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, 2015

Item 1. Report to Stockholders.

Semi-Annual Report

APRIL 30, 2015

BBH Limited Duration Fund

BBH LIMITED DURATION FUND

PORTFOLIO ALLOCATION

April 30, 2015 (unaudited)

BREAKDOWN BY SECURITY TYPE

	U.S. $ Value			Percent of Net Assets
Asset Backed Securities	$	1,762,894,349			33.9	%
Commercial Mortgage Backed Securities		619,219,024			11.9
Corporate Bonds		1,555,287,938			29.8
Loan Participations and Assignments		231,684,988			4.4
Municipal Bonds		196,858,510			3.8
U.S. Government Agency Obligations		275,730,987			5.3
U.S. Inflation Linked Debt		108,063,352			2.1
Certificates of Deposit		349,304,185			6.7
Time Deposits		50,000,000			1.0
U.S. Treasury Bills		92,998,078			1.8
Liabilities in Excess of Other Assets		(34,367,868	)		(0.7	)
NET ASSETS	$	5,207,673,543			100.0	%

All data as of April 30, 2015. 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, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (33.9%)
$	32,182,262	AIM Aviation Finance, Ltd. 2015-1A¹	02/15/40		4.213	%	$	32,587,758
	9,502,961	Aircraft Lease Securitisation, Ltd.
		2007-1A^1,2	05/10/32		0.436			9,413,918
	12,690,000	Ally Master Owner Trust 2012-5	09/15/19		1.540			12,737,118
	15,736,891	Alterna Funding I LLC 2014-1A¹	02/15/21		1.639			15,786,069
	7,347,000	AmeriCredit Automobile Receivables
		Trust 2012-2	10/10/17		2.640			7,422,101
	12,290,000	AmeriCredit Automobile Receivables
		Trust 2012-3	05/08/18		2.420			12,421,011
	11,300,000	AmeriCredit Automobile Receivables
		Trust 2013-3	06/10/19		2.380			11,443,646
	1,377,938	ARI Fleet Lease Trust 2012-A^1,2	03/15/20		0.732			1,377,682
	13,962,793	Ascentium Equipment Receivables LLC
		2014-1A¹	01/10/17		1.040			13,954,960
	31,870,000	Ascentium Equipment Receivables LLC
		2015-1A¹	07/10/17		1.150			31,901,551
	500,000	Avis Budget Rental Car Funding
		AESOP LLC 2010-3A¹	05/20/16		4.640			501,018
	25,300,000	Avis Budget Rental Car Funding
		AESOP LLC 2010-5A¹	03/20/17		3.150			25,688,709
	7,836,151	AXIS Equipment Finance
		Receivables II LLC 2013-1A¹	03/20/17		1.750			7,835,720
	26,943,000	AXIS Equipment Finance
		Receivables III LLC 2015-1A¹	03/20/20		1.900			26,927,777
	20,420,868	BCC Funding VIII LLC 2014-1A¹	06/20/20		1.794			20,420,868
	15,175,000	Cabela’s Credit Card Master Note
		Trust 2010-2A^1,2	09/17/18		0.882			15,201,147
	4,300,000	Capital Auto Receivables Asset
		Trust 2013-1	10/22/18		1.740			4,315,605
	8,030,000	Capital Auto Receivables Asset
		Trust 2013-2	10/22/18		1.960			8,108,855
	2,820,000	Capital Auto Receivables Asset
		Trust 2013-2	04/22/19		2.660			2,880,512
	13,260,000	Capital Auto Receivables Asset
		Trust 2013-3	10/22/18		2.790			13,519,803

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	38,740,000	Carlyle Global Market Strategies
		Commodities Funding, Ltd. 2014-1A^1,2,3	10/15/21		2.175	%	$	38,739,582
	5,205,086	CCG Receivables Trust 2013-1¹	08/14/20		1.050			5,210,395
	17,153,588	CCG Receivables Trust 2014-1¹	11/15/21		1.060			17,153,640
	8,424,213	Chesapeake Funding LLC 2011-2A^1,2	04/07/24		1.428			8,452,502
	4,833,701	Chesapeake Funding LLC 2012-1A^1,2	11/07/23		0.924			4,836,244
	6,859,281	Chesapeake Funding LLC 2012-2A^1,2	05/07/24		0.628			6,860,797
	32,559,360	Chesterfield Financial Holdings LLC
		2014-1A¹	12/15/34		4.500			32,932,419
	22,780,000	CIT Equipment Collateral 2014-VT1¹	10/21/19		1.500			22,806,151
	48,080,000	Citibank Credit Card Issuance
		Trust 2014-A8	04/09/20		1.730			48,573,637
	2,362,686	Credit Acceptance Auto Loan
		Trust 2012-2A¹	03/16/20		1.520			2,367,392
	11,950,000	Credit Acceptance Auto Loan
		Trust 2013-1A¹	10/15/20		1.210			11,955,605
	11,790,000	Credit Acceptance Auto Loan
		Trust 2013-2A¹	04/15/21		1.500			11,823,059
	7,530,000	Credit Acceptance Auto Loan
		Trust 2013-2A¹	10/15/21		2.260			7,578,124
	10,040,000	Credit Acceptance Auto Loan
		Trust 2014-1A¹	10/15/21		1.550			10,029,237
	11,160,000	Credit Acceptance Auto Loan
		Trust 2014-1A¹	04/15/22		2.290			11,201,616
	2,720,000	Credit Acceptance Auto Loan
		Trust 2014-2A¹	09/15/22		2.670			2,724,118
	10,890,000	Credit Acceptance Auto Loan
		Trust 2015-1A¹	01/17/23		2.610			10,936,881
	1,715,751	Direct Capital Funding V LLC 2013-1¹	12/20/17		1.673			1,716,780
	12,635,777	Direct Capital Funding V LLC 2013-2¹	08/20/18		1.730			12,652,747
	14,868,000	Eagle I, Ltd. 2014-1A¹	12/15/39		4.310			14,973,552
	22,610,938	Emerald Aviation Finance, Ltd. 2013-1¹	10/15/38		4.650			23,232,738
	947,418	Enterprise Fleet Financing LLC 2012-2¹	04/20/18		0.720			947,469
	108,604	Exeter Automobile Receivables
		Trust 2012-2A¹	06/15/17		1.300			108,633

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

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	2,811,495	Exeter Automobile Receivables
		Trust 2013-1A¹	10/16/17		1.290	%	$	2,815,189
	5,196,557	Exeter Automobile Receivables
		Trust 2013-2A¹	11/15/17		1.490			5,206,056
	7,617,901	Exeter Automobile Receivables
		Trust 2014-2A¹	08/15/18		1.060			7,599,305
	32,508,480	FNA Trust 2014-1A¹	12/10/22		1.296			32,518,655
	4,470,000	Ford Credit Auto Owner Trust 2012-B	02/15/18		2.080			4,531,462
	4,000,000	Ford Credit Auto Owner Trust 2013-C	01/15/20		2.500			4,079,752
	14,500,000	Ford Credit Auto Owner Trust/Ford
		Credit 2014-2¹	04/15/26		2.310			14,756,171
	24,801,741	Foursight Capital Automobile
		Receivables Trust 2014-1¹	03/23/20		2.110			24,734,873
	12,389,396	FRS I LLC 2013-1A¹	04/15/43		1.800			12,290,404
	17,450,000	GE Dealer Floorplan Master Note
		Trust 2012-2²	04/22/19		0.931			17,560,075
	18,434,624	Global Container Assets, Ltd. 2013-1A¹	11/05/28		2.200			18,409,719
	42,051,667	Global Container Assets, Ltd. 2015-1A¹	02/05/30		2.100			41,853,279
	9,450,000	Hertz Vehicle Financing LLC 2010-1A¹	02/25/17		3.740			9,612,568
	32,660,000	Hertz Vehicle Financing LLC 2011-1A¹	03/25/18		3.290			33,759,956
	8,350,000	HLSS Servicer Advance Receivables
		Backed Notes 2012-T2¹	10/15/45		1.990			8,349,441
	10,350,000	HLSS Servicer Advance Receivables
		Backed Notes 2013-T1¹	01/16/46		1.495			10,339,650
	17,090,000	HLSS Servicer Advance Receivables
		Backed Notes 2013-T3¹	05/15/46		1.793			16,994,296
	6,376,476	Huntington Auto Trust 2011-1A¹	11/15/16		1.310			6,382,693
	17,750,000	Hyundai Auto Receivables Trust 2013-B	02/15/19		1.710			17,706,069
	8,510,000	Leaf II Receivables Funding LLC 2013-1¹	10/15/16		1.330			8,515,106
	8,972,000	Leaf II Receivables Funding LLC 2013-1¹	09/15/21		1.980			8,991,738
	4,470,000	M&T Bank Auto Receivables
		Trust 2013-1A¹	03/15/19		2.160			4,505,322
	8,144,349	MCA Fund I Holding LLC 2014-1A^1,2	08/15/24		2.257			8,148,715
	2,008,444	MMAF Equipment Finance LLC 2009-AA¹	01/15/30		3.510			2,028,237
	14,790,000	MMAF Equipment Finance LLC 2012-AA¹	10/10/18		1.350			14,869,526
	15,721,215	Motor, Plc. 2014-1A^1,2	08/25/21		0.661			15,751,341

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	902,144	Nations Equipment Finance
		Funding I LLC 2013-1A¹	11/20/16		1.697	%	$	902,685
	25,931,577	Nations Equipment Finance
		Funding II LLC 2014-1A¹	07/20/18		1.558			25,926,339
	3,140,000	Nationstar Agency Advance Funding
		Trust 2013-T2A¹	02/18/48		1.892			3,091,236
	35,000,000	Nationstar Mortgage Advance
		Receivables Trust 2013-T3A¹	06/20/48		2.438			34,825,000
	3,660,404	Navitas Equipment Receivables LLC
		2013-1¹	11/15/16		1.950			3,660,158
	23,903,000	Navitas Equipment Receivables LLC
		2015-1¹	11/15/18		2.120			23,942,583
	51,030,000	NCF Dealer Floorplan Master
		Trust 2014-1A^1,2	10/20/20		1.681			51,029,974
	19,907,538	New Mexico State Educational
		Assistance Foundation²	01/02/25		0.879			19,803,620
	808,536	New York City Tax Lien 2013-A¹	11/10/26		1.190			807,970
	29,870,000	NextGear Floorplan Master Owner
		Trust 2014-1A¹	10/15/19		1.920			29,993,960
	17,300,000	Nordstrom Private Label Credit Card
		Master Note Trust 2011-1A¹	11/15/19		2.280			17,588,339
	28,770,000	OneMain Financial Issuance
		Trust 2014-1A¹	06/18/24		2.430			28,838,875
	15,230,000	OneMain Financial Issuance
		Trust 2014-2A¹	09/18/24		3.020			15,264,724
	26,190,000	OneMain Financial Issuance
		Trust 2015-1A¹	03/18/26		3.850			26,790,537
	18,310,000	Oxford Finance Funding Trust 2014-1A¹	12/15/22		3.475			18,386,085
	7,528,412	PFS Tax Lien Trust 2014-1¹	04/15/16		1.440			7,550,907
	12,340,000	Santander Drive Auto Receivables
		Trust 2013-2	03/15/19		1.950			12,404,119
	5,990,000	Santander Drive Auto Receivables
		Trust 2013-4	01/15/20		3.250			6,177,607
	6,322,735	SMART Trust 2011-4USA^1,2	08/14/17		1.529			6,326,105
	13,690,000	SMART Trust 2012-1USA¹	12/14/17		2.010			13,799,520
	1,630,218	SMART Trust 2012-2USA¹	10/14/16		1.590			1,634,756

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

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount				Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	1,668,521	SMART Trust 2012-4US		03/14/17		0.970	%	$	1,669,188
	11,691,028	SMART Trust 2013-2US		01/14/17		0.830			11,689,859
	3,630,000	SMART Trust 2013-2US		02/14/19		1.180			3,624,555
	13,420,000	SMART Trust 2015-1US		09/14/18		1.500			13,441,608
	39,245	SNAAC Auto Receivables Trust 2013-1A¹		07/16/18		1.140			39,251
	6,349,606	SNAAC Auto Receivables Trust 2014-1A¹		09/17/18		1.030			6,350,552
	33,210,000	Spirit Master Funding LLC 2014-4A¹		01/20/45		3.501			33,632,199
	9,900,000	Spirit Master Funding VII LLC 2013-1A¹		12/20/43		3.887			10,173,428
	40,888,691	Springleaf Funding Trust 2013-AA¹		09/15/21		2.580			41,016,795
	19,640,000	Springleaf Funding Trust 2014-AA¹		12/15/22		2.410			19,670,619
	17,551,194	STORE Master Funding LLC 2013-1A¹		03/20/43		4.160			18,082,256
	12,531,362	STORE Master Funding LLC 2013-2A¹		07/20/43		4.370			12,961,949
	20,947,998	STORE Master Funding LLC 2013-3A¹		11/20/43		4.240			21,627,727
	5,339,216	TAL Advantage V LLC 2014-2A¹		05/20/39		1.700			5,303,828
	22,712,500	TAL Advantage V LLC 2014-3A¹		11/21/39		3.270			23,026,955
	39,102,000	Textainer Marine Containers, Ltd.
		2014-1A¹		10/20/39		3.270			39,388,227
	11,530,000	Trade MAPS 1, Ltd. 2013-1A^1,2		12/10/18		1.431			11,535,500
	49,760,000	Trafigura Securitisation Finance, Plc.
		2014-1A^1,2		10/15/21		1.132			49,780,028
	33,330,000	Turquoise Card Backed Securities, Plc.
		2012-1A^1,2		06/17/19		0.982			33,570,643
	8,707,189	Utah State Board of Regents 2011-1²		05/01/29		1.105			8,742,453
	3,619,626	Westlake Automobile Receivables
		Trust 2013-1A¹		01/15/18		1.120			3,621,085
	20,490,000	Westlake Automobile Receivables
		Trust 2014-2A¹		10/16/17		0.970			20,491,393
	46,880,000	Westlake Automobile Receivables
		Trust 2015-1A¹		03/15/18		1.170			46,910,566
	10,600,000	Westlake Automobile Receivables
		Trust 2015-1A¹		11/16/20		2.290			10,633,040
	32,510,000	World Financial Network Credit Card
		Master Trust 2014-C	��	08/16/21		1.540			32,596,802
		Total Asset Backed Securities
		(Identified cost $1,752,007,285)							1,762,894,349

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		COMMERCIAL MORTGAGE BACKED
		SECURITIES (11.9%)
$	15,540,000	Aventura Mall Trust 2013-AVM^1,2	12/05/32		3.743	%	$	16,323,371
	31,807,000	BB-UBS Trust 2012-TFT^1,2	06/05/30		3.468			31,514,725
	6,349,000	BHMS Mortgage Trust 2014-ATLS^1,2	07/05/33		2.630			6,278,323
	32,018,000	BHMS Mortgage Trust 2014-ATLS^1,2	07/05/33		4.691			32,659,833
	12,240,000	BLCP Hotel Trust 2014-CLRN^1,2	08/15/29		2.132			12,268,079
	14,860,000	Boca Hotel Portfolio Trust 2013-BOCA^1,2	08/15/26		1.932			14,860,000
	28,190,000	Carefree Portfolio Trust 2014-CARE^1,2	11/15/19		2.582			28,287,594
	42,795,000	CDGJ Commercial Mortgage
		Trust 2014-BXCH^1,2	12/15/27		2.682			42,870,961
	10,500,000	CGBAM Commercial Mortgage
		Trust 2014-HD^1,2	02/15/31		1.382			10,479,273
	7,457,000	CGBAM Commercial Mortgage
		Trust 2014-HD^1,2	02/15/31		1.782			7,444,696
	31,329,000	CG-CCRE Commercial Mortgage
		Trust 2014-FL2^1,2	11/15/31		3.082			31,370,323
	7,510,000	Citigroup Commercial Mortgage
		Trust 2013-SMP¹	01/12/30		2.435			7,621,358
	2,085,000	Citigroup Commercial Mortgage
		Trust 2013-SMP¹	01/12/30		2.738			2,118,623
	24,520,000	Citigroup Commercial Mortgage
		Trust 2014-388G^1,2	06/15/33		1.932			24,447,053
	22,422,606	Commercial Mortgage Pass Through
		Certificates 2013-GAM¹	02/10/28		1.705			22,233,942
	9,690,000	Commercial Mortgage Pass Through
		Certificates 2013-GAM^1,2	02/10/28		3.417			9,832,424
	11,651,168	Commercial Mortgage Pass Through
		Certificates 2013-SFS¹	04/12/35		1.873			11,520,244
	42,990,000	Commercial Mortgage Pass Through
		Certificates 2014-KYO^1,2	06/11/27		1.830			42,909,394
	22,660,000	Commercial Mortgage Pass Through
		Certificates 2014-TWC^1,2	02/13/32		1.026			22,610,057
	14,950,000	EQTY 2014-INNS Mortgage Trust^1,2	05/08/31		1.780			14,814,912
	17,740,000	GTP Acquisition Partners I LLC¹	05/15/43		2.364			17,868,988
	26,481,708	GTP Cellular Sites LLC¹	03/15/42		3.721			26,868,394

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

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		COMMERCIAL MORTGAGE BACKED
		SECURITIES (continued)
$	9,696,976	Hilton USA Trust 2013-HLF^1,2	11/05/30		1.674	%	$	9,693,863
	14,850,958	Hilton USA Trust 2013-HLF^1,2	11/05/30		2.074			14,846,191
	9,410,000	Hyatt Hotel Portfolio Trust 2015-HYT^1,2	11/15/29		2.282			9,420,426
	5,780,000	JP Morgan Chase Commercial Mortgage
		Securities Corp. 2011-PLSD¹	11/13/28		3.364			5,963,503
	5,600,000	JP Morgan Chase Commercial Mortgage
		Securities Trust 2014-BXH^1,2	04/15/27		1.432			5,596,046
	10,250,000	JP Morgan Chase Commercial Mortgage
		Securities Trust 2014-BXH^1,2	04/15/27		1.832			10,239,812
	14,860,000	SBA Tower Trust¹	12/15/42		2.933			15,110,837
	40,700,000	SBA Tower Trust¹	04/15/43		2.240			40,620,187
	15,700,000	Unison Ground Lease Funding LLC¹	04/15/40		5.349			16,599,390
	14,500,000	Wells Fargo Commercial Mortgage
		Trust 2014-TISH^1,2	02/15/27		2.032			14,400,501
	25,300,000	WFCG Commercial Mortgage
		Trust 2015-BXRP^1,2	11/15/29		1.322			25,268,479
	14,275,000	WFCG Commercial Mortgage
		Trust 2015-BXRP^1,2	11/15/29		1.672			14,257,222
		Total Commercial Mortgage Backed Securities
		(Identified cost $617,743,909)						619,219,024

		CORPORATE BONDS (29.8%)
		ADVERTISING (0.2%)
	6,300,000	Alliance Data Systems Corp.¹	12/01/17		5.250			6,552,000
	5,000,000	Alliance Data Systems Corp.¹	04/01/20		6.375			5,200,000
								11,752,000
		AUTO MANUFACTURERS (0.4%)
	17,620,000	General Motors Financial Co., Inc.	05/15/16		2.750			17,842,453

		BANKS (7.6%)
	13,655,000	ANZ New Zealand Int’l, Ltd.¹	03/24/16		1.125			13,711,259
	2,170,000	ANZ New Zealand Int’l, Ltd.¹	03/29/18		1.750			2,177,107
	7,229,000	Australia & New Zealand Banking
		Group, Ltd.	10/06/17		1.875			7,326,273

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		CORPORATE BONDS (continued)
		BANKS (continued)
$	44,000,000	BAC San Jose DPR Funding, Ltd.^1,3	11/15/21		4.500	%	$	44,164,881
	33,435,000	Bank of America Corp.	08/01/15		4.750			33,752,499
	11,125,000	Bank of Montreal	07/15/16		1.300			11,201,840
	24,010,000	Citigroup, Inc.	05/19/15		4.750			24,051,081
	51,315,000	Commonwealth Bank of Australia^1,2	03/12/18		0.668			51,299,554
	3,163,335	FNBC 1993-A Pass Through Trust	01/05/18		8.080			3,385,310
	19,585,000	Goldman Sachs Group, Inc.	05/03/15		3.300			19,585,000
	9,480,000	ING Bank NV¹	09/25/15		2.000			9,529,704
	13,465,000	JPMorgan Chase & Co.	07/05/16		3.150			13,811,266
	34,620,000	Mitsubishi UFJ Trust & Banking Corp.¹	10/16/17		1.600			34,629,832
	23,000,000	Morgan Stanley	07/24/15		4.000			23,181,493
	14,340,000	Morgan Stanley	01/05/18		1.875			14,390,505
	20,855,000	Royal Bank of Scotland Group, Plc.	09/18/15		2.550			20,976,376
	12,955,000	Royal Bank of Scotland, Plc.	03/16/16		4.375			13,335,359
	19,980,000	Svenska Handelsbanken AB	04/04/17		2.875			20,638,920
	36,390,000	Westpac Banking Corp.	12/01/17		1.500			36,533,850
								397,682,109
		COMMERCIAL SERVICES (0.7%)
	19,863,000	Experian Finance, Plc.¹	06/15/17		2.375			20,062,087
	8,755,000	Western Union Co.²	08/21/15		1.262			8,769,332
	6,155,000	Western Union Co.	12/10/17		2.875			6,345,386
	3,250,000	Western Union Co.	08/22/18		3.650			3,401,788
								38,578,593
		COSMETICS/PERSONAL CARE (0.6%)
	14,213,000	Avon Products, Inc.	03/15/16		3.125			14,177,468
	19,745,000	Avon Products, Inc.	03/15/20		5.350			18,461,575
								32,639,043
		DIVERSIFIED FINANCIAL SERVICES (5.8%)
	13,156,357	AA Aircraft Financing 2013-1 LLC¹	11/01/19		3.596			13,419,484
	8,119,820	Ahold Lease Series 2001-A-1 Pass
		Through Trust	01/02/20		7.820			9,013,000

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

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		CORPORATE BONDS (continued)
		DIVERSIFIED FINANCIAL SERVICES
		(continued)
$	8,115,194	Blue Wing Asset Vehicle¹	01/11/23		4.500	%	$	8,421,040
	24,815,000	Caisse Centrale Desjardins¹	09/12/17		1.550			24,896,120
	20,000,000	CIC Central America Card
		Receivables, Ltd.³	11/05/20		4.500			20,448,122
	10,500,000	CIC Receivables Master Trust³	10/07/21		4.890			10,822,061
	38,693,700	Citigroup Capital XIII^2,4	10/30/40		7.875			40,071,196
	3,000,000	Credit Acceptance Corp.	02/15/21		6.125			2,936,250
	23,730,000	Denali Borrower LLC¹	10/15/20		5.625			25,361,438
	12,745,884	Doric Nimrod Air Alpha 2013-1 Pass
		Through Trust¹	05/30/25		5.250			13,542,502
	6,459,488	Doric Nimrod Air Finance Alpha, Ltd.
		2012-1 (Class A) Pass Through
		Trust¹	11/30/24		5.125			6,844,700
	49,455,000	Drawbridge Special Opportunities
		Fund LP¹	08/01/21		5.000			49,578,638
	4,911,527	LS Power Funding Corp.	12/30/16		8.080			5,236,915
	5,875,000	Morgan Stanley Capital Trust III⁴	03/01/33		6.250			6,006,600
	5,172,925	Morgan Stanley Capital Trust VIII⁴	04/15/67		6.450			5,241,208
	16,349,000	Murray Street Investment Trust I	03/09/17		4.647			17,294,577
	43,069,500	Seven & Seven, Ltd.^1,2	09/11/19		1.404			43,026,387
								302,160,238
		ELECTRIC (1.3%)
	25,715,000	Korea East-West Power Co., Ltd.¹	11/27/18		2.625			26,309,222
	12,475,000	Korea Hydro & Nuclear Power Co., Ltd.¹	10/28/19		2.375			12,544,423
	20,150,000	TransAlta Corp.	06/03/17		1.900			20,089,510
	5,580,000	TransAlta Corp.	05/15/18		6.650			6,231,499
								65,174,654
		ENGINEERING & CONSTRUCTION (0.2%)
	11,161,200	Odebrecht Offshore Drilling
		Finance, Ltd.¹	10/01/23		6.750			9,629,883

		FOOD (0.3%)
	16,805,000	HJ Heinz Co.	10/15/20		4.250			17,225,125

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		CORPORATE BONDS (continued)
		HEALTHCARE-PRODUCTS(0.5%)
$	15,995,000	Mallinckrodt International Finance S.A.	04/15/18		3.500	%	$	15,955,013
	10,000,000	Mallinckrodt International Finance S.A./
		Mallinckrodt CB LLC¹	04/15/20		4.875			10,162,500
								26,117,513
		HEALTHCARE-SERVICES(0.8%)
	21,920,000	Anthem, Inc.	09/10/15		1.250			21,965,002
	20,395,000	HCA, Inc.	03/15/19		3.750			21,006,850
								42,971,852
		INSURANCE (1.7%)
	8,820,000	Aon Corp.	09/30/15		3.500			8,919,146
	13,044,500	Prudential Covered Trust 2012-1¹	09/30/15		2.997			13,143,142
	12,290,000	Prudential Financial, Inc.	09/17/15		4.750			12,474,473
	11,050,000	Vitality Re IV, Ltd.^1,2	01/09/17		2.750			11,261,055
	33,100,000	Vitality Re V, Ltd.^1,2	01/07/20		1.750			33,192,680
	10,260,000	WR Berkley Corp.	05/15/15		5.600			10,274,323
								89,264,819
		INTERNET (0.4%)
	20,335,000	Expedia, Inc.	08/15/20		5.950			22,837,872

		INVESTMENT COMPANIES (1.5%)
	28,840,000	Ares Capital Corp.	01/15/20		3.875			29,316,494
	27,645,000	FS Investment Corp.	01/15/20		4.250			27,998,303
	21,515,000	PennantPark Investment Corp.	10/01/19		4.500			21,777,720
								79,092,517
		MEDIA (0.7%)
	21,000,000	Gannett Co., Inc.	10/15/19		5.125			22,128,750
	15,930,000	Scripps Networks Interactive, Inc.	11/15/19		2.750			16,014,684
								38,143,434

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

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		CORPORATE BONDS (continued)
		OIL & GAS (1.6%)
$	7,120,000	Korea National Oil Corp.¹	04/03/17		3.125	%	$	7,327,192
	16,935,000	Korea National Oil Corp.¹	01/23/19		2.750			17,321,948
	23,336,750	Odebrecht Drilling Norbe VIII/IX, Ltd.¹	06/30/22		6.350			21,714,846
	18,280,000	Petrobras Global Finance BV	05/20/16		2.000			17,914,400
	21,825,000	Petrobras Global Finance BV²	01/15/19		2.415			20,190,307
								84,468,693
		OIL & GAS SERVICES (0.7%)
	35,228,000	Freeport-McMoRan Oil & Gas LLC	11/15/20		6.500			37,427,989

		PHARMACEUTICALS (1.0%)
	12,850,000	Actavis Funding SCS²	03/12/18		1.348			12,965,187
	3,700,000	Actavis Funding SCS	03/12/18		2.350			3,744,563
	9,445,000	Hospira, Inc.	03/30/17		6.050			10,245,596
	22,116,000	Medco Health Solutions, Inc.	09/15/15		2.750			22,270,436
								49,225,782
		REAL ESTATE (1.0%)
	32,965,000	Deutsche Annington Finance BV¹	10/02/17		3.200			33,813,387
	18,035,000	Prologis International Funding II SA¹	02/15/20		4.875			19,470,388
								53,283,775
		REAL ESTATE INVESTMENT TRUSTS (1.7%)
	25,700,000	Digital Realty Trust LP	07/15/15		4.500			25,761,294
	10,670,000	Scentre Group Trust 1/Scentre Group
		Trust 2¹	11/05/19		2.375			10,742,588
	25,330,000	Select Income REIT	02/01/22		4.150			25,550,422
	22,000,000	Senior Housing Properties Trust	05/01/19		3.250			22,331,892
								84,386,196
		TELECOMMUNICATIONS (1.1%)
	53,570,000	BellSouth Corp.¹	04/26/21		4.821			55,383,398
		Total Corporate Bonds
		(Identified cost $1,546,670,436)						1,555,287,938

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		LOAN PARTICIPATIONS AND ASSIGNMENTS (4.4%)
$	29,527,500	Astoria Energy LLC Term B²	12/24/21		5.000	%	$	29,859,684
	10,420,854	Dell International LLC Term B²	04/29/20		4.500			10,457,536
	12,132,415	Dell International LLC Term C²	10/29/18		3.750			12,155,224
	44,844,330	Delos Finance S.a.r.l.²	03/06/21		3.500			44,932,225
	20,000,000	Freeport-McMorRan Copper & Gold, Inc.
		(PT Freeport Indonesia)²	05/31/18		1.940			19,650,000
	14,830,249	Mallinckrodt International Term B²	03/19/21		3.250			14,817,347
	1,990,000	Mallinckrodt International Term B1²	03/19/21		3.500			1,991,930
	19,823,407	Restaurant Brands International, Inc.
		Term B (Burger King)²	12/10/21		4.500			20,039,681
	20,340,013	RPI Finance Trust Term B2²	05/09/18		3.250			20,384,558
	8,117,226	RPI Finance Trust Term B3²	11/09/18		3.250			8,131,431
	21,945,000	RPI Finance Trust Term B4²	11/09/20		3.500			21,972,431
	7,000,000	SS&C Technologies, Inc./Sunshine
		Acquisition II²	02/19/16		0.000			7,000,000
	19,950,000	TPF II Power LLC Term B²	10/02/21		5.500			20,292,941
		Total Loan Participations and Assignments
		(Identified cost $229,861,156)						231,684,988

		MUNICIPAL BONDS (3.8%)
	14,250,000	Baylor Health Care System²	11/15/25		0.180			13,322,681
	3,350,000	City of Portland, Oregon²	06/01/19		0.120			3,247,902
	8,000,000	Michigan Finance Authority	05/01/16		3.000			8,179,440
	16,105,000	Michigan Finance Authority	05/01/17		5.000			17,347,179
	8,850,000	Michigan Finance Authority	05/01/18		5.000			9,762,966
	5,000,000	New Jersey State Economic
		Development Authority²	02/01/17		1.010			4,972,200
	20,940,000	New Jersey State Economic
		Development Authority⁵	02/15/17		0.000			20,333,578
	28,005,000	New Jersey State Economic
		Development Authority⁵	02/15/18		0.000			26,378,190
	27,815,000	New Jersey State Economic
		Development Authority⁵	07/01/20		0.000			23,480,032
	2,350,000	New Jersey State Turnpike Authority	01/01/16		4.252			2,400,501
	3,600,000	New York State Energy Research &
		Development Authority²	12/01/20		0.140			3,467,178

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

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
$	7,140,000	Pennsylvania Industrial Development
		Authority¹	07/01/21		2.967	%	$	7,103,086
	630,000	School District of Philadelphia	09/01/15		1.550			630,069
	2,375,000	School District of Philadelphia	09/01/16		1.787			2,375,190
	3,445,000	School District of Philadelphia	09/01/17		2.009			3,430,910
	2,330,000	School District of Philadelphia	09/01/18		2.512			2,329,371
	27,090,000	State of Illinois	03/01/16		4.961			27,995,348
	7,110,000	State of Illinois	03/01/18		5.200			7,689,536
	7,500,000	State of Illinois	07/01/21		6.200			8,378,025
	16,650,000	Tobacco Settlement Financing Corp.⁵	06/01/41		0.000			4,035,128
		Total Municipal Bonds
		(Identified cost $195,192,326)						196,858,510

		U.S. GOVERNMENT AGENCY
		OBLIGATIONS (5.3%)
	25,000,000	Fannie Mae Discount Notes⁵	05/21/15		0.000			24,999,444
	20,000,000	Fannie Mae Discount Notes⁵	08/03/15		0.000			19,996,600
	45,000,000	Federal Home Loan Bank
		Discount Notes⁵	05/08/15		0.000			44,999,344
	50,000,000	Federal Home Loan Bank
		Discount Notes⁵	07/17/15		0.000			49,993,600
	45,000,000	Federal Home Loan
		Bank Discount Notes⁵	07/22/15		0.000			44,993,835
	246,880	Federal Home Loan Mortgage Corp.
		(FHLMC) Non Gold Guaranteed²	04/01/36		2.372			262,584
	117,553	Federal Home Loan Mortgage Corp.
		(FHLMC) Non Gold Guaranteed²	12/01/36		2.115			124,190
	87,363	Federal Home Loan Mortgage Corp.
		(FHLMC) Non Gold Guaranteed²	01/01/37		2.337			93,527
	189,210	Federal Home Loan Mortgage Corp.
		(FHLMC) Non Gold Guaranteed²	02/01/37		2.447			202,650
	16,520,272	Federal National Mortgage
		Association (FNMA)	07/01/35		5.000			18,488,630
	1,147,022	Federal National Mortgage
		Association (FNMA)	11/01/35		5.500			1,301,578
	116,351	Federal National Mortgage
		Association (FNMA)²	07/01/36		2.491			124,602

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate				Value
		U.S. GOVERNMENT AGENCY					��
		OBLIGATIONS (continued)
$	217,156	Federal National Mortgage
		Association (FNMA)²	09/01/36		2.198	%		$	231,664
	177,262	Federal National Mortgage
		Association (FNMA)²	01/01/37		2.454				190,811
	994,820	Federal National Mortgage
		Association (FNMA)	08/01/37		5.500				1,128,134
	11,022,504	Federal National Mortgage
		Association (FNMA)	08/01/37		5.500				12,546,265
	5,167,662	Federal National Mortgage
		Association (FNMA)	06/01/40		6.500				6,031,003
	15,000,000	Freddie Mac Discount Notes⁵	05/18/15		0.000				14,999,674
	35,000,000	Freddie Mac Discount Notes⁵	06/01/15		0.000				34,998,192
	23,758	Government National Mortgage
		Association (GNMA)²	08/20/29		1.625				24,660
		Total U.S. Government Agency Obligations
		(Identified cost $274,006,282)							275,730,987

		U.S. INFLATION LINKED DEBT (2.1%)
	105,806,707	U.S. Treasury Inflation Indexed Note	04/15/17		0.125				108,063,352
		Total U.S. Inflation Linked Debt
		(Identified cost $109,296,039)							108,063,352


		CERTIFICATES OF DEPOSIT (6.7%)
	45,850,000	Bank of Nova Scotia	05/08/15		0.170				45,850,000
	49,800,000	Bank of Tokyo-Mitsubishi UFJ, Ltd.	06/10/15		0.240				49,800,000
	45,000,000	Bank of Tokyo-Mitsubishi UFJ, Ltd.	07/28/15		0.240				45,004,185
	75,000,000	DNB Bank ASA	05/19/15		0.180				75,000,000
	73,900,000	Standard Chartered Bank	06/12/15		0.260				73,900,000
	59,750,000	Svenska Handelsbanken	07/27/15		0.200				59,750,000
		Total Certificates of Deposit
		(Identified cost $349,300,722)							349,304,185

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

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		TIME DEPOSITS (1.0%)
$	50,000,000	Wells Fargo	05/01/15		0.080	%	$	50,000,000
		Total Time Deposits
		(Identified cost $50,000,000)						50,000,000

		U.S. TREASURY BILLS (1.8%)
	43,000,000	U.S. Treasury Bill^5,6	05/07/15		0.000			42,999,778
	50,000,000	U.S. Treasury Bill⁵	08/06/15		0.000			49,998,300
		Total U.S. Treasury Bills
		(Identified cost $92,992,819)						92,998,078

TOTAL INVESTMENTS (Identified cost $5,217,070,974)⁷					100.7	%	$	5,242,041,411
LIABILITIES IN EXCESS OF OTHER ASSETS					(0.7	)%		(34,367,868	)
NET ASSETS					100.0	%	$	5,207,673,543

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, 2015 was $2,768,200,387 or 53.2% of net assets. Unless otherwise noted, these securities are not considered illiquid.

Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the April 30, 2015 coupon or interest rate.

The Fund’s Investment Adviser has deemed this security to be illiquid based upon the SEC definition of an illiquid security.

⁴

Trust preferred security.

⁵

Security issued with zero coupon. Income is recognized through accretion of discount.

⁶

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

⁷

The aggregate cost for federal income tax purposes is $5,217,070,974, the aggregate gross unrealized appreciation is $38,858,530 and the aggregate gross unrealized depreciation is $13,888,093, resulting in net unrealized appreciation of $24,970,437.

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 STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (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 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, 2015 (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.

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 STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2015.

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, 2015
Asset Backed Securities	$	–		$	1,754,745,634	$	8,148,715	**	$	1,762,894,349
Commercial Mortgage
Backed Securities		–			619,219,024		–			619,219,024
Corporate Bonds		51,319,004			1,503,968,934		–			1,555,287,938
Loan Participations and
Assignments		–			231,684,988		–			231,684,988
Municipal Bonds		–			196,858,510		–			196,858,510
U.S. Government Agency
Obligations		–			275,730,987		–			275,730,987
U.S. Inflation Linked Debt		–			108,063,352		–			108,063,352
Certificates of Deposit		–			349,304,185		–			349,304,185
Time Deposits		–			50,000,000		–			50,000,000
U.S. Treasury Bills		–			92,998,078		–			92,998,078
Total Investments, at value	$	51,319,004		$	5,182,573,692	$	8,148,715	**	$	5,242,041,411
Other Financial Instruments, at value
Financial Futures Contracts	$	(6,722,975	)	$	–	$	–		$	(6,722,975	)
Other Financial Instruments,
at value	$	(6,722,975	)	$	–	$	–		$	(6,722,975	)

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 during the period ended April 30, 2015, based on the valuation input levels on October 31, 2014.

The security classified as Level 3 in the foregoing table represents less than 1% of the Fund’s net assets as of April 30, 2015 and, accordingly, a reconciliation table is not presented.

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

BBH LIMITED DURATION FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2015 (unaudited)


ASSETS:
Investments in securities, at value (Identified cost $5,217,070,974)	$	5,242,041,411
Cash		5,991,464
Receivables for:
Interest		16,477,791
Shares sold		2,147,975
Futures variation margin on open contracts		1,031,561
Investments sold		887
Prepaid assets		10,688
Total Assets		5,267,701,777
LIABILITIES:
Payables for:
Investments purchased		54,799,972
Shares redeemed		3,344,314
Investment advisory and administrative fees		1,115,548
Shareholder servicing fees		440,741
Custody and fund accounting fees		148,059
Professional fees		28,483
Distributor fees		4,280
Transfer agent fees		2,397
Accrued expenses and other liabilities		144,440
Total Liabilities		60,028,234

NET ASSETS	$	5,207,673,543
Net Assets Consist of:
Paid-in capital	$	5,216,464,858
Undistributed net investment income		164,643
Accumulated net realized loss on investments in securities and
futures contracts		(27,203,420		)
Net unrealized appreciation/(depreciation) on investments in
securities and futures contracts		18,247,462
Net Assets	$	5,207,673,543
NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($2,663,024,142 ÷ 259,251,818 shares outstanding)			$10.27
CLASS I SHARES
($2,544,649,401 ÷ 247,766,563 shares outstanding)			$10.27

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

STATEMENT OF OPERATIONS

For the six months ended April 30, 2015 (unaudited)


NET INVESTMENT INCOME:
Income:
Dividends	$	1,359,894
Interest and other income		49,793,017
Total Income		51,152,911
Expenses:
Investment advisory and administrative fees		6,673,877
Shareholder servicing fees		2,620,556
Custody and fund accounting fees		193,504
Distributor fees		34,168
Professional fees		32,611
Board of Trustees’ fees		30,427
Transfer agent fees		12,403
Miscellaneous expenses		156,982
Total Expenses		9,754,528
Expense offset arrangement		(5,551	)
Net Expenses		9,748,977
Net Investment Income		41,403,934


NET REALIZED AND UNREALIZED LOSS:
Net realized loss on investments in securities		(6,206,991	)
Net realized loss on futures contracts		(20,255,814	)
Net realized loss on investments in securities and futures contracts		(26,462,805	)
Net change in unrealized appreciation/(depreciation) on
investments in securities		8,824,558
Net change in unrealized appreciation/(depreciation) on
futures contracts		(1,109,691	)
Net change in unrealized appreciation/(depreciation) on investments
in securities and futures contracts		7,714,867
Net Realized and Unrealized Loss		(18,747,938	)
Net Increase in Net Assets Resulting from Operations	$	22,655,996

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, 2015 (unaudited)			For the year ended October 31, 2014
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	41,403,934		$	62,774,496
Net realized loss on investments in securities
and futures contracts		(26,462,805	)		(20,355,575	)
Net change in unrealized appreciation/(depreciation)
on investments in securities and futures
contracts		7,714,867			13,816,265
Net increase in net assets resulting
from operations		22,655,996			56,235,186
Dividends and distributions declared:
From net investment income:
Class N		(20,056,795	)		(33,449,587	)
Class I		(21,587,905	)		(30,303,899	)
From net realized gains:
Class N		–			(7,552,495	)
Class I		–			(4,638,860	)
Total dividends and distributions declared		(41,644,700	)		(75,944,841	)
Share transactions:
Proceeds from sales of shares		1,243,290,437			3,599,294,308
Net asset value of shares issued to shareholders
for reinvestment of dividends and distributions		40,908,406			74,634,169
Cost of shares redeemed		(1,229,992,608	)		(2,099,546,354	)
Net increase in net assets resulting from
share transactions		54,206,235			1,574,382,123
Total increase in net assets		35,217,531			1,554,672,468


NET ASSETS:
Beginning of period		5,172,456,012			3,617,783,544
End of period (including undistributed net investment
income of $164,643 and $405,409, respectively)	$	5,207,673,543		$	5,172,456,012

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

FINANCIAL STATEMENTS APRIL 30, 2015

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, 2015				For the years ended October 31,
	(unaudited)				2014			2013			2012			2011			2010
Net asset value, beginning
of period		$	10.31		$	10.35		$	10.44		$	10.34		$	10.46		$	10.24
Income from investment operations:
Net investment income¹			0.08			0.14			0.15			0.18			0.17			0.25
Net realized and unrealized
gain (loss)			(0.04	)		(0.01	)		(0.06	)		0.14			(0.12	)		0.21
Total income from investment
operations			0.04			0.13			0.09			0.32			0.05			0.46
Less dividends and distributions:
From net investment income			(0.08	)		(0.14	)		(0.15	)		(0.18	)		(0.17	)		(0.24	)
From net realized gains			–			(0.03	)		(0.03	)		(0.04	)		–			–
Total dividends and
distributions			(0.08	)		(0.17	)		(0.18	)		(0.22	)		(0.17	)		(0.24	)
Short-term redemption fees¹			–			–			–			–			0.00	²		0.00	²
Net asset value, end of period		$	10.27		$	10.31		$	10.35		$	10.44		$	10.34		$	10.46
Total return			0.37	%³		1.32	%		0.82	%		3.13	%		0.52	%		4.58	%

Ratios/Supplemental data:
Net assets, end of period
(in millions)		$	2,663		$	2,625		$	2,170		$	1,776		$	1,336		$	1,287
Ratio of expenses to average net
assets before reductions			0.48	%⁴		0.48	%		0.49	%		0.50	%		0.49	%		0.49	%
Expense offset arrangement			0.00	%^4,5		0.00	%⁵		0.00	%⁵		0.00	%⁵		0.00	%⁵		0.00	%⁵
Ratio of expenses to average net
assets after reductions			0.48	%⁴		0.48	%		0.49	%		0.50	%		0.49	%		0.49	%
Ratio of net investment income to
average net assets			1.51	%⁴		1.36	%		1.44	%		1.75	%		1.66	%		2.38	%
Portfolio turnover rate			20	%³		35	%		48	%		38	%		28	%		40	%

Calculated using average shares outstanding for the period.

Less than $0.01.

Not annualized.

⁴

Annualized.

⁵

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, 2015				For the years ended October 31,
	(unaudited)				2014			2013			2012			2011			2010
Net asset value, beginning
of period		$	10.31		$	10.35		$	10.44		$	10.34		$	10.46		$	10.23
Income from investment operations:
Net investment income¹			0.09			0.16			0.17			0.20			0.19			0.26
Net realized and unrealized
gain (loss)			(0.04	)		(0.01	)		(0.06	)		0.14			(0.12	)		0.23
Total income from investment
operations			0.05			0.15			0.11			0.34			0.07			0.49
Less dividends and distributions:
From net investment income			(0.09	)		(0.16	)		(0.17	)		(0.20	)		(0.19	)		(0.26	)
From net realized gains			–			(0.03	)		(0.03	)		(0.04	)		–			–
Total dividends and
distributions			(0.09	)		(0.19	)		(0.20	)		(0.24	)		(0.19	)		(0.26	)
Short-term redemption fees¹			–			–			–			–			0.00	²		0.00	²
Net asset value, end of period		$	10.27		$	10.31		$	10.35		$	10.44		$	10.34		$	10.46
Total return			0.47	%³		1.52	%		1.01	%		3.31	%		0.67	%		4.83	%

Ratios/Supplemental data:
Net assets, end of period
(in millions)		$	2,545		$	2,547		$	1,448		$	1,165		$	825		$	926
Ratio of expenses to average net
assets before reductions			0.28	%⁴		0.29	%		0.29	%		0.31	%		0.33	%		0.34	%
Expense offset arrangement			0.00	%^4,5		0.00	%⁵		0.00	%⁵		0.00	%⁵		0.00	%⁵		0.00	%⁵
Ratio of expenses to average net
assets after reductions			0.28	%⁴		0.29	%		0.29	%		0.31	%		0.33	%		0.34	%
Ratio of net investment income to
average net assets			1.71	%⁴		1.56	%		1.63	%		1.93	%		1.82	%		2.52	%
Portfolio turnover rate			20	%³		35	%		48	%		38	%		28	%		40	%

Calculated using average shares outstanding for the period.

Less than $0.01.

Not annualized.

⁴

Annualized.

⁵

Less than 0.01%.

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS

April 30, 2015 (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. With the exception of class specific expenses, all expenses are allocated between classes based on net assets. Neither Class N shares nor Class I shares convert to any other share class of the Fund. As of April 30, 2015, 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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services — Investment Companies. The following summarizes significant accounting policies of the Fund:

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 contracts held by the Fund are valued 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.

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

Accounting for Investments and Income. Investment transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined based on the identified cost method. Interest income is accrued daily and consists of interest accrued, discount earned (including, if any, both original issue and market discount) and premium amortization on the investments of the Fund. Investment income is recorded net of any foreign taxes withheld where recovery of such tax is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of the interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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, 2015:

Description	Number of Contracts		Expiration Date	Market Value		Notional Amount		Unrealized Gain / (Loss)
Contracts to Sell:
U.S. Treasury 2-Year Notes		2,925	June 2015	$	641,351,956	$	639,295,312	$	(2,056,644	)
U.S. Treasury 5-Year Notes		6,550	June 2015		786,869,925		782,417,969		(4,451,956	)
U.S. Treasury 10-Year Notes		980	June 2015		125,807,500		125,593,125		(214,375	)
								$	(6,722,975	)

FINANCIAL STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

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

For the six months ended April 30, 2015, the average monthly number of open futures contracts was 10,398. The range of monthly notional values was $1,236,001,563 to $1,660,426,438.

Fair Values of Derivative Instruments as of April 30, 2015

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

	Asset Derivatives		Liability Derivatives
Risk	Statement of Assets and Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair Value
Interest Rate Risk	Unrealized Appreciation on Open Futures Contracts	$ –	Unrealized Depreciation on Open Futures Contracts	$6,722,975*
Total		$ –		$6,722,975

Includes cumulative 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	$	(20,255,814	)

Net Change in Unrealized Appreciation/(Depreciation) on Derivatives
Futures Contracts	$	(1,109,691	)

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

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

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.

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 loan participations and assignments 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”

FINANCIAL STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

transactions and utilization of capital loss carryforwards. These differences may result in temporary over-distributions for financial statement purposes and are classified as distributions in excess of accumulated net realized gains or net investment income. These distributions do not constitute a return of capital. Permanent differences are reclassified 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 October 31, 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, 2015, 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 amount of $20,056,795 and $21,587,905 to Class N and Class I shareholders, respectively, during the six months ended April 30, 2015.

The tax character of distributions paid during the fiscal years ended October 31, 2014 and 2013, respectively, were as follows:

Distributions paid from:
	Ordinary income		Net long-term capital gain		Total taxable distributions		Tax return of capital		Total distributions paid
2014:	$	68,745,792	$	7,199,049	$	75,944,841		–	$	75,944.841
2013:		58,884,439		1,403,307		60,287,746		–		60,287,746

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

As of October 31, 2014 and 2013, 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)
2014:		$	405,409	$	–	$	405,409	$	(6,353,632	)	$	5,613,017	$	10,532,595		$	10,197,389
2013:			5,511,491		7,196,390		12,707,881		–			20,482,833		(3,283,670	)		29,907,044

The Fund had $6,353,632 of post-December 22, 2010 net capital loss carryforwards as of October 31, 2014, of which $1,839,348 and $4,514,284, is attributable to short-term and long-term capital losses, respectively.

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 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 and paydowns on fixed income securities.

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.

Fees and Other Transactions with Affiliates.

FINANCIAL STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

monthly at an annual rate equivalent to 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, 2015, the Fund incurred $6,673,877 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, 2015, Class N shares of the Fund incurred $2,620,556 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, 2015, the Fund incurred $193,504 in custody and fund accounting fees. These fees for the Fund were reduced by $5,551 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, 2015, was $73.

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, 2015, the Fund incurred $30,427 in independent Trustee compensation and reimbursements.

Investment Transactions. For the six months ended April 30, 2015, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $1,230,565,647 and $862,624,595, respectively.

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (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, 2015 (unaudited)						For the year ended October 31, 2014
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		51,169,783		$	525,439,572			153,543,127		$	1,589,143,242
Shares issued in connection
with reinvestments of
dividends		1,940,577			19,915,662			3,932,624			40,681,922
Shares redeemed		(48,475,894	)		(497,795,152	)		(112,489,232	)		(1,163,755,345	)
Net increase		4,634,466		$	47,560,082			44,986,519		$	466,069,819
Class I
Shares sold		69,902,022		$	717,850,865			194,284,497		$	2,010,151,066
Shares issued in connection
with reinvestments of
dividends		2,045,508			20,992,744			3,283,135			33,952,247
Shares redeemed		(71,325,264	)		(732,197,456	)		(90,393,823	)		(935,791,009	)
Net increase		622,266		$	6,646,153			107,173,809		$	1,108,312,304

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, including, but not limited to, recovery of tax withheld by foreign jurisdictions (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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

that underlie these securities. In addition, these securities may be paid off sooner (prepayment risk) or later than expected which may increase the volatility of securities during periods of fluctuating interest rates. The Fund may invest in bonds issued by foreign governments which may be unable or unwilling to make interest payments and/or repay the principal owed (sovereign debt risk). The Fund’s investments in certain U.S. government agency securities may not be backed by the U.S. Treasury and may be supported only by the credit of the issuer (U.S. government agency securities risk). The Fund’s 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 have occurred since April 30, 2015 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, 2015 (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 six-month period and held for the entire period (November 1, 2014 to April 30, 2015).

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 STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

DISCLOSURE OF FUND EXPENSES (continued)

April 30, 2015 (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, 2014		Ending Account Value April 30, 2015		Expenses Paid During Period November 1, 2014 to April 30, 2015¹
Class N
Actual	$	1,000	$	1,004	$	2.39
Hypothetical²	$	1,000	$	1,022	$	2.41

	Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Expenses Paid During Period November 1, 2014 to April 30, 2015¹
Class I
Actual	$	1,000	$	1,005	$	1.39
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, 2015 (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. The Board concluded that the fees paid by the Fund to the Investment Adviser were reasonable based on the comparative performance, expense information, the cost of the services provided and the profits realized by the Investment Adviser.

Nature, Extent and Quality of Services

The Board noted that, 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 3, 2014, and over the course of the previous year, regarding the nature, extent and quality of services provided to the Fund by the Investment Adviser including: the supervision of operations and compliance, preparation of regulatory filings, disclosures to Fund shareholders, general oversight of service providers, assistance to the Board (including the Independent Trustees in their capacity as Trustees), Chief Compliance Officer

FINANCIAL STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2015 (unaudited)

services for the Trust, 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, shareholder servicing, and fund accounting services to the Fund.

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 reviewed the qualifications of the key investment personnel primarily responsible for the day-to-day portfolio management of the Fund. The Board noted that during the course of its regular meetings, it received reports on each of the foregoing topics. The Board concluded that, overall, they were satisfied with the nature, extent and quality of 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 the Fund’s strong performance over the 3, 4 and 10 year periods and outperformance in the 1 and 2 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 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, noting that the Fund compared favorably to the selected peer-set. 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 both reasonable in light of the services rendered and the result of arm’s length negotiations.

BBH LIMITED DURATION FUND

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2015 (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, 2014, and for the prior four years. 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 conducted a detailed review of the allocation methods used in preparing the profitability data. The Board also considered the effect of fall-out benefits to 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’s 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 also considered the existence of any economies of scale and whether those economies are passed along to the Fund’s shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by the Investment Adviser and BBH. The Board considered the fee schedule for the Fund, noting the existence of a graduated investment advisory fee. Based on information it had been provided over many years, the Board observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there appeared to be no uniformity or pattern in the fees and asset levels at which breakpoints apply. In light of the Fund’s current size and expense structure, the Board concluded that the current breakpoints for the Fund were reasonable.

FINANCIAL STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

CONFLICTS OF INTEREST

April 30, 2015 (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 it is determined that aggregating is not practicable, or in cases involving client direction.

Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the 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, 2015 (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 STATEMENTS APRIL 30, 2015

BBH LIMITED DURATION FUND

CONFLICTS OF INTEREST (continued)

April 30, 2015 (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 & Co.
140 Broadway

New York, NY 10005

Distributor

ALPS Distributors, Inc.

1290 Broadway, Suite 1100
Denver, CO 80203

Shareholder Servicing Agent

Brown Brothers Harriman & CO.

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 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 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, 2015

BBH Core Select

BBH CORE SELECT

PORTFOLIO ALLOCATION

April 30, 2015 (unaudited)

SECTOR DIVERSIFICATION

	U.S. $ Value		Percent of Net Assets
Basic Materials	$	222,393,857		3.8	%
Communications		814,246,305		14.0
Consumer Cyclical		234,038,495		4.0
Consumer Non-Cyclical		1,228,231,627		21.1
Energy		624,464,358		10.8
Financials		1,247,226,798		21.5
Industrials		79,860,488		1.4
Technology		643,343,950		11.1
Repurchase Agreements		149,000,000		2.6
U.S. Treasury Bills		449,998,200		7.7
Cash and Other Assets in Excess of Liabilities		117,374,234		2.0
NET ASSETS	$	5,810,178,312		100.0	%

All data as of April 30, 2015. 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, 2015 (unaudited)

Shares			Value
		COMMON STOCKS (87.7%)
		BASIC MATERIALS (3.8%)
	1,631,613	Celanese Corp. (Series A)	$	108,273,839
	935,947	Praxair, Inc.		114,120,018
		Total Basic Materials		222,393,857

		COMMUNICATIONS (14.0%)
	5,972,525	Comcast Corp. (Class A)		344,973,044
	1,192,833	eBay, Inc.¹		69,494,450
	210,091	Google, Inc. (Class A)¹		115,291,638
	275,646	Google, Inc. (Class C)¹		148,115,622
	4,741,709	Liberty Interactive Corp. (Class A)¹		136,371,551
		Total Communications		814,246,305

		CONSUMER CYCLICAL (4.0%)
	2,270,151	Bed, Bath & Beyond, Inc.¹		159,954,840
	949,182	Wal-Mart Stores, Inc.		74,083,655
		Total Consumer Cyclical		234,038,495

		CONSUMER NON-CYCLICAL (21.1%)
	2,570,399	Baxter International, Inc.		176,689,227
	926,009	DENTSPLY International, Inc.		47,226,459
	1,206,349	Diageo, Plc. ADR		133,928,866
	498,354	Henry Schein, Inc.¹		68,324,333
	2,937,097	Nestle SA ADR		227,977,469
	2,704,466	Novartis AG ADR		275,314,639
	2,199,944	Unilever NV (NY Shares)		95,653,565
	4,572,649	Zoetis, Inc.		203,117,069
		Total Consumer Non-Cyclical		1,228,231,627

		ENERGY (10.8%)
	2,201,743	EOG Resources, Inc.		217,862,470
	1,472,639	Occidental Petroleum Corp.		117,958,384
	1,718,653	Schlumberger, Ltd.		162,601,760
	4,496,673	Southwestern Energy Co.¹		126,041,744
		Total Energy		624,464,358

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)


Shares			Value
		COMMON STOCKS (continued)
		FINANCIALS (21.5%)
	1,660	Berkshire Hathaway, Inc. (Class A)¹	$	354,244,000
	2,060,299	Chubb Corp.		202,630,407
	5,814,846	Progressive Corp.		155,023,794
	6,266,012	US Bancorp		268,623,934
	4,840,375	Wells Fargo & Co.		266,704,663
		Total Financials		1,247,226,798

		INDUSTRIALS (1.4%)
	1,612,366	Waste Management, Inc.		79,860,488
		Total Industrials		79,860,488

		TECHNOLOGY (11.1%)
	4,832,156	Microsoft Corp.		235,036,068
	5,134,489	Oracle Corp.		223,966,410
	2,710,904	QUALCOMM, Inc.		184,341,472
		Total Technology		643,343,950
		TOTAL COMMON STOCKS (Identified cost $3,507,973,518)		5,093,805,878

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

BBH CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		REPURCHASE AGREEMENTS (2.6%)
$	149,000,000	National Australia Bank (Agreement dated
		04/30/15 collateralized by U.S. Treasury
		Note 1.375%, due 01/31/20, valued at
		$151,980,000)	05/01/15		0.150	%	$	149,000,000
		TOTAL REPURCHASE AGREEMENTS
		(Identified cost $149,000,000)						149,000,000

		U.S. TREASURY BILLS (7.7%)
	450,000,000	U.S. Treasury Bill²	07/02/15		0.000			449,998,200
		TOTAL U.S. TREASURY BILLS
		(Identified cost $449,940,750)						449,998,200
TOTAL INVESTMENTS (Identified cost $4,106,914,268)³					98.0	%	$	5,692,804,078
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES					2.0	%		117,374,234
NET ASSETS					100.0	%	$	5,810,178,312

Non-income producing security.

Security issued with a zero coupon. Income is recognized through accretion of discount.

The aggregate cost for federal income tax purposes is $4,106,914,268, the aggregate gross unrealized appreciation is $1,608,251,517 and the aggregate gross unrealized depreciation is $22,361,707, resulting in net unrealized appreciation of $1,585,889,810.

Abbreviations:

ADR — American Depositary Receipt.

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (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, 2015 (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 assets classified within level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include private equity and certain corporate debt securities.

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2015.

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, 2015
Basic Materials	$	222,393,857	$	—	$	—	$	222,393,857
Communications		814,246,305		—		—		814,246,305
Consumer Cyclical		234,038,495		—		—		234,038,495
Consumer Non-Cyclical		1,228,231,627		—		—		1,228,231,627
Energy		624,464,358		—		—		624,464,358
Financials		1,247,226,798		—		—		1,247,226,798
Industrials		79,860,488		—		—		79,860,488
Technology		643,343,950		—		—		643,343,950
Repurchase Agreements		—		149,000,000		—		149,000,000
U.S. Treasury Bills		—		449,998,200		—		449,998,200
Investments, at value	$	5,093,805,878	$	598,998,200	$	—	$	5,692,804,078

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH CORE SELECT

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2015 (unaudited)


ASSETS:
Investments in securities, at value (Identified cost $3,957,914,268)	$5,543,804,078
Repurchase agreements (Identified cost $149,000,000)	149,000,000
Cash	2,699,296
Receivables for:
Investments sold	116,763,586
Dividends	14,942,374
Shares sold	991,358
Investment advisory and administrative fees waiver reimbursement	370,268
Interest	621
Prepaid assets	12,853
Total Assets	5,828,584,434
LIABILITIES:
Payables for:
Shares redeemed	12,808,264
Investment advisory and administrative fees	3,872,948
Shareholder servicing fees	1,210,296
Custody and fund accounting fees	161,987
Distributors fees	79,506
Transfer agent fees	52,227
Professional fees	29,238
Accrued expenses and other liabilities	191,656
Total Liabilities	18,406,122

NET ASSETS	$5,810,178,312
Net Assets Consist of:
Paid-in capital	$3,992,959,752
Undistributed net investment income	18,706,754
Accumulated net realized gain on investments in securities	212,621,996
Net unrealized appreciation/(depreciation) on investments in securities	1,585,889,810
Net Assets	$5,810,178,312

NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($5,489,608,845 ÷ 240,734,308 shares outstanding)	$22.80

RETAIL CLASS SHARES
($320,569,467 ÷ 21,830,851 shares outstanding)	$14.68

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

BBH CORE SELECT

STATEMENT OF OPERATIONS

For the six months ended April 30, 2015 (unaudited)


NET INVESTMENT INCOME:
Income:
Dividends (net of foreign withholding taxes of $2,515,801)	$	55,361,506
Interest and other income		212,281
Total Income		55,573,787
Expenses:
Investment advisory and administrative fees		24,232,952
Shareholder servicing fees		7,572,797
Distributors fees		513,561
Transfer agent fees		224,807
Custody and fund accounting fees		188,204
Board of Trustees’ fees		30,691
Professional fees		29,911
Miscellaneous expenses		309,120
Total Expenses		33,102,043
Investment advisory and administrative fees waiver		(2,337,635	)
Expense offset arrangement		(1,843	)
Net Expenses		30,762,565
Net Investment Income		24,811,222
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments in securities		213,680,595
Net change in unrealized appreciation/(depreciation) on
investments in securities		(25,396,784	)
Net Realized and Unrealized Gain		188,283,811
Net Increase in Net Assets Resulting from Operations	$	213,095,033

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH CORE SELECT

STATEMENTS OF CHANGES IN NET ASSETS

	For the six months ended April 30, 2015 (unaudited)			For the year ended October 31, 2014
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	24,811,222		$	39,586,992
Net realized gain on investments in securities		213,680,595			98,627,332
Net change in unrealized appreciation/(depreciation)
on investments in securities		(25,396,784	)		379,135,499
Net increase in net assets resulting
from operations		213,095,033			517,349,823
Dividends and distributions declared:
From net investment income:
Class N		(36,725,174	)		(27,057,658	)
Retail Class		(2,814,050	)		(1,711,179	)
From net realized gains:
Class N		(89,273,564	)		(112,946,824	)
Retail Class		(9,365,888	)		(10,987,737	)
Total dividends and distributions declared		(138,178,676	)		(152,703,398	)
Share transactions:
Proceeds from sales of shares		260,802,211			1,074,403,293
Net asset value of shares issued to shareholders for
reinvestment of dividends and distributions		111,485,040			118,110,394
Proceeds from short-term redemption fees		5,995			17,440
Cost of shares redeemed		(853,414,208	)		(1,352,916,979	)
Net decrease in net assets resulting from
share transactions		(481,120,962	)		(160,385,852	)
Total increase (decrease) in net assets		(406,204,605	)		204,260,573

NET ASSETS:
Beginning of period		6,216,382,917			6,012,122,344
End of period (including undistributed net investment
income of $18,706,754 and $33,434,756, respectively)	$	5,810,178,312		$	6,216,382,917

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, 2015 (unaudited)		For the years ended October 31,
		For the six months ended April 30, 2015 (unaudited)			2014			2013			2012			2011			2010
Net asset value,
beginning of period	$	22.52		$	21.21		$	17.46		$	15.07		$	13.91		$	11.93
Income from investment operations:
Net investment income¹		0.09			0.14			0.13			0.10			0.12			0.07
Net realized and unrealized gain		0.68			1.70			3.95			2.54			1.15			1.96
Total income from investment
operations		0.77			1.84			4.08			2.64			1.27			2.03
Less dividends and distributions:
From net investment income		(0.14	)		(0.10	)		(0.10	)		(0.07	)		(0.07	)		(0.05	)
From net realized gains		(0.35	)		(0.43	)		(0.23	)		(0.18	)		(0.04	)		–
Total dividends and
distributions		(0.49	)		(0.53	)		(0.33	)		(0.25	)		(0.11	)		(0.05	)
Short-term redemption fees^1,2		0.00			0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	22.80		$	22.52		$	21.21		$	17.46		$	15.07		$	13.91
Total return		3.52	%³		8.90	%		23.78	%		17.86	%		9.19	%		17.11	%

Ratios/Supplemental data:
Net assets, end of period
(in millions)	$	5,490		$	5,816		$	5,645		$	3,049		$	809		$	362
Ratio of expenses to average
net assets before reductions		1.07	%⁴		1.07	%		1.09	%		1.12	%		1.14	%		1.18	%
Fee waiver		0.07	%^4,5		0.07	%⁵		0.09	%⁵		0.12	%⁵		0.13	%⁵		0.06	%⁵
Expense offset arrangement		0.00	%^4,6		0.00	%⁶		0.00	%⁶		0.00	%⁶		0.01	%		0.01	%
Ratio of expenses to average net
assets after reductions		1.00	%⁴		1.00	%		1.00	%		1.00	%		1.00	%		1.11	%
Ratio of net investment income
to average net assets		0.84	%⁴		0.66	%		0.65	%		0.63	%		0.85	%		0.55	%
Portfolio turnover rate		1	%³		8	%		12	%		14	%		17	%		19	%

Calculated using average shares outstanding for the period.

Less than $0.01.

Not annualized.

⁴

Annualized.

⁵

The ratio of expenses to average net assets for the six months ended April 30, 2015 and the fiscal years ended October 31, 2014, 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 March 1, 2016. For the six months ended April 30, 2015 and the fiscal years ended October 31, 2014, 2013, 2012, 2011 and 2010, the waived fees were $2,063,809, $4,238,260, $3,983,262, $1,853,202, $793,607 and $177,639, respectively.

⁶

Less than 0.01%.

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

FINANCIAL STATEMENTS APRIL 30, 2015

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, 2015 (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, 2015 (unaudited)			2014			2013			2012
Net asset value, beginning
of period	$	14.66		$	13.99		$	11.61		$	10.11		$	10.00
Income from investment
operations:
Net investment income¹		0.04			0.06			0.06			0.05			0.02
Net realized and
unrealized gain		0.44			1.11			2.60			1.69			0.09
Total income from
investment operations		0.48			1.17			2.66			1.74			0.11
Less dividends and distributions:
From net investment income		(0.11	)		(0.07	)		(0.05	)		(0.06	)		–
From net realized gains		(0.35	)		(0.43	)		(0.23	)		(0.18	)		–
Total dividends and
distributions		(0.46	)		(0.50	)		(0.28	)		(0.24	)		–
Short-term redemption fees^1,2		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	14.68		$	14.66		$	13.99		$	11.61		$	10.11
Total return		3.35	%³		8.63	%		23.42	%		17.64	%		1.10	%³
Ratios/Supplemental data:
Net assets, end of period
(in millions)	$	321		$	400		$	367		$	267		$	185
Ratio of expenses to
average net assets
before reductions		1.40	%⁴		1.40	%		1.42	%		1.43	%		1.59	%⁴
Fee waiver		0.15	%^4,5		0.15	%⁵		0.17	%⁵		0.18	%⁵		0.33	%^4,5
Expense offset arrangement		0.00	%^4,6		0.00	%⁶		0.00	%⁶		0.00	%⁶		0.01	%⁴
Ratio of expenses to average
net assets after reductions		1.25	%⁴		1.25	%		1.25	%		1.25	%		1.25	%⁴
Ratio of net investment
income to average net
assets		0.58	%⁴		0.40	%		0.44	%		0.50	%		0.37	%⁴
Portfolio turnover rate		1	%³		8	%		12	%		14	%		17	%⁷

Calculated using average shares outstanding for the period.

Less than $0.01.

Not annualized.

⁴

Annualized.

⁵

The ratio of expenses to average net assets for the six months ended April 30, 2015, the fiscal years ended October 31, 2014, 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 March 1, 2016. For the six months ended April 30, 2015, fiscal years ended October 31, 2014, 2013, 2012 and period ended October 31, 2011, the waived fees were $273,826, $577,948, $568,410, $633,118 and $133,178, respectively.

⁶

Less than 0.01%.

⁷

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, 2015 (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. Class N and Retail Class shares have different operating expenses. With the exception of class specific expenses, all expenses are allocated between classes based on net assets. 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, 2015, 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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services – Investments Companies. The following summarizes significant accounting policies of the Fund:

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

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.

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 entered into by the Fund under Master Repurchase Agreements (MRA) which permit the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Lastly, the MRA does not preclude the Fund from selling, transferring, pledging or hypothecating the underlying collateral but no such transaction shall relieve the Fund of its obligation to transfer the collateral to the counterparty upon the latter’s repurchase of the securities.

The Fund’s repurchase agreements as of April 30, 2015 are shown on a gross basis and the required disclosures under Accounting Standards Update (“ASU”) 2013-01 are shown in the Portfolio of Investments. Repurchase agreements are subject to credit risks.

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

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

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 $125,998,738 and $12,179,938 to Class N shares and Retail Class shareholders, respectively, during the six months ended April 30, 2015.

FINANCIAL STATEMENTS APRIL 30, 2015

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

The tax character of distributions paid during the fiscal years ended October 31, 2014 and 2013, respectively, were as follows:

Distributions paid from:
	Ordinary income	Net long-term capital gain	Total taxable distributions	Tax return of capital	Total distributions paid
2014:	$57,474,808	$95,228,590	$152,703,398	–	$152,703,398
2013:	19,227,232	49,041,100	68,268,332	–	68,268,332

As of October 31, 2014 and 2013, 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)
2014:	$51,831,756	$80,208,174	$132,039,930	–	$(1,024,321)	$1,611,286,594	$1,742,302,203
2013:	51,311,687	95,217,318	146,529,005	–	(1,024,321)	1,232,151,095	1,377,655,779

The Fund did not have a net capital loss carryforward at October 31, 2014.

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.

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

Recent Accounting Pronouncements. On June 12, 2014, the FASB issued ASU 2014-11, “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”, which changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements. It also requires enhanced disclosures about repurchase agreements and other similar transactions. The accounting changes and disclosure guidance are effective for public entities for the first interim or annual period beginning after December 15, 2014. Early adoption is not permitted for public companies. Management has determined that there is no impact to the Fund’s financial statements.

Fees and Other Transactions with Affiliates.

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 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 March 1, 2016, 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, 2015, the Investment Adviser waived fees in the amount of $2,063,809 and $273,826 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, 2015, the Fund incurred shareholder servicing fees in the amount of $7,101,802 and $470,995 for Class N and Retail Class, respectively.

FINANCIAL STATEMENTS APRIL 30, 2015

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

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 the shareholder 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, 2015, Retail Class shares of the Fund incurred $471,375 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, 2015, the Fund incurred $188,204 in custody and fund accounting fees. These fees for the Fund were reduced by $1,843 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, 2015, 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, 2015, the Fund incurred $30,691 in independent Trustee compensation and reimbursements.

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (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, 2015 (unaudited)					For the year ended October 31, 2014
	Shares			Dollars		Shares			Dollars
Class N
Shares sold	10,312,369		$	233,407,242		43,745,874		$	954,633,344
Shares issued in connection
with reinvestments
of dividends	4,555,895			100,047,448		5,140,430			106,355,485
Proceeds from short-term
redemption fees	N/A			4,608		N/A			14,641
Shares redeemed	(32,404,286	)		(733,626,051	)	(56,691,028	)		(1,235,840,473	)
Net decrease	(17,536,022	)	$	(400,166,753	)	(7,804,724	)	$	(174,837,003	)

Retail Class
Shares sold	1,873,922		$	27,394,969		8,464,231		$	119,769,949
Shares issued in connection
with reinvestments
of dividends	807,740			11,437,592		870,734			11,754,909
Proceeds from short-term
redemption fees	N/A			1,387		N/A			2,799
Shares redeemed	(8,176,706	)		(119,788,157	)	(8,266,193	)		(117,076,506	)
Net increase (decrease)	(5,495,044	)	$	(80,954,209	)	1,068,772		$	14,451,151

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 STATEMENTS APRIL 30, 2015

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

assumption of large positions in securities of a small number of issuers (non-diversification risk). There are certain risks associated with investing in foreign securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (foreign investment risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (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 CORE SELECT

DISCLOSURE OF FUND EXPENSES

April 30, 2015 (unaudited)

EXAMPLE

The Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2014 to April 30, 2015).

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.

FINANCIAL STATEMENTS APRIL 30, 2015

BBH CORE SELECT

DISCLOSURE OF FUND EXPENSES (continued)

April 30, 2015 (unaudited)

	Beginning Account Value November 1, 2014	Ending Account Value April 30, 2015	Expenses Paid During Period November 1, 2014 to April 30, 2015¹
Class N
Actual	$1,000	$1,035	$5.05
Hypothetical²	$1,000	$1,020	$5.01

	Beginning Account Value November 1, 2014	Ending Account Value April 30, 2015	Expenses Paid During Period November 1, 2014 to April 30, 2015¹
Retail Class
Actual	$1,000	$1,034	$6.30
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.

BBH CORE SELECT

DISCLOSURE OF ADVISOR SELECTION

April 30, 2015 (unaudited)

Investment Advisory and Administrative Services Agreement Approval

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 3, 2014, and over the course of the previous year, regarding the nature, extent and quality of services provided to the Fund by the Investment Adviser, including: the supervision of operations and compliance, preparation of regulatory filings, disclosures to Fund shareholders, general oversight of service providers, assistance to the Board (including the Independent Trustees in their capacity as Trustees), Chief Compliance Officer

FINANCIAL STATEMENTS APRIL 30, 2015

BBH CORE SELECT

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2015 (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 during the course of its regular meetings it received reports on each of the foregoing topics. The Board concluded that, overall, they were satisfied with the nature, extent and quality of 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 strong performance in the 5 year period and outperformance in the 10 year period. 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

BBH CORE SELECT

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2015 (unaudited)

that are included in the fees paid by other funds. The Board concluded that the advisory and administration fee appeared to be both reasonable in light of the services rendered and the result of arm’s length negotiations.

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, 2014, and for each of the prior four years. The data also included the effect of revenue generated by the shareholder servicing, custody, and fund accounting and administration fees paid by the Fund to BBH. The Board conducted a detailed review of the allocation methods used in preparing the profitability data. The Board also considered the effect of fall-out benefits to 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’s 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 also considered the existence of any economies of scale and whether those economies are passed along to the Fund’s shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by the Investment Adviser and BBH. The Board noted that the fee schedule for the Fund does not contain breakpoints. Based on information it had been provided over many years, the Board observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there appeared to be no uniformity or pattern in the fees and asset levels at which breakpoints apply. In light of the Fund’s current size and expense structure, the Board concluded that it was unnecessary at this time to consider breakpoints with respect to the Fund.

FINANCIAL STATEMENTS APRIL 30, 2015

BBH CORE SELECT

CONFLICTS OF INTEREST

April 30, 2015 (unaudited)

Conflicts of Interest

BBH CORE SELECT

CONFLICTS OF INTEREST (continued)

April 30, 2015 (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.

FINANCIAL STATEMENTS APRIL 30, 2015

BBH CORE SELECT

CONFLICTS OF INTEREST (continued)

April 30, 2015 (unaudited)

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.

BBH CORE SELECT

CONFLICTS OF INTEREST (continued)

April 30, 2015 (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.

FINANCIAL STATEMENTS APRIL 30, 2015

Administrator

Brown Brothers Harriman & Co.
140 Broadway

New York, NY 10005

Distributor

ALPS Distributors, Inc.

1290 Broadway, Suite 1100
Denver, CO 80203

Shareholder Servicing Agent

Brown Brothers Harriman & CO.

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, 2015

BBH Global Core Select

BBH GLOBAL CORE SELECT

PORTFOLIO ALLOCATION

April 30, 2015 (unaudited)

COUNTRY DIVERSIFICATION

		U.S. $ Value	Percent of Net Assets
Canada	$	8,492,261	6.1	%
Curacao		3,472,187	2.5
France		8,363,324	6.0
Germany		6,654,699	4.7
Italy		3,434,695	2.4
Netherlands		5,225,431	3.7
Norway		2,379,978	1.7
Sweden		4,995,174	3.6
Switzerland		13,133,381	9.4
United Kingdom		7,499,513	5.4
United States		59,029,756	42.1
Repurchase Agreements		12,500,000	8.9
Cash and Other Assets in Excess of Liabilities		4,928,467	3.5
NET ASSETS	$	140,108,866	100.0	%

All data as of April 30, 2015. 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 Fund’s country diversification is based on the respective security’s country of incorporation.

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

BBH GLOBAL CORE SELECT

PORTFOLIO ALLOCATION (continued)

April 30, 2015 (unaudited)

SECTOR DIVERSIFICATION

	U.S. $ Value		Percent of Net Assets
Basic Materials	$	13,806,993		9.9	%
Communications		13,797,930		9.8
Consumer Cyclical		9,177,003		6.6
Consumer Non-Cyclical		36,930,528		26.4
Energy		17,006,485		12.1
Financials		12,959,093		9.2
Technology		19,002,367		13.6
Repurchase Agreements		12,500,000		8.9
Cash and Other Assets in Excess of Liabilities		4,928,467		3.5
NET ASSETS	$	140,108,866		100.0	%

All data as of April 30, 2015. 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 STATEMENTS APRIL 30, 2015

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS

April 30, 2015 (unaudited)

Shares			Value
		COMMON STOCKS (87.6%)
		CANADA (6.1%)
		ENERGY
	104,650	ARC Resources, Ltd.	$	2,132,647
	54,500	Vermilion Energy, Inc.		2,612,653
				4,745,300
		FINANCIALS
	48,850	Intact Financial Corp.		3,746,961
		Total Canada		8,492,261
		CURACAO (2.5%)
		ENERGY
	36,700	Schlumberger, Ltd.		3,472,187
		Total Curacao		3,472,187
		FRANCE (6.0%)
		COMMUNICATIONS
	82,900	JCDecaux S.A.		3,248,322

		CONSUMER NON-CYCLICAL
	50,600	Sanofi		5,115,002
		Total France		8,363,324
		GERMANY (4.7%)
		BASIC MATERIALS
	33,700	Brenntag AG		2,023,201
	110,300	Fuchs Petrolub AG		4,118,410
	12,200	Fuchs Petrolub AG (Preference Shares)		513,088
		Total Germany		6,654,699
		ITALY (2.4%)
		CONSUMER NON-CYCLICAL
	446,450	Davide Campari-Milano SpA		3,434,695
		Total Italy		3,434,695

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

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Shares			Value
		COMMON STOCKS (continued)
		NETHERLANDS (3.7%)
		COMMUNICATIONS
	68,525	Nielsen NV	$	3,079,514
		CONSUMER NON-CYCLICAL
	49,600	Unilever NV		2,145,917
		Total Netherlands		5,225,431
		NORWAY (1.7%)
		ENERGY
	94,100	TGS Nopec Geophysical Co. ASA		2,379,978
		Total Norway		2,379,978
		SWEDEN (3.6%)
		ENERGY
	227,975	Lundin Petroleum AB¹		3,659,587
		FINANCIALS
	29,200	Svenska Handelsbanken AB (Class A)		1,335,587
		Total Sweden		4,995,174
		SWITZERLAND (9.4%)
		CONSUMER NON-CYCLICAL
	86,125	Nestle SA		6,660,315
	63,175	Novartis AG		6,473,066
		Total Switzerland		13,133,381
		UNITED KINGDOM (5.4%)
		COMMUNICATIONS
	99,900	Pearson, Plc.		2,016,434
		CONSUMER NON-CYCLICAL
	114,225	Diageo, Plc.		3,168,246
	25,100	Indivior, Plc.¹		76,607
	25,100	Reckitt Benckiser Group, Plc.		2,238,226
				5,483,079
		Total United Kingdom		7,499,513

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Shares			Value
		COMMON STOCKS (continued)
		UNITED STATES (42.1%)
		BASIC MATERIALS
	47,100	Celanese Corp. (Series A)	$	3,125,556
	33,025	Praxair, Inc.		4,026,738
				7,152,294
		COMMUNICATIONS
	3,355	Google, Inc. (Class A)¹		1,841,123
	6,723	Google, Inc. (Class C)¹		3,612,537
				5,453,660
		CONSUMER CYCLICAL
	65,250	Bed, Bath & Beyond, Inc.¹		4,597,515
	87,600	Sally Beauty Holdings, Inc.¹		2,733,996
	23,645	Wal-Mart Stores, Inc.		1,845,492
				9,177,003
		CONSUMER NON-CYCLICAL
	41,800	Baxter International, Inc.		2,873,332
	106,824	Zoetis, Inc.		4,745,122
				7,618,454
		ENERGY
	34,325	Occidental Petroleum Corp.		2,749,433
		FINANCIALS
	142,950	Wells Fargo & Co.		7,876,545
		TECHNOLOGY
	118,575	Microsoft Corp.		5,767,488
	117,975	Oracle Corp.		5,146,069
	71,325	QUALCOMM, Inc.		4,850,100
	66,750	Solera Holdings, Inc.		3,238,710
				19,002,367
		Total United States		59,029,756
		Total Common Stocks (Identified cost $108,729,473)		122,680,399

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

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		REPURCHASE AGREEMENTS (8.9%)
$	12,500,000	National Australia Bank (Agreement dated
		04/30/15 collateralized by U.S. Treasury
		Note 1.375%, due 01/31/20, valued at
		$12,750,000)	05/01/15		0.150	%	$	12,500,000
		Total Repurchase Agreements
		(Identified cost $12,500,000)						12,500,000
TOTAL INVESTMENTS (Identified cost $121,229,473)²					96.5	%	$	135,180,399
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES					3.5	%		4,928,467
NET ASSETS					100.0	%	$	140,108,866

Non-income producing security.

The aggregate cost for federal income tax purposes is $121,229,473, the aggregate gross unrealized appreciation is $20,431,595 and the aggregate gross unrealized depreciation is $6,480,669, resulting in net unrealized appreciation of $13,950,926.

The fund’s country diversification is based on the respective security’s country of incorporation.

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (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).

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.

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

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

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

Financial assets classified within level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include private equity and certain corporate debt securities.

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2015.

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, 2015
Basic Materials	$	7,152,294	$	6,654,699	$	—	$	13,806,993
Communications		8,533,174		5,264,756		—		13,797,930
Consumer Cyclical		9,177,003		—		—		9,177,003
Consumer Non-Cyclical		7,618,454		29,312,074		—		36,930,528
Energy		10,966,920		6,039,565		—		17,006,485
Financials		11,623,506		1,335,587		—		12,959,093
Technology		19,002,367		—		—		19,002,367
Repurchase Agreements		—		12,500,000		—		12,500,000
Investments, at value	$	74,073,718	$	61,106,681	$	—	$	135,180,399

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH GLOBAL CORE SELECT

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2015 (unaudited)

ASSETS:
Investments in securities, at value (Identified cost $108,729,473)	$	122,680,399
Repurchase agreements (Identified cost $12,500,000)		12,500,000
Cash		4,882,774
Foreign currency at value (Identified cost $268,426)		276,660
Receivables for:
Dividends		349,377
Investment advisory and administrative fees waiver reimbursement		12,502
Shares sold		11,000
Interest		52
Prepaid assets		265
Total Assets		140,713,029
LIABILITIES:
Payables for:
Investments purchased		418,043
Investment advisory and administrative fees		108,321
Professional fees		28,126
Custody and fund accounting fees		25,427
Shareholder servicing fees		17,103
Distributors fees		1,996
Transfer agent fees		1,688
Accrued expenses and other liabilities		3,459
Total Liabilities		604,163

NET ASSETS	$	140,108,866
Net Assets Consist of:
Paid-in capital	$	124,342,299
Undistributed net investment income		296,059
Accumulated net realized gain on investments in securities and
foreign exchange transactions		1,520,460
Net unrealized appreciation/(depreciation) on investments in securities
and foreign currency translations		13,950,048
Net Assets	$	140,108,866
NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($137,150,275 ÷ 11,823,197 shares outstanding)			$11.60
RETAIL CLASS SHARES
($2,958,591 ÷ 256,014 shares outstanding)			$11.56

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

BBH GLOBAL CORE SELECT

STATEMENT OF OPERATIONS

For the six months ended April 30, 2015 (unaudited)

NET INVESTMENT INCOME:
Income:
Dividends (net of foreign withholding taxes of $90,077)	$	1,249,242
Interest and other income		2,777
Total Income		1,252,019
Expenses:
Investment advisory and administrative fees		631,992
Shareholder servicing fees		99,788
Board of Trustees’ fees		29,294
Professional fees		28,325
Custody and fund accounting fees		21,671
Transfer agent fees		12,644
Distributors fees		12,500
Miscellaneous expenses		71,220
Total Expenses		907,434
Investment advisory and administrative fees waiver		(69,805	)
Expense offset arrangement		(2,943	)
Net Expenses		834,686
Net Investment Income		417,333
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments in securities		1,664,695
Net realized loss on foreign exchange transactions		(43,349	)
Net realized gain on investments in securities and foreign
exchange transactions and translations		1,621,346
Net change in unrealized appreciation/(depreciation) on investments
in securities		4,956,504
Net change in unrealized appreciation/(depreciation) on foreign
currency translations		15,452
Net change in unrealized appreciation/(depreciation) on investments
in securities and foreign currency translations		4,971,956
Net Realized and Unrealized Gain		6,593,302
Net Increase in Net Assets Resulting from Operations	$	7,010,635

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH GLOBAL CORE SELECT

STATEMENTS OF CHANGES IN NET ASSETS

		For the six months ended April 30, 2015 (unaudited)			For the year ended October 31, 2014
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	417,333		$	1,380,798
Net realized gain on investments in securities and
foreign exchange transactions and translations		1,621,346			1,381,711
Net change in unrealized appreciation/(depreciation)
on investments in securities and foreign
currency translations		4,971,956			2,913,514
Net increase in net assets resulting from
operations		7,010,635			5,676,023
Dividends and distributions declared:
From net investment income:
Class N		(1,402,150	)		(202,109	)
Retail Class		(27,140	)		(1,387	)
From net realized gains:
Class N		(1,446,841	)		(272,366	)
Retail Class		(28,597	)		(5,097	)
Total dividends and distributions declared		(2,904,728	)		(480,959	)
Share transactions:
Proceeds from sales of shares		16,943,234			90,631,256
Net asset value of shares issued to shareholders
for reinvestment of dividends and distributions		2,765,427			465,412
Proceeds from short-term redemption fees		—			22,617
Cost of shares redeemed		(12,602,263	)		(57,344,474	)
Net increase in net assets resulting from
share transactions		7,106,398			33,774,811
Total increase in net assets		11,212,305			38,969,875

NET ASSETS:
Beginning of period		128,896,561			89,926,686
End of period (including undistributed net investment
income of $296,059 and $1,308,016, respectively)	$	140,108,866		$	128,896,561

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, 2015 (unaudited)			For the year ended October 31, 2014			For the period from March 28, 2013 (commencement of operations) to October 31, 2013
Net asset value, beginning of period	$	11.27		$	10.99		$	10.00
Income from investment operations:
Net investment income¹		0.04			0.12			0.03
Net realized and unrealized gain		0.55			0.21			0.96
Total income from investment operations		0.59			0.33			0.99
Less dividends and distributions:
From net investment income		(0.13	)		(0.02	)		–
From net realized gains		(0.13	)		(0.03	)		–
Total dividends and distributions		(0.26	)		(0.05	)		–
Short-term redemption fees¹		–			0.00	²		–
Net asset value, end of period	$	11.60		$	11.27		$	10.99
Total return		5.36	%³		3.01	%		9.90	%³

Ratios/Supplemental data:
Net assets, end of period (in millions)	$	137		$	127		$	88
Ratio of expenses to average net assets
before reductions		1.33	%⁴		1.32	%		1.87	%⁴
Fee waiver		0.08	%^4,5		0.07	%⁵		0.61	%^4,5
Expense offset arrangement		0.00	%^4,6		0.00	%⁶		0.01	%⁴
Ratio of expenses to average net assets
after reductions		1.25	%⁴		1.25	%		1.25	%⁴
Ratio of net investment income to average
net assets		0.63	%⁴		1.01	%		0.50	%⁴
Portfolio turnover rate		7	%³		40	%		6	%⁷

Calculated using average shares outstanding for the period.

Less than $0.01.

Not annualized.

⁴

Annualized.

⁵

The ratio of expenses to average net assets for the six months period ended April 30, 2015, the fiscal year ended October 31, 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 March 1, 2016. For the six months period ended April 30, 2015, the fiscal year ended October 31, 2014 and the period ended October 31, 2013, the waived fees were $49,946, $90,671 and $152,928, respectively.

⁶

Less than 0.01%.

⁷

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

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

FINANCIAL STATEMENTS APRIL 30, 2015

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, 2015 (unaudited)			For the year ended October 31, 2014			For the period from April 2, 2013 (commencement of operations) to October 31, 2013
Net asset value, beginning of period	$	11.24		$	10.98		$	10.00
Income from investment operations:
Net investment income¹		0.02			0.07			0.00	²
Net realized and unrealized gain		0.55			0.22			0.98
Total income from investment operations		0.57			0.29			0.98
Less dividends and distributions:
From net investment income		(0.12	)		(0.01	)		–
From net realized gains		(0.13	)		(0.03	)		–
Total dividends and distributions		(0.25	)		(0.04	)		–
Short-term redemption fees¹		–			0.01			0.00	²
Net asset value, end of period	$	11.56		$	11.24		$	10.98
Total return		5.26	%³		2.70	%		9.80	%³

Ratios/Supplemental data:
Net assets, end of period (in millions)	$	3		$	2		$	2
Ratio of expenses to average net assets
before reductions		3.10	%⁴		3.36	%		4.88	%⁴
Fee waiver		1.60	%^4,5		1.86	%⁵		3.37	%^4,5
Expense offset arrangement		0.00	%^4,6		0.00	%⁶		0.01	%⁴
Ratio of expenses to average net assets
after reductions		1.50	%⁴		1.50	%		1.50	%⁴
Ratio of net investment income to average
net assets		0.37	%⁴		0.61	%		0.02	%⁴
Portfolio turnover rate		7	%³		40	%		6	%⁷

Calculated using average shares outstanding for the period.

Less than $0.01.

Not annualized.

⁴

Annualized.

⁵

The ratio of expenses to average net assets for the six months period ended April 30, 2015, the fiscal year ended October 31, 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 March 1, 2016. For the six months period ended April 30, 2015, the fiscal year ended October 31, 2014 and the period ended October 31, 2013, the waived fees were $19,859, $41,099 and $17,913, respectively.

⁶

Less than 0.01%.

⁷

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, 2015 (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. Class N and Retail Class shares have different operating expenses. With the exception of class specific expenses, all expenses are allocated between classes based on net assets. Neither Class N shares nor Retail Class shares convert to any other class of shares of the Fund. As of April 30, 2015 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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services – Investment Companies. The following summarizes significant accounting policies of the Fund:

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) 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; (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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

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.

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

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.

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 may result in temporary over-distributions for financial statement purposes and are classified as distributions in excess of accumulated net realized gains or net investment income. These distributions do not constitute a return of capital. Permanent differences are reclassified 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 STATEMENTS APRIL 30, 2015

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (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 October 31, 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, 2015, 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 amount of $2,848,991 and $55,737 to Class N and Retail Class shareholders, respectively, during the six months ended April 30, 2015.

The tax character of distributions paid during the fiscal year ended October 31, 2014, was as follows:

Distributions paid from:
	Ordinary income	Net long-term capital gain	Total taxable distributions	Tax return of capital	Total distributions paid
2014:	$450,565	$30,394	$480,959	–	$480,959

The Fund did not pay distributions during the period from March 28, 2013 (commencement of operations) to October 31, 2013.

As of October 31, 2014 and 2013, 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)
2014:	$1,724,328	$1,058,006	$2,782,334	–	$(99,766)	$8,978,092	$11,660,660
2013:	370,647	30,379	401,026	–	(8)	6,064,578	6,465,596

The Fund did not have a net capital loss carryforward at October 31, 2014.

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (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. On June 12, 2014, the FASB issued ASU 2014-11, “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”, which changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements. It also requires enhanced disclosures about repurchase agreements and other similar transactions. The accounting changes and disclosure guidance are effective for public entities for the first interim or annual period beginning after December 15, 2014. Early adoption is not permitted for public companies. Management has determined that there is no impact to the Fund’s financial statements.

Fees and Other Transactions with Affiliates.

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 March 1, 2016, unless it is

FINANCIAL STATEMENTS APRIL 30, 2015

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

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, 2015, the SID waived fees in the amount of $49,946 and $19,859 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, 2015, the Fund incurred shareholder servicing fees in the amount of $97,915 and $1,873 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 the shareholder 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 1.50% of the average daily net assets. For the six months ended April 30, 2015, Retail Class shares of the Fund incurred $3,117 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, 2015, the Fund incurred $21,671 in custody and fund accounting fees. These fees for the Fund were reduced by $2,943 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, 2015, 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 six months ended April 30, 2015, the Fund incurred $29,294 in independent Trustee compensation and reimbursements.

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

Investment Transactions. For six months ended April 30, 2015, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $8,131,440 and $13,522,024, respectively.

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, 2015 (unaudited)						For the year ended October 31, 2014
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		1,425,270		$	16,059,648			7,899,060		$	88,700,654
Shares issued in connection
with reinvestments of
dividends		251,363			2,717,235			41,919			460,270
Proceeds from short-term
redemption fees		N/A			N/A			N/A			21,404
Shares redeemed		(1,095,903	)		(12,353,152	)		(4,721,624	)		(55,847,069	)
Net increase		580,730		$	6,423,731			3,219,355		$	33,335,259

	For the six months ended April 30, 2015 (unaudited)						For the year ended October 31, 2014
	Shares			Dollars			Shares			Dollars
Retail Class
Shares sold		76,912		$	883,586			169,368		$	1,930,602
Shares issued in connection
with reinvestments of
dividends		4,470			48,192			469			5,142
Proceeds from short-term
redemption fees		N/A			N/A			N/A			1,213
Shares redeemed		(21,921	)		(249,111	)		(130,235	)		(1,497,405	)
Net increase		59,461		$	682,667			39,602		$	439,552

FINANCIAL STATEMENTS APRIL 30, 2015

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (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). Price movements may occur due to factors affecting individual companies, such as the issuance of an unfavorable earnings report, or other events affecting particular industries or the equity market as a whole (equity securities risk). The value of securities held by the Fund may fall due to changing economic, political, regulatory or market conditions, or due to a company’s or issuer’s individual situation (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). There are certain risks associated with investing in foreign securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (foreign investment risk), capital controls imposed by foreign governments in response to economic or political events that may impact the ability of the Fund to buy, sell or otherwise transfer securities or currency (capital controls risk), and risks from investing in securities of issuers based in developing countries (emerging markets risk). Non-U.S. currencies invested in by the Fund may depreciate against the U.S. dollar (currency exchange rate risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (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 GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

FINANCIAL STATEMENTS APRIL 30, 2015

BBH GLOBAL CORE SELECT

DISCLOSURE OF FUND EXPENSES

April 30, 2015 (unaudited)

EXAMPLE

The Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2014 to April 30, 2015).

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

BBH GLOBAL CORE SELECT

DISCLOSURE OF FUND EXPENSES (continued)

April 30, 2015 (unaudited)

	Beginning Account Value November 1, 2014	Ending Account Value April 30, 2015	Expenses Paid During Period November 1, 2014 to April 30, 2015¹
Class N
Actual	$1,000	$1.054	$6.36
Hypothetical²	$1,000	$1,019	$6.26

	Beginning Account Value November 1, 2014	Ending Account Value April 30, 2015	Expenses Paid During Period November 1, 2014 to April 30, 2015¹
Retail Class
Actual	$1,000	$1,053	$7.63
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 STATEMENTS APRIL 30, 2015

BBH GLOBAL CORE SELECT

DISCLOSURE OF ADVISOR SELECTION

April 30, 2015 (unaudited)

Investment Advisory and Administrative Services Agreement Approval

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 3, 2014, and over the course of the previous year, regarding the nature, extent and quality of services provided to the Fund by the Investment Adviser including: the supervision of operations and compliance, preparation of regulatory filings, disclosures to Fund shareholders, general oversight of service providers, assistance to the Board (including the Independent Trustees, in their capacity as Trustees), Chief Compliance Officer

BBH GLOBAL CORE SELECT

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2015 (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, during the course of its regular meetings it received reports on each of the foregoing topics. The Board concluded that, overall, they were satisfied with the nature, extent and quality of 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. In reviewing the Fund’s performance as compared to a selection of peer funds for the 1 year period, the Board noted satisfactory performance given the Fund’s short operating history. The Board also 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

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, noting that the Fund compared favorably to the selected peer-set. 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 both reasonable in light of the services rendered and the result of arm’s length negotiations.

FINANCIAL STATEMENTS APRIL 30, 2015

BBH GLOBAL CORE SELECT

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2015 (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, 2014, and for the prior year. 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 conducted a detailed review of the allocation methods used in preparing the profitability data. The Board also considered the effect of fall-out benefits to the Investment Adviser and BBH such as the increased visibility of BBH’s investment management business due to the distribution of the 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’s 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 also considered the existence of any economies of scale and whether those economies are passed along to the Fund’s shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by the Investment Adviser and BBH. The Board noted that the fee schedule for the Fund does not contain breakpoints. Based on information it had been provided over many years, the Board observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there appeared to be no uniformity or pattern in the fees and asset levels at which breakpoints apply. In light of the Fund’s current size and expense structure, the Board concluded that it was unnecessary at this time to consider breakpoints with respect to the Fund.

BBH GLOBAL CORE SELECT

CONFLICTS OF INTEREST

April 30, 2015 (unaudited)

FINANCIAL STATEMENTS APRIL 30, 2015

BBH GLOBAL CORE SELECT

CONFLICTS OF INTEREST (continued)

April 30, 2015 (unaudited)

BBH GLOBAL CORE SELECT

CONFLICTS OF INTEREST (continued)

April 30, 2015 (unaudited)

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 STATEMENTS APRIL 30, 2015

BBH GLOBAL CORE SELECT

CONFLICTS OF INTEREST (continued)

April 30, 2015 (unaudited)

Administrator

Brown Brothers Harriman & Co.
140 Broadway

New York, NY 10005

Distributor

ALPS Distributors, Inc.

1290 Broadway, Suite 1100
Denver, CO 80203

Shareholder Servicing Agent

Brown Brothers Harriman & CO.

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, 2015

BBH International Equity Fund

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO ALLOCATION

April 30, 2015 (unaudited)

COUNTRY DIVERSIFICATION

	U.S. $ Value		Percent of Net Assets
Australia	$	26,081,328		3.0	%
Belgium		0		0.0
Bermuda		4,105,203		0.5
China		2,527,829		0.3
Denmark		11,983,594		1.4
Finland		7,686,454		0.9
France		83,477,440		9.4
Germany		54,538,184		6.2
Hong Kong		65,939,330		7.5
Israel		7,643,130		0.9
Italy		9,847,460		1.1
Japan		175,869,554		20.0
Jersey		8,705,731		1.0
Netherlands		15,930,729		1.8
Norway		479,952		0.1
Singapore		29,711,858		3.4
Spain		37,812,930		4.3
Sweden		23,202,548		2.6
Switzerland		112,679,270		12.8
Taiwan		16,180,656		1.8
United Kingdom		158,863,312		18.1
Cash and Other Assets in Excess of Liabilities		25,497,577		2.9
NET ASSETS	$	878,764,069		100.0	%

All data as of April 30, 2015. The BBH International Equity Fund’s (the “Fund”) country diversification is expressed as a percentage of net assets and may vary over time. The Fund’s country diversification is derived from the respective security’s country of incorporation.

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

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO ALLOCATION (continued)

April 30, 2015 (unaudited)

SECTOR DIVERSIFICATION

	U.S. $ Value		Percent of Net Assets
Basic Materials	$	42,063,042		4.8	%
Communications		90,847,762		10.3
Consumer Cyclical		85,967,148		9.8
Consumer Non-Cyclical		267,162,087		30.4
Diversified		4,105,203		0.5
Energy		74,264,724		8.4
Financials		96,868,170		11.0
Industrials		98,329,251		11.2
Technology		48,156,647		5.5
Utilities		45,502,458		5.2
Cash and Other Assets in Excess of Liabilities		25,497,577		2.9
NET ASSETS	$	878,764,069		100.0	%

All data as of April 30, 2015. The BBH 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 STATEMENTS APRIL 30, 2015

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS

April 30, 2015 (unaudited)

Shares			Value
		COMMON STOCKS (97.1%)
		AUSTRALIA (3.0%)
		CONSUMER NON-CYCLICAL
	75,900	Cochlear, Ltd.	$	4,980,607
	135,500	CSL, Ltd.		9,670,648
	254,600	Woolworths, Ltd.		5,877,840
				20,529,095
		FINANCIALS
	516,906	QBE Insurance Group, Ltd.		5,552,233
		Total Australia		26,081,328

		BELGIUM (0.0%)
		UNITS
	5,618	Ageas¹		0
		Total Belgium		0

		BERMUDA (0.5%)
		DIVERSIFIED
	66,400	Jardine Matheson Holdings, Ltd.		4,105,203
		Total Bermuda		4,105,203

		CHINA (0.3%)
		ENERGY
	975,500	China Shenhua Energy Co., Ltd. (Class H)		2,527,829
		Total China		2,527,829

		DENMARK (1.4%)
		CONSUMER NON-CYCLICAL
	15,363	ISS AS		515,246
	205,900	Novo Nordisk AS (Class B)		11,468,348
		Total Denmark		11,983,594

		FINLAND (0.9%)
		INDUSTRIALS
	179,400	Kone OYJ (Class B)		7,686,454
		Total Finland		7,686,454

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

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Shares			Value
		COMMON STOCKS (continued)
		FRANCE (9.4%)
		BASIC MATERIALS
	71,800	Air Liquide SA	$	9,344,092
		COMMUNICATIONS
	62,548	Orange SA		1,023,364
		CONSUMER CYCLICAL
	53,200	LVMH Moet Hennessy Louis Vuitton SA		9,246,441
		CONSUMER NON-CYCLICAL
	119,750	Danone SA		8,605,399
	74,200	Essilor International SA		8,960,132
	48,700	L’Oreal SA		9,234,689
	130,462	Sanofi		13,188,012
				39,988,232
		ENERGY
	139,874	Total SA		7,529,888
		FINANCIALS
	93,916	Societe Generale SA		4,657,013
		INDUSTRIALS
	196,070	Cie de St-Gobain		8,877,301
	120,273	Vallourec SA		2,811,109
				11,688,410
		Total France		83,477,440

		GERMANY (6.2%)
		COMMUNICATIONS
	743,256	Deutsche Telekom AG		13,638,062
		CONSUMER CYCLICAL
	112,000	Adidas AG		9,172,054
	67,490	Daimler AG (Class Registered)		6,485,353
				15,657,407
		TECHNOLOGY
	236,321	SAP SE		17,920,888
		UTILITIES
	294,686	RWE AG		7,321,827
		Total Germany		54,538,184

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Shares			Value
		COMMON STOCKS (continued)
		HONG KONG (7.5%)
		COMMUNICATIONS
	1,284,500	China Mobile, Ltd.	$	18,331,610
		ENERGY
	6,322,000	CNOOC, Ltd.		10,742,198
		FINANCIALS
	1,795,000	AIA Group, Ltd.		11,980,949
	3,025,000	Hang Lung Properties, Ltd.		10,204,185
				22,185,134
		UTILITIES
	622,000	CLP Holdings, Ltd.		5,448,341
	3,870,671	Hong Kong & China Gas Co., Ltd.		9,232,047
				14,680,388
		Total Hong Kong		65,939,330

		ISRAEL (0.9%)
		CONSUMER NON-CYCLICAL
	126,500	Teva Pharmaceutical Industries, Ltd. ADR		7,643,130
		Total Israel		7,643,130

		ITALY (1.1%)
		ENERGY
	514,657	ENI SpA		9,847,460
		Total Italy		9,847,460

		JAPAN (20.0%)
		BASIC MATERIALS
	143,000	Shin-Etsu Chemical Co., Ltd.		8,718,756
		COMMUNICATIONS
	267,600	NTT DOCOMO, Inc.		4,736,852
	257,900	Rakuten, Inc.		4,484,139
				9,220,991
		CONSUMER CYCLICAL
	190,800	Denso Corp.		9,429,113
	615,600	Honda Motor Co., Ltd.		20,734,493
				30,163,606

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

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Shares			Value
		COMMON STOCKS (continued)
		JAPAN (continued)
		CONSUMER NON-CYCLICAL
	147,100	Kao Corp.	$	6,995,481
	592,000	Kirin Holdings Co., Ltd.		7,791,430
	117,800	Seven & I Holdings Co., Ltd.		5,052,906
	228,000	Takeda Pharmaceutical Co., Ltd.		11,667,967
				31,507,784
		ENERGY
	727,700	Inpex Corp.		9,077,412
		FINANCIALS
	84,200	Daito Trust Construction Co., Ltd.		9,742,944
	423,200	Tokio Marine Holdings, Inc.		17,187,155
				26,930,099
		INDUSTRIALS
	144,300	Daikin Industries, Ltd.		9,676,729
	51,500	FANUC Corp.		11,220,448
	112,300	Hoya Corp.		4,317,275
	24,925	Keyence Corp.		13,269,020
	385,500	Komatsu, Ltd.		7,712,331
				46,195,803
		TECHNOLOGY
	343,200	Canon, Inc.		12,199,555
	34,100	Tokyo Electron, Ltd.		1,855,548
				14,055,103
		Total Japan		175,869,554

		JERSEY (1.0%)
		CONSUMER NON-CYCLICAL
	487,600	Experian, Plc.		8,705,731
		Total Jersey		8,705,731

		NETHERLANDS (1.8%)
		COMMUNICATIONS
	216,913	Reed Elsevier NV		5,181,915
		CONSUMER NON-CYCLICAL
	559,993	Koninklijke Ahold NV		10,748,814
		Total Netherlands		15,930,729

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Shares			Value
		COMMON STOCKS (continued)
		NORWAY (0.1%)
		COMMUNICATIONS
	21,372	Telenor ASA	$	479,952
		Total Norway		479,952

		SINGAPORE (3.4%)
		COMMUNICATIONS
	2,552,000	Singapore Telecommunications, Ltd.		8,509,795
		FINANCIALS
	573,803	DBS Group Holdings, Ltd.		9,101,651
	390,624	United Overseas Bank, Ltd.		7,195,980
				16,297,631
		INDUSTRIALS
	1,443,800	SembCorp Industries, Ltd.		4,904,432
		Total Singapore		29,711,858

		SPAIN (4.3%)
		COMMUNICATIONS
	769,902	Telefonica SA		11,670,987
		CONSUMER CYCLICAL
	308,000	Inditex SA		9,811,526
		FINANCIALS
	9,867	Banco Santander SA		74,204
	453,931	Banco Santander SA		3,413,769
				3,487,973
		UTILITIES
	1,931,779	Iberdrola SA		12,842,444
		Total Spain		37,812,930

		SWEDEN (2.6%)
		COMMUNICATIONS
	408,380	Telefonaktiebolaget LM Ericsson (Class B)		4,449,634
	1,559,189	TeliaSonera AB		9,642,119
				14,091,753
		CONSUMER CYCLICAL
	230,600	Hennes & Mauritz AB (Class B)		9,110,795
		Total Sweden		23,202,548

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

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Shares			Value
		COMMON STOCKS (continued)
		SWITZERLAND (12.8%)
		BASIC MATERIALS
	2,811	Givaudan SA¹	$	5,250,482
	56,242	Syngenta AG		18,749,712
				24,000,194
		CONSUMER CYCLICAL
	7,700	Swatch Group AG		3,426,832
		CONSUMER NON-CYCLICAL
	258,373	Nestle SA		19,980,792
	214,783	Novartis AG		22,007,194
	31,000	Roche Holding AG		8,855,191
	3,350	SGS SA		6,464,933
				57,308,110
		FINANCIALS
	34,588	Zurich Insurance Group AG¹		10,623,925
		INDUSTRIALS
	570,284	ABB, Ltd.¹		12,384,965
	33,100	Kuehne + Nagel International AG		4,935,244
				17,320,209
		Total Switzerland		112,679,270

		TAIWAN (1.8%)
		TECHNOLOGY
	945,000	Taiwan Semiconductor Manufacturing Co., Ltd.		4,559,436
	475,500	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		11,621,220
		Total Taiwan		16,180,656

		UNITED KINGDOM (18.1%)
		COMMUNICATIONS
	203,810	Pearson, Plc.		4,113,808
	1,301,132	Vodafone Group, Plc.		4,585,525
				8,699,333
		CONSUMER CYCLICAL
	483,000	Compass Group, Plc.		8,550,541

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Shares					Value
		COMMON STOCKS (continued)
		UNITED KINGDOM (continued)
		CONSUMER NON-CYCLICAL
	116,639	Aggreko, Plc.			$ 2,945,494
	328,000	Diageo, Plc.			9,097,698
	1,489,816	G4S, Plc.			6,674,821
	533,803	GlaxoSmithKline, Plc.			12,332,544
	97,500	Intertek Group, Plc.			3,885,988
	105,200	Reckitt Benckiser Group, Plc.			9,380,931
	165,000	SABMiller, Plc.			8,730,176
	240,700	Smith & Nephew, Plc.			4,112,548
	2,730,938	Tesco, Plc.			9,215,395
	282,164	Unilever, Plc.			12,372,002
					78,747,597
		ENERGY
	481,118	AMEC, Plc.			6,749,261
	567,903	BG Group, Plc.			10,293,510
	1,258,960	BP, Plc.			9,071,572
	267,194	Royal Dutch Shell, Plc. (Class A)			8,425,594
					34,539,937
		FINANCIALS
	436,834	Standard Chartered, Plc.			7,134,162
		INDUSTRIALS
	649,500	Rolls-Royce Holdings, Plc.¹			10,393,561
	91,579,500	Rolls-Royce Holdings, Plc. (Preference C Shares)¹			140,382
					10,533,943
		UTILITIES
	793,784	National Grid, Plc.			10,657,799
		Total United Kingdom			158,863,312
		Total Common Stocks (Identified cost $664,649,113)			853,266,492

TOTAL INVESTMENTS (Identified cost $664,649,113)²			97.1	%	$853,266,492
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES			2.9	%	25,497,577
NET ASSETS			100.0	%	$878,764,069

Non-income producing security.

The aggregate cost for federal income tax purposes is $664,649,113, the aggregate gross unrealized appreciation is $266,861,618 and the aggregate gross unrealized depreciation is $78,244,239, resulting in net unrealized appreciation of $188,617,379.

The Fund’s country diversification is based on the respective security’s country of incorporation.

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, 2015 (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).

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.

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

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.

Financial assets classified within level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include private equity and certain corporate debt securities.

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

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

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2015.

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, 2015
Australia	$	–	$	26,081,328	$	–	$	26,081,328
Belgium		–		0		–		0
Bermuda		–		4,105,203		–		4,105,203
China		–		2,527,829		–		2,527,829
Denmark		–		11,983,594		–		11,983,594
Finland		–		7,686,454		–		7,686,454
France		–		83,477,440		–		83,477,440
Germany		–		54,538,184		–		54,538,184
Hong Kong		–		65,939,330		–		65,939,330
Israel		7,643,130		–		–		7,643,130
Italy		–		9,847,460		–		9,847,460
Japan		–		175,869,554		–		175,869,554
Jersey		–		8,705,731		–		8,705,731
Netherlands		–		15,930,729		–		15,930,729
Norway		–		479,952		–		479,952
Singapore		–		29,711,858		–		29,711,858
Spain		–		37,812,930		–		37,812,930
Sweden		–		23,202,548		–		23,202,548
Switzerland		–		112,679,270		–		112,679,270
Taiwan		11,621,220		4,559,436		–		16,180,656
United Kingdom		–		158,863,312		–		158,863,312
Investments, at value	$	19,264,350	$	834,002,142	$	–	$	853,266,492

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERNATIONAL EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2015 (unaudited)


ASSETS:
Investments in securities, at value (Identified cost $664,649,113)	$	853,266,492
Cash		22,107,576
Foreign currency at value (Identified cost $902,306)		902,188
Receivables for:
Dividends		4,941,738
Investments sold		2,068,356
Shares sold		535,000
Prepaid assets		1,742
Total Assets		883,823,092
LIABILITIES:
Payables for:
Investments purchased		3,701,562
Investment advisory and administrative fees		573,733
Shares redeemed		457,851
Shareholder servicing fees		160,985
Custody and fund accounting fees		106,796
Professional fees		47,022
Transfer agent fees		3,652
Distributor fees		1,885
Accrued expenses and other liabilities		5,537
Total Liabilities		5,059,023

NET ASSETS	$	878,764,069
Net Assets Consist of:
Paid-in capital	$	737,860,138
Undistributed net investment income		6,042,777
Accumulated net realized loss on investments in securities
and foreign exchange transactions		(53,705,336	)
Net unrealized appreciation/(depreciation) on investments in
securities and foreign currency translations		188,566,490
Net Assets	$	878,764,069

NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($783,649,671 ÷ 50,502,307 shares outstanding)	$	15.52
CLASS I SHARES
($95,114,398 ÷ 6,117,735 shares outstanding)	$	15.55

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, 2015 (unaudited)


NET INVESTMENT INCOME:
Income:
Dividends (net of foreign withholding taxes of $957,866)	$	11,035,364
Interest and other income		133
Total Income		11,035,497
Expenses:
Investment advisory and administrative fees		3,303,764
Shareholder servicing fees		930,178
Custody and fund accounting fees		118,640
Professional fees		46,642
Board of Trustees’ fees		29,629
Transfer agent fees		14,719
Distributor fees		10,458
Miscellaneous expenses		65,825
Total Expenses		4,519,855
Expense offset arrangement		(3,698	)
Net Expenses		4,516,157
Net Investment Income		6,519,340
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments in securities		4,014,724
Net realized gain on foreign exchange transactions and translations		130,283
Net realized gain on investments in securities and foreign
exchange transactions and translations		4,145,007
Net change in unrealized appreciation/(depreciation) on
investments in securities		32,111,357
Net change in unrealized appreciation/(depreciation) on
foreign currency translations		(3,263	)
Net change in unrealized appreciation/(depreciation) on
investments in securities and foreign currency translations		32,108,094
Net Realized and Unrealized Gain		36,253,101
Net Increase in Net Assets Resulting from Operations	$	42,772,441

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERNATIONAL EQUITY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	For the six months ended April 30, 2015 (unaudited)			For the year ended October 31, 2014
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	6,519,340		$	20,004,362
Net realized gain on investments in securities and
foreign exchange transactions and translations		4,145,007			22,096,487
Net change in unrealized appreciation/(depreciation)
on investments in securities and foreign
currency translations		32,108,094			(43,722,923	)
Net increase (decrease) in net assets resulting from
operations		42,772,441			(1,622,074	)
Dividends and distributions declared:
From net investment income:
Class N		(17,771,728	)		(11,905,317	)
Class I		(2,187,204	)		(1,475,717	)
Total dividends and distributions declared		(19,958,932	)		(13,381,034	)
Share transactions:
Proceeds from sales of shares		55,619,914			129,572,113
Net asset value of shares issued to shareholders for
reinvestment of dividends and distributions		19,895,791			13,341,423
Proceeds from short-term redemption fees		20			5
Cost of shares redeemed		(62,615,284	)		(55,069,301	)
Net increase in net assets resulting from
share transactions		12,900,441			87,844,240
Total increase in net assets		35,713,950			72,841,132

NET ASSETS:
Beginning of period		843,050,119			770,208,987
End of period (including undistributed net investment
income of $6,042,777 and $19,482,369, respectively)	$	878,764,069		$	843,050,119

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, 2015 (unaudited)			For the years ended October 31,
	For the six months ended April 30, 2015 (unaudited)			2014			2013			2012			2011			2010
Net asset value,
beginning of period	$	15.11		$	15.38		$	13.05		$	12.66		$	13.05		$	11.98
Income from investment operations:
Net investment income¹		0.11			0.37			0.25			0.27			0.26			0.23
Net realized and unrealized
gain (loss)		0.66			(0.38	)		2.35			0.45			(0.45	)		1.03
Total income (loss) from
investment operations		0.77			(0.01	)		2.60			0.72			(0.19	)		1.26
Less dividends and distributions:
From net investment income		(0.36	)		(0.26	)		(0.27	)		(0.33	)		(0.20	)		(0.19	)
Total dividends and
distributions		(0.36	)		(0.26	)		(0.27	)		(0.33	)		(0.20	)		(0.19	)
Short-term redemption fees¹		0.00	²		0.00	²		0.00	²		0.00	²		0.00	²		–
Net asset value, end of period	$	15.52		$	15.11		$	15.38		$	13.05		$	12.66		$	13.05
Total return		5.34	%³		0.01	%		20.27	%		6.05	%		(1.49	)%		10.61	%

Ratios/Supplemental data:
Net assets, end of period
(in millions)	$	784		$	757		$	695		$	510		$	644		$	573
Ratio of expenses to average net
assets before reductions		1.12	%⁴		1.12	%		1.14	%		1.17	%		1.16	%		1.17	%
Expense offset arrangement		0.00	%^4,5		0.00	%⁵		0.00	%⁵		0.00	%⁵		0.00	%⁵		0.00	%⁵
Ratio of expenses to average net
assets after reductions		1.12	%⁴		1.12	%		1.14	%		1.17	%		1.16	%		1.17	%
Ratio of net investment income
to average net assets		1.55	%⁴		2.43	%		1.79	%		2.18	%		1.98	%		1.85	%
Portfolio turnover rate		8	%³		15	%		14	%		12	%		13	%		11	%

Calculated using average shares outstanding for the period.

Less than $0.01.

Not annualized.

⁴

Annualized.

⁵

Less than 0.01%.

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

FINANCIAL STATEMENTS APRIL 30, 2015

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, 2015 (unaudited)			For the years ended October 31,
	For the six months ended April 30, 2015 (unaudited)			2014			2013			2012			2011			2010
Net asset value, beginning
of period	$	15.16		$	15.43		$	13.08		$	12.70		$	13.09		$	12.01
Income from investment operations:
Net investment income¹		0.13			0.40			0.28			0.30			0.29			0.24
Net realized and unrealized
gain (loss)		0.65			(0.38	)		2.37			0.45			(0.45	)		1.05
Total income (loss) from
investment operations		0.78			0.02			2.65			0.75			(0.16	)		1.29
Less dividends and distributions:
From net investment income		(0.39	)		(0.29	)		(0.30	)		(0.37	)		(0.23	)		(0.21	)
Total dividends and
distributions		(0.39	)		(0.29	)		(0.30	)		(0.37	)		(0.23	)		(0.21	)
Short-term redemption fees¹		–			–			0.00	²		0.00	²		0.00	²		–
Net asset value, end of period	$	15.55		$	15.16		$	15.43		$	13.08		$	12.70		$	13.09
Total return		5.43	%³		0.21	%		20.64	%		6.31	%		(1.26	)%		10.88	%

Ratios/Supplemental data:
Net assets, end of period
(in millions)	$	95		$	86		$	75		$	70		$	97		$	82
Ratio of expenses to average net
assets before reductions		0.90	%⁴		0.90	%		0.90	%		0.94	%		0.92	%		0.93	%
Expense offset arrangement		0.00	%^4,5		0.00	%⁵		0.00	%⁵		0.00	%⁵		0.01	%		0.00	%⁵
Ratio of expenses to average net
assets after reductions		0.90	%⁴		0.90	%		0.90	%		0.94	%		0.91	%		0.93	%
Ratio of net investment income
to average net assets		1.81	%⁴		2.62	%		2.01	%		2.42	%		2.22	%		1.96	%
Portfolio turnover rate		8	%³		15	%		14	%		12	%		13	%		11	%

Calculated using average shares outstanding for the period.

Less than $0.01.

Not annualized.

⁴

Annualized.

⁵

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, 2015 (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. With the exception of class specific expenses, all expenses are allocated between classes based on net assets. Neither Class N shares nor Class I shares convert to any other share class of the Fund. As of April 30, 2015, 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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services – Investment Companies. The following summarizes significant accounting policies of the Fund:

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 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.

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

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.

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.

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, 2015, the Fund had no open contracts.

During the six months ended April 30, 2015, the average monthly notional amount of forward foreign currency exchange contracts was $4,836,837. The corresponding volumes for the period ranged from $0 to $16,204,312.

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

Net Realized Gain on Forward Foreign Currency Exchange Contracts	$496,963

Net Change in Unrealized Appreciation/(Depreciation) on Forward Foreign
Currency Exchange Contracts	$ (74,245	)

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

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

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.

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.

The Fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (“ASC 740”). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Fund did not have any unrecognized tax benefits as of October 31, 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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

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 $17,771,728 and $2,187,204 to Class N shares and Class I shares, respectively, during the six months ended April 30, 2015.

The tax character of distributions paid during the fiscal years ended October 31, 2014 and 2013, respectively, were as follows:

Distributions paid from:
	Ordinary income		Net long-term capital gain		Total taxable distributions		Tax return of capital		Total distributions paid
2014:	$	13,381,034		–	$	13,381,034		–	$	13,381,034
2013:		12,252,757		–		12,252,757		–		12,252,757

As of October 31, 2014 and 2013, 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)
2014:	$	19,556,615		–	$	19,556,615	$	(51,410,393	)	$	(6,514,196	)	$	156,458,396	$	118,090,422
2013:		12,612,249		–		12,612,249		(74,183,898	)		(5,516,141	)		200,181,319		133,093,529

As of October 31, 2014, the Fund’s net capital loss carryforward expires as follows:

	Expiration Date	Amount
Pre-December 22, 2010 Capital Losses	10/31/2017	$	46,243,930
	10/31/2019		5,166,463
Post December 22, 2010 Capital Losses¹	No Expiration		–
Total capital loss carryforward		$	51,410,393

Must be utilized prior to losses subject to expiration.

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

During the year ended October 31, 2014, the Fund utilized $22,773,505 of its capital loss carryforwards.

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.

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 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, 2015 the Fund incurred $3,303,764 for services under the Agreement.

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

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, 2015, Class N shares of the Fund incurred $930,178 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, 2015, the Fund incurred $118,640 in custody and fund accounting fees. These fees for the Fund were reduced by $3,698 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, 2015, was $448.

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, 2015, the Fund incurred $29,629 in independent Trustee compensation and reimbursements.

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

	For the six months ended April 30, 2015 (unaudited)						For the year ended October 31, 2014
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		2,720,507		$	40,468,606			6,727,518		$	102,996,755
Shares issued
in connection with
reinvestments of
dividends		1,272,169			17,708,587			813,276			11,865,706
Proceeds from short-term
redemption fees		N/A			20			N/A			5
Shares redeemed		(3,596,612	)		(52,864,259	)		(2,650,983	)		(40,100,125	)
Net increase		396,064		$	5,312,954			4,889,811		$	74,762,341
Class I
Shares sold		984,578		$	15,151,308			1,702,039		$	26,575,358
Shares issued
in connection with
reinvestments of
dividends		156,901			2,187,204			101,007			1,475,717
Shares redeemed		(677,734	)		(9,751,025	)		(994,314	)		(14,969,176	)
Net increase		463,745		$	7,587,487			808,732		$	13,081,899

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 Sub-advisers may cause the Fund to incur losses or miss profit opportunities (management risk). The investment styles of the Sub-advisers may not complement each other (multi-manager risk). Price movements may occur due to factors affecting individual companies, such as the issuance of an unfavorable earnings report, or other events affecting particular industries or the equity market as a whole (equity securities risk). The value of securities held by the Fund may fall due to changing economic, political, regulatory or market conditions, or due to a company’s or issuer’s individual situation (market risk). In the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to assumption of

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

large positions in securities of a small number of issuers (non-diversification risk). There are certain risks associated with investing in foreign securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (foreign investment risk), capital controls imposed by foreign governments in response to economic or political events that may impact the ability of the Fund to buy, sell or otherwise transfer securities or currency (capital controls risk), and risks from investing in securities of issuers based in developing countries (emerging markets risk). Non-U.S. currencies invested in by the Fund may depreciate against the U.S. dollar (currency exchange rate risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (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, 2015 (unaudited)

EXAMPLE

The Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2014 to April 30, 2015).

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERNATIONAL EQUITY FUND

DISCLOSURE OF FUND EXPENSES (continued)

April 30, 2015 (unaudited)

	Beginning Account Value November 1, 2014	Ending Account Value April 30, 2015	Expenses Paid During Period November 1, 2014 to April 30, 2015¹
Class N
Actual	$1,000	$1,053	$5.70
Hypothetical²	$1,000	$1,019	$5.61

	Beginning Account Value November 1, 2014	Ending Account Value April 30, 2015	Expenses Paid During Period November 1, 2014 to April 30, 2015¹
Class I
Actual	$1,000	$1,054	$4.58
Hypothetical²	$1,000	$1,020	$4.51

Expenses are equal to the Fund’s annualized expense ratio of 1.12% and 0.90% 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, 2015 (unaudited)

Investment Advisory and Administrative Services and Sub-Advisory Agreements Approval

The Board, a majority of which is comprised of Independent Trustees, held an in-person meeting on December 3, 2014, 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 & Partners 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. The Board concluded that the fees paid by the Fund to the Investment Adviser and the Sub-Advisers were reasonable based on the comparative performance, expense information, the cost of the services provided and the profits realized by the Investment Adviser and the Sub-Advisers.

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERNATIONAL EQUITY FUND

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2015 (unaudited)

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.

The Board received and considered information, during the in-person meeting held on December 3, 2014, and over the course of the previous year, regarding the nature, extent and quality of services provided to the Fund by the Investment Adviser including: the supervision of the Sub-Advisers, supervision of operations and compliance and regulatory filings, disclosures to Fund shareholders, general oversight of service providers, assisting the Board (including the Independent Trustees in their capacity as Trustees), Chief Compliance Officer services for the Trust, 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, shareholder servicing, fund accounting 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 during the course of its regular meetings it received reports on each of the foregoing topics. The Board concluded that, overall, they were satisfied with the nature, extent and quality of 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 3, 2014, 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.

BBH INTERNATIONAL EQUITY FUND

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2015 (unaudited)

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 the Fund’s strong performance in the 1, 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 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, noting that the Fund compared favorably to the selected peer-set. 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 both reasonable in light of the services rendered and the result of arm’s length negotiations.

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.

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERNATIONAL EQUITY FUND

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2015 (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, 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, 2014, and for the prior four years. 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 conducted a detailed reviewed of the allocation methods used in preparing the profitability data. To the extent made available, the Board also reviewed the Sub-Advisers’ profitability data for the Fund. The Board also considered the effect of fall-out benefits to 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’s and BBH’s nor the Sub-Advisers’ profitability was excessive in light of the nature, extent and quality of services provided to the Fund. The Board considered other benefits received by BBH, the Investment Adviser, and the Sub-Advisers, as applicable, as a result of their relationships with the Fund. These other benefits include proprietary research received from brokers that execute the Fund’s purchases and sales of securities and fees received for being the Fund’s administrator, custodian, fund accounting and shareholder servicing agent. In light of the costs of providing services pursuant to the Advisory Agreement as well as the Investment Adviser and BBH’s commitment to the Fund, the ancillary benefits that the Investment Adviser and BBH received were considered reasonable.

Economies of Scale

BBH INTERNATIONAL EQUITY FUND

CONFLICTS OF INTEREST

April 30, 2015 (unaudited)

Conflicts of Interest

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERNATIONAL EQUITY FUND

CONFLICTS OF INTEREST (continued)

April 30, 2015 (unaudited)

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.

Administrator

Brown Brothers Harriman & Co.
140 Broadway

New York, NY 10005

Distributor

ALPS Distributors, Inc.

1290 Broadway, Suite 1100
Denver, CO 80203

Shareholder Servicing Agent

Brown Brothers Harriman & CO.

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 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.

Semi-Annual Report

APRIL 30, 2015

BBH Intermediate Municipal Bond Fund

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO ALLOCATION

April 30, 2015 (unaudited)

BREAKDOWN BY SECURITY TYPE

	U.S. $ Value		Percent of Net Assets
Municipal Bonds	$	80,233,055		98.9	%
Cash and Other Assets in Excess of Liabilities		868,872		1.1
NET ASSETS	$	81,101,927		100.0	%

All data as of April 30, 2015. BBH Intermediate Municipal Bond Fund’s (the “Fund”) security type diversification is expressed as a percentage of net assets and may vary over time.

CREDIT QUALITY

	U.S. $ Value		Percent of Total Investments
AAA	$	15,868,421		19.8	%
AA		23,008,389		28.7
A		40,366,133		50.3
BBB		754,772		0.9
Not rated		235,340		0.3
TOTAL INVESTMENTS	$	80,233,055		100.0	%

All data as of April 30, 2015. The Fund’s credit quality is expressed as a percentage of total investments and may vary over time. Ratings are provided by Standard and Poor’s (S&P). Where S&P ratings are not available, they are substituted with Moody’s. S&P and Moody’s are independent third parties.

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

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (98.9%)
		Alabama (0.7%)
$	205,000	Alabama 21st Century Authority,
		Revenue Bonds	06/01/20		5.000	%	$	236,554
	290,000	Alabama 21st Century Authority,
		Revenue Bonds	06/01/21		5.000			337,705
		Total Alabama						574,259

		Arizona (3.5%)
	100,000	Coconino County Pollution Control Corp.,
		Revenue Bonds, FGIC¹	09/01/32		0.448			94,617
	425,000	Salt Verde Financial Corp.,
		Revenue Bonds	12/01/19		5.250			490,084
	55,000	Salt Verde Financial Corp.,
		Revenue Bonds	12/01/22		5.250			65,416
	50,000	Salt Verde Financial Corp.,
		Revenue Bonds	12/01/26		5.250			60,061
	1,070,000	Salt Verde Financial Corp.,
		Revenue Bonds	12/01/27		5.250			1,283,262
	345,000	Salt Verde Financial Corp.,
		Revenue Bonds	12/01/28		5.250			411,426
	165,000	Salt Verde Financial Corp.,
		Revenue Bonds	12/01/29		5.500			199,883
	195,000	Salt Verde Financial Corp.,
		Revenue Bonds	12/01/32		5.000			221,294
		Total Arizona						2,826,043

		California (6.4%)
	60,000	California Pollution Control Financing
		Authority, Revenue Bonds,
		AMBAC, FGIC	12/01/23		4.750			63,964
	25,000	Long Beach Bond Finance Authority,
		Revenue Bonds	11/15/19		5.250			28,408
	165,000	Long Beach Bond Finance Authority,
		Revenue Bonds	11/15/22		5.250			191,415
	530,000	Long Beach Bond Finance Authority,
		Revenue Bonds	11/15/23		5.250			616,538

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		California (continued)
$	30,000	Long Beach Bond Finance Authority,
		Revenue Bonds¹	11/15/27		1.623	%	$	27,372
	260,000	Long Beach Bond Finance Authority,
		Revenue Bonds	11/15/30		5.500			313,526
	200,000	Los Angeles County Metropolitan
		Transportation Authority, Revenue
		Bonds, AMBAC¹	07/01/27		0.408			189,660
	625,000	Los Angeles County Metropolitan
		Transportation Authority, Revenue
		Bonds, AMBAC¹	07/01/27		0.408			593,717
	350,000	Los Angeles County Metropolitan
		Transportation Authority, Revenue
		Bonds, AMBAC¹	07/01/27		0.415			330,495
	2,500,000	Northern California Gas Authority No. 1,
		Revenue Bonds¹	07/01/27		0.904			2,282,050
	575,000	Northern California Transmission Agency,
		Revenue Bonds, NPFG¹	05/01/24		0.407			543,623
		Total California						5,180,768

		Colorado (0.6%)
	515,000	Denver Health & Hospital Authority,
		Revenue Bonds¹	12/01/33		1.275			470,020
		Total Colorado						470,020

		Connecticut (0.4%)
	125,000	Connecticut Housing Finance Authority,
		Revenue Bonds	11/15/22		3.250			129,011
	140,000	Connecticut Housing Finance Authority,
		Revenue Bonds	11/15/23		3.450			143,996
	85,000	State of Connecticut, General
		Obligation Bonds¹	03/01/25		1.100			85,601
		Total Connecticut						358,608

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

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		District of Columbia (0.3%)
$	205,000	Metropolitan Washington Airports
		Authority, Revenue Bonds	10/01/21		5.000	%	$	240,319
		Total District of Columbia						240,319

		Florida (5.1%)
	425,000	City of Tampa Solid Waste System
		Revenue, Revenue Bonds	10/01/20		5.000			487,428
	150,000	City of Tampa Solid Waste System
		Revenue, Revenue Bonds	10/01/21		3.500			158,189
	205,000	County of Broward Airport System
		Revenue, Revenue Bonds	10/01/21		5.000			239,649
	380,000	County of Broward Airport System
		Revenue, Revenue Bonds	10/01/26		5.000			430,931
	990,000	Florida HomeLoan Corp., Revenue
		Bonds, FHLMC	07/01/45		3.000			1,033,263
	1,080,000	Greater Orlando Aviation Authority,
		Revenue Bonds	10/01/27		5.000			1,217,106
	35,000	Hillsborough County Aviation Authority,
		Revenue Bonds	10/01/25		5.000			39,776
	10,000	Hillsborough County Aviation Authority,
		Revenue Bonds	10/01/26		5.000			11,223
	185,000	Miami-Dade County, Revenue Bonds	10/01/22		5.000			218,968
	300,000	Pinellas County Health Facilities
		Authority, Revenue Bonds NPFG¹	11/15/23		0.222			282,676
		Total Florida						4,119,209

		Georgia (0.9%)
	200,000	Burke County Development Authority,
		Revenue Bonds, AGM¹	01/01/24		0.315			189,526
	65,000	Chatham County Hospital Authority,
		Revenue Bonds	01/01/26		5.000			75,077
	500,000	Monroe County Development Authority,
		Revenue Bonds¹	01/01/39		2.400			508,125
		Total Georgia						772,728

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Hawaii (2.1%)
$	300,000	State of Hawaii Airports System
		Revenue, Certificates of Participation	08/01/21		5.000	%	$	348,900
	1,185,000	State of Hawaii Department of
		Transportation, Certificates of
		Participation	08/01/28		5.000			1,316,582
		Total Hawaii						1,665,482

		Illinois (9.2%)
	425,000	Chicago Park District, General
		Obligation Bonds	01/01/18		4.250			451,648
	25,000	Chicago Park District, General
		Obligation Bonds	01/01/19		3.000			25,770
	310,000	Chicago Park District, General
		Obligation Bonds	01/01/19		4.000			330,389
	100,000	Chicago Park District, General
		Obligation Bonds	01/01/19		5.000			110,076
	170,000	Chicago Park District, General
		Obligation Bonds	01/01/19		5.000			187,129
	310,000	Chicago Park District, General
		Obligation Bonds	01/01/20		4.000			322,924
	85,000	Chicago Park District, General
		Obligation Bonds	01/01/20		5.000			94,796
	345,000	Chicago Park District, General
		Obligation Bonds	01/01/21		5.000			389,050
	100,000	Chicago Park District, General
		Obligation Bonds	01/01/22		4.000			103,048
	370,000	Chicago Park District, General
		Obligation Bonds	01/01/23		5.000			414,567
	15,000	Chicago Transit Authority, Revenue
		Bonds, AMBAC	06/01/16		5.250			15,685
	75,000	Chicago Transit Authority, Revenue
		Bonds, AMBAC	06/01/16		5.250			78,424
	15,000	Chicago Transit Authority, Revenue
		Bonds, AGC	06/01/19		5.250			16,644
	520,000	Chicago Transit Authority, Revenue
		Bonds	06/01/19		5.500			586,654

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

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Illinois (continued)
$	250,000	Chicago Transit Authority, Revenue
		Bonds, AGC	06/01/20		5.250	%	$	276,612
	25,000	Chicago Transit Authority, Revenue
		Bonds	06/01/22		5.000			27,691
	50,000	Chicago Transit Authority, Revenue
		Bonds, AGC	06/01/24		5.250			54,552
	220,000	City of Chicago Motor Fuel Tax Revenue,
		Revenue Bonds, AGC	01/01/22		5.000			251,348
	130,000	City of Chicago Motor Fuel Tax Revenue,
		Revenue Bonds	01/01/25		5.000			149,152
	440,000	City of Chicago Motor Fuel Tax Revenue,
		Revenue Bonds	01/01/26		5.000			501,587
	85,000	Metropolitan Pier & Exposition Authority,
		Revenue Bonds, NPFG²	12/15/19		0.000			77,441
	170,000	Metropolitan Pier & Exposition Authority,
		Revenue Bonds, NPFG²	12/15/21		0.000			143,968
	750,000	Railsplitter Tobacco Settlement
		Authority, Revenue Bonds	06/01/18		5.000			828,045
	90,000	Railsplitter Tobacco Settlement
		Authority, Revenue Bonds	06/01/19		5.125			101,849
	95,000	Railsplitter Tobacco Settlement
		Authority, Revenue Bonds	06/01/21		5.375			112,114
	95,000	Railsplitter Tobacco Settlement
		Authority, Revenue Bonds	06/01/23		5.500			112,253
	270,000	State of Illinois, General
		Obligation Bonds	01/01/18		5.250			293,163
	45,000	State of Illinois, General
		Obligation Bonds	04/01/20		5.000			49,746
	130,000	State of Illinois, General
		Obligation Bonds	08/01/21		5.000			145,158
	150,000	State of Illinois, General
		Obligation Bonds	07/01/22		5.000			168,157
	250,000	State of Illinois, General
		Obligation Bonds, AGM	04/01/26		5.000			274,247
	250,000	State of Illinois, General
		Obligation Bonds	05/01/28		5.000			269,307

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Illinois (continued)
$	475,000	State of Illinois, General
		Obligation Bonds	09/01/28		5.000	%	$	497,596
		Total Illinois						7,460,790

		Indiana (0.3%)
	220,000	City of Rockport, Revenue Bonds¹	06/01/25		1.750			220,788
		Total Indiana						220,788

		Kansas (1.3%)
	150,000	City of La Cygne, Revenue Bonds, NPFG¹	04/15/27		0.040			135,488
	50,000	City of St. Marys, Revenue Bonds, NPFG¹	04/15/32		0.040			45,593
	1,000,000	City of St. Marys, Revenue Bonds, NPFG¹	04/15/32		0.160			911,868
		Total Kansas						1,092,949

		Kentucky (3.8%)
	1,850,000	Carroll County, Revenue Bonds, AMBAC¹	10/01/32		0.200			1,705,593
	1,340,000	Kentucky Housing Corp., Revenue Bonds	07/01/19		4.250			1,393,761
		Total Kentucky						3,099,354

		Maine (1.3%)
	1,000,000	Finance Authority of Maine,
		Revenue Bonds	02/01/16		4.650			1,028,900
		Total Maine						1,028,900

		Maryland (1.4%)
	1,000,000	State of Maryland, General
		Obligation Bonds	08/01/19		4.000			1,115,370
		Total Maryland						1,115,370

		Massachusetts (0.8%)
	250,000	Commonwealth of Massachusetts,
		General Obligation Bonds, AGM¹	11/01/18		0.845			259,007
	375,000	Commonwealth of Massachusetts,
		General Obligation Bonds, NPFG¹	12/01/30		0.120			352,430
	35,000	Commonwealth of Massachusetts,
		General Obligation Bonds, NPFG¹	05/01/37		0.741			32,555
		Total Massachusetts						643,992

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

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Michigan (5.3%)
$	220,000	Detroit City School District, General
		Obligation Bonds, FGIC	05/01/20		6.000	%	$	262,161
	175,000	Detroit City School District, General
		Obligation Bonds, FGIC	05/01/21		6.000			211,904
	350,000	Detroit City School District, General
		Obligation Bonds	05/01/23		5.000			401,439
	95,000	Detroit City School District, General
		Obligation Bonds, BHAC, FGIC	05/01/25		5.250			110,302
	55,000	Detroit City School District, General
		Obligation Bonds, AGM	05/01/27		5.250			63,948
	305,000	Detroit City School District, General
		Obligation Bonds, AGM	05/01/29		6.000			366,061
	1,510,000	Detroit City School District, General
		Obligation Bonds, AGM	05/01/30		5.250			1,752,808
	1,000,000	Michigan State Hospital Finance
		Authority, Revenue Bonds	06/01/25		5.000			1,162,530
		Total Michigan						4,331,153

		Missouri (1.2%)
	300,000	Health & Educational Facilities
		Authority of the State of Missouri,
		Revenue Bonds³	05/01/15		0.130			300,000
	300,000	Health & Educational Facilities
		Authority of the State of Missouri,
		Revenue Bonds, AMBAC¹	06/01/31		0.420			270,453
	310,000	Health & Educational Facilities
		Authority of the State of Missouri,
		Revenue Bonds, AMBAC¹	06/01/31		0.425			281,940
	100,000	St. Joseph Industrial Development
		Authority, Revenue Bonds, AMBAC¹	12/11/31		0.091			83,047
		Total Missouri						935,440

		Montana (0.6%)
	490,000	Montana Board of Housing,
		Revenue Bonds, FHA	12/01/43		3.000			508,159
		Total Montana						508,159

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Nebraska (0.6%)
$	325,000	Central Plains Energy Project,
		Revenue Bonds	12/01/18		5.250	%	$	365,781
	90,000	Central Plains Energy Project,
		Revenue Bonds	09/01/27		5.000			100,995
		Total Nebraska						466,776

		Nevada (1.0%)
	850,000	County of Washoe, Revenue
		Bonds, NPFG¹	03/01/36		0.451			809,981
		Total Nevada						809,981

		New Jersey (13.3%)
	1,000,000	New Jersey Economic Development
		Authority, Revenue Bonds¹	02/01/17		1.010			994,440
	160,000	New Jersey Economic Development
		Authority, Revenue Bonds	03/01/23		5.000			177,795
	570,000	New Jersey Economic Development
		Authority, Revenue Bonds¹	09/01/27		1.660			552,250
	725,000	New Jersey Economic Development
		Authority, Revenue Bonds¹	03/01/28		1.710			706,723
	925,000	New Jersey State Turnpike Authority,
		Revenue Bonds, NPFG¹	01/01/30		0.140			842,375
	1,200,000	New Jersey State Turnpike Authority,
		Revenue Bonds, NPFG¹	01/01/30		0.140			1,092,812
	250,000	New Jersey State Turnpike Authority,
		Revenue Bonds, NPFG¹	01/01/30		0.245			227,669
	125,000	New Jersey Transit Corp.,
		Revenue Bonds	09/15/17		5.000			135,323
	595,000	New Jersey Transit Corp.,
		Revenue Bonds	09/15/20		5.000			678,151
	275,000	New Jersey Transportation Trust Fund
		Authority, Revenue Bonds, AMBAC²	12/15/26		0.000			165,341
	2,500,000	New Jersey Transportation Trust Fund
		Authority, Revenue Bonds, NPFG²	12/15/30		0.000			1,183,150
	500,000	New Jersey Transportation Trust Fund
		Authority, Revenue Bonds¹	06/15/34		1.310			486,785

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

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		New Jersey (continued)
$	5,330,000	Tobacco Settlement Financing Corp.,
		Revenue Bonds²	06/01/41		0.000	%	$	1,291,726
	9,615,000	Tobacco Settlement Financing Corp.,
		Revenue Bonds²	06/01/41		0.000			2,270,871
		Total New Jersey						10,805,411

		New York (9.5%)
	1,150,000	Metropolitan Transportation Authority,
		Revenue Bonds, AGM¹	11/01/22		0.361			1,109,878
	50,000	Metropolitan Transportation Authority,
		Revenue Bonds, AGM¹	11/01/22		0.369			48,255
	250,000	New York City Transit Authority/
		Metropolitan Trans Authority/Triborough
		Bridge & Tunnel Authority, Certificates
		of Participation, AMBAC¹	01/01/30		0.498			235,340
	100,000	New York City Water & Sewer System,
		Revenue Bonds³	05/01/15		0.130			100,000
	300,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds¹	04/01/20		0.102			289,286
	120,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, AMBAC¹	12/01/23		0.453			114,094
	1,725,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, AMBAC¹	12/01/25		0.453			1,633,252
	500,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, AMBAC	12/01/25		0.461			473,407
	1,500,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds¹	07/01/26		2.375			1,498,365
	80,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, AMBAC¹	12/01/26		0.451			75,978

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		New York (continued)
$	80,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, AMBAC¹	03/01/27		0.454	%	$	75,679
	110,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, AMBAC¹	07/01/27		0.451			104,036
	290,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, AMBAC¹	07/01/27		0.451			274,282
	690,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, XCLA¹	07/01/29		0.453			644,942
	1,000,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, XCLA¹	01/01/39		0.091			893,754
	180,000	State of New York, General Obligation
		Bonds, AMBAC¹	03/14/31		0.120			166,238
		Total New York						7,736,786

		North Carolina (5.1%)
	1,405,000	County of Mecklenburg, General
		Obligation Bonds	04/01/24		5.000			1,740,781
	2,000,000	State of North Carolina, General
		Obligation Bonds	06/01/21		5.000			2,400,940
		Total North Carolina						4,141,721

		North Dakota (0.6%)
	485,000	North Dakota Housing Finance Agency,
		Revenue Bonds	07/01/34		4.000			525,725
		Total North Dakota						525,725

		Pennsylvania (6.4%)
	275,000	Allegheny County Airport Authority,
		Revenue Bonds, FGIC	01/01/18		5.000			302,305
	75,000	Allegheny County Airport Authority,
		Revenue Bonds, NPFG	01/01/18		5.000			82,447

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

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Pennsylvania (continued)
$	190,000	Allegheny County Airport Authority,
		Revenue Bonds	01/01/21		5.000	%	$	217,162
	150,000	Allegheny County Airport Authority,
		Revenue Bonds, FGIC	01/01/22		5.000			172,162
	50,000	Allegheny County Airport Authority,
		Revenue Bonds, FGIC	01/01/23		5.000			57,457
	1,145,000	Pennsylvania Economic Development
		Financing Authority, Revenue Bonds¹	07/01/41		2.250			1,145,779
	170,000	Pennsylvania Turnpike Commission,
		Revenue Bonds¹	12/01/19		1.260			172,123
	1,000,000	School District of Philadelphia,
		General Obligation Bonds	09/01/20		5.000			1,145,280
	275,000	School District of Philadelphia,
		General Obligation Bonds	09/01/22		5.250			312,603
	1,000,000	State Public School Building Authority,
		Revenue Bonds	06/01/23		5.000			1,156,380
	50,000	State Public School Building Authority,
		Revenue Bonds	04/01/25		5.000			55,930
	345,000	State Public School Building Authority,
		Revenue Bonds	04/01/31		5.000			372,100
		Total Pennsylvania						5,191,728

		Tennessee (1.4%)
	255,000	Clarksville Natural Gas Acquisition Corp.,
		Revenue Bonds	12/15/19		5.000			287,931
	25,000	Clarksville Natural Gas Acquisition Corp.,
		Revenue Bonds	12/15/20		5.000			28,562
	785,000	Tennessee Housing Development
		Agency, Revenue Bonds	07/01/45		4.000			852,471
		Total Tennessee						1,168,964

		Texas (8.6%)
	1,000,000	Central Texas Turnpike System,
		Revenue Bonds, AMBAC²	08/15/19		0.000			926,210
	350,000	City of Houston Airport System,
		Revenue Bonds, AGM¹	07/01/30		0.260			321,778

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Texas (continued)
$	500,000	City of Houston Airport System,
		Revenue Bonds, AGM¹	07/01/30		0.260	%	$	459,710
	75,000	City of Houston Airport System,
		Revenue Bonds, XLCA¹	07/01/32		0.361			71,193
	575,000	City of Houston Airport System,
		Revenue Bonds, XLCA¹	07/01/32		0.361			545,776
	225,000	City of Houston Airport System,
		Revenue Bonds, XLCA¹	07/01/32		0.363			213,643
	1,805,000	Grand Prairie Independent School
		District, General Obligation Bonds	02/15/24		5.250			2,237,316
	1,475,000	North Texas Tollway Authority,
		Revenue Bonds, AGC²	01/01/29		0.000			863,450
	100,000	Texas Municipal Gas Acquisition &
		Supply Corp. I, Revenue Bonds	12/15/19		5.250			114,151
	10,000	Texas Municipal Gas Acquisition &
		Supply Corp. I, Revenue Bonds	12/15/20		5.250			11,584
	110,000	Texas Municipal Gas Acquisition &
		Supply Corp. I, Revenue Bonds	12/15/21		5.250			127,308
	215,000	Texas Municipal Gas Acquisition &
		Supply Corp. I, Revenue Bonds	12/15/23		5.250			252,176
	455,000	Texas Municipal Gas Acquisition &
		Supply Corp. I, Revenue Bonds	12/15/25		5.250			537,000
	220,000	Texas Municipal Gas Acquisition &
		Supply Corp. I, Revenue Bonds	12/15/26		5.250			259,695
		Total Texas						6,940,990

		Utah (3.1%)
	2,000,000	State of Utah, General Obligation Bonds	07/01/24		5.000			2,492,060
		Total Utah						2,492,060

		Virginia (3.4%)
	2,035,000	Commonwealth of Virginia, General
		Obligation Bonds	06/01/23		5.000			2,506,733
	250,000	Sussex County Industrial Development
		Authority, Revenue Bonds¹	06/01/28		2.375			254,010
		Total Virginia						2,760,743

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

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Washington (0.5%)
$	180,000	Washington State Housing Finance
		Commission, Revenue Bonds,
		FHLMC, FNMA, GNMA	12/01/21		2.900	%	$	184,117
	185,000	Washington State Housing Finance
		Commission, Revenue Bonds,
		FHLMC, FNMA, GNMA	12/01/22		3.050			191,073
		Total Washington						375,190

		Wisconsin (0.2%)
	150,000	County of Milwaukee Airport Revenue,
		Revenue Bonds	12/01/28		5.250			172,649
		Total Wisconsin						172,649
		Total Municipal Bonds
		(Identified cost $79,693,538)					$	80,233,055

TOTAL INVESTMENTS (Identified cost 79,693,538)⁴					98.9	%	$	80,233,055
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES					1.1	%		868,872
NET ASSETS					100.0	%	$	81,101,927

Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the April 30, 2015 coupon or interest rate.

Security issued with a zero coupon. Income is recognized through accretion of discount.

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, 2015.

⁴

The aggregate cost for federal income tax purposes is $79,693,538, the aggregate gross unrealized appreciation is $828,321 and the aggregate gross unrealized depreciation is $288,804, resulting in net unrealized appreciation of $539,517.

Abbreviations:

AGC – Assured Guaranty Corp.

AGM – Assured Guaranty Municipal Corp.

AMBAC – AMBAC Financial Group, Inc.

BHAC – Berkshire Hathaway Assurance Corporation.

FGIC – Financial Guaranty Insurance Company.

FHA – Federal Housing Administration.

FHLMC – Federal Home Loan Mortgage Corporation.

FNMA – Federal National Mortgage Association.

GNMA – Government National Mortgage Association.

NPFG – National Public Finance Guaranty Corp.

XLCA – XL Capital Assurance, Inc.

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (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).

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.

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

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (unaudited)

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

Financial assets classified within level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include private equity and certain corporate debt securities.

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2015.

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, 2015
Municipal Bonds**	$	–	$	80,233,055	$	–	$	80,233,055
Total Investments, at value	$	–	$	80,233,055	$	–	$	80,233,055

For geographical breakdown of municipal bond investments, refer to the Portfolio of Investments.

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERMEDIATE MUNICIPAL BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2015 (unaudited)

ASSETS:
Investments in securities, at value (Identified cost $79,693,538)	$	80,233,055
Cash		368,752
Receivables for:
Shares sold		738,946
Interest		568,569
Investment advisory and administrative fees waiver reimbursement		20,617
Prepaid assets		109
Total Assets		81,930,048
LIABILITIES:
Payables for:
Investments purchased		719,816
Professional fees		31,139
Shares redeemed		24,593
Investment advisory and administrative fees		23,838
Custody and fund accounting fees		10,405
Shareholder servicing fees		2,395
Transfer agent fees		1,403
Accrued expenses and other liabilities		14,532
Total Liabilities		828,121

NET ASSETS	$	81,101,927
Net Assets Consist of:
Paid-in capital	$	80,184,237
Undistributed net investment income		702
Accumulated net realized gain on investments in securities		377,471
Net unrealized appreciation/(depreciation) on investments in securities		539,517
Net Assets	$	81,101,927

NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($26,668,571 ÷ 2,607,355 shares outstanding)	$	10.23
CLASS I SHARES
($54,433,356 ÷ 5,326,792 shares outstanding)	$	10.22

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

BBH INTERMEDIATE MUNICIPAL BOND FUND

STATEMENT OF OPERATIONS

For the six months ended April 30, 2015 (unaudited)

NET INVESTMENT INCOME:
Income:
Interest and other income	$	661,747
Total Income		661,747
Expenses:
Investment advisory and administrative fees		111,449
Board of Trustees’ fees		29,388
Insurance Expense		21,577
Registration fees		21,272
Audit fees		18,930
Shareholder Report fees		15,453
Custody and fund accounting fees		13,481
Transfer agent fees		11,718
Legal fees		11,083
Distributor fees		7,702
Shareholder servicing fees		3,183
Miscellaneous expenses		5,075
Total Expenses		270,311
Investment advisory and administrative fees waiver		(127,724	)
Expense offset arrangement		(93	)
Net Expenses		142,494
Net Investment Income		519,253
NET REALIZED AND UNREALIZED LOSS:
Net realized gain on investments in securities		377,885
Net change in unrealized appreciation/(depreciation) on investments
in securities		(550,471	)
Net Realized and Unrealized Loss		(172,586	)
Net Increase in Net Assets Resulting from Operations	$	346,667

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERMEDIATE MUNICIPAL BOND FUND

STATEMENTS OF CHANGES IN NET ASSETS

	For the six months ended April 30, 2015 (unaudited)			For the period from April 1, 2014 (commencement of operations) to October 31, 2014
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	519,253		$	449,551
Net realized gain on investments in securities		377,885			411,073
Net change in unrealized appreciation/(depreciation)
on investments in securities		(550,471	)		1,089,988
Net increase in net assets resulting
from operations		346,667			1,950,612
Dividends and distributions declared:
From net investment income:
Class N		(34,806	)		(7,529	)
Class I		(483,897	)		(441,870	)
From net realized gains:
Class N		(8,229	)		–
Class I		(403,258	)		–
Total dividends and distributions declared		(930,190	)		(449,399	)
Share transactions:
Proceeds from sales of shares		29,350,638			51,190,259
Net asset value of shares issued to shareholders for
reinvestment of dividends and distributions		37,620			8,899
Proceeds from short-term redemption fees		2			–
Cost of shares redeemed		(395,879	)		(7,302	)
Net increase in net assets resulting from
share transactions		28,992,381			51,191,856
Total increase in net assets		28,408,858			52,693,069

NET ASSETS:
Beginning of period		52,693,069			–
End of period (including undistributed net investment
income of $702 and $152, respectively)	$	81,101,927		$	52,693,069

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 six months ended April 30, 2015 (unaudited)			For the period from April 1, 2014 (commencement of operations) to October 31, 2014
Net asset value, beginning of period	$	10.30		$	10.00
Income from investment operations:
Net investment income¹		0.07			0.09
Net realized and unrealized gain		0.03			0.29
Total income from investment operations		0.10			0.38
Less dividends and distributions:
From net investment income		(0.09	)		(0.08	)
From net realized gains		(0.08	)		–
Total dividends and distributions		(0.17	)		(0.08	)
Short-term redemption fees¹		0.00	²		–
Net asset value, end of period	$	10.23		$	10.30
Total return		0.97	%³		3.82	%³

Ratios/Supplemental data:
Net assets, end of period (in millions)	$	27		$	1
Ratio of expenses to average net assets before reductions		2.10	%⁴		8.78	%⁵
Fee waiver		1.45	%^4,6		8.13	%^5,6
Expense offset arrangement		0.00	%^4,7		0.00	%^5,7
Ratio of expenses to average net assets after reductions		0.65	%⁴		0.65	%⁵
Ratio of net investment income to average net assets		1.46	%⁴		1.43	%⁵
Portfolio turnover rate		24	%^3,8		56	%⁸

Calculated using average shares outstanding for the period.

Less than $0.01.

Not annualized.

⁴

Annualized.

⁵

Annualized with the exception of audit fees and registration fees.

⁶

The ratio of expenses to average net assets for the six months ended April 30, 2015 and the period ended October 31, 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 March 1, 2016, unless it is renewed by all parties to the agreement. For the six months ended April 30, 2015 and the period from April 1, 2014 to October 31, 2014 the waived fees were $30,698 and $47,942, respectively.

⁷

Less than 0.01%.

⁸

The portfolio turnover rate including variable rate demand notes was 70% for the six months ended April 30, 2015 and 91% for the period ended October 31, 2014.

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

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERMEDIATE MUNICIPAL BOND FUND

FINANCIAL HIGHLIGHTS (continued)

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

	For the six months ended April 30, 2015 (unaudited)			For the period from April 1, 2014 (commencement of operations) to October 31, 2014
Net asset value, beginning of period	$	10.30		$	10.00
Income from investment operations:
Net investment income¹		0.10			0.09
Net realized and unrealized gain		–			0.30
Total income from investment operations		0.10			0.39
Less dividends and distributions:
From net investment income		(0.10	)		(0.09	)
From net realized gains		(0.08	)		–
Total dividends and distributions		(0.18	)		(0.09	)
Short-term redemption fees¹		0.00	²		–
Net asset value, end of period	$	10.22		$	10.30
Total return		0.94	%³		3.89	%³

Ratios/Supplemental data:
Net assets, end of period (in millions)	$	54		$	52
Ratio of expenses to average net assets before reductions		0.88	%⁴		0.88	%⁵
Fee waiver		0.38	%^4,6		0.38	%^5,6
Expense offset arrangement		0.00	%^4,7		0.00	%^5,7
Ratio of expenses to average net assets after reductions		0.50	%⁴		0.50	%⁵
Ratio of net investment income to average net assets		1.90	%⁴		1.49	%⁵
Portfolio turnover rate		24	%^3,8		56	%⁸

Calculated using average shares outstanding for the period.

Less than $0.01.

Not annualized.

⁴

Annualized.

⁵

Annualized with the exception of audit fees and registration fees.

⁶

The ratio of expenses to average net assets for the six months ended April 30, 2015 and the period ended October 31, 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 March 1, 2016, unless it is renewed by all parties to the agreement. For the six months ended April 30, 2015 and the period from April 1, 2014 to October 31, 2014 the waived fees were $97,026 and $137,383, respectively.

⁷

Less than 0.01%.

⁸

The portfolio turnover rate including variable rate demand notes was 70% for the six months ended April 30, 2015 and 91% for the period ended October 31, 2014.

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

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS

April 30, 2015 (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. With the exception of class specific expenses, all expenses are allocated between classes based on net assets. Neither Class N shares nor Class I shares convert to any other share class of the Fund. As of April 30, 2015, there were six series of the Trust.

Valuation of Investments. Prices of municipal bonds are provided by an external pricing service approved by the Fund’s Board of Trustees. These securities are generally classified as Level 2. The evaluated vendor pricing is based on methods that may include consideration of the following: yields or prices of municipal securities of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant.

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (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 October 31, 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, 2015, 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 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.

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

recorded on the ex-dividend date. The Fund declared dividends in the amount of $43,035 and $887,155 to Class N and Class I shareholders, respectively, during the six months ended April 30, 2015.

The tax character of distributions paid during the period ended October 31, 2014, was as follows:

Distributions paid from:

Ordinary
income

Net
long-term
capital gain

Total
taxable
distributions

Tax
exempt
income

Tax return
of capital

Total
distributions
paid

2014:

$53,584

–

$53,584

$395,815

–

$449,399

As of October 31, 2014, 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)

2014:

$411,073

–

$411,073

–

$1,089,988

$1,501,061

The Fund did not have a net capital loss carryforward at October 31, 2014.

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

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

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 STATEMENTS APRIL 30, 2015

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (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 six months ended April 30, 2015, the Fund incurred $111,449 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 March 1, 2016, 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, 2015, the SID waived fees in the amount of $30,698 and $97,026 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 six months ended April 30, 2015, Class N shares of the Fund incurred $3,183 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, 2015, the Fund incurred $13,481 in custody and fund accounting fees. These fees for the Fund were reduced by $93 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, 2015, was $175.

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, 2015, the Fund incurred $29,388 in independent Trustee compensation and reimbursements.

Affiliated Ownership. As of April 30, 2015, BBH is the owner of record of 66% of the total outstanding shares of the Fund.

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

	For the six months ended April 30, 2015 (unaudited)						For the period ended October 31, 2014*
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		2,539,819		$	26,154,432			102,326		$	1,035,259
Shares issued in
connection with
reinvestments
of dividends		3,116			32,007			737			7,529
Shares redeemed		(37,928	)		(389,763	)		(715	)		(7,302	)
Net increase		2,505,007		$	25,796,676			102,348		$	1,035,486
Class I
Shares sold		311,213		$	3,196,206			5,015,493		$	50,155,000
Shares issued in
connection with
reinvestments
of dividends		548			5,613			134			1,370
Proceeds from short-term
redemption fees		N/A			2			N/A			–
Shares redeemed		(596	)		(6,116	)		–			–
Net increase		311,165		$	3,195,705			5,015,627		$	50,156,370

The period represented is from April 1, 2014 (commencement of operations) to October 31, 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 STATEMENTS APRIL 30, 2015

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (unaudited)

auction rate securities, the liquidity and price of which are subject to the risk of insufficient demand at auction or on a secondary market (auction rate securities risk). Additionally, in the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to redemption of securities by the issuer before maturity (call risk), failure of a counterparty to a transaction to perform (credit risk), changes in interest rates (interest rate risk), higher volatility for securities with longer maturities (maturity risk), difficulty in being able to purchase or sell a security (liquidity risk) and a significant position in municipal securities in a particular state (state-specific risk). Political, legislative and economic events may affect a municipal security’s value, interest payments, repayments of principal and the Fund’s ability to sell it (municipal issuer risk). Additionally, 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.

Subsequent Events. Management has evaluated events and transactions that have occurred since April 30, 2015 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 INTERMEDIATE MUNICIPAL BOND FUND

DISCLOSURE OF FUND EXPENSES

April 30, 2015 (unaudited)

EXAMPLE

The Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2014 to April 30, 2015).

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERMEDIATE MUNICIPAL BOND FUND

DISCLOSURE OF FUND EXPENSES (continued)

April 30, 2015 (unaudited)

	Beginning Account Value November 1, 2014	Ending Account Value April 30, 2015	Expenses Paid During Period November 1, 2014 to April 30, 2015¹
Class N
Actual	$1,000	$1,010	$3.24
Hypothetical²	$1,000	$1,022	$3.26

	Beginning Account Value November 1, 2014	Ending Account Value April 30, 2015	Expenses Paid During Period November 1, 2014 to April 30, 2015¹
Class I
Actual	$1,000	$1,010	$2.49
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 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 INTERMEDIATE MUNICIPAL BOND FUND

DISCLOSURE OF ADVISOR SELECTION

April 30, 2015 (unaudited)

Investment Advisory and Administrative Services Agreement Approval

Nature, Extent and Quality of Services

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERMEDIATE MUNICIPAL BOND FUND

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2015 (unaudited)

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 April 1, 2014. However, in its review of performance since inception, 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

BBH INTERMEDIATE MUNICIPAL BOND FUND

DISCLOSURE OF ADVISOR SELECTION (continued)

April 30, 2015 (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 as of September 30, 2014, since inception. 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 conducted a detailed review of the allocation methods used in preparing the profitability data. The Board also considered the effect of fall-out benefits to 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’s 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 also considered the existence of any economies of scale and whether those economies are passed along to the Fund’s shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by the Investment Adviser and BBH. The Board noted that the fee schedule for the Fund does not contain breakpoints. Based on information it had been provided over many years, the Board observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there appeared to be no uniformity or pattern in the fees and asset levels at which breakpoints apply. In light of the Fund’s current size and expense structure, the Board concluded that it was unnecessary at this time to consider breakpoints with respect to the Fund.

FINANCIAL STATEMENTS APRIL 30, 2015

BBH INTERMEDIATE MUNICIPAL BOND FUND

CONFLICTS OF INTEREST

April 30, 2015 (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 (including proprietary 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.

BBH INTERMEDIATE MUNICIPAL BOND FUND

CONFLICTS OF INTEREST (continued)

April 30, 2015 (unaudited)

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 STATEMENTS APRIL 30, 2015

BBH INTERMEDIATE MUNICIPAL BOND FUND

CONFLICTS OF INTEREST (continued)

April 30, 2015 (unaudited)

Administrator

Brown Brothers Harriman & Co.
140 Broadway

New York, NY 10005

Distributor

ALPS Distributors, Inc.

1290 Broadway, Suite 1100
Denver, CO 80203

Shareholder Servicing Agent

Brown Brothers Harriman & CO.

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

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, 2015

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, 2015

By: (Signature and Title)

/s/ Charles H. Schreiber_________________

Charles H. Schreiber

Title: Treasurer (Principal Financial Officer)

Date: July 9, 2015

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