of the value of a security. The fair value of one or more securities may not, in retrospect, be the price at which those assets could have been sold during the period in which the particular fair values were used in determining the Funds’ net asset value. As a result, the Funds’ sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued (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&Co. or BBH Credit Partners may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH&Co. or BBH Credit Partners to the third party. BBH&Co. or BBH Credit Partners may pay a solicitation fee for referrals and/or advisory or incentive fees.
BBH&Co. or BBH Credit Partners may benefit from increased amounts of assets under management.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
67 |
|
BBH Limited Duration Fund Conflicts of Interest (continued) April 30, 2026 (unaudited) |
Personal Trading. BBH&Co., including the Advisers, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, face conflicts of interest when transacting in securities for their own accounts because they could benefit by trading in the same securities as the Funds, which could have an adverse effect on the Funds.
However, BBH&Co., including the Advisers, have implemented policies and procedures concerning personal trading by BBH Credit Partners employees and BBH&Co. Partners and employees. The policies and procedures are intended to prevent BBH Credit Partners employees and BBH&Co. Partners and employees with access to Fund material non-public information from trading in the same securities as the Funds.
Gifts and Entertainment. From time to time, employees of BBH Credit Partners and BBH&Co., including the SID, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, may receive gifts and/or entertainment from clients, intermediaries, or service providers to the Funds or BBH&Co., including the Advisers, which could have the appearance of affecting or may potentially affect the judgment of the employees, or the manner in which they conduct business. The Advisers have implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Credit Partners employees and BBH&Co. Partners and employees. BBH&Co., including the Advisers, have implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Credit Partners employees and BBH&Co. Partners and employees.
|
© Brown Brothers Harriman |
68 |
|
ADMINISTRATOR BROWN BROTHERS HARRIMAN CREDIT PARTNERS, LLC 140 BROADWAY NEW YORK, NY 10005 DISTRIBUTOR ALPS DISTRIBUTORS, INC. 1290 BROADWAY, SUITE 1000 DENVER, CO 80203 SHAREHOLDER SERVICING AGENT BROWN BROTHERS HARRIMAN & Co. 140 BROADWAY NEW YORK, NY 10005 1-800-575-1265 To obtain information or make shareholder inquiries: |
INVESTMENT ADVISER BROWN BROTHERS HARRIMAN CREDIT PARTNERS, LLC 140 BROADWAY NEW YORK, NY 10005 |
|||||
|
By telephone: By E-mail send your request to: On the internet: |
Call 1-800-575-1265 bbhfunds@bbh.com www.bbhfunds.com |
|||||
|
This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund. For more complete information, visit www.bbhfunds.com for a prospectus. You should consider the Fund’s investment objectives, risks, charges and expenses carefully before you invest. Information about these and other important subjects is in the Fund’s prospectus, which you should read carefully before investing. Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available electronically on the SEC’s website (sec.gov). For a complete list of a fund’s portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund’s website at http://www.bbhfunds.com. A summary of the Fund’s Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC’s website at www.sec.gov. |
||||||
|
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE |
||||||
|
NEW YORK BEIJING BOSTON CHARLOTTE CHICAGO DUBLIN GRAND CAYMAN HONG KONG HOUSTON JERSEY CITY KRAKÓW LONDON LUXEMBOURG NASHVILLE PHILADELPHIA TOKYO WILMINGTON ZÜRICH BBH.COM |
||||||
|
Semi-Annual
April 30, 2026 BBH Income Fund
|
|
BBH Income Fund Table of Contents April 30, 2026 (unaudited) |
|
Page(s) | ||
|
Financial Statements as of and for the six months ended April 30, 2026: |
||
|
3 | ||
|
4 | ||
|
39 | ||
|
40 | ||
|
41 | ||
|
42 | ||
|
43 | ||
|
56 | ||
|
60 |
|
© Brown Brothers Harriman |
2 |
|
BBH Income Fund Portfolio
Allocation |
Breakdown by Security Type
|
U.S. $ Value |
Percent of
| ||||||
|
Asset Backed Securities |
$ |
374,541,190 |
|
16.0 |
% | ||
|
Commercial Mortgage Backed Securities |
|
164,791,832 |
|
7.1 |
| ||
|
Corporate Bonds |
|
895,792,915 |
|
38.4 |
| ||
|
Loan Participations and Assignments |
|
267,655,854 |
|
11.5 |
| ||
|
Municipal Bonds |
|
1,141,019 |
|
0.0 |
| ||
|
Preferred Securities |
|
37,327,576 |
|
1.6 |
| ||
|
Residential Mortgage Backed Securities |
|
231,777 |
|
0.0 |
| ||
|
U.S. Government Agency Obligations |
|
18,000,000 |
|
0.8 |
| ||
|
U.S. Treasury Bills |
|
41,219,096 |
|
1.8 |
| ||
|
U.S. Treasury Bonds and Notes |
|
553,055,067 |
|
23.7 |
| ||
|
Liabilities in Excess of Cash and Other Assets |
|
(21,442,905 |
) |
(0.9 |
) | ||
|
Net Assets |
$ |
2,332,313,421 |
|
100.0 |
% | ||
All data as of April 30, 2026. The BBH Income Fund’s (the “Fund”) breakdown by security type is expressed as a percentage of net assets and may vary over time.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
3 |
|
BBH Income Fund Portfolio
of Investments All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Asset Backed Securities (16.0%) |
|
|
||||||||
|
|
Automobile ABS (1.5%) |
|
|
||||||||
|
$ |
5,200,000 |
Avis Budget Rental Car Funding AESOP LLC 2023-4A1 |
06/20/29 |
5.490 |
% |
$ |
5,293,081 | ||||
|
|
6,130,000 |
Avis Budget Rental Car Funding AESOP LLC 2026-2A1 |
08/20/32 |
4.600 |
|
|
6,060,414 | ||||
|
|
2,330,000 |
Credit Acceptance Auto Loan Trust 2023-1A1 |
07/15/33 |
7.710 |
|
|
2,359,138 | ||||
|
|
5,860,000 |
Credit Acceptance Auto Loan Trust 2024-3A1 |
11/15/34 |
4.850 |
|
|
5,867,291 | ||||
|
|
3,340,000 |
Ford Credit Auto Owner Trust 2024-11 |
08/15/36 |
4.870 |
|
|
3,387,898 | ||||
|
|
8,300,000 |
Hertz Vehicle Financing III LLC 2024-2A1 |
01/27/31 |
5.480 |
|
|
8,436,496 | ||||
|
|
2,240,000 |
Santander Drive Auto Receivables Trust 2023-5 |
02/18/31 |
6.430 |
|
|
2,298,646 | ||||
|
|
384,113 |
Westlake Automobile Receivables Trust 2023-2A1 |
03/15/28 |
6.290 |
|
|
384,470 | ||||
|
|
|
|
34,087,434 | ||||||||
|
|
|
|
|||||||||
|
|
Commercial MBS (0.9%) |
|
|
||||||||
|
|
8,990,000 |
Cogent Ipv4 LLC 2024-1A1 |
05/25/54 |
7.924 |
|
|
9,341,166 | ||||
|
|
7,960,000 |
Cogent Ipv4 LLC 2025-1A1 |
04/25/55 |
6.646 |
|
|
8,085,961 | ||||
|
|
2,850,000 |
DigitalBridge Issuer LLC 2021-1A1 |
09/25/51 |
3.933 |
|
|
2,812,472 | ||||
|
|
|
|
20,239,599 | ||||||||
|
|
|
|
|||||||||
|
|
Insurance (0.0%) |
|
|
||||||||
|
|
2,716,794 |
VC 3 LS LP 2021-B |
10/15/41 |
4.750 |
|
|
2,574,857 | ||||
|
|
|
|
|||||||||
|
|
Other ABS (13.6%) |
|
|
||||||||
|
|
2,588,696 |
ABPCI Direct Lending Fund ABS I, Ltd. 2020-1A1 |
12/29/30 |
3.199 |
|
|
2,356,370 | ||||
|
|
1,721,610 |
ABPCI Direct Lending Fund ABS II LLC 2022-2A1 |
03/01/32 |
4.987 |
|
|
1,579,407 | ||||
|
© Brown Brothers Harriman |
4 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Asset Backed Securities (continued) |
|
|
||||||||
|
|
Other ABS (continued) |
|
|
||||||||
|
$ |
2,630,000 |
Adams Outdoor Advertising LP 2023-11 |
07/15/53 |
6.967 |
% |
$ |
2,655,977 | ||||
|
|
3,250,000 |
Aligned Data Centers Issuer LLC 2023-1A1 |
08/17/48 |
6.000 |
|
|
3,258,244 | ||||
|
|
4,320,000 |
Alp CFO LP 2024-1A*,1 |
10/15/36 |
7.371 |
|
|
4,376,117 | ||||
|
|
4,320,000 |
Alp CFO LP 2024-1A*,1 |
10/15/36 |
10.036 |
|
|
4,449,470 | ||||
|
|
1,469,640 |
Ares PBN Finance Co. LLC* |
10/15/36 |
6.000 |
|
|
1,381,462 | ||||
|
|
7,980,000 |
BHG Owner Loan Trust Series 2025-1CON1 |
08/18/36 |
5.290 |
|
|
7,997,206 | ||||
|
|
6,820,000 |
BHG Owner Loan Trust Series 2025-1CON1 |
08/18/36 |
5.620 |
|
|
6,847,422 | ||||
|
|
3,342,690 |
BHG Securitization Trust 2023-A1 |
04/17/36 |
6.350 |
|
|
3,363,027 | ||||
|
|
7,700,000 |
Blackrock Rainier CLO VI, Ltd. 2021-6A (3-Month CME Term SOFR + 8.250%) (Cayman Islands)1,2 |
04/20/37 |
11.925 |
|
|
7,423,713 | ||||
|
|
2,722,232 |
Business Jet Securities LLC 2024-1A1 |
05/15/39 |
6.197 |
|
|
2,762,724 | ||||
|
|
5,581,250 |
Capital Automotive REIT 2024-2A1 |
05/15/54 |
5.250 |
|
|
5,574,850 | ||||
|
|
3,366,625 |
CARS-DB7 LP 2023-1A1 |
09/15/53 |
6.500 |
|
|
3,378,233 | ||||
|
|
1,025,375 |
CF Hippolyta Issuer LLC 2020-11 |
07/15/60 |
2.280 |
|
|
629,535 | ||||
|
|
2,323,327 |
CF Hippolyta Issuer LLC 2022-1A1 |
08/15/62 |
5.970 |
|
|
2,309,103 | ||||
|
|
7,530,000 |
CFG Investments, Ltd. 2025-1 (Cayman Islands)1 |
03/25/36 |
6.470 |
|
|
7,591,220 | ||||
|
|
4,100,000 |
CyrusOne Data Centers Issuer I LLC 2025-1A1 |
02/20/50 |
5.910 |
|
|
4,119,250 | ||||
|
|
3,070,000 |
DataBank Issuer 2023-1A1 |
02/25/53 |
5.116 |
|
|
3,049,559 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
5 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Asset Backed Securities (continued) |
|
|
||||||||
|
|
Other ABS (continued) |
|
|
||||||||
|
$ |
4,630,000 |
Dryden 115 CLO, Ltd. 2024-115A (3-Month CME Term SOFR + 2.000%) (Jersey)1,2 |
04/18/37 |
5.675 |
% |
$ |
4,655,825 | ||||
|
|
4,347,656 |
Edgeconnex Data Centers Issuer LLC 2024-11 |
07/27/54 |
6.000 |
|
|
4,337,200 | ||||
|
|
9,000,000 |
Flexential Issuer LLC 2025-1A1 |
10/25/60 |
6.030 |
|
|
8,950,453 | ||||
|
|
228,060 |
FNA LLC 2019-1*,1,2,3 |
12/10/31 |
3.000 |
|
|
228,060 | ||||
|
|
703,575 |
Global SC Finance VII Srl 2020-1A (Barbados)1 |
10/17/40 |
2.170 |
|
|
673,929 | ||||
|
|
684,048 |
Global SC Finance VII Srl 2020-2A (Barbados)1 |
11/19/40 |
2.260 |
|
|
655,120 | ||||
|
|
1,882,336 |
Golub Capital Partners ABS Funding, Ltd. 2021-1A (Cayman Islands)1 |
04/20/29 |
2.773 |
|
|
1,732,128 | ||||
|
|
8,540,000 |
LCM 42 Ltd. 42A (3-Month CME Term SOFR + 1.800%) (Cayman Islands)1,2 |
01/15/38 |
5.473 |
|
|
8,552,556 | ||||
|
|
16,160,000 |
Lendmark Funding Trust 2026-1A1 |
11/20/35 |
4.800 |
|
|
16,156,930 | ||||
|
|
373,374 |
LIAS Administration Fee Issuer LLC 2018-1A1 |
07/25/48 |
5.956 |
|
|
367,440 | ||||
|
|
4,340,000 |
Madison Park Funding LXVII, Ltd. 2024-67A (3-Month CME Term SOFR + 2.050%) (Cayman Islands)1,2 |
04/25/37 |
5.717 |
|
|
4,364,241 | ||||
|
|
3,060,000 |
Madison Park Funding XLVII, Ltd. 2020-47A (3-Month CME Term SOFR + 1.950%) (Cayman Islands)1,2 |
04/19/37 |
5.625 |
|
|
3,075,522 | ||||
|
|
2,690,000 |
Mariner Finance issuance Trust 2024-BA1 |
11/20/38 |
5.330 |
|
|
2,706,687 | ||||
|
© Brown Brothers Harriman |
6 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Asset Backed Securities (continued) |
|
|
||||||||
|
|
Other ABS (continued) |
|
|
||||||||
|
$ |
1,735,000 |
Mariner Finance issuance Trust 2024-BA1 |
11/20/38 |
5.730 |
% |
$ |
1,750,865 | ||||
|
|
440,450 |
Monroe Capital ABS Funding, Ltd. 2021-1A (Cayman Islands)1 |
04/22/31 |
2.815 |
|
|
409,380 | ||||
|
|
1,147,845 |
Monroe Capital Income Plus ABS Funding LLC 2022-1A1 |
04/30/32 |
5.150 |
|
|
1,097,715 | ||||
|
|
4,870,000 |
Monroe Capital Mml CLO XVI, Ltd. 2024-1A (3-Month CME Term SOFR + 2.100%) (Jersey)1,2 |
07/23/36 |
5.766 |
|
|
4,856,596 | ||||
|
|
4,800,000 |
Neuberger Berman Loan Advisers CLO 40 Ltd. 2021-40A (3-Month CME Term SOFR + 1.230%) (Cayman Islands)1,2 |
10/16/37 |
4.910 |
|
|
4,803,306 | ||||
|
|
1,937,932 |
Newtek
Small Business Loan Trust 2023-1
|
07/25/50 |
6.250 |
|
|
1,956,299 | ||||
|
|
5,450,000 |
Niagara Park CLO, Ltd. 2019-1A (3-Month CME Term SOFR + 1.340%) (Cayman Islands)1,2 |
01/17/38 |
5.020 |
|
|
5,454,722 | ||||
|
|
4,500,000 |
Octagon 71 Ltd. 2024-1A (3-Month CME Term SOFR + 1.650%) (Cayman Islands)1,2 |
04/18/37 |
5.725 |
|
|
4,487,935 | ||||
|
|
11,360,000 |
OnDeck Asset Securitization IV LLC 2025-2A1 |
11/17/32 |
4.840 |
|
|
11,251,177 | ||||
|
|
4,600,000 |
OnDeck Asset Securitization Trust IV LLC 2024-2A1 |
10/17/31 |
4.980 |
|
|
4,595,815 | ||||
|
|
741,228 |
OneMain Financial Issuance Trust 2022-S11 |
05/14/35 |
4.130 |
|
|
741,128 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
7 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Asset Backed Securities (continued) |
|
|
||||||||
|
|
Other ABS (continued) |
|
|
||||||||
|
$ |
6,610,000 |
OneMain Financial Issuance Trust 2023-2A1 |
09/15/36 |
6.170 |
% |
$ |
6,742,860 | ||||
|
|
1,297,268 |
Oportun Issuance Trust 2021-C1 |
10/08/31 |
2.180 |
|
|
1,280,416 | ||||
|
|
6,170,000 |
Oxford Finance Credit Fund III 2025-A LP1 |
08/14/34 |
5.878 |
|
|
6,202,417 | ||||
|
|
10,010,000 |
Oxford Finance Funding Trust LLC 2025-1A1 |
02/15/35 |
5.413 |
|
|
9,999,890 | ||||
|
|
5,380,000 |
Palmer Square Loan Funding, Ltd. 2025-3A (3-Month CME Term SOFR + 0.950%) (Cayman Islands)1,2 |
01/15/34 |
4.660 |
|
|
5,379,766 | ||||
|
|
14,575,000 |
Palmer Square Loan Funding, Ltd. 2026-1A (3-Month CME Term SOFR + 1.000%) (Cayman Islands)1,2 |
07/15/34 |
0.000 |
|
|
14,575,000 | ||||
|
|
10,130,000 |
PFS Financing Corp. 2024-F1 |
08/15/29 |
4.750 |
|
|
10,201,557 | ||||
|
|
5,730,000 |
QTS Issuer ABS II LLC 2026-1A1 |
01/05/56 |
5.364 |
|
|
5,642,307 | ||||
|
|
55,634 |
ReadyCap Lending Small Business Loan Trust 2019-2 (U.S. Prime Rate-0.500%)1,2 |
12/27/44 |
6.250 |
|
|
55,598 | ||||
|
|
8,910,000 |
Regional Management Issuance Trust 2025-21 |
11/16/37 |
4.590 |
|
|
8,843,593 | ||||
|
|
5,510,000 |
Regional Management Issuance Trust 2024-11 |
07/15/36 |
5.830 |
|
|
5,579,492 | ||||
|
|
7,830,000 |
Republic Finance Issuance Trust 2024-A1 |
08/20/32 |
5.910 |
|
|
7,862,617 | ||||
|
|
5,240,000 |
Retained Vantage Data Centers Issuer LLC 2023-1A1 |
09/15/48 |
5.000 |
|
|
5,214,498 | ||||
|
|
3,520,000 |
Stack Infrastructure Issuer LLC 2023-3A1 |
10/25/48 |
5.900 |
|
|
3,534,884 | ||||
|
© Brown Brothers Harriman |
8 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Asset Backed Securities (continued) |
|
|
||||||||
|
|
Other ABS (continued) |
|
|
||||||||
|
$ |
11,500,000 |
Stack Infrastructure Issuer LLC 2026-1A1 |
03/27/56 |
5.000 |
% |
$ |
11,101,620 | ||||
|
|
8,990,000 |
Summit Issuer LLC 2025-1A1 |
11/20/55 |
5.208 |
|
|
8,995,261 | ||||
|
|
670,953 |
Textainer Marine Containers VII, Ltd. 2020-1A (China)1 |
08/21/45 |
2.730 |
|
|
646,755 | ||||
|
|
4,104,411 |
Thrust Engine Leasing DAC 2021-1A1 |
07/15/40 |
4.163 |
|
|
4,060,536 | ||||
|
|
4,480,000 |
Trafigura Securitisation Finance, Plc. 2024-1A (Ireland)1 |
11/15/27 |
5.980 |
|
|
4,485,981 | ||||
|
|
7,340,000 |
Vantage Data Centers Issuer LLC 2025-2A1 |
11/15/55 |
5.239 |
|
|
7,185,778 | ||||
|
|
518,307 |
VCP RRL ABS I, Ltd. 2021 – 1A1 |
10/20/31 |
2.152 |
|
|
492,282 | ||||
|
|
552,895 |
Willis Engine Structured Trust VII 2023-A1 |
10/15/48 |
8.000 |
|
|
562,705 | ||||
|
|
5,530,000 |
Zayo Issuer LLC 2025-1A1 |
03/20/55 |
5.648 |
|
|
5,578,773 | ||||
|
|
10,290,000 |
Zayo Issuer LLC 2025-2A1 |
06/20/55 |
5.953 |
|
|
10,450,796 | ||||
|
|
|
|
317,639,300 | ||||||||
|
|
Total Asset Backed Securities (Cost $373,950,594) |
|
|
374,541,190 | |||||||
|
|
|
|
|||||||||
|
|
Commercial Mortgage Backed Securities (7.1%) |
|
|
||||||||
|
|
4,750,000 |
Atrium Hotel Portfolio Trust 2024 – ATRM1,2,3 |
11/10/29 |
5.894 |
|
|
4,818,281 | ||||
|
|
6,930,000 |
BAHA Trust 2024-MAR1,2,3 |
12/10/41 |
6.841 |
|
|
7,161,870 | ||||
|
|
2,818,071 |
BFLD Mortgage Trust 2024-WRHS (1-Month CME Term SOFR + 1.492%)1,2 |
07/15/39 |
5.147 |
|
|
2,819,819 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
9 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Commercial Mortgage Backed Securities (continued) |
|
|
||||||||
|
$ |
4,387,500 |
BX 2024-PALM (1-Month CME Term SOFR + 1.541%)1,2 |
06/15/37 |
5.196 |
% |
$ |
4,387,607 | ||||
|
|
5,701,619 |
BX Commercial Mortgage Trust 2024-GPA2 (1-Month CME Term SOFR + 1.892%)1,2 |
11/15/41 |
5.547 |
|
|
5,708,746 | ||||
|
|
4,606,070 |
BX Commercial Mortgage Trust 2025-JDI (1-Month CME Term SOFR + 1.400%)1,2 |
11/15/42 |
5.055 |
|
|
4,614,707 | ||||
|
|
10,140,000 |
BX Commercial Mortgage Trust 2026-CSMO (1-Month CME Term SOFR + 1.400%)1,2 |
02/15/43 |
5.055 |
|
|
10,146,338 | ||||
|
|
7,280,000 |
BX Commercial Mortgage Trust 2026-LP3 (1-Month CME Term SOFR + 1.550%)1,2 |
04/15/43 |
5.200 |
|
|
7,295,925 | ||||
|
|
5,420,000 |
BX Trust 2026-OPTM (1-Month CME Term SOFR + 1.200%)1,2 |
03/15/39 |
4.855 |
|
|
5,406,450 | ||||
|
|
10,000,000 |
BX Trust 2026-RISE (1-Month CME Term SOFR + 1.300%)1,2 |
04/15/41 |
4.970 |
|
|
10,012,500 | ||||
|
|
56,549 |
BXMT, Ltd. 2020-FL2 (1-Month CME Term SOFR + 1.264%) (Cayman Islands)1,2 |
02/15/38 |
4.932 |
|
|
56,519 | ||||
|
|
786,000 |
CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month CME Term SOFR + 4.114%)1,2 |
11/15/31 |
7.769 |
|
|
546,079 | ||||
|
|
2,870,000 |
Citigroup Commercial Mortgage Trust 2023-PRM31,2,3 |
07/10/28 |
6.360 |
|
|
2,941,025 | ||||
|
|
6,550,000 |
COMM Mortgage Trust 2025-SBX1,2,3 |
08/10/41 |
5.257 |
|
|
6,535,553 | ||||
|
© Brown Brothers Harriman |
10 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Commercial Mortgage Backed Securities (continued) |
|
|
||||||||
|
$ |
4,590,000 |
Commercial Mortgage Pass Through Certificate1,2,3 |
07/12/28 |
6.891 |
% |
$ |
4,721,807 | ||||
|
|
9,580,000 |
DBC Mortgage Trust 2025-DBC (1-Month CME Term SOFR + 1.350%)1,2 |
11/15/42 |
5.005 |
|
|
9,585,988 | ||||
|
|
2,460,000 |
DC Commercial Mortgage Trust 2023-DC1 |
09/12/40 |
6.804 |
|
|
2,487,638 | ||||
|
|
7,330,000 |
DK Trust 2024-SPBX (1-Month CME Term SOFR + 1.750%)1,2 |
03/15/34 |
5.405 |
|
|
7,330,000 | ||||
|
|
7,660,000 |
Freddie Mac Multifamily Structured Pass Through Certificates 2023-K753*,1,4 |
11/25/60 |
0.000 |
|
|
5,043,650 | ||||
|
|
26,240,000 |
Freddie Mac Multifamily Structured Pass Through Certificates 2023-K7531 |
11/25/60 |
0.100 |
|
|
91,383 | ||||
|
|
126,469,274 |
Freddie Mac Multifamily Structured Pass Through Certificates 2023-K7531 |
11/25/60 |
0.100 |
|
|
419,056 | ||||
|
|
7,660,000 |
Freddie Mac Multifamily Structured Pass Through Certificates K7532,3 |
12/25/30 |
5.211 |
|
|
1,441,799 | ||||
|
|
4,965,000 |
FREMF Mortgage Trust 2024-K5161,2,3 |
01/25/29 |
6.122 |
|
|
4,491,834 | ||||
|
|
4,675,000 |
FREMF Mortgage Trust 2024-K5221,2,3 |
05/25/29 |
5.754 |
|
|
4,267,146 | ||||
|
|
6,570,000 |
FREMF Mortgage Trust 2024-K7571,4 |
10/25/61 |
0.000 |
|
|
4,006,621 | ||||
|
|
25,440,000 |
FREMF Mortgage Trust 2024-K7571 |
10/25/61 |
0.100 |
|
|
105,238 | ||||
|
|
105,880,000 |
FREMF Mortgage Trust 2024-K7571 |
10/25/61 |
0.100 |
|
|
419,941 | ||||
|
|
21,546,523 |
FREMF Mortgage Trust 2025-K1701,4 |
02/25/63 |
0.000 |
|
|
9,673,059 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
11 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Commercial Mortgage Backed Securities (continued) |
|
|
||||||||
|
$ |
79,721,592 |
FREMF Mortgage Trust 2025-K1701 |
02/25/63 |
0.100 |
% |
$ |
484,101 | ||||
|
|
350,930,331 |
FREMF Mortgage Trust 2025-K1701 |
02/25/63 |
0.100 |
|
|
2,061,786 | ||||
|
|
7,361,000 |
FREMF Mortgage Trust 2025-K5351,2,3 |
12/25/29 |
5.483 |
|
|
6,539,265 | ||||
|
|
1,000,000 |
Hudsons Bay Simon JV Trust 2015-HB101,2,3 |
08/05/34 |
5.447 |
|
|
927,914 | ||||
|
|
9,760,000 |
INTOWN Mortgage Trust 2025-STAY (1-Month CME Term SOFR + 1.350%)1,2 |
03/15/42 |
5.005 |
|
|
9,753,900 | ||||
|
|
240,000 |
JPMBB Commercial Mortgage Securities Trust 2014-C241,2,3 |
11/15/47 |
4.210 |
|
|
182,026 | ||||
|
|
5,240,000 |
MED Commercial Mortgage Trust 2024-MOB (1-Month CME Term SOFR + 1.592%)1,2 |
05/15/41 |
5.246 |
|
|
5,165,687 | ||||
|
|
5,860,000 |
MTN Commercial Mortgage Trust 2022-LPFL (1-Month CME Term SOFR + 1.896%)1,2 |
03/15/39 |
5.556 |
|
|
5,856,547 | ||||
|
|
4,520,000 |
PCY Trust 2026-FCMT1,2,3 |
04/05/41 |
5.153 |
|
|
4,539,691 | ||||
|
|
2,700,000 |
SCOTT Trust 2023-SFS1 |
03/10/40 |
5.910 |
|
|
2,744,336 | ||||
|
|
Total
Commercial Mortgage Backed Securities |
|
|
164,791,832 | |||||||
|
|
|
|
|||||||||
|
|
Corporate Bonds (38.4%) |
|
|
||||||||
|
|
Aerospace/Defense (0.1%) |
|
|
||||||||
|
|
2,220,000 |
BAE Systems, Plc (United Kingdom)1 |
04/15/30 |
3.400 |
|
|
2,132,299 | ||||
|
|
|
|
|||||||||
|
|
Agriculture (0.2%) |
|
|
||||||||
|
|
5,480,000 |
Bunge Ltd. Finance Corp. |
09/17/29 |
4.200 |
|
|
5,431,060 | ||||
|
© Brown Brothers Harriman |
12 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Apparel (0.2%) |
|
|
||||||||
|
$ |
4,555,000 |
William Carter Co.1 |
02/15/31 |
7.375 |
% |
$ |
4,682,359 | ||||
|
|
|
|
|||||||||
|
|
Auto Manufacturers (2.7%) |
|
|
||||||||
|
|
9,025,000 |
BMW US Capital LLC1 |
03/19/29 |
4.400 |
|
|
9,011,220 | ||||
|
|
3,835,000 |
BMW US Capital LLC1 |
03/21/30 |
5.050 |
|
|
3,886,948 | ||||
|
|
3,930,000 |
Ford Motor Credit Co. LLC |
11/05/26 |
5.125 |
|
|
3,940,120 | ||||
|
|
4,830,000 |
Hyundai Capital America1 |
06/24/27 |
5.275 |
|
|
4,868,018 | ||||
|
|
7,770,000 |
Hyundai Capital America1 |
03/27/30 |
5.150 |
|
|
7,854,672 | ||||
|
|
2,905,000 |
Hyundai Capital America1 |
04/07/31 |
5.000 |
|
|
2,912,688 | ||||
|
|
9,630,000 |
Mercedes-Benz Finance North America LLC1 |
03/10/29 |
4.250 |
|
|
9,563,028 | ||||
|
|
7,350,000 |
Toyota Motor Credit Corp. |
09/05/28 |
4.050 |
|
|
7,331,299 | ||||
|
|
9,540,000 |
Volkswagen Group of America Finance LLC1 |
09/26/26 |
3.200 |
|
|
9,490,270 | ||||
|
|
3,835,000 |
Volkswagen Group of America Finance LLC1 |
08/15/27 |
4.850 |
|
|
3,844,651 | ||||
|
|
|
|
62,702,914 | ||||||||
|
|
|
|
|||||||||
|
|
Banks (5.9%) |
|
|
||||||||
|
|
2,790,000 |
ASB Bank, Ltd. (5-Year CMT Index + 2.250%) (New Zealand)1,2 |
06/17/32 |
5.284 |
|
|
2,803,035 | ||||
|
|
4,600,000 |
Banco Santander S.A. (1-Year CMT Index + 1.250%) (Spain)2 |
03/14/28 |
5.552 |
|
|
4,638,231 | ||||
|
|
1,635,000 |
Bank Leumi Le-Israel BM (Israel)1 |
07/27/27 |
5.125 |
|
|
1,635,437 | ||||
|
|
10,715,000 |
Bank of America Corp. (5-Year CMT Index + 2.760%)2,5 |
4.375 |
|
|
10,616,621 | |||||
|
|
2,650,000 |
Bank of New York Mellon (SOFR + 1.135%)2 |
04/20/29 |
4.729 |
|
|
2,670,991 | ||||
|
|
3,035,000 |
Bank of New Zealand (New Zealand)1 |
02/07/28 |
4.846 |
|
|
3,063,049 | ||||
|
|
3,095,000 |
Bank of Nova Scotia (Canada) |
03/11/27 |
2.951 |
|
|
3,064,973 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
13 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Banks (continued) |
|
|
||||||||
|
$ |
4,670,000 |
BNP Paribas S.A. (SOFR + 1.678%) (France)1,2 |
05/09/31 |
5.085 |
% |
$ |
4,713,047 | ||||
|
|
3,485,000 |
Canadian Imperial Bank of Commerce (Canada) |
10/03/28 |
5.986 |
|
|
3,607,484 | ||||
|
|
7,500,000 |
Citigroup, Inc. (SOFR + 1.143%)2 |
05/07/28 |
4.643 |
|
|
7,513,048 | ||||
|
|
6,240,000 |
Fifth Third Bancorp (SOFR + 2.192%)2 |
10/27/28 |
6.361 |
|
|
6,403,836 | ||||
|
|
2,920,000 |
Fifth Third Bank NA (SOFR + 2.610%)2 |
08/25/33 |
5.332 |
|
|
2,932,310 | ||||
|
|
2,140,000 |
HSBC Holdings, Plc (SOFR + 3.350%) (United Kingdom)2 |
11/03/28 |
7.390 |
|
|
2,226,724 | ||||
|
|
1,140,000 |
HSBC Holdings, Plc (SOFR + 2.387%) (United Kingdom)2 |
06/04/31 |
2.848 |
|
|
1,055,898 | ||||
|
|
3,285,000 |
HSBC Holdings, Plc (SOFR + 2.390%) (United Kingdom)2 |
03/09/34 |
6.254 |
|
|
3,484,604 | ||||
|
|
6,256,000 |
Huntington Bancshares, Inc. (SOFR + 1.970%)2 |
08/04/28 |
4.443 |
|
|
6,248,592 | ||||
|
|
3,720,000 |
JPMorgan Chase & Co. (SOFR + 0.930%)2 |
07/22/28 |
4.979 |
|
|
3,745,076 | ||||
|
|
2,160,000 |
Lloyds Banking Group, Plc (1-Year CMT Index + 1.700%) (United Kingdom)2 |
03/06/29 |
5.871 |
|
|
2,212,273 | ||||
|
|
2,025,000 |
Lloyds Banking Group, Plc (1-Year CMT Index + 3.750%) (United Kingdom)2 |
11/15/33 |
7.953 |
|
|
2,309,914 | ||||
|
|
2,000,000 |
Morgan Stanley (SOFR + 1.610%)2 |
04/20/28 |
4.210 |
|
|
1,995,846 | ||||
|
|
5,175,000 |
NatWest Group, Plc (SOFR + 1.300%) (United Kingdom)2 |
11/15/28 |
4.965 |
|
|
5,219,259 | ||||
|
© Brown Brothers Harriman |
14 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Banks (continued) |
|
|
||||||||
|
$ |
1,780,000 |
NatWest Group, Plc (1-Year CMT Index + 2.100%) (United Kingdom)2 |
03/02/34 |
6.016 |
% |
$ |
1,871,155 | ||||
|
|
5,770,000 |
PNC Financial Services Group, Inc. (5-Year CMT Index + 2.595%)2,5 |
3.400 |
|
|
5,698,594 | |||||
|
|
2,360,000 |
Santander Holdings USA, Inc. (SOFR + 2.356%)2 |
03/09/29 |
6.499 |
|
|
2,433,511 | ||||
|
|
5,115,000 |
Santander Holdings USA, Inc. (SOFR + 1.878%)2 |
03/20/31 |
5.741 |
|
|
5,256,898 | ||||
|
|
3,070,000 |
Skandinaviska Enskilda Banken AB (Sweden)1 |
03/05/29 |
5.375 |
|
|
3,143,392 | ||||
|
|
7,510,000 |
State Street Corp. |
02/28/28 |
4.536 |
|
|
7,555,550 | ||||
|
|
1,620,000 |
Truist Financial Corp. (SOFR + 2.446%)2 |
10/30/29 |
7.161 |
|
|
1,718,682 | ||||
|
|
4,445,000 |
Truist Financial Corp. (SOFR + 1.620%)2 |
01/24/30 |
5.435 |
|
|
4,548,351 | ||||
|
|
5,425,000 |
UBS AG (SOFR + 0.810%) (Switzerland)2 |
03/16/29 |
4.302 |
|
|
5,419,544 | ||||
|
|
1,525,000 |
UBS Group AG (1-Year CMT Index + 1.750%) (Switzerland)1,2 |
05/12/28 |
4.751 |
|
|
1,530,182 | ||||
|
|
6,100,000 |
US Bancorp (5-Year CMT Index + 2.541%)2,5 |
3.700 |
|
|
6,003,700 | |||||
|
|
1,165,000 |
Wells Fargo & Co. (SOFR + 2.100%)2 |
06/02/28 |
2.393 |
|
|
1,139,999 | ||||
|
|
5,195,000 |
Wells Fargo & Co. (SOFR + 1.370%)2 |
04/23/29 |
4.970 |
|
|
5,242,174 | ||||
|
|
3,020,000 |
Wells Fargo & Co. (SOFR + 1.500%)2 |
03/02/33 |
3.350 |
|
|
2,780,317 | ||||
|
|
|
|
136,502,297 | ||||||||
|
|
|
|
|||||||||
|
|
Chemicals (0.3%) |
|
|
||||||||
|
|
6,570,000 |
Olin Corp.1 |
04/01/33 |
6.625 |
|
|
6,508,551 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
15 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Commercial Services (0.2%) |
|
|
||||||||
|
$ |
3,670,000 |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.1 |
01/15/30 |
8.250 |
% |
$ |
3,768,209 | ||||
|
|
|
|
|||||||||
|
|
Diversified Financial Services (2.3%) |
|
|
||||||||
|
|
2,345,000 |
Capital One Financial Corp. |
05/11/27 |
3.650 |
|
|
2,329,902 | ||||
|
|
1,630,000 |
Capital One Financial Corp. (SOFR + 3.070%)2 |
10/30/31 |
7.624 |
|
|
1,799,556 | ||||
|
|
7,870,000 |
Compeer Financial ACA (5-Year CMT Index + 4.155%)1,2,5 |
7.875 |
|
|
7,988,053 | |||||
|
|
4,125,000 |
Credit Acceptance Corp.1 |
12/15/28 |
9.250 |
|
|
4,301,583 | ||||
|
|
9,030,000 |
Equitable America Global Funding1 |
06/09/30 |
4.950 |
|
|
9,055,458 | ||||
|
|
2,550,000 |
GCM Grosvenor Diversified Alternatives Issuer LLC*,1 |
11/15/41 |
6.000 |
|
|
2,188,920 | ||||
|
|
7,300,000 |
Oxford Finance LLC / Oxford Finance Co. – Issuer II, Inc.1 |
02/01/27 |
6.375 |
|
|
7,298,265 | ||||
|
|
7,395,000 |
Oxford Finance LLC / Oxford Finance Co. – Issuer II, Inc.1 |
05/15/31 |
7.750 |
|
|
7,358,017 | ||||
|
|
4,620,000 |
Sculptor Alternative Solutions LLC*,1 |
05/15/37 |
6.000 |
|
|
4,258,716 | ||||
|
|
7,060,000 |
Stonebriar ABF Issuer LLC1 |
12/15/30 |
8.125 |
|
|
7,416,113 | ||||
|
|
|
|
53,994,583 | ||||||||
|
|
|
|
|||||||||
|
|
Electric (1.7%) |
|
|
||||||||
|
|
4,160,000 |
Alexander Funding Trust II1 |
07/31/28 |
7.467 |
|
|
4,378,205 | ||||
|
|
4,405,000 |
Atlantica Sustainable Infrastructure, Ltd. (United Kingdom)1 |
06/15/28 |
4.125 |
|
|
4,302,554 | ||||
|
© Brown Brothers Harriman |
16 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Electric (continued) |
|
|
||||||||
|
$ |
9,645,000 |
Duke Energy Carolinas SC Storm Funding LLC |
03/01/46 |
4.898 |
% |
$ |
9,530,397 | ||||
|
|
3,375,000 |
Florida Power & Light Co. |
05/15/33 |
4.800 |
|
|
3,381,595 | ||||
|
|
3,500,000 |
Oncor Electric Delivery Co. LLC |
05/15/28 |
4.300 |
|
|
3,500,791 | ||||
|
|
1,625,000 |
San Diego Gas & Electric Co. |
03/15/36 |
5.200 |
|
|
1,620,831 | ||||
|
|
4,420,000 |
Southern California Edison Co. |
09/06/26 |
4.400 |
|
|
4,422,561 | ||||
|
|
7,675,000 |
XPLR Infrastructure Operating Partners LP1 |
03/15/33 |
8.625 |
|
|
8,224,650 | ||||
|
|
|
|
39,361,584 | ||||||||
|
|
|
|
|||||||||
|
|
Energy-Alternate Sources (0.4%) |
|
|
||||||||
|
|
8,440,000 |
XPLR Infrastructure LP1 |
06/15/26 |
2.500 |
|
|
8,397,800 | ||||
|
|
|
|
|||||||||
|
|
Food (0.8%) |
|
|
||||||||
|
|
5,925,000 |
Mars, Inc.1 |
03/01/32 |
5.000 |
|
|
6,010,630 | ||||
|
|
4,765,000 |
Nestle Capital Corp.1 |
03/12/31 |
4.750 |
|
|
4,833,753 | ||||
|
|
8,185,000 |
Nestle Capital Corp.1 |
03/18/31 |
4.200 |
|
|
8,112,054 | ||||
|
|
|
|
18,956,437 | ||||||||
|
|
|
|
|||||||||
|
|
Gas (0.4%) |
|
|
||||||||
|
|
4,650,000 |
Southern California Gas Co. |
09/01/34 |
5.050 |
|
|
4,660,555 | ||||
|
|
4,120,000 |
Southern California Gas Co. |
06/15/35 |
5.450 |
|
|
4,219,440 | ||||
|
|
|
|
8,879,995 | ||||||||
|
|
|
|
|||||||||
|
|
Healthcare-Products (0.1%) |
|
|
||||||||
|
|
3,384,000 |
Medline Borrower LP1 |
04/01/29 |
3.875 |
|
|
3,287,767 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
17 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Healthcare-Services (0.9%) |
|
|
||||||||
|
$ |
11,560,000 |
Centene Corp. |
10/15/30 |
3.000 |
% |
$ |
10,393,225 | ||||
|
|
1,080,000 |
Providence
St Joseph Health Obligated |
10/01/33 |
5.403 |
|
|
1,104,046 | ||||
|
|
4,210,000 |
Roche Holdings, Inc.1 |
03/08/31 |
4.909 |
|
|
4,297,579 | ||||
|
|
4,585,000 |
Sutter Health |
08/15/32 |
5.213 |
|
|
4,689,363 | ||||
|
|
|
|
20,484,213 | ||||||||
|
|
|
|
|||||||||
|
|
Insurance (10.5%) |
|
|
||||||||
|
|
7,105,000 |
Aegon, Ltd. (6-Month CME Term SOFR + 3.540%)2 |
04/11/48 |
5.500 |
|
|
7,111,913 | ||||
|
|
2,940,000 |
American Coastal Insurance Corp. |
12/15/27 |
6.250 |
|
|
2,932,741 | ||||
|
|
5,400,000 |
American National Global Funding1 |
12/15/28 |
4.625 |
|
|
5,364,548 | ||||
|
|
4,650,000 |
American National Global Funding1 |
01/28/30 |
5.550 |
|
|
4,718,559 | ||||
|
|
5,395,000 |
American National Global Funding1 |
06/03/30 |
5.250 |
|
|
5,400,462 | ||||
|
|
6,425,000 |
American National Global Funding1 |
01/23/31 |
4.875 |
|
|
6,320,216 | ||||
|
|
2,880,000 |
Ascot Group, Ltd. (Bermuda)1 |
12/15/30 |
4.250 |
|
|
2,693,237 | ||||
|
|
3,615,000 |
Ascot Group, Ltd. (5-Year CMT Index + 2.375%) (Bermuda)1,2 |
06/15/35 |
6.349 |
|
|
3,685,811 | ||||
|
|
8,205,000 |
Athene Global Funding1 |
05/09/28 |
4.830 |
|
|
8,184,651 | ||||
|
|
4,360,000 |
Athene Global Funding1 |
01/09/29 |
5.583 |
|
|
4,419,839 | ||||
|
|
4,040,000 |
Athene Global Funding1 |
10/08/29 |
4.721 |
|
|
3,983,810 | ||||
|
|
8,565,000 |
Athene Global Funding1 |
07/17/30 |
5.033 |
|
|
8,482,339 | ||||
|
|
8,190,000 |
AXIS Specialty Finance LLC (5-Year CMT Index + 3.186%)2 |
01/15/40 |
4.900 |
|
|
8,000,288 | ||||
|
|
4,505,000 |
Bowhead Specialty Holdings, Inc. |
12/01/30 |
7.750 |
|
|
4,450,540 | ||||
|
© Brown Brothers Harriman |
18 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Insurance (continued) |
|
|
||||||||
|
$ |
5,616,000 |
Corebridge Financial, Inc. (5-Year CMT Index + 3.846%)2 |
12/15/52 |
6.875 |
% |
$ |
5,700,274 | ||||
|
|
3,175,000 |
Corebridge Global Funding1 |
09/19/28 |
5.900 |
|
|
3,270,229 | ||||
|
|
3,155,000 |
DaVinciRe Holdings, Ltd. (Bermuda)1 |
04/15/35 |
5.950 |
|
|
3,187,726 | ||||
|
|
4,210,000 |
Doctors Co. An Interinsurance Exchange1 |
01/18/32 |
4.500 |
|
|
3,860,732 | ||||
|
|
9,717,000 |
Enstar Finance LLC (5-Year CMT Index + 4.006%)2 |
01/15/42 |
5.500 |
|
|
9,533,375 | ||||
|
|
4,460,000 |
Enstar Group, Ltd. (5-Year CMT Index + 3.186%)1,2 |
04/01/45 |
7.500 |
|
|
4,617,108 | ||||
|
|
2,405,000 |
Equitable Financial Life Global Funding1 |
03/27/30 |
5.000 |
|
|
2,418,337 | ||||
|
|
5,540,000 |
F&G Annuities & Life, Inc. |
01/13/28 |
7.400 |
|
|
5,650,018 | ||||
|
|
4,110,000 |
F&G Global Funding1 |
06/10/27 |
5.875 |
|
|
4,155,706 | ||||
|
|
6,000,000 |
F&G Global Funding1 |
01/09/29 |
4.500 |
|
|
5,883,106 | ||||
|
|
6,260,000 |
GA Global Funding Trust1 |
09/23/27 |
4.400 |
|
|
6,225,218 | ||||
|
|
1,975,000 |
Global Atlantic Finance Co. (5-Year CMT Index + 3.608%)1,2 |
10/15/54 |
7.950 |
|
|
1,980,589 | ||||
|
|
6,815,000 |
Guardian Life Global Funding1 |
09/26/29 |
4.179 |
|
|
6,755,040 | ||||
|
|
4,525,000 |
Guardian Life Global Funding1 |
12/11/30 |
4.402 |
|
|
4,492,733 | ||||
|
|
4,820,000 |
Metropolitan Life Global Funding I1 |
04/13/28 |
4.250 |
|
|
4,813,898 | ||||
|
|
1,690,000 |
Metropolitan Life Global Funding I1 |
03/21/29 |
3.300 |
|
|
1,637,383 | ||||
|
|
9,815,000 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (5-Year CMT Index + 3.982%) (Germany)1,2 |
05/23/42 |
5.875 |
|
|
10,063,926 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
19 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Insurance (continued) |
|
|
||||||||
|
$ |
6,450,000 |
Mutual of Omaha Cos Global Funding1 |
06/09/28 |
4.514 |
% |
$ |
6,438,052 | ||||
|
|
5,450,000 |
Mutual of Omaha Cos Global Funding1 |
04/01/30 |
5.000 |
|
|
5,502,774 | ||||
|
|
4,945,000 |
New York Life Global Funding1 |
04/20/29 |
4.200 |
|
|
4,921,740 | ||||
|
|
5,090,000 |
Northwestern Mutual Global Funding1 |
03/25/27 |
5.070 |
|
|
5,137,319 | ||||
|
|
5,085,000 |
Northwestern Mutual Global Funding1 |
03/30/29 |
4.400 |
|
|
5,092,583 | ||||
|
|
7,725,000 |
Pacific Life Global Funding II1 |
05/01/28 |
4.450 |
|
|
7,741,373 | ||||
|
|
3,708,000 |
PartnerRe Finance B LLC (5-Year CMT Index + 3.815%)2 |
10/01/50 |
4.500 |
|
|
3,531,346 | ||||
|
|
4,365,000 |
Protective Life Global Funding1 |
01/12/27 |
4.992 |
|
|
4,391,934 | ||||
|
|
6,115,000 |
Protective Life Global Funding1 |
09/13/27 |
4.335 |
|
|
6,107,167 | ||||
|
|
6,075,000 |
RGA Global Funding1 |
11/25/30 |
4.600 |
|
|
6,030,552 | ||||
|
|
3,460,000 |
RGA Global Funding1 |
01/11/31 |
5.500 |
|
|
3,565,689 | ||||
|
|
3,735,000 |
SiriusPoint, Ltd. |
04/05/29 |
7.000 |
|
|
3,913,014 | ||||
|
|
1,895,000 |
Stewart Information Services Corp. |
11/15/31 |
3.600 |
|
|
1,687,410 | ||||
|
|
4,830,000 |
Swiss Re Finance Luxembourg S.A. (5-Year CMT Index + 3.582%) (Luxembourg)1,2 |
04/02/49 |
5.000 |
|
|
4,803,015 | ||||
|
|
9,280,000 |
Universal Insurance Holdings, Inc. |
11/30/26 |
5.625 |
|
|
9,206,002 | ||||
|
|
6,340,000 |
Western-Southern Global Funding1 |
01/29/29 |
4.250 |
|
|
6,276,514 | ||||
|
|
|
|
244,340,836 | ||||||||
|
© Brown Brothers Harriman |
20 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Internet (1.0%) |
|
|
||||||||
|
$ |
5,190,000 |
Alphabet, Inc. |
02/15/33 |
4.400 |
% |
$ |
5,110,033 | ||||
|
|
4,950,000 |
Amazon.com, Inc. |
03/13/33 |
4.550 |
|
|
4,889,745 | ||||
|
|
10,350,000 |
Beignet Investor LLC1 |
05/30/49 |
6.581 |
|
|
10,688,871 | ||||
|
|
3,830,000 |
Meta Platforms, Inc. |
11/15/32 |
4.600 |
|
|
3,783,949 | ||||
|
|
|
|
24,472,598 | ||||||||
|
|
|
|
|||||||||
|
|
Investment Companies (4.4%) |
|
|
||||||||
|
|
11,550,000 |
Ares Capital Corp. |
07/15/26 |
2.150 |
|
|
11,491,843 | ||||
|
|
2,172,000 |
BlackRock TCP Capital Corp. |
05/30/29 |
6.950 |
|
|
2,147,538 | ||||
|
|
4,320,000 |
Blackstone Private Credit Fund |
09/26/27 |
4.950 |
|
|
4,287,582 | ||||
|
|
5,690,000 |
Blackstone Secured Lending Fund |
09/04/29 |
5.250 |
|
|
5,609,392 | ||||
|
|
5,990,000 |
Blue Owl Credit Income Corp. |
03/15/30 |
5.800 |
|
|
5,827,408 | ||||
|
|
2,585,000 |
Blue Owl Technology Finance Corp. |
03/15/28 |
6.100 |
|
|
2,574,321 | ||||
|
|
5,145,000 |
Blue Owl Technology Finance Corp. |
01/23/31 |
6.125 |
|
|
4,953,774 | ||||
|
|
5,860,000 |
Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance1 |
09/17/30 |
5.950 |
|
|
5,552,235 | ||||
|
|
5,725,000 |
Fairfax India Holdings Corp. (Canada)1 |
02/26/28 |
5.000 |
|
|
5,581,828 | ||||
|
|
3,930,000 |
Franklin BSP Capital Corp.1 |
10/02/30 |
6.000 |
|
|
3,767,606 | ||||
|
|
3,940,000 |
Golub Capital Private Credit Fund |
09/12/29 |
5.800 |
|
|
3,904,662 | ||||
|
|
11,340,000 |
HA Sustainable Infrastructure Capital, Inc. |
07/01/34 |
6.375 |
|
|
11,613,530 | ||||
|
|
3,090,000 |
HA Sustainable Infrastructure Capital, Inc. (5-Year CMT Index + 4.301%)2 |
06/01/56 |
8.000 |
|
|
3,280,035 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
21 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Investment Companies (continued) |
|
|
||||||||
|
$ |
2,065,000 |
HAT Holdings I LLC/HAT Holdings II LLC1 |
06/15/26 |
3.375 |
% |
$ |
2,060,723 | ||||
|
|
2,300,000 |
HAT Holdings I LLC/HAT Holdings II LLC1 |
09/15/30 |
3.750 |
|
|
2,127,740 | ||||
|
|
4,600,000 |
Main Street Capital Corp. |
03/01/29 |
6.950 |
|
|
4,741,256 | ||||
|
|
2,960,000 |
MidCap Financial Investment Corp. |
07/16/26 |
4.500 |
|
|
2,945,095 | ||||
|
|
5,360,000 |
PennantPark Floating Rate Capital, Ltd. |
03/04/29 |
6.750 |
|
|
5,344,623 | ||||
|
|
7,655,000 |
PennantPark Investment Corp. |
05/01/26 |
4.500 |
|
|
7,655,000 | ||||
|
|
3,050,000 |
Silver Point Specialty Credit Fund LP* |
11/04/26 |
4.000 |
|
|
3,013,339 | ||||
|
|
3,165,000 |
Trinity Capital, Inc. |
12/15/26 |
4.250 |
|
|
3,112,447 | ||||
|
|
|
|
101,591,977 | ||||||||
|
|
|
|
|||||||||
|
|
Machinery-Diversified (0.4%) |
|
|
||||||||
|
|
2,275,000 |
CNH Industrial Capital LLC |
04/10/28 |
4.550 |
|
|
2,273,515 | ||||
|
|
2,450,000 |
CNH Industrial Capital LLC |
01/12/29 |
5.500 |
|
|
2,505,026 | ||||
|
|
4,710,000 |
John Deere Capital Corp. |
03/07/31 |
4.900 |
|
|
4,806,919 | ||||
|
|
|
|
9,585,460 | ||||||||
|
|
|
|
|||||||||
|
|
Media (0.3%) |
|
|
||||||||
|
|
5,110,000 |
CCO Holdings LLC/CCO Holdings Capital Corp.1 |
03/01/31 |
7.375 |
|
|
5,172,455 | ||||
|
|
2,447,000 |
Nexstar Media, Inc.1 |
09/15/33 |
6.500 |
|
|
2,465,832 | ||||
|
|
|
|
7,638,287 | ||||||||
|
|
|
|
|||||||||
|
|
Miscellaneous Manufacturers (0.3%) |
|
|
||||||||
|
|
6,100,000 |
Axon Enterprise, Inc.1 |
03/15/30 |
6.125 |
|
|
6,237,347 | ||||
|
© Brown Brothers Harriman |
22 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Oil & Gas (0.7%) |
|
|
||||||||
|
$ |
4,480,000 |
Sunoco LP1 |
05/01/29 |
7.000 |
% |
$ |
4,626,281 | ||||
|
|
5,740,000 |
Sunoco LP1 |
07/15/31 |
5.375 |
|
|
5,713,110 | ||||
|
|
5,040,000 |
Woodside Finance, Ltd. (Australia) |
05/19/30 |
5.400 |
|
|
5,148,394 | ||||
|
|
|
|
15,487,785 | ||||||||
|
|
|
|
|||||||||
|
|
Pharmaceuticals (0.8%) |
|
|
||||||||
|
|
730,000 |
Bausch Health Cos., Inc. (Canada)1 |
06/01/28 |
4.875 |
|
|
685,711 | ||||
|
|
3,770,000 |
Eli Lilly & Co. |
02/12/30 |
4.750 |
|
|
3,833,379 | ||||
|
|
4,800,000 |
Eli Lilly & Co. |
03/15/31 |
4.250 |
|
|
4,775,143 | ||||
|
|
4,265,000 |
Novartis Capital Corp. |
03/18/33 |
4.600 |
|
|
4,235,211 | ||||
|
|
5,247,000 |
Organon & Co./Organon Foreign Debt Co. – Issuer BV1 |
04/30/31 |
5.125 |
|
|
5,213,667 | ||||
|
|
|
|
18,743,111 | ||||||||
|
|
|
|
|||||||||
|
|
Pipelines (0.1%) |
|
|
||||||||
|
|
2,430,000 |
Harvest Midstream I LP1 |
09/01/28 |
7.500 |
|
|
2,446,011 | ||||
|
|
|
|
|||||||||
|
|
Private Equity (0.2%) |
|
|
||||||||
|
|
5,720,000 |
Hercules Capital, Inc. |
02/10/29 |
5.350 |
|
|
5,641,759 | ||||
|
|
|
|
|||||||||
|
|
Real Estate Investment Trusts (1.3%) |
|
|
||||||||
|
|
3,340,000 |
American Tower Trust #11 |
03/15/53 |
5.490 |
|
|
3,374,412 | ||||
|
|
6,358,000 |
Arbor Realty SR, Inc.1 |
10/15/27 |
8.500 |
|
|
6,311,295 | ||||
|
|
5,495,000 |
Arbor Realty SR, Inc.1 |
12/15/28 |
8.500 |
|
|
5,444,330 | ||||
|
|
1,970,000 |
Arbor Realty Trust, Inc.1 |
03/15/27 |
4.500 |
|
|
1,891,197 | ||||
|
|
5,075,000 |
EF Holdco/EF Cayman Hold/Ellington Finance REIT Cayman/TRS/EF Cayman Non-MTM (Multinational)1 |
04/01/27 |
5.875 |
|
|
4,895,985 | ||||
|
|
2,750,000 |
Rexford Industrial Realty LP |
06/15/28 |
5.000 |
|
|
2,779,661 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
23 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Real Estate Investment Trusts (continued) |
|
|
||||||||
|
$ |
2,000,000 |
SBA Tower Trust1 |
11/15/52 |
6.599 |
% |
$ |
2,031,308 | ||||
|
|
1,345,000 |
Scentre Group Trust 2 (5-Year CMT Index + 4.685%) (Australia)1,2 |
09/24/80 |
5.125 |
|
|
1,354,475 | ||||
|
|
2,065,000 |
Starwood Property Trust, Inc.1 |
01/15/27 |
4.375 |
|
|
2,056,921 | ||||
|
|
|
|
30,139,584 | ||||||||
|
|
|
|
|||||||||
|
|
Retail (0.4%) |
|
|
||||||||
|
|
1,143,000 |
Macy’s Retail Holdings LLC1 |
03/15/30 |
5.875 |
|
|
1,139,892 | ||||
|
|
4,145,000 |
Macy’s Retail Holdings LLC1 |
08/01/33 |
7.375 |
|
|
4,317,507 | ||||
|
|
3,450,000 |
Nordstrom, Inc. |
04/01/30 |
4.375 |
|
|
3,278,413 | ||||
|
|
|
|
8,735,812 | ||||||||
|
|
|
|
|||||||||
|
|
Savings & Loans (0.2%) |
|
|
||||||||
|
|
3,950,000 |
Axos Financial, Inc. (3-Month CME Term SOFR + 3.790%)2 |
10/01/35 |
7.000 |
|
|
4,029,000 | ||||
|
|
|
|
|||||||||
|
|
Semiconductors (0.3%) |
|
|
||||||||
|
|
5,575,000 |
ams-OSRAM AG (Austria)1 |
03/30/29 |
12.250 |
|
|
5,952,957 | ||||
|
|
|
|
|||||||||
|
|
Software (1.2%) |
|
|
||||||||
|
|
4,195,000 |
CoreWeave, Inc.1 |
06/01/30 |
9.250 |
|
|
4,247,892 | ||||
|
|
1,730,000 |
CoreWeave, Inc.1 |
02/01/31 |
9.000 |
|
|
1,719,031 | ||||
|
|
2,060,000 |
CoreWeave, Inc.1 |
10/01/31 |
9.750 |
|
|
2,071,929 | ||||
|
|
4,725,000 |
Fidelity National Information Services, Inc. |
03/10/29 |
4.550 |
|
|
4,706,548 | ||||
|
|
15,415,000 |
Salesforce, Inc. |
03/15/36 |
5.550 |
|
|
15,372,419 | ||||
|
|
|
|
28,117,819 | ||||||||
|
© Brown Brothers Harriman |
24 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Corporate Bonds (continued) |
|
|
||||||||
|
|
Telecommunications (0.3%) |
|
|
||||||||
|
$ |
7,755,000 |
QTS Fayetteville I Dc1-2 LLC / QTS TRS Fayetteville I DC1-2 LLC1 |
04/15/36 |
5.700 |
% |
$ |
7,542,504 | ||||
|
|
Total
Corporate Bonds |
|
|
895,792,915 | |||||||
|
|
|
|
|||||||||
|
|
Loan Participations and Assignments (11.5%) |
|
|
||||||||
|
|
Agriculture (0.2%) |
|
|
||||||||
|
|
5,009,400 |
A-AG US GSI Bidco, Inc. (3-Month CME SOFR + 5.000%)2 |
10/31/31 |
8.700 |
|
|
5,009,400 | ||||
|
|
|
|
|||||||||
|
|
Airlines (0.6%) |
|
|
||||||||
|
|
8,410,451 |
AAdvantage Loyality IP, Ltd. (3-Month CME SOFR + 2.250%) (Cayman Islands)2 |
04/20/28 |
5.925 |
|
|
8,356,708 | ||||
|
|
1,940,400 |
AAdvantage Loyality IP, Ltd. (3-Month CME SOFR + 2.750%) (Cayman Islands)2 |
05/28/32 |
6.425 |
|
|
1,930,290 | ||||
|
|
4,334,112 |
United AirLines, Inc. Term B (1-Month CME SOFR + 1.750%)2 |
02/22/31 |
5.404 |
|
|
4,336,842 | ||||
|
|
|
|
14,623,840 | ||||||||
|
|
|
|
|||||||||
|
|
Building Materials (0.1%) |
|
|
||||||||
|
|
2,614,129 |
ILPEA Parent, Inc. (1-Month CME SOFR + 4.000%)2 |
06/22/28 |
7.660 |
|
|
2,610,861 | ||||
|
|
|
|
|||||||||
|
|
Chemicals (0.6%) |
|
|
||||||||
|
|
1,451,653 |
Axalta Coating Systems US Holdings, Inc. Term B7 (3-Month CME SOFR + 1.750%)2 |
12/20/29 |
5.450 |
|
|
1,453,162 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
25 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Loan Participations and Assignments (continued) |
|
|
||||||||
|
|
Chemicals (continued) |
|
|
||||||||
|
$ |
7,250,417 |
Geon Performance Solutions LLC (Fka. Echo US Holdings LLC) (3-Month CME SOFR + 4.250%)2 |
08/18/28 |
8.211 |
% |
$ |
6,585,771 | ||||
|
|
5,085,000 |
Mativ Holdings, Inc. Term B (1-Month CME SOFR + 4.500%)2 |
04/04/33 |
8.152 |
|
|
5,034,150 | ||||
|
|
|
|
13,073,083 | ||||||||
|
|
Commercial Services (0.7%) |
|
|
||||||||
|
|
8,487,067 |
OCM System One Buyer CTB LLC (1-Month CME SOFR + 3.500%)2 |
03/02/28 |
7.152 |
|
|
8,487,067 | ||||
|
|
9,097,994 |
Priority Holdings LLC (1-Month CME SOFR + 3.750%)2 |
08/02/32 |
7.402 |
|
|
8,820,505 | ||||
|
|
|
|
17,307,572 | ||||||||
|
|
|
|
|||||||||
|
|
Distribution/Wholesale (0.1%) |
|
|
||||||||
|
|
3,442,700 |
Gloves Buyer, Inc. (1-Month CME SOFR + 4.000%)2 |
05/21/32 |
7.652 |
|
|
3,437,674 | ||||
|
|
|
|
|||||||||
|
|
Diversified Financial Services (0.7%) |
|
|
||||||||
|
|
5,535,846 |
Allspring Buyer LLC (3-Month CME SOFR + 3.000%)2 |
11/01/30 |
6.750 |
|
|
5,556,606 | ||||
|
|
10,452,832 |
LendingTree, Inc. Term B (1-Month CME SOFR + 4.250%)2 |
08/21/30 |
7.902 |
|
|
10,278,583 | ||||
|
|
|
|
15,835,189 | ||||||||
|
|
|
|
|||||||||
|
|
Electric (0.3%) |
|
|
||||||||
|
|
7,312,853 |
Eastern Power LLC (1-Month CME SOFR + 4.750%)2 |
04/03/29 |
8.402 |
|
|
7,329,599 | ||||
|
© Brown Brothers Harriman |
26 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Loan Participations and Assignments (continued) |
|
|
||||||||
|
|
Entertainment (0.3%) |
|
|
||||||||
|
$ |
2,918,183 |
Allen Media LLC (3-Month CME SOFR + 5.500%)2 |
02/10/27 |
9.350 |
% |
$ |
1,896,819 | ||||
|
|
6,003,934 |
Flutter Entertainment, Plc Term B (3-Month CME SOFR + 1.750%) (Ireland)2 |
11/30/30 |
5.450 |
|
|
5,981,419 | ||||
|
|
|
|
7,878,238 | ||||||||
|
|
|
|
|||||||||
|
|
Environmental Control (0.2%) |
|
|
||||||||
|
|
3,696,213 |
Tidal Waste & Recycling Holdings LLC (3-Month CME SOFR + 2.750%)2 |
10/24/31 |
6.450 |
|
|
3,698,209 | ||||
|
|
|
|
|||||||||
|
|
Healthcare-Products (0.8%) |
|
|
||||||||
|
|
12,225,000 |
Hologic, Inc. Term A*,2,6 |
04/09/29 |
0.000 |
|
|
12,102,750 | ||||
|
|
7,113,457 |
Medline Borrower, LP (1-Month CME SOFR + 1.750%)2 |
10/23/30 |
5.402 |
|
|
7,140,559 | ||||
|
|
|
|
19,243,309 | ||||||||
|
|
|
|
|||||||||
|
|
Healthcare-Services (0.6%) |
|
|
||||||||
|
|
3,622,101 |
Iqvia, Inc. Term B5 (3-Month CME SOFR + 1.750%)2 |
01/02/31 |
5.450 |
|
|
3,647,021 | ||||
|
|
679,925 |
MPH Acquisition Holdings LLC (3-Month CME SOFR + 3.750%)2 |
12/31/30 |
7.413 |
|
|
678,565 | ||||
|
|
5,636,147 |
MPH Acquisition Holdings LLC (3-Month CME SOFR + 4.600%)2 |
12/31/30 |
8.263 |
|
|
5,028,232 | ||||
|
|
4,469,015 |
Sotera Health Holdings LLC (1-Month CME SOFR + 2.500%)2 |
05/30/31 |
6.152 |
|
|
4,482,064 | ||||
|
|
|
|
13,835,882 | ||||||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
27 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Loan Participations and Assignments (continued) |
|
|
||||||||
|
|
Internet (0.4%) |
|
|
||||||||
|
$ |
10,442,340 |
Eagle Broadband Investments LLC (3-Month CME SOFR +3.000%)2 |
11/12/27 |
6.961 |
% |
$ |
10,089,911 | ||||
|
|
|
|
|||||||||
|
|
Machinery-Constraction & Mining (0.1%) |
|
|
||||||||
|
|
3,009,657 |
Terex Corp. (1-Month CME SOFR + 1.750%)2 |
10/08/31 |
5.402 |
|
|
3,023,772 | ||||
|
|
|
|
|||||||||
|
|
Machinery-Diversified (0.4%) |
|
|
||||||||
|
|
9,899,898 |
LSF12 Helix Parent LLC (1-Month CME SOFR + 3.500%)2 |
02/10/33 |
7.152 |
|
|
9,901,185 | ||||
|
|
|
|
|||||||||
|
|
Media (1.2%) |
|
|
||||||||
|
|
5,608,283 |
Charter Communications Operating LLC Term B4 (3-Month CME SOFR + 2.000%)2 |
12/07/30 |
5.692 |
|
|
5,600,487 | ||||
|
|
9,348,894 |
Midcontinent Communications (1-Month CME SOFR + 2.500%)2 |
08/16/31 |
6.152 |
|
|
9,308,039 | ||||
|
|
8,007,555 |
Nexstar Media, Inc. Term B5 (1-Month CME SOFR + 2.500%)2 |
06/28/32 |
6.152 |
|
|
7,989,778 | ||||
|
|
5,120,000 |
Versant Media Group, Inc. (3-Month CME SOFR + 3.500%)2 |
01/30/31 |
7.200 |
|
|
5,125,120 | ||||
|
|
|
|
28,023,424 | ||||||||
|
|
|
|
|||||||||
|
|
Miscellaneous Manufacturers (0.2%) |
|
|
||||||||
|
|
4,159,575 |
CoorsTek, Inc. Term B (3-Month CME SOFR + 3.000%)2 |
10/28/32 |
6.670 |
|
|
4,183,825 | ||||
|
© Brown Brothers Harriman |
28 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Loan Participations and Assignments (continued) |
|
|
||||||||
|
|
Oil & Gas (0.1%) |
|
|
||||||||
|
$ |
2,593,800 |
Hilcorp Energy I LP (1-Month CME SOFR + 1.750%)2 |
02/11/30 |
5.411 |
% |
$ |
2,595,953 | ||||
|
|
|
|
|||||||||
|
|
Packaging & Containers (0.3%) |
|
|
||||||||
|
|
6,385,000 |
Sword Purchaser LLC (1-Month CME SOFR + 4.000%)2 |
04/09/33 |
7.652 |
|
|
6,190,768 | ||||
|
|
|
|
|||||||||
|
|
Pharmaceuticals (0.1%) |
|
|
||||||||
|
|
657,443 |
Elanco Animal Health, Inc. Term B (1-Month CME SOFR + 1.750%)2 |
10/31/32 |
5.415 |
|
|
659,087 | ||||
|
|
1,761,578 |
Jazz Pharmaceuticals, Inc. Term B2 (1-Month CME SOFR + 2.250%)2 |
05/05/28 |
5.902 |
|
|
1,768,677 | ||||
|
|
|
|
2,427,764 | ||||||||
|
|
|
|
|||||||||
|
|
Pipelines (0.4%) |
|
|
||||||||
|
|
335,241 |
Buckeye Partners LP Term B7 (1-Month CME SOFR + 1.750%)2 |
11/22/32 |
5.402 |
|
|
336,777 | ||||
|
|
9,282,500 |
Rockpoint Gas Storage Partners LP (3-Month CME SOFR + 2.500%) (Canada)2 |
09/18/31 |
6.200 |
|
|
9,292,804 | ||||
|
|
|
|
9,629,581 | ||||||||
|
|
|
|
|||||||||
|
|
Real Estate Investment Trusts (0.3%) |
|
|
||||||||
|
|
1,751,750 |
Starwood Property Mortgage LLC (1-Month CME SOFR + 1.750%)2 |
11/18/27 |
5.402 |
|
|
1,748,194 | ||||
|
|
4,731,225 |
Starwood Property Mortgage LLC Term B2 (1-Month CME SOFR + 2.250%)2 |
09/24/32 |
5.902 |
|
|
4,744,520 | ||||
|
|
|
|
6,492,714 | ||||||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
29 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Loan Participations and Assignments (continued) |
|
|
||||||||
|
|
Retail (0.3%) |
|
|
||||||||
|
$ |
6,000,065 |
Great Outdoors Group LLC Term B3 (1-Month CME SOFR + 3.250%)2 |
01/23/32 |
6.902 |
% |
$ |
6,031,565 | ||||
|
|
|
|
|||||||||
|
|
Software (1.2%) |
|
|
||||||||
|
|
4,496,190 |
Athenahealth Group, Inc. (1-Month CME SOFR + 2.750%)2 |
02/15/29 |
6.402 |
|
|
4,476,137 | ||||
|
|
3,548,733 |
Central Parent LLC (3-Month CME SOFR + 3.250%)2 |
07/06/29 |
6.950 |
|
|
1,586,284 | ||||
|
|
5,452,600 |
Clearwater Analytics LLC (1-Month CME SOFR + 2.000%)2 |
04/21/32 |
5.652 |
|
|
5,444,094 | ||||
|
|
16,681,486 |
Oracle Corp. (1-Month CME SOFR + 1.250%)2 |
08/16/27 |
5.002 |
|
|
16,618,931 | ||||
|
|
|
|
28,125,446 | ||||||||
|
|
|
|
|||||||||
|
|
Telecommunications (0.9%) |
|
|
||||||||
|
|
11,224,333 |
Connect Finco S.a.r.l. (1-Month CME SOFR + 4.500%) (Luxembourg)2 |
09/27/29 |
8.152 |
|
|
11,247,455 | ||||
|
|
8,796,154 |
Iridium Communications, Inc. Term B4 (1-Month CME SOFR + 2.250%)2 |
09/20/30 |
5.902 |
|
|
8,630,171 | ||||
|
|
|
|
19,877,626 | ||||||||
|
|
|
|
|||||||||
|
|
Transportation (0.3%) |
|
|
||||||||
|
|
7,157,063 |
Stonepeak Nile Parent LLC (3-Month CME SOFR + 2.250%)2 |
04/09/32 |
5.919 |
|
|
7,179,464 | ||||
|
|
Total
Loan Participations and Assignments |
|
|
267,655,854 | |||||||
|
© Brown Brothers Harriman |
30 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Municipal Bonds (0.0%) |
|
|
||||||||
|
$ |
1,645,000 |
Indiana Finance Authority, Revenue Bonds |
03/01/51 |
3.313 |
% |
$ |
1,141,019 | ||||
|
|
Total
Municipal Bonds |
|
|
1,141,019 | |||||||
|
|
|
|
|||||||||
|
|
Preferred Securities (1.6%) |
|
|
||||||||
|
|
79,000 |
Apollo Global Management, Inc. (5-Year CMT Index + 3.226%)2 |
09/15/53 |
7.625 |
|
|
2,030,300 | ||||
|
|
215,000 |
CION Investment Corp. |
12/30/29 |
7.500 |
|
|
5,424,450 | ||||
|
|
236,800 |
CION Investment Corp. |
03/31/31 |
7.500 |
|
|
5,962,624 | ||||
|
|
99,600 |
Crescent Capital BDC, Inc. |
05/25/26 |
5.000 |
|
|
2,496,972 | ||||
|
|
178,600 |
Eagle Point Credit Co., Inc. |
01/31/29 |
5.375 |
|
|
4,291,758 | ||||
|
|
66,200 |
Ellington Financial, Inc. (5-Year CMT Index + 5.130%)2,5 |
8.625 |
|
|
1,684,790 | |||||
|
|
132,600 |
Gladstone Investment Corp. |
11/01/28 |
4.875 |
|
|
3,202,290 | ||||
|
|
177,000 |
OFS Capital Corp. |
07/31/28 |
7.500 |
|
|
4,543,590 | ||||
|
|
130,800 |
Oxford Lane Capital Corp. |
01/31/27 |
5.000 |
|
|
3,245,802 | ||||
|
|
175,000 |
Trinity Capital, Inc. |
03/30/29 |
7.875 |
|
|
4,445,000 | ||||
|
|
Total
Preferred Securities |
|
|
37,327,576 | |||||||
|
|
|
|
|||||||||
|
|
Residential Mortgage Backed Securities (0.0%) |
|
|
||||||||
|
|
240,372 |
RMF Proprietary Issuance Trust 2019 – 11,2,3 |
10/25/63 |
2.750 |
|
|
231,777 | ||||
|
|
Total
Residential Mortgage Backed Securities |
|
|
231,777 | |||||||
|
|
|
|
|||||||||
|
|
U.S. Government Agency Obligations (0.8%) |
|
|
||||||||
|
|
18,000,000 |
Federal Home Loan Bank Discount Notes7 |
05/01/26 |
3.550 |
|
|
18,000,000 | ||||
|
|
Total
U.S. Government Agency Obligations |
|
|
18,000,000 | |||||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
31 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||||
|
|
U.S. Treasury Bills (1.8%) |
|
|
| ||||||||
|
$ |
12,520,000 |
U.S. Treasury Bill7 |
05/05/26 |
3.556 |
% |
$ |
12,515,055 |
| ||||
|
|
18,930,000 |
U.S. Treasury Bill7 |
05/12/26 |
3.624 |
|
|
18,909,090 |
| ||||
|
|
5,150,000 |
U.S. Treasury Bill7,8,9 |
07/09/26 |
3.550 |
|
|
5,114,426 |
| ||||
|
|
4,750,000 |
U.S. Treasury Bill7,9 |
09/24/26 |
3.642 |
|
|
4,680,525 |
| ||||
|
|
Total U.S. Treasury Bills (Cost $41,220,689) |
|
|
41,219,096 |
| |||||||
|
|
|
|
| |||||||||
|
|
U.S. Treasury Bonds and Notes (23.7%) |
|
|
| ||||||||
|
|
71,925,000 |
U.S. Treasury Bond |
02/15/37 |
4.750 |
|
|
74,071,512 |
| ||||
|
|
1,950,000 |
U.S. Treasury Bond |
11/15/39 |
4.375 |
|
|
1,888,605 |
| ||||
|
|
16,000,000 |
U.S. Treasury Bond |
05/15/40 |
4.375 |
|
|
15,430,000 |
| ||||
|
|
83,900,000 |
U.S. Treasury Bond |
08/15/41 |
1.750 |
|
|
55,691,902 |
| ||||
|
|
76,250,000 |
U.S. Treasury Bond |
02/15/43 |
3.875 |
|
|
67,207,227 |
| ||||
|
|
43,500,000 |
U.S. Treasury Bond |
08/15/45 |
2.875 |
|
|
31,994,590 |
| ||||
|
|
54,800,000 |
U.S. Treasury Bond |
08/15/50 |
1.375 |
|
|
26,473,110 |
| ||||
|
|
1,250,000 |
U.S. Treasury Bond |
05/15/52 |
2.875 |
|
|
855,664 |
| ||||
|
|
30,870,000 |
U.S. Treasury Bond |
02/15/53 |
3.625 |
|
|
24,460,857 |
| ||||
|
|
18,765,000 |
U.S. Treasury Bond |
05/15/53 |
3.625 |
|
|
14,852,937 |
| ||||
|
|
18,000,000 |
U.S. Treasury Note |
03/31/32 |
4.125 |
|
|
18,001,406 |
| ||||
|
|
173,300,000 |
U.S. Treasury Note9 |
05/15/33 |
3.375 |
|
|
164,486,069 |
| ||||
|
|
58,150,000 |
U.S. Treasury Note |
08/15/35 |
4.250 |
|
|
57,641,188 |
| ||||
|
|
Total
U.S. Treasury Bonds and Notes |
|
|
553,055,067 |
| |||||||
|
|
|
|
| |||||||||
|
|
Total Investments (Cost $2,370,696,545) |
100.9 |
% |
$ |
2,353,756,326 |
| ||||||
|
|
Liabilities in Excess of Cash and Other Assets |
(0.9 |
)% |
|
(21,442,905 |
) | ||||||
|
|
Net Assets |
100.0 |
% |
$ |
2,332,313,421 |
| ||||||
____________
* Security that used significant unobservable inputs to determine fair value.
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, 2026 was $1,018,304,174 or 43.7% of net assets.
2 Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the April 30, 2026 coupon or interest rate.
|
© Brown Brothers Harriman |
32 |
|
BBH Income Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
3 This variable rate security is based on a predetermined schedule and the rate at April 30, 2026, also represents the reference rate at April 30, 2026.
4 Security issued with zero coupon. Income is recognized through accretion of discount.
5 Security is perpetual in nature and has no stated maturity date.
6 All or a portion of this position represents an unsettled loan commitment at period end. Certain details associated with this unsettled purchase may not be known prior to the settlement date, including coupon rate.
7 Coupon represents a yield to maturity.
8 Coupon represents a weighted average yield.
9 All or a portion of this security is held at the broker as collateral for open futures contracts.
Abbreviations:
ABS − Asset-Backed Security.
CFO − Collateralized Fund Obligation.
CLO − Collateralized Loan Obligation.
CME − Chicago Mercantile Exchange.
CMT − Constant Maturity Treasury.
REIT − Real Estate Investment Trust.
SOFR − Secured Overnight Financing Rate.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
33 |
|
BBH Income Fund Portfolio
of Investments (continued) |
Financial Futures Contracts
The following futures contracts were open at April 30, 2026:
|
Description |
Number
of |
Expiration
|
Notional
|
Market
|
Unrealized
| |||||||||
|
Contracts to Buy: |
|
|
|
| ||||||||||
|
U.S. Long Bond |
270 |
June 2026 |
$ |
31,648,948 |
$ |
30,467,813 |
$ |
(1,181,135 |
) | |||||
|
U.S. Treasury 5-Year Notes |
850 |
June 2026 |
|
92,690,609 |
|
91,660,547 |
|
(1,030,062 |
) | |||||
|
U.S. Treasury 10-Year Notes |
1,500 |
June 2026 |
|
168,958,595 |
|
165,890,625 |
|
(3,067,970 |
) | |||||
|
U.S. Treasury 10-Year Ultra Bond |
1,530 |
June 2026 |
|
176,934,662 |
|
172,674,844 |
|
(4,259,818 |
) | |||||
|
U.S. Ultra Bond |
620 |
June 2026 |
|
74,203,243 |
|
71,319,375 |
|
(2,883,868 |
) | |||||
|
|
|
$ |
(12,422,853 |
) | ||||||||||
|
|
|
|
| |||||||||||
|
Net Unrealized (Loss) on Open Futures Contracts10 |
|
|
$ |
(12,422,853 |
) | |||||||||
____________
10 The aggregate cost of investments and derivatives for federal income tax purposes is $2,370,696,545, the aggregate gross unrealized appreciation is $16,090,119 and the aggregate gross unrealized depreciation is $45,453,191, resulting in net unrealized depreciation of $29,363,072.
|
© Brown Brothers Harriman |
34 |
|
BBH Income Fund Portfolio
of Investments (continued) |
Fair Value Measurements
The Fund is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Authoritative guidance establishes three levels of the fair value hierarchy as follows:
|
— |
Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities. | |
|
— |
Level 2 – significant other observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.). | |
|
— |
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets and liabilities). |
Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires judgment by the investment adviser. The investment adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
35 |
|
BBH Income Fund Portfolio
of Investments (continued) |
relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the investment adviser’s perceived risk of that instrument.
Financial assets within Level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.
Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations and over-the-counter derivatives. As Level 2 financial assets include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.
Financial assets classified within Level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include private equity and certain corporate debt securities.
Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.
|
© Brown Brothers Harriman |
36 |
|
BBH Income Fund Portfolio
of Investments (continued) |
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2026.
|
Investments, at value |
Unadjusted
|
Significant
|
Significant
|
Balance
as of | ||||||||||
|
Asset Backed Securities |
$ |
— |
|
$ |
364,106,081 |
$ |
10,435,109 |
$ |
374,541,190 |
| ||||
|
Commercial Mortgage Backed Securities |
|
— |
|
|
159,748,182 |
|
5,043,650 |
|
164,791,832 |
| ||||
|
Corporate Bonds |
|
— |
|
|
886,331,940 |
|
9,460,975 |
|
895,792,915 |
| ||||
|
Loan Participations and Assignments |
|
— |
|
|
255,553,104 |
|
12,102,750 |
|
267,655,854 |
| ||||
|
Municipal Bonds |
|
— |
|
|
1,141,019 |
|
— |
|
1,141,019 |
| ||||
|
Preferred Securities |
|
37,327,576 |
|
|
— |
|
— |
|
37,327,576 |
| ||||
|
Residential Mortgage Backed Securities |
|
— |
|
|
231,777 |
|
— |
|
231,777 |
| ||||
|
U.S. Government Agency Obligations |
|
— |
|
|
18,000,000 |
|
— |
|
18,000,000 |
| ||||
|
U.S. Treasury Bills |
|
— |
|
|
41,219,096 |
|
— |
|
41,219,096 |
| ||||
|
U.S. Treasury Bonds and Notes |
|
— |
|
|
553,055,067 |
|
— |
|
553,055,067 |
| ||||
|
Total Investments, at value |
$ |
37,327,576 |
|
$ |
2,279,386,266 |
$ |
37,042,484 |
$ |
2,353,756,326 |
| ||||
|
|
|
|
|
|
| |||||||||
|
Other Financial Instruments, at value |
|
|
|
|
|
| ||||||||
|
Liabilities |
|
|
|
|
|
| ||||||||
|
Financial
Futures |
$ |
(12,422,853 |
) |
$ |
— |
$ |
— |
$ |
(12,422,853 |
) | ||||
|
Other
Financial Instruments, at |
$ |
(12,422,853 |
) |
$ |
— |
$ |
— |
$ |
(12,422,853 |
) | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
37 |
|
BBH Income Fund Portfolio
of Investments (continued) |
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, 2026:
|
Asset
|
Commercial
|
Corporate
|
Loan
|
Total | |||||||||||||
|
Balance as of October 31, 2025 |
$ |
10,532,100 |
|
$ |
4,918,333 |
$ |
8,966,010 |
$ |
— |
$ |
24,416,443 |
| |||||
|
Purchases |
|
— |
|
|
— |
|
— |
|
12,102,750 |
|
12,102,750 |
| |||||
|
Sales/Paydowns |
|
(52,010 |
) |
|
— |
|
— |
|
— |
|
(52,010 |
) | |||||
|
Realized gains/(losses) |
|
— |
|
|
— |
|
— |
|
— |
|
— |
| |||||
|
Change in unrealized appreciation/ (depreciation) |
|
(44,981 |
) |
|
67,894 |
|
494,965 |
|
— |
|
517,878 |
| |||||
|
Amortization |
|
— |
|
|
57,423 |
|
— |
|
— |
|
57,423 |
| |||||
|
Transfer from Level 3 |
|
— |
|
|
— |
|
— |
|
— |
|
— |
| |||||
|
Transfer to Level 3 |
|
— |
|
|
— |
|
— |
|
— |
|
— |
| |||||
|
Balance as of April 30, 2026 |
$ |
10,435,109 |
|
$ |
5,043,650 |
$ |
9,460,975 |
$ |
12,102,750 |
$ |
37,042,484 |
| |||||
Fund investments classified as Level 3 were either single broker quoted or fair valued using a market approach or an income approach with valuation inputs such as a discounted cash flow model or market price information adjusted for changes in an appropriate index. As of April 30, 2026, $21,926,395 of value of the Level 3 assets in the Fund was based on single quotes from brokers.
|
© Brown Brothers Harriman |
38 |
|
BBH Income Fund Statement
of Assets and Liabilities |
|
Assets: |
|
| ||
|
Investments in securities, at value (Cost $2,370,696,545) |
$ |
2,353,756,326 |
| |
|
Cash |
|
1,396,435 |
| |
|
Foreign currency at value (Cost $229) |
|
274 |
| |
|
Receivables for: |
|
| ||
|
Interest |
|
18,454,016 |
| |
|
Investments sold |
|
7,026,722 |
| |
|
Shares sold |
|
2,422,652 |
| |
|
Futures variation margin on open contracts |
|
898,440 |
| |
|
Prepaid expenses |
|
8,601 |
| |
|
Total Assets |
|
2,383,963,466 |
| |
|
|
| |||
|
Liabilities: |
|
| ||
|
Payables for: |
|
| ||
|
Investments purchased |
|
50,229,652 |
| |
|
Investment advisory fees |
|
695,729 |
| |
|
Administrative fees |
|
56,816 |
| |
|
Shares redeemed |
|
418,252 |
| |
|
Dividends declared |
|
136,548 |
| |
|
Professional fees |
|
52,509 |
| |
|
Custody and fund accounting fees |
|
48,030 |
| |
|
Board of Trustees’ fees |
|
3,988 |
| |
|
Transfer agent fees |
|
1,013 |
| |
|
Accrued expenses and other liabilities |
|
7,508 |
| |
|
Total Liabilities |
|
51,650,045 |
| |
|
Net Assets |
$ |
2,332,313,421 |
| |
|
|
| |||
|
Net Assets Consist of: |
|
| ||
|
Paid-in capital |
$ |
2,420,708,769 |
| |
|
Accumulated deficit |
|
(88,395,348 |
) | |
|
Net Assets |
$ |
2,332,313,421 |
| |
|
|
| |||
|
Net Asset Value and Offering Price per Share |
|
| ||
|
Class I Shares |
|
| ||
|
($2,332,313,421 ÷ 262,959,119 shares outstanding) |
|
$8.87 |
|
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
39 |
|
BBH Income Fund Statement
of Operations |
|
Net Investment Income: |
|
| ||
|
Income: |
|
| ||
|
Dividends |
$ |
71,372 |
| |
|
Interest income |
|
56,373,580 |
| |
|
Interest income on cash balances |
|
24,486 |
| |
|
Other income |
|
68,646 |
| |
|
Total Income |
|
56,538,084 |
| |
|
|
| |||
|
Expenses: |
|
| ||
|
Investment advisory fees |
|
3,882,860 |
| |
|
Administrative fees |
|
210,451 |
| |
|
Custody and fund accounting fees |
|
101,792 |
| |
|
Board of Trustees’ fees |
|
55,433 |
| |
|
Professional fees |
|
53,778 |
| |
|
Transfer agent fees |
|
25,106 |
| |
|
Miscellaneous expenses |
|
144,163 |
| |
|
Total Expenses |
|
4,473,583 |
| |
|
Net Investment Income |
|
52,064,501 |
| |
|
|
| |||
|
Net Realized and Unrealized Loss: |
|
| ||
|
Net realized loss on investments in securities |
|
(287,849 |
) | |
|
Net realized gain on futures contracts |
|
9,100,587 |
| |
|
Net realized gain on investments in securities and futures contracts |
|
8,812,738 |
| |
|
Net change in unrealized appreciation/(depreciation) on investments in securities |
|
(25,518,496 |
) | |
|
Net change in unrealized appreciation/(depreciation) on futures contracts |
|
(20,265,555 |
) | |
|
Net change in unrealized appreciation/(depreciation) on foreign currency translations |
|
4 |
| |
|
Net change in unrealized appreciation/(depreciation) on investments in securities, futures contracts, foreign currency translations |
|
(45,784,047 |
) | |
|
Net Realized and Unrealized Loss |
|
(36,971,309 |
) | |
|
Net Increase in Net Assets Resulting from Operations |
$ |
15,093,192 |
|
|
© Brown Brothers Harriman |
40 |
|
BBH Income Fund Statements of Changes in Net Assets
|
|
For
the |
For
the | |||||||
|
Increase/(Decrease) in Net Assets from: |
|
|
|
| ||||
|
Operations: |
|
|
|
| ||||
|
Net investment income |
$ |
52,064,501 |
|
$ |
84,195,219 |
| ||
|
Net realized gain/(loss) on investments in securities and futures contracts |
|
8,812,738 |
|
|
(13,129,377 |
) | ||
|
Net change in unrealized appreciation/ (depreciation) on investments in securities, futures contracts, foreign currency transactions and translations |
|
(45,784,047 |
) |
|
41,469,253 |
| ||
|
Net increase in net assets resulting from operations |
|
15,093,192 |
|
|
112,535,095 |
| ||
|
|
|
|
| |||||
|
Dividends and distributions declared: |
|
|
|
| ||||
|
Class I |
|
(51,986,456 |
) |
|
(83,905,511 |
) | ||
|
|
|
|
| |||||
|
Share transactions: |
|
|
|
| ||||
|
Proceeds from sales of shares |
|
596,187,493 |
|
|
800,557,894 |
| ||
|
Net asset value of shares issued to shareholders for reinvestment of dividends and distributions |
|
11,491,971 |
|
|
15,555,688 |
| ||
|
Proceeds from short-term redemption fees |
|
— |
|
|
8 |
| ||
|
Cost of shares redeemed1 |
|
(159,454,094 |
) |
|
(185,743,675 |
) | ||
|
Net increase in net assets resulting from share transactions |
|
448,225,370 |
|
|
630,369,915 |
| ||
|
Total increase in net assets |
|
411,332,106 |
|
|
658,999,499 |
| ||
|
|
|
|
| |||||
|
Net Assets: |
|
|
|
| ||||
|
Beginning of period/year |
|
1,920,981,315 |
|
|
1,261,981,816 |
| ||
|
End of period/year |
$ |
2,332,313,421 |
|
$ |
1,920,981,315 |
| ||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
41 |
|
BBH Income Fund Financial
Highlights |
|
For
the |
| |||||||||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||||||||
|
Net asset value, beginning of period/year |
$ |
9.02 |
|
$ |
8.89 |
|
$ |
8.30 |
|
$ |
8.49 |
|
$ |
10.49 |
|
$ |
10.77 |
| ||||||
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net investment income1 |
|
0.23 |
|
|
0.48 |
|
|
0.51 |
|
|
0.47 |
|
|
0.36 |
|
|
0.34 |
| ||||||
|
Net realized and unrealized gain/(loss) |
|
(0.15 |
) |
|
0.13 |
|
|
0.58 |
|
|
(0.20 |
) |
|
(2.00 |
) |
|
0.15 |
| ||||||
|
Total income/(loss) from investment operations |
|
0.08 |
|
|
0.61 |
|
|
1.09 |
|
|
0.27 |
|
|
(1.64 |
) |
|
0.49 |
| ||||||
|
Dividends and distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
From net investment income |
|
(0.23 |
) |
|
(0.48 |
) |
|
(0.50 |
) |
|
(0.46 |
) |
|
(0.36 |
) |
|
(0.33 |
) | ||||||
|
From net realized gains |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.44 |
) | ||||||
|
Total dividends and distributions to shareholders |
|
(0.23 |
) |
|
(0.48 |
) |
|
(0.50 |
) |
|
(0.46 |
) |
|
(0.36 |
) |
|
(0.77 |
) | ||||||
|
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/year |
$ |
8.87 |
|
$ |
9.02 |
|
$ |
8.89 |
|
$ |
8.30 |
|
$ |
8.49 |
|
$ |
10.49 |
| ||||||
|
Total return3 |
|
0.83 |
%4 |
|
7.04 |
% |
|
13.37 |
% |
|
3.10 |
% |
|
(15.93 |
)% |
|
4.64 |
% | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net assets, end of period/year (in millions) |
$ |
2,332 |
|
$ |
1,921 |
|
$ |
1,262 |
|
$ |
773 |
|
$ |
547 |
|
$ |
612 |
| ||||||
|
Ratio of expenses to average net assets |
|
0.44 |
%5 |
|
0.44 |
% |
|
0.44 |
% |
|
0.46 |
% |
|
0.47 |
% |
|
0.47 |
% | ||||||
|
Ratio of net investment income to average net assets |
|
5.08 |
%5 |
|
5.40 |
% |
|
5.71 |
% |
|
5.36 |
% |
|
3.77 |
% |
|
3.19 |
% | ||||||
|
Portfolio turnover rate |
|
16 |
%4 |
|
42 |
% |
|
38 |
% |
|
56 |
% |
|
56 |
% |
|
69 |
% | ||||||
____________
1 Calculated using average shares outstanding for the period/year.
2 Less than $0.01.
3 Assumes the reinvestment of distributions.
4 Not annualized.
5 Annualized.
|
© Brown Brothers Harriman |
42 |
|
BBH Income Fund Notes
to Financial Statements |
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. As of April 30, 2026, there were seven series of the Trust. The Fund commenced operations on June 27, 2018 and offers two share classes, Class N and Class I. As of April 30, 2026, Class N shares are not available for purchase by investors but may be 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.
Effective January 1, 2026, Brown Brothers Harriman Credit Partners, LLC (“BBH Credit Partners”), a subsidiary that is majority owned and controlled by Brown Brothers Harriman & Co. (“BBH&Co.”), became the investment adviser of BBH Income Fund.
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 Board of Trustees (the “Board”) has ultimate responsibility for the supervision and oversight of the determination of the fair value of investments. Pursuant to Rule 2a-5 of the 1940 Act, the Board has designated the Investment Adviser as its valuation designee. The Investment Adviser monitors the continual appropriateness of valuation methods applied and determines if adjustments should be made in light of market factor changes and events affecting issuers. The Investment Adviser performs a series of activities to provide reasonable assurance of the appropriateness of the prices utilized, including but not limited to: periodic independent pricing service due diligence meetings and reviewing the results of back testing on a monthly basis. The Investment Adviser provides the Board with reporting on the results of the back testing as well as positions which were fair valued during the period.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
43 |
|
BBH Income Fund Notes
to Financial Statements (continued) |
All securities and other investments are recorded at their estimated fair value. The value of investments listed on a securities exchange is based on the last sale price prior to the time when assets are valued, or in the absence of recorded sales, at the most recent bid price on such exchange. If a readily available market quotation is not available or is determined to be unreliable, the investments may be valued utilizing evaluated prices provided by independent pricing services. In establishing such prices, the independent pricing service utilizes both dealer supplied prices and electronic data processing techniques which take into account appropriate factors such as institutional sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, the closure of the primary exchange on which securities trade and before the Fund’s net asset value is next determined and other market data without exclusive reliance on quoted exchange prices or over-the-counter prices since such valuations are believed to reflect more accurately the fair value of such investments. Investments may be fair valued by Brown Brothers Harriman Credit Partners, LLC (“BBH Credit Partners” or “Investment Adviser”) in accordance with the BBH Trust Portfolio Valuation Policy and Procedures using methods that most fairly reflect the amount that the Fund would reasonably expect to receive for the investment on a current sale in its principal market in the ordinary course of business. 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. Any futures contracts held by the Fund are valued daily at the official settlement price of the exchange on which they are traded.
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.
|
© Brown Brothers Harriman |
44 |
|
BBH Income Fund Notes
to Financial Statements (continued) |
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. 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, 2026, are listed in the Portfolio of Investments.
For the six months ended April 30, 2026, the average month-end notional amount of open futures contracts was $481,918,423. The range of month-end notional amounts was $438,484,140 to $544,436,056.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
45 |
|
BBH Income Fund Notes
to Financial Statements (continued) |
Fair Values of Derivative Instruments as of April 30, 2026
Derivatives not accounted for as economically hedging instruments under authoritative guidance for derivatives instruments and hedging activities:
|
Asset Derivatives |
Liability Derivatives | ||||||||||
|
Risk |
Statement
of Assets |
Fair Value |
Statement
of Assets |
Fair Value | |||||||
|
Interest Rate Risk |
Net unrealized appreciation/ (depreciation) on futures contracts |
$ |
— |
Net unrealized appreciation/ (depreciation) on futures contracts |
$ |
(12,422,853 |
)* | ||||
|
Total |
$ |
— |
$ |
(12,422,853 |
) | ||||||
–––––––––––––
* Includes cumulative appreciation/(depreciation) of futures contracts reported under line item “Futures variation margin on open contracts” in the Statement of Assets and Liabilities and Notes to Financial Statements. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
Effect of Derivative Instruments on the Statement of Operations
|
Interest
Rate | ||||
|
Net Realized Gain on Derivatives Futures Contracts |
$ |
9,100,587 |
| |
|
|
| |||
|
Net Change in Unrealized Appreciation/(Depreciation) on Derivatives Futures Contracts |
$ |
(20,265,555 |
) | |
E. Private Placement Securities. The Fund may purchase securities that are not registered under the Securities Act of 1933, as amended (“1933 Act”) but that can be sold to “qualified institutional buyers” in accordance with the requirements stated in Rule 144A or the requirements stated in Regulation S and Regulation D of the 1933 Act (“Private Placement Securities”). A Private Placement Security may be considered illiquid, under the U.S. Securities and Exchange Commission (“SEC”) Regulations for open-end investment companies, and therefore subject to the 15% limitation on the purchase of illiquid securities, unless it is determined on an ongoing basis that an adequate trading market exists for the security, which is the case for the Fund. Guidelines have been adopted and the daily function of determining and monitoring liquidity of Private Placement Securities has been delegated to the investment adviser. All relevant factors will be
|
© Brown Brothers Harriman |
46 |
|
BBH Income Fund Notes
to Financial Statements (continued) |
considered in determining the liquidity of Private Placement Securities and all investments in Private Placement Securities will be carefully monitored. Information regarding Private Placement Securities is included at the end of the Portfolio of Investments.
F. Loan Participations and Assignments. The Fund may invest in loan participations and assignments, which include institutionally traded floating and fixed-rate debt securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the “Lender”) that acts as agent for all holders. Some loan participations and assignments may be purchased on a “when-issued” basis. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan assignment, the Fund acquires the loan in whole or in part and becomes a lender under the loan agreement. The Fund generally has the right to enforce compliance with the terms of the loan agreement with the borrower.
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 Secured Overnight Financing Rate (“SOFR”).
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
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
47 |
|
BBH Income Fund Notes
to Financial Statements (continued) |
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 April 30, 2026, 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, 2026, 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 $51,986,456 to Class I shareholders during the six months ended April 30, 2026. In addition, the Fund designated a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
|
© Brown Brothers Harriman |
48 |
|
BBH Income Fund Notes
to Financial Statements (continued) |
The tax character of distributions paid during the years ended October 31, 2025 and 2024, respectively, were as follows:
|
Distributions paid from: | |||||||||||||||
|
Ordinary |
Net |
Total
taxable |
Tax
|
Total | |||||||||||
|
2025: |
$ |
83,905,511 |
$ |
— |
$ |
83,905,511 |
$ |
— |
$ |
83,905,511 | |||||
|
2024: |
|
58,185,985 |
|
— |
|
58,185,985 |
|
— |
|
58,185,985 | |||||
As of October 31, 2025 and 2024, respectively, the components of retained earnings/(accumulated deficit) on tax basis were as follows:
|
Components of retained earnings/(accumulated deficit): | ||||||||||||||||||||||
|
Undistributed |
Undistributed |
Accumulated |
Other |
Unrealized |
Total
| |||||||||||||||||
|
2025: |
$ |
157,603 |
$ |
— |
$ |
(57,824,154 |
) |
$ |
(10,256,553 |
) |
$ |
16,421,020 |
|
$ |
(51,502,084 |
) | ||||||
|
2024: |
|
211,408 |
|
— |
|
(67,242,521 |
) |
|
11,947,678 |
|
|
(25,048,233 |
) |
|
(80,131,668 |
) | ||||||
The Fund had $57,824,154 net capital loss carryforwards as of October 31, 2025, of which $22,999,269 and $34,824,885, is attributable to short-term and long-term capital losses, respectively.
The Fund is permitted to carryforward capital losses for an unlimited period and they will retain their character as either short-term or long-term capital losses.
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 difference 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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
49 |
|
BBH Income Fund Notes
to Financial Statements (continued) |
I. Segment Reporting. The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Oversight Committee of the BBH & Co. Separately Identifiable Department, the Board of Directors of BBH Credit Partners, LLC, the named portfolio manager(s) of the Funds and the Funds’ principal executive officer and principal financial officer act as the Fund’s CODM, who is responsible for assessing the performance of the Fund’s single segment and deciding how to allocate the segment’s resources. The Fund is considered a single operating segment as the Fund has a single investment strategy as disclosed in its prospectus. The financial information provided to and reviewed by the CODM is presented in the Fund’s financial statements.
J. Use of Estimates. The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from these estimates.
3. Fees and Other Transactions with Affiliates.
A. Investment Advisory Fees. For investment advisory services, the Investment Adviser receives an annual fee, computed daily and payable monthly, equal to 0.37% on the first $2 billion of the Fund’s average daily net assets, 0.35% on the next $1 billion, and 0.32% on amounts over $3 billion. This fee compensates the Investment Adviser for its services and its expenses. Prior to January 1, 2026, the Fund paid an annual combined investment advisory and administrative fee of $1,296,370 to BBH&Co., through a separately identifiable department, computed daily and payable monthly, equal to 0.40% on the first $2 billion of the Fund’s average daily net assets, 0.38% on the next $1 billion, and 0.35% on amounts over $3 billion.
|
© Brown Brothers Harriman |
50 |
|
BBH Income Fund Notes
to Financial Statements (continued) |
For the six months ended April 30, 2026, the Fund incurred $3,882,860 in investment advisory fees and $210,451 in administrative fees, as included in the Statement of Operations.
B. Expense Waivers and Reimbursements. Effective June 27, 2018 (commencement of operations), the Investment Adviser has contractually agreed to waive fees and/or reimburse expenses in order to limit the total annual fund operating expenses (excluding interests, taxes, brokerage commissions, other expenditures that are capitalized in accordance with generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) for Class I shares to 0.50%. The agreement will terminate on March 1, 2027, 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, 2026, 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 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 based partially on asset values and partially on individual fund transactions. The fund accounting fee is primarily an asset-based fee calculated at 0.00325% per annum of the Fund’s net asset value. For the six months ended April 30, 2026, the Fund incurred $101,792 in custody and fund accounting fees. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the BBH Overdraft Base Rate plus 2% on the day of the overdraft. The Fund did not incur any such fees during the six months ended April 30, 2026. This amount, if any, is included under line item “Custody and fund accounting fees” in the Statement of Operations. Effective August 1, 2025, the Fund enrolled in the BBH Cash Management Services Sweep. Under this agreement, the Fund’s end-of-day cash balance is swept into overnight deposits with one or more deposit institutions. The interest income earned on the overnight deposits is credited to the Fund’s cash account(s) the next business day. The total interest earned by the Fund under the agreement for the six months ended April 30, 2026 was $24,486. This amount is included in “Interest income on cash balances” in the Statement of Operations.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
51 |
|
BBH Income Fund Notes
to Financial Statements (continued) |
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, 2026, the Fund incurred $55,433 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, 2026, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $755,412,571 and $315,545,238, respectively.
5. Shares of Beneficial Interest. The Trust is permitted to issue an unlimited number of Class I shares of beneficial interest, at no par value. Transactions in Class I shares were as follows:
|
For
the six months ended |
For
the year ended | |||||||||||||
|
Shares |
Dollars |
Shares |
Dollars | |||||||||||
|
Class I |
|
|
|
|
|
| ||||||||
|
Shares sold |
66,633,832 |
|
$ |
596,187,493 |
|
90,138,307 |
|
$ |
800,557,894 |
| ||||
|
Shares issued in connection with reinvestments of dividends |
1,283,715 |
|
|
11,491,971 |
|
1,745,593 |
|
|
15,555,688 |
| ||||
|
Proceeds from short-term redemption fees |
N/A |
|
|
— |
|
N/A |
|
|
8 |
| ||||
|
Shares redeemed |
(17,814,194 |
) |
|
(159,454,094 |
) |
(20,933,524 |
) |
|
(185,743,675 |
) | ||||
|
Net increase |
50,103,353 |
|
$ |
448,225,370 |
|
70,950,376 |
|
$ |
630,369,915 |
| ||||
6. Principal Risk Factors and Indemnifications.
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
|
© Brown Brothers Harriman |
52 |
|
BBH Income Fund Notes
to Financial Statements (continued) |
(issuer risk), difficulty in being able to purchase or sell a security (illiquid investment risk), or certain risks associated with investing in non-U.S. securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (non-U.S. investment risk). Investments in other investment companies are subject to market and selection risk, as well as the specific risks associated with the investment companies’ portfolio securities (investment in other investment companies risk), and risks from investing in securities of issuers based in developing countries (emerging markets risk). The Fund’s use of derivatives creates risks that are different from, or possibly greater than, the risks associated with investing directly in securities as the Fund could lose more than the principal amount invested (derivatives risk). Political, legislative and economic events may affect a municipal security’s value, interest payments, repayments of principal and the Fund’s ability to sell it (municipal issuer risk). Due to uncertainty regarding the ability of the issuer to pay principal and interest, securities that are rated below investment grade (i.e., Ba1/BB+ or lower) (junk bond risk), and their unrated equivalents, may be subject to greater risks than securities which have higher credit ratings, including a high risk of default. If the issuer of the securities in which the Fund invests redeems them before maturity the Fund may have to reinvest the proceeds in securities that pay a lower interest rate (call risk). The Fund invests in asset-backed (asset-backed securities risk) and mortgage-backed securities (mortgage-backed securities risk) which are subject to the risk that borrowers may default on the obligations that underlie these securities. In addition, these securities may be paid off sooner (prepayment risk) or later than expected which may increase the volatility of securities during periods of fluctuating interest rates. The Fund may invest in bonds issued by foreign governments which may be unable or unwilling to make interest payments and/or repay the principal owed (sovereign debt risk). The Fund’s use of borrowing, in reverse repurchase agreements and investment in some derivatives, involves leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s securities and may cause the Fund to be more volatile (leverage risk). Loan participations and assignment, 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
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
53 |
|
BBH Income Fund Notes
to Financial Statements (continued) |
spread of infectious illness and other public health emergencies, recession, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse effects on world economies and markets generally (market risk). A significant investment of Fund assets within one or more sectors, industries, securities and/or durations may increase the Fund’s sensitivity to adverse economic, business, political, or other, risks associated with such sector, industry, security or duration (sector risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (large shareholder risk). Even though the Fund’s investments in repurchase agreements are collateralized at all times, there is risk to the Fund if the other party to the agreement should default on its obligations (repurchase agreement risk). While the U.S. Government has historically provided financial support to U.S. government-sponsored agencies or instrumentalities during times of financial stress, such as the various actions taken to stabilize the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the credit crisis of 2008, no assurance can be given that it will do so in the future. Such securities are neither issued nor guaranteed by the U.S. Treasury (U.S. Government Agency Securities Risk). The Fund may invest in private placement securities that are issued pursuant to Regulation S, Regulation D and Rule 144A which have not been registered with the SEC. These securities may be subject to contractual restrictions which prohibit or limit their resale (private placement risk). The Fund may invest in convertible securities which may perform in a similar manner to a regular debt security and are subject to variety of risks, including investment risk and interest rate risk (convertible securities risk). The Fund may invest in preferred securities which are equity interests in a company that entitle the holder to receive common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company, in preference to the holders of other securities. Preferred securities are subject to issuer specific and market risks applicable generally to equity securities (preferred securities risk). The Fund may also invest in notes issued by Business Development Companies (“BDCs”). These notes are subject to risks similar to those of other issuers and those of investment companies (business development 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.
|
© Brown Brothers Harriman |
54 |
|
BBH Income Fund Notes
to Financial Statements (continued) |
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. Recent Pronouncements. In December 2023, the FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.
8. Subsequent Events. Management has evaluated events and transactions that have occurred since April 30, 2026 through the date the financial statements were issued and determined that there were no subsequent events that would require recognition or additional disclosure in the financial statements.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
55 |
|
BBH Income Fund Disclosure
of Advisor Selection |
Investment Advisory Agreement 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.
The Board, a majority of which is comprised of Independent Trustees, held a telephonic meeting on November 20, 2025 and an in-person meeting on December 10, 2025, to consider whether to approve the new Investment Advisory Agreement (the “Advisory Agreement”) between the Trust and the Investment Adviser with respect to certain of the funds in the Trust, including the Fund. The Investment Adviser was a newly created subsidiary of BBH and the personnel who had previously provided investment advisory services would continue to provide them as part of the Investment Adviser. At the December 10, 2025 meeting, the Board voted to approve the Advisory Agreement with respect to the Fund for a one-year term. The Board recognized the fact that the same investment team would continue to provide investment advisory services under the Investment Adviser. In doing so, the Board determined that the terms of the Advisory 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 Advisory Agreement.
Both in the meetings specifically held to address the Advisory 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 BBH and anticipated to be provided by the Investment Adviser, 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 Gartenberg 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.
|
© Brown Brothers Harriman |
56 |
|
BBH Income Fund Disclosure
of Advisor Selection (continued) |
In approving the Advisory Agreement, the Board considered: (a) the nature, extent and quality of services previously provided by BBH and to be 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 Advisory Agreement. 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 BBH and to be paid to the Investment Adviser as of January 1, 2026 were reasonable based on the expense information, the cost of the services provided, and the profits realized by the Investment Adviser.
Nature, Extent and Quality of Services
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 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 10, 2025 meeting, and over the course of the previous year, regarding the nature, extent and quality of services previously provided to the Trust and the Fund by BBH and to be provided by BBH and 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 Advisory Agreement, noting that the Investment Adviser also coordinates the provision of services to the Fund by affiliated and nonaffiliated service providers.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
57 |
|
BBH Income Fund Disclosure
of Advisor Selection (continued) |
The Board considered the scope and quality of services provided by the Investment Adviser under the Advisory 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 Advisory Agreement.
Fund Performance
At the November 20, 2025 and December 10, 2025 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-, 3-, 4- and 5-year periods ended September 30, 2025 as compared to its peer category, noting the Fund had above average performance of its peer funds universe for each of the 1-, 2- and 3-year periods and average performance for the 4- and 5-year 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.
Costs of Services Provided and Profitability
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 contractual fee waiver. The Board noted that they had previously received and considered information comparing the Fund’s combined investment advisory and administration fees 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 concluded that the advisory fee appeared to be both reasonable in light of the services rendered and the result of arm’s length negotiations.
|
© Brown Brothers Harriman |
58 |
|
BBH Income Fund Disclosure
of Advisor Selection (continued) |
With regard to profitability, the Trustees considered the compensation and benefits flowing to the Investment Adviser and BBH, directly or indirectly. The Board reviewed profitability data for the Fund using data from October 1, 2024 through September 30, 2025, 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 and corresponding expenses. The Board conducted a detailed review of the expense 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 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.
Economies of Scale
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 on the information they 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. 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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
59 |
|
BBH Income Fund Conflicts of Interest April 30, 2026 (unaudited) |
Description of Potential Material Conflicts of Interest – Investment Adviser
BBH&Co., its Separately Identifiable Department (“SID”) and Brown Brothers Harriman Credit Partners, LLC (“BBH Credit Partners” and together with the SID, the “Advisers” and each an “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 their business, BBH&Co., including the Advisers, may engage in activities in which their interests or the interests of their clients may conflict with or be adverse to the interests of the Funds. In addition, certain of such clients (including the Funds) utilize the services of BBH&Co. for which they will pay to BBH&Co. customary fees and expenses that will not be shared with the Funds.
The Advisers and the Sub-advisers have adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Advisers and each Sub-adviser monitor a variety of areas, including compliance with fund investment guidelines, the investment in only those securities that have been approved for purchase, and compliance with their respective Code of Ethics.
The Trust also manages these conflicts of interest. For example, the Trust has designated a CCO and has adopted and implemented policies and procedures designed to manage the conflicts identified below and other conflicts that may arise in the course of the Funds’ operations in such a way as to safeguard the Funds from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Advisers, the Sub-advisers 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&Co., the Advisers and Sub-advisers 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 Advisers, the Sub-advisers and the Funds have adopted policies and procedures reasonably designed to appropriately prevent, limit, or mitigate the conflicts of interest described below. Additional information about potential conflicts of interest regarding the Advisers is set forth in their respective Form ADV. A copy of Part 1 and Part 2A of 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.
|
© Brown Brothers Harriman |
60 |
|
BBH Income Fund Conflicts of Interest (continued) April 30, 2026 (unaudited) |
Other Clients and Allocation of Investment Opportunities. BBH&Co., the Advisers, and the Sub-advisers manage funds and accounts of clients other than the Funds (“Other Clients”). In general, BBH&Co., the Advisers, and the Sub-advisers 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 with the Funds and Other Clients. Investments made by the Funds do not, and are not intended to, replicate the investments, or the investment methods and strategies, of Other Clients. Accordingly, such Other Clients may produce results that are materially different from those experienced by the Funds. Certain other conflicts of interest may arise in connection with a portfolio manager’s management of the Funds’ investments, on the one hand, and the investments of other funds or accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various funds or accounts managed by the Advisers or Sub-advisers could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Funds. From time to time, the Advisers and Sub-advisers may sponsor other investment pools and accounts which engage in the same or similar businesses as the Funds using the same or similar investment strategies. To the extent that the same investment opportunities might be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Advisers or Sub-advisers may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH&Co. and the Advisers have implemented policies and procedures designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. The policies and procedures require, among other things, objective allocation for limited investment opportunities, and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Nevertheless, access to investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance, and investment restrictions or for other reasons.
Actual or potential conflicts of interest may also arise when a portfolio manager has management responsibilities to multiple accounts or funds, resulting in unequal commitment of time and attention to the portfolio management of the funds or accounts.
Affiliated Service Providers. Other potential conflicts might include conflicts between the Funds and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
61 |
|
BBH Income Fund Conflicts of Interest (continued) April 30, 2026 (unaudited) |
services through the SID or, BBH&Co. provides administrative, custody, shareholder servicing, and fund accounting services to the Funds. BBH&Co. may have conflicting duties of loyalty while servicing the Funds and/or opportunities to further its own interest to the detriment of the Funds. For example, in negotiating fee arrangements with affiliated service providers, BBH&Co. may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH&Co., acting in its capacity as the Funds’ administrator, is the primary valuation agent of the Funds.
BBH&Co. values securities and assets in the Funds according to the Funds’ valuation policies. Because the Advisers’ advisory fees and the SID’s administrative fee are calculated by reference to Funds’ net assets, BBH&Co. and its affiliates may have an incentive to seek to overvalue certain assets.
Aggregation. Potential conflicts of interest also arise with the aggregation of trade orders. Purchases and sales of securities for the Funds may be aggregated with orders for other client accounts managed by the Advisers and Sub-advisers. The Advisers and Sub-advisers, however, are not required to aggregate orders if portfolio management decisions for different accounts are made separately, or if it is determined that aggregating is not practicable, or in cases involving client direction. Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission equivalent rates in connection with an aggregated order.
Investments in BBH Funds. From time-to-time BBH&Co. and BBH Credit Partners may invest a portion of the assets of their discretionary investment advisory clients in the Funds. The investment by BBH&Co. or BBH Credit Partners on behalf of their discretionary investment advisory clients in the Funds may be significant at times.
Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Funds’ expense ratio. In selecting the Funds for their discretionary investment advisory clients, BBH&Co. and BBH Credit Partners may limit their selection to funds managed by BBH&Co. or the Advisers.
|
© Brown Brothers Harriman |
62 |
|
BBH Income Fund Conflicts of Interest (continued) April 30, 2026 (unaudited) |
BBH&Co. or BBH Credit Partners 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&Co., the Advisers and their affiliates providing services to the Funds, benefit from additional fees when the Funds are included as an investment by a discretionary investment advisory client.
BBH&Co. or BBH Credit Partners reserve the right to redeem at any time some or all of the shares of the Funds acquired for their discretionary investment advisory clients’ accounts. A large redemption of shares of the Funds by BBH&Co. or BBH Credit Partners on behalf of their discretionary investment advisory clients could significantly reduce the asset size of the Funds, which might have an adverse effect on the Funds’ investment flexibility, portfolio diversification, and expense ratio.
Valuation. When market quotations are not readily available or are believed to be unreliable, the Funds’ investments will be valued at fair value. pursuant to procedures adopted by the Funds’ Board. When determining an asset’s “fair value,” an Adviser. seeks to determine the price that a Fund might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. The price generally may not be determined based on what the Funds might reasonably expect to receive for selling an asset at a later time or if it holds the asset to maturity. While fair value determinations will be based upon all available factors the Adviser deems relevant at the time of the determination and may be based on analytical values determined by the Adviser using proprietary or third-party valuation models, fair value represents only a good faith approximation of the value of a security. The fair value of one or more securities may not, in retrospect, be the price at which those assets could have been sold during the period in which the particular fair values were used in determining the Funds’ net asset value. As a result, the Funds’ sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued (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&Co. or BBH Credit Partners may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH&Co. or BBH Credit Partners to the third party. BBH&Co. or BBH Credit Partners may pay a solicitation fee for referrals and/or advisory or incentive fees.
BBH&Co. or BBH Credit Partners may benefit from increased amounts of assets under management.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
63 |
|
BBH Income Fund Conflicts of Interest (continued) April 30, 2026 (unaudited) |
Personal Trading. BBH&Co., including the Advisers, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, face conflicts of interest when transacting in securities for their own accounts because they could benefit by trading in the same securities as the Funds, which could have an adverse effect on the Funds.
However, BBH&Co., including the Advisers, have implemented policies and procedures concerning personal trading by BBH Credit Partners employees and BBH&Co. Partners and employees. The policies and procedures are intended to prevent BBH Credit Partners employees and BBH&Co. Partners and employees with access to Fund material non-public information from trading in the same securities as the Funds.
Gifts and Entertainment. From time to time, employees of BBH Credit Partners and BBH&Co., including the SID, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, may receive gifts and/or entertainment from clients, intermediaries, or service providers to the Funds or BBH&Co., including the Advisers, which could have the appearance of affecting or may potentially affect the judgment of the employees, or the manner in which they conduct business. The Advisers have implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Credit Partners employees and BBH&Co. Partners and employees. BBH&Co., including the Advisers, have implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Credit Partners employees and BBH&Co. Partners and employees.
|
© Brown Brothers Harriman |
64 |
|
ADMINISTRATOR BROWN BROTHERS HARRIMAN CREDIT PARTNERS, LLC 140 BROADWAY NEW YORK, NY 10005 DISTRIBUTOR ALPS DISTRIBUTORS, INC. 1290 BROADWAY, SUITE 1000 DENVER, CO 80203 SHAREHOLDER SERVICING AGENT BROWN BROTHERS HARRIMAN & Co. 140 BROADWAY NEW YORK, NY 10005 1-800-575-1265 To obtain information or make shareholder inquiries: |
INVESTMENT ADVISER BROWN BROTHERS HARRIMAN CREDIT PARTNERS, LLC 140 BROADWAY NEW YORK, NY 10005 |
|||||
|
By telephone: By E-mail send your request to: On the internet: |
Call 1-800-575-1265 bbhfunds@bbh.com www.bbhfunds.com |
|||||
|
This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund. For more complete information, visit www.bbhfunds.com for a prospectus. You should consider the Fund’s investment objectives, risks, charges and expenses carefully before you invest. Information about these and other important subjects is in the Fund’s prospectus, which you should read carefully before investing. Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available electronically on the SEC’s website (sec.gov). For a complete list of a fund’s portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund’s website at http://www.bbhfunds.com. A summary of the Fund’s Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC’s website at www.sec.gov. |
||||||
|
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE |
||||||
|
NEW YORK BEIJING BOSTON CHARLOTTE CHICAGO DUBLIN GRAND CAYMAN HONG KONG HOUSTON JERSEY CITY KRAKÓW LONDON LUXEMBOURG NASHVILLE PHILADELPHIA TOKYO WILMINGTON ZÜRICH BBH.COM |
||||||
|
Semi-Annual
April 30, 2026 BBH
Select Large Cap ETF
|
|
BBH Select Large Cap ETF Table
of Contents |
|
Page(s) | ||
|
Financial Statements as of and for the six months ended April 30, 2026: |
||
|
3 | ||
|
4 | ||
|
10 | ||
|
11 | ||
|
12 | ||
|
13 | ||
|
14 | ||
|
24 | ||
|
28 |
|
© Brown Brothers Harriman |
2 |
|
BBH Select Large Cap ETF Portfolio
Allocation |
Sector Diversification
|
U.S. $ Value |
Percent of
| |||||
|
Common Stock: |
|
| ||||
|
Communication Services |
$ |
45,839,236 |
8.9 |
% | ||
|
Consumer Discretionary |
|
48,394,988 |
9.4 |
| ||
|
Consumer Staples |
|
35,168,146 |
6.8 |
| ||
|
Financials |
|
76,127,473 |
14.8 |
| ||
|
Health Care |
|
43,233,172 |
8.4 |
| ||
|
Industrials |
|
45,179,504 |
8.8 |
| ||
|
Information Technology |
|
176,508,764 |
34.4 |
| ||
|
Materials |
|
20,820,515 |
4.1 |
| ||
|
Cash and Other Assets in Excess of Liabilities |
|
22,464,090 |
4.4 |
| ||
|
Net Assets |
$ |
513,735,888 |
100.0 |
% | ||
All data as of April 30, 2026. The BBH Select Large Cap ETF’s (the “Fund”) sector diversification is expressed as a percentage of net assets and may vary over time.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
3 |
|
BBH Select Large Cap ETF Portfolio
of Investments All investments in the United States, except as noted. |
|
Shares |
Value | ||||
|
Common Stock (95.6%) |
|
||||
|
Communication Services (8.9%) |
|
||||
|
113,296 |
Alphabet, Inc. (Class C) |
$ |
43,272,274 | ||
|
4,195 |
Meta Platforms, Inc. (Class A) |
|
2,566,962 | ||
|
Total Communication Services |
|
45,839,236 | |||
|
|
|||||
|
Consumer Discretionary (9.4%) |
|
||||
|
111,493 |
Amazon.com, Inc.1 |
|
29,552,335 | ||
|
25,037 |
Booking Holdings, Inc. |
|
4,215,229 | ||
|
13,935 |
Hilton Worldwide Holdings, Inc. |
|
4,515,915 | ||
|
7,043 |
Home Depot, Inc. |
|
2,315,738 | ||
|
22,799 |
McDonald’s Corp. |
|
6,693,558 | ||
|
24,847 |
NIKE, Inc. (Class B) |
|
1,102,213 | ||
|
Total Consumer Discretionary |
|
48,394,988 | |||
|
|
|||||
|
Consumer Staples (6.8%) |
|
||||
|
65,911 |
Coca-Cola Co. |
|
5,191,150 | ||
|
9,575 |
Costco Wholesale Corp. |
|
9,714,125 | ||
|
41,668 |
Procter & Gamble Co. |
|
6,128,946 | ||
|
107,132 |
Walmart, Inc. |
|
14,133,925 | ||
|
Total Consumer Staples |
|
35,168,146 | |||
|
|
|||||
|
Financials (14.8%) |
|
||||
|
36,515 |
Arthur J Gallagher & Co. |
|
7,536,696 | ||
|
35,943 |
Berkshire Hathaway, Inc. (Class B)1 |
|
17,022,605 | ||
|
4,966 |
Blackrock, Inc. |
|
5,291,770 | ||
|
24,194 |
JPMorgan Chase & Co. |
|
7,578,287 | ||
|
38,761 |
Mastercard, Inc. (Class A) |
|
19,493,682 | ||
|
58,658 |
Progressive Corp. |
|
11,806,682 | ||
|
17,155 |
S&P Global, Inc. |
|
7,397,751 | ||
|
Total Financials |
|
76,127,473 | |||
|
© Brown Brothers Harriman |
4 |
|
BBH Select Large Cap ETF Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Shares |
Value | ||||
|
Common Stock (continued) |
|
||||
|
Health Care (8.4%) |
|
||||
|
15,100 |
Abbott Laboratories |
$ |
1,370,929 | ||
|
107,188 |
Alcon AG (Switzerland) |
|
8,025,166 | ||
|
10,757 |
Eli Lilly & Co. |
|
10,053,492 | ||
|
9,799 |
Intuitive Surgical, Inc.1 |
|
4,484,120 | ||
|
25,007 |
Johnson & Johnson |
|
5,747,859 | ||
|
17,178 |
Thermo Fisher Scientific, Inc. |
|
8,227,575 | ||
|
46,308 |
Zoetis, Inc. (Class A) |
|
5,324,031 | ||
|
Total Health Care |
|
43,233,172 | |||
|
|
|||||
|
Industrials (8.8%) |
|
||||
|
45,403 |
Graco, Inc. |
|
3,644,499 | ||
|
14,118 |
Otis Worldwide Corp. |
|
1,099,510 | ||
|
9,504 |
Parker-Hannifin Corp. |
|
8,643,128 | ||
|
27,042 |
Rockwell Automation, Inc. |
|
11,057,744 | ||
|
89,162 |
Waste Management, Inc. |
|
20,734,623 | ||
|
Total Industrials |
|
45,179,504 | |||
|
|
|||||
|
Information Technology (34.4%) |
|
||||
|
13,290 |
Analog Devices, Inc. |
|
5,346,035 | ||
|
93,947 |
Apple, Inc. |
|
25,492,519 | ||
|
43,779 |
Applied Materials, Inc. |
|
17,270,378 | ||
|
21,162 |
Broadcom, Inc. |
|
8,833,654 | ||
|
33,904 |
Cadence Design Systems, Inc.1 |
|
11,174,419 | ||
|
18,142 |
KLA Corp. |
|
31,754,850 | ||
|
80,041 |
Microsoft Corp. |
|
32,639,119 | ||
|
46,495 |
NVIDIA Corp. |
|
9,279,007 | ||
|
75,677 |
Oracle Corp. |
|
12,213,511 | ||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
5 |
|
BBH Select Large Cap ETF Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Shares |
Value | ||||
|
Common Stock (continued) |
|
||||
|
Information Technology (continued) |
|
||||
|
53,815 |
Palo Alto Networks, Inc.1 |
$ |
9,650,106 | ||
|
2,842 |
ServiceNow, Inc.1 |
|
250,977 | ||
|
44,842 |
Texas Instruments, Inc. |
|
12,604,189 | ||
|
Total Information Technology |
|
176,508,764 | |||
|
|
|||||
|
Materials (4.1%) |
|
||||
|
12,831 |
Ecolab, Inc. |
|
3,343,759 | ||
|
34,874 |
Linde, Plc. (Ireland) |
|
17,476,756 | ||
|
Total Materials |
|
20,820,515 | |||
|
|
|||||
|
Total Common Stock |
|
491,271,798 | |||
|
Total Investments (Cost $304,312,057)2 |
95.6 |
% |
$ |
491,271,798 | ||
|
Cash and Other Assets in Excess of Liabilities |
4.4 |
% |
|
22,464,090 | ||
|
Net Assets |
100.0 |
% |
$ |
513,735,888 |
____________
1 Non-income producing security.
2 The aggregate cost for federal income tax purposes is $304,312,057, the aggregate gross unrealized appreciation is $190,106,638 and the aggregate gross unrealized depreciation is $3,146,897, resulting in net unrealized appreciation of $186,959,741.
|
© Brown Brothers Harriman |
6 |
|
BBH Select Large Cap ETF Portfolio
of Investments (continued) |
Fair Value Measurements
The Fund is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Authoritative guidance establishes three levels of the fair value hierarchy as follows:
|
— |
Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities. | |
|
— |
Level 2 – significant other observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.). | |
|
— |
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets and liabilities). |
Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires judgment by the investment adviser. The investment adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
7 |
|
BBH Select Large Cap ETF Portfolio
of Investments (continued) |
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.
|
© Brown Brothers Harriman |
8 |
|
BBH Select Large Cap ETF Portfolio
of Investments (continued) |
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2026.
|
Investments, at value |
Unadjusted
|
Significant
|
Significant |
Balance as of | ||||||||
|
Common Stock: |
|
|
|
|
||||||||
|
Communication Services |
$ |
45,839,236 |
$ |
— |
$ |
— |
$ |
45,839,236 | ||||
|
Consumer Discretionary |
|
48,394,988 |
|
— |
|
— |
|
48,394,988 | ||||
|
Consumer Staples |
|
35,168,146 |
|
— |
|
— |
|
35,168,146 | ||||
|
Financials |
|
76,127,473 |
|
— |
|
— |
|
76,127,473 | ||||
|
Health Care |
|
43,233,172 |
|
— |
|
— |
|
43,233,172 | ||||
|
Industrials |
|
45,179,504 |
|
— |
|
— |
|
45,179,504 | ||||
|
Information Technology |
|
176,508,764 |
|
— |
|
— |
|
176,508,764 | ||||
|
Materials |
|
20,820,515 |
|
— |
|
— |
|
20,820,515 | ||||
|
Total Investments, at value |
$ |
491,271,798 |
$ |
— |
$ |
— |
$ |
491,271,798 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
9 |
|
BBH Select Large Cap ETF Statement
of Assets and Liabilities |
|
Assets: |
|
||
|
Investments in securities, at value (Cost $304,312,057) |
$ |
491,271,798 | |
|
Cash |
|
26,648,144 | |
|
Receivables for: |
|
||
|
Dividends |
|
192,541 | |
|
Prepaid expenses |
|
2,253 | |
|
Total Assets |
|
518,114,736 | |
|
|
|||
|
Liabilities: |
|
||
|
Payables for: |
|
||
|
Investments purchased |
|
4,063,329 | |
|
Investment advisory fees |
|
253,190 | |
|
Administrative fees |
|
12,251 | |
|
Professional fees |
|
39,881 | |
|
Custody and fund accounting fees |
|
5,795 | |
|
Board of Trustees’ fees |
|
4,097 | |
|
Accrued expenses and other liabilities |
|
305 | |
|
Total Liabilities |
|
4,378,848 | |
|
Net Assets |
$ |
513,735,888 | |
|
|
|||
|
Net Assets Consist of: |
|
||
|
Paid-in capital |
$ |
289,852,659 | |
|
Retained earnings |
|
223,883,229 | |
|
Net Assets |
$ |
513,735,888 | |
|
Net Asset Value and Offering Price per Share |
|
||
|
($513,735,888 ÷ 31,331,986 shares outstanding) |
$ |
16.40 |
____________
* Effective November 17, 2025, the BBH Select Series — Large Cap Fund was reorganized to the BBH Select Large Cap ETF.
|
© Brown Brothers Harriman |
10 |
|
BBH Select Large Cap ETF Statement
of Operations |
|
Net Investment Income: |
|
| ||
|
Income: |
|
| ||
|
Dividends (net of foreign withholding taxes of $5,480) |
$ |
2,589,751 |
| |
|
Interest income on cash balances |
|
357,111 |
| |
|
Total Income |
|
2,946,862 |
| |
|
Expenses: |
|
| ||
|
Investment advisory fees |
|
1,511,097 |
| |
|
Administrative fees |
|
47,801 |
| |
|
Board of Trustees’ fees |
|
49,441 |
| |
|
Professional fees |
|
36,215 |
| |
|
Custody and fund accounting fees |
|
18,757 |
| |
|
Transfer agent fees |
|
2,860 |
| |
|
Miscellaneous expenses |
|
32,222 |
| |
|
Total Expenses |
|
1,698,393 |
| |
|
Net Investment Income |
|
1,248,469 |
| |
|
Net Realized and Unrealized Gain: |
|
| ||
|
Net realized gain on investments in securities |
|
15,354,819 |
| |
|
Net realized gain on in-kind transactions |
|
20,635,019 |
| |
|
Net change in unrealized appreciation/(depreciation) on investments in securities |
|
(25,028,834 |
) | |
|
Net Realized and Unrealized Gain |
|
10,961,004 |
| |
|
Net Increase in Net Assets Resulting from Operations |
$ |
12,209,473 |
|
____________
* Effective November 17, 2025, the BBH Select Series — Large Cap Fund was reorganized to the BBH Select Large Cap ETF.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
11 |
|
BBH Select Large Cap ETF Statements of Changes in Net Assets
|
|
For
the |
For
the | |||||||
|
Increase/(Decrease) in Net Assets from: |
|
|
|
| ||||
|
Operations: |
|
|
|
| ||||
|
Net investment income |
$ |
1,248,469 |
|
$ |
1,409,277 |
| ||
|
Net realized gain on investments in securities and in-kind transactions |
|
35,989,838 |
|
|
44,626,780 |
| ||
|
Net change in unrealized appreciation/(depreciation) on investments in securities |
|
(25,028,834 |
) |
|
17,098,699 |
| ||
|
Net increase in net assets resulting from operations |
|
12,209,473 |
|
|
63,134,756 |
| ||
|
|
|
|
| |||||
|
Dividends and distributions declared |
|
(44,725,213 |
) |
|
(19,129,377 |
) | ||
|
|
|
|
| |||||
|
Share transactions: |
|
|
|
| ||||
|
Proceeds from sales of shares |
|
440,566 |
|
|
45,121,169 |
| ||
|
Proceeds from sales of shares in-kind |
|
50,776,847 |
|
|
— |
| ||
|
Net asset value of shares issued to shareholders for reinvestment of dividends and distributions |
|
5,433,479 |
|
|
2,289,240 |
| ||
|
Cost of shares redeemed |
|
(3,783,933 |
) |
|
(46,176,339 |
) | ||
|
Cost of shares redeemed in-kind |
|
(27,434,607 |
) |
|
— |
| ||
|
Net increase in net assets resulting from share transactions |
|
25,432,352 |
|
|
1,234,070 |
| ||
|
Total increase/(decrease) in net assets |
|
(7,083,388 |
) |
|
45,239,449 |
| ||
|
|
|
|
| |||||
|
Net Assets: |
|
|
|
| ||||
|
Beginning of period/year |
|
520,819,276 |
|
|
475,579,827 |
| ||
|
End of period/year |
$ |
513,735,888 |
|
$ |
520,819,276 |
| ||
____________
* Effective November 17, 2025, the BBH Select Series — Large Cap Fund was reorganized to the BBH Select Large Cap ETF.
|
© Brown Brothers Harriman |
12 |
|
BBH Select Large Cap ETF Financial
Highlights |
|
For
the |
| |||||||||||||||||||||||
|
2025 |
2024* |
2023 |
2022 |
2021 | ||||||||||||||||||||
|
Net asset value, beginning of period/year |
$ |
17.55 |
|
$ |
16.08 |
|
$ |
12.52 |
|
$ |
11.08 |
|
$ |
14.12 |
|
$ |
10.30 |
| ||||||
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net investment income1 |
|
0.04 |
|
|
0.05 |
|
|
0.05 |
|
|
0.04 |
|
|
0.03 |
|
|
0.04 |
| ||||||
|
Net realized and unrealized gain/(loss) |
|
0.32 |
|
|
2.07 |
|
|
3.55 |
|
|
1.56 |
|
|
(2.60 |
) |
|
3.82 |
| ||||||
|
Total income/(loss) from investment operations |
|
0.36 |
|
|
2.12 |
|
|
3.60 |
|
|
1.60 |
|
|
(2.57) |
|
|
3.86 |
| ||||||
|
Dividends and distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
From net investment income |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.04 |
) |
|
(0.02 |
) |
|
(0.04 |
) |
|
(0.04 |
) | ||||||
|
From net realized gains |
|
(1.46 |
) |
|
(0.60 |
) |
|
— |
|
|
(0.14 |
) |
|
(0.43 |
) |
|
— |
| ||||||
|
Total dividends and distributions to shareholders |
|
(1.51 |
) |
|
(0.65 |
) |
|
(0.04 |
) |
|
(0.16 |
) |
|
(0.47 |
) |
|
(0.04 |
) | ||||||
|
Short-term redemption fees1 |
|
— |
|
|
(0.00 |
)2 |
|
— |
|
|
0.00 |
2 |
|
— |
|
|
0.00 |
2 | ||||||
|
Net asset value, end of period/year |
$ |
16.40 |
|
$ |
17.55 |
|
$ |
16.08 |
|
$ |
12.52 |
|
$ |
11.08 |
|
$ |
14.12 |
| ||||||
|
Total return3 |
|
2.37 |
%4 |
|
13.58 |
% |
|
28.80 |
% |
|
14.63 |
% |
|
(18.93 |
)% |
|
37.56 |
% | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net assets, end of period/year (in millions) |
$ |
514 |
|
$ |
521 |
|
$ |
476 |
|
$ |
389 |
|
$ |
371 |
|
$ |
467 |
| ||||||
|
Ratio of expenses to average net assets |
|
0.71 |
%5 |
|
0.71 |
% |
|
0.71 |
% |
|
0.72 |
% |
|
0.71 |
% |
|
0.70 |
% | ||||||
|
Ratio of net investment income to average net assets |
|
0.52 |
%5 |
|
0.29 |
% |
|
0.36 |
% |
|
0.31 |
% |
|
0.20 |
% |
|
0.29 |
% | ||||||
|
Portfolio turnover rate |
|
20 |
%4,6 |
|
20 |
% |
|
9 |
% |
|
9 |
% |
|
26 |
% |
|
18 |
% | ||||||
____________
* Effective December 22, 2023, the Fund’s Retail Class was converted to the Fund’s Class I.
** Effective November 17, 2025, the BBH Select Series — Large Cap Fund was reorganized to the BBH Select Large Cap ETF.
1 Calculated using average shares outstanding for the period/year.
2 Less than $0.01
3 Assumes the reinvestment of distributions.
4 Not annualized.
5 Annualized.
6 In-kind transactions are not included in portfolio turnover calculations.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
13 |
|
BBH Select Large Cap ETF Notes to Financial Statements April 30, 2026 (unaudited) |
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. As of April 30, 2026, there were seven series of the Trust. The Fund commenced operations on September 9, 2019. The investment objective of the Fund is to provide investors with long-term growth of capital. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in large capitalization publicly traded equity securities, consisting primarily of common stock. The investment objective of the Fund is to provide investors with long-term growth of capital.
BBH Select Large Cap ETF (The “Fund”) is the successor to the BBH Select Series – Large Cap Fund (the “Predecessor Fund”), a mutual fund series of BBH Trust, as a result of the reorganization of the Predecessor Fund into the Fund on November 17, 2025 (the “Reorganization”). The Fund has adopted the Predecessor Fund’s performance history. The Predecessor Fund also was advised by the Investment Adviser and had the same investment objective, investment strategies, and fundamental and non-fundamental investment policies as the Fund.
The Predecessor Fund’s shareholders received new Fund shares equal in value to the shares of the Predecessor Fund they owned on the day the reorganization was effective. The reorganization was executed on a tax-free basis and, relating to each underlying Fund security, historical cost of investments, unrealized gains (losses), and fair value of investments carried forward from the Predecessor Fund to the new Fund.
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 Board of Trustees (the “Board”) has ultimate responsibility for the supervision and oversight of the determination of the fair value of investments. Pursuant to Rule 2a-5 of the 1940 Act, the Board
|
© Brown Brothers Harriman |
14 |
|
BBH Select Large Cap ETF Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
has designated the Investment Adviser as its valuation designee. The Investment Adviser monitors the continual appropriateness of valuation methods applied and determines if adjustments should be made in light of market factor changes and events affecting issuers. The Investment Adviser performs a series of activities to provide reasonable assurance of the appropriateness of the prices utilized, including but not limited to: periodic independent pricing service due diligence meetings and reviewing the results of back testing on a monthly basis. The Investment Adviser provides the Board with reporting on the results of the back testing as well as positions which were fair valued during the period. All securities and other investments are recorded at their estimated fair value. The value of investments listed on a securities exchange is based on the last sale price prior to the time when assets are valued, or in the absence of recorded sales, at the most recent bid price on such exchange. If a readily available market quotation is not available or is determined to be unreliable, the investments may be valued utilizing evaluated prices provided by independent pricing services. In establishing such prices, the independent pricing service utilizes both dealer supplied prices and electronic data processing techniques which take into account appropriate factors such as institutional sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, the closure of the primary exchange on which securities trade and before the Fund’s net asset value is next determined and other market data without exclusive reliance on quoted exchange prices or over-the-counter prices since such valuations are believed to reflect more accurately the fair value of such investments. Investments may be fair valued by Brown Brothers Harriman & Co. (“BBH”) through a separately identifiable department (“SID” or “Investment Adviser”) in accordance with the BBH Trust Portfolio Valuation Policy and Procedures using methods that most fairly reflect the amount that the Fund would reasonably expect to receive for the investment on a current sale in its principal market in the ordinary course of business. 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. Any futures contracts held by the Fund are valued daily at the official settlement price of the exchange on which they are traded.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
15 |
|
BBH Select Large Cap ETF Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
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 and share class. Expenses which cannot be directly attributed to a fund are generally apportioned among each fund in the Trust and the respective share classes on a net assets basis or other suitable method. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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.
|
© Brown Brothers Harriman |
16 |
|
BBH Select Large Cap ETF Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
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 April 30, 2026, 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, 2026, 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 $44,725,213 to shareholders during the six months ended April 30, 2026.
The tax character of distributions paid during the years ended October 31, 2025 and 2024, respectively, were as follows:
|
Distributions paid from: | |||||||||||||||
|
Ordinary
|
Net
|
Total
|
Tax
return |
Total
| |||||||||||
|
2025: |
$ |
1,570,983 |
$ |
17,558,394 |
$ |
19,129,377 |
$ |
— |
$ |
19,129,377 | |||||
|
2024: |
|
1,204,965 |
|
— |
|
1,204,965 |
|
— |
|
1,204,965 | |||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
17 |
|
BBH Select Large Cap ETF Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
As of October 31, 2025 and 2024, respectively, the components of retained earnings/(accumulated deficit) on tax basis were as follows:
|
Components of retained earnings/(accumulated deficit): | |||||||||||||||||||
|
Undistributed
|
Undistributed
|
Accumulated
|
Other
|
Unrealized
|
Total
| ||||||||||||||
|
2025: |
$ |
1,366,919 |
$ |
43,043,934 |
$ |
— |
$ |
(458 |
) |
$ |
211,988,574 |
$ |
256,398,969 | ||||||
|
2024: |
|
1,528,625 |
|
17,556,575 |
|
— |
|
(458 |
) |
|
194,889,875 |
|
213,974,617 | ||||||
The Fund did not have a net capital loss carryforward as of October 31, 2025.
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.
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.
F. Segment Reporting. The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Oversight Committee
|
© Brown Brothers Harriman |
18 |
|
BBH Select Large Cap ETF Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
of the BBH & Co. Separately Identifiable Department, the Board of Directors of BBH Credit Partners, LLC, the named portfolio manager(s) of the Funds and the Funds’ principal executive officer and principal financial officer act as the Fund’s CODM, who is responsible for assessing the performance of the Fund’s single segment and deciding how to allocate the segment’s resources. The Fund is considered a single operating segment as the Fund has a single investment strategy as disclosed in its prospectus. The financial information provided to and reviewed by the CODM is presented in the Fund’s financial statements.
G. Use of Estimates. The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from these estimates.
3. Fees and Other Transactions with Affiliates.
A. Investment Advisory Fees. For investment advisory services, the Investment Adviser receives a fee, computed daily and payable monthly, equal to 0.62% per annum for the first $3 billion and 0.57% per annum for amounts over $3 billion of the average daily net assets of the Fund. Prior to January 1, 2026, the Investment Adviser was entitled to a combined investment advisory and administration fee of $523,211, computed daily and payable monthly, equal to 0.65% per annum for the first $3 billion and 0.60% per annum for amounts over $3 billion of the average daily net assets of the Fund. For the six months ended April 30, 2026, the Fund incurred $1,511,097 in investment advisory fees and $47,801 in administrative fees, as included in the Statement of Operations.
B. Expense Waivers and Reimbursements. 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) to 0.80%. The agreement will terminate on March 1, 2027, 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, 2026, the Investment Adviser waived fees in the amount of $0.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
19 |
|
BBH Select Large Cap ETF Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
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 based partially on asset values and partially on individual fund transactions. The fund accounting fee is primarily an asset-based fee calculated at 0.00325% per annum of the Fund’s net asset value. For the six months ended April 30, 2026, the Fund incurred $18,757 in custody and fund accounting fees. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the BBH Overdraft Base Rate plus 2% on the day of the overdraft. The Fund did not incur any such fees during the six months ended April 30, 2026. This amount, if any, is included under line item “Custody and fund accounting fees” in the Statement of Operations. Effective August 1, 2025, the Fund enrolled in the BBH Cash Management Services Sweep. Under this agreement, the Fund’s end-of-day cash balance is swept into overnight deposits with one or more deposit institutions. The interest income earned on the overnight deposits is credited to the Fund’s cash account(s) the next business day. The total interest earned by the Fund for the six months ended April 30, 2026 was $357,111. This amount is included in “Interest income on cash balances” 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, 2026, the Fund incurred $49,441 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, 2026, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments and in-kind transactions, were $95,240,648 and $123,590,068, respectively. For the six months ended April 30, 2026, the cost of purchases and the proceeds of sales of in-kind transactions were $26,507,141 and $26,784,134, respectively.
|
© Brown Brothers Harriman |
20 |
|
BBH Select Large Cap ETF Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
5. Issuance and Redemption of ETF Shares. The Fund issues and redeems its shares at NAV only in Creation Units in transactions with authorized participants. Most investors buy and sell shares of the Fund in secondary market transactions through a broker at market prices. Shares of the Fund are listed for trading on the NYSE Arca and can be bought and sold throughout the trading day like shares of other publicly traded companies. There is no minimum investment. When buying or selling Fund shares through a broker, investors will incur customary brokerage commissions and charges, and investors may pay some or all of the spread between the bid and offered price in the secondary market on each purchase and sale transaction.
6. Shares of Beneficial Interest. The Trust is permitted to issue an unlimited number of shares of beneficial interest at no par value. Transactions shares were as follows:
|
For
the six months ended |
For
the year ended | ||||||||||||
|
Shares |
Dollars |
Shares |
Dollars | ||||||||||
|
Shares sold |
26,131 |
|
$ |
440,566 |
|
2,790,896 |
|
$ |
45,121,169 | ||||
|
Shares sold in-kind |
3,210,000 |
|
|
50,776,847 |
|
— |
|
|
— | ||||
|
Shares issued in connection with reinvestments of dividends |
343,891 |
|
|
5,433,479 |
|
143,706 |
|
|
2,289,240 | ||||
|
Shares redeemed |
(235,650 |
) |
|
(3,783,933 |
) |
(2,830,216 |
) |
|
(46,176,339) | ||||
|
Shares redeemed in-kind |
(1,690,000 |
) |
|
(27,434,607 |
) |
— |
|
|
— | ||||
|
Net increase |
1,654,372 |
|
$ |
25,432,352 |
|
104,386 |
|
$ |
1,234,070 | ||||
7. Principal Risk Factors and Indemnifications.
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
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
21 |
|
BBH Select Large Cap ETF Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
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 non-U.S. securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (non-U.S. investment risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (large shareholder risk). The Fund invests in large cap company securities, which may underperform other funds during periods when the Fund’s large cap securities are out of favor (large cap company risk). Preferred securities are subject to issuer and market risks applicable generally to equity securities. In addition, a company’s preferred securities may pay dividends only after the company makes required payments on bonds and other debt. If a company experiences actual or perceived changes in its financial condition or prospects, the value of preferred securities may be more greatly affected than the value of bonds and other debt (preferred security 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.
|
© Brown Brothers Harriman |
22 |
|
BBH Select Large Cap ETF Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
8. Recent Pronouncements. In December 2023, the FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.
9. Subsequent Events. Management has evaluated events and transactions that have occurred since April 30, 2026 through the date the financial statements were issued and determined that there were no subsequent events that would require recognition or additional disclosure in the financial statements.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
23 |
|
BBH Select Large Cap ETF Disclosure of Advisor Selection April 30, 2026 (unaudited) |
Investment Advisory Agreement 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.
The Board, a majority of which is comprised of Independent Trustees, held a telephonic meeting on November 20, 2025 and an in-person meeting on December 10, 2025, to consider whether to approve an amended and restated Advisory Agreement (the “Advisory Agreement”) between the Trust and the Investment Adviser with respect to certain funds in the Trust, including the Fund. The Investment Adviser previously provided advisory and administrative services to the Trust under a combined Amended and Restated Investment Advisory and Administrative Services Agreement (the “Combined Agreement”). The Trust entered into a new Administrative Services Agreement with the Investment Adviser as of January 1, 2026, under which the Investment Adviser would provide the same administrative services as it had under the Combined Agreement at the same fee, when combined with the Advisory Agreement fees, as it had under the Combined Agreement. BBH launched a new subsidiary registered investment adviser, Brown Brothers Harriman Credit Partners, LLC on December 31, 2025 which became investment manager to certain other Funds on January 1, 2026. At the December 10, 2025 meeting, the Board voted to approve the Advisory Agreement with respect to the Fund for a one-year term. In doing so, the Board determined that the terms of the Advisory 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 Advisory Agreement.
Both in the meetings specifically held to address the continuance of investment advisory services and the approval of the Advisory 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
|
© Brown Brothers Harriman |
24 |
|
BBH Select Large Cap ETF Disclosure of Advisor Selection (continued) April 30, 2026 (unaudited) |
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 Gartenberg 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 Advisory 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 Advisory Agreement. 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 were reasonable based on the expense information, the cost of the services provided, and the profits realized by the Investment Adviser.
Nature, Extent and Quality of Services
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 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 10, 2025 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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
25 |
|
BBH Select Large Cap ETF Disclosure of Advisor Selection (continued) April 30, 2026 (unaudited) |
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 Advisory 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 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 provided, and expected to be provided, to the Fund pursuant to the Advisory Agreement.
Fund Performance
At the November 20, 2025 and December 10, 2025 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 ETFs, as well as other mutual funds compared to the Fund’s predecessor, in reports 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 each of the 1-, 2-, 3-. 4- and 5-year periods of time, noting the Fund had below average performance for the 1-,2-,3-, 4- and 5-year periods ended September 30, 2025. 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 relevant market conditions for the Fund after September 30, 2025. Based on this information, the Board concluded that it was satisfied with the Fund’s investment results.
Costs of Services Provided and 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 noted that they had previously received and considered information comparing the Fund’s investment advisory and administration fees and the Fund’s net operating expenses with those of other comparable mutual funds, such peer
|
© Brown Brothers Harriman |
26 |
|
BBH Select Large Cap ETF Disclosure of Advisor Selection (continued) April 30, 2026 (unaudited) |
category and comparisons having been selected and calculated by Broadridge. The Board concluded that the advisory 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 profitability data for the Fund using data from October 1, 2024 through September 30, 2025, 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 and corresponding expenses. The Board conducted a detailed review of the expense 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 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.
Economies of Scale
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 on the information they 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 expense information, the cost of the services provided by the Investment Adviser.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
27 |
|
BBH Select Large Cap ETF Conflicts of Interest April 30, 2026 (unaudited) |
Description of Potential Material Conflicts of Interest – Investment Advisers
BBH&Co., its Separately Identifiable Department (“SID”) and Brown Brothers Harriman Credit Partners, LLC (“BBH Credit Partners” and together with the SID, the “Advisers” and each an “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 their business, BBH&Co., including the Advisers, may engage in activities in which their interests or the interests of their clients may conflict with or be adverse to the interests of the Funds. In addition, certain of such clients (including the Funds) utilize the services of BBH&Co. for which they will pay to BBH&Co. customary fees and expenses that will not be shared with the Funds.
The Advisers and the Sub-advisers have adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Advisers and each Sub-adviser monitor a variety of areas, including compliance with fund investment guidelines, the investment in only those securities that have been approved for purchase, and compliance with their respective Code of Ethics.
The Trust also manages these conflicts of interest. For example, the Trust has designated a CCO and has adopted and implemented policies and procedures designed to manage the conflicts identified below and other conflicts that may arise in the course of the Funds’ operations in such a way as to safeguard the Funds from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Advisers, the Sub-advisers 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&Co., the Advisers and Sub-advisers 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 Advisers, the Sub-advisers and the Funds have adopted policies and procedures reasonably designed to appropriately prevent, limit, or mitigate the conflicts of interest described below. Additional information about potential conflicts of interest regarding the Advisers is set forth in their respective Form ADV. A copy of Part 1 and Part 2A of 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.
|
© Brown Brothers Harriman |
28 |
|
BBH Select Large Cap ETF Conflicts of Interest (continued) April 30, 2026 (unaudited) |
Other Clients and Allocation of Investment Opportunities. BBH&Co., the Advisers, and the Sub-advisers manage funds and accounts of clients other than the Funds (“Other Clients”). In general, BBH&Co., the Advisers, and the Sub-advisers 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 with the Funds and Other Clients. Investments made by the Funds do not, and are not intended to, replicate the investments, or the investment methods and strategies, of Other Clients. Accordingly, such Other Clients may produce results that are materially different from those experienced by the Funds. Certain other conflicts of interest may arise in connection with a portfolio manager’s management of the Funds’ investments, on the one hand, and the investments of other funds or accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various funds or accounts managed by the Advisers or Sub-advisers could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Funds. From time to time, the Advisers and Sub-advisers may sponsor other investment pools and accounts which engage in the same or similar businesses as the Funds using the same or similar investment strategies. To the extent that the same investment opportunities might be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Advisers or Sub-advisers may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH&Co. and the Advisers 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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
29 |
|
BBH Select Large Cap ETF Conflicts of Interest (continued) April 30, 2026 (unaudited) |
Affiliated Service Providers. Other potential conflicts might include conflicts between the Funds and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management services through the SID or, BBH&Co. provides administrative, custody, shareholder servicing, and fund accounting services to the Funds. BBH&Co. may have conflicting duties of loyalty while servicing the Funds and/or opportunities to further its own interest to the detriment of the Funds. For example, in negotiating fee arrangements with affiliated service providers, BBH&Co. may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH&Co., acting in its capacity as the Funds’ administrator, is the primary valuation agent of the Funds.
BBH&Co. values securities and assets in the Funds according to the Funds’ valuation policies. Because the Advisers’ advisory fees and the SID’s administrative fee are calculated by reference to Funds’ net assets, BBH&Co. and its affiliates may have an incentive to seek to overvalue certain assets.
Aggregation. Potential conflicts of interest also arise with the aggregation of trade orders. Purchases and sales of securities for the Funds may be aggregated with orders for other client accounts managed by the Advisers and Sub-advisers. The Advisers and Sub-advisers, however, are not required to aggregate orders if portfolio management decisions for different accounts are made separately, or if it is determined that aggregating is not practicable, or in cases involving client direction. Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission equivalent rates in connection with an aggregated order.
Cross Trades. Under certain circumstances, and. subject to applicable law and regulation, BBH&Co., and the SID may (but is not required to) effect purchases and sales between BBH&Co., and the SID clients (“cross trades”), including the Funds, if BBH&Co., the SID or a Fund’s Sub-adviser believe such transactions are appropriate based on each party’s investment objectives and guidelines. Similarly, under certain circumstances, and subject to applicable law and regulations, BBH Credit Partners may (but is not required to) effect cross trades between its clients, including the Funds, if it 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 Advisers’ decisions to engage in these transactions for the Funds. BBH&Co., the Advisers and/or a Fund’s Sub-adviser may have a potentially conflicting division of loyalties and responsibilities to the parties in such transactions.
|
© Brown Brothers Harriman |
30 |
|
BBH Select Large Cap ETF Conflicts of Interest (continued) April 30, 2026 (unaudited) |
Soft Dollars. The SID 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 SID’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 SID will determine in good faith whether the amount of commission is reasonable in relation to the value of research and services provided and whether the services provide lawful and appropriate assistance in its investment decision-making responsibilities.
Research or other services obtained in this manner may be used in servicing any or all of the Funds and other accounts managed by the SID, including in connection with accounts that do not pay commissions to the broker related to the research or other service arrangements. Such products and services may disproportionately benefit other client accounts relative to the Funds based on the amount of brokerage commissions paid by the Funds and such other accounts. To the extent that a Sub-adviser uses soft dollars, it will not have to pay for those products and services itself. BBH&Co. 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 a 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&Co. and BBH Credit Partners may invest a portion of the assets of their discretionary investment advisory clients in the Funds. The investment by BBH&Co. or BBH Credit Partners on behalf of their discretionary investment advisory clients in the Funds may be significant at times.
Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Funds’ expense ratio. In selecting the Funds for their discretionary investment advisory clients, BBH&Co. and BBH Credit Partners may limit their selection to funds managed by BBH&Co. or the Advisers.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
31 |
|
BBH Select Large Cap ETF Conflicts of Interest (continued) April 30, 2026 (unaudited) |
BBH&Co. or BBH Credit Partners 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&Co., the Advisers and their affiliates providing services to the Funds, benefit from additional fees when the Funds are included as an investment by a discretionary investment advisory client.
BBH&Co. or BBH Credit Partners reserve the right to redeem at any time some or all of the shares of the Funds acquired for their discretionary investment advisory clients’ accounts. A large redemption of shares of the Funds by BBH&Co. or BBH Credit Partners on behalf of their discretionary investment advisory clients could significantly reduce the asset size of the Funds, which might have an adverse effect on the Funds’ investment flexibility, portfolio diversification, and expense ratio.
Valuation. When market quotations are not readily available or are believed to be unreliable, the Funds’ investments will be valued at fair value. pursuant to procedures adopted by the Funds’ Board. When determining an asset’s “fair value,” an Adviser. seeks to determine the price that a Fund might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. The price generally may not be determined based on what the Funds might reasonably expect to receive for selling an asset at a later time or if it holds the asset to maturity. While fair value determinations will be based upon all available factors the Adviser deems relevant at the time of the determination and may be based on analytical values determined by the Adviser using proprietary or third-party valuation models, fair value represents only a good faith approximation of the value of a security. The fair value of one or more securities may not, in retrospect, be the price at which those assets could have been sold during the period in which the particular fair values were used in determining the Funds’ net asset value. As a result, the Funds’ sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued (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&Co. or BBH Credit Partners may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH&Co. or BBH Credit Partners to the third party. BBH&Co. or BBH Credit Partners may pay a solicitation fee for referrals and/or advisory or incentive fees.
BBH&Co. or BBH Credit Partners may benefit from increased amounts of assets under management.
|
© Brown Brothers Harriman |
32 |
|
BBH Select Large Cap ETF Conflicts of Interest (continued) April 30, 2026 (unaudited) |
Personal Trading. BBH&Co., including the Advisers, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, face conflicts of interest when transacting in securities for their own accounts because they could benefit by trading in the same securities as the Funds, which could have an adverse effect on the Funds.
However, BBH&Co., including the Advisers, have implemented policies and procedures concerning personal trading by BBH Credit Partners employees and BBH&Co. Partners and employees. The policies and procedures are intended to prevent BBH Credit Partners employees and BBH&Co. Partners and employees with access to Fund material non-public information from trading in the same securities as the Funds.
Gifts and Entertainment. From time to time, employees of BBH Credit Partners and BBH&Co., including the SID, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, may receive gifts and/or entertainment from clients, intermediaries, or service providers to the Funds or BBH&Co., including the Advisers, which could have the appearance of affecting or may potentially affect the judgment of the employees, or the manner in which they conduct business. The Advisers have implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Credit Partners employees and BBH&Co. Partners and employees. BBH&Co., including the Advisers, have implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Credit Partners employees and BBH&Co. Partners and employees.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
33 |
|
ADMINISTRATOR BROWN BROTHERS HARRIMAN MUTUAL FUND ADVISORY DEPARTMENT 140 BROADWAY NEW YORK, NY 10005 DISTRIBUTOR ALPS DISTRIBUTORS, INC. 1290 BROADWAY, SUITE 1000 DENVER, CO 80203 SHAREHOLDER SERVICING AGENT BROWN BROTHERS HARRIMAN & Co. 140 BROADWAY NEW YORK, NY 10005 1-800-575-1265 To obtain information or make shareholder inquiries: |
INVESTMENT ADVISER BROWN BROTHERS HARRIMAN MUTUAL FUND ADVISORY DEPARTMENT 140 BROADWAY NEW YORK, NY 10005 |
|||||
|
By telephone: By E-mail send your request to: On the internet: |
Call 1-800-575-1265 bbhfunds@bbh.com www.bbhfunds.com |
|||||
|
This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund. For more complete information, visit www.bbhfunds.com for a prospectus. You should consider the Fund’s investment objectives, risks, charges and expenses carefully before you invest. Information about these and other important subjects is in the Fund’s prospectus, which you should read carefully before investing. Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available electronically on the SEC’s website (sec.gov). For a complete list of a fund’s portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund’s website at http://www.bbhfunds.com. A summary of the Fund’s Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC’s website at www.sec.gov. |
||||||
|
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE |
||||||
|
NEW YORK BEIJING BOSTON CHARLOTTE CHICAGO DUBLIN GRAND CAYMAN HONG KONG HOUSTON JERSEY CITY KRAKÓW LONDON LUXEMBOURG NASHVILLE PHILADELPHIA TOKYO WILMINGTON ZÜRICH BBH.COM |
||||||
|
Semi-Annual
April 30, 2026 BBH
Intermediate Municipal
|
|
BBH Intermediate Municipal Bond Fund Table
of Contents |
|
Page(s) | ||
|
Financial Statements as of and for the six months ended April 30, 2026 |
||
|
3 | ||
|
4 | ||
|
55 | ||
|
56 | ||
|
57 | ||
|
58 | ||
|
60 | ||
|
69 | ||
|
74 |
|
© Brown Brothers Harriman |
2 |
|
BBH Intermediate Municipal Bond Fund Portfolio
Allocation |
Breakdown by Security Type
|
U.S. $ Value |
Percent
of | ||||||
|
Municipal Bonds |
$ |
2,423,809,984 |
|
101.5 |
% | ||
|
Liabilities in Excess of Cash and Other Assets |
|
(35,356,850 |
) |
(1.5 |
) | ||
|
Net Assets |
$ |
2,388,453,134 |
|
100.0 |
% | ||
All data as of April 30, 2026. 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.
Credit Quality
|
U.S. $ Value |
Percent
of | |||||
|
AAA |
$ |
426,509,330 |
17.7 |
% | ||
|
AA |
|
1,315,951,858 |
54.2 |
| ||
|
A |
|
593,728,017 |
24.6 |
| ||
|
BBB |
|
35,933,041 |
1.5 |
| ||
|
SP-1 |
|
3,481,166 |
0.1 |
| ||
|
Not rated |
|
48,206,572 |
1.9 |
| ||
|
Total Investments |
$ |
2,423,809,984 |
100.0 |
% | ||
All data as of April 30, 2026. 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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
3 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (101.5%) |
|
|
||||||||
|
Alabama (5.6%) |
|
|
||||||||
|
$ 1,105,000 |
Black Belt Energy Gas District, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.350%)1 |
10/01/52 |
3.440 |
% |
$ |
1,105,491 | ||||
|
12,000,000 |
Black Belt Energy Gas District, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.650%)1 |
04/01/53 |
3.740 |
|
|
11,941,345 | ||||
|
16,500,000 |
Energy Southeast A Cooperative District, Revenue Bonds |
09/01/33 |
5.000 |
|
|
16,893,997 | ||||
|
3,600,000 |
Industrial Development Board of the City of Mobile Alabama, Revenue Bonds1,2 |
06/01/34 |
3.920 |
|
|
3,602,649 | ||||
|
10,500,000 |
Lower Alabama Gas District, Revenue Bonds |
09/01/46 |
5.000 |
|
|
10,839,190 | ||||
|
47,000,000 |
Southeast Energy Authority A Cooperative District, Revenue Bonds |
10/01/30 |
5.000 |
|
|
50,228,844 | ||||
|
6,725,000 |
Southeast Energy Authority A Cooperative District, Revenue Bonds |
09/01/35 |
5.000 |
|
|
7,241,604 | ||||
|
18,850,000 |
Southeast Energy Authority A Cooperative District, Revenue Bonds1,2 |
03/01/55 |
5.250 |
|
|
19,500,649 | ||||
|
11,025,000 |
Southeast Energy Authority A Cooperative District, Revenue Bonds1,2 |
10/01/55 |
5.000 |
|
|
11,701,823 | ||||
|
Total Alabama |
|
|
133,055,592 | |||||||
|
|
|
|||||||||
|
Arizona (1.7%) |
|
|
||||||||
|
2,690,000 |
Arizona Industrial Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
10/01/55 |
6.250 |
|
|
2,968,157 | ||||
|
3,000,000 |
County of Yavapai Industrial Development Authority, Revenue Bonds |
06/01/27 |
1.300 |
|
|
2,913,417 | ||||
|
© Brown Brothers Harriman |
4 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Arizona (continued) |
|
|
||||||||
|
$ 4,970,000 |
Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds, GNMA |
09/01/56 |
6.000 |
% |
$ |
5,516,668 | ||||
|
4,865,000 |
Salt Verde Financial Corp., Revenue Bonds |
12/01/32 |
5.000 |
|
|
5,215,197 | ||||
|
22,005,000 |
Salt Verde Financial Corp., Revenue Bonds |
12/01/37 |
5.000 |
|
|
23,321,203 | ||||
|
Total Arizona |
|
|
39,934,642 | |||||||
|
|
|
|||||||||
|
Arkansas (0.1%) |
|
|
||||||||
|
1,000,000 |
County of Pulaski, Revenue Bonds |
03/01/40 |
5.000 |
|
|
1,067,301 | ||||
|
1,000,000 |
County of Pulaski, Revenue Bonds |
03/01/41 |
5.000 |
|
|
1,060,429 | ||||
|
1,000,000 |
County of Pulaski, Revenue Bonds |
03/01/42 |
5.000 |
|
|
1,054,897 | ||||
|
Total Arkansas |
|
|
3,182,627 | |||||||
|
|
|
|||||||||
|
California (10.2%) |
|
|
||||||||
|
11,555,000 |
Allan Hancock Joint Community College District, General Obligation Bonds3 |
08/01/42 |
0.000 |
|
|
10,527,570 | ||||
|
1,000,000 |
Antelope Valley Community College District, General Obligation Bonds4 |
08/01/30 |
5.000 |
|
|
1,078,104 | ||||
|
1,120,000 |
Antelope Valley Community College District, General Obligation Bonds4 |
08/01/33 |
5.000 |
|
|
1,251,947 | ||||
|
1,000,000 |
Antelope Valley Community College District, General Obligation Bonds3 |
08/01/34 |
0.000 |
|
|
738,063 | ||||
|
1,000,000 |
Antelope Valley Community College District, General Obligation Bonds3 |
08/01/36 |
0.000 |
|
|
657,480 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
5 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
California (continued) |
|
|
||||||||
|
$ 1,000,000 |
Antelope Valley Community College District, General Obligation Bonds4 |
08/01/36 |
5.000 |
% |
$ |
1,138,733 | ||||
|
1,000,000 |
Antelope Valley Community College District, General Obligation Bonds3 |
08/01/38 |
0.000 |
|
|
583,652 | ||||
|
1,500,000 |
Antelope Valley Community College District, General Obligation Bonds4 |
08/01/39 |
5.000 |
|
|
1,678,431 | ||||
|
2,000,000 |
Antelope Valley Community College District, General Obligation Bonds4 |
08/01/43 |
5.000 |
|
|
2,160,845 | ||||
|
1,675,000 |
Antelope Valley Community College District, General Obligation Bonds4 |
08/01/44 |
5.000 |
|
|
1,799,375 | ||||
|
38,175,000 |
California Community Choice Financing Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.450%)1 |
02/01/52 |
3.540 |
|
|
36,507,806 | ||||
|
2,535,000 |
California Community Choice Financing Authority, Revenue Bonds1,2 |
01/01/56 |
5.000 |
|
|
2,738,791 | ||||
|
10,000,000 |
California Community Choice Financing Authority, Revenue Bonds (SOFR + 1.450%)1 |
04/01/56 |
3.902 |
|
|
9,937,465 | ||||
|
10,000,000 |
California Municipal Finance Authority, Revenue Bonds1,2 |
10/01/41 |
3.450 |
|
|
10,056,926 | ||||
|
3,000,000 |
California Municipal Finance Authority, Revenue Bonds1,2 |
10/01/45 |
2.875 |
|
|
2,998,644 | ||||
|
1,000,000 |
California Municipal Finance Authority, Revenue Bonds1,2 |
11/01/46 |
2.875 |
|
|
999,548 | ||||
|
© Brown Brothers Harriman |
6 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
California (continued) |
|
|
||||||||
|
$ 2,500,000 |
California Municipal Finance Authority, Revenue Bonds1,2 |
09/01/50 |
3.375 |
% |
$ |
2,484,509 | ||||
|
5,000,000 |
Central Valley Energy Authority, Revenue Bonds1,2 |
12/01/55 |
5.000 |
|
|
5,334,149 | ||||
|
1,000,000 |
Chaffey Joint Union High School District, General Obligation Bonds3 |
08/01/39 |
0.000 |
|
|
576,558 | ||||
|
1,500,000 |
Chaffey Joint Union High School District, General Obligation Bonds3 |
08/01/40 |
0.000 |
|
|
817,308 | ||||
|
1,450,000 |
Chino Valley Unified School District, General Obligation Bonds3 |
08/01/34 |
0.000 |
|
|
1,084,307 | ||||
|
2,200,000 |
Chino Valley Unified School District, General Obligation Bonds3 |
08/01/35 |
0.000 |
|
|
1,568,225 | ||||
|
1,225,000 |
Chino Valley Unified School District, General Obligation Bonds3 |
08/01/38 |
0.000 |
|
|
764,808 | ||||
|
1,800,000 |
Chino Valley Unified School District, General Obligation Bonds3 |
08/01/39 |
0.000 |
|
|
1,065,047 | ||||
|
2,440,000 |
City of Los Angeles Department of Airports, Revenue Bonds |
05/15/36 |
5.000 |
|
|
2,494,866 | ||||
|
1,000,000 |
City of Los Angeles Department of Airports, Revenue Bonds |
05/15/37 |
5.000 |
|
|
1,064,253 | ||||
|
2,400,000 |
City of Los Angeles Department of Airports, Revenue Bonds |
05/15/37 |
5.000 |
|
|
2,606,599 | ||||
|
15,000,000 |
City of Los Angeles Department of Airports, Revenue Bonds |
05/15/42 |
5.250 |
|
|
16,547,054 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
7 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
California (continued) |
|
|
||||||||
|
$ 5,000,000 |
City of Los Angeles Department of Airports, Revenue Bonds |
05/15/44 |
5.000 |
% |
$ |
5,076,162 | ||||
|
1,600,000 |
Fremont Unified School District, General Obligation Bonds4 |
08/01/36 |
5.000 |
|
|
1,898,676 | ||||
|
1,750,000 |
Fremont Unified School District, General Obligation Bonds4 |
08/01/37 |
5.000 |
|
|
2,061,889 | ||||
|
2,000,000 |
Fremont Unified School District, General Obligation Bonds4 |
08/01/38 |
5.000 |
|
|
2,340,939 | ||||
|
6,150,000 |
Lake Tahoe Unified School District, General Obligation Bonds3 |
08/01/45 |
0.000 |
|
|
5,605,865 | ||||
|
1,200,000 |
Long Beach Bond Finance Authority, Revenue Bonds (3-Month CME Term SOFR + 1.450%)1 |
11/15/27 |
4.072 |
|
|
1,212,228 | ||||
|
5,500,000 |
Long Beach Community College District, General Obligation Bonds3 |
08/01/49 |
0.000 |
|
|
3,820,937 | ||||
|
6,920,000 |
Long Beach Unified School District, General Obligation Bonds3 |
08/01/36 |
0.000 |
|
|
4,497,579 | ||||
|
3,115,000 |
Los Angeles Department of Water & Power, Revenue Bonds |
07/01/32 |
5.000 |
|
|
3,156,248 | ||||
|
1,250,000 |
Los Angeles Department of Water & Power, Revenue Bonds |
07/01/37 |
5.000 |
|
|
1,327,677 | ||||
|
750,000 |
Los Angeles Department of Water & Power, Revenue Bonds, BAM |
07/01/39 |
5.000 |
|
|
822,267 | ||||
|
1,000,000 |
Los Angeles Department of Water & Power, Revenue Bonds, BAM |
07/01/40 |
5.000 |
|
|
1,093,853 | ||||
|
© Brown Brothers Harriman |
8 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
California (continued) |
|
|
||||||||
|
$ 1,000,000 |
Los Angeles Department of Water & Power, Revenue Bonds, BAM |
07/01/41 |
5.000 |
% |
$ |
1,090,780 | ||||
|
20,050,000 |
Modesto Irrigation District, Revenue Bonds, NPFG (3-Month CME Term SOFR + 0.630%)1 |
09/01/37 |
3.262 |
|
|
19,573,113 | ||||
|
7,700,000 |
Mt San Antonio Community College District, General Obligation Bonds3 |
08/01/43 |
0.000 |
|
|
7,942,108 | ||||
|
10,000,000 |
Northern California Energy Authority, Revenue Bonds1,2 |
12/01/54 |
5.000 |
|
|
10,541,995 | ||||
|
6,750,000 |
Northern California Gas Authority No 1, Revenue Bonds (3 – Month CME Term SOFR + 0.720%)1 |
07/01/27 |
3.368 |
|
|
6,745,625 | ||||
|
1,200,000 |
Rialto Unified School District, General Obligation Bonds, BAM3 |
08/01/40 |
0.000 |
|
|
649,239 | ||||
|
1,430,000 |
Rialto Unified School District, General Obligation Bonds, BAM3 |
08/01/42 |
0.000 |
|
|
689,134 | ||||
|
11,745,000 |
Rio Hondo Community College District, General Obligation Bonds3 |
08/01/43 |
0.000 |
|
|
5,320,982 | ||||
|
6,075,000 |
Rio Hondo Community College District, General Obligation Bonds3 |
08/01/45 |
0.000 |
|
|
2,456,014 | ||||
|
1,035,000 |
Roseville Joint Union High School District, General Obligation Bonds3 |
08/01/33 |
0.000 |
|
|
780,255 | ||||
|
2,115,000 |
Sacramento County Water Financing Authority, Revenue Bonds, NPFG (3-Month CME Term SOFR + 0.550%)1 |
06/01/34 |
3.182 |
|
|
2,072,549 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
9 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
California (continued) |
|
|
||||||||
|
$ 6,375,000 |
Sacramento County Water Financing Authority, Revenue Bonds, NPFG (3-Month CME Term SOFR + 0.570%)1 |
06/01/39 |
3.202 |
% |
$ |
5,979,596 | ||||
|
1,000,000 |
San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds |
05/01/37 |
5.000 |
|
|
1,097,230 | ||||
|
9,655,000 |
San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds |
05/01/40 |
5.250 |
|
|
10,633,711 | ||||
|
1,845,000 |
San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds |
05/01/41 |
5.250 |
|
|
2,020,860 | ||||
|
1,245,000 |
San Mateo Union High School District, General Obligation Bonds4 |
09/01/27 |
5.000 |
|
|
1,287,588 | ||||
|
1,850,000 |
San Mateo Union High School District, General Obligation Bonds4 |
09/01/30 |
5.000 |
|
|
2,055,173 | ||||
|
1,350,000 |
San Mateo Union High School District, General Obligation Bonds4 |
09/01/31 |
5.000 |
|
|
1,528,029 | ||||
|
3,535,000 |
San Mateo Union High School District, General Obligation Bonds3 |
09/01/41 |
0.000 |
|
|
3,862,480 | ||||
|
3,375,000 |
Southern California Public Power Authority, Revenue Bonds (3-Month CME Term SOFR + 1.470%)1 |
11/01/38 |
4.099 |
|
|
3,281,470 | ||||
|
© Brown Brothers Harriman |
10 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
California (continued) |
|
|
||||||||
|
$ 1,040,000 |
Windsor Unified School District, General Obligation Bonds3 |
08/01/33 |
0.000 |
% |
$ |
826,088 | ||||
|
Total California |
|
|
244,609,402 | |||||||
|
|
|
|||||||||
|
Colorado (1.9%) |
|
|
||||||||
|
3,275,000 |
City & County of Denver Airport System Revenue, Revenue Bonds |
11/15/34 |
5.250 |
|
|
3,665,295 | ||||
|
2,000,000 |
City & County of Denver Airport System Revenue, Revenue Bonds |
11/15/35 |
5.250 |
|
|
2,225,029 | ||||
|
885,000 |
City & County of Denver Airport System Revenue, Revenue Bonds |
11/15/36 |
5.250 |
|
|
978,796 | ||||
|
3,000,000 |
City & County of Denver Airport System Revenue, Revenue Bonds |
11/15/36 |
5.750 |
|
|
3,605,239 | ||||
|
2,095,000 |
City & County of Denver Airport System Revenue, Revenue Bonds |
11/15/37 |
5.000 |
|
|
2,253,778 | ||||
|
1,530,000 |
City & County of Denver Airport System Revenue, Revenue Bonds |
11/15/41 |
4.000 |
|
|
1,486,105 | ||||
|
3,130,000 |
Colorado Health Facilities Authority, Revenue Bonds |
11/15/39 |
5.000 |
|
|
3,356,620 | ||||
|
2,355,000 |
Colorado Health Facilities Authority, Revenue Bonds |
11/15/43 |
4.000 |
|
|
2,266,086 | ||||
|
10,000,000 |
Colorado Health Facilities Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.550%)1 |
05/15/61 |
3.640 |
|
|
9,998,598 | ||||
|
348,300 |
Colorado Housing & Finance Authority, Revenue Bonds, GNMA |
11/01/48 |
4.200 |
|
|
340,998 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
11 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Colorado (continued) |
|
|
||||||||
|
$ 3,800,000 |
E-470 Public Highway Authority, Revenue Bonds, NPFG3 |
09/01/35 |
0.000 |
% |
$ |
2,393,687 | ||||
|
5,025,000 |
E-470 Public Highway Authority, Revenue Bonds, NPFG3 |
09/01/37 |
0.000 |
|
|
2,858,933 | ||||
|
11,000,000 |
E-470 Public Highway Authority, Revenue Bonds (SOFR + 0.750%)1 |
09/01/39 |
3.182 |
|
|
10,990,987 | ||||
|
Total Colorado |
|
|
46,420,151 | |||||||
|
|
|
|||||||||
|
Connecticut (0.8%) |
|
|
||||||||
|
165,000 |
Connecticut Housing Finance Authority, Revenue Bonds |
05/15/30 |
2.000 |
|
|
152,088 | ||||
|
450,000 |
Connecticut Housing Finance Authority, Revenue Bonds |
11/15/30 |
2.050 |
|
|
413,760 | ||||
|
400,000 |
Connecticut Housing Finance Authority, Revenue Bonds |
05/15/31 |
2.100 |
|
|
353,691 | ||||
|
620,000 |
Connecticut Housing Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
05/15/42 |
4.250 |
|
|
623,142 | ||||
|
2,000,000 |
Connecticut Housing Finance Authority, Revenue Bonds |
05/15/49 |
4.000 |
|
|
2,024,429 | ||||
|
5,360,000 |
Connecticut Housing Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
11/15/52 |
5.500 |
|
|
5,622,073 | ||||
|
2,990,000 |
Connecticut Housing Finance Authority, Revenue Bonds |
05/15/54 |
6.250 |
|
|
3,226,792 | ||||
|
© Brown Brothers Harriman |
12 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Connecticut (continued) |
|
|
||||||||
|
$ 2,090,000 |
Connecticut Housing Finance Authority, Revenue Bonds |
11/15/54 |
6.000 |
% |
$ |
2,295,820 | ||||
|
Total Connecticut |
|
|
19,630,902 | |||||||
|
|
|
|||||||||
|
District of Columbia (1.9%) |
|
|
||||||||
|
4,580,000 |
Connecticut Housing Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
11/15/54 |
6.000 |
|
|
4,919,107 | ||||
|
12,900,000 |
District of Columbia, Revenue Bonds |
07/15/40 |
5.000 |
|
|
12,908,411 | ||||
|
1,475,000 |
District
of Columbia, General Obligation |
06/01/41 |
5.000 |
|
|
1,477,731 | ||||
|
9,000,000 |
District of Columbia Water & Sewer Authority, Revenue Bonds |
10/01/36 |
5.000 |
|
|
10,393,503 | ||||
|
1,170,000 |
Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds |
10/01/34 |
5.000 |
|
|
1,230,244 | ||||
|
8,250,000 |
Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds |
10/01/35 |
5.000 |
|
|
9,211,376 | ||||
|
2,085,000 |
Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds |
10/01/37 |
5.000 |
|
|
2,241,617 | ||||
|
1,610,000 |
Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds |
10/01/40 |
5.000 |
|
|
1,722,484 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
13 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
District of Columbia (continued) |
|
|
||||||||
|
$ 5,805,000 |
Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds |
10/01/42 |
5.000 |
% |
$ |
5,868,362 | ||||
|
Total District of Columbia |
|
|
45,053,728 | |||||||
|
|
|
|||||||||
|
Florida (5.6%) |
|
|
||||||||
|
25,755,000 |
City of South Miami Health Facilities Authority, Inc., Revenue Bonds |
08/15/42 |
5.000 |
|
|
26,179,775 | ||||
|
2,250,000 |
County of Broward Airport System Revenue, Revenue Bonds |
10/01/30 |
5.000 |
|
|
2,307,099 | ||||
|
1,500,000 |
County of Broward Airport System Revenue, Revenue Bonds |
10/01/31 |
5.000 |
|
|
1,536,602 | ||||
|
3,050,000 |
County of Broward Airport System Revenue, Revenue Bonds |
10/01/31 |
5.000 |
|
|
3,226,059 | ||||
|
9,915,000 |
County of Broward Airport System Revenue, Revenue Bonds |
10/01/42 |
5.000 |
|
|
10,023,223 | ||||
|
4,875,000 |
County of Lee Airport Revenue, Revenue Bonds1,2 |
10/01/56 |
5.000 |
|
|
5,239,908 | ||||
|
3,275,000 |
County of Miami-Dade Aviation Revenue, Revenue Bonds |
10/01/32 |
5.000 |
|
|
3,597,745 | ||||
|
2,105,000 |
County of Miami-Dade Aviation Revenue, Revenue Bonds |
10/01/34 |
5.000 |
|
|
2,343,091 | ||||
|
14,100,000 |
County of Miami-Dade Aviation Revenue, Revenue Bonds |
10/01/36 |
5.000 |
|
|
15,533,801 | ||||
|
2,535,000 |
County of Miami-Dade Aviation Revenue, Revenue Bonds |
10/01/38 |
5.000 |
|
|
2,544,259 | ||||
|
© Brown Brothers Harriman |
14 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Florida (continued) |
|
|
||||||||
|
$ 2,360,000 |
County of Miami-Dade Aviation Revenue, Revenue Bonds |
10/01/40 |
5.000 |
% |
$ |
2,388,364 | ||||
|
7,000,000 |
Florida Development Finance Corp., Revenue Bonds1,2 |
09/01/50 |
3.400 |
|
|
7,027,658 | ||||
|
2,285,000 |
Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA |
01/01/54 |
5.500 |
|
|
2,387,094 | ||||
|
4,350,000 |
Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA |
01/01/55 |
6.250 |
|
|
4,747,698 | ||||
|
1,920,000 |
Greater Orlando Aviation Authority, Revenue Bonds |
10/01/32 |
5.000 |
|
|
2,091,203 | ||||
|
2,000,000 |
Greater Orlando Aviation Authority, Revenue Bonds |
10/01/33 |
5.000 |
|
|
2,047,777 | ||||
|
5,030,000 |
Greater Orlando Aviation Authority, Revenue Bonds |
10/01/36 |
5.000 |
|
|
5,266,047 | ||||
|
3,235,000 |
Greater Orlando Aviation Authority, Revenue Bonds |
10/01/37 |
5.000 |
|
|
3,555,162 | ||||
|
6,760,000 |
Greater Orlando Aviation Authority, Revenue Bonds |
10/01/37 |
5.000 |
|
|
6,887,053 | ||||
|
3,450,000 |
Greater Orlando Aviation Authority, Revenue Bonds |
10/01/38 |
5.000 |
|
|
3,593,197 | ||||
|
1,490,000 |
Greater Orlando Aviation Authority, Revenue Bonds |
10/01/42 |
5.000 |
|
|
1,510,362 | ||||
|
5,000,000 |
Greater Orlando Aviation Authority, Revenue Bonds |
10/01/43 |
5.250 |
|
|
5,410,154 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
15 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Florida (continued) |
|
|
||||||||
|
$ 4,665,000 |
Greater Orlando Aviation Authority, Revenue Bonds |
10/01/44 |
5.250 |
% |
$ |
5,008,563 | ||||
|
1,200,000 |
Hillsborough County Industrial Development Authority, Revenue Bonds1,5 |
05/01/26 |
3.300 |
|
|
1,200,000 | ||||
|
2,500,000 |
Lee County Housing Finance Authority, Revenue Bonds1,2 |
12/01/47 |
2.650 |
|
|
2,458,815 | ||||
|
5,430,000 |
Martin County Health Facilities Authority, Revenue Bonds |
01/01/46 |
4.000 |
|
|
5,113,015 | ||||
|
Total Florida |
|
|
133,223,724 | |||||||
|
|
|
|||||||||
|
Georgia (1.1%) |
|
|
||||||||
|
3,000,000 |
City of Atlanta Department of Aviation, Revenue Bonds |
07/01/38 |
5.000 |
|
|
3,215,680 | ||||
|
1,350,000 |
Development Authority of Burke County, Revenue Bonds1,2 |
10/01/32 |
3.800 |
|
|
1,350,375 | ||||
|
5,450,000 |
Main Street Energy, Inc., Revenue Bonds |
12/01/33 |
5.000 |
|
|
5,733,710 | ||||
|
7,500,000 |
Main Street Natural Gas, Inc., Revenue Bonds1,2 |
12/01/53 |
5.000 |
|
|
7,999,632 | ||||
|
7,500,000 |
Main Street Natural Gas, Inc., Revenue Bonds1,2 |
04/01/54 |
5.000 |
|
|
7,979,444 | ||||
|
Total Georgia |
|
|
26,278,841 | |||||||
|
|
|
|||||||||
|
Hawaii (0.1%) |
|
|
||||||||
|
2,000,000 |
City & County of Honolulu, General Obligation Bonds |
10/01/30 |
4.000 |
|
|
2,006,886 | ||||
|
Total Hawaii |
|
|
2,006,886 | |||||||
|
© Brown Brothers Harriman |
16 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Idaho (0.8%) |
|
|
||||||||
|
$ 7,300,000 |
Idaho Health Facilities Authority, Revenue Bonds1,5 |
05/01/26 |
3.450 |
% |
$ |
7,300,000 | ||||
|
4,610,000 |
Idaho Housing & Finance Association, Revenue Bonds, FHLMC, FNMA, GNMA |
07/01/54 |
6.000 |
|
|
5,059,734 | ||||
|
6,000,000 |
Idaho Housing & Finance Association, Revenue Bonds, FHLMC, FNMA, GNMA |
01/01/56 |
6.250 |
|
|
6,758,381 | ||||
|
Total Idaho |
|
|
19,118,115 | |||||||
|
|
|
|||||||||
|
Illinois (4.4%) |
|
|
||||||||
|
5,000,000 |
Illinois Finance Authority, Revenue Bonds1,5 |
05/01/26 |
3.350 |
|
|
5,000,000 | ||||
|
5,000,000 |
Illinois Finance Authority, Revenue Bonds1,5 |
05/01/26 |
3.400 |
|
|
5,000,000 | ||||
|
1,000,000 |
Illinois Finance Authority, Revenue Bonds |
07/01/30 |
5.000 |
|
|
1,092,719 | ||||
|
3,990,000 |
Illinois Finance Authority, Revenue Bonds |
02/15/36 |
5.000 |
|
|
4,032,742 | ||||
|
3,470,000 |
Illinois Finance Authority, Revenue Bonds |
08/15/36 |
4.000 |
|
|
3,461,256 | ||||
|
23,035,000 |
Illinois Finance Authority, Revenue Bonds |
07/15/47 |
4.000 |
|
|
20,555,476 | ||||
|
1,110,000 |
Illinois Finance Authority, Revenue Bonds |
08/15/47 |
5.000 |
|
|
1,130,415 | ||||
|
2,330,000 |
Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
10/01/52 |
6.250 |
|
|
2,503,782 | ||||
|
4,455,000 |
Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
04/01/53 |
5.250 |
|
|
4,749,958 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
17 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Illinois (continued) |
|
|
||||||||
|
$ 4,180,000 |
Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
10/01/53 |
6.250 |
% |
$ |
4,641,196 | ||||
|
4,880,000 |
Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
04/01/54 |
6.250 |
|
|
5,297,591 | ||||
|
10,000,000 |
Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
10/01/55 |
6.000 |
|
|
11,066,872 | ||||
|
4,030,000 |
Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
10/01/55 |
6.250 |
|
|
4,404,682 | ||||
|
4,920,000 |
Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
10/01/55 |
6.250 |
|
|
5,522,057 | ||||
|
7,945,000 |
Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
10/01/55 |
6.250 |
|
|
8,954,531 | ||||
|
3,000,000 |
Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
10/01/56 |
6.250 |
|
|
3,403,063 | ||||
|
11,750,000 |
Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
10/01/56 |
6.500 |
|
|
13,496,197 | ||||
|
Total Illinois |
|
|
104,312,537 | |||||||
|
© Brown Brothers Harriman |
18 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Indiana (0.4%) |
|
|
||||||||
|
$ 4,820,000 |
Indiana Housing & Community Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
07/01/52 |
4.750 |
% |
$ |
4,954,836 | ||||
|
3,500,000 |
Indiana Housing & Community Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
07/01/55 |
6.500 |
|
|
3,928,019 | ||||
|
Total Indiana |
|
|
8,882,855 | |||||||
|
|
|
|||||||||
|
Iowa (0.6%) |
|
|
||||||||
|
5,545,000 |
County of Polk, General Obligation Bonds |
06/01/40 |
5.000 |
|
|
5,836,295 | ||||
|
2,000,000 |
County of Polk, General Obligation Bonds |
06/01/43 |
5.000 |
|
|
2,088,580 | ||||
|
1,350,000 |
Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
01/01/44 |
5.000 |
|
|
1,424,633 | ||||
|
535,000 |
Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
01/01/49 |
3.500 |
|
|
533,374 | ||||
|
4,280,000 |
Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
07/01/53 |
6.250 |
|
|
4,648,741 | ||||
|
Total Iowa |
|
|
14,531,623 | |||||||
|
|
|
|||||||||
|
Kentucky (1.4%) |
|
|
||||||||
|
5,000,000 |
County of Trimble, Revenue Bonds |
11/01/27 |
1.350 |
|
|
4,832,384 | ||||
|
3,725,000 |
County of Trimble, Revenue Bonds1,2 |
06/01/54 |
4.700 |
|
|
3,742,558 | ||||
|
4,570,000 |
Kentucky Housing Corp., Revenue Bonds, FHLMC, FNMA, GNMA |
07/01/54 |
6.250 |
|
|
5,050,839 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
19 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Kentucky (continued) |
|
|
||||||||
|
$ 6,250,000 |
Kentucky Housing Corp., Revenue Bonds, FHLMC, FNMA, GNMA |
07/01/55 |
6.250 |
% |
$ |
6,892,707 | ||||
|
12,560,000 |
Kentucky Public Energy Authority, Revenue Bonds (SOFR + 1.200%)1 |
08/01/52 |
3.632 |
|
|
12,579,097 | ||||
|
Total Kentucky |
|
|
33,097,585 | |||||||
|
|
|
|||||||||
|
Louisiana (0.2%) |
|
|
||||||||
|
4,535,000 |
Louisiana Public Facilities Authority, Revenue Bonds, NPFG (3-Month CME Term SOFR + 0.700%)1 |
02/15/36 |
3.322 |
|
|
4,484,440 | ||||
|
Total Louisiana |
|
|
4,484,440 | |||||||
|
|
|
|||||||||
|
Maryland (0.2%) |
|
|
||||||||
|
4,500,000 |
State of Maryland, General Obligation Bonds |
03/15/37 |
5.000 |
|
|
5,014,290 | ||||
|
Total Maryland |
|
|
5,014,290 | |||||||
|
|
|
|||||||||
|
Massachusetts (0.5%) |
|
|
||||||||
|
3,100,000 |
Massachusetts Development Finance Agency, Revenue Bonds1,5 |
05/01/26 |
3.200 |
|
|
3,100,000 | ||||
|
6,580,000 |
Massachusetts
Development Finance Agency, Revenue |
07/01/41 |
4.000 |
|
|
6,427,461 | ||||
|
370,000 |
Massachusetts Housing Finance Agency, Revenue Bonds |
06/01/34 |
3.300 |
|
|
360,994 | ||||
|
485,000 |
Massachusetts Housing Finance Agency, Revenue Bonds |
12/01/36 |
3.450 |
|
|
471,609 | ||||
|
© Brown Brothers Harriman |
20 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Massachusetts (continued) |
|
|
||||||||
|
$ 2,905,000 |
Massachusetts Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
06/01/51 |
3.000 |
% |
$ |
2,855,541 | ||||
|
Total Massachusetts |
|
|
13,215,605 | |||||||
|
|
|
|||||||||
|
Michigan (1.4%) |
|
|
||||||||
|
2,500,000 |
Detroit
City School District, General Obligation |
05/01/29 |
6.000 |
|
|
2,638,156 | ||||
|
1,150,000 |
Gerald R Ford International Airport Authority, Revenue Bonds |
01/01/38 |
5.000 |
|
|
1,226,042 | ||||
|
1,500,000 |
Gerald R Ford International Airport Authority, Revenue Bonds |
01/01/41 |
5.000 |
|
|
1,601,788 | ||||
|
5,335,000 |
Gerald R Ford International Airport Authority, Revenue Bonds |
01/01/46 |
5.000 |
|
|
5,466,526 | ||||
|
7,030,000 |
Michigan Finance Authority, Revenue Bonds |
04/15/42 |
4.000 |
|
|
6,849,613 | ||||
|
15,800,000 |
Michigan Finance Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.750%)1 |
04/15/47 |
3.840 |
|
|
15,768,583 | ||||
|
1,000,000 |
Warren Consolidated Schools, General Obligation Bonds |
05/01/26 |
5.000 |
|
|
1,000,000 | ||||
|
Total Michigan |
|
|
34,550,708 | |||||||
|
|
|
|||||||||
|
Minnesota (1.5%) |
|
|
||||||||
|
950,000 |
Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
07/01/36 |
5.350 |
|
|
993,614 | ||||
|
523,287 |
Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
03/01/47 |
2.930 |
|
|
467,876 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
21 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Minnesota (continued) |
|
|
||||||||
|
$ 442,002 |
Minnesota Housing Finance Agency, Revenue Bonds, FHA, FHLMC, FNMA, GNMA |
01/01/49 |
3.600 |
% |
$ |
413,149 | ||||
|
775,000 |
Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
01/01/49 |
4.250 |
|
|
781,889 | ||||
|
1,149,390 |
Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
03/01/49 |
3.450 |
|
|
1,039,588 | ||||
|
490,941 |
Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
06/01/49 |
3.150 |
|
|
435,702 | ||||
|
2,437,449 |
Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
01/01/50 |
2.470 |
|
|
1,976,811 | ||||
|
1,200,000 |
Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
01/01/52 |
3.000 |
|
|
1,181,064 | ||||
|
2,350,000 |
Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
07/01/53 |
5.000 |
|
|
2,438,153 | ||||
|
5,510,000 |
Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
07/01/54 |
6.250 |
|
|
5,951,686 | ||||
|
4,595,000 |
Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
07/01/54 |
6.500 |
|
|
5,014,409 | ||||
|
4,870,000 |
Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
01/01/55 |
6.250 |
|
|
5,413,448 | ||||
|
3,320,000 |
Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
01/01/55 |
6.500 |
|
|
3,712,665 | ||||
|
3,350,000 |
St Cloud Independent School District No 742, General Obligation Bonds3 |
02/01/38 |
0.000 |
|
|
2,062,685 | ||||
|
© Brown Brothers Harriman |
22 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Minnesota (continued) |
|
|
||||||||
|
$ 3,750,000 |
St Cloud Independent School District No 742, General Obligation Bonds3 |
02/01/39 |
0.000 |
% |
$ |
2,180,985 | ||||
|
3,750,000 |
St Cloud Independent School District No 742, General Obligation Bonds3 |
02/01/40 |
0.000 |
|
|
2,039,398 | ||||
|
Total Minnesota |
|
|
36,103,122 | |||||||
|
|
|
|||||||||
|
Missouri (1.5%) |
|
|
||||||||
|
2,080,000 |
Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA |
11/01/52 |
4.750 |
|
|
2,132,453 | ||||
|
7,745,000 |
Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA |
05/01/53 |
5.750 |
|
|
8,217,308 | ||||
|
4,475,000 |
Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA |
05/01/55 |
6.000 |
|
|
4,924,792 | ||||
|
4,960,000 |
Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA |
05/01/56 |
5.750 |
|
|
5,376,459 | ||||
|
7,000,000 |
Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA |
05/01/56 |
6.000 |
|
|
7,645,110 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
23 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Missouri (continued) |
|
|
||||||||
|
$ 6,000,000 |
Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA |
05/01/57 |
5.750 |
% |
$ |
6,648,592 | ||||
|
Total Missouri |
|
|
34,944,714 | |||||||
|
|
|
|||||||||
|
Montana (0.4%) |
|
|
||||||||
|
270,000 |
Montana Board of Housing, Revenue Bonds |
12/01/43 |
4.000 |
|
|
270,351 | ||||
|
1,875,000 |
Montana Board of Housing, Revenue Bonds1,2 |
11/01/46 |
3.050 |
|
|
1,875,684 | ||||
|
1,865,000 |
Montana Board of Housing, Revenue Bonds |
12/01/50 |
4.000 |
|
|
1,878,938 | ||||
|
1,120,000 |
Montana Board of Housing, Revenue Bonds |
12/01/52 |
5.000 |
|
|
1,157,784 | ||||
|
3,250,000 |
Montana Board of Housing, Revenue Bonds |
12/01/55 |
6.000 |
|
|
3,570,554 | ||||
|
Total Montana |
|
|
8,753,311 | |||||||
|
|
|
|||||||||
|
Nebraska (1.3%) |
|
|
||||||||
|
22,375,000 |
Central
Plains Energy Project, Revenue |
05/01/53 |
5.000 |
|
|
23,412,679 | ||||
|
5,750,000 |
Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
09/01/55 |
6.000 |
|
|
6,438,260 | ||||
|
2,000,000 |
Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
09/01/55 |
6.250 |
|
|
2,216,928 | ||||
|
Total Nebraska |
|
|
32,067,867 | |||||||
|
© Brown Brothers Harriman |
24 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Nevada (0.9%) |
|
|
||||||||
|
$ 6,435,000 |
County of Washoe, Revenue Bonds1,2 |
03/01/36 |
4.125 |
% |
$ |
6,541,624 | ||||
|
7,575,000 |
County of Washoe, Revenue Bonds1,2 |
03/01/36 |
4.125 |
|
|
7,700,513 | ||||
|
980,000 |
Reno-Tahoe Airport Authority, Revenue Bonds |
07/01/36 |
5.000 |
|
|
1,056,375 | ||||
|
1,000,000 |
Reno-Tahoe Airport Authority, Revenue Bonds |
07/01/37 |
5.250 |
|
|
1,106,525 | ||||
|
1,750,000 |
Reno-Tahoe Airport Authority, Revenue Bonds |
07/01/39 |
5.250 |
|
|
1,916,068 | ||||
|
1,125,000 |
Reno-Tahoe Airport Authority, Revenue Bonds |
07/01/40 |
5.250 |
|
|
1,223,365 | ||||
|
2,320,000 |
Reno-Tahoe Airport Authority, Revenue Bonds |
07/01/41 |
5.250 |
|
|
2,514,486 | ||||
|
Total Nevada |
|
|
22,058,956 | |||||||
|
|
|
|||||||||
|
New Jersey (3.8%) |
|
|
||||||||
|
2,285,000 |
New Jersey Transportation Trust Fund Authority, Revenue Bonds3 |
12/15/34 |
0.000 |
|
|
1,704,854 | ||||
|
7,295,000 |
New Jersey Transportation Trust Fund Authority, Revenue Bonds3 |
12/15/34 |
0.000 |
|
|
5,442,851 | ||||
|
5,135,000 |
New Jersey Transportation Trust Fund Authority, Revenue Bonds |
06/15/38 |
5.000 |
|
|
5,726,604 | ||||
|
14,125,000 |
New Jersey Transportation Trust Fund Authority, Revenue Bonds3 |
12/15/38 |
0.000 |
|
|
8,795,957 | ||||
|
3,080,000 |
New Jersey Transportation Trust Fund Authority, Revenue Bonds |
06/15/39 |
5.000 |
|
|
3,413,991 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
25 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
New Jersey (continued) |
|
|
||||||||
|
$ 27,510,000 |
New Jersey Transportation Trust Fund Authority, Revenue Bonds3 |
12/15/39 |
0.000 |
% |
$ |
16,274,369 | ||||
|
12,785,000 |
New Jersey Transportation Trust Fund Authority, Revenue Bonds3 |
12/15/40 |
0.000 |
|
|
7,195,787 | ||||
|
13,760,000 |
New Jersey Transportation Trust Fund Authority, Revenue Bonds |
06/15/41 |
5.250 |
|
|
15,346,081 | ||||
|
7,000,000 |
New Jersey Transportation Trust Fund Authority, Revenue Bonds |
06/15/42 |
5.000 |
|
|
7,619,398 | ||||
|
3,725,000 |
New Jersey Transportation Trust Fund Authority, Revenue Bonds |
06/15/43 |
5.000 |
|
|
4,030,549 | ||||
|
15,185,000 |
New Jersey Transportation Trust Fund Authority, Revenue Bonds |
06/15/44 |
4.250 |
|
|
15,045,173 | ||||
|
Total New Jersey |
|
|
90,595,614 | |||||||
|
|
|
|||||||||
|
New Mexico (1.8%) |
|
|
||||||||
|
4,395,000 |
City of Farmington, Revenue Bonds |
04/01/29 |
1.800 |
|
|
4,115,171 | ||||
|
490,000 |
New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
01/01/49 |
4.000 |
|
|
491,506 | ||||
|
8,760,000 |
New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
09/01/54 |
6.500 |
|
|
9,607,262 | ||||
|
2,770,000 |
New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
03/01/55 |
5.750 |
|
|
2,980,907 | ||||
|
© Brown Brothers Harriman |
26 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
New Mexico (continued) |
|
|
||||||||
|
$ 4,815,000 |
New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
03/01/55 |
6.000 |
% |
$ |
5,281,071 | ||||
|
10,000,000 |
New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
03/01/56 |
6.000 |
|
|
10,985,808 | ||||
|
9,000,000 |
New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA1,2 |
09/01/57 |
3.000 |
|
|
9,000,151 | ||||
|
Total New Mexico |
|
|
42,461,876 | |||||||
|
|
|
|||||||||
|
New York (8.9%) |
|
|
||||||||
|
4,600,000 |
City of New York, General Obligation Bonds1,5 |
05/01/26 |
3.400 |
|
|
4,600,000 | ||||
|
10,425,000 |
Metropolitan Transportation Authority, Revenue Bonds |
11/15/37 |
5.000 |
|
|
10,495,049 | ||||
|
23,550,000 |
Metropolitan Transportation Authority, Revenue Bonds |
11/15/45 |
4.750 |
|
|
23,684,979 | ||||
|
8,225,000 |
Metropolitan Transportation Authority, Revenue Bonds1,2 |
11/15/45 |
5.000 |
|
|
8,794,529 | ||||
|
25,300,000 |
New York City Municipal Water Finance Authority, Revenue Bonds1,5 |
05/01/26 |
3.450 |
|
|
25,300,000 | ||||
|
5,100,000 |
New York City Municipal Water Finance Authority, Revenue Bonds |
06/15/45 |
4.000 |
|
|
4,938,989 | ||||
|
1,500,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |
11/01/37 |
5.000 |
|
|
1,651,485 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
27 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
New York (continued) |
|
|
||||||||
|
$ 3,095,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |
05/01/38 |
5.000 |
% |
$ |
3,450,868 | ||||
|
7,235,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |
05/01/38 |
5.000 |
|
|
8,024,327 | ||||
|
2,500,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |
02/01/39 |
4.000 |
|
|
2,525,677 | ||||
|
4,985,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |
08/01/39 |
5.000 |
|
|
5,085,112 | ||||
|
3,000,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |
02/01/40 |
5.250 |
|
|
3,316,811 | ||||
|
3,160,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |
05/01/40 |
5.000 |
|
|
3,479,597 | ||||
|
3,250,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |
11/01/40 |
5.000 |
|
|
3,635,257 | ||||
|
2,000,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |
11/01/41 |
5.000 |
|
|
2,217,252 | ||||
|
7,550,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |
11/01/41 |
5.000 |
|
|
8,370,126 | ||||
|
© Brown Brothers Harriman |
28 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
New York (continued) |
|
|
||||||||
|
$ 5,350,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |
05/01/42 |
5.000 |
% |
$ |
5,827,650 | ||||
|
12,780,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |
05/01/42 |
5.000 |
|
|
13,921,002 | ||||
|
3,125,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |
02/01/47 |
5.250 |
|
|
3,290,720 | ||||
|
2,565,000 |
New York State Dormitory Authority, Revenue Bonds |
07/01/38 |
4.000 |
|
|
2,622,037 | ||||
|
1,300,000 |
New York State Dormitory Authority, Revenue Bonds |
03/15/45 |
5.000 |
|
|
1,393,534 | ||||
|
7,000,000 |
New York State Dormitory Authority, Revenue Bonds |
03/15/46 |
5.250 |
|
|
7,599,293 | ||||
|
7,500,000 |
New York State Housing Finance Agency, Revenue Bonds, FNMA1,2 |
11/01/50 |
3.950 |
|
|
7,599,463 | ||||
|
5,000,000 |
New York State Housing Finance Agency, Revenue Bonds1,2 |
06/15/54 |
3.350 |
|
|
5,012,142 | ||||
|
4,075,000 |
New York State Thruway Authority, Revenue Bonds |
03/15/42 |
5.000 |
|
|
4,387,157 | ||||
|
2,850,000 |
New York State Thruway Authority, Revenue Bonds |
01/01/45 |
4.000 |
|
|
2,674,375 | ||||
|
1,070,000 |
Oneonta City School District, General Obligation Notes |
07/24/26 |
4.000 |
|
|
1,072,387 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
29 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
New York (continued) |
|
|
||||||||
|
$ 1,750,000 |
Port Authority of New York & New Jersey, Revenue Bonds |
09/15/32 |
5.000 |
% |
$ |
1,806,143 | ||||
|
1,730,000 |
Port Authority of New York & New Jersey, Revenue Bonds |
11/01/32 |
5.000 |
|
|
1,839,769 | ||||
|
2,800,000 |
Port Authority of New York & New Jersey, Revenue Bonds |
07/15/34 |
5.000 |
|
|
3,123,278 | ||||
|
5,000,000 |
Port Authority of New York & New Jersey, Revenue Bonds |
09/15/34 |
5.000 |
|
|
5,141,839 | ||||
|
1,320,000 |
Port Authority of New York & New Jersey, Revenue Bonds |
10/15/34 |
5.000 |
|
|
1,416,789 | ||||
|
3,910,000 |
Port Authority of New York & New Jersey, Revenue Bonds |
12/01/34 |
5.000 |
|
|
4,370,956 | ||||
|
1,500,000 |
Port Authority of New York & New Jersey, Revenue Bonds |
07/15/35 |
5.000 |
|
|
1,582,383 | ||||
|
3,000,000 |
Port Authority of New York & New Jersey, Revenue Bonds |
07/15/36 |
5.000 |
|
|
3,302,844 | ||||
|
1,395,000 |
Port Authority of New York & New Jersey, Revenue Bonds |
08/01/36 |
5.000 |
|
|
1,505,688 | ||||
|
4,595,000 |
Port Authority of New York & New Jersey, Revenue Bonds |
07/15/37 |
5.000 |
|
|
5,032,011 | ||||
|
1,010,000 |
Port Authority of New York & New Jersey, Revenue Bonds |
01/15/38 |
5.000 |
|
|
1,098,024 | ||||
|
1,750,000 |
Port Authority of New York & New Jersey, Revenue Bonds |
07/15/38 |
5.000 |
|
|
1,907,059 | ||||
|
1,125,000 |
Port Authority of New York & New Jersey, Revenue Bonds |
01/15/39 |
5.000 |
|
|
1,217,472 | ||||
|
© Brown Brothers Harriman |
30 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
New York (continued) |
|
|
||||||||
|
$ 1,165,000 |
Triborough Bridge & Tunnel Authority, Revenue Bonds3 |
11/15/35 |
0.000 |
% |
$ |
834,113 | ||||
|
6,500,000 |
Triborough Bridge & Tunnel Authority, Revenue Bonds3 |
11/15/36 |
0.000 |
|
|
4,436,482 | ||||
|
Total New York |
|
|
213,584,668 | |||||||
|
|
|
|||||||||
|
North Carolina (4.5%) |
|
|
||||||||
|
900,000 |
Charlotte-Mecklenburg Hospital Authority, Revenue Bonds1,5 |
05/01/26 |
3.400 |
|
|
900,000 | ||||
|
6,200,000 |
Charlotte-Mecklenburg Hospital Authority, Revenue Bonds1,5 |
05/01/26 |
3.400 |
|
|
6,200,000 | ||||
|
440,000 |
North Carolina Housing Finance Agency, Revenue Bonds |
07/01/47 |
4.000 |
|
|
440,332 | ||||
|
5,205,000 |
North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
01/01/54 |
5.500 |
|
|
5,568,229 | ||||
|
4,815,000 |
North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
01/01/55 |
6.250 |
|
|
5,336,430 | ||||
|
8,275,000 |
North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
01/01/55 |
6.250 |
|
|
8,912,152 | ||||
|
12,740,000 |
North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
07/01/55 |
6.250 |
|
|
13,899,238 | ||||
|
6,480,000 |
North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
01/01/56 |
6.250 |
|
|
7,255,828 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
31 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
North Carolina (continued) |
|
|
||||||||
|
$ 4,800,000 |
North Carolina Medical Care Commission, Revenue Bonds1,5 |
05/01/26 |
3.300 |
% |
$ |
4,800,000 | ||||
|
10,000,000 |
State of North Carolina, General Obligation Bonds |
06/01/27 |
5.000 |
|
|
10,271,671 | ||||
|
6,250,000 |
State of North Carolina, General Obligation Bonds |
06/01/28 |
5.000 |
|
|
6,572,630 | ||||
|
38,580,000 |
University of North Carolina at Chapel Hill, Revenue Bonds (SOFR + 1.050%)1 |
12/01/41 |
3.495 |
|
|
38,685,243 | ||||
|
Total North Carolina |
|
|
108,841,753 | |||||||
|
|
|
|||||||||
|
North Dakota (0.3%) |
|
|
||||||||
|
475,000 |
North Dakota Housing Finance Agency, Revenue Bonds |
01/01/49 |
4.250 |
|
|
476,949 | ||||
|
1,275,000 |
North Dakota Housing Finance Agency, Revenue Bonds |
07/01/49 |
4.250 |
|
|
1,282,118 | ||||
|
4,735,000 |
North Dakota Housing Finance Agency, Revenue Bonds |
07/01/53 |
5.750 |
|
|
5,007,774 | ||||
|
Total North Dakota |
|
|
6,766,841 | |||||||
|
|
|
|||||||||
|
Ohio (2.8%) |
|
|
||||||||
|
3,300,000 |
County of Franklin, Revenue Bonds1,5 |
05/01/26 |
3.350 |
|
|
3,300,000 | ||||
|
11,200,000 |
County of Franklin, Revenue Bonds1,5 |
05/01/26 |
3.350 |
|
|
11,200,000 | ||||
|
7,000,000 |
Lancaster Port Authority, Revenue Bonds1,2 |
02/01/55 |
5.000 |
|
|
7,422,040 | ||||
|
5,360,000 |
Ohio Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
09/01/48 |
4.500 |
|
|
5,404,074 | ||||
|
© Brown Brothers Harriman |
32 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||
|
Municipal Bonds (continued) |
|
||||||||
|
Ohio (continued) |
|
||||||||
|
$ 3,830,000 |
Ohio Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
03/01/53 |
5.500% |
$ |
4,042,857 | ||||
|
5,430,000 |
Ohio Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
03/01/54 |
5.750 |
|
5,734,979 | ||||
|
6,085,000 |
Ohio Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
03/01/55 |
6.250 |
|
6,644,709 | ||||
|
16,240,000 |
Ohio Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
03/01/56 |
6.500 |
|
18,497,319 | ||||
|
1,680,000 |
Ohio Turnpike & Infrastructure Commission, Revenue Bonds3 |
02/15/38 |
0.000 |
|
1,100,296 | ||||
|
1,000,000 |
State of Ohio, Revenue Bonds |
12/01/34 |
5.000 |
|
1,151,454 | ||||
|
1,150,000 |
State of Ohio, Revenue Bonds |
12/01/35 |
5.000 |
|
1,329,768 | ||||
|
1,070,000 |
State of Ohio, Revenue Bonds |
12/01/36 |
5.000 |
|
1,242,263 | ||||
|
Total Ohio |
|
67,069,759 | |||||||
|
|
|||||||||
|
Oklahoma (0.3%) |
|
||||||||
|
2,550,000 |
Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
03/01/54 |
6.000 |
|
2,792,006 | ||||
|
4,895,000 |
Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA |
03/01/56 |
6.500 |
|
5,510,590 | ||||
|
Total Oklahoma |
|
8,302,596 | |||||||
|
|
|||||||||
|
Oregon (5.0%) |
|
||||||||
|
3,150,000 |
Clackamas & Washington Counties School District No 3, General Obligation Bonds3 |
06/15/36 |
0.000 |
|
2,067,244 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
33 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Oregon (continued) |
|
|
||||||||
|
$ 3,645,000 |
Clackamas & Washington Counties School District No 3, General Obligation Bonds3 |
06/15/47 |
0.000 |
% |
$ |
1,310,071 | ||||
|
4,195,000 |
Clackamas & Washington Counties School District No 3, General Obligation Bonds3 |
06/15/48 |
0.000 |
|
|
1,421,511 | ||||
|
3,250,000 |
Clackamas County School District No 12 North Clackamas, General Obligation Bonds3 |
06/15/34 |
0.000 |
|
|
2,329,437 | ||||
|
6,695,000 |
Clackamas County School District No 12 North Clackamas, General Obligation Bonds3 |
06/15/36 |
0.000 |
|
|
4,321,200 | ||||
|
825,000 |
Lane & Douglas Counties School District No 28J Fern Ridge, General Obligation Bonds |
06/15/36 |
5.000 |
|
|
935,993 | ||||
|
1,075,000 |
Lane & Douglas Counties School District No 28J Fern Ridge, General Obligation Bonds |
06/15/37 |
5.000 |
|
|
1,211,677 | ||||
|
1,550,000 |
Lane County School District No 40 Creswell, General Obligation Bonds3 |
06/15/43 |
0.000 |
|
|
668,802 | ||||
|
750,000 |
Lincoln County School District, General Obligation Bonds3 |
06/15/30 |
0.000 |
|
|
805,589 | ||||
|
745,000 |
Lincoln County School District, General Obligation Bonds3 |
06/15/31 |
0.000 |
|
|
809,592 | ||||
|
950,000 |
Lincoln County School District, General Obligation Bonds3 |
06/15/32 |
0.000 |
|
|
1,044,127 | ||||
|
1,000,000 |
Lincoln County School District, General Obligation Bonds3 |
06/15/33 |
0.000 |
|
|
1,109,392 | ||||
|
© Brown Brothers Harriman |
34 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Oregon (continued) |
|
|
||||||||
|
$ 1,945,000 |
Lincoln County School District, General Obligation Bonds3 |
06/15/34 |
0.000 |
% |
$ |
2,182,854 | ||||
|
825,000 |
Lincoln County School District, General Obligation Bonds3 |
06/15/35 |
0.000 |
|
|
929,410 | ||||
|
1,350,000 |
Lincoln County School District, General Obligation Bonds3 |
06/15/38 |
0.000 |
|
|
1,487,561 | ||||
|
1,000,000 |
Lincoln County School District, General Obligation Bonds3 |
06/15/39 |
0.000 |
|
|
1,095,572 | ||||
|
1,445,000 |
Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow, General Obligation Bonds3 |
06/15/32 |
0.000 |
|
|
1,174,881 | ||||
|
3,650,000 |
Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow, General Obligation Bonds3 |
06/15/34 |
0.000 |
|
|
2,608,299 | ||||
|
6,135,000 |
Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow, General Obligation Bonds3 |
06/15/36 |
0.000 |
|
|
3,951,141 | ||||
|
6,775,000 |
Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow, General Obligation Bonds3 |
06/15/39 |
0.000 |
|
|
3,923,617 | ||||
|
2,585,000 |
Multnomah County School District No 40, General Obligation Bonds3 |
06/15/26 |
0.000 |
|
|
2,575,333 | ||||
|
1,515,000 |
Multnomah County School District No 40, General Obligation Bonds3 |
06/15/34 |
0.000 |
|
|
1,125,710 | ||||
|
2,250,000 |
Multnomah County School District No 40, General Obligation Bonds3 |
06/15/38 |
0.000 |
|
|
1,332,456 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
35 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Oregon (continued) |
|
|
||||||||
|
$ 21,050,000 |
Multnomah County School District No 40, General Obligation Bonds3 |
06/15/43 |
0.000 |
% |
$ |
9,347,145 | ||||
|
300,000 |
Oregon Coast Community College District, General Obligation Bonds |
06/15/33 |
5.000 |
|
|
339,737 | ||||
|
300,000 |
Oregon Coast Community College District, General Obligation Bonds |
06/15/34 |
5.000 |
|
|
342,881 | ||||
|
560,000 |
Oregon Coast Community College District, General Obligation Bonds |
06/15/36 |
5.000 |
|
|
634,911 | ||||
|
510,000 |
Oregon Coast Community College District, General Obligation Bonds |
06/15/38 |
5.000 |
|
|
572,095 | ||||
|
3,000,000 |
Port of Portland Airport Revenue, Revenue Bonds |
07/01/36 |
5.000 |
|
|
3,269,659 | ||||
|
5,000,000 |
Port of Portland Airport Revenue, Revenue Bonds |
07/01/38 |
4.000 |
|
|
4,959,302 | ||||
|
12,100,000 |
Port of Portland Airport Revenue, Revenue Bonds |
07/01/47 |
4.000 |
|
|
10,798,621 | ||||
|
1,045,000 |
Salem-Keizer School District No 24J, General Obligation Bonds3 |
06/15/35 |
0.000 |
|
|
735,858 | ||||
|
1,905,000 |
Tillamook Bay Community College District, General Obligation Bonds3 |
06/15/38 |
0.000 |
|
|
1,146,562 | ||||
|
3,750,000 |
Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds3 |
06/15/31 |
0.000 |
|
|
3,095,011 | ||||
|
5,350,000 |
Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds3 |
06/15/34 |
0.000 |
|
|
3,851,500 | ||||
|
© Brown Brothers Harriman |
36 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Oregon (continued) |
|
|
||||||||
|
$ 9,000,000 |
Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds3 |
06/15/37 |
0.000 |
% |
$ |
5,738,106 | ||||
|
5,000,000 |
Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds3 |
06/15/38 |
0.000 |
|
|
3,046,262 | ||||
|
1,900,000 |
Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds3 |
06/15/39 |
0.000 |
|
|
1,086,123 | ||||
|
8,665,000 |
Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds3 |
06/15/40 |
0.000 |
|
|
4,687,678 | ||||
|
1,800,000 |
Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds3 |
06/15/41 |
0.000 |
|
|
916,665 | ||||
|
7,710,000 |
Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds3 |
06/15/41 |
0.000 |
|
|
3,918,282 | ||||
|
4,750,000 |
Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds3 |
06/15/42 |
0.000 |
|
|
2,268,740 | ||||
|
3,630,000 |
Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds3 |
06/15/43 |
0.000 |
|
|
1,627,059 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
37 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Oregon (continued) |
|
|
||||||||
|
$ 1,500,000 |
Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds3 |
06/15/31 |
0.000 |
% |
$ |
1,258,285 | ||||
|
1,380,000 |
Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds3 |
06/15/33 |
0.000 |
|
|
1,064,164 | ||||
|
3,530,000 |
Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds3 |
06/15/37 |
0.000 |
|
|
2,165,907 | ||||
|
6,000,000 |
Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds3 |
06/15/39 |
0.000 |
|
|
3,340,857 | ||||
|
4,800,000 |
Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds3 |
06/15/40 |
0.000 |
|
|
2,625,640 | ||||
|
5,000,000 |
Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds3 |
06/15/41 |
0.000 |
|
|
2,526,222 | ||||
|
5,885,000 |
Washington County School District No 13 Banks, General Obligation Bonds3 |
06/15/44 |
0.000 |
|
|
2,531,974 | ||||
|
Total Oregon |
|
|
118,316,715 | |||||||
|
|
|
|||||||||
|
Other (4.4%) |
|
|
||||||||
|
4,996,821 |
FHLMC Multifamily VRD Certificates, Revenue Bonds1,2 |
10/25/40 |
4.640 |
|
|
5,109,298 | ||||
|
37,250,000 |
FHLMC Multifamily VRD Certificates, Revenue Bonds (SOFR + 0.400%)1 |
08/25/41 |
4.052 |
|
|
37,250,000 | ||||
|
© Brown Brothers Harriman |
38 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Other (continued) |
|
|
||||||||
|
$ 7,491,099 |
FHLMC Multifamily VRD Certificates, Revenue Bonds1,2,3 |
03/25/42 |
4.837 |
% |
$ |
7,601,842 | ||||
|
12,115,947 |
FHLMC Multifamily VRD Certificates, Revenue Bonds1,2,3 |
06/25/42 |
4.604 |
|
|
12,267,132 | ||||
|
4,960,834 |
FHLMC Multifamily VRD Certificates, Revenue Bonds1,2,3 |
11/25/42 |
4.387 |
|
|
5,019,759 | ||||
|
8,797,803 |
FHLMC Multifamily VRD Certificates, Revenue Bonds1,2 |
12/25/42 |
4.773 |
|
|
9,039,737 | ||||
|
4,967,645 |
FHLMC Multifamily VRD Certificates, Revenue Bonds1,2,3 |
01/25/43 |
4.869 |
|
|
5,111,850 | ||||
|
9,820,297 |
Freddie Mac Multifamily Certificates, Revenue Bonds1,2,3 |
11/25/38 |
3.541 |
|
|
9,227,059 | ||||
|
6,902,051 |
Freddie Mac Multifamily Certificates, Revenue Bonds1,2,3 |
12/25/38 |
3.260 |
|
|
5,968,499 | ||||
|
4,774,172 |
Freddie Mac Multifamily Certificates, Revenue Bonds1,2,3 |
10/25/40 |
4.684 |
|
|
4,797,436 | ||||
|
2,974,390 |
Freddie Mac Multifamily Certificates, Revenue Bonds1,2,3 |
04/25/42 |
4.704 |
|
|
3,082,081 | ||||
|
Total Other |
|
|
104,474,693 | |||||||
|
|
|
|||||||||
|
Pennsylvania (2.7%) |
|
|
||||||||
|
1,980,000 |
Allegheny County Airport Authority, Revenue Bonds |
01/01/35 |
5.000 |
|
|
2,143,790 | ||||
|
1,000,000 |
Allegheny County Airport Authority, Revenue Bonds |
01/01/36 |
5.250 |
|
|
1,102,027 | ||||
|
2,000,000 |
Allegheny County Airport Authority, Revenue Bonds |
01/01/37 |
5.250 |
|
|
2,192,548 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
39 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Pennsylvania (continued) |
|
|
||||||||
|
$ 1,940,000 |
Allegheny County Airport Authority, Revenue Bonds |
01/01/40 |
5.250 |
% |
$ |
2,098,604 | ||||
|
7,000,000 |
Allegheny County Airport Authority, Revenue Bonds |
01/01/46 |
4.000 |
|
|
6,408,066 | ||||
|
5,860,000 |
Butler County General Authority, Revenue Bonds (3-Month CME Term SOFR + 0.700%)1 |
10/01/34 |
3.348 |
|
|
5,728,828 | ||||
|
8,985,000 |
Pennsylvania Turnpike Commission, Revenue Bonds3 |
12/01/37 |
0.000 |
|
|
9,223,245 | ||||
|
3,350,000 |
Pennsylvania Turnpike Commission, Revenue Bonds3 |
12/01/41 |
0.000 |
|
|
1,618,998 | ||||
|
3,500,000 |
Pennsylvania Turnpike Commission, Revenue Bonds1,2 |
12/01/45 |
5.000 |
|
|
3,914,091 | ||||
|
1,000,000 |
School District of Philadelphia, General Obligation Bonds |
09/01/26 |
5.000 |
|
|
1,006,520 | ||||
|
5,000,000 |
School District of Philadelphia, General Obligation Bonds |
09/01/29 |
5.000 |
|
|
5,034,569 | ||||
|
5,960,000 |
School District of Philadelphia, General Obligation Bonds |
09/01/30 |
5.000 |
|
|
5,999,766 | ||||
|
2,500,000 |
School District of Philadelphia, General Obligation Bonds |
09/01/34 |
5.000 |
|
|
2,513,502 | ||||
|
2,910,000 |
School District of Philadelphia, General Obligation Bonds |
09/01/34 |
5.000 |
|
|
3,036,485 | ||||
|
1,000,000 |
School District of Philadelphia, General Obligation Bonds |
09/01/36 |
5.000 |
|
|
1,037,923 | ||||
|
© Brown Brothers Harriman |
40 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Pennsylvania (continued) |
|
|
||||||||
|
$ 1,815,000 |
School District of Philadelphia, General Obligation Bonds |
09/01/37 |
5.000 |
% |
$ |
1,822,997 | ||||
|
3,700,000 |
School District of Philadelphia, General Obligation Bonds |
09/01/48 |
5.500 |
|
|
3,929,242 | ||||
|
5,000,000 |
State Public School Building Authority, Revenue Bonds |
06/01/32 |
5.000 |
|
|
5,056,054 | ||||
|
Total Pennsylvania |
|
|
63,867,255 | |||||||
|
|
|
|||||||||
|
South Carolina (0.9%) |
|
|
||||||||
|
3,460,000 |
Orangeburg County School District, General Obligation Notes |
08/13/26 |
5.000 |
|
|
3,481,166 | ||||
|
3,650,000 |
South Carolina State Housing Finance & Development Authority, Revenue Bonds |
01/01/54 |
5.750 |
|
|
3,947,203 | ||||
|
6,205,000 |
South Carolina State Housing Finance & Development Authority, Revenue Bonds |
01/01/54 |
6.000 |
|
|
6,774,749 | ||||
|
5,885,000 |
South Carolina State Housing Finance & Development Authority, Revenue Bonds |
07/01/54 |
6.250 |
|
|
6,499,850 | ||||
|
Total South Carolina |
|
|
20,702,968 | |||||||
|
|
|
|||||||||
|
South Dakota (1.1%) |
|
|
||||||||
|
15,000 |
South Dakota Housing Development Authority, Revenue Bonds |
11/01/45 |
4.000 |
|
|
15,000 | ||||
|
145,000 |
South Dakota Housing Development Authority, Revenue Bonds |
11/01/46 |
3.500 |
|
|
144,724 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
41 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
South Dakota (continued) |
|
|
||||||||
|
$ 825,000 |
South Dakota Housing Development Authority, Revenue Bonds |
11/01/48 |
4.500 |
% |
$ |
830,155 | ||||
|
1,445,000 |
South Dakota Housing Development Authority, Revenue Bonds |
11/01/49 |
4.000 |
|
|
1,453,657 | ||||
|
3,540,000 |
South Dakota Housing Development Authority, Revenue Bonds |
05/01/53 |
5.000 |
|
|
3,653,736 | ||||
|
4,605,000 |
South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
05/01/54 |
6.000 |
|
|
4,871,008 | ||||
|
5,420,000 |
South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
05/01/55 |
6.250 |
|
|
5,868,762 | ||||
|
4,970,000 |
South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
11/01/55 |
6.250 |
|
|
5,525,744 | ||||
|
3,250,000 |
South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA |
05/01/56 |
6.250 |
|
|
3,675,440 | ||||
|
Total South Dakota |
|
|
26,038,226 | |||||||
|
|
|
|||||||||
|
Tennessee (1.6%) |
|
|
||||||||
|
3,250,000 |
Dickson Health & Educational Facilities Board, Revenue Bonds1,2 |
04/01/44 |
3.050 |
|
|
3,251,692 | ||||
|
1,450,000 |
Metropolitan Nashville Airport Authority, Revenue Bonds |
07/01/34 |
5.250 |
|
|
1,595,662 | ||||
|
1,125,000 |
Metropolitan Nashville Airport Authority, Revenue Bonds |
07/01/35 |
5.250 |
|
|
1,232,042 | ||||
|
© Brown Brothers Harriman |
42 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Tennessee (continued) |
|
|
||||||||
|
$ 1,875,000 |
Metropolitan Nashville Airport Authority, Revenue Bonds |
07/01/41 |
5.500 |
% |
$ |
2,044,994 | ||||
|
5,575,000 |
New Memphis Arena Public Building Authority, Revenue Bonds |
04/01/29 |
4.000 |
|
|
5,760,465 | ||||
|
20,100,000 |
Public Building Authority of Blount County Tennessee, Revenue Bonds1,5 |
05/01/26 |
3.450 |
|
|
20,100,000 | ||||
|
3,750,000 |
Tennergy Corp., Revenue Bonds1,2 |
10/01/54 |
5.000 |
|
|
3,955,827 | ||||
|
520,000 |
Tennessee Housing Development Agency, Revenue Bonds |
01/01/43 |
4.000 |
|
|
520,802 | ||||
|
425,000 |
Tennessee Housing Development Agency, Revenue Bonds |
07/01/48 |
4.000 |
|
|
425,510 | ||||
|
Total Tennessee |
|
|
38,886,994 | |||||||
|
|
|
|||||||||
|
Texas (13.2%) |
|
|
||||||||
|
2,695,000 |
Cedar Hill Independent School District, General Obligation Bonds |
02/15/37 |
5.000 |
|
|
3,005,191 | ||||
|
1,000,000 |
City of Austin Airport System Revenue, Revenue Bonds |
11/15/34 |
5.000 |
|
|
1,089,323 | ||||
|
1,800,000 |
City of Austin Airport System Revenue, Revenue Bonds |
11/15/36 |
5.000 |
|
|
1,940,182 | ||||
|
2,000,000 |
City of Houston Airport System Revenue, Revenue Bonds |
07/01/31 |
5.000 |
|
|
2,138,922 | ||||
|
1,250,000 |
City of Houston Airport System Revenue, Revenue Bonds |
07/01/34 |
5.000 |
|
|
1,338,595 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
43 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Texas (continued) |
|
|
||||||||
|
$ 3,355,000 |
City of Houston Airport System Revenue, Revenue Bonds |
07/01/36 |
5.000 |
% |
$ |
3,643,307 | ||||
|
2,625,000 |
City of Houston Airport System Revenue, Revenue Bonds |
07/01/38 |
4.000 |
|
|
2,569,118 | ||||
|
5,000,000 |
City of Houston Airport System Revenue, Revenue Bonds |
07/01/39 |
5.250 |
|
|
5,446,879 | ||||
|
1,000,000 |
City of Houston Airport System Revenue, Revenue Bonds |
07/01/40 |
4.000 |
|
|
967,919 | ||||
|
5,000,000 |
City of Houston Airport System Revenue, Revenue Bonds |
07/01/41 |
5.250 |
|
|
5,410,398 | ||||
|
8,530,000 |
City of Houston Airport System Revenue, Revenue Bonds |
07/01/46 |
4.000 |
|
|
7,693,999 | ||||
|
16,125,000 |
City of Houston Airport System Revenue, Revenue Bonds |
07/01/48 |
5.250 |
|
|
16,745,680 | ||||
|
17,000,000 |
City of San Antonio Electric & Gas Systems Revenue, Revenue Bonds1,2 |
02/01/55 |
2.900 |
|
|
16,925,635 | ||||
|
4,500,000 |
City of San Antonio Electric & Gas Systems Revenue, Revenue Bonds1,2 |
02/01/55 |
3.000 |
|
|
4,473,949 | ||||
|
8,000,000 |
City of San Antonio Electric & Gas Systems Revenue, Revenue Bonds1,2 |
02/01/55 |
3.080 |
|
|
7,992,877 | ||||
|
3,975,000 |
County
of Harris Toll Road Revenue, Revenue |
08/15/45 |
4.000 |
|
|
3,776,624 | ||||
|
5,000,000 |
El Paso Independent School District, General Obligation Bonds4 |
08/15/35 |
5.000 |
|
|
5,675,179 | ||||
|
© Brown Brothers Harriman |
44 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Texas (continued) |
|
|
||||||||
|
$ 3,000,000 |
El Paso Independent School District, General Obligation Bonds4 |
08/15/38 |
5.000 |
% |
$ |
3,334,237 | ||||
|
5,500,000 |
El Paso Independent School District, General Obligation Bonds4 |
08/15/39 |
5.000 |
|
|
6,081,057 | ||||
|
3,470,000 |
Fort Bend Independent School District, General Obligation Bonds1,2 |
08/01/51 |
0.720 |
|
|
3,442,844 | ||||
|
3,875,000 |
Fort Bend Independent School District, General Obligation Bonds1,2 |
08/01/54 |
4.000 |
|
|
3,928,508 | ||||
|
5,000,000 |
Fort Bend Independent School District, General Obligation Bonds1,2 |
08/01/55 |
3.800 |
|
|
5,089,797 | ||||
|
1,750,000 |
Goose Creek Consolidated Independent School District, General Obligation Bonds1,2 |
02/15/35 |
0.600 |
|
|
1,737,431 | ||||
|
1,400,000 |
Gregory-Portland Independent School District, General Obligation Bonds |
02/15/39 |
5.000 |
|
|
1,541,503 | ||||
|
1,105,000 |
Kilgore Independent School District, General Obligation Bonds1,2 |
02/15/52 |
4.000 |
|
|
1,108,346 | ||||
|
1,500,000 |
Love Field Airport Modernization Corp., Revenue Bonds |
11/01/34 |
5.000 |
|
|
1,511,221 | ||||
|
2,000,000 |
Love Field Airport Modernization Corp., Revenue Bonds |
11/01/35 |
5.000 |
|
|
2,014,027 | ||||
|
3,000,000 |
Mission Economic Development Corp., Revenue Bonds1,2 |
06/01/55 |
2.875 |
|
|
2,998,644 | ||||
|
4,790,000 |
North East Independent School District, General Obligation Bonds1,2 |
08/01/49 |
3.750 |
|
|
4,830,486 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
45 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Texas (continued) |
|
|
||||||||
|
$ 8,000,000 |
North Texas Tollway Authority, Revenue Bonds3 |
01/01/32 |
0.000 |
% |
$ |
6,695,370 | ||||
|
4,835,000 |
North Texas Tollway Authority, Revenue Bonds3 |
01/01/35 |
0.000 |
|
|
3,591,612 | ||||
|
5,270,000 |
North Texas Tollway Authority, Revenue Bonds3 |
01/01/36 |
0.000 |
|
|
3,737,693 | ||||
|
11,415,000 |
North Texas Tollway Authority, Revenue Bonds3 |
01/01/38 |
0.000 |
|
|
7,339,261 | ||||
|
10,000,000 |
Northside Independent School District, General Obligation Bonds1,2 |
06/01/50 |
3.550 |
|
|
10,123,335 | ||||
|
2,715,000 |
State of Texas, General Obligation Bonds |
08/01/36 |
5.000 |
|
|
3,031,301 | ||||
|
5,745,000 |
State of Texas, General Obligation Bonds |
08/01/40 |
5.000 |
|
|
6,216,144 | ||||
|
21,500,000 |
State of Texas, General Obligation Bonds1,2 |
10/01/41 |
2.800 |
|
|
21,384,407 | ||||
|
13,000,000 |
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds1,5 |
05/01/26 |
3.300 |
|
|
13,000,000 | ||||
|
520,000 |
Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA |
09/01/35 |
2.150 |
|
|
451,676 | ||||
|
3,860,000 |
Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA |
07/01/37 |
2.150 |
|
|
3,101,804 | ||||
|
1,385,000 |
Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA |
09/01/38 |
4.300 |
|
|
1,413,509 | ||||
|
© Brown Brothers Harriman |
46 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Texas (continued) |
|
|
||||||||
|
$ 4,100,000 |
Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA |
01/01/39 |
4.000 |
% |
$ |
4,104,904 | ||||
|
7,582,447 |
Texas Department of Housing & Community Affairs, Revenue Bonds, FHLMC, FNMA, GNMA |
09/01/47 |
2.835 |
|
|
6,541,494 | ||||
|
1,080,000 |
Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA |
03/01/50 |
4.000 |
|
|
1,089,558 | ||||
|
2,835,000 |
Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA |
01/01/53 |
5.750 |
|
|
3,056,289 | ||||
|
2,875,000 |
Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA |
03/01/53 |
6.000 |
|
|
3,134,684 | ||||
|
3,620,000 |
Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA |
03/01/54 |
6.000 |
|
|
3,964,229 | ||||
|
3,000,000 |
Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA |
01/01/56 |
6.250 |
|
|
3,358,462 | ||||
|
3,205,000 |
Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds (3-Month CME Term SOFR + 0.700%)1 |
12/15/26 |
3.336 |
|
|
3,205,331 | ||||
|
3,290,000 |
Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds |
12/15/26 |
6.250 |
|
|
3,356,612 | ||||
|
6,410,000 |
Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month CME Term SOFR + 0.863%)1 |
09/15/27 |
3.287 |
|
|
6,415,741 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
47 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Texas (continued) |
|
|
||||||||
|
$ 17,790,000 |
Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month CME Term SOFR + 1.045%)1 |
09/15/27 |
3.506 |
% |
$ |
17,825,918 | ||||
|
1,645,000 |
Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.550%)1 |
09/15/27 |
3.640 |
|
|
1,642,375 | ||||
|
15,000,000 |
Texas Municipal Gas Acquisition & Supply Corp. V, Revenue Bonds4 |
04/01/36 |
5.000 |
|
|
15,627,694 | ||||
|
19,275,000 |
Texas Municipal Gas Acquisition & Supply Corp. V, Revenue Bonds1,2 |
01/01/55 |
5.000 |
|
|
20,550,167 | ||||
|
12,115,000 |
Texas Water Development Board, Revenue Bonds |
10/15/43 |
4.000 |
|
|
11,778,014 | ||||
|
Total Texas |
|
|
314,189,462 | |||||||
|
|
|
|||||||||
|
Utah (0.2%) |
|
|
||||||||
|
5,000,000 |
Utah Housing Corp., Revenue Bonds1,2 |
04/01/46 |
2.950 |
|
|
4,980,198 | ||||
|
Total Utah |
|
|
4,980,198 | |||||||
|
|
|
|||||||||
|
Virginia (0.3%) |
|
|
||||||||
|
1,000,000 |
City
of Norfolk Water Revenue, Revenue |
11/01/33 |
5.000 |
|
|
1,146,070 | ||||
|
6,665,000 |
Virginia Housing Development Authority, Revenue Bonds1,2 |
07/01/56 |
3.125 |
|
|
6,663,287 | ||||
|
Total Virginia |
|
|
7,809,357 | |||||||
|
© Brown Brothers Harriman |
48 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Washington (2.6%) |
|
|
||||||||
|
$ 8,200,000 |
County of King Sewer Revenue, Revenue Bonds1,5 |
05/01/26 |
3.300 |
% |
$ |
8,200,000 | ||||
|
3,215,000 |
County of King Sewer Revenue, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.230%)1 |
01/01/40 |
3.320 |
|
|
3,197,768 | ||||
|
4,150,000 |
Port of Seattle, Revenue Bonds |
05/01/31 |
5.000 |
|
|
4,224,063 | ||||
|
6,955,000 |
Port of Seattle, Revenue Bonds |
04/01/34 |
5.000 |
|
|
7,277,714 | ||||
|
2,480,000 |
Port of Seattle, Revenue Bonds |
05/01/34 |
5.000 |
|
|
2,517,156 | ||||
|
5,500,000 |
Port of Seattle, Revenue Bonds |
08/01/34 |
5.000 |
|
|
6,004,224 | ||||
|
1,415,000 |
Port of Seattle, Revenue Bonds |
08/01/35 |
5.000 |
|
|
1,536,455 | ||||
|
3,500,000 |
Port of Seattle, Revenue Bonds |
08/01/36 |
4.000 |
|
|
3,514,346 | ||||
|
6,285,000 |
Port of Seattle, Revenue Bonds |
04/01/37 |
5.000 |
|
|
6,513,409 | ||||
|
3,385,000 |
Port of Seattle, Revenue Bonds |
04/01/39 |
5.000 |
|
|
3,492,756 | ||||
|
4,950,000 |
Port of Seattle, Revenue Bonds |
05/01/43 |
4.000 |
|
|
4,721,561 | ||||
|
5,755,000 |
Port of Seattle, Revenue Bonds |
08/01/46 |
5.000 |
|
|
5,900,681 | ||||
|
3,975,000 |
State of Washington, General Obligation Bonds |
02/01/38 |
5.000 |
|
|
4,541,129 | ||||
|
Total Washington |
|
|
61,641,262 | |||||||
|
|
|
|||||||||
|
Wisconsin (2.4%) |
|
|
||||||||
|
7,300,000 |
Public Finance Authority, Revenue Bonds1,5 |
05/01/26 |
3.250 |
|
|
7,300,000 | ||||
|
6,595,000 |
Public Finance Authority, Revenue Bonds1,2 |
10/01/46 |
3.700 |
|
|
6,685,016 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
49 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||
|
Municipal Bonds (continued) |
|
|
||||||||
|
Wisconsin (continued) |
|
|
||||||||
|
$ 500,000 |
State of Wisconsin, General Obligation Bonds4 |
05/01/29 |
5.000 |
% |
$ |
523,925 | ||||
|
3,850,000 |
State of Wisconsin, General Obligation Bonds4 |
05/01/30 |
5.000 |
|
|
4,106,903 | ||||
|
2,500,000 |
State of Wisconsin, General Obligation Bonds4 |
05/01/32 |
5.000 |
|
|
2,744,463 | ||||
|
500,000 |
State of Wisconsin, General Obligation Bonds4 |
05/01/33 |
5.000 |
|
|
555,138 | ||||
|
275,000 |
State of Wisconsin, General Obligation Bonds4 |
05/01/35 |
5.000 |
|
|
310,351 | ||||
|
1,000,000 |
Wisconsin Health & Educational Facilities Authority, Revenue Bonds |
08/15/26 |
5.000 |
|
|
1,006,117 | ||||
|
6,850,000 |
Wisconsin Health & Educational Facilities Authority, Revenue Bonds |
11/15/39 |
4.000 |
|
|
6,812,161 | ||||
|
815,000 |
Wisconsin Health & Educational Facilities Authority, Revenue Bonds |
11/15/43 |
4.000 |
|
|
844,448 | ||||
|
6,215,000 |
Wisconsin Health & Educational Facilities Authority, Revenue Bonds |
11/15/43 |
4.000 |
|
|
5,995,199 | ||||
|
9,715,000 |
Wisconsin Health & Educational Facilities Authority, Revenue Bonds |
11/15/43 |
4.000 |
|
|
9,371,416 | ||||
|
4,360,000 |
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Revenue Bonds, FHLMC, FNMA, GNMA |
03/01/55 |
6.000 |
|
|
4,745,367 | ||||
|
© Brown Brothers Harriman |
50 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
Municipal Bonds (continued) |
|
|
| ||||||||
|
Wisconsin (continued) |
|
|
| ||||||||
|
$ 4,975,000 |
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Revenue Bonds, FHLMC, FNMA, GNMA |
09/01/55 |
6.250 |
% |
$ |
5,499,303 |
| ||||
|
Total Wisconsin |
|
|
56,499,807 |
| |||||||
|
|
|
| |||||||||
|
Wyoming (0.2%) |
|
|
| ||||||||
|
1,880,000 |
Wyoming Community Development Authority, Revenue Bonds |
12/01/34 |
3.500 |
|
|
1,879,954 |
| ||||
|
725,000 |
Wyoming Community Development Authority, Revenue Bonds |
12/01/48 |
4.000 |
|
|
728,027 |
| ||||
|
170,000 |
Wyoming Community Development Authority, Revenue Bonds |
12/01/49 |
3.750 |
|
|
169,975 |
| ||||
|
1,325,000 |
Wyoming Community Development Authority, Revenue Bonds |
12/01/55 |
6.250 |
|
|
1,469,761 |
| ||||
|
Total Wyoming |
|
|
4,247,717 |
| |||||||
|
Total Municipal Bonds (Identified cost $2,400,207,652) |
|
|
2,423,809,984 |
| |||||||
|
|
|
| |||||||||
|
Total Investments (Identified cost $2,400,207,652)6 |
101.5 |
% |
$ |
2,423,809,984 |
| ||||||
|
Liabilities in Excess of Cash and Other Assets |
(1.5 |
)% |
|
(35,356,850 |
) | ||||||
|
Net Assets |
100.0 |
% |
$ |
2,388,453,134 |
| ||||||
____________
1 Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the April 30, 2026 coupon or interest rate.
2 This variable rate security is based on a predetermined schedule and the rate at April 30, 2026, also represents the reference rate at April 30, 2026.
3 Security issued with zero coupon. Income is recognized through accretion of discount.
4 Represent a security purchased on a when-issued basis.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
51 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
5 Variable rate demand note. The maturity dates reflect the demand repayment dates. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the April 30, 2026 coupon or interest rate.
6 The aggregate cost for federal income tax purposes is $2,400,207,652, the aggregate gross unrealized appreciation is $33,099,980 and the aggregate gross unrealized depreciation is $9,497,648, resulting in net unrealized appreciation of $23,602,332.
Abbreviations:
BAM − Build America Mutual.
CME − Chicago Mercantile Exchange.
FHA − Federal Housing Administration.
FHLMC − Federal Home Loan Mortgage Corporation.
FNMA − Federal National Mortgage Association.
GNMA − Government National Mortgage Association.
NPFG − National Public Finance Guarantee Corporation.
SIFMA − Securities Industry and Financial Markets Association.
SOFR − Secured Overnight Financing Rate.
|
© Brown Brothers Harriman |
52 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) |
Fair Value Measurements
The Fund is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Authoritative guidance establishes three levels of the fair value hierarchy as follows:
|
— |
Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities. | |
|
— |
Level 2 – significant other observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.). | |
|
— |
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets and liabilities). |
Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires judgment by the investment adviser. The investment adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
53 |
|
BBH Intermediate Municipal Bond Fund Portfolio
of Investments (continued) |
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 municipal bonds, investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations and over-the-counter derivatives. As Level 2 financial assets include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.
Financial assets classified within Level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include private equity and certain corporate debt securities.
Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2026.
|
Investments, at value |
Unadjusted
|
Significant
|
Significant
|
Balance
as of | ||||||||
|
Municipal Bonds* |
$ |
— |
$ |
2,423,809,984 |
$ |
— |
$ |
2,423,809,984 | ||||
|
Total Investments, at value |
$ |
— |
$ |
2,423,809,984 |
$ |
— |
$ |
2,423,809,984 | ||||
____________
* For geographical breakdown of municipal bond investments, refer to the Portfolio of Investments.
|
© Brown Brothers Harriman |
54 |
|
BBH Intermediate Municipal Bond Fund Statement
of Assets and Liabilities |
|
Assets: |
|
| ||
|
Investments in securities, at value (Cost $2,400,207,652) |
$ |
2,423,809,984 |
| |
|
Cash |
|
194,108 |
| |
|
Receivables for: |
|
| ||
|
Interest |
|
22,711,952 |
| |
|
Shares sold |
|
3,536,247 |
| |
|
Other |
|
6,184 |
| |
|
Prepaid expenses |
|
8,880 |
| |
|
Total Assets |
|
2,450,267,355 |
| |
|
|
| |||
|
Liabilities: |
|
| ||
|
Payables for: |
|
| ||
|
Investments purchased |
|
60,132,482 |
| |
|
Net investment advisory fees |
|
706,269 |
| |
|
Administrative fees |
|
57,892 |
| |
|
Shares redeemed |
|
562,626 |
| |
|
Dividends declared |
|
233,005 |
| |
|
Professional fees |
|
52,501 |
| |
|
Custody and fund accounting fees |
|
50,290 |
| |
|
Shareholder servicing fees |
|
9,489 |
| |
|
Board of Trustees’ fees |
|
4,156 |
| |
|
Transfer agent fees |
|
733 |
| |
|
Accrued expenses and other liabilities |
|
4,778 |
| |
|
Total Liabilities |
|
61,814,221 |
| |
|
Net Assets |
$ |
2,388,453,134 |
| |
|
|
| |||
|
Net Assets Consist of: |
|
| ||
|
Paid-in capital |
$ |
2,390,965,600 |
| |
|
Accumulated deficit |
|
(2,512,466 |
) | |
|
Net Assets |
$ |
2,388,453,134 |
| |
|
|
| |||
|
Net Asset Value and Offering Price per Share |
|
| ||
|
Class N Shares |
|
| ||
|
($58,192,922 ÷ 5,595,401 shares outstanding) |
$ |
10.40 |
| |
|
Class I Shares |
|
| ||
|
($2,330,260,212 ÷ 224,345,290 shares outstanding) |
$ |
10.39 |
|
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
55 |
|
BBH Intermediate Municipal Bond Fund Statement
of Operations |
|
Net Investment Income: |
|
| ||
|
Income: |
|
| ||
|
Interest income |
$ |
42,761,789 |
| |
|
Interest income on cash balances |
|
17,418 |
| |
|
Other income |
|
42 |
| |
|
Total Income |
|
42,779,249 |
| |
|
|
| |||
|
Expenses: |
|
| ||
|
Investment advisory fees |
|
4,084,271 |
| |
|
Administrative fees |
|
221,100 |
| |
|
Custody and fund accounting fees |
|
115,158 |
| |
|
Board of Trustees’ fees |
|
55,819 |
| |
|
Shareholder servicing fees |
|
55,228 |
| |
|
Professional fees |
|
53,778 |
| |
|
Transfer agent fees |
|
29,749 |
| |
|
Miscellaneous expenses |
|
171,703 |
| |
|
Total Expenses |
|
4,786,806 |
| |
|
Investment advisory and administrative fee waiver |
|
(26,182 |
) | |
|
Net Expenses |
|
4,760,624 |
| |
|
Net Investment Income |
|
38,018,625 |
| |
|
|
| |||
|
Net Realized and Unrealized Loss: |
|
| ||
|
Net realized gain on investments in securities |
|
3,283,323 |
| |
|
Net change in unrealized appreciation/(depreciation) on investments in securities |
|
(8,231,590 |
) | |
|
Net Realized and Unrealized Loss |
|
(4,948,267 |
) | |
|
Net Increase in Net Assets Resulting from Operations |
$ |
33,070,358 |
|
|
© Brown Brothers Harriman |
56 |
|
BBH Intermediate Municipal Bond Fund Statements
of Changes in Net Assets |
|
For
the |
For
the year | |||||||
|
Increase/(Decrease) in Net Assets from: |
|
|
|
| ||||
|
Operations: |
|
|
|
| ||||
|
Net investment income |
$ |
38,018,625 |
|
$ |
55,887,660 |
| ||
|
Net
realized gain/(loss) on investments in |
|
3,283,323 |
|
|
(2,890,793 |
) | ||
|
Net change in unrealized appreciation/(depreciation) on investments in securities |
|
(8,231,590 |
) |
|
32,149,564 |
| ||
|
Net increase in net assets resulting from operations |
|
33,070,358 |
|
|
85,146,431 |
| ||
|
|
|
|
| |||||
|
Dividends and distributions declared: |
|
|
|
| ||||
|
Class N |
|
(917,778 |
) |
|
(1,731,543 |
) | ||
|
Class I |
|
(37,102,982 |
) |
|
(54,145,553 |
) | ||
|
Total dividends and distributions declared |
|
(38,020,760 |
) |
|
(55,877,096 |
) | ||
|
|
|
|
| |||||
|
Share transactions: |
|
|
|
| ||||
|
Proceeds from sales of shares1 |
|
558,019,146 |
|
|
908,329,490 |
| ||
|
Net asset value of shares issued to shareholders for reinvestment of dividends and distributions |
|
7,357,086 |
|
|
12,675,655 |
| ||
|
Proceeds from short-term redemption fees |
|
— |
|
|
85 |
| ||
|
Cost of shares redeemed1 |
|
(157,434,680 |
) |
|
(207,613,659 |
) | ||
|
Net increase in net assets resulting from share transactions |
|
407,941,552 |
|
|
713,391,571 |
| ||
|
Total increase in net assets |
|
402,991,150 |
|
|
742,660,906 |
| ||
|
|
|
|
| |||||
|
Net Assets: |
|
|
|
| ||||
|
Beginning of period/year |
|
1,985,461,984 |
|
|
1,242,801,078 |
| ||
|
End of period/year |
$ |
2,388,453,134 |
|
$ |
1,985,461,984 |
| ||
____________
1 Includes share exchanges. See Note 5 in Notes to Financial Statements.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
57 |
|
BBH Intermediate Municipal Bond Fund Financial
Highlights |
|
For
the |
| |||||||||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||||||||
|
Net
asset value, beginning of |
$ |
10.42 |
|
$ |
10.27 |
|
$ |
9.74 |
|
$ |
9.69 |
|
$ |
10.93 |
|
$ |
10.96 |
| ||||||
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net investment income1 |
|
0.17 |
|
|
0.35 |
|
|
0.35 |
|
|
0.29 |
|
|
0.15 |
|
|
0.13 |
| ||||||
|
Net realized and unrealized gain/(loss) |
|
(0.02 |
) |
|
0.15 |
|
|
0.53 |
|
|
0.05 |
|
|
(1.22 |
) |
|
(0.02 |
) | ||||||
|
Total income/(loss) from investment operations |
|
0.15 |
|
|
0.50 |
|
|
0.88 |
|
|
0.34 |
|
|
(1.07 |
) |
|
0.11 |
| ||||||
|
Dividends and distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
From net investment income |
|
(0.17 |
) |
|
(0.35 |
) |
|
(0.35 |
) |
|
(0.29 |
) |
|
(0.16 |
) |
|
(0.13 |
) | ||||||
|
From net realized gains |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.01 |
) |
|
(0.01 |
) | ||||||
|
Total dividends and distributions to shareholders |
|
(0.17 |
) |
|
(0.35 |
) |
|
(0.35 |
) |
|
(0.29 |
) |
|
(0.17 |
) |
|
(0.14 |
) | ||||||
|
Short-term redemption fees1 |
|
— |
|
|
— |
|
|
0.002 |
|
|
0.002 |
|
|
0.002 |
|
|
0.002 |
| ||||||
|
Net asset value, end of period/year |
$ |
10.40 |
|
$ |
10.42 |
|
$ |
10.27 |
|
$ |
9.74 |
|
$ |
9.69 |
|
$ |
10.93 |
| ||||||
|
Total return3 |
|
1.46 |
%4 |
|
5.00 |
% |
|
9.10 |
% |
|
3.39 |
% |
|
(9.91 |
)% |
|
1.01 |
% | ||||||
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net assets, end of period/year (in millions) |
$ |
58 |
|
$ |
54 |
|
$ |
55 |
|
$ |
47 |
|
$ |
55 |
|
$ |
82 |
| ||||||
|
Ratio of expenses to average net assets before reductions |
|
0.74 |
%5 |
|
0.73 |
% |
|
0.70 |
% |
|
0.72 |
% |
|
0.70 |
% |
|
0.69 |
% | ||||||
|
Fee waiver6 |
|
(0.09 |
)%5 |
|
(0.08 |
)% |
|
(0.05 |
)% |
|
(0.07 |
)% |
|
(0.05 |
)% |
|
(0.04 |
)% | ||||||
|
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 |
|
3.32 |
%5 |
|
3.44 |
% |
|
3.42 |
% |
|
2.83 |
% |
|
1.46 |
% |
|
1.18 |
% | ||||||
|
Portfolio turnover rate |
|
64 |
%4 |
|
187 |
% |
|
201 |
% |
|
164 |
% |
|
135 |
% |
|
45 |
% | ||||||
|
Portfolio turnover rate7 |
|
8 |
%4 |
|
37 |
% |
|
33 |
% |
|
63 |
% |
|
73 |
% |
|
23 |
% | ||||||
____________
1 Calculated using average shares outstanding for the period/ year.
2 Less than $0.01.
3 Assumes the reinvestment of distributions.
4 Not annualized.
5 Annualized.
6 The ratio of expenses to average net assets for the six months ended April 30, 2026, the years ended October 31, 2025, 2024, 2023, 2022 and 2021, reflects fees reduced as result of a contractual operating expense limitation of the share class to 0.65%. The agreement is effective through March 1, 2027 and may only be terminated during its term with approval of the Fund’s Board of Trustees. For the six months ended April 30, 2026 and the years ended October 31, 2025, 2024, 2023, 2022 and 2021, the waived fees were $26,182, $38,719, $25,502, $33,916, $31,643, and $35,002, respectively.
7 The portfolio turnover rate excludes variable rate demand notes.
|
© Brown Brothers Harriman |
58 |
|
BBH Intermediate Municipal Bond Fund Financial
Highlights (continued) |
|
For
the |
| |||||||||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||||||||
|
Net
asset value, beginning of |
$ |
10.40 |
|
$ |
10.26 |
|
$ |
9.73 |
|
$ |
9.68 |
|
$ |
10.92 |
|
$ |
10.95 |
| ||||||
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net investment income1 |
|
0.18 |
|
|
0.37 |
|
|
0.37 |
|
|
0.31 |
|
|
0.18 |
|
|
0.15 |
| ||||||
|
Net realized and unrealized gain/(loss) |
|
(0.01 |
) |
|
0.14 |
|
|
0.53 |
|
|
0.04 |
|
|
(1.23 |
) |
|
(0.02 |
) | ||||||
|
Total income/(loss) from investment operations |
|
0.17 |
|
|
0.51 |
|
|
0.90 |
|
|
0.35 |
|
|
(1.05 |
) |
|
0.13 |
| ||||||
|
Dividends and distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
From net investment income |
|
(0.18 |
) |
|
(0.37 |
) |
|
(0.37 |
) |
|
(0.30 |
) |
|
(0.18 |
) |
|
(0.15 |
) | ||||||
|
From net realized gains |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.01 |
) |
|
(0.01 |
) | ||||||
|
Total dividends and distributions to shareholders |
|
(0.18 |
) |
|
(0.37 |
) |
|
(0.37 |
) |
|
(0.30 |
) |
|
(0.19 |
) |
|
(0.16 |
) | ||||||
|
Short-term redemption fees1 |
|
— |
|
|
0.002 |
|
|
0.002 |
|
|
0.002 |
|
|
0.002 |
|
|
0.002 |
| ||||||
|
Net asset value, end of period/year |
$ |
10.39 |
|
$ |
10.40 |
|
$ |
10.26 |
|
$ |
9.73 |
|
$ |
9.68 |
|
$ |
10.92 |
| ||||||
|
Total return3 |
|
1.67 |
%4 |
|
5.13 |
% |
|
9.33 |
% |
|
3.60 |
% |
|
(9.74 |
)% |
|
1.21 |
% | ||||||
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net assets, end of period/year (in millions) |
$ |
2,330 |
|
$ |
1,932 |
|
$ |
1,188 |
|
$ |
699 |
|
$ |
597 |
|
$ |
788 |
| ||||||
|
Ratio of expenses to average net assets before reductions |
|
0.44 |
%5 |
|
0.44 |
% |
|
0.44 |
% |
|
0.45 |
% |
|
0.46 |
% |
|
0.45 |
% | ||||||
|
Ratio of expenses to average net assets after reductions |
|
0.44 |
%5 |
|
0.44 |
% |
|
0.44 |
% |
|
0.45 |
% |
|
0.46 |
% |
|
0.45 |
% | ||||||
|
Ratio of net investment income to average net assets |
|
3.54 |
%5 |
|
3.66 |
% |
|
3.64 |
% |
|
3.03 |
% |
|
1.69 |
% |
|
1.38 |
% | ||||||
|
Portfolio turnover rate |
|
64 |
%4 |
|
187 |
% |
|
201 |
% |
|
164 |
% |
|
135 |
% |
|
45 |
% | ||||||
|
Portfolio turnover rate6 |
|
8 |
%4 |
|
37 |
% |
|
33 |
% |
|
63 |
% |
|
73 |
% |
|
23 |
% | ||||||
____________
1 Calculated using average shares outstanding for the period/year.
2 Less than $0.01.
3 Assumes the reinvestment of distributions.
4 Not annualized.
5 Annualized.
6 The portfolio turnover rate excludes variable rate demand notes.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
59 |
|
BBH Intermediate Municipal Bond Fund Notes
to Financial Statements |
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. As of April 30, 2026, there were seven series of the Trust. The Fund commenced operations on April 1, 2014 and offers two share classes, Class N and Class I. Neither Class N shares nor Class I shares automatically convert to any other share class of the Fund. The investment objective of the Fund is to protect investor’s capital and generate attractive risk-adjusted returns. Under normal circumstances, the Fund will invest at least 80% of its net assets at the time of purchase, plus any borrowings for investment purposes, in municipal bonds that pay interest that is generally excludable from gross income for federal income tax purposes (except that the interest paid by certain municipal securities may be includable in taxable income for purposes of the federal alternative minimum tax).
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 Board of Trustees (the “Board”) has ultimate responsibility for the supervision and oversight of the determination of the fair value of investments. Pursuant to Rule 2a-5 of the 1940 Act, the Board has designated the Investment Adviser as its valuation designee. The Investment Adviser monitors the continual appropriateness of valuation methods applied and determines if adjustments should be made in light of market factor changes and events affecting issuers. The Investment Adviser performs a series of activities to provide reasonable assurance of the appropriateness of the prices utilized, including but not limited to: periodic independent pricing service due diligence meetings and reviewing the results of back testing on a monthly basis. The Investment Adviser provides the Board with reporting on the results of the back testing as well as positions which were fair valued during the period.
All securities and other investments are recorded at their estimated fair value. The value of investments listed on a securities exchange is based on the last sale price prior to the time when assets are valued, or in the
|
© Brown Brothers Harriman |
60 |
|
BBH Intermediate Municipal Bond Fund Notes
to Financial Statements (continued) |
absence of recorded sales, at the most recent bid price on such exchange. If a readily available market quotation is not available or is determined to be unreliable, the investments may be valued utilizing evaluated prices provided by independent pricing services. In establishing such prices, the independent pricing service utilizes both dealer supplied prices and electronic data processing techniques which take into account appropriate factors such as institutional sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, the closure of the primary exchange on which securities trade and before the Fund’s net asset value is next determined and other market data without exclusive reliance on quoted exchange prices or over-the-counter prices since such valuations are believed to reflect more accurately the fair value of such investments. Investments may be fair valued by Brown Brothers Harriman & Co. (“BBH”) through a separately identifiable department (“SID” or “Investment Adviser”) in accordance with the BBH Trust Portfolio Valuation Policy and Procedures using methods that most fairly reflect the amount that the Fund would reasonably expect to receive for the investment on a current sale in its principal market in the ordinary course of business. 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. Any futures contracts held by the Fund are valued daily at the official settlement price of the exchange on which they are traded.
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 and share class. Expenses which cannot be directly attributed to a fund are generally apportioned among each fund in the Trust and the
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
61 |
|
BBH Intermediate Municipal Bond Fund Notes
to Financial Statements (continued) |
respective share classes on a net assets basis or other suitable method. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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, 2025, 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, 2026, 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
|
© Brown Brothers Harriman |
62 |
|
BBH Intermediate Municipal Bond Fund Notes
to Financial Statements (continued) |
generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends and distributions in the amount of $917,778 and $37,102,982 to Class N and Class I shareholders, respectively, during the six months ended April 30, 2026. 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, 2025 and 2024, respectively, were as follows:
|
Distributions paid from: | ||||||||||||||||||
|
Ordinary |
Net |
Total
|
Tax
exempt |
Tax
|
Total | |||||||||||||
|
2025: |
$ |
3,831,359 |
$ |
— |
$ |
3,831,359 |
$ |
52,045,737 |
$ |
— |
$ |
55,877,096 | ||||||
|
2024: |
|
2,887,746 |
|
— |
|
2,887,746 |
|
32,769,939 |
|
— |
|
35,657,685 | ||||||
As of October 31, 2025 and 2024, respectively, the components of retained earnings/(accumulated deficit) on tax basis were as follows:
|
Components of retained earnings/(accumulated deficit): | |||||||||||||||||||||||
|
Undistributed |
Undistributed |
Undistributed
|
Accumulated |
Other |
Unrealized |
Total
| |||||||||||||||||
|
2025: |
$ |
— |
$ |
— |
$ |
223,964 |
$ |
(29,363,516 |
) |
$ |
(256,434 |
) |
$ |
31,833,922 |
$ |
2,437,936 | |||||||
|
2024: |
|
— |
|
— |
|
143,353 |
|
(26,487,633 |
) |
|
(171,477 |
) |
|
(315,642) |
|
(26,831,399) | |||||||
The Fund had $29,363,516 net capital loss carryforwards as of October 31, 2025, of which $9,806,531 and $19,556,985, is attributable to short-term and long-term capital losses, respectively.
The Fund is permitted to carryforward capital losses for an unlimited period and they will retain their character as either short-term or long-term capital losses.
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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
63 |
|
BBH Intermediate Municipal Bond Fund Notes
to Financial Statements (continued) |
F. Segment Reporting. Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Oversight Committee of the BBH & Co. Separately Identifiable Department, the Board of Directors of BBH Credit Partners, LLC, the named portfolio manager(s) of the Funds and the Funds’ principal executive officer and principal financial officer act as the Fund’s CODM, who is responsible for assessing the performance of the Fund’s single segment and deciding how to allocate the segment’s resources. The Fund is considered a single operating segment as the Fund has a single investment strategy as disclosed in its prospectus. The financial information provided to and reviewed by the CODM is presented in the Fund’s financial statements.
G. Use of Estimates. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.
3. Fees and Other Transactions with Affiliates.
A. Investment Advisory Fees. For investment advisory services, the Investment Adviser receives a fee, computed daily and payable monthly, equal to 0.37% per annum on the first $2.5 billion of the Fund’s average daily net assets and 0.32% per annum for amounts over $2.5 billion. This fee compensates the Investment Adviser for its services and its expenses. Prior to January 1, 2026, the Investment Adviser was entitled to a combined investment advisory and administration fee of $1,357,366, computed daily and payable monthly, equal to 0.40% per annum on the first $2.5 billion of the Fund’s average daily net assets and 0.35% per annum for amounts over $2.5 billion. For the six months ended April 30, 2026, the Fund incurred $4,084,271 in investment advisory fees and $221,100 in administrative fees, as included in the Statement of Operations.
|
© Brown Brothers Harriman |
64 |
|
BBH Intermediate Municipal Bond Fund Notes
to Financial Statements (continued) |
B. Expense Waivers and Reimbursements. 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, 2027, 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, 2026, the Investment Adviser waived fees in the amount of $26,182 and $0 for Class N and Class I, respectively.
C. Shareholder Servicing Fees. The Trust has a shareholder servicing agreement with BBH. BBH receives a fee from the Fund calculated daily and paid monthly at an annual rate of 0.20% of Class N shares’ average daily net assets. For the six months ended April 30, 2026, Class N shares of the Fund incurred $55,228 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 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 based partially on asset values and partially on individual fund transactions. The fund accounting fee is primarily an asset-based fee calculated at 0.00325% per annum of the Fund’s net asset value. For the six months ended April 30, 2026, the Fund incurred $115,158 in custody and fund accounting fees. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the BBH Overdraft Base Rate plus 2% on the day of the overdraft. The total interest incurred by the Fund for the six months ended April 30, 2026 was $247. This amount is included under line item “Custody and fund accounting fees” in the Statement of Operations. Effective August 1, 2025, the Fund enrolled in the BBH Cash Management Services Sweep. Under this agreement, the Fund’s end-of-day cash balance is swept into overnight deposits with one or more deposit institutions. The interest income earned on the overnight deposits is credited to the Fund’s cash account(s) the next business day. The total interest earned by the Fund under the agreement for the six months ended April 30, 2026 was $17,418. This amount is included in “Interest income on cash balances” in the Statement of Operations.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
65 |
|
BBH Intermediate Municipal Bond Fund Notes
to Financial Statements (continued) |
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, 2026, the Fund incurred $55,819 in Independent Trustee compensation and expense reimbursements.
F. Officers of the Trust. Officers of the Trust are also employees of BBH. Officers are paid no fees by the Trust for their services to the Trust.
4. Investment Transactions. For the six months ended April 30, 2026, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $1,812,622,160 and $1,384,991,878, respectively.
5. Shares of Beneficial Interest. The Trust is permitted to issue an unlimited number of Class N shares and Class I shares of beneficial interest, at no par value. Transactions in Class N and Class I shares were as follows:
|
For
the six months ended |
For
the year ended | |||||||||||||
|
Shares |
Dollars |
Shares |
Dollars | |||||||||||
|
Class N |
|
|
|
|
|
| ||||||||
|
Shares sold |
701,835 |
|
$ |
7,319,869 |
|
1,197,354 |
|
$ |
12,266,124 |
| ||||
|
Shares issued in connection with reinvestments of dividends |
87,560 |
|
|
913,216 |
|
168,640 |
|
|
1,727,958 |
| ||||
|
Shares redeemed |
(367,293 |
) |
|
(3,836,222 |
) |
(1,553,366 |
) |
|
(15,948,392 |
) | ||||
|
Net increase/(decrease) |
422,102 |
|
$ |
4,396,863 |
|
(187,372 |
) |
$ |
(1,954,310 |
) | ||||
|
|
|
|
|
|
| |||||||||
|
Class I |
|
|
|
|
|
| ||||||||
|
Shares sold |
52,784,994 |
|
$ |
550,699,277 |
|
87,613,863 |
|
$ |
896,063,366 |
| ||||
|
Shares issued in connection with reinvestments of dividends |
618,746 |
|
|
6,443,870 |
|
1,069,527 |
|
|
10,947,697 |
| ||||
|
Proceeds from short-term redemption fees |
N/A |
|
|
— |
|
N/A |
|
|
85 |
| ||||
|
Shares redeemed |
(14,741,316 |
) |
|
(153,598,458 |
) |
(18,792,119 |
) |
|
(191,665,267 |
) | ||||
|
Net increase |
38,662,424 |
|
$ |
403,544,689 |
|
69,891,271 |
|
$ |
715,345,881 |
| ||||
|
© Brown Brothers Harriman |
66 |
|
BBH Intermediate Municipal Bond Fund Notes
to Financial Statements (continued) |
Included in Shares Sold and Shares Redeemed are shareholder exchanges during the six months ended April 30, 2026 and the year ended October 31, 2025. Specifically:
During the six months ended April 30, 2026, there were no shareholder exchanges.
During the year ended October 31, 2025, there were no shareholder exchanges.
6. Principal Risk Factors and Indemnifications.
A. Principal Risk Factors. Investing in the Fund may involve certain risks, as discussed in the Fund’s prospectus, including but not limited to, those described below:
A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Investment Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). Additionally, in the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to redemption of securities by the issuer before maturity (call risk), failure of a counterparty to a transaction to perform (credit risk), changes in interest rates, higher volatility for securities with longer maturities (interest rate risk), difficulty in being able to purchase or sell a security (liquidity risk) and a significant position in municipal securities in a particular state (geographic risk). Political, legislative and economic events may affect a municipal security’s value, interest payments, repayments of principal and the Fund’s ability to sell it (municipal issuer risk). Additionally, as the Fund’s exposure to similar municipal revenue sectors increases, the Fund will become more sensitive to adverse economic, business or political developments relevant to these sectors (municipal revenue sector risk). The Fund may use derivatives that could create risks that are different from, or possibly greater than, the risks associated with investing directly in securities as the Fund could lose more than the principal amount invested (derivatives risk). The value of securities held by the Fund may decline in response to certain events, including: those directly involving the companies or issuers whose securities are held by the Fund; conditions affecting the general economy; overall market changes; and political and regulatory events. Natural disasters, the spread of infectious illness and other public health emergencies, recession, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse effects on world economies and markets generally (market risk). While the Fund endeavors
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
67 |
|
BBH Intermediate Municipal Bond Fund Notes
to Financial Statements (continued) |
to purchase only bona fide tax exempt bonds, there is a risk that a bond may be reclassified by the IRS as a taxable bond creating taxable income for the Fund and its shareholders (taxation risk). The Fund may remain substantially fully invested at a time when a purchase is outstanding, then the purchases may result in a form of leverage. If the counterparty to a when-issued or delayed-delivery transaction fails to deliver the securities, the fund may receive a less favorable price or yield, or may suffer a loss (when-issued and delayed delivery securities risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients may make up a large percentage of the 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. Recent Pronouncements. In December 2023, the FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirement in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.
8. Subsequent Events. Management has evaluated events and transactions that have occurred since April 30, 2026 through the date the financial statements were issued and determined that there were no subsequent events that would require recognition or additional disclosure in the financial statements.
|
© Brown Brothers Harriman |
68 |
|
BBH Intermediate Municipal Bond Fund Disclosure
of Advisor Selection |
Investment Advisory Agreement Approval
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.
The Board, a majority of which is comprised of Independent Trustees, held a telephonic meeting on November 20, 2025 and an in-person meeting on December 10, 2025, to consider whether to approve an amended and restated Advisory Agreement (the “Advisory Agreement”) between the Trust and the Investment Adviser with respect to certain funds in the Trust, including the Fund. The Investment Adviser previously provided advisory and administrative services to the Trust under a combined Amended and Restated Investment Advisory and Administrative Services Agreement (the “Combined Agreement”). The Trust entered into a new Administrative Services Agreement with the Investment Adviser as of January 1, 2026, under which the Investment Adviser would provide the same administrative services as it had under the Combined Agreement at the same fee, when combined with the Advisory Agreement fees, as it had under the Combined Agreement. BBH launched a new subsidiary registered investment adviser, Brown Brothers Harriman Credit Partners, LLC on December 31, 2025 which became investment manager to certain other Funds on January 1, 2026. At the December 10, 2025 meeting, the Board voted to approve the Advisory Agreement with respect to the Fund for a one-year term. In doing so, the Board determined that the terms of the Advisory Agreement were fair and reasonable and in the best interest of the Fund and its shareholders and that it received sufficient information throughout the year to make an informed business decision with respect to the continuation of the Advisory Agreement.
Both in the meetings specifically held to address the continuance of investment advisory services and the approval of the Advisory 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,
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
69 |
|
BBH Intermediate Municipal Bond Fund Disclosure
of Advisor Selection (continued) |
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 Gartenberg 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 Advisory 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 Advisory Agreement. 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 were reasonable based on the comparative performance, expense information, the cost of the services provided, and the profits realized by the Investment Adviser.
Nature, Extent and Quality of Services
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 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 December 10, 2025 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.
|
© Brown Brothers Harriman |
70 |
|
BBH Intermediate Municipal Bond Fund Disclosure
of Advisor Selection (continued) |
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 Advisory 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 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 provided, and expected to be provided, to the Fund pursuant to the Advisory Agreement.
Fund Performance
At the November 20, 2025 and December 10, 2025 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 with representatives of Broadridge who compiled the comparative report the report’s findings and discussed the positioning of the Fund relative to its selected peer category. The Board considered the Fund’s investment performance for the 1-, 2-, 3-, 4-, 5- and 10-year periods ended September 30, 2025, noting the Fund had above average performance compared to its peer category for each of the 1-, 2-, 3-, 4-, 5- and 10-year periods. 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.
Costs of Services Provided and Profitability
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
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
71 |
|
BBH Intermediate Municipal Bond Fund Disclosure
of Advisor Selection (continued) |
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 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 profitability data for the Fund using data for the period October 1, 2024 through September 30, 2025, 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 and corresponding expenses. The Board conducted a detailed review of the expense 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 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.
Economies of Scale
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. The Board noted that the fee schedule for the Fund does not contain breakpoints. The Board considered the fee schedule for the Fund on the information they had been provided over many years, the Board observed that in the mutual fund industry as a whole, as well as among funds
|
© Brown Brothers Harriman |
72 |
|
BBH Intermediate Municipal Bond Fund Disclosure
of Advisor Selection (continued) |
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 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 realized by the Investment Adviser.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
73 |
|
BBH Intermediate Municipal Bond Fund Conflicts
of Interest |
Description of Potential Material Conflicts of Interest — Investment Advisers
BBH&Co., its Separately Identifiable Department (“SID”) and Brown Brothers Harriman Credit Partners, LLC (“BBH Credit Partners” and together with the SID, the “Advisers” and each an “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 their business, BBH&Co., including the Advisers, may engage in activities in which their interests or the interests of their clients may conflict with or be adverse to the interests of the Funds. In addition, certain of such clients (including the Funds) utilize the services of BBH&Co. for which they will pay to BBH&Co. customary fees and expenses that will not be shared with the Funds.
The Advisers and the Sub-advisers have adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Advisers and each Sub-adviser monitor a variety of areas, including compliance with fund investment guidelines, the investment in only those securities that have been approved for purchase, and compliance with their respective Code of Ethics.
The Trust also manages these conflicts of interest. For example, the Trust has designated a CCO and has adopted and implemented policies and procedures designed to manage the conflicts identified below and other conflicts that may arise in the course of the Funds’ operations in such a way as to safeguard the Funds from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Advisers, the Sub-advisers 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&Co., the Advisers and Sub-advisers 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 Advisers, the Sub-advisers and the Funds have adopted policies and procedures reasonably designed to appropriately prevent, limit, or mitigate the conflicts of interest described below. Additional information about potential conflicts of interest regarding the Advisers is set forth in their respective Form ADV. A copy of Part 1 and Part 2A of 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&Co., the Advisers, and the Sub-advisers manage funds and accounts of clients other than the Funds (“Other Clients”). In general, BBH&Co., the Advisers, and the Sub-advisers face
|
© Brown Brothers Harriman |
74 |
|
BBH Intermediate Municipal Bond Fund Conflicts
of Interest (continued) |
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 with the Funds and Other Clients. Investments made by the Funds do not, and are not intended to, replicate the investments, or the investment methods and strategies, of Other Clients. Accordingly, such Other Clients may produce results that are materially different from those experienced by the Funds. Certain other conflicts of interest may arise in connection with a portfolio manager’s management of the Funds’ investments, on the one hand, and the investments of other funds or accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various funds or accounts managed by the Advisers or Sub-advisers could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Funds. From time to time, the Advisers and Sub-advisers may sponsor other investment pools and accounts which engage in the same or similar businesses as the Funds using the same or similar investment strategies. To the extent that the same investment opportunities might be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Advisers or Sub-advisers may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH&Co. and the Advisers have implemented policies and procedures designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. The policies and procedures require, among other things, objective allocation for limited investment opportunities, and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Nevertheless, access to investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance, and investment restrictions or for other reasons.
Actual or potential conflicts of interest may also arise when a portfolio manager has management responsibilities to multiple accounts or funds, resulting in unequal commitment of time and attention to the portfolio management of the funds or accounts.
Affiliated Service Providers. Other potential conflicts might include conflicts between the Funds and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management services through the SID or, BBH&Co. provides administrative, custody, shareholder servicing, and fund accounting services to the Funds. BBH&Co. may have conflicting duties of loyalty while servicing the Funds and/or opportunities to
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
75 |
|
BBH Intermediate Municipal Bond Fund Conflicts
of Interest (continued) |
further its own interest to the detriment of the Funds. For example, in negotiating fee arrangements with affiliated service providers, BBH&Co. may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH&Co., acting in its capacity as the Funds’ administrator, is the primary valuation agent of the Funds.
BBH&Co. values securities and assets in the Funds according to the Funds’ valuation policies. Because the Advisers’ advisory fees and the SID’s administrative fee are calculated by reference to Funds’ net assets, BBH&Co. and its affiliates may have an incentive to seek to overvalue certain assets.
Aggregation. Potential conflicts of interest also arise with the aggregation of trade orders. Purchases and sales of securities for the Funds may be aggregated with orders for other client accounts managed by the Advisers and Sub-advisers. The Advisers and Sub-advisers, however, are not required to aggregate orders if portfolio management decisions for different accounts are made separately, or if it is determined that aggregating is not practicable, or in cases involving client direction. Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission equivalent rates in connection with an aggregated order.
Cross Trades. Under certain circumstances, and. subject to applicable law and regulation, BBH&Co., and the SID may (but is not required to) effect purchases and sales between BBH&Co., and the SID clients (“cross trades”), including the Funds, if BBH&Co., the SID or a Fund’s Sub-adviser believe such transactions are appropriate based on each party’s investment objectives and guidelines. Similarly, under certain circumstances, and subject to applicable law and regulations, BBH Credit Partners may (but is not required to) effect cross trades between its clients, including the Funds, if it 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 Advisers’ decisions to engage in these transactions for the Funds. BBH&Co., the Advisers and/or a Fund’s Sub-adviser may have a potentially conflicting division of loyalties and responsibilities to the parties in such transactions.
Soft Dollars. The SID 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
|
© Brown Brothers Harriman |
76 |
|
BBH Intermediate Municipal Bond Fund Conflicts
of Interest (continued) |
SID’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 SID will determine in good faith whether the amount of commission is reasonable in relation to the value of research and services provided and whether the services provide lawful and appropriate assistance in its investment decision-making responsibilities.
Research or other services obtained in this manner may be used in servicing any or all of the Funds and other accounts managed by the SID, including in connection with accounts that do not pay commissions to the broker related to the research or other service arrangements. Such products and services may disproportionately benefit other client accounts relative to the Funds based on the amount of brokerage commissions paid by the Funds and such other accounts. To the extent that a Sub-adviser uses soft dollars, it will not have to pay for those products and services itself. BBH&Co. 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 a 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&Co. and BBH Credit Partners may invest a portion of the assets of their discretionary investment advisory clients in the Funds. The investment by BBH&Co. or BBH Credit Partners on behalf of their discretionary investment advisory clients in the Funds may be significant at times.
Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Funds’ expense ratio. In selecting the Funds for their discretionary investment advisory clients, BBH&Co. and BBH Credit Partners may limit their selection to funds managed by BBH&Co. or the Advisers.
BBH&Co. or BBH Credit Partners may not consider or canvass the universe of unaffiliated investment companies available, even though there may be unaffiliated investment companies that may be more appropriate or that have superior
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
77 |
|
BBH Intermediate Municipal Bond Fund Conflicts
of Interest (continued) |
performance. BBH&Co., the Advisers and their affiliates providing services to the Funds, benefit from additional fees when the Funds are included as an investment by a discretionary investment advisory client.
BBH&Co. or BBH Credit Partners reserve the right to redeem at any time some or all of the shares of the Funds acquired for their discretionary investment advisory clients’ accounts. A large redemption of shares of the Funds by BBH&Co. or BBH Credit Partners on behalf of their discretionary investment advisory clients could significantly reduce the asset size of the Funds, which might have an adverse effect on the Funds’ investment flexibility, portfolio diversification, and expense ratio.
Valuation. When market quotations are not readily available or are believed to be unreliable, the Funds’ investments will be valued at fair value. pursuant to procedures adopted by the Funds’ Board. When determining an asset’s “fair value,” an Adviser. seeks to determine the price that a Fund might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. The price generally may not be determined based on what the Funds might reasonably expect to receive for selling an asset at a later time or if it holds the asset to maturity. While fair value determinations will be based upon all available factors the Adviser deems relevant at the time of the determination and may be based on analytical values determined by the Adviser using proprietary or third-party valuation models, fair value represents only a good faith approximation of the value of a security. The fair value of one or more securities may not, in retrospect, be the price at which those assets could have been sold during the period in which the particular fair values were used in determining the Funds’ net asset value. As a result, the Funds’ sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued (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&Co. or BBH Credit Partners may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH&Co. or BBH Credit Partners to the third party. BBH&Co. or BBH Credit Partners may pay a solicitation fee for referrals and/or advisory or incentive fees.
BBH&Co. or BBH Credit Partners may benefit from increased amounts of assets under management.
|
© Brown Brothers Harriman |
78 |
|
BBH Intermediate Municipal Bond Fund Conflicts
of Interest (continued) |
Personal Trading. BBH&Co., including the Advisers, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, face conflicts of interest when transacting in securities for their own accounts because they could benefit by trading in the same securities as the Funds, which could have an adverse effect on the Funds.
However, BBH&Co., including the Advisers, have implemented policies and procedures concerning personal trading by BBH Credit Partners employees and BBH&Co. Partners and employees. The policies and procedures are intended to prevent BBH Credit Partners employees and BBH&Co. Partners and employees with access to Fund material non-public information from trading in the same securities as the Funds.
Gifts and Entertainment. From time to time, employees of BBH Credit Partners and BBH&Co., including the SID, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, may receive gifts and/or entertainment from clients, intermediaries, or service providers to the Funds or BBH&Co., including the Advisers, which could have the appearance of affecting or may potentially affect the judgment of the employees, or the manner in which they conduct business. The Advisers have implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Credit Partners employees and BBH&Co. Partners and employees. BBH&Co., including the Advisers, have implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Credit Partners employees and BBH&Co. Partners and employees.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
79 |
|
ADMINISTRATOR BROWN BROTHERS HARRIMAN MUTUAL FUND ADVISORY DEPARTMENT 140 BROADWAY NEW YORK, NY 10005 DISTRIBUTOR ALPS DISTRIBUTORS, INC. 1290 BROADWAY, SUITE 1000 DENVER, CO 80203 SHAREHOLDER SERVICING AGENT BROWN BROTHERS HARRIMAN & Co. 140 BROADWAY NEW YORK, NY 10005 1-800-575-1265 To obtain information or make shareholder inquiries: |
INVESTMENT ADVISER BROWN BROTHERS HARRIMAN MUTUAL FUND ADVISORY DEPARTMENT 140 BROADWAY NEW YORK, NY 10005 |
|||||
|
By telephone: By E-mail send your request to: On the internet: |
Call 1-800-575-1265 bbhfunds@bbh.com www.bbhfunds.com |
|||||
|
This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund. For more complete information, visit www.bbhfunds.com for a prospectus. You should consider the Fund’s investment objectives, risks, charges and expenses carefully before you invest. Information about these and other important subjects is in the Fund’s prospectus, which you should read carefully before investing. Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available electronically on the SEC’s website (sec.gov). For a complete list of a fund’s portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund’s website at http://www.bbhfunds.com. A summary of the Fund’s Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC’s website at www.sec.gov. |
||||||
|
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE |
||||||
|
NEW YORK BEIJING BOSTON CHARLOTTE CHICAGO DUBLIN GRAND CAYMAN HONG KONG HOUSTON JERSEY CITY KRAKÓW LONDON LUXEMBOURG NASHVILLE PHILADELPHIA TOKYO WILMINGTON ZÜRICH BBH.COM |
||||||
|
Semi-Annual
April 30, 2026 BBH
U.S. Government Money
|
|
BBH U.S. Government Money Market Fund Table of Contents April 30, 2026 (unaudited) |
|
Page(s) | ||
|
Financial Statements as of and for the six months ended April 30, 2026: |
||
|
3 | ||
|
4 | ||
|
10 | ||
|
11 | ||
|
12 | ||
|
13 | ||
|
14 | ||
|
23 | ||
|
27 |
|
© Brown Brothers Harriman |
2 |
|
BBH U.S. Government Money Market Fund Portfolio
Allocation |
Breakdown by Security Type
|
U.S. $ Value |
Percent of
| ||||||
|
U.S. Treasury Bills |
$ |
6,718,632,847 |
|
81.7 |
% | ||
|
Repurchase Agreements |
|
1,500,000,000 |
|
18.3 |
| ||
|
Liabilities in Excess of Cash and Other Assets |
|
(1,157,807 |
) |
0.0 |
| ||
|
Net Assets |
$ |
8,217,475,040 |
|
100.0 |
% | ||
All data as of April 30, 2026. 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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
3 |
|
BBH U.S. Government Money Market Fund Portfolio
of Investments All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
U.S. Treasury Bills (81.7%) |
|
|
||||||||
|
$ |
275,000,000 |
U.S. Treasury Bill1,2 |
05/05/26 |
3.603 |
% |
$ |
274,890,792 | ||||
|
|
325,000,000 |
U.S. Treasury Bill1,2 |
05/07/26 |
3.627 |
|
|
324,804,875 | ||||
|
|
360,000,000 |
U.S. Treasury Bill1,2 |
05/12/26 |
3.609 |
|
|
359,606,609 | ||||
|
|
275,000,000 |
U.S. Treasury Bill1,2 |
05/14/26 |
3.628 |
|
|
274,642,074 | ||||
|
|
420,000,000 |
U.S. Treasury Bill1,2 |
05/19/26 |
3.642 |
|
|
419,239,229 | ||||
|
|
375,000,000 |
U.S. Treasury Bill1,2 |
05/21/26 |
3.652 |
|
|
374,248,208 | ||||
|
|
435,000,000 |
U.S. Treasury Bill1,2 |
05/26/26 |
3.628 |
|
|
433,912,528 | ||||
|
|
270,000,000 |
U.S. Treasury Bill1,2 |
05/28/26 |
3.626 |
|
|
269,268,795 | ||||
|
|
360,000,000 |
U.S. Treasury Bill1,2 |
06/02/26 |
3.626 |
|
|
358,849,244 | ||||
|
|
460,000,000 |
U.S. Treasury Bill1,2 |
06/04/26 |
3.619 |
|
|
458,440,857 | ||||
|
|
400,000,000 |
U.S. Treasury Bill1,2 |
06/09/26 |
3.626 |
|
|
398,443,502 | ||||
|
|
500,000,000 |
U.S. Treasury Bill1,2 |
06/11/26 |
3.632 |
|
|
497,948,904 | ||||
|
|
200,000,000 |
U.S. Treasury Bill1,2 |
06/18/26 |
3.657 |
|
|
199,033,833 | ||||
|
|
250,000,000 |
U.S. Treasury Bill1,2 |
06/23/26 |
3.624 |
|
|
248,673,531 | ||||
|
|
225,000,000 |
U.S. Treasury Bill1,2 |
06/25/26 |
3.616 |
|
|
223,766,740 | ||||
|
|
385,000,000 |
U.S. Treasury Bill1,2 |
07/02/26 |
3.611 |
|
|
382,633,419 | ||||
|
|
250,000,000 |
U.S. Treasury Bill1,2 |
07/07/26 |
3.635 |
|
|
248,328,676 | ||||
|
|
225,000,000 |
U.S. Treasury Bill1,2 |
07/09/26 |
3.586 |
|
|
223,474,261 | ||||
|
|
220,000,000 |
U.S. Treasury Bill1,2 |
07/14/26 |
3.633 |
|
|
218,375,721 | ||||
|
|
185,000,000 |
U.S. Treasury Bill1,2 |
07/16/26 |
3.641 |
|
|
183,590,886 | ||||
|
|
125,000,000 |
U.S. Treasury Bill1 |
07/28/26 |
3.640 |
|
|
123,899,236 | ||||
|
|
125,000,000 |
U.S. Treasury Bill1 |
08/11/26 |
3.654 |
|
|
123,720,927 | ||||
|
|
100,000,000 |
U.S. Treasury Bill1 |
08/25/26 |
3.643 |
|
|
98,840,000 | ||||
|
|
Total
U.S. Treasury Bills |
|
|
6,718,632,847 | |||||||
|
© Brown Brothers Harriman |
4 |
|
BBH U.S. Government Money Market Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | ||||||||
|
|
Repurchase Agreements (18.3%) |
|
|
||||||||
|
$ |
375,000,000 |
BNP Paribas (Agreement dated 04/30/26 collateralized by FHLMC 1.500%-7.500%, due 02/02/31-04/01/56, original par $156,100,355, value $109,311,034, FNMA 2.000%-7.000%, due 10/01/35-04/01/56, original par $300,103,579, value $172,229,407, GNMA 2.000%-7.500%, due 09/20/35-12/20/65, original par $153,817,668, value $93,316,517, U.S. Treasury Securities 0.000%-4.500%, due 07/31/26-08/15/30, original par $7,393,301, value $7,643,041 |
05/01/26 |
3.580 |
% |
$ |
375,000,000 | ||||
|
|
375,000,000 |
National Australia Bank, Ltd. (Agreement dated 04/30/26 collateralized by U.S. Treasury Note 2.250%, due 08/15/27, original par $388,650,000, value $382,500,00) |
05/01/26 |
3.550 |
|
|
375,000,000 | ||||
|
|
375,000,000 |
Royal Bank of Canada (Agreement dated 04/30/26 collateralized by U.S. Treasury Note 3.750%, due 06/30/27, original par $378,397,000, value $382,500,00) |
05/01/26 |
3.500 |
|
|
375,000,000 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
5 |
|
BBH U.S. Government Money Market Fund Portfolio
of Investments (continued) All investments in the United States, except as noted. |
|
Principal
|
Maturity
|
Interest
|
Value | |||||||||
|
|
Repurchase Agreements (continued) |
|
|
| ||||||||
|
$ |
375,000,000 |
Societe Generale (Agreement dated 04/30/26 collateralized by FHLMC 4.000%-7.000%, due 06/01/29-05/01/56, original par $196,246,532, value $17,731,839, FNMA 3.500%-7.000%, due 11/01/26-05/01/56, original par $158,126,571, value $108,857,272, GNMA 3.500%-5.625%, due 05/20/26-04/20/56, original par $2,900,642,948, value $154,347,012, U.S. Treasury Security 0.000%, due 03/18/27, original par $104,932,200, value $101,563,876) |
05/01/26 |
3.620 |
% |
$ |
375,000,000 |
| ||||
|
|
Total
Repurchase Agreements |
|
|
1,500,000,000 |
| |||||||
|
|
|
|
| |||||||||
|
|
Total Investments (Cost $8,218,632,847)3 |
100.0 |
% |
$ |
8,218,632,847 |
| ||||||
|
|
Liabilities in Excess of Cash and Other Assets |
0.0 |
% |
|
(1,157,807 |
) | ||||||
|
|
Net Assets |
100.0 |
% |
$ |
8,217,475,040 |
| ||||||
____________
1 Coupon represents a yield to maturity.
2 Coupon represents a weighted average yield.
3 The cost of securities for federal income tax purposes is substantially the same as for financial reporting purposes.
Abbreviations:
FHLMC – Federal Home Loan Mortgage Corporation.
FNMA – Federal National Mortgage Association.
GNMA – Government National Mortgage Association.
|
© Brown Brothers Harriman |
6 |
|
BBH U.S. Government Money Market Fund Portfolio
of Investments (continued) |
Fair Value Measurements
The Fund is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Authoritative guidance establishes three levels of the fair value hierarchy as follows:
|
— |
Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities. | |
|
— |
Level 2 – significant other observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.). | |
|
— |
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets and liabilities). |
Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires judgment by the investment adviser. The investment adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
7 |
|
BBH U.S. Government Money Market Fund Portfolio
of Investments (continued) |
relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the investment adviser’s perceived risk of that instrument.
Financial assets within Level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.
Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations and over-the-counter derivatives. As Level 2 financial assets include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.
Financial assets classified within Level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include private equity and certain corporate debt securities. As observable prices are not available for these securities, valuation techniques are used to derive fair value.
At April 30, 2026, 100% of the Fund’s investments in securities 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.
|
© Brown Brothers Harriman |
8 |
|
BBH U.S. Government Money Market Fund Portfolio
of Investments (continued) |
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2026.
|
Investments,
at amortized |
Unadjusted
|
Significant
|
Significant
|
Balance
as of | ||||||||
|
U.S. Treasury Bills |
$ |
— |
$ |
6,718,632,847 |
$ |
— |
$ |
6,718,632,847 | ||||
|
Repurchase Agreements |
|
— |
|
1,500,000,000 |
|
— |
|
1,500,000,000 | ||||
|
Total Investments, at amortized cost which approximates fair value |
$ |
— |
$ |
8,218,632,847 |
$ |
— |
$ |
8,218,632,847 | ||||
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
9 |
|
BBH U.S. Government Money Market Fund Statement
of Assets and Liabilities |
|
Assets: |
|
| ||
|
Investments in securities, at amortized cost which approximates fair value |
$ |
6,718,632,847 |
| |
|
Repurchase agreements (Cost $1,500,000,000) |
|
1,500,000,000 |
| |
|
Cash |
|
600,842 |
| |
|
Receivables for: |
|
| ||
|
Shares sold |
|
513,733 |
| |
|
Interest |
|
148,437 |
| |
|
Prepaid expenses |
|
36,658 |
| |
|
Total Assets |
|
8,219,932,517 |
| |
|
|
| |||
|
Liabilities: |
|
| ||
|
Payables for: |
|
| ||
|
Investment advisory fees |
|
1,315,395 |
| |
|
Administrative fees |
|
224,876 |
| |
|
Dividends declared |
|
757,174 |
| |
|
Custody and fund accounting fees |
|
111,356 |
| |
|
Professional fees |
|
38,332 |
| |
|
Board of Trustees’ fees |
|
5,870 |
| |
|
Transfer agent fees |
|
1,114 |
| |
|
Accrued expenses and other liabilities |
|
3,360 |
| |
|
Total Liabilities |
|
2,457,477 |
| |
|
Net Assets |
$ |
8,217,475,040 |
| |
|
|
| |||
|
Net Assets Consist of: |
|
| ||
|
Paid-in capital |
$ |
8,217,516,765 |
| |
|
Distributions in excess of net investment income |
|
(41,725 |
) | |
|
Net Assets |
$ |
8,217,475,040 |
| |
|
|
| |||
|
Net Asset Value and Offering Price per Share |
|
| ||
|
Institutional Shares |
|
| ||
|
($8,217,475,040 ÷ 8,217,522,783 shares outstanding) |
$ |
1.00 |
|
|
© Brown Brothers Harriman |
10 |
|
BBH U.S. Government Money Market Fund Statement
of Operations |
|
Net Investment Income: |
|
| ||
|
Income: |
|
| ||
|
Interest income |
$ |
163,567,461 |
| |
|
Interest income on cash balances |
|
634,649 |
| |
|
Other income |
|
39 |
| |
|
Total Income |
|
164,202,149 |
| |
|
|
| |||
|
Expenses: |
|
| ||
|
Investment advisory fees |
|
8,121,851 |
| |
|
Administrative fees |
|
915,658 |
| |
|
Custody and fund accounting fees |
|
281,599 |
| |
|
Board of Trustees’ fees |
|
81,205 |
| |
|
Professional fees |
|
36,682 |
| |
|
Transfer agent fees |
|
29,540 |
| |
|
Miscellaneous expenses |
|
91,740 |
| |
|
Total Expenses |
|
9,558,275 |
| |
|
Net Investment Income |
|
154,643,874 |
| |
|
|
| |||
|
Net Realized Loss: |
|
| ||
|
Net realized loss on investments |
|
(8,721 |
) | |
|
Net Increase in Net Assets Resulting from Operations |
$ |
154,635,153 |
|
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
11 |
|
BBH U.S. Government Money Market Fund Statements of Changes in Net Assets
|
|
For
the |
For
the | |||||||
|
Increase/(Decrease) in Net Assets from: |
|
|
|
| ||||
|
Operations: |
|
|
|
| ||||
|
Net investment income |
$ |
154,643,874 |
|
$ |
320,396,128 |
| ||
|
Net realized gain/(loss) on investments |
|
(8,721 |
) |
|
10,424 |
| ||
|
Net increase in net assets resulting from operations |
|
154,635,153 |
|
|
320,406,552 |
| ||
|
|
|
|
| |||||
|
Dividends and distributions declared: |
|
|
|
| ||||
|
Institutional Shares |
|
(154,641,738 |
) |
|
(320,419,143 |
) | ||
|
|
|
|
| |||||
|
Share transactions: |
|
|
|
| ||||
|
Fund shares sold and fund shares issued in connection with reinvestments of dividends |
|
7,971,411,144 |
|
|
11,153,865,144 |
| ||
|
Fund shares repurchased |
|
(7,635,037,538 |
) |
|
(10,921,008,008 |
) | ||
|
Net increase in net assets resulting from fund share transactions |
|
336,373,606 |
|
|
232,857,136 |
| ||
|
Total increase in net assets |
|
336,367,021 |
|
|
232,844,545 |
| ||
|
|
|
|
| |||||
|
Net Assets: |
|
|
|
| ||||
|
Beginning of period/year |
|
7,881,108,019 |
|
|
7,648,263,474 |
| ||
|
End of period/year |
$ |
8,217,475,040 |
|
$ |
7,881,108,019 |
| ||
|
© Brown Brothers Harriman |
12 |
|
BBH U.S. Government Money Market Fund Financial
Highlights |
|
For
the |
| |||||||||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||||||||
|
Net asset value, beginning of period/year |
$ |
1.00 |
|
$ |
1.00 |
|
$ |
1.00 |
|
$ |
1.00 |
|
$ |
1.00 |
|
$ |
1.00 |
| ||||||
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net investment income1 |
|
0.02 |
|
|
0.04 |
|
|
0.05 |
|
|
0.05 |
|
|
0.01 |
|
|
0.00 |
2 | ||||||
|
Net realized and unrealized gain/(loss) |
|
0.00 |
2 |
|
(0.00 |
)2 |
|
0.00 |
2 |
|
(0.01 |
) |
|
0.00 |
2 |
|
(0.00 |
)2 | ||||||
|
Total income from investment operations |
|
0.02 |
|
|
0.04 |
|
|
0.05 |
|
|
0.04 |
|
|
0.01 |
|
|
0.00 |
2 | ||||||
|
Dividends and distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
From net investment income |
|
(0.02 |
) |
|
(0.04 |
) |
|
(0.05 |
) |
|
(0.04 |
) |
|
(0.01 |
) |
|
(0.00 |
)2 | ||||||
|
Total dividends and distributions to shareholders |
|
(0.02 |
) |
|
(0.04 |
) |
|
(0.05 |
) |
|
(0.04 |
) |
|
(0.01 |
) |
|
(0.00 |
)2 | ||||||
|
Net asset value, end of period/year |
$ |
1.00 |
|
$ |
1.00 |
|
$ |
1.00 |
|
$ |
1.00 |
|
$ |
1.00 |
|
$ |
1.00 |
| ||||||
|
Total return3 |
|
1.76 |
%4 |
|
4.21 |
% |
|
5.22 |
% |
|
4.59 |
% |
|
0.75 |
% |
|
0.01 |
% | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net assets, end of period/year (in millions) |
$ |
8,217 |
|
$ |
7,881 |
|
$ |
7,648 |
|
$ |
5,899 |
|
$ |
4,795 |
|
$ |
4,227 |
| ||||||
|
Ratio of expenses to average net assets before reductions |
|
0.22 |
%4 |
|
0.22 |
% |
|
0.22 |
% |
|
0.23 |
% |
|
0.23 |
% |
|
0.23 |
% | ||||||
|
Fee waiver6 |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
(0.08 |
)% |
|
(0.19 |
)% | ||||||
|
Ratio of expenses to average net assets after reductions |
|
0.22 |
%5 |
|
0.22 |
% |
|
0.22 |
% |
|
0.23 |
% |
|
0.15 |
% |
|
0.04 |
% | ||||||
|
Ratio of net investment income to average net assets |
|
3.52 |
%5 |
|
4.12 |
% |
|
5.09 |
% |
|
4.52 |
% |
|
0.73 |
% |
|
0.01 |
% | ||||||
____________
1 Calculated using average shares outstanding for the period/year.
2 Less than $0.01 per share.
3 Assumes the reinvestment of distributions.
4 Not annualized.
5 Annualized.
6 During the six months ended April 30, 2026, the years ended 2025, 2024, 2023, 2022 and 2021, the investment advisory and administrative fee waivers, as a result of a voluntary operating expense limitation agreement, were $–, $–, $–, $–, $3,724,415 and $7,060,486, respectively.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
13 |
|
BBH U.S. Government Money Market Fund Notes
to Financial Statements |
1. Organization. The Fund is a separate 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 as a Massachusetts business trust on June 7, 1983 and re-organized as a Delaware statutory trust on June 12, 2007. At April 30, 2026, there were seven series of the Trust. The Fund commenced operations on December 12, 1983. The Fund currently offers one class of shares designated as Institutional Shares. The investment objective of the Fund is to provide investors with as high a level of income as is consistent with the preservation of capital and the maintenance of liquidity. Under normal circumstances, the Fund invests at least 99.5% of its total assets in cash and short-term U.S. Treasury securities and securities issued by U.S. government agencies or government-sponsored enterprises and repurchase agreements fully collateralized by such instruments. Additionally, under normal circumstances, at least 80% of the value of the Fund’s net assets at the time of purchase, will be invested in U.S. government securities and repurchase agreements fully collateralized by U.S. government securities.
Effective January 1, 2026, Brown Brothers Harriman Credit Partners, LLC (“BBH Credit Partners”), a subsidiary that is majority owned and controlled by Brown Brothers Harriman & Co. (“BBH&Co.”), became the investment adviser of BBH U.S. Government Money Market Fund.
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 Board of Trustees (the “Board”) has ultimate responsibility for the supervision and oversight of the determination of the fair value of investments. Pursuant to Rule 2a-5 of the 1940 Act, the Board has designated the Investment Adviser as its valuation designee. The Investment Adviser monitors the continual appropriateness of valuation methods applied and determines if adjustments should be made in light of market factor changes and events affecting issuers. The Investment Adviser performs a series of activities to provide reasonable assurance of the appropriateness of the prices utilized, including but not limited to: periodic independent pricing service due diligence meetings and reviewing
|
© Brown Brothers Harriman |
14 |
|
BBH U.S. Government Money Market Fund Notes
to Financial Statements (continued) |
the results of back testing on a monthly basis. The Investment Adviser provides the Board with reporting on the results of the back testing as well as positions which were fair valued during the period.
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.
B. Accounting for Investments and Income. Investment transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined based on the identified cost method. Interest income is accrued as earned and consists of interest accrued, accretion of discount on debt securities (including both original issue and market discount) and premium amortization on the investments of the Fund.
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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
15 |
|
BBH U.S. Government Money Market Fund Notes
to Financial Statements (continued) |
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 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 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
|
© Brown Brothers Harriman |
16 |
|
BBH U.S. Government Money Market Fund Notes
to Financial Statements (continued) |
unrecognized tax benefits as of April 30, 2026, 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, 2026, 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 amount of $154,641,738 to Institutional shareholders during the six months ended April 30, 2026.
The tax character of distributions paid during the years ended October 31, 2025 and 2024, respectively, were as follows:
|
Distributions paid from: | ||||||||||||
|
Ordinary |
Net |
Total
taxable |
Total | |||||||||
|
2025: |
$ |
320,419,143 |
$ |
— |
$ |
320,419,143 |
$ |
320,419,143 | ||||
|
2024: |
|
345,962,298 |
|
— |
|
345,962,298 |
|
345,962,298 | ||||
As of October 31, 2025 and 2024, respectively, the components of retained earnings/(accumulated deficit) on tax basis were as follows:
|
Components of retained earnings/(accumulated deficit): | ||||||||||||||||||
|
Undistributed |
Undistributed |
Accumulated |
Other |
Unrealized |
Total
| |||||||||||||
|
2025: |
$ |
15,834,051 |
$ |
— |
$ |
(453,412) |
$ |
(15,415,779) |
$ |
— |
$ |
(35,140) | ||||||
|
2024: |
|
1,392,888 |
|
— |
|
(463,836) |
|
(951,601) |
|
— |
|
(22,549) | ||||||
The Fund had $453,412 net capital loss carryforwards as of October 31, 2025, of which $453,412 and $0, is attributable to short-term and long-term capital losses, respectively.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
17 |
|
BBH U.S. Government Money Market Fund Notes
to Financial Statements (continued) |
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.
Total distributions paid may differ from the amounts reported in the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid.
There are no significant differences between book-basis and tax-basis unrealized appreciation/(depreciation) for investments for the current year.
To the extent future capital gains are offset by future capital loss carryforwards, if any, such gains will not be distributed.
G. Segment Reporting. The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Oversight Committee of the BBH & Co. Separately Identifiable Department, the Board of Directors of BBH Credit Partners, LLC, the named portfolio manager(s) of the Funds and the Funds’ principal executive officer and principal financial officer act as the Fund’s CODM, who is responsible for assessing the performance of the Fund’s single segment and deciding how to allocate the segment’s resources. The Fund is considered a single operating segment as the Fund has a single investment strategy as disclosed in its prospectus. The financial information provided to and reviewed by the CODM is presented in the Fund’s financial statements.
H. 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 increase and decrease in net assets from operations during the reporting period. Actual results could differ from these estimates.
|
© Brown Brothers Harriman |
18 |
|
BBH U.S. Government Money Market Fund Notes
to Financial Statements (continued) |
3. Fees and Other Transactions with Affiliates.
A. Investment Advisory Fees. Under an Investment Advisory Agreement (“Agreement”) with the Trust, Brown Brothers Harriman Credit Partners, LLC (“BBH Credit Partners” or “Investment Adviser”) provides investment advisory services to the Fund. The Fund pays a fee for investment advisory services calculated daily and paid monthly at an annual rate equivalent to 0.22% on the first $1 billion of the Fund’s average daily net assets and 0.17% of the Fund’s average daily net assets over $1 billion. Prior to January 1, 2026, the Fund paid a combined fee of $2,768,739 for investment advisory and administrative services calculated daily and paid monthly at an annual rate equivalent to 0.25% on the first $1 billion of the Fund’s average daily net assets and 0.20% of the Fund’s average daily net assets over $1 billion. For the six months ended April 30, 2026, the Fund incurred $8,121,851 for services under the Agreement and $915,658 in administrative fees, as included in the Statement of Operations.
B. Investment Advisory and Administrative Fee Waiver. BBH may from time to time voluntarily waive all or a portion of its investment advisory and administrative fee from the Fund. For the six months ended April 30, 2026, BBH waived fees in the amount of $0 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 based partially on asset values and partially on individual fund transactions. The fund accounting fee is primarily an asset-based fee calculated at 0.00325% per annum of the Fund’s net asset value. For the six months ended April 30, 2026, the Fund incurred $281,599 in custody and fund accounting fees. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the BBH Overdraft Base Rate plus 2% on the day of the overdraft. The total interest incurred by the Fund for the six months ended April 30, 2026 was $32,216. This amount is included under line item “Custody and fund accounting fees” in the Statement of Operations. Effective August 1, 2025, the Fund enrolled in the BBH Cash Management Services Sweep. Under this agreement, the Fund’s end-of-day cash balance is swept into overnight deposits with one or more deposit institutions. The interest income earned on the overnight deposits is credited to the Fund’s cash account(s) the next business day. The total interest earned by the Fund under the agreement for the six months ended April 30, 2026 was $634,649. This amount is included in “Interest income on cash balances” in the Statement of Operations.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
19 |
|
BBH U.S. Government Money Market Fund Notes
to Financial Statements (continued) |
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, 2026, the Fund incurred $81,205 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 Institutional Shares of beneficial interest, at no par value. Transactions in Institutional Shares were as follows:
|
For
the six months ended |
For
the year ended | |||||||||||||
|
Shares |
Dollars |
Shares |
Dollars | |||||||||||
|
Institutional Shares |
|
|
|
|
|
| ||||||||
|
Shares sold |
7,971,399,302 |
|
$ |
7,971,399,302 |
|
11,153,841,534 |
|
$ |
11,153,841,534 |
| ||||
|
Shares issued in connection with reinvestments of dividends |
11,842 |
|
|
11,842 |
|
23,610 |
|
|
23,610 |
| ||||
|
Shares redeemed |
(7,635,037,538 |
) |
|
(7,635,037,538 |
) |
(10,921,008,008 |
) |
|
(10,921,008,008 |
) | ||||
|
Net increase |
336,373,606 |
|
$ |
336,373,606 |
|
232,857,136 |
|
$ |
232,857,136 |
| ||||
5. Principal Risk Factors and Indemnifications.
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.
|
© Brown Brothers Harriman |
20 |
|
BBH U.S. Government Money Market Fund Notes
to Financial Statements (continued) |
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 (large shareholder risk). The Fund’s exposure to these risks with respect to these financial assets held by the Fund is reflected in their value as recorded in the Fund’s Statement of Assets and Liabilities. The U.S. Securities and Exchange Commission (“SEC”) and other regulators may adopt additional money market fund regulations in the future, which may impact the operation and performance of the Fund (regulatory risk). The absence of an active market for the Fund’s variable and floating rate securities could make it difficult for the Fund to dispose of them if the issuer defaults (variable and floating rate instrument risk). The extent of the Fund’s exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund’s Statement of Assets and Liabilities.
Please refer to the Fund’s prospectus for a complete description of the principal risks of investing in the Fund.
B. Indemnifications. Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund, and shareholders are indemnified against personal liability for the obligations of the Trust. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
21 |
|
BBH U.S. Government Money Market Fund Notes to Financial Statements (continued) April 30, 2026 (unaudited) |
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, short-term U.S. Treasury securities, U.S. government agency securities, and/or repurchase agreements that are collateralized fully by cash or government securities.
7. Recent Pronouncements. In December 2023, the FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.
8. Subsequent Events. Management has evaluated events and transactions that have occurred since April 30, 2026 through the date the financial statements were issued and determined that there were no subsequent events that would require recognition or additional disclosure in the financial statements.
|
© Brown Brothers Harriman |
22 |
|
BBH U.S. Government Money Market Fund Disclosure of Advisor Selection April 30, 2026 (unaudited) |
Investment Advisory Services Agreement 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.
The Board, a majority of which is comprised of Independent Trustees, held a telephonic meeting on November 20, 2025 and an in-person meeting on December 10, 2025, to consider whether to approve the new Investment Advisory Agreement (the “Advisory Agreement”) between the Trust and the Investment Adviser with respect to certain of the funds in the Trust, including the Fund. The Investment Adviser was a newly created subsidiary of BBH and the personnel who had previously provided investment advisory services would continue to provide them as part of the Investment Adviser. At the December 10, 2025 meeting, the Board voted to approve the Advisory Agreement with respect to the Fund for a one-year term. The Board recognized the fact that the same investment team would continue to provide investment advisory services under the Investment Adviser. In doing so, the Board determined that the terms of the Advisory 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 Advisory Agreement.
Both in the meetings specifically held to address the Advisory 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 BBH and anticipated to be provided by the Investment Adviser, 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 Gartenberg 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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
23 |
|
BBH U.S. Government Money Market Fund Disclosure of Advisor Selection (continued) April 30, 2026 (unaudited) |
In approving the Advisory Agreement, the Board considered: (a) the nature, extent and quality of services previously provided by BBH and to be 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 Advisory Agreement. 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 BBH and to be paid to the Investment Adviser as of January 1, 2026 were reasonable based on the expense information, the cost of the services provided, and the profits realized by the Investment Adviser.
Nature, Extent and Quality of Services
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 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 10, 2025 meeting, and over the course of the previous year, regarding the nature, extent and quality of services previously provided to the Trust and the Fund by BBH and to be provided by BBH and 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 Advisory Agreement, noting that the Investment Adviser also coordinates the provision of services to the Fund by affiliated and nonaffiliated service providers.
|
© Brown Brothers Harriman |
24 |
|
BBH U.S. Government Money Market Fund Disclosure of Advisor Selection (continued) April 30, 2026 (unaudited) |
The Board considered the scope and quality of services provided by the Investment Adviser under the Advisory 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 Advisory Agreement.
Fund Performance
At the November 20, 2025 and December 10, 2025 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 and 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 average performance as compared to its peer category for each of the 1-, 2-, 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.
Costs of Services Provided and Profitability
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 voluntary 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 group and comparisons having been selected and calculated by Broadridge. 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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
25 |
|
BBH U.S. Government Money Market Fund Disclosure of Advisor Selection (continued) April 30, 2026 (unaudited) |
With regard to profitability, the Trustees considered the compensation and benefits flowing to the Adviser and BBH, directly or indirectly. The Board reviewed profitability data for the Fund using data from October 1, 2024 through September 30, 2025, for both the Investment Adviser and BBH and corresponding expenses. 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 also reviewed the expense 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 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 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 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.
Economies of Scale
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 they 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.
|
© Brown Brothers Harriman |
26 |
|
BBH U.S. Government Money Market Fund Conflicts of Interest April 30, 2026 (unaudited) |
Description of Potential Material Conflicts of Interest — Investment Adviser
BBH&Co., its Separately Identifiable Department (“SID”) and Brown Brothers Harriman Credit Partners, LLC (“BBH Credit Partners” and together with the SID, the “Advisers” and each an “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 their business, BBH&Co., including the Advisers, may engage in activities in which their interests or the interests of their clients may conflict with or be adverse to the interests of the Funds. In addition, certain of such clients (including the Funds) utilize the services of BBH&Co. for which they will pay to BBH&Co. customary fees and expenses that will not be shared with the Funds.
The Advisers and the Sub-advisers have adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Advisers and each Sub-adviser monitor a variety of areas, including compliance with fund investment guidelines, the investment in only those securities that have been approved for purchase, and compliance with their respective Code of Ethics.
The Trust also manages these conflicts of interest. For example, the Trust has designated a CCO and has adopted and implemented policies and procedures designed to manage the conflicts identified below and other conflicts that may arise in the course of the Funds’ operations in such a way as to safeguard the Funds from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Advisers, the Sub-advisers 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&Co., the Advisers and Sub-advisers 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 Advisers, the Sub-advisers and the Funds have adopted policies and procedures reasonably designed to appropriately prevent, limit, or mitigate the conflicts of interest described below. Additional information about potential conflicts of interest regarding the Advisers is set forth in their respective Form ADV. A copy of Part 1 and Part 2A of 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.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
27 |
|
BBH U.S. Government Money Market Fund Conflicts of Interest (continued) April 30, 2026 (unaudited) |
Other Clients and Allocation of Investment Opportunities. BBH&Co., the Advisers, and the Sub-advisers manage funds and accounts of clients other than the Funds (“Other Clients”). In general, BBH&Co., the Advisers, and the Sub-advisers 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 with the Funds and Other Clients. Investments made by the Funds do not, and are not intended to, replicate the investments, or the investment methods and strategies, of Other Clients. Accordingly, such Other Clients may produce results that are materially different from those experienced by the Funds. Certain other conflicts of interest may arise in connection with a portfolio manager’s management of the Funds’ investments, on the one hand, and the investments of other funds or accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various funds or accounts managed by the Advisers or Sub-advisers could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Funds. From time to time, the Advisers and Sub-advisers may sponsor other investment pools and accounts which engage in the same or similar businesses as the Funds using the same or similar investment strategies. To the extent that the same investment opportunities might be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Advisers or Sub-advisers may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH&Co. and the Advisers have implemented policies and procedures designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. The policies and procedures require, among other things, objective allocation for limited investment opportunities, and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Nevertheless, access to investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance, and investment restrictions or for other reasons.
Actual or potential conflicts of interest may also arise when a portfolio manager has management responsibilities to multiple accounts or funds, resulting in unequal commitment of time and attention to the portfolio management of the funds or accounts.
Affiliated Service Providers. Other potential conflicts might include conflicts between the Funds and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management
|
© Brown Brothers Harriman |
28 |
|
BBH U.S. Government Money Market Fund Conflicts of Interest (continued) April 30, 2026 (unaudited) |
services through the SID or, BBH&Co. provides administrative, custody, shareholder servicing, and fund accounting services to the Funds. BBH&Co. may have conflicting duties of loyalty while servicing the Funds and/or opportunities to further its own interest to the detriment of the Funds. For example, in negotiating fee arrangements with affiliated service providers, BBH&Co. may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH&Co., acting in its capacity as the Funds’ administrator, is the primary valuation agent of the Funds.
BBH&Co. values securities and assets in the Funds according to the Funds’ valuation policies. Because the Advisers’ advisory fees and the SID’s administrative fee are calculated by reference to Funds’ net assets, BBH&Co. and its affiliates may have an incentive to seek to overvalue certain assets.
Aggregation. Potential conflicts of interest also arise with the aggregation of trade orders. Purchases and sales of securities for the Funds may be aggregated with orders for other client accounts managed by the Advisers and Sub-advisers. The Advisers and Sub-advisers, however, are not required to aggregate orders if portfolio management decisions for different accounts are made separately, or if it is determined that aggregating is not practicable, or in cases involving client direction. Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission equivalent rates in connection with an aggregated order.
Investments in BBH Funds. From time-to-time BBH&Co. and BBH Credit Partners may invest a portion of the assets of their discretionary investment advisory clients in the Funds. The investment by BBH&Co. or BBH Credit Partners on behalf of their discretionary investment advisory clients in the Funds may be significant at times.
Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Funds’ expense ratio. In selecting the Funds for their discretionary investment advisory clients, BBH&Co. and BBH Credit Partners may limit their selection to funds managed by BBH&Co. or the Advisers.
BBH&Co. or BBH Credit Partners may not consider or canvass the universe of unaffiliated investment companies available, even though there may be unaffiliated investment companies that may be more appropriate or that have superior
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
29 |
|
BBH U.S. Government Money Market Fund Conflicts of Interest (continued) April 30, 2026 (unaudited) |
performance. BBH&Co., the Advisers and their affiliates providing services to the Funds, benefit from additional fees when the Funds are included as an investment by a discretionary investment advisory client.
BBH&Co. or BBH Credit Partners reserve the right to redeem at any time some or all of the shares of the Funds acquired for their discretionary investment advisory clients’ accounts. A large redemption of shares of the Funds by BBH&Co. or BBH Credit Partners on behalf of their discretionary investment advisory clients could significantly reduce the asset size of the Funds, which might have an adverse effect on the Funds’ investment flexibility, portfolio diversification, and expense ratio.
Valuation. When market quotations are not readily available or are believed to be unreliable, the Funds’ investments will be valued at fair value. pursuant to procedures adopted by the Funds’ Board. When determining an asset’s “fair value,” an Adviser. seeks to determine the price that a Fund might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. The price generally may not be determined based on what the Funds might reasonably expect to receive for selling an asset at a later time or if it holds the asset to maturity. While fair value determinations will be based upon all available factors the Adviser deems relevant at the time of the determination and may be based on analytical values determined by the Adviser using proprietary or third-party valuation models, fair value represents only a good faith approximation of the value of a security. The fair value of one or more securities may not, in retrospect, be the price at which those assets could have been sold during the period in which the particular fair values were used in determining the Funds’ net asset value. As a result, the Funds’ sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued (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&Co. or BBH Credit Partners may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH&Co. or BBH Credit Partners to the third party. BBH&Co. or BBH Credit Partners may pay a solicitation fee for referrals and/or advisory or incentive fees.
BBH&Co. or BBH Credit Partners may benefit from increased amounts of assets under management.
Personal Trading. BBH&Co., including the Advisers, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, face
|
© Brown Brothers Harriman |
30 |
|
BBH U.S. Government Money Market Fund Conflicts of Interest (continued) April 30, 2026 (unaudited) |
conflicts of interest when transacting in securities for their own accounts because they could benefit by trading in the same securities as the Funds, which could have an adverse effect on the Funds.
However, BBH&Co., including the Advisers, have implemented policies and procedures concerning personal trading by BBH Credit Partners employees and BBH&Co. Partners and employees. The policies and procedures are intended to prevent BBH Credit Partners employees and BBH&Co. Partners and employees with access to Fund material non-public information from trading in the same securities as the Funds.
Gifts and Entertainment. From time to time, employees of BBH Credit Partners and BBH&Co., including the SID, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, may receive gifts and/or entertainment from clients, intermediaries, or service providers to the Funds or BBH&Co., including the Advisers, which could have the appearance of affecting or may potentially affect the judgment of the employees, or the manner in which they conduct business. The Advisers have implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Credit Partners employees and BBH&Co. Partners and employees. BBH&Co., including the Advisers, have implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Credit Partners employees and BBH&Co. Partners and employees.
|
Financial Statements April 30, 2026 © Brown Brothers Harriman |
31 |
|
ADMINISTRATOR BROWN BROTHERS HARRIMAN CREDIT PARTNERS, LLC 140 BROADWAY NEW YORK, NY 10005 DISTRIBUTOR ALPS DISTRIBUTORS, INC. 1290 BROADWAY, SUITE 1000 DENVER, CO 80203 SHAREHOLDER SERVICING AGENT BROWN BROTHERS HARRIMAN & Co. 140 BROADWAY NEW YORK, NY 10005 1-800-575-1265 To obtain information or make shareholder inquiries: |
INVESTMENT ADVISER BROWN BROTHERS HARRIMAN CREDIT PARTNERS, LLC 140 BROADWAY NEW YORK, NY 10005 |
|||||
|
By telephone: By E-mail send your request to: On the internet: |
Call 1-800-575-1265 bbhfunds@bbh.com www.bbhfunds.com |
|||||
|
This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund. For more complete information, visit www.bbhfunds.com for a prospectus. You should consider the Fund’s investment objectives, risks, charges and expenses carefully before you invest. Information about these and other important subjects is in the Fund’s prospectus, which you should read carefully before investing. Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. The Fund’s Forms N-MFP are available electronically on the SEC’s website (sec.gov). For a complete list of a fund’s portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund’s website at http://www.bbhfunds.com. A summary of the Fund’s Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC’s website at www.sec.gov. |
||||||
|
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE |
||||||
|
NEW YORK BEIJING BOSTON CHARLOTTE CHICAGO DUBLIN GRAND CAYMAN HONG KONG HOUSTON JERSEY CITY KRAKÓW LONDON LUXEMBOURG NASHVILLE PHILADELPHIA TOKYO WILMINGTON ZÜRICH BBH.COM |
||||||
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Companies.
The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The Funds’ Evaluation and Approval of Advisory Contract summary by fund appears in the Financial Statements filed under Item 7 of this form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 16. Controls and Procedures.
(a) The Registrant’s principal executive and financial officers have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective, as of a date within 90 days of the filing date of this Form N-CSR, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the fiscal period covered by this Form N-CSR, that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.
(b) Not applicable.
Item 19. Exhibits.
|
(a)(1) |
Not applicable. | |
|
(a)(2) |
Not applicable. | |
|
(a)(3) |
||
|
(a)(4) |
Not applicable. | |
|
(a)(5) |
Not applicable. | |
|
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) BBH Trust
|
By: |
(Signature and Title) |
|||
|
/s/ Daniel Greifenkamp |
||||
|
Daniel Greifenkamp |
||||
|
Title: President (Principal Executive Officer) |
||||
|
Date: July 7, 2026 |
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.
|
By: |
(Signature and Title) |
|||
|
/s/ Daniel Greifenkamp |
||||
|
Daniel Greifenkamp |
||||
|
Title: President (Principal Executive Officer) |
||||
|
Date: July 7, 2026 |
|
By: |
(Signature and Title) |
|||
|
/s/ Declan Coyne |
||||
|
Declan Coyne |
||||
|
Title: Treasurer (Principal Financial Officer) |
||||
|
Date: July 7, 2026 |