BBH Trust – BBH Select Large Cap ETF is an actively managed, non-diversified exchange-traded fund that seeks long-term capital growth through investment in a concentrated portfolio of large-capitalization publicly traded equity securities. The Fund invests, under normal circumstances, at least 80% of net assets, plus borrowings for investment purposes, in large-cap equities, principally common stocks of U.S. and non-U.S. issuers; preferred stocks; sponsored and unsponsored depositary receipts, including American depositary receipts. Large-cap issuers are generally defined as companies whose market capitalizations fall within the range of companies included in the S&P 500 Index at the time of purchase. The Fund typically holds approximately 25 to 50 companies selected through fundamental business analysis emphasizing qualitative merits, competitive positioning, prospective value creation and estimated intrinsic value. It serves investors seeking exposure to actively selected global large-cap equities and may purchase and sell shares through broker-dealers on NYSE Arca at market prices. Brown Brothers Harriman & Co., through a separately identifiable department, acts as investment adviser, with Scott Hill responsible for day-to-day portfolio management. The Fund is a series of BBH Trust, which is headquartered at 140 Broadway, New York, New York, United States. BBHL commenced ETF operations on November 17, 2025, following the tax-free reorganization of the BBH Select Series – Large Cap Fund, its predecessor mutual fund established in 2019, into the Fund. The conversion retained the predecessor fund’s investment objective, policies, adviser, portfolio manager and performance history while shifting the vehicle to an ETF structure; the strategic change provides intraday exchange trading, daily portfolio-holdings transparency, principally in-kind creation and redemption activity intended to enhance tax efficiency, and the potential for lower transaction and administrative costs.