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

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) -4.06% -3.28% -3.28% -0.52% 1.60% 1.65% 1.80% 3.72%
BBH Limited Duration Fund (Class N) -4.07% -3.29% -3.29% -0.69% 1.49% 1.51% 1.65% 3.56%
Barclays Capital U.S. 1-3 Year Treasury Bond Index 1.29% 2.76% 2.76% 5.41% 2.69% 1.84% 1.44% 2.87%
Reference Benchmark -0.99% 0.00% 0.00% 2.40% 2.21% 1.78% 1.75% 2.51%


Reference Benchmark: 40% Bloomberg Barclays Short-Term Corporate Index; 40% Bloomberg Barclays US Aggregate ABS Index; and 20% Bloomberg Barclays US Treasury Bills Index.

Class I: Total Expense Ratio: 0.28%
Class N Net/Gross Expense Ratio: 0.35% / 0.51%

* Returns are not annualized.
The investment adviser has contractually agreed to limit the Total Annual Fund Operating for Class N to 0.35%, through March 1, 2021. 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. The Fund does not measure its performance success nor alter its construction in relation to any particular benchmark or index.

The composition of the Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index is materially different than the Fund's holdings.

The Reference Benchmark is an unmanaged weighted index comprised as follows: 40% Bloomberg Barclays Short-Term Corporate Index; 40% Bloomberg Barclays US Aggregate ABS Index; and 20% Bloomberg Barclays US Treasury Bills Index. Bloomberg Barclays Short-Term Corporate Index is an unmanaged index comprised of U.S. dollar denominated, investment grade, fixed rate, corporate securities with a remaining maturity from 1 day up to (but not including) 12 months and have at least $250 million par amount outstanding. Bloomberg Barclays US Aggregate ABS Index represents the ABS components of the Bloomberg Barclays U.S. Aggregate Index.  The Bloomberg Barclays U.S. Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs, and total return performance of fixed-rate, publicly placed, dollar-denominated, and non-convertible investment grade debt issues with at least $300 million par amount outstanding and with at least one year to final maturity. Bloomberg Barclays US Treasury Bills Index is an unmanaged index comprised publicly-issued U.S. Treasury bills with a remaining maturity from 1 day up to (but not including) 12 months. It excludes zero coupon strips. The indexes are not available for direct investment. The Fund does not measure its performance success nor alter its construction in relation to any particular benchmark or index.

Top Ten Credits As of 02/29/2020

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

PFS Financing Corp 1.7%
World Financial Network Credit Card Master Trust 1.5%
Oportun Funding LLC 1.3%
Trafigura Securitisation Finance PLC 1.2%
National Australia Bank Ltd. 1.1%
Westlake Automobile Receivables Trust 1.1%
Broadcom Inc 1.0%
Lloyds Banking Group PLC 1.0%
NextGear Floorplan Master Owner Trust 1.0%
Bunge Ltd 0.9%
Total 11.8%

Credit Distribution As of 02/29/2020

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 25.1%
U.S. Treasuries 0.0%
AAA 26.3%
AA 9.6%
A 16.4%
BBB 18.2%
BB 3.9%
B or Lower 0.2%
Not Rated 0.4%
Total 100.0%

Sector Distribution As of 02/29/2020

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

Corporate Securities 25.8%
Asset-Backed Securities 33.0%
Commercial Mortgage-Backed Securities 4.7%
Residential Mortgage-Backed Securities 1.6%
Municipal Securities 1.1%
Agency Mortgage-Backed Securities 0.2%
Trust Preferred 0.0%
Loans 8.6%
Cash and Cash Equivalents 25.1%
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
12/31/2019 12/31/2019 0.023833865 - -
11/29/2019 11/29/2019 0.022777408 - -
10/31/2019 10/31/2019 0.024874449 - -
09/30/2019 09/30/2019 0.024774974 - -
08/30/2019 08/30/2019 0.025963199 - -
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 - -
03/31/2020 03/31/2020 0.022242239 - -
02/28/2020 02/28/2020 0.020738948 - -
01/31/2020 01/31/2020 0.022122128 - -
Ex Date Pay Date Income Short Term Long Term
12/31/2019 12/31/2019 0.023143374 - -
11/29/2019 11/29/2019 0.022079086 - -
10/31/2019 10/31/2019 0.024619398 - -
09/30/2019 09/30/2019 0.024142018 - -
08/30/2019 08/30/2019 0.025262972 - -
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 - -
03/31/2020 03/31/2020 0.021626674 - -
02/28/2020 02/28/2020 0.020117661 - -
01/31/2020 01/31/2020 0.021478218 - -

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.