(PUB) Investing 2016

5

June 2 016

Morningstar FundInvestor

Data through May 31, 2016 FINRA members: For internal or institutional use only. BBH Core Select N

Ticker BBTEX

Yield 0.5%

Total Assets $4,019 mil

Mstar Category Large Blend

Benchmark 1: Russell 1000 TR USD Benchmark 2: S&P 500 TR USD Morningstar Analyst Rating 05-12-16 „

Investment Style Equity

Historical Profile Return Risk Rating Above Avg Low QQQQ Above Avg

4 7 7 4 7 7 4 4

Growth of $10,000

20.0

Investment Values of Fund Investment Values of Benchmark 1

15.0

Morningstar Pillars Process

∞ Positive ∞ Positive ∞ Positive ¶ Neutral ¶ Neutral

10.0

Performance

People Parent

Performance Quartile (within Category)

( & & ) * & & ) ) ( & 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 05-16 11.94 13.40 10.40 12.59 14.33 14.89 17.35 21.40 22.69 20.40 21.15 12.77 12.40 -21.65 21.60 14.72 5.70 18.73 26.51 8.41 -2.73 3.68 -2.69 6.63 15.94 -6.84 -1.38 4.20 2.30 -6.60 -4.83 -3.65 0.17 -3.02 6.91 15.34 -4.87 -0.35 3.59 2.72 -5.88 -5.28 -4.11 0.11 0.45 0.18 0.17 0.53 0.60 0.52 0.65 0.59 0.67 0.53 0.00 12.32 12.23 -21.83 21.07 14.12 5.19 18.08 25.92 7.74 -3.26 3.68 0.05 0.02 0.02 0.05 0.08 0.07 0.10 0.10 0.14 0.12 0.00 0.00 0.00 0.07 0.00 0.04 0.18 0.23 0.43 0.35 1.56 0.00 1.24 1.19 1.16 1.21 1.18 1.14 1.12 1.09 1.07 1.07 . 0.45 0.18 0.14 0.61 0.55 0.85 0.63 0.65 0.66 0.53 . 74 10 1 84 35 4 9 87 79 72 20

Price

History

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

NAV

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 05-31-16 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2012 2013 2014 2015 2016

10.88 -0.55 6.82 0.79 18.73 10.66 2.40 4.27 7.07 26.51 1.87 3.49 -0.75 3.62 8.41 -1.19 -0.49 -5.02 4.16 -2.73

.

53 93

18

31

15

19

17

14

12

8

8

126

170

264

507

893 3,483 5,741 5,855 4,125 3,793

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 05-31-16 Total Stocks: 30 Share change since 04-30-16

2.11

— — — —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets 6.19 6.59 8.29 6.38 7.37 6.16 6.82 5.50 -7.08 4.93 — 4.53 — 4.25 -3.73 3.96 — 3.73 -7.95 3.57 8.12 3.34 — 3.11 2.01 3.05 12.94 3.01

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

Y Berkshire Hathaway Inc A Y Comcast Corp Class A

Finan Svcs Comm Svcs Technology Finan Svcs Finan Svcs Technology Hlth Care Hlth Care Cnsmr Def Technology Technology Finan Svcs Cnsmr Cyc Finan Svcs Cnsmr Def Cnsmr Def Basic Mat Cnsmr Cyc Energy

1 Yr 3 Yr 5 Yr

0.49 6.76 9.58 8.89 5.59

3 Mo 6 Mo

6.98 -2.45 -2.14 1.25 -0.39 -0.69 0.49 -0.29 -1.22 6.76 -4.13 -4.30 9.58 -1.86 -2.08 8.89 1.39 1.48 5.43 -0.42 3.32

84 10,698 41 10,125 33 10,049 86 12,169 62 15,802 3 23,428 31 22,111

Low QQ Low QQQ

-Avg Avg High

Y Oracle Corp Y US Bancorp

1 Yr

Low QQQQQ

10 Yr Incept

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Y Wells Fargo & Co Y Alphabet Inc C Y Novartis AG ADR Y Nestle SA ADR Y Microsoft Corp Y Qualcomm Inc Progressive Corp Y EOG Resources Inc Y PayPal Holdings Inc Y Diageo PLC ADR Y Zoetis Inc

Other Measures

Standard Index

Best Fit Index

Alpha

-2.1 0.82

-2.0 0.82

Beta

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

R-Squared

92

93

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

5.55 8.67 8.35

71 49

1.13 0.83 0.49

39 38 19

Standard Deviation

9.66 6.76 0.72

2

Mean

Y Discovery Communications

Sharpe Ratio

Potential Capital Gain Exposure: 13% of assets

— 2.94 — 2.54

Morningstar's Take by David Kathman, CFA 05-12-16 On Feb. 2, 2016, Brown Brothers Harriman announced thatBBHCoreSelectwould reopen tonew investorsafter having been closed since late 2012. This move followed three-straight years of mediocre performance relative to the large-blend Morningstar Category and the S&P 500 benchmark, and significant net outflows during 2015. But investors would do well not to focus too much on the recent problems, because this remains a fine core stock fund with a lot of good things going for it. It still earns a Morningstar Analyst Rating of Silver. One positive feature of the fund has been its stable management team. Lead manager Tim Hartch has been in charge since the fund adopted its current name and strategy inOctober2005.Sevenof the10othermembers of the team, including comanager Michael Keller, have been with him for at least a decade as of May 2016. (Keller started as an analyst, a role he still fills, but was also named comanager in 2008.) During that time, they have consistently employed a disciplined strategy focused on high-quality, cash-generating stocks that are trading at least 25% below their estimated intrinsic value. Theymaintainaconcentratedportfolioofabout30names

Wal-Mart Stores Inc

13.10 2.33 4.18 2.28 -1.60 2.21

that they're willing to hold on to for the long haul, though they'll sell a stock if it approaches its intrinsic value. This deliberate, cautious approach has worked especially well in risk-averse markets such as 2008 and 2011, two years when this was among the best- performing funds in the large-blend category. Its record in bull markets is more mixed; sometimes it has performedverywell,as in2007and2012,butother times it has lagged its peers and the S&P 500 benchmark. The latter was the case from 2013 through 2015, when continuing low interest rates boosted risky, debt-heavy stocks of the type this fund avoids. But the fund held up extremely well when the market took a nosedive at the beginning of 2016, and its returns since the current team took over rank near the top of the category, with significantly less volatility than its average peer. There's still plenty to like here.

T Celanese Corp

Y Liberty Interactive Corp

Y Schlumberger Ltd

Energy

— 2.19

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

Rel Bmark 1

Market Cap % Giant 54.5 Large 27.8 Mid 17.7 Small 0.0 Micro 0.0 Avg $mil: 74,678

Value Blend Growth

Large Mid Small

38.02 1.17 4.41 1.45 8.52 0.72 25.09 1.75 0.00 0.00 37.02 0.92 6.94 1.66 7.65 1.12 3.27 0.28 19.16 1.09 24.97 0.92 11.13 1.18 13.84 0.95 0.00 0.00

Value Measures

Rel Category

Price/Earnings 18.68

1.08 1.04 1.36 1.34 0.77 0.95 1.27 1.66 -1.02 0.35

Price/Book Price/Sales

2.54 2.15

Price/Cash Flow 12.20 Dividend Yield % 1.84

Growth Measures

% Rel Category

Long-Term Erngs 8.99

Book Value

4.00 3.65 -3.74

Composition - Net

Sales

Cash 8.1 Stocks 91.9 Bonds 0.0 Other 0.0 Foreign 13.2 (% of Stock)

Address:

BBH Fund Inc

Minimum Purchase: Min Auto Inv Plan:

$10000 Add: $10000 IRA: —

Cash Flow

BOSTON MA 02109

— Add: —

Historical Erngs 2.01

800-575-1265

Sales Fees:

No-load, 2.00%R

Web Address:

www.bbhfunds.com

Management Fee:

0.80% mx./0.75% mn. Mgt:0.80% Dist:—

Profitability

%

Inception:

11-02-98

Actual Fees:

Return on Equity Return on Assets

13.41

Advisor:

Brown Brothers Harriman & Co.

Expense Projections: 3Yr:$322 5Yr:$561 10Yr:$1246

4.62

Subadvisor:

None

Income Distribution:

Annually

Net Margin

10.18

A

ß ® Mutual Funds

©2016Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, email reprints@morningstar.com