Performance & Composition

BBH Intermediate Municipal Bond Fund Class I and Class N current performance is reflected below. An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The Fund's prospectus contains this information and other information about the Fund. You should read the prospectus carefully before investing. For more information, please contact us.

Performance

Total Returns Average Annual Total Returns
1 Mo.* 3 Mo.* YTD* 1 Yr. 3 Yr. 5 Yr. Since Inception
BBH Intermediate Municipal Bond Fund (Class I) 0.17% -0.42% 6.22% 7.45% 4.86% 3.74% 4.00%
BBH Intermediate Municipal Bond Fund (Class N) 0.15% -0.45% 6.17% 7.28% 4.71% 3.59% 3.86%
Barclays Capital Municipal Bond 1-15 Year Blend Index 0.23% -0.32% 6.10% 7.28% 4.32% 3.00% 3.32%

Class I: Net/Gross Expense Ratio: 0.50% / 0.62%
Class N: Net/Gross Expense Ratio: 0.65% / 0.91%

Class I performance inception date is 04/01/2014. Class N performance inception date is 04/01/2014.

* Returns are not annualized.

All performance is net of fees.

The Investment Adviser has contractually agreed to limit the Total Annual Fund Operating Expenses for Class N to 0.65% and Class I to 0.50% through February 29, 2020. The Expense Limitation Agreement may only be terminated during its term with approval of the Fund's Board of Trustees.

Past performance does not guarantee future results, and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate and shares, when sold, may be worth more or less than the original cost. For the most recent month-end performance, call 1 (800) 625-5769. Fund shares redeemed within 30 days of purchase are subject to a redemption fee of 1.00%.

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.

Total Returns Average Annual Total Returns
1 Mo.* 3 Mo.* YTD* 1 Yr. 3 Yr. 5 Yr. Since Inception
BBH Intermediate Municipal Bond Fund (Class I) -0.75% 1.37% 5.86% 7.76% 3.59% 3.81% 4.06%
BBH Intermediate Municipal Bond Fund (Class N) -0.76% 1.33% 5.84% 7.59% 3.43% 3.65% 3.92%
Barclays Capital Municipal Bond 1-15 Year Blend Index -0.81% 1.13% 5.58% 7.39% 2.74% 3.03% 3.33%

Class I: Net/Gross Expense Ratio: 0.50% / 0.62%
Class N: Net/Gross Expense Ratio: 0.65% / 0.91%

Class I performance inception date is 04/01/2014. Class N performance inception date is 04/01/2014.

* Returns are not annualized.

All performance is net of fees.

The Investment Adviser has contractually agreed to limit the Total Annual Fund Operating Expenses for Class N to 0.65% and Class I to 0.50% through February 29, 2020. The Expense Limitation Agreement may only be terminated during its term with approval of the Fund's Board of Trustees.

Past performance does not guarantee future results, and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate and shares, when sold, may be worth more or less than the original cost. For the most recent month-end performance, call 1 (800) 625-5769. Fund shares redeemed within 30 days of purchase are subject to a redemption fee of 1.00%.

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.

Top Ten Holdings / Maturity / Coupon As of 10/31/2019

Holdings are subject to change.
Totals may not sum due to rounding.
Reported as a percentage of total portfolio.

Virginia State College Building Authority 09/01/2027 5.000% 2.0%
Michigan Qualified School Bond Loan Fund 05/01/2029 6.000% 1.8%
Geisinger Health System, PA 06/01/2028 2.266% 1.8%
State of Massachusetts 07/01/2026 5.000% 1.5%
Public Energy Authority Of Kentucky (Peak) Gas Supply 12/01/2049 4.000% 1.4%
Indiana University Health 12/01/2058 2.250% 1.3%
Massachusetts State Water Pollution Abatement 08/01/2023 0.000% 1.3%
New York State Energy Research and Development Authority 07/01/2026 2.375% 1.3%
Metropolitan Transportation Authority 11/01/2026 2.181% 1.3%
Minnesota Housing Finance Agency, MN 03/01/2049 3.450% 1.3%
Total 15.0%

Sector Distribution As of 10/31/2019

Holdings are subject to change.
Totals may not sum due to rounding.
Reported as a percentage of portfolio securities.

General Obligations 29.5%
Pre-Refunded 1.0%
Revenue 69.5%
Total 100.0%

Full Composition

Download the full list of BBH Intermediate Municipal Bond Fund holdings as of the most recent month-end.


Historic Distributions

Ex Date Pay Date Income Short Term Long Term
11/29/2019 11/29/2019 0.017759221 - -
10/31/2019 10/31/2019 0.018276895 - -
09/30/2019 09/30/2019 0.018463420 - -
08/30/2019 08/30/2019 0.018892390 - -
07/31/2019 07/31/2019 0.019186128 - -
06/28/2019 06/28/2019 0.031724270 - -
04/29/2019 04/30/2019 0.0183 - -
05/31/2019 05/31/2019 0.020572310 - -
03/28/2019 03/29/2019 0.0197 - -
02/27/2019 02/28/2019 0.0178 - -
01/30/2019 01/31/2019 0.0194 - -
12/28/2018 12/31/2018 0.0193 - 0.0094
11/29/2018 11/30/2018 0.0148 - -
Ex Date Pay Date Income Short Term Long Term
11/29/2019 11/29/2019 0.016417353 - -
10/31/2019 10/31/2019 0.017293418 - -
09/30/2019 09/30/2019 0.017152293 - -
08/30/2019 08/30/2019 0.017468384 - -
07/31/2019 07/31/2019 0.017787364 - -
06/28/2019 06/28/2019 0.030392868 - -
04/29/2019 04/30/2019 0.0171 - -
05/31/2019 05/31/2019 0.019131335 - -
03/28/2019 03/29/2019 0.0184 - -
02/27/2019 02/28/2019 0.0165 - -
01/30/2019 01/31/2019 0.0180 - -
12/28/2018 12/31/2018 0.0180 - 0.0094
11/29/2018 11/30/2018 0.0136 - -

Effective April 30, 2019, the Fund is converted to daily accrual rate. May's monthly accrual includes the 4/30 daily accrual rate.