0001342947 2012-06-30 2012-06-30 0001342947 bbh:S000015108Member 2012-06-30 2012-06-30 0001342947 bbh:S000015108Member bbh:C000041210Member 2012-06-30 2012-06-30 0001342947 bbh:S000015108Member bbh:C000041211Member 2012-06-30 2012-06-30 xbrli:pure iso4217:USD BBH Trust 485BPOS false 0001342947 2012-06-30 2012-10-29 2012-11-01 2012-10-29 BBH Money Market Fund PRINCIPAL INVESTMENT STRATEGIES Under normal circumstances, the Fund invests in high quality, U.S. dollar-denominated short-term money market instruments such as U.S. Government securities and bank obligations of U.S. and non-U.S. banks (i.e. certificates of deposit and fixed time deposits), commercial paper, repurchase agreements, municipal bonds, bonds issued by U.S. corporations and obligations of certain supranational organizations. In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 (“Rule 2a-7”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In choosing securities, the Fund’s investment adviser seeks to maximize current income within the limits of the Fund’s credit, maturity and diversification policies. Some of these policies may be stricter than the federal regulations that apply to all money market funds. To preserve the value of investors’ capital, the Fund seeks to maintain a stable $1.00 per share price. 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. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. There can be no assurance that the Fund will achieve its investment objective. Amortized Cost Risk: The Fund’s Board of Trustees (the “Board”) may take certain actions, such as suspending redemptions and liquidating the Fund, if the Board determines that the divergence of the Fund’s amortized cost price per share from its market-based net asset value (“NAV”) per share may result in material dilution or other unfair results to shareholders. Credit Risk: This is the risk that an issuer or obligor will default on interest or principal payments. Foreign Investment Risk: Because the Fund invests in securities issued by non-U.S. banks, the Fund is subject to additional risks on these securities such as 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: This is the risk associated with the price fluctuation of a security in response to changes in interest rates and the possibility that the Fund’s yield may decline if interest rates decline. Market Risk: This is the risk that the prices of and the income generated by the Fund’s securities may decline due to changing economic, political or market conditions, or due to interest rate fluctuations. Municipal Securities Risk: Political, legislative, and economic events may affect a municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell it. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. Regulatory Risk: The SEC and other regulators may adopt additional money market fund regulations in the future, which may impact the operation and performance of the Fund. Repurchase Agreement Risk: This is the risk that the other party to a repurchase agreement will default on its obligation under the agreement. Selection Risk: This is the risk that the securities selected by the investment adviser will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. Shareholder Concentration Risk: This is the risk that asset allocation decisions, particularly large redemptions, made by investment advisers whose discretionary clients make up a large percentage of the Fund’s shareholders may adversely impact remaining Fund shareholders. Investments in the Fund are neither insured nor guaranteed by the U.S. Government. Shares of the Fund are not deposits or obligations of, or guaranteed by, Brown Brothers Harriman & Co. (“BBH&Co.”) or any other bank, and the shares are neither insured nor guaranteed by the Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve Board or any other federal, state or other governmental agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. There can be no assurance that the Fund will achieve its investment objective. Investments in the Fund are neither insured nor guaranteed by the U.S. Government. Shares of the Fund are not deposits or obligations of, or guaranteed by, Brown Brothers Harriman & Co. ("BBH&Co.") or any other bank, and the shares are neither insured nor guaranteed by the Federal Deposit Insurance Corporation ("FDIC"), the Federal Reserve Board or any other federal, state or other governmental agency. INVESTMENT OBJECTIVE The investment objective of the BBH Money Market Fund (the “Fund”) is to provide investors with as high a level of income as is consistent with the preservation of capital and the maintenance of liquidity. FUND PERFORMANCE The Fund is a successor to a mutual fund of the same name (the “Predecessor Fund”), which was a series of a Massachusetts business trust of the same name. 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 achieved its investment objective by investing all of its assets in the BBH U.S. Money Market Portfolio. Accordingly, the performance and financial information provided in this Prospectus for the periods prior to June 12, 2007, is historical information of the Predecessor Fund. 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 Regular Shares from year to year. The table shows the average annual returns of the Fund’s Regular Shares and Institutional Shares for the periods indicated. For current yield information, please call 1-800-625-5759 toll free, or contact your account representative. When you consider this information, please remember that the Fund’s performance in past years is not necessarily an indication of how the Fund will perform in the future. Total Return for Regular Shares (% Per Calendar Year) 0.0137 0.0072 0.0090 0.0276 0.0461 0.0487 0.0224 0.0025 0.0001 0.0001 ~ http://www.bbhfunds.com/20121029/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact bbh_S000015108Member column rr_ProspectusShareClassAxis compact bbh_C000041210Member row primary compact * ~ Highest Performing Quarter: 0.0124 2007-06-30 Lowest Performing Quarter 0.0000 2011-12-31 As of September 30, 2012, the Fund's Regular Shares and Institutional Shares had calendar year-to-date returns of 0.01% and 0.01%, respectively. 0.0001 2012-09-30 Highest Performing Quarter: 1.24% June 30, 2007 Lowest Performing Quarter: 0.00% December 31, 2011 As of September 30, 2012, the Fund’s Regular Shares and Institutional Shares had calendar year-to-date returns of 0.01% and 0.01%, respectively. Average Annual Total Returns (Through December 31, 2011) 0.0001 0.0146 0.0176 0.0001 0.0157 2007-01-26 ~ http://www.bbhfunds.com/20121029/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact bbh_S000015108Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ 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 in past years is not necessarily an indication of how the Fund will perform in the future. 1-800-625-5759 www.bbhfunds.com 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 Regular Shares and Institutional Shares. 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0023 0.0023 0.0000 0.0000 0.0029 0.0004 0.0052 0.0027 ~ http://www.bbhfunds.com/20121029/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact bbh_S000015108Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://www.bbhfunds.com/20121029/role/ScheduleOperatingExpenses20002 column dei_LegalEntityAxis compact bbh_S000015108Member 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) EXAMPLE This example is intended to help you compare the cost of investing in the Fund’s Regular Shares and Institutional Shares to the cost of investing in other mutual funds. 53 167 291 652 28 87 152 343 ~ http://www.bbhfunds.com/20121029/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact bbh_S000015108Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ The example assumes that you invest $10,000 in the Fund's Regular Shares and Institutional 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 Regular Shares and Institutional Shares remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: