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: October 31, 2014

Item 1. Report to Stockholders.

Annual Report

OCTOBER 31, 2014

BBH Limited Duration Fund

BBH LIMITED DURATION FUND

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

October 31, 2014

Since our letter of October 31, 2013, the BBH Limited Duration Fund Class I (the “Fund”) has returned 1.52% (1.32% for our Class N Shareholders), net of fees. Strong credit returns and good security selection account for over 1.4% of returns, as the Fund has a very low sensitivity to interest rate movements (6 months duration). For comparison, the Barclays Capital U.S. 1-3 Year Treasury Bond Index¹at 0.69%, with nearly two years of duration exposure, returned only 0.71% over the same period. Nonetheless, in an environment of low Treasury Bill yields and diminishing returns to credit, it remains a challenge to overcome even the low inflation we are currently experiencing in the US (roughly 1.7% for the year). The yield on the portfolio at year end, despite being 76% invested in credit instruments, was 1.6% gross of fees. At today’s rates and spreads, it is difficult to increase that yield without adding to credit or liquidity risk materially. Our view is that we should take less risk if we are getting less compensation.

Our process can be summarized as follows: buy durable credits when they are available at attractive yields. In the Fund, we also manage the interest rate exposure to limit potential negative returns from a return to higher interest rates. In contrast to 2013, longer Treasuries rallied dramatically in the spring and summer of 2014. Because of its interest rate hedges, the Fund did not benefit from this decline in Treasury yields. Note, however, that in the shorter part of the curve, rates actually rose and steepened, reflecting the expectation that short rates may, at long last, rise into 2015.

We like to remind shareholders that the Fund is 3-4 times more sensitive to credit spreads than interest rates. Credit spreads (the yield difference between a credit instrument and a similar-duration Treasury, “OAS” in the accompanying exhibit) narrowed for the first three quarters of the year, following the pattern set in 2013. Over the summer, however, markets began to reflect concerns about slowing growth in Europe and emerging markets. This fueled not only the rally in long Treasuries, but also a rapid widening in credit spreads. Most types of credit underperformed Treasuries in the fourth quarter, as shown below. The Fund, even net of fees, produced returns for the year that were similar to the index basket of A-rated bonds, but with much lower downside in the difficult final quarter of the year.

The Barclays Capital U.S. 1-3 Year Treasury Bond Index (“BCTSY”) measures the performance of U.S. Treasury securities that have a remaining maturity of at least one year and less than three years. The BCTSY is a short term index. Investments cannot be made in an index.

BBH LIMITED DURATION FUND

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2014

Ratings are provided by Standard and Poor’s (www.standardandpoors.com) and Moody’s (www.moodys.com) which are independent third parties. When ratings for S&P and Moody’s are not available, we will substitute other nationally recognized statistical ratings organizations. In order to be more conservative, when ratings differ, the lower rating is used. Quality ratings reflect the credit quality of the underlying issues in the fund portfolio and not of the fund itself. Information obtained from third parties is believed to be reliable, but cannot be guaranteed. Issuers with credit ratings of AA or better are considered to be of high credit quality, with little risk of issuer failure. Issuers with credit ratings of BBB or better are considered to be of good credit quality, with adequate capacity to meet financial commitments. Issuers with credit ratings below BBB are considered speculative in nature and are vulnerable to the possibility of issuer failure or business interruption. Standard and Poor’s and Moody’s do not provide ratings for the individual securities issued by the U.S. Treasury and government agencies. Thus, no rating is shown. The Not Rated category applies to Non-Government related securities that could be rated but have no rating.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2014

Because it has become more difficult to find value in credit today than in early 2013, the Fund has increased its liquidity over last year. On October 31, 2014, the Fund held about 24% in Treasuries, agencies and cash equivalents (“Reserves” in our parlance), and another approximately 25% of the Fund was in credit instruments of less than six months duration, providing a natural source of liquidity. This is a significant increase over last year’s levels of approximately 21% and 15%. Higher liquidity reduces the running yield of the Fund. Given the lower compensation on offer, we believe it is reasonable to keep some dry powder for future opportunities.

The Fund’s sector exposure is not very different from a year ago. Asset Backed Securities (“ABS”) are slightly lower in favor of Commercial Mortgage Backed Securities (“CMBS”). We hold some additional corporate exposure in the BBB/BB area, the last part of the corporate universe where we can find the occasional undervalued bond. Generally, we see very little value in high yield bonds. However, we have added a few BB-rated loans, which provide a high floating yield (generally 3.5-4.25%) and seniority to bonds in the issuer’s capital structure. Loans can be repaid any time, so they have far less appreciation potential than bonds. On the other hand, they have outperformed in down markets due to their structural protection and higher recovery rates. The Fund’s overall exposure to below investment grade credits remains in the mid single-digit percentages.

Energy and commodities are of particular concern right now, with oil prices falling from over $100/barrel in June to about $60 as we prepare this report in early December. Credit spreads on energy companies have approximately doubled over the same period (to 2% for investment grade and 9% for non-investment grade). The Fund holds approximately $236 million, or 4.5%, in energy and energy-related credits, 1.9% in electricity generation ($97 million) and no other basic materials exposures. While markets have swiftly repriced energy-related stocks and bonds, the real harm to companies in this sector will come only if oil prices stay low for an extended period. Our direct exposure to oil exploration is primarily in, or related to, three national oil companies – Korea National Oil Corp., Petrobras (Brazil) and Petroleos Mexicanos (“Pemex”, Mexico). These companies are tightly connected to their respective sovereign governments and, in the case of Petrobras and Pemex, continued oil exploration is critical to national supply, government finances and U.S. Dollar reserves. This implicit sovereign support should mitigate risk to creditors even if oil prices remain low for a long time. Other energy-related exposure is to pipelines and electric generation. These industries are less sensitive to commodity prices than exploration or oil-field services, and should continue to generate significant cash flow from long-term contracts even when commodity prices are low. We expect the sector to be a source of additional volatility for some time. While we are on the lookout for opportunities in this sell-off, we seek to hold only credits that should withstand the stress of persistently low oil prices.

Investors in longer bonds benefited unexpectedly from 2014’s rally, but we still maintain short durations in the Fund. Yields have much more room to rise than fall, and investors are not well-compensated to take that risk with today’s low yields. We still find attractive credit spreads in ABS and longer corporate instruments and seek to lock those spreads in while reducing the interest rate risk through our hedges. We invest only where we find long-term value, rather than projected price movements, looking for durable credits when they are available at attractive yields.

We are honored with your confidence and the privilege of preserving and enhancing your capital.

BBH LIMITED DURATION FUND

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2014

Growth of $10,000 Invested in BBH Limited Duration

The graph below illustrates the hypothetical investment of $10,000¹in the Class N shares of the Fund over the ten years ended October 31, 2014 as compared to the BCTSY.

The annualized gross expense ratios as in the February 28, 2014 prospectus for Class N and Class I shares were 0.49% and 0.29%, respectively.

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund performance changes over time and current performance may be lower or higher than what is stated. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For performance current to the most recent month-end please call 1-800-575-1265.

Hypothetical performance results are calculated on a total return basis and include all portfolio income, unrealized and realized capital gains, losses and reinvestment of dividends and other earnings. No one shareholder has actually achieved these results and no representation is being made that any actual shareholder achieved, or is likely to achieve, similar results to those shown. Hypothetical performance does not represent actual trading and may not reflect the impact of material economic and market factors. Undue reliance should not be placed on hypothetical performance results in making an investment decision.

The Fund’s performance assumes the reinvestment of all dividends and distributions. The Barclays Capital U.S. 1-3 Year Treasury Bond Index (“BCTSY”) has been adjusted to reflect reinvestment of dividends on securities in the index. The BCTSY is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged. Investments cannot be made in the index.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of the BBH Trust and Shareholders of
BBH Limited Duration Fund:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH Limited Duration Fund (a series of BBH Trust) (the “Fund”) as of October 31, 2014, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2014, by correspondence with the custodian, agent banks and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BBH Limited Duration Fund as of October 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
December 22, 2014

BBH LIMITED DURATION FUND

PORTFOLIO ALLOCATION

October 31, 2014

BREAKDOWN BY SECURITY TYPE

	U.S. $ Value		Percent of Net Assets
Asset Backed Securities	$	1,618,291,083		31.3	%
Commercial Mortgage Backed Securities		467,981,645		9.1
Corporate Bonds		1,519,952,804		29.4
Loan Participations and Assignments		140,451,646		2.7
Municipal Bonds		121,051,627		2.3
U.S. Government Agency Obligations		290,175,229		5.6
U.S. Inflation Linked Debt		308,082,149		6.0
U.S. Treasury Notes		50,023,450		1.0
Certificates of Deposit		503,450,897		9.7
Commercial Paper		34,999,932		0.7
U.S. Treasury Bills		68,998,564		1.3
Cash and Other Assets in Excess of Liabilities		48,996,986		0.9
NET ASSETS	$	5,172,456,012		100.0	%

All data as of October 31, 2014. The Fund’s sector diversification is expressed as a percentage of net assets and may vary over time.

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (31.3%)
$	13,577,696	Aircraft Lease Securitisation,
		Ltd. 2007-1A^1,2	05/10/32		0.416	%	$	13,323,114
	35,000,000	Ally Master Owner Trust 2010-2²	04/15/17		4.250			35,470,015
	12,690,000	Ally Master Owner Trust 2012-5	09/15/19		1.540			12,688,363
	20,163,453	Alterna Funding I LLC 2014-1A²	02/15/21		1.639			20,188,657
	7,347,000	AmeriCredit Automobile Receivables
		Trust 2012-2	10/10/17		2.640			7,452,503
	12,290,000	AmeriCredit Automobile Receivables
		Trust 2012-3	05/08/18		2.420			12,501,351
	11,300,000	AmeriCredit Automobile Receivables
		Trust 2013-3	06/10/19		2.380			11,445,578
	2,166,495	ARI Fleet Lease Trust 2012-A^1,2	03/15/20		0.703			2,167,039
	3,708,918	Ascentium Equipment Receivables
		LLC 2012-1A²	09/15/19		1.830			3,707,913
	20,060,000	Ascentium Equipment Receivables
		LLC 2014-1A²	01/10/17		1.040			20,071,815
	3,000,000	Avis Budget Rental Car Funding AESOP
		LLC 2010-3A²	05/20/16		4.640			3,041,994
	25,300,000	Avis Budget Rental Car Funding AESOP
		LLC 2010-5A²	03/20/17		3.150			25,985,858
	12,440,313	AXIS Equipment Finance Receivables II
		LLC 2013-1A²	03/20/17		1.750			12,441,632
	28,474,425	BCC Funding VIII LLC 2014-1A²	06/20/20		1.794			28,428,865
	15,175,000	Cabela’s Master Credit Card
		Trust 2010-2A^1,2	09/17/18		0.853			15,232,331
	16,610,000	Cabela’s Master Credit Card
		Trust 2012-1A^1,2	02/18/20		0.683			16,731,054
	4,300,000	Capital Auto Receivables Asset
		Trust 2013-1	10/22/18		1.740			4,310,483
	8,030,000	Capital Auto Receivables Asset
		Trust 2013-2	10/22/18		1.960			8,126,288
	2,820,000	Capital Auto Receivables Asset
		Trust 2013-2	04/22/19		2.660			2,886,442

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

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	13,260,000	Capital Auto Receivables Asset
		Trust 2013-3	10/22/18		2.790	%	$	13,518,318
	38,740,000	Carlyle Global Market Strategies
		Commodities Funding, Ltd. 2014-1A^1,2	10/15/21		2.131			38,740,000
	8,650,920	CCG Receivables Trust 2013-1²	08/14/20		1.050			8,667,842
	19,720,000	CCG Receivables Trust 2014-1²	11/15/21		1.060			19,711,816
	11,772,610	Chesapeake Funding LLC 2011-2A^1,2	04/07/24		1.403			11,856,019
	9,259,292	Chesapeake Funding LLC 2012-1A^1,2	11/07/23		0.903			9,288,023
	10,040,730	Chesapeake Funding LLC 2012-2A^1,2	05/07/24		0.603			10,056,143
	48,080,000	Citibank Credit Card Issuance
		Trust 2014-A8	04/09/20		1.730			48,259,867
	1,662,228	Credit Acceptance Auto Loan
		Trust 2012-1A²	09/16/19		2.200			1,667,552
	3,000,000	Credit Acceptance Auto Loan
		Trust 2012-1A²	03/16/20		3.120			3,022,488
	7,890,918	Credit Acceptance Auto Loan
		Trust 2012-2A²	03/16/20		1.520			7,909,217
	11,950,000	Credit Acceptance Auto Loan
		Trust 2013-1A²	10/15/20		1.210			11,950,944
	11,790,000	Credit Acceptance Auto Loan
		Trust 2013-2A²	04/15/21		1.500			11,827,186
	7,530,000	Credit Acceptance Auto Loan
		Trust 2013-2A²	10/15/21		2.260			7,587,439
	10,040,000	Credit Acceptance Auto Loan
		Trust 2014-1A²	10/15/21		1.550			10,047,721
	11,160,000	Credit Acceptance Auto Loan
		Trust 2014-1A²	04/15/22		2.290			11,196,527
	2,720,000	Credit Acceptance Auto Loan
		Trust 2014-2A²	09/15/22		2.670			2,720,607
	5,973,934	Direct Capital Funding V LLC 2013-1²	12/20/17		1.673			5,977,519
	18,685,506	Direct Capital Funding V LLC 2013-2²	08/20/18		1.730			18,745,766
	23,390,625	Emerald Aviation Finance, Ltd. 2013-1²	10/15/38		4.650			23,624,531
	1,746,758	Enterprise Fleet Financing LLC 2012-1²	11/20/17		1.140			1,748,309

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	2,863,105	Enterprise Fleet Financing LLC 2012-2²	04/20/18		0.720	%	$	2,864,559
	1,949,884	Exeter Automobile Receivables
		Trust 2012-2A²	06/15/17		1.300			1,952,535
	6,357,445	Exeter Automobile Receivables
		Trust 2013-1A²	10/16/17		1.290			6,367,814
	10,780,284	Exeter Automobile Receivables
		Trust 2013-2A²	11/15/17		1.490			10,818,586
	11,971,118	Exeter Automobile Receivables
		Trust 2014-2A²	08/15/18		1.060			11,957,028
	11,591,806	FNA Trust 2013-1A²	01/10/18		1.980			11,620,785
	4,470,000	Ford Credit Auto Owner Trust 2012-B	02/15/18		2.080			4,557,183
	4,000,000	Ford Credit Auto Owner Trust 2013-C	01/15/20		2.500			4,090,164
	28,540,000	Ford Credit Auto Owner Trust/
		Ford Credit 2014-2²	04/15/26		2.310			28,609,124
	30,250,000	Ford Credit Floorplan Master Owner
		Trust 2010-3²	02/15/17		4.200			30,580,118
	31,323,435	Foursight Capital Automobile
		Receivables Trust 2014-1²	03/23/20		2.110			31,210,671
	13,851,679	FRS I LLC 2013-1A²	04/15/43		1.800			13,802,049
	17,450,000	GE Dealer Floorplan Master Note
		Trust 2012-2¹	04/22/19		0.907			17,603,926
	24,132,867	Global Container Assets, Ltd. 2013-1A²	11/05/28		2.200			24,410,154
	9,450,000	Hertz Vehicle Financing LLC 2010-1A²	02/25/17		3.740			9,749,083
	32,660,000	Hertz Vehicle Financing LLC 2011-1A²	03/25/18		3.290			33,993,181
	8,350,000	HLSS Servicer Advance Receivables
		Backed Notes 2012-T2²	10/15/45		1.990			8,407,615
	10,350,000	HLSS Servicer Advance Receivables
		Backed Notes 2013-T1²	01/16/46		1.495			10,321,020
	17,090,000	HLSS Servicer Advance Receivables
		Backed Notes 2013-T3²	05/15/46		1.793			16,823,396
	3,613,924	Honda Auto Receivables Owner
		Trust 2012-1	01/15/16		0.770			3,617,827
	15,209,330	Huntington Auto Trust 2011-1A²	11/15/16		1.310			15,267,810

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

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	17,750,000	Hyundai Auto Receivables
		Trust 2013-B	02/15/19		1.710	%	$	17,757,118
	2,320,109	Leaf II Receivables Funding LLC 2012-1²	10/15/16		1.250			2,320,573
	8,510,000	Leaf II Receivables Funding LLC 2013-1²	10/15/16		1.330			8,502,341
	8,972,000	Leaf II Receivables Funding LLC 2013-1²	09/15/21		1.980			8,971,103
	4,470,000	M&T Bank Auto Receivables
		Trust 2013-1A²	03/15/19		2.160			4,527,784
	9,344,313	MCA Fund I Holding LLC 2014-1A^1,2	08/15/24		2.234			9,344,313
	3,217,793	MMAF Equipment Finance LLC 2009-AA²	01/15/30		3.510			3,265,883
	14,790,000	MMAF Equipment Finance LLC 2012-AA²	10/10/18		1.350			14,910,479
	550,467	Motor, Plc. 12A²	02/25/20		1.286			550,681
	23,274,519	Motor, Plc. 2014-1A^1,2	08/25/21		0.632			23,335,356
	8,178,563	Nations Equipment Finance Funding I
		LLC 2013-1A²	11/20/16		1.697			8,193,285
	39,573,907	Nations Equipment Finance Funding II
		LLC 2014-1A²	07/20/18		1.558			39,574,817
	3,140,000	Nationstar Agency Advance Funding
		Trust 2013-T2A²	02/18/48		1.892			3,079,367
	35,000,000	Nationstar Mortgage Advance
		Receivables Trust 2013-T3A²	06/20/48		2.438			34,671,000
	5,781,397	Navitas Equipment Receivables
		LLC 2013-1²	11/15/16		1.950			5,782,119
	51,030,000	NCF Dealer Floorplan Master
		Trust 2014-1A^1,2	10/20/20		1.652			51,030,000
	20,247,948	New Mexico State Educational
		Assistance Foundation¹	01/02/25		0.853			20,287,026
	42,570,000	New Residential Advance Receivables
		Trust Advance Receivables
		Backed 2014-T2²	03/15/47		2.377			42,638,112
	4,655,004	New York City Tax Lien 2013-A²	11/10/26		1.190			4,651,745
	17,300,000	Nordstrom Private Label Credit Card
		Master Note Trust 2011-1A²	11/15/19		2.280			17,677,538
	28,770,000	OneMain Financial Issuance
		Trust 2014-1A²	06/18/24		2.430			28,925,358

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	15,230,000	OneMain Financial Issuance
		Trust 2014-2A²	09/18/24		3.020	%	$	15,229,985
	9,029,622	PFS Tax Lien Trust 2014-1²	05/15/29		1.440			9,053,162
	6,526,475	Santander Drive Auto Receivables
		Trust 2012-3	12/15/16		1.940			6,546,564
	12,340,000	Santander Drive Auto Receivables
		Trust 2013-2	03/15/19		1.950			12,497,903
	5,990,000	Santander Drive Auto Receivables
		Trust 2013-4	01/15/20		3.250			6,210,258
	8,880,000	SMART Trust 2011-4USA^1,2	08/14/17		1.503			8,890,052
	13,690,000	SMART Trust 2012-1USA²	12/14/17		2.010			13,768,033
	4,026,414	SMART Trust 2012-2USA²	10/14/16		1.590			4,047,806
	2,688,751	SMART Trust 2012-4US	03/14/17		0.970			2,691,171
	18,190,000	SMART Trust 2013-2US	01/14/17		0.830			18,191,819
	3,630,000	SMART Trust 2013-2US	02/14/19		1.180			3,615,480
	3,028,838	SNAAC Auto Receivables Trust 2013-1A²	07/16/18		1.140			3,032,185
	10,793,393	SNAAC Auto Receivables Trust 2014-1A²	09/17/18		1.030			10,793,738
	9,900,000	Spirit Master Funding VII LLC 2013-1A²	12/20/43		3.887			10,216,850
	53,680,000	Springleaf Funding Trust 2013-AA²	09/15/21		2.580			54,048,513
	19,640,000	Springleaf Funding Trust 2014-AA²	12/15/22		2.410			19,683,129
	17,700,355	STORE Master Funding LLC 2013-1A²	03/20/43		4.160			18,242,468
	12,631,152	STORE Master Funding LLC 2013-2A²	07/20/43		4.370			13,097,499
	21,111,188	STORE Master Funding LLC 2013-3A²	11/20/43		4.240			21,773,100
	6,228,735	TAL Advantage V LLC 2014-2A²	05/20/39		1.700			6,218,189
	41,160,000	Textainer Marine Containers,
		Ltd. 2014-1A²	10/20/39		3.270			41,046,016
	11,530,000	Trade MAPS 1, Ltd. 2013-1A^1,2	12/10/18		1.402			11,518,943
	49,760,000	Trafigura Securitisation Finance,
		Plc. 2014-1A^1,2	10/15/21		1.103			49,760,000
	33,330,000	Turquoise Card Backed Securities,
		Plc. 2012-1A^1,2	06/17/19		0.953			33,754,624
	10,033,145	Utah State Board of Regents 2011-1¹	05/01/29		1.090			10,084,816
	9,744,006	Westlake Automobile Receivables
		Trust 2013-1A²	01/15/18		1.120			9,757,501

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

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	20,490,000	Westlake Automobile Receivables
		Trust 2014-2A²	10/16/17		0.970	%	$	20,497,540
	1,077,220	Wheels SPV LLC 2012-1²	03/20/21		1.190			1,077,984
		Total Asset Backed Securities
		(Identified cost $1,607,936,419)						1,618,291,083


		COMMERCIAL MORTGAGE BACKED
		SECURITIES (9.1%)
	15,540,000	Aventura Mall Trust 2013-AVM^1,2	12/05/32		3.867			15,906,759
	31,807,000	BB-UBS Trust 2012-TFT^1,2	06/05/30		3.584			30,665,606
	6,349,000	BHMS Mortgage Trust 2014-ATLS^1,2	07/05/33		2.602			6,348,994
	32,018,000	BHMS Mortgage Trust 2014-ATLS^1,2	07/05/33		4.847			31,990,785
	12,240,000	BLCP Hotel Trust 2014-CLRN^1,2	08/15/29		2.104			12,243,305
	14,860,000	Boca Hotel Portfolio Trust 2013-BOCA^1,2	08/15/26		1.903			14,862,348
	10,500,000	CGBAM Commercial Mortgage
		Trust 2014-HD^1,2	02/15/31		1.353			10,487,043
	7,457,000	CGBAM Commercial Mortgage
		Trust 2014-HD^1,2	02/15/31		1.753			7,438,492
	7,510,000	Citigroup Commercial Mortgage
		Trust 2013-SMP²	01/12/30		2.435			7,616,161
	2,085,000	Citigroup Commercial Mortgage
		Trust 2013-SMP²	01/12/30		2.738			2,114,474
	24,520,000	Citigroup Commercial Mortgage
		Trust 2014-388G^1,2	06/15/33		1.904			24,427,658
	24,153,758	Commercial Mortgage Pass Through
		Certificates 2013-GAM²	02/10/28		1.705			23,658,292
	9,690,000	Commercial Mortgage Pass Through
		Certificates 2013-GAM^1,2	02/10/28		3.531			9,287,526
	12,292,572	Commercial Mortgage Pass Through
		Certificates 2013-SFS²	04/12/35		1.873			12,020,303
	42,990,000	Commercial Mortgage Pass Through
		Certificates 2014-KYO^1,2	06/11/27		1.803			42,949,847
	22,660,000	Commercial Mortgage Pass Through
		Certificates 2014-TWC^1,2	02/13/32		1.003			22,631,539

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		COMMERCIAL MORTGAGE BACKED
		SECURITIES (continued)
$	14,950,000	EQTY 2014-INNS Mortgage Trust^1,2	05/08/31		1.753	%	$	14,786,910
	17,740,000	GTP Acquisition Partners I LLC²	05/15/43		2.364			17,622,650
	26,691,250	GTP Cellular Sites LLC²	03/15/42		3.721			27,526,873
	9,840,000	Hilton USA Trust 2013-HLF^1,2	11/05/30		1.652			9,840,098
	15,070,000	Hilton USA Trust 2013-HLF^1,2	11/05/30		2.052			15,070,151
	5,780,000	JP Morgan Chase Commercial Mortgage
		Securities Corp. 2011-PLSD²	11/13/44		3.364			6,012,206
	5,600,000	JP Morgan Chase Commercial Mortgage
		Securities Trust 2014-BXH^1,2	04/15/27		1.403			5,592,070
	10,250,000	JP Morgan Chase Commercial Mortgage
		Securities Trust 2014-BXH^1,2	04/15/27		1.803			10,231,058
	14,860,000	SBA Tower Trust²	12/15/42		2.933			15,058,396
	40,700,000	SBA Tower Trust²	04/15/43		2.240			40,363,248
	15,700,000	Unison Ground Lease Funding LLC²	04/15/40		5.349			16,743,846
	14,500,000	Wells Fargo Commercial Mortgage
		Trust 2014-TISH^1,2	02/15/27		2.003			14,485,007
		Total Commercial Mortgage Backed Securities
		(Identified cost $469,474,025)						467,981,645


		CORPORATE BONDS (29.4%)
		ADVERTISING (0.2%)
	6,300,000	Alliance Data Systems Corp.²	12/01/17		5.250			6,489,000
	5,000,000	Alliance Data Systems Corp.²	04/01/20		6.375			5,250,000
								11,739,000

		AIRLINES (0.2%)
	7,067,925	British Airways, Plc.²	12/20/21		5.625			7,474,331


		BANKS (6.5%)
	16,090,000	ANZ New Zealand Int’l, Ltd.²	03/24/16		1.125			16,176,162
	7,229,000	Australia & New Zealand Banking
		Group, Ltd.	10/06/17		1.875			7,307,008
	21,000,000	Bank of America Corp.	01/15/15		5.000			21,180,537
	33,435,000	Bank of America Corp.	08/01/15		4.750			34,391,809

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

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		CORPORATE BONDS (continued)
		BANKS (continued)
$	11,125,000	Bank of Montreal	07/15/16		1.300	%	$	11,234,336
	9,000,000	Bank of Nova Scotia	07/15/16		1.375			9,083,817
	17,800,000	Canadian Imperial Bank of Commerce	07/18/16		1.350			17,960,574
	24,010,000	Citigroup, Inc.	05/19/15		4.750			24,545,855
	4,296,882	FNBC 1993-A Pass Through Trust	01/05/18		8.080			4,704,866
	19,585,000	Goldman Sachs Group, Inc.	05/03/15		3.300			19,847,126
	5,000,000	Goldman Sachs Group, Inc.¹	07/22/15		0.632			5,000,450
	7,360,000	Goldman Sachs Group, Inc.	01/22/18		2.375			7,428,676
	9,480,000	ING Bank NV2	09/25/15		2.000			9,589,058
	13,465,000	JPMorgan Chase & Co.	07/05/16		3.150			13,927,375
	20,030,000	Mitsubishi UFJ Trust & Banking Corp.²	10/16/17		1.600			20,016,480
	20,765,000	Morgan Stanley	04/28/15		6.000			21,300,675
	23,000,000	Morgan Stanley	07/24/15		4.000			23,571,297
	15,405,000	National Australia Bank, Ltd.	07/25/16		1.300			15,542,983
	20,855,000	Royal Bank of Scotland Group, Plc.	09/18/15		2.550			21,152,955
	12,955,000	Royal Bank of Scotland, Plc.	03/16/16		4.375			13,523,219
	19,980,000	Svenska Handelsbanken AB	04/04/17		2.875			20,789,030
								338,274,288


		CLOSED-END FUNDS (1.0%)
	49,455,000	Drawbridge Special Opportunities
		Fund LP²	08/01/21		5.000			49,207,725

		COMMERCIAL SERVICES (0.8%)
	19,863,000	Experian Finance, Plc.²	06/15/17		2.375			20,202,081
	8,755,000	Western Union Co.¹	08/21/15		1.234			8,793,925
	6,155,000	Western Union Co.	12/10/17		2.875			6,339,595
	3,250,000	Western Union Co.	08/22/18		3.650			3,405,129
								38,740,730

		COSMETICS/PERSONAL CARE (0.6%)
	14,213,000	Avon Products, Inc.	03/15/16		2.375			14,045,926
	19,745,000	Avon Products, Inc.	03/15/20		4.600			18,527,405
								32,573,331

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		CORPORATE BONDS (continued)
		DIVERSIFIED FINANCIAL SERVICES (5.4%)
$	14,430,950	AA Aircraft Financing 2013-1 LLC²	11/01/19		3.596	%	$	14,503,105
	10,247,387	Ahold Lease Series 2001-A-1 Pass
		Through Trust	01/02/20		7.820			11,477,074
	18,068,201	Blue Wing Asset Vehicle²	01/11/23		4.500			18,591,763
	24,815,000	Caisse Centrale Desjardins²	09/12/17		1.550			24,853,935
	20,000,000	CIC Central America Card
		Receivables, Ltd.³	11/05/20		4.500			20,348,334
	10,500,000	CIC Receivables Master Trust³	10/07/21		4.890			10,764,306
	33,693,700	Citigroup Capital XIII^1,4	10/30/40		7.875			35,877,052
	23,730,000	Denali Borrower LLC²	10/15/20		5.625			25,168,631
	13,359,510	Doric Nimrod Air Alpha 2013-1 Pass
		Through Trust²	05/30/25		5.250			14,060,884
	6,700,802	Doric Nimrod Air Finance Alpha, Ltd.
		2012-1 (Class A) Pass Through Trust²	11/30/24		5.125			7,051,602
	17,620,000	General Motors Financial Co., Inc.	05/15/16		2.750			17,862,275
	4,830,000	General Motors Financial Co., Inc.	07/10/17		2.625			4,897,775
	5,818,434	LS Power Funding Corp.	12/30/16		8.080			6,299,153
	16,349,000	Murray Street Investment Trust I	03/09/17		4.647			17,454,503
	47,855,000	Seven & Seven Ltd.^1,2	09/11/19		1.395			47,810,160
								277,020,552


		ELECTRIC (1.9%)
	25,715,000	Korea East-West Power Co., Ltd.²	11/27/18		2.625			26,014,297
	12,475,000	Korea Hydro & Nuclear Power Co., Ltd.²	10/28/19		2.375			12,353,456
	38,600,000	TransAlta Corp.	01/15/15		4.750			38,902,740
	13,330,000	TransAlta Corp.	06/03/17		1.900			13,315,430
	5,580,000	TransAlta Corp.	05/15/18		6.650			6,268,137
								96,854,060


		ENGINEERING & CONSTRUCTION (0.2%)
	11,444,400	Odebrecht Offshore Drilling
		Finance, Ltd.²	10/01/22		6.750			11,988,009

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

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		CORPORATE BONDS (continued)
		FOOD (0.3%)
$	16,805,000	HJ Heinz Co.	10/15/20		4.250	%	$	16,969,689

		HEALTHCARE-PRODUCTS (0.7%)
	9,445,000	Hospira, Inc.	03/30/17		6.050			10,309,057
	25,995,000	Mallinckrodt International Finance S.A.	04/15/18		3.500			25,605,075
								35,914,132

		HEALTHCARE-SERVICES (0.8%)
	20,395,000	HCA, Inc.	03/15/19		3.750			20,445,988
	21,920,000	WellPoint, Inc.	09/10/15		1.250			22,043,848
								42,489,836

		INSURANCE (1.5%)
	4,400,000	Aon Corp.	09/30/15		3.500			4,512,864
	13,976,250	Prudential Covered Trust 2012-1²	09/30/15		2.997			14,237,816
	12,290,000	Prudential Financial, Inc.	09/17/15		4.750			12,713,747
	11,050,000	Vitality Re IV, Ltd.^1,2	01/09/17		2.750			11,147,240
	33,100,000	Vitality Re V, Ltd.^1,2	01/07/20		1.750			32,418,140
								75,029,807

		INTERNET (0.6%)
	26,250,000	Expedia, Inc.	08/15/20		5.950			29,268,566

		INVESTMENT COMPANIES (0.4%)
	21,515,000	PennantPark Investment Corp.	10/01/19		4.500			21,703,665

		MEDIA (0.7%)
	21,000,000	Gannett Co., Inc.	10/15/19		5.125			21,840,000
	14,253,000	NBCUniversal Media LLC	04/30/15		3.650			14,477,356
								36,317,356

		OIL & GAS (3.6%)
	7,120,000	Korea National Oil Corp.²	04/03/17		3.125			7,363,504
	16,935,000	Korea National Oil Corp.²	01/23/19		2.750			17,177,069
	24,023,125	Odebrecht Drilling Norbe VIII/IX, Ltd.²	06/30/21		6.350			25,349,201
	18,280,000	Petrobras Global Finance BV	05/20/16		2.000			18,220,773

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		CORPORATE BONDS (continued)
		OIL & GAS (continued)
$	21,825,000	Petrobras Global Finance BV¹	01/15/19		2.371	%	$	21,778,076
	30,944,000	Petrobras International Finance Co.	02/06/15		2.875			31,058,493
	16,200,000	Petroleos Mexicanos	03/15/15		4.875			16,418,700
	11,500,000	Plains Exploration & Production Co.	04/01/20		7.625			12,218,750
	35,228,000	Plains Exploration & Production Co.	11/15/20		6.500			38,468,976
								188,053,542

		PHARMACEUTICALS (0.4%)
	22,116,000	Medco Health Solutions, Inc.	09/15/15		2.750			22,494,913

		PIPELINES (0.7%)
	18,970,000	Energy Transfer Partners LP	02/01/15		5.950			19,198,873
	18,283,000	Williams Partners LP	02/15/15		3.800			18,433,762
								37,632,635

		REAL ESTATE (1.2%)
	32,965,000	Deutsche Annington Finance BV²	10/02/17		3.200			33,913,337
	18,035,000	Prologis International Funding II SA²	02/15/20		4.875			19,312,581
	10,670,000	Scentre Group Trust 1/Scentre Group
		Trust 2²	11/05/19		2.375			10,623,298
								63,849,216

		REAL ESTATE INVESTMENT TRUSTS (1.7%)
	37,477,000	American Tower Corp.	04/01/15		4.625			38,070,598
	25,700,000	Digital Realty Trust LP	07/15/15		4.500			26,111,329
	22,000,000	Senior Housing Properties Trust	05/01/19		3.250			22,175,494
								86,357,421
		Total Corporate Bonds
		(Identified cost $1,507,287,559)						1,519,952,804

		LOAN PARTICIPATIONS AND
		ASSIGNMENTS (2.7%)
	20,000,000	1011778 B.C. Unlimited Term B (Burger
		King Worldwide)¹	10/27/21		4.500			19,979,600
	10,447,236	Dell International LLC Term B¹	04/29/20		4.500			10,456,325

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

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		LOAN PARTICIPATIONS AND
		ASSIGNMENTS (continued)
$	8,404,858	Dell International LLC Term C¹	10/29/18		3.750	%	$	8,334,173
	36,844,330	Delos Finance S.a.r.l.¹	03/06/21		3.500			36,629,527
	14,905,150	Mallinckrodt International Term B¹	03/19/21		3.500			14,752,372
	2,000,000	Mallinckrodt International Term B1¹	03/19/21		3.500			1,982,500
	20,443,262	RPI Finance Trust Term B2¹	05/09/18		3.250			20,334,709
	8,158,430	RPI Finance Trust Term B3¹	11/09/18		3.250			8,107,440
	20,000,000	TPF II Power LLC Term B¹	10/02/21		5.500			19,875,000
		Total Loan Participations and Assignments
		(Identified cost $141,001,756)						140,451,646


		MUNICIPAL BONDS (2.3%)
	14,250,000	Baylor Health Care System¹	11/15/25		0.140			13,347,120
	3,350,000	City of Portland, Oregon¹	06/01/19		0.135			3,254,900
	1,470,000	Minnesota State Tobacco Securitization
		Authority	03/01/15		3.093			1,481,334
	20,940,000	New Jersey State Economic
		Development Authority⁵	02/15/17		0.000			20,018,849
	28,005,000	New Jersey State Economic
		Development Authority⁵	02/15/18		0.000			25,864,858
	7,765,000	New Jersey State Turnpike Authority	01/01/16		4.252			7,882,717
	9,000,000	Pennsylvania Economic Development
		Financing Authority¹	08/01/45		0.400			9,000,000
	27,090,000	State of Illinois	03/01/16		4.961			28,389,237
	7,110,000	State of Illinois	03/01/18		5.200			7,745,350
	16,650,000	Tobacco Settlement Financing Corp.⁵	06/01/41		0.000			4,067,262
		Total Municipal Bonds
		(Identified cost $118,930,032)						121,051,627


		U.S. GOVERNMENT AGENCY
		OBLIGATIONS (5.6%)
	25,000,000	Fannie Mae Discount Notes⁵	12/03/14		0.000			24,998,667
	19,224,000	Federal Home Loan Bank
		Discount Notes⁵	11/12/14		0.000			19,223,618

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		U.S. GOVERNMENT AGENCY
		OBLIGATIONS (continued)
$	50,000,000	Federal Home Loan Bank
		Discount Notes⁵	11/19/14		0.000	%	$	49,998,250
	25,000,000	Federal Home Loan Bank
		Discount Notes⁵	11/21/14		0.000			24,999,653
	30,000,000	Federal Home Loan Bank
		Discount Notes⁵	12/03/14		0.000			29,998,133
	251,605	Federal Home Loan Mortgage Corp.
		(FHLMC) Non Gold Guaranteed¹	04/01/36		2.388			269,122
	118,060	Federal Home Loan Mortgage Corp.
		(FHLMC) Non Gold Guaranteed¹	12/01/36		2.115			124,595
	87,525	Federal Home Loan Mortgage Corp.
		(FHLMC) Non Gold Guaranteed¹	01/01/37		2.370			93,622
	189,473	Federal Home Loan Mortgage Corp.
		(FHLMC) Non Gold Guaranteed¹	02/01/37		2.456			203,017
	18,664,178	Federal National Mortgage
		Association (FNMA)	07/01/35		5.000			20,709,806
	1,297,836	Federal National Mortgage
		Association (FNMA)	11/01/35		5.500			1,457,197
	120,113	Federal National Mortgage
		Association (FNMA)¹	07/01/36		2.491			128,877
	228,253	Federal National Mortgage
		Association (FNMA)¹	09/01/36		2.196			245,351
	180,763	Federal National Mortgage
		Association (FNMA)¹	01/01/37		2.509			193,586
	1,127,927	Federal National Mortgage
		Association (FNMA)	08/01/37		5.500			1,265,034
	12,459,346	Federal National Mortgage
		Association (FNMA)	08/01/37		5.500			14,003,785
	5,978,674	Federal National Mortgage
		Association (FNMA)	06/01/40		6.500			6,942,445
	15,300,000	Freddie Mac Discount Notes⁵	11/03/14		0.000			15,299,941
	30,000,000	Freddie Mac Discount Notes⁵	11/10/14		0.000			29,999,498

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

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		U.S. GOVERNMENT AGENCY
		OBLIGATIONS (continued)
$	50,000,000	Freddie Mac Discount Notes⁵	02/04/15		0.000	%	$	49,994,850
	25,302	Government National Mortgage
		Association (GNMA)¹	08/20/29		1.625			26,182
		Total U.S. Government Agency Obligations
		(Identified cost $288,756,180)						290,175,229

		U.S. INFLATION LINKED DEBT (6.0%)
	303,342,424	U.S. Treasury Inflation Indexed Note	04/15/17		0.125			308,082,149
		Total U.S. Inflation Linked Debt
		(Identified cost $316,561,326)						308,082,149

		U.S. TREASURY NOTE (1.0%)
	50,000,000	U.S. Treasury Note	09/30/16		0.500			50,023,450
		Total U.S. Treasury Note
		(Identified cost $49,918,429)						50,023,450

		CERTIFICATES OF DEPOSIT (9.7%)
	74,850,000	Bank of Montreal	11/13/14		0.170			74,850,000
	25,000,000	Bank of Montreal	12/10/14		0.170			25,000,000
	40,000,000	Bank of Nova Scotia	12/10/14		0.170			40,000,000
	43,000,000	Bank of Tokyo-Mitsubishi UFJ, Ltd.	11/06/14		0.180			43,000,000
	54,050,000	Bank of Tokyo-Mitsubishi UFJ, Ltd.	12/12/14		0.180			54,050,000
	123,950,000	Credit Suisse	12/19/14		0.220			123,950,826
	62,850,000	Standard Chartered Bank	01/09/15		0.190			62,849,993
	52,750,000	Svenska Handelsbanken	11/06/14		0.175			52,750,037
	27,000,000	Svenska Handelsbanken	11/12/14		0.175			27,000,041
		Total Certificates of Deposit
		(Identified cost $503,450,904)						503,450,897

		COMMERCIAL PAPER (0.7%)
	35,000,000	National Australia Funding
		Delaware, Inc.^2,5	11/03/14		0.000			34,999,932
		Total Commercial Paper
		(Identified cost $34,999,932)						34,999,932

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		U.S. TREASURY BILLS (1.3%)
$	10,000,000	U.S. Treasury Bill^5,6	11/06/14		0.000	%	$	9,999,938
	9,000,000	U.S. Treasury Bill⁵	12/04/14		0.000			8,999,876
	50,000,000	U.S. Treasury Bill⁵	01/02/15		0.000			49,998,750
		Total U.S. Treasury Bills
		(Identified cost $68,996,585)						68,998,564


TOTAL INVESTMENTS (Identified cost $5,107,313,147)⁷					99.1	%	$	5,123,459,026
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES					0.9	%		48,996,986
NET ASSETS					100.0	%	$	5,172,456,012

Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the October 31, 2014 coupon or interest rate.

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities owned at October 31, 2014 was $2,380,675,077 or 46.0% of net assets. Unless otherwise noted, these securities are not considered illiquid.

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 a 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 $5,107,313,414, the aggregate gross unrealized appreciation is $33,658,125 and the aggregate gross unrealized depreciation is $17,512,513, resulting in net unrealized appreciation of $16,145,612.

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.

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

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.

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 OCTOBER 31, 2014

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

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 October 31, 2014.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)*			Significant Other Observable Inputs (Level 2)*		Significant Unobservable Inputs (Level 3)*			Balance as of October 31, 2014
Asset Backed Securities	$	—		$	1,608,946,770	$	9,344,313	**	$	1,618,291,083
Commercial Mortgage
Backed Securities		—			467,981,645		—			467,981,645
Corporate Bonds		35,877,052			1,484,075,752		—			1,519,952,804
Loan Participations and
Assignments		—			140,451,646		—			140,451,646
Municipal Bonds		—			121,051,627		—			121,051,627
U.S. Government Agency
Obligations		—			290,175,229		—			290,175,229
U.S. Inflation Linked Debt		—			308,082,149		—			308,082,149
U.S. Treasury Notes		—			50,023,450		—			50,023,450
Certificates of Deposit		—			503,450,897		—			503,450,897
Commercial Paper		—			34,999,932		—			34,999,932
U.S. Treasury Bills		—			68,998,564		—			68,998,564
Total Investments, at value	$	35,877,052		$	5,078,237,661	$	9,344,313	**	$	5,123,459,026
Other Financial Instruments, at value
Financial Futures Contracts	$	(5,613,284	)	$	—	$	—		$	(5,613,284	)
Other Financial Instruments,
at value	$	(5,613,284	)	$	—	$	—		$	(5,613,284	)

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 October 31, 2014, based on the valuation input levels on October 31, 2013.

The security classified as Level 3 in the foregoing table represents less than 1% of the Fund’s net assets as of October 31, 2014 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

October 31, 2014


ASSETS:
Investments in securities, at value (Identified cost $5,107,313,147)	$	5,123,459,026
Cash		5,446,491
Receivables for:
Investments sold		75,098,136
Interest		15,753,655
Shares sold		5,292,871
Futures variation margin on open contracts		1,413,296
Prepaid assets		21,622
Total Assets		5,226,485,097

LIABILITIES:
Payables for:
Investments purchased		46,111,165
Shares redeemed		5,859,384
Investment advisory and administrative fees		1,125,495
Shareholder servicing fees		458,853
Custody and fund accounting fees		205,865
Professional fees		48,608
Distributor fees		5,576
Transfer agent fees		2,814
Board of Trustees’ fees		1,204
Accrued expenses and other liabilities		210,121
Total Liabilities		54,029,085
NET ASSETS	$	5,172,456,012

Net Assets Consist of:
Paid-in capital	$	5,162,258,623
Undistributed net investment income		405,409
Accumulated net realized loss on investments in securities
and futures contracts		(740,615	)
Net unrealized appreciation/(depreciation) on investments in securities
and futures contracts		10,532,595
Net Assets	$	5,172,456,012


NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($2,625,051,263 ÷ 254,617,352 shares outstanding)	$	10.31
CLASS I SHARES
($2,547,404,749 ÷ 247,144,297 shares outstanding)	$	10.31

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2014

NET INVESTMENT INCOME:
Income:
Dividends	$	1,442,322
Interest and other income		78,632,909
Total Income		80,075,231
Expenses:
Investment advisory and administrative fees		11,337,866
Shareholder servicing fees		4,862,583
Custody and fund accounting fees		341,948
Professional fees		82,907
Board of Trustees’ fees		69,214
Distributor fees		61,455
Transfer agent fees		24,294
Miscellaneous expenses		522,597
Total Expenses		17,302,864
Expense offset arrangement		(2,129	)
Net Expenses		17,300,735
Net Investment Income		62,774,496

NET REALIZED AND UNREALIZED LOSS:
Net realized gain on investments in securities		8,997,215
Net realized loss on futures contracts		(29,352,790	)
Net realized loss on investments in securities and futures contracts		(20,355,575	)
Net change in unrealized appreciation/(depreciation) on investments
in securities		(1,053,375	)
Net change in unrealized appreciation/(depreciation)
on futures contracts		14,869,640
Net change in unrealized appreciation/(depreciation) on investments
in securities and futures contracts		13,816,265
Net Realized and Unrealized Loss		(6,539,310	)
Net Increase in Net Assets Resulting from Operations	$	56,235,186

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

BBH LIMITED DURATION FUND

STATEMENTS OF CHANGES IN NET ASSETS

	For the years ended October 31,
	2014			2013
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	62,774,496		$	52,441,611
Net realized gain (loss) on investments in securities
and futures contracts		(20,355,575	)		32,496,632
Net change in unrealized appreciation/(depreciation)
on investments in securities and futures contracts		13,816,265			(55,176,704	)
Net increase in net assets resulting
from operations		56,235,186			29,761,539
Dividends and distributions declared:
From net investment income:
Class N		(33,449,587	)		(28,079,044	)
Class I		(30,303,899	)		(24,177,010	)
From net realized gains:
Class N		(7,552,495	)		(4,814,319	)
Class I		(4,638,860	)		(3,217,373	)
Total dividends and distributions declared		(75,944,841	)		(60,287,746	)
Share transactions:
Proceeds from sales of shares		3,599,294,308			2,962,279,559
Net asset value of shares issued to shareholders for
reinvestment of dividends and distributions		74,634,169			59,349,601
Cost of shares redeemed		(2,099,546,354	)		(2,313,993,533	)
Net increase in net assets resulting from
share transactions		1,574,382,123			707,635,627
Total increase in net assets		1,554,672,468			677,109,420


NET ASSETS:
Beginning of year		3,617,783,544			2,940,674,124
End of year (including undistributed net investment
income of $405,409 and $521,437, respectively)	$	5,172,456,012		$	3,617,783,544

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

FINANCIAL HIGHLIGHTS

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

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

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

Calculated using average shares outstanding for the year.

Less than $0.01

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 year.

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

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

Calculated using average shares outstanding for the year.

Less than $0.01

Less than 0.01%

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS

As of and for the year ended October 31, 2014

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 October 31, 2014, there were six series of the Trust.

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

As of and for the year ended October 31, 2014

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 October 31, 2014:

Description	Number of Contracts		Expiration Date	Market Value		Notional Amount		Unrealized Gain/(Loss)
Contracts to Sell:
U.S. Treasury
2-Year Notes		1,800	December 2014	$	395,212,500	$	394,321,875	$	(890,625	)
U.S. Treasury
5-Year Notes		5,500	December 2014		656,863,284		652,996,094		(3,867,190	)
U.S. Treasury
10-Year Notes		1,500	December 2014		189,539,063		188,683,594		(855,469	)
								$	(5,613,284	)

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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 year ended October 31, 2014, the average monthly number of open futures contracts was 9,649. The range of monthly notional values was $1,170,039,063 to $1,630,858,004.

Fair Values of Derivative Instruments as of October 31, 2014

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

Unrealized

—

Unrealized

5,613,284

Rate

Appreciation

Depreciation

Risk

on Open

Futures Contracts

Total

—

5,613,284

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	$	(29,352,790	)
Net Change in Unrealized Appreciation/(Depreciation) on Derivatives
Futures Contracts	$	14,869,640

Rule 144A Securities. The Fund may purchase securities that are not registered under the Securities Act of 1933, as amended (“1933 Act”) but that can be sold to “qualified institutional buyers” in accordance with the requirements stated in Rule 144A under the 1933 Act (“Rule 144A Securities”). A Rule 144A Security may be considered illiquid and therefore subject to the 15% limitation on the purchase of illiquid securities, unless it is determined on an ongoing basis that an adequate trading market exists for the security, which is the case for the Fund. Guidelines have been adopted and the

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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” 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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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 year ended October 31, 2014, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Dividends and Distributions to Shareholders. Dividends and distributions from net investment income to shareholders, if any, are paid monthly and are recorded on the ex-dividend date. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends in the amount of $41,002,082 and $34,942,759 to Class N and Class I shareholders, respectively, during the year ended October 31, 2014.

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

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

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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.

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 year ended October 31, 2014, Class N shares of the Fund incurred $4,862,583 in shareholder servicing fees.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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 year ended October 31, 2014, the Fund incurred $341,948 in custody and fund accounting fees. These fees for the Fund were reduced by $2,129 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 year ended October 31, 2014, was $1,468.

Board of Trustees’ Fees. Each Trustee who is not an “interested person” as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the year ended October 31, 2014, the Fund incurred $69,214 in independent Trustee compensation and reimbursements.

Investment Transactions. For the year ended October 31, 2014, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $2,000,282,254 and $1,181,222,917, respectively.

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 year ended October 31, 2014						For the year ended October 31, 2013
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		153,543,127		$	1,589,143,242			147,396,362		$	1,531,651,257
Shares issued in connection
with reinvestments of
dividends		3,932,624			40,681,922			3,130,065			32,490,008
Shares redeemed		(112,489,232	)		(1,163,755,345	)		(110,929,603	)		(1,152,579,545	)
Net increase		44,986,519		$	466,069,819			39,596,824		$	411,561,720

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

	For the year ended October 31, 2014						For the year ended October 31, 2013
	Shares			Dollars			Shares			Dollars
Class I
Shares sold		194,284,497		$	2,010,151,066			137,647,649		$	1,430,628,302
Shares issued in connection
with reinvestments of
dividends		3,283,135			33,952,247			2,588,515			26,859,593
Shares redeemed		(90,393,823	)		(935,791,009	)		(111,889,034	)		(1,161,413,988	)
Net increase		107,173,809		$	1,108,312,304			28,347,130		$	296,073,907

Principal Risk Factors and Indemnifications.

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

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Investment Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). In the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to failure of a counterparty to a transaction to perform (credit risk), changes in interest rates (interest rate risk), higher volatility for securities with longer maturities (maturity risk), financial performance or leverage of the issuer (issuer risk), difficulty in being able to purchase or sell a security (liquidity risk), or certain risks associated with investing in foreign securities not present in domestic investments, 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 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 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;

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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 October 31, 2014 through the date the financial statements were issued and determined that there were none that would require recognition or additional disclosure in the financial statements.

BBH LIMITED DURATION FUND

DISCLOSURE OF FUND EXPENSES

October 31, 2014 (unaudited)

EXAMPLE

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

The Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2014 to October 31, 2014).

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

DISCLOSURE OF FUND EXPENSES (continued)

October 31, 2014 (unaudited)

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

	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period May 1, 2014 to October 31, 2014¹
Class N
Actual	$1,000	$1,002	$2.42
Hypothetical²	$1,000	$1,023	$2.45

	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period May 1, 2014 to October 31, 2014¹
Class I
Actual	$1,000	$1,003	$1.51
Hypothetical²	$1,000	$1,024	$1.53

Expenses are equal to the Fund’s annualized expense ratio of 0.48% and 0.30% for Class N and I shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (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

CONFLICTS OF INTEREST

October 31, 2014 (unaudited)

Conflicts of Interest

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

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

Purchases and sales of securities for the Fund may be aggregated with orders for other BBH client accounts. BBH, however, is not required to aggregate orders if portfolio management decisions for different accounts are made separately, or if 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.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

CONFLICTS OF INTEREST (continued)

October 31, 2014 (unaudited)

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

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

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

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

BBH LIMITED DURATION FUND

CONFLICTS OF INTEREST (continued)

October 31, 2014 (unaudited)

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

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH LIMITED DURATION FUND

ADDITIONAL FEDERAL TAX INFORMATION

October 31, 2014 (unaudited)

BBH Limited Duration Fund (the “Fund”) hereby designates $7,199,049 as an approximate amount of capital gain dividend for the purpose of dividends paid deduction.

The qualified investment income (QII) percentage for the year ended October 31, 2014 was 70.46%. In January 2015, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2014. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

TRUSTEES AND OFFICERS OF BBH LIMITED DURATION FUND

(unaudited)

Information pertaining to the Trustees of the BBH Trust (the “Trust”) and executive officers of the Trust is set forth below. The Statement of Additional Information for the BBH Limited Duration Fund includes additional information about the Fund’s Trustees and is available upon request, without charge, by contacting the Fund at 1-800-575-1265.

Name and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee^	Other Public Company or Investment Company Directorships held by Trustee During Past 5 Years

Independent Trustees
H. Whitney Wagner	Chairman of	Chairman	President, Clear Brook Advisors,	6	None.
	the Board and	Since 2014;	a registered investment advisor.
Birth Date:	Trustee	Trustee
March 3, 1956		Since 2007
		and 2006-
		2007 with
		the
		Predecessor
		Trust

David P. Feldman	Trustee	Since 2007	Retired.	6	Director of
		and 1992-			Dreyfus
Birth Date:		2007 with			Mutual Funds
November 16, 1939		the			(42 Funds).
		Predecessor
		Trust

Andrew S. Frazier	Trustee	Since 2010	Consultant to Western World	6	Director of
			Insurance Group, Inc. (“WWIG”)		WWIG.
Birth Date:			(January 2010 to January 2012)
April 8, 1948			CEO of WWIG (1992-2009).

Mark M. Collins	Trustee	Since 2011	Partner of Brown Investment	6	Chairman of
			Advisory Incorporated, a		Dillon Trust
Birth Date:			registered investment advisor.		Company.
November 8, 1956

John M. Tesoro	Trustee	Since 2014	Partner, Certified Public	6	Trustee,
			Accountant, KPMG LLP (Retired		Bridge Builder
Birth Date:			in September 2012).		Trust (1 Fund)
May 23, 1952
					Director, Teton
					Advisors, Inc.
					(a registered
					investment
					adviser).

FINANCIAL STATEMENTS OCTOBER 31, 2014

TRUSTEES AND OFFICERS OF BBH LIMITED DURATION FUND

(unaudited)

Name, Address and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee^	Other Public Company or Investment Company Directorships held by Trustee During Past 5 Years

Interested Trustees
Susan C. Livingston+	Trustee	Since 2011	Partner (since 1998) and Senior	6	None.
			Client Advocate (since 2010) for
50 Post Office			BBH&Co., Director of BBH
Square			Luxembourg S.C.A. (since 1992);
Boston, MA 02110			Director of BBH Trust Company
			(Cayman) Ltd. (2007 to April
Birth Date:			2011); and BBH Investor Services
February 18, 1957			(London) Ltd. (2001 to April 2011).

John A. Gehret+	Trustee	Since 2011	Limited Partner of BBH&Co.	6	None.
			(2012-present); General Partner
140 Broadway			of BBH&Co. (1998 to 2011);
New York, NY 10005			President and Principal Executive
			Officer of the Trust (2008-2011).
Birth Date:
April 11, 1959

TRUSTEES AND OFFICERS OF BBH LIMITED DURATION FUND

(unaudited)

OFFICERS

Name, Address and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years
Radford W. Klotz	President and	Since 2011	Partner of BBH&Co. since 1995; joined BBH&Co. in 1977.
	Principal
140 Broadway	Executive
New York, NY 10005	Officer

Birth Date:
December 1, 1955

Charles H. Schreiber	Treasurer and	Since 2007	Senior Vice President of BBH&Co. since 2001; joined BBH&Co.
	Principal	2006-2007	in 1999.
140 Broadway	Financial	with the
New York, NY 10005	Officer	Predecessor
		Trust
Birth Date:
December 10, 1957

Mark A. Egert	Chief	Since 2011	Senior Vice President of BBH&Co. since June 2011; Partner at
	Compliance		Crowell & Moring LLP (April 2010 to May 2011); and CCO of
140 Broadway	Officer		Cowen and Company (January 2005 to April 2010).
New York, NY 10005	(“CCO”); and
	Anti-Money	Since 2014
Birth Date:	Laundering
May 25, 1962	Officer

Suzan Barron	Secretary	Since 2009	Senior Vice President and Senior Investor Services Counsel,
			BBH&Co. since 2005.
50 Post Office
Square
Boston, MA 02110

Birth Date:
September 5, 1964

Rowena Rothman	Assistant	Since 2011	Vice President of BBH&Co. since 2009.
	Treasurer
140 Broadway
New York, NY 10005

Birth Date:
October 24, 1967

All officers of the Trust hold office for one year and until their respective successors are chosen and qualified (subject to the ability of the Trustees to remove any officer in accordance with the Trust’s By-laws). Messrs. Wagner and Feldman previously served on the Board of Trustees of the Predecessor Trust.

Ms. Livingston and Mr. Gehret are “interested persons” of the Trust as defined in the 1940 Act because of their positions as Partner and Limited Partner of BBH&Co., respectively.

The Fund Complex consists of the Trust, which has six series, and each is counted as one “Portfolio” for purposes of this table.

FINANCIAL STATEMENTS OCTOBER 31, 2014


Administrator	Investment Adviser
Brown Brothers Harriman & Co.	Brown Brothers Harriman
140 Broadway	Mutual Fund Advisory
New York, NY 10005	Department
	140 Broadway
Distributor	New York, NY 10005
Alps Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203

Shareholder Servicing Agent
Brown Brothers Harriman
140 Broadway
New York, NY 10005
1-800-575-1265

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.

Annual Report

OCTOBER 31, 2014

BBH Core Select

BBH CORE SELECT

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

October 31, 2014

BBH Core Select Class N (the “Fund” or “Core Select”) rose by 8.90%, net of fees, during its fiscal year ending October 31, 2014. During the same twelve month period, the S&P 500 Index¹(“S&P 500”) returned 17.27%. For the five years ending October 31, 2014, Core Select has returned 15.22% per year while the S&P 500 has increased by 16.68%.

Core Select seeks to provide shareholders with long-term growth of capital. Fundamental business analysis and a valuation framework that is based on intrinsic value²are the key elements underlying each Core Select investment. We look for companies that offer all, or most, of the following business and financial attributes: (i) essential products and services, (ii) loyal customers, (iii) leadership in an attractive market niche or industry, (iv) sustainable competitive advantages, (v) high returns on invested capital, and (vi) strong free cash flow. We believe businesses possessing these traits are favorably positioned to protect and grow capital through varying economic and market environments. In addition, we seek to invest in companies whose managers have high levels of integrity, are excellent operators, and are good capital allocators. Pursuant to our goal of not losing money on any single investment, we explicitly identify key risks outside of company management’s control so that we can fully consider the range of potential outcomes for each business. When a company meets our investment criteria and desired risk profile, we will consider establishing a position if its market price reaches 75% or less of our intrinsic value estimate. We maintain a buy-and-own approach with holding periods often reaching 3-5 years or longer. We will typically sell an investment if it appreciates to a level near our estimate of intrinsic value. Our long-term performance goals are not driven by benchmark comparisons, but instead are focused on the achievement of attractive absolute returns over full market cycles.

Fiscal year 2014 saw continued gains in large capitalization equities, with the S&P 500 Index reaching an all-time high. While broad economic trends remain somewhat lackluster, a combination of strong corporate earnings, share repurchases, rising investor sentiment and equity-directed asset flows have driven stock prices to tremendous gains over the last several years. Although the Fund has participated in these gains, our capital preservation imperative has led us to develop a more cautious perspective based on our view that financial asset price inflation has run well ahead of underlying economic performance. In our view, this divergence presents the risk of valuation excesses in equities as well as fixed income. We believe that aggressive monetary intervention by global central banks has been a major factor in this

The S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index.

We prepare proprietary financial models for each Core Select company in order to determine an estimate of intrinsic value. Discounted cash flow analysis is the primary quantitative model used in our research process. We supplement our discounted cash flow work with other quantitative analyses, such as economic profit models, internal rate of return models, and free cash flow multiples.

BBH CORE SELECT

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2014

dichotomy, and we foresee the potential for increased market volatility when such policies are normalized. We are also alert to the possibility that yield-chasing behavior, momentum and an excess of credit creation — all features of a loose monetary environment — may be pushing equity valuations to levels that limit further upside or present risks of a correction. Accordingly, we are acting with a heightened degree of caution. Our consistent goal is to minimize both business risk and price risk by applying our demanding qualitative criteria and using an intrinsic value framework to maintain a margin of safety in our holdings.

During fiscal 2014 we added three new companies to the Core Select portfolio: Zoetis, the leading global provider of animal health products; Unilever, a world leader in the food, home and personal care markets; and Oracle, one of the foremost providers of enterprise infrastructure software. We believe these companies possess very strong competitive positions in attractive end markets and are run by operationally savvy management teams focused on long-term value creation.

We exited two positions during the fiscal year: Johnson & Johnson and Pepsico. Johnson & Johnson and Pepsico were mid-sized positions that generated solid total returns for us over several years despite interim challenges in the respective businesses. Both companies’ share prices had achieved our intrinsic value estimates.

Our largest positive contributors in fiscal 2014 were Berkshire Hathaway, Microsoft, Wells Fargo, Novartis and Comcast. Berkshire Hathaway and Comcast, which have both been large positions in Core Select for several years, continued to benefit from strong business execution and adherence to top-quality capital allocation principles. Investor sentiment toward Microsoft has markedly improved as the company has made substantial progress on its strategic realignment toward a cloud-oriented approach focused on platforms and services. Wells Fargo has grown its earnings per share and solidified its capital position even as thin lending spreads have offset solid organic loan growth. Novartis benefited from stronger sales growth, favorable pipeline developments and a well-received corporate realignment program.

The largest detractors from the Fund’s performance in fiscal 2014 were Bed, Bath & Beyond and Southwestern Energy. Bed Bath & Beyond’s shares have been pressured by a combination of weak retail sales trends and the ongoing margin impact of promotional activity and substantial investment spending related to e-commerce infrastructure, store experience and overhead consolidation. Our view is that the key issues affecting the company are largely cyclical rather than structural, and we are pleased that the management team has maintained its ‘owner-operator’ business approach, as evidenced by its proactive long-term investments and an aggressive share repurchase program. Southwestern’s shares have fallen primarily due to weaker natural gas prices and investor concerns related to the announcement of a sizeable asset purchase in the Marcellus region. We believe that the company’s proven operational efficiency and consistent focus on returns gives it the ability to create long-term economic value even in the context of volatile commodity prices.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH CORE SELECT

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2014

As of October 31, 2014, Core Select held positions in 31 companies, with approximately 43% of the assets in the ten largest holdings. The Fund ended the fiscal year trading at roughly 84% of our weighted average underlying intrinsic value estimates. With the price-to-intrinsic value relationship remaining near historically high levels for both our current holdings and many of our ‘wish list’ stocks, our selling and trimming activity has outpaced our opportunities to make new investments or add to existing positions at appropriate discounts. Consequently, the Fund’s cash and cash equivalents position remained somewhat high at 7% as of the end of the fiscal year.

The Core Select investment team remains focused on the careful and patient application of our investment criteria and valuation requirements. Our bottom-up research work emphasizes business quality, industry structures, growth opportunities, management skill and corporate culture. We use absolute, not relative methods to estimate companies’ intrinsic values, and we use the movement of market prices around these intrinsic value estimates to construct and manage a concentrated portfolio of high-quality businesses that have the potential to create sustained shareholder value over many years.

BBH CORE SELECT

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2014

Growth of $10,000 Invested in BBH Core Select

The graph below illustrates the hypothetical investment of $10,000¹in the Class N shares of the Fund over the ten years ended October 31, 2014 as compared to the S&P 500.

The annualized gross expense ratios as in the February 28, 2014 prospectus for Class N and Retail Class shares were 1.09% and 1.42%, respectively.

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund performance changes over time and current performance may be lower or higher than what is stated. Fund shares redeemed within 30 days of purchase are subject to a redemption fee of 2.00%. Returns do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For performance current to the most recent month-end please call 1-800-575-1265.

The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities. The S&P 500 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged. Investments cannot be made in an index.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH CORE SELECT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of the BBH Trust and Shareholders of
BBH Core Select:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH Core Select (a series of BBH Trust) (the “Fund”) as of October 31, 2014, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2014, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BBH Core Select as of October 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
December 22, 2014

BBH CORE SELECT

PORTFOLIO ALLOCATION

October 31, 2014

SECTOR DIVERSIFICATION

	U.S. $ Value			Percent of Net Assets
Basic Materials	$	238,615,722			3.8	%
Communications		911,138,994			14.7
Consumer Cyclical		453,489,592			7.3
Consumer Non-Cyclical		1,283,374,099			20.6
Energy		646,058,099			10.4
Financials		1,397,918,369			22.5
Industrials		171,197,282			2.8
Technology		678,584,486			10.9
Repurchase Agreements		168,000,000			2.7
U.S. Treasury Bills		269,993,250			4.3
Liabilities in Excess of Other Assets		(1,986,976	)		(0.0	)
NET ASSETS	$	6,216,382,917			100.0	%

All data as of October 31, 2014. The Fund’s sector diversification is expressed as a percentage of net assets and may vary over time.

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH CORE SELECT

PORTFOLIO OF INVESTMENTS

October 31, 2014

Shares		Value
	COMMON STOCKS (93.0%)
	BASIC MATERIALS (3.8%)
1,828,232	Celanese Corp. (Series A)	$	107,372,065
1,041,699	Praxair, Inc.	131,243,657
	Total Basic Materials	238,615,722

	COMMUNICATIONS (14.7%)
6,550,911	Comcast Corp. (Class A)	362,592,924
1,329,231	eBay, Inc.¹	69,784,628
274,892	Google, Inc. (Class A)¹	156,102,920
274,892	Google, Inc. (Class C)¹	153,686,619
5,427,916	Liberty Interactive Corp. (Class A)¹	141,885,724
771,686	Liberty Ventures (Series A)¹	27,086,179
	Total Communications	911,138,994

	CONSUMER CYCLICAL (7.3%)
2,558,368	Bed, Bath & Beyond, Inc.¹	172,280,501
2,926,282	Target Corp.	180,902,753
1,315,148	Wal-Mart Stores, Inc.	100,306,338
	Total Consumer Cyclical	453,489,592

	CONSUMER NON-CYCLICAL (20.6%)
2,895,286	Baxter International, Inc.	203,075,360
1,012,225	DENTSPLY International, Inc.	51,390,663
1,296,140	Diageo, Plc. ADR	152,905,636
552,574	Henry Schein, Inc.¹	66,325,457
3,326,620	Nestle SA ADR	243,941,045
3,063,899	Novartis AG ADR	283,992,798
2,350,450	Unilever NV (NY Shares)	91,032,929
5,132,137	Zoetis, Inc.	190,710,211
	Total Consumer Non-Cyclical	1,283,374,099

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

BBH CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Shares		Value
	COMMON STOCKS (continued)
	ENERGY (10.4%)
2,153,290	EOG Resources, Inc.	$	204,670,215
1,563,243	Occidental Petroleum Corp.	139,019,200
1,668,944	Schlumberger, Ltd.	164,658,015
4,235,948	Southwestern Energy Co.¹	137,710,669
	Total Energy	646,058,099

	FINANCIALS (22.5%)
1,903	Berkshire Hathaway, Inc. (Class A)¹	399,630,000
2,328,638	Chubb Corp.	231,373,472
6,548,913	Progressive Corp.	172,956,792
7,105,691	US Bancorp	302,702,436
5,486,074	Wells Fargo & Co.	291,255,669
	Total Financials	1,397,918,369

	INDUSTRIALS (2.8%)
3,501,683	Waste Management, Inc.	171,197,282
	Total Industrials	171,197,282

	TECHNOLOGY (10.9%)
5,473,394	Microsoft Corp.	256,975,848
5,151,375	Oracle Corp.	201,161,194
2,807,890	QUALCOMM, Inc.	220,447,444
	Total Technology	678,584,486
	Total Common Stocks (Identified cost $4,169,098,971)	5,780,376,643

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate		Value
		REPURCHASE AGREEMENTS (2.7%)
$	168,000,000	National Australia Bank (Agreement dated
		10/31/2014 collateralized by U.S. Treasury
		Note 1.500%, due 5/31/2019, valued at
		$171,360,000)	11/03/14	0.100	%	$	168,000,000
		Total Repurchase Agreements
		(Identified cost $168,000,000)					168,000,000

		U.S. TREASURY BILLS (4.3%)
270,000,000		U.S. Treasury Bill	01/02/15	0.034			269,993,250
		Total U.S. Treasury Bills
		(Identified cost $269,984,328)					269,993,250
TOTAL INVESTMENTS (Identified cost $4,607,083,299)²				100.0	%	$	6,218,369,893
LIABILITIES IN EXCESS OF OTHER ASSETS				(0.0	)%		(1,986,976	)
NET ASSETS				100.0	%	$	6,216,382,917

Non-income producing security.

The aggregate cost for federal income tax purposes is $4,608,107,620, the aggregate gross unrealized appreciation is $1,622,472,172 and the aggregate gross unrealized depreciation is $12,209,899, resulting in net unrealized appreciation of $1,610,262,273.

Abbreviations:

ADR – American Depositary Receipt.

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

BBH CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

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 OCTOBER 31, 2014

BBH CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

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 following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of October 31, 2014.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)*		Significant Other Observable Inputs (Level 2)*		Significant Unobservable Inputs (Level 3)*		Balance as of October 31, 2014
Basic Materials	$	238,615,722	$	—	$	—	$	238,615,722
Communications		911,138,994		—		—		911,138,994
Consumer Cyclical		453,489,592		—		—		453,489,592
Consumer Non-Cyclical		1,283,374,099		—		—		1,283,374,099
Energy		646,058,099		—		—		646,058,099
Financials		1,397,918,369		—		—		1,397,918,369
Industrials		171,197,282		—		—		171,197,282
Technology		678,584,486		—		—		678,584,486
Repurchase Agreements		—		168,000,000		—		168,000,000
U.S. Treasury Bills		—		269,993,250		—		269,993,250
Investments, at value	$	5,780,376,643	$	437,993,250	$	—	$	6,218,369,893

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

BBH CORE SELECT

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2014


ASSETS:
Investments in securities, at value (Identified cost $4,439,083,299)	$	6,050,369,893
Repurchase agreements (Identified cost $168,000,000)		168,000,000
Cash		2,383,484
Receivables for:
Dividends		6,620,070
Shares sold		1,203,520
Investment advisory and administrative fees waiver reimbursement		214,534
Interest		8,456
Prepaid assets		21,648
Total Assets		6,228,821,605
LIABILITIES:
Payables for:
Shares redeemed		6,431,053
Investment advisory and administrative fees		4,131,380
Shareholder servicing fees		1,291,056
Custody and fund accounting fees		229,633
Distributors fees		90,008
Transfer agent fees		41,921
Professional fees		39,217
Board of Trustees’ fees		1,243
Accrued expenses and other liabilities		183,177
Total Liabilities		12,438,688
NET ASSETS	$	6,216,382,917
Net Assets Consist of:
Paid-in capital	$	4,474,080,714
Undistributed net investment income		33,434,756
Accumulated net realized gain on investments in securities		97,580,853
Net unrealized appreciation/(depreciation) on investments in securities		1,611,286,594
Net Assets	$	6,216,382,917
NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($5,815,889,768 ÷ 258,270,330 shares outstanding)	$	22.52
RETAIL CLASS SHARES
($400,493,149 ÷ 27,325,895 shares outstanding)	$	14.66

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH CORE SELECT

STATEMENT OF OPERATIONS

For the year ended October 31, 2014


NET INVESTMENT INCOME:
Income:
Dividends (net of foreign withholding taxes of $2,753,389)	$	101,904,517
Interest and other income		238,133
Total Income		102,142,650
Expenses:
Investment advisory and administrative fees		49,273,241
Shareholder servicing fees		15,397,888
Distributors fees		1,047,314
Transfer agent fees		529,821
Custody and fund accounting fees		388,301
Board of Trustees’ fees		71,694
Professional fees		65,380
Miscellaneous expenses		599,687
Total Expenses		67,373,326
Investment advisory and administrative fees waiver		(4,816,208	)
Expense offset arrangement		(1,460	)
Net Expenses		62,555,658
Net Investment Income		39,586,992
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments in securities		98,627,332
Net change in unrealized appreciation/(depreciation) on investments in securities		379,135,499
Net Realized and Unrealized Gain		477,762,831
Net Increase in Net Assets Resulting from Operations	$	517,349,823

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

BBH CORE SELECT

STATEMENTS OF CHANGES IN NET ASSETS

	For the years ended October 31,
	2014			2013
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	39,586,992		$	31,528,037
Net realized gain on investments in securities		98,627,332			123,026,915
Net change in unrealized appreciation/(depreciation)
on investments in securities		379,135,499			889,161,832
Net increase in net assets resulting from
operations		517,349,823			1,043,716,784
Dividends and distributions declared:
From net investment income:
Class N		(27,057,658	)		(18,092,926	)
Retail Class		(1,711,179	)		(1,134,306	)
From net realized gains:
Class N		(112,946,824	)		(43,389,167	)
Retail Class		(10,987,737	)		(5,651,933	)
Total dividends and distributions declared		(152,703,398	)		(68,268,332	)
Share transactions:
Proceeds from sales of shares		1,074,403,293			2,402,011,647
Net asset value of shares issued to shareholders for
reinvestment of dividends and distributions		118,110,394			52,357,695
Proceeds from short-term redemption fees		17,440			34,753
Cost of shares redeemed		(1,352,916,979	)		(734,404,450	)
Net increase (decrease) in net assets resulting
from share transactions		(160,385,852	)		1,719,999,645
Total increase in net assets		204,260,573			2,695,448,097
NET ASSETS:
Beginning of year		6,012,122,344			3,316,674,247
End of year (including undistributed net investment
income of $33,434,756 and $22,616,601, respectively)	$	6,216,382,917		$	6,012,122,344

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH CORE SELECT

FINANCIAL HIGHLIGHTS

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

	For the years ended October 31,
	2014			2013			2012			2011			2010
Net asset value, beginning of year	$	21.21		$	17.46		$	15.07		$	13.91		$	11.93
Income from investment operations:
Net investment income¹		0.14			0.13			0.10			0.12			0.07
Net realized and unrealized gain		1.70			3.95			2.54			1.15			1.96
Total income from investment operations		1.84			4.08			2.64			1.27			2.03
Less dividends and distributions:
From net investment income		(0.10	)		(0.10	)		(0.07	)		(0.07	)		(0.05	)
From net realized gains		(0.43	)		(0.23	)		(0.18	)		(0.04	)		—
Total dividends and distributions		(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
Net asset value, end of year	$	22.52		$	21.21		$	17.46		$	15.07		$	13.91
Total return		8.90	%		23.78	%		17.86	%		9.19	%		17.11	%

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

Calculated using average shares outstanding for the year.

Less than $0.01.

The ratio of expenses to average net assets for 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 fiscal years ended October 31, 2014, 2013, 2012, 2011 and 2010, the waived fees were $4,238,260, $3,983,262, $1,853,202, $793,607 and $177,639, respectively.

⁴

Less than 0.01%.

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

BBH CORE SELECT

FINANCIAL HIGHLIGHTS (continued)

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

	For the years ended October 31,									For the period from March 25, 2011 (commencement of operations) to
	2014			2013			2012			October 31, 2011
Net asset value, beginning of period	$	13.99		$	11.61		$	10.11		$	10.00
Income from investment operations:
Net investment income¹		0.06			0.06			0.05			0.02
Net realized and unrealized gain		1.11			2.60			1.69			0.09
Total income from investment operations		1.17			2.66			1.74			0.11
Less dividends and distributions:
From net investment income		(0.07	)		(0.05	)		(0.06	)		—
From net realized gains		(0.43	)		(0.23	)		(0.18	)		—
Total dividends and distributions		(0.50	)		(0.28	)		(0.24	)		—
Short-term redemption fees^1,2		0.00			0.00			0.00			0.00
Net asset value, end of period	$	14.66		$	13.99		$	11.61		$	10.11
Total return		8.63	%		23.42	%		17.64	%		1.10	%

Ratios/Supplemental data:
Net assets, end of period (in millions)	$	400		$	367		$	267		$	185
Ratio of expenses to average net assets
before reductions		1.40	%		1.42	%		1.43	%		1.59	%³
Fee waiver		0.15	%⁴		0.17	%⁴		0.18	%⁴		0.33	%^3,4
Expense offset arrangement		0.00	%⁵		0.00	%⁵		0.00	%⁵		0.01	%³
Ratio of expenses to average net assets
after reductions		1.25	%		1.25	%		1.25	%		1.25	%³
Ratio of net investment income to average
net assets		0.40	%		0.44	%		0.50	%		0.37	%³
Portfolio turnover rate		8	%		12	%		14	%		17	%⁶

Calculated using average shares outstanding for the period.

Less than $0.01.

Annualized.

⁴

The ratio of expenses to average net assets for the 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 fiscal years ended October 31, 2014, 2013, 2012 and period ended October 31, 2011, the waived fees were $577,948, $568,410, $633,118 and $133,178, respectively.

⁵

Less than 0.01%.

⁶

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

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS

As of and for the year ended October 31, 2014

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 October 31, 2014, there were six series of the Trust.

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

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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 October 31, 2014 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.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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 $140,004,482 and $12,698,916 to Class N shares and Retail Class shareholders, respectively, during the year ended October 31, 2014.

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

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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.

Recent Accounting Pronouncements. On June 12, 2014, 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 after December 15, 2014. Early adoption is not permitted for public companies. Management is currently evaluating the application of ASU 2014-11 and its impact, if any, on the Fund’s financial statements.

Fees and Other Transactions with Affiliates.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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 year ended October 31, 2014, the Investment Adviser waived fees in the amount of $4,238,260 and $577,948 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 year ended October 31, 2014, the Fund incurred shareholder servicing fees in the amount of $14,433,560 and $964,328 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 1.25% of the average daily net assets. For the year ended October 31, 2014, Retail Class shares of the Fund incurred $964,106 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 year ended October 31, 2014, the Fund incurred $388,301 in custody and fund accounting fees. These fees for the Fund were reduced by $1,460 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 year ended October 31, 2014, was $90.

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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 year ended October 31, 2014, the Fund incurred $71,694 in independent Trustee compensation and reimbursements.

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 year ended October 31, 2014						For the year ended October 31, 2013
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		43,745,874		$	954,633,344			120,400,382		$	2,246,685,881
Shares issued in connection
with reinvestments of
dividends		5,140,430			106,355,485			2,639,087			45,602,628
Proceeds from short-term
redemption fees		N/A			14,641			N/A			26,513
Shares redeemed		(56,691,028	)		(1,235,840,473	)		(31,580,112	)		(607,487,761	)
Net increase (decrease)		(7,804,724	)	$	(174,837,003	)		91,459,357		$	1,684,827,261
Retail Class
Shares sold		8,464,231		$	119,769,949			12,517,484		$	155,325,766
Shares issued in connection
with reinvestments of
dividends		870,734			11,754,909			591,512			6,755,067
Proceeds from short-term
redemption fees		N/A			2,799			N/A			8,240
Shares redeemed		(8,266,193	)		(117,076,506	)		(9,887,218	)		(126,916,689	)
Net increase		1,068,772		$	14,451,151			3,221,778		$	35,172,384

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended 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:

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). 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 tax 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

October 31, 2014 (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 (May 1, 2014 to October 31, 2014).

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH CORE SELECT

DISCLOSURE OF FUND EXPENSES (continued)

October 31, 2014 (unaudited)

	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period May 1, 2014 to October 31, 2014¹
Class N
Actual	$1,000	$1,027	$5.11
Hypothetical²	$1,000	$1,020	$5.09


			Expenses Paid
	Beginning	Ending	During Period
	Account Value	Account Value	May 1, 2014 to
	May 1, 2014	October 31, 2014	October 31, 2014¹
Retail Class
Actual	$1,000	$1,026	$6.38
Hypothetical²	$1,000	$1,019	$6.36

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 184/365 (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

CONFLICTS OF INTEREST

October 31, 2014 (unaudited)

Conflicts of Interest

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH CORE SELECT

CONFLICTS OF INTEREST (continued)

October 31, 2014 (unaudited)

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

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

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

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

BBH CORE SELECT

CONFLICTS OF INTEREST (continued)

October 31, 2014 (unaudited)

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH CORE SELECT

CONFLICTS OF INTEREST (continued)

October 31, 2014 (unaudited)

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

BBH CORE SELECT

ADDITIONAL FEDERAL TAX INFORMATION

October 31, 2014 (unaudited)

BBH Core Select (the “Fund”) hereby designates $95,228,590 as an approximate amount of capital gain dividend for the purpose of dividends paid deduction.

Under Section 854(b)(2) of the Internal Revenue Code (the “Code”), the Fund designates up to a maximum of $57,474,808 as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended October 31, 2014. In January 2015, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2014. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

100% of the ordinary income dividends paid by the Fund during the year ended October 31, 2014 qualifies for the dividends received deduction available to corporate shareholders.

FINANCIAL STATEMENTS OCTOBER 31, 2014

TRUSTEES AND OFFICERS OF BBH CORE SELECT

(unaudited)

Information pertaining to the Trustees of the BBH Trust (the “Trust”) and executive officers of the Trust is set forth below. The Statement of Additional Information for the BBH Core Select Fund includes additional information about the Fund’s Trustees and is available upon request, without charge, by contacting the Fund at 1-800-575-1265.

Name and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee^	Other Public Company or Investment Company Directorships held by Trustee During Past 5 Years
Independent Trustees
H. Whitney Wagner Birth Date: March 3, 1956	Chairman of the Board and Trustee	Chairman Since 2014; Trustee Since 2007 and 2006- 2007 with the Predecessor Trust	President, Clear Brook Advisors, a registered investment advisor.	6	None.
David P. Feldman Birth Date: November 16, 1939	Trustee	Since 2007 and 1992- 2007 with the Predecessor Trust	Retired.	6	Director of Dreyfus Mutual Funds (42 Funds).
Andrew S. Frazier Birth Date: April 8, 1948	Trustee	Since 2010	Consultant to Western World Insurance Group, Inc. (“WWIG”) (January 2010 to January 2012) CEO of WWIG (1992-2009).	6	Director of WWIG.
Mark M. Collins Birth Date: November 8, 1956	Trustee	Since 2011	Partner of Brown Investment Advisory Incorporated, a registered investment advisor.	6	Chairman of Dillon Trust Company.
John M. Tesoro Birth Date: May 23, 1952	Trustee	Since 2014	Partner, Certified Public Accountant, KPMG LLP (Retired in September 2012).	6	Trustee, Bridge Builder Trust (1 Fund) Director, Teton Advisors, Inc. (a registered investment adviser).

TRUSTEES AND OFFICERS OF BBH CORE SELECT

(unaudited)

Name, Address and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee^	Other Public Company or Investment Company Directorships held by Trustee During Past 5 Years
Interested Trustees
Susan C. Livingston+ 50 Post Office Square Boston, MA 02110 Birth Date: February 18, 1957	Trustee	Since 2011	Partner (since 1998) and Senior Client Advocate (since 2010) for BBH&Co., Director of BBH Luxembourg S.C.A. (since 1992); Director of BBH Trust Company (Cayman) Ltd. (2007 to April 2011); and BBH Investor Services (London) Ltd. (2001 to April 2011).	6	None.
John A. Gehret+ 140 Broadway New York, NY 10005 Birth Date: April 11, 1959	Trustee	Since 2011	Limited Partner of BBH&Co. (2012-present); General Partner of BBH&Co. (1998 to 2011); President and Principal Executive Officer of the Trust (2008-2011).	6	None.

FINANCIAL STATEMENTS OCTOBER 31, 2014

TRUSTEES AND OFFICERS OF BBH CORE SELECT

(unaudited)

OFFICERS

Name, Address and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years
Radford W. Klotz 140 Broadway New York, NY 10005 Birth Date: December 1, 1955	President and Principal Executive Officer	Since 2011	Partner of BBH&Co. since 1995; joined BBH&Co. in 1977.
Charles H. Schreiber 140 Broadway New York, NY 10005 Birth Date: December 10, 1957	Treasurer and Principal Financial Officer	Since 2007 2006-2007 with the Predecessor Trust	Senior Vice President of BBH&Co. since 2001; joined BBH&Co. in 1999.
Mark A. Egert 140 Broadway New York, NY 10005 Birth Date: May 25, 1962	Chief Compliance Officer (“CCO”); and Anti-Money Laundering Officer	Since 2011 Since 2014	Senior Vice President of BBH&Co. since June 2011; Partner at Crowell & Moring LLP (April 2010 to May 2011); and CCO of Cowen and Company (January 2005 to April 2010).
Suzan Barron 50 Post Office Square Boston, MA 02110 Birth Date: September 5, 1964	Secretary	Since 2009	Senior Vice President and Senior Investor Services Counsel, BBH&Co. since 2005.
Rowena Rothman 140 Broadway New York, NY 10005 Birth Date: October 24, 1967	Assistant Treasurer	Since 2011	Vice President of BBH&Co. since 2009.

Ms. Livingston and Mr. Gehret are “interested persons” of the Trust as defined in the 1940 Act because of their positions as Partner and Limited Partner of BBH&Co., respectively.

The Fund Complex consists of the Trust, which has six series, and each is counted as one “Portfolio” for purposes of this table.


Administrator	Investment Adviser
Brown Brothers Harriman & Co.	Brown Brothers Harriman
140 Broadway	Mutual Fund Advisory
New York, NY 10005	Department
	140 Broadway
Distributor	New York, NY 10005
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

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

Annual Report

OCTOBER 31, 2014

BBH Global Core Select

BBH GLOBAL CORE SELECT

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

October 31, 2014

BBH Global Core Select Class N (“Global Core Select” or “the Fund”) rose by 3.01%, net of fees, during its fiscal year ending October 31, 2014. During the same twelve-month period, the MSCI World Index¹(“MSCI World”) returned 8.67%. From inception through October 31, 2014, Global Core Select has returned 13.21% while the MSCI World has increased by 22.94%.

Global Core Select seeks to provide shareholders with long-term growth of capital. Fundamental business analysis and a valuation framework that is based on intrinsic value²are the key elements underlying each Global Core Select investment. We look for companies that offer all, or most, of the following business and financial attributes: (i) essential products and services, (ii) loyal customers, (iii) leadership in an attractive market niche or industry, (iv) sustainable competitive advantages, (v) high returns on invested capital, and (vi) strong free cash flow. We believe businesses possessing these traits are favorably positioned to protect and grow capital through varying economic and market environments. In addition, we seek to invest in companies whose managers have high levels of integrity, are excellent operators, and are good capital allocators. Pursuant to our goal of not losing money on any single investment, we explicitly identify key risks outside of company management’s control so that we can fully consider the range of potential outcomes for each business. When a company meets our investment criteria and desired risk profile, we will consider establishing a position if its market price reaches 75% or less of our intrinsic value estimate. We maintain a buy-and-own approach with holding periods often reaching 3-5 years or longer. We will typically sell an investment if it appreciates to a level near our estimate of intrinsic value. Our long-term performance goals are not driven by benchmark comparisons, but instead are focused on the achievement of attractive absolute returns over full market cycles.

Fiscal year 2014 saw continued gains in global equity markets, with the MSCI World reaching an all-time high in July. While economic challenges remain in both developing and developed markets, a combination of strong corporate earnings, share repurchases, rising investor sentiment and equity-directed asset flows have driven stock prices to tremendous gains over the last several years. Although the Fund has participated in these gains, our capital preservation imperative has led us to develop a more cautious perspective based on our view that financial asset price inflation has run well ahead of underlying economic performance. In our view, this divergence presents the risk of valuation excesses in equities as well as fixed income. We believe that aggressive monetary intervention by global central banks has been a major factor in this dichotomy, and we foresee the potential for increased market volatility when such policies are normalized. We are also alert to the possibility that yield-chasing behavior, momentum and an excess of credit creation — all features of a loose monetary environment — may be pushing equity valuations to levels that limit further upside or present risks of a correction. Accordingly, we are acting with a heightened degree of caution. Our consistent goal is to minimize both business risk and price risk by applying our demanding qualitative criteria and using an intrinsic value framework to maintain a margin of safety in our holdings.

During fiscal 2014 we added four new companies to the Global Core Select portfolio: Zoetis, the leading global provider of animal health products; Unilever, a world leader in the food, home and personal care

MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

BBH GLOBAL CORE SELECT

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2014

markets; Oracle, one of the foremost providers of enterprise infrastructure software; and Lundin Petroleum, an energy exploration and production company with attractive assets in Norway and Malaysia, among other regions. We believe these companies possess very strong competitive positions in attractive end markets and are run by operationally savvy management teams focused on long-term value creation.

We exited two positions during the fiscal year: Tesco and PepsiCo. PepsiCo had been a mid-sized position that generated attractive returns for us over our ownership period. We exited the position when the price approached our estimate of intrinsic value. Tesco was a disappointing investment which could not overcome the challenge of an increasingly competitive British grocery environment. We exited our position following the company’s disclosure of accounting irregularities as it presented a risk that historical operating results may have been inflated and therefore may not be a reliable basis for analysis of the company’s earnings power. This level of uncertainty and associated erosion of a margin of safety led to our decision to exit.

Our largest positive contributors in fiscal 2014 were Microsoft, Wells Fargo, and Novartis. Investor sentiment toward Microsoft has markedly improved as the company has made substantial progress on its strategic realignment toward a cloud-oriented approach focused on platforms and services. Wells Fargo has grown its earnings per share and solidified its capital position even as thin lending spreads have offset solid organic loan growth. Novartis benefited from stronger sales growth, favorable pipeline developments and a well-received corporate realignment program.

In addition to Tesco, the largest detractors from the Fund’s performance in fiscal 2014 were Sanofi and Lundin Petroleum. Sanofi’s decline came after a cautious pricing outlook for its flagship diabetes franchise and the Board of Directors’ unexpected removal of the CEO. We were surprised by the company’s comments regarding the apparent need for heavy rebates on diabetes drugs and are undertaking an evaluation of Sanofi’s competitive position and pricing strategy. We believe the company’s other businesses are executing well; Sanofi is positioned favorably towards emerging markets and biologics in the face of significant patent expirations and cost containment and it has strengthened its position in attractive market segments. Lundin has faced negative sentiment surrounding weaker hydrocarbon prices. However, the company’s development pipeline remains on schedule and we expect accelerating production growth over the coming years.

As of October 31, 2014, Global Core Select held positions in 33 companies, with approximately 42% of the assets in the ten largest holdings. The Fund ended the fiscal year trading at roughly 82% of our weighted average underlying intrinsic value estimates. While the price-to-intrinsic value relationship remains high for both our current holdings and many of our ‘wish list’ stocks, we have been able to find a select few investments trading at or below our 75% price-to-intrinsic-value threshold. Consequently, we have reduced our cash and cash equivalents over the year, but it remained at approximately 6% at the end of the fiscal year.

The Global Core Select investment team remains focused on the careful and patient application of our investment criteria and valuation requirements in all markets around the world. Our bottom-up research work emphasizes business quality, industry structures, growth opportunities, management skill and corporate culture. We use absolute, not relative methods to estimate companies’ intrinsic values, and we use the movement of market prices around these intrinsic value estimates to construct and manage a concentrated portfolio of high-quality businesses that have the potential to create sustained shareholder value over many years.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH GLOBAL CORE SELECT

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2014

Growth of $10,000 Invested in BBH Global Core Select

The graph below illustrates the hypothetical investment of $10,000¹in the Class N shares of the Fund since inception, March 28, 2013 as compared to the MSCI World Index.

The annualized gross expense ratios as in the February 28, 2014 prospectus for Class N and Retail Class shares were 1.87% and 4.88%, respectively.

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund performance changes over time and current performance may be lower or higher than what is stated. Fund shares redeemed within 30 days of purchase are subject to a redemption fee of 2.00%. Returns do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For performance current to the most recent month-end please call 1-800-575-1265.

The Fund’s performance assumes the reinvestment of all dividends and distributions. The MSCI World Index has been adjusted to reflect reinvestment of dividends on securities. The MSCI World Index is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged. Investments cannot be made in an index.

BBH GLOBAL CORE SELECT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of the BBH Trust and Shareholders of BBH Global Core Select:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH Global Core Select (a series of BBH Trust) (the “Fund”) as of October 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year ended October 31, 2014 and for the period from March 28, 2013 (commencement of operations) to October 31, 2013. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2014, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BBH Global Core Select as of October 31, 2014, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended and for the period from March 28, 2013 (commencement of operations) to October 31, 2013, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
December 22, 2014

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH GLOBAL CORE SELECT

PORTFOLIO ALLOCATION

October 31, 2014

COUNTRY DIVERSIFICATION

	U.S. $ Value		Percent of Net Assets
Canada	$	8,229,596		6.4	%
Curacao		3,418,569		2.6
France		7,522,104		5.8
Germany		6,880,483		5.3
Netherlands		4,672,863		3.6
Norway		2,171,071		1.7
Sweden		5,382,452		4.2
Switzerland		12,251,391		9.5
United Kingdom		7,814,274		6.1
United States		63,106,981		49.0
Repurchase Agreements		5,000,000		3.9
Cash and Other Assets in Excess of Liabilities		2,446,777		1.9
NET ASSETS	$	128,896,561		100.0	%

All data as of October 31, 2014. The Fund’s 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)

October 31, 2014

SECTOR DIVERSIFICATION

	U.S. $ Value		Percent of Net Assets
Basic Materials	$	13,421,920		10.4	%
Communications		13,867,610		10.8
Consumer Cyclical		15,595,680		12.1
Consumer Non-Cyclical		30,754,793		23.9
Energy		16,010,484		12.4
Financials		13,349,814		10.3
Technology		18,449,483		14.3
Repurchase Agreements		5,000,000		3.9
Cash and Other Assets in Excess of Liabilities		2,446,777		1.9
NET ASSETS	$	128,896,561		100.0	%

All data as of October 31, 2014. The Fund’s sector diversification is expressed as a percentage of net assets and may vary over time.

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS

October 31, 2014


Shares			Value
		COMMON STOCKS (94.2%)
		CANADA (6.4%)
		ENERGY
	98,800	ARC Resources, Ltd.	$	2,327,900
	44,100	Vermilion Energy, Inc.		2,500,342
				4,828,242
		FINANCIALS
	50,775	Intact Financial Corp.		3,401,354
		Total Canada		8,229,596

		CURACAO (2.6%)
		ENERGY
	34,650	Schlumberger, Ltd.		3,418,569
		Total Curacao		3,418,569

		FRANCE (5.8%)
		COMMUNICATIONS
	81,800	JCDecaux S.A.		2,714,718
		CONSUMER NON-CYCLICAL
	51,925	Sanofi		4,807,386
		Total France		7,522,104

		GERMANY (5.3%)
		BASIC MATERIALS
	54,300	Brenntag AG		2,628,291
	104,700	Fuchs Petrolub AG		3,836,943
	10,700	Fuchs Petrolub AG (Preference Shares)		415,249
		Total Germany		6,880,483

		NETHERLANDS (3.6%)
		COMMUNICATIONS
	64,675	Nielsen NV		2,748,041
		CONSUMER NON-CYCLICAL
	49,600	Unilever NV		1,924,822
		Total Netherlands		4,672,863

		NORWAY (1.7%)
		ENERGY
	92,900	TGS Nopec Geophysical Co. ASA		2,171,071
		Total Norway		2,171,071

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

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014


Shares			Value
		COMMON STOCKS (continued)
		SWEDEN (4.2%)
		ENERGY
	192,100	Lundin Petroleum AB¹	$	2,717,940
		FINANCIALS
	56,000	Svenska Handelsbanken AB (Class A)		2,664,512
		Total Sweden		5,382,452

		SWITZERLAND (9.5%)
		CONSUMER NON-CYCLICAL
	86,125	Nestle SA		6,302,327
	64,175	Novartis AG		5,949,064
		Total Switzerland		12,251,391

		UNITED KINGDOM (6.1%)
		COMMUNICATIONS
	157,300	Pearson, Plc.		2,946,694
		CONSUMER NON-CYCLICAL
	93,700	Diageo, Plc.		2,757,740
	25,100	Reckitt Benckiser Group, Plc.		2,109,840
				4,867,580
		Total United Kingdom		7,814,274

		UNITED STATES (49.0%)
		BASIC MATERIALS
	44,450	Celanese Corp. (Series A)		2,610,549
	31,200	Praxair, Inc.		3,930,888
				6,541,437
		COMMUNICATIONS
	3,355	Google, Inc. (Class A)¹		1,905,204
	6,355	Google, Inc. (Class C)¹		3,552,953
				5,458,157
		CONSUMER CYCLICAL
	70,950	Bed, Bath & Beyond, Inc.¹		4,777,773
	172,300	Sally Beauty Holdings, Inc.¹		5,050,113
	48,700	Target Corp.		3,010,634
	36,150	Wal-Mart Stores, Inc.		2,757,160
				15,595,680

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014


Shares			Value
		COMMON STOCKS (continued)
		UNITED STATES (continued)
		CONSUMER NON-CYCLICAL
	39,500	Baxter International, Inc.	$	2,770,530
	111,224	Zoetis, Inc.		4,133,084
				6,903,614
		ENERGY
	32,325	Occidental Petroleum Corp.		2,874,662
		FINANCIALS
	137,200	Wells Fargo & Co.		7,283,948
		TECHNOLOGY
	111,925	Microsoft Corp.		5,254,879
	107,500	Oracle Corp.		4,197,875
	70,425	QUALCOMM, Inc.		5,529,067
	66,750	Solera Holdings, Inc.		3,467,662
				18,449,483
		Total United States		63,106,981
		Total Common Stocks (Identified cost $112,455,362)		121,449,784

Principal Amount		Maturity Date	Interest Rate
	REPURCHASE AGREEMENTS (3.9%)
$ 5,000,000	National Australia Bank (Agreement
	dated 10/31/2014 collateralized by U.S.
	Treasury Note 1.500%, due 5/31/2019,
	valued at $5,100,000)	11/03/14	0.100%	5,000,000
	Total Repurchase Agreements
	(Identified cost $5,000,000)			5,000,000
TOTAL INVESTMENTS (Identified cost $117,455,362)²			98.1%	$126,449,784
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES			1.9%	2,446,777
NET ASSETS			100.0%	$128,896,561

Non-income producing security.

The aggregate cost for federal income tax purposes is $117,555,128, the aggregate gross unrealized appreciation is $12,675,290 and the aggregate gross unrealized depreciation is $3,780,634, resulting in net unrealized appreciation of $8,894,656.

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 OF INVESTMENTS (continued)

October 31, 2014

FAIR VALUE MEASUREMENTS

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

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

—

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

—

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

—

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

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

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

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. These include investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations, listed equities and over-the-counter derivatives 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 October 31, 2014.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)*		Significant Other Observable Inputs (Level 2)*		Significant Unobservable Inputs (Level 3)*		Balance as of October 31, 2014
Basic Materials	$	6,541,437	$	6,880,483	$	—	$	13,421,920
Communications		8,206,198		5,661,412		—		13,867,610
Consumer Cyclical		15,595,680		—		—		15,595,680
Consumer Non-Cyclical		6,903,614		23,851,179		—		30,754,793
Energy		11,121,473		4,889,011		—		16,010,484
Financials		10,685,302		2,664,512		—		13,349,814
Technology		18,449,483		—		—		18,449,483
Repurchase Agreements		—		5,000,000		—		5,000,000
Investments, at value	$	77,503,187	$	48,946,597	$	—	$	126,449,784

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

BBH GLOBAL CORE SELECT

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2014


ASSETS:
Investments in securities, at value (Identified cost $112,455,362)	$121,449,784
Repurchase agreements (Identified cost $5,000,000)	5,000,000
Cash	2,251,556
Foreign currency at value (Identified cost $211,486)	209,867
Receivables for:
Dividends and interest	177,538
Investment advisory and administrative fees waiver reimbursement	2,355
Prepaid assets	21,570
Total Assets	129,112,670
LIABILITIES:
Payables for:
Investment advisory and administrative fees	100,420
Professional fees	41,537
Custody and fund accounting fees	29,857
Shareholder servicing fees	15,856
Shares redeemed	4,799
Transfer agent fees	2,211
Distributors fees	1,836
Board of Trustees’ fees	1,204
Accrued expenses and other liabilities	18,389
Total Liabilities	216,109
NET ASSETS	$128,896,561
Net Assets Consist of:
Paid-in capital	$117,235,901
Undistributed net investment income	1,308,016
Accumulated net realized gain on investments in securities and foreign
exchange transactions	1,374,552
Net unrealized appreciation/(depreciation) on investments in securities
and foreign currency translations	8,978,092
Net Assets	$128,896,561

NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($126,687,579 ÷ 11,242,467 shares outstanding)	$11.27
RETAIL CLASS SHARES
($2,208,982 ÷ 196,553 shares outstanding)	$11.24

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH GLOBAL CORE SELECT

STATEMENT OF OPERATIONS

For the year ended October 31, 2014


NET INVESTMENT INCOME:
Income:
Dividends (net of foreign withholding taxes of $248,043)	$3,105,961
Interest and other income	2,280
Total Income	3,108,241
Expenses:
Investment advisory and administrative fees	1,308,851
Shareholder servicing fees	206,661
Board of Trustees’ fees	72,382
Professional fees	62,193
Custody and fund accounting fees	48,236
Transfer agent fees	24,262
Distributors fees	23,615
Miscellaneous expenses	117,676
Total Expenses	1,863,876
Investment advisory and administrative fees waiver	(131,770)
Expense offset arrangement	(4,663)
Net Expenses	1,727,443
Net Investment Income	1,380,798
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments in securities	1,374,585
Net realized gain on foreign exchange transactions	7,126
Net realized gain on investments in securities and foreign exchange
transactions and translations	1,381,711
Net change in unrealized appreciation/(depreciation) on investments
in securities	2,928,860
Net change in unrealized appreciation/(depreciation) on foreign
currency translations	(15,346)
Net change in unrealized appreciation/(depreciation) on investments
in securities and foreign currency translations	2,913,514
Net Realized and Unrealized Gain	4,295,225
Net Increase in Net Assets Resulting from Operations	$5,676,023

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

BBH GLOBAL CORE SELECT

STATEMENTS OF CHANGES IN NET ASSETS

October 31, 2014

	For the year ended October 31, 2014			For the period from March 28, 2013 (commencement of operations) to October 31, 2013
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	1,380,798		$	124,848
Net realized gain on investments in securities and
foreign exchange transactions and translations		1,381,711			276,170
Net change in unrealized appreciation/(depreciation)
on investments in securities and foreign currency
translations		2,913,514			4,611,654
Net increase in net assets resulting from
operations		5,676,023			5,012,672
Dividends and distributions declared:
From net investment income:
Class N		(202,109	)		—
Retail Class		(1,387	)		—
From net realized gains:
Class N		(272,366	)		—
Retail Class		(5,097	)		—
Total dividends and distributions declared		(480,959	)		—
Share transactions:
Shares issued in connection with merger		—			15,389,487
Proceeds from sales of shares		90,631,256			70,121,983
Net asset value of shares issued to shareholders for
reinvestment of dividends and distributions		465,412			—
Proceeds from short-term redemption fees		22,617			27
Cost of shares redeemed		(57,344,474	)		(597,483	)
Net increase in net assets resulting from
share transactions		33,774,811			84,914,014
Total increase in net assets		38,969,875			89,926,686
NET ASSETS:
Beginning of period		89,926,686			—
End of period (including undistributed net investment
income of $1,308,016 and $123,588, respectively)	$	128,896,561		$	89,926,686

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH GLOBAL CORE SELECT

FINANCIAL HIGHLIGHTS

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

	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	$	10.99		$	10.00
Income from investment operations:
Net investment income¹		0.12			0.03
Net realized and unrealized gain		0.21			0.96
Total income from investment operations		0.33			0.99
Less dividends and distributions:
From net investment income		(0.02	)		—
From net realized gains		(0.03	)		—
Total dividends and distribution		(0.05	)		—
Short term redemption fees¹		0.00	²		—
Net asset value, end of period	$	11.27		$	10.99
Total return		3.01	%		9.90	%
Ratios/Supplemental data:
Net assets, end of period (in millions)	$	127		$	88
Ratio of expenses to average net assets before
reductions		1.32	%		1.87	%³
Fee waiver		0.07	%⁴		0.61	%^3,4
Expense offset arrangement		0.00	%⁵		0.01	%³
Ratio of expenses to average net assets after
reductions		1.25	%		1.25	%³
Ratio of net investment income to average net assets		1.01	%		0.50	%³
Portfolio turnover rate		40	%		6	%⁶

Calculated using average shares outstanding for the period.

Less than $0.01.

Annualized.

⁴

The ratio of expenses to average net assets for the 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 fiscal year ended October 31, 2014 and the period ended October 31, 2013, the waived fees were $90,671 and $152,928 respectively.

⁵

Less than 0.01%.

⁶

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

FINANCIAL HIGHLIGHTS (continued)

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

	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	$	10.98		$	10.00
Income from investment operations:
Net investment income¹		0.07			0.00	²
Net realized and unrealized gain		0.22			0.98
Total income from investment operations		0.29			0.98
Less dividends and distributions:
From net investment income		(0.01	)		—
From net realized gains		(0.03	)		—
Total dividends and distribution		(0.04	)		—
Short term redemption fees¹		0.01			0.00	²
Net asset value, end of period	$	11.24		$	10.98
Total return		2.70	%		9.80	%
Ratios/Supplemental data:
Net assets, end of period (in millions)	$	2		$	2
Ratio of expenses to average net assets before
reductions		3.36	%		4.88	%³
Fee waiver		1.86	%⁴		3.37	%^3,4
Expense offset arrangement		0.00	%⁵		0.01	%³
Ratio of expenses to average net assets after
reductions		1.50	%		1.50	%³
Ratio of net investment income to average net assets		0.61	%		0.02	%³
Portfolio turnover rate		40	%		6	%⁶

Calculated using average shares outstanding for the period.

Less than $0.01.

Annualized.

⁴

The ratio of expenses to average net assets for the 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 Fund 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 fiscal year ended October 31, 2014 and the period ended October 31, 2013, the waived fees were $41,099 and $17,913, respectively.

⁵

Less than 0.01%

⁶

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

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS

As of and for the year ended October 31, 2014

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 October 31, 2014, there were six series of the Trust.

Valuation of Investments. (1) The value of investments listed on a securities exchange is based on the last sale price on that exchange prior to the time when assets are valued, or in the absence of recorded sales, at the average of readily available closing bid and asked prices on such exchange; (2) securities not traded on an exchange are valued at the average of the quoted bid and asked prices in the over-the counter market; (3) securities or other assets for which market quotations are not readily available are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board of Trustees (“Board”); (4) 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 recorded at the fair market value of securities received at ex-date. Distributions received on

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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.

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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.

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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 year ended October 31, 2014, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for all open tax years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, if any, are paid annually and are recorded on the ex-dividend date. The Fund declared dividends in the amount of $474,475 and $6,484 to Class N and Retail Class shareholders, respectively, during the year ended October 31, 2014.

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.

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.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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, 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 after December 15, 2014. Early adoption is not permitted for public companies. Management is currently evaluating the application of ASU 2014-11 and its impact, if any, on 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 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 year ended October 31, 2014, the SID waived fees in the amount of $90,671 and $41,099 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 year ended October 31, 2014, the Fund incurred shareholder servicing fees in the amount of $203,349 and $3,312 for Class N and Retail Class, respectively.

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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 year ended October 31, 2014, Retail Class shares of the Fund incurred $5,519 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 year ended October 31, 2014, the Fund incurred $48,236 in custody and fund accounting fees. These fees for the Fund were reduced by $4,663 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 year ended October 31, 2014, was $0.

Board of Trustees’ Fees. Each Trustee who is not an “interested person” as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For year ended October 31, 2014, the Fund incurred $72,382 in independent Trustee compensation and reimbursements.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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 year ended October 31, 2014						For the period ended October 31, 2013*
	Shares			Dollars			Shares			Dollars
Class N
Shares issued in connection with merger		—		$	—			1,538,949		$	15,389,487
Shares sold		7,899,060			88,700,654			6,505,378			68,120,976
Shares issued in connection with
reinvestments of dividends		41,919			460,270			—			—
Proceeds from short-term redemption fees		N/A			21,404			—			—
Shares redeemed		(4,721,624	)		(55,847,069	)		(21,215	)		(221,696	)
Net increase		3,219,355		$	33,335,259			8,023,112		$	83,288,767

	For the year ended October 31, 2014						For the period ended October 31, 2013**
	Shares			Dollars			Shares			Dollars
Retail Class
Shares sold		169,368		$	1,930,602			192,744		$	2,001,007
Shares issued in connection with
reinvestments of dividends		469			5,142			—			—
Proceeds from short-term redemption fees		N/A			1,213			N/A			27
Shares redeemed		(130,235	)		(1,497,405	)		(35,793	)		(375,787	)
Net increase		39,602		$	439,552			156,951		$	1,625,247

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

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

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

BBH GLOBAL CORE SELECT

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

cost basis of the investments received from the Series was carried forward to align the ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Immediately prior to the merger, the Fund had net assets of $0.

Principal Risk Factors and Indemnifications.

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

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Investment Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). 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 tax 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.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH GLOBAL CORE SELECT

DISCLOSURE OF FUND EXPENSES

October 31, 2014 (unaudited)

EXAMPLE

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2014 to October 31, 2014).

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

BBH GLOBAL CORE SELECT

DISCLOSURE OF FUND EXPENSES (continued)

October 31, 2014 (unaudited)

	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period May 1, 2014 to October 31, 2014¹
Class N
Actual	$1,000	$964	$6.19
Hypothetical²	$1,000	$1,019	$6.36

	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period May 1, 2014 to October 31, 2014¹
Retail Class
Actual	$1,000	$962	$7.42
Hypothetical²	$1,000	$1,018	$7.63

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 184/365 (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 OCTOBER 31, 2014

BBH GLOBAL CORE SELECT

CONFLICTS OF INTEREST

October 31, 2014 (unaudited)

Conflicts of Interest

BBH GLOBAL CORE SELECT

CONFLICTS OF INTEREST (continued)

October 31, 2014 (unaudited)

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH GLOBAL CORE SELECT

CONFLICTS OF INTEREST (continued)

October 31, 2014 (unaudited)

BBH GLOBAL CORE SELECT

CONFLICTS OF INTEREST (continued)

October 31, 2014 (unaudited)

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH GLOBAL CORE SELECT

ADDITIONAL FEDERAL TAX INFORMATION

October 31, 2014 (unaudited)

BBH Global Core Select (the “Fund”) hereby designates $30,394 as an approximate amount of capital gain dividend for the purpose of dividends paid deduction.

Under Section 854(b)(2) of the Internal Revenue Code (the “Code”), the Fund designates up to a maximum of $450,565 as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended October 31, 2014. In January 2015, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2014. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

100% of the ordinary income dividends paid by the Fund during the year ended October 31, 2014 qualifies for the dividends received deduction available to corporate shareholders.

TRUSTEES AND OFFICERS OF BBH GLOBAL CORE SELECT

(unaudited)

Information pertaining to the Trustees of the BBH Trust (the “Trust”) and executive officers of the Trust is set forth below. The Statement of Additional Information for the BBH Global Core Select includes additional information about the Fund’s Trustees and is available upon request, without charge, by contacting the Fund at 1-800-575-1265.

Name and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee^	Other Public Company or Investment Company Directorships held by Trustee During Past 5 Years
Name and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee^
Independent Trustees
H. Whitney Wagner Birth Date: March 3, 1956	Chairman of the Board and Trustee	Chairman Since 2014; Trustee Since 2007 and 2006-2007 with the Predecessor Trust	President, Clear Brook Advisors, a registered investment advisor.	6	None.
David P. Feldman Birth Date: November 16, 1939	Trustee	Since 2007 and 1992-2007 with the Predecessor Trust	Retired.	6	Director of Dreyfus Mutual Funds (42 Funds).
Andrew S. Frazier Birth Date: April 8, 1948	Trustee	Since 2010	Consultant to Western World Insurance Group, Inc. (“WWIG”) (January 2010 to January 2012) CEO of WWIG (1992-2009).	6	Director of WWIG.
Mark M. Collins Birth Date: November 8, 1956	Trustee	Since 2011	Partner of Brown Investment Advisory Incorporated, a registered investment advisor.	6	Chairman of Dillon Trust Company.
John M. Tesoro Birth Date: May 23, 1952	Trustee	Since 2014	Partner, Certified Public Accountant, KPMG LLP (Retired in September 2012).	6	Trustee, Bridge Builder Trust (1 Fund) Director, Teton Advisors, Inc. (a registered investment adviser).

FINANCIAL STATEMENTS OCTOBER 31, 2014

TRUSTEES AND OFFICERS OF BBH GLOBAL CORE SELECT

(unaudited)

Name, Address and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee^	Other Public Company or Investment Company Directorships held by Trustee During Past 5 Years
Name, Address and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee^
Interested Trustees
Susan C. Livingston+ 50 Post Office Square Boston, MA 02110 Birth Date: February 18, 1957	Trustee	Since 2011	Partner (since 1998) and Senior Client Advocate (since 2010) for BBH&Co., Director of BBH Luxembourg S.C.A. (since 1992); Director of BBH Trust Company (Cayman) Ltd. (2007 to April 2011); and BBH Investor Services (London) Ltd. (2001 to April 2011).	6	None.

John A. Gehret+ 140 Broadway New York, NY 10005 Birth Date: April 11, 1959	Trustee	Since 2011	Limited Partner of BBH&Co. (2012-present); General Partner of BBH&Co. (1998 to 2011); President and Principal Executive Officer of the Trust (2008-2011).	6	None.

TRUSTEES AND OFFICERS OF BBH GLOBAL CORE SELECT

(unaudited)

OFFICERS

Name, Address and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years
Radford W. Klotz 140 Broadway New York, NY 10005 Birth Date: December 1, 1955	President and Principal Executive Officer	Since 2011	Partner of BBH&Co. since 1995; joined BBH&Co. in 1977.

Charles H. Schreiber 140 Broadway New York, NY 10005 Birth Date: December 10, 1957	Treasurer and Principal Financial Officer	Since 2007 2006-2007 with the Predecessor Trust	Senior Vice President of BBH&Co. since 2001; joined BBH&Co. in 1999.
	Treasurer and Principal Financial Officer	Since 2007 2006-2007 with the Predecessor Trust

Mark A. Egert 140 Broadway New York, NY 10005 Birth Date: May 25, 1962	Chief Compliance Officer (“CCO”); and Anti-Money Laundering Officer	Since 2011 Since 2014	Senior Vice President of BBH&Co. since June 2011; Partner at Crowell & Moring LLP (April 2010 to May 2011); and CCO of Cowen and Company (January 2005 to April 2010).



Suzan Barron 50 Post Office Square Boston, MA 02110 Birth Date: September 5, 1964	Secretary	Since 2009	Senior Vice President and Senior Investor Services Counsel, BBH&Co. since 2005.

Rowena Rothman 140 Broadway New York, NY 10005 Birth Date: October 24, 1967	Assistant Treasurer	Since 2011	Vice President of BBH&Co. since 2009.

Ms. Livingston and Mr. Gehret are “interested persons” of the Trust as defined in the 1940 Act because of their positions as Partner and Limited Partner of BBH&Co., respectively.

The Fund Complex consists of the Trust, which has six series, and each is counted as one “Portfolio” for purposes of this table.

FINANCIAL STATEMENTS OCTOBER 31, 2014


Administrator	Investment Adviser
Brown Brothers Harriman & Co.	Brown Brothers Harriman
140 Broadway	Mutual Fund Advisory
New York, NY 10005	Department
	140 Broadway
Distributor	New York, NY 10005
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

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

Annual Report

OCTOBER 31, 2014

BBH International Equity Fund

BBH INTERNATIONAL EQUITY FUND

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

October 31, 2014

For the 12-month period ended October, 31 2014, the BBH International Equity Fund (the “Fund”) Class N Shares returned 0.01% net of fees. The Fund’s benchmark, the MSCI Europe, Australasia Far East Index¹(the “EAFE”), returned -0.60% over the same period. The Fund continues to employ two sub-advisers who are monitored by the investment adviser. One sub-adviser, Mondrian Investment Partners Limited (“Mondrian”), employs a value strategy while the other, Walter Scott & Partners Limited (“Walter Scott”), employs a growth strategy. New assets continue to be allocated equally between both sub-advisers.

The Fund slightly outperformed its benchmark primarily due to strong stock selection in the Healthcare sector as well as an overweight to the overall sector. Individual stocks that performed well over the 12-month period included Novartis AG (held by both sub-advisers) and Teva Pharmaceuticals (held by Mondrian). Good stock picking in the Telecommunications sector also contributed to the Fund’s outperformance relative to the EAFE Index with China Mobile (held by both sub-advisers) being the largest single contributor. Detractors over the course of the year included poor stock selection in the Consumer Cyclical and Energy sectors. Specifically, shares in Adidas AG (held by Walter Scott) and BG Group PLC (held by both sub-advisers) sold off during the year in these respective sectors.

Both managers continued to employ strategies focused on an objective of total return, primarily through capital appreciation, rather than focus on particular benchmarks. They invest in what they believe are quality businesses with clear plans for the future, competitive positions among peers and strong management teams dedicated to increasing shareholder value.

MSCI Europe, Australasia and Far East Index (EAFE) is an unmanaged market capitalization-weight equity index comprising 20 of 48 countries in the MSCI universe and representing the developed world outside of North America. Each MSCI country index is created separately, then aggregated, without change, into regional MSCI indices. EAFE performance data is calculated in U.S. dollars and in local currency. Investments cannot be made in an index.

BBH INTERNATIONAL EQUITY FUND

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2014

Growth of $10,000 Invested in BBH International Equity

The graph below illustrates the hypothetical investment of $10,000¹in the Class N shares of the Fund over the ten years ended October 31, 2014 as compared to the MSCI EAFE.

The annualized gross expense ratios as in the February 28, 2014 prospectus for Class N and Class I shares were 1.14% and 0.90%, respectively.

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund performance changes over time and current performance may be lower or higher than what is stated. Fund shares redeemed within 30 days of purchase are subject to a redemption fee of 2.00%. Returns do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For performance current to the most recent month-end please call 1-800-575-1265.

The Fund’s performance assumes the reinvestment of all dividends and distributions. The EAFE has been adjusted to reflect reinvestment of dividends on securities in the index. The EAFE is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERNATIONAL EQUITY FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of the BBH Trust and Shareholders of
BBH International Equity Fund:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH International Equity Fund (a series of BBH Trust) (the “Fund”) as of October 31, 2014, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2014, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BBH International Equity Fund as of October 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
December 22, 2014

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO ALLOCATION

October 31, 2014

COUNTRY DIVERSIFICATION
	U.S. $ Value		Percent of Net Assets
Australia	$	40,795,323		4.8	%
Bermuda		4,000,520		0.5
China		4,183,060		0.5
Denmark		10,457,409		1.2
Finland		8,702,379		1.0
France		85,765,295		10.2
Germany		46,400,228		5.5
Hong Kong		57,042,218		6.8
Israel		8,436,618		1.0
Italy		8,890,230		1.1
Japan		170,598,759		20.2
Jersey		8,247,670		1.0
Netherlands		14,930,391		1.8
Singapore		27,962,051		3.3
Spain		37,140,558		4.4
Sweden		17,554,819		2.1
Switzerland		102,118,160		12.1
Taiwan		14,543,511		1.7
United Kingdom		161,025,953		19.1
Cash and Other Assets in Excess of Liabilities		14,254,967		1.7
NET ASSETS	$	843,050,119		100.0	%

All data as of October 31, 2014. The Fund’s 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.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO ALLOCATION (continued)

October 31, 2014

SECTOR DIVERSIFICATION

	U.S. $ Value		Percent of Net Assets
Basic Materials	$	33,160,647		3.9	%
Communications		81,829,076		9.7
Consumer Cyclical		77,536,364		9.2
Consumer Non-Cyclical		258,292,060		30.6
Diversified		4,906,559		0.6
Energy		87,526,422		10.4
Financials		108,553,731		12.9
Industrials		90,906,966		10.8
Technology		42,379,023		5.0
Utilities		43,704,304		5.2
Cash and Other Assets in Excess of Liabilities		14,254,967		1.7
NET ASSETS	$	843,050,119		100.0	%

All data as of October 31, 2014. The Fund’s sector diversification is expressed as a percentage of net assets and may vary over time.

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

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS

October 31, 2014

Shares			Value
		COMMON STOCKS (98.3%)
		AUSTRALIA (4.8%)
		CONSUMER NON-CYCLICAL
	75,900	Cochlear, Ltd.	$	4,916,212
	135,500	CSL, Ltd.		9,583,971
	254,600	Woolworths, Ltd.		8,079,017
				22,579,200
		ENERGY
	223,000	Woodside Petroleum, Ltd.		7,892,618

		FINANCIALS
	943,253	AMP, Ltd.		4,872,385
	536,085	QBE Insurance Group, Ltd.		5,451,120
				10,323,505
		Total Australia		40,795,323

		BERMUDA (0.5%)
		DIVERSIFIED
	66,400	Jardine Matheson Holdings, Ltd.		4,000,520
		Total Bermuda		4,000,520

		CHINA (0.5%)
		ENERGY
	1,489,000	China Shenhua Energy Co., Ltd. (Class H)		4,183,060
		Total China		4,183,060

		DENMARK (1.2%)
		CONSUMER NON-CYCLICAL
	231,500	Novo Nordisk AS (Class B)		10,457,409
		Total Denmark		10,457,409

		FINLAND (1.0%)
		INDUSTRIALS
	202,300	Kone OYJ (Class B)		8,702,379
		Total Finland		8,702,379

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Shares			Value
		COMMON STOCKS (continued)
		FRANCE (10.2%)
		BASIC MATERIALS
	68,400	Air Liquide SA	$	8,258,606

		COMMUNICATIONS
	487,989	Orange SA		7,761,981

		CONSUMER CYCLICAL
	25,100	LVMH Moet Hennessy Louis Vuitton SA		4,265,686

		CONSUMER NON-CYCLICAL
	119,750	Danone SA		8,135,801
	81,400	Essilor International SA		8,995,325
	51,500	L’Oreal SA		8,088,608
	121,930	Sanofi		11,288,677
				36,508,411
		ENERGY
	178,988	Total SA		10,675,755

		FINANCIALS
	97,776	Societe Generale SA		4,728,319

		INDUSTRIALS
	182,132	Cie de St-Gobain		7,829,441
	120,273	Vallourec SA		4,426,441
	22,915	Vinci SA		1,310,655
				13,566,537
		Total France		85,765,295

		GERMANY (5.5%)
		COMMUNICATIONS
	851,669	Deutsche Telekom AG		12,831,907

		CONSUMER CYCLICAL
	112,000	Adidas AG		8,150,672
	67,490	Daimler AG (Class REGISTERED)		5,243,587
				13,394,259
		DIVERSIFIED
	19,691	GEA Group AG		906,039

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

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Shares			Value
		COMMON STOCKS (continued)
		GERMANY (continued)
		TECHNOLOGY
	218,747	SAP SE	$	14,865,344

		UTILITIES
	124,413	RWE AG		4,402,679
		Total Germany		46,400,228

		HONG KONG (6.8%)
		COMMUNICATIONS
	1,284,500	China Mobile, Ltd.		16,011,647

		ENERGY
	5,006,000	CNOOC, Ltd.		7,823,541

		FINANCIALS
	1,795,000	AIA Group, Ltd.		10,014,977
	2,824,000	Hang Lung Properties, Ltd.		8,814,300
				18,829,277
		UTILITIES
	622,000	CLP Holdings, Ltd.		5,350,347
	3,870,671	Hong Kong & China Gas Co., Ltd.		9,027,406
				14,377,753
		Total Hong Kong		57,042,218

		ISRAEL (1.0%)
		CONSUMER NON-CYCLICAL
	149,400	Teva Pharmaceutical Industries, Ltd. ADR		8,436,618
		Total Israel		8,436,618

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Shares			Value
		COMMON STOCKS (continued)
		ITALY (1.1%)
		ENERGY
	417,634	ENI SpA	$	8,890,230
		Total Italy		8,890,230

		JAPAN (20.2%)
		BASIC MATERIALS
	143,000	Shin-Etsu Chemical Co., Ltd.		9,318,201

		COMMUNICATIONS
	267,600	NTT DOCOMO, Inc.		4,494,670

		CONSUMER CYCLICAL
	209,000	Denso Corp.		9,749,970
	504,800	Honda Motor Co., Ltd.		16,089,075
	49,300	Shimamura Co., Ltd.		4,362,320
				30,201,365
		CONSUMER NON-CYCLICAL
	206,400	Kao Corp.		7,931,575
	588,300	Kirin Holdings Co., Ltd.		7,703,886
	162,100	Seven & I Holdings Co., Ltd.		6,411,807
	231,200	Takeda Pharmaceutical Co., Ltd.		10,102,756
				32,150,024
		ENERGY
	636,500	Inpex Corp.		8,172,427

		FINANCIALS
	191,620	Aeon Mall Co., Ltd.		3,580,019
	84,200	Daito Trust Construction Co., Ltd.		10,651,626
	429,200	Tokio Marine Holdings, Inc.		13,932,862
				28,164,507
		INDUSTRIALS
	144,300	Daikin Industries, Ltd.		9,101,124
	51,500	FANUC Corp.		9,064,044

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

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Shares			Value
		COMMON STOCKS (continued)
		JAPAN (continued)
		INDUSTRIALS (continued)
	130,700	Hoya Corp.	$	4,786,621
	26,625	Keyence Corp.		12,896,434
	385,500	Komatsu, Ltd.		9,279,174
				45,127,397
		TECHNOLOGY
	351,700	Canon, Inc.		10,850,379
	34,100	Tokyo Electron, Ltd.		2,119,789
				12,970,168
		Total Japan		170,598,759

		JERSEY (1.0%)
		CONSUMER NON-CYCLICAL
	548,800	Experian, Plc.		8,247,670
		Total Jersey		8,247,670

		NETHERLANDS (1.8%)
		COMMUNICATIONS
	216,913	Reed Elsevier NV		4,995,725

		CONSUMER NON-CYCLICAL
	593,993	Koninklijke Ahold NV		9,934,666
		Total Netherlands		14,930,391

		SINGAPORE (3.3%)
		COMMUNICATIONS
	2,645,000	Singapore Telecommunications, Ltd.		7,781,345

		FINANCIALS
	633,603	DBS Group Holdings, Ltd.		9,149,939
	388,624	United Overseas Bank, Ltd.		6,969,808
				16,119,747
		INDUSTRIALS
	1,070,000	SembCorp Industries, Ltd.		4,060,959
		Total Singapore		27,962,051

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Shares			Value
		COMMON STOCKS (continued)
		SPAIN (4.4%)
		COMMUNICATIONS
	734,243	Telefonica SA	$	11,036,169

		CONSUMER CYCLICAL
	308,000	Inditex SA		8,669,093

		FINANCIALS
	465,134	Banco Santander SA		4,101,900

		UTILITIES
	1,885,693	Iberdrola SA		13,333,396
		Total Spain		37,140,558

		SWEDEN (2.1%)
		COMMUNICATIONS
	408,380	Telefonaktiebolaget LM Ericsson (Class B)		4,818,568
	571,852	TeliaSonera AB		3,955,789
				8,774,357
		CONSUMER CYCLICAL
	221,000	Hennes & Mauritz AB (Class B)		8,780,462
		Total Sweden		17,554,819

		SWITZERLAND (12.1%)
		BASIC MATERIALS
	50,308	Syngenta AG		15,583,840

		CONSUMER CYCLICAL
	7,700	Swatch Group AG		3,648,773

		CONSUMER NON-CYCLICAL
	261,813	Nestle SA		19,158,561
	227,887	Novartis AG		21,125,274
	31,000	Roche Holding AG		9,151,769
	3,350	SGS SA		7,357,840
				56,793,444

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

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Shares			Value
		COMMON STOCKS (continued)
		SWITZERLAND (continued)
		FINANCIALS
	36,235	Zurich Insurance Group AG¹	$	10,961,218

		INDUSTRIALS
	493,636	ABB, Ltd.¹		10,820,010
	33,100	Kuehne + Nagel International AG		4,310,875
				15,130,885
		Total Switzerland		102,118,160

		TAIWAN (1.7%)
		TECHNOLOGY
	945,000	Taiwan Semiconductor Manufacturing Co., Ltd.		4,073,001
	475,500	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		10,470,510
		Total Taiwan		14,543,511

		UNITED KINGDOM (19.1%)
		COMMUNICATIONS
	203,810	Pearson, Plc.		3,817,964
	1,301,132	Vodafone Group, Plc.		4,323,311
				8,141,275

		CONSUMER CYCLICAL
	532,300	Compass Group, Plc.		8,576,726

		CONSUMER NON-CYCLICAL
	310,000	Diageo, Plc.		9,123,792
	1,536,701	G4S, Plc.		6,285,224
	537,836	GlaxoSmithKline, Plc.		12,191,781
	97,500	Intertek Group, Plc.		4,249,789
	105,200	Reckitt Benckiser Group, Plc.		8,842,836
	165,000	SABMiller, Plc.		9,318,962
	240,700	Smith & Nephew, Plc.		4,076,152
	2,730,938	Tesco, Plc.		7,594,790
	285,815	Unilever, Plc.		11,501,292
				73,184,618

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Shares						Value
		COMMON STOCKS (continued)
		UNITED KINGDOM (continued)
		ENERGY
	295,724	AMEC, Plc.			$	4,929,891
	985,681	BG Group, Plc.				16,426,382
	1,142,264	BP, Plc.				8,229,063
	287,596	Royal Dutch Shell, Plc. (Class A)				10,303,455
						39,888,791
		FINANCIALS
	854,810	HSBC Holdings, Plc.				8,750,177
	436,834	Standard Chartered, Plc.				6,575,081
						15,325,258
		INDUSTRIALS
	316,300	Rolls-Royce Holdings, Plc.¹				4,273,272
	28,467,000	Rolls-Royce Holdings, Plc. (Preference C Shares)¹				45,537
						4,318,809
		UTILITIES
	781,784	National Grid, Plc.				11,590,476
		Total United Kingdom				161,025,953
		Total Common Stocks (Identified cost $672,289,130)				828,795,152

TOTAL INVESTMENTS (Identified cost $672,289,130)²			98.3	%	$	828,795,152
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES			1.7	%		14,254,967
NET ASSETS			100.0	%	$	843,050,119

Non-income producing security.

The aggregate cost for federal income tax purposes is $678,729,081, the aggregate gross unrealized appreciation is $215,179,952 and the aggregate gross unrealized depreciation is $65,113,881, resulting in net unrealized appreciation of $150,066,071.

The Fund’s country diversification is derived from 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)

October 31, 2014

FAIR VALUE MEASUREMENTS

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

—

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

—

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

—

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

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

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

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

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)

October 31, 2014

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of October 31, 2014.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)*		Significant Other Observable Inputs (Level 2)*		Significant Unobservable Inputs (Level 3)*		Balance as of October 31, 2014
Australia	$	—	$	40,795,323	$	—	$	40,795,323
Bermuda		—		4,000,520		—		4,000,520
China		—		4,183,060		—		4,183,060
Denmark		—		10,457,409		—		10,457,409
Finland		—		8,702,379		—		8,702,379
France		—		85,765,295		—		85,765,295
Germany		—		46,400,228		—		46,400,228
Hong Kong		—		57,042,218		—		57,042,218
Israel		8,436,618		—		—		8,436,618
Italy		—		8,890,230		—		8,890,230
Japan		—		170,598,759		—		170,598,759
Jersey		—		8,247,670		—		8,247,670
Netherlands		—		14,930,391		—		14,930,391
Singapore		—		27,962,051		—		27,962,051
Spain		—		37,140,558		—		37,140,558
Sweden		—		17,554,819		—		17,554,819
Switzerland		—		102,118,160		—		102,118,160
Taiwan		10,470,510		4,073,001		—		14,543,511
United Kingdom		—		161,025,953		—		161,025,953
Investments, at value	$	18,907,128	$	809,888,024	$	—	$	828,795,152
Other Financial Instruments, at fair value
Forward Foreign Currency
Exchange Contracts	$	—	$	74,245	$	—	$	74,245
Other Financial Instruments,
at fair value	$	—	$	74,245	$	—	$	74,245

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERNATIONAL EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2014


ASSETS:
Investments in securities, at value (Identified cost $672,289,130)	$	828,795,152
Cash		10,902,892
Foreign currency at value (Identified cost $410,197)		402,190
Receivables for:
Dividends		2,415,614
Investments sold		1,893,852
Shares sold		500,894
Unrealized appreciation of forward foreign currency exchange contracts		74,245
Prepaid assets		21,582
Total Assets		845,006,421
LIABILITIES:
Payables for:
Investments purchased		945,183
Investment advisory and administrative fees		557,269
Shareholder servicing fees		155,711
Custody and fund accounting fees		147,030
Shares redeemed		69,390
Professional fees		54,621
Transfer agent fees		2,212
Distributor fees		1,857
Board of Trustees’ fees		1,204
Accrued expenses and other liabilities		21,825
Total Liabilities		1,956,302
NET ASSETS	$	843,050,119
Net Assets Consist of:
Paid-in capital	$	724,959,697
Undistributed net investment income		19,482,369
Accumulated net realized loss on investments in securities
and foreign exchange transactions		(57,850,343		)
Net unrealized appreciation/(depreciation) on investments
in securities and foreign currency translations		156,458,396
Net Assets	$	843,050,119
NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($757,324,265 ÷ 50,106,243 shares outstanding)			$15.11
CLASS I SHARES
($85,725,854 ÷ 5,653,990 shares outstanding)			$15.16

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

BBH INTERNATIONAL EQUITY FUND

STATEMENT OF OPERATIONS

October 31, 2014


NET INVESTMENT INCOME:
Income:
Dividends (net of foreign withholding taxes of $1,876,004)	$	28,929,734
Interest and other income		155
Total Income		28,929,889
Expenses:
Investment advisory and administrative fees		6,528,062
Shareholder servicing fees		1,829,968
Custody and fund accounting fees		241,799
Professional fees		97,596
Board of Trustees’ fees		71,982
Transfer agent fees		25,491
Distributor fees		20,538
Miscellaneous expenses		117,486
Total Expenses		8,932,922
Expense offset arrangement		(7,395	)
Net Expenses		8,925,527
Net Investment Income		20,004,362
NET REALIZED AND UNREALIZED LOSS:
Net realized gain on investments in securities		21,802,139
Net realized gain on foreign exchange transactions and translations		294,348
Net realized gain on investments in securities and foreign
exchange transactions and translations		22,096,487
Net change in unrealized appreciation/(depreciation) on
investments in securities		(43,595,276	)
Net change in unrealized appreciation/(depreciation) on
foreign currency translations		(127,647	)
Net change in unrealized appreciation/(depreciation) on
investments in securities and foreign currency translations		(43,722,923	)
Net Realized and Unrealized Loss		(21,626,436	)
Net Decrease in Net Assets Resulting from Operations	$	(1,622,074	)

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERNATIONAL EQUITY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	For the years ended October 31,
	2014			2013
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	20,004,362		$	12,109,263
Net realized gain on investments in securities and
foreign exchange transactions and translations		22,096,487			7,124,317
Net change in unrealized appreciation/(depreciation)
on investments in securities and foreign currency
translations		(43,722,923	)		105,039,134
Net increase (decrease) in net assets resulting
from operations		(1,622,074	)		124,272,714
Dividends and distributions declared:
From net investment income:
Class N		(11,905,317	)		(10,629,842	)
Class I		(1,475,717	)		(1,622,915	)
Total dividends and distributions declared		(13,381,034	)		(12,252,757	)
Share transactions:
Proceeds from sales of shares		129,572,113			172,732,999
Net asset value of shares issued to shareholders for
reinvestment of dividends and distributions		13,341,423			12,203,623
Proceeds from short-term redemption fees		5			23
Cost of shares redeemed		(55,069,301	)		(107,190,196	)
Net increase in net assets resulting from share
transactions		87,844,240			77,746,449
Total increase in net assets		72,841,132			189,766,406
NET ASSETS:
Beginning of year		770,208,987			580,442,581
End of year (including undistributed net investment
income of $19,482,369 and $12,564,693, respectively)	$	843,050,119		$	770,208,987

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

BBH INTERNATIONAL EQUITY FUND

FINANCIAL HIGHLIGHTS

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

				For the years ended October 31,
	2014			2013			2012			2011			2010
Net asset value, beginning of year	$	15.38		$	13.05		$	12.66		$	13.05		$	11.98
Income from investment operations:
Net investment income¹		0.37			0.25			0.27			0.26			0.23
Net realized and unrealized gain (loss)		(0.38	)		2.35			0.45			(0.45	)		1.03
Total income (loss) from investment
operations		(0.01	)		2.60			0.72			(0.19	)		1.26
Less dividends and distributions:
From net investment income		(0.26	)		(0.27	)		(0.33	)		(0.20	)		(0.19	)
Total dividends and distributions		(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		—
Net asset value, end of year	$	15.11		$	15.38		$	13.05		$	12.66		$	13.05
Total return		0.01	%		20.27	%		6.05	%		(1.49	)%		10.61	%


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

Calculated using average shares outstanding for the year.

Less than $0.01.

Less than 0.01%.

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERNATIONAL EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

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

				For the years ended October 31,
	2014			2013			2012			2011			2010
Net asset value, beginning of year	$	15.43		$	13.08		$	12.70		$	13.09		$	12.01
Income from investment operations:
Net investment income¹		0.40			0.28			0.30			0.29			0.24
Net realized and unrealized gain (loss)		(0.38	)		2.37			0.45			(0.45	)		1.05
Total income (loss) from investment
operations		0.02			2.65			0.75			(0.16	)		1.29
Less dividends and distributions:
From net investment income		(0.29	)		(0.30	)		(0.37	)		(0.23	)		(0.21	)
Total dividends and distributions		(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 year	$	15.16		$	15.43		$	13.08		$	12.70		$	13.09
Total return		0.21	%		20.64	%		6.31	%		(1.26	)%		10.88	%


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

Calculated using average shares outstanding for the year.

Less than $0.01.

Less than 0.01%.

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

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

As of and for the year ended October 31, 2014

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 October 31, 2014, there were six series of the Trust.

Valuation of Investments. (1) The value of investments listed on a securities exchange is based on the last sale price on that exchange prior to the time when assets are valued, or in the absence of recorded sales, at the average of readily available closing bid and asked prices on such exchange; (2) securities not traded on an exchange are valued at the average of the quoted bid and asked prices in the over-the counter market; (3) securities or other assets for which market quotations are not readily available are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board; (4) for securities traded on international exchanges, if events which may affect the value of the Fund’s securities occur after the close of the primary exchange on which such securities trade and before the Fund’s net asset value is next determined, then those securities will be fair valued as determined in good faith under 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 OCTOBER 31, 2014

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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.

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 economically 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 October 31, 2014, the Fund held the following open forward foreign currency contracts including appreciation/(depreciation) as reported in the Statement of Assets and Liabilities and Notes to Financial Statements.

Foreign Currency	Local Currency	Base Currency USD	Market Counterparty	Settlement Date	Unrealized Gain
Contracts to Sell:
Australian Dollar	AUD 9,413,000	8,223,503	Northern Trust Corp.	January 30, 2015	$74,245
Net Unrealized Gain on Open Forward Foreign Currency Exchange Contracts					$74,245

During the year ended October 31, 2014, the average monthly notional amount of forward foreign currency exchange contracts was $7,920,332. The corresponding volumes for the year ranged from $0 to $12,385,961.

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

Fair Values of Derivative Instruments as of October 31, 2014

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

	Asset derivatives		Liability derivatives
Risk	Statement of Assets and Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair Value
Foreign Exchange Risk	Unrealized appreciation of forward foreign currency exchange contracts	$74,245*	Unrealized depreciation of forward foreign currency exchange contacts	—
Total		$74,245		—

Includes cumulative appreciation/depreciation of forward foreign currency exchange contracts as reported in the Statement of Assets and Liabilities and Notes to Financial Statements.

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


	Net Realized Gain on Forward Foreign Currency Exchange Contracts	$650,324
	Net Change in Unrealized Appreciation/(Depreciation) on Forward
	Foreign Currency Exchange Contracts	$ 26,689

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, if any, are paid annually and are recorded on the ex-dividend date. The Fund declared dividends in the amounts of $11,905,317 and $1,475,717 to Class N shares and Class I shares, respectively, during the year ended October 31, 2014.

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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.

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.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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 year ended October 31, 2014, the Fund incurred $6,528,062 for services under the Agreement.

Shareholder Servicing Fees. The Trust has a shareholder servicing agreement with BBH. BBH receives a fee from the Fund calculated daily and paid monthly at an annual rate of 0.25% of Class N shares’ average daily net assets. For the year ended October 31, 2014, Class N shares of the Fund incurred $1,829,968 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 year ended October 31, 2014, the Fund incurred $241,799 in custody and fund accounting fees. These fees for the Fund were reduced by $7,395 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

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended October 31, 2014

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 year ended October 31, 2014, was $0.

Board of Trustees’ Fees. Each Trustee who is not an “interested person” as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the year ended October 31, 2014, the Fund incurred $71,982 in independent Trustee compensation and reimbursements.

	For the year ended October 31, 2014						For the year ended October 31, 2013
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		6,727,518		$	102,996,755			10,126,980		$	143,135,611
Shares issued in connection
with reinvestments of
dividends		813,276			11,865,706			800,962			10,580,708
Proceeds from short-term
redemption fees		N/A			5			N/A			23
Shares redeemed		(2,650,983	)		(40,100,125	)		(4,796,253	)		(67,115,997	)
Net increase		4,889,811		$	74,762,341			6,131,689		$	86,600,345
Class I
Shares sold		1,702,039		$	26,575,358			2,060,256		$	29,597,388
Shares issued in connection
with reinvestments of
dividends		101,007			1,475,717			122,855			1,622,915
Shares redeemed		(994,314	)		(14,969,176	)		(2,726,572	)		(40,074,199	)
Net increase (decrease)		808,732		$	13,081,899			(543,461	)	$	(8,853,896	)

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the year ended 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:

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). The investment style 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 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 tax 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

October 31, 2014 (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 (May 1, 2014 to October 31, 2014).

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERNATIONAL EQUITY FUND

DISCLOSURE OF FUND EXPENSES (continued)

October 31, 2014 (unaudited)

	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period May 1, 2014 to October 31, 2014¹
Class N
Actual	$1,000	$ 970	$5.51
Hypothetical²	$1,000	$1,020	$5.65

	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period May 1, 2014 to October 31, 2014¹
Class I
Actual	$1,000	$ 971	$4.50
Hypothetical²	$1,000	$1,021	$4.61

Expenses are equal to the Fund’s annualized expense ratio of 1.11% and 0.91% for Class N and I shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (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

CONFLICTS OF INTEREST

October 31, 2014 (unaudited)

Conflicts of Interest

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERNATIONAL EQUITY FUND

CONFLICTS OF INTEREST

October 31, 2014 (unaudited)

BBH INTERNATIONAL EQUITY FUND

ADDITIONAL FEDERAL TAX INFORMATION

October 31, 2014 (unaudited)

Under Section 854(b)(2) of the Internal Revenue Code (the “Code”), the Fund designates up to a maximum of $13,381,034 as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended October 31, 2014. In January 2015, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2014. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns. The amounts which represent income derived from sources within, and taxes paid to foreign counties or possessions of the United States are as follows:

Foreign Source Income		Foreign Taxes Paid

$27,929,373		$1,700,703

FINANCIAL STATEMENTS OCTOBER 31, 2014

TRUSTEES AND OFFICERS OF BBH INTERNATIONAL EQUITY FUND

(unaudited)

Information pertaining to the Trustees of the BBH Trust (the “Trust”) and executive officers of the Trust is set forth below. The Statement of Additional Information for the BBH International Equity Fund includes additional information about the Fund’s Trustees and is available upon request, without charge, by contacting the Fund at 1-800-575-1265.

Name and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee^	Other Public Company or Investment Company Directorships held by Trustee During Past 5 Years
Independent Trustees
H. Whitney Wagner Birth Date: March 3, 1956	Chairman of the Board and Trustee	Chairman Since 2014; Trustee Since 2007 and 2006-2007 with the Predecessor Trust	President, Clear Brook Advisors, a registered investment advisor.	6	None.

David P. Feldman Birth Date: November 16, 1939	Trustee	Since 2007 and 1992-2007 with the Predecessor Trust	Retired.	6	Director of Dreyfus Mutual Funds (42 Funds).

Andrew S. Frazier Birth Date: April 8, 1948	Trustee	Since 2010	Consultant to Western World Insurance Group, Inc. (“WWIG”) (January 2010 to January 2012) CEO of WWIG (1992-2009).	6	Director of WWIG.

Mark M. Collins Birth Date: November 8, 1956	Trustee	Since 2011	Partner of Brown Investment Advisory Incorporated, a registered investment advisor.	6	Chairman of Dillon Trust Company.

John M. Tesoro Birth Date: May 23, 1952	Trustee	Since 2014	Partner, Certified Public Accountant, KPMG LLP (Retired in September 2012).	6	Trustee, Bridge Builder Trust (1 Fund) Director, Teton Advisors, Inc. (a registered investment adviser).

TRUSTEES AND OFFICERS OF BBH INTERNATIONAL EQUITY FUND

(unaudited)

Name, Address and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee^	Other Public Company or Investment Company Directorships held by Trustee During Past 5 Years
Interested Trustees
Susan C. Livingston+ 50 Post Office Square Boston, MA 02110 Birth Date: February 18, 1957	Trustee	Since 2011	Partner (since 1998) and Senior Client Advocate (since 2010) for BBH&Co., Director of BBH Luxembourg S.C.A. (since 1992); Director of BBH Trust Company (Cayman) Ltd. (2007 to April 2011); and BBH Investor Services (London) Ltd. (2001 to April 2011).	6	None.

John A. Gehret+ 140 Broadway New York, NY 10005 Birth Date: April 11, 1959	Trustee	Since 2011	Limited Partner of BBH&Co. (2012-present); General Partner of BBH&Co. (1998 to 2011); President and Principal Executive Officer of the Trust (2008-2011).	6	None.

FINANCIAL STATEMENTS OCTOBER 31, 2014

TRUSTEES AND OFFICERS OF BBH INTERNATIONAL EQUITY FUND

(unaudited)

OFFICERS

Name, Address and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years
Radford W. Klotz 140 Broadway New York, NY 10005 Birth Date: December 1, 1955	President and Principal Executive Officer	Since 2011	Partner of BBH&Co. since 1995; joined BBH&Co. in 1977.

Charles H. Schreiber 140 Broadway New York, NY 10005 Birth Date: December 10, 1957	Treasurer and Principal Financial Officer	Since 2007 2006-2007 with the Predecessor Trust	Senior Vice President of BBH&Co. since 2001; joined BBH&Co. in 1999.

Mark A. Egert 140 Broadway New York, NY 10005 Birth Date: May 25, 1962	Chief Compliance Officer (“CCO”); and Anti-Money Laundering Officer	Since 2011 Since 2014	Senior Vice President of BBH&Co. since June 2011; Partner at Crowell & Moring LLP (April 2010 to May 2011); and CCO of Cowen and Company (January 2005 to April 2010).

Suzan Barron 50 Post Office Square Boston, MA 02110 Birth Date: September 5, 1964	Secretary	Since 2009	Senior Vice President and Senior Investor Services Counsel, BBH&Co. since 2005.

Rowena Rothman 140 Broadway New York, NY 10005 Birth Date: October 24, 1967	Assistant Treasurer	Since 2011	Vice President of BBH&Co. since 2009.

Ms. Livingston and Mr. Gehret are “interested persons” of the Trust as defined in the 1940 Act because of their positions as Partner and Limited Partner of BBH&Co., respectively.

The Fund Complex consists of the Trust, which has six series, and each is counted as one “Portfolio” for purposes of this table.


Administrator	Investment Adviser
Brown Brothers Harriman & Co.	Brown Brothers Harriman
140 Broadway	Mutual Fund Advisory
New York, NY 10005	Department
	140 Broadway
Distributor	New York, NY 10005
Alps Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203

Shareholder Servicing Agent
Brown Brothers Harriman
140 Broadway
New York, NY 10005
1-800-575-1265

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.

Annual Report

OCTOBER 31, 2014

BBH Intermediate Municipal Bond Fund

BBH INTERMEDIATE MUNICIPAL BOND FUND

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

October 31, 2014

BBH Intermediate Municipal Bond Fund Class I (“the Fund”), launched on April 1, 2014, posted a since-inception cumulative total return of 3.89% and 3.82% for Class I and Class N, respectively (net of fees and expenses) for the seven-month period ended October 31, 2014 as compared with the 3.67% total return for the benchmark Barclays Municipal Bond 1-15 Year Blend (1-17) Index’s¹over the same period.

The objective of the Intermediate Municipal Bond Fund is to preserve investor capital and generate attractive risk-adjusted returns. We seek to achieve this objective by investing in a limited number of durable credits with healthy return potential. Investing the Fund’s seed capital into a rallying municipal market proved challenging. We typically find that opportunities are more prevalent during volatile market environments than during relative calms like we experienced this year. We are proud of the Fund’s performance and the positive message it sends about our investment process and our team’s skill in execution.

In stark contrast to last year, municipal market performance has been quite strong. In fact, market returns have been positive for the last 10 consecutive months, the second longest “winning streak” over the past 30+ years. Despite the tapering and eventual end of the Federal Reserve’s latest Quantitative Easing program amid ongoing improvements in the domestic labor market and continued economic expansion, interest rates fell sharply through the period. Consistent inflows into mutual funds, constrained supply, and the attractiveness of tax-exempt income all contributed to strong investor demand for municipals.

Since launching the Fund on April 1, 2014, we have been diligently investing in accordance with our strategy. We invest our portfolios from the bottom-up and have identified many more opportunities in revenue bonds than in general obligation issues (GOs). We believe that individual investors have a preference for GO debt often leading to valuations that are not interesting to us in that sector. Moreover, revenue bonds generally do not face the same political challenges as GOs, and offer additional bondholder protections not frequently found in the GO sector.

Trading activity related to the investment of the Fund’s seed capital has led to a relatively high turnover as we have patiently rotated into longer-term opportunities from our initial investments in ultra high quality municipal credits. Absent capital flows, we expect the fund to generate much less turnover in the future.

We believe the Fund is well positioned and continue to look for attractively priced securities that satisfy our investment criteria.

Barclays Municipal Bond 1-15 Year Blend (1-17) Index is a sub-index of the Barclays Capital Municipal Bond Index, a rules-based market value-weighted index of bonds with maturities of one year to 17 years engineered for the tax-exempt bond market. One cannot invest directly in an index.

BBH INTERMEDIATE MUNICIPAL BOND FUND

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2014

Growth of $10,000 Invested in BBH Intermediate Municipal Bond

The graph below illustrates the hypothetical investment of $10,000¹in the Class N shares of the Fund since inception (April 1, 2014) to October 31, 2014 as compared to the BMBB.

The annualized gross expense ratios as shown in the April 1, 2014 prospectus for Class N and Class I shares were 0.78% and 0.63%, respectively.

The Fund’s performance assumes the reinvestment of all dividends and distributions. The Barclays Municipal Bond 1-15 Year Blend (1-17) Index (“BMBB”) has been adjusted to reflect reinvestment of dividends on securities in the index. The BMBB is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged. Investments cannot be made in the index.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of the BBH Trust and Shareholders of
BBH Intermediate Municipal Bond Fund:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH Intermediate Municipal Bond Fund (a series of BBH Trust) (the “Fund”) as of October 31, 2014, and the related statement of operations, the statements of changes in net assets and the financial highlights for the period from April 1, 2014 (commencement of operations) to October 31, 2014. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2014, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BBH Intermediate Municipal Bond Fund as of October 31, 2014, and the results of its operations, the changes in its net assets and the financial highlights for the period from April 1, 2014 (commencement of operations) to October 31, 2014, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
December 22, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO ALLOCATION

October 31, 2014

BREAKDOWN BY SECURITY TYPE

	U.S. $ Value			Percent of Net Assets
Municipal Bonds	$	52,888,457			100.4	%
Liabilities in Excess of Other Assets		(195,388	)		(0.4	)
NET ASSETS	$	52,693,069			100.0	%

All data as of October 31, 2014. The Fund’s 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	$	4,894,750		9.3	%
AA		15,598,532		29.5
A		31,643,067		59.8
BBB		752,108		1.4
TOTAL INVESTMENTS	$	52,888,457		100	%

All data as of October 31, 2014. 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.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (100.4%)
		Alabama (0.6%)
$	255,000	Alabama 21st Century Authority,
		Revenue Bonds	06/01/21		5.000	%	$	294,749
		Total Alabama						294,749
		Arizona (4.1%)
	375,000	Salt Verde Financial Corp., Revenue
		Bonds	12/01/19		5.250			430,770
	55,000	Salt Verde Financial Corp., Revenue
		Bonds	12/01/22		5.250			65,286
	860,000	Salt Verde Financial Corp., Revenue
		Bonds	12/01/27		5.250			1,029,781
	250,000	Salt Verde Financial Corp., Revenue
		Bonds	12/01/28		5.250			297,975
	105,000	Salt Verde Financial Corp., Revenue
		Bonds	12/01/29		5.500			127,636
	185,000	Salt Verde Financial Corp., Revenue
		Bonds	12/01/32		5.000			211,991
		Total Arizona						2,163,439
		California (6.4%)
	60,000	California Pollution Control Financing
		Authority, Revenue Bonds, AMBAC,
		FGIC	12/01/23		4.750			64,256
	1,000,000	California State Public Works Board,
		Revenue Bonds	09/01/33		5.000			1,154,290
	25,000	Long Beach Bond Finance Authority,
		Revenue Bonds	11/15/19		5.250			28,790
	25,000	Long Beach Bond Finance Authority,
		Revenue Bonds	11/15/22		5.250			29,337
	155,000	Long Beach Bond Finance Authority,
		Revenue Bonds	11/15/23		5.250			182,669
	30,000	Long Beach Bond Finance Authority,
		Revenue Bonds¹	11/15/27		1.607			27,673
	205,000	Long Beach Bond Finance Authority,
		Revenue Bonds	11/15/30		5.500			251,273

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

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		California (continued)
$	625,000	Los Angeles County Metropolitan
		Transportation Authority, Revenue
		Bonds AMBAC¹,	07/01/27		0.343	%	$	586,869
	50,000	Los Angeles County Metropolitan
		Transportation Authority, Revenue
		Bonds, AMBAC¹	07/01/27		0.345			46,796
	470,000	Northern California Gas Authority No. 1,
		Revenue Bonds¹	07/01/27		0.877			428,903
	575,000	Northern California Transmission Agency,
		Revenue Bonds, NPFG¹	05/01/24		0.344			546,174
		Total California						3,347,030
		Colorado (0.9%)
	515,000	Denver Health & Hospital Authority,
		Revenue Bonds¹	12/01/33		1.257			466,101
		Total Colorado						466,101
		Connecticut (0.4%)
	140,000	Connecticut Housing Finance Authority,
		Revenue Bonds	11/15/23		3.450			142,958
	85,000	State of Connecticut, General Obligation
		Bonds¹	03/01/25		1.040			85,481
		Total Connecticut						228,439
		District of Columbia (0.4%)
	180,000	Metropolitan Washington Airports
		Authority, Revenue Bonds	10/01/21		5.000			212,501
		Total District of Columbia						212,501
		Florida (8.5%)
	425,000	City of Tampa Solid Waste System
		Revenue, Revenue Bonds	10/01/20		5.000			493,620
	100,000	City of Tampa Solid Waste System
		Revenue, Revenue Bonds	10/01/21		3.500			105,459
	95,000	County of Broward Airport System
		Revenue, Revenue Bonds	10/01/21		5.000			111,887

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Florida (continued)
$	380,000	County of Broward Airport System
		Revenue, Revenue Bonds	10/01/26		5.000	%	$	436,004
	525,000	County of Citrus, Revenue Bonds, XLCA¹	01/01/18		0.304			507,725
	1,000,000	Florida HomeLoan Corp., Revenue Bonds,
		FHLMC	07/01/45		3.000			1,052,890
	1,080,000	Greater Orlando Aviation Authority,
		Revenue Bonds	10/01/27		5.000			1,230,174
	35,000	Hillsborough County Aviation Authority,
		Revenue Bonds	10/01/25		5.000			39,877
	10,000	Hillsborough County Aviation Authority,
		Revenue Bonds	10/01/26		5.000			11,261
	170,000	Miami-Dade County, Revenue Bonds	10/01/22		5.000			201,518
	300,000	Pinellas County Health Facilities
		Authority, Revenue Bonds, NPFG¹	11/15/23		0.182			284,615
		Total Florida						4,475,030
		Georgia (1.5%)
	200,000	Burke County Development Authority,
		Revenue Bonds, AGM¹	01/01/24		0.266			188,007
	65,000	Chatham County Hospital Authority,
		Revenue Bonds	01/01/26		5.000			75,724
	500,000	Monroe County Development Authority,
		Revenue Bonds¹	01/01/39		2.400			510,710
		Total Georgia						774,441
		Hawaii (4.3%)
	175,000	State of Hawaii Department of Budget
		& Finance, Revenue Bonds, AMBAC¹	07/01/29		0.266			164,796
	1,050,000	State of Hawaii Department of Budget
		& Finance, Revenue Bonds, AMBAC¹	07/01/29		0.270			988,695
	1,000,000	State of Hawaii Department of
		Transportation, Certificates of
		Participation	08/01/28		5.000			1,126,480
		Total Hawaii						2,279,971

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

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Illinois (8.2%)
$	15,000	Chicago Transit Authority, Revenue
		Bonds, AMBAC	06/01/16		5.250	%	$	15,839
	50,000	Chicago Transit Authority, Revenue
		Bonds, AMBAC	06/01/16		5.250			52,798
	375,000	Chicago Transit Authority, Revenue
		Bonds	06/01/19		5.500			440,201
	50,000	Chicago Transit Authority, Revenue
		Bonds, AGC	06/01/20		5.250			57,003
	25,000	Chicago Transit Authority, Revenue
		Bonds	06/01/22		5.000			28,476
	50,000	Chicago Transit Authority, Revenue
		Bonds, AGC	06/01/24		5.250			56,404
	220,000	City of Chicago Motor Fuel Tax Revenue,
		Revenue Bonds, AGC	01/01/22		5.000			253,180
	80,000	City of Chicago Motor Fuel Tax Revenue,
		Revenue Bonds	01/01/25		5.000			91,210
	340,000	City of Chicago Motor Fuel Tax Revenue,
		Revenue Bonds	01/01/26		5.000			381,623
	245,000	Illinois State Finance Authority, Revenue
		Bonds	11/15/32		5.000			277,164
	1,000,000	Railsplitter Tobacco Settlement Authority,
		Revenue Bonds	06/01/19		5.000			1,145,510
	90,000	Railsplitter Tobacco Settlement Authority,
		Revenue Bonds	06/01/19		5.125			103,589
	70,000	Railsplitter Tobacco Settlement Authority,
		Revenue Bonds	06/01/21		5.375			83,152
	95,000	Railsplitter Tobacco Settlement Authority,
		Revenue Bonds	06/01/23		5.500			111,543
	40,000	State of Illinois, General Obligation Bonds	08/01/21		5.000			45,002
	110,000	State of Illinois, General Obligation Bonds	07/01/22		5.000			123,505
	250,000	State of Illinois, General Obligation
		Bonds, AGM	04/01/26		5.000			276,520

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Illinois (continued)
$	250,000	State of Illinois, General Obligation Bonds	05/01/28		5.000	%	$	272,050
	475,000	State of Illinois, General Obligation Bonds	09/01/28		5.000			498,874
		Total Illinois						4,313,643
		Indiana (0.4%)
	220,000	City of Rockport, Revenue Bonds¹	06/01/25		1.750			221,751
		Total Indiana						221,751
		Kansas (2.0%)
	150,000	City of La Cygne, Revenue Bonds,
		NPFG¹	04/15/27		0.080			136,263
	50,000	City of St. Marys, Revenue Bonds,
		NPFG¹	04/15/32		0.080			44,646
	1,000,000	City of St. Marys, Revenue Bonds,
		NPFG¹	04/15/32		0.080			892,932
		Total Kansas						1,073,841
		Kentucky (6.8%)
	1,600,000	Carroll County, Revenue
		Bonds, AMBAC¹	10/01/32		0.140			1,467,221
	750,000	Kentucky Housing Corp., Revenue Bonds	07/01/17		3.800			789,915
	750,000	Kentucky Housing Corp., Revenue Bonds	01/01/18		4.000			786,705
	500,000	Kentucky Housing Corp., Revenue Bonds	07/01/19		4.250			533,905
		Total Kentucky						3,577,746
		Maine (2.0%)
	1,000,000	Finance Authority of Maine, Revenue
		Bonds	02/01/16		4.650			1,045,580
		Total Maine						1,045,580
		Maryland (0.5%)
	125,000	City of Baltimore, Revenue Bonds,
		NPFG¹	07/01/32		0.090			113,950
	150,000	City of Baltimore, Revenue Bonds,
		NPFG¹	07/01/32		0.090			136,492
		Total Maryland						250,442

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

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Massachusetts (1.2%)
$	250,000	Commonwealth of Massachusetts,
		General Obligation Bonds, AGM	11/01/18		2.570	%	$	262,127
	375,000	Commonwealth of Massachusetts,
		General Obligation Bonds, NPFG¹	12/01/30		0.090			345,444
	35,000	Commonwealth of Massachusetts,
		General Obligation Bonds, NPFG¹	05/01/37		0.731			32,913
		Total Massachusetts						640,484
		Michigan (7.3%)
	220,000	Detroit City School District, General
		Obligation Bonds, FGIC	05/01/20		6.000			265,784
	175,000	Detroit City School District, General
		Obligation Bonds, FGIC	05/01/21		6.000			213,234
	25,000	Detroit City School District, General
		Obligation Bonds, AGM	05/01/27		5.250			29,872
	90,000	Detroit City School District, General
		Obligation Bonds, AGM	05/01/29		6.000			105,676
	1,505,000	Detroit City School District, General
		Obligation Bonds, AGM	05/01/30		5.250			1,813,826
	220,000	Detroit City School District, General
		Obligation Bonds, AGM	05/01/32		5.250			264,255
	1,000,000	Michigan State Hospital Finance
		Authority, Revenue Bonds	06/01/25		5.000			1,166,220
		Total Michigan						3,858,867
		Missouri (1.1%)
	310,000	Health & Educational Facilities Authority
		of the State of Missouri, Revenue
		Bonds, AMBAC¹	06/01/31		0.388			281,328
	300,000	Health & Educational Facilities Authority
		of the State of Missouri, Revenue
		Bonds, AMBAC¹	06/01/31		0.391			272,076
		Total Missouri						553,404

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Montana (1.0%)
$	500,000	Montana Board of Housing, Revenue
		Bonds, FHA	12/01/43		3.000	%	$	522,710
		Total Montana						522,710
		Nebraska (0.3%)
	125,000	Central Plains Energy Project,
		Revenue Bonds	12/01/18		5.250			142,280
	35,000	Central Plains Energy Project,
		Revenue Bonds	09/01/27		5.000			38,766
		Total Nebraska						181,046
		Nevada (0.9%)
	500,000	County of Washoe, Revenue Bonds,
		NPFG¹	03/01/36		0.424			476,844
		Total Nevada						476,844
		New Jersey (10.3%)
	425,000	New Jersey Economic Development
		Authority, Revenue Bonds¹	03/01/28		1.650			423,976
	250,000	New Jersey State Turnpike Authority,
		Revenue Bonds, NPFG¹	01/01/30		0.175			228,783
	595,000	New Jersey Transit Corp., Revenue
		Bonds	09/15/20		5.000			687,897
	275,000	New Jersey Transportation Trust Fund
		Authority, Revenue Bonds, AMBAC²	12/15/26		0.000			165,247
	2,500,000	New Jersey Transportation Trust Fund
		Authority, Revenue Bonds, NPFG²	12/15/30		0.000			1,222,500
	3,960,000	Tobacco Settlement Financing Corp.,
		Revenue Bonds²	06/01/41		0.000			967,349
	7,245,000	Tobacco Settlement Financing Corp.,
		Revenue Bonds²	06/01/41		0.000			1,715,399
		Total New Jersey						5,411,151

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

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		New York (10.3%)
$	50,000	Metropolitan Transportation Authority,
		Revenue Bonds, AGM¹	11/01/22		0.307	%	$	48,147
	1,000,000	Metropolitan Transportation Authority,
		Revenue Bonds, AGM¹	11/01/22		0.308			962,934
	800,000	New York City, General Obligation Bonds³	11/03/14		0.060			800,000
	1,725,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, AMBAC¹	12/01/25		0.381			1,594,557
	80,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, AMBAC¹	12/01/26		0.383			74,688
	80,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, AMBAC¹	03/01/27		0.385			74,252
	290,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, AMBAC¹	07/01/27		0.380			270,717
	580,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, XLCA¹	07/01/29		0.392			533,517
	1,000,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, XLCA¹	01/01/39		0.091			896,262
	205,000	State of New York, General Obligation
		Bonds, AMBAC¹	03/14/31		0.135			184,531
		Total New York						5,439,605
		North Carolina (2.3%)
	1,000,000	Mecklenburg County, General
		Obligation Bonds	12/01/21		5.000			1,219,010
		Total North Carolina						1,219,010

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		North Dakota (1.0%)
$	500,000	North Dakota Housing Finance Agency,
		Revenue Bonds	07/01/34		4.000	%	$	548,940
		Total North Dakota						548,940
		Pennsylvania (5.8%)
	25,000	Allegheny County Airport Authority,
		Revenue Bonds, NPFG	01/01/18		5.000			28,057
	275,000	Allegheny County Airport Authority,
		Revenue Bonds, FGIC	01/01/18		5.000			308,624
	190,000	Allegheny County Airport Authority,
		Revenue Bonds	01/01/21		5.000			218,929
	50,000	Allegheny County Airport Authority,
		Revenue Bonds, FGIC	01/01/22		5.000			57,647
	40,000	Allegheny County Airport Authority,
		Revenue Bonds, FGIC	01/01/23		5.000			46,186
	1,000,000	Pennsylvania Economic Development
		Financing Authority, Revenue Bonds¹	07/01/41		2.250			1,001,360
	1,000,000	School District of Philadelphia, General
		Obligation Bonds	09/01/20		5.000			1,162,890
	210,000	School District of Philadelphia, General
		Obligation Bonds	09/01/22		5.250			241,103
		Total Pennsylvania						3,064,796
		Tennessee (1.5%)
	210,000	Clarksville Natural Gas Acquisition Corp.,
		Revenue Bonds	12/15/19		5.000			238,165
	25,000	Clarksville Natural Gas Acquisition Corp.,
		Revenue Bonds	12/15/20		5.000			28,766
	485,000	Tennessee Housing Development
		Agency, Revenue Bonds⁴	07/01/45		4.000			536,201
		Total Tennessee						803,132
		Texas (6.7%)
	350,000	City of Houston Airport System,
		Revenue Bonds, AGM¹	07/01/30		0.240			318,308
	500,000	City of Houston Airport System,
		Revenue Bonds, AGM¹	07/01/30		0.240			454,769

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

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Texas (continued)
$	225,000	City of Houston Airport System,
		Revenue Bonds, XLCA¹	07/01/32		0.304	%	$	210,151
	75,000	City of Houston Airport System,
		Revenue Bonds, XLCA¹	07/01/32		0.308			70,027
	575,000	City of Houston Airport System,
		Revenue Bonds, XLCA¹	07/01/32		0.308			536,809
	80,000	Texas Municipal Gas Acquisition &
		Supply Corp. I, Revenue Bonds	12/15/19		5.250			91,983
	45,000	Texas Municipal Gas Acquisition &
		Supply Corp. I, Revenue Bonds	12/15/21		5.250			52,220
	165,000	Texas Municipal Gas Acquisition &
		Supply Corp. I, Revenue Bonds	12/15/23		5.250			190,979
	430,000	Texas Municipal Gas Acquisition &
		Supply Corp. I, Revenue Bonds	12/15/25		5.250			499,191
	1,000,000	Texas Municipal Gas Acquisition &
		Supply Corp. I, Revenue Bonds¹	12/15/26		0.857			908,600
	150,000	Texas Municipal Gas Acquisition &
		Supply Corp. I, Revenue Bonds	12/15/26		5.250			174,116
		Total Texas						3,507,153
		Virginia (0.5%)
	250,000	Sussex County Industrial Development
		Authority, Revenue Bonds¹	06/01/28		2.375			253,090
		Total Virginia						253,090
		Washington (2.9%)
	1,000,000	Port of Seattle, Revenue Bonds	02/01/24		5.000			1,139,210
	180,000	Washington State Housing Finance
		Commission, Revenue Bonds,
		FHLMC, FNMA, GNMA	12/01/21		2.900			180,915
	185,000	Washington State Housing Finance
		Commission, Revenue Bonds,
		FHLMC, FNMA, GNMA	12/01/22		3.050			188,452
		Total Washington						1,508,577

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Wisconsin (0.3%)
	$ 150,000	County of Milwaukee Airport Revenue,
		Revenue Bonds	12/01/28		5.250	%	$	174,944
		Total Wisconsin					174,944
		Total Municipal Bonds
		(Identified cost $51,798,469)					$	52,888,457
TOTAL INVESTMENTS (Identified cost $51,798,469)⁵					100.4	%	$	52,888,457
LIABILITIES IN EXCESS OF OTHER ASSETS					(0.4	)%	(195,388		)
NET ASSETS					100.0	%	$	52,693,069

Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the October 31, 2014 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 October 31, 2014.

⁴

Represents a security purchased on a when-issued basis.

⁵

The aggregate cost for federal income tax purposes is $51,798,469, the aggregate gross unrealized appreciation is $1,191,427 and the aggregate gross unrealized depreciation is $101,439, resulting in net unrealized appreciation of $1,089,988.

Abbreviations:

AGC — Assured Guaranty Corp.
AGM — Assured Guaranty Municipal Corp.
AMBAC — AMBAC Financial Group, Inc.
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.

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

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 OCTOBER 31, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2014

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 October 31, 2014.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)*		Significant Other Observable Inputs (Level 2)*		Significant Unobservable Inputs (Level 3)*		Balance as of October 31, 2014
Municipal Bonds**	$	—	$	52,888,457	$	—	$	52,888,457
Total Investments, at value	$	—	$	52,888,457	$	—	$	52,888,457

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 seven-month period ended October 31, 2014.

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

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

BBH INTERMEDIATE MUNICIPAL BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2014

ASSETS:
Investments in securities, at value (Identified cost $51,798,469)	$	52,888,457
Receivables for:
Interest		420,189
Investment advisory and administrative fees waiver reimbursement		81,659
Prepaid assets		21,570
Total Assets		53,411,875

LIABILITIES:
Due to custodian		16,325
Payables for:
Investments purchased		590,771
Professional fees		50,435
Custody and fund accounting fees		22,821
Investment advisory and administrative fees		17,924
Transfer agent fees		1,945
Distributor fees		1,171
Board of Trustees’ fees		415
Shareholder servicing fees		135
Accrued expenses and other liabilities		16,864
Total Liabilities		718,806
NET ASSETS	$	52,693,069

Net Assets Consist of:
Paid-in capital	$	51,191,856
Undistributed net investment income		152
Accumulated net realized gain on investments in securities		411,073
Net unrealized appreciation/(depreciation) on investments in securities		1,089,988
Net Assets	$	52,693,069


NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($1,054,658 ÷ 102,348 shares outstanding)	$	10.30
CLASS I SHARES
($51,638,411 ÷ 5,015,627 shares outstanding)	$	10.30

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

STATEMENT OF OPERATIONS

For the period from April 1, 2014 (commencement of operations) to October 31, 2014

NET INVESTMENT INCOME:
Income:
Interest and other income	$	601,521
Total Income		601,521

Expenses:
Investment advisory and administrative fees		120,983
Registration fees		42,896
Audit fees		36,500
Shareholder Report fees		31,884
Board of Trustees’ fees		27,608
Custody and fund accounting fees		23,990
Legal fees		13,935
Transfer agent fees		13,081
Distributor fees		9,368
Shareholder servicing fees		741
Miscellaneous expenses		17,478
Total Expenses		338,464
Investment advisory and administrative fees waiver		(185,325	)
Expense offset arrangement		(1,169	)
Net Expenses		151,970
Net Investment Income		449,551


NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments in securities		411,073
Net change in unrealized appreciation/(depreciation) on
investments in securities		1,089,988
Net Realized and Unrealized Gain		1,501,061
Net Increase in Net Assets Resulting from Operations	$	1,950,612

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

BBH INTERMEDIATE MUNICIPAL BOND FUND

STATEMENT OF CHANGES IN NET ASSETS

	For the period from April 1, 2014 (commencement of operations) to October 31, 2014
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	449,551
Net realized gain on investments in securities		411,073
Net change in unrealized appreciation/(depreciation) on
investments in securities		1,089,988
Net increase in net assets resulting from operations		1,950,612
Dividends and distributions declared:
From net investment income:
Class N		(7,529	)
Class I		(441,870	)
Total dividends and distributions declared		(449,399	)
Share transactions:
Proceeds from sales of shares		51,190,259
Net asset value of shares issued to shareholders for reinvestment
of dividends and distributions		8,899
Cost of shares redeemed		(7,302	)
Net increase in net assets resulting from share transactions		51,191,856
Total increase in net assets		52,693,069


NET ASSETS:
Beginning of period		—
End of period (including undistributed net investment income of $152)	$	52,693,069

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

FINANCIAL HIGHLIGHTS

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

	For the period from April 1, 2014 (commencement of operations) to October 31, 2014
Net asset value, beginning of period	$	10.00
Income from investment operations:
Net investment income¹		0.09
Net realized and unrealized gain		0.29
Total income from investment operations		0.38
Less dividends and distributions:
From net investment income		(0.08	)
Total dividends and distributions		(0.08	)
Net asset value, end of period	$	10.30
Total return		3.82	%²

Ratios/Supplemental data:
Net assets, end of period (in millions)	$	1
Ratio of expenses to average net assets before reductions		8.78	%³
Fee waiver		8.13	%^3,4
Expense offset arrangement		0.00	%^3,5
Ratio of expenses to average net assets after reductions		0.65	%³
Ratio of net investment income to average net assets		1.43	%³
Portfolio turnover rate		91	%⁶

Calculated using average shares outstanding for the period.

Not annualized.

Annualized with the exception of audit fees and registration fees.

⁴

The ratio of expenses to average net assets for 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 period from April 1, 2014 to October 31, 2014 the waived fees were $47,942.

⁵

Less than 0.01%

⁶

Represents Fund portfolio turnover for the period ended October 31, 2014.

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

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 period from April 1, 2014 (commencement of operations) to October 31, 2014
Net asset value, beginning of period	$	10.00
Income from investment operations:
Net investment income¹		0.09
Net realized and unrealized gain		0.30
Total income from investment operations		0.39
Less dividends and distributions:
From net investment income		(0.09	)
Total dividends and distributions		(0.09	)
Net asset value, end of period	$	10.30
Total return		3.89	%²

Ratios/Supplemental data:
Net assets, end of period (in millions)	$	52
Ratio of expenses to average net assets before reductions		0.88	%³
Fee waiver		0.38	%^3,4
Expense offset arrangement		0.00	%^3,5
Ratio of expenses to average net assets after reductions		0.50	%³
Ratio of net investment income to average net assets		1.49	%³
Portfolio turnover rate		91	%⁶

Calculated using average shares outstanding for the period.

Not annualized.

Annualized with the exception of audit fees and registration fees.

⁴

The ratio of expenses to average net assets for 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 period from April 1, 2014 to October 31, 2014 the waived fees were $137,383.

⁵

Less than 0.01%

⁶

Represents Fund portfolio turnover for the period ended October 31, 2014.

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS

As of and for the period ended October 31, 2014

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 October 31, 2014, 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.

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the period ended October 31, 2014

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.

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

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 period ended October 31, 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 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.

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

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the period ended October 31, 2014

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 $7,529 and $441,870 to Class N and Class I shareholders, respectively, during the period ended October 31, 2014.

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 Statement 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.

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the period ended October 31, 2014

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 investment advisory fee is calculated daily and paid monthly at an annual rate equivalent to 0.40% of the Fund’s average daily net assets. For the period ended October 31, 2014, the Fund incurred $120,983 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 period ended October 31, 2014, the SID waived fees in the amount of $47,942 and $137,383 for Class N and Class I, respectively.

Shareholder Servicing Fees. The Trust has a shareholder servicing agreement with BBH. BBH receives a fee from the Fund calculated daily and paid monthly at an annual rate of 0.15% of Class N shares’ average daily net assets. For the period ended October 31, 2014, Class N shares of the Fund incurred $741 in shareholder servicing fees.

Custody and Fund Accounting Fees. BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and incurred monthly. BBH holds all of the Fund’s cash and investments and calculates the Fund’s daily net asset value. The custody fee is an asset and transaction based fee. The fund accounting fee is an asset based fee calculated at 0.004% of the Fund’s net asset value. For the period ended October 31, 2014, the Fund incurred $23,990 in custody and fund accounting fees. These fees for the Fund were reduced by $1,169 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. For the period ended October 31, 2014, the Fund had an overdraft of $16,325 and incurred $6 in interest on the overdraft position.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the period ended October 31, 2014

Board of Trustees’ Fees. Each Trustee who is not an “interested person” as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the period ended October 31, 2014, the Fund incurred $27,608 in independent Trustee compensation and reimbursements.

Affiliated Ownership. As of October 31, 2014, BBH is the owner of record of 98% of the total outstanding shares of the Fund.

Investment Transactions. For the period ended October 31, 2014, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, was $99,610,155 and $48,053,154, respectively.

	For the period ended October 31, 2014*
	Shares			Dollars
Class N
Shares sold		102,326		$	1,035,259
Shares issued in connection with reinvestments of dividends		737			7,529
Shares redeemed		(715	)		(7,302	)
Net increase		102,348		$	1,035,486
Class I
Shares sold		5,015,493		$	50,155,000
Shares issued in connection with reinvestments of dividends		134			1,370
Net increase		5,015,627		$	50,156,370

The period represented is from April 1, 2014 (commencement of operations) to October 31, 2014.

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the period ended 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:

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 may invest in 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.

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

As of and for the period ended October 31, 2014

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.

BBH INTERMEDIATE MUNICIPAL BOND FUND

DISCLOSURE OF FUND EXPENSES

October 31, 2014 (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 (May 1, 2014 to October 31, 2014).

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

DISCLOSURE OF FUND EXPENSES (continued)

October 31, 2014 (unaudited)

	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period May 1, 2014 to October 31, 2014¹
Class N
Actual	$1,000	$1,028	$3.32
Hypothetical²	$1,000	$1,022	$3.31

	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period May 1, 2014 to October 31, 2014¹
Class I
Actual	$1,000	$1,030	$2.56
Hypothetical²	$1,000	$1,023	$2.55

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 184/365 (to reflect the one-half 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

CONFLICTS OF INTEREST

October 31, 2014 (unaudited)

Conflicts of Interest

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

CONFLICTS OF INTEREST (continued)

October 31, 2014 (unaudited)

BBH INTERMEDIATE MUNICIPAL BOND FUND

CONFLICTS OF INTEREST (continued)

October 31, 2014 (unaudited)

FINANCIAL STATEMENTS OCTOBER 31, 2014

BBH INTERMEDIATE MUNICIPAL BOND FUND

ADDITIONAL FEDERAL TAX INFORMATION

October 31, 2014 (unaudited)

The qualified investment income (QII) percentage for the year ended October 31, 2014 was 100%. In January 2015, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2014. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

TRUSTEES AND OFFICERS OF BBH INTERMEDIATE MUNICIPAL BOND FUND

(unaudited)

Information pertaining to the Trustees of the BBH Trust (the “Trust”) and executive officers of the Trust is set forth below. The Statement of Additional Information for the BBH Intermediate Municipal Bond Fund includes additional information about the Fund’s Trustees and is available upon request, without charge, by contacting the Fund at 1-800-575-1265.

Name and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee^	Other Public Company or Investment Company Directorships held by Trustee During Past 5 Years
Independent Trustees
H. Whitney Wagner Birth Date: March 3, 1956	Chairman of the Board and Trustee	Chairman Since 2014; Trustee Since 2007 and 2006- 2007 with the Predecessor Trust	President, Clear Brook Advisors, a registered investment advisor.	6	None.

David P. Feldman Birth Date: November 16, 1939	Trustee	Since 2007 and 1992- 2007 with the Predecessor Trust	Retired.	6	Director of Dreyfus Mutual Funds (42 Funds).

Andrew S. Frazier Birth Date: April 8, 1948	Trustee	Since 2010	Consultant to Western World Insurance Group, Inc. (“WWIG”) (January 2010 to January 2012) CEO of WWIG (1992-2009).	6	Director of WWIG.

Mark M. Collins Birth Date: November 8, 1956	Trustee	Since 2011	Partner of Brown Investment Advisory Incorporated, a registered investment advisor.	6	Chairman of Dillon Trust Company.

John M. Tesoro Birth Date: May 23, 1952	Trustee	Since 2014	Partner, Certified Public Accountant, KPMG LLP (Retired in September 2012).	6	Trustee, Bridge Builder Trust (1 Fund) Director, Teton Advisors, Inc. (a registered investment adviser).

FINANCIAL STATEMENTS OCTOBER 31, 2014

TRUSTEES AND OFFICERS OF BBH INTERMEDIATE MUNICIPAL BOND FUND

(unaudited)

Name, Address and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee^	Other Public Company or Investment Company Directorships Held by Trustee During Past 5 Years
Interested Trustees
Susan C. Livingston+ 50 Post Office Square Boston, MA 02110 Birth Date: February 18, 1957	Trustee	Since 2011	Partner (since 1998) and Senior Client Advocate (since 2010) for BBH&Co., Director of BBH Luxembourg S.C.A. (since 1992); Director of BBH Trust Company (Cayman) Ltd. (2007 to April 2011); and BBH Investor Services (London) Ltd. (2001 to April 2011).	6	None.

John A. Gehret+ 140 Broadway New York, NY 10005 Birth Date: April 11, 1959	Trustee	Since 2011	Limited Partner of BBH&Co. (2012-present); General Partner of BBH&Co. (1998 to 2011); President and Principal Executive Officer of the Trust (2008-2011).	6	None.

TRUSTEES AND OFFICERS OF BBH INTERMEDIATE MUNICIPAL BOND FUND

(unaudited)

OFFICERS

Name, Address and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served#	Principal Occupation(s) During Past 5 Years
Radford W. Klotz 140 Broadway New York, NY 10005 Birth Date: December 1, 1955	President and Principal Executive Officer	Since 2011	Partner of BBH&Co. since 1995; joined BBH&Co. in 1977.

Charles H. Schreiber 140 Broadway New York, NY 10005 Birth Date: December 10, 1957	Treasurer and Principal Financial Officer	Since 2007 2006-2007 with the Predecessor Trust	Senior Vice President of BBH&Co. since 2001; joined BBH&Co. in 1999.

Mark A. Egert 140 Broadway New York, NY 10005 Birth Date: May 25, 1962	Chief Compliance Officer (“CCO”); and Anti-Money Laundering Officer	Since 2011 Since 2014	Senior Vice President of BBH&Co. since June 2011; Partner at Crowell & Moring LLP (April 2010 to May 2011); and CCO of Cowen and Company (January 2005 to April 2010).

Suzan Barron 50 Post Office Square Boston, MA 02110 Birth Date: September 5, 1964	Secretary	Since 2009	Senior Vice President and Senior Investor Services Counsel, BBH&Co. since 2005.

Rowena Rothman 140 Broadway New York, NY 10005 Birth Date: October 24, 1967	Assistant Treasurer	Since 2011	Vice President of BBH&Co. since 2009.

Ms. Livingston and Mr. Gehret are “interested persons” of the Trust as defined in the 1940 Act because of their positions as Partner and Limited Partner of BBH&Co., respectively.

The Fund Complex consists of the Trust, which has six series, and each is counted as one “Portfolio” for purposes of this table.

FINANCIAL STATEMENTS OCTOBER 31, 2014

Administrator	Investment Adviser
Brown Brothers Harriman & Co.	Brown Brothers Harriman
140 Broadway	Mutual Fund Advisory
New York, NY 10005	Department
	140 Broadway
Distributor	New York, NY 10005
Alps Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203

Shareholder Servicing Agent
Brown Brothers Harriman & Co.
140 Broadway
New York, NY 10005
1-800-575-1265

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.

As of the period ended October 31, 2014 (the “Reporting Period”), the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer, principal accounting officer or controller or persons performing similar functions. During the Reporting Period, there have been no changes to, amendments to or waivers from, any provision of the code of ethics. A copy of this code of ethics can be obtained upon request, free of charge, by calling (800) 575 - 1265.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the Registrant has determined that Andrew S. Frazier and Mark M. Collins possess the attributes identified in Instruction (b) of Item 3 to Form N-CSR to each qualify as an “audit committee financial expert,” and has designated Andrew S. Frazier and Mark M. Collins as the Registrant’s audit committee financial experts. Messrs. Andrew S. Frazier and Mark M. Collins are “independent” Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a)	Audit Fees The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $150,800 for 2014 and $114,000 for 2013.
(b)	Audit Related Fees The aggregate fees billed in each of the last two fiscal years for assurance and related services rendered to the Registrant by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for 2014 and $0 for 2013.
(c)	Tax Fees The aggregate fees billed in each of the last two fiscal years for professional services rendered to the Registrant by the principal accountant for tax compliance, tax advice and tax planning were $30,550 for 2014 and $29,000 for 2013. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local entity tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification.
(d)	All Other Fees The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $39,000 for 2014 and $47,494 for 2013.

	The other services provided to the Registrant consisted of examinations pursuant to Rule 17f-2 of the Investment Company Act of 1940, as amended and filings of Form N-17f-2 “Certificate of Accounting of Securities and Similar Investments in the Custody of Management Investment Companies” with the U.S. Securities and Exchange Commission (“17f-2 Services”) in addition to audit services, tax services and 17f-2 Services provided to other series of the Registrant.
(e)(1)	Pursuant to the Registrant’s Audit Committee Charter that has been adopted by the audit committee, the audit committee shall approve all audit and permissible non-audit services to be provided to the Registrant and all permissible non-audit services to be provided to its investment adviser or any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant if the engagement relates directly to the operations and financial reporting of the Registrant. The audit committee has delegated to its Chairman the approval of such services subject to reports to the full audit committee at its next subsequent meeting.
(e)(2)	The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, with respect to: Audit-Related Fees were 0%; Tax Fees were 0%; and Other Fees were 0%.
(f)	Not applicable.
(g)	The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant were $2,321,765 for 2014 and $215,032 for 2013.
(h)	The Registrant’s audit committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not Applicable

Item 6. Investments.

(a)

A Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period 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 applicable.

(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: January 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: January 9, 2015

By: (Signature and Title)

/s/Charles H.Schreiber

Charles H. Schreiber

Title: Treasurer (Principal Financial Officer)

Date: January 9, 2015