N-Q 1 bbhtrust.htm 9-30-06TRUST bbhtrust
                              UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C. 20549

                                 FORM N-Q

               CERTIFIED SHAREHOLDER REPORT OF REGISTERED
                    MANAGEMENT INVESTMENT COMPANIES

               Investment Company Act file number: 811-03779

               Name of Fund: BBH TRUST
                BBH Money Market Fund
                BBH U.S. Treasury Money Fund
                BBH Tax Free Short/Intermediate Fixed Income Fund
                BBH Tax Exempt Money Fund

               (Exact name of registrant as specified in charter)

               40 Water Street Boston MA., 02109-3661
               Address of principal executive offices)
              (Name and address of agent for service)
              Charles Schreiber, Principal Financial Officer,
              BBH Trust, 40 Water Street,
              Boston, MA,  02109.
              Mailing address:  140 Broadway, New York, NY, 10005



Registrant's telephone number, including area code: (800) 625-5759

Date of fiscal year end: June 30

Date of reporting period: SEPTEMBER 30, 2006

ITEM 1. SCHEDULES OF INVESTMENTS.
BBH MONEY MARKET FUND - 
The Fund's underlying assets are invested with the Master Fund
(BBH US Money Market Portfolio 1940 Act File Number 811-08842)


             
BBH U.S. TREASURY MONEY FUND
         
PORTFOLIO OF INVESTMENTS
         
September 30, 2006 (unaudited)
         
             
 
Principal
           
 
Amount
          
Value
   
U.S. TREASURY BILLS (a) (100.3%)
         
$
64,495,000
 
due 10/12/06, 4.635%
     
 
 
$
64,403,815
 
26,380,000
 
due 10/26/06, 4.455%
        
26,298,662
   
Total U.S. Treasury Bills
        
90,702,477
             
TOTAL INVESTMENTS, AT AMORTIZED COST
   
100.3
%
  
$
90,702,477
LIABILITIES IN EXCESS OF OTHER ASSETS
   
(0.3)
    
(297,161)
NET ASSETS
     
100.0
%
  
$
90,405,316
             
             
(a)
Rates shown are yields to maturity at time of purchase.
         
             
 
Portfolio holdings are shown as of the date indicated. Since market conditions fluctuate suddenly and
         
 
frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition.
         
 
These portfolio holdings are not intended to be and do not constitute recommendations that others buy,
         
 
sell, or hold any of the securities listed.
         
             
 
An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance
         
 
Corporation or any other government agency. Although money market funds seek to preserve the value of
         
 
your investment at $1.00 per share, it is possible to lose money by investing in these funds.
         
             
 
For more complete information on the fund, call 1-800-625-5759 for a prospectus or visit www.bbhfunds.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.
          
             
 
The BBH Fund Family is managed by Brown Brothers Harriman. The Distributor is Edgewood Services, Inc.
         
 
Date of first use: 11/06.
          

BBH TAX FREE SHORT/INTERMEDIATE FIXED INCOME FUND
         
PORTFOLIO OF INVESTMENTS
         
September 30, 2006 (unaudited)
         
             
 
Principal
   
Maturity
 
Interest
     
 
Amount
   
Date
 
Rate
    
Value
   
MUNICIPAL BONDS (99.7%)
         
   
EDUCATION (12.5%)
         
$
2,000,000
 
Connecticut State Health & Educational Facilities Authority1
 
10/02/06
 
3.750
%
  
$
2,000,000
 
2,000,000
 
Massachusetts State Health & Educational Facilities Authority1
 
10/02/06
 
3.820
    
2,000,000
 
2,000,000
 
New Jersey State Educational Facilities Authority1
 
10/02/06
 
3.400
    
2,000,000
   
Total Education
        
6,000,000
             
   
GENERAL OBLIGATIONS (25.1%)
         
 
2,000,000
 
California State1
 
10/02/06
 
3.620
    
2,000,000
 
2,000,000
 
Chicago, Illinois, Board of Education1
 
10/02/06
 
3.860
    
2,000,000
 
2,000,000
 
Clark County, Nevada, School District1
 
10/02/06
 
3.800
    
2,000,000
 
2,000,000
 
Las Vegas Valley, Nevada, Water District1
 
10/02/06
 
3.860
    
2,000,000
 
2,000,000
 
Massachusetts State1
 
10/02/06
 
3.840
    
2,000,000
 
2,000,000
 
New York, New York1
 
10/02/06
 
3.650
    
2,000,000
   
Total General Obligations
        
12,000,000
             
   
HEALTH CARE (11.0%)
         
 
1,700,000
 
Bell County, Texas, Health Facilities Development Corp. Revenue1
 
10/02/06
 
3.890
    
1,700,000
 
1,050,000
 
Harris County, Texas, Health Facilities Development Corp. Revenue1
 
10/02/06
 
3.890
    
1,050,000
 
1,000,000
 
Philadelphia, Pennsylvania, Hospitals & Higher Education Facilities Authority1
 
10/02/06
 
3.880
    
1,000,000
 
400,000
 
Reno, Nevada, Hospital Revenue1
 
10/02/06
 
3.800
    
400,000
 
1,100,000
 
Washington State Health Care Facilities Authority1
 
10/02/06
 
3.800
    
1,100,000
   
Total Health Care
        
5,250,000
             
   
MISCELLANEOUS (31.8%)
         
 
2,000,000
 
Columbia, Alabama, Pollution Control Revenue1
 
10/02/06
 
3.860
    
2,000,000
 
2,000,000
 
Forsyth, Montana, Pollution Control Revenue1
 
10/02/06
 
3.860
    
2,000,000
 
2,000,000
 
Kemmerer, Wyoming, Pollution Control Revenue1
 
10/02/06
 
3.750
    
2,000,000
 
2,000,000
 
Mt Vernon Industries Pollution Control & Solid Waste Disposal Revenue1
 
10/02/06
 
3.780
    
2,000,000
 
2,000,000
 
New York, New York, City Transitional Finance Authority1
 
10/02/06
 
3.820
    
2,000,000
 
1,600,000
 
Oklahoma State Capitol Improvement Authority1
 
10/02/06
 
3.860
    
1,600,000
 
1,600,000
 
Salt Lake County, Utah, Pollution Control Revenue1
 
10/02/06
 
3.890
    
1,600,000
 
2,000,000
 
Valdez, Alaska, Marine Terminal Revenue1
 
10/02/06
 
3.750
    
2,000,000
   
Total Miscellaneous
        
15,200,000
             
   
TRANSPORTATION (6.7%)
         
 
1,900,000
 
Kansas State Department of Transportation & Highway Revenue1
 
10/02/06
 
3.800
    
1,900,000
 
1,300,000
 
Metropolitan Transportation Authority, New York, Revenue1
 
10/02/06
 
3.790
    
1,300,000
   
Total Transportation
        
3,200,000
             
   
UTILITIES (8.4%)
         
 
2,000,000
 
Long Island Power Authority New York, Electric System1
 
10/02/06
 
3.780
    
2,000,000
 
2,000,000
 
New York, New York, City Municipal Water Finance Authority1
 
10/02/06
 
3.760
    
2,000,000
   
Total Utilities
        
4,000,000
             
   
WATER/SEWER (4.2%)
         
 
2,000,000
 
Metropolitan Water District of Southern California1
 
10/02/06
 
3.650
    
2,000,000
             
TOTAL INVESTMENTS (Identified cost $47,650,000)
   
99.7
%
  
$
47,650,000
OTHER ASSETS IN EXCESS OF LIABILITIES
   
0.3
    
149,135
NET ASSETS
     
100.0
%
  
$
47,799,135
             
BBH TAX FREE SHORT/INTERMEDIATE FIXED INCOME FUND
         
PORTFOLIO OF INVESTMENTS (continued)
         
September 30, 2006 (unaudited)
         
             
1 Variable rate instrument. Interest rates change on specific dates (such as a coupon or interest payment date). The yield shown
       
represents the September 30, 2006 coupon or interest rate.
         
             
Portfolio holdings are shown as of the date indicated. Since market conditions fluctuate suddenly and
         
frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition.
         
These portfolio holdings are not intended to be and do not constitute recommendations that others buy,
         
sell, or hold any of the securities listed.
         
             
For more complete information on the fund, call 1-800-625-5759 for a prospectus or visit www.bbhfunds.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.
          
             
The BBH Fund Family is managed by Brown Brothers Harriman. The Distributor is Edgewood Services, Inc.
         
Date of first use: 11/06.
          
             

BBH TAX EXEMPT MONEY FUND
        
PORTFOLIO OF INVESTMENTS
         
September 30, 2006 (unaudited)
         
             
 
Principal
   
Maturity
 
Interest
     
 
Amount
   
Date
 
Rate
    
Value
   
MUNICIPAL BONDS (80.3%)
         
   
CERTIFICATE OF PARTICIPATION (0.5%)
         
$
2,100,000
 
Denver, Colorado, City & Council1
 
10/04/06
 
3.800
%
  
$
2,100,000
             
   
EDUCATION (15.0%)
         
 
1,000,000
 
Connecticut State Health & Educational Facilities Authority1
 
10/02/06
 
3.750
    
1,000,000
 
5,200,000
 
Connecticut State Health & Educational Facilities Authority1
 
10/02/06
 
3.750
    
5,200,000
 
1,300,000
 
Connecticut State Health & Educational Facilities Authority1
 
10/02/06
 
3.750
    
1,300,000
 
4,000,000
 
Connecticut State Health & Educational Facilities Authority1
 
10/04/06
 
3.680
    
4,000,000
 
3,300,000
 
Connecticut State Health & Educational Facilities Authority1
 
10/04/06
 
3.680
    
3,300,000
 
2,400,000
 
Massachusetts State Development Finance Agency1
 
10/02/06
 
3.780
    
2,400,000
 
1,910,000
 
Massachusetts State Health & Educational Facilities Authority1
 
10/02/06
 
3.780
    
1,910,000
 
3,000,000
 
Massachusetts State Health & Educational Facilities Authority1
 
10/02/06
 
3.840
    
3,000,000
 
3,000,000
 
Massachusetts State Health & Educational Facilities Authority1
 
10/05/06
 
3.680
    
3,000,000
 
5,000,000
 
Michigan State University1
 
10/04/06
 
3.720
    
5,000,000
 
7,000,000
 
Missouri State Health & Educational Facilities Authority1
 
10/02/06
 
3.780
    
7,000,000
 
2,800,000
 
New Hampshire Health & Education Facilities Authority1
 
10/04/06
 
3.700
    
2,800,000
 
8,275,000
 
New Hampshire Health & Education Facilities Authority1
 
10/04/06
 
3.700
    
8,275,000
 
2,000,000
 
New York State Dormitory Authority1
 
10/05/06
 
3.700
    
2,000,000
 
900,000
 
North Carolina State
 
10/01/06
 
5.000
    
900,000
 
1,000,000
 
Ohio State University1
 
10/05/06
 
3.580
    
1,000,000
 
1,000,000
 
Ohio State University1
 
10/05/06
 
3.550
    
1,000,000
 
3,000,000
 
Ohio State University1
 
10/05/06
 
3.550
    
3,000,000
 
4,000,000
 
Oklahoma State Facility1
 
10/04/06
 
3.860
    
4,000,000
 
2,500,000
 
University of Missouri1
 
10/02/06
 
3.890
    
2,500,000
 
1,800,000
 
University of Pittsburgh1
 
10/04/06
 
3.720
    
1,800,000
 
1,800,000
 
Washington State Health Care Facilities Authority1
 
10/02/06
 
3.800
    
1,800,000
   
Total Education
        
66,185,000
             
   
GENERAL OBLIGATIONS (21.1%)
         
 
1,200,000
 
Chicago Board of Education1
 
10/02/06
 
3.860
 
  
 
1,200,000
 
3,400,000
 
Chicago Board of Education1
 
10/02/06
 
3.860
    
3,400,000
 
1,300,000
 
Chicago Metropolitan Water Reclamation District
 
12/01/06
 
5.900
    
1,304,694
 
1,800,000
 
City & County of Honolulu, Hawaii
 
11/01/06
 
5.500
    
1,803,026
 
3,300,000
 
Clark County, Nevada, School District1
 
10/02/06
 
3.800
    
3,300,000
 
5,000,000
 
Connecticut State1
 
10/05/06
 
3.750
    
5,000,000
 
2,500,000
 
Delaware State
 
04/01/07
 
5.250
    
2,521,317
 
2,385,000
 
District of Columbia1
 
10/04/06
 
3.750
    
2,385,000
 
600,000
 
Florida State Board of Education
 
01/01/07
 
5.000
    
601,910
 
650,000
 
Georgia State
 
11/01/06
 
4.000
    
650,184
 
1,115,000
 
Georgia State
 
05/01/07
 
5.000
    
1,123,836
 
1,880,000
 
Hawaii State
 
03/01/07
 
6.000
    
1,897,308
 
500,000
 
Hennepin County, Minnesota
 
12/01/06
 
4.700
    
500,851
 
5,075,000
 
Loudoun County, Virgina
 
12/01/06
 
4.250
    
5,080,718
 
1,700,000
 
Maryland State
 
02/01/07
 
5.000
    
1,708,435
 
1,850,000
 
Maryland State
 
03/01/07
 
5.000
    
1,859,766
 
1,200,000
 
Massachusetts State1
 
10/02/06
 
3.820
    
1,200,000
 
6,700,000
 
Massachusetts State1
 
10/02/06
 
3.820
    
6,700,000
 
2,625,000
 
Massachusetts State1
 
10/05/06
 
3.700
    
2,625,000
 
2,000,000
 
Massachusetts State
 
12/01/06
 
5.000
    
2,004,786
 
2,000,000
 
Minneapolis, Minnesota1
 
10/05/06
 
3.610
    
2,000,000
 
620,000
 
Minneapolis, Minnesota1
 
10/05/06
 
3.610
    
620,000
 
9,300,000
 
Minneapolis, Minnesota1
 
10/05/06
 
3.610
    
9,300,000
 
1,000,000
 
Minnesota State
 
10/01/06
 
5.000
    
1,000,000
 
5,000,000
 
Minnesota State
 
10/01/06
 
5.000
    
5,000,000
 
1,500,000
 
Minnesota State
 
11/01/06
 
5.500
    
1,502,857
             
             
BBH TAX EXEMPT MONEY FUND
         
PORTFOLIO OF INVESTMENTS (continued)
         
September 30, 2006 (unaudited)
         
             
 
Principal
   
Maturity
 
Interest
     
 
Amount
   
Date
 
Rate
    
Value
   
MUNICIPAL BONDS (continued)
         
   
GENERAL OBLIGATIONS (continued)
         
$
3,095,000
 
New Haven, Connecticut
 
11/01/06
 
5.250
%
  
$
3,098,887
 
4,000,000
 
New York, New York1
 
10/02/06
 
3.730
    
4,000,000
 
600,000
 
New York, New York1
 
10/02/06
 
3.760
    
600,000
 
750,000
 
New York, New York1
 
10/02/06
 
3.800
    
750,000
 
600,000
 
New York, New York1
 
10/02/06
 
3.800
    
600,000
 
3,475,000
 
New York, New York1
 
10/02/06
 
3.800
    
3,475,000
 
1,800,000
 
New York, New York1
 
10/02/06
 
3.800
    
1,800,000
 
1,300,000
 
New York, New York1
 
10/02/06
 
3.800
    
1,300,000
 
900,000
 
New York, New York1
 
10/02/06
 
3.820
    
900,000
 
1,300,000
 
New York, New York1
 
10/02/06
 
3.820
    
1,300,000
 
6,100,000
 
North Carolina State
 
03/01/07
 
4.000
    
6,111,340
 
1,000,000
 
North Carolina State
 
03/01/07
 
5.000
    
1,005,364
 
2,000,000
 
South Carolina State
 
11/01/06
 
4.000
    
2,000,667
   
Total General Obligations
        
93,230,946
             
   
HEALTH CARE (4.1%)
         
 
2,400,000
 
Harris County, Texas, Health Facilities Development Corp.1
 
10/02/06
 
3.750
    
2,400,000
 
8,000,000
 
New York State Dormitory Authority Revenue1
 
10/05/06
 
3.730
    
8,000,000
 
2,580,000
 
Oklahoma State Industries Authority, Hospital Revenue1
 
10/02/06
 
3.890
    
2,580,000
 
5,000,000
 
Royal Oak, Michigan, Hospital Finance Authority1
 
10/02/06
 
3.870
    
5,000,000
   
Total Health Care
        
17,980,000
             
   
INDUSTRIAL (12.4%)
         
 
1,000,000
 
California Pollution Control Financing Authority1
 
10/02/06
 
3.650
    
1,000,000
 
1,100,000
 
California Statewide Communities Development Authority Pollution Control Revenue1
 
10/02/06
 
3.650
    
1,100,000
 
5,800,000
 
Columbia, Alabama, Pollution Control Revenue1
 
10/02/06
 
3.860
    
5,800,000
 
600,000
 
Delaware County, Pennsylvania, Industrial Development Authority1
 
10/04/06
 
3.730
    
600,000
 
1,000,000
 
East Baton Rouge, Parish Louisiana, Pollution Control Revenue1
 
10/02/06
 
3.750
    
1,000,000
 
9,850,000
 
Forsyth, Montana, Pollution Control Revenue1
 
10/02/06
 
3.860
    
9,850,000
 
3,400,000
 
Gulf Coast Waste Disposal Authority, Texas1
 
10/02/06
 
3.120
    
3,400,000
 
5,300,000
 
Harris County, Texas, Pollution Control Revenue1
 
10/02/06
 
3.750
    
5,300,000
 
1,000,000
 
Hurley, New Mexico, Pollution Control Revenue1
 
10/02/06
 
3.850
    
1,000,000
 
5,000,000
 
Jackson County, Mississippi, Port Facility Revenue1
 
10/02/06
 
3.850
    
5,000,000
 
5,850,000
 
Joliet, Illinois, Regional Port District1
 
10/02/06
 
3.750
    
5,850,000
 
3,000,000
 
Kemmerer, Wyoming, Pollution Control Revenue1
 
10/02/06
 
3.750
    
3,000,000
 
1,000,000
 
Lincoln County, Wyoming, Pollution Control Revenue1
 
10/02/06
 
3.750
    
1,000,000
 
500,000
 
Lincoln County, Wyoming, Pollution Control Revenue1
 
10/02/06
 
3.750
    
500,000
 
800,000
 
Midlothian, Texas, Pollution Control Revenue1
 
10/04/06
 
3.750
    
800,000
 
1,000,000
 
Port Arthur, Texas, Navigation District1
 
10/02/06
 
3.850
    
1,000,000
 
1,800,000
 
Sweetwater County, Wyoming, Pollution Control Revenue1
 
10/02/06
 
3.860
    
1,800,000
 
1,300,000
 
Valdez, Alaska, Marine Terminal Revenue1
 
10/02/06
 
3.700
    
1,300,000
 
2,200,000
 
Valdez, Alaska, Marine Terminal Revenue1
 
10/02/06
 
3.700
    
2,200,000
 
3,200,000
 
Valdez, Alaska, Marine Terminal Revenue1
 
10/02/06
 
3.750
    
3,200,000
   
Total Industrial
        
54,700,000
             
   
MISCELLANEOUS (8.7%)
         
 
3,125,000
 
Alaska State Housing Finance Corp. Revenue1
 
10/05/06
 
3.800
    
3,125,000
 
600,000
 
California State Economic Recovery Bond1
 
10/02/06
 
3.600
    
600,000
 
1,365,000
 
Clayton County, Georgia, Housing Authority1
 
10/06/06
 
3.810
    
1,365,000
 
2,000,000
 
Cobb County, Georgia, School District
 
12/29/06
 
4.500
    
2,004,052
 
1,300,000
 
Colorado Housing & Finance Authority1
 
10/04/06
 
3.750
    
1,300,000
 
2,800,000
 
Illinois Development Finance Authority1
 
10/02/06
 
3.890
    
2,800,000
 
3,400,000
 
Missouri Development Finance Board Cultural Facilities Revenue1
 
10/02/06
 
3.890
    
3,400,000
             
             
             
             
BBH TAX EXEMPT MONEY FUND
         
PORTFOLIO OF INVESTMENTS (continued)
         
September 30, 2006 (unaudited)
         
             
 
Principal
   
Maturity
 
Interest
     
 
Amount
   
Date
 
Rate
    
Value
   
MUNICIPAL BONDS (continued)
         
   
MISCELLANEOUS (continued)
         
$
200,000
 
New York, New York, City Transitional Finance Authority1
 
10/02/06
 
3.800
%
  
$
200,000
 
2,000,000
 
New York, New York, City Transitional Finance Authority1
 
10/02/06
 
3.800
    
2,000,000
 
400,000
 
New York, New York, City Transitional Finance Authority1
 
10/02/06
 
3.870
    
400,000
 
5,400,000
 
New York, New York, City Transitional Finance Authority1
 
10/04/06
 
3.390
    
5,400,000
 
2,170,000
 
New York, New York, City Transitional Finance Authority1
 
10/04/06
 
3.700
    
2,170,000
 
1,000,000
 
New York, New York, City Transitional Finance Authority1
 
10/04/06
 
3.700
    
1,000,000
 
1,200,000
 
New York, New York, City Transitional Finance Authority1
 
10/04/06
 
3.700
    
1,200,000
 
900,000
 
New York State Local Government Assistance Corp.1
 
10/04/06
 
3.680
    
900,000
 
3,500,000
 
New York State Local Government Assistance Corp.1
 
10/04/05
 
3.750
    
3,500,000
 
3,405,000
 
Oklahoma State Capitol Improvement Authority1
 
10/04/06
 
3.860
    
3,405,000
 
3,000,000
 
Texas State
 
08/31/07
 
4.500
    
3,024,899
 
800,000
 
Will County, Illinois Exempt Facilities Revenue1
 
10/02/06
 
3.900
    
800,000
   
Total Miscellaneous
        
38,593,951
             
   
PRE-REFUNDED (0.4%)2
         
 
1,815,000
 
Harris County, Texas
 
10/01/06
 
5.000
    
1,815,000
             
   
SPECIAL TAX (1.3%)
         
 
1,000,000
 
Connecticut State, Special Tax
 
10/01/06
 
5.000
    
1,000,000
 
4,800,000
 
Riverside County, California, Special Tax1
 
10/04/06
 
3.600
    
4,800,000
   
Total Special Tax
        
5,800,000
             
   
TRANSPORTATION (2.4%)
         
 
1,100,000
 
Georgia State Road & Tollway Authority
 
10/01/06
 
4.000
    
1,100,000
 
5,100,000
 
Kansas State Department of Transportation & Highway Revenue1
 
10/02/06
 
3.800
    
5,100,000
 
1,100,000
 
Los Angeles, California, Department of Airports Revenue1
 
10/02/06
 
3.670
    
1,100,000
 
3,200,000
 
Metropolitan Transportation Authority, New York1
 
10/04/06
 
3.660
    
3,200,000
   
Total Transportation
        
10,500,000
             
   
UTILITIES (4.5%)
         
 
3,590,000
 
Long Island Power Authority
 
12/01/06
 
5.000
    
3,597,067
 
4,350,000
 
Long Island Power Authority New York, Electric System1
 
10/02/06
 
3.780
    
4,350,000
 
1,000,000
 
Michigan Municipal Bond Authority
 
10/01/06
 
5.000
    
1,000,000
 
4,600,000
 
Municipal Electric Authority of Georgia1
 
10/04/06
 
3.600
    
4,600,000
 
3,940,000
 
New York State Environmental Facilities Corp.
 
04/15/07
 
5.000
    
3,966,262
 
900,000
 
Piedmont Municipal Power Agency Electric Revenue1
 
10/04/06
 
3.750
    
900,000
 
1,300,000
 
Washington State Public Power Supply System1
 
10/04/06
 
3.750
    
1,300,000
   
Total Utilities
        
19,713,329
             
   
WATER/SEWER (9.9%)
         
 
1,300,000
 
Boston, Massachusetts, Water & Sewer Commission1
 
10/05/06
 
3.690
    
1,300,000
 
1,800,000
 
California State Department of Water Resources1
 
10/04/06
 
3.630
    
1,800,000
 
10,250,000
 
California State Department of Water Resources1
 
10/05/06
 
3.650
    
10,250,000
 
3,700,000
 
Durham, North Carolina, Water & Sewer Revenue1
 
10/04/06
 
3.750
    
3,700,000
 
400,000
 
Irvine Ranch, California, Water District1
 
10/02/06
 
3.560
    
400,000
 
5,830,000
 
Massachusetts State Water Resources Authority1
 
10/02/06
 
3.820
    
5,830,000
 
5,800,000
 
Massachusetts State Water Resources Authority1
 
10/04/06
 
3.650
    
5,800,000
 
900,000
 
Massachusetts State Water Resources Authority1
 
10/04/06
 
3.750
    
900,000
 
1,550,000
 
Massachusetts State Water Resources Authority1
 
10/04/06
 
3.750
    
1,550,000
 
6,000,000
 
New York, New York, City Municipal Water Finance Authority1
 
10/02/06
 
3.760
    
6,000,000
 
4,100,000
 
New York, New York, City Municipal Water Finance Authority1
 
10/02/06
 
3.780
    
4,100,000
 
1,095,000
 
New York State Environmental Facilities Corp.
 
11/15/06
 
5.000
    
1,096,909
 
1,000,000
 
Ohio State Solid Waste Revenue1
 
10/02/06
 
3.900
    
1,000,000
   
Total Water/Sewer
        
43,726,909
   
Total Municipal Bonds
        
354,345,135
 
 
   
 
 
 
     
 
 
   
 
 
 
    
 
BBH TAX EXEMPT MONEY FUND
         
PORTFOLIO OF INVESTMENTS (continued)
         
September 30, 2006 (unaudited)
         
             
 
Principal
   
Maturity
 
Interest
     
 
Amount
   
Date
 
Rate
    
Value
   
COMMERCIAL PAPER (19.2%)
         
$
5,000,000
 
Austin Independence School
 
12/07/06
 
3.550
%
  
$
5,000,000
 
1,800,000
 
Board of Regent Texas
 
10/13/06
 
3.550
    
1,800,000
 
12,000,000
 
City and County of Honolulu, Hawaii
 
12/06/06
 
3.500
    
12,000,000
 
3,000,000
 
City of Charlotte, North Carolina, Water & Sewer System
 
02/07/07
 
3.590
    
3,000,000
 
3,000,000
 
City of Houston, Texas
 
10/05/06
 
3.600
    
3,000,000
 
1,000,000
 
City of Houston, Texas
 
10/06/06
 
3.650
    
1,000,000
 
7,000,000
 
City of Houston, Texas
 
10/17/06
 
3.550
    
7,000,000
 
1,000,000
 
City of Houston, Texas
 
12/14/06
 
3.550
    
1,000,000
 
5,000,000
 
City of San Antonio, Texas
 
10/05/06
 
3.550
    
5,000,000
 
4,200,000
 
City of San Antonio, Texas
 
11/13/06
 
3.520
    
4,200,000
 
4,000,000
 
King County, Washington
 
11/14/06
 
3.500
    
4,000,000
 
2,200,000
 
Maryland Health & Education
 
11/16/06
 
3.550
    
2,200,000
 
2,000,000
 
Massachusetts State Health & Educational Facilities Authority
 
10/19/06
 
3.600
    
2,000,000
 
5,500,000
 
Montgomery County
 
11/07/06
 
3.500
    
5,500,000
 
5,000,000
 
Omaha Public Power
 
12/07/06
 
3.540
    
5,000,000
 
4,588,000
 
Tennessee State School Bond
 
10/18/06
 
3.620
    
4,588,000
 
9,700,000
 
Tennessee State School Bond
 
10/19/06
 
3.620
    
9,700,000
 
3,705,000
 
Texas Public Finance
 
10/11/06
 
3.550
    
3,705,000
 
1,000,000
 
Texas Public Finance
 
11/10/06
 
3.520
    
1,000,000
 
3,000,000
 
University of Texas
 
10/11/06
 
3.480
    
3,000,000
 
1,330,000
 
University of Texas
 
10/16/06
 
3.500
    
1,330,000
   
Total Commercial Paper
        
85,023,000
             
             
TOTAL INVESTMENTS, AT AMORITIZED COST
   
99.5
%
  
$
439,368,135
OTHER ASSETS IN EXCESS OF LIABILITIES
   
0.5
    
2,028,482
NET ASSETS
     
100.0
%
  
$
441,396,617

        
Variable rate instrument. Interest rates change on specific dates (such as a coupon or interest payment date).
    
 The yield shown represents the September 30, 2006 coupon or interest rate.    
        
General obligation or revenue bonds that have been fully secured or collateralized by an escrow fund consisting
    
 of U.S. Government obligations that can adequately meet interest and principal payments. For pre-refunded     
 obligations, the stated maturity represents the date of redemption which, pursuant to the terms of the     
 escrow agreement, has been accelerated from the originally stated maturity date.
    
Portfolio holdings are shown as of the date indicated. Since market conditions fluctuate suddenly and
    
frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition.
    
These portfolio holdings are not intended to be and do not constitute recommendations that others buy,
    
sell, or hold any of the securities listed.
    
        
An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance
    
Corporation or any other government agency. Although money market funds seek to preserve the value of
    
your investment at $1.00 per share, it is possible to lose money by investing in these funds.
    
        
For more complete information on the fund, call 1-800-625-5759 for a prospectus or visit www.bbhfunds.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.
      
        
The BBH Fund Family is managed by Brown Brothers Harriman. The Distributor is Edgewood Services, Inc.
    
Date of first use: 11/06.
      
ITEM 2. CONTROLS AND PROCEDURES. (a) Based upon their evaluation of the BBH Trust's ("Registrant") disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-Q, the Registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. (b) There were no significant changes in the Registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation. ITEM 3. EXHIBITS. (a) The certifications required by Rule 30a-2(a) under the Act are attached as exhibit 3(b). SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) BBH TRUST ----------------------------- By (Signature and Title)* /s/ John A. Nielsen --------------------------- John A. Nielsen, President (Principal Executive Officer) Date: November 28, 2006 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Charles Schreiber ------------------------- Charles Schreiber, Treasurer (Principal Financial Officer) Date: November 28, 2006 * Print name and title of each signing officer under his or her signature.