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Performance & Composition

BBH Limited Duration 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

  • 07/31/2019
  • 06/30/2019
Total Returns Average Annual Total Returns
1 Mo.* 3 Mo.* YTD* 1 Yr. 3 Yr. 5 Yr. 10 Yr. Since Inception
BBH Limited Duration Fund (Class I) 0.26% 1.08% 3.04% 3.99% 3.00% 2.10% 2.38% 3.96%
BBH Limited Duration Fund (Class N) 0.25% 1.16% 3.09% 3.90% 2.92% 1.97% 2.22% 3.80%
Barclays Capital U.S. 1-3 Year Treasury Bond Index -0.12% 1.15% 2.35% 3.91% 1.27% 1.21% 1.18% 2.76%

Class I: Total Expense Ratio: 0.27%
Class N Net/Gross Expense Ratio: 0.35% / 0.50%

* Returns are not annualized.
** 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 maximum offering price per share on the last day  of the reported period.

The investment adviser has contractually agreed to limit the Total Annual Fund Operating for Class N to 0.35%, through February 29, 2020. The Expense Limitation Agreement may only be terminated during its term with approval of the Fund's Board of Trustees.

Class I performance inception date is 07/20/2000. Class N performance inception date is 07/20/2000.

All performance is net of fees.

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. 

The Class I shares commenced operations on December 3, 2002. Prior to December 3, 2002, performance reflects performance of the Class N shares adjusted to assume that all charges, expenses and fees were deducted. Performance prior to December 22, 2000 is that of the BBH Broad Market Fixed Income Portfolio adjusted to assume that all charges, expenses and fees of the Fund and the Portfolio which are presently in effect were deducted during such periods, as permitted by applicable SEC staff interpretations.

The Class N shares commenced operations on December 22, 2000. Performance prior to December 22, 2000 is that of the BBH Broad Market Fixed Income Portfolio adjusted to assume that all charges, expenses and fees of the Fund and the Portfolio which are presently in effect were deducted during such periods, as permitted by applicable SEC staff interpretations.

“Inception date” is the inception date of the BBH Broad Market Fixed Income Portfolio (07/20/2000).

The Barclays Capital U.S. 1-3 Year Treasury Bond Index is an unmanaged index of fixed rate obligations of the U.S. Treasury with maturities ranging from 1 to 3 years. Investments cannot be made in an index.

Total Returns Average Annual Total Returns
1 Mo.* 3 Mo.* YTD* 1 Yr. 3 Yr. 5 Yr. 10 Yr. Since Inception
BBH Limited Duration Fund (Class I) 0.45% 1.28% 2.77% 3.96% 3.04% 2.05% 2.47% 3.97%
BBH Limited Duration Fund (Class N) 0.45% 1.26% 2.83% 3.97% 2.96% 1.90% 2.32% 3.81%
Barclays Capital U.S. 1-3 Year Treasury Bond Index 0.52% 1.47% 2.47% 4.02% 1.29% 1.22% 1.20% 2.77%

Class I: Total Expense Ratio: 0.27%
Class N Net/Gross Expense Ratio: 0.35% / 0.50%

* Returns are not annualized.
** 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 maximum offering price per share on the last day  of the reported period.

The investment adviser has contractually agreed to limit the Total Annual Fund Operating for Class N to 0.35%, through February 29, 2020. The Expense Limitation Agreement may only be terminated during its term with approval of the Fund's Board of Trustees.

Class I performance inception date is 07/20/2000. Class N performance inception date is 07/20/2000.

All performance is net of fees.

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. 

The Class I shares commenced operations on December 3, 2002. Prior to December 3, 2002, performance reflects performance of the Class N shares adjusted to assume that all charges, expenses and fees were deducted. Performance prior to December 22, 2000 is that of the BBH Broad Market Fixed Income Portfolio adjusted to assume that all charges, expenses and fees of the Fund and the Portfolio which are presently in effect were deducted during such periods, as permitted by applicable SEC staff interpretations.

The Class N shares commenced operations on December 22, 2000. Performance prior to December 22, 2000 is that of the BBH Broad Market Fixed Income Portfolio adjusted to assume that all charges, expenses and fees of the Fund and the Portfolio which are presently in effect were deducted during such periods, as permitted by applicable SEC staff interpretations.

“Inception date” is the inception date of the BBH Broad Market Fixed Income Portfolio (07/20/2000).

The Barclays Capital U.S. 1-3 Year Treasury Bond Index is an unmanaged index of fixed rate obligations of the U.S. Treasury with maturities ranging from 1 to 3 years. Investments cannot be made in an index.

Top Ten Credits As of 07/31/2019

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

World Financial Network Credit Card Master Trust 1.9%
PFS Financing Corp 1.5%
Mariner Finance Issuance Trust 1.5%
National Australia Bank Ltd. 1.4%
Chesapeake Funding LLC 1.4%
Trafigura Securitisation Finance PLC 1.4%
OSCAR US Funding Trust 1.3%
NextGear Floorplan Master Owner Trust 1.2%
Credit Acceptance Auto Loan Trust 1.2%
Westlake Automobile Receivables Trust 1.2%
Total 14.0%

Credit Distribution As of 07/31/2019

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

Credit Quality letter ratings are provided by Standard and Poor's, Moody's and Fitch and are presented as the higher of the three ratings. When a security is not rated by Standard & Poor's, Moody's or Fitch, the highest credit ratings from DBRS and Kroll may be used. Credit ratings reflect the credit quality of the underlying issues in the portfolio and not of the portfolio itself. Issues with credit ratings of BBB or better are considered to be investment grade, with adequate capacity to meet financial commitments. Issues with credit ratings below BBB are considered speculative in nature and are vulnerable to the possibility of issuer failure or business interruption.

Cash and Cash Equivalents 15.7%
U.S. Treasuries 0.0%
AAA 32.3%
AA 11.0%
A 21.4%
BBB 15.3%
BB 3.9%
B or Lower 0.2%
Not Rated 0.3%
Total 100.0%

Sector Distribution As of 07/31/2019

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

Corporate Securities 24.8%
Asset-Backed Securities 42.7%
Commercial Mortgage-Backed Securities 4.8%
Residential Mortgage-Backed Securities 1.3%
Municipal Securities 0.5%
Agency Mortgage-Backed Securities 0.2%
Trust Preferred 0.0%
Loans 10.0%
Cash and Cash Equivalents 15.7%
Total 100.0%

Full Composition

Download the full list of BBH Limited Duration Fund holdings as of the most recent month-end.

Historic Distributions

Ex Date Pay Date Income Short Term Long Term
07/31/2019 07/31/2019 0.026717463 - -
06/28/2019 06/28/2019 0.026350468 - -
05/31/2019 05/31/2019 0.027922648 - -
04/29/2019 04/30/2019 0.0258 - -
03/28/2019 03/29/2019 0.0275 - -
02/27/2019 02/28/2019 0.0252 - -
01/30/2019 01/31/2019 0.0257 - -
12/28/2018 12/31/2018 0.0266 - -
11/29/2018 11/30/2018 0.0245 - -
10/30/2018 10/31/2018 0.0250 - -
09/27/2018 09/28/2018 0.0232 - -
08/30/2018 08/31/2018 0.0239 - -
Ex Date Pay Date Income Short Term Long Term
07/31/2019 07/31/2019 0.026057777 - -
06/28/2019 06/28/2019 0.025697582 - -
05/31/2019 05/31/2019 0.027396756 - -
04/29/2019 04/30/2019 0.0253 - -
03/28/2019 03/29/2019 0.0269 - -
02/27/2019 02/28/2019 0.0245 - -
01/30/2019 01/31/2019 0.0250 - -
12/28/2018 12/31/2018 0.0260 - -
11/29/2018 11/30/2018 0.0238 - -
10/30/2018 10/31/2018 0.0234 - -
09/27/2018 09/28/2018 0.0227 - -
08/30/2018 08/31/2018 0.0232 - -

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

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

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Consult your prospectus for more information. To obtain a recent prospectus, please contact the BBH Fund Information Service, Brown Brothers Harriman ("BBH"), 140 Broadway, New York, NY 10005. 1 (800) 575-1265, or email us a literature request (bbhfunds@bbh.com). You should consider the fund's investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the fund's prospectus, which you should read carefully before investing.

NOT FDIC INSURED          NO BANK GUARANTEE          MAY LOSE VALUE

BBH provides investment advice and portfolio management to the BBH Funds through a separately identifiable department (the "Investment Adviser"). The Investment Adviser is registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. BBH acts as the Fund Administrator and is located at 140 Broadway, New York, NY 10005.

Shares of the Fund are distributed by ALPS Distributors, Inc. and is located at 1290 Broadway, Suite 1100, Denver, CO 80203.

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