0001342947 2011-12-31 2011-12-31 0001342947 bbh:S000015110Member 2011-12-31 2011-12-31 0001342947 bbh:S000015110Member bbh:C000041213Member 2011-12-31 2011-12-31 0001342947 bbh:S000015110Member bbh:C000041214Member 2011-12-31 2011-12-31 0001342947 bbh:S000015110Member rr:AfterTaxesOnDistributionsMember bbh:C000041213Member 2011-12-31 2011-12-31 0001342947 bbh:S000015110Member rr:AfterTaxesOnDistributionsAndSalesMember bbh:C000041213Member 2011-12-31 2011-12-31 0001342947 bbh:S000015110Member bbh:index_Barclays_Capital_US_13_Year_Treasury_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxes_Member 2011-12-31 2011-12-31 iso4217:USD xbrli:pure BBH Trust Other false 0001342947 2011-12-31 2012-10-26 2012-10-26 2012-02-28 BBH Limited Duration Fund PRINCIPAL RISKS OF THE FUND The principal risks of investing in the Fund and the circumstances reasonably likely to adversely affect an investment are listed in alphabetical order and described below. The share price of the Fund changes daily, based on market conditions and other factors. A shareholder may lose money by investing in the Fund. There can be no assurance that the Fund will achieve its investment objective. Credit Risk: Credit risk refers to the likelihood that an issuer, guarantor, or the counterparty to a derivative contract or repurchase agreement, will default on interest or principal payments. Derivatives Risk: Derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying asset or index. Risks are different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Risks include liquidity risk, interest rate risk, market risk, credit risk, risk of mis-pricing or improper valuation and the risk of miscorrelation. The Fund could lose more than the principal amount invested. Foreign Investment Risk: This is the risk associated with adverse political, social and economic developments abroad, different kinds and levels of market and issuer regulations, and the different characteristics of overseas economies and markets. Interest Rate Risk: Interest rate risk refers to the price fluctuation of a bond in response to changes in interest rates. Rising interest rates tend to cause the price of debt securities (especially those with longer maturities) and the Fund’s share price to fall. Investment Risk: Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or even long periods of time. Issuer Risk: The value of a security may decline for a number of reasons, which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. Leveraging Risk: Leverage includes borrowing and reverse repurchase agreements and in some cases derivative contracts that may result in leverage to the Fund. Leverage risk is created when an investment exposes the Fund to a level of risk that exceeds the amount invested. Leveraging is speculative, tends to exaggerate the effect of any increase or decrease in the value of the Fund’s securities and may cause the Fund to be more volatile. Liquidity Risk: Liquidity risk exists when a particular instrument is difficult to purchase or sell. Size of a transaction or illiquid markets may be factors. Management Risk: The Fund is actively managed and its success depends upon the investment skills and analytical abilities of the investment adviser to develop and effectively implement strategies that achieve the Fund’s investment objective. Subjective decisions made by the investment adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized. Market Risk: This is the risk that the price of a security will fall due to changing economic, political, regulatory or market conditions, or due to a company’s or issuer’s individual situation. Maturity Risk: Interest rate risk, as discussed above, will generally affect the price of a fixed income security more if the security has a longer maturity. Pre-payment Risk and Extension Risk: Securities such as mortgage-backed securities have pre-payment and extension risks. Rising interest rates tend to extend the duration of mortgage-related securities (extension risk), and declining interest rates tend to lead borrowers to pay off their mortgages sooner than expected (prepayment risk). As a result, in a period of fluctuating interest rates, a fund that holds mortgage-related securities may exhibit additional volatility. Shareholder Concentration Risk: From time to time, an investment adviser may allocate a portion of the assets of its discretionary clients to the Fund. There is a risk that if a large percentage of Fund shareholders consists of such investment adviser’s discretionary clients, such asset allocation decisions, particularly large redemptions, may adversely impact remaining Fund shareholders. Sovereign Debt Risk: Bonds issued by foreign governments, sometimes referred to as “sovereign” debt, present risks not associated with investments in other types of bonds. The government or agency issuing the debt may be unable or unwilling to make interest payments and/or repay the principal owed. In such instance, the Fund may have limited recourse against the issuing government or agency. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or even long periods of time. PRINCIPAL INVESTMENT STRATEGIES The Fund seeks to achieve its investment objective by investing 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 agencies 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 returns from these securities justify the risk of allocations to these asset classes. The Fund may invest in money market instruments, repurchase agreements and derivative instruments, including futures, swaps and options, to meet its investment objective. The Fund seeks to achieve its investment objective by investing in a well-diversified portfolio of high quality fixed income instruments. EXAMPLE This example is intended to help you compare the cost of investing in the Fund’s Class N and Class I shares to the cost of investing in other mutual funds. 52 163 284 639 31 97 169 380 ~ http://bbhfunds.com/20121026/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact bbh_S000015110Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ The example assumes that you invest $10,000 in the Fund's Class N and Class I shares for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund's Class N and Class I shares remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 28% of the average value of its portfolio. 0.28 INVESTMENT OBJECTIVE The investment objective of the BBH Limited Duration Fund (the “Fund”) is to provide maximum total return, consistent with preservation of capital and prudent investment management. FEES AND EXPENSES OF THE FUND The table below describes the fees and expenses that you may pay if you buy and hold the Fund’s Class N and Class I shares. 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.00 0.00 0.0027 0.0027 0.0000 0.0000 0.0024 0.0003 0.0051 0.0030 ~ http://bbhfunds.com/20121026/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact bbh_S000015110Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://bbhfunds.com/20121026/role/ScheduleOperatingExpenses20002 column dei_LegalEntityAxis compact bbh_S000015110Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (Fees paid directly from your investment) FUND PERFORMANCE The Fund is a successor to a mutual fund of the same name, which was a series of BBH Fund, Inc. (the “Predecessor Fund”). Performance provided reflects the performance of the Predecessor Fund for periods prior to its reorganization into the Fund, as of the close of business on June 12, 2007. Prior to the reorganization, the Fund did not have any investment operations. Accordingly, the performance and financial information provided in this Prospectus for the periods prior to that date is historical information of the Predecessor Fund, adjusted to reflect the Fund’s anticipated expenses. The following bar chart and table give an indication of the risks involved with an investment in the Fund. The bar chart shows changes in the performance of the Fund’s Class N shares from year to year. The table shows how the average annual returns of the Fund’s Class N and Class I shares for the periods indicated compared to a broad-based market index. One cannot invest directly in an index. When you consider this information, please remember that the Fund’s performance (before and after taxes) in past years is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund’s performance can be obtained by visiting www.bbhfunds.com or can be obtained by phone at 1-800-625-5759. Total Return for Class N Shares (% Per Calendar Year) 0.0741 0.0730 0.0441 0.0266 0.0390 0.0282 0.0425 0.0593 0.0411 0.0071 ~ http://bbhfunds.com/20121026/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact bbh_S000015110Member column rr_ProspectusShareClassAxis compact bbh_C000041213Member row primary compact * ~ Highest Performing Quarter: 0.0460 2008-12-31 Lowest Performing Quarter: -0.0253 2004-06-30 Highest Performing Quarter: 4.60% in 4th quarter of 2008 Lowest Performing Quarter: (2.53)% in 2nd quarter of 2004 Average Annual Total Returns (Through December 31, 2011) The Fund’s performance figures assume that all distributions were reinvested in the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns for Class I Shares will differ from those shown for Class N Shares. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 0.0071 0.0355 0.0433 0.0006 0.0244 0.0285 0.0054 0.0238 0.0284 0.0077 0.0370 0.0448 0.0155 0.0371 0.0327 ~ http://bbhfunds.com/20121026/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact bbh_S000015110Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and table give an indication of the risks involved with an investment in the Fund. When you consider this information, please remember that the Fund's performance (before and after taxes) in past years is not necessarily an indication of how the Fund will perform in the future. 1-800-625-5759 www.bbhfunds.com After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.