UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-Q
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-21829
BBH TRUST
BBH U.S. Treasury Money Fund
BBH Money Market Fund
BBH Tax Exempt Money Fund
(Exact name of Registrant as specified in charter)
140 Broadway,
New York, NY 10005
(Address of principal executive offices)
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: (212) 593-7237
Date of fiscal year end: JUNE 30
Date of reporting period: SEPTEMBER 30, 2008
ITEM 1. SCHEDULES OF INVESTMENTS.
BBH U.S. TREASURY MONEY FUND | |||||||||||
PORTFOLIO OF INVESTMENTS | |||||||||||
September 30, 2008 (unaudited) | |||||||||||
Principal | |||||||||||
Amount | Value | ||||||||||
U.S. TREASURY BILLS (a) (54.1%) | |||||||||||
$ | 18,545,000 | due 10/09/08, 0.077% | $ | 18,544,683 | |||||||
7,410,000 | due 10/16/08, 0.350% | 7,408,919 | |||||||||
7,000,000 | due 10/23/08, 0.500% | 6,997,861 | |||||||||
5,000,000 | due 10/30/08, 0.600% | 4,997,583 | |||||||||
10,000,000 | due 11/06/08, 1.593% | 9,984,100 | |||||||||
13,140,000 | due 11/20/08, 1.823% | 13,107,024 | |||||||||
11,685,000 | due 12/11/08, 1.750% | 11,644,946 | |||||||||
8,410,000 | due 01/02/09, 0.300% | 8,403,482 | |||||||||
6,425,000 | due 01/15/09, 1.727% | 6,392,546 | |||||||||
Total U.S. Treasury Bills | 87,481,144 | ||||||||||
REPURCHASE AGREEMENTS (46.3%) | |||||||||||
25,000,000 | Greenwich Capital Holdings, Inc. 0.100%, 10/01/08 (Agreement | ||||||||||
dated 09/30/08 collateralized by U.S. Treasury Note 3.125%, | |||||||||||
due 09/30/13, value $25,462,821) | 25,000,000 | ||||||||||
50,000,000 | JPMorgan Chase & Co. 0.100%, 10/01/08 (Agreement dated | ||||||||||
9/30/2008 collateralized by U.S.Treasury Note 3.375%, | |||||||||||
due 10/15/09, value $50,966,474) | 50,000,000 | ||||||||||
Total Repurchase Agreements | 75,000,000 | ||||||||||
TOTAL INVESTMENTS , AT AMORTIZED COST | 100.4% | $ | 162,481,144 | ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS | (0.4) | (664,326) | |||||||||
NET ASSETS | 100.0% | $ | 161,816,818 | ||||||||
(a) | Rates shown are yields to maturity at time of purchase. | ||||||||||
Fair Value Measurements | |||||||||||
The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value | |||||||||||
Measurements ("FAS 157"), effective July 1, 2008. For net asset valuation determination purposes, various inputs are | |||||||||||
used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below. | |||||||||||
- | Level 1 - quoted prices in active markets for identical investments. | ||||||||||
- | Level 2 - other significant 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 following is a summary of the inputs used as of September 30, 2008 in valuing the Fund's investment carried at value: | |||||||||||
Investments in | |||||||||||
Valuation Inputs | Securities | ||||||||||
Level 1 - Quoted prices | $ | 0 | |||||||||
Level 2 - Other Significant Observable Inputs | 162,481,144 | ||||||||||
Level 3 - Significant Unobservable Inputs | 0 | ||||||||||
Total | $ | 162,481,144 | |||||||||
Portfolio holdings are shown as of the date indicated. Since market conditions fluctuate can suddenly and | |||||||||||
frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition. | |||||||||||
These portfolio holdings are not intended to be and do not constitute recommendations that others buy, | |||||||||||
sell, or hold any of the securities listed. | |||||||||||
An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance | |||||||||||
Corporation or any other government agency. Although money market funds seek to preserve the value of | �� | ||||||||||
your investment at $1.00 per share, it is possible to lose money by investing in these funds. | |||||||||||
For more complete information on the fund, call 1-800-625-5759 for a prospectus or visit www.bbhfunds.com. | |||||||||||
You should consider the fund's investment objectives, risks, charges, and expenses carefully before you invest. | |||||||||||
Information about these and other important subjects is in the Fund's prospectus, which you should read | |||||||||||
carefully before investing. | |||||||||||
The BBH Funds are managed by a separately identifiable department within Brown Brothers Harriman & Co. | |||||||||||
The Distributor is Edgewood Services, Inc. Date of first use: 11/08. | |||||||||||
BBH MONEY MARKET FUND | |||||||||||
PORTFOLIO OF INVESTMENTS | |||||||||||
September 30, 2008 (unaudited) | |||||||||||
Principal | Maturity | Interest | |||||||||
Amount | Date | Rate | Value | ||||||||
CERTIFICATES OF DEPOSIT (4.8%) | |||||||||||
$ | 17,500,000 | Australia & New Zealand Banking Group | 10/09/08 | 2.800 | % | $ | 17,500,192 | ||||
21,500,000 | Banco Bilbao Vizcaya Argentaria | 12/16/08 | 2.745 | 21,500,225 | |||||||
12,800,000 | Bank of Montreal1 | 10/31/08 | 2.889 | 12,800,054 | |||||||
10,000,000 | Calyon, New York | 10/10/08 | 2.790 | 10,000,172 | |||||||
12,000,000 | Calyon, New York1 | 01/16/09 | 2.771 | 11,990,808 | |||||||
8,600,000 | Royal Bank of Canada | 02/02/09 | 5.290 | 8,672,103 | |||||||
20,000,000 | Wilmington Trust Co. | 11/14/08 | 2.900 | 20,000,243 | |||||||
Total Certificates of Deposit | 102,463,797 | ||||||||||
COMMERCIAL PAPER (38.4%) | |||||||||||
19,456,000 | Ascension Health | 10/08/08 | 2.207 | 19,447,677 | |||||||
15,000,000 | AT&T, Inc. | 10/30/08 | 2.227 | 14,973,215 | |||||||
15,000,000 | Bank of America Corp. | 11/12/08 | 2.678 | 14,953,450 | |||||||
15,500,000 | Barclays US Funding LLC | 11/13/08 | 2.780 | 15,448,902 | |||||||
22,800,000 | Brown University | 10/07/08 | 2.197 | 22,791,678 | |||||||
8,000,000 | Brown-Forman Beverages, Europe, Ltd. | 10/06/08 | 2.364 | 7,997,389 | |||||||
20,000,000 | Brown-Forman Beverages, Europe, Ltd. | 12/04/08 | 2.262 | 19,920,000 | |||||||
18,100,000 | Catholic Health Initiative | 11/18/08 | 2.680 | 18,100,000 | |||||||
15,000,000 | CBA (Delaware) Finance | 11/12/08 | 2.612 | 14,954,500 | |||||||
19,917,000 | City of Chicago, IIIinois | 02/02/09 | 2.999 | 19,718,051 | |||||||
40,000,000 | Columbia University | 10/07/08 | 2.467 | 39,983,665 | |||||||
20,000,000 | ConocoPhillips Co. | 10/10/08 | 2.157 | 19,989,250 | |||||||
20,000,000 | ConocoPhillips Co. | 10/29/08 | 2.232 | 19,965,467 | |||||||
15,000,000 | Cornell University | 10/09/08 | 2.204 | 14,992,667 | |||||||
10,000,000 | Danske Corp. | 10/14/08 | 2.561 | 9,990,792 | |||||||
10,000,000 | Danske Corp. | 11/13/08 | 2.697 | 9,967,989 | |||||||
12,925,000 | De Kalb County, Georgia Development Authority Revenue | 12/03/08 | 2.600 | 12,925,000 | |||||||
25,000,000 | FPL Group Capital, Inc. | 10/15/08 | 3.460 | 24,966,458 | |||||||
20,000,000 | General Electric Capital Corp. | 11/21/08 | 2.464 | 19,930,583 | |||||||
15,000,000 | Hartford Financial Services Group, Inc. | 12/10/08 | 2.364 | 14,931,458 | |||||||
22,000,000 | Hewlett-Packard Co. | 10/02/08 | 2.186 | 21,998,668 | |||||||
20,000,000 | HSBC USA, Inc. | 11/03/08 | 2.699 | 19,950,867 | |||||||
11,253,000 | ING (US) Funding LLC | 10/07/08 | 2.560 | 11,248,218 | |||||||
15,000,000 | ING (US) Funding LLC | 11/10/08 | 2.718 | 14,955,000 | |||||||
16,000,000 | John Deere Capital Corp | 10/02/08 | 2.168 | 15,999,040 | |||||||
40,075,000 | Los Angeles Department of Airports | 10/01/08 | 2.606 | 40,075,000 | |||||||
12,800,000 | Michigan State | 10/28/08 | 4.900 | 12,800,000 | |||||||
15,000,000 | National Australia Funding (Delaware), Inc. | 10/01/08 | 2.685 | 15,000,000 | |||||||
30,021,000 | Nebraska Public Power District | 10/08/08 | 2.667 | 30,005,706 | |||||||
33,000,000 | Rabobank USA Financial Corp. | 10/01/08 | 0.200 | 33,000,000 | |||||||
20,000,000 | Rabobank USA Financial Corp. | 11/26/08 | 2.678 | 19,917,244 | |||||||
13,500,000 | Rutgers, State University of New Jersey | 10/15/08 | 2.800 | 13,500,000 | |||||||
20,000,000 | Societe Generale | 11/26/08 | 2.789 | 19,913,822 | |||||||
20,000,000 | Stanford University | 10/09/08 | 2.206 | 19,990,222 | |||||||
15,000,000 | Stanley Works | 10/07/08 | 2.342 | 14,994,175 | |||||||
25,000,000 | State of North Carolina | 11/05/08 | 2.900 | 25,000,000 | |||||||
40,000,000 | Trinity Health Corp. | 10/03/08 | 2.445 | 39,994,578 | |||||||
30,000,000 | UBS Finance Delaware LLC | 10/01/08 | 3.000 | 30,000,000 | |||||||
20,000,000 | UBS Finance Delaware LLC | 10/08/08 | 2.661 | 19,989,694 | |||||||
5,375,000 | University of Michigan | 11/13/08 | 2.650 | 5,375,000 | |||||||
40,000,000 | Yale University | 10/07/08 | 2.467 | 39,983,665 | |||||||
Total Commercial Paper | 819,639,090 | ||||||||||
CORPORATE BONDS (12.0%) | |||||||||||
10,700,000 | Associates Corp. of North America | 11/01/08 | 6.250 | 10,711,970 | |||||||
8,620,000 | Associates Corp. of North America | 11/15/08 | 6.875 | 8,656,592 | |||||||
8,000,000 | Bank of America Corp. | 02/15/09 | 5.875 | 8,071,441 | |||||||
5,000,000 | BellSouth Corp. | 09/15/09 | 4.200 | 5,038,481 | |||||||
10,000,000 | Caterpillar Financial Services Corp.1 | 05/18/09 | 2.867 | 9,997,476 | |||||||
5,100,000 | Citicorp | 11/15/08 | 6.375 | 5,115,778 | |||||||
3,445,000 | ConocoPhillips Co. | 03/30/09 | 6.375 | 3,502,802 | |||||||
4,300,000 | Credit Suisse USA, Inc. | 01/15/09 | 3.875 | 4,311,337 | |||||||
BBH MONEY MARKET FUND | |||||||||||
PORTFOLIO OF INVESTMENTS (continued) | |||||||||||
September 30, 2008 (unaudited) | |||||||||||
Principal | Maturity | Interest | |||||||||
Amount | Date | Rate | Value | ||||||||
CORPORATE BONDS (continued) | |||||||||||
$ | 3,341,000 | Credit Suisse USA, Inc. | 06/01/09 | 4.700 | % | $ | 3,371,325 | ||||
3,900,000 | Fleet National Bank | 01/15/09 | 5.750 | 3,929,525 | |||||||
1,447,000 | General Electric Capital Corp. | 10/15/08 | 3.600 | 1,446,433 | |||||||
3,250,000 | General Electric Capital Corp.1 | 10/24/08 | 2.795 | 3,249,951 | |||||||
3,400,000 | Goldman Sachs Group, Inc.1 | 12/22/08 | 3.294 | 3,397,486 | |||||||
2,600,000 | Goldman Sachs Group, Inc.1 | 12/23/08 | 3.250 | 2,597,899 | |||||||
6,247,000 | Goldman Sachs Group, Inc.1 | 03/24/09 | 3.278 | 6,238,869 | |||||||
12,000,000 | Hartford Financial Services Group, Inc. | 11/01/08 | 6.375 | 12,029,272 | |||||||
15,000,000 | Hewlett-Packard Co.1 | 06/15/09 | 2.829 | 14,993,395 | |||||||
4,300,000 | HSBC Finance Corp. | 12/15/08 | 4.125 | 4,298,944 | |||||||
5,000,000 | HSBC Finance Corp. | 05/15/09 | 4.750 | 5,042,074 | |||||||
10,000,000 | IBM International Group Capital LLC1 | 07/29/09 | 3.133 | 10,029,771 | |||||||
4,300,000 | JP Morgan Chase & Co. | 10/15/08 | 5.750 | 4,301,680 | |||||||
17,100,000 | JP Morgan Chase & Co.1 | 12/22/08 | 3.254 | 17,092,645 | |||||||
4,760,000 | JP Morgan Chase & Co. | 01/15/09 | 6.000 | 4,799,409 | |||||||
8,600,000 | National Rural Utilities Cooperative Finance Corp. | 12/01/08 | 5.750 | 8,625,235 | |||||||
19,600,000 | Pioneer Hi-Bred International, Inc. | 01/15/09 | 5.750 | 19,755,880 | |||||||
6,000,000 | PNC Bank NA1 | 12/29/08 | 3.669 | 5,995,322 | |||||||
8,600,000 | PNC Funding Corp. | 02/15/09 | 6.125 | 8,683,862 | |||||||
2,100,000 | US Bancorp | 04/28/09 | 5.300 | 2,129,414 | |||||||
15,000,000 | US Bank NA1 | 09/10/09 | 2.914 | 15,000,000 | |||||||
21,400,000 | Wachovia Bank NA1 | 10/03/08 | 2.070 | 21,399,498 | |||||||
8,600,000 | Wachovia Bank NA | 12/01/08 | 5.800 | 8,634,433 | |||||||
4,300,000 | Wells Fargo & Co.1 | 10/31/08 | 2.546 | 4,299,497 | |||||||
5,000,000 | Wells Fargo & Co.1 | 08/03/09 | 7.130 | 4,973,633 | |||||||
4,450,000 | Westpac Banking Corp.1 | 08/14/09 | 3.089 | 4,448,742 | |||||||
Total Corporate Bonds | 256,170,071 | ||||||||||
MUNICIPAL BONDS (0.5%) | |||||||||||
10,400,000 | Savannah College of Art & Design1 | 10/02/08 | 6.000 | 10,400,000 | |||||||
U.S. GOVERNMENT AGENCY | |||||||||||
OBLIGATIONS (6.2%) | |||||||||||
4,300,000 | Federal Farm Credit Bank | 06/15/09 | 3.950 | 4,344,981 | |||||||
8,000,000 | Federal Farm Credit Bank | 08/03/09 | 5.250 | 8,164,544 | |||||||
62,000,000 | Federal Home Loan Bank | 10/01/08 | 0.100 | 62,000,000 | |||||||
4,300,000 | Federal Home Loan Bank | 11/21/08 | 4.625 | 4,312,849 | |||||||
7,940,000 | Federal Home Loan Bank | 04/21/09 | 2.350 | 7,932,310 | |||||||
8,600,000 | Federal Home Loan Bank | 05/07/09 | 2.750 | 8,600,000 | |||||||
8,600,000 | Federal Home Loan Bank | 05/13/09 | 2.375 | 8,590,448 | |||||||
15,000,000 | Federal National Mortgage Assoc. | 11/12/08 | 2.445 | 14,957,475 | |||||||
12,800,000 | FHLMC | 05/18/09 | 2.500 | 12,800,000 | |||||||
Total U.S. Government Agency Obligations | 131,702,607 | ||||||||||
TIME DEPOSITS (16.5%) | |||||||||||
50,000,000 | Bank of Montreal | 10/01/08 | 1.000 | 50,000,000 | |||||||
50,000,000 | Branch Banking & Trust Co. | 10/01/08 | 1.000 | 50,000,000 | |||||||
50,000,000 | Canadian Imperial Bank of Commerce | 10/01/08 | 1.500 | 50,000,000 | |||||||
50,000,000 | Dresdner Bank AG | 10/01/08 | 5.000 | 50,000,000 | |||||||
42,200,000 | HSBC Bank | 10/01/08 | 0.125 | 42,200,000 | |||||||
60,000,000 | Toronto Dominion Bank | 10/01/08 | 0.500 | 60,000,000 | |||||||
50,000,000 | Wells Fargo & Co. | 10/01/08 | 1.680 | 50,000,000 | |||||||
Total Time Deposits | 352,200,000 | ||||||||||
REPURCHASE AGREEMENTS (23.4%) | |||||||||||
100,000,000 | BNP Paribas (Agreement dated 09/30/08 | ||||||||||
collateralized by FNMA 6.000%, due 03/01/37, | |||||||||||
value $102,000,001) | 10/01/08 | 1.150 | 100,000,000 | ||||||||
100,000,000 | Deutsche Bank (Agreement dated 09/30/08 | ||||||||||
collateralized by FMAC 4.000%-7.000%, | |||||||||||
due 09/01/32-07/01/38, value $19,892,441) | |||||||||||
and FNMA 4.000%-8.500%, due 01/01/23-03/01/48 | |||||||||||
value $82,107,559) | 10/01/08 | 2.500 | 100,000,000 | ||||||||
BBH MONEY MARKET FUND | |||||||||||
PORTFOLIO OF INVESTMENTS (continued) | |||||||||||
September 30, 2008 (unaudited) | |||||||||||
Principal | Maturity | Interest | |||||||||
Amount | Date | Rate | Value | ||||||||
REPURCHASE AGREEEMENTS (continued) | |||||||||||
$ | 75,000,000 | Greenwich Capital Holdings, Inc. (Agreement dated | |||||||||
09/30/08 collateralized by U.S. Treasury Notes | |||||||||||
3.500%-4.088%, due 08/15/09, value $76,524,399) | 10/01/08 | 0.100 | % | $ | 75,000,000 | ||||||
75,000,000 | Merrill Lynch & Co., Inc. (Agreement dated 09/30/08 | ||||||||||
collateralized by U.S.Treasury Note 1.955%, | |||||||||||
due 09/24/09, value $76,475,655) | 10/01/08 | 0.050 | 75,000,000 | ||||||||
75,000,000 | Royal Bank of Canada (Agreement dated | ||||||||||
09/30/08 collateralized by FMAC 5.000%-6.000%, | |||||||||||
due 01/01/19-09/01/38, value $20,442,092; | |||||||||||
FNMA 5.000%-6.000%, due 11/01/18-08/01/38 | |||||||||||
value $35,957,641; and GNMA 4.500%-5.000%, | |||||||||||
due 08/20/38-09/20/38, value $20,100,267) | 10/01/08 | 2.250 | 75,000,000 | ||||||||
75,000,000 | Societe Generale (Agreement dated 09/30/08 | ||||||||||
collateralized by FNMA 5.500%, due 07/01/38, | |||||||||||
value $76,500,001) | 10/01/08 | 1.750 | 75,000,000 | ||||||||
Total Repurchase Agreements | 500,000,000 | ||||||||||
TOTAL INVESTMENTS AT AMORTIZED COST | 101.8% | $ | 2,172,575,565 | ||||||||
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS | (1.8) | (38,432,787) | |||||||||
NET ASSETS | 100.0% | $ | 2,134,142,778 | ||||||||
1 | Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown | ||||||||||
represents the September 30, 2008 coupon or interest rate. | |||||||||||
Abbreviations: | |||||||||||
FHLMC - Federal Home Loan Mortgage Corporation | |||||||||||
FMAC - Financial Markets Association of Canada | |||||||||||
FNMA - Federal National Mortgage Association | |||||||||||
GNMA - Government National Mortgage Association | |||||||||||
Fair Value Measurements | |||||||||||
The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value | |||||||||||
Measurements ("FAS 157"), effective July 1, 2008. For net asset valuation determination purposes, various inputs are | |||||||||||
used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below. | |||||||||||
- | Level 1 - quoted prices in active markets for identical investments. | ||||||||||
- | Level 2 - other significant 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 following is a summary of the inputs used as of September 30, 2008 in valuing the Fund's investment carried at value: | |||||||||||
Investments in | |||||||||||
Valuation Inputs | Securities | ||||||||||
Level 1 - Quoted prices | $ | 0 | |||||||||
Level 2 - Other Significant Observable Inputs | 2,172,575,565 | ||||||||||
Level 3 - Significant Unobservable Inputs | 0 | ||||||||||
Total | $ | 2,172,575,565 | |||||||||
Portfolio holdings are shown as of the date indicated. Since market conditions can fluctuate suddenly and | |||||||||||
frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition. | |||||||||||
These portfolio holdings are not intended to be and do not constitute recommendations that others buy, | |||||||||||
sell, or hold any of the securities listed. | |||||||||||
An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance | |||||||||||
Corporation or any other government agency. Although money market funds seek to preserve the value of | |||||||||||
your investment at $1.00 per share, it is possible to lose money by investing in these funds. | |||||||||||
For more complete information on the fund, call 1-800-625-5759 for a prospectus or visit www.bbhfunds.com. | |||||||||||
You should consider the fund's investment objectives, risks, charges, and expenses carefully before you invest. | |||||||||||
Information about these and other important subjects is in the Fund's prospectus, which you should read | |||||||||||
carefully before investing. | |||||||||||
The BBH Funds are managed by a separately identifiable department within Brown Brothers Harriman & Co. | |||||||||||
The Distributor is Edgewood Services, Inc. Date of first use: 11/08. | |||||||||||
BBH TAX EXEMPT MONEY FUND | |||||||||||
PORTFOLIO OF INVESTMENTS | |||||||||||
September 30, 2008 (unaudited) | |||||||||||
Principal | Maturity | Interest | |||||||||
Amount | Date | Rate | Value | ||||||||
MUNICIPAL BONDS (84.6%) | |||||||||||
CERTIFICATES OF PARTICIPATION (3.2%) | |||||||||||
$ | 4,000,000 | Mecklenburg County, North Carolina1 | 10/02/08 | 7.250 | % | $ | 4,000,000 | ||||
4,500,000 | Mecklenburg County, North Carolina1 | 10/02/08 | 7.480 | 4,500,000 | |||||||
2,065,000 | North Carolina Infrastructure Finance Corp. | 05/01/09 | 5.000 | 2,104,940 | |||||||
2,000,000 | Raleigh, North Carolina1 | 10/01/08 | 7.980 | 2,000,000 | |||||||
4,000,000 | Winston-Salem, North Carolina1 | 08/01/09 | 7.470 | 4,000,000 | |||||||
Total Certificates of Participation | 16,604,940 | ||||||||||
EDUCATION (16.3%) | |||||||||||
2,010,000 | Arizona State Board of Regents | 06/01/09 | 4.000 | 2,042,731 | |||||||
7,000,000 | Colorado Springs, Colorado1 | 10/01/08 | 6.250 | 7,000,000 | |||||||
900,000 | Connecticut State Health & Educational Facilities Authority1 | 10/01/08 | 3.750 | 900,000 | |||||||
5,000,000 | Delaware State Economic Development Authority1 | 10/02/08 | 7.250 | 5,000,000 | |||||||
3,000,000 | Massachusetts State Health & Educational Facilities Authority1 | 10/02/08 | 7.840 | 3,000,000 | |||||||
4,400,000 | Missouri State Health & Educational Facilities Authority1 | 10/01/08 | 4.250 | 4,400,000 | |||||||
4,000,000 | Missouri State Health & Educational Facilities Authority1 | 10/01/08 | 7.000 | 4,000,000 | |||||||
8,000,000 | Missouri State Health & Educational Facilities Authority1 | 10/01/08 | 7.000 | 8,000,000 | |||||||
9,000,000 | New Hampshire Health & Education Facilities Authority1 | 10/01/08 | 4.750 | 9,000,000 | |||||||
5,000,000 | North Carolina Educational Facilities Finance Agency1 | 10/02/08 | 7.950 | 5,000,000 | |||||||
500,000 | Northampton County, Pennsylvania, General Purpose Authority1 | 10/02/08 | 7.850 | 500,000 | |||||||
4,000,000 | Pennsylvania State Higher Educational Facilities Authority1 | 10/01/08 | 8.000 | 4,000,000 | |||||||
3,320,000 | University of Delaware1 | 10/01/08 | 5.000 | 3,320,000 | |||||||
2,800,000 | University of Missouri1 | 10/01/08 | 4.250 | 2,800,000 | |||||||
3,000,000 | University of Pittsburgh1 | 10/01/08 | 9.000 | 3,000,000 | |||||||
6,100,000 | University of Pittsburgh1 | 10/02/08 | 8.500 | 6,100,000 | |||||||
2,500,000 | University of Texas1 | 10/02/08 | 7.500 | 2,500,000 | |||||||
1,000,000 | University of Texas | 08/15/09 | 5.000 | 1,029,634 | |||||||
8,000,000 | Virginia College Building Authority, Educational Facilities Revenue1 | 10/01/08 | 7.000 | 8,000,000 | |||||||
5,000,000 | Virginia Commonwealth University1 | 10/02/08 | 4.000 | 5,000,000 | |||||||
Total Education | 84,592,365 | ||||||||||
GENERAL OBLIGATIONS (29.2%) | |||||||||||
5,000,000 | Allen, Texas, Independent School District1 | 10/02/08 | 5.250 | 5,000,000 | |||||||
1,145,000 | Anne Arundel County, Maryland | 04/01/09 | 4.000 | 1,157,097 | |||||||
2,310,000 | Anne Arundel County, Maryland | 04/01/09 | 4.000 | 2,334,406 | |||||||
1,755,000 | Clark County, Nevada, School District1 | 10/01/08 | 4.350 | 1,755,000 | |||||||
1,280,000 | Clyde Consolidated Independent School District | 02/15/09 | 3.500 | 1,289,070 | |||||||
3,900,000 | Cuyahoga County, Ohio1 | 10/01/08 | 4.250 | 3,900,000 | |||||||
6,300,000 | Cuyahoga County, Ohio1 | 10/01/08 | 4.250 | 6,300,000 | |||||||
4,000,000 | Denton, Texas, Independent School District1 | 10/02/08 | 7.980 | 4,000,000 | |||||||
500,000 | Durham, North Carolina | 02/01/09 | 5.000 | 505,462 | |||||||
1,000,000 | Fairfax County, Virginia | 04/01/09 | 5.250 | 1,015,697 | |||||||
2,500,000 | Forsyth County, North Carolina1 | 10/02/08 | 7.940 | 2,500,000 | |||||||
1,000,000 | Greensboro, North Carolina1 | 10/02/08 | 7.250 | 1,000,000 | |||||||
2,520,000 | Greensboro, North Carolina | 03/01/09 | 5.250 | 2,554,614 | |||||||
4,000,000 | Guilford County, North Carolina1 | 10/02/08 | 7.250 | 4,000,000 | |||||||
3,100,000 | Howard County, Maryland | 02/15/09 | 4.000 | 3,125,121 | |||||||
3,025,000 | Howard County, Maryland | 02/15/09 | 4.250 | 3,051,120 | |||||||
1,300,000 | Keller, Texas, Independent School District1 | 10/01/08 | 4.500 | 1,300,000 | |||||||
1,235,000 | Kent County, Michigan | 11/01/08 | 5.000 | 1,238,401 | |||||||
2,000,000 | King County, Washington, School District No. 412 | 12/01/08 | 5.000 | 2,011,016 | |||||||
2,610,000 | Klein, Texas, Independent School District | 08/01/09 | 3.500 | 2,647,935 | |||||||
2,000,000 | Mecklenburg County, North Carolina1 | 10/01/08 | 7.940 | 2,000,000 | |||||||
3,500,000 | Mecklenburg County, North Carolina1 | 10/01/08 | 7.940 | 3,500,000 | |||||||
5,000,000 | Mecklenburg County, North Carolina1 | 10/02/08 | 7.200 | 5,000,000 | |||||||
1,000,000 | Mecklenburg County, North Carolina1 | 10/02/08 | 7.480 | 1,000,000 | |||||||
1,415,000 | Mecklenburg County, North Carolina | 02/01/09 | 5.000 | 1,430,940 | |||||||
1,205,000 | Minneapolis, Minnesota | 12/01/08 | 3.000 | 1,207,272 | |||||||
2,450,000 | Minneapolis, Minnesota, Special School District No. 1 | 02/01/09 | 4.000 | 2,468,646 | |||||||
1,900,000 | Montgomery County, Maryland1 | 10/01/08 | 7.000 | 1,900,000 | |||||||
2,710,000 | New Castle County, Delaware | 07/15/09 | 4.000 | 2,760,844 | |||||||
BBH TAX EXEMPT MONEY FUND | |||||||||||
PORTFOLIO OF INVESTMENTS (continued) | |||||||||||
September 30, 2008 (unaudited) | |||||||||||
Principal | Maturity | Interest | |||||||||
Amount | Date | Rate | Value | ||||||||
MUNICIPAL BONDS (continued) | |||||||||||
GENERAL OBLIGATIONS (continued) | |||||||||||
$ | 2,000,000 | New York, New York1 | 10/01/08 | 5.200 | % | $ | 2,000,000 | ||||
3,000,000 | Port Tacoma, Washington1 | 10/01/08 | 6.250 | 3,000,000 | |||||||
3,000,000 | Shaler Area, Pennsylvania, School District1 | 10/02/08 | 7.630 | 3,000,000 | |||||||
5,000,000 | State of Connecticut | 02/01/09 | 3.000 | 5,024,841 | |||||||
3,915,000 | State of Delaware | 01/01/09 | 5.000 | 3,948,888 | |||||||
500,000 | State of Delaware | 03/01/09 | 4.250 | 505,325 | |||||||
2,500,000 | State of Georgia | 12/01/08 | 5.000 | 2,513,488 | |||||||
3,250,000 | State of Georgia | 12/01/08 | 5.000 | 3,264,686 | |||||||
4,620,000 | State of Georgia | 07/01/09 | 5.750 | 4,762,835 | |||||||
1,700,000 | State of Illinois1 | 10/01/08 | 7.750 | 1,700,000 | |||||||
5,000,000 | State of Maryland | 02/01/09 | 5.000 | 5,057,620 | |||||||
1,000,000 | State of Maryland | 03/01/09 | 5.250 | 1,013,235 | |||||||
1,550,000 | State of Massachusetts1 | 10/01/08 | 4.500 | 1,550,000 | |||||||
2,500,000 | State of Massachusetts1 | 10/01/08 | 7.900 | 2,500,000 | |||||||
1,575,000 | State of Minnesota | 10/01/08 | 5.000 | 1,575,000 | |||||||
4,000,000 | State of North Carolina1 | 10/01/08 | 7.910 | 4,000,000 | |||||||
7,000,000 | State of North Carolina | 03/01/09 | 5.000 | 7,096,357 | |||||||
800,000 | State of North Carolina | 03/01/09 | 5.250 | 810,712 | |||||||
1,750,000 | State of Ohio | 05/01/09 | 5.500 | 1,786,947 | |||||||
1,810,000 | State of Oregon1 | 10/01/08 | 7.000 | 1,810,000 | |||||||
2,000,000 | State of Oregon1 | 10/01/08 | 7.000 | 2,000,000 | |||||||
7,000,000 | State of Texas | 08/28/09 | 3.000 | 7,088,681 | |||||||
3,000,000 | Union County, North Carolina1 | 10/02/08 | 7.250 | 3,000,000 | |||||||
1,355,000 | Virginia Beach, Virginia | 10/01/08 | 5.000 | 1,355,000 | |||||||
1,500,000 | Virginia Beach, Virginia | 03/01/09 | 5.250 | 1,522,561 | |||||||
2,225,000 | Virginia State Public School Authority | 07/15/09 | 4.000 | 2,264,722 | |||||||
1,000,000 | Wake County, North Carolina1 | 10/02/08 | 7.470 | 1,000,000 | |||||||
3,000,000 | Wake County, North Carolina1 | 10/02/08 | 7.470 | 3,000,000 | |||||||
2,000,000 | Wake County, North Carolina1 | 10/02/08 | 7.900 | 2,000,000 | |||||||
Total General Obligations | 152,103,539 | ||||||||||
GOVERNMENT COLLATERAL (7.4%) | |||||||||||
1,175,000 | Frederick County, Maryland | 07/01/09 | 5.250 | 1,216,771 | |||||||
1,660,000 | Gainesville & Hall County, Georgia, Hospital Authority | 05/15/09 | 5.200 | 1,712,194 | |||||||
1,855,000 | Houston, Texas, Independent School District | 02/15/09 | 4.750 | 1,877,057 | |||||||
2,525,000 | Houston, Texas, Independent School District | 02/15/09 | 5.250 | 2,559,675 | |||||||
3,000,000 | Houston, Texas, Independent School District | 02/15/09 | 5.250 | 3,037,573 | |||||||
4,070,000 | Nashville & Davidson County, Tennessee | 05/15/09 | 5.125 | 4,198,908 | |||||||
2,530,000 | New York State Tollway Authority Highway & Bridge Trust Fund | 04/01/09 | 5.250 | 2,570,508 | |||||||
1,000,000 | New York, New York, City Transitional Finance Authority | 11/01/08 | 5.000 | 1,001,585 | |||||||
1,000,000 | New York, New York, City Transitional Finance Authority | 11/01/08 | 5.000 | 1,001,669 | |||||||
1,500,000 | North Carolina Medical Care Commission | 12/01/08 | 5.000 | 1,522,613 | |||||||
1,135,000 | North Texas Tollway Authority | 01/01/09 | 5.000 | 1,143,136 | |||||||
1,000,000 | Oklahoma Turnpike Authority | 01/01/09 | 5.250 | 1,008,060 | |||||||
3,000,000 | Roswell, Georgia | 02/01/09 | 5.500 | 3,069,005 | |||||||
5,000,000 | Salem-Keizer, Oregon, School District No. 24 | 06/01/09 | 5.000 | 5,110,650 | |||||||
1,000,000 | State of Michigan | 11/01/08 | 5.000 | 1,002,621 | |||||||
2,520,000 | State of Minnesota | 11/01/08 | 5.000 | 2,526,606 | |||||||
2,940,000 | State of Minnesota | 11/01/08 | 5.000 | 2,947,753 | |||||||
1,140,000 | Texas State Public Finance Authority Revenue | 12/15/08 | 5.000 | 1,147,759 | |||||||
Total Government Collateral | 38,654,143 | ||||||||||
HEALTH CARE1 (9.6%) | |||||||||||
5,000,000 | Colorado Health Facilities Authority Revenue | 10/01/08 | 7.980 | 5,000,000 | |||||||
3,500,000 | Greenville, South Carolina, Hospital Facilities Revenue | 10/02/08 | 7.250 | 3,500,000 | |||||||
5,000,000 | Harris County, Texas, Health Facilities Revenue | 10/01/08 | 4.250 | 5,000,000 | |||||||
3,000,000 | Harris County, Texas, Health Facilities Revenue | 10/01/08 | 4.600 | 3,000,000 | |||||||
2,000,000 | North Carolina Medical Care Commission | 10/01/08 | 7.910 | 2,000,000 | |||||||
3,000,000 | North Carolina Medical Care Commission | 10/01/08 | 9.000 | 3,000,000 | |||||||
7,900,000 | Philadelphia, Pennsylvania, Hospitals & Higher Education | ||||||||||
Facilities Authority | 10/01/08 | 7.000 | 7,900,000 | ||||||||
BBH TAX EXEMPT MONEY FUND | |||||||||||
PORTFOLIO OF INVESTMENTS (continued) | |||||||||||
September 30, 2008 (unaudited) | |||||||||||
Principal | Maturity | Interest | |||||||||
Amount | Date | Rate | Value | ||||||||
MUNICIPAL BONDS (continued) | |||||||||||
HEALTH CARE1 (continued) | |||||||||||
$ | 5,700,000 | Royal Oak, Michigan, Hospital Finance Authority | 10/01/08 | 4.850 | % | $ | 5,700,000 | ||||
6,850,000 | Royal Oak, Michigan, Hospital Finance Authority | 10/01/08 | 9.000 | 6,850,000 | |||||||
6,000,000 | University of North Carolina Hospital Chapel Hill Revenue | 10/01/08 | 4.500 | 6,000,000 | |||||||
2,000,000 | Washington Health Care Facilities Authority Revenue | 10/01/08 | 8.350 | 2,000,000 | |||||||
Total Health Care | 49,950,000 | ||||||||||
INDUSTRIAL (0.3%) | |||||||||||
1,750,000 | Delaware County, Pennsylvania, Industrial Development Authority1 | 10/01/08 | 6.250 | 1,750,000 | |||||||
Total Industrial | 1,750,000 | ||||||||||
MISCELLANEOUS (7.4%) | |||||||||||
7,000,000 | Connecticut State Housing Finance Authority1 | 10/02/08 | 7.950 | 7,000,000 | |||||||
1,000,000 | Maine Municipal Bond Bank | 11/01/08 | 5.000 | 1,002,337 | |||||||
6,100,000 | Massachusetts State Development Finance Agency Revenue1 | 10/01/08 | 3.750 | 6,100,000 | |||||||
6,000,000 | Missouri State Development Finance Board1 | 10/01/08 | 4.250 | 6,000,000 | |||||||
2,605,000 | Monmouth County, New Jersey, Improvement Authority Revenue | 10/01/08 | 4.500 | 2,605,000 | |||||||
1,500,000 | New York, New York, City Transitional Finance Authority1 | 10/01/08 | 4.150 | 1,500,000 | |||||||
3,040,000 | Palm Beach County, Florida, Public Improvement Revenue | 11/01/08 | 4.000 | 3,041,900 | |||||||
5,000,000 | South Dakota Housing Development Authority1 | 10/02/08 | 8.000 | 5,000,000 | |||||||
1,000,000 | South Dakota State Building Authority | 06/01/09 | 4.000 | 1,014,881 | |||||||
5,000,000 | Virginia State Public Building Authority | 08/01/09 | 5.000 | 5,137,402 | |||||||
Total Miscellaneous | 38,401,520 | ||||||||||
TRANSPORTATION (4.8%) | |||||||||||
4,900,000 | Illinois State Toll Highway Authority Revenue1 | 10/02/08 | 7.250 | 4,900,000 | |||||||
7,000,000 | Kansas State Department of Transportation & Highway Revenue1 | 10/02/08 | 8.000 | 7,000,000 | |||||||
3,000,000 | Maryland State Department of Transportation | 03/01/09 | 5.000 | 3,038,059 | |||||||
3,000,000 | Mississippi State Highway Revenue | 06/01/09 | 5.250 | 3,070,264 | |||||||
4,000,000 | South Carolina Transportation Infrastructure Bank Revenue1 | 10/01/08 | 4.400 | 4,000,000 | |||||||
3,000,000 | Triborough Bridge & Tunnel Authority, New York, Revenue1 | 10/01/08 | 7.830 | 3,000,000 | |||||||
Total Transportation | 25,008,323 | ||||||||||
UTILITIES1 (2.8%) | |||||||||||
3,000,000 | Colorado Springs, Colorado, Utilities Revenue | 10/02/08 | 8.150 | 3,000,000 | |||||||
4,000,000 | Snohomish County, Washington, Public Utility District No. 1 | 10/01/08 | 8.050 | 4,000,000 | |||||||
7,800,000 | Upper Merion, Pennsylvania, Municipal Utility Authority | 10/02/08 | 8.040 | 7,800,000 | |||||||
Total Utilities | 14,800,000 | ||||||||||
WATER/SEWER (3.6%) | |||||||||||
4,000,000 | Charleston, South Carolina, Waterworks & Sewer Revenue1 | 10/02/08 | 7.250 | 4,000,000 | |||||||
7,000,000 | Gwinnett County, Georgia, Water & Sewer Authority1 | 10/01/08 | 7.500 | 7,000,000 | |||||||
1,055,000 | Iowa State Finance Authority Revenue | 02/01/09 | 5.000 | 1,065,448 | |||||||
400,000 | Las Vegas Valley, Nevada, Water District1 | 10/01/08 | 6.250 | 400,000 | |||||||
1,000,000 | Michigan Municipal Bond Authority Revenue | 10/01/08 | 5.000 | 1,000,000 | |||||||
5,000,000 | Texas Water Development Board Revenue1 | 10/01/08 | 5.000 | 5,000,000 | |||||||
Total Water/Sewer | 18,465,448 | ||||||||||
Total Municipal Bonds | 440,330,278 | ||||||||||
COMMERCIAL PAPER (13.6%) | |||||||||||
2,315,000 | Board of Regents of the Texas A&M University | 10/16/08 | 1.500 | 2,315,000 | |||||||
4,000,000 | Board of Regents of the Texas A&M University | 11/06/08 | 1.600 | 4,000,000 | |||||||
5,000,000 | City of Houston, Texas | 10/21/08 | 1.700 | 5,000,000 | |||||||
5,000,000 | Connecticut State Health Authority | 10/20/08 | 1.670 | 5,000,000 | |||||||
2,850,000 | Harris County, Texas | 12/03/08 | 1.690 | 2,850,000 | |||||||
1,500,000 | King County, Washington | 11/03/08 | 1.600 | 1,500,000 | |||||||
6,300,000 | King County, Washington | 12/09/08 | 1.680 | 6,300,000 | |||||||
3,000,000 | Maryland State Health & Higher Educational Facilities Authority | 10/17/08 | 1.420 | 3,000,000 | |||||||
3,000,000 | Memphis, Tennessee | 11/13/08 | 1.600 | 3,000,000 | |||||||
2,000,000 | Montgomery County, Pennsylvania | 10/02/08 | 1.560 | 2,000,000 | |||||||
2,370,000 | Municipal Electric Authority of Georgia | 10/15/08 | 1.580 | 2,370,000 | |||||||
2,300,000 | Municipal Electric Authority of Georgia | 12/11/08 | 1.620 | 2,300,000 | |||||||
BBH TAX EXEMPT MONEY FUND | |||||||||||
PORTFOLIO OF INVESTMENTS (continued) | |||||||||||
September 30, 2008 (unaudited) | |||||||||||
Principal | Maturity | Interest | |||||||||
Amount | Date | Rate | Value | ||||||||
COMMERCIAL PAPER (continued) | |||||||||||
$ | 4,000,000 | Nebraska Public Power District | 10/14/08 | 1.650 | % | $ | 4,000,000 | ||||
5,500,000 | North Texas Tollway Authority | 10/09/08 | 1.600 | 5,500,000 | |||||||
2,000,000 | South Carolina Public Service Authority | 11/05/08 | 1.650 | 2,000,000 | |||||||
3,380,000 | South Carolina Public Service Authority | 12/01/08 | 1.650 | 3,380,000 | |||||||
5,000,000 | Tennessee State School Bond | 11/03/08 | 1.600 | 5,000,000 | |||||||
2,500,000 | Tennessee State School Bond | 11/04/08 | 1.600 | 2,500,000 | |||||||
4,000,000 | Tennessee State School Bond | 12/01/08 | 1.500 | 4,000,000 | |||||||
1,000,000 | Texas Public Finance Authority | 10/07/08 | 1.580 | 1,000,000 | |||||||
2,500,000 | Texas Public Finance Authority | 12/04/08 | 1.600 | 2,500,000 | |||||||
1,550,000 | Texas Public Finance Authority | 01/08/09 | 1.750 | 1,550,000 | |||||||
Total Commercial Paper | 71,065,000 | ||||||||||
TOTAL INVESTMENTS, AT AMORTIZED COST | 98.2% | $ | 511,395,278 | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES | 1.8 | 9,186,642 | |||||||||
NET ASSETS | 100.0% | $ | 520,581,920 | ||||||||
1 | Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield | ||||||||||
shown represents the September 30, 2008 coupon or interest rate. | |||||||||||
Fair Value Measurements | |||||||||||
The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value | |||||||||||
Measurements ("FAS 157"), effective July 1, 2008. For net asset valuation determination purposes, various inputs are | |||||||||||
used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below. | |||||||||||
- | Level 1 - quoted prices in active markets for identical investments. | ||||||||||
- | Level 2 - other significant 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 following is a summary of the inputs used as of September 30, 2008 in valuing the Fund's investment carried at value: | |||||||||||
Investments in | |||||||||||
Valuation Inputs | Securities | ||||||||||
Level 1 - Quoted prices | $ | 0 | |||||||||
Level 2 - Other Significant Observable Inputs | 511,395,278 | ||||||||||
Level 3 - Significant Unobservable Inputs | 0 | ||||||||||
Total | $ | 511,395,278 | |||||||||
Portfolio holdings are shown as of the date indicated. Since market conditions can fluctuate suddenly and | |||||||||||
frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition. | |||||||||||
These portfolio holdings are not intended to be and do not constitute recommendations that others buy, | |||||||||||
sell, or hold any of the securities listed. | |||||||||||
An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance | |||||||||||
Corporation or any other government agency. Although money market funds seek to preserve the value of | |||||||||||
your investment at $1.00 per share, it is possible to lose money by investing in these funds. | |||||||||||
For more complete information on the fund, call 1-800-625-5759 for a prospectus or visit www.bbhfunds.com. | |||||||||||
You should consider the fund's investment objectives, risks, charges, and expenses carefully before you invest. | |||||||||||
Information about these and other important subjects is in the Fund's prospectus, which you should read | |||||||||||
carefully before investing. | |||||||||||
The BBH Funds are managed by a separately identifiable department within Brown Brothers Harriman & Co. | |||||||||||
The Distributor is Edgewood Services, Inc. Date of first use: 11/08. |
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the Registrant's disclosure controls
and procedures as conducted within 90 days of the filing date of this
Form N-Q, the Registrant's principal financial officer and principal
executive officer have concluded that those disclosure controls and
procedures provide reasonable assurance that the material information
required to be disclosed by the Registrant on this report is recorded,
processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission's rules and forms.
(b) There were no significant changes in the Registrant's internal
controls over financial reporting or in other factors that occurred
during the Registrant’s last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the
Registrant’s internal control over financial reporting.
ITEM 3. EXHIBITS.
(a) The certifications required by Rule 30a-2(a)under the Act are
attached as exhibit 3(b).
EXHIBIT 3 (b)
SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER.
I, John A. Gehret, certify that:
1. I have reviewed this report on Form N-Q of BBH Trust on behalf of:
BBH U.S. Treasury Money Fund, BBH Money Market Fund, and BBH Tax
Exempt Money Fund ("Registrant");
2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect
to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in
this report, fairly present in all material respects the investments
of the Registrant as of the end of the fiscal quarter for which
the report is filed;
4. The Registrant's other certifying officer and I are responsible
for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in
Rule 30a-3(d) under the Investment Company Act of 1940) for the
Registrant and have:
a.) designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating
to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities,
particularly during the period in which this report is being
prepared;
b.) designed such internal control over financial reporting, or
caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting
and the preparation of financial statements for external
purposes in accordance with generally accepted accounting
principles;
c.) evaluated the effectiveness of the Registrant's disclosure
controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and
d.) disclosed in this report any change in the Registrant's
internal control over financial reporting that occurred during
the Registrant's most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and
5. The Registrant's other certifying officer and I have disclosed
to the Registrant's auditors and the audit committee of the
Registrant's board of directors (or persons performing the
equivalent functions):
a. all significant deficiencies and material weaknesses in the
design or operation of internal control over financial
reporting which are reasonably likely to adversely affect
the Registrant's ability to record, process, summarize,
and report financial information; and
b. any fraud, whether or not material, that involves management
or other employees who have a significant role in the
Registrant's internal control over financial reporting.
Date: 11/26/08
/s/ John A. Gehret
=======================
John A. Gehret
President - Principal Executive Officer
EXHIBIT 3(b) (2)
SECTION 302 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER.
I, Charles H. Schreiber, certify that:
1. I have reviewed this report on Form N-Q of BBH Trust on behalf
of: BBH U.S. Treasury Money Fund, BBH Money Market Fund, and
BBH Tax Exempt Money Fund ("Registrant");
2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the
circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in
this report, fairly present in all material respects the investments
of the Registrant as of the end of the fiscal quarter for which
the report is filed;
4. The Registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined
in Rule 30a-3(d)under the Investment Company Act of 1940) for the
Registrant and have:
a.) designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating
to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities,
particularly during the period in which this report is being
prepared;
b.) designed such internal control over financial reporting, or
caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;
c.) evaluated the effectiveness of the Registrant's disclosure
controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure
controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and
d.) disclosed in this report any change in the Registrant's
internal control over financial reporting that occurred
during the Registrant's most recent fiscal quarter that
has materially affected, or is reasonably likely to
materially affect, the Registrant's internal control over
financial reporting; and
5. The Registrant's other certifying officer and I have disclosed
to the Registrant's auditors and the audit committee of the
Registrant's board of directors (or persons performing the
equivalent functions):
a. all significant deficiencies and material weaknesses in the
design or operation of internal control over financial
reporting which are reasonably likely to adversely affect
the Registrant's ability to record, process, summarize, and
report financial information; and
b. any fraud, whether or not material, that involves management
or other employees who have a significant role in the
Registrant's internal control over financial reporting.
Date: 11/26/08
/s/ Charles H. Schreiber
==========================
Charles H. Schreiber
Treasurer - Principal Financial Officer
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/ John A. Gehret
---------------------------
John A. Gehret
President
(Principal Executive Officer)
Date: 11/26/08
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/ John A. Gehret
---------------------------
John A. Gehret
President
(Principal Executive Officer)
By (Signature and Title)* /s/ Charles H. Schreiber
-------------------------
Charles H. Schreiber, Treasurer
(Principal Financial Officer)
Date: 11/26/08
* Print name and title of each signing officer under his or her
signature.