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ck0001342947:C000041211Member 2020-01-01 2024-12-31 0001342947 ck0001342947:C000041211Member 2015-01-01 2024-12-31 pure iso4217:USD N-1A BBH TRUST 2026-02-28 BBH Select Large Cap ETF – Fund Summary Investment Objective <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0;widows:3;margin-top:0pt;">The investment objective of BBH Select Large Cap ETF (the “Fund”) is to provide investors with long-term growth of capital. Fees and Expenses of the Fund <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0;widows:3;margin-top:0pt;">The table below describes the fees and expenses that you may pay if you buy, hold, and sell the Fund’s Shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and expense example below. Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-16"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-left-style:none;padding-bottom:4pt;padding-top:4pt;width: 86.67%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:5pt;text-indent:0;">Management Fees* </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-left-style:none;padding-bottom:4pt;padding-right:0pt;padding-top:4pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:23pt;">0.62% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-16"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-left-style:none;padding-bottom:4pt;padding-top:4pt;width: 86.67%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:5pt;text-indent:0;">Distribution (12b-1) Fees </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-left-style:none;padding-bottom:4pt;padding-right:0pt;padding-top:4pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:24pt;">None </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-16"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-left-style:none;padding-bottom:4pt;padding-top:4pt;width: 86.67%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:5pt;text-indent:0;">Other Expenses** </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-left-style:none;padding-bottom:4pt;padding-right:0pt;padding-top:4pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="bottom"> <p class="Tbody_rule1" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:23pt;">0.09% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-16"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-left-style:none;padding-bottom:4pt;padding-top:4pt;width: 86.67%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:5pt;text-indent:0;">Total Annual Fund Operating Expenses </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-left-style:none;padding-bottom:4pt;padding-right:0pt;padding-top:4pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: Black 2.5pt double; border-bottom-style: double; padding: 0in 0in 1px 0in;" valign="bottom"> <p class="Tbody_rule2" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:23pt;">0.71% </td> </tr> </table> <p class="Tablefootnote_m" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-10pt;widows:3;margin-top:10pt;margin-top:10pt;">* Restated to reflect current fees. <p class="Tablefootnote_m" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-10pt;widows:3;margin-top:3pt;margin-top:3pt;">**Based on estimated expenses for the current fiscal year. 0.0062 0 0.0009 0.0071 Based on estimated expenses for the current fiscal year. EXAMPLE <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0;widows:3;margin-top:0pt;">This example is intended to help you compare the cost of investing in the Fund’s Shares to the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund’s Shares for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund’s Class I Shares remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-20" style="height:12pt;"> <td class="No-Table-Style TCH _idGenCellOverride-1" style="width: 22.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">1 Year </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">3 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">5 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">10 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 23.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-21" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:6pt;width: 22.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">$73 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">$228 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">$396 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">$882 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;width: 23.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> </table> 73 228 396 882 Portfolio Turnover <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;widows:3;margin-top:8pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example above, affect the Fund’s performance. For the fiscal year ended October 31, 2025, the portfolio turnover rate of the BBH Select Series – Large Cap Fund (the “Predecessor Fund”) was 20% of the average value of its portfolio. 0.20 Principal Investment Strategies <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;widows:3;margin-top:8pt;">Under normal circumstances, the Fund invests at least 80% of its net assets at the time of purchase, plus the amount of any borrowings for investment purposes, in large capitalization publicly traded equity securities, consisting primarily of common stock. Commonly referred to as large cap stocks, such securities will be issued by domestic and non-U.S. issuers both directly and in the form of certificates issued by U.S. bank that represent shares of non-U.S. stock, called depositary receipts. The Fund may invest in sponsored and unsponsored depositary receipts, consisting of American Depositary Receipts (“ADRs”). The Fund primarily seeks to buy common stock and may also invest in preferred stock. <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;widows:3;margin-top:8pt;">The Investment Adviser considers large cap securities to be securities that at the time of purchase have a market capitalization within the range of companies included in the S&P 500 Index. As of January 31, 2026, the market capitalization range of companies included in the S&P 500 Index was $12.37 billion to $4.64 trillion. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:8pt;">The Fund’s strategy is based on fundamental business analysis and a long-term orientation. The Investment Adviser selects companies based on their qualitative merits, competitive profile and prospective value creation potential. Investments may be sold if they appreciate to levels at or near the higher end of the Investment Adviser’s estimated ranges of intrinsic value. <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:8pt;">The Fund is non-diversified and may invest a greater percentage of its assets in a particular issuer than would a diversified fund. The Fund seeks to invest in approximately 25-60 different companies that meet the Investment Adviser’s prescriptive fundamental criteria. Under normal circumstances, the Fund invests at least 80% of its net assets at the time of purchase, plus the amount of any borrowings for investment purposes, in large capitalization publicly traded equity securities, consisting primarily of common stock. Commonly referred to as large cap stocks, such securities will be issued by domestic and non-U.S. issuers both directly and in the form of certificates issued by U.S. bank that represent shares of non-U.S. stock, called depositary receipts. The Fund seeks to invest in approximately 25-60 different companies that meet the Investment Adviser’s prescriptive fundamental criteria. A shareholder may lose money by investing in the Fund. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:6pt;margin-top:12pt;">INVESTMENT RISK: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0;margin-top:0pt;">Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:6pt;margin-top:12pt;">MARKET RISK: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0;margin-top:0pt;">The price of a security 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. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:6pt;margin-top:12pt;">EQUITY SECURITIES RISK: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0;margin-top:0pt;">Equity securities risk is the risk that prices of equity securities, such as common stock and preferred securities, rise and fall daily. 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. Common stock incurs additional risk because the claims of owners of preferred securities and bonds take precedence over the claims of those who own common stock. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:6pt;margin-top:12pt;">PREFERRED SECURITIES RISK: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0;margin-top:0pt;">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 may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific 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. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:6pt;margin-top:12pt;">LARGE CAP COMPANY RISK: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0;margin-top:0pt;">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. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:6pt;margin-top:12pt;">ETF RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The Fund is an ETF and is subject to the following risks: <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;text-align:justify;margin-top:8pt;">• Trading Issues. Shares of the Fund trade on an exchange at market prices and may trade above (premium) or below (discount) their net asset value (“NAV”). An active trading market for the Fund’s shares may not develop or be maintained. Trading in shares may be halted due to market conditions or for reasons that, in the view of the NYSE Arca, make trading in shares inadvisable, such as extraordinary market volatility. In addition, there can be no assurance that shares will continue to meet the listing requirements of the NYSE Arca. <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;text-align:justify;margin-top:8pt;">• Market Price Variance. The market price of the Fund’s shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly and shares may trade at a premium or discount to NAV. <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;text-align:justify;margin-top:8pt;">• Limited Authorized Participant, Market Makers, and Liquidity Providers. There may be a limited number of market makers and/or liquidity providers in the marketplace and the Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). Only an authorized participant who has entered into an agreement with the Fund’s distributor may engage in creation or redemption transactions directly with the Fund, and none of those authorized participants is obligated to engage in creation and/or redemption transactions. To the extent that authorized participants, market makers, and liquidity providers exit the business or are unable to provide their services with respect to the Fund and no other entities are able to step forward to perform their functions, the Fund’s shares may trade at a premium or discount to NAV and possibly face trading halts or delisting. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:6pt;margin-top:12pt;">NON-DIVERSIFICATION RISK: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0;margin-top:0pt;">Because a non-diversified fund under the federal securities laws may invest in a relatively small number of issuers compared to a diversified fund, changes in the financial condition of individual issuers, as well as political, regulatory or economic occurrences affecting such issuers may cause greater fluctuation in the value of a non-diversified fund’s shares. However, the Fund intends to satisfy the asset diversification requirements for qualification as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0;margin-top:0pt;">Because a non-diversified fund under the federal securities laws may invest in a relatively small number of issuers compared to a diversified fund, changes in the financial condition of individual issuers, as well as political, regulatory or economic occurrences affecting such issuers may cause greater fluctuation in the value of a non-diversified fund’s shares. However, the Fund intends to satisfy the asset diversification requirements for qualification as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:6pt;margin-top:12pt;">NON-U.S. INVESTMENT RISK: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0;margin-top:0pt;">Investing in securities of companies based outside of the United States, including ADRs, involves risks not typically associated with investing in securities of companies organized and operated in the United States. These risks include adverse political, social and economic developments abroad, different kinds and levels of market and issuer regulations, and the different characteristics of overseas economies and markets. These factors can make non-U.S. investments more volatile and potentially less liquid than U.S. investments. Unsponsored ADRs do not trade on an exchange and therefore may be difficult to sell and investors do not have the benefits and voting rights that are extended to other shareholders. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:6pt;margin-top:12pt;">MANAGEMENT RISK: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0;margin-top:0pt;">The Fund is actively managed, and its success depends upon the investment skills and analytical abilities of the Investment Adviser to develop and effectively implement strategies that achieve the Fund’s investment objective. Subjective decisions made by the Investment Adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:6pt;margin-top:12pt;">LARGE SHAREHOLDER RISK: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0;widows:3;margin-top:0pt;">Asset allocation decisions, particularly large redemptions, made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders may adversely impact remaining Fund shareholders. 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&Co. or any other bank, and the shares are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other federal, state or other governmental agency. Performance of Predecessor Fund <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;widows:3;margin-top:8pt;">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 performance shown for periods prior to the Reorganization represents the performance of the Predecessor Fund. <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:6pt;widows:3;margin-top:6pt;">The following bar chart and table give an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year. The table shows how the average annual returns of the Fund for the periods indicated compared to a broad-based securities market index. One cannot invest directly in an index. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:6pt;widows:3;margin-top:6pt;">Past performance, before and after taxes, does not indicate how the Fund will perform in the future. Updated information on the Fund’s performance can be obtained by visiting www.bbhfunds.com or can be obtained by phone at 1-800-575-1265. The following bar chart and table give an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year. The table shows how the average annual returns of the Fund for the periods indicated compared to a broad-based securities market index. One cannot invest directly in an index. Past performance, before and after taxes, does not indicate how the Fund will perform in the future. www.bbhfunds.com 1-800-575-1265 Total Returns for Class I Shares (% Per Calendar Year) <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:6pt;text-align:center;margin-top:6pt;"><img alt="" src="tbarchart_bbhl.jpg" style="width:384.0px;max-width:100%;"/> <p class="Text_flush_Center" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:2;margin-top:8pt;">Calendar Year Ended December 31 <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-24" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:3pt;padding-top:3pt;vertical-align:top;width: 48.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable_wrap" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;text-align:center;">Highest Performing Quarter: </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;vertical-align:top;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;text-align:center;">15.49% in 2nd quarter of 2020 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-24" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:3pt;padding-top:3pt;vertical-align:top;width: 48.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable_wrap" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-top:3pt;text-align:center;">Lowest Performing Quarter: </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;vertical-align:top;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:3pt;text-align:center;">(19.98)% in 1st quarter of 2020 </td> </tr> </table> Highest Performing Quarter 0.1549 2020-06-30 Lowest Performing Quarter -0.1998 2020-03-31 Average Annual Total Returns (For the periods ended December 31, 2025) <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0;widows:3;margin-top:0pt;">The performance figures assume that all distributions were reinvested. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or IRAs. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or IRAs. <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-27" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 60.74%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 11.30%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">1 Year </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 11.30%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">5 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Since Inception of Predecessor Fund (9/9/2019) </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-top:3pt;width: 60.74%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:5pt;margin-top:3pt;text-indent:0;">Predecessor Fund </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 11.30%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 11.30%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-top:3pt;width: 60.74%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:5pt;margin-top:3pt;text-indent:0;">Return Before Taxes </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 11.30%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">14.26% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 11.30%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">10.62% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">11.05% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-top:3pt;width: 60.74%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:5pt;margin-top:3pt;text-indent:0;">Return After Taxes on Distributions </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 11.30%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">11.89% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 11.30%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;"> 9.69% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">10.29% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-top:3pt;width: 60.74%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:5pt;margin-top:3pt;text-indent:0;">Return After Taxes on Distributions and Sale of Fund Shares </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 11.30%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">10.08% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 11.30%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;"> 8.36% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;"> 8.84% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-28" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:6pt;padding-top:3pt;width: 60.74%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:5pt;margin-top:3pt;text-indent:0;">S&P 500 Index (reflects no deduction of fees, expenses or taxes) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 11.30%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">17.88% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 11.30%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">14.42% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">15.88% </td> </tr> </table> 2019-09-09 Return Before Taxes 0.1426 0.1062 0.1105 Return After Taxes on Distributions 0.1189 0.0969 0.1029 Return After Taxes on Distributions and Sale of Fund Shares 0.1008 0.0836 0.0884 S&P 500 Index (reflects no deduction of fees, expenses or taxes) reflects no deduction of fees, expenses or taxes 0.1788 0.1442 0.1588 BBH Select Mid Cap ETF – Fund Summary Investment Objective <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">The investment objective of the BBH Select Mid Cap ETF (the “Fund”) is to provide investors with long-term growth of capital. Fees and Expenses of the Fund <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">The table below describes the fees and expenses that you may pay if you buy, hold, and sell the Fund’s shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and expense example below. Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table class="No-Table-Style TableOverride-1" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 85.56%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Management Fees* </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">0.72% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 85.56%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Distribution (12b-1) Fees </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"> None </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 85.56%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Other Expenses** </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">0.09% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-10" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 85.56%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Total Annual Fund Operating Expenses </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: Black 2.5pt double; border-bottom-style: double; padding: 0in 0in 1px 0in;" valign="bottom"> <p class="Tbody_rule2" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">0.81% </td> </tr> </table> <p class="Tablefootnote_m" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-10pt;widows:3;margin-top:10pt;text-align:left;margin-top:10pt;">* Restated to reflect current fees. <p class="Tablefootnote_m" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-10pt;widows:3;margin-top:3pt;text-align:left;margin-top:3pt;">** Based on estimated expenses for the current fiscal year. 0.0072 0 0.0009 0.0081 Based on estimated expenses for the current fiscal year. EXAMPLE <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">This example is intended to help you compare the cost of investing in the Fund to the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-20" style="height:12pt;"> <td class="No-Table-Style TCH" style="width: 21.13%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.00%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">1 Year </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.00%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">3 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.00%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">5 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.00%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">10 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 21.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-10" style="height:12pt;"> <td class="No-Table-Style TB _idGenCellOverride-1" style="width: 21.13%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$83 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$259 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$450 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$1003 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 21.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> </table> 83 259 450 1003 Portfolio Turnover <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example above, affect the Fund’s performance. For the fiscal year ended October 31, 2025, the portfolio turnover rate of the BBH Select Series – Mid Cap Fund (the “Predecessor Fund”) was 23% of the average value of its portfolio. 0.23 Principal Investment Strategies <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Under normal circumstances, the Fund invests at least 80% of its net assets at the time of purchase, plus the amount of any borrowings for investment purposes, in publicly traded mid capitalization (mid cap) equity securities. Such securities may be issued by domestic or foreign issuers. Domestic securities include companies that are incorporated or headquartered in the U.S. The Fund may invest in the securities of foreign issuers both directly and in the form <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">of depository receipts, including both sponsored and unsponsored American Depository Receipts (“ADRs”) and Global Depository Receipts (“GDRs”), each of which represent an interest in foreign securities. Securities of foreign issuers, or foreign securities, include companies that are neither incorporated nor headquartered in the U.S. The Fund primarily seeks to buy common stock and may also invest in preferred stock. The Fund may also invest in large cap and small cap publicly traded equity securities. From time to time the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”). Subject to applicable statutory and regulatory limitations, the Fund may invest in shares of other investment companies, consisting of exchange-traded funds (“ETFs”). The Fund may also purchase other securities with equity characteristics, including securities convertible into common stock. Brown Brothers Harriman & Co. (“BBH&Co.”), through a separately identifiable department (“Investment Adviser”), considers mid cap securities to be securities that at the time of purchase have a market capitalization within the range of companies included in the Russell Midcap Index. As of August 31, 2025, the market capitalization range of companies included in the Russell Midcap Index was $1.24 billion to $96.54 billion. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The Fund’s strategy is based on fundamental business analysis and a long-term orientation. The Investment Adviser selects companies based on their qualitative merits, competitive profile and prospective value creation potential. The Fund follows a “buy and own” approach that does not make use of short-term trades in pursuit of small gains. The Investment Adviser believes that its long-term orientation can benefit the Fund’s net performance results. Investments may be sold if they appreciate to levels at or near the higher end of the Investment Adviser’s estimated ranges of intrinsic value. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The Fund is non-diversified and may invest a greater percentage of its assets in a particular issuer than would a diversified fund. Under normal circumstances, the Fund invests at least 80% of its net assets at the time of purchase, plus the amount of any borrowings for investment purposes, in publicly traded mid capitalization (mid cap) equity securities. A shareholder may lose money by investing in the Fund. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Mid Cap Company Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">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 companies may also have limited management experience or depth, limited ability to generate or borrow capital needed for growth, limited products or services, or operate in less established markets. Therefore, mid cap securities may be subject to changing economic, market, and industry conditions and experience more volatility and less liquidity over short periods. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Investment Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Market Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The price of a security 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. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Equity Securities Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Equity securities risk is the risk that prices of equity securities, such as common stock or preferred securities, rise and fall daily. 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. Common stock incurs additional risk because the claims of owners of preferred securities and bonds take precedence over the claims of those who own common stock. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:24pt;">ETF RISK: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The Fund is an ETF and is subject to the following risks: <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Univers LT 47 CondensedLt, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;text-align:justify;margin-top:8pt;">• Trading Issues. Shares of the Fund trade on an exchange at market prices and may trade above (premium) or below (discount) their net asset value (“NAV”). An active trading market for the Fund’s shares may not develop or be maintained. Trading in shares may be halted due to market conditions or for reasons that, in the view of the NYSE Arca, make trading in shares inadvisable, such as extraordinary market volatility. In addition, there can be no assurance that shares will continue to meet the listing requirements of the NYSE Arca. <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Univers LT 47 CondensedLt, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;text-align:justify;margin-top:8pt;">• Market Price Variance. The market price of the Fund’s shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly and shares may trade at a premium or discount to NAV. <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Univers LT 47 CondensedLt, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;text-align:justify;margin-top:8pt;">• Limited Authorized Participant, Market Makers, and Liquidity Providers. There may be a limited number of market makers and/or liquidity providers in the marketplace and the Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). Only an authorized participant who has entered into an agreement with the Fund’s distributor may engage in creation or redemption transactions directly with the Fund, and none of those authorized participants is obligated to engage in creation and/or redemption transactions. To the extent that authorized participants, market makers, and liquidity providers exit the business or are unable to provide their services with respect to the Fund and no other entities are able to step forward to perform their functions, the Fund’s shares may trade at a premium or discount to NAV and possibly face trading halts or delisting. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Non-Diversification Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Because a non-diversified fund under the federal securities laws may invest in a relatively small number of issuers compared to a diversified fund, changes in the financial condition of individual issuers, as well as political, regulatory or economic occurrences affecting such issuers may cause greater fluctuation in the value of a non-diversified fund’s shares. However, the Fund intends to satisfy the asset diversification requirements for qualification as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Because a non-diversified fund under the federal securities laws may invest in a relatively small number of issuers compared to a diversified fund, changes in the financial condition of individual issuers, as well as political, regulatory or economic occurrences affecting such issuers may cause greater fluctuation in the value of a non-diversified fund’s shares. However, the Fund intends to satisfy the asset diversification requirements for qualification as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Large Shareholder Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Asset allocation decisions, particularly large redemptions, made by an investor or an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders, may adversely impact remaining Fund shareholders. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Management Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The Fund is actively managed, and its success depends upon the investment skills and analytical abilities of the Investment Adviser to develop and effectively implement strategies that achieve the Fund’s investment objective. Subjective decisions made by the Investment Adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Large Cap Company Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Because the Fund may invest in large cap company securities, it may underperform other funds during periods when the Fund’s large cap securities are out of favor. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Small Cap Company Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">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. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Non-U.S. Investment Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Investing in securities of companies based outside of the United States including sponsored and unsponsored ADRs and GDRs, involves risks not typically associated with investing in securities of companies organized and operated in the United States. These risks include adverse political, social and economic developments abroad, different kinds and levels of market and issuer regulations, and the different characteristics of overseas economies and markets. These factors can make non-U.S. investments more volatile and potentially less liquid than U.S. investments. Additionally, investments in non-U.S. securities may be denominated in currencies, other than the U.S. dollar, which are subject to changes in currency exchange rates. These fluctuations could offset investment gains or add to investment losses. Unsponsored ADRs do not trade on an exchange and therefore may be difficult to sell and investors do not have the benefits and voting rights that are extended to other shareholders. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Investment in Other Investment Companies Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">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. As a shareholder of another investment company, the Fund would bear, along with other shareholders, its pro rata portion of the other investment company’s expenses, including advisory fees. The shares of an investment company that trade on an exchange (for example, an ETF) may trade below their NAV at a discount, which may adversely affect the Fund’s performance. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">IPO Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">IPOs are new issues of equity securities. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Preferred Securities Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">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 may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its 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. 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&Co. or any other bank, and the shares are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other federal, state or other governmental agency. Performance of the Predecessor Fund <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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 objectives, investment strategies, and fundamental and non-fundamental investment policies as the Fund. The performance shown for periods prior to the Reorganization represents the performance of the Predecessor Fund.<p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The following bar chart and table give an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year. The table shows how the average annual returns of the Fund for the periods indicated compared to a broad-based securities market index as well as to a mid-cap index to show how the performance compares with the returns of an index of companies that have similar market capitalization to the Fund’s investments. One cannot invest directly in an index. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Past performance, before and after taxes, does not indicate how the Fund will perform in the future. Updated information on the Fund’s performance can be obtained by visiting www.bbhfunds.com or can be obtained by phone at 1-800-575-1265. The following bar chart and table give an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year. The table shows how the average annual returns of the Fund for the periods indicated compared to a broad-based securities market index as well as to a mid-cap index to show how the performance compares with the returns of an index of companies that have similar market capitalization to the Fund’s investments. One cannot invest directly in an index. Past performance, before and after taxes, does not indicate how the Fund will perform in the future. www.bbhfunds.com 1-800-575-1265 Total Return for Class I Shares (% Per Calendar Year) <p class="Text_flush_Center" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:3;margin-top:8pt;"><img alt="" src="tbarchart_bbhm.jpg" style="width:384.0px;max-width:100%;"/> <p class="Text_flush_Center" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:3;margin-top:8pt;">Calendar Year Ended December 31 <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;vertical-align:top;width: 48.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable_wrap" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;text-align:center;">Highest Performing Quarter: </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;vertical-align:top;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;text-align:center;">13.28% in 4th quarter of 2023 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;vertical-align:top;width: 48.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable_wrap" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-top:3pt;text-align:center;">Lowest Performing Quarter: </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;vertical-align:top;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:3pt;text-align:center;">(18.11)% in 2nd quarter of 2022 </td> </tr> </table> Highest Performing Quarter 0.1328 2023-12-31 Lowest Performing Quarter -0.1811 2022-06-30 Average Annual Total Returns (For the periods ended December 31, 2025) <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The performance figures assume that all distributions were reinvested. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or IRAs. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or IRAs. <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-26" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 70.37%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">1 Year </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.19%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Since Inception of Predecessor Fund (May 24, 2021) </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-10" style="height:12pt;"> <td class="No-Table-Style TB _idGenCellOverride-1" style="width: 70.37%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:3pt;">Predecessor Fund </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 15.19%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-27" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 70.37%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:3pt;">Return Before Taxes </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">(5.64)% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 15.19%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;"> 2.72% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-27" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 70.37%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:3pt;">Return After Taxes on Distributions </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">(5.64)% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 15.19%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;"> 2.69% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-27" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 70.37%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:3pt;">Return After Taxes on Distributions and Sale of Fund Shares </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">(3.34)% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 15.19%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;"> 2.09% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 70.37%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:3pt;">S&P 500 Index (reflects no deduction for fees, expenses or taxes) </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">17.88% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 15.19%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">12.85% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-27" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 70.37%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:3pt;">Russell Midcap Total Return Index (reflects no deduction for fees, expenses or taxes) </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">10.60% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 15.19%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-left:3pt;margin-top:3pt;">6.48% </td> </tr> </table> 2021-05-24 Return Before Taxes -0.0564 0.0272 Return After Taxes on Distributions -0.0564 0.0269 Return After Taxes on Distributions and Sale of Fund Shares -0.0334 0.0209 S&P 500 Index (reflects no deduction for fees, expenses or taxes) reflects no deduction for fees, expenses or taxes 0.1788 0.1285 Russell Midcap Total Return Index (reflects no deduction for fees, expenses or taxes) 0.106 0.0648 BBH Partner Fund – International Equity Summary Investment Objective <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0;widows:3;margin-top:0pt;">The investment objective of the BBH Partner Fund – International Equity (the “Fund”) is to provide investors with long-term maximization of total return, primarily through capital appreciation. Fees and Expenses of the Fund <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0;margin-top:0pt;">The table below describes the fees and expenses that you may pay if you buy, hold, and sell the Fund’s Class I Shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and expense example below. Shareholder Fees (Fees paid directly from your investment) <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 85.56%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Class I </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB _idGenCellOverride-1" style="width: 85.56%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;"> None </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 85.56%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;">Maximum Deferred Sales Charge (Load) (as a percentage of the subscription amount) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;"> None </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 85.56%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;">Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions (as a percentage of the amount being reinvested) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;"> None </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 85.56%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;">Redemption Fee on shares held less than 30 days after purchase (as a percentage of amount redeemed, if applicable) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">2.00% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 85.56%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;">Exchange Fee </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;"> None </td> </tr> </table> 0 0 0 -0.02 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-16" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 86.67%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="NOGUTTER TCH _idGenCellOverride-3" style="width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">Class I </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-17"> <td class="NOGUTTER TB _idGenCellOverride-2" style="width: 86.67%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:5pt;text-indent:0;">Management Fees* </td> <td class="NOGUTTER TB _idGenCellOverride-2" style="width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign-bracket-" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:-8pt;widows:1;margin-left:0;text-align:center;text-indent:0;">0.57% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-17"> <td class="NOGUTTER TB" style="width: 86.67%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:5pt;text-indent:0;">Distribution (12b-1) Fee </td> <td class="NOGUTTER TB" style="width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;"> None </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-17"> <td class="NOGUTTER TB" style="width: 86.67%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:5pt;text-indent:0;">Other Expenses* </td> <td class="NOGUTTER TB" style="width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:3pt;">0.06% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-17"> <td class="NOGUTTER TB" style="width: 86.67%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:5pt;text-indent:0;">Total Annual Fund Operating Expenses </td> <td class="NOGUTTER TB" style="width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: Black 2.5pt double; border-bottom-style: double; padding: 0in 0in 1px 0in;" valign="bottom"> <p class="Tbody_rule2" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">0.63% </td> </tr> </table> <p class="Tablefootnote_m" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-10pt;widows:3;margin-top:6pt;">* Restated to reflect current fees. 0.0057 0 0.0006 0.0063 EXAMPLE <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0;widows:3;margin-top:0pt;">This example is intended to help you compare the cost of investing in the Fund’s Class I Shares to the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund’s Class I Shares for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund’s Class I Shares remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="No-Table-Style TCH" style="width: 28.37%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">1 Year </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">3 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">5 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">10 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB _idGenCellOverride-1" style="width: 28.37%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;">Class I Shares </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$64 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$201 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$350 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$786 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> </table> 64 201 350 786 Portfolio Turnover <p class="Text_flush_0" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;margin-top:8pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 62% of the average value of its portfolio. 0.62 Principal Investment Strategies <p class="Text_flush_0" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;margin-top:8pt;">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 multiple developed and emerging markets of the world, excluding the United States. The Investment Adviser defines developed markets as those markets included in the Morgan Stanley Capital International — Europe, Australasia, and Far East Index (“MSCI-EAFE”) and Canada. The Fund may invest up to 35% of its assets, at the time of purchase, in emerging markets of the world. The Investment Adviser defines an emerging market as a securities market located in any country that is defined as having an emerging or developing economy by the World Bank or its related organizations, or the United Nations or its authorities. The Fund may purchase these equity securities directly or in the form of sponsored and unsponsored American Depository Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) representing securities of companies based outside of the United States, national security exchanges or over-the-counter markets. The Fund will primarily invest in equity securities of companies with large market capitalizations. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:8pt;">Brown Brothers Harriman & Co. (“BBH&Co.”), through a separately identifiable department (“Investment Adviser”), employs a “manager of managers” investment approach, whereby it allocates the Fund’s assets to the Fund’s sub-advisers, Select Equity Group, L.P. (“Select Equity Group”) and Trinity Street Asset Management, LLP (“Trinity Street”) (collectively, the “Sub-advisers”). Subject to the general supervision by the Fund’s Board of Trustees (the “Board”), the Investment Adviser oversees the Sub-advisers and evaluates their respective performance results. The Investment Adviser reviews portfolio performance, characteristics and changes in key personnel of the Sub-advisers. The Sub-advisers are primarily responsible for the day-to-day management of the Fund’s portfolio, including purchases and sales of individual securities. However, the Investment Adviser may, when deemed appropriate, manage all or a portion of the Fund’s assets according to the Fund’s principal investment strategies. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:8pt;">The Fund buys and sells securities denominated in currencies other than the U.S. dollar. Interest, dividends and sale proceeds on such securities are received in currencies other than the U.S. dollar. The Fund enters into foreign currency exchange transactions from time to time to convert to and from different foreign currencies and to convert foreign currencies to and from the U.S. dollar. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:8pt;">Select Equity Group’s Investment Process: Select Equity Group will focus on identifying attractive non-U.S. publicly traded businesses with large market capitalizations and will invest opportunistically in these businesses when it believes that good long-term returns can be achieved. Select Equity Group defines attractive businesses as those that have achieved leading and defensible market positions through the creation of enduring franchise value. They are, in the view of Select Equity Group, both well positioned for long-term growth and resilient in difficult economic environments. Select Equity Group employs intensive and rigorous fundamental equity research in order to identify these investment opportunities. As part of the Fund’s investment process, Select Equity Group may consider financially material environmental, social and governance (“ESG”) factors for the majority of equity investments in the portfolio, where relevant to such companies’ risk and return profiles. ESG factors may include, but are not limited to the environmental and social impact of the issuer, as well as the issuers instituted governance programs, in each case where deemed financially material to the company at hand. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:8pt;">Trinity Street’s Investment Process: Trinity Street believes in an unconstrained, approach to investing that is not linked to components of any benchmark against which the performance of the portfolio is measured, and Trinity Street intends to invest in a focused portfolio of non-U.S. common stocks of publicly traded companies, with the potential to invest in preferred stocks on a limited basis. Trinity Street intends to select securities based on identifying important positive factors that affect a company’s earnings and cash flow prospects, which it believes to be under-recognized by the market. These factors will be identified through fundamental research and valuation methodologies.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:8pt;">Trinity Street’s portfolio of investment positions will mainly consist of large-capitalization companies at the time of the initial purchase. Emerging markets are expected, from time to time, to be represented in the portion of the Fund managed by Trinity Street. An evaluation of ESG factors that could have a material impact on the value of issuer’s equity is incorporated into Trinity Street’s investment process and focuses on an assessment of the impact on the scale and duration of issuer cashflows and the appropriate cost of capital to be applied to such cashflows. ESG does not drive the investment process at Trinity Street, and is only one factor that is considered when investing, holding, and divesting <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:7pt;margin-top:7pt;">The Sub-advisers may sell securities for a variety of reasons, such as to secure gains, limit losses or redeploy assets into more promising opportunities. The Fund may, from time to time, invest in a limited number of issuers. 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 multiple developed and emerging markets of the world, excluding the United States. A shareholder may lose money by investing in the Fund. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:6pt;margin-top:8pt;margin-top:8pt;">Equity Securities Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Equity securities risk is the risk that prices of equity securities rise and fall daily due to factors affecting individual companies, particular industries or the equity market as a whole. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:6pt;margin-top:10pt;margin-top:10pt;">Market Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The price of a security 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. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:6pt;margin-top:8pt;margin-top:8pt;">Investment Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:6pt;margin-top:8pt;margin-top:8pt;">Non-U.S. Investment Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Investing in securities of companies based outside of the United States, including ADRs and GDRs, involves risks not typically associated with investing in securities of companies organized and operated in the United States. These risks include adverse political, social and economic developments abroad, different kinds and levels of market and issuer regulations, and the different characteristics of overseas economies and markets. These factors can make non-U.S. investments more volatile and potentially less liquid than U.S. investments. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:5pt;margin-top:8pt;margin-top:8pt;">Management Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The Fund is actively managed and its success depends upon the investment skills and analytical abilities of the Sub-advisers to develop and effectively implement strategies that achieve the Fund’s investment objective. Subjective decisions made by the Sub-advisers may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:5pt;margin-top:8pt;margin-top:8pt;">Currency Exchange Rate Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Because the Fund invests in securities denominated in, or providing exposure to, non-U.S. currencies and the Fund’s net asset value per share (“NAV”) is determined on the basis of U.S. dollars, the U.S. dollar value of your investment in the Fund may go down if the value of the local currency of the non-U.S. markets in which the Fund invests depreciates against the U.S. dollar. Currency exchange rates can be very volatile and can change quickly and unpredictably. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:5pt;margin-top:8pt;margin-top:8pt;">Large Cap Company Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">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. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:6pt;margin-top:8pt;margin-top:8pt;">Limited Portfolio Holdings Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Although the Fund is a diversified fund and as such intends to meet the diversification requirements of the Investment Company Act of 1940 (“1940 Act”), the Fund may, from time to time, invest in a limited number of issuers. As a result, the appreciation or depreciation of any one security held by the Fund will have a greater impact on the Fund’s net asset value than it would if the Fund invested in a larger number of securities. Although that strategy has the potential to generate attractive returns over time, it also increases the Fund’s volatility and may lead to greater losses. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:6pt;margin-top:8pt;margin-top:8pt;">Emerging Markets Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Emerging markets involve risks greater than those generally associated with investing in more developed foreign markets. These less developed markets can be subject to greater social, economic, regulatory and political uncertainties and can be extremely volatile. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:6pt;margin-top:8pt;margin-top:8pt;">Capital Controls Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Capital controls imposed by foreign governments in response to economic or political events may impact the ability of the Fund to buy, sell or otherwise transfer securities or currency, may adversely affect the trading market and price for shares of the Fund, and may cause the Fund to decline in value. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:6pt;margin-top:8pt;margin-top:8pt;">Large Shareholder Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Asset allocation decisions, particularly large redemptions made by BBH&Co., whose discretionary investment advisory clients make up a large percentage of the Fund’s shareholders, may adversely impact remaining Fund shareholders. 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&Co. or any other bank, and the shares are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other federal, state or other governmental agency. Fund Performance <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:6pt;widows:3;margin-top:6pt;">The following bar chart and table give an indication of the risks involved with an investment in the Fund. The bar chart shows changes in the performance of the Fund’s Class I Shares from year to year. The table shows how the average annual returns of the Fund’s Class I Shares for the periods indicated compared to a broad-based securities market index. One cannot invest directly in an index. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:6pt;widows:3;margin-top:6pt;">When you consider this information, please remember that the Fund’s performance (before and after taxes) in past years is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund’s performance can be obtained by visiting www.bbhfunds.com or can be obtained by phone at 1-800-575-1265. The following bar chart and table give an indication of the risks involved with an investment in the Fund. The bar chart shows changes in the performance of the Fund’s Class I Shares from year to year. The table shows how the average annual returns of the Fund’s Class I Shares for the periods indicated compared to a broad-based securities market index. When you consider this information, please remember that the Fund’s performance (before and after taxes) in past years is not necessarily an indication of how the Fund will perform in the future. www.bbhfunds.com 1-800-575-1265 Total Return for Class I Shares (% Per Calendar Year) <p class="Text_flush_Center" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:2;margin-top:8pt;"><img alt="" src="tbarchart_bbhlx.jpg" style="width:386.56px;max-width:100%;"/> <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;vertical-align:top;width: 48.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable_wrap" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;text-align:center;">Highest Performing Quarter: </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;text-align:center;">22.07% in 2nd quarter of 2020 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;vertical-align:top;width: 48.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable_wrap" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-top:3pt;text-align:center;">Lowest Performing Quarter: </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:3pt;text-align:center;">(17.93)% in 1st quarter of 2020 </td> </tr> </table> Highest Performing Quarter 0.2207 2020-06-30 Lowest Performing Quarter -0.1793 2020-03-31 Average Annual Total Returns (For the periods ended December 31, 2025) <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The Fund’s performance figures assume that all distributions were reinvested in the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">1 Year </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">5 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">10 Years </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB _idGenCellOverride-1" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-top:3pt;">Class I Shares </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-top:3pt;">Return Before Taxes </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">26.19% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">3.72% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">8.03% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-top:3pt;">Return After Taxes on Distributions </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">25.84% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">2.94% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">7.06% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-top:3pt;">Return After Taxes on Distributions and Sale of Fund Shares </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">16.03% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">2.78% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">6.29% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-top:3pt;">MSCI-EAFE Index (reflects no deduction for fees, expenses or taxes) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">31.22% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">8.92% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:3pt;">8.18% </td> </tr> </table> Return Before Taxes 0.2619 0.0372 0.0803 Return After Taxes on Distributions 0.2584 0.0294 0.0706 Return After Taxes on Distributions and Sale of Fund Shares 0.1603 0.0278 0.0629 MSCI-EAFE Index (reflects no deduction for fees, expenses or taxes) reflects no deduction for fees, expenses or taxes 0.3122 0.0892 0.0818 BBH Limited Duration Fund Summary Investment Objective <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">The investment objective of the BBH Limited Duration Fund (the “Fund”) is to provide maximum total return, consistent with preservation of capital and prudent investment management. Fees and Expenses of the Fund <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">The table below describes the fees and expenses that you may pay if you buy, hold, and sell the Fund’s Class N and Class I Shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and expense example below. Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Class N </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Class I </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="No-Table-Style TB _idGenCellOverride-1" style="width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Management Fees* </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">0.23% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">0.23% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Shareholder Service Fee </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">0.20% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">None </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Distribution (12b-1) Fees </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">None </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">None </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Other Expenses* </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">0.06% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">0.04% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Total Annual Fund Operating Expenses </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">0.49% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">0.27% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Less Fee Waiver/Expense Reimbursement** </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">(0.14)% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">0.00% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: Black 2.5pt double; border-bottom-style: double; padding: 0in 0in 1px 0in;" valign="bottom"> <p class="Tbody_rule2" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">0.35% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: Black 2.5pt double; border-bottom-style: double; padding: 0in 0in 1px 0in;" valign="bottom"> <p class="Tbody_rule2" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">0.27% </td> </tr> </table> <p class="Tablefootnote_m" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-10pt;widows:3;margin-top:10pt;margin-top:10pt;">* Restated to reflect current fees. <p class="Tablefootnote_m" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-10pt;widows:3;margin-top:6pt;margin-top:6pt;">** Brown Brothers Harriman Credit Partners, LLC (the “Investment Adviser”), has contractually agreed to limit the Total Annual Fund Operating Expenses to 0.35% for Class N Shares through March 1, 2027 (excluding interest, 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) (the “Expense Limitation Agreement”). The Expense Limitation Agreement may only be terminated during its term with approval of the Fund’s Board of Trustees (the “Board”). 0.0023 0.0023 0.002 0 0 0 0.0006 0.0004 0.0049 0.0027 -0.0014 0 0.0035 0.0027 EXAMPLE <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">This example is intended to help you compare the cost of investing in the Fund’s Class N Shares and Class I Shares to the cost of investing in other mutual funds. This example gives effect to the Class N Shares’ Expense Limitation Agreement for 1 year and the first year of the 3-, 5- and 10-year calculations. The example assumes that you invest $10,000 in the Fund’s Class N Shares and Class I Shares for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund’s Class N Shares and Class I Shares remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TCH" style="width: 28.37%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">1 Year </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">3 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">5 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">10 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-10" style="height:12pt;"> <td class="No-Table-Style TB _idGenCellOverride-1" style="width: 28.37%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Class N Shares </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$36 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$143 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$260 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$602 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-10" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 28.37%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Class I Shares </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$28 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$87 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$152 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$343 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> </table> 36 143 260 602 28 87 152 343 Portfolio Turnover <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 38% of the average value of its portfolio. 0.38 Principal Investment Strategies <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:7pt;margin-top:7pt;">Brown Brothers Harriman Credit Partners, LLC (“BBH Credit Partners” or “Investment Adviser”) serves as the Fund’s investment adviser. The Fund seeks to achieve its investment objective by investing in a well-diversified portfolio of fixed income instruments, including floating or variable rate debt instruments. The Fund intends to invest only in debt instruments which are performing, durable, and available at an attractive valuation. With respect to fixed income instruments, the term “performing” indicates that the instrument is making payment of interest and principal on schedule, while the term “durable” signifies the Investment Adviser’s assessment that the obligor responsible for making payment on the instrument is likely to continue making such timely payment in a variety of future economic circumstances. The Investment Adviser considers an instrument to be “attractively valued” when the Investment Adviser believes that the instrument’s potential excess return over a risk-free rate exceeds that which would be normally justified by the instrument’s underlying risks. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:7pt;margin-top:7pt;">The Fund’s investments will be primarily focused in notes and bonds issued by domestic and foreign corporations and financial institutions, including those in emerging markets, and the U.S. Government, government agencies and government guaranteed issuers, as well as asset-backed securities, consisting of consumer loans, property loans/leases, auto-loans and credit card receivables. The Fund may invest in fixed- and floating-rate loan transactions, which investments generally will be in the form of loan participations, delayed funding loans, and revolving credit facilities, or assignments of portions of such loans. The Fund may purchase mortgage-backed securities, including but not limited to residential mortgage-backed securities and commercial mortgage-backed securities, and sovereign debt when the Investment Adviser believes that the additional returns from these securities justify the risk of allocations to these asset classes. Typically, the duration of the Fund will be less than one year. Duration is a measure of the sensitivity of a fixed-income security to a change in interest rate. For every 1% change in interest rate, a fixed income security’s price will change by 1% for every year of duration; therefore, the longer a security’s duration, the more sensitive it is to changes in interest rates. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:7pt;margin-top:7pt;">To meet its investment objective, the Fund may invest in short-term agreements to buy or sell securities in order to buy or sell them back to the dealer at a higher price, known as repurchase agreements and reverse repurchase agreements. The Fund may also invest in money market instruments, commercial paper, and private placement securities, including Rule 144A, Regulation S and Regulation D securities, to meet its investment objective. The Fund is also permitted to invest in derivative instruments, consisting of U.S. Treasury Futures, forwards, credit default swaps and baskets of credit entities, known as a credit default index. The Fund may also invest a portion of its assets in convertible securities and preferred stock. Subject to applicable statutory and regulatory limitations, the Fund may invest in securities of other investment companies, consisting of shares of exchange-traded funds (“ETFs”) and notes issued by Business Development Companies (“BDCs”). The Fund’s investment in other investment companies may also include shares of money market funds, including funds affiliated with the Investment Adviser. The Fund will invest primarily in investment grade securities but may invest in securities rated below investment grade, and their unrated equivalents, which are commonly referred to as “junk bonds”, when the Investment Adviser believes that the additional income from these securities justifies the higher risk. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:7pt;margin-top:7pt;">As part of the Fund’s investment process, the Investment Adviser considers environmental, social and governance (“ESG”) factors when evaluating investments in corporate notes and bonds, and in structured products. The Investment Adviser does not evaluate ESG factors for investments in investment companies and securities issued by the U.S. government and its agencies. ESG factors may include, but are not limited to, the environmental and social risks of the issuer, as well as the issuer’s instituted governance programs.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:7pt;margin-top:7pt;">When an instrument is no longer trading at an attractive valuation, according to this framework, the Fund aims to sell the investment entirely and invest the proceeds in cash or U.S. Treasury instruments until it identifies another attractively valued investment. A shareholder may lose money by investing in the Fund. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Issuer Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">The value of a security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Credit Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Credit risk refers to the likelihood that an issuer, guarantor, or the counterparty to a derivative contract or repurchase agreement, will default on interest or principal payments. For asset-backed and commercial mortgage-backed securities, there is risk that the impairment of the value of the collateral underlying the security, such as non-payment of loans, will result in a default on interest or principal payments. Credit risk is heightened to the extent the Fund invests in below investment grade securities. In addition to the possibility of an issuer being in default, the issuer may request an extension on the maturity of a security. In instances in which the maturity of a security is extended, the value of the security may decline. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Asset-Backed Securities (“ABS”) Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Credit risk is an important issue in ABS because of the significant credit risks inherent in the underlying collateral and because issuers are primarily private entities. Credit risk arises from losses due to defaults by the borrowers in the underlying collateral or the issuer’s or servicer’s failure to perform. Market risk arises from the cash-flow characteristics of the security, which for many ABS tend to be predictable. The greatest variability in cash flows comes from credit performance, including the presence of early amortization or acceleration features designed to protect the investor if credit losses in the portfolio rise well above expected levels. Interest rate risk arises for the issuer from the relationship between the pricing terms on the underlying collateral and the terms of the rate paid to security holders. ABS also are subject to the risk that a change in interest rates may influence the pace of prepayments of the underlying securities which, in turn, affects yields on an absolute basis. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Liquidity risk can arise from increased perceived credit risk. Illiquidity can also become a significant problem if concerns about credit quality, for example, lead investors to avoid the securities issued by the relevant special-purpose entity. Operations risk arises through the potential for misrepresentation of asset quality or terms by the originating institution, misrepresentation of the nature and current value of the assets by the servicer and inadequate controls over disbursements and receipts by the servicer. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Structural risk may arise through investments in ABS with structures (for example, the establishment of various security tranches) that are intended to reallocate the risks entailed in the underlying collateral (particularly credit risk) in ways that give certain investors less credit risk protection (i.e., a lower priority claim on the cash flows from the underlying pool of assets) than others. As a result, such securities have a higher risk of loss as a result of delinquencies or losses on the underlying assets. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Loan Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">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 participations, delayed funding loans and revolving credit facilities are subject to credit, interest rate and liquidity risk and the risks of being a lender. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Management Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The Fund is actively managed and its success depends upon the investment skills and analytical abilities of the Investment Adviser to develop and effectively implement strategies that achieve the Fund’s investment objective. Subjective decisions made by the Investment Adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">U.S. Government Agency Securities Risk: <p class="Text_flush_0" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Certain U.S. government agency securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the issuer or instrumentality. 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. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Interest Rate Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Interest rate risk refers to the price fluctuation of a bond in response to changes in interest rates. The Fund’s investments in bonds and other fixed income securities will change in value in response to fluctuations in interest rates. In general, fixed-rate bonds with shorter maturities are less sensitive to interest rate movements than those with longer maturities, (i.e., when interest rates increase, bond prices fall). Rising interest rates tend to cause the prices of debt securities (especially those with longer maturities) to fall which could result in a decrease of the net asset value (“NAV”) of the Fund. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund’s fixed income investments may be subject to heightened risk associated with rising interest rates given the recent historically low interest rate environment. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">A rising rate environment may also result in periods of volatility and increased redemptions. As a result of increased redemptions, the Fund may have to liquidate fixed income securities at disadvantageous prices and times, or at a loss, which could adversely affect the performance of the Fund. While the Fund may use futures contracts and futures options to hedge against anticipated changes in interest rates, there can be no guarantee that the Fund will be able to successfully hedge interest rate exposures. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Maturity Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Interest rate risk, as discussed above, will generally affect the price of a fixed income security more if the security has a longer maturity. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Prepayment Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">The Fund’s investments are subject to the risk that in times of declining interest rates, the Fund’s higher yielding securities will be prepaid and the Fund will have to replace them with securities potentially having a lower yield. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Mortgage-Backed Securities Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Borrowers may default on their mortgage obligations or the guarantees underlying the mortgage-backed securities. In addition, during periods of falling interest rates mortgage-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. A fund holding mortgage-related securities may exhibit additional volatility during periods of fluctuating interest rates. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Illiquid Investment Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Illiquid investments subject the Fund to the risk that it may not be able to sell the investments when desired or at favorable prices. The size of a transaction or illiquid markets may be factors. Some loan transactions may be subject to legal or contractual restrictions on resale or may trade infrequently and, as a result, it may take longer to settle these transactions, which may result in impaired value when the Fund needs to liquidate such loans. In addition, certain derivative instruments and private placements, such as Rule 144A, Regulation S and Regulation D securities, may be illiquid. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Private Placement Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">The Fund may invest in private placement securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. Private placement securities are securities that have not been registered under the applicable securities laws, these securities include Rule 144A securities, securities of U.S. and non-U.S. issuers that are issued pursuant to Regulation S and securities issued pursuant to Regulation D. Restricted securities may not be listed on an exchange and may have no active trading market, resulting in the security being deemed illiquid. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Investment Company Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">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. These risks may be similar to the risks of the Fund but may also vary wildly depending on the underlying investment strategy and objectives. ETF’s may be designed to track a particular index, if the performance of the underlying securities of the index goes down, the investment in the ETF may result in a loss. ETF shares are traded on securities exchanges and may not be traded extensively, which may result in larger differences between the “ask” price quoted by a seller and the “bid” price offered by a buyer. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Business Development Company Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">BDCs may carry risks similar to those of a private equity or venture capital fund. BDC company securities are not redeemable at the option of the shareholder and they may trade in the market at a discount to their net asset value. BDCs usually trade at a discount to their net asset value because they invest in unlisted securities and have limited access to capital markets. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Convertible Securities Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">The Fund may invest in convertible securities, which may perform in a similar manner to a regular debt security. Investments in convertible securities are subject to variety of risks, including investment risk, market risk, issuer risk and interest rate risk. A rise in market interest rates may result in the value of a convertible security decreasing. Additionally, if an issuer is not able to pay interest or dividends when due, their market value of the security may change based on the issuer’s credit rating and the perception of the issuer’s creditworthiness. Convertible securities may also be lower-rated securities as they may face higher levels of credit risk. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Preferred Securities Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">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 may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific 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. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Large Shareholder Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Asset allocation decisions, particularly large redemptions, made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders may adversely impact remaining Fund shareholders. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Derivatives Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying asset or index. Risks of investing in derivatives are different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Risks include liquidity risk, interest rate risk, market risk, credit risk, risk of mis-pricing or improper valuation and the risk of miscorrelation. The Fund could lose more than the principal amount invested. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Non-U.S. Investment Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Investing in securities of companies based outside of the United States involves risks not typically associated with investing in securities of companies organized and operated in the United States. These risks include adverse political, social and economic developments abroad, different kinds and levels of market and issuer regulations, and the different characteristics of overseas economies and markets. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">These factors can make non-U.S. investments more volatile and potentially less liquid than U.S. investments. Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Emerging Markets Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Emerging markets involve risks greater than those generally associated with investing in more developed foreign markets. These less developed markets can be subject to greater social, economic, regulatory and political uncertainties and the price of securities issued by emerging markets issuers can be extremely volatile. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Investment Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Market Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Market risks, including political, regulatory, economic and social developments, can result in market volatility and can affect the value of the Fund’s investments. 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. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Sovereign Debt Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Bonds issued by foreign governments, sometimes referred to as “sovereign” debt, present risks not associated with investments in other types of bonds. The government or agency issuing the debt may be unable or unwilling to make interest payments and/or repay the principal owed. In such instance, the Fund may have limited recourse against the issuing government or agency. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:24pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;margin-top:12pt;">Below Investment Grade Securities (Junk Bonds) Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">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), and their unrated equivalents, may be subject to greater risks than securities which have higher credit ratings, including a high risk of default. These securities are considered speculative and are commonly known as “junk bonds.” 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&Co. (the Investment Adviser’s parent) or any other bank, and the shares are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other federal, state or other governmental agency. Fund Performance <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The following bar chart and table give an indication of the risks involved with an investment in the Fund. The bar chart shows changes in the performance of the Fund’s Class I shares from year to year. The table shows how the average annual returns of the Fund’s Class N Shares and Class I Shares for the periods indicated compared to a broad-based securities market index, as well as to a benchmark which reflects the duration of the Fund and a reference benchmark. One cannot invest directly in an index.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">When you consider this information, please remember that the Fund’s performance (before and after taxes) in past years is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund’s performance can be obtained by visiting www.bbhfunds.com or can be obtained by phone at 1-800-575-1265. The following bar chart and table give an indication of the risks involved with an investment in the Fund. The bar chart shows changes in the performance of the Fund’s Class I shares from year to year. The table shows how the average annual returns of the Fund’s Class N Shares and Class I Shares for the periods indicated compared to a broad-based securities market index, as well as to a benchmark which reflects the duration of the Fund and a reference benchmark. When you consider this information, please remember that the Fund’s performance (before and after taxes) in past years is not necessarily an indication of how the Fund will perform in the future. www.bbhfunds.com 1-800-575-1265 Total Return for Class I Shares (% Per Calendar Year) <p class="Text_flush_Center" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:3;margin-top:8pt;"><img alt="" src="tbarchart_bbbix.jpg" style="width:377.6px;max-width:100%;"/> <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-24" style="height:12pt;"> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:3pt;padding-top:3pt;vertical-align:top;width: 48.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable_wrap" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;text-align:center;">Highest Performing Quarter: </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;vertical-align:top;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;text-align:center;">3.98% in 2nd quarter of 2020 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-24" style="height:12pt;"> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:3pt;padding-top:3pt;vertical-align:top;width: 48.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable_wrap" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;text-align:center;">Lowest Performing Quarter: </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;vertical-align:top;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;text-align:center;">(3.29)% in 1st quarter of 2020 </td> </tr> </table> Highest Performing Quarter 0.0398 2020-06-30 Lowest Performing Quarter -0.0329 2020-03-31 Average Annual Total Returns (For the periods ended December 31, 2025) <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">The Fund’s performance figures assume that all distributions were reinvested in the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns for Class I Shares will differ from those shown for Class N Shares. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only one class and after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only one class and after-tax returns for other classes will vary. <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">1 Year </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">5 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">10 Years </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-10" style="height:12pt;"> <td class="No-Table-Style TB _idGenCellOverride-1" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Class N Shares </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Return Before Taxes </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">5.53% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">3.94% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">3.38% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Return After Taxes on Distributions </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">3.56% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">2.47% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">2.15% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Return After Taxes on Distributions and Sale of Fund Shares </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">3.48% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">2.40% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">2.06% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-10" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Class I Shares </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Return Before Taxes </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">5.61% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">4.00% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">3.47% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-26" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:16pt;text-indent:-8pt;">Bloomberg US Aggregate Index (reflects no deduction for fees, expenses or taxes) </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">7.30% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">(0.36)% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">2.01% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-26" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:16pt;text-indent:-8pt;">Bloomberg U.S. 1-3 Year Treasury Bond Index (reflects no deduction for fees, expenses or taxes) </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">5.17% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">1.75% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">1.83% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-27" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:16pt;text-indent:-8pt;">Reference Benchmark (an unmanaged weighted index comprised as follows: 40% Bloomberg Short-Term Corporate Index; 40% Bloomberg US Aggregate ABS Index; and 20% Bloomberg US Treasury Bills Index) </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">5.16% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">2.98% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">2.60% </td> </tr> </table> Return Before Taxes 0.0553 0.0394 0.0338 Return After Taxes on Distributions 0.0356 0.0247 0.0215 Return After Taxes on Distributions and Sale of Fund Shares 0.0348 0.024 0.0206 Return Before Taxes 0.0561 0.04 0.0347 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses or taxes) reflects no deduction for fees, expenses or taxes 0.073 -0.0036 0.0201 Bloomberg U.S. 1-3 Year Treasury Bond Index (reflects no deduction for fees, expenses or taxes) 0.0517 0.0175 0.0183 Reference Benchmark (an unmanaged weighted index comprised as follows: 40% Bloomberg Short-Term Corporate Index; 40% Bloomberg US Aggregate ABS Index; and 20% Bloomberg US Treasury Bills Index) 0.0516 0.0298 0.026 BBH Income Fund Summary Investment Objective <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The investment objective of the BBH Income Fund (the “Fund”) is to provide maximum total return, with an emphasis on current income, consistent with preservation of capital and prudent investment management. Fees and Expenses of the Fund <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The table below describes the fees and expenses that you may pay if you buy, hold, and sell the Fund’s Class N Shares and Class I Shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and expense example below. Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Class N </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Class I </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:8pt;text-indent:0;">Management Fees* </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">0.37% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">0.37% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:8pt;text-indent:0;">Distribution (12b-1) Fees </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">None </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">None </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:8pt;text-indent:0;">Other Expenses** </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">0.33% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">0.07% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:8pt;text-indent:0;">Total Annual Fund Operating Expenses </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: Black 2.5pt double; border-bottom-style: double; padding: 0in 0in 1px 0in;" valign="bottom"> <p class="Tbody_rule2" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">0.70% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: Black 2.5pt double; border-bottom-style: double; padding: 0in 0in 1px 0in;" valign="bottom"> <p class="Tbody_rule2" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">0.44% </td> </tr> </table> <p class="Tablefootnote_m" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-10pt;widows:3;margin-top:10pt;margin-top:10pt;">* Restated to reflect current fees. <p class="Tablefootnote_m" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-10pt;widows:3;margin-top:3pt;margin-top:3pt;">** Restated to reflect current fees for Class I Shares. Based on estimated amounts for the current fiscal year for Class N Shares. 0.0037 0.0037 0 0 0.0033 0.0007 0.007 0.0044 EXAMPLE <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">This example is intended to help you compare the cost of investing in the Fund’s Class N Shares and Class I Shares to the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund’s Class N Shares and Class I Shares for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund’s Class N Shares and Class I Shares remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TCH" style="width: 28.37%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">1 Year </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">3 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">5 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">10 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="No-Table-Style TB _idGenCellOverride-1" style="width: 28.37%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;">Class N Shares </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$72 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$225 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">— </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">— </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 28.37%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;">Class I Shares </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$45 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$141 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$246 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$553 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> </table> 72 225 45 141 246 553 Portfolio Turnover <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:8pt;">The Fund pays transaction costs, such as commissions, primarily in the form of bid-ask spreads, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 42% of the average value of its portfolio. 0.42 Principal Investment Strategies <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:8pt;">Brown Brothers Harriman Credit Partners, LLC (“BBH Credit Partners” or “Investment Adviser”) serves as the Fund’s investment adviser. The Fund seeks to achieve its investment objective by investing in a well-diversified portfolio of fixed income instruments, including floating or variable rate debt instruments. The Fund intends to invest only in debt instruments which are performing, durable, and available at an attractive valuation. With respect to fixed income instruments, the term “performing” indicates that the instrument is making payment of interest and principal on schedule, while the term “durable” signifies the Investment Adviser’s assessment that the obligor responsible for making payment on the instrument is likely to continue making such timely payment in a variety of future economic circumstances. The Investment Adviser considers an instrument to be “attractively valued” when the Investment Adviser believes that the instrument’s potential total return exceeds that which would be normally justified by the instrument’s underlying risks. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:8pt;">The Fund’s investments will be primarily focused in notes and bonds issued by domestic and non-U.S. corporations, financial institutions, the U.S. Government and government agencies and government guaranteed issuers; asset-backed securities, consisting of consumer and commercial asset-backed securities; commercial mortgage-backed securities and residential mortgage-backed securities and loan transactions. The Fund may purchase select municipal obligations, sovereign debt, and fixed income securities issued by corporations and governments in non-U.S. countries, including in emerging markets, when the Investment Adviser believes that the additional returns available from these securities are attractive. The Fund may invest in money market instruments, repurchase agreements, commercial paper and for hedging purposes, derivative instruments, consisting of futures, swaps and options, to meet its investment objective. The Fund may also invest a portion of its assets in securities that have characteristics of equity securities, including but not limited to convertible securities and preferred stock. Subject to applicable statutory and regulatory limitations, the Fund may invest in shares of other investment companies, consisting of shares of exchange-traded funds (“ETFs”) and notes issued by business development companies (“BDCs”). The Fund’s investment in other investment companies may include shares of money market funds, including funds affiliated with the Investment Adviser. The Fund may invest in fixed- and floating-rate loan transactions, which investments generally will be in the form of loan participations, delayed funding loans, and revolving credit facilities, or assignments of portions of such loans. The Fund may also invest in private placement securities, including Rule 144A, Regulation S and Regulation D securities, to meet its investment objective. <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:8pt;">The Fund has no limitations on the range of maturities of the debt securities in which it can invest and may hold securities with short-, medium- or long-term maturities. The Fund will seek to maintain an overall portfolio duration (sensitivity to changes in yields) that is consistent with the broad investment grade market through the use of securities held and U.S. Treasury futures. Under normal circumstances, the Fund is managed with the intention of maintaining an effective duration of between 80% - 120% of the effective duration of the Bloomberg US Aggregate Index, which as of January 31, 2026 was approximately 5.8 years. The Fund also targets, under normal circumstances, the following exposure limitations at the time of purchase: 95% of the Fund’s assets in instruments denominated in U.S. Dollars including securities issued by corporate or sovereign issuers domiciled outside of the U.S.; 75% or more of the Fund’s assets in instruments with an investment grade rating; 25% or less of the Fund’s assets in instruments rated “BB” (or equivalent) and below and their unrated equivalents, which are commonly referred to as “junk bonds”; 10% or less of the Fund’s assets in corporate or sovereign debt of issuers domiciled in emerging markets (defined as an issuer in the JPMorgan Emerging Market Bond Index (“JPM EMBI”)); and 5% or less of the Fund’s assets in instruments rated “CCC” (or equivalent) and below. These limitations notwithstanding, the Fund will have the flexibility to invest in the sectors, industries, securities and durations that the Investment Adviser identifies as offering attractive risk-adjusted returns consistent with the Fund’s investment objective. The Fund may also buy non-U.S. securities that are denominated in currency other than the U.S. Dollar. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:8pt;">As part of the Fund’s investment process, the Investment Adviser considers environmental, social and governance (“ESG”) factors when evaluating investments in corporate notes and bonds and in structured products. The Investment Adviser does not evaluate ESG factors for investments in investment companies and securities issued by the U.S. government and its agencies. ESG factors may include, but are not limited to, the environmental and social risks of the issuer, as well as the issuer’s instituted governance programs. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:8pt;">When an instrument is no longer trading at an attractive valuation, according to this framework, the Fund aims to sell the investment entirely and invest the proceeds in cash or U.S. Treasury instruments until it identifies another attractively valued investment. A shareholder may lose money by investing in the Fund. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">INTEREST RATE RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Interest rate risk refers to the price fluctuation of a bond in response to changes in interest rates. Rising interest rates tend to cause the price of debt securities (especially those with longer maturities) and the Fund’s share price to fall. Although generally less sensitive to interest rate changes than fixed-income securities, the value of variable and floating rate securities may decline if their interest rates (which typically reset only periodically) do not rise as quickly, or as much, as general interest rates. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">MATURITY RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Interest rate risk, as discussed above, will generally affect the price of a fixed income security more if the security has a longer maturity. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">ISSUER RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The value of a security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">CREDIT RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Credit risk refers to the likelihood that an issuer, guarantor, borrower, or the counterparty to a derivative contract or repurchase agreement, will default on interest or principal payments. For asset-backed and commercial mortgage-backed securities, there is risk that the impairment of the value of the collateral underlying the security, such as non-payment of loans, will result in default on interest or principal payments. For loan transactions, there is risk that the borrower of the loan may, or will, default or become otherwise unable or unwilling to pay. Additionally, loans that have a lower priority in an issuer’s capital structure may involve a higher degree of overall risk than more senior loans. In addition to the possibility of an issuer being in default, the issuer may request an extension on the maturity of a security. In instances in which the maturity of a security is extended, the value of the security may decline. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">ASSET-BACKED SECURITIES RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Investments in asset-backed securities are subject to prepayment and extension risks, as well as risk that the underlying borrower will be unable to meet its obligations. In addition, during periods of falling interest rates asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. The ability of an issuer of asset-backed securities to enforce its security interest in the underlying assets may be limited. A fund holding asset-backed securities may exhibit additional volatility during periods of fluctuating interest rates. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">MANAGEMENT RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The Fund is actively managed and its success depends upon the investment skills and analytical abilities of the Investment Adviser to develop and effectively implement strategies that achieve the Fund’s investment objective. Subjective decisions made by the Investment Adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">PREPAYMENT RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The Fund’s investments are subject to the risk that in times of declining interest rates, the Fund’s higher yielding securities will be prepaid and the Fund will have to replace them with securities potentially having a lower yield. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">MORTGAGE-BACKED SECURITIES RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Borrowers may default on their mortgage obligations or guarantors may default on the guarantees underlying the mortgage-backed securities. In addition, during periods of falling interest rates mortgage-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. A fund holding mortgage-related securities may exhibit additional volatility during periods of fluctuating interest rates. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">ILLIQUID INVESTMENT RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Illiquid investments subject the Fund to the risk that it may not be able to sell the investments when desired or at favorable prices. The size of a transaction or illiquid markets may be factors. Some loan transactions may be subject to legal or contractual restrictions on resale or may trade infrequently and, as a result, it may take longer to settle these transactions, which may result in impaired value when the Fund needs to liquidate such loans. In addition, certain derivative instruments and private placements, such as Rule 144A, Regulation S and Regulation D securities, may be illiquid. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">PRIVATE PLACEMENT RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The Fund may invest in private placement securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. Private placement securities are securities that have not been registered under the applicable securities laws, such as Rule 144A securities, securities of U.S. and non-U.S. issuers that are issued pursuant to Regulation S and securities issued pursuant to Regulation D. Restricted securities may not be listed on an exchange and may have no active trading market, resulting in the security being deemed illiquid. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">LARGE SHAREHOLDER RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">To the extent that the Fund experiences a large purchase or redemption on any business day, the Fund’s performance may be adversely affected. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">NON-U.S. INVESTMENT RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Investing in securities of companies based outside of the United States involves risks not typically associated with investing in securities of companies organized and operated in the United States. These risks include adverse political, social and economic developments abroad, different kinds and levels of market and issuer regulations, and the different characteristics of overseas economies and markets. These factors can make foreign investments more volatile and potentially less liquid than U.S. investments. Changes in non-U.S. currency exchange rates can affect the value of the Fund’s portfolio. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">SOVEREIGN DEBT RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Bonds issued by foreign governments, sometimes referred to as “sovereign” debt, present risks not associated with investments in other types of bonds. The government or agency issuing the debt may be unable or unwilling to make interest payments and/or repay the principal owed. In such instance, the Fund may have limited recourse against the issuing government or agency. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">U.S. GOVERNMENT AGENCY SECURITIES RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Certain U.S. government agency securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the issuer or instrumentality. While the U.S. Government has historically provided financial support to U.S. government-sponsored agencies or instrumentalities during times of financial stress, 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. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">BELOW INVESTMENT GRADE SECURITIES (JUNK BONDS) RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">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), and their unrated equivalents, may be subject to greater risks than securities which have higher credit ratings, including a high risk of default. These securities are considered speculative and are commonly known as “junk bonds.” <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">CALL RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">If the securities in which the Fund invests are redeemed by the issuer before maturity the Fund may have to reinvest the proceeds in securities that pay a lower interest rate. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">DERIVATIVES RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Derivatives are financial contracts, the value of which depends on, or is derived from, the value of an underlying asset or index. The risks associated with derivatives are different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Risks include illiquid investment risk, interest rate risk, market risk, credit risk, risk of mis-pricing or improper valuation and the risk of miscorrelation. Derivatives also expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations. The Fund could lose more than the principal amount invested. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">EMERGING MARKETS RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Emerging markets involve risks greater than those generally associated with investing in more developed foreign markets. These less developed markets can be subject to greater social, economic, regulatory and political uncertainties and the price of securities issued by emerging markets issuers can be extremely volatile. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">INVESTMENT COMPANY RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The Fund may invest in securities of other investment companies, such as ETFs. When purchasing shares of other investment companies, shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying or investment company. The Fund is subject to the risks associated with the investment company’s investments. These risks may be similar to the risks of the Fund but may also vary wildly depending on the underlying investment strategy and objectives. ETF’s may be designed to track a particular index, if the performance of the underlying securities of the index goes down, the investment in the ETF may result in a loss. ETF shares are traded on securities exchanges and may not be traded extensively, which may result in larger differences between the “ask” price quoted by a seller and the “bid” price offered by a buyer. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">BUSINESS DEVELOPMENT COMPANY RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">BDCs may carry risks similar to those of a private equity or venture capital fund. BDC company securities are not redeemable at the option of the shareholder and they may trade in the market at a discount to their net asset value. BDCs usually trade at a discount to their net asset value because they invest in unlisted securities and have limited access to capital markets. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">CONVERTIBLE SECURITIES RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The Fund may invest in convertible securities, which may perform in a similar manner to a regular debt security. Investments in convertible securities are subject to a variety of risks, including investment risk, market risk, issuer risk and interest rate risk. A rise in market interest rates may result in the value of a convertible security decreasing. Additionally, if an issuer is not able to pay interest or dividends when due, the market value of the security may change based on the issuer’s credit rating and the perception of the issuer’s creditworthiness. Convertible securities may also be lower-rated securities as they may face higher levels of credit risk. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">PREFERRED SECURITIES RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">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 may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific 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. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">INVESTMENT RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">LOAN RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">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 participations, delayed funding loans and revolving credit facilities are subject to credit, interest rate and liquidity risk and the risks of being a lender. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">MARKET RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The price of a security 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. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">MUNICIPAL ISSUER RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The Fund may invest in municipal securities. The value of municipal securities may be affected by uncertainties in the municipal market related to legislation or litigation involving the taxation of municipal securities or the rights of municipal securities holders in the event of a default or bankruptcy. If a security’s structure fails to function as intended, the security could become taxable or decline in value. Additionally, issuers of municipal obligations may not be able to make timely payments because of general economic downturns or increased governmental costs. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">REPURCHASE AGREEMENT RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">This is the risk that the other party to a repurchase agreement will default on its obligation under the agreement. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">SECTOR RISK: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">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. 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&Co. (the Investment Adviser’s parent) or any other bank, and the shares are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other federal, state or other governmental agency. Fund Performance <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:8pt;">The following bar chart and table give an indication of the risks involved with an investment in the Fund. The bar chart shows changes in the performance of the Fund’s Class I Shares from year to year. The table shows how the average annual returns of the Fund’s Class I Shares for the periods indicated compared to a broad-based securities market index. One cannot invest directly in an index. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:8pt;">When you consider this information, please remember that the Fund’s performance (before and after taxes) in past years is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund’s performance can be obtained by visiting www.bbhfunds.com or can be obtained by phone at 1-800-575-1265. The following bar chart and table give an indication of the risks involved with an investment in the Fund. The bar chart shows changes in the performance of the Fund’s Class I Shares from year to year. The table shows how the average annual returns of the Fund’s Class I Shares for the periods indicated compared to a broad-based securities market index. When you consider this information, please remember that the Fund’s performance (before and after taxes) in past years is not necessarily an indication of how the Fund will perform in the future. www.bbhfunds.com 1-800-575-1265 Total Returns for Class I Shares (% Per Calendar Year) <p class="Text_flush_Center" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:2;margin-top:8pt;"><img alt="" src="tbarchart_bbnix.jpg" style="width:384.0px;max-width:100%;"/> <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;vertical-align:top;width: 48.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable_wrap" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;text-align:center;">Highest Performing Quarter: </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;text-align:center;">7.29% in 4th quarter of 2023 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;vertical-align:top;width: 48.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable_wrap" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;text-align:center;">Lowest Performing Quarter: </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;text-align:center;">(6.26)% in 2nd quarter of 2022 </td> </tr> </table> Highest Performing Quarter 0.0729 2023-12-31 Lowest Performing Quarter -0.0626 2022-06-30 Average Annual Total Returns (For the periods ended December 31, 2025) <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The Fund’s performance figures assume that all distributions were reinvested in the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns for Class I Shares will differ from those shown for Class N Shares, once that share class is operational. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only one class and after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only one class and after-tax returns for other classes will vary. <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-26" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 56.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">1 Year </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">5 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.54%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Since Inception (June 27, 2018) </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;width: 56.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:5pt;text-indent:0;">Class I Shares </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.21%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.21%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.54%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;width: 56.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:5pt;text-indent:0;">Return Before Taxes </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.21%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">7.85% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.21%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"> 1.38% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.54%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">3.79% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-27" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;width: 56.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:5pt;text-indent:0;">Return After Taxes on Distributions </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.21%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">5.54% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.21%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">(0.55)% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.54%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">1.69% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;width: 56.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:5pt;text-indent:0;">Return After Taxes on Distributions and Sale of Fund Shares </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.21%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">4.91% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.21%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"> 0.23% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.54%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">2.02% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-27" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;width: 56.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:5pt;text-indent:0;">Bloomberg US Aggregate Index (reflects no deduction for fees, expenses or taxes) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.21%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">7.30% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.21%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">(0.36)% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.54%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">2.07% </td> </tr> </table> 2018-06-27 Return Before Taxes 0.0785 0.0138 0.0379 Return After Taxes on Distributions 0.0554 -0.0055 0.0169 Return After Taxes on Distributions and Sale of Fund Shares 0.0491 0.0023 0.0202 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses or taxes) reflects no deduction for fees, expenses or taxes 0.073 -0.0036 0.0207 BBH Intermediate Municipal Bond Fund Summary Investment Objective <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">The investment objective of the BBH Intermediate Municipal Bond Fund (the “Fund”) is to protect investor’s capital and generate attractive risk-adjusted returns. Fees and Expenses of the Fund <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">The table below describes the fees and expenses that you may pay if you buy, hold, and sell the Fund’s Class N and Class I Shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and expense example below. Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Class N </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Class I </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB _idGenCellOverride-1" style="width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Management Fees* </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">0.37% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">0.37% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Shareholder Service Fee </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">0.20% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;"> None </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Distribution (12b-1) Fees </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;"> None </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;"> None </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Other Expenses* </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">0.16% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">0.07% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Total Annual Fund Operating Expenses </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">0.73% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">0.44% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Less Fee Waiver/Expense Reimbursement** </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">(0.08)% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">0.00% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 72.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: Black 2.5pt double; border-bottom-style: double; padding: 0in 0in 1px 0in;" valign="bottom"> <p class="Tbody_rule2" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">0.65% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: Black 2.5pt double; border-bottom-style: double; padding: 0in 0in 1px 0in;" valign="bottom"> <p class="Tbody_rule2" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">0.44% </td> </tr> </table> <p class="Tablefootnote_m" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-10pt;widows:3;margin-top:10pt;margin-top:10pt;">* Restated to reflect current fees. <p class="Tablefootnote_m" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-10pt;widows:3;margin-top:6pt;margin-top:6pt;">** Brown Brothers Harriman & Co., through a separately identifiable department (“Investment Adviser”), has contractually agreed to limit the Total Annual Fund Operating Expenses to 0.65% for Class N Shares and 0.50% for Class I Shares through March 1, 2027 (excluding interest, 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) (the “Expense Limitation Agreement”). The Expense Limitation Agreement may only be terminated during its term with approval of the Fund’s Board of Trustees (the “Board”). 0.0037 0.0037 0.002 0 0 0 0.0016 0.0007 0.0073 0.0044 -0.0008 0 0.0065 0.0044 EXAMPLE <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">This example is intended to help you compare the cost of investing in the Fund’s Class N Shares and Class I Shares to the cost of investing in other mutual funds. This example gives effect to the Class N Shares’ Expense Limitation Agreement for 1 year and the first year of the 3-, 5- and 10-year calculations. The example assumes that you invest $10,000 in the Fund’s Class N Shares and Class I Shares for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund’s Class N Shares and Class I Shares remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 28.49%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.96%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">1 Year </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.96%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">3 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.96%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">5 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.96%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">10 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-10" style="height:12pt;"> <td class="No-Table-Style TB _idGenCellOverride-1" style="width: 28.49%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Class N Shares </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.96%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$66 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.96%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$219 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.96%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$385 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.96%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$865 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-10" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 28.49%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Class I Shares </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.96%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$45 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.96%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$141 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.96%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$246 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.96%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$553 </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> </table> 66 219 385 865 45 141 246 553 Portfolio Turnover <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 187% of the average value of its portfolio. Excluding variable rate demand notes, during the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 37% of the average value of its portfolio. 1.87 Principal Investment Strategies <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The Fund seeks to achieve its investment objective by applying bottom-up fundamental analysis and investing in a long-term, tax-aware manner. The Fund aims to implement the strategy by investing primarily in a diversified portfolio of investment grade municipal bonds rated in the four highest credit ratings categories (AAA to BBB, or equivalent) at the time of purchase by at least one nationally recognized credit rating agency, or, if unrated, deemed to be of comparable quality by the investment adviser. 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. However, certain municipal securities may pay interest that is includable as taxable income for purposes of the federal alternative minimum tax. There can be no assurance that the Fund will achieve its investment objective. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The Fund may invest in fixed-, variable- or floating-rate municipal securities issued by states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies, and instrumentalities, authorities thereof, and multi-state agencies, issued to obtain funds for various public purposes. These may include general obligation bonds, which typically are backed by the issuer’s ability to levy taxes, and revenue bonds, which typically are backed by a stream of revenue from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source. Municipal securities also include auction rate municipal securities. The Fund may invest up to 15% of the market value of its total assets in securities that may be purchased on a when-issued or delayed delivery basis. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The Fund may also invest up to 20% of its total assets in securities that are not municipal securities, if, in the opinion of the Investment Adviser, these securities will enhance after-tax returns for Fund investors. Non-municipal securities investments may include notes and bonds issued by domestic and non-U.S. corporations and financial institutions and the U.S. Government, its agencies and guaranteed issuers. In addition, the Fund may purchase asset-backed securities, mortgage backed securities, auction rate securities and other sovereign debt when the Investment Adviser believes that the additional returns from these securities justify the risk of allocations to these asset classes. Under normal circumstances, the Fund expects the portfolio’s dollar weighted average maturity to be between 3 and 10 years. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The Fund may invest in money market instruments, repurchase agreements and derivative instruments, consisting of futures, swaps and options, to hedge its investments or to seek to enhance returns. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The Fund will not invest 25% or more of total assets in municipal obligations relating to similar types of projects or with other similar economic, business, or political characteristics (such as bonds of airport facilities or healthcare providers). For purposes of this policy, securities of the U.S. Government, its agencies, or instrumentalities and municipal obligations backed by the credit of governmental entities are not subject to this 25% limit. The Fund may invest more than 25% of its total assets in municipal securities whose issuers are located in any one state. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">As part of the Fund’s investment process, the Investment Adviser considers environmental, social and governance (“ESG”) when evaluating investments in municipal bonds and structured products. The Investment Adviser does not evaluate ESG factors for securities issued by the U.S. government and its agencies. ESG factors may include, but are not limited to, the environmental and social risks of the issuer, as well as the issuer’s instituted governance programs. 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. A shareholder may lose money by investing in the Fund. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Investment Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or even long periods of time. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Market Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">The price of a security 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. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Interest Rate Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Interest rate risk refers to the price fluctuation of a bond in response to changes in interest rates. The Fund’s investments in bonds and other fixed income securities will change in value in response to fluctuations in interest rates. In general, bonds with shorter maturities are less sensitive to interest rate movements than those with longer maturities (i.e., when interest rates increase, bond prices fall). Rising interest rates tend to cause the prices of debt securities (especially those with longer maturities) to fall which could result in a decrease of the net asset value (“NAV”) of the Fund. Changes in the yield curve will impact the Fund’s investments. For example, when transitioning to recession, yields on shorter term securities tend to fall faster than the yields on longer term securities. When transitioning to expansion, yields on longer term bonds tend to rise less quickly that yields on shorter term securities. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund’s fixed income investments may be subject to heightened risk associated with rising interest rates given the recent historically low interest rate environment. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">A potential increase in interest rates may also result in periods of volatility and increased redemptions. As a result of increased redemptions, the Fund may have to liquidate fixed income securities at disadvantageous prices and times, or at a loss, which could adversely affect the performance of the Fund. While the Fund may use futures contracts, swaps and futures options to hedge against anticipated changes in interest rates, there can be no guarantee that the Fund will be able to successfully hedge interest rate exposures. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Illiquid Investment Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Illiquid investment risk exists when a particular instrument is difficult to purchase or sell. Size of a transaction or illiquid markets may be factors. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Credit Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Credit risk refers to the likelihood that an issuer, guarantor, or the counterparty to a derivative contract or repurchase agreement, will default on interest or principal payments. In addition to the possibility of an issuer being in default, the issuer may request an extension on the maturity of a security. In instances in which the maturity of a security is extended, the value of the security may decline. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Municipal Issuer Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">The Fund invests principally in municipal securities. The value of municipal securities may be affected by uncertainties in the municipal market related to legislation or litigation involving the taxation of municipal securities or the rights of municipal securities holders in the event of a default or bankruptcy. If a security’s structure fails to function as intended, the security could become taxable or decline in value. Additionally, issuers of municipal obligations may not be able to make timely payments because of general economic downturns or increased governmental costs. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Municipal Revenue Sector Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">The Fund will not invest 25% or more of its total assets in any one municipal revenue sector relating to bonds backed by revenues from similar types of projects (such as those relating to higher education, healthcare, housing, airports or utilities) or with other similar economic, business, or political characteristics. However, as the Fund’s exposure to such similar projects increases, the Fund will also become more sensitive to adverse economic, business or political developments relevant to these projects. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Geographic Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">From time to time the Fund may have a significant position in municipal securities whose issuers are located in a particular state. Under these circumstances, changes in the economic conditions in that state are likely to affect the Fund’s investments and performance. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Taxation Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">The Internal Revenue Service (“IRS”) has announced that holders of tax-exempt bonds such as the Fund have certain risks if the bonds were issued in connection with abusive transactions, refinancing irregularities, or the misuse of proceeds from the bond offering. While the Fund endeavors to purchase only bona fide tax-exempt bonds, there is a risk that a bond may be reclassified by the IRS as a taxable bond creating taxable income for the Fund and its shareholders. In this case, the Fund might be required to send to you and file with the IRS information returns for prior calendar years reclassifying some of its exempt-interest dividends as taxable dividends. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">To qualify to pay exempt-interest dividends, which are treated as items of interest excludable from gross income for federal income tax purposes, at least 50% of the value of the total assets of the Fund must consist of obligations exempt from regular federal income tax as of the close of each quarter of the Fund’s taxable year. If the proportion of taxable investments held by the Fund exceeds 50% of the Fund’s total assets as of the close of any quarter of any Fund taxable year, the Fund will not for that taxable year satisfy the general eligibility test that otherwise permits it to pay exempt-interest dividends. Additionally, the Fund is generally not a suitable investment for individual retirement accounts (“IRAs”), for other tax-exempt or tax-deferred accounts or for investors who are not sensitive to the federal income tax consequences of their investments. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">When-Issued and Delayed Delivery Securities Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">The fund will not invest more than 15% of the market value of its total assets, less liabilities other than the obligations created by when-issued or delayed delivery commitments, in securities that have an extended settlement, which includes when-issued and delayed delivery securities. Between the transaction date and the delivery date, the price of the securities is subject to market fluctuations and may rise or fall depending on market conditions, additionally no interest will accrue until the securities are delivered. If a fund remains substantially fully invested at a time when a purchase is outstanding, 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. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Large Shareholder Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Asset allocation decisions, particularly large redemptions, made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders may adversely impact remaining Fund shareholders. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Management Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">The Fund is actively managed and its success depends upon the investment skills and analytical abilities of the Investment Adviser to develop and effectively implement strategies that achieve the Fund’s investment objective. Subjective decisions made by the Investment Adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Call Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">If the securities in which the Fund invests are redeemed by the issuer before maturity the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund’s yield. This will most likely happen when interest rates are declining. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:6pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Derivatives Risk: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">Derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying asset or index. Risks are different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Risks include illiquid investment risk, interest rate risk, market risk, credit risk, risk of mis-pricing or improper valuation and the risk of miscorrelation. The Fund could lose more than the principal amount invested. 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&Co. or any other bank, and the shares are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other federal, state or other governmental agency. Fund Performance <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The following bar chart and table are designed to give an indication of the risks involved with an investment in the Fund. The bar chart shows changes in the performance of the Fund’s Class N Shares from year to year. The table shows how the average annual returns of the Fund’s Class N Shares and Class I Shares for the periods indicated compared to a broad-based securities market index. One cannot invest directly in an index. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">When you consider this information, please remember that the Fund’s performance (before and after taxes) in past years is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund’s performance can be obtained by visiting www.bbhfunds.com or can be obtained by phone at 1-800-575-1265. The following bar chart and table are designed to give an indication of the risks involved with an investment in the Fund. The bar chart shows changes in the performance of the Fund’s Class N Shares from year to year. The table shows how the average annual returns of the Fund’s Class N Shares and Class I Shares for the periods indicated compared to a broad-based securities market index. When you consider this information, please remember that the Fund’s performance (before and after taxes) in past years is not necessarily an indication of how the Fund will perform in the future. www.bbhfunds.com 1-800-575-1265 Total Return for Class N Shares (% Per Calendar Year) <p class="Text_flush_Center" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:3;margin-top:8pt;"><img alt="" src="tbarchart_bbiix.jpg" style="width:377.6px;max-width:100%;"/> <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;vertical-align:top;width: 48.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable_wrap" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;text-align:center;">Highest Performing Quarter: </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;vertical-align:top;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;text-align:center;">6.38% in 4th quarter of 2023 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;vertical-align:top;width: 48.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable_wrap" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;text-align:center;">Lowest Performing Quarter: </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;vertical-align:top;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;text-align:center;">(5.39)% in 1st quarter of 2022 </td> </tr> </table> Highest Performing Quarter 0.0638 2023-12-31 Lowest Performing Quarter -0.0539 2022-03-31 Average Annual Total Returns (For the periods ended December 31, 2025) <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0;margin-top:0pt;">The Fund’s performance figures assume that all distributions were reinvested in the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. After-tax returns are shown for only one class and after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. After-tax returns are shown for only one class and after-tax returns for other classes will vary. <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-25" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">1 Year </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">5 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">10 Years </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-10" style="height:12pt;"> <td class="No-Table-Style TB _idGenCellOverride-1" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Class N Shares </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Return Before Taxes </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">5.11% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">1.32% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">2.65% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Return After Taxes on Distributions </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">5.02% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">1.26% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">2.49% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Return After Taxes on Distributions and Sale of Fund Shares </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">4.66% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">1.55% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">2.48% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-10" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Class I Shares </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Return Before Taxes </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">5.44% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">1.53% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">2.84% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="No-Table-Style TB" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:8pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Bloomberg Municipal Bond 1-15 Year Blend Index (reflects no deduction of fees, expenses or taxes) </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">5.18% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">1.16% </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:5pt;padding-left:0pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">2.27% </td> </tr> </table> Return Before Taxes 0.0511 0.0132 0.0265 Return After Taxes on Distributions 0.0502 0.0126 0.0249 Return After Taxes on Distributions and Sale of Fund Shares 0.0466 0.0155 0.0248 Return Before Taxes 0.0544 0.0153 0.0284 Bloomberg Municipal Bond 1-15 Year Blend Index (reflects no deduction of fees, expenses or taxes) reflects no deduction of fees, expenses or taxes 0.0518 0.0116 0.0227 BBH U.S. Government Money Market Fund Summary Investment Objective <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The investment objective of the BBH U.S. Government Money Market Fund (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. Fees and Expenses of the Fund <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The table below describes the fees and expenses that you may pay if you buy and hold the Fund’s Institutional Shares. Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 85.56%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Institutional Shares </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;width: 85.56%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:8pt;text-indent:0;">Management Fees* </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">0.18% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;width: 85.56%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:8pt;text-indent:0;">Distribution (12b-1) Fees </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">None </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;width: 85.56%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:8pt;text-indent:0;">Other Expenses* </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">0.04% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;width: 85.56%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;margin-left:8pt;text-indent:0;">Total Annual Fund Operating Expenses </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: Black 2.5pt double; border-bottom-style: double; padding: 0in 0in 1px 0in;" valign="bottom"> <p class="Tbody_rule2" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">0.22% </td> </tr> </table> <p class="Tablefootnote_m" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-10pt;widows:3;margin-top:6pt;">* Restated to reflect current fees. 0.0018 0 0.0004 0.0022 EXAMPLE <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0;margin-top:0pt;">This example is intended to help you compare the cost of investing in the Fund’s Institutional Shares to the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund’s Institutional Shares for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund’s Institutional Shares remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-21" style="height:12pt;"> <td class="No-Table-Style TCH" style="width: 28.37%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">1 Year </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">3 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">5 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">10 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB _idGenCellOverride-1" style="width: 28.37%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;">Institutional Shares </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$23 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$72 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$125 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$281 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> </table> 23 72 125 281 Principal Investment Strategies <p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:8pt;">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. At the time of purchase, a portfolio investment must present minimal credit risk in accordance with procedures adopted by the Fund’s Board of Trustees (the “Board”) and pursuant to certain factors prescribed by Rule 2a-7 under the Investment Company Act of 1940 (“1940 Act”). These investments may have fixed, floating or variable rates of interest. In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the 1940 Act.<p class="Text_flush" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:8pt;">Brown Brothers Harriman Credit Partners, LLC (“BBH Credit Partners” or “Investment Adviser”) serves as the Fund’s investment adviser. In selecting securities, the Investment Adviser seeks to maximize current income within the limits of the Fund’s credit, maturity and diversification policies. Some of these policies may be stricter than required by applicable federal regulation. As a U.S. government money market fund, in order to preserve the value of investors’ capital, the Fund seeks to maintain a stable $1.00 net asset value (“NAV”) per share price. 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. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Stable NAV Risk: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">This is the risk that the Fund will not be able to maintain a NAV per share of $1.00 at all times. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Market Risk: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The price of a security 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. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Interest Rate Risk: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">This is the risk associated with the price fluctuation of a security in response to changes in interest rates and the possibility that the Fund’s yield may decline if interest rates decline. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Repurchase Agreement Risk: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">This is the risk that the other party to a repurchase agreement will default on its obligation under the agreement. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">U.S. Government Agency Securities Risk: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Certain U.S. government agency securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the issuer or instrumentality. In the case of securities not backed by the full faith and credit of the United States, it may not be possible to assert a claim against the United States itself in the event the agency or instrumentality issuing or guaranteeing the security for ultimate repayment does not meet its commitments. Such securities are neither issued nor guaranteed by the U.S. Treasury. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Variable and Floating Rate Instrument Risk: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The absence of an active market for these securities could make it difficult for the Fund to dispose of them if the issuer defaults. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Regulatory Risk: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The SEC and other regulators may adopt additional money market fund regulations in the future, which may impact the operation and performance of the Fund. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Large Shareholder Risk: <p class="Text_flush_noSpace" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">This is the risk that asset allocation decisions, particularly large redemptions made by Brown Brothers Harriman & Co. (“BBH&Co.”), whose discretionary investment advisory clients make up a large percentage of the Fund’s shareholders, may adversely impact remaining Fund shareholders. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Management Risk: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">This is the risk that the securities selected by the Investment Adviser will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. <p class="H3" style="margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:8pt;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;">Credit Risk: <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">Credit risk refers to the likelihood that an issuer, guarantor, or counterparty to a debt obligation will default on interest or principal payments. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of BBH&Co. (the Investment Adviser’s parent) and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Additionally, BBH&Co. as the Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that BBH&Co. will provide financial support to the Fund at any time. Fund Performance <p class="Text_flush_noSpace" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:0pt;">The following bar chart and table give an indication of the risks involved with an investment in the Fund. The bar chart shows changes in the performance of the Fund’s Institutional Shares from year to year. The table shows the average annual returns of the Fund’s Institutional Shares for the periods indicated. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:8pt;">For current yield information, please call 1-800-575-1265 toll free, or contact your account representative. When you consider this information, please remember that the Fund’s performance in past years is not necessarily an indication of how the Fund will perform in the future. The following bar chart and table give an indication of the risks involved with an investment in the Fund. The bar chart shows changes in the performance of the Fund’s Institutional Shares from year to year. The table shows the average annual returns of the Fund’s Institutional Shares for the periods indicated. 1-800-575-1265 When you consider this information, please remember that the Fund’s performance in past years is not necessarily an indication of how the Fund will perform in the future. Total Return for Institutional Shares (% Per Calendar Year) <p class="Text_flush_Center" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:2;margin-top:8pt;"><img alt="" src="tbarchart_bbsxx.jpg" style="width:371.2px;max-width:100%;"/> <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;vertical-align:top;width: 48.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable_wrap" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;text-align:center;">Highest Performing Quarter: </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;text-align:center;">1.31% in 4th quarter of 2023 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;vertical-align:top;width: 48.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable_wrap" style="margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;text-align:center;">Lowest Performing Quarter: </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="top"> <p class="Texttable" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;text-align:center;">0.00% in 1st quarter of 2021 </td> </tr> </table> Highest Performing Quarter 0.0131 2023-12-31 Lowest Performing Quarter 0 2021-03-31 Average Annual Total Returns (For the periods ended December 31, 2025) <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-21" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">1 Year </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">5 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Semi Bold, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:600;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">10 Years </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-17" style="height:12pt;"> <td class="No-Table-Style TB _idGenCellOverride-1" style="width: 58.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:1;">Institutional Shares </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">4.09% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">3.06% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-left:3pt;padding-right:3pt;padding-top:5pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_centeralign" style="-sec-ix-redline:true;margin:0;padding:0;border-width:0;font-family:Inter Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">1.98% </td> </tr> </table> 0.0409 0.0306 0.0198 485BPOS 0001342947 false 2025-10-31 0.1230 0.2717 -0.2055 0.2386 0.1585 0.1426 -0.2476 0.2601 0.1141 -0.0564 0.0266 0.2047 -0.0956 0.3000 0.2404 0.0168 -0.2421 0.1435 0.0798 0.2619 0.0277 0.0251 0.0207 0.0437 0.0301 0.0118 -0.0092 0.0764 0.0674 0.0553 0.0928 0.1153 0.0163 -0.1372 0.0908 0.0381 0.0785 0.0104 0.0609 0.0150 0.0653 0.0494 0.0004 -0.0622 0.0599 0.0219 0.0511 0.0005 0.0059 0.0160 0.0195 0.0036 0.0001 0.0134 0.0487 0.0509 0.0409 Based on estimated expenses for the current fiscal year. Restated to reflect current fees. Based on estimated expenses for the current fiscal year. Restated to reflect current fees. Restated to reflect current fees. Brown Brothers Harriman Credit Partners, LLC (the “Investment Adviser”), has contractually agreed to limit the Total Annual Fund Operating Expenses to 0.35% for Class N Shares through March 1, 2027 (excluding interest, 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) (the “Expense Limitation Agreement”). The Expense Limitation Agreement may only be terminated during its term with approval of the Fund’s Board of Trustees (the “Board”). Restated to reflect current fees. Restated to reflect current fees for Class I Shares. Based on estimated amounts for the current fiscal year for Class N Shares. Restated to reflect current fees. Brown Brothers Harriman & Co., through a separately identifiable department (“Investment Adviser”), has contractually agreed to limit the Total Annual Fund Operating Expenses to 0.65% for Class N Shares and 0.50% for Class I Shares through March 1, 2027 (excluding interest, 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) (the “Expense Limitation Agreement”). The Expense Limitation Agreement may only be terminated during its term with approval of the Fund’s Board of Trustees (the “Board”). Restated to reflect current fees. Restated to reflect current fees.