Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File number: 811-21829

BBH TRUST

on behalf of the following series:

BBH Core Select

BBH Global Core Select

BBH International Equity Fund

BBH Limited Duration Fund

(Exact name of Registrant as specified in charter)

140 Broadway,

New York, NY 10005

(Address of principal executive offices)

Corporation Services Company,

2711 Centerville Road, Suite 400,

Wilmington, DE 19808

(Name and address of agent for service)

Registrant's telephone number, including area code: (800) 575-1265

Date of fiscal year end: October 31

Date of reporting period: January 31, 2014

ITEM 1. SCHEDULES OF INVESTMENTS

BBH CORE SELECT

PORTFOLIO OF INVESTMENTS

January 31, 2014 (unaudited)

Shares			Value

		COMMON STOCKS (86.5%)

		BASIC MATERIALS (3.8%)

	1,828,232	Celanese Corp. (Series A)	$	92,581,669
	1,041,699	Praxair, Inc.		129,920,699
		Total Basic Materials		222,502,368

		COMMUNICATIONS (15.4%)

	6,550,911	Comcast Corp. (Class A)		356,697,104
	1,329,231	eBay, Inc. 1		70,715,089
	274,892	Google, Inc. (Class A) 1		324,639,205
	5,883,591	Liberty Media Corp. (Class A) 1		157,150,716
		Total Communications		909,202,114

		CONSUMER CYCLICAL (7.0%)

	2,313,768	Bed, Bath & Beyond, Inc. 1		147,734,087
	2,926,282	Target Corp.		165,744,612
	1,315,148	Wal-Mart Stores, Inc.		98 , 215,253
		Total Consumer Cyclical		411,693,952

		CONSUMER NON-CYCLICAL (20.3%)

	2,895,286	Baxter International, Inc.		197,748,034
	1,012,225	DENTSPLY International, Inc.		46,704,061
	1,225,900	Diageo, Plc. ADR		147,169,295
	552,574	Henry Schein, Inc. 1		63,485,227
	1,223,532	Johnson & Johnson		108,245,876
	3,326,620	Nestle SA ADR		241,678,943
	3,294,199	Novartis AG ADR		260,472,315
	830,261	PepsiCo, Inc.		66,719,774
	2,206,495	Zoetis, Inc.		66,989,188
		Total Consumer Non-Cyclical		1,199,212,713

		ENERGY (10.1%)

	1,034,645	EOG Resources, Inc.		170,964,740
	1,563,243	Occidental Petroleum Corp.		136,893,189
	1,668,944	Schlumberger, Ltd.		146,149,426
	3,430,923	Southwestern Energy Co. 1		139,604,257
		Total Energy		593,611,612

		FINANCIALS (20.4%)

	1,903	Berkshire Hathaway, Inc. (Class A) 1		322,581,146
	2,328,638	Chubb Corp.		196,863,057
	6,548,913	Progressive Corp.		152,196,738
	7,105,691	US Bancorp		282,309,103
	5,486,074	Wells Fargo & Co.		248,738,595
		Total Financials		1,202,688,639

		INDUSTRIALS (2.5%)

	3,501,683	Waste Management, Inc.		146,300,316
		Total Industrials		146,300,316

	Shares							Value

			COMMON STOCKS (continued)

			TECHNOLOGY (7.0%)

		5,473,394	Microsoft Corp.					$	207,167,963
		2,807,890	QUALCOMM, Inc.						208,401,595
			Total Technology						415,569,558

			Total Common Stocks (Identified cost $3,890,654,657)						5,100,781,272

	Principal Amount			Maturity Date	Interest Rate			Value

			REPURCHASE AGREEMENTS (5.6%)

	$	328,000,000	National Australia Bank (Agreement dated 01/31/14 collateralized by U.S. Treasury Bond 0.625%, due 04/30/18, valued at $334,560,000)	02/03/14		0.020	%		328,000,000
			Total Repurchase Agreements (Identified cost $328,000,000)						328,000,000

			U.S. TREASURY BILLS (8.0%)

		50,000,000	U.S. Treasury Bill 2	03/06/14		0.040			49,998,278
		422,000,000	U.S. Treasury Bill 2,3	04/03/14		0.038			421,987,762
			Total U.S. Treasury Bills (Identified cost $471,972,252)						471,986,040


TOTAL INVESTMENTS (Identified cost $4,690,626,909) 4						100.1	%	$	5,900,767,312
LIABILITIES IN EXCESS OF OTHER ASSETS						(0.1	)%		(8,504,643	)
NET ASSETS						100.0	%	$	5,892,262,669

_____________

		1	Non-income producing security.
		2	Coupon represents a yield to maturity.
		3	Coupon represents a weighted average yield.
		4	The aggregate cost for federal income tax purposes is $4,690,626,909, the aggregate gross unrealized appreciation is $1,216,729,482 and the aggregate gross unrealized depreciation is $6,589,079, resulting in net unrealized appreciation of $1,210,140,403.

Abbreviations:

ADR – American Depositary Receipt

BBH CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2014 (unaudited)

FAIR VALUE MEASUREMENTS

BBH Core Select (the “Fund”) is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three levels defined by the fair value hierarchy are as follows:

— Level 1 – unadjusted quoted prices in active markets for identical investments.

— Level 2 – significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

— Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the investment adviser. The investment adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the investment adviser’s perceived risk of that instrument.

Financial assets within level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. These include investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations, listed equities and over-the-counter derivatives. As level 2 financial assets include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Financial assets classified within level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include private equity and certain corporate debt securities. As observable prices are not available for these securities, valuation techniques are used to derive fair value.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.

BBH CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2014 (unaudited)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2014.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)*		Significant Other Observable Inputs (Level 2)*		Significant Unobservable Inputs (Level 3)*		Balance as of January 31, 2014
Basic Materials	$	222,502,368	$	–	$	–	$	222,502,368
Communications		909,202,114		–		–		909,202,114
Consumer Cyclical		411,693,952		–		–		411,693,952
Consumer Non-Cyclical		1,199,212,713		–		–		1,199,212,713
Energy		593,611,612		–		–		593,611,612
Financials		1,202,688,639		–		–		1,202,688,639
Industrials		146,300,316		–		–		146,300,316
Technology		415,569,558		–		–		415,569,558
Repurchase Agreements		–		328,000,000		–		328,000,000
U.S. Treasury Bills		–		471,986,040		–		471,986,040
Investments, at value	$	5,100,781,272	$	799,986,040	$	–	$	5,900,767,312


* The Fund's policy is to disclose transfers between levels based on valuations at the end of the reporting period. There were no transfers between Levels 1, 2 or 3 as of January 31, 2014, based on the valuation input levels on October 31, 2013.

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 1-800-575-1265 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 Funds are managed by a separately identifiable department within Brown Brothers Harriman & Co. Shares of the Fund are distributed by ALPS Distributors, Inc. and is located at 1290 Broadway, Suite 1100, Denver, CO 80203.

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS

January 31, 2014 (unaudited)

Shares			Value

		COMMON STOCKS (86.7%)

		CANADA (5.5%)

		ENERGY

	103,900	ARC Resources Ltd.	$	2,715,027
	22,400	Vermilion Energy, Inc.		1,235,556
				3,950,583
		FINANCIALS

	53,275	Intact Financial Corp.		3,249,118

		Total Canada		7,199,701

		FRANCE (5.3%)

		COMMUNICATIONS

	53,000	JCDecaux S.A.		2,262,933

		CONSUMER NON-CYCLICAL

	48,125	Sanofi		4,716,206

		Total France		6,979,139

		GERMANY (5.8%)

		BASIC MATERIALS

	19,000	Brenntag AG		3,278,318

		ENERGY

	55,900	Fuchs Petrolub AG		4,337,384

		Total Germany		7,615,702

		NORWAY (3.1%)

		ENERGY

	155,000	TGS Nopec Geophysical Co. ASA		4,022,342

		Total Norway		4,022,342

		SWEDEN (2.1%)

		FINANCIALS

	58,900	Svenska Handelsbanken AB (Class A)		2,795,996

		Total Sweden		2,795,996

		SWITZERLAND (9.3%)

		CONSUMER NON-CYCLICAL

	90,625	Nestle SA		6,583,979
	69,975	Novartis AG		5,544,888

		Total Switzerland		12,128,867

		UNITED KINGDOM (9.5%)

		COMMUNICATIONS

	165,400	Pearson, Plc.		3,022,188

Shares			Value

		COMMON STOCKS (continued)

		UNITED KINGDOM (continued)

		CONSUMER NON-CYCLICAL

	98,500	Diageo, Plc.	$	2,940,952
	27,600	Reckitt Benckiser Group, Plc.		2,069,003
	830,750	Tesco, Plc.		4,375,029
				9,384,984
		Total United Kingdom		12,407,172

		UNITED STATES (46.1%)

		BASIC MATERIALS

	46,750	Celanese Corp. (Series A)		2,367,420
	32,800	Praxair, Inc.		4,090,816
				6,458,236
		COMMUNICATIONS

	5,530	Google, Inc. (Class A) 1		6,530,764
	54,275	Nielsen Holdings NV		2,295,290
				8,826,054
		CONSUMER CYCLICAL

	53,650	Bed, Bath & Beyond, Inc. 1		3,425,552
	98,700	Sally Beauty Holdings, Inc. 1		2,801,106
	51,200	Target Corp.		2,899,968
	38,050	Wal-Mart Stores, Inc.		2,841,574
				11,968,200
		CONSUMER NON-CYCLICAL

	41,500	Baxter International, Inc.		2,834,450
	14,475	PepsiCo, Inc.		1,163,211
	47,980	Zoetis, Inc.		1,456,673
				5,454,334
		ENERGY

	41,325	Occidental Petroleum Corp.		3,618,830
	36,450	Schlumberger, Ltd.		3,191,927
				6,810,757
		FINANCIALS

	142,000	Wells Fargo & Co.		6,438,280

		TECHNOLOGY

	146,925	Microsoft Corp.		5,561,111
	77,625	QUALCOMM, Inc.		5,761,327
	46,750	Solera Holdings, Inc.		3,124,303
				14,446,741
		Total United States		60,402,602

		Total Common Stocks (Identified cost $108,738,479)		113,551,521

	Principal Amount			Maturity Date	Interest Rate			Value

			REPURCHASE AGREEMENTS (9.2%)

	$	12,000,000	National Australia Bank (Agreement dated 01/31/14 collateralized by U.S. Treasury Bond 0.625%, due 04/30/18, valued at $12,240,000)	02/03/14		0.020	%	$	12,000,000
			Total Repurchase Agreements (Identified cost $12,000,000)						12,000,000


TOTAL INVESTMENTS (Identified cost $120,738,479) 2						95.9	%	$	125,551,521
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES						4.1	%		5,331,243
NET ASSETS						100.0	%	$	130,882,764

_____________

		1	Non-income producing security.
		2	The aggregate cost for federal income tax purposes is $120,738,479, the aggregate gross unrealized appreciation is $8,100,808 and the aggregate gross unrealized depreciation is $3,287,766, resulting in net unrealized appreciation of $4,813,042.

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2014 (unaudited)

FAIR VALUE MEASUREMENTS

BBH Global Core Select (the “Fund”) is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three levels defined by the fair value hierarchy are as follows:

— Level 1 – unadjusted quoted prices in active markets for identical investments.

— Level 2 – significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

— Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Financial assets within level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.

BBH GLOBAL CORE SELECT

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2014 (unaudited)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2014.

Investments, at value	(Unadjusted) Quoted Prices in Active Markets for Identical Investments (Level 1)*		Significant Other Observable Inputs (Level 2) *		Significant Unobservable Inputs (Level 3)*		Balance as of January 31, 2014
Basic Materials	$	6,458,236	$	3,278,318	$	–	$	9,736,554
Communications		8,826,054		5,285,121		–		14,111,175
Consumer Cyclical		11,968,200		–		–		11,968,200
Consumer Non-Cyclical		5,454,334		26,230,057		–		31,684,391
Energy		10,761,340		8,359,726		–		19,121,066
Financials		9,687,398		2,795,996		–		12,483,394
Technology		14,446,741		–		–		14,446,741
Repurchase Agreements		–		12,000,000		–		12,000,000
Investments, at value	$	67,602,303	$	57,949,218	$	–	$	125,551,521


* The Fund's policy is to disclose transfers between levels based on valuations at the end of the reporting period. There were no transfers between Level 1, 2 and 3 at January 31, 2014, based on the valuation input levels on October 31, 2013.

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS

January 31, 2014 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value

		ASSET BACKED SECURITIES (35.5%)

$	$ 18,834,748	Aircraft Lease Securitisation, Ltd. 2007-1A 1,2	05/10/32		0.425	%	$	18,128,445
	35,000,000	Ally Master Owner Trust 2010-2 2	04/15/17		4.250			36,449,770
	12,690,000	Ally Master Owner Trust 2012-5	09/15/19		1.540			12,673,008
	2,750,000	American Express Credit Account Master Trust 2008-4 1	11/15/16		1.560			2,757,232
	1,453,182	AmeriCredit Automobile Receivables Trust 2011-3	01/08/16		1.170			1,453,792
	2,948,233	AmeriCredit Automobile Receivables Trust 2011-4	05/09/16		1.170			2,951,839
	7,347,000	AmeriCredit Automobile Receivables Trust 2012-2	10/10/17		2.640			7,552,290
	12,290,000	AmeriCredit Automobile Receivables Trust 2012-3	05/08/18		2.420			12,527,615
	11,300,000	AmeriCredit Automobile Receivables Trust 2013-3	06/10/19		2.380			11,382,264
	3,873,519	ARI Fleet Lease Trust 2012-A 1,2	03/15/20		0.710			3,881,007
	10,693,587	Ascentium Equipment Receivables LLC 2012-1A 2	09/15/19		1.830			10,685,749
	3,000,000	Avis Budget Rental Car Funding AESOP LLC 2010-3A 2	05/20/16		4.640			3,125,658
	25,300,000	Avis Budget Rental Car Funding AESOP LLC 2010-5A 2	03/20/17		3.150			26,312,759
	19,157,248	Axis Equipment Finance Receivables II LLC 2013-1A 2	03/20/17		1.750			19,156,386
	3,809,707	BMW Vehicle Owner Trust 2011-A	08/25/15		0.760			3,815,296
	15,175,000	Cabela's Master Credit Card Trust 2010-2A 1,2	09/17/18		0.860			15,274,427
	16,610,000	Cabela's Master Credit Card Trust 2012-1A 1,2	02/18/20		0.690			16,714,278
	4,300,000	Capital Auto Receivables Asset Trust 2013-1	10/22/18		1.740			4,275,675
	8,030,000	Capital Auto Receivables Asset Trust 2013-2	10/22/18		1.960			8,078,453
	2,820,000	Capital Auto Receivables Asset Trust 2013-2	04/22/19		2.660			2,858,924
	13,260,000	Capital Auto Receivables Asset Trust 2013-3	10/22/18		2.790			13,430,842
	6,471,678	CarMax Auto Owner Trust 2011-2	12/15/15		0.910			6,478,836
	15,770,944	CCG Receivables Trust 2013-1 2	08/14/20		1.050			15,781,148
	17,235,948	Chesapeake Funding LLC 2011-2A 1,2	04/07/24		1.415			17,385,419
	16,092,271	Chesapeake Funding LLC 2012-1A 1,2	11/07/23		0.915			16,150,799
	15,148,645	Chesapeake Funding LLC 2012-2A 1,2	05/07/24		0.615			15,118,802
	8,140,000	Credit Acceptance Auto Loan Trust 2012-1A 2	09/16/19		2.200			8,191,518
	3,000,000	Credit Acceptance Auto Loan Trust 2012-1A 2	03/16/20		3.120			3,011,262
	8,860,000	Credit Acceptance Auto Loan Trust 2012-2A 2	03/16/20		1.520			8,886,908
	11,950,000	Credit Acceptance Auto Loan Trust 2013-1A 2	10/15/20		1.210			11,964,125
	11,790,000	Credit Acceptance Auto Loan Trust 2013-2A 2	04/15/21		1.500			11,803,405
	7,530,000	Credit Acceptance Auto Loan Trust 2013-2A 2	10/15/21		2.260			7,524,917
	15,008,599	Direct Capital Funding IV LLC 2013-1 2	12/20/17		1.673			15,008,599
	21,970,000	Direct Capital Funding IV LLC 2013-2 2	08/20/18		1.730			21,994,101
	13,800,000	DSC Floorplan Master Owner Trust 2011-1 2	03/15/16		3.910			13,793,183
	24,560,156	Emerald Aviation Finance, Ltd. 2013-1 2	10/15/38		4.650			24,682,957
	710,695	Enterprise Fleet Financing LLC 2011-2 2	10/20/16		1.430			710,968
	3,908,152	Enterprise Fleet Financing LLC 2011-3 2	05/20/17		1.620			3,917,356
	5,504,187	Enterprise Fleet Financing LLC 2012-1 2	11/20/17		1.140			5,515,212
	5,973,528	Enterprise Fleet Financing LLC 2012-2 2	04/20/18		0.720			5,974,149
	3,607,429	Exeter Automobile Receivables Trust 2012-1A 2	08/15/16		2.020			3,618,353
	5,561,331	Exeter Automobile Receivables Trust 2012-2A 2	06/15/17		1.300			5,566,920
	13,053,253	Exeter Automobile Receivables Trust 2013-1A 2	10/16/17		1.290			13,057,848
	22,418,533	Exeter Automobile Receivables Trust 2013-2A 2	11/15/17		1.490			22,467,853
	22,395,279	FNA Trust 2013-1A 2	01/10/18		1.980			22,227,315

Principal Amount			Maturity Date	Interest Rate			Value

		ASSET BACKED SECURITIES (continued)

$	4,470,000	Ford Credit Auto Owner Trust 2012-B	02/15/18		2.080		$	4,567,915
	4,000,000	Ford Credit Auto Owner Trust 2013-C	01/15/20		2.500	%		4,051,900
	30,250,000	Ford Credit Floorplan Master Owner Trust 2010-3 2	02/15/17		4.200			31,393,722
	16,558,415	FRS LLC 2013-1A 2	04/15/43		1.800			16,496,371
	17,450,000	GE Dealer Floorplan Master Note Trust 2012-2 1	04/22/19		0.907			17,630,468
	31,831,563	Global Container Assets, Ltd. 2013-1A 2	11/05/28		2.200			31,808,804
	22,746,000	Global SC Finance II SRL 2012-1A 2	07/19/27		4.110			23,027,732
	9,450,000	Hertz Vehicle Financing LLC 2010-1A 2	02/25/17		3.740			9,922,689
	32,660,000	Hertz Vehicle Financing LLC 2011-1A 2	03/25/18		3.290			34,387,877
	8,350,000	HLSS Servicer Advance Receivables Backed Notes 2012-T2 2	10/15/45		1.990			8,417,635
	10,350,000	HLSS Servicer Advance Receivables Backed Notes 2013-T1 2	01/16/46		1.495			10,335,510
	17,090,000	HLSS Servicer Advance Receivables Backed Notes 2013-T3 2	05/15/46		1.793			16,813,142
	14,550,000	HLSS Servicer Advance Receivables Backed Notes 2013-T4 2	08/15/44		1.183			14,545,635
	16,430,000	HLSS Servicer Advance Receivables Backed Notes 2013-T6 2	09/15/44		1.287			16,433,286
	11,369,241	Honda Auto Receivables Owner Trust 2012-1	01/15/16		0.770			11,395,595
	15,620,000	Huntington Auto Trust 2011-1A 2	11/15/16		1.310			15,758,018
	17,750,000	Hyundai Auto Receivables Trust 2013-B	02/15/19		1.710			17,726,712
	12,270,000	Leaf II Receivables Funding LLC 2012-1 2	10/15/16		1.250			12,270,000
	8,510,000	Leaf II Receivables Funding LLC 2013-1 2	10/15/16		1.330			8,507,447
	8,972,000	Leaf II Receivables Funding LLC 2013-1 2	09/15/21		1.980			8,972,000
	4,470,000	M&T Bank Auto Receivables Trust 2013-1A 2	03/15/19		2.160			4,530,864
	5,954,788	MMAF Equipment Finance LLC 2009-AA 2	01/15/30		3.510			6,090,968
	14,790,000	MMAF Equipment Finance LLC 2012-AA 2	10/10/18		1.350			14,853,967
	3,590,000	Motor, Plc. 12A 2	02/25/20		1.286			3,599,805
	17,352,187	Nations Equipment Finance Funding I LLC 2013-1A 2	11/20/16		1.697			17,352,187
	3,140,000	Nationstar Agency Advance Funding Trust 2013-T2A 2	02/18/48		1.892			3,059,867
	35,000,000	Nationstar Mortgage Advance Receivables Trust 2013-T3A 2	06/20/48		2.438			34,541,430
	9,535,718	Navitas Equipment Receivables LLC 2013-1 2	11/15/16		1.950			9,536,128
	23,422,501	New Mexico State Educational Assistance Foundation 1	01/02/25		0.886			23,085,686
	12,138,488	New York City Tax Lien 2013-A 2	11/10/26		1.190			12,138,488
	17,300,000	Nordstrom Private Label Credit Card Master Note Trust 2011-1A 2	11/15/19		2.280			17,765,854
	462,185	Santander Drive Auto Receivables Trust 2010-1	11/17/14		1.840			462,918
	11,750,000	Santander Drive Auto Receivables Trust 2010-1	05/15/17		2.430			11,815,918
	8,650,000	Santander Drive Auto Receivables Trust 2012-3	12/15/16		1.940			8,739,502
	12,340,000	Santander Drive Auto Receivables Trust 2013-2	03/15/19		1.950			12,453,392
	5,990,000	Santander Drive Auto Receivables Trust 2013-4	01/15/20		3.250			6,189,928
	12,034,523	SMART Trust 2011-1USA 2	11/14/16		2.520			12,147,972
	433,902	SMART Trust 2011-2USA 2	03/14/15		1.540			434,348
	8,880,000	SMART Trust 2011-4USA 1,2	08/14/17		1.510			8,913,282
	13,690,000	SMART Trust 2012-1USA 2	12/14/17		2.010			13,815,948
	6,020,000	SMART Trust 2012-2USA 2	10/14/16		1.590			6,074,733
	3,050,000	SMART Trust 2012-4US	03/14/17		0.970			3,050,610
	18,190,000	SMART Trust 2013-2US	01/14/17		0.830			18,155,439
	3,630,000	SMART Trust 2013-2US	02/14/19		1.180			3,596,604
	9,278,719	SNAAC Auto Receivables Trust 2013-1A 2	07/16/18		1.140			9,273,579

Principal Amount			Maturity Date	Interest Rate			Value

		ASSET BACKED SECURITIES (continued)

$	9,900,000	Spirit Master Funding LLC 2013-1A 2	12/20/43		3.887		$	9,958,262
	53,680,000	Springleaf Funding Trust 2013-AA 2	09/15/21		2.580	%		53,938,254
	17,917,507	STORE Master Funding LLC 2013-1A 2	03/20/43		4.160			17,845,568
	12,776,244	STORE Master Funding LLC 2013-2A 2	07/20/43		4.370			12,969,145
	21,348,467	STORE Master Funding LLC 2013-3A 2	11/20/43		4.240			21,488,651
	28,708,333	TAL Advantage I LLC 2012-1A 2	05/20/27		3.860			28,890,918
	11,530,000	Trade MAPS 1, Ltd. 2013-1A 1,2	12/10/18		1.411			11,584,076
	21,141,667	Triton Container Finance LLC 2012-1A 2	05/14/27		4.210			21,288,432
	16,120,000	Turquoise Card Backed Securities, Plc. 2011-1A 1,2	09/15/16		0.910			16,163,363
	33,330,000	Turquoise Card Backed Securities, Plc. 2012-1A 1,2	06/17/19		0.960			33,463,653
	1,322,083	United Auto Credit Securitization Trust 2012-1 2	03/16/15		1.100			1,322,019
	10,440,000	Utah State Board of Regents 2011-1 1	05/01/29		1.092			10,440,000
	18,350,000	Volkswagen Credit Auto Master Trust 2011-1A 1,2	09/20/16		0.837			18,454,136
	5,237,397	Westlake Automobile Receivables Trust 2012-1A 2	03/15/16		1.030			5,240,498
	15,270,000	Westlake Automobile Receivables Trust 2013-1A 2	01/15/18		1.120			15,285,789
	4,178,195	Wheels SPV LLC 2012-1 2	03/20/21		1.190			4,187,141
		Total Asset Backed Securities (Identified cost $1,362,411,769)						1,372,979,442

		COMMERCIAL MORTGAGE BACKED SECURITIES (7.5%)

	15,540,000	Aventura Mall Trust 2013-AVM 1,2	12/05/32		3.743			15,628,500
	31,807,000	BB-UBS Trust 2012-TFT 1,2	06/05/30		3.468			30,726,739
	14,860,000	Boca Hotel Portfolio Trust 2013-BOCA 1,2	08/15/26		1.910			14,890,329
	7,510,000	Citigroup Commercial Mortgage Trust 2013-SMP 2	01/12/30		2.435			7,526,484
	2,085,000	Citigroup Commercial Mortgage Trust 2013-SMP 2	01/12/30		2.738			2,085,942
	26,695,570	Commercial Mortgage Pass Through Certificates 2013-GAM 2	02/10/28		1.705			26,243,961
	9,690,000	Commercial Mortgage Pass Through Certificates 2013-GAM 1,2	02/10/28		3.417			9,207,913
	13,236,840	Commercial Mortgage Pass Through Certificates 2013-SFS 2	04/12/35		1.873			12,832,892
	22,660,000	Commercial Mortgage Pass Through Certificates 2014-TWC 1,2	02/13/32		1.004			22,660,000
	17,740,000	GTP Acquisition Partners I LLC 2	05/15/43		2.364			17,420,024
	26,960,658	GTP Cellular Sites LLC 2	03/15/42		3.721			27,616,045
	9,840,000	Hilton USA Trust 2013-HLF 1,2	11/05/30		1.669			9,842,244
	15,070,000	Hilton USA Trust 2013-HLF 1,2	11/05/30		2.069			15,073,421
	5,780,000	JP Morgan Chase Commercial Mortgage Securities Corp. 2011-PLSD 2	11/13/44		3.364			6,059,515
	14,860,000	SBA Tower Trust 2	12/15/42		2.933			15,171,941
	40,700,000	SBA Tower Trust 2	04/15/43		2.240			40,203,094
	15,700,000	Unison Ground Lease Funding LLC 2	04/15/40		5.349			17,079,245
		Total Commercial Mortgage Backed Securities (Identified cost $291,925,754)						290,268,289

		CORPORATE BONDS (26.5%)

		AGRICULTURE (0.4%)

	14,915,000	Bunge Ltd. Finance Corp.	04/15/14		5.350			15,044,790

		AIRLINES (0.2%)

	7,260,000	British Airways, Plc. 2	12/20/21		5.625			7,677,450

Principal Amount			Maturity Date	Interest Rate			Value

		CORPORATE BONDS (continued)

		BANKS (5.1%)

$	16,090,000	ANZ New Zealand Int'l, Ltd. 2	03/24/16		1.125	%	$	16,146,074
	7,229,000	Australia & New Zealand Banking Group, Ltd.	10/06/17		1.875			7,310,688
	21,000,000	Bank of America Corp.	01/15/15		5.000			21,836,850
	11,125,000	Bank of Montreal	07/15/16		1.300			11,218,227
	9,000,000	Bank of Nova Scotia	07/15/16		1.375			9,105,381
	17,800,000	Canadian Imperial Bank of Commerce	07/18/16		1.350			17,989,677
	5,511,000	Citigroup, Inc.	05/19/15		4.750			5,782,968
	9,030,000	DNB Bank ASA 2	04/03/17		3.200			9,491,884
	3,200,971	FNBC 1993-A Pass Through Trust	01/05/18		8.080			3,547,348
	7,320,000	Goldman Sachs Group, Inc.	05/01/14		6.000			7,416,075
	14,345,000	Goldman Sachs Group, Inc.	01/22/18		2.375			14,452,430
	9,480,000	ING Bank NV 2	09/25/15		2.000			9,640,212
	13,465,000	JPMorgan Chase & Co.	07/05/16		3.150			14,085,319
	15,405,000	National Australia Bank, Ltd.	07/25/16		1.300			15,522,078
	12,955,000	Royal Bank of Scotland, Plc.	03/16/16		4.375			13,850,359
	19,980,000	Svenska Handelsbanken AB	04/04/17		2.875			20,913,905
								198,309,475
		COMMERCIAL SERVICES (1.5%)

	6,300,000	Alliance Data Systems Corp. 2	12/01/17		5.250			6,567,750
	5,000,000	Alliance Data Systems Corp. 2	04/01/20		6.375			5,287,500
	28,523,000	Experian Finance, Plc. 2	06/15/17		2.375			28,545,277
	8,755,000	Western Union Co. 1	08/21/15		1.239			8,783,226
	2,930,000	Western Union Co.	10/01/16		5.930			3,261,764
	6,155,000	Western Union Co.	12/10/17		2.875			6,300,424
								58,745,941
		COMPUTERS (0.1%)

	5,038,000	Dell, Inc.	04/01/16		3.100			5,075,785

		COSMETICS / PERSONAL CARE (0.5%)

	19,745,000	Avon Products, Inc.	03/15/20		4.600			19,862,601

		DIVERSIFIED FINANCIAL SERVICES (4.8%)

	3,686,282	5400 Westheimer Court Depositor Corp. 2	04/11/16		7.500			3,897,097
	16,342,839	AA Aircraft Financing 2013-1 LLC 2	11/01/19		3.596			16,506,268
	9,297,632	Ahold Lease Series 2001-A-1 Pass Through Trust	01/02/20		7.820			10,459,836
	12,620,000	Air Lease Corp.	04/01/17		5.625			13,834,675
	18,867,231	Blue Wing Asset Vehicle 2	01/11/23		4.500			18,772,895
	20,000,000	CIC Central America Card Receivables, Ltd. 3	11/05/20		4.500			19,874,002
	357,860	Citigroup Capital XIII 1,4	10/30/40		7.875			9,708,742
	28,730,000	Denali Borrower LLC 2	10/15/20		5.625			28,694,087
	17,960,000	Doric Nimrod Air Alpha 2013-1 Pass Through Trust 2	05/30/25		5.250			18,409,000
	3,181,843	Doric Nimrod Air Finance Alpha, Ltd. 2012-1 (Class A) Pass Through Trust 2	11/30/24		5.125			3,301,162
	17,620,000	General Motors Financial Co., Inc. 2	05/15/16		2.750			17,796,200
	6,685,035	LS Power Funding Corp.	12/30/16		8.080			7,164,211

Principal Amount			Maturity Date	Interest Rate			Value

		CORPORATE BONDS (continued)

		DIVERSIFIED FINANCIAL SERVICES (continued)

$	16,349,000	Murray Street Investment Trust I	03/09/17		4.647	%	$	17,666,746
								186,084,921
		ELECTRIC (0.7%)

	25,715,000	Korea East-West Power Co., Ltd. 2	11/27/18		2.625			25,666,424

		ENGINEERING & CONSTRUCTION (0.3%)

	9,846,000	Odebrecht Offshore Drilling Finance, Ltd. 2	10/01/22		6.750			10,042,920

		FOOD (0.4%)

	16,805,000	Hawk Acquisition Sub, Inc. 2	10/15/20		4.250			16,426,888

		HEALTHCARE-PRODUCTS (1.2%)

	15,800,000	Hospira, Inc.	03/30/17		6.050			17,560,689
	28,495,000	Mallinckrodt International Finance SA 2	04/15/18		3.500			28,453,568
								46,014,257
		INSURANCE (2.2%)

	25,097,000	ACE INA Holdings, Inc.	06/15/14		5.875			25,585,789
	4,130,000	Everest Reinsurance Holdings, Inc.	10/15/14		5.400			4,255,098
	10,000,000	MetLife, Inc.	02/06/14		2.375			10,000,600
	11,050,000	Vitality Re IV, Ltd. 1,2	01/09/17		2.750			11,287,575
	33,100,000	Vitality Re V, Ltd. 1,2	01/07/20		1.750			33,100,000
								84,229,062
		INTERNET (1.0%)

	34,875,000	Expedia, Inc.	08/15/20		5.950			38,251,144

		MEDIA (0.7%)

	11,490,000	Gannett Co., Inc. 2	10/15/19		5.125			11,863,425
	14,253,000	NBCUniversal Media LLC	04/30/15		3.650			14,794,742
								26,658,167
		MINING (0.6%)

	22,880,000	Anglo American Capital, Plc. 2	04/08/14		9.375			23,225,328

		OFFICE/BUSINESS EQUIPMENT (0.5%)

	20,835,000	Xerox Corp.	05/15/14		8.250			21,258,388

		OIL & GAS (1.4%)

	7,120,000	Korea National Oil Corp. 2	04/03/17		3.125			7,368,574
	16,935,000	Korea National Oil Corp. 2	01/23/19		2.750			17,000,166
	11,659,500	Odebrecht Drilling Norbe VIII/IX, Ltd. 2	06/30/21		6.350			11,916,009
	18,280,000	Petrobras Global Finance BV	05/20/16		2.000			18,113,743
								54,398,492
		PHARMACEUTICALS (0.4%)

	17,665,000	Forest Laboratories, Inc. 2	02/01/19		4.375			17,731,244

		PIPELINES (0.5%)

	18,283,000	Williams Partners LP	02/15/15		3.800			18,835,439

Principal Amount			Maturity Date	Interest Rate			Value

		CORPORATE BONDS (continued)

		REAL ESTATE (1.4%)

$	32,965,000	Deutsche Annington Finance BV 2	10/02/17		3.200	%	$	33,680,670
	18,035,000	Prologis International Funding II SA 2	02/15/20		4.875			18,997,853
								52,678,523
		REAL ESTATE INVESTMENT TRUSTS (2.6%)

	23,247,000	American Tower Corp.	04/01/15		4.625			24,251,084
	19,775,000	Digital Realty Trust LP	07/15/15		4.500			20,563,706
	22,518,000	HCP, Inc.	02/01/14		2.700			22,518,000
	2,680,000	HCP, Inc.	01/30/18		6.700			3,139,325
	17,375,000	ProLogis LP	08/15/17		4.500			18,785,520
	10,205,000	Simon Property Group LP	05/15/14		6.750			10,220,410
								99,478,045
		Total Corporate Bonds (Identified cost $1,011,999,020)						1,025,695,284

		MUNICIPAL BONDS (3.1%)

	4,250,000	California Pollution Control Financing Authority 1	11/01/38		0.850			4,251,700
	4,250,000	Granite City, Illinois 1	05/01/27		0.850			4,251,700
	4,250,000	King George County Economic Development Authority 1	06/01/23		0.850			4,250,893
	1,470,000	Minnesota State Tobacco Securitization Authority	03/01/15		3.093			1,505,427
	20,940,000	New Jersey State Economic Development Authority 5	02/15/17		2.630			19,597,746
	28,005,000	New Jersey State Economic Development Authority 5,6	02/15/18		3.431			25,089,399
	7,765,000	New Jersey State Turnpike Authority	01/01/16		4.252			8,045,627
	17,300,000	Pennsylvania State Economic Development Financing Authority 1	07/01/41		2.625			17,435,286
	27,090,000	State of Illinois	03/01/16		4.961			29,041,835
	7,110,000	State of Illinois	03/01/18		5.200			7,726,579
		Total Municipal Bonds (Identified cost $119,221,643)						121,196,192

		U.S. GOVERNMENT AGENCY OBLIGATIONS (4.2%)

	49,100,000	Federal Home Loan Bank Discount Notes 5,6	03/07/14		0.090			49,096,072
	25,000,000	Federal Home Loan Bank Discount Notes 5	03/21/14		0.040			24,998,722
	24,000,000	Federal Home Loan Bank Discount Notes 5	04/02/14		0.075			23,998,464
	12,000,000	Federal Home Loan Bank Discount Notes 5	04/23/14		0.060			11,998,944
	273,147	Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed 1	04/01/36		2.579			291,681
	128,265	Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed 1	12/01/36		2.115			135,590
	87,866	Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed 1	01/01/37		2.554			94,214
	220,496	Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed 1	02/01/37		2.661			235,495
	22,744,825	Federal National Mortgage Association (FNMA)	07/01/35		5.000			24,852,872
	1,617,614	Federal National Mortgage Association (FNMA)	11/01/35		5.500			1,781,459
	133,288	Federal National Mortgage Association (FNMA) 1	07/01/36		2.736			142,141
	250,042	Federal National Mortgage Association (FNMA) 1	09/01/36		2.406			267,120

	Principal Amount			Maturity Date	Interest Rate			Value

			U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

	$	204,281	Federal National Mortgage Association (FNMA) 1	01/01/37		2.516	%	$	217,418
		1,413,810	Federal National Mortgage Association (FNMA)	08/01/37		5.500			1,556,682
		15,107,169	Federal National Mortgage Association (FNMA)	08/01/37		5.500			16,643,785
		7,249,197	Federal National Mortgage Association (FNMA)	06/01/40		6.500			8,087,060
		26,976	Government National Mortgage Association (GNMA) 1	08/20/29		1.625			28,087
			Total U.S. Government Agency Obligations (Identified cost $164,028,631)						164,425,806

			U.S. INFLATION LINKED DEBT (8.0%)

		297,241,974	U.S. Treasury Inflation Indexed Note	04/15/17		0.125			307,645,443
			Total U.S. Inflation Linked Debt (Identified cost $314,567,203)						307,645,443


			CERTIFICATES OF DEPOSIT (9.5%)

		50,000,000	Bank of Montreal	03/14/14		0.170			50,000,000
		74,000,000	Bank of Nova Scotia	03/17/14		0.150			74,000,000
		40,000,000	Bank of Tokyo-Mitsubishi UFJ, Ltd.	02/07/14		0.190			40,000,000
		40,000,000	Bank of Tokyo-Mitsubishi UFJ, Ltd.	03/17/14		0.190			40,000,233
		60,000,000	DNB Bank ASA	04/15/14		0.160			59,996,544
		64,000,000	Standard Chartered Bank	05/15/14		0.180			63,992,960
		38,150,000	Svenska Handelsbanken	02/11/14		0.155			38,150,042
			Total Certificates of Deposit (Identified cost $366,150,275)						366,139,779

			COMMERCIAL PAPER (0.6%)

		25,000,000	ING US Funding LLC 5	02/10/14		0.290			24,998,590
			Total Commercial Paper (Identified cost $24,998,590)						24,998,590

			TIME DEPOSITS (2.1%)

		80,000,000	Wells Fargo	02/03/14		0.110			80,000,000
			Total Time Deposits (Identified cost $80,000,000)						80,000,000

			U.S. TREASURY BILLS (3.3%)

		38,550,000	U.S. Treasury Bill 5,6,7	02/06/14		0.041			38,549,868
		90,000,000	U.S. Treasury Bill 5,6	03/27/14		0.038			89,994,999
			Total U.S. Treasury Bills (Identified cost $128,544,867)						128,544,867


TOTAL INVESTMENTS (Identified cost $3,863,847,752) 8						100.3	%	$	3,881,893,692
LIABILITIES IN EXCESS OF OTHER ASSETS						(0.3	)%		(11,543,646	)
NET ASSETS						100.0	%	$	3,870,350,046

_____________

		1	Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the January 31, 2014 coupon or interest rate.
		2	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities owned at January 31, 2014 was $1,877,142,578 or 48.5% of net assets. Unless otherwise noted, these securities are not considered illiquid.
		3	Illiquid Security
		4	Trust Preferred Security.
		5	Coupon represents a yield to maturity.
		6	Coupon represents a weighted average yield.
		7	All or a portion of this security is held at the broker as collateral for open futures contracts.
		8	The aggregate cost for federal income tax purposes is $3,863,847,752, the aggregate gross unrealized appreciation is $31,352,555 and the aggregate gross unrealized depreciation is $13,306,615, resulting in net unrealized appreciation of $18,045,940.

Abbreviations:
FHLMC	−	Federal Home Loan Mortgage Corporation.
FNMA	−	Federal National Mortgage Association.
GNMA	−	Government National Mortgage Association.

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2014 (unaudited)

A. FAIR VALUE MEASUREMENTS

BBH Limited Duration Fund (the “Fund”) is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three levels defined by the fair value hierarchy are as follows:

— Level 1 – unadjusted quoted prices in active markets for identical investments.

— Level 2 – significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

— Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Financial assets within level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2014 (unaudited)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2014.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)*		Significant Other Observable Inputs (Level 2)*		Significant Unobservable Inputs (Level 3)*		Balance as of January 31, 2014
Asset Backed Securities	$	–	$	1,372,979,442	$	–	$	$ 1,372,979,442
Commercial Mortgage Backed Securities		–		290,268,289		–		290,268,289
Corporate Bonds		9,708,742		1,015,986,542		–		1,025,695,284
Municipal Bonds		–		121,196,192		–		121,196,192
U.S. Government Agency Obligations		–		164,425,806		–		164,425,806
U.S. Inflation Linked Debt		–		307,645,443		–		307,645,443
Certificates of Deposit		–		366,139,779		–		366,139,779
Commercial Paper		–		24,998,590		–		24,998,590
Time Deposits		–		80,000,000		–		80,000,000
U.S. Treasury Bills		–		128,544,867		–		128,544,867
Total Investments, at value	$	9,708,742	$	3,872,184,950	$	–	$	3,881,893,692

Other Financial Instruments, at value
Financial Futures Contracts	$	980,173	$	–	$	–	$	980,173
Other Financial Instruments, at value	$	980,173	$	–	$	–	$	980,173

* The Fund's policy is to disclose transfers between levels based on valuations at the end of the reporting period. There were no transfers between Levels 1, 2 or 3 as of January 31, 2014, based on the valuation input levels on October 31, 2013.

B. FINANCIAL FUTURES CONTRACTS.

At January 31, 2014, the Fund had the following open futures commitments:

Description	Number of Contracts		Expiration Date	Market Value		Notional Amount		Unrealized Gain / (Loss)
Contracts to Sell:
U.S. Treasury 2-Year Notes		2,150	March 2014	$	473,436,721$		473,436,729	$	8
U.S. Treasury 5-Year Notes		6,350	March 2014		765,968,750		767,556,250		1,587,500
U.S. Treasury 10-Year Notes		1,690	March 2014		212,517,500		211,910,165		(607,335	)
								$	980,173

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS

January 31, 2014 (unaudited)

Shares			Value

		COMMON STOCKS (98.3%)

		AUSTRALIA (5.4%)

		CONSUMER NON-CYCLICAL

	733,000	Coca-Cola Amatil, Ltd.	$	7,495,598
	60,300	Cochlear, Ltd.		3,016,253
	117,400	CSL, Ltd.		7,215,511
	254,600	Woolworths, Ltd.		7,563,260
				25,290,622
		ENERGY

	223,000	Woodside Petroleum, Ltd.		7,267,232

		FINANCIALS

	1,105,489	AMP, Ltd.		4,107,777
	347,732	QBE Insurance Group, Ltd.		3,481,594
				7,589,371
		Total Australia		40,147,225

		BELGIUM (1.0%)

		CONSUMER NON-CYCLICAL

	132,000	Colruyt SA		7,495,450

		UNITS

	5,618	Ageas 1		0

		Total Belgium		7,495,450

		CHINA (1.2%)

		ENERGY

	1,120,000	China Shenhua Energy Co., Ltd. (Class H)		2,860,272
	4,133,000	CNOOC, Ltd.		6,389,991

		Total China		9,250,263

		DENMARK (1.2%)

		CONSUMER NON-CYCLICAL

	231,500	Novo Nordisk AS (Class B)		9,186,155

		Total Denmark		9,186,155

		FINLAND (1.0%)

		INDUSTRIALS

	184,300	Kone OYJ (Class B)		7,505,525

		Total Finland		7,505,525

		FRANCE (10.5%)

		BASIC MATERIALS

	58,200	Air Liquide SA		7,309,805
	648,573	Orange SA		8,014,408
				15,324,213
		CONSUMER NON-CYCLICAL

	47,712	Carrefour SA		1,641,610
	98,000	Danone		6,475,451

Shares			Value

		COMMON STOCKS (continued)

		FRANCE (continued)

		CONSUMER NON-CYCLICAL (continued)

	75,400	Essilor International SA	$	7,579,512
	43,500	L'Oreal SA		7,150,793
	108,878	Sanofi		10,669,944
				33,517,310
		ENERGY

	176,064	Total SA		10,065,486

		FINANCIALS

	65,130	Societe Generale SA		3,687,046

		INDUSTRIALS

	149,692	Cie de St-Gobain		7,862,769
	54,893	Vallourec SA		2,738,802
	85,185	Vinci SA		5,571,691
				16,173,262
		Total France		78,767,317

		GERMANY (6.1%)

		COMMUNICATIONS

	693,111	Deutsche Telekom AG		11,203,659

		CONSUMER CYCLICAL

	64,000	Adidas AG		7,158,452
	60,330	Daimler AG (Class REGISTERED)		5,056,449
				12,214,901
		DIVERSIFIED

	87,056	GEA Group AG		4,087,025

		TECHNOLOGY

	176,873	SAP AG		13,538,924

		UTILITIES

	118,200	RWE AG		4,379,438

		Total Germany		45,423,947

		HONG KONG (5.1%)

		COMMUNICATIONS

	1,244,500	China Mobile, Ltd.		11,879,825

		DIVERSIFIED

	62,800	Jardine Matheson Holdings, Ltd.		3,367,745

		FINANCIALS

	1,627,400	AIA Group, Ltd.		7,525,613
	1,381,000	Hang Lung Properties, Ltd.		3,818,301
				11,343,914
		UTILITIES

	622,000	CLP Holdings, Ltd.		4,744,541

Shares			Value

		COMMON STOCKS (continued)

		HONG KONG (continued)

		UTILITIES (continued)

	3,518,792	Hong Kong & China Gas Co., Ltd.	$	7,196,060
				11,940,601
		Total Hong Kong		38,532,085

		ISRAEL (1.6%)

		CONSUMER NON-CYCLICAL

	265,400	Teva Pharmaceutical Industries, Ltd. ADR		11,844,802

		Total Israel		11,844,802

		ITALY (1.2%)

		ENERGY

	387,178	ENI SpA		8,782,950

		Total Italy		8,782,950

		JAPAN (20.3%)

		BASIC MATERIALS

	143,000	Shin-Etsu Chemical Co., Ltd.		7,939,683

		COMMUNICATIONS

	112,400	NTT DOCOMO, Inc.		1,804,733

		CONSUMER CYCLICAL

	157,700	Denso Corp.		8,140,829
	177,100	Honda Motor Co., Ltd.		6,646,107
	176,500	Seven & I Holdings Co., Ltd.		6,985,937
	49,300	Shimamura Co., Ltd.		4,354,836
				26,127,709
		CONSUMER NON-CYCLICAL

	95,100	Astellas Pharma, Inc.		5,841,368
	329,700	Chugai Pharmaceutical Co., Ltd.		7,456,490
	263,700	Kao Corp.		8,343,552
	70,000	Kirin Holdings Co., Ltd.		948,157
	168,400	Takeda Pharmaceutical Co., Ltd.		7,841,646
				30,431,213
		ENERGY

	588,000	Inpex Corp.		6,909,419

		FINANCIALS

	191,620	Aeon Mall Co., Ltd.		5,622,604
	84,200	Daito Trust Construction Co., Ltd.		7,937,478
	88,000	Mitsubishi Estate Co., Ltd.		2,147,601
	381,200	Tokio Marine Holdings, Inc.		11,053,361
				26,761,044
		INDUSTRIALS

	144,300	Daikin Industries, Ltd.		8,251,568
	48,100	FANUC Corp.		7,747,153

Shares			Value

		COMMON STOCKS (continued)

		JAPAN (continued)

		INDUSTRIALS (continued)

	186,200	Hoya Corp.	$	5,138,859
	26,625	Keyence Corp.		10,957,291
	320,300	Komatsu, Ltd.		6,613,229
				38,708,100
		TECHNOLOGY

	325,000	Canon, Inc.		9,500,897
	69,400	Tokyo Electron, Ltd.		3,541,702
				13,042,599
		Total Japan		151,724,500

		NETHERLANDS (3.4%)

		COMMUNICATIONS

	318,685	Reed Elsevier NV		6,573,558

		CONSUMER NON-CYCLICAL

	581,076	Koninklijke Ahold NV		9,699,059

		ENERGY

	264,986	Royal Dutch Shell, Plc. (Class A)		9,167,112

		Total Netherlands		25,439,729

		SINGAPORE (2.9%)

		COMMUNICATIONS

	2,087,000	Singapore Telecommunications, Ltd.		5,772,094

		FINANCIALS

	599,603	DBS Group Holdings, Ltd.		7,739,161
	296,720	United Overseas Bank, Ltd.		4,650,614
				12,389,775
		INDUSTRIALS

	899,000	SembCorp Industries, Ltd.		3,697,638

		Total Singapore		21,859,507

		SPAIN (4.8%)

		COMMUNICATIONS

	683,616	Telefonica SA		10,546,078

		CONSUMER CYCLICAL

	56,300	Inditex SA		8,408,024

		FINANCIALS

	534,511	Banco Santander SA		4,619,521

		UTILITIES

	1,960,982	Iberdrola SA		12,101,532
		Total Spain		35,675,155

Shares			Value

		COMMON STOCKS (continued)

		SWEDEN (1.3%)

	221,000	Hennes & Mauritz AB (Class B)	$	9,531,718

		Total Sweden		9,531,718

		SWITZERLAND (10.8%)

		BASIC MATERIALS

	18,600	Syngenta AG		6,603,778

		CONSUMER CYCLICAL

	6,500	Swatch Group AG		3,871,657

		CONSUMER NON-CYCLICAL

	207,079	Nestle SA		15,044,456
	252,907	Novartis AG		20,040,599
	31,000	Roche Holding AG		8,535,875
	3,350	SGS SA		7,593,724
				51,214,654
		FINANCIALS

	34,135	Zurich Insurance Group AG 1		9,916,964

		INDUSTRIALS

	365,318	ABB, Ltd. 1		9,105,277

		Total Switzerland		80,712,330

		TAIWAN (1.5%)

		TECHNOLOGY

	866,000	Taiwan Semiconductor Manufacturing Co., Ltd.		2,967,729
	475,500	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		8,045,460

		Total Taiwan		11,013,189

		UNITED KINGDOM (19.0%)

		COMMUNICATIONS

	2,293,742	Vodafone Group, Plc.		8,529,692

		CONSUMER CYCLICAL

	1,058,045	Compass Group, Plc.		15,829,047

		CONSUMER NON-CYCLICAL

	1,301,140	G4S, Plc.		5,107,619
	398,755	GlaxoSmithKline, Plc.		10,273,846
	105,200	Reckitt Benckiser Group, Plc.		7,886,199
	640,000	Smith & Nephew, Plc.		9,216,712
	3,190,142	Tesco, Plc.		16,800,439
	271,913	Unilever, Plc.		10,461,253
				59,746,068
		ENERGY

	274,182	AMEC, Plc.		4,641,591
	840,826	BG Group, Plc.		14,119,589

	Shares				Value

			COMMON STOCKS (continued)

			UNITED KINGDOM (continued)

			ENERGY (continued)

		1,009,786	BP, Plc.		$	7,918,430
						26,679,610
			FINANCIALS

		711,000	HSBC Holdings, Plc.			7,320,046
		368,400	Standard Chartered, Plc.			7,509,298
						14,829,344
			UTILITIES

		1,277,000	Centrica, Plc.			6,535,741
		746,835	National Grid, Plc.			9,695,258
						16,230,999
			Total United Kingdom			141,844,760

			Total Common Stocks (Identified cost $570,839,210)			734,736,607


TOTAL INVESTMENTS (Identified cost $570,839,210) 2				98.3%	$	734,736,607
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES				1.7%		12,816,387
NET ASSETS				100.0%	$	747,552,994

		1	Non-income producing security.
		2	The aggregate cost for federal income tax purposes is $570,839,210, the aggregate gross unrealized appreciation is $197,942,759 and the aggregate gross unrealized depreciation is $34,045,362, resulting in net unrealized appreciation of $163,897,397.

Abbreviations:
ADR	−	American Depositary Receipt.

BBH INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS

January 31, 2014 (unaudited)

A. FAIR VALUE MEASUREMENTSBBH International Equity Fund (the “Fund”) is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three levels defined by the fair value hierarchy are as follows:

— Level 1 – unadjusted quoted prices in active markets for identical investments.

— Level 2 – significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

— Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Financial assets within level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. These include investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations, listed equities and over-the-counter derivatives. As level 2 financial assets include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidityand/or non-transferability, which are generally based on available market information.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2014.
Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)*		Significant Other Observable Inputs (Level 2)*			Significant Unobservable Inputs (Level 3)*		Balance as of January 31, 2014
Australia	$	–	$	40,147,225		$	–	$	40,147,225
Belgium		–		7,495,450			–		7,495,450
China		–		9,250,263			–		9,250,263
Denmark		–		9,186,155			–		9,186,155
Finland		–		7,505,525			–		7,505,525
France		–		78,767,317			–		78,767,317
Germany		–		45,423,947			–		45,423,947
Hong Kong		–		38,532,085			–		38,532,085
Israel		11,844,802		–			–		11,844,802
Italy		–		8,782,950			–		8,782,950
Japan		–		151,724,500			–		151,724,500
Netherlands		–		25,439,729			–		25,439,729
Singapore		–		21,859,507			–		21,859,507
Spain		–		35,675,155			–		35,675,155
Sweden		–		9,531,718			–		9,531,718
Switzerland		–		80,712,330			–		80,712,330
Taiwan		8,045,460		2,967,729			–		11,013,189
United Kingdom		–		141,844,760			–		141,844,760
Investments, at value	$	19,890,262	$	714,846,345		$	–	$	734,736,607

Other Financial Instruments, at fair value
Forward Foreign Currency Exchange Contracts	$	–	$	(6,815	)	$	–	$	(6,815	)
Other Financial Instruments, at fair value	$	–	$	(6,815	)	$	–	$	(6,815	)

* The Fund's policy is to disclose transfers between levels based on valuations at the end of the reporting period. There were no transfers between Levels 1, 2 or 3 as of January 31, 2014, based on the valuation input levels on October 31, 2013.

B. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS . As of January 31, 2014, the Fund held the following open forward foreign currency exchange contracts.

Foreign Currency	Local Currency	Base Currency USD		Market Counterparty	Settlement Date	Unrealized Gain/(Loss)
Contracts to Buy USD:
Japanese Yen	JPY 2,749,444		26,878	Northern Trust Co.	February 4, 2014	$	59
Japanese Yen	JPY 15,098,211		147,595	Barclays Bank Plc.	February 5, 2014		( 107	)
Singapore Dollar	SGD 197,340		154,504	Barclays Bank Plc.	February 3, 2014		( 273	)
Singapore Dollar	SGD 207,924		162,790	Barclays Bank Plc.	February 4, 2014		( 199	)
Singapore Dollar	SGD 133,699		104,677	Barclays Bank Plc.	February 5, 2014		( 95	)
						$	(615	)

Contracts to Sell USD:
Australian Dollar	AUD 8,018,000		6,973,641	Northern Trust Co.	April 30, 2014	$	(6,200	)
Net Unrealized (Loss) on Open Forward Foreign Currency Exchange Contracts						$	(6,815	)

ITEM 2. CONTROLS AND PROCEDURES.

(a) Based upon their evaluation of the Registrant's 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 over financial reporting or in other factors that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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

Radford W. Klotz _______________

By (Signature and Title)*

Radford W. Klotz

President - Principal Executive Officer

Date: March 28, 2014

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)*

Radford W. Klotz _______________

Radford W. Klotz

President - Principal Executive Officer

Date: March 28, 2014

By (Signature and Title)*

Charles H. Schreiber _____________

Charles H. Schreiber

Treasurer - Principal Financial Officer

Date: March 28, 2014

* Print name and title of each signing officer under his or her signature.

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