BBH Limited Duration Fund Class N NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21829

BBH TRUST

On behalf of the following series:

BBH Limited Duration Fund

BBH Core Select

BBH Global Core Select

BBH International Equity Fund

BBH Intermediate Municipal Bond Fund

(Exact name of registrant as specified in charter)

140 Broadway, New York, NY 10005

(Address of principal executive offices) (Zip Code)

Corporation Services Company

2711 Centerville Road, Suite 400, Wilmington, DE 19808

(Name and address of agent for service)

Registrant's telephone number, including area code: (800) 575-1265

Date of fiscal year end: October 31

Date of reporting period: April 30, 2014

Item 1. Report to Stockholders.

Semi-Annual Report

APRIL 30, 2014

BBH Limited Duration Fund

BBH LIMITED DURATION FUND

PORTFOLIO ALLOCATION

April 30, 2014 (unaudited)

BREAKDOWN BY SECURITY TYPE

	U.S. $ Value			Percent of Net Assets
Asset Backed Securities	$	1,509,104,420			34.7	%
Loan Participations and Assignments		4,979,400			0.1
Commercial Mortgage Backed Securities		304,590,920			7.0
Corporate Bonds		1,102,756,978			25.4
Municipal Bonds		121,778,076			2.8
U.S. Government Agency Obligations		261,353,730			6.0
U.S. Inflation Linked Debt		308,806,506			7.1
Certificates of Deposit		392,750,062			9.0
Commercial Paper		74,990,750			1.7
Time Deposits		140,000,000			3.2
U.S. Treasury Bills		170,496,906			3.9
Liabilities in Excess of Other Assets		(41,079,109	)		(0.9	)
NET ASSETS	$	4,350,528,639			100.0	%

All data as of April 30, 2014. The BBH Limited Duration Fund’s (the “Fund”) sector diversification is expressed as a percentage of net assets and may vary over time.

The accompanying notes are an integral part of these financial statements.

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS

April 30, 2014 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (34.7%)
$	17,421,812	Aircraft Lease Securitisation, Ltd.
		2007-1A^1,2	05/10/32		0.413	%	$	16,855,603
	35,000,000	Ally Master Owner Trust 2010-2²	04/15/17		4.250			36,231,895
	12,690,000	Ally Master Owner Trust 2012-5	09/15/19		1.540			12,668,947
	1,354,108	AmeriCredit Automobile Receivables
		Trust 2011-4	05/09/16		1.170			1,355,126
	7,347,000	AmeriCredit Automobile Receivables
		Trust 2012-2	10/10/17		2.640			7,547,191
	12,290,000	AmeriCredit Automobile Receivables
		Trust 2012-3	05/08/18		2.420			12,593,969
	11,300,000	AmeriCredit Automobile Receivables
		Trust 2013-3	06/10/19		2.380			11,486,529
	3,222,959	ARI Fleet Lease Trust 2012-A^1,2	03/15/20		0.702			3,226,308
	8,110,837	Ascentium Equipment Receivables LLC
		2012-1A²	09/15/19		1.830			8,107,633
	20,060,000	Ascentium Equipment Receivables LLC
		2014-1A²	01/10/17		1.040			20,062,166
	3,000,000	Avis Budget Rental Car Funding
		AESOP LLC 2010-3A²	05/20/16		4.640			3,100,761
	25,300,000	Avis Budget Rental Car Funding
		AESOP LLC 2010-5A²	03/20/17		3.150			26,244,677
	16,944,411	AXIS Equipment Finance
		Receivables II LLC 2013-1A²	03/20/17		1.750			16,952,273
	37,684,054	BCC Funding Corp. 2014-1A²	06/20/20		1.794			37,684,054
	2,004,949	BMW Vehicle Owner Trust 2011-A	08/25/15		0.760			2,007,006
	15,175,000	Cabela’s Master Credit Card Trust
		2010-2A^1,2	09/17/18		0.852			15,263,774
	16,610,000	Cabela’s Master Credit Card Trust
		2012-1A^1,2	02/18/20		0.682			16,738,296
	4,300,000	Capital Auto Receivables
		Asset Trust 2013-1	10/22/18		1.740			4,305,250
	8,030,000	Capital Auto Receivables Asset
		Trust 2013-2	10/22/18		1.960			8,120,723
	2,820,000	Capital Auto Receivables Asset
		Trust 2013-2	04/22/19		2.660			2,879,310

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	13,260,000	Capital Auto Receivables Asset
		Trust 2013-3	10/22/18		2.790	%	$	13,563,097
	3,070,193	CarMax Auto Owner Trust 2011-2	12/15/15		0.910			3,072,293
	12,922,520	CCG Receivables Trust 2013-1²	08/14/20		1.050			12,952,319
	15,287,049	Chesapeake Funding LLC 2011-2A^1,2	04/07/24		1.402			15,424,235
	13,662,252	Chesapeake Funding LLC 2012-1A^1,2	11/07/23		0.903			13,711,860
	13,326,533	Chesapeake Funding LLC 2012-2A^1,2	05/07/24		0.603			13,347,003
	7,009,253	Credit Acceptance Auto Loan
		Trust 2012-1A²	09/16/19		2.200			7,055,079
	3,000,000	Credit Acceptance Auto Loan
		Trust 2012-1A²	03/16/20		3.120			3,065,025
	8,860,000	Credit Acceptance Auto Loan
		Trust 2012-2A²	03/16/20		1.520			8,906,861
	11,950,000	Credit Acceptance Auto Loan
		Trust 2013-1A²	10/15/20		1.210			11,962,906
	11,790,000	Credit Acceptance Auto Loan
		Trust 2013-2A²	04/15/21		1.500			11,866,718
	7,530,000	Credit Acceptance Auto Loan
		Trust 2013-2A²	10/15/21		2.260			7,602,552
	10,040,000	Credit Acceptance Auto Loan
		Trust 2014-1A²	10/15/21		1.550			10,042,450
	11,160,000	Credit Acceptance Auto Loan
		Trust 2014-1A²	04/15/22		2.290			11,197,419
	11,454,053	Direct Capital Funding V LLC 2013-1²	12/20/17		1.673			11,454,053
	21,970,000	Direct Capital Funding V LLC 2013-2²	08/20/18		1.730			22,049,817
	24,170,313	Emerald Aviation Finance, Ltd. 2013-1²	10/15/38		4.650			24,412,016
	2,223,071	Enterprise Fleet Financing LLC 2011-3²	05/20/17		1.620			2,226,514
	4,225,950	Enterprise Fleet Financing LLC 2012-1²	11/20/17		1.140			4,234,655
	4,904,242	Enterprise Fleet Financing LLC 2012-2²	04/20/18		0.720			4,906,709
	1,654,003	Exeter Automobile Receivables
		Trust 2012-1A²	08/15/16		2.020			1,656,595
	4,192,434	Exeter Automobile Receivables
		Trust 2012-2A²	06/15/17		1.300			4,200,450
	10,750,939	Exeter Automobile Receivables
		Trust 2013-1A²	10/16/17		1.290			10,769,355

The accompanying notes are an integral part of these financial statements.

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	18,096,851	Exeter Automobile Receivables
		Trust 2013-2A²	11/15/17		1.490	%	$	18,167,447
	20,394,950	FNA Trust 2013-1A²	01/10/18		1.980			20,356,200
	4,470,000	Ford Credit Auto Owner Trust 2012-B	02/15/18		2.080			4,572,314
	4,000,000	Ford Credit Auto Owner Trust 2013-C	01/15/20		2.500			4,085,784
	30,250,000	Ford Credit Floorplan Master Owner
		Trust 2010-3²	02/15/17		4.200			31,142,042
	15,784,387	FRS LLC 2013-1A²	04/15/43		1.800			15,702,261
	17,450,000	GE Dealer Floorplan Master
		Note Trust 2012-2¹	04/22/19		0.902			17,617,782
	29,200,210	Global Container Assets Ltd. 2013-1A²	11/05/28		2.200			29,462,691
	22,077,000	Global SC Finance II SRL 2012-1A²	07/19/27		4.110			22,232,113
	9,450,000	Hertz Vehicle Financing LLC 2010-1A²	02/25/17		3.740			9,899,451
	32,660,000	Hertz Vehicle Financing LLC 2011-1A²	03/25/18		3.290			34,341,696
	8,350,000	HLSS Servicer Advance Receivables
		Backed Notes 2012-T2²	10/15/45		1.990			8,408,450
	10,350,000	HLSS Servicer Advance Receivables
		Backed Notes 2013-T1²	01/16/46		1.495			10,341,720
	17,090,000	HLSS Servicer Advance Receivables
		Backed Notes 2013-T3²	05/15/46		1.793			16,823,396
	14,550,000	HLSS Servicer Advance Receivables
		Backed Notes 2013-T4²	08/15/44		1.183			14,557,275
	16,430,000	HLSS Servicer Advance Receivables
		Backed Notes 2013-T6²	09/15/44		1.287			16,439,858
	8,499,903	Honda Auto Receivables Owner
		Trust 2012-1	01/15/16		0.770			8,517,379
	15,620,000	Huntington Auto Trust 2011-1A²	11/15/16		1.310			15,745,132
	17,750,000	Hyundai Auto Receivables Trust 2013-B	02/15/19		1.710			17,733,599
	9,656,096	Leaf II Receivables Funding LLC 2012-1²	10/15/16		1.250			9,659,958
	8,510,000	Leaf II Receivables Funding LLC 2013-1²	10/15/16		1.330			8,501,490
	8,972,000	Leaf II Receivables Funding LLC 2013-1²	09/15/21		1.980			8,984,561
	4,470,000	M&T Bank Auto Receivables
		Trust 2013-1A²	03/15/19		2.160			4,535,740
	4,644,605	MMAF Equipment Finance LLC
		2009-AA²	01/15/30		3.510			4,737,920

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	14,790,000	MMAF Equipment Finance LLC
		2012-AA²	10/10/18		1.350	%	$	14,863,018
	2,704,467	Motor, Plc. 12A²	02/25/20		1.286			2,709,329
	31,790,000	Motor, Plc. 2014-1A^1,2	08/25/21		0.645			31,786,360
	14,365,293	Nations Equipment Finance Funding I LLC
		2013-1A²	11/20/16		1.697			14,365,293
	3,140,000	Nationstar Agency Advance Funding Trust
		2013-T2A²	02/18/48		1.892			3,057,732
	35,000,000	Nationstar Mortgage Advance
		Receivables Trust 2013-T3A²	06/20/48		2.438			34,244,000
	8,223,558	Navitas Equipment Receivables LLC
		2013-1²	11/15/16		1.950			8,227,498
	23,422,501	New Mexico State Educational
		Assistance Foundation¹	01/02/25		0.852			23,031,111
	42,570,000	New Residential Advance Receivables
		Trust Advance Receivables Backed
		2014-T2²	03/15/47		2.377			42,412,491
	9,369,792	New York City Tax Lien 2013-A²	11/10/26		1.190			9,369,792
	17,300,000	Nordstrom Private Label Credit Card
		Master Note Trust 2011-1A²	11/15/19		2.280			17,716,134
	28,770,000	OneMain Financial Issuance Trust
		2014-1 2014-1A²	06/18/24		2.430			28,769,425
	11,180,000	PFS Tax Lien Trust 2014-1²	05/15/29		1.440			11,179,441
	40,910	Santander Drive Auto Receivables
		Trust 2010-1	11/17/14		1.840			40,934
	11,750,000	Santander Drive Auto Receivables
		Trust 2010-1	05/15/17		2.430			11,759,694
	8,650,000	Santander Drive Auto Receivables
		Trust 2012-3	12/15/16		1.940			8,725,160
	12,340,000	Santander Drive Auto Receivables
		Trust 2013-2	03/15/19		1.950			12,476,542
	5,990,000	Santander Drive Auto Receivables
		Trust 2013-4	01/15/20		3.250			6,236,105
	9,771,496	SMART Trust 2011-1USA²	11/14/16		2.520			9,840,766
	8,880,000	SMART Trust 2011-4USA^1,2	08/14/17		1.503			8,903,843

The accompanying notes are an integral part of these financial statements.

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	13,690,000	SMART Trust 2012-1USA²	12/14/17		2.010	%	$	13,948,741
	6,020,000	SMART Trust 2012-2USA²	10/14/16		1.590			6,060,145
	3,050,000	SMART Trust 2012-4US	03/14/17		0.970			3,060,675
	18,190,000	SMART Trust 2013-2US	01/14/17		0.830			18,230,018
	3,630,000	SMART Trust 2013-2US	02/14/19		1.180			3,611,487
	7,130,184	SNAAC Auto Receivables Trust 2013-1A²	07/16/18		1.140			7,139,232
	15,780,000	SNAAC Auto Receivables Trust 2014-1A²	09/17/18		1.030			15,784,150
	9,900,000	Spirit Master Funding VII LLC 2013-1A²	12/20/43		3.887			9,998,515
	53,680,000	Springleaf Funding Trust 2013-AA²	09/15/21		2.580			54,007,502
	19,640,000	Springleaf Funding Trust 2014-AA²	12/15/22		2.410			19,608,419
	17,845,988	STORE Master Funding LLC 2013-1A²	03/20/43		4.160			17,989,666
	12,728,482	STORE Master Funding LLC 2013-2A²	07/20/43		4.370			13,021,247
	21,270,358	STORE Master Funding LLC 2013-3A²	11/20/43		4.240			21,541,332
	27,847,083	TAL Advantage I LLC 2012-1A²	05/20/27		3.860			27,877,464
	11,530,000	Trade MAPS 1, Ltd. 2013-1A^1,2	12/10/18		1.400			11,601,486
	20,507,417	Triton Container Finance LLC 2012-1A²	05/14/27		4.210			20,525,074
	16,120,000	Turquoise Card Backed Securities, Plc.
		2011-1A^1,2	09/15/16		0.902			16,139,666
	33,330,000	Turquoise Card Backed Securities, Plc.
		2012-1A^1,2	06/17/19		0.952			33,775,955
	10,440,000	Utah State Board of Regents 2011-1¹	05/01/29		1.088			10,491,782
	18,350,000	Volkswagen Credit Auto Master Trust
		2011-1A^1,2	09/20/16		0.832			18,390,297
	2,588,939	Westlake Automobile Receivables
		Trust 2012-1A²	03/15/16		1.030			2,590,961
	15,270,000	Westlake Automobile Receivables
		Trust 2013-1A²	01/15/18		1.120			15,323,338
	2,989,309	Wheels SPV LLC 2012-1²	03/20/21		1.190			2,994,869
		Total Asset Backed Securities
		(Identified cost $1,497,789,832)						1,509,104,420
		LOAN PARTICIPATIONS AND ASSIGNMENTS (0.1%)
	5,000,000	Dell International LLC Term C¹	10/29/18		3.750			4,979,400
		Total Loan Participations and Assignments
		(Identified cost $5,000,000)						4,979,400

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		COMMERCIAL MORTGAGE BACKED
		SECURITIES (7.0%)
$	15,540,000	Aventura Mall Trust 2013-AVM^1,2	12/05/32		3.743	%	$	15,777,498
	31,807,000	BB-UBS Trust 2012-TFT^1,2	06/05/30		3.468			31,189,976
	14,860,000	Boca Hotel Portfolio Trust 2013-BOCA^1,2	08/15/26		1.902			14,894,252
	7,510,000	Citigroup Commercial Mortgage
		Trust 2013-SMP²	01/12/30		2.435			7,587,759
	2,085,000	Citigroup Commercial Mortgage
		Trust 2013-SMP²	01/12/30		2.738			2,107,430
	25,839,497	Commercial Mortgage Pass Through
		Certificates 2013-GAM²	02/10/28		1.705			25,334,903
	9,690,000	Commercial Mortgage Pass Through
		Certificates 2013-GAM^1,2	02/10/28		3.417			9,318,408
	12,919,560	Commercial Mortgage Pass Through
		Certificates 2013-SFS²	04/12/35		1.873			12,544,854
	22,660,000	Commercial Mortgage Pass Through
		Certificates 2014-TWC^1,2	02/13/32		1.003			22,682,524
	17,740,000	GTP Acquisition Partners I LLC²	05/15/43		2.364			17,371,522
	26,870,855	GTP Cellular Sites LLC²	03/15/42		3.721			28,183,040
	9,840,000	Hilton USA Trust 2013-HLF^1,2	11/05/30		1.653			9,852,418
	15,070,000	Hilton USA Trust 2013-HLF^1,2	11/05/30		2.053			15,093,750
	5,780,000	JP Morgan Chase Commercial Mortgage
		Securities Corp. 2011-PLSD²	11/13/44		3.364			6,046,007
	14,860,000	SBA Tower Trust²	12/15/42		2.933			15,083,138
	40,700,000	SBA Tower Trust²	04/15/43		2.240			40,044,120
	15,700,000	Unison Ground Lease Funding LLC²	04/15/40		5.349			16,961,181
	14,500,000	Wells Fargo Commercial Mortgage
		Trust 2014-TISH^1,2	02/15/27		2.003			14,518,140
		Total Commercial Mortgage
		Backed Securities
		(Identified cost $305,149,034)						304,590,920

The accompanying notes are an integral part of these financial statements.

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		CORPORATE BONDS (25.4%)
		AIRLINES (0.2%)
$	7,260,000	British Airways, Plc.²	12/20/21		5.625	%	$	7,750,050

		BANKS (4.9%)
	16,090,000	ANZ New Zealand Int’l, Ltd.²	03/24/16		1.125			16,156,661
	7,229,000	Australia & New Zealand
		Banking Group, Ltd.	10/06/17		1.875			7,332,671
	21,000,000	Bank of America Corp.	01/15/15		5.000			21,630,000
	11,125,000	Bank of Montreal	07/15/16		1.300			11,236,428
	9,000,000	Bank of Nova Scotia	07/15/16		1.375			9,114,633
	17,800,000	Canadian Imperial Bank of Commerce	07/18/16		1.350			18,041,350
	5,511,000	Citigroup, Inc.	05/19/15		4.750			5,744,782
	3,200,971	FNBC 1993-A Pass Through Trust	01/05/18		8.080			3,604,665
	7,320,000	Goldman Sachs Group, Inc.	05/01/14		6.000			7,320,000
	5,000,000	Goldman Sachs Group, Inc.¹	07/22/15		0.628			5,000,520
	14,345,000	Goldman Sachs Group, Inc.	01/22/18		2.375			14,510,355
	9,480,000	ING Bank NV²	09/25/15		2.000			9,635,690
	13,465,000	JPMorgan Chase & Co.	07/05/16		3.150			14,078,452
	20,765,000	Morgan Stanley	04/28/15		6.000			21,847,272
	15,405,000	National Australia Bank, Ltd.	07/25/16		1.300			15,551,024
	12,955,000	Royal Bank of Scotland, Plc.	03/16/16		4.375			13,783,071
	19,980,000	Svenska Handelsbanken AB	04/04/17		2.875			20,915,723
								215,503,297

		COMMERCIAL SERVICES (1.2%)
	6,300,000	Alliance Data Systems Corp.²	12/01/17		5.250			6,646,500
	5,000,000	Alliance Data Systems Corp.²	04/01/20		6.375			5,325,000
	21,268,000	Experian Finance, Plc.²	06/15/17		2.375			21,588,679
	8,755,000	Western Union Co.¹	08/21/15		1.234			8,803,573
	6,155,000	Western Union Co.	12/10/17		2.875			6,312,149
	3,250,000	Western Union Co.	08/22/18		3.650			3,363,601
								52,039,502

		COMPUTERS (0.1%)
	5,038,000	Dell, Inc.	04/01/16		3.100			5,138,760

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		CORPORATE BONDS (continued)
		COSMETICS / PERSONAL CARE (0.7%)
$	8,175,000	Avon Products, Inc.	03/15/16		2.375	%	$	8,302,971
	19,745,000	Avon Products, Inc.	03/15/20		4.600			20,170,564
								28,473,535

		DIVERSIFIED FINANCIAL SERVICES (4.5%)
	3,319,813	5400 Westheimer Court Depositor Corp.²	04/11/16		7.500			3,500,086
	15,705,543	AA Aircraft Financing 2013-1 LLC²	11/01/19		3.596			16,019,654
	10,247,387	Ahold Lease Series 2001-A-1 Pass
		Through Trust	01/02/20		7.820			11,477,074
	18,603,871	Blue Wing Asset Vehicle²	01/11/23		4.500			18,970,974
	20,000,000	CIC Central America Card
		Receivables, Ltd.³	11/05/20		4.500			20,146,532
	10,500,000	CIC Receivables Master Trust³	10/07/21		4.890			10,520,650
	702,860	Citigroup Capital XIII^1,4	10/30/40		7.875			19,159,964
	28,730,000	Denali Borrower LLC²	10/15/20		5.625			29,520,075
	17,960,000	Doric Nimrod Air Alpha 2013-1 Pass
		Through Trust²	05/30/25		5.250			18,813,100
	3,181,843	Doric Nimrod Air Finance Alpha, Ltd.
		2012-1 (Class A) Pass Through Trust²	11/30/24		5.125			3,311,328
	17,620,000	General Motors Financial Co., Inc.	05/15/16		2.750			17,884,300
	6,685,035	LS Power Funding Corp.	12/30/16		8.080			7,202,322
	16,349,000	Murray Street Investment Trust I	03/09/17		4.647			17,703,564
								194,229,623
		ELECTRIC (0.7%)
	25,715,000	Korea East-West Power Co., Ltd.²	11/27/18		2.625			25,741,538
	5,580,000	TransAlta Corp.	05/15/18		6.650			6,353,912
								32,095,450
		ENGINEERING & CONSTRUCTION (0.3%)
	11,674,800	Odebrecht Offshore Drilling
		Finance, Ltd.²	10/01/22		6.750			12,214,760

		FOOD (0.4%)
	16,805,000	HJ Heinz Co.²	10/15/20		4.250			16,561,328

The accompanying notes are an integral part of these financial statements.

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		CORPORATE BONDS (continued)
		HEALTHCARE-PRODUCTS(0.9%)
$	9,445,000	Hospira, Inc.	03/30/17		6.050	%	$	10,432,824
	28,495,000	Mallinckrodt International Finance S.A.	04/15/18		3.500			28,281,288
								38,714,112
		HEALTHCARE-SERVICES(0.5%)
	21,145,000	HCA, Inc.	03/15/19		3.750			21,303,587

		INSURANCE (1.7%)
	25,097,000	ACE INA Holdings, Inc.	06/15/14		5.875			25,255,990
	4,130,000	Everest Reinsurance Holdings, Inc.	10/15/14		5.400			4,211,588
	11,050,000	Vitality Re IV, Ltd.^1,2	01/09/17		2.750			11,327,355
	33,100,000	Vitality Re V, Ltd.^1,2	01/07/20		1.750			33,096,690
								73,891,623
		INTERNET (0.9%)
	34,875,000	Expedia, Inc.	08/15/20		5.950			38,675,015

		MEDIA (0.6%)
	11,490,000	Gannett Co., Inc.²	10/15/19		5.125			11,963,962
	14,253,000	NBCUniversal Media LLC	04/30/15		3.650			14,711,548
								26,675,510
		OFFICE / BUSINESS EQUIPMENT (0.5%)
	20,835,000	Xerox Corp.	05/15/14		8.250			20,880,170

		OIL & GAS (2.5%)
	7,120,000	Korea National Oil Corp.²	04/03/17		3.125			7,386,687
	16,935,000	Korea National Oil Corp.²	01/23/19		2.750			17,046,229
	24,709,500	Odebrecht Drilling Norbe VIII/IX, Ltd.²	06/30/21		6.350			25,975,862
	18,280,000	Petrobras Global Finance BV	05/20/16		2.000			18,255,103
	21,825,000	Petrobras Global Finance BV¹	01/15/19		2.366			21,683,137
	13,000,000	Petroleos Mexicanos	03/15/15		4.875			13,422,500
	5,000,000	Plains Exploration & Production Co.	04/01/20		7.625			5,493,750
								109,263,268

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		CORPORATE BONDS (continued)
		PIPELINES (0.4%)
$	18,283,000	Williams Partners LP	02/15/15		3.800	%	$	18,725,028

		REAL ESTATE (1.2%)
	32,965,000	Deutsche Annington Finance BV²	10/02/17		3.200			33,949,829
	18,035,000	Prologis International Funding II SA²	02/15/20		4.875			19,180,944
								53,130,773

		REAL ESTATE INVESTMENT TRUSTS (3.2%)
	32,277,000	American Tower Corp.	04/01/15		4.625			33,415,926
	42,310,000	ARC Properties Operating Partnership
		LP/Clark Acquisition LLC²	02/06/17		2.000			42,361,957
	19,775,000	Digital Realty Trust LP	07/15/15		4.500			20,439,539
	250,000	HCP, Inc.	01/30/18		6.700			291,785
	17,375,000	ProLogis LP	08/15/17		4.500			18,818,810
	22,000,000	Senior Housing Properties Trust	05/01/19		3.250			22,163,570
								137,491,587
		Total Corporate Bonds
		(Identified cost $1,084,218,412)						1,102,756,978

		MUNICIPAL BONDS (2.8%)
	4,250,000	California Pollution Control Financing
		Authority¹	11/01/38		0.850			4,250,000
	4,250,000	Granite City, Illinois¹	05/01/27		0.850			4,250,000
	4,250,000	King George County Economic
		Development Authority¹	06/01/23		0.850			4,250,000
	1,470,000	Minnesota State Tobacco
		Securitization Authority	03/01/15		3.093			1,498,047
	20,940,000	New Jersey State Economic
		Development Authority⁵	02/15/17		2.630			19,898,444
	28,005,000	New Jersey State Economic
		Development Authority^5,6	02/15/18		3.431			25,605,812
	7,765,000	New Jersey State Turnpike Authority	01/01/16		4.252			8,022,643
	17,300,000	Pennsylvania State Economic
		Development Financing Authority¹	07/01/41		2.625			17,326,642

The accompanying notes are an integral part of these financial statements.

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
$	27,090,000	State of Illinois	03/01/16		4.961	%	$	28,910,448
	7,110,000	State of Illinois	03/01/18		5.200			7,766,040
		Total Municipal Bonds
		(Identified cost $119,240,354)						121,778,076

		U.S. GOVERNMENT AGENCY
		OBLIGATIONS (6.0%)
	75,000,000	Fannie Mae Discount Notes⁵	06/25/14		0.050			74,994,271
	35,000,000	Federal Home Loan Bank
		Discount Notes⁵	05/21/14		0.070			34,998,639
	50,000,000	Federal Home Loan Bank
		Discount Notes⁵	05/30/14		0.050			49,997,986
	25,000,000	Federal Home Loan Bank
		Discount Notes⁵	07/16/14		0.065			24,997,900
	256,341	Federal Home Loan Mortgage Corp.
		(FHLMC) Non Gold Guaranteed¹	04/01/36		2.410			274,772
	128,062	Federal Home Loan Mortgage Corp.
		(FHLMC) Non Gold Guaranteed¹	12/01/36		2.115			135,178
	87,753	Federal Home Loan Mortgage Corp.
		(FHLMC) Non Gold Guaranteed¹	01/01/37		2.370			94,011
	220,386	Federal Home Loan Mortgage Corp.
		(FHLMC) Non Gold Guaranteed¹	02/01/37		2.454			237,489
	21,359,647	Federal National Mortgage
		Association (FNMA)	07/01/35		5.000			23,516,658
	1,503,722	Federal National Mortgage
		Association (FNMA)	11/01/35		5.500			1,672,817
	132,064	Federal National Mortgage
		Association (FNMA)¹	07/01/36		2.736			140,835
	247,582	Federal National Mortgage
		Association (FNMA)¹	09/01/36		2.406			264,974
	195,907	Federal National Mortgage
		Association (FNMA)¹	01/01/37		2.513			208,353
	1,314,615	Federal National Mortgage
		Association (FNMA)	08/01/37		5.500			1,461,738

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		U.S. GOVERNMENT AGENCY
		OBLIGATIONS (continued)
$	14,185,055	Federal National Mortgage
		Association (FNMA)	08/01/37		5.500	%	$	15,787,105
	6,708,179	Federal National Mortgage
		Association (FNMA)	06/01/40		6.500			7,545,138
	25,000,000	Freddie Mac Discount Notes⁵	06/04/14		0.050			24,998,819
	26,057	Government National Mortgage
		Association (GNMA)¹	08/20/29		1.625			27,047
		Total U.S. Government Agency Obligations
		(Identified cost $260,484,524)						261,353,730

		U.S. INFLATION LINKED DEBT (7.1%)
	299,426,086	U.S. Treasury Inflation Indexed Note	04/15/17		0.125			308,806,506
		Total U.S. Inflation Linked Debt
		(Identified cost $315,422,658)						308,806,506

		CERTIFICATES OF DEPOSIT (9.0%)
	74,000,000	Bank of Nova Scotia	06/17/14		0.150			74,000,000
	23,000,000	Bank of Tokyo-Mitsubishi UFJ, Ltd.	05/08/14		0.190			23,000,000
	62,850,000	Bank of Tokyo-Mitsubishi UFJ, Ltd.	06/17/14		0.190			62,850,000
	108,150,000	Credit Suisse	06/24/14		0.170			108,150,000
	64,000,000	Standard Chartered Bank	05/15/14		0.180			64,000,000
	40,750,000	Svenska Handelsbanken	05/12/14		0.155			40,750,062
	20,000,000	Svenska Handelsbanken	05/21/14		0.160			20,000,000
		Total Certificates of Deposit
		(Identified cost $392,750,062)						392,750,062

		COMMERCIAL PAPER (1.7%)
	50,000,000	ING US Funding LLC⁵	05/19/14		0.200			49,995,000
	25,000,000	ING US Funding LLC⁵	06/04/14		0.180			24,995,750
		Total Commercial Paper
		(Identified cost $74,990,750)						74,990,750

		TIME DEPOSITS (3.2%)
	140,000,000	Wells Fargo Bank NA	05/01/14		0.110			140,000,000
		Total Time Deposits
		(Identified cost $140,000,000)						140,000,000

The accompanying notes are an integral part of these financial statements.

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		U.S. TREASURY BILLS (3.9%)
$	95,500,000	U.S. Treasury Bill^5,6,7	05/08/14		0.034	%	$	95,499,360
	75,000,000	U.S. Treasury Bill^5,6	05/29/14		0.042			74,997,546
		Total U.S. Treasury Bills
		(Identified cost $170,496,906)						170,496,906
TOTAL INVESTMENTS (Identified cost $4,365,542,532)⁸					100.9	%	$	4,391,607,748
LIABILITIES IN EXCESS OF OTHER ASSETS					(0.9	)		(41,079,109	)
NET ASSETS					100.0	%	$	4,350,528,639

Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the April 30, 2014 coupon or interest rate.

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities owned at April 30, 2014 was $1,997,950,471 or 45.9% of net assets. Unless otherwise noted, these securities are not considered illiquid.

Illiquid security.

⁴

Trust preferred security.

⁵

Coupon represents a yield to maturity.

⁶

Coupon represents a weighted average yield.

⁷

All or a portion of this security is held at the broker as collateral for open futures contracts.

⁸

The aggregate cost for federal income tax purposes is $4,365,542,532, the aggregate gross unrealized appreciation is $37,894,124 and the aggregate gross unrealized depreciation is $11,828,908, resulting in net unrealized appreciation of $26,065,216.

Abbreviations:

FHLMC – Federal Home Loan Mortgage Corporation.

FNMA – Federal National Mortgage Association.

GNMA – Government National Mortgage Association.

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

FAIR VALUE MEASUREMENTS

The Fund is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three levels defined by the fair value hierarchy are as follows:

—

Level 1 – unadjusted quoted prices in active markets for identical investments.

—

Level 2 – significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

—

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the investment adviser. The investment adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the investment adviser’s perceived risk of that instrument.

The accompanying notes are an integral part of these financial statements.

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Financial assets within level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. These include investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations and over-the-counter derivatives. As level 2 financial assets include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Financial assets classified within level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include private equity and certain corporate debt securities. As observable prices are not available for these securities, valuation techniques are used to derive fair value.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2014.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)*		Significant Other Observable Inputs (Level 2)*		Significant Unobservable Inputs (Level 3)*		Balance as of April 30, 2014
Asset Backed Securities	$	—	$	1,509,104,420	$	—	$	1,509,104,420
Loan Participations and
Assignments		—		4,979,400		—		4,979,400
Commercial Mortgage
Backed Securities		—		304,590,920		—		304,590,920
Corporate Bonds		19,159,964		1,083,597,014		—		1,102,756,978
Municipal Bonds		—		121,778,076		—		121,778,076
U.S. Government Agency
Obligations		—		261,353,730		—		261,353,730
U.S. Inflation Linked Debt		—		308,806,506		—		308,806,506
Certificates of Deposit		—		392,750,062		—		392,750,062
Commercial Paper		—		74,990,750		—		74,990,750
Time Deposits		—		140,000,000		—		140,000,000
U.S. Treasury Bills		—		170,496,906		—		170,496,906
Total Investments, at value	$	19,159,964	$	4,372,447,784	$	—	$	4,391,607,748
Other Financial Instruments, at value
Financial Futures Contracts	$	1,153,373	$	—	$	—	$	1,153,373
Other Financial Instruments,
at value	$	1,153,373	$	—	$	—	$	1,153,373

The Fund’s policy is to disclose transfers between levels based on valuations at the end of the reporting period. There were no transfers between Levels 1, 2 or 3 as of April 30, 2014, based on the valuation input levels on October 31, 2013.

The accompanying notes are an integral part of these financial statements.

BBH LIMITED DURATION FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2014 (unaudited)

ASSETS:
Investments in securities, at value (Identified cost $4,365,542,532)	$	4,391,607,748
Cash		16,241,897
Receivables for:
Interest		11,416,063
Shares sold		8,060,870
Investments sold		15,320
Prepaid assets		7,906
Total Assets		4,427,349,804
LIABILITIES:
Payables for:
Investments purchased		71,487,745
Futures variation margin on open contracts		2,766,782
Shares redeemed		1,115,000
Investment advisory and administrative fees		931,878
Shareholder servicing fees		391,956
Custody and fund accounting fees		37,099
Professional fees		19,288
Board of Trustees’ fees		7,571
Transfer agent fees		2,501
Distributor fees		2,283
Accrued expenses and other liabilities		59,062
Total Liabilities		76,821,165

NET ASSETS	$	4,350,528,639
Net Assets Consist of:
Paid-in capital	$	4,316,292,555
Undistributed net investment income		11,053
Accumulated net realized gain on investments in securities
and futures contracts		7,006,442
Net unrealized appreciation/(depreciation) on investments in
securities and futures contracts		27,218,589
Net Assets	$	4,350,528,639
NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($2,356,523,738 ÷ 227,457,302 shares outstanding)	$	10.36
CLASS I SHARES
($1,994,004,901 ÷ 192,514,465 shares outstanding)	$	10.36

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

STATEMENT OF OPERATIONS

For the six months ended April 30, 2014 (unaudited)

NET INVESTMENT INCOME:
Income:
Dividends	$	352,269
Interest and other income (net of foreign withholding taxes of $58,154)		35,905,486
Total Income		36,257,755
Expenses:
Investment advisory and administrative fees		5,150,396
Shareholder servicing fees		2,310,264
Custody and fund accounting fees		144,448
Board of Trustees’ fees		48,388
Professional fees		34,651
Distributor fees		25,150
Transfer agent fees		11,899
Miscellaneous expenses		111,333
Total Expenses		7,836,529
Expense offset arrangement		(1,474	)
Net Expenses		7,835,055
Net Investment Income		28,422,700
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments in securities		6,209,725
Net realized loss on futures contracts		(19,681,205	)
Net realized loss on investments in securities and futures contracts		(13,471,480	)
Net change in unrealized appreciation/(depreciation) on
investments in securities		8,865,962
Net change in unrealized appreciation/(depreciation) on
futures contracts		21,636,297
Net change in unrealized appreciation/(depreciation) on investments
in securities and futures contracts		30,502,259
Net Realized and Unrealized Gain		17,030,779
Net Increase in Net Assets Resulting from Operations	$	45,453,479

The accompanying notes are an integral part of these financial statements.

BBH LIMITED DURATION FUND

STATEMENTS OF CHANGES IN NET ASSETS

		For the six months ended April 30, 2014 (unaudited)			For the year ended October 31, 2013
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	28,422,700		$	52,441,611
Net realized gain (loss) on investments in securities
and futures contracts		(13,471,480	)		32,496,632
Net change in unrealized appreciation/(depreciation)
on investments in securities and futures
contracts		30,502,259			(55,176,704	)
Net increase in net assets resulting
from operations		45,453,479			29,761,539
Dividends and distributions declared:
From net investment income:
Class N		(15,907,235	)		(28,079,044	)
Class I		(13,025,849	)		(24,177,010	)
From net realized gains:
Class N		(7,552,495	)		(4,814,319	)
Class I		(4,638,860	)		(3,217,373	)
Total dividends and distributions declared		(41,124,439	)		(60,287,746	)
Share transactions:
Proceeds from sales of shares		1,688,592,114			2,962,279,559
Net asset value of shares issued to shareholders
for reinvestment of dividends and distributions		40,713,182			59,349,601
Cost of shares redeemed		(1,000,889,241	)		(2,313,993,533	)
Net increase in net assets resulting from
share transactions		728,416,055			707,635,627
Total increase in net assets		732,745,095			677,109,420
NET ASSETS:
Beginning of period		3,617,783,544			2,940,674,124
End of period (including undistributed net investment
income of $11,053 and $521,437, respectively)	$	4,350,528,639		$	3,617,783,544

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for a Class N share outstanding throughout each period.

	For the six months ended April 30, 2014 (unaudited)			For the years ended October 31,
	For the six months ended April 30, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning
of period	$	10.35		$	10.44		$	10.34		$	10.46		$	10.24		$	9.31
Income from investment operations:
Net investment income¹		0.07			0.15			0.18			0.17			0.25			0.30
Net realized and unrealized
gain (loss)		0.04			(0.06	)		0.14			(0.12	)		0.21			0.96
Total income from investment
operations		0.11			0.09			0.32			0.05			0.46			1.26
Less dividends and distributions:
From net investment income		(0.07	)		(0.15	)		(0.18	)		(0.17	)		(0.24	)		(0.33	)
From net realized gains		(0.03	)		(0.03	)		(0.04	)		—			—			—
Total dividends and
distributions		(0.10	)		(0.18	)		(0.22	)		(0.17	)		(0.24	)		(0.33	)
Short-term redemption fees		—			—			—			0.00	²		0.00	²		—
Net asset value, end of period	$	10.36		$	10.35		$	10.44		$	10.34		$	10.46		$	10.24
Total return		1.11	%		0.82	%		3.13	%		0.52	%		4.58	%		13.63	%

Ratios/Supplemental data:
Net assets, end of period
(in millions)	$	2,357		$	2,170		$	1,776		$	1,336		$	1,287		$	870
Ratio of expenses to average net
assets before reductions		0.48	%³		0.49	%		0.50	%		0.49	%		0.49	%		0.52	%
Expense offset arrangement		0.00	%^3,4		0.00	%⁴		0.00	%⁴		0.00	%⁴		0.00	%⁴		0.00	%⁴
Ratio of expenses to average net
assets after reductions		0.48	%³		0.49	%		0.50	%		0.49	%		0.49	%		0.52	%
Ratio of net investment income to
average net assets		1.36	%³		1.44	%		1.75	%		1.66	%		2.38	%		2.96	%
Portfolio turnover rate		16	%		48	%		38	%		28	%		40	%		125	%

Calculated using average shares outstanding for the period.

Less than $0.01

Annualized

⁴

Less than 0.01%

The accompanying notes are an integral part of these financial statements.

BBH LIMITED DURATION FUND

FINANCIAL HIGHLIGHTS (continued)

Selected per share data and ratios for a Class I share outstanding throughout each period.

	For the six months ended April 30, 2014 (unaudited)			For the years ended October 31,
	For the six months ended April 30, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning
of period	$	10.35		$	10.44		$	10.34		$	10.46		$	10.23		$	9.31
Income from investment operations:
Net investment income¹		0.08			0.17			0.20			0.19			0.26			0.31
Net realized and unrealized
gain (loss)		0.04			(0.06	)		0.14			(0.12	)		0.23			0.95
Total income from investment
operations		0.12			0.11			0.34			0.07			0.49			1.26
Less dividends and distributions:
From net investment income		(0.08	)		(0.17	)		(0.20	)		(0.19	)		(0.26	)		(0.34	)
From net realized gains		(0.03	)		(0.03	)		(0.04	)		—			—			—
Total dividends and
distributions		(0.11	)		(0.20	)		(0.24	)		(0.19	)		(0.26	)		(0.34	)
Short-term redemption fees		—			—			—			0.00	²		0.00	²		—
Net asset value, end of period	$	10.36		$	10.35		$	10.44		$	10.34		$	10.46		$	10.23
Total return		1.21	%		1.01	%		3.31	%		0.67	%		4.83	%		13.67	%

Ratios/Supplemental data:
Net assets, end of period
(in millions)	$	1,994		$	1,448		$	1,165		$	825		$	926		$	455
Ratio of expenses to average net
assets before reductions		0.28	%³		0.29	%		0.31	%		0.33	%		0.34	%		0.37	%
Expense offset arrangement		0.00	%^3,4		0.00	%⁴		0.00	%⁴		0.00	%⁴		0.00	%⁴		0.00	%⁴
Ratio of expenses to average net
assets after reductions		0.28	%³		0.29	%		0.31	%		0.33	%		0.34	%		0.37	%
Ratio of net investment income to
average net assets		1.58	%³		1.63	%		1.93	%		1.82	%		2.52	%		3.11	%
Portfolio turnover rate		16	%		48	%		38	%		28	%		40	%		125	%

Calculated using average shares outstanding for the period.

Less than $0.01

Annualized

⁴

Less than 0.01%

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS

April 30, 2014 (unaudited)

Organization. The Fund is a separate, diversified series of BBH Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. The Fund commenced operations on December 22, 2000. On August 6, 2002, the Board of Trustees (“Board”) of the Trust reclassified the Fund’s outstanding shares as “Class N,” and established a new class of shares designated as “Class I”. Class I commenced operations on December 3, 2002. Class N and Class I shares have different operating expenses. Neither Class N shares nor Class I shares convert to any other share class of the Fund. As of April 30, 2014, there were six series of the Trust.

Significant Accounting Policies. The Fund’s financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”). The following summarizes significant accounting policies of the Fund:

Valuation of Investments. Bonds and other fixed income securities, including restricted securities (other than short-term obligations but including listed issues) are valued at their most recent bid prices (sales price if the principal market is an exchange) in the principal market in which such securities are normally traded, on the basis of valuations furnished by a pricing service, use of which has been approved by the Board. In making such valuations, the pricing service utilizes both dealer supplied valuations and electronic data processing techniques, which take into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, without exclusive reliance upon quoted prices, or exchange or over-the-counter prices, since such valuations are believed to reflect more accurately the fair value of such securities. Future contacts held by the Fund are value daily at the official settlement price of the exchange on which it is traded.

Securities or other assets for which market quotations are not readily available are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. Short-term investments, which mature in 60 days or less are valued at amortized cost if their original maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if their original maturity when acquired by the Fund was more than 60 days, unless the use of amortized cost is determined not to represent “fair value” by the Board.

Accounting for Investments and Income. Investment transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined based on the identified cost method. Interest income is accrued daily and consists of interest accrued, discount earned (including, if any, both original issue and market discount) and premium amortization on the investments of the Fund. Interest income is accrued daily. Investment income is recorded net of any

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

foreign taxes withheld where recovery of such tax is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Fund Expenses. Most expenses of the Trust can be directly attributed to a specific fund. Expenses which cannot be directly attributed to a fund are apportioned amongst each fund in the Trust equally. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Financial Futures Contracts. The Fund may enter into open futures contracts in order to hedge against anticipated future changes in interest rates which otherwise might either adversely affect the value of securities held for the Fund or adversely affect the prices of securities that are intended to be purchased at a later date for the Fund. The contractual amount of the futures contracts represents the investment the Fund has in a particular contract and does not necessarily represent the amounts potentially subject to risk of loss. Trading in futures contracts involves, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The measurement of risk associated with futures contracts is meaningful only when all related and offsetting transactions are considered. Gains and losses are realized upon the expiration or closing of the futures contracts. The following futures contracts were open at April 30, 2014:

Description	Number of Contracts		Expiration Date	Market Value		Notional Amount		Unrealized Gain / (Loss)
Contracts to Sell:
U.S. Treasury 2-Year Notes		1,920	June 2014	$	422,160,000	$	422,070,010	$	(89,990	)
U.S. Treasury 5-Year Notes		6,150	June 2014		734,636,719		736,078,125		1,441,406
U.S. Treasury 10-Year Notes		1,690	June 2014		210,272,969		210,074,926		(198,043	)
								$	1,153,373

Risks related to the use of futures contracts include possible illiquidity of the futures markets, contract prices that can be highly volatile and imperfectly correlated to movements in hedged security values and/or interest rates, and potential losses in excess of the Fund’s initial investment.

For the six months ended April 30, 2014, the average monthly number of open futures contracts was 10,291. The range of monthly notional values was $1,368,223,061 to $1,630,858,004.

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

Fair Values of Derivative Instruments as of April 30, 2014

Derivatives not accounted for as hedging instruments under authoritative guidance for derivatives instruments and hedging activities:

	Asset Derivatives		Liability Derivatives
Risk	Statement of Assets and Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair Value
Interest Rate Risk	Unrealized	$1,441,406*	Unrealized	$288,033*
	Appreciation on		Depreciation on
	Open Futures		Open Futures
	Contracts		Contracts
Total		$1,441,406		$288,033

Includes cumulative appreciation/depreciation of futures contracts as reported in the Statement of Assets and Liabilities and Notes to Financial Statements. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

Effect of Derivative Instruments on the Statement of Operations

		Interest Rate Risk
Net Realized Gain/(Loss) on Derivatives
Futures Contracts	$	(19,681,205	)

Net Change in Unrealized Appreciation/(Depreciation) on Derivatives
Futures Contracts	$	21,636,297

Rule 144A Securities. The Fund may purchase securities that are not registered under the Securities Act of 1933, as amended (“1933 Act”) but that can be sold to “qualified institutional buyers” in accordance with the requirements stated in Rule 144A under the 1933 Act (“Rule 144A Securities”). A Rule 144A Security may be considered illiquid and therefore subject to the 15% limitation on the purchase of illiquid securities, unless it is determined on an ongoing basis that an adequate trading market exists for the security, which is the case for the Fund. Guidelines have been adopted and the daily function of determining and monitoring liquidity of Rule 144A Securities has been delegated to the investment adviser. All relevant factors will be considered in determining the liquidity of Rule 144A Securities and all investments in Rule 144A Securities will be carefully monitored. Information regarding Rule 144A securities is included at the end of the portfolio of investments.

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

Loan Participations and Assignments. The Fund may invest in loan participations and assignments, which include institutionally traded floating and fixed-rate debt securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the “Lender”) that acts as agent for all holders. Some loan participations and assignments may be purchased on a “when-issued” basis. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the loan agreement and only upon receipt by the Lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. Assignments and participations involve credit, interest rate, and liquidity risk. Interest rates on floating rate securities adjust with interest rate changes and/or issuer credit quality, and unexpected changes in such rates could result in losses to the Fund. The interest rates paid on a floating rate security in which the Fund invests generally are readjusted periodically to an increment over a designated benchmark rate, such as the one-month, three-month, six-month, or one-year London Interbank Offered Rate (“LIBOR”). LIBOR is a short-term interest rate that banks charge one another and is generally representative of the most competitive and current cash rates.

The Fund may have difficulty trading assignments and participations to third parties. There may be restrictions on transfer and only limited opportunities may exist to sell such securities in secondary markets. As a result, the Fund may be unable to sell assignments or participations at the desired time or may be able to sell only at a price less than fair market value. The Fund utilizes an independent third party to value individual bank loans on a daily basis.

Federal Income Taxes. It is the Trust’s policy to comply with the requirements of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Accordingly, no federal income tax provision is required. The Fund files a tax return annually using tax accounting methods required under provisions of the Code, which may differ from GAAP, which is the basis on which these financial statements are prepared. Accordingly, the amount of net investment income and net realized gain reported in these financial statements may differ from that reported on the Fund’s tax return, due to certain book-to-tax timing differences such as losses deferred due to “wash sale” transactions and utilization of capital loss carryforwards. These differences result in temporary over-distributions for financial statement purposes and are classified as distributions in excess of accumulated net realized gains or net investment income. These distributions do not constitute a return of capital. Permanent differences are reclassified in the Statement of Assets & Liabilities based upon their tax classification. As such, the character of distributions to shareholders reported in the Financial Highlights table may differ from that reported to shareholders on Form 1099-DIV.

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

The Fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (“ASC 740”). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Fund did not have any unrecognized tax benefits as of April 30, 2014, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statement of Operations. During the six months ended April 30, 2014, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Dividends and Distributions to Shareholders. Dividends and distributions from net investment income to shareholders, if any, are paid monthly and are recorded on the ex-dividend date. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends in the amounts of $23,459,730 and $17,664,709 to Class N shares and Class I shareholders, respectively, during the six months ended April 30, 2014.

The tax character of distributions paid during the fiscal years ended October 31, 2013 and 2012, respectively, were as follows:

Distributions paid from:
		Ordinary income		Net long-term capital gain		Total taxable distributions	Tax return of capital		Total distributions paid
2013:	$	58,884,439	$	1,403,307	$	60,287,746	—	$	60,287,746
2012:		46,717,107		8,669,809		55,386,916	—		55,386,916

As of October 31, 2013 and 2012, respectively, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Components of accumulated earnings/(deficit):
		Undistributed ordinary income		Undistributed long-term capital gain	Accumulated earnings	Accumulated capital and other losses		Other book/tax temporary differences			Unrealized appreciation/ (depreciation)			Total accumulated earnings/ (deficit)
2013:	$	5,511,491	$	7,196,390	—	—	$	20,482,833		$	(3,283,670	)	$	29,907,044
2012:		7,491,232		1,391,177	—	—		(93,554	)		51,644,396			60,433,251

The Fund did not have a net capital loss carryforward as of October 31, 2013.

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

Under the Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carryforward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period and will retain their character as either short-term or long-term capital losses rather than being considered all short term capital losses.

Total distributions paid may differ from amounts reported in the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid.

The differences between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

To the extent future capital gains are offset by capital loss carryforwards, such gains will not be distributed.

Use of Estimates. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from these estimates.

“Disclosures about Offsetting Assets and Liabilities”. The Fund has adopted Accounting Standards Update (“ASU”) No. 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” and ASU No. 2011-11 “Disclosures about Offsetting Assets and Liabilities”. Management has determined that there is no impact to the financial statements.

Recent Accounting Pronouncements. In June 2013, the FASB issued Accounting Standard Update No. 2013-08, “Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” (“ASU 2013-08”). ASU 2013-08 clarifies the characteristics of an investment company and provides comprehensive guidance for assessing whether an entity is an investment company and for the measurement of non-controlling ownership interests in other investment companies. ASU 2013-08 is effective prospectively for interim or annual periods beginning on or after December 15, 2013. Management does not expect this guidance to have an impact on the financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

Fees and Other Transactions with Affiliates.

Investment Advisory and Administrative Fees. Under a combined Investment Advisory and Administrative Services Agreement (“Agreement”) with the Trust, Brown Brothers Harriman & Co. (“BBH”) through a separately identifiable department (“SID” or “Investment Adviser”) provides investment advisory and portfolio management services to the Fund. BBH also provides administrative services to the Fund. The Fund’s investment advisory fee is calculated daily and paid monthly at an annual rate equivalent to at 0.30% per annum on the first $1,000,000,000 of net assets and 0.25% per annum on all net assets over $1,000,000,000. For the six months ended April 30, 2014, the Fund incurred $5,150,396 for services under the Agreement.

Shareholder Servicing Fees. The Trust has a shareholder servicing agreement with BBH. BBH receives a fee from the Fund calculated daily and paid monthly at an annual rate of 0.20% of Class N shares’ average daily net assets. For the six months ended April 30, 2014, Class N shares of the Fund incurred $2,310,264 in shareholder servicing fees.

Custody and Fund Accounting Fees. BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and incurred monthly. BBH holds all of the Fund’s cash and investments and calculates the Fund’s daily net asset value. The custody fee is an asset and transaction based fee. The fund accounting fee is an asset based fee calculated at 0.004% of the Fund’s net asset value. For the six months ended April 30, 2014, the Fund incurred $144,448 in custody and fund accounting fees. These fees for the Fund were reduced by $1,474 as a result of an expense offset arrangement with the Fund’s custodian. The credit amount (if any) is disclosed in the Statement of Operations as a reduction to the Fund’s expenses. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the Federal Funds overnight investment rate on the day of the overdraft. The total interest incurred by the Fund for the six months ended April 30, 2014, was $1,468.

Board of Trustees’ Fees. Each Trustee who is not an “interested person” as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the six months ended April 30, 2014, the Fund incurred $48,388 in non-interested Trustee compensation and reimbursements.

Investment Transactions. For the six months ended April 30, 2014, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $720,481,089 and $520,307,796, respectively.

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

Shares of Beneficial Interest. The Trust is permitted to issue an unlimited number of Class N shares and Class I shares of beneficial interest, at no par value. Transactions in Class N and Class I shares were as follows:

	For the six months ended April 30, 2014 (unaudited)						For the year ended October 31, 2013
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		69,636,866		$	721,108,025			147,396,362		$	1,531,651,257
Shares issued in connection
with reinvestments of
dividends		2,250,003			23,275,825			3,130,065			32,490,008
Shares redeemed		(54,060,400	)		(559,821,945	)		(110,929,603	)		(1,152,579,545	)
Net increase		17,826,469		$	184,561,905			39,596,824		$	411,561,720
Class I
Shares sold		93,444,979		$	967,484,089			137,647,649		$	1,430,628,302
Shares issued in connection
with reinvestments of
dividends		1,686,052			17,437,357			2,588,515			26,859,593
Shares redeemed		(42,587,054	)		(441,067,296	)		(111,889,034	)		(1,161,413,988	)
Net increase		52,543,977		$	543,854,150			28,347,130		$	296,073,907

Principal Risk Factors and Indemnifications.

Principal Risk Factors. Investing in the Fund may involve certain risks, as discussed in the Fund’s prospectus, including but not limited to, those described below:

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Investment Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). In the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to failure of a counterparty to a transaction to perform (credit risk), changes in interest rates (interest rate risk), higher volatility for securities with longer maturities (maturity risk), financial performance or leverage of the issuer (issuer risk), difficulty in being able to purchase or sell a security (liquidity risk), or certain risks associated with investing in foreign securities not present in domestic investments (foreign investment risk). The Fund’s use of derivatives creates risks that are different from, or possibly greater than, the risks associated with investing directly in securities as the Fund could lose more than the principal amount invested (derivatives risk). The Fund invests in asset-backed and mortgage-backed securities (mortgage-backed securities risk) which are subject to the risk that borrowers may default on the obligations that underlie these securities. In addition, these securities may be paid off sooner (prepayment risk) or later than expected which may increase the volatility of

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

securities during periods of fluctuating interest rates. The Fund may invest in bonds issued by foreign governments which may be unable or unwilling to make interest payments and/or repay the principal owed (sovereign debt risk). The Fund’s use of borrowing, in reverse repurchase agreements and investment in some derivatives, involves leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s securities and may cause the Fund to be more volatile (leverage risk). The value of securities held by the Fund may decline in response to certain events, including: those directly involving the companies or issuers whose securities are held by the Fund; conditions affecting the general economy; overall market changes; local, regional or political, social or economic instability; and currency and interest rate and price fluctuations (market risk).

The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (shareholder concentration risk). The extent of the Fund’s exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund’s Statement of Assets and Liabilities.

Please refer to the Fund’s prospectus for a complete description of the principal risks of investing in the Fund.

Indemnifications. Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund, and shareholders are indemnified against personal liability for the obligations of the Trust. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Subsequent Events. Management has evaluated events and transactions that may have occurred since April 30, 2014 through the date the financial statements were issued and determined that there were none that would require recognition or additional disclosure in the financial statements.

BBH LIMITED DURATION FUND

DISCLOSURE OF FUND EXPENSES

April 30, 2014 (unaudited)

EXAMPLE

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested distributions, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution 12b-1 fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2013 to April 30, 2014).

ACTUAL EXPENSES

The first line of the table provides information about actual account values and actual expenses. You may use information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

DISCLOSURE OF FUND EXPENSES (continued)

April 30, 2014 (unaudited)

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

		Beginning Account Value November 1, 2013		Ending Account Value April 30, 2014		Expenses Paid During Period November 1, 2013 to April 30, 2014¹
Class N
Actual	$	1,000	$	1,011	$	2.39
Hypothetical²	$	1,000	$	1,022	$	2.41

		Beginning Account Value November 1, 2013		Ending Account Value April 30, 2014		Expenses Paid During Period November 1, 2013 to April 30, 2014¹
Class I
Actual	$	1,000	$	1,012	$	1.40
Hypothetical²	$	1,000	$	1,023	$	1.40

Expenses are equal to the Fund’s annualized expense ratio of 0.48% and 0.28% for Class N and I shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Assumes a return of 5% before expenses. For the purposes of the calculation, the applicable annualized expenses ratio for each class of shares is subtracted from the assumed return before expenses.

BBH LIMITED DURATION FUND

DISCLOSURE OF ADVISOR SELECTION

April 30, 2014 (unaudited)

Investment Advisory and Administrative Services Agreement Approval

The 1940 Act requires that the continuance of a fund’s investment advisory agreements must be approved annually both by a fund’s board of trustees and by a majority of the trustees who are not parties to the investment advisory agreements or “interested persons” of any party (“Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

Both in the meeting specifically held to address the continuance of the Agreement and at other meetings during the course of the year, the Board requested and received a variety of materials provided by the Investment Adviser and BBH, including information about personnel, operations and Fund performance. The Board also received third-party comparative performance and fee and expense information for the Fund. The Board received a memorandum from Counsel to the Trust (“Fund Counsel”) regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Board met in executive session outside the presence of Fund management.

The following is a summary of the factors the Board considered in making its determination to approve the continuance of the Agreement. No single factor reviewed by the Board was identified as the principal factor in determining whether to approve the Agreement, and individual Trustees may have given different weight to various factors. The Board reviewed these factors with Fund Counsel.

Nature, Extent and Quality of Services

The Board noted that, pursuant to the Agreement with respect to the Fund, the Investment Adviser, subject to the supervision of the Board, is responsible for providing a continuous investment program and making purchases and sales of portfolio securities consistent with the Fund’s investment objective and policies. The Board received and considered information, during the in-person meeting held on December 10, 2013, and during the past year, regarding the nature, extent and quality of services provided to the Fund by the Investment Adviser including the supervision of operations and compliance and regulatory filings, disclosures to Fund shareholders, general oversight of service providers, assisting the Board, including the Independent Trustees, in their capacity as Trustees and other services. The Board considered the resources of the Investment Adviser and BBH dedicated to the Fund noting that BBH also provides administrative, custody and fund accounting services to the Fund.

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2014 (unaudited)

The Board considered the scope and quality of services provided by the Investment Adviser under the Agreement. The Board also considered the policies and practices followed by BBH and the Investment Adviser. The Board also considered brokerage policies and practices and the standards applied in seeking best execution. The Board reviewed the qualifications of the key investment personnel primarily responsible for the day-to-day portfolio management of the Fund. The Board noted that in the course of its regular meetings it received reports on each of the foregoing topics. The Board concluded that, overall, they were satisfied with the nature, extent and quality of services provided, and expected to be provided, to the Fund pursuant to the Agreement.

Fund Performance

The Board received and considered performance information for the Fund. The Board considered the Fund’s performance relative to a peer category of other mutual funds. As part of this review, the Trustees considered the composition of the peer category, selection criteria and reputation of the third party who prepared the peer category analysis. In addition, the Board received detailed performance information for the Fund at other meetings held during the year. The Board considered short-term and long-term investment performance for the Fund over various periods of time as compared to a selection of peer funds, noting that the Fund’s investment performance was mixed. In evaluating the performance of the Fund, the Board considered the risk expectations for the Fund as well as the level of Fund performance in the context of its review. Based on this information, the Board concluded that it was satisfied with the Fund’s investment results.

Fund Expenses

The Board considered the fee rates paid by the Fund to the Investment Adviser and BBH in light of the nature, extent and quality of the services provided to the Fund. The Board considered the depth and range of services provided pursuant to the Agreement, noting that the Investment Adviser also coordinates the provision of services to the Fund by affiliated and nonaffiliated service providers. The Board received and considered information comparing the Fund’s investment advisory and administration fee and the Fund’s net total expenses with those of other comparable mutual funds, such peer group and comparisons having been selected and calculated by an independent third party. The Board recognized that it is difficult to make comparisons of the fee rate, or of combined advisory and administration fees, because there are variations in the services that are included in the fees paid by other funds. The Board concluded that the advisory and administration fee appeared to be reasonable in light of the services rendered and was the result of arm’s length negotiations.

BBH LIMITED DURATION FUND

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2014 (unaudited)

Costs of Services Provided and Profitability

With regard to profitability, the Trustees considered the compensation flowing to the Adviser and BBH, directly or indirectly. The Board reviewed the Investment Adviser and BBH’s profitability data for the Fund for the nine-months ended September 30, 2013, and for the prior two-year period. The data also included the effect of revenue generated by the custody, fund accounting and administration fees paid by the Fund to BBH. The Board reviewed the allocation methods used in preparing the profitability data. The Board also considered the effect of fall-out benefits on the expenses of the Investment Adviser and BBH. The Board focused on profitability of the Investment Adviser and BBH’s relationships with the Fund before taxes and distribution expenses. The Board concluded that the Investment Adviser and BBH’s profitability were not excessive in light of the nature, extent and quality of services provided to the Fund. The Board considered other benefits received by BBH and the Investment Adviser as a result of their relationships with the Fund. These other benefits include proprietary research received from brokers that execute the Fund’s purchases and sales of securities and fees received for being the Fund’s administrator, custodian, fund accounting agent and shareholder servicing agent. In light of the costs of providing services pursuant to the Agreement as well as the Investment Adviser and BBH’s commitment to the Fund, the ancillary benefits that the Investment Adviser and BBH received were considered reasonable.

Economies of Scale

The Board considered the existence of any economies of scale and whether those are passed along to the Fund’s shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by the Investment Adviser and BBH. The Board considered the fee schedule for the Fund, noting the existence of a graduated investment advisory fee schedule. Based on information they had been provided over many years, the Board observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there appeared to be no uniformity or pattern in the fees and asset levels at which breakpoints apply. In light of the Fund’s current size and expense structure, the Board concluded that the breakpoints for the Fund were reasonable. The Board concluded that the fees paid by the Fund to the Investment Adviser were reasonable based on the comparative performance, expense information, the cost of the services provided and the profits to be realized by the Investment Adviser.

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

CONFLICTS OF INTEREST

April 30, 2014 (unaudited)

Conflicts of Interest

Certain conflicts of interest may arise in connection with a portfolio manager’s management of the Fund’s investments, on the one hand, and the investments of other accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various accounts managed could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Fund. Alternatively, to the extent that the same investment opportunities might be desirable for more than one account, possible conflicts could arise in determining how to allocate them. For example, BBH may act as adviser to private funds with investment strategies similar to the Fund. Those private funds may pay BBH a performance fee in addition to the stated investment advisory fee. In such cases, BBH may have an incentive to allocate certain investment opportunities to the private fund rather than the Fund in order to increase the private fund’s performance and thus improve BBH’s chances of receiving the performance fee. However, BBH has implemented policies and procedures to assure that investment opportunities are allocated equitably between the Fund and other funds and accounts with similar investment strategies.

Other potential conflicts might include conflicts between the Fund and its affiliated and unaffiliated service providers (e.g. conflicting duties of loyalty). In addition to providing investment management services through the SID, BBH provides administrative, custody, shareholder servicing and fund accounting services to the Fund. BBH may have conflicting duties of loyalty while servicing the Fund and/or opportunities to further its own interest to the detriment of the Fund. For example, in negotiating fee arrangements with affiliated service providers, BBH may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. Also, because its advisory fees are calculated by reference to a Fund’s net assets, the Investment Adviser and its affiliates may have an incentive to seek to overvalue certain assets.

Purchases and sales of securities for the Fund may be aggregated with orders for other BBH client accounts. BBH, however, is not required to aggregate orders if portfolio management decisions for different accounts are made separately, or if they determine that aggregating is not practicable, or in cases involving client direction.

Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Fund will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Fund. In addition, under certain circumstances, the Fund will not be charged the same commission or commission equivalent rates in connection with an aggregated order.

BBH LIMITED DURATION FUND

CONFLICTS OF INTEREST (continued)

April 30, 2014 (unaudited)

Arrangements regarding compensation and delegation of responsibility may create conflicts relating to selection of brokers or dealers to execute Fund portfolio trades and/or specific uses of commissions from Fund portfolio trades, administration of investment advice and valuation of securities.

From time to time BBH may invest a portion of the assets of its discretionary investment advisory clients in the Fund. That investment by BBH on behalf of its discretionary investment advisory clients in the Fund may be significant at times. Increasing the Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Fund’s expense ratio. BBH reserves the right to redeem at any time some or all of the shares of the Fund acquired for its discretionary investment advisory clients’ accounts. A large redemption of shares of the Fund by BBH on behalf of its discretionary investment advisory clients could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund’s investment flexibility, portfolio diversification and expense ratio.

BBH may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH to the third party. BBH may pay a solicitation fee for referrals and/or advisory or incentive fees. BBH may benefit from increased amounts of assets under management.

When market quotations are not readily available or are believed by BBH to be unreliable, the Fund’s investments may be valued at fair value by BBH pursuant to procedures adopted by the Fund’s Board of Trustees. When determining an asset’s “fair value,” BBH seeks to determine the price that a Fund might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. The price generally may not be determined based on what the Fund might reasonably expect to receive for selling an asset at a later time or if it holds the asset to maturity. While fair value determinations will be based upon all available factors that BBH deems relevant at the time of the determination, and may be based on analytical values determined by BBH using proprietary or third party valuation models, fair value represents only a good faith approximation of the value of a security. The fair value of one or more securities may not, in retrospect, be the price at which those assets could have been sold during the period in which the particular fair values were used in determining the Fund’s net asset value. As a result, the Fund’s sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued by BBH (pursuant to Board-adopted procedures) at fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.

FINANCIAL STATEMENT APRIL 30, 2014

BBH LIMITED DURATION FUND

CONFLICTS OF INTEREST (continued)

April 30, 2014 (unaudited)

With respect to the allocation of investment opportunities, BBH has adopted and implemented policies designed to achieve fair and equitable allocation of investment opportunities among its clients over time. BBH has structured the portfolio managers’ compensation in a manner it believes is reasonably designed to safeguard the Fund from being negatively affected as a result of any such potential conflicts.

The Trust also manages these conflicts. For example, the Trust has designated a chief compliance officer and has adopted and implemented policies and procedures designed to manage the conflicts identified above and other conflicts that may arise in the course of the Fund’s operations in such a way as to safeguard the Fund from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Investment Adviser and the Trust’s chief compliance officer on areas of potential conflict.

Administrator
Brown Brothers Harriman
140 Broadway
New York, NY 10005

Distributor
ALPS Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203

Shareholder Servicing Agent
Brown Brothers Harriman
140 Broadway
New York, NY 10005 (800) 575-1265

Investment Adviser
Brown Brothers Harriman
Mutual Fund Advisory
Department
140 Broadway
New York, NY 10005

To obtain information or make shareholder inquiries:

By telephone:		Call 1-800-575-1265
By E-mail send your request to:		bbhfunds@bbh.com
On the internet:		www.bbhfunds.com

This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund. Such offering is made only by the prospectus, which includes details as to offering price and other material information.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q.” Information on Form N-Q is available without charge and upon request by calling the Fund at the toll-free number listed above. A text only version can be viewed online or downloaded from the SEC’s website at http://www.sec.gov; and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (call 1-800-SEC-0330 for information on the operation of the Public Reference Room). You may also access this information from the BBH Funds website at www.bbhfunds.com.

A summary of the Fund’s Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available upon request by calling the toll-free number listed above. This information is also available on the SEC’s website at www.sec.gov.

Semi-Annual Report

APRIL 30, 2014

BBH Core Select

BBH CORE SELECT

PORTFOLIO ALLOCATION

April 30, 2014 (unaudited)

SECTOR DIVERSIFICATION

	U.S. $ Value		Percent of Net Assets
Basic Materials	$	248,302,096		4.0	%
Communications		857,513,289		13.7
Consumer Cyclical		429,282,766		6.8
Consumer Non-Cyclical		1,389,371,697		22.2
Energy		686,224,794		10.9
Financials		1,303,133,245		20.8
Industrials		155,649,809		2.5
Technology		442,134,140		7.1
Repurchase Agreements		315,500,000		5.0
U.S. Treasury Bills		389,989,860		6.3
Cash and Other Assets in Excess of Liabilities		45,998,811		0.7
NET ASSETS	$	6,263,100,507		100.0	%

All data as of April 30, 2014. The BBH Core Select Fund’s (the “Fund”) sector diversification is expressed as a percentage of net assets and may vary over time.

The accompanying notes are an integral part of these financial statements.

BBH CORE SELECT

PORTFOLIO OF INVESTMENTS

April 30, 2014 (unaudited)

Shares			Value
		COMMON STOCKS (88.0%)
		BASIC MATERIALS (4.0%)
	1,828,232	Celanese Corp. (Series A)	$	112,308,292
	1,041,699	Praxair, Inc.		135,993,804
		Total Basic Materials		248,302,096

		COMMUNICATIONS (13.7%)
	6,550,911	Comcast Corp. (Class A)		339,075,153
	1,329,231	eBay, Inc.¹		68,894,043
	274,892	Google, Inc. (Class A)¹		147,034,233
	274,892	Google, Inc. (Class C)¹		144,774,621
	5,427,916	Liberty Interactive Corp. (Class A)¹		157,735,239
		Total Communications		857,513,289

		CONSUMER CYCLICAL (6.8%)
	2,313,768	Bed, Bath & Beyond, Inc.¹		143,754,406
	2,926,282	Target Corp.		180,697,913
	1,315,148	Wal-Mart Stores, Inc.		104,830,447
		Total Consumer Cyclical		429,282,766

		CONSUMER NON-CYCLICAL (22.2%)
	2,895,286	Baxter International, Inc.		210,747,868
	1,012,225	DENTSPLY International, Inc.		45,175,602
	1,296,140	Diageo, Plc. ADR		159,140,069
	552,574	Henry Schein, Inc.¹		63,120,528
	929,432	Johnson & Johnson		94,142,167
	3,326,620	Nestle SA ADR		256,748,532
	3,063,899	Novartis AG ADR		266,375,379
	830,261	PepsiCo, Inc.		71,311,117
	1,571,975	Unilever NV (NY Shares)		67,311,969
	5,132,137	Zoetis, Inc.		155,298,466
		Total Consumer Non-Cyclical		1,389,371,697

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Shares			Value
		COMMON STOCKS (continued)
		ENERGY (10.9%)
	2,069,290	EOG Resources, Inc.	$	202,790,420
	1,563,243	Occidental Petroleum Corp.		149,680,518
	1,668,944	Schlumberger, Ltd.		169,481,263
	3,430,923	Southwestern Energy Co.¹		164,272,593
		Total Energy		686,224,794

		FINANCIALS (20.8%)
	1,903	Berkshire Hathaway, Inc. (Class A)¹		367,802,325
	2,328,638	Chubb Corp.		214,420,987
	6,548,913	Progressive Corp.		158,811,140
	7,105,691	US Bancorp		289,770,079
	5,486,074	Wells Fargo & Co.		272,328,714
		Total Financials		1,303,133,245

		INDUSTRIALS (2.5%)
	3,501,683	Waste Management, Inc.		155,649,809
		Total Industrials		155,649,809

		TECHNOLOGY (7.1%)
	5,473,394	Microsoft Corp.		221,125,118
	2,807,890	QUALCOMM, Inc.		221,009,022
		Total Technology		442,134,140
		TOTAL COMMON STOCKS (Identified cost $3,998,779,150)		5,511,611,836

The accompanying notes are an integral part of these financial statements.

BBH CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal
Amount

Maturity
Date

Interest
Rate

Value

REPURCHASE AGREEMENTS (5.0%)

315,500,000

National Australia Bank (Agreement dated

04/30/14 collateralized by U.S. Treasury

Bond 1.375%, due 12/31/18, valued at

$321,810,000)

05/01/14

0.030

315,500,000

TOTAL REPURCHASE AGREEMENTS

(Identified cost $315,500,000)

315,500,000

U.S. TREASURY BILLS (6.3%)

390,000,000

U.S. Treasury Bill^2,3

07/03/14

0.027

389,989,860

TOTAL U.S. TREASURY BILLS

(Identified cost $389,981,538)

389,989,860

TOTAL INVESTMENTS (Identified cost $4,704,260,688)⁴

99.3

6,217,101,696

CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES

0.7

45,998,811

NET ASSETS

100.0

6,263,100,507

Non-income producing security.

Coupon represents a weighted average yield.

Coupon represents a yield to maturity.

⁴

The aggregate cost for federal income tax purposes is $4,704,260,688, the aggregate gross unrealized appreciation is $1,512,868,155 and the aggregate gross unrealized depreciation is $27,147, resulting in net unrealized appreciation of $1,512,841,008.

Abbreviations:

ADR — American Depositary Receipt.

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

FAIR VALUE MEASUREMENTS

The three levels defined by the fair value hierarchy are as follows:

—

Level 1 – unadjusted quoted prices in active markets for identical investments.

—

Level 2 – significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

—

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The accompanying notes are an integral part of these financial statements.

BBH CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Financial assets within level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2014.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)*		Significant Other Observable Inputs (Level 2)*		Significant Unobservable Inputs (Level 3)*		Balance as of April 30, 2014
Basic Materials	$	248,302,096	$	—	$	—	$	248,302,096
Communications		857,513,289		—		—		857,513,289
Consumer Cyclical		429,282,766		—		—		429,282,766
Consumer Non-Cyclical		1,389,371,697		—		—		1,389,371,697
Energy		686,224,794		—		—		686,224,794
Financials		1,303,133,245		—		—		1,303,133,245
Industrials		155,649,809		—		—		155,649,809
Technology		442,134,140		—		—		442,134,140
Repurchase Agreements		—		315,500,000		—		315,500,000
U.S. Treasury Bills		—		389,989,860		—		389,989,860
Investments, at value	$	5,511,611,836	$	705,489,860	$	—	$	6,217,101,696

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH CORE SELECT

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2014 (unaudited)

ASSETS:
Investments in securities, at value (Identified cost $4,388,760,688)	$	5,901,601,696
Repurchase agreements (Identified cost $315,500,000)		315,500,000
Cash		2,654,775
Receivables for:
Investments sold		36,385,667
Dividends		11,778,341
Shares sold		3,552,202
Investment advisory and administrative fees waiver reimbursement		491,393
Interest		263
Prepaid assets		12,074
Total Assets		6,271,976,411
LIABILITIES:
Payables for:
Investment advisory and administrative fees		4,060,747
Shares redeemed		3,089,015
Shareholder servicing fees		1,268,952
Distributors fees		84,951
Transfer agent fees		52,100
Custody and fund accounting fees		47,693
Professional fees		20,024
Board of Trustees’ fees		5,032
Periodic distributions		4,628
Accrued expenses and other liabilities		242,762
Total Liabilities		8,875,904

NET ASSETS	$	6,263,100,507
Net Assets Consist of:
Paid-in capital	$	4,686,403,381
Undistributed net investment income		24,347,294
Accumulated net realized gain on investments in securities		39,508,824
Net unrealized appreciation/(depreciation) on investments in securities		1,512,841,008
Net Assets	$	6,263,100,507
NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($5,860,342,307 ÷ 267,195,205 shares outstanding)	$	21.93
RETAIL CLASS SHARES
($402,758,200 ÷ 28,179,099 shares outstanding)	$	14.29

The accompanying notes are an integral part of these financial statements.

BBH CORE SELECT

STATEMENT OF OPERATIONS

For the six months ended April 30, 2014 (unaudited)

NET INVESTMENT INCOME:
Income:
Dividends (net of foreign withholding taxes of $2,562,262)	$	60,746,787
Interest and other income		124,438
Total Income		60,871,225
Expenses:
Investment advisory and administrative fees		23,934,120
Shareholder servicing fees		7,479,413
Distributors fees		493,544
Transfer agent fees		293,988
Custody and fund accounting fees		175,123
Board of Trustees’ fees		48,291
Professional fees		29,137
Miscellaneous expenses		452,257
Total Expenses		32,905,873
Investment advisory and administrative fees waiver		(2,533,144	)
Expense offset arrangement		(1,034	)
Net Expenses		30,371,695
Net Investment Income		30,499,530

NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments in securities		40,559,932
Net change in unrealized appreciation/(depreciation) on
investments in securities		280,689,913
Net Realized and Unrealized Gain		321,249,845
Net Increase in Net Assets Resulting from Operations	$	351,749,375

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH CORE SELECT

STATEMENT OF CHANGES IN NET ASSETS

		For the six months ended April 30, 2014 (unaudited)			For the year ended October 31, 2013
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	30,499,530		$	31,528,037
Net realized gain on investments in securities		40,559,932			123,026,915
Net change in unrealized appreciation/(depreciation)
on investments in securities		280,689,913			889,161,832
Net increase in net assets resulting
from operations		351,749,375			1,043,716,784
Dividends and distributions declared:
From net investment income:
Class N		(27,057,658	)		(18,092,926	)
Retail Class		(1,711,179	)		(1,134,306	)
From net realized gains:
Class N		(112,951,216	)		(43,389,167	)
Retail Class		(10,987,974	)		(5,651,933	)
Total dividends and distributions declared		(152,708,027	)		(68,268,332	)
Share transactions:
Proceeds from sales of shares		488,125,992			2,402,011,647
Net asset value of shares issued to shareholders for
reinvestment of dividends and distributions		118,110,394			52,357,695
Proceeds from short-term redemption fees		12,122			34,753
Cost of shares redeemed		(554,311,693	)		(734,404,450	)
Net increase in net assets resulting from
share transactions		51,936,815			1,719,999,645
Total increase in net assets		250,978,163			2,695,448,097

NET ASSETS:
Beginning of period		6,012,122,344			3,316,674,247
End of period (including undistributed net investment
income of $24,347,294 and $22,616,601, respectively)	$	6,263,100,507		$	6,012,122,344

The accompanying notes are an integral part of these financial statements.

BBH CORE SELECT

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for a Class N share outstanding throughout each period.

	For the six months ended April 30, 2014 (unaudited)			For the years ended October 31,
	For the six months ended April 30, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning
of period	$	21.21		$	17.46		$	15.07		$	13.91		$	11.93		$	10.71
Income from investment operations:
Net investment income¹		0.11			0.13			0.10			0.12			0.07			0.06
Net realized and unrealized gain		1.14			3.95			2.54			1.15			1.96			1.25
Total income from investment
operations		1.25			4.08			2.64			1.27			2.03			1.31
Less dividends and distributions:
From net investment income		(0.10	)		(0.10	)		(0.07	)		(0.07	)		(0.05	)		(0.02	)
From net realized gains		(0.43	)		(0.23	)		(0.18	)		(0.04	)		—			(0.07	)
Total dividends and
distributions		(0.53	)		(0.33	)		(0.25	)		(0.11	)		(0.05	)		(0.09	)
Short-term redemption fees²		0.00			0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	21.93		$	21.21		$	17.46		$	15.07		$	13.91		$	11.93
Total return		6.05	%		23.78	%		17.86	%		9.19	%		17.11	%		12.44	%
Ratios/Supplemental data:
Net assets, end of period
(in millions)	$	5,860		$	5,645		$	3,049		$	809		$	362		$	237
Ratio of expenses to average
net assets before reductions		1.08	%³		1.09	%		1.12	%		1.14	%		1.18	%		1.21	%
Fee waiver		0.08	%^3,4		0.09	%⁴		0.12	%⁴		0.13	%⁴		0.06	%⁴		—	%
Expense offset arrangement		0.00	%^3,5		0.00	%⁵		0.00	%⁵		0.01	%		0.01	%		0.02	%
Ratio of expenses to average net
assets after reductions		1.00	%³		1.00	%		1.00	%		1.00	%		1.11	%		1.19	%
Ratio of net investment income
to average net assets		1.03	%³		0.65	%		0.63	%		0.85	%		0.55	%		0.61	%
Portfolio turnover rate		4	%		12	%		14	%		17	%		19	%		15	%

Calculated using average shares outstanding for the period.

Less than $0.01.

Annualized.

⁴

The ratio of expenses to average net assets for the six months ended April 30, 2014 and the fiscal years ended October 31, 2013, 2012, 2011 and 2010, reflect fees reduced as result of a contractual operating expense limitation of the share class to 1.00%. The agreement is effective for the period beginning on July 14, 2010 through April 1, 2014, and has been renewed by all parties to the agreement through May 1, 2015. For the six months ended April 30, 2014 and the fiscal years ended October 31, 2013, 2012, 2011 and 2010, the waived fees were $2,231,108, $3,983,262, $1,853,202, $793,607 and $177,639, respectively.

⁵

Less than 0.01%.

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH CORE SELECT

FINANCIAL HIGHLIGHTS (continued)

Selected per share data and ratios for a Retail Class share outstanding throughout each period.

	For the six months ended April 30, 2014 (unaudited)			For the years ended October 31,						For the period from March 25, 2011 (commencement of operations) to October 31, 2011
	For the six months ended April 30, 2014 (unaudited)			2013			2012
Net asset value, beginning of period	$	13.99		$	11.61		$	10.11		$	10.00
Income from investment operations:
Net investment income¹		0.05			0.06			0.05			0.02
Net realized and unrealized gain		0.75			2.60			1.69			0.09
Total income from investment
operations		0.80			2.66			1.74			0.11
Less dividends and distributions:
From net investment income		(0.07	)		(0.05	)		(0.06	)		—
From net realized gains		(0.43	)		(0.23	)		(0.18	)		—
Total dividends and distributions		(0.50	)		(0.28	)		(0.24	)		—
Short-term redemption fees²		0.00			0.00			0.00			0.00
Net asset value, end of period	$	14.29		$	13.99		$	11.61		$	10.11
Total return		5.89	%		23.42	%		17.64	%		1.10	%
Ratios/Supplemental data:
Net assets, end of period (in millions)	$	403		$	367		$	267		$	185
Ratio of expenses to average net assets
before reductions		1.42	%³		1.42	%		1.43	%		1.59	%³
Fee waiver		0.17	%^3,4		0.17	%⁴		0.18	%⁴		0.33	%^3,4
Expense offset arrangement		0.00	%^3,5		0.00	%⁵		0.00	%⁵		0.01	%³
Ratio of expenses to average net assets
after reductions		1.25	%³		1.25	%		1.25	%		1.25	%³
Ratio of net investment income to
average net assets		0.78	%³		0.44	%		0.50	%		0.37	%³
Portfolio turnover rate		4	%		12	%		14	%		17	%⁶

Calculated using average shares outstanding for the period.

Less than $0.01.

Annualized.

⁴

The ratio of expenses to average net assets for the six months ended April 30, 2014, the fiscal years ended October 31, 2013, 2012 and period ended October 31, 2011, reflect fees reduced as result of a contractual operating expense limitation of the share class to 1.25%. The agreement is effective for the period beginning on July 14, 2010 through April 1, 2014, and has been renewed by all parties to the agreement through May 1, 2015. For the six months ended April 30, 2014, the fiscal years ended October 31, 2013, 2012 and period ended October 31, 2011, the waived fees were $302,036, $568,410, $633,118 and $133,178, respectively.

⁵

Less than 0.01%

⁶

Represents Fund portfolio turnover for the twelve months ended October 31, 2011.

The accompanying notes are an integral part of these financial statements.

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS

April 30, 2014 (unaudited)

Organization. The Fund is a separate, non-diversified series of BBH Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. The Fund commenced operations on November 2, 1998. On February 20, 2001, the Board of Trustees (“Board”) of the Trust reclassified the Fund’s outstanding shares as “Class N”. On October 1, 2010, the Board established a new class of shares designated as “Retail Class”, which commenced operations on March 25, 2011. Neither Class N shares nor Retail Class shares convert to any other share class of the Fund. Effective November 30, 2012, subject to certain exceptions, the Fund closed to new investors. See the Fund’s prospectus for details. As of April 30, 2014, there were six series of the Trust.

Accounting for Investments and Income. Investment transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined based on the identified cost method. Dividend income and other distributions received from portfolio securities are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of securities received at ex-date. Distributions received on securities that represent a return of capital or a capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued daily. Investment income is recorded net of any foreign taxes withheld where recovery of such tax is uncertain.

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

Repurchase Agreements. The Fund may enter into repurchase agreements. Repurchase agreements are transactions in which the Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price normally is in excess of the purchase price, reflecting an agreed upon interest rate. The rate is effective for the period of time that assets of the Fund are invested in the agreement and is not related to the coupon rate on the underlying security. The Fund will enter into repurchase agreements only with banks and other recognized financial institutions, such as securities dealers, deemed creditworthy by the investment adviser. The Fund’s custodian or sub-custodian will take possession of the securities subject to repurchase agreements. The investment adviser, custodian or sub-custodian will monitor the value of the underlying collateral each day to ensure that the value of the security always equals or exceeds the repurchase price. Repurchase agreements are subject to credit risks. Information regarding repurchase agreements held by the Fund is included in the Portfolio of Investments.

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

During the six months ended April 30, 2014, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, if any, are paid annually and are recorded on the ex-dividend date. The Fund declared dividends in the amounts of $140,008,874 and $12,699,153 to Class N shares and Retail Class shareholders, respectively, during the six months ended April 30, 2014.

The tax character of distributions paid during the fiscal years ended October 31, 2013 and 2012, respectively, were as follows:

Distributions paid from:
	Ordinary income		Net long-term capital gain		Total taxable distributions		Tax return of capital		Total distributions paid
2013:	$	19,227,232	$	49,041,100	$	68,268,332		—	$	68,268,332
2012:		6,132,108		12,469,117		18,601,225		—		18,601,225

As of October 31, 2013 and 2012, respectively, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Components of accumulated earnings/(deficit):
	Undistributed Ordinary income		Undistributed long-term capital gain		Accumulated earnings		Accumulated capital and other losses		Other book/tax temporary differences			Unrealized appreciation/ (depreciation)		Total accumulated earnings/ (deficit)
2013:	$	51,311,687	$	95,217,318	$	146,529,005		—	$	(1,024,321	)	$	1,232,151,095	$	1,377,655,779
2012:		10,315,796		49,024,436		59,340,232		—		—			342,867,094		402,207,326

The Fund did not have a net capital loss carryforward at October 31, 2013.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carryforward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period and they will retain their character as either short-term or long-term capital losses rather than being considered all short-term capital losses.

Total distributions paid may differ from amounts reported in the Statement of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid.

FINANCIAL STATEMENT APRIL 30, 2014

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

The differences between book basis and tax basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

To the extent future capital gains are offset by capital loss carryforwards; such gains will not be distributed.

Management has determined that there is no impact to the financial statements.

Fees and Other Transactions with Affiliates.

Investment Advisory and Administrative Fees. Under a combined Investment Advisory and Administrative Services Agreement (“Agreement”) with the Trust, Brown Brothers Harriman & Co. (“BBH”) through a separately identifiable department (“SID” or “Investment Adviser”) provides investment advisory and portfolio management services to the Fund. BBH also provides administrative services to the Fund. The Fund pays a combined fee for investment advisory and administrative services calculated daily and paid monthly at an annual rate equivalent to 0.80% of the Fund’s average daily net assets. For the six months ended April 30, 2014, the Fund incurred $23,934,120 under the Agreement.

Investment Advisory and Administrative Fee Waivers. Effective July 14, 2010, the Investment Adviser contractually agreed to limit the annual fund operating expenses (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Fund’s business and for Retail

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

Class, amounts payable pursuant to any plan adopted in accordance with Rule 12b-1) of Class N and Retail Class to 1.00%. The agreement will terminate on May 1, 2015, unless it is renewed by all parties to the agreement. The agreement may only be terminated during its term with approval of the Fund’s Board of Trustees. For the six months ended April 30, 2014, the Investment Adviser waived fees in the amount of $2,231,108 and $302,036 for Class N and Retail Class, respectively.

Shareholder Servicing Fees. The Trust has a shareholder servicing agreement with BBH. BBH receives a fee from the Fund calculated daily and paid monthly at an annual rate of 0.25% of Class N and Retail Class shares’ average daily net assets. For the six months ended April 30, 2014, the Fund incurred shareholder servicing fees in the amount of $7,025,167 and $454,246 for Class N and Retail Class, respectively.

Distribution (12b-1) Fees. The Fund has adopted a distribution plan pursuant to Rule 12b-1 for Retail Class shares that allows the Fund to pay distribution and other fees for the sale of its shares and for services provided to shareholders. Because these fees are paid out of the Fund’s assets continuously, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. The maximum annual distribution fee for Retail Class shares is 0.25% of the average daily net assets of the Retail Class shares of the Fund. With this agreement, it is anticipated that total operating expenses for Retail Class shares will be 1.25% of the average daily net assets. For the six months ended April 30, 2014, Retail Class shares of the Fund incurred $454,045 for Distribution (12b-1) Fees.

Custody and Fund Accounting Fees. BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and incurred monthly. BBH holds all of the Fund’s cash and investments and calculates the Fund’s daily net asset value. The custody fee is an asset and transaction based fee. The fund accounting fee is an asset based fee calculated at 0.004% of the Fund’s net asset value. For the six months ended April 30, 2014, the Fund incurred $175,123 in custody and fund accounting fees. These fees for the Fund were reduced by $1,034 as a result of an expense offset arrangement with the Fund’s custodian. The credit amount (if any) is disclosed in the Statement of Operations as a reduction to the Fund’s expenses. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the Federal Funds overnight investment rate on the day of the overdraft. The total interest incurred by the Fund for the six months ended April 30, 2014, was $90.

Board of Trustees’ Fees. Each Trustee who is not an “interested person” as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the six months ended April 30, 2014, the Fund incurred $48,291 in non-interested Trustee compensation and reimbursements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

Shares of Beneficial Interest. The Trust is permitted to issue an unlimited number of Class N and Retail Class shares of beneficial interest at no par value. Transactions in Class N and Retail Class shares were as follows:

	For the six months ended April 30, 2014 (unaudited)						For the year ended October 31, 2013
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		18,800,448		$	401,114,200			120,400,382		$	2,246,685,881
Shares issued in connection
with reinvestments of
dividends		5,140,430			106,355,485			2,639,087			45,602,628
Proceeds from short-term
redemption fees		NA			10,706			NA			26,513
Shares redeemed		(22,820,727	)		(482,448,185	)		(31,580,112	)		(607,487,761	)
Net increase		1,120,151		$	25,032,206			91,459,357		$	1,684,827,261
Retail Class
Shares sold		6,202,965		$	87,011,792			12,517,484		$	155,325,766
Shares issued in connection
with reinvestments
of dividends		870,734			11,754,909			591,512			6,755,067
Proceeds from short-term
redemption fees		NA			1,416			NA			8,240
Shares redeemed		(5,151,723	)		(71,863,508	)		(9,887,218	)		(126,916,689	)
Net increase		1,921,976		$	26,904,609			3,221,778		$	35,172,384

Principal Risk Factors and Indemnifications.

Principal Risk Factors. Investing in the Fund may involve certain risks, as discussed in the Fund’s prospectus, including but not limited to, those described below:

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

securities of a small number of issuers (non-diversification risk), or certain risks associated with investing in foreign securities not present in domestic investments (foreign investment risk). The value of securities held by the Fund may fall due to changing economic, political, regulatory or market conditions, or due to a company’s or issuer’s individual situation (market risk). Price movements may occur due to factors affecting individual companies, such as the issuance of an unfavorable earnings report, or other events affecting particular industries or the equity markets as a whole (equity securities risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (shareholder concentration risk). The extent of the Fund’s exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund’s Statement of Assets and Liabilities.

Please refer to the Fund’s prospectus for a complete description of the principal risks of investing in the Fund.

Subsequent Events. Management has evaluated events and transactions that have occurred since April 30, 2014 through the date the financial statements were issued and determined that there were none that would require recognition or additional disclosure in the financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH CORE SELECT

DISCLOSURE OF FUND EXPENSES

April 30, 2014 (unaudited)

EXAMPLE

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2013 to April 30, 2014).

ACTUAL EXPENSES

The first line of the table below provides information about actual account values and actual expenses. You may use information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% Hypothetical Example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

BBH CORE SELECT

DISCLOSURE OF FUND EXPENSES (continued)

April 30, 2014 (unaudited)

	Beginning Account Value November 1, 2013	Ending Account Value April 30, 2014	Expenses Paid During Period November 1, 2013 to April 30, 2014¹
Class N
Actual	$1,000	$1,061	$5.11
Hypothetical²	$1,000	$1,020	$5.01

	Beginning Account Value November 1, 2013	Ending Account Value April 30, 2014	Expenses Paid During Period November 1, 2013 to April 30, 2014¹
Retail Class
Actual	$1,000	$1,059	$6.38
Hypothetical²	$1,000	$1,019	$6.26

Expenses are equal to the Fund’s annualized expense ratio of 1.00% and 1.25% for Class N and Retail Class shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Assumes a return of 5% before expenses. For the purposes of the calculation, the applicable annualized expense ratio for each class of shares is subtracted from the assumed return before expenses.

FINANCIAL STATEMENT APRIL 30, 2014

BBH CORE SELECT

DISCLOSURE OF ADVISOR SELECTION

April 30, 2014 (unaudited)

Investment Advisory and Administrative Services Agreement Approval

Nature, Extent and Quality of Services

BBH CORE SELECT

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2014 (unaudited)

The Board considered the scope and quality of services provided by the Investment Adviser under the Agreement. The Board also considered the policies and practices followed by BBH and the Investment Adviser. The Board also considered brokerage policies and practices, the standards applied in seeking best execution and policies and practices regarding soft dollars. The Board reviewed the qualifications of the key investment personnel primarily responsible for the day-to-day portfolio management of the Fund. The Board noted that in the course of its regular meetings it received reports on each of the foregoing topics. The Board concluded that, overall, they were satisfied with the nature, extent and quality of services provided, and expected to be provided, to the Fund pursuant to the Agreement.

Fund Performance

The Board received and considered performance information for the Fund. The Board considered the Fund’s performance relative to a peer category of other mutual funds. As part of this review, the Trustees considered the composition of the peer category, selection criteria and reputation of the third party who prepared the peer category analysis. In addition, the Board received detailed performance information for the Fund at other meetings held during the year. The Board considered short-term and long-term investment performance for the Fund over various periods of time as compared to a selection of peer funds, noting that the Fund has outperformed in the 3, 4, 5, and 10 year periods. In evaluating the performance of the Fund, the Board considered the risk expectations for the Fund as well as the level of Fund performance in the context of its review. Based on this information, the Board concluded that it was satisfied with the Fund’s investment results.

Fund Expenses

The Board considered the fee rates paid by the Fund to the Investment Adviser and BBH in light of the nature, extent and quality of the services provided to the Fund. The Board also considered and reviewed the fee waiver arrangement that was in place for the Fund and considered the actual fee rates, after taking into account the waiver. The Board considered the depth and range of services provided pursuant to the Agreement, noting that the Investment Adviser also coordinates the provision of services to the Fund by affiliated and nonaffiliated service providers. The Board received and considered information comparing the Fund’s investment advisory and administration fee and the Fund’s net total expenses with those of other comparable mutual funds, such peer group and comparisons having been selected and calculated by an independent third party. The Board recognized that it is difficult to make comparisons of the fee rate, or of combined advisory and administration fees, because there are variations in the services that are included in the fees paid by other funds. The Board concluded that the advisory and administration fee appeared to be reasonable in light of the services rendered and was the result of arm’s length negotiations.

FINANCIAL STATEMENT APRIL 30, 2014

BBH CORE SELECT

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2014 (unaudited)

Costs of Services Provided and Profitability

With regard to profitability, the Trustees considered the compensation flowing to the Adviser and BBH, directly or indirectly. The Board reviewed the Investment Adviser and BBH’s profitability data for the Fund for the nine-months ended September 30, 2013, and for the prior two-year period. The data also included the effect of revenue generated by the shareholder servicing, custody, fund accounting and administration fees paid by the Fund to BBH. The Board reviewed the allocation methods used in preparing the profitability data. The Board also considered the effect of fall-out benefits on the expenses of the Investment Adviser and BBH such as the increased visibility of BBH’s investment management business due to the distribution of the Funds through various broker dealer platforms as well as the research services acquired by BBH through soft dollars. The Board focused on profitability of the Investment Adviser and BBH’s relationships with the Fund before taxes and distribution expenses. The Board concluded that the Investment Adviser and BBH’s profitability was not excessive in light of the nature, extent and quality of services provided to the Fund. The Board considered other benefits received by BBH and the Investment Adviser as a result of their relationships with the Fund. These other benefits include proprietary research received from brokers that execute the Fund’s purchases and sales of securities and fees received for being the Fund’s administrator, custodian, fund accounting and shareholder servicing agent. In light of the costs of providing services pursuant to the Agreement as well as the Investment Adviser and BBH’s commitment to the Fund, the ancillary benefits that the Investment Adviser and BBH received were considered reasonable.

Economies of Scale

The Board considered the existence of any economies of scale and whether those are passed along to the Fund’s shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by the Investment Adviser and BBH . The Board noted that the fee schedule for the Fund does not contain breakpoints. Based on information they had been provided over many years, the Board observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there appeared to be no uniformity or pattern in the fees and asset levels at which breakpoints apply. In light of the Fund’s current size and expense structure, the Board concluded that it was unnecessary at this time to consider breakpoints with respect to the Fund. The Board concluded that the fees paid by the Fund to the Investment Adviser were reasonable based on the comparative performance, expense information, the cost of the services provided and the profits to be realized by the Investment Adviser.

BBH CORE SELECT

CONFLICTS OF INTEREST

April 30, 2014 (unaudited)

Conflicts of Interest

Certain conflicts of interest may arise in connection with a portfolio manager’s management of the Fund’s investments, on the one hand, and the investments of other accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various accounts managed could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Fund. Alternatively, to the extent that the same investment opportunities might be desirable for more than one account, possible conflicts could arise in determining how to allocate them, For example, BBH may act as adviser to private funds with investment strategies similar to the Fund. Those private funds may pay BBH a performance fee in addition to the stated investment advisory fee. In such cases, BBH may have an incentive to allocate certain investment opportunities to the private fund rather than the Fund in order to increase the private fund’s performance and thus improve BBH’s chances of receiving the performance fee. However, BBH has implemented policies and procedures to assure that investment opportunities are allocated equitably between the Fund and other funds and accounts with similar investment strategies.

FINANCIAL STATEMENT APRIL 30, 2014

BBH CORE SELECT

CONFLICTS OF INTEREST (continued)

April 30, 2014 (unaudited)

The Investment Adviser may direct brokerage transactions and/or payment of a portion of client commissions (“soft dollars”) to specific brokers or dealers or other providers to pay for research or other appropriate services which provide, in the Investment Adviser’s view, appropriate assistance to the Investment Adviser in the investment decision-making process (including with respect to futures, fixed-price offerings and over-the-counter transactions). The use of a broker that provides research and securities transaction services may result in a higher commission than that offered by a broker who does not provide such services. The Investment Adviser will determine in good faith whether the amount of commission is reasonable in relation to the value of research and services provided and whether the services provide lawful and appropriate assistance in its investment decision-making responsibilities.

Research or other services obtained in this manner may be used in servicing any or all of the Funds and other BBH client accounts, including in connection with BBH client accounts that do not pay commissions to the broker related to the research or other service arrangements. Such products and services may disproportionately benefit other BBH client accounts relative to the Fund based on the amount of brokerage commissions paid by the Fund and such other BBH client accounts. For example, research or other services that are paid for through one client’s commissions may not be used in managing that client’s account. In addition, other BBH client accounts may receive the benefit, including disproportionate benefits, of economies of scale or price discounts in connection with products and services that may be provided to the Fund and to such other BBH client accounts. To the extent that BBH uses soft dollars, it will not have to pay for those products and services itself.

BBH may receive research that is bundled with the trade execution, clearing, and/or settlement services provided by a particular broker-dealer. To the extent that BBH receives research on this basis, many of the same conflicts related to traditional soft dollars may exist. For example, the research effectively will be paid by client commissions that also will be used to pay for the execution, clearing, and settlement services provided by the broker-dealer and will not be paid by BBH.

BBH may endeavor to execute trades through brokers who, pursuant to such arrangements, provide research or other services in order to ensure the continued receipt of research or other services BBH believes are useful in its investment decision-making process. BBH may from time to time choose not to engage in the above described arrangements to varying degrees. BBH may also enter into commission sharing arrangements under which BBH may execute transactions through a broker-dealer, and request that the broker-dealer allocate a portion of the commissions or commission credits to another firm that provides research to BBH. To the extent that BBH engages in commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.

BBH CORE SELECT

CONFLICTS OF INTEREST (continued)

April 30, 2014 (unaudited)

FINANCIAL STATEMENT APRIL 30, 2014

BBH CORE SELECT

CONFLICTS OF INTEREST (continued)

April 30, 2014 (unaudited)

Administrator
Brown Brothers Harriman
140 Broadway
New York, NY 10005

Distributor
ALPS Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203

Shareholder Servicing Agent
Brown Brothers Harriman
140 Broadway
New York, NY 10005 (800) 575-1265

Investment Adviser
Brown Brothers Harriman
Mutual Fund Advisory
Department
140 Broadway
New York, NY 10005

To obtain information or make shareholder inquiries:


By telephone:		Call 1-800-575-1265
By E-mail send your request to:		bbhfunds@bbh.com
On the internet:		www.bbhfunds.com

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q.” Information on Form N-Q is available without charge and upon request by calling the Funds at the toll-free number listed above. A text only version can be viewed online or downloaded from the SEC’s website at http://www.sec.gov; and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (call 1-800-SEC-0330 for information on the operation of the Public Reference Room). You may also access this information from the BBH Funds website at www.bbhfunds.com.

Semi-Annual Report

APRIL 30, 2014

BBH Global Core Select

BBH GLOBAL CORE SELECT

PORTFOLIO ALLOCATION

April 30, 2014 (unaudited)

COUNTRY DIVERSIFICATION

	U.S. $ Value		Percent of Net Assets
Canada	$	9,940,074		6.1	%
France		10,421,667		6.3
Germany		10,114,295		6.2
Netherlands		1,804,418		1.1
Norway		5,681,696		3.5
Sweden		3,619,872		2.2
Switzerland		15,778,631		9.6
United Kingdom		15,334,727		9.3
United States		81,041,060		49.4
Repurchase Agreements		10,000,000		6.1
Cash and Other Assets in Excess of Liabilities		289,322		0.2
NET ASSETS	$	164,025,762		100.0	%

All data as of April 30, 2014. The BBH Global Core Select Fund’s (the “Fund”) country diversification is expressed as a percentage of net assets and may vary over time.

The accompanying notes are an integral part of these financial statements.

BBH GLOBAL CORE SELECT

PORTFOLIO ALLOCATION (continued)

April 30, 2014 (unaudited)

SECTOR DIVERSIFICATION

	U.S. $ Value		Percent of Net Assets
Basic Materials	$	13,042,096		8.0	%
Communications		17,458,810		10.6
Consumer Cyclical		15,828,088		9.7
Consumer Non-Cyclical		45,831,020		27.9
Energy		26,625,660		16.2
Financials		16,590,463		10.1
Technology		18,360,303		11.2
Repurchase Agreements		10,000,000		6.1
Cash and Other Assets in Excess of Liabilities		289,322		0.2
NET ASSETS	$	164,025,762		100.0	%

All data as of April 30, 2014. The Fund’s sector diversification is expressed as a percentage of net assets and may vary over time.

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS

April 30, 2014 (unaudited)

Shares			Value
		COMMON STOCKS (93.7%)
		CANADA (6.1%)
		ENERGY
	127,800	ARC Resources, Ltd.	$	3,794,099
	27,600	Vermilion Energy, Inc.		1,837,564
				5,631,663
		FINANCIALS
	65,575	Intact Financial Corp.		4,308,411
		Total Canada		9,940,074

		FRANCE (6.3%)
		COMMUNICATIONS
	77,700	JCDecaux S.A.		3,186,466

		CONSUMER NON-CYCLICAL
	67,125	Sanofi		7,235,201
		Total France		10,421,667

		GERMANY (6.2%)
		BASIC MATERIALS
	23,400	Brenntag AG		4,232,580

		ENERGY
	63,900	Fuchs Petrolub AG		5,881,715
		Total Germany		10,114,295

		NETHERLANDS (1.1%)
		CONSUMER NON-CYCLICAL
	42,100	Unilever NV		1,804,418
		Total Netherlands		1,804,418

		NORWAY (3.5%)
		ENERGY
	164,600	TGS Nopec Geophysical Co. ASA		5,681,696
		Total Norway		5,681,696

The accompanying notes are an integral part of these financial statements.

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Shares			Value
		COMMON STOCKS (continued)
		SWEDEN (2.2%)
		FINANCIALS
	71,900	Svenska Handelsbanken AB (Class A)	$	3,619,872
		Total Sweden		3,619,872

		SWITZERLAND (9.6%)
		CONSUMER NON-CYCLICAL
	111,425	Nestle SA		8,618,589
	82,375	Novartis AG		7,160,042
		Total Switzerland		15,778,631

		UNITED KINGDOM (9.3%)
		COMMUNICATIONS
	203,300	Pearson, Plc.		3,810,024

		CONSUMER NON-CYCLICAL
	121,200	Diageo, Plc.		3,715,122
	34,000	Reckitt Benckiser Group, Plc.		2,748,587
	1,020,750	Tesco, Plc.		5,060,994
				11,524,703
		Total United Kingdom		15,334,727

		UNITED STATES (49.4%)
		BASIC MATERIALS
	57,550	Celanese Corp. (Series A)		3,535,296
	40,400	Praxair, Inc.		5,274,220
				8,809,516

		COMMUNICATIONS
	6,155	Google, Inc. (Class A)¹		3,292,187
	6,155	Google, Inc. (Class C)¹		3,241,592
	83,675	Nielsen Holdings NV		3,928,541
				10,462,320

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Shares			Value
		COMMON STOCKS (continued)
		UNITED STATES (continued)
		CONSUMER CYCLICAL
	78,750	Bed, Bath & Beyond, Inc.¹	$	4,892,737
	121,300	Sally Beauty Holdings, Inc.¹		3,324,833
	62,900	Target Corp.		3,884,075
	46,750	Wal-Mart Stores, Inc.		3,726,443
				15,828,088

		CONSUMER NON-CYCLICAL
	51,100	Baxter International, Inc.		3,719,569
	18,675	PepsiCo, Inc.		1,603,996
	137,624	Zoetis, Inc.		4,164,502
				9,488,067

		ENERGY
	50,925	Occidental Petroleum Corp.		4,876,069
	44,850	Schlumberger, Ltd.		4,554,517
				9,430,586

		FINANCIALS
	174,500	Wells Fargo & Co.		8,662,180

		TECHNOLOGY
	167,825	Microsoft Corp.		6,780,130
	89,225	QUALCOMM, Inc.		7,022,900
	70,350	Solera Holdings, Inc.		4,557,273
				18,360,303
		Total United States		81,041,060
		Total Common Stocks (Identified cost $139,648,372)		153,736,440

The accompanying notes are an integral part of these financial statements.

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal
Amount

Maturity
Date

Interest
Rate

Value

REPURCHASE AGREEMENTS (6.1%)

10,000,000

National Australia Bank (Agreement dated

04/30/14 collateralized by U.S. Treasury

Bond 1.375%, due 12/31/18, valued at

$10,200,000)

05/01/14

0.030

10,000,000

Total Repurchase Agreements

(Identified cost $10,000,000)

10,000,000

TOTAL INVESTMENTS (Identified cost $149,648,372)²

99.8

163,736,440

CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES

0.2

289,322

NET ASSETS

100.0

164,025,762

Non-income producing security.

The aggregate cost for federal income tax purposes is $149,648,372, the aggregate gross unrealized appreciation is $16,761,796 and the aggregate gross unrealized depreciation is $2,673,728, resulting in net unrealized appreciation of $14,088,068.

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

FAIR VALUE MEASUREMENTS

The Fund is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three levels defined by the fair value hierarchy are as follows:

—

Level 1 – unadjusted quoted prices in active markets for identical investments.

—

Level 2 – significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

—

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The accompanying notes are an integral part of these financial statements.

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Financial assets within level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. These include investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations, listed equities and over-the-counter derivatives. As level 2 financial assets include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2014.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)*		Significant Other Observable Inputs (Level 2)*		Significant Unobservable Inputs (Level 3)*		Balance as of April 30, 2014
Basic Materials	$	8,809,516	$	4,232,580	$	—	$	13,042,096
Communications		10,462,320		6,996,490		—		17,458,810
Consumer Cyclical		15,828,088		—		—		15,828,088
Consumer Non-Cyclical		9,488,067		36,342,953		—		45,831,020
Energy		15,062,249		11,563,411		—		26,625,660
Financials		12,970,591		3,619,872		—		16,590,463
Technology		18,360,303		—		—		18,360,303
Repurchase Agreements		—		10,000,000		—		10,000,000
Investments, at value	$	90,981,134	$	72,755,306	$	—	$	163,736,440

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH GLOBAL CORE SELECT

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2014 (unaudited)

ASSETS:
Investments in securities, at value (Identified cost $139,648,372)	$	153,736,440
Repurchase agreements (Identified cost $10,000,000)		10,000,000
Cash		3,600,308
Foreign currency at value (Identified cost $783,328)		787,442
Receivables for:
Investments sold		561,447
Dividends and interest		501,667
Investment advisory and administrative fees waiver reimbursement		37,154
Prepaid assets		264
Total Assets		169,224,722

LIABILITIES:
Payables for:
Shares redeemed		5,000,002
Investment advisory and administrative fees		125,260
Professional fees		26,405
Shareholder servicing fees		24,785
Custody and fund accounting fees		11,601
Board of Trustees’ fees		3,945
Transfer agent fees		2,054
Distributors fees		1,556
Accrued expenses and other liabilities		3,352
Total Liabilities		5,198,960

NET ASSETS	$	164,025,762
Net Assets Consist of:
Paid-in capital	$	148,768,906
Undistributed net investment income		720,814
Accumulated net realized gain on investments in securities and
foreign exchange transactions		440,533
Net unrealized appreciation/(depreciation) on investments in securities
and foreign currency translations		14,095,509
Net Assets	$	164,025,762
NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($161,776,540 ÷ 13,833,797 shares outstanding)	$	11.69
RETAIL CLASS SHARES
($2,249,222 ÷ 192,646 shares outstanding)	$	11.68

The accompanying notes are an integral part of these financial statements.

BBH GLOBAL CORE SELECT

STATEMENT OF OPERATIONS

For the period ended April 30, 2014 (unaudited)

NET INVESTMENT INCOME:
Income:
Dividends (net of foreign withholding taxes of $104,227)	$	1,629,675
Interest and other income		673
Total Income		1,630,348
Expenses:
Investment advisory and administrative fees		628,569
Shareholder servicing fees		99,248
Board of Trustees’ fees		47,929
Professional fees		30,130
Custody and fund accounting fees		26,416
Transfer agent fees		11,750
Distributors fees		10,769
Miscellaneous expenses		82,257
Total Expenses		937,068
Investment advisory and administrative fees waiver		(103,481	)
Expense offset arrangement		(3,961	)
Net Expenses		829,626
Net Investment Income		800,722

NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments in securities		429,630
Net realized gain on foreign exchange transactions		10,936
Net realized gain on investments in securities and foreign
exchange transactions and translations		440,566
Net change in unrealized appreciation/(depreciation) on investments
in securities		8,022,506
Net change in unrealized appreciation/(depreciation) on foreign
currency translations		8,425
Net change in unrealized appreciation/(depreciation) on investments
in securities and foreign currency translations		8,030,931
Net Realized and Unrealized Gain		8,471,497
Net Increase in Net Assets Resulting from Operations	$	9,272,219

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH GLOBAL CORE SELECT

STATEMENT OF CHANGES IN NET ASSETS

April 30, 2014

	For the six months ended April 30, 2014 (unaudited)			For the period from March 28, 2013 (commencement of operations) to October 31, 2013
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	800,722		$	124,848
Net realized gain on investments in securities and
foreign exchange transactions and translations		440,566			276,170
Net change in unrealized appreciation/(depreciation)
on investments in securities and foreign
currency translations		8,030,931			4,611,654
Net increase in net assets resulting from
operations		9,272,219			5,012,672
Dividends and distributions declared:
From net investment income:
Class N		(202,109	)		—
Retail Class		(1,387	)		—
From net realized gains:
Class N		(272,366	)		—
Retail Class		(5,097	)		—
Total dividends and distributions declared		(480,959	)		—
Share transactions:
Shares issued in connection with the merger		—			15,389,487
Proceeds from sales of shares		74,949,167			70,121,983
Net asset value of shares issued to shareholders
for reinvestment of dividends and distributions		465,412			—
Proceeds from short-term redemption fees		428			27
Cost of shares redeemed		(10,107,191	)		(597,483	)
Net increase in net assets resulting from
share transactions		65,307,816			84,914,014
Total increase in net assets		74,099,076			89,926,686

NET ASSETS:
Beginning of period		89,926,686			—
End of period (including undistributed net investment
income of $720,814 and $123,588, respectively)	$	164,025,762		$	89,926,686

The accompanying notes are an integral part of these financial statements.

BBH GLOBAL CORE SELECT

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for a Class N share outstanding throughout each period.

	For the six months ended April 30, 2014 (unaudited)			For the period from March 28, 2013 (commencement of operations) to October 31, 2013
Net asset value, beginning of period	$	10.99		$	10.00
Income from investment operations:
Net investment income¹		0.07			0.03
Net realized and unrealized gain		0.68			0.96
Total income from investment operations		0.75			0.99
Less dividends and distributions:
From net investment income		(0.02	)		—
From net realized gains		(0.03	)		—
Total dividends and distributions		(0.05	)		—
Short-term redemption fees		0.00	²		—
Net asset value, end of period	$	11.69		$	10.99
Total return		6.85	%		9.90	%

Ratios/Supplemental data:
Net assets, end of period (in millions)	$	162		$	88
Ratio of expenses to average net assets before reductions		1.37	%³		1.87	%³
Fee waiver		0.11	%^3,4		0.61	%^3,4
Expense offset arrangement		0.01	%³		0.01	%³
Ratio of expenses to average net assets after reductions		1.25	%³		1.25	%³
Ratio of net investment income to average net assets		1.22	%³		0.50	%³
Portfolio turnover rate		4	%		6	%⁵

Calculated using average shares outstanding for the period.

Less than $ 0.01.

Annualized.

⁴

The ratio of expenses to average net assets for the six months period ended April 30, 2014 and the period ended October 31, 2013 reflect fees reduced as result of a contractual operating expense limitation of the share class to 1.25%. The agreement is effective for the period beginning on March 28, 2013 through April 1, 2014, and has been renewed by all parties to the agreement through May 1, 2015. For the six months ended April 30, 2014 and the period ended October 31, 2013 the waived fees were $74,692 and $152,928, respectively.

⁵

Represents Fund portfolio turnover for the period ended October 31, 2013.

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH GLOBAL CORE SELECT

FINANCIAL HIGHLIGHTS (continued)

Selected per share data and ratios for a Retail Class share outstanding throughout each period.

	For the six months ended April 30, 2014 (unaudited)			For the period from April 2, 2013 (commencement of operations) to October 31, 2013
Net asset value, beginning of period	$	10.98		$	10.00
Income from investment operations:
Net investment income¹		0.04			0.00	²
Net realized and unrealized gain		0.70			0.98
Total income from investment operations		0.74			0.98
Less dividends and distributions:
From net investment income		(0.01	)		—
From net realized gains		(0.03	)		—
Total dividends and distributions		(0.04	)		—
Short-term redemption fees²		0.00			0.00
Net asset value, end of period	$	11.68		$	10.98
Total return		6.72	%		9.80	%

Ratios/Supplemental data:
Net assets, end of period (in millions)	$	2		$	2
Ratio of expenses to average net assets before
reductions		4.32	%³		4.88	%³
Fee waiver		2.81	%^3,4		3.37	%^3,4
Expense offset arrangement		0.01	%³		0.01	%³
Ratio of expenses to average net assets after reductions		1.50	%³		1.50	%³
Ratio of net investment income to average net assets		0.72	%³		0.02	%³
Portfolio turnover rate		4	%		6	%⁵

Calculated using average shares outstanding for the period.

Less then $0.01.

Annualized.

⁴

The ratio of expenses to average net assets for the six months ended April 30, 2014 and the period ended October 31, 2013 reflect fees reduced as result of a contractual operating expense limitation of the share class to 1.50%. The agreement is effective for the period beginning on March 28, 2013 through April 1, 2014, and has been renewed by all parties to the agreement through May 1, 2015. For the six months ended April 30, 2014 and the period ended October 31, 2013, the waived fees were $28,789 and $17,913, respectively.

⁵

Represents Fund portfolio turnover for the period ended October 31, 2013.

The accompanying notes are an integral part of these financial statements.

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS

April 30, 2014 (unaudited)

Organization. The Fund is a separate, non-diversified series of BBH Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. The Fund is the successor to the BBH private investment fund, BBH Global Funds, LLC – Global Core Select, which launched on April 2, 2012. The Fund commenced operations on March 28, 2013. The Fund offers both Class N shares and Retail Class shares. Neither Class N shares nor Retail Class shares convert to any other class of shares of the Fund. As of April 30, 2014, there were six series of the Trust.

Valuation of Investments. (1) The value of investments listed on a securities exchange is based on the last sale price on that exchange prior to the time when assets are valued, or in the absence of recorded sales, at the average of readily available closing bid and asked prices on such exchange; (2) securities not traded on an exchange are valued at the average of the quoted bid and asked prices in the over-the-counter market; (3) securities or other assets for which market quotations are not readily available are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board of Trustees (“Board”); (4) short-term investments, which mature in 60 days or less are valued at amortized cost if their original maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if their original maturity when acquired by the Fund was more than 60 days, unless the use of amortized cost is determined not to represent “fair value” by the Board; (5) for securities traded on international exchanges, if events which may affect the value of the Fund’s securities occur after the close of the primary exchange on which such securities trade and before the Fund’s net asset value is next determined, then those securities will be fair valued as determined in good faith under supervision of the Board. The Fund currently uses a systematic fair value model provided by an independent third party to value international securities on a daily basis.

Accounting for Investments and Income. Investment transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined based on the identified cost method. Dividend income and other distributions received from portfolio securities are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of securities received at ex-date. Distributions received on securities that represent a return of capital or a capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued daily. Investment income is recorded net of any foreign taxes withheld where recovery of such tax is uncertain.

FINANCIAL STATEMENT APRIL 30, 2014

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

Foreign Currency Translations. The accounting records of the Fund are maintained in U.S dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange of such currency against the U.S. dollar to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. Upon the purchase or sale of a security denominated in foreign currency, the Fund may enter into forward foreign currency exchange contracts for the purchase or sale, for a fixed amount of U.S. dollars, of the amount of foreign currency involved in the underlying security transaction. Reported net realized gains and losses arise from the sales of portfolio securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. The effect of changes in foreign exchange rates on foreign denominated securities is reflected in the net realized and unrealized gain or loss on investments in securities. Net unrealized appreciation or depreciation on foreign currency translations arise from changes in the value of the assets and liabilities, excluding investments in securities, at period end, resulting from changes in the exchange rate.

Federal Income Taxes. The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

It is the Trust’s policy to comply with the requirements of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Accordingly, no federal income tax provision is required. The Fund files a tax return annually using tax accounting methods required under provisions of the Code, which may differ from GAAP, which is the basis on which these financial statements are prepared. Accordingly, the amount of net investment income and net realized gain reported in these financial statements may differ from that reported on the Fund’s tax return, due to certain book-to-tax timing differences such as losses deferred due to “wash sale” transactions and utilization of capital loss carryforwards. These differences result in temporary over-distributions for financial statement purposes and are classified as distributions in excess of accumulated net realized gains or net investment income. These distributions do not constitute a return of capital. Permanent differences are reclassified in the Statement of Assets & Liabilities based upon their tax classification. As such, the character of distributions to shareholders reported in the Financial Highlights table may differ from that reported to shareholders on Form 1099-DIV.

The Fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (“ASC 740”). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Fund did not have any unrecognized tax benefits as of April 30, 2014, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statement of Operations. During the six months ended April 30, 2014, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for all open tax years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, if any, are paid annually and are recorded on the ex-dividend date. The Fund declared dividends in the amounts of $474,475 and $6,484 to Class N shares and Retail Class shareholders, respectively, during the six months ended April 30, 2014.

FINANCIAL STATEMENT APRIL 30, 2014

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

As of October 31, 2013 the components of accumulated earnings/(deficit) on a tax basis were as follows:

Components of accumulated earnings/(deficit):

Undistributed
ordinary
income

Undistributed
long-term
capital gain

Accumulated
earnings

Accumulated
capital and
other losses

Other
book/tax
temporary differences

Unrealized
appreciation/ (depreciation)

Total
accumulated
earnings/
(deficit)

2013:

$370,647

$30,379

$401,026

–

$(8)

$6,064,578

$6,465,596

Total distributions paid may differ from amounts reported in the Statement of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid.

The differences between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

To the extent future capital gains are offset by capital loss carryforwards; such gains will not be distributed.

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

other investment companies. ASU 2013-08 is effective prospectively for interim or annual periods beginning on or after December 15, 2013. Management does not expect this guidance to have an impact on the financial statements.

Fees and Other Transactions with Affiliates.

Investment Advisory and Administrative Fees. Under a combined Investment Advisory and Administrative Services Agreement (“Agreement”) with the Trust, Brown Brothers Harriman & Co. (“BBH”) through a separately identifiable department (“SID” or “Investment Adviser”) provides investment advisory and portfolio management services to the Fund. BBH also provides administrative services to the Fund. The Fund pays a combined fee for investment advisory and administrative services calculated daily and paid monthly at an annual rate equivalent to 0.95% of the Fund’s average daily net assets. For the six months ended April 30, 2014, the Fund incurred $628,569 under the Agreement.

Investment Advisory and Administrative Fee Waivers. Effective March 28, 2013 (commencement of operations), the SID contractually agreed to limit the annual fund operating expenses (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Fund’s business and for Retail Class, amounts payable pursuant to any plan adopted in accordance with Rule 12b-1) of Class N and Retail Class to 1.25%. The agreement will terminate on May 1, 2015, unless it is renewed by all parties to the agreement. The agreement may only be terminated during its term with approval of the Fund’s Board of Trustees. For the six months ended April 30, 2014, the SID waived fees in the amount of $74,692 and $28,789 for Class N and Retail Class, respectively.

Shareholder Servicing Fees. The Trust has a shareholder servicing agreement with BBH. BBH receives a fee from the Fund calculated daily and paid monthly at an annual rate of 0.15% of Class N and Retail Class shares’ average daily net assets. For the six months ended April 30, 2014, the Fund incurred shareholder servicing fees in the amount of $97,719 and $1,529 for Class N and Retail Class, respectively.

FINANCIAL STATEMENT APRIL 30, 2014

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

agreement, it is anticipated that total operating expenses for Retail Class shares will be 1.50% of the average daily net assets. For the six months ended April 30, 2014, Retail Class shares of the Fund incurred $2,562 for Distribution (12b-1) Fees.

Custody and Fund Accounting Fees. BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and incurred monthly. BBH holds all of the Fund’s cash and investments and calculates the Fund’s daily net asset value. The custody fee is an asset and transaction based fee. The fund accounting fee is an asset based fee calculated at 0.004% of the fund’s net assets. For the six months ended April 30, 2014, the Fund incurred $26,416 in custody and fund accounting fees. These fees for the Fund were reduced by $3,961 as a result of an expense offset arrangement with the Fund’s custodian. The credit amount (if any) is disclosed in the Statement of Operations as a reduction to the Fund’s expenses. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the Federal Funds overnight investment rate on the day of the overdraft. The total interest incurred by the Fund for the six months ended April 30, 2014, was $0.

Board of Trustees’ Fees. Each Trustee who is not an “interested person” as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the six months ended April 30, 2014, the Fund incurred $47,929 in non-interested Trustee compensation and reimbursements.

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

	For the six months ended April 30, 2014 (unaudited)						10/31/2013*
	Shares			Dollars			Shares			Dollars
Class N
Share issued in connection
with the merger		—		$	—			1,538,949		$	15,389,487
Shares sold		6,612,308			74,153,279			6,505,378			68,120,976
Shares issued in connection
with reinvestments of
dividends		41,919			460,270			—			—
Proceeds from short-term
redemption fees		N/A			8			N/A			—
Shares redeemed		(843,542	)		(9,703,296	)		(21,215	)		(221,696	)
Net increase		5,810,685		$	64,910,261			8,023,112		$	83,288,767

	For the six months ended April 30, 2014 (unaudited)						10/31/2013**
	Shares			Dollars			Shares			Dollars
Retail Class
Shares sold		71,128		$	795,888			192,744		$	2,001,007
Shares issued in connection
with reinvestments of
dividends		469			5,142			—			—
Proceeds from short-term
redemption fees		N/A			420			N/A			27
Shares redeemed		(35,902	)		(403,895	)		(35,793	)		(375,787	)
Net increase		35,695		$	397,555			156,951		$	1,625,247

The period represented is from March 28, 2013 (commencement of operations) to October 31, 2013.

The period represented is from April 2, 2013 (commencement of operations) to October 31, 2013.

FINANCIAL STATEMENT APRIL 30, 2014

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

Acquisition of BBH Global Funds, LLC – Global Core Select Series. On March 28, 2013, the Fund acquired all of the net assets of BBH Global Funds, LLC – Global Core Select Series (the “Series”), a series of a multi-series limited liability company organized under the Delaware Limited Liability Company Act, pursuant to an Agreement and Plan of Reorganization and Exchange executed by BBH Trust and the Managing Member of BBH Global Funds, LLC. The purpose of the transaction was to combine two funds with like investment objectives and strategies under one registered investment adviser. The acquisition was accomplished by a tax-free exchange of 1,538,949 shares of the Fund, valued at $15,389,487, for all of the membership units of the Series outstanding on March 28, 2013. The investment portfolio of the Series, with a fair value of $13,231,593 and identified cost of $11,778,669 at March 28, 2013, was the principal asset acquired by the Fund. For financial reporting purposes, assets received by and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Series was carried forward to align the ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Immediately prior to the merger, the Fund had net assets of $0.

Principal Risk Factors and Indemnifications.

Principal Risk Factors. Investing in the Fund may involve certain risks, as discussed in the Fund’s prospectus, including but not limited to, those described below:

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Investment Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). 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 (capital controls risk), non-U.S. currencies invested in by the Fund depreciating against the U.S. dollar (currency exchange rate risk), risks from investing in securities of issuers based in developing countries (emerging markets risk), or price movements may occur due to factors affecting individual companies, such as the issuance of an unfavorable earnings report, or other events affecting particular industries or the equity market as a whole (equity securities risk), or certain risks associated with investing in foreign securities not present in domestic investments (foreign investment risk). The value of securities held by the Fund may fall due to changing economic, political, regulatory or market conditions, or due to a company’s or issuer’s individual situation (market risk). Stocks of medium-sized companies tend to be more volatile and less liquid than stocks of large companies (medium-sized company risk). In the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to assumption of large positions in securities of a small number of issuers (non-diversification risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

shareholders (shareholder concentration risk). The extent of the Fund’s exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund’s Statement of Assets and Liabilities.

Please refer to the Fund’s prospectus for a complete description of the principal risks of investing in the Fund.

FINANCIAL STATEMENT APRIL 30, 2014

BBH GLOBAL CORE SELECT

DISCLOSURE OF FUND EXPENSES

April 30, 2014 (unaudited)

EXAMPLE

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2013 to April 30, 2014).

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

BBH GLOBAL CORE SELECT

DISCLOSURE OF FUND EXPENSES (continued)

April 30, 2014 (unaudited)

	Beginning Account Value November 1, 2013	Ending Account Value April 30, 2014	Expenses Paid During Period November 1, 2013 to April 30, 2014¹
Class N
Actual	$1,000	$1,069	$6.41
Hypothetical²	$1,000	$1,019	$6.26

	Beginning Account Value November 1, 2013	Ending Account Value April 30, 2014	Expenses Paid During Period November 1, 2013 to April 30, 2014¹
Retail Class
Actual	$1,000	$1,067	$7.69
Hypothetical²	$1,000	$1,017	$7.50

Expenses are equal to the Fund’s annualized expense ratio of 1.25% and 1.50% for Class N and Retail Class shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Assumes a return of 5% before expenses. For the purposes of the calculation, the applicable annualized expenses ratio for each class of shares is subtracted from the assumed return before expenses.

FINANCIAL STATEMENT APRIL 30, 2014

BBH GLOBAL CORE SELECT

DISCLOSURE OF ADVISOR SELECTION

April 30, 2014 (unaudited)

Investment Advisory and Administrative Services Agreement Approval

Nature, Extent and Quality of Services

BBH GLOBAL CORE SELECT

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2014 (unaudited)

The Board considered the scope and quality of services provided by the Investment Adviser under the Agreement. The Board also considered the policies and practices followed by BBH and the Investment Adviser. The Board also considered brokerage policies and practices, the standards applied in seeking best execution and policies and practices regarding soft dollars. The Board reviewed the qualifications of the key investment personnel primarily responsible for the day-to-day portfolio management of the Fund. The Board noted that in the course of its regular meetings it received reports on each of the foregoing topics. The Board concluded that, overall, they were satisfied with the nature, extent and quality of services provided, and expected to be provided, to the Fund pursuant to the Agreement.

Fund Performance

The Board received and considered performance information for the Fund. The Board considered the Fund’s performance relative to a peer category of other mutual funds. As part of this review, the Trustees considered the composition of the peer category, selection criteria and reputation of the third party who prepared the peer category analysis. In addition, the Board received detailed performance information for the Fund at other meetings held during the year. The Board noted that the Fund has had limited time to operate given that it launched on March 28, 2013. However, in its review of performance for the since inception period, the Board noted that the Fund’s performance was consistent with the investment approach communicated to investors. In evaluating the performance of the Fund, the Board considered the risk expectations for the Fund as well as the level of Fund performance in the context of its review. Based on this information, the Board concluded that it was satisfied with the Fund’s investment results.

Fund Expenses

FINANCIAL STATEMENT APRIL 30, 2014

BBH GLOBAL CORE SELECT

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2014 (unaudited)

Costs of Services Provided and Profitability

With regard to profitability, the Trustees considered the compensation flowing to the Adviser and BBH, directly or indirectly. The Board reviewed the Investment Adviser and BBH’s profitability data for the Fund for the nine-months ended September 30, 2013, and for the prior two-year period. The data also included the effect of revenue generated by the shareholder servicing, custody, fund accounting and administration fees paid by the Fund to BBH. The Board reviewed the allocation methods used in preparing the profitability data. The Board also considered the effect of fall-out benefits on the expenses of the Investment Adviser and BBH such as the increased visibility of BBH’s investment management business due to the distribution of the Funds through various broker dealer platforms as well as the research services acquired by BBH through soft dollars. The Board focused on profitability of the Investment Adviser and BBH’s relationships with the Fund before taxes and distribution expenses. The Board concluded that the Investment Adviser and BBH’s profitability was not excessive in light of the nature, extent and quality of services provided to the Fund. The Board considered other benefits received by BBH and the Investment Adviser as a result of their relationships with the Fund. These other benefits include proprietary research received from brokers that execute the Fund’s purchases and sales of securities and fees received for being the Fund’s administrator, custodian, fund accounting and shareholder servicing agent. In light of the costs of providing services pursuant to the Agreement as well as the Investment Adviser and BBH’s commitment to the Fund, the ancillary benefits that the Investment Adviser and BBH received were considered reasonable.

Economies of Scale

The Board considered the existence of any economies of scale and whether those are passed along to the Fund’s shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by the Investment Adviser and BBH. The Board noted that the fee schedule for the Fund does not contain breakpoints. Based on information they had been provided over many years, the Board observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there appeared to be no uniformity or pattern in the fees and asset levels at which breakpoints apply. In light of the Fund’s current size and expense structure, the Board concluded that it was unnecessary at this time to consider breakpoints with respect to the Fund. The Board concluded that the fees paid by the Fund to the Investment Adviser were reasonable based on the comparative performance, expense information, the cost of the services provided and the profits to be realized by the Investment Adviser.

BBH GLOBAL CORE SELECT

CONFLICTS OF INTEREST

April 30, 2014 (unaudited)

Certain conflicts of interest may arise in connection with a portfolio manager’s management of the Fund’s investments, on the one hand, and the investments of other accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various accounts managed could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Fund. Alternatively, to the extent that the same investment opportunities might be desirable for more than one account, possible conflicts could arise in determining how to allocate them, For example, BBH may act as adviser to private funds with investment strategies similar to the Fund. Those private funds may pay BBH a performance fee in addition to the stated investment advisory fee. In such cases, BBH may have an incentive to allocate certain investment opportunities to the private fund rather than the Fund in order to increase the private fund’s performance and thus improve BBH’s chances of receiving the performance fee. However, BBH has implemented policies and procedures to assure that investment opportunities are allocated equitably between the Fund and other funds and accounts with similar investment strategies.

FINANCIAL STATEMENT APRIL 30, 2014

BBH GLOBAL CORE SELECT

CONFLICTS OF INTEREST (continued)

April 30, 2014 (unaudited)

BBH GLOBAL CORE SELECT

CONFLICTS OF INTEREST (continued)

April 30, 2014 (unaudited)

FINANCIAL STATEMENT APRIL 30, 2014

BBH GLOBAL CORE SELECT

CONFLICTS OF INTEREST (continued)

April 30, 2014 (unaudited)

designed to achieve fair and equitable allocation of investment opportunities among its clients over time. BBH has structured the portfolio managers’ compensation in a manner it believes is reasonably designed to safeguard the Fund from being negatively affected as a result of any such potential conflicts.

Administrator
Brown Brothers Harriman
140 Broadway
New York, NY 10005

Distributor
ALPS Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203

Shareholder Servicing Agent
Brown Brothers Harriman
140 Broadway
New York, NY 10005 (800) 575-1265

Investment Adviser
Brown Brothers Harriman
Mutual Fund Advisory
Department
140 Broadway
New York, NY 10005

To obtain information or make shareholder inquiries:


By telephone:		Call 1-800-575-1265
By E-mail send your request to:		bbhfunds@bbh.com
On the internet:		www.bbhfunds.com

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q.” Information on Form N-Q is available without charge and upon request by calling the Funds at the toll-free number listed above. A text only version can be viewed online or downloaded from the SEC’s website at http://www.sec.gov; and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (call 1-800-SEC-0330 for information on the operation of the Public Reference Room). You may also access this information from the BBH Funds website at www.bbhfunds.com.

Semi-Annual Report

APRIL 30, 2014

BBH International Equity Fund

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO ALLOCATION

April 30, 2014 (unaudited)

COUNTRY DIVERSIFICATION

	U.S. $ Value		Percent of Net Assets
Australia	$	45,655,466		5.5	%
Belgium		7,469,946		0.9
China		12,255,646		1.5
Denmark		10,499,394		1.3
Finland		8,668,789		1.0
France		95,884,214		11.6
Germany		49,312,360		5.9
Hong Kong		42,134,134		5.1
Israel		10,182,424		1.2
Italy		10,272,491		1.2
Japan		163,121,470		19.6
Netherlands		26,469,918		3.2
Singapore		24,759,752		3.0
Spain		38,035,938		4.6
Sweden		12,591,567		1.5
Switzerland		91,392,660		11.0
Taiwan		13,092,876		1.6
United Kingdom		149,134,720		18.0
Cash and Other Assets in Excess of Liabilities		19,269,063		2.3
NET ASSETS	$	830,202,828		100.0	%

All data as of April 30, 2014. The BBH International Equity Fund’s (the “Fund”) country diversification is expressed as a percentage of net assets and may vary over time.

The accompanying notes are an integral part of these financial statements.

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO ALLOCATION (continued)

April 30, 2014 (unaudited)

SECTOR DIVERSIFICATION

	U.S. $ Value		Percent of Net Assets
Basic Materials	$	25,582,999		3.1	%
Communications		70,453,764		8.5
Consumer Cyclical		77,070,696		9.3
Consumer Non-Cyclical		265,026,459		31.9
Diversified		6,938,587		0.8
Energy		96,544,376		11.6
Financials		97,732,834		11.8
Industrials		79,482,969		9.6
Technology		43,873,483		5.3
Utilities		48,227,598		5.8
Cash and Other Assets in Excess of Liabilities		19,269,063		2.3
NET ASSETS	$	830,202,828		100.0	%

All data as of April 30, 2014. The Fund’s sector diversification is expressed as a percentage of net assets and may vary over time.

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS

April 30, 2014 (unaudited)

Shares			Value
		COMMON STOCKS (97.7%)
		AUSTRALIA (5.5%)
		CONSUMER NON-CYCLICAL
	733,000	Coca-Cola Amatil, Ltd.	$	6,333,966
	75,900	Cochlear, Ltd.		4,144,524
	135,500	CSL, Ltd.		8,631,182
	254,600	Woolworths, Ltd.		8,839,207
				27,948,879
		ENERGY
	223,000	Woodside Petroleum, Ltd.		8,459,138
		FINANCIALS
	1,133,551	AMP, Ltd.		5,326,330
	363,732	QBE Insurance Group, Ltd.		3,921,119
				9,247,449
		Total Australia		45,655,466

		BELGIUM (0.9%)
		CONSUMER NON-CYCLICAL
	132,000	Colruyt SA		7,469,946
		UNITS
	5,618	Ageas¹		0
		Total Belgium		7,469,946

		CHINA (1.5%)
		ENERGY
	1,489,000	China Shenhua Energy Co., Ltd. (Class H)		4,024,546
	5,006,000	CNOOC, Ltd.		8,231,100
		Total China		12,255,646

		DENMARK (1.3%)
		CONSUMER NON-CYCLICAL
	231,500	Novo Nordisk AS (Class B)		10,499,394
		Total Denmark		10,499,394

		FINLAND (1.0%)
		INDUSTRIALS
	202,300	Kone OYJ (Class B)		8,668,789
		Total Finland		8,668,789

The accompanying notes are an integral part of these financial statements.

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Shares			Value
		COMMON STOCKS (continued)
		FRANCE (11.6%)
		BASIC MATERIALS
	58,200	Air Liquide SA	$	8,330,320
		COMMUNICATIONS
	648,573	Orange SA		10,530,872
		CONSUMER CYCLICAL
	21,600	LVMH Moet Hennessy Louis Vuitton SA		4,250,257
		CONSUMER NON-CYCLICAL
	116,600	Danone SA		8,613,521
	81,400	Essilor International SA		8,707,349
	47,900	L’Oreal SA		8,242,516
	120,600	Sanofi		12,999,109
				38,562,495
		ENERGY
	178,137	Total SA		12,732,609
		FINANCIALS
	68,512	Societe Generale SA		4,264,662
		INDUSTRIALS
	149,692	Cie de St-Gobain		9,162,831
	58,893	Vallourec SA		3,483,526
	60,430	Vinci SA		4,566,642
				17,212,999
		Total France		95,884,214

		GERMANY (5.9%)
		COMMUNICATIONS
	619,269	Deutsche Telekom AG		10,381,189
		CONSUMER CYCLICAL
	82,100	Adidas AG		8,763,387
	61,932	Daimler AG (Class REGISTERED)		5,735,146
				14,498,533
		DIVERSIFIED
	67,325	GEA Group AG		3,014,523
		TECHNOLOGY
	207,234	SAP AG		16,676,069

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Shares			Value
		COMMON STOCKS (continued)
		GERMANY (continued)
		UTILITIES
	124,413	RWE AG	$	4,742,046
		Total Germany		49,312,360

		HONG KONG (5.1%)
		COMMUNICATIONS
	1,264,500	China Mobile, Ltd.		12,022,384
		DIVERSIFIED
	62,800	Jardine Matheson Holdings, Ltd.		3,924,064
		FINANCIALS
	1,795,000	AIA Group, Ltd.		8,706,081
	1,473,643	Hang Lung Properties, Ltd.		4,403,007
				13,109,088
		UTILITIES
	622,000	CLP Holdings, Ltd.		4,974,480
	3,518,792	Hong Kong & China Gas Co., Ltd.		8,104,118
				13,078,598
		Total Hong Kong		42,134,134

		ISRAEL (1.2%)
		CONSUMER NON-CYCLICAL
	208,400	Teva Pharmaceutical Industries, Ltd. ADR		10,182,424
		Total Israel		10,182,424

		ITALY (1.2%)
		ENERGY
	395,178	ENI SpA		10,272,491
		Total Italy		10,272,491

		JAPAN (19.6%)
		BASIC MATERIALS
	143,000	Shin-Etsu Chemical Co., Ltd.		8,396,595
		COMMUNICATIONS
	252,500	NTT DOCOMO, Inc.		4,009,629

The accompanying notes are an integral part of these financial statements.

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Shares			Value
		COMMON STOCKS (continued)
		JAPAN (continued)
		CONSUMER CYCLICAL
	188,500	Denso Corp.	$	8,584,282
	219,800	Honda Motor Co., Ltd.		7,272,763
	49,300	Shimamura Co., Ltd.		4,594,935
				20,451,980
		CONSUMER NON-CYCLICAL
	110,300	Astellas Pharma, Inc.		1,227,715
	329,700	Chugai Pharmaceutical Co., Ltd.		8,317,416
	268,500	Kao Corp.		10,111,760
	485,400	Kirin Holdings Co., Ltd.		6,714,970
	176,500	Seven & I Holdings Co., Ltd.		6,964,926
	184,000	Takeda Pharmaceutical Co., Ltd.		8,264,858
				41,601,645
		ENERGY
	636,500	Inpex Corp.		9,272,379
		FINANCIALS
	191,620	Aeon Mall Co., Ltd.		4,566,138
	84,200	Daito Trust Construction Co., Ltd.		8,564,847
	418,400	Tokio Marine Holdings, Inc.		12,332,768
				25,463,753
		INDUSTRIALS
	144,300	Daikin Industries, Ltd.		8,335,420
	48,100	FANUC Corp.		8,663,704
	186,200	Hoya Corp.		5,494,294
	26,625	Keyence Corp.		10,266,069
	320,300	Komatsu, Ltd.		7,061,464
				39,820,951
		TECHNOLOGY
	335,700	Canon, Inc.		10,508,344
	63,000	Tokyo Electron, Ltd.		3,596,194
				14,104,538
		Total Japan		163,121,470

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Shares			Value
		COMMON STOCKS (continued)
		NETHERLANDS (3.2%)
		COMMUNICATIONS
	262,192	Reed Elsevier NV	$	5,351,153
		CONSUMER NON-CYCLICAL
	544,796	Koninklijke Ahold NV		10,523,535
		ENERGY
	268,340	Royal Dutch Shell, Plc. (Class A)		10,595,230
		Total Netherlands		26,469,918

		SINGAPORE (3.0%)
		COMMUNICATIONS
	2,440,000	Singapore Telecommunications, Ltd.		7,446,279
		FINANCIALS
	599,603	DBS Group Holdings, Ltd.		8,110,560
	308,720	United Overseas Bank, Ltd.		5,352,846
				13,463,406
		INDUSTRIALS
	899,000	SembCorp Industries, Ltd.		3,850,067
		Total Singapore		24,759,752

		SPAIN (4.6%)
		COMMUNICATIONS
	683,616	Telefonica SA		11,470,795
		CONSUMER CYCLICAL
	56,300	Inditex SA		8,464,995
		FINANCIALS
	11,860	Banco Santander SA¹		118,176
	557,512	Banco Santander SA		5,555,197
				5,673,373
		UTILITIES
	1,779,540	Iberdrola SA		12,426,775
		Total Spain		38,035,938

The accompanying notes are an integral part of these financial statements.

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Shares			Value
		COMMON STOCKS (continued)
		SWEDEN (1.5%)
		COMMUNICATIONS
	297,272	Telefonaktiebolaget LM Ericsson (Class B)	$	3,567,746
		CONSUMER CYCLICAL
	221,000	Hennes & Mauritz AB (Class B)		9,023,821
		Total Sweden		12,591,567

		SWITZERLAND (11.0%)
		BASIC MATERIALS
	22,300	Syngenta AG		8,856,084
		CONSUMER CYCLICAL
	6,500	Swatch Group AG		4,185,585
		CONSUMER NON-CYCLICAL
	247,613	Nestle SA		19,152,566
	252,907	Novartis AG		21,982,699
	31,000	Roche Holding AG		9,115,193
	3,350	SGS SA		8,373,789
				58,624,247
		FINANCIALS
	34,135	Zurich Insurance Group AG¹		9,796,581
		INDUSTRIALS
	412,032	ABB, Ltd.¹		9,930,163
		Total Switzerland		91,392,660

		TAIWAN (1.6%)
		TECHNOLOGY
	896,000	Taiwan Semiconductor Manufacturing Co., Ltd.		3,535,326
	475,500	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		9,557,550
		Total Taiwan		13,092,876

		UNITED KINGDOM (18.0%)
		COMMUNICATIONS
	38,937	Pearson, Plc.		729,714
	1,301,132	Vodafone Group, Plc.		4,944,003
				5,673,717
		CONSUMER CYCLICAL
	1,015,806	Compass Group, Plc.		16,195,525

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Shares					Value
		COMMON STOCKS (continued)
		UNITED KINGDOM (continued)
		CONSUMER NON-CYCLICAL
	1,473,403	G4S, Plc.			$ 5,879,407
	411,692	GlaxoSmithKline, Plc.			11,352,218
	81,800	Intertek Group, Plc.			4,020,498
	105,200	Reckitt Benckiser Group, Plc.			8,504,452
	399,200	Smith & Nephew, Plc.			6,210,686
	2,314,135	Tesco, Plc.			11,473,744
	271,913	Unilever, Plc.			12,172,889
					59,613,894
		ENERGY
	280,695	AMEC, Plc.			5,865,149
	905,226	BG Group, Plc.			18,341,351
	1,037,433	BP, Plc.			8,750,383
					32,956,883
		FINANCIALS
	854,810	HSBC Holdings, Plc.			8,734,760
	368,400	Standard Chartered, Plc.			7,979,762
					16,714,522
		UTILITIES
	1,277,000	Centrica, Plc.			7,114,060
	765,784	National Grid, Plc.			10,866,119
					17,980,179
		Total United Kingdom			149,134,720
		Total Common Stocks (Identified cost $603,838,615)			810,933,765
TOTAL INVESTMENTS (Identified cost $603,838,615)²			97.7	%	$810,933,765
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES			2.3		19,269,063
NET ASSETS			100.0	%	$830,202,828

Non-income producing security.

The aggregate cost for federal income tax purposes is $603,838,615, the aggregate gross unrealized appreciation is $233,494,080 and the aggregate gross unrealized depreciation is $26,398,930, resulting in net unrealized appreciation of $207,095,150.

Abbreviations:

ADR – American Depositary Receipt

The accompanying notes are an integral part of these financial statements.

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

FAIR VALUE MEASUREMENTS

The three levels defined by the fair value hierarchy are as follows:

—

Level 1 – unadjusted quoted prices in active markets for identical investments.

—

Level 2 – significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

—

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Financial assets within level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. These include investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations and over-the-counter derivatives and foreign equity securities whose values could be impacted by events occurring before the Fund’s pricing time, but after the close of the securities’ primary markets and are, therefore, fair valued according to procedures adopted by the Board of Trustees. As level 2 financial assets include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.

The accompanying notes are an integral part of these financial statements.

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2014.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)*		Significant Other Observable Inputs (Level 2)*		Significant Unobservable Inputs (Level 3)*		Balance as of April 30, 2014
Australia	$	—	$	45,655,466	$	—	$	45,655,466
Belgium		—		7,469,946		—		7,469,946
China		—		12,255,646		—		12,255,646
Denmark		—		10,499,394		—		10,499,394
Finland		—		8,668,789		—		8,668,789
France		—		95,884,214		—		95,884,214
Germany		—		49,312,360		—		49,312,360
Hong Kong		—		42,134,134		—		42,134,134
Israel		10,182,424		—		—		10,182,424
Italy		—		10,272,491		—		10,272,491
Japan		—		163,121,470		—		163,121,470
Netherlands		—		26,469,918		—		26,469,918
Singapore		—		24,759,752		—		24,759,752
Spain		—		38,035,938		—		38,035,938
Sweden		—		12,591,567		—		12,591,567
Switzerland		—		91,392,660		—		91,392,660
Taiwan		9,557,550		3,535,326		—		13,092,876
United Kingdom		—		149,134,720		—		149,134,720
Investments, at value	$	19,739,974	$	791,193,791	$	—	$	810,933,765

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERNATIONAL EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2014 (unaudited)

ASSETS:
Investments in securities, at value (Identified cost $603,838,615)	$	810,933,765
Cash		24,305,059
Foreign currency at value (Identified cost $344,388)		345,408
Receivables for:
Dividends		4,910,293
Investments sold		468,552
Shares sold		38,344
Prepaid assets		1,532
Total Assets		841,002,953
LIABILITIES:
Payables for:
Investments purchased		10,025,881
Investment advisory and administrative fees		532,149
Shareholder servicing fees		149,809
Custody and fund accounting fees		42,549
Shares redeemed		17,955
Professional fees		16,151
Board of Trustees’ fees		4,217
Distributor fees		2,324
Transfer agent fees		2,146
Accrued expenses and other liabilities		6,944
Total Liabilities		10,800,125

NET ASSETS	$	830,202,828
Net Assets Consist of:
Paid-in capital	$	685,850,458
Undistributed net investment income		10,884,189
Accumulated net realized loss on investments in securities
and foreign exchange transactions		(73,644,466	)
Net unrealized appreciation/(depreciation) on investments in
securities and foreign currency translations		207,112,647
Net Assets	$	830,202,828
NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($743,479,218 ÷ 47,735,201 shares outstanding)	$	15.58
CLASS I SHARES
($86,723,610 ÷ 5,556,301 shares outstanding)	$	15.61

The accompanying notes are an integral part of these financial statements.

BBH INTERNATIONAL EQUITY FUND

STATEMENT OF OPERATIONS

For the six months ended April 30, 2014 (unaudited)

NET INVESTMENT INCOME:
Income:
Dividends (net of foreign withholding taxes of $854,349)	$	15,922,554
Interest and other income		89
Total Income		15,922,643
Expenses:
Investment advisory and administrative fees		3,079,133
Shareholder servicing fees		866,832
Custody and fund accounting fees		117,047
Board of Trustees’ fees		47,801
Professional fees		38,392
Transfer agent fees		12,596
Distributor fees		10,168
Miscellaneous expenses		56,757
Total Expenses		4,228,726
Expense offset arrangement		(6,613	)
Net Expenses		4,222,113
Net Investment Income		11,700,530
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments in securities		5,773,610
Net realized gain on foreign exchange transactions and translations		234,406
Net realized gain on investments in securities and foreign
exchange transactions and translations		6,008,016
Net change in unrealized appreciation/(depreciation) on
investments in securities		6,993,852
Net change in unrealized appreciation/(depreciation) on
foreign currency translations		(62,524	)
Net change in unrealized appreciation/(depreciation) on
investments in securities and foreign currency translations		6,931,328
Net Realized and Unrealized Gain		12,939,344
Net Increase in Net Assets Resulting from Operations	$	24,639,874

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERNATIONAL EQUITY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	For the six months ended April 30, 2014 (unaudited)			For the year ended October 31, 2013
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	11,700,530		$	12,109,263
Net realized gain on investments in securities and
foreign exchange transactions and translations		6,008,016			7,124,317
Net change in unrealized appreciation/(depreciation)
on investments in securities and foreign
currency translations		6,931,328			105,039,134
Net increase in net assets resulting from
operations		24,639,874			124,272,714
Dividends and distributions declared:
From net investment income:
Class N		(11,905,318	)		(10,629,842	)
Class I		(1,475,716	)		(1,622,915	)
Total dividends and distributions declared		(13,381,034	)		(12,252,757	)
Share transactions:
Proceeds from sales of shares		62,869,290			172,732,999
Net asset value of shares issued to shareholders for
reinvestment of dividends and distributions		13,341,423			12,203,623
Proceeds from short-term redemption fees		5			23
Cost of shares redeemed		(27,475,717	)		(107,190,196	)
Net increase in net assets resulting from
share transactions		48,735,001			77,746,449
Total increase in net assets		59,993,841			189,766,406

NET ASSETS:
Beginning of period		770,208,987			580,442,581
End of period (including undistributed net investment
income of $10,884,189 and $12,564,693, respectively)	$	830,202,828		$	770,208,987

The accompanying notes are an integral part of these financial statements.

BBH INTERNATIONAL EQUITY FUND

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for a Class N share outstanding throughout each period

	For the six months ended April 30, 2014 (unaudited)			For the years ended October 31,
	For the six months ended April 30, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning
of period	$	15.38		$	13.05		$	12.66		$	13.05		$	11.98		$	10.73
Income from investment operations:
Net investment income¹		0.23			0.25			0.27			0.26			0.23			0.21
Net realized and unrealized
gain (loss)		0.23			2.35			0.45			(0.45	)		1.03			1.74
Total income (loss) from
investment operations		0.46			2.60			0.72			(0.19	)		1.26			1.95
Less dividends and distributions:
From net investment income		(0.26	)		(0.27	)		(0.33	)		(0.20	)		(0.19	)		(0.37	)
From net realized gains		—			—			—			—			—			(0.33	)
Total dividends and
distributions		(0.26	)		(0.27	)		(0.33	)		(0.20	)		(0.19	)		(0.70	)
Short-term redemption fees		0.00	²		0.00	²		0.00	²		0.00	²		—			—
Net asset value, end of period	$	15.58		$	15.38		$	13.05		$	12.66		$	13.05		$	11.98
Total return		3.12	%		20.27	%		6.05	%		(1.49	)%		10.61	%		19.69	%

Ratios/Supplemental data:
Net assets, end of period
(in millions)	$	743		$	695		$	510		$	644		$	573		$	471
Ratio of expenses to average net
assets before reductions		1.12	%³		1.14	%		1.17	%		1.16	%		1.17	%		1.19	%
Expense offset arrangement		0.00	%^3,4		0.00	%⁴		0.00	%⁴		0.00	%⁴		0.00	%⁴		0.01	%
Ratio of expenses to average net
assets after reductions		1.12	%³		1.14	%		1.17	%		1.16	%		1.17	%		1.18	%
Ratio of net investment income
to average net assets		3.02	%³		1.79	%		2.18	%		1.98	%		1.85	%		2.04	%
Portfolio turnover rate		6	%		14	%		12	%		13	%		11	%		34	%

Calculated using average shares outstanding for the period.

Less than $0.01.

Annualized.

⁴

Less than 0.01%.

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERNATIONAL EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

Selected per share data and ratios for a Class I share outstanding throughout each period

	For the six months ended April 30, 2014 (unaudited)			For the years ended October 31,
	For the six months ended April 30, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning
of period	$	15.43		$	13.08		$	12.70		$	13.09		$	12.01		$	10.77
Income from investment operations:
Net investment income¹		0.24			0.28			0.30			0.29			0.24			0.24
Net realized and unrealized
gain (loss)		0.23			2.37			0.45			(0.45	)		1.05			1.75
Total income (loss) from
investment operations		0.47			2.65			0.75			(0.16	)		1.29			1.99
Less dividends and distributions:
From net investment income		(0.29	)		(0.30	)		(0.37	)		(0.23	)		(0.21	)		(0.42	)
From net realized gains		—			—			—			—			—			(0.33	)
Total dividends and
distributions		(0.29	)		(0.30	)		(0.37	)		(0.23	)		(0.21	)		(0.75	)
Short-term redemption fees		—			—			—			—			—			—
Net asset value, end of period	$	15.61		$	15.43		$	13.08		$	12.70		$	13.09		$	12.01
Total return		3.19	%		20.64	%		6.31	%		(1.26	)%		10.88	%		20.01	%

Ratios/Supplemental data:
Net assets, end of period
(in millions)	$	87		$	75		$	70		$	97		$	82		$	39
Ratio of expenses to average net
assets before reductions		0.88	%²		0.90	%		0.94	%		0.92	%		0.93	%		0.93	%
Expense offset arrangement		0.00	%^2,3		0.00	%³		0.00	%³		0.01	%		0.00	%³		0.00	%³
Ratio of expenses to average net
assets after reductions		0.88	%²		0.90	%		0.94	%		0.91	%		0.93	%		0.93	%
Ratio of net investment income
to average net assets		3.25	%²		2.01	%		2.42	%		2.22	%		1.96	%		2.29	%
Portfolio turnover rate		6	%		14	%		12	%		13	%		11	%		34	%

Calculated using average shares outstanding for the period.

Annualized.

Less than 0.01%.

The accompanying notes are an integral part of these financial statements.

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

April 30, 2014 (unaudited)

Organization. The Fund is a separate, non-diversified series of BBH Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. The Fund commenced operations on June 6, 1997. On February 20, 2001, the Board of Trustees (“Board”) of the Trust reclassified the Fund’s outstanding shares as “Class N,” and established a new class of shares designated as “Class I”. Class I commenced operations on October 30, 2002. Class N and Class I shares have different operating expenses. Neither Class N shares nor Class I shares convert to any other share class of the Fund. As of April, 2014, there were six series of the Trust.

Valuation of Investments. (1) The value of investments listed on a securities exchange is based on the last sale price on that exchange prior to the time when assets are valued, or in the absence of recorded sales, at the average of readily available closing bid and asked prices on such exchange; (2) Securities not traded on an exchange are valued at the average of the quoted bid and asked prices in the over-the-counter market; (3) securities or other assets for which market quotations are not readily available are valued at “fair value” in accordance with procedures established by and under the general supervision and responsibility of the Board; (4) for securities traded on international exchanges, if events which may affect the value of the Fund’s securities occur after the close of the primary exchange on which such securities trade and before the Fund’s net asset value is next determined, then those securities will be fair valued as determined in good faith under the supervision of the Board. The Fund currently uses a systematic fair value model provided by an independent third party to value international securities on a daily basis; (5) short-term investments, which mature in 60 days or less are valued at amortized cost if their original maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if their original maturity when acquired by the Fund was more than 60 days, unless the use of amortized cost is determined not to represent “fair value” by the Board.

Accounting for Investments and Income. Investment transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined based on the identified cost method. Dividend income and other distributions received from portfolio securities are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of securities received at ex-date. Distributions received on securities that represent a return of capital or a capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued daily. Investment income is recorded net of any foreign taxes withheld where recovery of such tax is uncertain.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

Forward Foreign Currency Exchange Contracts. The Fund may enter into forward foreign currency exchange contracts (“Contracts”) in connection with planned purchases or sales of securities to hedge the U.S. dollar value of securities denominated in a particular currency, or to increase or shift its exposure to a currency other than U.S. dollars. The Fund has no specific limitation on the percentage of assets which may be committed to these types of Contracts. The Fund could be exposed to risks if the counterparties to the Contracts are unable to meet the terms of their Contracts or if the value of the foreign currency changes unfavorably. The U.S. dollar values of foreign currency underlying all contractual commitments held by the Fund are determined using forward foreign currency exchange rates supplied by a quotation service. As of April 30, 2014, the Fund had no open contracts.

During the six months ended April 30, 2014, the average monthly notional amount of forward foreign currency exchange contracts was $7,876,914. The corresponding volumes for the period ranged from $6,967,442 to $12,385,961.

Effect of Forward Foreign Currency Exchange Contracts on the Statement of Operations


Net Realized Gain on Forward Foreign Currency Exchange Contracts	$	225,633

Net Change in Unrealized Appreciation/(Depreciation) on Forward Foreign
Currency Exchange Contracts	$	(47,556	)

Foreign Currency Translations. The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange of such currency against the U.S. dollar to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. Upon the purchase or sale of a security denominated in foreign currency, the Fund may enter into forward foreign currency exchange contracts for the purchase or sale, for a fixed amount of U.S. dollars, of the amount of foreign currency involved in the underlying security transaction. Reported net realized gains and losses arise from the sales of portfolio securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. The effect of changes

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

in foreign exchange rates on foreign denominated securities is reflected in the net realized and unrealized gain or loss on investments in securities. Net unrealized appreciation or depreciation on foreign currency translations arise from changes in the value of the assets and liabilities, excluding investments in securities, at period end, resulting from changes in the exchange rate.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, if any, are paid annually and are recorded on the ex-dividend date. The Fund declared dividends in the amounts of $11,905,318 and $1,475,716 to Class N shares and Class I shares, respectively, during the six months ended April 30, 2014.

The tax character of distributions paid during the fiscal years ended October 31, 2013 and 2012, respectively, were as follows:

Distributions paid from:
		Ordinary income	Net long-term capital gain		Total taxable distributions	Tax return of capital		Total distributions paid
2013:	$	12,252,757	—	$	12,252,757	—	$	12,252,757
2012:		14,956,905	—		14,956,905	—		14,956,905

As of October 31, 2013 and 2012, respectively, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Components of accumulated earnings/(deficit):
		Undistributed ordinary income	Undistributed long-term capital gain		Accumulated earnings		Accumulated capital and other losses			Other book/tax temporary differences			Unrealized appreciation/ (depreciation)		Total accumulated earnings/ (deficit)
2013:	$	12,612,249	—	$	12,612,249	$	(74,183,898	)	$	(5,516,141	)	$	200,181,319	$	133,093,529
2012:		12,063,789	—		12,063,789		(81,799,171	)		—			90,808,954		21,073,572

As of October 31, 2013, the Fund’s net capital loss carryforward expires as follows:

	Expiration Date	Amount
Pre-December 31, 2010 Capital Losses	10/31/2017	$	62,728,716
	10/31/2019		5,166,463
Post December 31, 2010 Capital Losses	No Expiration		6,288,719
Total capital loss carryforward		$	74,183,898

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

Total distributions paid may differ from amounts reported in the Statement of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid.

The differences between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

To the extent future capital gains are offset by capital loss carryforwards, such gains will not be distributed.

Fees and Other Transactions with Affiliates

Investment Advisory and Administrative Fees. Under a combined Investment Advisory and Administrative Services Agreement (“Agreement”) with the Trust, Brown Brothers Harriman & Co. (“BBH”) through a separately identifiable department (“SID” or “Investment Adviser”) provides investment advisory and portfolio management services to the Fund. BBH employs a “manager-of-managers” investment approach, whereby it allocates the Fund’s assets among the Fund’s sub-advisers, currently Mondrian Investment Partners Limited and Walter Scott & Partners Limited (together, “Sub-advisers”). The Sub-advisers are responsible for investing the assets of the Fund and the Investment Adviser oversees the Sub-advisers and evaluates their performance results. BBH also provides administrative services to the Fund. The Fund’s investment advisory and administrative services fee is calculated daily and paid monthly at an annual rate equivalent to at 0.80% per annum

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

on the first $1,000,000,000 of average daily net assets and 0.70% per annum on all average daily net assets over $1,000,000,000. The Investment Adviser pays each Sub-adviser a percentage from its investment advisory and administrative fees. For the six months ended April 30, 2014 the Fund incurred $3,079,133 for services under the Agreement.

Shareholder Servicing Fees. The Trust has a shareholder servicing agreement with BBH. BBH receives a fee from the Fund calculated daily and paid monthly at an annual rate of 0.25% of Class N shares’ average daily net assets. For the six months ended April 30, 2014, Class N shares of the Fund incurred $866,832 in shareholder servicing fees.

Custody and Fund Accounting Fees. BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and incurred monthly. BBH holds all of the Fund’s cash and investments and calculates the Fund’s daily net asset value. The custody fee is an asset and transaction based fee. The fund accounting fee is an asset based fee calculated at 0.004% of the Fund’s net asset value. For the six months ended April 30, 2014, the Fund incurred $117,047 in custody and fund accounting fees. These fees for the Fund were reduced by $6,613 as a result of an expense offset arrangement with the Fund’s custodian. The credit amount (if any) is disclosed in the Statement of Operations as a reduction to the Fund’s expenses. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the Federal Funds overnight investment rate on the day of the overdraft. The total interest incurred by the Fund for the six months ended April 30, 2014, was $0.

Board of Trustees’ Fees. Each Trustee who is not an “interested person” as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the six months ended April 30, 2014, the Fund incurred $47,801 in non-interested Trustee compensation and reimbursements.

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

	For the six months ended April 30, 2014 (unaudited)						For the year ended October 31, 2013
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		3,336,980		$	50,199,966			10,126,980		$	143,135,611
Shares issued in
connection with
reinvestments of
dividends		813,276			11,865,706			800,962			10,580,708
Proceeds from short-term
redemption fees		N/A			5			N/A			23
Shares redeemed		(1,631,487	)		(24,234,783	)		(4,796,253	)		(67,115,997	)
Net increase		2,518,769		$	37,830,894			6,131,689		$	86,600,345
Class I
Shares sold		827,343		$	12,669,324			2,060,256		$	29,597,388
Shares issued in
connection with
reinvestments of
dividends		101,007			1,475,717			122,855			1,622,915
Shares redeemed		(217,307	)		(3,240,934	)		(2,726,572	)		(40,074,199	)
Net increase (decrease)		711,043		$	10,904,107			(543,461	)	$	(8,853,896	)

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

Principal Risk Factors and Indemnifications.

Principal Risk Factors. Investing in the Fund may involve certain risks, as discussed in the Fund’s prospectus, including but not limited to, those described below:

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Investment Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). In the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to the assumption of large positions in securities of a small number of issuers (non-diversification risk), prohibition of, or restrictions on, the ability to transfer currency, securities and other assets (capital controls risk), non-U.S. currencies invested in by the Fund depreciating against the U.S. dollar (currency exchange rate risk), risks from investing in securities of issuers based in developing countries (emerging markets risk), certain risks associated with investing in foreign securities not present in domestic investments (foreign investment risk), or investment styles of the Sub-advisers not complementing each other (multi-manager risk). The value of securities held by the Fund may fall due to changing economic, political, regulatory or market conditions, or due to a company’s or issuer’s individual situation (market risk). The Fund invests in equity securities whose prices rise and fall due to factors affecting individual companies, particular industries or the equity markets as a whole (equity securities risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (shareholder concentration risk). The extent of the Fund’s exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund’s Statement of Assets and Liabilities.

Please refer to the Fund’s prospectus for a complete description of the principal risks of investing in the Fund.

BBH INTERNATIONAL EQUITY FUND

DISCLOSURE OF FUND EXPENSES

April 30, 2014 (unaudited)

EXAMPLE

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2013 to April 30, 2014).

ACTUAL EXPENSES

The first line of the table provides information about actual account values and actual expenses. You may use information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERNATIONAL EQUITY FUND

DISCLOSURE OF FUND EXPENSES (continued)

April 30, 2014 (unaudited)

	Beginning Account Value November 1, 2013	Ending Account Value April 30, 2014	Expenses Paid During Period November 1, 2013 to April 30, 2014¹
Class N
Actual	$1,000	$1,031	$5.64
Hypothetical²	$1,000	$1,019	$5.61

	Beginning Account Value November 1, 2013	Ending Account Value April 30, 2014	Expenses Paid During Period November 1, 2013 to April 30, 2014¹
Class I
Actual	$1,000	$1,032	$4.43
Hypothetical²	$1,000	$1,020	$4.41

Expenses are equal to the Fund’s annualized expense ratio of 1.12% and 0.88% for Class N and I shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Assumes a return of 5% before expenses. For the purposes of the calculation, the applicable annualized expenses ratio for each class of shares is subtracted from the assumed return before expenses.

BBH INTERNATIONAL EQUITY FUND

DISCLOSURE OF ADVISOR SELECTION

April 30, 2014 (unaudited)

Investment Advisory and Administrative Services and Sub-Advisory Agreements Approval

The Board, a majority of whom are Independent Trustees, held an in-person meeting on December 10, 2013, to consider whether to renew the Investment Advisory and Administrative Services Agreement (the “Advisory Agreement”) between the Trust and the Investment Adviser with respect to the existing funds in the Trust, including the Fund. The Board also considered the renewal of the sub-advisory agreements (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Agreements”) between the Investment Adviser and each of Walter Scott & Parters Limited (“Walter Scott”) and Mondrian Investment Partners Limited (“Mondrian” and, together with Walter Scott, the “Sub-Advisers”). In approving the renewal of the Agreements with respect to the Fund for an additional one year term, the Board determined that the terms of the Agreements were fair and reasonable and that they had received sufficient information to make an informed business decision with respect to the continuation of the Agreements.

Both in the meeting specifically held to address the continuance of the Agreements and at other meetings during the course of the year, the Board requested and received a variety of materials provided by the Investment Adviser, Sub-Advisers and BBH, including information about personnel, operations and Fund performance. The Board also received third-party comparative performance and fee and expense information for the Fund. The Board received a memorandum from Counsel to the Trust (“Fund Counsel”) regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Board met in executive session outside the presence of Fund management.

The following is a summary of the factors the Board considered in making its determination to approve the continuance of the Agreements. No single factor reviewed by the Board was identified as the principal factor in determining whether to approve the Agreements, and individual Trustees may have given different weight to various factors. The Board reviewed these factors with Fund Counsel.

Nature, Extent and Quality of Services

The Board noted that, pursuant to the Advisory Agreement with respect to the Fund, the Investment Adviser, subject to the supervision of the Board, is responsible for providing administrative services and overseeing the investment advisory services provided to the Fund. Pursuant to the Sub-advisory Agreements, the Sub-Advisers, subject to the supervision of the Investment Adviser and the Board are responsible for providing a continuous investment program and making purchases and sales of portfolio securities consistent with the Fund’s investment objective and policies.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERNATIONAL EQUITY FUND

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2014 (unaudited)

The Board received and considered information, during the in-person meeting held on December 10, 2013, and during the past year, regarding the nature, extent and quality of services provided to the Fund by the Investment Adviser including the supervision of the Sub-Advisers, supervision of operations and compliance and regulatory filings, disclosures to Fund shareholders, general oversight of service providers, assisting the Board, including the Independent Trustees, in their capacity as Trustees and other services. The Board considered the resources of the Investment Adviser and BBH dedicated to the Fund noting that BBH also provides administrative, custody, fund accounting and shareholder servicing services to the Fund. The Board considered the scope and quality of services provided by the Adviser under the Advisory Agreement. The Board also considered the policies and practices followed by BBH and the Investment Adviser. The Board noted that in the course of its regular meetings it received reports on each of the foregoing topics. The Board concluded that, overall, they were satisfied with the nature, extent and quality of services provided, and expected to be provided, to the Fund pursuant to the Advisory Agreement.

The Board received and considered information, during the in-person meeting held on December 10, 2013, and during the past year, regarding the nature, extent and quality of services provided to the Fund by the Sub-Advisers, particularly portfolio management in light of the narrower scope of services performed by the Sub-Advisers. The Board also considered brokerage policies and practices, and the standards applied in seeking best execution. The Board reviewed the qualifications of the key investment personnel primarily responsible for the day-to-day portfolio management of the Fund. In addition, the Board received reports on the foregoing topics at other meetings held during the year. The Board concluded that, overall, they were satisfied with the nature, extent and quality of services provided, and expected to be provided, to the Fund pursuant to the Sub-Advisory Agreements.

Fund Performance

The Board received and considered performance information for the Fund. The Board considered the Fund’s performance relative to a peer category of other mutual funds. As part of this review, the Trustees considered the composition of the peer category, selection criteria and reputation of the third party who prepared the peer category analysis. In addition, the Board received detailed performance information for the Fund at other meetings held during the year. The Board considered short-term and long-term investment performance for the Fund over various periods of time as compared to a selection of peer funds, noting that the Fund has outperformed in the 3, 4, 5, and 10 year periods. In evaluating the performance of the Fund, the Board considered the risk expectations for the Fund as well as the level of Fund performance in the context of its review. Based on this information, the Board concluded that it was satisfied with the Fund’s investment results.

BBH INTERNATIONAL EQUITY FUND

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2014 (unaudited)

Fund Expenses

The Board considered the fee rates paid by the Fund to the Investment Adviser and BBH in light of the nature, extent and quality of the services provided to the Fund. The Board considered the depth and range of services provided pursuant to the Advisory Agreement, noting that the Investment Adviser also coordinates the provision of services to the Fund by affiliated and nonaffiliated service providers. The Board received and considered information comparing the Fund’s investment advisory and administration fee and the Fund’s net total expenses with those of other comparable mutual funds, such peer group and comparisons having been selected and calculated by an independent third party. The Board recognized that it is difficult to make comparisons of the fee rate, or of combined advisory and administration fees, because there are variations in the services that are included in the fees paid by other funds. The Board concluded that the advisory and administration fee appeared to be reasonable in light of the services rendered and was the result of arm’s length negotiation.

The Board also considered the fees paid to the Sub-Advisers for their services to the Fund. The compensation paid to the Sub-Advisers is paid by the Investment Adviser, not the Fund directly, and, accordingly, the retention of the Sub-Advisers does not increase the fees or expenses otherwise incurred by the Fund’s shareholders.

Costs of Services Provided and Profitability

With regard to profitability, the Trustees considered the compensation flowing to the Adviser and BBH, directly or indirectly, and to the Sub-Advisers. The Board reviewed the Investment Adviser and BBH’s profitability data for the Fund for the nine-months ended September 30, 2013, and for the prior two-year period. The data also included the effect of revenue generated by the shareholder servicing, custody, fund accounting and administration fees paid by the Fund to BBH. The Board reviewed the allocation methods used in preparing the profitability data. The Board also reviewed the Sub-Advisers’ profitability data for the Fund. The Board also considered the effect of fall-out benefits on the expenses of the Investment Adviser and BBH. The Board focused on profitability of the Investment Adviser and BBH’s relationships with the Fund before taxes and distribution expenses. The Board concluded that neither the Investment Adviser and BBH’s nor the Sub-Advisers’ profitability was not excessive in light of the nature, extent and quality of services provided to the Fund. The Board considered other benefits received by BBH, the Investment Adviser, and the Sub-Advisers, as applicable, as a result of their relationships with the Fund. These other benefits include proprietary research received from brokers that execute the Fund’s purchases and sales of securities and fees received for being the Fund’s administrator, custodian, fund accounting and shareholder servicing agent. In light of the costs of providing services pursuant to the Advisory Agreement as well as the Investment Adviser and BBH’s commitment to the Fund, the ancillary benefits that the Investment Adviser and BBH received were considered reasonable.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERNATIONAL EQUITY FUND

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2014 (unaudited)

Economies of Scale

The Board considered the existence of any economies of scale and whether those are passed along to the Fund’s shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by the Investment Adviser and BBH. The Board considered the fee schedule for the Fund, noting the existence of a graduated investment advisory fee schedule. Based on information they had been provided over many years, the Board observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there appeared to be no uniformity or pattern in the fees and asset levels at which breakpoints apply. In light of the Fund’s current size and expense structure, the Board concluded that the breakpoints for the Fund were reasonable. The Board concluded that the fees paid by the Fund to the Investment Adviser and the Sub-Advisers were reasonable based on the comparative performance, expense information, the cost of the services provided and the profits to be realized by the Investment Adviser and the Sub-Advisers.

BBH INTERNATIONAL EQUITY FUND

CONFLICTS OF INTEREST

April 30, 2014 (unaudited)

Conflicts of Interest

Certain conflicts of interest may arise in connection with a portfolio manager’s management of the Fund’s investments, on the one hand, and the investments of other accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various accounts managed could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Fund. Alternatively, to the extent that the same investment opportunities might be desirable for more than one account, possible conflicts could arise in determining how to allocate them, For example, BBH may act as adviser to private funds with investment strategies similar to the Fund. Those private funds may pay BBH a performance fee in addition to the stated investment advisory fee. In such cases, BBH may have an incentive to allocate certain investment opportunities to the private fund rather than the Fund in order to increase the private fund’s performance and thus improve BBH’s chances of receiving the performance fee. However, BBH has implemented policies and procedures to assure that investment opportunities are allocated equitably between the Fund and other funds and accounts with similar investment strategies.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERNATIONAL EQUITY FUND

CONFLICTS OF INTEREST (continued)

April 30, 2014 (unaudited)

BBH, including the Investment Adviser, seeks to meet its fiduciary obligation with respect to all clients including the Fund. BBH has adopted and implemented policies and procedures that seek to manage conflicts. The Investment Adviser monitors a variety of areas, including compliance with fund investment guidelines, review of allocation decisions, the investment in only those securities that have been approved for purchase by an oversight committee, and compliance with the Investment Adviser’s Code of Ethics. With respect to the allocation of investment opportunities, BBH has adopted and implemented policies designed to achieve fair and equitable allocation of investment opportunities among its clients over time. BBH has structured the portfolio managers’ compensation in a manner it believes is reasonably designed to safeguard the Fund from being negatively affected as a result of any such potential conflicts.

Administrator
Brown Brothers Harriman
140 Broadway
New York, NY 10005

Distributor
ALPS Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203

Shareholder Servicing Agent
Brown Brothers Harriman
140 Broadway
New York, NY 10005 (800) 575-1265

Investment Adviser
Brown Brothers Harriman
Mutual Fund Advisory
Department
140 Broadway
New York, NY 10005

To obtain information or make shareholder inquiries:


By telephone:		Call 1-800-575-1265
By E-mail send your request to:		bbhfunds@bbh.com
On the internet:		www.bbhfunds.com

Semi-Annual Report

APRIL 30, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO ALLOCATION

April 30, 2014 (unaudited)

BREAKDOWN BY SECURITY TYPE

	U.S. $ Value			Percent of Net Assets
Municipal Bonds	$	52,369,418			103.5	%
Liabilities in Excess of Other Assets		(1,789,761	)		(3.5	)
NET ASSETS	$	50,579,657			100.0	%

All data as of April 30, 2014. The BBH Intermediate Municipal Bond Fund’s (the “Fund”) sector diversification is expressed as a percentage of net assets and may vary over time.

The accompanying notes are an integral part of these financial statements.

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS

April 30, 2014 (unaudited)

Principal
Amount

Maturity
Date

Interest
Rate

Value

MUNICIPAL BONDS (103.5%)

Arizona (0.9%)

305,000

Salt Verde Financial Corp.,

Revenue Bonds

12/01/19

5.250

$344,812

80,000

Salt Verde Financial Corp.,

Revenue Bonds

12/01/28

5.250

89,548

Total Arizona

434,360

California (2.5%)

85,000

California Health Facilities Financing

Authority, Revenue Bonds

08/15/24

5.250

98,019

1,000,000

California State Public Works Board,

Revenue Bonds

09/01/33

5.000

1,097,140

50,000

Los Angeles County Metropolitan

Transportation Authority,

Revenue Bonds¹

07/01/27

0.338

46,456

Total California

1,241,615

Colorado (0.5%)

320,000

Denver Health & Hospital Authority,

Revenue Bonds¹

12/01/33

1.258

259,770

Total Colorado

259,770

Connecticut (2.3%)

140,000

Connecticut Housing Finance Authority,

Revenue Bonds

11/15/23

3.450

141,044

1,000,000

State of Connecticut, General

Obligation Bonds¹

08/15/20

1.140

1,018,810

Total Connecticut

1,159,854

District of Columbia (0.4%)

180,000

Metropolitan Washington Airports

Authority, Revenue Bonds

10/01/21

5.000

210,114

Total District of Columbia

210,114

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Florida (4.8%)
$	1,000,000	Florida HomeLoan Corp., Revenue Bonds²	07/01/45		3.000	%	$	1,045,530
	1,080,000	Greater Orlando Aviation Authority,
		Revenue Bonds	10/01/27		5.000			1,189,609
	170,000	Miami-Dade County, Revenue Bonds	10/01/22		5.000			198,667
		Total Florida						2,433,806

		Georgia (2.6%)
	65,000	Chatham County Hospital Authority,
		Revenue Bonds	01/01/26		5.000			72,652
	1,000,000	State of Georgia, General
		Obligation Bonds	02/01/22		5.000			1,218,080
		Total Georgia						1,290,732

		Hawaii (2.7%)
	155,000	State of Hawaii Airports System Revenue,
		Revenue Bonds	07/01/18		5.000			174,373
	125,000	State of Hawaii Department of Budget &
		Finance, Revenue Bonds¹	07/01/29		0.267			115,907
	1,000,000	State of Hawaii Department of
		Transportation, Certificates of
		Participation	08/01/28		5.000			1,078,150
		Total Hawaii						1,368,430

		Illinois (7.1%)
	250,000	Chicago Transit Authority,
		Revenue Bonds	06/01/19		5.500			279,573
	245,000	Illinois State Finance Authority,
		Revenue Bonds	11/15/32		5.000			265,756
	1,300,000	Lake County Community Consolidated
		School District No. 73 Hawthorn,
		General Obligation Bonds	12/01/19		0.000			1,151,423
	1,000,000	Railsplitter Tobacco Settlement Authority,
		Revenue Bonds	06/01/19		5.000			1,149,730
	250,000	State of Illinois, General Obligation Bonds	04/01/26		5.000			274,658
	475,000	State of Illinois, General Obligation Bonds	09/01/28		5.000			495,572
		Total Illinois						3,616,712

The accompanying notes are an integral part of these financial statements.

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal
Amount

Maturity
Date

Interest
Rate

Value

MUNICIPAL BONDS (continued)

Kansas (1.8%)

1,000,000

City of St. Marys, Revenue Bonds¹

04/15/32

0.120

899,448

Total Kansas

899,448

Kentucky (6.0%)

1,000,000

Carroll County, Revenue Bonds¹

10/01/32

0.140

923,839

750,000

Kentucky Housing Corp., Revenue Bonds

07/01/17

3.800

793,432

750,000

Kentucky Housing Corp., Revenue Bonds

01/01/18

4.000

787,710

500,000

Kentucky Housing Corp., Revenue Bonds

07/01/19

4.250

532,340

Total Kentucky

3,037,321

Maine (2.1%)

1,000,000

Finance Authority of Maine,

Revenue Bonds

02/01/16

4.650

1,047,700

Total Maine

1,047,700

Maryland (9.5%)

1,000,000

Anne Arundel County, General

Obligation Bonds

04/01/23

5.000

1,222,590

150,000

City of Baltimore, Revenue Bonds¹

07/01/32

0.060

136,308

1,000,000

Howard County, General

Obligation Bonds

02/15/22

5.000

1,215,870

1,000,000

Montgomery County, General

Obligation Bonds³

05/01/14

0.080

1,000,000

State of Maryland, General

Obligation Bonds

03/01/21

5.000

1,209,550

Total Maryland

4,784,318

Massachusetts (5.6%)

1,000,000

City of Boston, General Obligation Bonds

03/01/23

5.000

1,226,980

375,000

Commonwealth of Massachusetts,

General Obligation Bonds¹

12/01/30

0.060

337,465

1,000,000

Massachusetts Health & Educational

Facilities Authority, Revenue Bonds

07/01/22

5.500

1,259,570

Total Massachusetts

2,824,015

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal
Amount

Maturity
Date

Interest
Rate

Value

MUNICIPAL BONDS (continued)

Michigan (4.4%)

1,000,000

Detroit City School District, General

Obligation Bonds

05/01/30

5.250

$1,110,250

1,000,000

Michigan State Hospital Finance

Authority, Revenue Bonds

06/01/25

5.000

1,124,870

Total Michigan

2,235,120

Missouri (2.9%)

300,000

Health & Educational Facilities Authority

of the State of Missouri,

Revenue Bonds¹

06/01/31

0.393

268,827

1,000,000

Missouri State Environmental

Improvement & Energy Resources

Authority, Revenue Bonds

01/01/23

5.000

1,223,080

Total Missouri

1,491,907

Montana (1.0%)

500,000

Montana Board of Housing,

Revenue Bonds²

12/01/43

3.000

518,020

Total Montana

518,020

New Hampshire (2.0%)

1,000,000

New Hampshire Health & Education

Facilities Authority Act,

Revenue Bonds³

05/01/14

0.080

1,000,000

Total New Hampshire

1,000,000

New Jersey (6.5%)

400,000

New Jersey Economic Development

Authority, Revenue Bonds¹

03/01/28

1.720

389,832

250,000

New Jersey State Turnpike Authority,

Revenue Bonds¹

01/01/30

0.350

232,250

2,500,000

New Jersey Transportation Trust Fund

Authority, Revenue Bonds

12/15/30

0.000

1,131,450

6,500,000

Tobacco Settlement Financing Corp.,

Revenue Bonds

06/01/41

0.000

1,534,715

Total New Jersey

3,288,247

The accompanying notes are an integral part of these financial statements.

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		New York (11.3%)
$	50,000	Metropolitan Transportation Authority,
		Revenue Bonds¹	11/01/22		0.303	%	$	48,441
	1,000,000	Metropolitan Transportation Authority,
		Revenue Bonds¹	11/01/22		0.304			968,804
	1,000,000	New York City, General Obligation Bonds³	05/01/14		0.090			1,000,000
	80,000	New York State Energy Research &
		Development Authority, Revenue Bonds¹	12/01/26		0.383			72,181
	580,000	New York State Energy Research &
		Development Authority, Revenue Bonds¹	07/01/29		0.380			537,108
	1,000,000	New York State Energy Research &
		Development Authority, Revenue Bonds¹	01/01/39		0.105			863,182
	1,000,000	New York State Thruway Authority,
		Revenue Bonds	05/01/19		5.000			1,155,130
	950,000	Port Authority of New York & New Jersey,
		Revenue Bonds	11/01/19		5.000			1,073,937
		Total New York						5,718,783

		North Carolina (6.0%)
	600,000	Charlotte-Mecklenburg Hospital Authority,
		Revenue Bonds³	05/01/14		0.070			600,000
	1,000,000	Mecklenburg County, General Obligation
		Bonds	12/01/21		5.000			1,212,950
	1,000,000	Wake County, General Obligation Bonds	03/01/25		5.000			1,242,160
		Total North Carolina						3,055,110

		Oklahoma (2.0%)
	1,000,000	Oklahoma Capital Improvement Authority,
		Revenue Bonds³	05/01/14		0.130			1,000,000
		Total Oklahoma						1,000,000

		Pennsylvania (4.2%)
	1,000,000	Philadelphia Hospitals & Higher Education
		Facilities Authority, Revenue Bonds³	05/01/14		0.090			1,000,000
	1,000,000	School District of Philadelphia, General
		Obligation Bonds	09/01/20		5.000			1,136,550
		Total Pennsylvania						2,136,550

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Tennessee (0.3%)
$	150,000	Clarksville Natural Gas Acquisition Corp.,
		Revenue Bonds	12/15/19		5.000	%	$	168,013
		Total Tennessee						168,013

		Texas (10.7%)
	500,000	City of Houston Airport System Revenue,
		Revenue Bonds	07/01/18		5.000			570,020
	100,000	City of Houston Airport System Revenue,
		Revenue Bonds	07/01/19		5.000			114,308
	350,000	City of Houston Airport System Revenue,
		Revenue Bonds¹	07/01/30		0.240			319,413
	125,000	City of Houston Airport System Revenue,
		Revenue Bonds¹	07/01/32		0.304			113,154
	1,000,000	State of Texas, General Obligation Bonds	10/01/20		5.000			1,202,150
	1,000,000	Texas Municipal Gas Acquisition &
		Supply Corp. I, Revenue Bonds¹	12/15/26		0.856			875,440
	1,000,000	Texas Municipal Gas Acquisition &
		Supply Corp. II, Revenue Bonds¹	09/15/17		0.590			998,820
	1,000,000	Texas Transportation Commission State
		Highway Fund, Revenue Bonds	04/01/23		5.000			1,223,500
		Total Texas						5,416,805

		Virginia (0.5%)
	250,000	Sussex County Industrial Development
		Authority, Revenue Bonds¹	06/01/28		2.375			250,000
		Total Virginia						250,000

The accompanying notes are an integral part of these financial statements.

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Principal
Amount

Maturity
Date

Interest
Rate

Value

MUNICIPAL BONDS (continued)

Washington (2.9%)

1,000,000

Port of Seattle, Revenue Bonds

02/01/24

5.000

1,117,930

180,000

Washington State Housing Finance

Commission, Revenue Bonds

12/01/21

2.900

178,907

185,000

Washington State Housing Finance

Commission, Revenue Bonds

12/01/22

3.050

185,831

Total Washington

1,482,668

Total Municipal Bonds

(Identified cost $52,094,608)

52,369,418

TOTAL INVESTMENTS (Identified cost $52,094,608)⁴

103.5

52,369,418

LIABILITIES IN EXCESS OF OTHER ASSETS

(3.5

)

(1,789,761

)

NET ASSETS

100.0

50,579,657

Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the April 30, 2014 coupon or interest rate.

Represents a security purchased on a when-issued basis.

Variable rate demand note. The maturity date reflects the demand repayment dates. The interest rate changes on specific dates (such as coupon or interest payment date). The yield shown represents the coupon or interest rate as of April 30, 2014.

⁴

The aggregate cost for federal income tax purposes is $52,094,608, the aggregate gross unrealized appreciation is $337,145 and the aggregate gross unrealized depreciation is $62,335, resulting in net unrealized appreciation of $274,810.

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

FAIR VALUE MEASUREMENTS

The three levels defined by the fair value hierarchy are as follows:

—

Level 1 – unadjusted quoted prices in active markets for identical investments.

—

Level 2 – significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

—

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The accompanying notes are an integral part of these financial statements.

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2014 (unaudited)

Financial assets within level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2014.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)*	Significant Other Observable Inputs (Level 2)*	Significant Unobservable Inputs (Level 3)*	Balance as of April 30, 2014
Municipal Bonds	$ –	$52,369,418	$ –	$52,369,418
Total Investments, at value	$ –	$52,369,418	$ –	$52,369,418

The Fund’s policy is to disclose transfers between levels based on valuations at the end of the reporting period. There were no transfers between Levels 1, 2 or 3 as of April 30, 2014.

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2014 (unaudited)

ASSETS:
Investments in securities, at value (Identified cost $52,094,608)	$	52,369,418
Cash		33,649
Receivables for:
Investments sold		1,232,991
Interest		361,291
Investment advisory and administrative fees waiver reimbursement		18,448
Other assets		35,727
Total Assets		54,051,524
LIABILITIES:
Payables for:
Investments purchased		3,396,518
Periodic distributions		39,500
Investment advisory and administrative fees		16,036
Professional fees		7,841
Board of Trustees’ fees		4,006
Custody and fund accounting fees		3,439
Transfer agent fees		1,508
Distributor fees		1,139
Accrued expenses and other liabilities		1,880
Total Liabilities		3,471,867

NET ASSETS	$	50,579,657
Net Assets Consist of:
Paid-in capital	$	50,180,150
Undistributed net investment income		80
Accumulated net realized gain on investments in securities		124,617
Net unrealized appreciation/(depreciation) on investments in securities		274,810
Net Assets	$	50,579,657
NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($25,216 ÷ 2,500 shares outstanding)	$	10.09
CLASS I SHARES
($50,554,441 ÷ 5,015,505 shares outstanding)	$	10.08

The accompanying notes are an integral part of these financial statements.

BBH INTERMEDIATE MUNICIPAL BOND FUND

STATEMENT OF OPERATIONS

For the period from April 1, 2014 (commencement of operations) to April 30, 2014 (unaudited)

NET INVESTMENT INCOME:
Income:
Interest and other income	$	59,768
Total Income		59,768
Expenses:
Investment advisory and administrative fees		16,037
Professional fees		7,841
Board of Trustees’ fees		4,006
Custody and fund accounting fees		3,439
Transfer agent fees		1,508
Distributor fees		1,139
Miscellaneous expenses		4,526
Total Expenses		38,496
Investment advisory and administrative fees waiver		(18,448	)
Net Expenses		20,048
Net Investment Income		39,720
NET REALIZED AND UNREALIZED:
Net realized gain on investments in securities		124,617
Net change in unrealized appreciation/(depreciation) on investments
in securities		274,810
Net Realized and Unrealized Gain		399,427
Net Increase in Net Assets Resulting from Operations	$	439,147

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

STATEMENT OF CHANGES IN NET ASSETS

	For the period from April 1, 2014 (commencement of operations) to April 30, 2014
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	39,720
Net realized gain on investments in securities		124,617
Net change in unrealized appreciation/(depreciation) on investments
in securities		274,810
Net increase in net assets resulting from operations		439,147
Dividends and distributions declared:
From net investment income:
Class N		(18	)
Class I		(39,622	)
Total dividends and distributions declared		(39,640	)
Share transactions:
Proceeds from sales of shares		50,180,010
Net asset value of shares issued to shareholders for reinvestment of
dividends and distributions		140
Net increase in net assets resulting from share transactions		50,180,150
Total increase in net assets		50,579,657

NET ASSETS:
Beginning of period		—
End of period (including undistributed net investment income of $80)	$	50,579,657

The accompanying notes are an integral part of these financial statements.

BBH INTERMEDIATE MUNICIPAL BOND FUND

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for a Class N share outstanding throughout each period.

	For the period from April 1, 2014 (commencement of operations) to April 30, 2014
Net asset value, beginning of period	$	10.00
Income from investment operations:
Net investment income¹		0.01
Net realized and unrealized gain		0.09
Total income from investment operations		0.10
Less dividends and distributions:
From net investment income		(0.01	)
Total dividends and distributions		(0.01	)
Net asset value, end of period	$	10.09
Total return		0.97	%

Ratios/Supplemental data:
Net assets, end of period (in millions)	$	0	²
Ratio of expenses to average net assets before reductions		1.15	%³
Fee waiver		0.50	%^3,4
Ratio of expenses to average net assets after reductions		0.65	%³
Ratio of net investment income to average net assets		1.23	%³
Portfolio turnover rate		23	%⁵

Calculated using average shares outstanding for the period.

Less than $500,000

Annualized.

⁴

The ratio of expenses to average net assets for the period ended April 30, 2014 reflect fees reduced as result of a contractual operating expense limitation of the share class to 0.65%. The agreement is effective for the period beginning on April 1, 2014 and will terminate on May 1, 2015, unless it is renewed by all parties to the agreement. For the period ended April 30, 2014 the waived fees were $8.

⁵

Represents Fund portfolio turnover for the period ended April 30, 2014.

The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

FINANCIAL HIGHLIGHTS (continued)

Selected per share data and ratios for a Class I share outstanding throughout each period.

	For the period from April 1, 2014 (commencement of operations) to April 30, 2014
Net asset value, beginning of period	$	10.00
Income from investment operations:
Net investment income¹		0.01
Net realized and unrealized gain		0.08
Total income from investment operations		0.09
Less dividends and distributions:
From net investment income		(0.01	)
Total dividends and distributions		(0.01	)
Net asset value, end of period	$	10.08
Total return		0.88	%

Ratios/Supplemental data:
Net assets, end of period (in millions)	$	51
Ratio of expenses to average net assets before reductions		0.96	%²
Fee waiver		0.46	%^2,3
Ratio of expenses to average net assets after reductions		0.50	%²
Ratio of net investment income to average net assets		0.99	%²
Portfolio turnover rate		23	%⁴

Calculated using average shares outstanding for the period.

Annualized.

The ratio of expenses to average net assets for the period ended April 30, 2014 reflect fees reduced as result of a contractual operating expense limitation of the share class to 0.50%. The agreement is effective for the period beginning on April 1, 2014 and will terminate on May 1, 2015, unless it is renewed by all parties to the agreement. For the period ended April 30, 2014 the waived fees were $18,440.

⁴

Represents Fund portfolio turnover for the period ended April 30, 2014.

The accompanying notes are an integral part of these financial statements.

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS

April 30, 2014 (unaudited)

Organization. The Fund is a separate, diversified series of BBH Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. The Fund commenced operations on April 1, 2014. The Fund offers both Class N shares and Class I shares. Class N and Class I shares have different operating expenses. Neither Class N shares nor Class I shares convert to any other share class of the Fund. As of April 30, 2014, there were six series of the Trust.

Valuation of Investments. Bonds and other fixed income securities, including restricted securities (other than short-term obligations but including listed issues) are valued at their most recent bid prices (sales price if the principal market is an exchange) in the principal market in which such securities are normally traded, on the basis of valuations furnished by a pricing service, use of which has been approved by the Board of Trustees (“Board”). In making such valuations, the pricing service utilizes both dealer supplied valuations and electronic data processing techniques, which take into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, without exclusive reliance upon quoted prices, or exchange or over-the-counter prices, since such valuations are believed to reflect more accurately the fair value of such securities.

Accounting for Investments and Income. Investment transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined based on the identified cost method. Interest income is accrued daily and consists of interest accrued, discount earned (including, if any, both original issue and market discount) and premium amortization on the investments of the Fund. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

collection of all or a portion of the interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

The Fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (“ASC 740”). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Fund did not have any unrecognized tax benefits as of April 30, 2014, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statement of Operations. During the period ended April 30, 2014, the Fund did not incur any such interest or penalties. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Dividends and Distributions to Shareholders. Dividends and distributions from net investment income to shareholders, if any, are generally declared and paid monthly and are recorded on the ex-dividend date. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends in the amounts of $18 and $39,622 to Class N and Class I shares, respectively, during the period ended April 30, 2014.

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

Total distributions paid may differ from amounts reported in the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid.

The differences between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

To the extent future capital gains are offset by capital loss carryforwards, such gains will not be distributed.

Recent Accounting Pronouncements. In June 2013, the FASB issued Accounting Standard Update No. 2013-08, “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” (“ASU 2013-08”). ASU 2013-08 clarifies the characteristics of an investment company and provides comprehensive guidance for assessing whether an entity is an investment company and for the measurement of non-controlling ownership interests in other investment companies. ASU 2013-08 is effective prospectively for interim or annual periods beginning on or after December 15, 2013. Management does not expect this guidance to have an impact on the financial statements.

Fees and Other Transactions with Affiliates.

Investment Advisory and Administrative Fees. Effective April 1, 2014 (commencement of operations), under a combined Investment Advisory and Administrative Services Agreement (“Agreement”) with the Trust, Brown Brothers Harriman & Co. (“BBH”) through a separately identifiable department (“SID” or “Investment Adviser”) provides investment advisory and portfolio management services to the Fund. BBH also provides administrative services to the Fund. The Fund’s

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

investment advisory fee is calculated daily and paid monthly at an annual rate equivalent to 0.40% of the Fund’s average daily net assets. For the period ended April 30, 2014, the Fund incurred $16,037 for services under the Agreement.

Investment Advisory and Administrative Fee Waivers. Effective April 1, 2014 (commencement of operations), the SID contractually agreed to limit the annual fund operating expenses (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business of Class N and Class I to 0.65% and 0.50%, respectively. The agreement will terminate on May 1, 2015, unless it is renewed by all parties to the agreement. The agreement may only be terminated during its term with approval of the Fund’s Board of Trustees. For the period ended April 30, 2014, the SID waived fees in the amount of $8 and $18,440 for Class N and Class I, respectively.

Shareholder Servicing Fees. The Trust has a shareholder servicing agreement with BBH. BBH receives a fee from the Fund calculated daily and paid monthly at an annual rate of 0.15% of Class N shares’ average daily net assets. For the period ended April 30, 2014, Class N Shares of the Fund incurred $2 in shareholder servicing fees.

Custody and Fund Accounting Fees. BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and incurred monthly. BBH holds all of the Fund’s cash and investments and calculates the Fund’s daily net asset value. The custody fee is an asset and transaction based fee. The fund accounting fee is an asset based fee calculated at 0.004% of the Fund’s net asset value. For the period ended April 30, 2014, the Fund incurred $3,439 in custody and fund accounting fees. As of April 30, 2014, these fees for the Fund were not reduced as a result of an expense offset arrangement with the Fund’s custodian. The credit amount (if any) is disclosed in the Statement of Operations as a reduction to the Fund’s expenses. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the Federal Funds overnight investment rate on the day of the overdraft. The total interest incurred by the Fund for the period ended April 30, 2014, was $0.

Board of Trustees’ Fees. Each Trustee who is not an “interested person” as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the period ended April 30, 2014, the Fund incurred $4,006 in non-interested Trustee compensation and reimbursements.

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

Investment Transactions. For the period ended April 30, 2014, the cost of purchases and the proceeds of sales of investment securities other than short-term investments were $64,245,149 and $12,245,010, respectively.

	For the period ended April 30, 2014*
	Shares		Dollars
Class N
Shares sold		2,498	$	25,010
Shares issued in connection with reinvestments of dividends		2		18
Net increase		2,500	$	25,028
Class I
Shares sold		5,015,493	$	50,155,000
Shares issued in connection with reinvestments of dividends		12		122
Net increase		5,015,505	$	50,155,122

The period represented is from April 1, 2014 (commencement of operations) to April 30, 2014.

Principal Risk Factors and Indemnifications.

Principal Risk Factors. Investing in the Fund may involve certain risks, as discussed in the Fund’s prospectus, including but not limited to, those described below:

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2014 (unaudited)

Additionally, the Fund may invest more than 25% of total assets in municipal obligations relating to similar types of projects and, as a result, the Fund may be more sensitive to adverse economic, business or political developments (concentration risk). The Fund’s use of derivatives creates risks that are different from, or possibly greater than, the risks associated with investing directly in securities as the Fund could lose more than the principal amount invested (derivatives risk). The value of securities held by the Fund may decline in response to certain events, including: those directly involving the companies or issuers whose securities are held by the Fund; conditions affecting the general economy; overall market changes; and political and regulatory events (market risk). 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 (taxation risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (shareholder concentration risk). The extent of the Fund’s exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund’s Statement of Assets and Liabilities.

Please refer to the Fund’s prospectus for a complete description of the principal risks of investing in the Fund.

BBH INTERMEDIATE MUNICIPAL BOND FUND

DISCLOSURE OF FUND EXPENSES

April 30, 2014 (unaudited)

EXAMPLE

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2014 (commencement of operations) to April 30, 2014).

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

DISCLOSURE OF FUND EXPENSES (continued)

April 30, 2014 (unaudited)

	Beginning Account Value April 1, 2014	Ending Account Value April 30, 2014	Expenses Paid During Period April 1, 2014 to April 30, 2014¹
Class N
Actual	$1,000	$1,010	$0.52
Hypothetical²	$1,000	$1,022	$3.26

	Beginning Account Value April 1, 2014	Ending Account Value April 30, 2014	Expenses Paid During Period April 1, 2014 to April 30, 2014¹
Class I
Actual	$1,000	$1,009	$0.40
Hypothetical²	$1,000	$1,022	$2.51

Expenses are equal to the Fund’s annualized expense ratio of 0.65% and 0.50% for Class N and I shares, respectively, multiplied by the average account value over the period, multiplied by 29/365 (to reflect the period).

Assumes a return of 5% before expenses. For the purposes of the calculation, the applicable annualized expenses ratio for each class of shares is subtracted from the assumed return before expenses.

BBH INTERMEDIATE MUNICIPAL BOND FUND

DISCLOSURE OF ADVISOR SELECTION

April 30, 2014 (unaudited)

Board Approval of Investment Advisory and Administrative Services Agreement

The 1940 Act requires that a fund’s investment advisory agreements must be approved both by a fund’s board of trustees and by a majority of the trustees who are not parties to the investment advisory agreements or “interested persons” of any party (“Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board, a majority of whom are Independent Trustees, held an in-person meeting on March 6, 2014, to consider the Investment Advisory and Administrative Services Agreement (the “Agreement”) between the Trust and the Investment Adviser with respect to the Fund. In approving the Agreement at that time, the Board determined that the terms of the Agreement were fair and reasonable.

Both in the meetings specifically held to address the Agreement, and at other meetings during the course of the year, the Board requested and received a variety of materials provided by the Investment Adviser and BBH, including information about personnel operations and related performance. The Board received a memorandum from Counsel to the Trust (“Fund Counsel”) at its December 10, 2013 meeting regarding the responsibilities of trustees for the approval of investment advisory agreements and reviewed those responsibilities at this meeting. In addition, the Board met in executive session outside the presence of Fund management. The following is a summary of the factors the Board considered in making its determination to approve the Agreement. No single factor reviewed by the Board was identified as the principal factor in determining whether to approve the Agreement, and individual Trustees may have given different weight to various factors. The Board reviewed these factors with Fund Counsel.

Pursuant to the Agreement and with respect to the Fund, the Investment Adviser, subject to the supervision of the Board, would be responsible for providing a continuous investment program and making purchases and sales of portfolio securities consistent with the Fund’s investment objective and policies. The Board received and considered information specific to the Fund during the in-person meeting held on March 6, 2014, regarding the nature, extent and quality of services to be provided by the Investment Adviser. The Board also considered information received during the year regarding the nature, extent and quality of services provided to the existing series of the Trust, including portfolio management, supervision of operations and compliance and regulatory filings, disclosures to shareholders, general oversight of service providers, assisting the Board, including the Independent Trustees, in their capacity as Trustees, and other services. The Board considered the resources of the Investment Adviser and BBH dedicated to the Trust and to be dedicated to the Fund, noting that BBH would also provide administrative, custody, accounting and shareholder services to the Fund.

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2014 (unaudited)

In examining the nature, extent and quality of the services to be provided pursuant to the Agreement, the Board considered the services historically provided by the Investment Adviser to the Trust’s existing series and their shareholders. In reviewing the nature, extent, and quality of services, the Board considered that the Investment Adviser’s investment management responsibilities for the Fund would be substantially similar to those provided to the Trust’s existing series, including its investment management philosophy and technique and its methods, to ensure compliance with the investment objectives, policies and restrictions of the Fund.

The Board considered and was satisfied with the qualifications and expertise of the portfolio management team that would be responsible for the management of the Fund. Based on the totality of the information considered, the Board concluded that the Investment Adviser had sufficient resources and experience to provide advisory services to the Fund and that it was satisfied with the nature, extent and quality of the services to be provided by the Investment Adviser.

The Board then considered the proposed fees payable under the Agreement with respect to the services to be provided to the Fund by the Investment Adviser. The Board also considered and reviewed the fee waiver arrangement for the Fund and considered the proposed fee rates, after taking into account the waiver. Additionally, the Board received and considered information comparing the Fund’s investment advisory and administration fee and the Fund’s net total expenses with those of other comparable mutual funds, such peer group and comparisons having been selected and calculated by an independent third party. The Board recognized that it is difficult to make comparisons of the proposed fee rate, or of combined advisory and administration fees, because there are variations in the services that are included in the fees paid by other funds. In view of industry peers and in light of the services proposed to be rendered, the Board concluded that the proposed advisory and administration fee appeared to be reasonable.

BBH INTERMEDIATE MUNICIPAL BOND FUND

CONFLICTS OF INTEREST

April 30, 2014 (unaudited)

Conflicts of Interest

FINANCIAL STATEMENT APRIL 30, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

CONFLICTS OF INTEREST (continued)

April 30, 2014 (unaudited)

BBH INTERMEDIATE MUNICIPAL BOND FUND

CONFLICTS OF INTEREST (continued)

April 30, 2014 (unaudited)

FINANCIAL STATEMENT APRIL 30, 2014

Administrator
Brown Brothers Harriman
140 Broadway
New York, NY 10005

Distributor
ALPS Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203

Shareholder Servicing Agent
Brown Brothers Harriman
140 Broadway
New York, NY 10005 (800) 575-1265

Investment Adviser
Brown Brothers Harriman
Mutual Fund Advisory
Department
140 Broadway
New York, NY 10005

To obtain information or make shareholder inquiries:


By telephone:		Call 1-800-575-1265
By E-mail send your request to:		bbhfunds@bbh.com
On the internet:		www.bbhfunds.com

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q.” Information on Form N-Q is available without charge and upon request by calling the Funds at the toll-free number listed above. A text only version can be viewed online or downloaded from the SEC’s website at http://www.sec.gov; and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (call 1-800-SEC-0330 for information on the operation of the Public Reference Room). You may also access this information from the BBH Funds website at www.bbhfunds.com.

A summary of the Fund’s Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended October 31, is available upon request by calling the toll-free number listed above. This information is also available on the SEC’s website at www.sec.gov.

Item 2. Code of Ethics.

Not required for this semi-annual report on Form N-CSR.

Item 3. Audit Committee Financial Expert.

Not required for this semi-annual report on Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Not required for this semi-annual report on Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

(a)

Not required for this semi-annual report on Form N-CSR.

(b)

Not required.

Item 6. Investments.

(a)

This schedule is included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)

The Registrant’s principal executive and financial officers have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective, as of a date within 90 days of the filing date of this Form N-CSR, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's second fiscal quarter of the period covered by this Form N-CSR, that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)(1)

Not required for this semi-annual report on Form N-CSR.

(a)(2)

Certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed as Exhibit 12(a)(2) to this Form N-CSR.

(a)(3)

Not applicable.

(b)	Certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are furnished as Exhibit 12(b) to this Form N-CSR.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) BBH Trust

By: (Signature and Title)

/s/ Radford W. Klotz___

Radford W. Klotz

Title: President (Principal Executive Officer)

Date: July 9, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: (Signature and Title)

/s/ Radford W. Klotz___

Radford W. Klotz

Title: President (Principal Executive Officer)

Date: July 9, 2014

By: (Signature and Title)

/s/ Charles H. Schreiber_

Charles H. Schreiber

Title: Treasurer (Principal Financial Officer)

Date: July 9, 2014

BBH Limited Duration Fund Class N (BBBMX) N-CSRSCertified semi-annual shareholder report (management investment company)