Performance & Composition

PERFORMANCE
 

TOTAL RETURNS AVERAGE ANNUAL
TOTAL RETURNS
as of 07/31/2014
      1 Mo.* 3 Mo.* Since Inception**
BBH Intermediate Municipal Bond Fund (Class N)   0.22% 1.04% 1.92%
Barclays Municipal Bond 1-15 Year Blend Index   0.19% 1.11% 2.16%


 

TOTAL RETURNS AVERAGE ANNUAL
TOTAL RETURNS
as of 07/31/2014
      1 Mo.* 3 Mo.* Since Inception**
BBH Intermediate Municipal Bond Fund (Class I)   0.23% 0.98% 1.86%
Barclays Municipal Bond 1-15 Year Blend Index   0.19% 1.11% 2.16%
     

 

PERFORMANCE
 

TOTAL RETURNS AVERAGE ANNUAL
TOTAL RETURNS
as of 06/30/2014
      1 Mo.*   Since Inception**
BBH Intermediate Municipal Bond Fund (Class N)   -0.18%   1.69%
Barclays Municipal Bond 1-15 Year Blend Index    0.01%   1.97%
Inception date: Class N:   4/01/2014


 

TOTAL RETURNS AVERAGE ANNUAL
TOTAL RETURNS
as of 06/30/2014
      1 Mo.*   Since Inception**
BBH Intermediate Municipal Bond Fund (Class I)   -0.17%   1.63%
Barclays Municipal Bond 1-15 Year Blend Index    0.01%   1.97%
Inception date: Retail Class:   4/01/2014      

 

 

Class N: Net/Gross Expense Ratio (%):  0.65 / 0.78

Class I: Net/Gross Expense Ratio (%):  0.50 / 0.63

*Returns are not annualized

**Class N inception date is 4/01/2014.  Class I inception date is 4/01/2014.

 

The fund is new with limited operating history.

 

Learn more about how to invest in BBH Mutual Funds

The investment adviser has contractually agreed to limit the Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to 0.65% for Class N shares and 0.50% for Class I shares through May 1, 2015 (the “Expense Limitation Agreement”). The Expense Limitation Agreement may only be terminated during its term with approval of the Fund’s Board of Trustees (the “Board”).

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 1.00%. For performance current to the most recent month-end please call 1-800-625-5759.


Top 10 Holdings

Maturity††

Coupon (%)
 

as of 06/30/14 
(%)

Detroit School District 5/1/2030 5.3% 3.3%
Tobacco Settlement Financing Corp/NJ 6/1/2041 0.0% 3.2%
New York State Energy Research and Development Authority 12/1/2025 0.4% 3.1%
Anne Arundel County, MD 4/1/2023 5.0% 2.4%
Howard County, MD 2/15/2022 5.0% 2.4%
Mecklenburg County, NC 12/1/2021 5.0% 2.4%
State of Texas 10/1/2020 5.0% 2.3%
Orlando Aviation Authority 10/1/2027 5.0% 2.3%
New York State Thruway Authority 5/1/2019 5.0% 2.3%
New Jersey State Transporation Trust 12/15/2030 0.0% 2.3%

 

Credit Quality

as of 06/30/14 
(%)

Agency:    0.0%
AAA:  14.4%
AA:  24.6%
A:  52.9%
BBB:    8.1%
BB:    0.0%
B/Lower:    0.0%
NR:    0.0%
Total: 100.0%

 

 

† Credit quality and portfolio holdings are reviewed on an ongoing basis and are subject to change.

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

For additional information please go to the Understanding Ratings section at www.standardpoors.com and the Ratings Methodology section at www.moodys.com





The Barclays 1-15 Year Blend (1-17) Muni Index is a component of the Barclays Municipal Bond index, including bonds with maturity dates between one and 17 years.

The Barclays Municipal Bond Index is a rules-based, market-value-weighted index.

To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody's, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. Remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark. 

Additional information about ratings can be found at www.moodys.com, www.standardandpoors.com and www.fitchratings.com. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.

The index has four main sectors: general obligation bonds, revenue bonds, insured bonds (including all insured bonds with a Aaa/AAA rating), and pre-refunded bonds.