BBH Limited Duration Fund

To provide the maximum total return consistent with preservation of capital and prudent investment management.

Brown Brothers Harriman & Co.(“BBH”) serves as the Investment Adviser to the Fund (the “Investment Adviser”). As Investment Adviser, BBH seeks to invest the assets of the Fund in a well-diversified portfolio of high quality fixed income instruments. These investments will be primarily focused in notes and bonds issued by domestic and foreign corporations and financial institutions and U.S. Government, Government agency and Government guaranteed issuers.

The Fund may also purchase asset-backed securities, mortgage backed securities, and other sovereign debt when the Investment Adviser believes that the additional income from these securities justifies a higher risk of allocations to these asset classes. The Fund may invest in money market instruments, repurchase agreements and derivative instruments to meet its investment objective, although not typically as a primary strategy.

The BBH Limited Duration Fund will not measure its performance success nor alter its construction in relation to any particular benchmark or index. Instead, the Fund will seek to preserve capital and to generate a positive return, while attempting to avoid instances of negative total return over extended periods of time. The Fund will have the flexibility to invest in the sectors, industries, securities and durations that the Investment Adviser identifies as offering attractive risk-adjusted returns consistent with the Fund’s investment objective.

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Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices.

The value of some asset-backed securities and mortgage-backed securities may be particularly sensitive to changes in prevailing interest rates. Although mortgage-backed securities are generally supported by some form of government or private insurance, there is no assurance that private guarantors or insurers will meet their obligations. The fund also invests in derivative instruments, investments whose values depend on the performance of the underlying security, assets, interest rate, index or currency and entail potentially higher volatility and risk of loss compared to traditional stock or bond investments.