Deloitte & Touche LLP – ‘40-17F2’ on 12/20/23 re: BBH Trust

On:  Wednesday, 12/20/23, at 7:27pm ET   ·   As of:  12/21/23   ·   Effective:  12/21/23   ·   Accession #:  1050269-23-19   ·   File #:  811-21829

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Certificate of Accounting of Securities in the Custody of an Investment Company   —   Form N-17f-2   —   Rule 17f-2   —   ICA’40

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 40-17F2     Certificate of Accounting of Securities in the         4±    13K 
                Custody of an Investment Company                                 


UNITED STATES                                                                   
SECURITIES AND EXCHANGE COMMISSION                                              
Washington, D.C.  20549                                                         
                                       -----------------------------
FORM N-17f-2                                        OMB Approval                
                                       -----------------------------
Certificate of Accounting of Securities and  OMB Number:         3235-0360      
Similar Investments in the Custody           Expires:    February 29, 2024      
of Management Investment Companies           Estimate average burden hours      
                                         per response . . . . . 1.90
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]    -----------------------------      

-----------------------------------------------------------------------------   
1. Investment Company Act File Number:        Date examination completed:       

811-21829                                         October 31, 2023              

-----------------------------------------------------------------------------   

2. State Identification Number:                                                 

AL             AK             AZ             AR             CA           CO     
CT             DE     X       DC             FL             GA           HI     
ID             IL             IN             IA             KS           KY     
LA             ME             MD             MA             MI           MN     
MS             MO             MT             NE             NV           NH     
NJ             NM             NY             NC             ND           OH     
OK             OR             PA             RI             SC           SD     
TN             TX             UT             VT             VA           WA     
WV             WI             WY             PUERTO RICO                        
Other (specify):                                                                

-----------------------------------------------------------------------------   

3. Exact name of investment company as specified in registration statement:     

BBH Trust                                                                       
-----------------------------------------------------------------------------   

4. Address of principal executive office (number, street, city, state, zip      
code):                                                                          

140 Broadway, New York, NY 10005                                                
-----------------------------------------------------------------------------   

INDEPENDENT ACCOUNTANT'S REPORT                                                 

To the Board of Trustees of BBH Trust:                                          

We have examined management's assertion, included in the accompanying           
Management's Assertion Regarding BBH Trust's Compliance with Rule 17f-2 Under   
the Investment Company Act of 1940, that BBH Trust, comprised of BBH Select     
Series - Large Cap Fund, BBH Limited Duration Fund, BBH Partner Fund -          
International Equity, BBH Intermediate Municipal Bond Fund, BBH Income Fund,    
BBH U.S. Government Money Market Fund, BBH Select Series - Mid Cap Fund, and    
BBH Partner Fund - Small Cap Equity (collectively, the "Funds"), complied       
with the requirements of subsections (b) and (c) of Rule 17f-2 of the           
Investment Company Act of 1940 (the "specified requirements") as of October     
31, 2023, with respect to securities reflected in the investment accounts of    
the Funds.  The Funds' management is responsible for its assertion. Our         
responsibility is to express an opinion on management's assertion about the     
Funds' compliance with the specified requirements based on our examination.     

Our examination was conducted in accordance with attestation standards          
established by the American Institute of Certified Public Accountants.  Those   
standards require that we plan and perform the examination to obtain            
reasonable assurance about whether management's assertion about compliance      
with the specified requirements is fairly stated, in all material respects.     
An examination involves performing procedures to obtain evidence about          
management's assertion. The nature, timing, and extent of the procedures        
selected depend on our judgment, including an assessment of the risks of        
material misstatement of management's assertion, whether due to fraud or        
error.  We believe that the evidence we obtained is sufficient and              
appropriate to provide a reasonable basis for our opinion.                      

We are required to be independent and to meet our other ethical                 
responsibilities in accordance with relevant ethical requirements relating to   
the engagement.                                                                 

Included among our procedures were the following tests performed as of          
October 31, 2023, and with respect to agreement of security purchases and       
sales, for the period from July 31, 2023 (the date of our last examination)     
through October 31, 2023:                                                       

1. Count and inspection of all securities located in the vault of Brown         
Brothers Harriman & Co. (the "Custodian") in New York, NY;                      

2. Confirmation of all securities held by institutions in book-entry form by    
The Depository Trust Company, Bank of New York Mellon, Euroclear, and various   
sub-custodians;                                                                 

3. Confirmation of all securities hypothecated, pledged, placed in excrow,      
or out for transfer with brokers, pledgees, and/or transfer agents;             

4. Reconciliation of all such securities to the books and records of the        
Funds and the Custodian;                                                        

5. Confirmation of all repurchase agreements with brokers/banks and agreement   
of underlying collateral with broker confirmations and Custodian's records;     

6. Agreement of 8 security purchases and 7 security sales or maturities since   
our last report from the books and records of the Funds to broker               
confirmations.                                                                  

Our examination does not provide a legal determination on the Funds'            
compliance with specified requirements.                                         

In our opinion, management's assertion that the Funds complied with the         
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment         
Company Act of 1940 as of October 31, 2023, with respect to securities          
reflected in the investment accounts of the Funds, is fairly stated, in all     
material respects.                                                              

This report is intended solely for the information and use of management and    
the Board of Trustees of BBH Trust and the U.S. Securities and Exchange         
Commission and is not intended to be, and should not be, used by anyone other   
than these specified parties.                                                   

/s/ DELOITTE & TOUCHE LLP                                                       

Boston, Massachusetts                                                           
December 20, 2023                                                               

December 20, 2023                                                               

Deloitte & Touche LLP                                                           
200 Berkeley Street                                                             
Boston, MA 02116                                                                

Management's Assertion Regarding BBH Trust's Compliance with Rule 17f-2 Under   
the Investment Company Act of 1940                                              

We, as members of management of BBH Trust comprised of BBH Select Series -      
Large Cap Fund, BBH Limited Duration Fund, BBH Partner Fund - International     
Equity, BBH Intermediate Municipal Bond Fund, BBH Income Fund, BBH U.S.         
Government Money Market Fund, BBH Select Series - Mid Cap Fund, and BBH         
Partner Fund - Small Cap Equity (collectively, the "Funds"), are responsible    
for complying with the requirements of subsections (b) and (c) of Rule 17f-2,   
"Custody of Investments by Registered Management Investment Companies", of      
the Investment Company Act of 1940. We are also responsible for establishing    
and maintaining effective internal control over compliance with those           
requirements. We have performed an evaluation of the Funds' compliance with     
the requirements of subsections (b) and (c) of Rule 17f-2 as of October 31,     
2023, and for the period from July 31, 2023 (date of our last examination)      
through October 31, 2023.                                                       

Based on this evaluation, we assert that the Funds were in compliance with      
the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment     
Company Act of 1940 as of October 31, 2023, with respect to securities          
reflected in the investment accounts of the Funds.                              

ON BEHALF OF:                                                                   
BBH Trust                                                                       

/s/ Charles Schreiber                                                           
Charles Schreiber                                                               
Treasurer and Principal Financial Officer                                       
BBH Trust                                                                       

/s/ Jean-Pierre Paquin                                                          
Jean-Pierre Paquin                                                              
President and Principal Executive Officer                                       
BBH Trust                                                                       

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘40-17F2’ Filing		Date		Other Filings
		2/29/24
Filed as of / Effective on:		12/21/23
Filed on:		12/20/23
		10/31/23		N-MFP2
		7/31/23		N-MFP2,  NPORT-P
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