N-CSR

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, 2015

Item 1. Report to Stockholders.

Annual Report

OCTOBER 31, 2015

BBH Limited Duration Fund

BBH LIMITED DURATION FUND 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE 

October 31, 2015 

For the year ended October 31, the Fund’s I-class returned 0.30% net of all fees and expenses. BBH Limited Duration Fund’s (the “Fund”) benchmark, the Barcap 1-3 year Treasury Index¹, returned 0.80% over the same period. While the Fund remains ahead of its benchmark for longer periods, the one year result is a disappointing one. It reflects both the underperformance of credit instruments this year and the effect of maintaining very low interest rate exposure. However, we are pleased that the diversification of our Fund has mitigated the credit headwinds. With the Treasury yield considerably higher, and short interest rates moving up substantially over the past few months, we are cautiously optimistic going forward.

The BBH Limited Duration Fund seeks to provide maximum total return, consistent with preservation of capital and prudent investment management. The approach we have taken with the Fund, since inception of the strategy, is to purchase a portfolio of credit instruments, ranging from floating rate to ten years maturity, and hedge most of the rate duration out of the portfolio. We wait for good value, seeking durable credits at attractive yields, and do not try to time market cycles. The Citi Investment Grade (Treasury Rate-Hedged) index² also purchases rate-hedged credit, except with a simple index basket of investment grade corporate bonds. As you can see in the exhibit nearby, this index returned -2.87% for the year ended October, reflecting the poor returns to credit over the last few quarters. We have avoided much of this potential downside, which we attribute primarily to our investment in non-corporate credit, such as Asset-Backed Securities (“ABS”) and Commercial Mortgage-Backed Securities (“CMBS”) and Loans, all of which outperformed corporate credit quite handily.

1 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.

2 The Corporate Investment Grade (Treasury Rate-Hedged) Index is a U.S. Dollar-denominated index that measures the rate-hedged performance of investment-grade corporate debt.

2 

BBH LIMITED DURATION FUND 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued) 

October 31, 2015 

With 6 successive quarters of negative returns, this bear market in credit is already 20 months old. Historically, credit bear markets like this have tended to fully reverse within two-to-three years. This is visible in the accompanying chart comparing the markets of the early 2000s and 2011 to the pullback started last year, based on the cumulative “Excess Returns”³ (returns compared to similar duration Treasuries) of bonds rated BBB/Baa (“Triple-B”). There is no guarantee history will repeat itself, but it often rhymes. These bear market episodes have tended to last about two years.

The Fund maintained duration of about 6 months throughout the year, which is approximately 25% of the index duration. Treasuries enjoyed positive returns over the year, scaling with duration. Our shorter position, while benefiting us now in the fourth quarter of 2015, cost us about 0.69% over the year.

3 Excess return is defined as the investment return of a credit sector in excess of comparable duration U.S. Treasuries.

FINANCIAL STATEMENTS OCTOBER 31, 2015 3 

BBH LIMITED DURATION FUND 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued) 

October 31, 2015 

Credit instruments of all types produced negative excess returns over the fiscal year. We present these results below, roughly in order of credit quality (top to bottom). High yield and Triple-B-rated securities underperformed Treasuries by over 4 percent, with the exception of loans. Even Single-A securities underperformed by over a percentage point. There was almost no place to hide in corporate credit. Fortunately, we had increasingly been emphasizing purchases in other parts of the credit universe.

In 2014, we were finding less and less value in corporate bonds, so the majority of our purchases over the following year were ABS and CMBS, growing to approximately half of the portfolio during the year. Structured Products (ABS, CMBS and Mortgage-Backed Securities) are almost entirely domestic in risk exposure, and involve consumer or commercial loan or lease collateral. They are, therefore, fairly far removed from the most troubled spots in the corporate bond market — energy, commodities, and emerging market demand. We have developed a highly diversified portfolio of older and newer ABS types, including everything from traditional car loans and credit cards, to small-ticket equipment, airplanes, shipping containers, and, in two holdings, portfolios of drug patent royalties. In each security, there is substantial credit enhancement, consisting of over-collateralization, subordination/equity, and retention of additional interest proceeds, which will absorb loss increases first and mitigate downside risk. We aim to buy ABS with enough credit enhancement, in our judgment, to help protect us from even depression-level losses.

Credit Quality letter ratings are provided by Standard and Poor's (www.standardpoors.com) and Moody's (www.moodys.com) which are independent third parties. 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.

4 

BBH LIMITED DURATION FUND 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued) 

October 31, 2015 

Our portfolio of CMBS is about half office property and half hotel and retail properties. This has been an area of terrific opportunity, as a huge wave of refinancing has been depressing prices and keeping yields high. As this refinancing wave is digested over the next 18 months or so, we expect spreads to compress in this sector. Rising commercial real estate values have helped to steadily reduce leverage in our CMBS holdings.

Even in corporate exposures, we have been pleased with the performance of almost every industry. Our entire negative return comes down to energy and consumer products. In energy exploration and services, an exposure of less than two percent cost us a disproportionately large 0.3% in return. One of our exposures in particular, to two drilling vessel-secured transactions with Odebrecht Oil & Gas, is marked well below 50% of par, and cost the fund 0.25% in performance over the year. As a direct result of oil prices experiencing a record drop, exploration activity has dropped precipitously. All of these companies are negotiating with creditors now, as volumes are not sufficient to meet covenanted debt service. In general, creditors seem to be taking a reasonable approach, attempting to build a bridge to a time when oil prices are a bit higher rather than attempting to liquidate assets in this environment. We have deliberately taken senior and/or secured creditor positions in our energy investments. For that reason, we view current prices for our bonds as far below expected recovery value in time.

Sectors such as utilities and pipelines have widened as well, since their profit margins also have some commodity price exposure. Global consumer companies have also taken significant profit hits to exchange rate changes, particularly companies with a large presence in emerging markets. This is both a current performance drag and an opportunity for us, as few of these companies face material credit deterioration, even given a prolonged period of lower oil prices and emerging markets demand. We’ve invested in senior secured debt of a few electricity generation credits over the last year, at floating yields greater than five percent. All of these have very limited price exposure to fossil fuels, and enjoy large, stable, contractual relationships with utilities to which they are essential.

FINANCIAL STATEMENTS OCTOBER 31, 2015 5 

BBH LIMITED DURATION FUND 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued) 

October 31, 2015 

It was a year that left a few marks, but we are pleased with the returns to our shareholders, as well as the much broader opportunity set in which we are investing. The I-Class SEC yield⁴ increased from 0.96% to 2.17% (0.86% to 1.99% for Class N) from 10/31/2014 to 10/30/2015. We believe that a credit orientation brings much greater returns in the long run. We continue to invest only where we find long-term value, rather than projecting price movements, looking for durable credits when they are available at attractive yields. As ever, we are available to answer your questions, and we wish you and your families a joyous and prosperous 2016.

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

Past performance is no guarantee of future results.

4 SEC yield is a calculation based on a 30-day period and is computed by dividing the net investment income per share earned during the period by the price per share on the last day of the reported period.

6 

BBH LIMITED DURATION FUND 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued) 

October 31, 2015 

Growth of $10,000 Invested in BBH Limited Duration

The graph below illustrates the hypothetical investment of $10,000¹ in the Class N shares of the Fund over the ten years ended October 31, 2015 as compared to the BCTSY.

The annualized gross expense ratios as in the March 2, 2015 prospectus for Class N and Class I shares were 0.48% 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.

1 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, 2015 7 

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 the BBH Trust (the “Fund”) as of October 31, 2015, 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, 2015, by correspondence with the custodian, agent banks, and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such 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, 2015, 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, 2015

8 

BBH LIMITED DURATION FUND 

PORTFOLIO ALLOCATION 

October 31, 2015 

BREAKDOWN BY SECURITY TYPE

	U.S. $ Value		Percent of Net Assets
Asset Backed Securities	$	1,949,309,342		41.4%
Commercial Mortgage Backed Securities		619,578,534		13.2
Corporate Bonds		1,138,466,236		24.2
Loan Participations and Assignments		302,469,366		6.4
Municipal Bonds		239,813,183		5.1
U.S. Government Agency Obligations		174,849,299		3.7
U.S. Inflation Linked Debt		10,486,624		0.2
U.S. Treasury Notes		30,002,340		0.6
Certificates of Deposit		75,000,000		1.6
Time Deposits		70,000,000		1.5
U.S. Treasury Bills		25,199,385		0.5
Cash and Other Assets in Excess of Liabilities		75,323,405		1.6
NET ASSETS	$	4,710,497,714		100.0%

All data as of October 31, 2015. The Fund's sector diversification is expressed as a percentage of net assets and may vary over time.

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 9 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate			Value
		ASSET BACKED SECURITIES (41.4%)
$	31,019,048	AIM Aviation Finance, Ltd. 2015-1A1		02	/15/40		4.213	%	$	31,064,025
	5,294,666	Aircraft Lease Securitisation, Ltd.
		2007-1A1,2		05	/10/32		0.459			5,268,193
	12,690,000	Ally Master Owner Trust 2012-5		09	/15/19		1.540			12,685,443
	11,909,154	Alterna Funding I LLC 2014-1A1		02	/15/21		1.639			11,868,186
	12,208,463	AmeriCredit Automobile Receivables
		Trust 2012-3		05	/08/18		2.420			12,269,017
	11,300,000	AmeriCredit Automobile Receivables
		Trust 2013-3		06	/10/19		2.380			11,416,630
	4,980,554	Ascentium Equipment Receivables LLC
		2014-1A1		01	/10/17		1.040			4,978,085
	20,000,000	Ascentium Equipment Receivables LLC
		2015-1A1		07	/10/17		1.150			19,961,806
	21,083,333	Avis Budget Rental Car Funding
		AESOP LLC 2010-5A1		03	/20/17		3.150			21,186,779
	3,950,581	AXIS Equipment Finance Receivables II
		LLC 2013-1A1		03	/20/17		1.750			3,947,276
	26,942,630	AXIS Equipment Finance Receivables III
		LLC 2015-1A1		03	/20/20		1.900			26,909,703
	13,934,199	BCC Funding VIII LLC 2014-1A1		06	/20/20		1.794			13,886,266
	50,310,000	BCC Funding X LLC 2015-11		10	/20/20		2.224			50,504,619
	4,300,000	Capital Auto Receivables Asset Trust
		2013-1		10	/22/18		1.740			4,308,081
	8,030,000	Capital Auto Receivables Asset Trust
		2013-2		10	/22/18		1.960			8,063,206
	2,820,000	Capital Auto Receivables Asset Trust
		2013-2		04	/22/19		2.660			2,849,643
	18,140,000	Capital Auto Receivables Asset Trust
		2013-21		01	/20/22		4.060			18,511,250
	13,260,000	Capital Auto Receivables Asset Trust
		2013-3		10	/22/18		2.790			13,439,901
	38,740,000	Carlyle Global Market Strategies
		Commodities Funding, Ltd.
		2014-1A1,2,3		10	/15/21		2.221			38,739,140

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

10 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	32,539,035	Cazenovia Creek Funding I LLC
		2015-1A1		12	/10/23		2.000	%	$	32,594,351
	2,055,281	CCG Receivables Trust 2013-11		08	/14/20		1.050			2,055,241
	12,973,974	CCG Receivables Trust 2014-11		11	/15/21		1.060			12,946,248
	5,177,950	Chesapeake Funding LLC 2011-2A1,2		04	/07/24		1.444			5,178,711
	778,651	Chesapeake Funding LLC 2012-1A1,2		11	/07/23		0.944			775,566
	3,890,350	Chesapeake Funding LLC 2012-2A1,2		05	/07/24		0.644			3,888,391
	31,391,760	Chesterfield Financial Holdings LLC
		2014-1A1		12	/15/34		4.500			31,544,763
	12,780,000	CIT Equipment Collateral 2014-VT11		10	/21/19		1.500			12,739,105
	38,080,000	Citibank Credit Card Issuance Trust
		2014-A8		04	/09/20		1.730			38,431,105
	4,076,858	Credit Acceptance Auto Loan Trust
		2013-1A1		10	/15/20		1.210			4,075,166
	7,530,000	Credit Acceptance Auto Loan Trust
		2013-2A1		10	/15/21		2.260			7,527,727
	10,040,000	Credit Acceptance Auto Loan Trust
		2014-1A1		10	/15/21		1.550			10,012,417
	11,160,000	Credit Acceptance Auto Loan Trust
		2014-1A1		04	/15/22		2.290			11,160,843
	2,720,000	Credit Acceptance Auto Loan Trust
		2014-2A1		09	/15/22		2.670			2,732,145
	10,890,000	Credit Acceptance Auto Loan Trust
		2015-1A1		01	/17/23		2.610			10,907,322
	7,070,064	Direct Capital Funding V LLC 2013-21		08	/20/18		1.730			7,078,035
	40,760,000	Drive Auto Receivables Trust 2015-BA1		07	/15/21		2.760			40,530,970
	14,490,000	Eagle I, Ltd. 2014-1A1		12	/15/39		4.310			14,676,018
	38,239,619	ECAF I Ltd. 2015-1A1		06	/15/40		3.473			38,239,619
	21,831,250	Emerald Aviation Finance, Ltd. 2013-11		10	/15/38		4.650			22,312,411
	51,830,000	Engs Commercial Finance Trust
		2015-1A1		10	/22/21		2.310			51,920,531
	14,875	Exeter Automobile Receivables Trust
		2013-1A1		10	/16/17		1.290			14,873
	537,336	Exeter Automobile Receivables Trust
		2013-2A1		11	/15/17		1.490			537,288

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 11 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	4,331,369	Exeter Automobile Receivables Trust
		2014-2A1		08	/15/18		1.060	%	$	4,319,722
	24,561,784	FNA Trust 2014-1A1		12	/10/22		1.296			24,573,083
	4,470,000	Ford Credit Auto Owner Trust 2012-B		02	/15/18		2.080			4,510,311
	4,000,000	Ford Credit Auto Owner Trust 2013-C		01	/15/20		2.500			4,068,981
	14,500,000	Ford Credit Auto Owner Trust/Ford
		Credit 2014-21		04	/15/26		2.310			14,613,512
	18,456,054	Foursight Capital Automobile Receivables
		Trust 2014-11		03	/23/20		2.110			18,430,952
	31,176,842	Foursight Capital Automobile Receivables
		Trust 2015-11		01	/15/21		2.340			31,225,322
	10,891,516	FRS I LLC 2013-1A1		04	/15/43		1.800			10,817,487
	13,527,656	Global Container Assets, Ltd. 2013-1A1		11	/05/28		2.200			13,516,681
	36,566,667	Global Container Assets, Ltd. 2015-1A1		02	/05/30		2.100			36,504,090
	16,510,000	GMF Floorplan Owner Revolving Trust
		2015-11		05	/15/20		1.650			16,455,302
	6,525,000	GMF Floorplan Owner Revolving Trust
		2015-11		05	/15/20		1.970			6,538,489
	10,730,000	GMF Floorplan Owner Revolving Trust
		2015-11		05	/15/20		2.220			10,731,792
	32,660,000	Hertz Vehicle Financing LLC 2011-1A1		03	/25/18		3.290			33,349,005
	17,750,000	Hyundai Auto Receivables Trust 2013-B		02	/15/19		1.710			17,843,624
	3,738,449	Leaf II Receivables Funding LLC 2013-11		10	/15/16		1.330			3,737,769
	8,972,000	Leaf II Receivables Funding LLC 2013-11		09	/15/21		1.980			8,985,942
	4,470,000	M&T Bank Auto Receivables Trust
		2013-1A1		03	/15/19		2.160			4,486,017
	7,162,818	MCA Fund I Holding LLC 2014-11,2		08	/15/24		2.321			7,165,888
	761,218	MMAF Equipment Finance LLC 2009-AA1		01	/15/30		3.510			762,587
	13,449,048	MMAF Equipment Finance LLC 2012-AA1		10	/10/18		1.350			13,459,670
	8,943,587	Motor, Plc. 2014-1A1,2		08	/25/21		0.677			8,942,792
	18,011,560	Nations Equipment Finance Funding II
		LLC 2014-1A1		07	/20/18		1.558			17,916,319
	3,140,000	Nationstar Agency Advance Funding
		Trust 2013-T2A1		02	/18/48		1.892			3,104,173

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

12 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	1,853,515	Navitas Equipment Receivables LLC
		2013-11		11	/15/16		1.950	%	$	1,853,561
	23,903,000	Navitas Equipment Receivables LLC
		2015-11		11	/15/18		2.120			23,950,409
	51,030,000	NCF Dealer Floorplan Master Trust
		2014-1A1,2		10	/20/20		1.674			50,651,465
	16,658,775	New Mexico State Educational Assistance
		Foundation 2013-12		01	/02/25		0.893			16,049,063
	29,756,713	Newstar Commercial Lease Funding
		LLC 2015-1A1		04	/15/19		3.270			29,680,687
	12,796,676	Newtek Small Business Loan Trust
		2010-11,2		02	/25/41		2.497			12,796,676
	49,190,000	NextGear Floorplan Master Owner Trust
		2014-1A1		10	/15/19		1.920			49,002,552
	22,470,000	NextGear Floorplan Master Owner
		Trust 2015-1A1		07	/15/19		1.800			22,429,961
	13,740,000	NextGear Floorplan Master Owner
		Trust 2015-1A1,2		07	/15/19		1.946			13,740,342
	17,300,000	Nordstrom Private Label Credit Card
		Master Note Trust 2011-1A1		11	/15/19		2.280			17,480,740
	29,760,000	NRZ Advance Receivables Trust Advance
		Receivables Backed 2015-T21		08	/17/48		3.302			29,755,536
	9,200,000	Ocwen Master Advance Receivables
		Trust 2015-11		09	/17/46		2.537			9,200,000
	15,000,000	OneMain Financial Issuance Trust
		2014-1A1		06	/18/24		2.430			15,001,705
	15,230,000	OneMain Financial Issuance Trust
		2014-2A1		09	/18/24		3.020			15,217,816
	26,190,000	OneMain Financial Issuance Trust
		2015-1A1		03	/18/26		3.850			26,680,801
	20,010,000	Oxford Finance Funding Trust 2014-1A1		12	/15/22		3.475			19,945,418
	5,660,449	PFS Tax Lien Trust 2014-11		04	/15/16		1.440			5,658,106
	50,000,000	Progreso Receivables Funding LLC
		2015-B1		07	/28/20		3.000			50,052,905

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 13 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	53,872,895	ReadyCap Lending Small Business Loan
		Trust 2015-12		12	/25/38		1.447	%	$	53,568,465
	12,340,000	Santander Drive Auto Receivables Trust
		2013-2		03	/15/19		1.950			12,405,345
	5,990,000	Santander Drive Auto Receivables Trust
		2013-4		01	/15/20		3.250			6,099,022
	10,980,000	Santander Drive Auto Receivables
		Trust 2015-3		04	/15/20		2.070			11,007,502
	22,790,000	Santander Drive Auto Receivables
		Trust 2015-3		01	/15/21		2.740			22,744,611
	23,790,000	Shenton Aircraft Investment I, Ltd.
		2015-1A1		10	/15/42		4.750			23,790,000
	9,296,388	SMART Trust 2012-1USA1		12	/14/17		2.010			9,370,759
	253,218	SMART Trust 2012-2USA1		10	/14/16		1.590			253,380
	670,446	SMART Trust 2012-4US		03	/14/17		0.970			670,043
	4,070,498	SMART Trust 2013-2US		01	/14/17		0.830			4,069,276
	3,630,000	SMART Trust 2013-2US		02	/14/19		1.180			3,612,576
	13,420,000	SMART Trust 2015-1US		09	/14/18		1.500			13,450,415
	2,634,699	SNAAC Auto Receivables Trust
		2014-1A1		09	/17/18		1.030			2,634,281
	33,210,000	Spirit Master Funding LLC 2014-4A1		01	/20/45		3.501			33,162,533
	9,900,000	Spirit Master Funding VII LLC 2013-1A1		12	/20/43		3.887			10,187,279
	16,075,941	Springleaf Funding Trust 2013-AA1		09	/15/21		2.580			16,101,905
	9,000,000	Springleaf Funding Trust 2014-AA1		12	/15/22		2.410			8,995,144
	17,398,431	STORE Master Funding LLC 2013-1A1		03	/20/43		4.160			17,989,233
	12,429,052	STORE Master Funding LLC 2013-2A1		07	/20/43		4.370			12,948,318
	20,780,684	STORE Master Funding LLC 2013-3A1		11	/20/43		4.240			21,511,973
	4,449,698	TAL Advantage V LLC 2014-2A1		05	/20/39		1.700			4,426,495
	21,527,500	TAL Advantage V LLC 2014-3A1		11	/21/39		3.270			21,484,863
	37,044,000	Textainer Marine Containers, Ltd.
		2014-1A1		10	/20/39		3.270			36,461,465
	11,530,000	Trade MAPS 1, Ltd. 2013-1A1,2		12	/10/18		1.445			11,501,025
	49,760,000	Trafigura Securitisation Finance, Plc.
		2014-1A1,2		10	/15/21		1.146			49,775,650

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

14 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	18,330,000	Turquoise Card Backed Securities, Plc.
		2012-1A1,2		06	/17/19		0.996	%	$	18,408,452
	6,737,305	Utah State Board of Regents 2011-12		05	/01/29		1.150			6,747,479
	11,064,022	Westlake Automobile Receivables
		Trust 2014-2A1		10	/16/17		0.970			11,061,734
	41,711,977	Westlake Automobile Receivables
		Trust 2015-1A1		03	/15/18		1.170			41,686,504
	10,600,000	Westlake Automobile Receivables
		Trust 2015-1A1		11	/16/20		2.290			10,521,106
	21,340,000	Westlake Automobile Receivables
		Trust 2015-2A1		01	/15/21		2.450			21,142,594
	32,510,000	World Financial Network Credit Card
		Master Trust 2014-C		08	/16/21		1.540			32,576,567
		Total Asset Backed Securities
		(Identified cost $1,945,101,361)								1,949,309,342
		COMMERCIAL MORTGAGE BACKED
		SECURITIES (13.2%)
	15,540,000	Aventura Mall Trust 2013-AVM1,2		12	/05/32		3.867			15,970,366
	13,860,000	BBCMS Trust 2015-RRI1,2		05	/15/32		2.246			13,668,921
	31,807,000	BB-UBS Trust 2012-TFT1,2		06	/05/30		3.584			31,150,061
	6,349,000	BHMS Mortgage Trust 2014-ATLS1,2		07	/05/33		2.644			6,301,399
	32,018,000	BHMS Mortgage Trust 2014-ATLS1,2		07	/05/33		4.847			32,564,429
	12,240,000	BLCP Hotel Trust 2014-CLRN1,2		08	/15/29		2.146			12,065,381
	14,860,000	Boca Hotel Portfolio Trust 2013-BOCA1,2		08	/15/26		1.946			14,832,988
	30,106,000	BXHTL Mortgage Trust 2015-JWRZ1,2		05	/15/29		2.346			29,766,669
	28,190,000	Carefree Portfolio Trust 2014-CARE1,2		11	/15/19		2.596			28,339,773
	42,795,000	CDGJ Commercial Mortgage Trust
		2014-BXCH1,2		12	/15/27		2.696			42,151,937
	10,500,000	CGBAM Commercial Mortgage Trust
		2014-HD1,2		02	/15/31		1.396			10,401,344
	7,457,000	CGBAM Commercial Mortgage Trust
		2014-HD1,2		02	/15/31		1.796			7,386,933
	31,329,000	CG-CCRE Commercial Mortgage
		Trust 2014-FL21,2		11	/15/31		3.096			31,425,199

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 15 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate			Value
		COMMERCIAL MORTGAGE BACKED
		SECURITIES (continued)
$	7,510,000	Citigroup Commercial Mortgage
		Trust 2013-SMP1		01	/12/30		2.435	%	$	7,585,174
	2,085,000	Citigroup Commercial Mortgage
		Trust 2013-SMP1		01	/12/30		2.738			2,104,961
	24,520,000	Citigroup Commercial Mortgage
		Trust 2014-388G1,2		06	/15/33		1.946			24,089,331
	20,676,812	Commercial Mortgage Pass Through
		Certificates 2013-GAM1		02	/10/28		1.705			20,386,493
	9,690,000	Commercial Mortgage Pass Through
		Certificates 2013-GAM1,2		02	/10/28		3.531			9,620,936
	11,004,713	Commercial Mortgage Pass Through
		Certificates 2013-SFS1		04	/12/35		1.873			10,713,829
	42,990,000	Commercial Mortgage Pass Through
		Certificates 2014-KYO1,2		06	/11/27		1.846			42,440,553
	22,660,000	Commercial Mortgage Pass Through
		Certificates 2014-TWC1,2		02	/13/32		1.057			22,488,273
	14,950,000	EQTY 2014-INNS Mortgage Trust1,2		05	/08/31		1.795			14,674,183
	16,539,771	GTP Cellular Sites LLC1		03	/15/42		3.721			16,626,535
	9,696,976	Hilton USA Trust 2013-HLF1,2		11	/05/30		1.694			9,624,638
	14,850,958	Hilton USA Trust 2013-HLF1,2		11	/05/30		2.094			14,740,182
	9,410,000	Hyatt Hotel Portfolio Trust 2015-HYT1,2		11	/15/29		2.294			9,441,769
	5,780,000	JP Morgan Chase Commercial Mortgage
		Securities Corp. 2011-PLSD1		11	/13/28		3.364			5,894,824
	5,600,000	JP Morgan Chase Commercial Mortgage
		Securities Trust 2014-BXH1,2		04	/15/27		1.446			5,592,950
	10,250,000	JP Morgan Chase Commercial Mortgage
		Securities Trust 2014-BXH1,2		04	/15/27		1.846			10,234,733
	14,860,000	SBA Tower Trust1		12	/15/42		2.933			15,035,375
	40,700,000	SBA Tower Trust1		04	/15/43		2.240			40,288,523
	15,700,000	Unison Ground Lease Funding LLC1		04	/15/40		5.349			16,396,320
	14,500,000	Wells Fargo Commercial Mortgage Trust
		2014-TISH1,2		02	/15/27		2.046			14,243,438
	20,108,443	WFCG Commercial Mortgage Trust
		2015-BXRP1,2		11	/15/29		1.318			19,981,305

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

16 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate			Value
		COMMERCIAL MORTGAGE BACKED
		SECURITIES (continued)
$	11,468,922	WFCG Commercial Mortgage Trust
		2015-BXRP1,2		11	/15/29		1.668	%	$	11,348,809
		Total Commercial Mortgage Backed Securities
		(Identified cost $623,598,455)								619,578,534
		CORPORATE BONDS (24.2%)
		BANKS (4.2%)
	44,000,000	BAC San Jose DPR Funding, Ltd.1,3		11	/15/21		4.500			43,006,462
	42,443,700	Citigroup Capital XIII2,4		10	/30/40		6.692			43,122,799
	26,315,000	Commonwealth Bank of Australia1,2		03	/12/18		0.736			26,166,189
	3,163,335	FNBC 1993-A Pass Through Trust		01	/05/18		8.080			3,309,029
	24,760,000	Mitsubishi UFJ Trust & Banking Corp.1		10	/16/17		1.600			24,671,533
	12,955,000	Royal Bank of Scotland, Plc.		03	/16/16		4.375			13,118,881
	19,980,000	Svenska Handelsbanken AB		04	/04/17		2.875			20,352,407
	23,285,000	Westpac Banking Corp.		12	/01/17		1.500			23,241,410
										196,988,710
		COMMERCIAL SERVICES (0.5%)
	19,863,000	Experian Finance, Plc.1		06	/15/17		2.375			19,937,963
	3,250,000	Western Union Co.		08	/22/18		3.650			3,362,424
										23,300,387
		COSMETICS/PERSONAL CARE (0.3%)
	19,745,000	Avon Products, Inc.		03	/15/20		6.350			16,042,813
		DIVERSIFIED FINANCIAL SERVICES (6.5%)
	11,881,764	AA Aircraft Financing 2013-1 LLC1		11	/01/19		3.596			12,000,582
	8,119,820	Ahold Lease Series 2001-A-1 Pass
		Through Trust		01	/02/20		7.820			8,728,807
	7,365,000	Air Lease Corp.		04	/01/17		5.625			7,703,569
	15,950,000	Air Lease Corp.		09	/04/18		2.625			15,885,721
	6,300,000	Alliance Data Systems Corp.1		12	/01/17		5.250			6,489,000
	5,000,000	Alliance Data Systems Corp.1		04	/01/20		6.375			5,162,500
	22,705,000	Athene Global Funding1		10	/23/18		2.875			22,456,698
	24,815,000	Caisse Centrale Desjardins1		09	/12/17		1.550			24,766,412
	19,213,710	CIC Central America Card
		Receivables, Ltd.3		11	/05/20		4.500			19,346,570

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 17 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate			Value
		CORPORATE BONDS (continued)
		DIVERSIFIED FINANCIAL
		SERVICES (continued)
$	10,500,000	CIC Receivables Master Trust3		10	/07/21		4.890	%	$	10,587,415
	3,000,000	Credit Acceptance Corp.		02	/15/21		6.125			3,000,000
	23,730,000	Denali Borrower LLC1		10	/15/20		5.625			25,242,787
	12,118,836	Doric Nimrod Air Alpha 2013-1 Pass
		Through Trust1		05	/30/25		5.250			12,603,589
	6,212,142	Doric Nimrod Air Finance Alpha, Ltd.
		2012-1 (Class A) Pass Through Trust1		11	/30/24		5.125			6,437,624
	49,455,000	Drawbridge Special Opportunities
		Fund LP1		08	/01/21		5.000			48,465,900
	5,346,352	LS Power Funding Corp.		12	/30/16		8.080			5,552,171
	5,875,000	Morgan Stanley Capital Trust III4		03	/01/33		6.250			6,086,500
	8,922,925	Morgan Stanley Capital Trust VIII4		04	/15/67		6.450			9,112,091
	16,349,000	Murray Street Investment Trust I		03	/09/17		4.647			16,999,069
	38,284,000	Seven & Seven, Ltd.1,2		09/11/19			1.539			38,238,251
										304,865,256
		ELECTRIC (1.1%)
	25,715,000	Korea East-West Power Co., Ltd.1		11	/27/18		2.625			26,121,425
	22,150,000	TransAlta Corp.		06	/03/17		1.900			21,877,245
	5,580,000	TransAlta Corp.		05	/15/18		6.650			5,906,793
										53,905,463
		HEALTHCARE-PRODUCTS (0.5%)
	15,995,000	Mallinckrodt International Finance S.A.		04	/15/18		3.500			15,495,156
	10,000,000	Mallinckrodt International Finance
		S.A./Mallinckrodt CB LLC1		04/15/20			4.875			9,587,500
										25,082,656
		HEALTHCARE-SERVICES (0.2%)
	10,460,000	HCA, Inc.		03	/15/19		3.750			10,643,050

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

18 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date		Interest Rate			Value
		CORPORATE BONDS (continued)
		INSURANCE (1.3%)
$	17,985,000	Fairfax Financial Holdings, Ltd.1		05/15/21		5.800	%	$	19,009,875
	11,050,000	Vitality Re IV, Ltd.1,2		01/09/18		2.750			11,136,190
	33,100,000	Vitality Re V, Ltd.1,2		01/07/20		1.750			32,894,780
									63,040,845
		INTERNET (0.5%)
	20,335,000	Expedia, Inc.		08/15/20		5.950			22,537,708
		INVESTMENT COMPANIES (1.7%)
	28,840,000	Ares Capital Corp.		01/15/20		3.875			29,541,100
	27,645,000	FS Investment Corp.		01/15/20		4.250			27,938,065
	21,515,000	PennantPark Investment Corp.		10/01/19		4.500			21,631,783
									79,110,948
		MEDIA (0.6%)
	7,140,000	Scripps Networks Interactive, Inc.		11/15/19		2.750			7,027,267
	21,000,000	TEGNA, Inc.		10/15/19		5.125			21,892,500
									28,919,767
		OIL & GAS (1.3%)
	7,120,000	Korea National Oil Corp.1		04/03/17		3.125			7,282,706
	16,935,000	Korea National Oil Corp.1		01/23/19		2.750			17,186,637
	22,513,100	Odebrecht Drilling Norbe VIII/IX, Ltd.1		06/30/22		6.350			11,031,419
	10,873,200	Odebrecht Offshore Drilling
		Finance, Ltd.1		10/01/23		6.750			3,637,085
	4,140,000	Petrobras Global Finance BV		05/20/16		2.000			4,079,970
	21,825,000	Petrobras Global Finance BV2		01/15/19		2.461			17,562,578
									60,780,395

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 19 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate			Value
		CORPORATE BONDS (continued)
		OIL & GAS SERVICES (0.7%)
$	35,228,000	Freeport-McMoran Oil & Gas LLC.		11	/15/20		6.500	%	$	31,925,375
		PHARMACEUTICALS (0.9%)
	22,355,000	AbbVie, Inc.		05	/14/18		1.800			22,372,929
	9,000,000	AbbVie, Inc.		05	/14/20		2.500			8,898,822
	9,445,000	Pfizer, Inc.		03	/30/17		6.050			10,111,524
										41,383,275
		PIPELINES (0.3%)
	15,065,000	Enbridge Energy Partners LP		10/15/20			4.375			15,259,459
		REAL ESTATE (1.5%)
	18,035,000	Prologis International Funding II SA1		02	/15/20		4.875			19,140,221
	17,000,000	RXR Realty3		10	/01/20		5.400			16,865,878
	32,965,000	Vonovia Finance BV1		10/02/17			3.200			33,522,043
										69,528,142
		REAL ESTATE INVESTMENT TRUSTS (1.4%)
	15,400,000	Digital Delta Holdings LLC1		10	/01/20		3.400			15,477,724
	5,670,000	Scentre Group Trust 1/Scentre
		Group Trust 21		11	/05/19		2.375			5,609,654
	25,330,000	Select Income REIT		02	/01/22		4.150			24,953,267
	22,000,000	Senior Housing Properties Trust		05	/01/19		3.250			22,067,386
										68,108,031
		TELECOMMUNICATIONS (0.6%)
	26,570,000	BellSouth Corp.1		04/26/21			4.821			27,043,956
		Total Corporate Bonds
		(Identified cost $1,167,479,109)								1,138,466,236

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

20 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate			Value
		LOAN PARTICIPATIONS AND
		ASSIGNMENTS (6.4%)
$	12,853,417	Aria Energy Operating LLC2		05	/27/22		5.000	%	$	12,339,280
	28,841,324	Astoria Energy LLC Term B2		12	/24/21		5.000			28,648,952
	20,000,000	Charter Communications Operating LLC
		(CCO Safari LLC) Term H2		08	/24/21		3.250			19,950,000
	3,000,000	Charter Communications Operating LLC
		(CCO Safari LLC) Term I2		01	/24/23		3.500			2,995,770
	11,337,500	Dell International LLC Term B22		04	/29/20		4.000			11,331,151
	10,825,848	Dell International LLC Term C2		10	/29/18		3.750			10,812,315
	44,844,330	Delos Finance S.a.r.l2		03	/06/21		3.500			44,816,526
	40,000,000	Express Scripts Holding Company
		(Express Scripts, Inc.) 2		04	/28/17		1.313			39,825,200
	20,000,000	Freeport-McMorRan Copper & Gold, Inc.
		(PT Freeport Indonesia) 2		05	/31/18		1.940			17,900,000
	20,829,174	HCA, Inc. Term B52		03	/31/17		2.938			20,824,383
	14,755,349	Mallinckrodt International Term B2		03	/19/21		3.250			13,986,891
	1,980,000	Mallinckrodt International Term B12		03	/19/21		3.500			1,892,662
	8,076,022	RPI Finance Trust Term B32		11	/09/18		3.250			8,067,946
	45,058,021	RPI Finance Trust Term B42		11	/09/20		3.500			44,900,318
	605,381	SS&C European Holdings S.a.r.l
		Term B22		07	/08/22		4.000			606,895
	3,912,556	SS&C Technologies, Inc. Term B12		07	/08/22		4.000			3,922,338
	19,722,699	TPF II Power LLC Term B2		10/02/21			5.500			19,648,739
		Total Loan Participations and Assignments
		(Identified cost $305,653,275)								302,469,366
		MUNICIPAL BONDS (5.1%)
	14,250,000	Baylor Health Care System,
		Revenue Bonds2		11	/15/25		0.180			13,420,693
	20,670,000	Chicago Transit Authority,
		Revenue Bonds		06	/01/20		5.000			22,843,450
	8,700,000	City of Portland, Oregon, General
		Obligation Bonds2		06	/01/19		0.105			8,378,004

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 21 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate			Value
		MUNICIPAL BONDS (continued)
$	2,850,000	City of Portland, Oregon, General
		Obligation Bonds2		06	/01/19		0.135	%	$	2,744,502
	8,000,000	Michigan Finance Authority,
		Revenue Bonds		05	/01/16		3.000		8,088,560
	16,105,000	Michigan Finance Authority,
		Revenue Bonds		05	/01/17		5.000		17,016,865
	8,850,000	Michigan Finance Authority,
		Revenue Bonds		05	/01/18		5.000		9,666,236
	5,000,000	New Jersey Economic Development
		Authority, Revenue Bonds2		02	/01/17		0.910		4,936,350
	20,940,000	New Jersey Economic Development
		Authority, Revenue Bonds, NPFG5		02	/15/17		0.000		20,330,227
	28,005,000	New Jersey Economic Development
		Authority, Revenue Bonds, AGM5		02	/15/18		0.000		26,189,996
	4,360,000	New Jersey Economic Development
		Authority, Revenue Bonds		06	/15/20		5.000		4,715,384
	27,815,000	New Jersey Economic Development
		Authority, Revenue Bonds, XLCA5		07	/01/20		0.000		22,703,437
	2,350,000	New Jersey State Turnpike Authority,
		Revenue Bonds, AMBAC		01	/01/16		4.252		2,364,218
	3,600,000	New York State Energy Research &
		Development Authority,
		Revenue Bonds, NPFG2		12	/01/20		0.137		3,409,596
	7,140,000	Pennsylvania Industrial Development
		Authority, Revenue Bonds1		07	/01/21		2.967		7,132,217
	2,375,000	School District of Philadelphia, General
		Obligation Bonds		09	/01/16		1.787		2,380,700
	3,445,000	School District of Philadelphia, General
		Obligation Bonds		09	/01/17		2.009		3,433,115
	2,330,000	School District of Philadelphia, General
		Obligation Bonds		09	/01/18		2.512		2,339,786
	27,090,000	State of Illinois, General
		Obligation Bonds		03	/01/16		4.961		27,412,371
	7,110,000	State of Illinois, General
		Obligation Bonds, AGM		03	/01/18		5.200		7,482,208

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

22 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate			Value
		MUNICIPAL BONDS (continued)
$	17,300,000	State of Illinois, General
		Obligation Bonds		07	/01/21		6.200	%	$	18,597,500
	16,650,000	Tobacco Settlement Financing Corp.,
		Revenue Bonds5		06/01/41			0.000			4,227,768
		Total Municipal Bonds
		(Identified cost $240,445,598)								239,813,183
		U.S. GOVERNMENT AGENCY
		OBLIGATIONS (3.7%)
	25,000,000	Fannie Mae Discount Notes5		12	/23/15		0.000			24,995,306
	25,000,000	Federal Home Loan Bank Discount
		Notes5		11	/18/15		0.000			24,998,690
	25,000,000	Federal Home Loan Bank Discount
		Notes5		12	/01/15		0.000			24,997,708
	30,000,000	Federal Home Loan Bank Discount
		Notes5		01	/14/16		0.000			29,994,510
	35,000,000	Federal Home Loan Bank Discount
		Notes5		02	/26/16		0.000			34,986,455
	231,868	Federal Home Loan Mortgage Corp.
		(FHLMC) Non Gold Guaranteed2		04	/01/36		2.385			246,813
	117,054	Federal Home Loan Mortgage Corp.
		(FHLMC) Non Gold Guaranteed2		12	/01/36		2.115			123,854
	72,667	Federal Home Loan Mortgage Corp.
		(FHLMC) Non Gold Guaranteed2		01	/01/37		2.330			77,053
	160,311	Federal Home Loan Mortgage Corp.
		(FHLMC) Non Gold Guaranteed2		02	/01/37		2.446			171,261
	14,303,194	Federal National Mortgage Association
		(FNMA)		07	/01/35		5.000			15,822,403
	989,832	Federal National Mortgage Association
		(FNMA)		11	/01/35		5.500			1,115,371
	102,347	Federal National Mortgage Association
		(FNMA)2		07	/01/36		2.731			109,084
	210,316	Federal National Mortgage Association
		(FNMA)2		09	/01/36		2.447			223,169

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 23 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate			Value
		U.S. GOVERNMENT AGENCY
		OBLIGATIONS (continued)
$	165,540	Federal National Mortgage Association
		(FNMA)2		01/01/37			2.451	%	$	176,946
	855,855	Federal National Mortgage Association
		(FNMA)		08/01/37			5.500			963,638
	9,593,674	Federal National Mortgage Association
		(FNMA)		08/01/37			5.500			10,826,299
	4,372,612	Federal National Mortgage Association
		(FNMA)		06/01/40			6.500			4,997,775
	22,228	Government National Mortgage
		Association (GNMA)2		08/20/29			1.625			22,964
		Total U.S. Government Agency Obligations
		(Identified cost $173,673,005)								174,849,299
		U.S. INFLATION LINKED DEBT (0.2%)
	10,492,500	U.S. Treasury Inflation Indexed Note		04	/15/17		0.125			10,486,624
		Total U.S. Inflation Linked Debt
		(Identified cost $10,739,252)								10,486,624
		U.S. TREASURY NOTE (0.6%)
	30,000,000	U.S. Treasury Note		11	/30/15		0.250			30,002,340
		Total U.S. Treasury Note
		(Identified cost $30,004,531)								30,002,340
		CERTIFICATES OF DEPOSIT (1.6%)
	75,000,000	DNB Bank ASA		11	/10/15		0.270			75,000,000
		Total Certificates of Deposit
		(Identified cost $75,000,000)								75,000,000
		TIME DEPOSITS (1.5%)
	70,000,000	Wells Fargo		11	/02/15		0.090			70,000,000
		Total Time Deposits
		(Identified cost $70,000,000)								70,000,000

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

24 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate			Value
		U.S. TREASURY BILLS (0.5%)
$	10,200,000	U.S. Treasury Bill5,6		11	/05/15		0.000	%	$	10,199,912
15,000,000		U.S Treasury Bill5		11/12/15			0.000			14,999,473
		Total U.S. Treasury Bills
		(Identified cost $25,199,385)								25,199,385
TOTAL INVESTMENTS (Identified cost $4,666,893,971)7							98.4	%	$	4,635,174,309
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES							1.6	%		75,323,405
NET ASSETS							100.0	%	$	4,710,497,714

1 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, 2015 was $2,817,460,492 or 59.81% of net assets. Unless otherwise noted, these securities are not considered illiquid.

2 Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the October 31, 2015 coupon or interest rate.

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

4 Trust preferred security.

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

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

7 The aggregate cost for federal income tax purposes is $4,667,878,995, the aggregate gross unrealized appreciation is $22,460,024 and the aggregate gross unrealized depreciation is $55,164,710 resulting in net unrealized depreciation of $32,704,686.

Abbreviations:

AGM – Assured Guaranty Municipal Corp.

AMBAC – AMBAC Financial Group, Inc.

FHLMC – Federal Home Loan Mortgage Corporation.

FNMA – Federal National Mortgage Association.

GNMA – Government National Mortgage Association.

NPFG – National Public Finance Guarantee Corporation.

XLCA – XL Capital Assurance, Inc.

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 25 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

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.

26 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

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, certain corporate debt securities and asset backed 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, 2015.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)*		Significant Other Observable Inputs (Level 2)*		Significant Unobservable Inputs (Level 3)*		Balance as of October 31, 2015
Asset Backed Securities	$	—	$	1,888,574,989	$	60,734,353	$	1,949,309,342
Commercial Mortgage
Backed Securities		—		619,578,534		—		619,578,534
Corporate Bonds		58,321,390		1,080,144,846		—		1,138,466,236
Loan Participations and
Assignments		—		302,469,366		—		302,469,366
Municipal Bonds		—		239,813,183		—		239,813,183
U.S. Government
Agency Obligations		—		174,849,299		—		174,849,299
U.S. Inflation Linked Debt		—		10,486,624		—		10,486,624
U.S. Treasury Notes		—		30,002,340		—		30,002,340
Certificates of Deposit		—		75,000,000		—		75,000,000
Time Deposits		—		70,000,000		—		70,000,000
U.S. Treasury Bills		—		25,199,385		—		25,199,385
Total Investments, at value	$	58,321,390	$	4,516,118,566	$	60,734,353	$	4,635,174,309
Other Financial Instruments, at value
Financial Futures Contracts	$	1,258,765	$	—	$	—	$	1,258,765
Other Financial Instruments,
at value	$	1,258,765	$	—	$	—	$	1,258,765

* The Fund's policy is to disclose transfers between levels based on valuations at the end of the reporting period.

There were no transfers between Levels 1, 2 or 3 as of October 31, 2015.

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 27 

BBH LIMITED DURATION FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the year ended October 31, 2015:

	Asset backed Securities
Balance as of October 31, 2014	$	9,344,313
Purchases		63,539,360
Sales / Paydowns		(12,308,601	)
Realized gains (losses)		72,325
Change in unrealized appreciation (depreciation)		80,887
Amortization		6,069
Balance as of October 31, 2015	$	60,734,353

The Fund's investments classified as Level 3 were valued utilizing broker quotes.

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

28 

BBH LIMITED DURATION FUND 

STATEMENT OF ASSETS AND LIABILITIES 

October 31, 2015 

ASSETS:
Investments in securities, at value (Identified cost $4,666,893,971)	$	4,635,174,309
Cash		3,773,763
Receivables for:
Investments sold		68,176,861
Interest		15,944,053
Shares sold		5,130,195
Futures variation margin on open contracts		227,167
Prepaid assets		43,596
Total Assets		4,728,469,944
LIABILITIES:
Payables for:
Shares redeemed		16,173,106
Investment advisory and administrative fees		1,050,440
Shareholder servicing fees		423,471
Professional fees		66,963
Custody and fund accounting fees		61,651
Distributor fees		5,616
Transfer agent fees		2,643
Periodic distributions		1,236
Board of Trustees' fees		950
Accrued expenses and other liabilities		186,154
Total Liabilities		17,972,230
NET ASSETS	$	4,710,497,714
Net Assets Consist of:
Paid-in capital	$	4,782,457,528
Undistributed net investment income		505,783
Accumulated net realized loss on investments in securities
and futures contracts		(42,004,700	)
Net unrealized appreciation/(depreciation) on investments in
securities and futures contracts		(30,460,897	)
Net Assets	$	4,710,497,714
NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($2,557,473,605 ÷ 252,108,967 shares outstanding)	$	10.14
CLASS I SHARES
($2,153,024,109 ÷ 212,270,429 shares outstanding)	$	10.14

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 29 

BBH LIMITED DURATION FUND 

STATEMENT OF OPERATIONS 

For the year ended October 31, 2015 

NET INVESTMENT INCOME:
Income:
Dividends	$	3,502,474
Interest and other income		110,596,658
Total Income		114,099,132
Expenses:
Investment advisory and administrative fees		13,323,867
Shareholder servicing fees		5,275,703
Custody and fund accounting fees		400,366
Professional fees		82,148
Distributor fees		71,267
Board of Trustees' fees		63,085
Transfer agent fees		26,842
Miscellaneous expenses		318,507
Total Expenses		19,561,785
Expense offset arrangement		(14,248	)
Net Expenses		19,547,537
Net Investment Income		94,551,595
NET REALIZED AND UNREALIZED LOSS:
Net realized loss on investments in securities		(7,150,832	)
Net realized loss on futures contracts		(34,260,541	)
Net realized loss on investments in securities and futures contracts		(41,411,373	)
Net change in unrealized appreciation/(depreciation) on investments
in securities		(47,865,541	)
Net change in unrealized appreciation/(depreciation) on
futures contracts		6,872,049
Net change in unrealized appreciation/(depreciation) on
investments in securities and futures contracts		(40,993,492	)
Net Realized and Unrealized Loss		(82,404,865	)
Net Increase in Net Assets Resulting from Operations	$	12,146,730

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

30 

BBH LIMITED DURATION FUND 

STATEMENTS OF CHANGES IN NET ASSETS 

	For the years ended October 31,
	2015			2014
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income	$	94,551,595		$	62,774,496
Net realized loss on investments in securities
and futures contracts		(41,411,373	)		(20,355,575	)
Net change in unrealized appreciation/(depreciation)
on investments in securities and futures contracts		(40,993,492	)		13,816,265
Net increase in net assets resulting
from operations		12,146,730			56,235,186
Dividends and distributions declared:
From net investment income:
Class N		(46,344,802	)		(33,449,587	)
Class I		(47,959,131	)		(30,303,899	)
From net realized gains:
Class N		—			(7,552,495	)
Class I		—			(4,638,860	)
Total dividends and distributions declared		(94,303,933	)		(75,944,841	)
Share transactions:
Proceeds from sales of shares*		2,179,033,729			3,599,294,308
Net asset value of shares issued to shareholders for
reinvestment of dividends and distributions		92,942,518			74,634,169
Cost of shares redeemed*		(2,651,777,342	)		(2,099,546,354	)
Net increase (decrease) in net assets resulting
from share transactions		(379,801,095	)		1,574,382,123
Total increase (decrease) in net assets		(461,958,298	)		1,554,672,468
NET ASSETS:
Beginning of year		5,172,456,012			3,617,783,544
End of year (including undistributed net investment
income of $505,783 and $405,409, respectively)	$	4,710,497,714		$	5,172,456,012

* Includes share exchanges. See Note 5 in Notes to Financial Statements.

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 31 

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,
	2015			2014			2013			2012			2011
Net asset value, beginning of year	$	10.31		$	10.35		$	10.44		$	10.34		$	10.46
Income from investment operations:
Net investment income1		0.18			0.14			0.15			0.18			0.17
Net realized and unrealized gain (loss)		(0.17	)		(0.01	)		(0.06	)		0.14			(0.12	)
Total income from investment operations		0.01			0.13			0.09			0.32			0.05
Less dividends and distributions:
From net investment income		(0.18	)		(0.14	)		(0.15	)		(0.18	)		(0.17	)
From net realized gains		—			(0.03	)		(0.03	)		(0.04	)		—
Total dividends and distributions		(0.18	)		(0.17	)		(0.18	)		(0.22	)		(0.17	)
Short-term redemption fees1		—			—			—			—			0.00	2
Net asset value, end of year	$	10.14		$	10.31		$	10.35		$	10.44		$	10.34
Total return		0.10	%		1.32	%		0.82	%		3.13	%		0.52	%
Ratios/Supplemental data:
Net assets, end of year (in millions)	$	2,557		$	2,625		$	2,170		$	1,776		$	1,336
Ratio of expenses to average net assets
before reductions		0.48	%		0.48	%		0.49	%		0.50	%		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	%		0.48	%		0.49	%		0.50	%		0.49	%
Ratio of net investment income to average
net assets		1.75	%		1.36	%		1.44	%		1.75	%		1.66	%
Portfolio turnover rate		46	%		35	%		48	%		38	%		28	%

1 Calculated using average shares outstanding for the year.

2 Less than $0.01.

3 Less than 0.01%.

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

32 

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,
	2015			2014			2013			2012			2011
Net asset value, beginning of year	$	10.31		$	10.35		$	10.44		$	10.34		$	10.46
Income from investment operations:
Net investment income1		0.20			0.16			0.17			0.20			0.19
Net realized and unrealized gain (loss)		(0.17	)		(0.01	)		(0.06	)		0.14			(0.12	)
Total income from investment operations		0.03			0.15			0.11			0.34			0.07
Less dividends and distributions:
From net investment income		(0.20	)		(0.16	)		(0.17	)		(0.20	)		(0.19	)
From net realized gains		—			(0.03	)		(0.03	)		(0.04	)		—
Total dividends and distributions		(0.20	)		(0.19	)		(0.20	)		(0.24	)		(0.19	)
Short-term redemption fees1		—			—			—			—			0.00	2
Net asset value, end of year	$	10.14		$	10.31		$	10.35		$	10.44		$	10.34
Total return		0.30	%		1.52	%		1.01	%		3.31	%		0.67	%
Ratios/Supplemental data:
Net assets, end of year (in millions)	$	2,153		$	2,547		$	1,448		$	1,165		$	825
Ratio of expenses to average net assets
before reductions		0.28	%		0.29	%		0.29	%		0.31	%		0.33	%
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		0.28	%		0.29	%		0.29	%		0.31	%		0.33	%
Ratio of net investment income to average
net assets		1.94	%		1.56	%		1.63	%		1.93	%		1.82	%
Portfolio turnover rate		46	%		35	%		48	%		38	%		28	%

1 Calculated using average shares outstanding for the year.

2 Less than $0.01.

3 Less than 0.01%.

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 33 

BBH LIMITED DURATION FUND 

NOTES TO FINANCIAL STATEMENTS 

October 31, 2015 

1. 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. The Fund offers Class N 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 automatically convert to any other share class of the Fund. As of October 31, 2015, there were six series of the Trust.

2. 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:

A. 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.

B. 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

34 

BBH LIMITED DURATION FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

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.

C. 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.

D. 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, 2015:

Description	Number of Contracts		Expiration Date	Market Value		Notional Amount		Unrealized Gain/(Loss)
Contracts to Sell:
U.S. Treasury
2-Year Notes		3,300	December 2015	$	721,565,625	$	721,931,484	$	365,859
U.S. Treasury
5-Year Notes		6,930	December 2015		830,029,925		831,068,289		1,038,364
U.S. Treasury
10-Year Notes		425	December 2015		54,267,187		54,121,729		(145,458	)
								$	1,258,765

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, 2015, the average monthly number of open futures contracts was 10,441. The range of monthly notional values was $1,236,001,563 to $1,660,426,438.

FINANCIAL STATEMENTS OCTOBER 31, 2015 35 

BBH LIMITED DURATION FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

Fair Values of Derivative Instruments as of October 31, 2015

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

	Asset Derivatives				Liability Derivatives
Risk	Statement of Assets and Liabilities Location		Fair Value		Statement of Assets and Liabilities Location		Fair Value
Interest Rate Risk	Net unrealized appreciation/(depreciation) on investments in securities and futures contracts.	$	1,404,223	*	Net unrealized appreciation/(depreciation) on investments in securities and futures contracts.	$	145,458	*
Total		$	1,404,223			$	145,458

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

Effect of Derivative Instruments on the Statement of Operations

	Interest Rate Risk
Net Realized Gain/(Loss) on Derivatives
Futures Contracts	$	(34,260,541	)
Net Change in Unrealized Appreciation/(Depreciation) on Derivatives
Futures Contracts	$	6,872,049

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

36 

BBH LIMITED DURATION FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

F. 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 does not have unfunded commitments at year end. 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.

FINANCIAL STATEMENTS OCTOBER 31, 2015 37 

BBH LIMITED DURATION FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

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

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, 2015, 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, 2015, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

H. 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 $46,344,802 and $47,959,131 to Class N and Class I shareholders, respectively, during the year ended October 31, 2015.

38 

BBH LIMITED DURATION FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

The tax character of distributions paid during the fiscal years ended October 31, 2015 and 2014, respectively, were as follows:

Distributions paid from:
	Ordinary income		Net long-term capital gain		Total taxable distributions		Tax return of capital	Total distributions paid
2015:	$	94,303,933	$	—	$	94,303,933	—	$	94,303,933
2014:		68,745,792		7,199,049		75,944,841	—		75,944,841

As of October 31, 2015 and 2014, 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)
2015:	$	1,490,762	—	$	1,490,762	$	(40,745,890	)	$	(2,243,789	)	$	(30,460,897	)	$	(71,959,814	)
2014:		405,409	—		405,409		(6,353,632	)		5,613,017			10,532,595			10,197,389

The Fund had $40,745,890 of post-December 22, 2010 net capital loss carryforwards as of October 31, 2015, of which $12,156,488 and $28,589,402, 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.

I. 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.

FINANCIAL STATEMENTS OCTOBER 31, 2015 39 

BBH LIMITED DURATION FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

3. Fees and Other Transactions with Affiliates.

A. Investment Advisory and Administrative Fees. Under a combined Investment Advisory and Administrative Services Agreement (“Agreement”) with the Trust, Brown Brothers Harriman & Co. (“BBH”) through a separately identifiable department (“SID” or “Investment Adviser”) provides investment advisory and portfolio management services to the Fund. BBH also provides administrative services to the Fund. The Fund's investment advisory fee is calculated daily and paid monthly at an annual rate equivalent to 0.30% per annum on the first $1,000,000,000 of net assets and 0.25% per annum on all net assets over $1,000,000,000. For the year ended October 31, 2015, the Fund incurred $13,323,867 for services under the Agreement.

B. 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, 2015, Class N shares of the Fund incurred $5,275,703 in shareholder servicing fees.

C. 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, 2015, the Fund incurred $400,366 in custody and fund accounting fees. These fees for the Fund were reduced by $14,248 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, 2015, was $77.

D. 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, 2015, the Fund incurred $63,085 in independent Trustee compensation and reimbursements.

4. Investment Transactions. For the year ended October 31, 2015, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $2,349,110,214 and $1,999,592,235, respectively.

40 

BBH LIMITED DURATION FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

5. 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, 2015						For the year ended October 31, 2014
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		101,437,734		$	1,038,660,135			153,543,127		$	1,589,143,242
Shares issued in connection
with reinvestments of
dividends		4,501,309			46,026,061			3,932,624			40,681,922
Shares redeemed		(108,447,428	)		(1,109,707,589	)		(112,489,232	)		(1,163,755,345	)
Net increase (decrease)		(2,508,385	)	$	(25,021,393	)		44,986,519		$	466,069,819
Class I
Shares sold		111,233,476		$	1,140,373,594			194,284,497		$	2,010,151,066
Shares issued in connection
with reinvestments of
dividends		4,588,432			46,916,457			3,283,135			33,952,247
Shares redeemed		(150,695,776	)		(1,542,069,753	)		(90,393,823	)		(935,791,009	)
Net increase (decrease)		(34,873,868	)	$	(354,779,702	)		107,173,809		$	1,108,312,304

Included in Shares Sold and Shares Redeemed are shareholder exchanges during the years ended October 31, 2015 and 2014. Specifically:

During the fiscal year 2015, 28,878,575 shares of Class N were exchanged for 28,878,575 shares of Class I valued at $295,882,171 and 29,229,862 shares of Class I were exchanged for 29,229,862 shares of Class N valued at $298,536,754.

During the fiscal year 2014, 49,545,898 shares of Class N were exchanged for 49,545,898 shares of Class I valued at $512,210,892 and 13,938,919 shares of Class I were exchanged for 13,938,919 shares of Class N valued at $144,170,320.

6. Principal Risk Factors and Indemnifications.

A. 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

FINANCIAL STATEMENTS OCTOBER 31, 2015 41 

BBH LIMITED DURATION FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

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 investments in certain U.S. government agency securities may not be backed by the U.S. Treasury and may be supported only by the credit of the issuer (U.S. government agency securities risk). The Fund's use of borrowing, in reverse repurchase agreements and investment in some derivatives, involves leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's securities and may cause the Fund to be more volatile (leverage risk). The value of securities held by the Fund may decline in response to certain events, including: those directly involving the companies or issuers whose securities are held by the Fund; conditions affecting the general economy; overall market changes; local, regional or political, social or economic instability; and currency and interest rate and price fluctuations (market risk). The Fund's shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund's shareholders (shareholder concentration risk). The extent of the Fund's exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund's Statement of Assets and Liabilities.

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

B. 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.

7. Subsequent Events. Management has evaluated events and transactions that have occurred since October 31, 2015 through the date the financial statements were issued and determined that there were none that would require recognition or additional disclosure in the financial statements.

42 

BBH LIMITED DURATION FUND 

DISCLOSURE OF FUND EXPENSES 

October 31, 2015 (unaudited) 

EXAMPLE

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested distributions, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; 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, 2015 to October 31, 2015).

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 43 

BBH LIMITED DURATION FUND 

DISCLOSURE OF FUND EXPENSES (continued) 

October 31, 2015 (unaudited) 

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

		Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During Period May 1, 2015 to October 31, 20151
Class N
Actual	$	1,000	$	997	$	2.42
Hypothetical2	$	1,000	$	1,023	$	2.45

		Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During Period May 1, 2015 to October 31, 20151
Class I
Actual	$	1,000	$	998	$	1.41
Hypothetical2	$	1,000	$	1,024	$	1.43

1 Expenses are equal to the Fund's annualized expense ratio of 0.48% and 0.28% for Class N and I shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

2 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.

44 

BBH LIMITED DURATION FUND 

CONFLICTS OF INTEREST 

October 31, 2015 (unaudited) 

Conflicts of Interest

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

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

Purchases and sales of securities for the Fund may be aggregated with orders for other BBH client accounts. BBH, however, is not required to aggregate orders if portfolio management decisions for different accounts are made separately, or if it is determined that aggregating is not practicable, required or with 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, 2015 45 

BBH LIMITED DURATION FUND 

CONFLICTS OF INTEREST (continued) 

October 31, 2015 (unaudited) 

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

From time to time, BBH may invest a portion of the assets of its discretionary investment advisory clients in the Fund. That investment by BBH on behalf of its discretionary investment advisory clients in the Fund may be significant at times. Increasing the Fund's assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Fund's expense ratio. BBH reserves the right to redeem at any time some or all of the shares of the Fund acquired for its discretionary investment advisory clients' accounts. A large redemption of shares of the Fund by BBH on behalf of its discretionary investment advisory clients could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund's investment flexibility, portfolio diversification and expense ratio. BBH may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH to the third party. BBH may pay a solicitation fee for referrals and/or advisory or incentive fees. BBH may benefit from increased amounts of assets under management.

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

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.

46 

BBH LIMITED DURATION FUND 

CONFLICTS OF INTEREST (continued) 

October 31, 2015 (unaudited) 

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

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 47 

BBH LIMITED DURATION FUND 

ADDITIONAL FEDERAL TAX INFORMATION 

October 31, 2015 (unaudited) 

The qualified investment income (QII) percentage for the year ended October 31, 2015 was 76.09%. In January 2016, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2015. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

48 

TRUSTEES AND OFFICERS OF BBH LIMITED DURATION FUND 

(unaudited) 

Information pertaining to the Trustees and executive officers of the BBH Trust is set forth below. The mailing address for each Trustee is c/o BBH Trust, 140 Broadway, New York, NY 10005.

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.
Andrew S. Frazier Birth Date: April 8, 1948	Trustee	Since 2010	Consultant to Western World Insurance Group, Inc. (“WWIG”) (January 2010 to January 2012).	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 2012).	6	Trustee, Bridge Builder Trust (8 Funds) Director, Teton Advisors, Inc. (a registered investment adviser).

FINANCIAL STATEMENTS OCTOBER 31, 2015 49 

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+ 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.

50 

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 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.
Paul F. Gallagher 140 Broadway New York, NY 10005 Birth Date: June 28, 1959	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2015	Senior Vice President of BBH&Co. since September 2015; Executive Director and Counsel, Morgan Stanley Smith Barney LLC (2009-September 2015).
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.
James D. Kerr 50 Post Office Square Boston, MA 02110 Birth Date: January 5, 1983	Assistant Secretary	Since 2015	Associate and Investor Services Assistant Counsel since 2014; joined BBH&Co. in 2013; Assistant District Attorney, Middlesex County, Massachusetts (October 2011 to September 2013); Judicial Law Clerk, Massachusetts Court of Appeals (September 2010 to September 2011).

# 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). Mr. Wagner 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, 2015 51 

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

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, 2015

BBH Core Select

 

BBH CORE SELECT 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE 

October 31, 2015 

BBH Core Select Class N (the “Fund” or “Core Select”) rose by 3.47%, net of fees, during its fiscal year ending October 31, 2015. During the same twelve month period, the S&P 500 Index¹ (“S&P 500”) returned 5.20%. For the five years ending October 31, 2015, Core Select has returned 12.41% per year while the S&P 500 has increased by 14.33%.

Core Select seeks to provide shareholders with long term growth of capital. Fundamental business analysis and a valuation framework that is based on intrinsic value² are 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 for 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 is below 75% of our estimate of intrinsic value per share. 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.

Equities rose modestly in fiscal 2015 despite having experienced a substantial interim pullback that occurred in the latter part of the year. While economic activity remains subdued in the developed world and there have been meaningful decelerations in many emerging markets, financial asset performance has been resilient and valuation levels have generally remained high. We continue to believe that the major source of this divergence primarily relates to easy monetary conditions worldwide, which have encouraged a broad pursuit of yield and capital gains among investors, but at the same time have also created an accumulation of price risk, in our view. Fiscal 2015 also showed a significant narrowing of

¹ 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.

² 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.

2

BBH CORE SELECT 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued) 

October 31, 2015 

market leadership, as demonstrated by the fact that the entirety of the year’s advance in the S&P 500 Index level equated to the collective contribution of less than 10 of its constituent companies. Given these factors, we maintain our view that not only could further market upside be limited, but downside risks should also be carefully weighed. For Core Select, we will continue to be guided by our fundamental principles and our valuation discipline with the goal of maintaining a quantitative and qualitative margin of safety³ in each of our holdings.

During fiscal 2015 we made a new investment in Discovery Communications Inc., a global leader in non-fiction and science-based TV programming. We believe the Company’s key strengths include i) its strong positioning in desirable content categories, ii) its appeal to engaged affinity groups that are valuable to advertisers, and iii) its expansive international business, where pay TV penetration is growing. Despite a changing industry landscape, our view is that Discovery can create long-term value through solid growth in free cash flow and a shareholder-friendly capital return policy.

We exited three positions during the fiscal year: Target Corp., Baxter International and California Resources Corp., the latter of which we had received as a spin-out from Occidental Petroleum. Target had achieved our intrinsic value estimate as the Company recovered from a challenging period. Shares of Baxter International rose sharply after the Company spun out its biosciences business into a separate company called Baxalta. We exited our position in Baxter and directed additional capital to Baxalta. As a standalone entity, California Resources Corp. did not meet the investment criteria that we employ in the energy sector.

Our largest positive contributors in fiscal 2015 were Chubb Corp., Comcast Corp., Progressive Corp., Alphabet Inc. (the parent company of Google) and Target Corp. Chubb, which has agreed to be acquired by ACE Ltd. in a cash and stock deal initially valued at $125 per Chubb share, has been a strong contributor over the nine years we have held it. Comcast maintained its track record of operational execution and intelligent capital allocation. Progressive and Alphabet posted consistently stronger earnings results and benefited from positive shifts in investor sentiment relative to the prior year.

The Fund’s largest detractors in fiscal 2015 were Southwestern Energy, Qualcomm Inc. and Schlumberger NV. Southwestern Energy and Schlumberger, along with our other energy industry holdings, have been sharply impacted by a sustained period of oil and gas commodity price weakness. Southwestern has been particularly pressured as investors have been skeptical about the Company’s ability to generate sufficient cash flows to fund growth in its low-cost acreage while also supporting a balance sheet that carries a substantially higher debt burden than it did a year ago. While we anticipate continued challenges in the natural gas market for at least the near term, our longer-term view remains positive and we believe that

³ A margin of safety exists when we believe there is a significant discount to intrinsic value at the time of purchase —we aim to purchase at 75% of our estimate to intrinsic value or less.

FINANCIAL STATEMENTS   OCTOBER 31, 2015  3

BBH CORE SELECT 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued) 

October 31, 2015 

Southwestern can execute its strategy and meet its debt obligations. Schlumberger’s revenues have been hurt by lower levels of upstream oil and gas activity and meaningful price concessions on oilfield services, but we have been pleased with the offsetting cost actions that Management has undertaken, and we believe the Company’s industry position remains very strong. Qualcomm faced headwinds during the year both in its chip business, where price pressures have escalated and a major customer moved to an in-house solution, as well as its licensing business, in which regulatory challenges in China and Korea and non-compliance by certain parties have clouded the outlook for this high-margin source of revenue. Despite these setbacks, we do not believe that Qualcomm’s vital role in the global wireless ecosystem or its top-caliber engineering and intellectual property position have been diminished. Moreover, we believe the secular growth opportunities in wireless technology remain compelling.

As of October 31, 2015, Core Select held positions in 31 companies, with approximately 45% 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. With generally high valuation levels persisting throughout much of fiscal 2015, our portfolio purchases and additions were outweighed by trims and sales. As such, the Fund’s cash and cash equivalents position increased modestly to 9% as of the end of the 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. We do not aspire to generate short-term relative outperformance compared to market benchmarks, but instead operate with the objective of delivering attractive compounding over full market cycles by participating in rising markets and protecting capital during challenging periods.

The Fund is ‘non-diversified’ and may assume large positions in a small number of issuers which can increase the potential for greater price fluctuation.

Purchase and sale information provided should not be considered as a recommendation to purchase or sell a particular security and that there is no assurance, as of the date of publication, that the securities purchased remain in a fund’s portfolio or that securities sold have not been repurchased.

4

BBH CORE SELECT 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued) 

October 31, 2015 

Growth of $10,000 Invested in BBH Core Select

The graph below illustrates the hypothetical investment of $10,000¹ in the Class N shares of the Fund over the ten years ended October 31, 2015 as compared to the S&P 500.

The annualized gross expense ratios as in the March 2, 2015 prospectus for Class N and Retail Class shares were 1.07% and 1.40%, 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.

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.

¹ 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, 2015  5

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 the BBH Trust (the “Fund”) as of October 31, 2015, 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 periods presented. 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, 2015, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such 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, 2015, 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 periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
December 22, 2015

6

BBH CORE SELECT 

PORTFOLIO ALLOCATION 

October 31, 2015 

SECTOR DIVERSIFICATION

	U.S. $ Value			Percent of Net Assets
Basic Materials	$	202,350,049			3.9	%
Communications		829,712,261			15.8
Consumer Cyclical		306,023,040			5.8
Consumer Non-Cyclical		1,131,460,615			21.5
Energy		441,152,987			8.4
Financials		1,098,276,488			20.9
Industrials		78,107,420			1.5
Technology		690,905,307			13.2
Repurchase Agreements		123,000,000			2.3
U.S. Treasury Bills		349,955,200			6.7
Liabilities in Excess of Other Assets		(805,995	)		(0.0	)
NET ASSETS	$	5,250,137,372			100.0	%

All data as of October 31, 2015. The Fund’s sector diversification is expressed as a percentage of net assets and may vary over time.

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

FINANCIAL STATEMENTS   OCTOBER 31, 2015  7

BBH CORE SELECT 

PORTFOLIO OF INVESTMENTS 

October 31, 2015 

Shares			Value
		COMMON STOCKS (91.0%)
		BASIC MATERIALS (3.9%)
	1,458,163	Celanese Corp. (Series A)	$	103,602,481
	888,897	Praxair, Inc.		98,747,568
		Total Basic Materials		202,350,049
		COMMUNICATIONS (15.8%)
	159,016	Alphabet, Inc. (Class A)1		117,256,808
	275,646	Alphabet, Inc. (Class C)1		195,931,933
	5,350,125	Comcast Corp. (Class A)		335,024,828
	5,473,800	Discovery Communications, Inc. (Class C)1		150,638,976
	1,106,083	eBay, Inc.1		30,859,716
		Total Communications		829,712,261
		CONSUMER CYCLICAL (5.8%)
	2,035,351	Bed, Bath & Beyond, Inc.1		121,367,980
	4,230,934	Liberty Interactive Corp. QVC Group (Class A)1		115,800,663
	1,202,907	Wal-Mart Stores, Inc.		68,854,397
		Total Consumer Cyclical		306,023,040
		CONSUMER NON-CYCLICAL (21.5%)
	3,188,124	Baxalta, Inc.		109,862,753
	832,934	DENTSPLY International, Inc.		50,684,034
	1,231,989	Diageo, Plc. ADR		141,777,294
	442,329	Henry Schein, Inc.1		67,105,733
	2,627,222	Nestle SA ADR		200,246,861
	2,422,391	Novartis AG ADR		219,056,818
	2,206,883	PayPal Holdings, Inc.1		79,469,857
	1,942,994	Unilever NV (NY Shares)		87,395,870
	4,088,849	Zoetis, Inc.		175,861,395
		Total Consumer Non-Cyclical		1,131,460,615

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

8

BBH CORE SELECT 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Shares			Value
		COMMON STOCKS (continued)
		ENERGY (8.4%)
	1,995,568	EOG Resources, Inc.	$	171,319,513
	1,337,414	Occidental Petroleum Corp.		99,690,840
	1,561,928	Schlumberger, Ltd.		122,080,292
	4,353,473	Southwestern Energy Co.1		48,062,342
		Total Energy		441,152,987
		FINANCIALS (20.9%)
	1,495	Berkshire Hathaway, Inc. (Class A)1		305,871,020
	867,349	Chubb Corp.		112,191,593
	5,173,121	Progressive Corp.		171,385,499
	6,054,787	US Bancorp		255,390,915
	4,681,150	Wells Fargo & Co.		253,437,461
		Total Financials		1,098,276,488
		INDUSTRIALS (1.5%)
	1,452,891	Waste Management, Inc.		78,107,420
		Total Industrials		78,107,420
		TECHNOLOGY (13.2%)
	4,314,481	Microsoft Corp.		227,114,280
	7,035,889	Oracle Corp.		273,273,929
	3,206,279	QUALCOMM, Inc.		190,517,098
		Total Technology		690,905,307
		Total Common Stocks (Identified cost $3,392,418,306)		4,777,988,167

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

FINANCIAL STATEMENTS   OCTOBER 31, 2015  9

BBH CORE SELECT 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date	Interest Rate			Value
		REPURCHASE AGREEMENTS (2.3%)
$	123,000,000	National Australia Bank (Agreement dated
		10/30/15 collateralized by U.S. Treasury
		Note 1.375%, due 06/30/18, original par
		$123,805,000, valued at $125,460,000)	11/02/15		0.070	%	$	123,000,000
		Total Repurchase Agreements
		(Identified cost $123,000,000)						123,000,000
		U.S. TREASURY BILLS (6.7%)
	350,000,000	U.S. Treasury Bill2	01/07/16		0.000			349,955,200
		Total U.S. Treasury Bills
		(Identified cost $349,958,934)						349,955,200
TOTAL INVESTMENTS (Identified cost $3,865,377,240)3					100.0	%	$	5,250,943,367
LIABILITIES IN EXCESS OF OTHER ASSETS					(0.0	)%		(805,995	)
NET ASSETS					100.0	%	$	5,250,137,372

¹ Non-income producing security.

² Security issued with a zero coupon. Income is recognized through accretion of discount.

³ The aggregate cost for federal income tax purposes is $3,865,788,481, the aggregate gross unrealized appreciation is $1,490,158,850 and the aggregate gross unrealized depreciation is $105,003,964, resulting in net unrealized appreciation of $1,385,154,886.

Abbreviations:

ADR – American Depositary Receipt.

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

10

BBH CORE SELECT 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

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, 2015  11

BBH CORE SELECT 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

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, 2015.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)*		Significant Other Observable Inputs (Level 2)*		Significant Unobservable Inputs (Level 3)*		Balance as of October 31, 2015
Basic Materials	$	202,350,049	$	—	$	—	$	202,350,049
Communications		829,712,261		—		—		829,712,261
Consumer Cyclical		306,023,040		—		—		306,023,040
Consumer Non-Cyclical		1,131,460,615		—		—		1,131,460,615
Energy		441,152,987		—		—		441,152,987
Financials		1,098,276,488		—		—		1,098,276,488
Industrials		78,107,420		—		—		78,107,420
Technology		690,905,307		—		—		690,905,307
Repurchase Agreements		—		123,000,000		—		123,000,000
U.S. Treasury Bills		—		349,955,200		—		349,955,200
Investments, at value	$	4,777,988,167	$	472,955,200	$	—	$	5,250,943,367

* 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, 2015.

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

12

BBH CORE SELECT 

STATEMENT OF ASSETS AND LIABILITIES 

October 31, 2015 

ASSETS:
Investments in securities, at value (Identified cost $3,742,377,240)	$	5,127,943,367
Repurchase agreements (Identified cost $123,000,000)		123,000,000
Cash		2,431,493
Receivables for:
Dividends		3,867,458
Shares sold		951,666
Investment advisory and administrative fees waiver reimbursement		286,180
Interest		478
Prepaid assets		48,732
Total Assets		5,258,529,374
LIABILITIES:
Payables for:
Investment advisory and administrative fees		3,498,521
Shares redeemed		3,292,959
Shareholder servicing fees		1,093,288
Professional fees		70,563
Distributors fees		64,791
Custody and fund accounting fees		53,000
Transfer agent fees		28,166
Board of Trustees’ fees		950
Accrued expenses and other liabilities		289,764
Total Liabilities		8,392,002
NET ASSETS	$	5,250,137,372
Net Assets Consist of:
Paid-in capital	$	3,498,524,253
Undistributed net investment income		23,272,490
Accumulated net realized gain on investments in securities		342,774,502
Net unrealized appreciation/(depreciation) on investments in securities		1,385,566,127
Net Assets	$	5,250,137,372
NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($4,969,866,425 ÷ 218,114,894 shares outstanding)			$22.79
RETAIL CLASS SHARES
($280,270,947 ÷ 19,125,797 shares outstanding)			$14.65

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

FINANCIAL STATEMENTS   OCTOBER 31, 2015  13

BBH CORE SELECT 

STATEMENT OF OPERATIONS 

For the year ended October 31, 2015 

NET INVESTMENT INCOME:
Income:
Dividends (net of foreign withholding taxes of $3,353,984)	$	87,770,470
Interest and other income		434,928
Total Income		88,205,398
Expenses:
Investment advisory and administrative fees		46,277,199
Shareholder servicing fees		14,461,625
Distributors fees		1,040,557
Transfer agent fees		390,280
Custody and fund accounting fees		337,652
Professional fees		82,293
Board of Trustees’ fees		63,909
Miscellaneous expenses		653,383
Total Expenses		63,306,898
Investment advisory and administrative fees waiver		(4,490,370)
Expense offset arrangement		(4,914)
Net Expenses		58,811,614
Net Investment Income		29,393,784
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments in securities		395,381,395
Net change in unrealized appreciation/(depreciation)
on investments in securities		(225,720,467)
Net Realized and Unrealized Gain		169,660,928
Net Increase in Net Assets Resulting from Operations	$	199,054,712

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

14

BBH CORE SELECT 

STATEMENTS OF CHANGES IN NET ASSETS 

	For the years ended October 31,
	2015			2014
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	29,393,784		$	39,586,992
Net realized gain on investments in securities		395,381,395			98,627,332
Net change in unrealized appreciation/(depreciation)
on investments in securities		(225,720,467	)		379,135,499
Net increase in net assets resulting from operations		199,054,712			517,349,823
Dividends and distributions declared:
From net investment income:
Class N		(36,725,174	)		(27,057,658	)
Retail Class		(2,814,050	)		(1,711,179	)
From net realized gains:
Class N		(89,273,564	)		(112,946,824	)
Retail Class		(9,365,888	)		(10,987,737	)
Total dividends and distributions declared		(138,178,676	)		(152,703,398	)
Share transactions:
Proceeds from sales of shares		2,175,445,135	*		1,074,403,293
Net asset value of shares issued to shareholders for
reinvestment of dividends and distributions		111,485,040			118,110,394
Proceeds from short-term redemption fees		11,858			17,440
Cost of shares redeemed		(3,314,063,614	)*		(1,352,916,979	)
Net decrease in net assets resulting
from share transactions		(1,027,121,581	)		(160,385,852	)
Total increase (decrease) in net assets		(966,245,545	)		204,260,573
NET ASSETS:
Beginning of year		6,216,382,917			6,012,122,344
End of year (including undistributed net investment
income of $23,272,490 and $33,434,756, respectively)	$	5,250,137,372		$	6,216,382,917

* Includes share exchanges. See Note 6 in Notes to Financial Statements.

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

FINANCIAL STATEMENTS   OCTOBER 31, 2015  15

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,
	2015			2014			2013			2012			2011
Net asset value, beginning of year	$	22.52		$	21.21		$	17.46		$	15.07		$	13.91
Income from investment operations:
Net investment income1		0.12			0.14			0.13			0.10			0.12
Net realized and unrealized gain		0.64			1.70			3.95			2.54			1.15
Total income from investment operations		0.76			1.84			4.08			2.64			1.27
Less dividends and distributions:
From net investment income		(0.14	)		(0.10	)		(0.10	)		(0.07	)		(0.07	)
From net realized gains		(0.35	)		(0.43	)		(0.23	)		(0.18	)		(0.04	)
Total dividends and distributions		(0.49	)		(0.53	)		(0.33	)		(0.25	)		(0.11	)
Short-term redemption fees1,2		0.00			0.00			0.00			0.00			0.00
Net asset value, end of year	$	22.79		$	22.52		$	21.21		$	17.46		$	15.07
Total return		3.47	%		8.90	%		23.78	%		17.86	%		9.19	%
Ratios/Supplemental data:
Net assets, end of year (in millions)	$	4,970		$	5,816		$	5,645		$	3,049		$	809
Ratio of expenses to average net assets
before reductions		1.07	%		1.07	%		1.09	%		1.12	%		1.14	%
Fee waiver		0.07	%3		0.07	%3		0.09	%3		0.12	%3		0.13	%3
Expense offset arrangement		0.00	%4		0.00	%4		0.00	%4		0.00	%4		0.01	%
Ratio of expenses to average net assets
after reductions		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average
net assets		0.53	%		0.66	%		0.65	%		0.63	%		0.85	%
Portfolio turnover rate		8	%		8	%		12	%		14	%		17	%

¹ Calculated using average shares outstanding for the year.

² Less than $0.01.

³ The ratio of expenses to average net assets for the fiscal years ended October 31, 2015, 2014, 2013, 2012 and 2011, 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, 2015, 2014, 2013, 2012 and 2011, the waived fees were $3,938,986, $4,238,260, $3,983,262, $1,853,202 and $793,607, respectively.

⁴ Less than 0.01%.

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

16

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
	2015			2014			2013			2012			October 31, 2011
Net asset value, beginning of period	$	14.66		$	13.99		$	11.61		$	10.11		$	10.00
Income from investment operations:
Net investment income1		0.03			0.06			0.06			0.05			0.02
Net realized and unrealized gain		0.42			1.11			2.60			1.69			0.09
Total income from investment
operations		0.45			1.17			2.66			1.74			0.11
Less dividends and distributions:
From net investment income		(0.11	)		(0.07	)		(0.05	)		(0.06	)		—
From net realized gains		(0.35	)		(0.43	)		(0.23	)		(0.18	)		—
Total dividends and distributions		(0.46	)		(0.50	)		(0.28	)		(0.24	)		—
Short-term redemption fees1,2		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	14.65		$	14.66		$	13.99		$	11.61		$	10.11
Total return		3.14	%		8.63	%		23.42	%		17.64	%		1.10	%
Ratios/Supplemental data:
Net assets, end of period (in millions)	$	280		$	400		$	367		$	267		$	185
Ratio of expenses to average net assets
before reductions		1.39	%		1.40	%		1.42	%		1.43	%		1.59	%3
Fee waiver		0.14	%4		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		0.00	%5		0.01	%3
Ratio of expenses to average net assets
after reductions		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%3
Ratio of net investment income to
average net assets		0.24	%		0.40	%		0.44	%		0.50	%		0.37	%3
Portfolio turnover rate		8	%		8	%		12	%		14	%		17	%6

¹ Calculated using average shares outstanding for the period.

² Less than $0.01.

³ Annualized.

⁴ The ratio of expenses to average net assets for the fiscal years ended October 31, 2015, 2014, 2013, 2012 and period ended October 31, 2011, reflect fees reduced as result of a contractual operating expense limitation of the share class to 1.25%. The agreement is effective for the period beginning on July 14, 2010 through April 1, 2014 and has been renewed by all parties to the agreement through March 1, 2016. For the fiscal years ended October 31, 2015, 2014, 2013, 2012 and period ended October 31, 2011, the waived fees were $551,384, $577,948, $568,410, $633,118 and $133,178, respectively.

⁵ Less than 0.01%.

⁶ Represents Fund portfolio turnover for twelve months ended October 31, 2011.

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

FINANCIAL STATEMENTS   OCTOBER 31, 2015  17

BBH CORE SELECT 

NOTES TO FINANCIAL STATEMENTS 

October 31, 2015 

1. 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. The Fund offers Class N and Retail Class shares. 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 automatically 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, 2015, there were six series of the Trust.

2. Significant Accounting Policies. The Fund’s financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services — Investments Companies. The following summarizes significant accounting policies of the Fund:

A. 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) 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.

B. 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.

18

BBH CORE SELECT 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

C. 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.

D. 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, 2015 are shown on a gross basis and the required disclosures under Accounting Standards Update (“ASU”) 2013-01 are shown in the Portfolio of Investments. Repurchase agreements are subject to credit risks.

E. 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

FINANCIAL STATEMENTS   OCTOBER 31, 2015  19

BBH CORE SELECT 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

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, 2015, 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, 2015, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

F. Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, if any, are paid annually and are recorded on the ex-dividend date. The Fund declared dividends in the amounts of $125,998,738 and $12,179,938 to Class N shares and Retail Class shareholders, respectively, during the year ended October 31, 2015. In addition, the Fund designated a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

The tax character of distributions paid during the fiscal years ended October 31, 2015 and 2014, respectively, were as follows:

Distributions paid from:
	Ordinary income		Net long-term capital gain		Total taxable distributions		Tax return of capital		Total distributions paid
2015:	$	57,953,050	$	80,225,626	$	138,178,676		—	$	138,178,676
2014:		57,474,808		95,228,590		152,703,398		—		152,703,398

As of October 31, 2015 and 2014, 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)
2015:	$	23,272,490	$	343,185,744	$	366,458,234		—	$	(411,242	)	$	1,385,566,127	$	1,751,613,119
2014:		51,831,756		80,208,174		132,039,930		—		(1,024,321	)		1,611,286,594		1,742,302,203

20

BBH CORE SELECT 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

The Fund did not have a net capital loss carryforward at October 31, 2015.

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.

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

G. 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.

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

4. Fees and Other Transactions with Affiliates.

A. Investment Advisory and Administrative Fees. Under a combined Investment Advisory and Administrative Services Agreement (“Agreement”) with the Trust, Brown Brothers Harriman & Co. (“BBH”) through a separately identifiable department (“SID” or “Investment Adviser”) provides investment advisory and portfolio management services to the Fund. BBH also provides administrative services to the Fund. The Fund pays a combined fee for investment advisory and administrative services calculated daily and paid monthly at an annual rate equivalent to 0.80% of the Fund’s average daily net assets. For the year ended October 31, 2015, the Fund incurred $46,277,199 under the Agreement.

FINANCIAL STATEMENTS   OCTOBER 31, 2015  21

BBH CORE SELECT 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

B. 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, 2015, the Investment Adviser waived fees in the amount of $3,938,986 and $551,384 for Class N and Retail Class, respectively.

C. 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, 2015, the Fund incurred shareholder servicing fees in the amount of $13,503,105 and $958,520 for Class N and Retail Class, respectively.

D. 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 along with the investment advisory and waiver agreements above, 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, 2015, Retail Class shares of the Fund incurred $958,737 for Distribution (12b-1) Fees.

E. 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, 2015, the Fund incurred $337,652 in custody and fund accounting fees. These fees for the Fund were reduced by $4,914 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, 2015, was $88.

22

BBH CORE SELECT 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

F. 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, 2015, the Fund incurred $63,909 in independent Trustee compensation and reimbursements.

5. Investment Transactions. For the year ended October 31, 2015, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $389,438,240 and $1,561,475,087, respectively.

6. 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, 2015						For the year ended October 31, 2014
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		57,924,227		$	1,271,498,929			43,745,874		$	954,633,344
Shares issued in connection
with reinvestments of
dividends		4,555,895			100,047,448			5,140,430			106,355,485
Proceeds from short-term
redemption fees		N/A			8,714			N/A			14,641
Shares redeemed		(102,635,558	)		(2,286,971,325	)		(56,691,028	)		(1,235,840,473	)
Net decrease		(40,155,436	)	$	(915,416,234	)		(7,804,724	)	$	(174,837,003	)
Retail Class
Shares sold		64,100,288		$	903,946,206			8,464,231		$	119,769,949
Shares issued in connection
with reinvestments of
dividends		807,739			11,437,592			870,734			11,754,909
Proceeds from short-term
redemption fees		N/A			3,144			N/A			2,799
Shares redeemed		(73,108,125	)		(1,027,092,289	)		(8,266,193	)		(117,076,506	)
Net increase (decrease)		(8,200,098	)	$	(111,705,347	)		1,068,772		$	14,451,151

Included in Shares Sold and Shares Redeemed are shareholder exchanges during the years ended October 31, 2015 and 2014. Specifically:

During the fiscal year 2015, 39,275,044 shares of Class N were exchanged for 61,032,526 shares of Retail Class valued at $859,337,967 and 61,037,155 shares of Retail Class were exchanged for 39,264,327 shares of Class N valued at $850,861,449.

During the fiscal year 2014, 28,132 shares of Retail Class were exchanged for 18,323 shares of Class N valued at $409,264.

FINANCIAL STATEMENTS   OCTOBER 31, 2015  23

BBH CORE SELECT 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

7. Principal Risk Factors and Indemnifications.

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

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

B. 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.

8. Subsequent Events. Management has evaluated events and transactions that have occurred since October 31, 2015 through the date the financial statements were issued. The Board recently approved changes to the shareholder servicing fees and the investment advisory and administration fees agreements. Effective November 1, 2015, the shareholder servicing fees were reduced from 0.25% to 0.20% of Class N and Retail Class shares’ average daily net assets. The investment advisory and administration fees were changed from a flat rate of 0.80% per annum to 0.80% per annum on the first $3,000,000,000 of the Fund’s net assets and 0.75% per annum on the Fund’s net assets over $3,000,000,000. The fees will continue to be calculated daily and paid monthly. There were no other subsequent events that would require recognition or additional disclosure in the financial statements.

24

BBH CORE SELECT 

DISCLOSURE OF FUND EXPENSES 

October 31, 2015 (unaudited) 

EXAMPLE

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

The Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2015 to October 31, 2015).

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

FINANCIAL STATEMENTS   OCTOBER 31, 2015  25

BBH CORE SELECT 

DISCLOSURE OF FUND EXPENSES (continued) 

October 31, 2015 (unaudited) 

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

	Beginning Account Value May 1, 2015	Ending Account Value October 31, 2015	Expenses Paid During Period May 1, 2015 to October 31, 20151
Class N
Actual	$1,000	$1,000	$5.04
Hypothetical2	$1,000	$1,020	$5.09

	Beginning Account Value May 1, 2015	Ending Account Value October 31, 2015	Expenses Paid During Period May 1, 2015 to October 31, 20151
Retail Class
Actual	$1,000	$998	$6.30
Hypothetical2	$1,000	$1,019	$6.36

¹ 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).

² 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.

26

BBH CORE SELECT 

DISCLOSURE OF ADVISOR SELECTION 

October 31, 2015 (unaudited) 

Investment Advisory and Administrative Services Agreement Approval

The Board, a majority of which is comprised of Independent Trustees, held an in-person meeting on September 23, 2015 (the “Meeting”), to consider an amendment to the fee schedule of the Investment Advisory and Administrative Services Agreement (the “Agreement”) between the Trust and BBH, as a separately identifiable department (“Investment Adviser”), with respect to the Fund. Specifically, the Investment Adviser proposed to amend the fee schedule to the Agreement in order to institute a graduated investment advisory fee for the Fund. Under the amendment, for assets above the $3 billion asset level, the Fund would be charged an investment advisory fee of 0.75%, or 5 basis points lower than the 0.80% charged on net assets up to $3 billion. The Board had previously reviewed and approved an investment advisory fee of 0.80% of the Fund’s average daily net assets under the Agreement.

In approving the amendment to the Agreement’s fee schedule with respect to the Fund, the Board, including a majority of the Independent Trustees, determined that the terms of the Agreement were fair and reasonable and that it had received sufficient information to make an informed business decision with respect to the Agreement. In reaching this decision, the Board considered all factors it believed relevant, including: (i) the nature, extent and quality of the Investment Adviser’s services; (ii) the investment performance of the Fund; (iii) the Investment Adviser’s cost and profits realized in providing its services, including any “fall-out” benefits; and (iv) the extent to which shareholders realized economies of scale as the Fund grows larger, as well as fee structures of comparable investment companies.

The following is a summary of the Board’s, including the Independent Trustees, considerations in making its determination to approve the amendment to the Agreement. No single factor reviewed by the Board was identified as the principal factor in determining whether to approve the amendments to the Agreement, and individual Trustees may have given different weight to various factors. At the Meeting, the Board reviewed these factors with Fund counsel and met in executive session outside the presence of Fund management.

The Board noted that there were no proposed changes to the scope of services to be provided by the Investment Adviser pursuant to the Agreement. The Board further noted that at the Meeting, and over the course of its regular meetings throughout the year, it received reports on the status of these services, including with respect to: supervision of operations and compliance and regulatory filings; disclosures to Fund shareholders; general oversight of service providers; policies and practices followed by BBH and the Investment Adviser as well as the standards applied in seeking best execution; and policies and practices regarding soft dollars. The Board also took into consideration and remained satisfied with the qualifications and expertise of the Fund’s portfolio management team. The Board noted that it was satisfied with the nature, extent and quality of services historically provided by the Investment Adviser to the Fund and its shareholders.

FINANCIAL STATEMENTS   OCTOBER 31, 2015  27

BBH CORE SELECT 

DISCLOSURE OF ADVISOR SELECTION (continued) 

October 31, 2015 (unaudited) 

The Board received a presentation at the Meeting with respect to investment performance and noted the Fund’s strong absolute performance, historically, over the 3-year, 5-year, and since-inception periods, and satisfactory performance, both in absolute terms and relative to its benchmark, over the more recent 3-month, year-to-date, and 1-year periods. In evaluating the performance of the Fund, the Board considered the risk expectations for the Fund as well as the level of Fund performance in the context of its review.

With respect to the fees payable under the Agreement and the costs of services to be provided by the Adviser, the Board recalled its previous analysis of a report compiled by an independent third party regarding the Fund’s comparison to similar competitor funds in the market with respect to fees and expenses and performance. The Board also considered that the fee waiver arrangement would remain in place for the Fund and considered the actual fee rates, after taking into account the waiver. With respect to profitability and the fall-out benefits to be realized by the Investment Adviser, the Board noted that, at its December 3, 2014 Meeting, it reviewed the Investment Adviser and BBH’s profitability data for the Fund for the nine-months ended September 30, 2013, and for the prior four years. The Board concluded that the investment advisory and administration fee, as amended, appeared to be reasonable in light of the services rendered and was the result of arm’s length negotiations.

The Board considered the extent to which economies of scale would be realized at various asset levels as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board noted that the imposition of breakpoints in the amounts and manner proposed by the Adviser would serve to pass economies of scale to shareholders by regulating the profitability of the Adviser with respect to the Fund.

The Board concluded that based on the information provided at this Meeting, and at previous meetings of the Board, the amendments to the Agreement’s fee schedule seemed fair and reasonable in relation to the services performed and it was unanimously approved.

28

BBH CORE SELECT 

CONFLICTS OF INTEREST 

October 31, 2015 (unaudited) 

Conflicts of Interest

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

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

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

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

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

FINANCIAL STATEMENTS   OCTOBER 31, 2015  29

BBH CORE SELECT 

CONFLICTS OF INTEREST (continued) 

October 31, 2015 (unaudited) 

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.

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

30

BBH CORE SELECT 

CONFLICTS OF INTEREST (continued) 

October 31, 2015 (unaudited) 

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, 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.

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, 2015  31

BBH CORE SELECT 

ADDITIONAL FEDERAL TAX INFORMATION 

October 31, 2015 (unaudited) 

BBH Core Select (the “Fund”) hereby designates $80,225,626 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 $57,953,050 as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended October 31, 2015. In January 2016, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2015. 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, 2015 qualifies for the dividends received deduction available to corporate shareholders.

32

TRUSTEES AND OFFICERS OF BBH CORE SELECT 

(unaudited) 

Information pertaining to the Trustees and executive officers of the BBH Trust is set forth below. The mailing address for each Trustee is c/o BBH Trust, 140 Broadway, New York, NY 10005.

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.
Andrew S. Frazier Birth Date: April 8, 1948	Trustee	Since 2010	Consultant to Western World Insurance Group, Inc. (“WWIG”) (January 2010 to January 2012).	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 2012).	6	Trustee, Bridge Builder Trust (8 Funds). Director, Teton Advisors, Inc. (a registered investment adviser).

FINANCIAL STATEMENTS   OCTOBER 31, 2015  33

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.

34

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.
Paul F. Gallagher  140 Broadway  New York, NY 10005  Birth Date:  June 28, 1959	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2015	Senior Vice President of BBH&Co. since September 2015; Executive Director and Counsel, Morgan Stanley Smith Barney LLC (2009-September 2015).
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.
James D. Kerr  50 Post Office Square  Boston, MA 02110  Birth Date:  January 5, 1983	Assistant Secretary	Since 2015	Associate and Investor Services Assistant Counsel since 2014; joined BBH&Co. in 2013; Assistant District Attorney, Middlesex County, Massachusetts (October 2011 to September 2013); Judicial Law Clerk, Massachusetts Court of Appeals (September 2010 to September 2011).

# 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). Mr. Wagner 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, 2015  35

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

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

To obtain information or make shareholder inquiries:

By telephone:
By E-mail send your request to:
On the internet: Call 1-800-575-1265
bbhfunds@bbh.com
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 from the Edgar database on the SEC’s website at www.sec.gov.

Annual Report

OCTOBER 31, 2015

BBH Global Core Select

BBH GLOBAL CORE SELECT 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE 

October 31, 2015 

BBH Global Core Select Class N (“Global Core Select” or “the Fund”) rose by 3.27%, net of fees, during its fiscal year ending October 31, 2015. During the same twelve month period, the MSCI World Index¹ (“MSCI World”) returned 1.77%. From inception through October 31, 2015, Global Core Select has returned 6.20% per year while the MSCI World has returned 9.02%.

Global Core Select seeks to provide shareholders with long-term growth of capital. Fundamental business analysis and a valuation framework based on intrinsic value² are 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 for 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 2015 saw increased market volatility with the MSCI World index reaching an all-time high in May before sharply declining in August and September, and subsequently recovering in October to end the year with a modest gain. Market movement was dominated by (i) the dramatic decline in energy and other commodity prices, (ii) a sluggish recovery in Europe and modest economic growth in the U.S., (iii) a strong U.S. dollar and steep declines in certain emerging market currencies, and (iv) a slowdown in China which is compounding ongoing economic challenges in many emerging markets with economic ties to that country. 2015 was also another year of aggressive monetary intervention by most central banks. In our view, seven years of unrelenting monetary stimulus has artificially boosted the values of most financial assets. Accordingly, we are cautious regarding equity valuations and we expect that the normalization of monetary policies could lead to unanticipated market dislocations. In our view, our investment approach, with its focus on minimizing both business risk and price risk by applying demanding qualitative business criteria and insisting on a discount to intrinsic value, is particularly appropriate for the current market environment.

¹ MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

² 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.

2

BBH GLOBAL CORE SELECT 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued) 

October 31, 2015 

During fiscal 2015 we added four new companies to the Global Core Select portfolio: Davide Campari-Milano, the family-controlled Italian premium spirits company; Discovery Communications, a global leader in non-fiction video programming; PayPal, a leading provider of secure, reliable online transaction payments; and Aggreko, a leading global provider of temporary power services. 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 positions in seven companies during the fiscal year, including small positions in two businesses that were spun-off from existing portfolio companies. We sold Target and Baxter International after their share prices rose and reached our estimates of intrinsic value. We exited our investment in Pearson after a nearly three-year holding period with a positive return. Pearson’s digital transformation was taking longer than we had anticipated, and we became increasingly concerned about structural changes in the education industry. We trimmed our position in Solera Holdings after management made several expensive acquisitions in an effort to expand the company’s addressable market. Subsequently, management announced it was exploring a possible sale of the company and we sold our remaining position as the shares responded positively. We exited our investment in TGS Nopec Geophysical, which provides seismic data to the energy industry, because TGS’s shares had held up surprisingly well despite the sharp declines in energy prices and related declines in exploration activity. We reinvested the TGS proceeds in other energy investments trading at a greater discount to intrinsic value. We exited our small position in Indivior, which had been spun-off by Reckitt Benckiser, as the shares appreciated significantly from the spin-off level. Lastly, we sold our shares in California Resources Corp, a spin-off from Occidental Petroleum, after the price recovered from a post-spin sell-off.

Our largest positive contributors in fiscal 2015 were Alphabet (formerly known as Google), Davide Campari-Milano, and Microsoft. Google changed its name to Alphabet and announced a new holding company structure intended to improve transparency for both the core search and ancillary businesses. We believe the company remains well positioned to benefit from the continuing secular shift of advertising dollars to online and mobile and the shares have responded favorably to strong sales growth combined with evidence that management is taking a more disciplined approach to operating and capital expenditures. Campari has been performing well relative to what we believe were very low investor expectations when we started purchasing shares in December 2014, and we believe the company is poised to improve its operating performance over time as management begins to leverage significant investments in its brand portfolio and distribution. Microsoft is demonstrating strong progress in its transformation from a product-centric model towards a focus on cloud services and platforms. This shift is becoming increasingly recognized by the market and has driven strong share price performance.

The largest detractors from the Fund’s performance in fiscal 2015 were Qualcomm and our two Canadian energy exploration and production companies, ARC Resources and Vermilion Energy. Qualcomm faced headwinds during the year in both its chip business, where price pressures have escalated and a major customer moved to an in-house solution, and its licensing business, in which regulatory challenges in China and Korea and non-compliance by certain parties have clouded the outlook for this high-margin source of revenue. Despite these setbacks, we do not believe Qualcomm’s vital role in the global wireless ecosystem or its top-caliber engineering and intellectual property position have been diminished. Moreover, we believe the secular growth opportunities in wireless technology remain compelling. The

FINANCIAL STATEMENTS   OCTOBER 31, 2015  3

BBH GLOBAL CORE SELECT 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued) 

October 31, 2015 

sharp declines and persistent weakness in oil and gas prices have weighed on the operating results of ARC Resources and Vermilion. Fortunately, however, both companies have strong balance sheets, are positioned at the low end of the cost curve, are managed by strong capital allocators, and are well positioned to withstand an extended period of low energy prices.

As of October 31, 2015, Global Core Select held positions in 33 companies, with approximately 45% of the assets in the ten largest holdings. The Fund ended the fiscal year trading at approximately 82% of our underlying intrinsic value estimates on a weighted-average basis, which is where the Fund started the fiscal year. While we are always looking to reduce the Fund’s price-to-intrinsic value ratio by having our intrinsic values increase due to organic growth or by exiting positions near intrinsic value and buying new positions trading at a large discount, this fiscal year we lowered the dollar-denominated intrinsic value estimates for several of our portfolio companies due to significant changes in foreign exchange rates and the sharp declines in energy prices. Since our trims and exits exceeded our additions and new purchases in fiscal 2015, our cash and cash equivalents position increased to approximately 10% 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 substantial shareholder value over many years.

Purchase and sale information provided should not be considered as a recommendation to purchase or sell a particular security and that there is no assurance, as of the date of publication, that the securities purchased remain in a fund's portfolio or that securities sold have not been repurchased.

4

BBH GLOBAL CORE SELECT 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued) 

October 31, 2015 

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

The graph below illustrates the hypothetical investment of $10,000¹ in the Class N shares of the Fund since inception, (March 28, 2013) to October 31, 2015 as compared to the MSCI World Index.

The annualized gross expense ratios as in the March 2, 2015 prospectus for Class N and Retail Class shares were 1.32% and 3.36%, 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.

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.

¹ 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.

FINANCIAL STATEMENTS   OCTOBER 31, 2015  5

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 the BBH Trust (the “Fund”) as of October 31, 2015, 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 periods presented. 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, 2015, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such 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, 2015, 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 periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
December 22, 2015

6

BBH GLOBAL CORE SELECT 

PORTFOLIO ALLOCATION 

October 31, 2015 

COUNTRY DIVERSIFICATION

	U.S. $ Value		Percent of Net Assets
Canada	$	5,776,188		4.2	%
Curaçao		2,469,856		1.8
France		7,560,240		5.5
Germany		5,903,075		4.3
Italy		3,832,811		2.8
Netherlands		2,272,319		1.7
Sweden		4,985,529		3.7
Switzerland		11,375,537		8.4
United Kingdom		13,969,848		10.3
United States		64,933,366		47.7
Repurchase Agreements		6,500,000		4.8
Cash and Other Assets in Excess of Liabilities		6,519,706		4.8
NET ASSETS	$	136,098,475		100.0	%

All data as of October 31, 2015. The BBH Global Core Select Fund’s (the “Fund”) country diversification is expressed as a percentage of net assets and may vary over time. The Fund’s country diversification is based on the respective security’s country of incorporation.

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

FINANCIAL STATEMENTS   OCTOBER 31, 2015  7

BBH GLOBAL CORE SELECT 

PORTFOLIO ALLOCATION (continued) 

October 31, 2015 

SECTOR DIVERSIFICATION

	U.S. $ Value		Percent of Net Assets
Basic Materials	$	12,700,612		9.3	%
Communications		18,464,112		13.6
Consumer Cyclical		8,180,965		6.0
Consumer Non-Cyclical		42,003,555		30.9
Energy		12,592,623		9.2
Financials		10,936,065		8.0
Technology		18,200,837		13.4
Repurchase Agreements		6,500,000		4.8
Cash and Other Assets in Excess of Liabilities		6,519,706		4.8
NET ASSETS	$	136,098,475		100.0	%

All data as of October 31, 2015. The Fund’s sector diversification is expressed as a percentage of net assets and may vary over time.

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

8

BBH GLOBAL CORE SELECT 

PORTFOLIO OF INVESTMENTS 

October 31, 2015 

Shares			Value
		COMMON STOCKS (90.4%)
		CANADA (4.2%)
		ENERGY
	81,750	ARC Resources, Ltd.	$	1,206,014
	74,300	Vermilion Energy, Inc.		2,615,765
				3,821,779
		FINANCIALS
	27,350	Intact Financial Corp.		1,954,409
		Total Canada		5,776,188
		CURAÇAO (1.8%)
		ENERGY
	31,600	Schlumberger, Ltd.		2,469,856
		Total Curaçao		2,469,856
		FRANCE (5.5%)
		COMMUNICATIONS
	61,370	JCDecaux S.A.		2,508,057
		CONSUMER NON-CYCLICAL
	49,900	Sanofi		5,052,183
		Total France		7,560,240
		GERMANY (4.3%)
		BASIC MATERIALS
	33,300	Brenntag AG		2,020,584
	91,800	Fuchs Petrolub AG		3,810,242
	1,500	Fuchs Petrolub AG (Preference Shares)		72,249
		Total Germany		5,903,075
		ITALY (2.8%)
		CONSUMER NON-CYCLICAL
	446,450	Davide Campari-Milano SpA (Loyalty Shares)		3,832,811
		Total Italy		3,832,811
		NETHERLANDS (1.7%)
		CONSUMER NON-CYCLICAL
	50,200	Unilever NV		2,272,319
		Total Netherlands		2,272,319

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

FINANCIAL STATEMENTS   OCTOBER 31, 2015  9

BBH GLOBAL CORE SELECT 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Shares			Value
		COMMON STOCKS (continued)
		SWEDEN (3.7%)
		ENERGY
	262,675	Lundin Petroleum AB1	$	3,824,396
		FINANCIALS
	85,100	Svenska Handelsbanken AB (Class A)		1,161,133
		Total Sweden		4,985,529
		SWITZERLAND (8.4%)
		CONSUMER NON-CYCLICAL
	70,325	Nestle SA		5,389,270
	65,775	Novartis AG		5,986,267
		Total Switzerland		11,375,537
		UNITED KINGDOM (10.3%)
		COMMUNICATIONS
	66,325	Nielsen Holdings, Plc.		3,151,101
		CONSUMER NON-CYCLICAL
	208,600	Aggreko, Plc.		2,943,337
	187,125	Diageo, Plc.		5,420,565
	25,100	Reckitt Benckiser Group, Plc.		2,454,845
				10,818,747
		Total United Kingdom		13,969,848
		UNITED STATES (47.7%)
		BASIC MATERIALS
	45,600	Celanese Corp. (Series A)		3,239,880
	32,025	Praxair, Inc.		3,557,657
				6,797,537
		COMMUNICATIONS
	2,155	Alphabet, Inc. (Class A)1		1,589,075
	9,023	Alphabet, Inc. (Class C)1		6,413,639
	174,500	Discovery Communications, Inc. (Class C)1		4,802,240
				12,804,954
		CONSUMER CYCLICAL
	63,150	Bed, Bath & Beyond, Inc.1		3,765,634
	86,900	Sally Beauty Holdings, Inc.1		2,043,019
	41,445	Wal-Mart Stores, Inc.		2,372,312
				8,180,965

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

10

BBH GLOBAL CORE SELECT 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Shares			Value
		COMMON STOCKS (continued)
		UNITED STATES (continued)
		CONSUMER NON-CYCLICAL
	63,800	Baxalta, Inc.	$	2,198,548
	47,800	PayPal Holdings, Inc.1		1,721,278
	110,024	Zoetis, Inc.		4,732,132
				8,651,958
		ENERGY
	33,225	Occidental Petroleum Corp.		2,476,592
		FINANCIALS
	144,450	Wells Fargo & Co.		7,820,523
		TECHNOLOGY
	114,775	Microsoft Corp.		6,041,756
	180,225	Oracle Corp.		6,999,939
	86,825	QUALCOMM, Inc.		5,159,142
				18,200,837
		Total United States		64,933,366
		Total Common Stocks (Identified cost $111,661,246)		123,078,769

Principal Amount			Maturity Date	Interest Rate
		REPURCHASE AGREEMENTS (4.8%)
$	6,500,000	National Australia Bank (Agreement dated
		10/30/2015 collateralized by U.S. Treasury
		Note 1.375%, due 06/30/18, original par
		$6,545,000, valued at $6,630,000)	11/02/15	0.070	%	6,500,000
		Total Repurchase Agreements
		(Identified cost $6,500,000)				6,500,000
TOTAL INVESTMENTS (Identified cost $118,161,246)2				95.2	%	$129,578,769
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES				4.8	%	6,519,706
NET ASSETS				100.0	%	$136,098,475

¹ Non-income producing security.

² The aggregate cost for federal income tax purposes is $119,062,478, the aggregate gross unrealized appreciation is $20,236,301 and the aggregate gross unrealized depreciation is $9,720,010, resulting in net unrealized appreciation of $10,516,291.

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

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

FINANCIAL STATEMENTS   OCTOBER 31, 2015  11

BBH GLOBAL CORE SELECT 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

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).

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.

12

BBH GLOBAL CORE SELECT 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

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, 2015.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)*		Significant Other Observable Inputs (Level 2)*		Significant Unobservable Inputs (Level 3)*		Balance as of October 31, 2015
Basic Materials	$	6,797,537	$	5,903,075	$	—	$	12,700,612
Communications		15,956,055		2,508,057		—		18,464,112
Consumer Cyclical		8,180,965		—		—		8,180,965
Consumer Non-Cyclical		8,651,958		33,351,597		—		42,003,555
Energy		8,768,227		3,824,396		—		12,592,623
Financials		9,774,932		1,161,133		—		10,936,065
Technology		18,200,837		—		—		18,200,837
Repurchase Agreements		—		6,500,000		—		6,500,000
Investments, at value	$	76,330,511	$	53,248,258	$	—	$	129,578,769

* 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, 2015.

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

FINANCIAL STATEMENTS   OCTOBER 31, 2015  13

BBH GLOBAL CORE SELECT 

STATEMENT OF ASSETS AND LIABILITIES 

October 31, 2015 

ASSETS:
Investments in securities, at value (Identified cost $111,661,246)	$	123,078,769
Repurchase agreements (Identified cost $6,500,000)		6,500,000
Cash		6,554,642
Foreign currency at value (Identified cost $434,894)		435,932
Receivables for:
Dividends		232,103
Shares sold		50,000
Investment advisory and administrative fees waiver reimbursement		2,768
Interest		25
Prepaid assets		1,173
Total Assets		136,855,412
LIABILITIES:
Payables for:
Investments purchased		428,723
Shares redeemed		114,102
Investment advisory and administrative fees		107,536
Professional fees		55,263
Shareholder servicing fees		16,979
Custody and fund accounting fees		5,906
Transfer agent fees		2,498
Distributors fees		1,995
Board of Trustees’ fees		950
Accrued expenses and other liabilities		22,985
Total Liabilities		756,937
NET ASSETS	$	136,098,475
Net Assets Consist of:
Paid-in capital	$	124,328,764
Undistributed net investment income		572,705
Accumulated net realized gain on investments in securities and foreign
exchange transactions		(203,983		)
Net unrealized appreciation/(depreciation) on investments in securities
and foreign currency translations		11,400,989
Net Assets	$	136,098,475
NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($132,406,566 ÷ 11,645,192 shares outstanding)			$11.37
RETAIL CLASS SHARES
($3,691,909 ÷ 326,341 shares outstanding)			$11.31

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

14

BBH GLOBAL CORE SELECT 

STATEMENT OF OPERATIONS 

For the year ended October 31, 2015 

NET INVESTMENT INCOME:
Income:
Dividends (net of foreign withholding taxes of $236,223)	$	2,501,755
Interest and other income		7,755
Total Income		2,509,510
Expenses:
Investment advisory and administrative fees		1,322,786
Shareholder servicing fees		208,861
Professional fees		66,519
Board of Trustees’ fees		59,472
Custody and fund accounting fees		33,696
Transfer agent fees		27,342
Distributors fees		26,227
Miscellaneous expenses		125,143
Total Expenses		1,870,046
Investment advisory and administrative fees waiver		(115,698	)
Expense offset arrangement		(6,983	)
Net Expenses		1,747,365
Net Investment Income		762,145
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments in securities		168,879
Net realized loss on foreign exchange transactions		(67,483	)
Net realized gain on investments in securities and foreign exchange
transactions and translations		101,396
Net change in unrealized appreciation/(depreciation) on investments in
securities		2,423,101
Net change in unrealized appreciation/(depreciation) on foreign
currency translations		(204	)
Net change in unrealized appreciation/(depreciation) on investments
in securities and foreign currency translations		2,422,897
Net Realized and Unrealized Gain		2,524,293
Net Increase in Net Assets Resulting from Operations	$	3,286,438

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

FINANCIAL STATEMENTS   OCTOBER 31, 2015  15

BBH GLOBAL CORE SELECT 

STATEMENTS OF CHANGES IN NET ASSETS 

October 31, 2015 

	For the years ended October 31,
	2015			2014
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	762,145		$	1,380,798
Net realized gain on investments in securities and
foreign exchange transactions and translations		101,396			1,381,711
Net change in unrealized appreciation/(depreciation)
on investments in securities and foreign currency
translations		2,422,897			2,913,514
Net increase in net assets resulting from
operations		3,286,438			5,676,023
Dividends and distributions declared:
From net investment income:
Class N		(1,402,150	)		(202,109	)
Retail Class		(27,140	)		(1,387	)
From net realized gains:
Class N		(1,446,840	)		(272,366	)
Retail Class		(28,597	)		(5,097	)
Total dividends and distributions declared		(2,904,727	)		(480,959	)
Share transactions:
Proceeds from sales of shares		37,114,739			90,631,256
Net asset value of shares issued to shareholders for
reinvestment of dividends and distributions		2,765,427			465,412
Proceeds from short-term redemption fees		—			22,617
Cost of shares redeemed		(33,059,963	)		(57,344,474	)
Net increase in net assets resulting from
share transactions		6,820,203			33,774,811
Total increase in net assets		7,201,914			38,969,875
NET ASSETS:
Beginning of year		128,896,561			89,926,686
End of year (including undistributed net investment
income of $572,705 and $1,308,016, respectively)	$	136,098,475		$	128,896,561

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

16

BBH GLOBAL CORE SELECT 

FINANCIAL HIGHLIGHTS 

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

	For the years ended October 31,						For the period from March 28, 2013 (commencement of operations) to October 31,
	2015			2014			2013
Net asset value, beginning of period	$	11.27		$	10.99		$	10.00
Income from investment operations:
Net investment income1		0.06			0.12			0.03
Net realized and unrealized gain		0.30			0.21			0.96
Total income from investment operations		0.36			0.33			0.99
Less dividends and distributions:
From net investment income		(0.13	)		(0.02	)		—
From net realized gains		(0.13	)		(0.03	)		—
Total dividends and distributions		(0.26	)		(0.05	)		—
Short-term redemption fees1		—			0.00	2		—
Net asset value, end of period	$	11.37		$	11.27		$	10.99
Total return		3.27	%		3.01	%		9.90	%3
Ratios/Supplemental data:
Net assets, end of period (in millions)	$	132		$	127		$	88
Ratio of expenses to average net assets
before reductions		1.31	%		1.32	%		1.87	%4
Fee waiver		0.05	%5		0.07	%5		0.61	%4,5
Expense offset arrangement		0.01	%		0.00	%6		0.01	%4
Ratio of expenses to average net assets after
reductions		1.25	%		1.25	%		1.25	%4
Ratio of net investment income to average
net assets		0.55	%		1.01	%		0.50	%4
Portfolio turnover rate		31	%		40	%		6	%7

¹ Calculated using average shares outstanding for the period.

² Less than $0.01.

³ Not annualized.

⁴ Annualized.

⁵ The ratio of expenses to average net assets for the fiscal years ended October 31, 2015 and 2014 and the period ended October 31, 2013 reflect fees reduced as result of a contractual operating expense limitation of the share class to 1.25%. The agreement is effective for the period beginning on March 28, 2013 through April 1, 2014 and has been renewed by all parties to the agreement through March 1, 2016. For the fiscal years ended October 31, 2015 and 2014 and the period ended October 31, 2013, the waived fees were $74,640, $90,671 and $152,928 respectively.

⁶ Less than 0.01%.

⁷ Represents Fund portfolio turnover for the period ended October 31, 2013.

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

FINANCIAL STATEMENTS   OCTOBER 31, 2015  17

BBH GLOBAL 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 April 2, 2013 (commencement of operations) to October 31,
	2015			2014			2013
Net asset value, beginning of period	$	11.24		$	10.98		$	10.00
Income from investment operations:
Net investment income1		0.03			0.07			0.00	2
Net realized and unrealized gain		0.29			0.22			0.98
Total income from investment operations		0.32			0.29			0.98
Less dividends and distributions:
From net investment income		(0.12	)		(0.01	)		—
From net realized gains		(0.13	)		(0.03	)		—
Total dividends and distributions		(0.25	)		(0.04	)		—
Short-term redemption fees1		—			0.01			0.00	2
Net asset value, end of period	$	11.31		$	11.24		$	10.98
Total return		2.98	%		2.70	%		9.80	%3
Ratios/Supplemental data:
Net assets, end of period (in millions)	$	4		$	2		$	2
Ratio of expenses to average net assets before
reductions		2.93	%		3.36	%		4.88	%4
Fee waiver		1.43	%5		1.86	%5		3.37	%4,5
Expense offset arrangement		0.00	%6		0.00	%6		0.01	%4
Ratio of expenses to average net assets after
reductions		1.50	%		1.50	%		1.50	%4
Ratio of net investment income to average
net assets		0.29	%		0.61	%		0.02	%4
Portfolio turnover rate		31	%		40	%		6	%7

¹ Calculated using average shares outstanding for the period.

² Less than $0.01.

³ Not annualized.

⁴ Annualized.

⁵ The ratio of expenses to average net assets for the fiscal years ended October 31, 2015 and 2014 and the period ended October 31, 2013 reflect fees reduced as result of a contractual operating expense limitation of the share class to 1.50%. The agreement is effective for the period beginning on March 28, 2013 through April 1, 2014 and has been renewed by all parties to the agreement through March 1, 2016. For the fiscal years ended October 31, 2015 and 2014 and the period ended October 31, 2013, the waived fees were $41,058, $41,099 and $17,913, respectively.

⁶ Less than 0.01%

⁷ Represents Fund portfolio turnover for the period ended October 31, 2013.

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

18

BBH GLOBAL CORE SELECT 

NOTES TO FINANCIAL STATEMENTS 

October 31, 2015 

1. 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 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 automatically convert to any other class of shares of the Fund. As of October 31, 2015 there were six series of the Trust.

2. 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:

A. 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.

B. Accounting for Investments and Income. Investment transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined based on the identified cost method. Dividend income and other distributions received from portfolio securities are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are

FINANCIAL STATEMENTS   OCTOBER 31, 2015  19

BBH GLOBAL CORE SELECT 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

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.

C. 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.

D. 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, 2015 are shown on a gross basis and the required disclosures under Accounting Standards Update (“ASU”) 2013-01 are shown in the Portfolio of Investments. Repurchase agreements are subject to credit risks.

E. 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.

20

BBH GLOBAL CORE SELECT 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

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

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

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

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

FINANCIAL STATEMENTS   OCTOBER 31, 2015  21

BBH GLOBAL CORE SELECT 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

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, 2015, 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, 2015, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for all open tax years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

G. Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, if any, are paid annually and are recorded on the ex-dividend date. The Fund declared dividends in the amount of $2,848,990 and $55,737 to Class N and Retail Class shareholders, respectively, during the year ended October 31, 2015. In addition, the Fund designated a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

The tax character of distributions paid during the fiscal year ended October 31, 2015, was as follows:

Distributions paid from:
	Ordinary income		Net long-term capital gain		Total taxable distributions		Tax return of capital	Total distributions paid
2015:	$	1,846,286	$	1,058,441	$	2,904,727	—	$	2,904,727
2014:		450,565		30,394		480,959	—		480,959

As of October 31, 2015 and 2014, 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)
2015:	$	572,705	$	697,249	$	1,269,954	—	$	(901,232	)	$	11,400,989	$	11,769,711
2014:		1,724,328		1,058,006		2,782,334	—		(99,766	)		8,978,092		11,660,660

The Fund did not have a net capital loss carryforward at October 31, 2015.

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.

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BBH GLOBAL CORE SELECT 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

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, if any; such gains will not be distributed.

H. 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.

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

4. Fees and Other Transactions with Affiliates.

A. Investment Advisory and Administrative Fees. Under a combined Investment Advisory and Administrative Services Agreement (“Agreement”) with the Trust, Brown Brothers Harriman & Co. (“BBH”) through a separately identifiable department (“SID” or “Investment Adviser”) provides investment advisory and portfolio management services to the Fund. BBH also provides administrative services to the Fund. The Fund pays a combined fee for investment advisory and administrative services calculated daily and paid monthly at an annual rate equivalent to 0.95% of the Fund’s average daily net assets. For the year ended October 31, 2015, the Fund incurred $1,322,786 under the Agreement.

B. Investment Advisory and Administrative Fee Waivers. Effective March 28, 2013 (commencement of operations), 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 1.25%. 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, 2015, the Investment Adviser waived fees in the amount of $74,640 and $41,058 for Class N and Retail Class, respectively.

FINANCIAL STATEMENTS   OCTOBER 31, 2015  23

BBH GLOBAL CORE SELECT 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

C. 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, 2015, the Fund incurred shareholder servicing fees in the amount of $204,549 and $4,312 for Class N and Retail Class, respectively.

D. 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 along with the investment advisory and waiver agreements above, 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, 2015, Retail Class shares of the Fund incurred $7,176 for Distribution (12b-1) Fees.

E. 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, 2015, the Fund incurred $33,696 in custody and fund accounting fees. These fees for the Fund were reduced by $6,983 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, 2015, was $1.

F. 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, 2015, the Fund incurred $59,472 in independent Trustee compensation and reimbursements.

5. Investment Transactions. For the year ended October 31, 2015, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $38,285,270 and $39,248,264 respectively.

24

BBH GLOBAL CORE SELECT 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

6. 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, 2015						For the period ended October 31, 2014*
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		3,101,881		$	35,317,796			7,899,060		$	88,700,654
Shares issued in connection with
reinvestments of dividends		251,363			2,717,235			41,919			460,270
Proceeds from short-term redemption fees		N/A			N/A			N/A			21,404
Shares redeemed		(2,950,519	)		(32,701,259	)		(4,721,624	)		(55,847,069	)
Net increase		402,725		$	5,333,772			3,219,355		$	33,335,259
Retail Class
Shares sold		157,233		$	1,796,943			169,368		$	1,930,602
Shares issued in connection with
reinvestments of dividends		4,470			48,192			469			5,142
Proceeds from short-term redemption fees		N/A			N/A			N/A			1,213
Shares redeemed		(31,915	)		(358,704	)		(130,235	)		(1,497,405	)
Net increase		129,788		$	1,486,431			39,602		$	439,552

7. Principal Risk Factors and Indemnifications.

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

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Investment Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). Price movements may occur due to factors affecting individual companies, such as the issuance of an unfavorable earnings report, or other events affecting particular industries or the equity market as a whole (equity securities risk). The value of securities held by the Fund may fall due to changing economic, political, regulatory or market conditions, or due to a company’s or issuer’s individual situation (market risk). Stocks of medium-sized companies tend to be more volatile and less liquid than stocks of large companies (medium-sized company risk). In the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to assumption of large positions in securities of a small number of issuers (non-diversification risk). There are certain risks associated with investing in foreign securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (foreign investment risk), capital controls imposed by foreign

FINANCIAL STATEMENTS   OCTOBER 31, 2015  25

BBH GLOBAL CORE SELECT 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

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.

B. 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.

8. Subsequent Events. Management has evaluated events and transactions that have occurred since October 31, 2015 through the date the financial statements were issued. The Board recently approved changes to the shareholder servicing fees and the investment advisory and administration fees agreements. Effective November 1, 2015, the shareholder servicing fees were increased from 0.15% to 0.20% of Class N and Retail Class shares’ average daily net assets. The investment advisory and administration fees were changed from a flat rate of 0.95% per annum to 0.95% per annum on the first $3,000,000,000 of the Fund’s net assets and 0.90% per annum on the Fund’s net assets over $3,000,000,000. The fees will continue to be calculated daily and paid monthly. There were no other subsequent events that would require recognition or additional disclosure in the financial statements.

26

BBH GLOBAL CORE SELECT 

DISCLOSURE OF FUND EXPENSES 

October 31, 2015 (unaudited) 

EXAMPLE

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2015 to October 31, 2015).

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

FINANCIAL STATEMENTS   OCTOBER 31, 2015  27

BBH GLOBAL CORE SELECT 

DISCLOSURE OF FUND EXPENSES (continued) 

October 31, 2015 (unaudited) 

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

	Beginning Account Value May 1, 2015	Ending Account Value October 31, 2015	Expenses Paid During Period May 1, 2015 to October 31, 20151
Class N
Actual	$1,000	$980	$6.24
Hypothetical2	$1,000	$1,019	$6.36

	Beginning Account Value May 1, 2015	Ending Account Value October 31, 2015	Expenses Paid During Period May 1, 2015 to October 31, 20151
Retail Class
Actual	$1,000	$978	$7.38
Hypothetical2	$1,000	$1,018	$7.53

¹ Expenses are equal to the Fund’s annualized expense ratio of 1.25% and 1.48% 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).

² 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.

28

BBH GLOBAL CORE SELECT 

DISCLOSURE OF ADVISOR SELECTION 

October 31, 2015 (unaudited) 

Investment Advisory and Administrative Services Agreement Approval

The Board, a majority of which is comprised of Independent Trustees, held an in-person meeting on September 23, 2015 (the “Meeting”), to consider an amendment to the fee schedule of the Investment Advisory and Administrative Services Agreement (the “Agreement”) between the Trust and BBH, as a separately identifiable department (“the Investment Adviser”), with respect to the Fund. Specifically, the Investment Adviser proposed to amend the fee schedule to the Agreement in order to institute a graduated investment advisory fee for the Fund. Under the amendment, for assets above the $3 billion asset level, the Fund would be charged an investment advisory fee of 0.90%, or 5 basis points lower than the 0.95% charged on net assets up to $3 billion. The Board had previously reviewed and approved an investment advisory fee of 0.95% of the Fund’s average daily net assets under the Agreement.

In approving the amendment to the Agreement’s fee schedule with respect to the Fund, the Board, including a majority of the Independent Trustees, determined that the terms of the Agreement were fair and reasonable and that it had received sufficient information to make an informed business decision with respect to the Agreement. In reaching this decision, the Board considered all factors it believed relevant, including: (i) the nature, extent and quality of the Investment Adviser’s services; (ii) the investment performance of the Fund; (iii) the Investment Adviser’s cost and profits realized in providing its services, including any “fall-out” benefits; and (iv) the extent to which shareholders realized economies of scale as the Fund grows larger, as well as fee structures of comparable investment companies.

The following is a summary of the Board’s, including the Independent Trustees, considerations in making its determination to approve the amendments to the Agreement. No single factor reviewed by the Board was identified as the principal factor in determining whether to approve the amendments to the Agreement, and individual Trustees may have given different weight to various factors. At the Meeting, the Board reviewed these factors with Fund counsel and met in executive session outside the presence of Fund management.

The Board noted that there were no proposed changes to the scope of services to be provided by the Investment Adviser pursuant to the Agreement. The Board further noted that at the Meeting, and over the course of its regular meetings throughout the year, it received reports on the status of these services, including with respect to: supervision of operations and compliance and regulatory filings; disclosures to Fund shareholders; general oversight of service providers; policies and practices followed by BBH and the Investment Adviser as well as the standards applied in seeking best execution; and policies and practices regarding soft dollars. The Board also took into consideration and remained satisfied with the qualifications and expertise of the Fund’s portfolio management team. The Board noted that it was satisfied with the nature, extent and quality of services historically provided by the Investment Adviser to the Fund and its shareholders.

FINANCIAL STATEMENTS   OCTOBER 31, 2015  29

BBH GLOBAL CORE SELECT 

DISCLOSURE OF ADVISOR SELECTION (continued) 

October 31, 2015 (unaudited) 

The Board received a presentation at the Meeting with respect to investment performance and noted that the Fund’s performance was satisfactory, given its short operating history, with strong absolute performance since inception and positive performance trending over the more recent 3-month and year-to-date periods. In evaluating the performance of the Fund, the Board considered the risk expectations for the Fund as well as the level of Fund performance in the context of its review.

With respect to the fees payable under the Agreement and the costs of services to be provided by the Adviser, the Board recalled its previous analysis of a report compiled by an independent third party regarding the Fund’s comparison to similar competitor funds in the market with respect to fees and expenses and performance. The Board also considered that the fee waiver arrangement would remain in place for the Fund and considered the actual fee rates, after taking into account the waiver. With respect to profitability and the fall-out benefits to be realized by the Investment Adviser, the Board noted that, at its December 3, 2014 Meeting, it reviewed the Investment Adviser and BBH’s profitability data for the Fund for the nine-months ended September 30, 2013, and for the prior four years. The Board concluded that the investment advisory and administration fee, as amended, appeared to be reasonable in light of the services rendered and was the result of arm’s length negotiations.

The Board considered the extent to which economies of scale would be realized at various asset levels as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board noted that the imposition of breakpoints in the amounts and manner proposed by the Adviser would not affect the fee rate paid to the Investment Adviser at the Fund’s then-current asset levels, but would serve to pass economies of scale to shareholders by regulating the profitability of the Adviser with respect to the Fund as assets grew over time.

The Board concluded that based on the information provided at this Meeting, and at previous meetings of the Board, the amendments to the Agreement’s fee schedule seemed fair and reasonable in relation to the services performed and it was unanimously approved.

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BBH GLOBAL CORE SELECT 

CONFLICTS OF INTEREST 

October 31, 2015 (unaudited) 

Conflicts of Interest

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

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

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

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

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

FINANCIAL STATEMENTS   OCTOBER 31, 2015  31

BBH GLOBAL CORE SELECT 

CONFLICTS OF INTEREST (continued) 

October 31, 2015 (unaudited) 

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.

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

32

BBH GLOBAL CORE SELECT 

CONFLICTS OF INTEREST (continued) 

October 31, 2015 (unaudited) 

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, 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.

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, 2015  33

BBH GLOBAL CORE SELECT 

ADDITIONAL FEDERAL TAX INFORMATION 

October 31, 2015 (unaudited) 

BBH Global Core Select (the “Fund”) hereby designates $1,058,441 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 $1,846,286 as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended October 31, 2015. In January 2016, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2015. 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, 2015 qualifies for the dividends received deduction available to corporate shareholders.

34

TRUSTEES AND OFFICERS OF BBH GLOBAL CORE SELECT 

(unaudited) 

Information pertaining to the Trustees of the executive officers of the BBH Trust is set forth below. The mailing address for each Trustee is c/o BBH Trust, 140 Broadway, New York, NY 10005.

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.
Andrew S. Frazier Birth Date: April 8, 1948	Trustee	Since 2010	Consultant to Western World Insurance Group, Inc. (“WWIG”) (January 2010 to January 2012).	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 2012).	6	Trustee, Bridge Builder Trust (8 Funds) Director, Teton Advisors, Inc. (a registered investment adviser).

FINANCIAL STATEMENTS   OCTOBER 31, 2015  35

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
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.

36

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.
Paul F. Gallagher 140 Broadway New York, NY 10005 Birth Date: June 28, 1959	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2015	Senior Vice President of BBH&Co. since September 2015; Executive Director and Counsel, Morgan Stanley Smith Barney LLC (2009-September 2015).
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.
James D. Kerr 50 Post Office Square Boston, MA 02110 Birth Date: January 5, 1983	Assistant Secretary	Since 2015	Associate and Investor Services Assistant Counsel since 2014; joined BBH&Co. in 2013; Assistant District Attorney, Middlesex County, Massachusetts (October 2011 to September 2013); Judicial Law Clerk, Massachusetts Court of Appeals (September 2010 to September 2011).

# 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). Mr. Wagner 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, 2015  37

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

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, 2015

BBH International Equity Fund

BBH INTERNATIONAL EQUITY FUND 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE 

October 31, 2015 

For the 12-month period ended October, 31 2015, the BBH International Equity Fund (the “Fund” or “BBH International”) Class N Shares returned -1.65% net of fees. The Fund’s benchmark, the MSCI Europe, Australasia Far East Index¹ (the “EAFE”), returned -0.07% over the same period. For the five years ending October 31, 2015, BBH International has returned 4.32% per year while the MSCI EAFE has increased 4.81%.

Since 2004, the Fund has been employing a manager of managers approach whereby portions of the Fund are allocated to two different investment sub-advisers who employ distinct investment styles. 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 investment objective of the Fund is to provide investors with long-term maximization of total return, primarily through capital appreciation.

Mondrian Investment Partners is a value-oriented manager. Its strategy attempts to preserve capital during protracted global market declines. Dividend yield and future real growth play a central role in the investment team’s decision making process, and, over time, the dividend component is expected to be a meaningful portion of total return. Mondrian seeks to provide a rate of return meaningfully greater than inflation. Portfolio strategy is based on in-depth, fundamental, independent analysis at the company, currency and country levels. Company valuations include detailed modeling of companies’ balance sheets, cash flow statements and income statements, from which future dividend streams are estimated and discounted back to the present to gauge what is believed to be the intrinsic, or true, value of the company. Currency valuations are based on long-term analysis. Country valuations take account of in-house analysis of the economic, demographic and sociopolitical environments and ultimately also take the form of dividend discount models. Mondrian uses the same dividend discount valuation model and real discount rate across all markets, industries and stocks. This allows for a consistent basis of comparison within its decision-making framework.

Walter Scott invests in companies that meet its principal criteria — stocks that it believes are capable of wealth generation of 20% compounded — in order to achieve portfolio real returns of 7-10% for investors. Walter Scott defines wealth generation as the cash that is generated from the operating assets

1 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.

2 

BBH INTERNATIONAL EQUITY FUND 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued) 

October 31, 2015 

of a company. The investment team believes that companies that generate consistently high levels of cash from their activities reflect highly successful and sustainable businesses. The key criteria used to evaluate a company are: growth, financial health with an emphasis on internal cash generation and minimal debt, market leadership, barriers to entry in the market, sustainability of the business franchise and the competence and integrity of the company’s management team. Investment returns derive from compounding, and so Walter Scott takes a long-term (3 — 5 year) approach to investing.

The Fund underperformed its benchmark primarily due to security selection in the Utility sector as well as an overweight to the Energy sector, the weakest performing sector for the year. Specifically, shares in RWE AG and CNOOC acted as a drag on the Fund’s performance. Security selection in the Industrial sector in businesses like Aggreko, Komatsu and SEMBCorp Industries also detracted from the Fund’s performance. Individual stocks that performed well over the 12-month period included: Tokio Marine Holdings and Deutsche Telekom AK.

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.

FINANCIAL STATEMENTS OCTOBER 31, 2015 3 

BBH INTERNATIONAL EQUITY FUND 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued) 

October 31, 2015 

Growth of $10,000 Invested in BBH International Equity

The graph below illustrates the hypothetical investment of $10,000¹ in the Class N shares of the Fund over the ten years ended October 31, 2015 as compared to the MSCI EAFE.

The annualized gross expense ratios as in the March 2, 2015 prospectus for Class N and Class I shares were 1.12% 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.

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.

1 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.

4 

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 the BBH Trust (the “Fund”) as of October 31, 2015, 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, 2015, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such 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, 2015, 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, 2015

FINANCIAL STATEMENTS OCTOBER 31, 2015 5 

BBH INTERNATIONAL EQUITY FUND 

PORTFOLIO ALLOCATION 

October 31, 2015 

COUNTRY DIVERSIFICATION

	U.S. $ Value		Percent of Net Assets
Australia	$	18,206,714		2.5	%
Bermuda		11,569,618		1.6
Denmark		9,746,038		1.3
Finland		8,211,200		1.1
France		63,347,474		8.6
Germany		52,376,105		7.2
Hong Kong		52,643,335		7.2
Israel		1,982,865		0.3
Italy		8,626,886		1.2
Japan		153,468,522		20.9
Jersey		7,438,410		1.0
Netherlands		9,123,393		1.2
Norway		1,333,109		0.2
Singapore		25,005,747		3.4
Spain		31,998,276		4.4
Sweden		21,489,106		2.9
Switzerland		102,490,126		14.0
Taiwan		12,353,120		1.7
United Kingdom		131,813,569		18.0
Cash and Other Assets in Excess of Liabilities		9,451,943		1.3
NET ASSETS	$	732,675,556		100.0	%

All data as of October 31, 2015. 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.

6 

BBH INTERNATIONAL EQUITY FUND 

PORTFOLIO ALLOCATION (continued) 

October 31, 2015 

SECTOR DIVERSIFICATION

	U.S. $ Value		Percent of Net Assets
Basic Materials	$	41,425,143		5.6	%
Communications		67,378,569		9.2
Consumer Cyclical		84,976,588		11.6
Consumer Non-Cyclical		215,904,174		29.5
Diversified		11,569,618		1.6
Energy		54,022,702		7.4
Financials		84,101,258		11.5
Industrials		79,335,538		10.8
Technology		41,882,627		5.7
Utilities		42,627,396		5.8
Cash and Other Assets in Excess of Liabilities		9,451,943		1.3
NET ASSETS	$	732,675,556		100.0	%

All data as of October 31, 2015. The Fund’s sector diversification is expressed as a percentage of net assets and may vary over time.

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 7 

BBH INTERNATIONAL EQUITY FUND 

PORTFOLIO OF INVESTMENTS 

October 31, 2015 

Shares			Value
		COMMON STOCKS (98.7%)
		AUSTRALIA (2.5%)
		CONSUMER NON-CYCLICAL
	75,900	Cochlear, Ltd.	$	4,823,532
	135,500	CSL, Ltd.		9,013,711
				13,837,243
		FINANCIALS
	469,076	QBE Insurance Group, Ltd.		4,369,471
		Total Australia		18,206,714
		BERMUDA (1.6%)
		DIVERSIFIED
	213,300	Jardine Matheson Holdings, Ltd.		11,569,618
		Total Bermuda		11,569,618
		DENMARK (1.3%)
		CONSUMER NON-CYCLICAL
	88,928	ISS AS		3,137,719
	124,200	Novo Nordisk AS (Class B)		6,608,319
		Total Denmark		9,746,038
		FINLAND (1.1%)
		INDUSTRIALS
	191,900	Kone OYJ (Class B)		8,211,200
		Total Finland		8,211,200
		FRANCE (8.6%)
		BASIC MATERIALS
	63,400	Air Liquide SA		8,236,311
		CONSUMER CYCLICAL
	44,800	LVMH Moet Hennessy Louis Vuitton SA		8,370,212
		CONSUMER NON-CYCLICAL
	111,000	Danone SA		7,760,494
	57,200	Essilor International SA		7,537,915
	40,600	L’Oreal SA		7,428,366
	112,433	Sanofi		11,383,410
				34,110,185

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

8 

BBH INTERNATIONAL EQUITY FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Shares			Value
		COMMON STOCKS (continued)
		FRANCE (continued)
		FINANCIALS
	83,446	Societe Generale SA	$	3,890,787
		INDUSTRIALS
	174,527	Cie de St-Gobain		7,344,449
	125,294	Vallourec SA		1,395,530
				8,739,979
		Total France		63,347,474
		GERMANY (7.2%)
		COMMUNICATIONS
	482,562	Deutsche Telekom AG		9,061,151
		CONSUMER CYCLICAL
	85,400	Adidas AG		7,687,723
	71,263	Daimler AG (Class Registered)		6,210,053
				13,897,776
		FINANCIALS
	35,264	Allianz SE		6,200,834
		TECHNOLOGY
	213,139	SAP SE		16,921,465
		UTILITIES
	450,421	RWE AG		6,294,879
		Total Germany		52,376,105
		HONG KONG (7.2%)
		COMMUNICATIONS
	1,145,500	China Mobile, Ltd.		13,620,032
		ENERGY
	7,352,000	CNOOC, Ltd.		8,342,940

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 9 

BBH INTERNATIONAL EQUITY FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Shares			Value
		COMMON STOCKS (continued)
		HONG KONG (continued)
		FINANCIALS
	1,579,600	AIA Group, Ltd.	$	9,213,894
	3,025,000	Hang Lung Properties, Ltd.		7,397,256
				16,611,150
		UTILITIES
	622,000	CLP Holdings, Ltd.		5,429,689
	4,257,738	Hong Kong & China Gas Co., Ltd.		8,639,524
				14,069,213
		Total Hong Kong		52,643,335
		ISRAEL (0.3%)
		CONSUMER NON-CYCLICAL
	33,500	Teva Pharmaceutical Industries, Ltd. ADR		1,982,865
		Total Israel		1,982,865
		ITALY (1.2%)
		ENERGY
	526,548	ENI SpA		8,626,886
		Total Italy		8,626,886
		JAPAN (20.9%)
		BASIC MATERIALS
	143,000	Shin-Etsu Chemical Co., Ltd.		8,465,540
		COMMUNICATIONS
	156,100	NTT DOCOMO, Inc.		3,063,731
	424,500	Rakuten, Inc.		5,873,894
				8,937,625
		CONSUMER CYCLICAL
	190,800	Denso Corp.		8,832,284
	584,200	Honda Motor Co., Ltd.		19,392,937
				28,225,221

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

10 

BBH INTERNATIONAL EQUITY FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Shares			Value
		COMMON STOCKS (continued)
		JAPAN (continued)
		CONSUMER NON-CYCLICAL
	84,800	Kao Corp.	$	4,330,741
	606,200	Kirin Holdings Co., Ltd.		8,553,277
	222,200	Takeda Pharmaceutical Co., Ltd.		10,799,991
				23,684,009
		ENERGY
	727,700	Inpex Corp.		6,935,671
		FINANCIALS
	75,600	Daito Trust Construction Co., Ltd.		8,176,822
	382,900	Tokio Marine Holdings, Inc.		14,666,094
				22,842,916
		INDUSTRIALS
	132,100	Daikin Industries, Ltd.		8,456,437
	51,500	FANUC Corp.		9,061,735
	91,300	Hoya Corp.		3,752,023
	20,225	Keyence Corp.		10,495,891
	385,500	Komatsu, Ltd.		6,363,432
	3,300	Makita Corp.		179,946
	13,500	SMC Corp.		3,460,034
				41,769,498
		TECHNOLOGY
	305,600	Canon, Inc.		9,127,208
	58,300	Tokyo Electron, Ltd.		3,480,834
				12,608,042
		Total Japan		153,468,522
		JERSEY (1.0%)
		CONSUMER NON-CYCLICAL
	435,178	Experian, Plc.		7,438,410
		Total Jersey		7,438,410

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 11 

BBH INTERNATIONAL EQUITY FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Shares			Value
		COMMON STOCKS (continued)
		NETHERLANDS (1.2%)
		CONSUMER NON-CYCLICAL
	447,249	Koninklijke Ahold NV	$	9,123,393
		Total Netherlands		9,123,393
		NORWAY (0.2%)
		COMMUNICATIONS
	21,372	Telenor ASA		403,977
		CONSUMER NON-CYCLICAL
	108,877	Orkla ASA		929,132
		Total Norway		1,333,109
		SINGAPORE (3.4%)
		COMMUNICATIONS
	2,362,000	Singapore Telecommunications, Ltd.		6,688,654
		FINANCIALS
	573,803	DBS Group Holdings, Ltd.		7,068,344
	532,224	United Overseas Bank, Ltd.		7,718,016
				14,786,360
		INDUSTRIALS
	1,389,000	SembCorp Industries, Ltd.		3,530,733
		Total Singapore		25,005,747
		SPAIN (4.4%)
		COMMUNICATIONS
	678,834	Telefonica SA		9,006,556
		CONSUMER CYCLICAL
	244,400	Industria de Diseno Textil SA		9,193,216
		FINANCIALS
	4,515	Banco Santander SA		25,390
	465,148	Banco Santander SA		2,615,796
				2,641,186

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

12 

BBH INTERNATIONAL EQUITY FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Shares			Value
		COMMON STOCKS (continued)
		SPAIN (continued)
		UTILITIES
	1,556,332	Iberdrola SA	$	11,157,318
		Total Spain		31,998,276
		SWEDEN (2.9%)
		COMMUNICATIONS
	440,818	Telefonaktiebolaget LM Ericsson (Class B)		4,312,521
	1,758,285	TeliaSonera AB		9,031,621
				13,344,142
		CONSUMER CYCLICAL
	208,700	Hennes & Mauritz AB (Class B)		8,144,964
		Total Sweden		21,489,106
		SWITZERLAND (14.0%)
		BASIC MATERIALS
	4,500	Givaudan SA1		8,073,697
	49,373	Syngenta AG		16,649,595
				24,723,292
		CONSUMER CYCLICAL
	15,300	Swatch Group AG		5,995,833
		CONSUMER NON-CYCLICAL
	220,389	Nestle SA		16,889,240
	158,357	Novartis AG		14,412,274
	26,400	Roche Holding AG		7,177,991
	3,960	SGS SA		7,560,666
				46,040,171
		FINANCIALS
	32,657	Zurich Insurance Group AG1		8,646,702
		INDUSTRIALS
	560,931	ABB, Ltd.1		10,605,317
	46,600	Kuehne + Nagel International AG		6,478,811
				17,084,128
		Total Switzerland		102,490,126

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 13 

BBH INTERNATIONAL EQUITY FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Shares			Value
		COMMON STOCKS (continued)
		TAIWAN (1.7%)
		TECHNOLOGY
	817,000	Taiwan Semiconductor Manufacturing Co., Ltd.	$	3,452,732
	405,300	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		8,900,388
		Total Taiwan		12,353,120
		UNITED KINGDOM (18.0%)
		COMMUNICATIONS
	297,938	Pearson, Plc.		3,954,617
	714,718	Vodafone Group, Plc.		2,361,815
				6,316,432
		CONSUMER CYCLICAL
	440,300	Compass Group, Plc.		7,602,815
	650,995	Kingfisher, Plc.		3,546,551
				11,149,366
		CONSUMER NON-CYCLICAL
	183,500	Aggreko, Plc.		2,589,177
	259,600	Diageo, Plc.		7,519,993
	1,985,140	G4S, Plc.		7,429,608
	545,112	GlaxoSmithKline, Plc.		11,768,666
	155,000	Intertek Group, Plc.		6,278,480
	76,600	Reckitt Benckiser Group, Plc.		7,491,677
	62,300	SABMiller, Plc.		3,841,478
	211,200	Smith & Nephew, Plc.		3,613,164
	2,744,176	Tesco, Plc1		7,750,143
	241,044	Unilever, Plc.		10,730,342
				69,012,728
		ENERGY
	511,658	Amec Foster Wheeler, Plc.		5,603,516
	517,289	BG Group, Plc.		8,167,699
	1,498,297	BP, Plc.		8,914,800
	282,973	Royal Dutch Shell, Plc. (Class A)		7,431,190
				30,117,205

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

14 

BBH INTERNATIONAL EQUITY FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Shares				Value
	COMMON STOCKS (continued)
	UNITED KINGDOM (continued)
	FINANCIALS
369,600	Standard Chartered, Plc.			$	4,111,852
	UTILITIES
778,442	National Grid, Plc.			11,105,986
	Total United Kingdom			131,813,569
	Total Common Stocks (Identified cost $611,891,285)			723,223,613
TOTAL INVESTMENTS (Identified cost $611,891,285)2		98.7	%	$	723,223,613
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES		1.3	%	9,451,943
NET ASSETS		100.0	%	$	732,675,556

1 Non-income producing security.

2 The aggregate cost for federal income tax purposes is $620,339,948, the aggregate gross unrealized appreciation is $203,630,917 and the aggregate gross unrealized depreciation is $100,747,252, resulting in net unrealized appreciation of $102,883,665.

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

Abbreviations:

ADR – American Depositary Receipt

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 15 

BBH INTERNATIONAL EQUITY FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

16 

BBH INTERNATIONAL EQUITY FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

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.

FINANCIAL STATEMENTS OCTOBER 31, 2015 17 

BBH INTERNATIONAL EQUITY FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of October 31, 2015.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)*		Significant Other Observable Inputs (Level 2)*		Significant Unobservable Inputs (Level 3)*		Balance as of October 31, 2015
Australia	$	—	$	18,206,714	$	—	$	18,206,714
Bermuda		—		11,569,618		—		11,569,618
Denmark		—		9,746,038		—		9,746,038
Finland		—		8,211,200		—		8,211,200
France		—		63,347,474		—		63,347,474
Germany		—		52,376,105		—		52,376,105
Hong Kong		—		52,643,335		—		52,643,335
Israel		1,982,865		—		—		1,982,865
Italy		—		8,626,886		—		8,626,886
Japan		—		153,468,522		—		153,468,522
Jersey		—		7,438,410		—		7,438,410
Netherlands		—		9,123,393		—		9,123,393
Norway		—		1,333,109		—		1,333,109
Singapore		—		25,005,747		—		25,005,747
Spain		—		31,998,276		—		31,998,276
Sweden		—		21,489,106		—		21,489,106
Switzerland		—		102,490,126		—		102,490,126
Taiwan		8,900,388		3,452,732		—		12,353,120
United Kingdom		—		131,813,569		—		131,813,569
Investments, at value	$	10,883,253	$	712,340,360	$	—	$	723,223,613

* 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, 2015.

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

18 

BBH INTERNATIONAL EQUITY FUND 

STATEMENT OF ASSETS AND LIABILITIES 

October 31, 2015 

ASSETS:
Investments in securities, at value (Identified cost $611,891,285)	$	723,223,613
Cash		2,053,028
Foreign currency at value (Identified cost $743,813)		746,207
Receivables for:
Investments sold		6,075,413
Dividends		1,954,124
Shares sold		116,028
Prepaid assets		7,355
Total Assets		734,175,768
LIABILITIES:
Payables for:
Investment advisory and administrative fees		500,249
Shares redeemed		434,730
Investments purchased		288,051
Shareholder servicing fees		139,412
Professional fees		71,545
Custody and fund accounting fees		38,400
Transfer agent fees		2,493
Distributor fees		1,727
Board of Trustees’ fees		1,103
Accrued expenses and other liabilities		22,502
Total Liabilities		1,500,212
NET ASSETS	$	732,675,556
Net Assets Consist of:
Paid-in capital	$	655,472,488
Undistributed net investment income		12,301,396
Accumulated net realized loss on investments in securities and foreign
exchange transactions		(46,407,922	)
Net unrealized appreciation/(depreciation) on investments in securities and
foreign currency translations		111,309,594
Net Assets	$	732,675,556

NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($664,650,130 ÷ 45,870,507 shares outstanding)	$	14.49
CLASS I SHARES
($68,025,426 ÷ 4,680,043 shares outstanding)	$	14.54

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 19 

BBH INTERNATIONAL EQUITY FUND 

STATEMENT OF OPERATIONS 

For the year ended October 31, 2015 

NET INVESTMENT INCOME:
Income:
Dividends (net of foreign withholding taxes of $2,453,689)	$	21,997,673
Interest and other income		276
Total Income		21,997,949
Expenses:
Investment advisory and administrative fees		6,640,850
Shareholder servicing fees		1,859,679
Custody and fund accounting fees		238,514
Professional fees		122,953
Board of Trustees’ fees		60,157
Transfer agent fees		27,458
Distributor fees		20,778
Miscellaneous expenses		119,004
Total Expenses		9,089,393
Expense offset arrangement		(7,072	)
Net Expenses		9,082,321
Net Investment Income		12,915,628
NET REALIZED AND UNREALIZED LOSS:
Net realized gain on investments in securities		11,442,420
Net realized loss on foreign exchange transactions and translations		(137,668	)
Net realized gain on investments in securities and foreign exchange
transactions and translations		11,304,752
Net change in unrealized appreciation/(depreciation) on investments
in securities		(45,173,694	)
Net change in unrealized appreciation/(depreciation) on foreign currency
translations		24,892
Net change in unrealized appreciation/(depreciation) on investments in
securities and foreign currency translations		(45,148,802	)
Net Realized and Unrealized Loss		(33,844,050	)
Net Decrease in Net Assets Resulting from Operations	$	(20,928,422	)

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

20 

BBH INTERNATIONAL EQUITY FUND 

STATEMENTS OF CHANGES IN NET ASSETS 

	For the years ended October 31,
	2015			2014
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	12,915,628		$	20,004,362
Net realized gain on investments in securities and
foreign exchange transactions and translations		11,304,752			22,096,487
Net change in unrealized appreciation/(depreciation)
on investments in securities and foreign currency
translations		(45,148,802	)		(43,722,923	)
Net decrease in net assets resulting from
operations		(20,928,422	)		(1,622,074	)
Dividends and distributions declared:
From net investment income:
Class N		(17,771,729	)		(11,905,317	)
Class I		(2,187,203	)		(1,475,717	)
Total dividends and distributions declared		(19,958,932	)		(13,381,034	)
Share transactions:
Proceeds from sales of shares*		115,571,668			129,572,113
Net asset value of shares issued to shareholders for
reinvestment of dividends and distributions		19,895,791			13,341,423
Proceeds from short-term redemption fees		197			5
Cost of shares redeemed*		(204,954,865	)		(55,069,301	)
Net increase (decrease) in net assets resulting from
share transactions		(69,487,209	)		87,844,240
Total increase (decrease) in net assets		(110,374,563	)		72,841,132
NET ASSETS:
Beginning of year		843,050,119			770,208,987
End of year (including undistributed net investment
income of $12,301,396 and $19,482,369, respectively)	$	732,675,556		$	843,050,119

* Includes share exchanges. See Note 5 in Notes to Financial Statements.

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 21 

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,
	2015			2014			2013			2012			2011
Net asset value, beginning of year	$	15.11		$	15.38		$	13.05		$	12.66		$	13.05
Income from investment operations:
Net investment income1		0.23			0.37			0.25			0.27			0.26
Net realized and unrealized gain (loss)		(0.49	)		(0.38	)		2.35			0.45			(0.45	)
Total income (loss) from investment
operations		(0.26	)		(0.01	)		2.60			0.72			(0.19	)
Less dividends and distributions:
From net investment income		(0.36	)		(0.26	)		(0.27	)		(0.33	)		(0.20	)
Total dividends and distributions		(0.36	)		(0.26	)		(0.27	)		(0.33	)		(0.20	)
Short-term redemption fees1		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2
Net asset value, end of year	$	14.49		$	15.11		$	15.38		$	13.05		$	12.66
Total return		(1.65	)%		0.01	%		20.27	%		6.05	%		(1.49	)%
Ratios/Supplemental data:
Net assets, end of year (in millions)	$	665		$	757		$	695		$	510		$	644
Ratio of expenses to average net assets
before reductions		1.12	%		1.12	%		1.14	%		1.17	%		1.16	%
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	%		1.12	%		1.14	%		1.17	%		1.16	%
Ratio of net investment income to average
net assets		1.53	%		2.43	%		1.79	%		2.18	%		1.98	%
Portfolio turnover rate		18	%		15	%		14	%		12	%		13	%

1 Calculated using average shares outstanding for the year.

2 Less than $0.01.

3 Less than 0.01%.

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

22 

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,
	2015			2014			2013			2012			2011
Net asset value, beginning of year	$	15.16		$	15.43		$	13.08		$	12.70		$	13.09
Income from investment operations:
Net investment income1		0.26			0.40			0.28			0.30			0.29
Net realized and unrealized gain (loss)		(0.49	)		(0.38	)		2.37			0.45			(0.45	)
Total income (loss) from investment
operations		(0.23	)		0.02			2.65			0.75			(0.16	)
Less dividends and distributions:
From net investment income		(0.39	)		(0.29	)		(0.30	)		(0.37	)		(0.23	)
Total dividends and distributions		(0.39	)		(0.29	)		(0.30	)		(0.37	)		(0.23	)
Short-term redemption fees1		0.00	2		—			0.00	2		0.00	2		0.00	2
Net asset value, end of year	$	14.54		$	15.16		$	15.43		$	13.08		$	12.70
Total return		(1.42	)%		0.21	%		20.64	%		6.31	%		(1.26	)%
Ratios/Supplemental data:
Net assets, end of year (in millions)	$	68		$	86		$	75		$	70		$	97
Ratio of expenses to average net assets
before reductions		0.89	%		0.90	%		0.90	%		0.94	%		0.92	%
Expense offset arrangement		0.00	%3		0.00	%3		0.00	%3		0.00	%3		0.01	%
Ratio of expenses to average net assets
after reductions		0.89	%		0.90	%		0.90	%		0.94	%		0.91	%
Ratio of net investment income to average
net assets		1.77	%		2.62	%		2.01	%		2.42	%		2.22	%
Portfolio turnover rate		18	%		15	%		14	%		12	%		13	%

1 Calculated using average shares outstanding for the year.

2 Less than $0.01.

3 Less than 0.01%.

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 23 

BBH INTERNATIONAL EQUITY FUND 

NOTES TO FINANCIAL STATEMENTS 

October 31, 2015 

1. 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. The Fund offers Class N 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 automatically convert to any other share class of the Fund. As of October 31, 2015, there were six series of the Trust.

2. 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:

A. 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.

B. 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

24 

BBH INTERNATIONAL EQUITY FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

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.

C. 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.

D. 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, 2015, the Fund had no open contracts.

During the year ended October 31, 2015, the average monthly notional amount of forward foreign currency exchange contracts was $2,518,832. The corresponding volumes for the year ranged from $0 to $16,149,319.

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

Net Realized Gain on Forward Foreign Currency Exchange Contracts	$	501,327
Net Change in Unrealized Appreciation/(Depreciation) on Forward Foreign
Currency Exchange Contracts	$	(74,245	)

E. 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

FINANCIAL STATEMENTS OCTOBER 31, 2015 25 

BBH INTERNATIONAL EQUITY FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

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.

F. 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.

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, 2015, 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, 2015, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

26 

BBH INTERNATIONAL EQUITY FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

G. Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, if any, are paid annually and are recorded on the ex-dividend date. The Fund declared dividends in the amounts of $17,771,729 and $2,187,203 to Class N shares and Class I shares, respectively, during the year ended October 31, 2015.

The tax character of distributions paid during the fiscal years ended October 31, 2015 and 2014, respectively, were as follows:

Distributions paid from:
	Ordinary income		Net long-term capital gain		Total taxable distributions		Tax return of capital		Total distributions paid
2015:	$	19,958,932		—	$	19,958,932		—	$	19,958,932
2014:		13,381,034		—		13,381,034		—		13,381,034

As of October 31, 2015 and 2014, 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)
2015:	$	12,303,263		—	$	12,303,263	$	(37,959,260	)	$	(8,450,529	)	$	111,309,594	$	77,203,068
2014:		19,556,615		—		19,556,615		(51,410,393	)		(6,514,196	)		156,458,396		118,090,422

As of October 31, 2015, the Fund’s net capital loss carryforward expires as follows:

	Expiration Date	Amount
Pre-December 22, 2010 Capital Losses	10/31/2017	$	32,792,797
	10/31/2019	5,166,463
Post December 22, 2010 Capital Losses1	No Expiration	—
Total capital loss carryforward		$	37,959,260

1 Must be utilized prior to losses subject to expiration.

During the year ended October 31, 2015, the Fund utilized $13,451,133 of its capital loss carryforwards.

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.

FINANCIAL STATEMENTS OCTOBER 31, 2015 27 

BBH INTERNATIONAL EQUITY FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

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

H. 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.

3. Fees and Other Transactions with Affiliates

A. 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 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, 2015 the Fund incurred $6,640,850 for services under the Agreement.

B. 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, 2015, Class N shares of the Fund incurred $1,859,679 in shareholder servicing fees.

C. 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, 2015, the Fund incurred $238,514 in custody and fund accounting fees. These fees for the Fund were reduced by $7,072 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, 2015, was $448.

D. 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

28 

BBH INTERNATIONAL EQUITY FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

from the Fund. For the year ended October 31, 2015, the Fund incurred $60,157 in independent Trustee compensation and reimbursements.

4. Investment Transactions. For the year ended October 31, 2015, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $148,721,217 and $220,669,510, respectively.

5. 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 shares and Class I shares were as follows:

	For the year ended October 31, 2015						For the year ended October 31, 2014
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		6,384,021		$	93,636,480			6,727,518		$	102,996,755
Shares issued in connection
with reinvestments of
dividends		1,272,169			17,708,587			813,276			11,865,706
Proceeds from short-term
redemption fees		N/A			20			N/A			5
Shares redeemed		(11,891,926	)		(167,781,523	)		(2,650,983	)		(40,100,125	)
Net increase (decrease)		(4,235,736	)	$	(56,436,436	)		4,889,811		$	74,762,341
Class I
Shares sold		1,446,334		$	21,935,188			1,702,039		$	26,575,358
Shares issued in connection
with reinvestments of
dividends		156,901			2,187,204			101,007			1,475,717
Proceeds from short-term
redemption fees		N/A			177			N/A			—
Shares redeemed		(2,577,182	)		(37,173,342	)		(994,314	)		(14,969,176	)
Net increase (decrease)		(973,947	)	$	(13,050,773	)		808,732		$	13,081,899

Included in Shares Sold and Shares Redeemed are shareholder exchanges during the years ended October 31, 2015 and 2014. Specifically:

During the fiscal year 2015, 701,101 shares of Class N were exchanged for 699,751 shares of Class I valued at $10,906,183 and 1,064,736 shares of Class I were exchanged for 1,067,193 shares of Class N valued at $15,457,058.

During the fiscal year 2014, 395,824 shares of Class N were exchanged for 394,817 shares of Class I valued at $6,264,808 and 653,025 shares of Class I were exchanged for 654,759 shares of Class N valued at $9,859,832.

FINANCIAL STATEMENTS OCTOBER 31, 2015 29 

BBH INTERNATIONAL EQUITY FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

6. Principal Risk Factors and Indemnifications.

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

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Sub-Advisers may cause the Fund to incur losses or miss profit opportunities (management risk). The investment style of the Sub-advisers not complementing 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 investment risk), capital controls imposed by foreign governments in response to economic or political events that may impact the ability of the Fund to buy, sell or otherwise transfer securities or currency (capital controls risk), and risks from investing in securities of issuers based in developing countries (emerging markets risk). Non-U.S. currencies invested in by the Fund may depreciate against the U.S. dollar (currency exchange rate risk). The Fund’s shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund’s shareholders (shareholder concentration risk). The extent of the Fund’s exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund’s Statement of Assets and Liabilities.

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

B. 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.

30 

BBH INTERNATIONAL EQUITY FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

7. Subsequent Events. Management has evaluated events and transactions that have occurred since October 31, 2015 through the date the financial statements were issued. Effective November 1, 2015, the Board approved a reduction to the shareholder servicing fees from 0.25% to 0.20% of Class N Shares’ average net assets. The fees will continue to be calculated daily and paid monthly. There were no other subsequent events that would require recognition or additional disclosure in the financial statements.

FINANCIAL STATEMENTS OCTOBER 31, 2015 31 

BBH INTERNATIONAL EQUITY FUND 

DISCLOSURE OF FUND EXPENSES 

October 31, 2015 (unaudited) 

EXAMPLE

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested distributions, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; 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, 2015 to October 31, 2015).

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

32 

BBH INTERNATIONAL EQUITY FUND 

DISCLOSURE OF FUND EXPENSES (continued) 

October 31, 2015 (unaudited) 

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

	Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During Period May 1, 2015 to October 31, 20151
Class N
Actual	$	1,000	$	934	$	5.46
Hypothetical2	$	1,000	$	1,020	$	5.70

	Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During Period May 1, 2015 to October 31, 20151
Class I
Actual	$	1,000	$	935	$	4.34
Hypothetical2	$	1,000	$	1,021	$	4.53

1 Expenses are equal to the Fund’s annualized expense ratio of 1.12% and 0.89% 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).

2 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, 2015 33 

BBH INTERNATIONAL EQUITY FUND 

CONFLICTS OF INTEREST 

October 31, 2015 (unaudited) 

Conflicts of Interest

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

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

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.

34 

BBH INTERNATIONAL EQUITY FUND 

CONFLICTS OF INTEREST (continued) 

October 31, 2015 (unaudited) 

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, 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.

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, 2015 35 

BBH INTERNATIONAL EQUITY FUND 

ADDITIONAL FEDERAL TAX INFORMATION 

October 31, 2015 (unaudited) 

Under Section 854(b)(2) of the Internal Revenue Code (the “Code”), the Fund designates up to a maximum of $19,958,932 as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended October 31, 2015. In January 2016, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2015. 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
$24,456,723	$1,809,874

100% of the ordinary income dividends paid by the Fund during the year ended October 31, 2015 qualifies for the dividends received deduction available to corporate shareholders.

36 

TRUSTEES AND OFFICERS OF BBH INTERNATIONAL EQUITY FUND 

(unaudited) 

Information pertaining to the Trustees and executive officers of the BBH Trust is set forth below. The mailing address for each Trustee is c/o BBH Trust, 140 Broadway, New York, NY 10005.

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.
Andrew S. Frazier Birth Date: April 8, 1948	Trustee	Since 2010	Consultant to Western World Insurance Group, Inc. (“WWIG”) (January 2010 to January 2012).	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 2012).	6	Trustee, Bridge Builder Trust (8 Funds). Director, Teton Advisors, Inc. (a registered investment adviser).

FINANCIAL STATEMENTS OCTOBER 31, 2015 37 

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.

38 

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.
Paul F. Gallagher 140 Broadway New York, NY 10005 Birth Date: June 28, 1959	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2015	Senior Vice President of BBH&Co. since September 2015; Executive Director and Counsel, Morgan Stanley Smith Barney LLC (2009-September 2015).
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.
James D. Kerr 50 Post Office Square Boston, MA 02110 Birth Date: January 5, 1983	Assistant Secretary	Since 2015	Associate and Investor Services Assistant Counsel since 2014; joined BBH&Co. in 2013; Assistant District Attorney, Middlesex County, Massachusetts (October 2011 to September 2013); Judicial Law Clerk, Massachusetts Court of Appeals (September 2010 to September 2011).

# 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). Mr. Wagner 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, 2015 39 

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

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

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

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

Annual Report

OCTOBER 31, 2015

BBH Intermediate Municipal Bond Fund

BBH INTERMEDIATE MUNICIPAL BOND FUND 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE 

October 31, 2015 

BBH Intermediate Municipal Bond Fund Class I (“the Fund”) had a total return of 2.33% (net of fees and expenses) for the twelve month period ending October 31, 2015 as compared to the benchmark Barclays Capital 1-15 Year Municipal Index¹ which had a return of 2.46%.

The objective of the Intermediate Municipal Bond Fund is to protect investor’s 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. We typically find that the most attractive investment opportunities occur during volatile market environments. While there have been brief periods of volatility in the municipal sector over the past twelve months that we have used to deploy reserves in the Fund, on a net basis the Treasury yield backdrop has been benign.

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 (GO). As of October 31, 2015 the Fund has a 69% weighting in Revenue Bonds and a 31% exposure to GOs. Within the GO holdings, we prefer state obligations for their financial flexibility relative to local governments. The Fund has held exposure to two states that have experienced relative underperformance: New Jersey and Illinois. While both states are currently facing budget challenges (and Illinois has not yet passed its current budget), we note that both states have stable economies and the necessary revenue and expenditure tools to sustain their status as durable credits over the long term.

While overall yield levels displayed relatively little net change over the past twelve months, the slope of the yield curve has flattened in expectation of an eventual Federal Reserve “lift-off”. The Fund’s yield curve positioning currently remains “barbelled”, and this has benefitted from curve flattening. In practice, we have de-emphasized fixed rate holdings inside of five-year maturities in the Fund in favor of a combination of floating rate securities and longer-term credit opportunities. The floating rate securities have not yet fully reflected the upward move in short fixed rates, and should further benefit performance once the Fed’s “lift-off” begins.

Some material capital inflows were received and invested in the Fund during the first half of 2015, however turnover activity was otherwise moderate. Recently we have been allowing the Fund’s liquid reserves to build, given the current low rate environment and the difficulty in identifying new opportunities. We value our reserves and the flexibility they afford us to take advantage of future opportunities, even if they take a long time to materialize.

Holdings are subject to change.

¹ 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.

2 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (continued) 

October 31, 2015 

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

The graph below illustrates the hypothetical investment of $10,000¹ in the Class N shares of the Fund since inception (April 1, 2014) to October 31, 2015 as compared to the BMBB.

The annualized gross expense ratios as shown in the March 2, 2015 prospectus for Class N and Class I shares were 8.78% and 0.88%, 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. 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.

¹ 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, 2015 3 

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 the BBH Trust (the “Fund”) as of October 31, 2015, 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, 2015 and 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 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, 2015, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such 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, 2015, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for the year ended October 31, 2015 and 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, 2015

4 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

PORTFOLIO ALLOCATION 

October 31, 2015 

BREAKDOWN BY SECURITY TYPE

	U.S. $ Value		Percent of Net Assets
Municipal Bonds	$	86,867,233		94.6	%
Cash and Other Assets in Excess of Liabilities		4,982,100		5.4
NET ASSETS	$	91,849,333		100.0	%

All data as of October 31, 2015. 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	$	15,769,589		18.2	%
AA		25,306,876		29.1
A		44,824,672		51.6
BBB		384,664		0.4
Not rated		581,432		0.7
TOTAL INVESTMENTS	$	86,867,233		100.0	%

All data as of October 31, 2015. The Fund’s credit quality is expressed as a percentage of total investments and may vary over time. Ratings are provided by Standard and Poor’s (S&P). Where S&P ratings are not available, they are substituted with Moody’s. S&P and Moody’s are independent third parties.

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 5 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

PORTFOLIO OF INVESTMENTS 

October 31, 2015 

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (94.6%)
		Alabama (0.4%)
$	290,000	Alabama 21st Century Authority,
		Revenue Bonds	06/01/21		5.000	%	$	337,171
		Total Alabama					337,171
		Arizona (3.6%)
	100,000	Coconino County Pollution Control Corp.,
		Revenue Bonds, FGIC1	09/01/32		0.483		92,820
	425,000	Salt Verde Financial Corp.,
		Revenue Bonds	12/01/19		5.250		479,498
	55,000	Salt Verde Financial Corp.,
		Revenue Bonds	12/01/22		5.250		63,746
	60,000	Salt Verde Financial Corp.,
		Revenue Bonds	12/01/26		5.250		70,413
	2,300,000	Salt Verde Financial Corp.,
		Revenue Bonds	12/01/32		5.000			2,616,296
		Total Arizona					3,322,773
		California (8.9%)
	2,000,000	Anaheim City School District, General
		Obligation Bonds, AGM, NPFG2	08/01/29		0.000		1,171,560
	1,000,000	California Pollution Control Financing
		Authority, Revenue Bonds	07/01/25		3.375		1,016,910
	1,000,000	Grossmont Union High School District,
		General Obligation Bonds2	08/01/27		0.000		679,350
	25,000	Long Beach Bond Finance Authority,
		Revenue Bonds	11/15/19		5.250		28,339
	165,000	Long Beach Bond Finance Authority,
		Revenue Bonds	11/15/22		5.250		193,276
	530,000	Long Beach Bond Finance Authority,
		Revenue Bonds	11/15/23		5.250		622,384
	30,000	Long Beach Bond Finance Authority,
		Revenue Bonds1	11/15/27		1.665		28,451
	260,000	Long Beach Bond Finance Authority,
		Revenue Bonds	11/15/30		5.500		316,615

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

6 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		California (continued)
$	125,000	Los Angeles County Metropolitan
		Transportation Authority, Revenue
		Bonds, AMBAC1	07/01/27		0.424	%	$	119,121
	800,000	Los Angeles County Metropolitan
		Transportation Authority, Revenue
		Bonds, AMBAC1	07/01/27		0.429		757,195
	800,000	Los Angeles County Metropolitan
		Transportation Authority, Revenue
		Bonds, AMBAC1	07/01/27		0.434		760,874
	675,000	Los Angeles County Metropolitan
		Transportation Authority, Revenue
		Bonds, AMBAC1	07/01/27		0.435		643,260
	1,150,000	Northern California Transmission
		Agency, Revenue Bonds, NPFG1	05/01/24		0.423		1,108,373
	750,000	Northern California Transmission
		Agency, Revenue Bonds, NPFG1	05/01/24		0.437		721,939
		Total California					8,167,647
		Colorado (0.4%)
	415,000	Denver Health & Hospital Authority,
		Revenue Bonds1	12/01/33		1.317		384,664
		Total Colorado					384,664
		Connecticut (1.0%)
	125,000	Connecticut Housing Finance Authority,
		Revenue Bonds	11/15/22		3.250		128,315
	140,000	Connecticut Housing Finance Authority,
		Revenue Bonds	11/15/23		3.450		143,548
	725,000	State of Connecticut, General
		Obligation Bonds1	03/01/25		1.000		699,523
		Total Connecticut					971,386
		Florida (1.7%)
	1,080,000	Greater Orlando Aviation Authority,
		Revenue Bonds	10/01/27		5.000		1,219,590

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 7 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Florida (continued)
$	35,000	Hillsborough County Aviation Authority,
		Revenue Bonds	10/01/25		5.000	%	$	39,947
	10,000	Hillsborough County Aviation Authority,
		Revenue Bonds	10/01/26		5.000		11,256
	300,000	Pinellas County Health Facilities Authority,
		Revenue Bonds, NPFG1	11/15/23		0.230		280,206
		Total Florida					1,550,999
		Georgia (0.6%)
	500,000	Monroe County Development Authority,
		Revenue Bonds1	01/01/39		2.400		512,655
		Total Georgia					512,655
		Hawaii (0.4%)
	300,000	State of Hawaii Airports System Revenue,
		Certificates of Participation	08/01/21		5.000		347,697
		Total Hawaii					347,697
		Illinois (8.0%)
	75,000	Chicago Park District, General
		Obligation Bonds	01/01/16		4.500		75,444
	60,000	Chicago Park District, General
		Obligation Bonds	01/01/16		5.000		60,404
	100,000	Chicago Park District, General
		Obligation Bonds, NPFG	01/01/16		5.000		100,674
	90,000	Chicago Park District, General
		Obligation Bonds	11/15/16		5.000		93,559
	525,000	Chicago Park District, General
		Obligation Bonds	01/01/18		4.250		553,471
	75,000	Chicago Park District, General
		Obligation Bonds	01/01/19		3.000		77,306
	360,000	Chicago Park District, General
		Obligation Bonds	01/01/19		4.000		382,036
	100,000	Chicago Park District, General
		Obligation Bonds	01/01/19		5.000		109,167

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

8 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Illinois (continued)
$	310,000	Chicago Park District, General
		Obligation Bonds	01/01/20		4.000	%	$	320,695
	115,000	Chicago Park District, General
		Obligation Bonds	01/01/20		5.000			127,003
	30,000	Chicago Transit Authority, Revenue
		Bonds, AMBAC	06/01/16		5.250			30,654
	75,000	Chicago Transit Authority, Revenue
		Bonds, AGC	06/01/17		5.000			79,481
	110,000	Chicago Transit Authority, Revenue
		Bonds, AGC	06/01/19		5.250			119,216
	710,000	Chicago Transit Authority,
		Revenue Bonds	06/01/19		5.500			779,949
	500,000	Chicago Transit Authority,
		Revenue Bonds	06/01/20		5.000			552,575
	250,000	Chicago Transit Authority, Revenue
		Bonds, AGC	06/01/20		5.250			269,962
	320,000	Chicago Transit Authority, Revenue
		Bonds, AGC	06/01/22		5.000			342,941
	190,000	Chicago Transit Authority, Revenue
		Bonds, AGC	06/01/23		5.250			202,654
	150,000	Chicago Transit Authority, Revenue
		Bonds, AGC	06/01/24		5.250			159,526
	135,000	Metropolitan Pier & Exposition Authority,
		Revenue Bonds, NPFG2	12/15/19		0.000			123,329
	170,000	Metropolitan Pier & Exposition Authority,
		Revenue Bonds, NPFG2	12/15/21		0.000			142,905
	105,000	Railsplitter Tobacco Settlement Authority,
		Revenue Bonds	06/01/19		5.125			117,073
	95,000	Railsplitter Tobacco Settlement Authority,
		Revenue Bonds	06/01/21		5.375			110,526
	375,000	Railsplitter Tobacco Settlement Authority,
		Revenue Bonds	06/01/23		5.500			437,873
	500,000	State of Illinois, General Obligation Bonds	02/01/19		5.000			538,025

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 9 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Illinois (continued)
$	165,000	State of Illinois, General Obligation Bonds	04/01/20		5.000	%	$	180,094
	200,000	State of Illinois, General Obligation Bonds	08/01/21		5.000			219,396
	1,000,000	State of Illinois, General Obligation Bonds	07/01/22		5.000			1,095,200
		Total Illinois						7,401,138
		Kansas (0.4%)
	200,000	City of La Cygne, Revenue Bonds, NPFG1	04/15/27		0.040			179,835
	100,000	City of St. Marys, Revenue Bonds, NPFG1	04/15/32		0.040			92,027
	100,000	City of Wamego, Revenue Bonds, NPFG1	04/15/32		0.020			91,223
		Total Kansas						363,085
		Kentucky (4.5%)
	3,000,000	Carroll County, Revenue Bonds, AMBAC1	10/01/32		0.262			2,787,381
	1,340,000	Kentucky Housing Corp., Revenue Bonds3	07/01/19		4.250			1,387,222
		Total Kentucky						4,174,603
		Maryland (1.3%)
	1,000,000	County of Baltimore, General
		Obligation Bonds	08/01/23		5.000			1,229,440
		Total Maryland						1,229,440
		Massachusetts (0.1%)
	100,000	Commonwealth of Massachusetts,
		Revenue Bonds, AGM1	06/01/17		0.000			102,556
		Total Massachusetts						102,556
		Michigan (3.7%)
	220,000	Detroit City School District, General
		Obligation Bonds, FGIC	05/01/20		6.000			260,011
	250,000	Detroit City School District, General
		Obligation Bonds, FGIC	05/01/21		6.000			301,763
	350,000	Detroit City School District, General
		Obligation Bonds	05/01/23		5.000			402,357
	95,000	Detroit City School District, General
		Obligation Bonds, BHAC, FGIC	05/01/25		5.250			110,103
	55,000	Detroit City School District, General
		Obligation Bonds, AGM	05/01/27		5.250			64,899

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

10 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Michigan (continued)
$	305,000	Detroit City School District, General
		Obligation Bonds, AGM	05/01/29		6.000	%	$	368,233
	1,510,000	Detroit City School District, General
		Obligation Bonds, AGM	05/01/30		5.250		1,780,033
	105,000	Michigan Finance Authority,
		Revenue Bonds	05/01/19		5.000		117,532
		Total Michigan					3,404,931
		Missouri (0.7%)
	300,000	Health & Educational Facilities Authority
		of the State of Missouri, Revenue
		Bonds, AMBAC1	06/01/31		0.429		271,562
	310,000	Health & Educational Facilities Authority
		of the State of Missouri, Revenue
		Bonds, AMBAC1	06/01/31		0.429		281,368
	100,000	St Joseph Industrial Development
		Authority, Revenue Bonds, AMBAC1,3	12/11/31		0.149		83,327
		Total Missouri					636,257
		Montana (0.5%)
	470,000	Montana Board of Housing,
		Revenue Bonds	12/01/43		3.000		484,048
		Total Montana					484,048
		Nebraska (0.6%)
	390,000	Central Plains Energy Project,
		Revenue Bonds	12/01/18		5.250		434,783
	90,000	Central Plains Energy Project,
		Revenue Bonds	09/01/27		5.000		100,560
		Total Nebraska					535,343
		Nevada (1.4%)
	500,000	County of Washoe, Revenue Bonds,
		AMBAC1	03/01/36		0.483		461,464
	850,000	County of Washoe, Revenue Bonds,
		NPFG1	03/01/36		0.471		790,106
		Total Nevada					1,251,570

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 11 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate			Value
		MUNICIPAL BONDS (continued)
		New Jersey (17.0%)
$	1,270,000	New Jersey Economic Development
		Authority, Revenue Bonds1		02	/01/17		0.910	%	$	1,253,833
	2,000,000	New Jersey Economic Development
		Authority, Revenue Bonds		06	/15/23		5.000		2,155,940
	925,000	New Jersey State Turnpike Authority,
		Revenue Bonds, NPFG1		01	/01/30		0.138		845,841
	1,200,000	New Jersey State Turnpike Authority,
		Revenue Bonds, NPFG1		01	/01/30		0.138		1,097,309
	650,000	New Jersey State Turnpike Authority,
		Revenue Bonds, NPFG1		01	/01/30		0.228		594,376
	1,000,000	New Jersey Transit Corp.,
		Revenue Bonds		09	/15/20		5.000		1,122,570
	200,000	New Jersey Transit Corp.,
		Revenue Bonds		09	/15/21		5.000		226,874
	300,000	New Jersey Transportation Trust Fund
		Authority, Revenue Bonds		12	/15/23		5.500		334,866
	1,150,000	New Jersey Transportation Trust Fund
		Authority, Revenue Bonds2		12	/15/26		0.000		669,311
	1,850,000	New Jersey Transportation Trust Fund
		Authority, Revenue Bonds2		12	/15/30		0.000		826,839
	5,750,000	Tobacco Settlement Financing Corp.,
		Revenue Bonds2		06	/01/41		0.000		1,460,040
	20,155,000	Tobacco Settlement Financing Corp.,
		Revenue Bonds2		06	/01/41		0.000		5,034,921
		Total New Jersey							15,622,720
		New York (11.8%)
	1,075,000	Metropolitan Transportation Authority,
		Revenue Bonds, AGM1		11	/01/22		0.377		1,040,994
	50,000	Metropolitan Transportation Authority,
		Revenue Bonds, AGM1		11	/01/22		0.382		48,415

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

12 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate				Value
		MUNICIPAL BONDS (continued)
		New York (continued)
$	50,000	New York City Transit Authority/
		Metropolitan Trans Authority/Triborough
		Bridge & Tunnel Authority, Certificates
		of Participation, AMBAC1,3		01	/01/30		0.518	%	$	46,481
	400,000	New York City Transit Auth/Metropolitan
		Trans Authority/Triborough Bridge &
		Tunnel Authority, Certificates of
		Participation, AMBAC1,3		01	/01/30		0.532			372,171
	175,000	New York City Transit Authority/
		Metropolitan Trans Authority/Triborough
		Bridge & Tunnel Authority, Certificates
		of Participation, AMBAC1,3		01	/01/30		0.534			162,780
	300,000	New York State Energy Research &
		Development Authority,
		Revenue Bonds1		04	/01/20		0.159			284,837
	120,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, AMBAC1		12	/01/23		0.483			114,567
	225,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, FGIC1		06	/01/25		0.483			209,649
	700,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, AMBAC1		12	/01/25		0.477			664,602
	1,845,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, AMBAC1		12	/01/25		0.484			1,751,706
	1,500,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds1		07	/01/26		2.375			1,489,020
	210,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, AMBAC1		12	/01/26		0.490			198,660

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 13 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate				Value
		MUNICIPAL BONDS (continued)
		New York (continued)
$	300,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, AMBAC1		03	/01/27		0.486	%	$	284,588
	1,890,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, AMBAC1		07	/01/27		0.487			1,792,529
	110,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, AMBAC1		07	/01/27		0.490			104,325
	1,070,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, XLCA1		07	/01/29		0.483			1,017,058
	1,325,000	New York State Energy Research &
		Development Authority, Revenue
		Bonds, NPFG1		04	/01/34		0.532			1,244,015
		Total New York								10,826,397
		North Carolina (3.6%)
	1,405,000	County of Mecklenburg, General
		Obligation Bonds		04	/01/24		5.000			1,745,670
	1,250,000	State of North Carolina, General
		Obligation Bonds		06	/01/23		5.000			1,538,013
		Total North Carolina								3,283,683
		Oregon (1.5%)
	1,615,000	Clackamas Community College District,
		General Obligation Bonds2		06	/15/23		0.000			1,361,009
		Total Oregon								1,361,009
		Pennsylvania (3.5%)
	190,000	Allegheny County Airport Authority,
		Revenue Bonds		01	/01/21		5.000			217,600
	150,000	Allegheny County Airport Authority,
		Revenue Bonds, FGIC		01	/01/22		5.000			173,034

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

14 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate				Value
		MUNICIPAL BONDS (continued)
		Pennsylvania (continued)
$	50,000	Allegheny County Airport Authority,
		Revenue Bonds, FGIC		01	/01/23		5.000	%	$	58,074
	1,000,000	School District of Philadelphia, General
		Obligation Bonds		09	/01/21		5.000			1,129,440
	400,000	School District of Philadelphia, General
		Obligation Bonds		09	/01/22		5.250			452,024
	215,000	School District of Philadelphia, General
		Obligation Bonds, AGM, FGIC		06	/01/24		5.000			247,736
	500,000	State Public School Building Authority,
		Revenue Bonds		04	/01/25		5.000			556,660
	345,000	State Public School Building Authority,
		Revenue Bonds		04	/01/31		5.000			372,410
		Total Pennsylvania								3,206,978
		Tennessee (1.8%)
	1,400,000	Tennessee Energy Acquisition Corp.,
		Revenue Bonds		02	/01/23		5.000			1,626,450
		Total Tennessee								1,626,450
		Texas (7.8%)
	825,000	City of Houston Airport System, Revenue
		Bonds, AGM1		07	/01/30		0.240			765,819
	325,000	City of Houston Airport System, Revenue
		Bonds, AGM1		07	/01/30		0.360			301,606
	75,000	City of Houston Airport System, Revenue
		Bonds, XLCA1		07	/01/32		0.377			70,394
	575,000	City of Houston Airport System, Revenue
		Bonds, XLCA1		07	/01/32		0.377			539,477
	225,000	City of Houston Airport System, Revenue
		Bonds, XLCA1		07	/01/32		0.387			211,485
	1,805,000	Grand Prairie Independent School
		District, General Obligation Bonds		02	/15/24		5.250			2,238,128
	3,100,000	North Texas Tollway Authority, Revenue
		Bonds, AGC2		01	/01/29		0.000			1,936,012

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 15 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date			Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Texas (continued)
$	300,000	Texas Municipal Gas Acquisition &
		Supply Corp. I, Revenue Bonds		12	/15/19		5.250	%	$	340,731
	45,000	Texas Municipal Gas Acquisition &
		Supply Corp. I, Revenue Bonds		12	/15/20		5.250			51,838
	145,000	Texas Municipal Gas Acquisition &
		Supply Corp. I, Revenue Bonds		12	/15/21		5.250			168,903
	445,000	Texas Municipal Gas Acquisition &
		Supply Corp. I, Revenue Bonds		12	/15/23		5.250			523,276
		Total Texas								7,147,669
		Utah (2.7%)
	2,000,000	State of Utah, General Obligation Bonds		07	/01/24		5.000			2,492,780
		Total Utah								2,492,780
		Virginia (4.8%)
	3,570,000	Commonwealth of Virginia, General
		Obligation Bonds		06	/01/23		5.000			4,389,743
		Total Virginia								4,389,743
		Washington (1.7%)
	1,000,000	Port of Seattle, Revenue Bonds		04	/01/23		5.000			1,172,520
	180,000	Washington State Housing Finance
		Commission, Revenue Bonds,
		FHLMC, FNMA, GNMA		12	/01/21		2.900			183,829
	185,000	Washington State Housing Finance
		Commission, Revenue Bonds,
		FHLMC, FNMA, GNMA		12	/01/22		3.050			190,346
		Total Washington								1,546,695

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

16 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

Principal Amount			Maturity Date	Interest Rate			Value
		Wisconsin (0.2%)
$	160,000	County of Milwaukee Airport Revenue,
		Revenue Bonds	12/01/28		5.250	%	$	185,146
		Total Wisconsin						185,146
		Total Municipal Bonds
		(Identified cost $85,636,836)						86,867,233
TOTAL INVESTMENTS (Identified cost $85,636,836)4					94.6	%	$	86,867,233
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES					5.4	%		4,982,100
NET ASSETS					100.0	%	$	91,849,333

¹ Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the October 31, 2015 coupon or interest rate.

² Security issued with zero coupon. Income is recognized through accretion of discount.

³ The Fund’s Investment Adviser has deemed this security to be illiquid based upon the SEC definition of an illiquid security.

⁴ The aggregate cost for federal income tax purposes is $85,636,836, the aggregate gross unrealized appreciation is $1,416,405 and the aggregate gross unrealized depreciation is $186,008, resulting in net unrealized appreciation of $1,230,397.

Abbreviations:

AGC — Assured Guaranty Corp.

AGM — Assured Guaranty Municipal Corp.

AMBAC — AMBAC Financial Group, Inc.

BHAC — Berkshire Hathaway Assurance Corporation.

FGIC — Financial Guaranty Insurance Company.

FHLMC — Federal Home Loan Mortgage Corporation.

FNMA — Federal National Mortgage Association.

GNMA — Government National Mortgage Association.

NPFG — National Public Finance Guaranty Corp.

XLCA — XL Capital Assurance, Inc.

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 17 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

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.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. These include municipal bonds, investment-grade corporate bonds, U.S. Treasury

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

18 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

PORTFOLIO OF INVESTMENTS (continued) 

October 31, 2015 

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, 2015.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)*		Significant Other Observable Inputs (Level 2)*		Significant Unobservable Inputs (Level 3)*		Balance as of October 31, 2015
Municipal Bonds**	$	—	$	86,867,233	$	—	$	86,867,233
Total Investments, at value	$	—	$	86,867,233	$	—	$	86,867,233

* 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, 2015.

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

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 19 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

STATEMENT OF ASSETS AND LIABILITIES 

October 31, 2015 

ASSETS:
Investments in securities, at value (Identified cost $85,636,836)	$	86,867,233
Cash		4,457,169
Receivables for:
Investments sold		3,046,699
Interest		637,278
Investment advisory and administrative fees waiver reimbursement		10,835
Shares sold		10,607
Prepaid assets		672
Total Assets		95,030,493
LIABILITIES:
Payables for:
Investments purchased		3,027,600
Professional fees		54,363
Shares redeemed		36,198
Investment advisory and administrative fees		31,239
Custody and fund accounting fees		9,545
Shareholder servicing fees		3,361
Transfer agent fees		2,171
Distributor fees		1,409
Board of Trustees’ fees		1,023
Accrued expenses and other liabilities		14,251
Total Liabilities		3,181,160
NET ASSETS	$	91,849,333
Net Assets Consist of:
Paid-in capital	$	90,421,076
Accumulated net realized gain on investments in securities		197,860
Net unrealized appreciation/(depreciation) on investments in securities		1,230,397
Net Assets	$	91,849,333

NET ASSET VALUE AND OFFERING PRICE PER SHARE
CLASS N SHARES
($25,943,315 ÷ 2,522,196 shares outstanding)	$	10.29
CLASS I SHARES
($65,906,018 ÷ 6,413,963 shares outstanding)	$	10.28

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

20 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

STATEMENT OF OPERATIONS 

For the year ended October 31, 2015 

NET INVESTMENT INCOME:
Income:
Interest and other income	$	1,620,925
Total Income		1,620,925
Expenses:
Investment advisory and administrative fees		296,719
Professional fees		64,242
Board of Trustees’ fees		60,283
Custody and fund accounting fees		44,400
Registration fees		42,702
Transfer agent fees		25,440
Shareholder servicing fees		24,176
Distributor fees		19,580
Miscellaneous expenses		53,092
Total Expenses		630,634
Investment advisory and administrative fees waiver		(235,194	)
Expense offset arrangement		(364	)
Net Expenses		395,076
Net Investment Income		1,225,849
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments in securities		221,782
Net change in unrealized appreciation/(depreciation) on
investments in securities		140,409
Net Realized and Unrealized Gain		362,191
Net Increase in Net Assets Resulting from Operations	$	1,588,040

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 21 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

STATEMENTS OF CHANGES IN NET ASSETS 

	For the year ended October 31, 2015			For the period from April 1, 2014 (commencement of operations) to October 31, 2014
INCREASE IN NET ASSETS:
Operations:
Net investment income	$	1,225,849		$	449,551
Net realized gain on investments in securities		221,782			411,073
Net change in unrealized appreciation/(depreciation)
on investments in securities		140,409			1,089,988
Net increase in net assets resulting from operations		1,588,040			1,950,612
Dividends and distributions declared:
From net investment income:
Class N		(229,093	)		(7,529	)
Class I		(997,005	)		(441,870	)
From net realized gains:
Class N		(8,229	)		—
Class I		(403,258	)		—
Total dividends and distributions declared		(1,637,585	)		(449,399	)
Share transactions:
Proceeds from sales of shares		51,400,360	*		51,190,259
Net asset value of shares issued to shareholders for
reinvestment of dividends and distributions		286,601			8,899
Proceeds from short-term redemption fees		466			—
Cost of shares redeemed		(12,481,618	)*		(7,302	)
Net increase in net assets resulting from
share transactions		39,205,809			51,191,856
Total increase in net assets		39,156,264			52,693,069
NET ASSETS:
Beginning of period		52,693,069			—
End of period (including undistributed net investment
income of $0 and $152, respectively)	$	91,849,333		$	52,693,069

* Includes share exchanges. See Note 5 in Notes to Financial Statements.

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

22 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

FINANCIAL HIGHLIGHTS 

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

	For the year ended October 31, 2015			For the period from April 1, 2014 (commencement of operations) to October 31, 2014
Net asset value, beginning of period	$	10.30		$	10.00
Income from investment operations:
Net investment income1		0.15			0.09
Net realized and unrealized gain		0.08			0.29
Total income from investment operations		0.23			0.38
Less dividends and distributions:
From net investment income		(0.16	)		(0.08	)
From net realized gains		(0.08	)		—
Total dividends and distributions		(0.24	)		(0.08	)
Short-term redemption fees1		0.002			—
Net asset value, end of period	$	10.29		$	10.30
Total return		2.29	%		3.82	%3
Ratios/Supplemental data:
Net assets, end of period (in millions)	$	26		$	1
Ratio of expenses to average net assets before reductions		1.10	%		8.78	%4
Fee waiver		0.45	%5		8.13	%4,5
Expense offset arrangement		0.00	%6		0.00	%4,6
Ratio of expenses to average net assets after reductions		0.65	%		0.65	%4
Ratio of net investment income to average net assets		1.43	%		1.43	%4
Portfolio turnover rate		142	%		91	%
Portfolio turnover rate7		83	%		56	%

¹ Calculated using average shares outstanding for the period.

² Less than $0.01.

³ Not annualized.

⁴ Annualized with the exception of audit fees and registration fees.

⁵ The ratio of expenses to average net assets for the fiscal year ended October 31, 2015 and the period ended October 31, 2014, reflect fees reduced as result of a contractual operating expense limitation of the share class to 0.65%. The agreement is effective for the period beginning on April 1, 2014 and will terminate on March 1, 2016, unless it is renewed by all parties to the agreement. For the fiscal year ended October 31, 2015 and the period from April 1, 2014 to October 31, 2014 the waived fees were $71,871 and $47,942, respectively.

⁶ Less than 0.01%.

⁷ The portfolio turnover rate excludes variable rate demand notes.

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 23 

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 year ended October 31, 2015			For the period from April 1, 2014 (commencement of operations) to October 31, 2014
Net asset value, beginning of period	$	10.30		$	10.00
Income from investment operations:
Net investment income1		0.18			0.09
Net realized and unrealized gain		0.06			0.30
Total income from investment operations		0.24			0.39
Less dividends and distributions:
From net investment income		(0.18	)		(0.09	)
From net realized gains		(0.08	)		—
Total dividends and distributions		(0.26	)		(0.09	)
Short-term redemption fees1		0.002			—
Net asset value, end of period	$	10.28		$	10.30
Total return		2.33	%		3.89	%3
Ratios/Supplemental data:
Net assets, end of period (in millions)	$	66		$	52
Ratio of expenses to average net assets before reductions		0.78	%		0.88	%4
Fee waiver		0.28	%5		0.38	%4,5
Expense offset arrangement		0.00	%6		0.00	%4,6
Ratio of expenses to average net assets after reductions		0.50	%		0.50	%4
Ratio of net investment income to average net assets		1.72	%		1.49	%4
Portfolio turnover rate		142	%		91	%
Portfolio turnover rate7		83	%		56	%

¹ Calculated using average shares outstanding for the period.

² Less than $0.01.

³ Not annualized.

⁴ Annualized with the exception of audit fees and registration fees.

⁵ The ratio of expenses to average net assets for the year ended October 31, 2015 and the period ended October 31, 2014, reflect fees reduced as result of a contractual operating expense limitation of the share class to 0.50%. The agreement is effective for the period beginning on April 1, 2014 and will terminate on March 1, 2016, unless it is renewed by all parties to the agreement. For the year ended October 31, 2015 and the period from April 1, 2014 to October 31, 2014, the waived fees were $163,323 and $137,383, respectively.

⁶ Less than 0.01%.

⁷ The portfolio turnover rate excludes variable rate demand notes.

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

24 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

NOTES TO FINANCIAL STATEMENTS 

October 31, 2015 

1. 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 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 automatically convert to any other share class of the Fund. As of October 31, 2015, there were six series of the Trust.

2. 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:

A. Valuation of Investments. Prices of municipal bonds are provided by an external pricing service approved by the Fund’s Board of Trustees (“Board”). 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.

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.

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

FINANCIAL STATEMENTS OCTOBER 31, 2015 25 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

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.

C. 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.

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

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, 2015, 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, 2015, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for all open tax years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

26 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

E. 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 $237,322 and $1,400,263 to Class N and Class I shareholders, respectively, during year ended October 31, 2015. In addition, the Fund designated a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2015 and the period ended October 31, 2014, respectively, were 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
2015:	$	609,512		—	$	609,512	$	1,028,073		—	$	1,637,585
2014:		53,584		—		53,584		395,815		—		449,399

As of October 31, 2015 and 2014, 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)
2015:	$	74,098	$	123,762	$	197,860		—		—	$	1,230,397	$	1,428,257
2014:		411,073		—		411,073		—		—		1,089,988		1,501,061

The Fund did not have a net capital loss carryforward at October 31, 2015.

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

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

F. 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.

FINANCIAL STATEMENTS OCTOBER 31, 2015 27 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

3. Fees and Other Transactions with Affiliates.

A. 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 year ended October 31, 2015, the Fund incurred $296,719 under the Agreement.

B. Investment Advisory and Administrative Fee Waivers. Effective April 1, 2014 (commencement of operations), 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 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 year ended October 31, 2015, the Investment Adviser waived fees in the amount of $71,871 and $163,323 for Class N and Class I, respectively.

C. 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 year ended October 31, 2015, Class N shares of the Fund incurred $24,176 in shareholder servicing fees.

D. 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, 2015, the Fund incurred $44,400 in custody and fund accounting fees. These fees for the Fund were reduced by $364 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, 2015, was $367.

28 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

E. 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, 2015, the Fund incurred $60,283 in independent Trustee compensation and reimbursements.

F. Affiliated Ownership. As of October 31, 2015, BBH is the owner of record of 58% of the total outstanding shares of the Fund.

4. Investment Transactions. For the year ended October 31, 2015, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, was $137,411,541 and $103,762,271, respectively.

5. 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, 2015						For the period ended October 31, 2014*
	Shares			Dollars			Shares			Dollars
Class N
Shares sold		3,260,428		$	33,497,063			102,326		$	1,035,259
Shares issued in connection with
reinvestments of dividends		16,643			169,984			737			7,529
Proceeds from short-term redemption fees		N/A			133			N/A			—
Shares redeemed		(857,223	)		(8,734,880	)		(715	)		(7,302	)
Net decrease		2,419,848		$	24,932,300			102,348		$	1,035,486
Class I
Shares sold		1,755,417			17,903,297			5,015,493		$	50,155,000
Shares issued in connection with
reinvestments of dividends		11,443			116,617			134			1,370
Proceeds from short-term redemption fees		N/A			333			N/A			—
Shares redeemed		(368,524	)		(3,746,738	)		—			—
Net increase (decrease)		1,398,336		$	14,273,509			5,015,627		$	50,156,370

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

Included in Shares Sold and Shares Redeemed are shareholder exchanges during the years ended October 31, 2015. Specifically:

During the fiscal year 2015, 391,812 shares of Class N were exchanged for 392,198 shares of Class I valued at $3,984,732 and 196,099 shares of Class I were exchanged for 195,906 shares of Class N valued at $1,992,367.

FINANCIAL STATEMENTS OCTOBER 31, 2015 29 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

6. Principal Risk Factors and Indemnifications.

A. 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.

30 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

NOTES TO FINANCIAL STATEMENTS (continued) 

October 31, 2015 

B. 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.

7. Subsequent Events. Management has evaluated events and transactions that have occurred since October 31, 2015 through the date the financial statements were issued. Effective November 1, 2015, the Board approved an increase to the shareholder servicing fees from 0.15% to 0.20% of Class N Shares’ average net assets. The fees will continue to be calculated daily and paid monthly. There were no other subsequent events that would require recognition or additional disclosure in the financial statements.

FINANCIAL STATEMENTS OCTOBER 31, 2015 31 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

DISCLOSURE OF FUND EXPENSES 

October 31, 2015 (unaudited) 

EXAMPLE

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2015 to October 31, 2015).

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

32 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

DISCLOSURE OF FUND EXPENSES (continued) 

October 31, 2015 (unaudited) 

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

	Beginning Account Value May 1, 2015	Ending Account Value October 31, 2015	Expenses Paid During Period May 1, 2015 to October 31, 20151
Class N
Actual	$1,000	$1,013	$3.30
Hypothetical2	$1,000	$1,022	$3.31

	Beginning Account Value May 1, 2015	Ending Account Value October 31, 2015	Expenses Paid During Period May 1, 2015 to October 31, 20151
Class I
Actual	$1,000	$1,014	$2.54
Hypothetical2	$1,000	$1,023	$2.55

¹ 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 year period).

² 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, 2015 33 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

CONFLICTS OF INTEREST 

October 31, 2015 (unaudited) 

Conflicts of Interest

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

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.

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

34 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

CONFLICTS OF INTEREST (continued) 

October 31, 2015 (unaudited) 

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, 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.

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, 2015 35 

BBH INTERMEDIATE MUNICIPAL BOND FUND 

ADDITIONAL FEDERAL TAX INFORMATION 

October 31, 2015 (unaudited) 

The qualified investment income (QII) percentage for the year ended October 31, 2015 was 100%. In January 2016, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2015. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

36 

TRUSTEES AND OFFICERS OF BBH INTERMEDIATE MUNICIPAL BOND FUND 

(unaudited) 

Information pertaining to the Trustees and executive officers of the BBH Trust is set forth below. The mailing address for each Trustee is c/o BBH Trust, 140 Broadway, New York, NY 10005.

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.
Andrew S. Frazier Birth Date: April 8, 1948	Trustee	Since 2010	Consultant to Western World Insurance Group, Inc. (“WWIG”) (January 2010 to January 2012).	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 2012).	6	Trustee, Bridge Builder Trust (8 Funds) Director, Teton Advisors, Inc. (a registered investment adviser).

FINANCIAL STATEMENTS OCTOBER 31, 2015 37 

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.

38 

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.
Paul F. Gallagher 140 Broadway New York, NY 10005 Birth Date: June 28, 1959	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2015	Senior Vice President of BBH&Co. since September 2015; Executive Director and Counsel, Morgan Stanley Smith Barney LLC (2009–September 2015).
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.
James D. Kerr 50 Post Office Square Boston, MA 02110 Birth Date: January 5, 1983	Assistant Secretary	Since 2015	Associate and Investor Services Assistant Counsel since 2014; joined BBH&Co. in 2013; Assistant District Attorney, Middlesex County, Massachusetts (October 2011 to September 2013); Judicial Law Clerk, Massachusetts Court of Appeals (September 2010 to September 2011).

# 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). Mr. Wagner 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, 2015 39 

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

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.

 

Item 2. Code of Ethics.

As of the period ended October 31, 2015 (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, John M. Tesoro 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, John M. Tesoro and Mark M. Collins as the Registrant’s audit committee financial experts.  Messrs. Andrew S. Frazier, John M. Tesoro 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 $188,700 for 2015 and $150,800 for 2014.
(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 2015 and $0 for 2014.
(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 $30,100 for 2015 and $30,550 for 2014.  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 $47,500 for 2015 and $39,000 for 2014.

	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 $3,976,242 for 2015 and $2,321,765 for 2014.
(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/ Jean-Pierre Paquin

Jean-Pierre Paquin

Title:  President (Principal Executive Officer)

Date: January 8, 2016

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/ Jean-Pierre Paquin

Jean-Pierre Paquin

Title: President (Principal Executive Officer)

Date: January 8, 2016

By: (Signature and Title)

/s/ Charles H. Schreiber

Charles H. Schreiber

Title: Treasurer (Principal Financial Officer)

Date: January 8, 2016

EX-12.(A)(2)

Exhibit 12(a)(2)

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT

AND SECTION 302 OF THE SARBANES-OXLEY ACT

I, Jean-Pierre Paquin, certify that:

1. I have reviewed this report on Form N-CSR of BBH Trust on behalf of the BBH Limited Duration Fund, BBH Core Select, BBH Global Core Select, BBH International Equity Fund and BBH Intermediate Municipal Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the internal control over financial reporting.

Date: January 8, 2016	/s/ Jean-Pierre Paquin
	Jean-Pierre Paquin, President
	(Principal Executive Officer)

Exhibit 12(a)(2) 

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT

AND SECTION 302 OF THE SARBANES-OXLEY ACT

I, Charles H. Schreiber, certify that:

1. I have reviewed this report on Form N-CSR of BBH Trust on behalf of the BBH Limited Duration Fund, BBH Core Select, BBH Global Core Select, BBH International Equity Fund and BBH Intermediate Municipal Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the internal control over financial reporting.

Date: January 8, 2016	/s/ Charles H. Schreiber
	Charles H. Schreiber, Treasurer
	(Principal Financial Officer)

 

EX-12.(B)

Exhibit 12(b)

CERTIFICATION PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT

I, Jean-Pierre Paquin, President (Principal Executive Officer) of BBH Trust (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Form N-CSR of the Registrant on behalf of the BBH Limited Duration Fund, BBH Core Select, BBH Global Core Select, BBH International Equity Fund and BBH Intermediate Municipal Bond Fund for the annual period ended October 31, 2015 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: January 8, 2016	/s/ Jean-Pierre Paquin
	Jean-Pierre Paquin, President
	(Principal Executive Officer)

Exhibit 12(b)

CERTIFICATION PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT

I, Charles H. Schreiber, Treasurer (Principal Financial Officer) of BBH Trust (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Form N-CSR of the Registrant on behalf of the BBH Limited Duration Fund, BBH Core Select, BBH Global Core Select, BBH International Equity Fund and BBH Intermediate Municipal Bond Fund for the annual period ended October 31, 2015 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: January 8, 2016	/s/ Charles H. Schreiber
	Charles H. Schreiber, Treasurer
	(Principal Financial Officer)