https://www.sec.gov/Archives/edgar/data/1342947/000089109219009814/e6667-497.htm497 1 e6667-497.htm FORM 497
BBH TRUST
BBH CORE SELECT
CLASS N SHARES (BBTEX)
RETAIL CLASS SHARES (BBTRX)
SUPPLEMENT DATED SEPTEMBER 23, 2019 TO THE
PROSPECTUS DATED FEBRUARY 28, 2019
The following information supplements, and, to the extent inconsistent therewith, supersedes, certain information in the Prospectus and Statement of Additional Information.
I. FUND LIQUIDATION
On September 23, 2019, the Board of Trustees of BBH Trust (the “Trust”) approved a Plan of Liquidation for BBH Core Select (the “Fund”) pursuant to which the Fund will be liquidated (the “Liquidation”) on or about the earlier of (i) October 9, 2019 and (ii) the date in which all shareholders that are not affiliated with the Adviser have redeemed their respective shares in the Fund (the “Liquidation Date”). Shareholder approval of the Liquidation is not required.
Beginning on September 23 through the Liquidation Date, the Fund may depart from its stated investment objective and policies as it liquidates holdings in preparation for the distribution of assets to investors. During this time, the Fund may hold more cash or cash equivalents than normal, which may prevent the Fund from meeting its stated investment objective. Shareholders of record as of the close of business on the Liquidation Date will receive their proportionate interest in all of the net assets of the Fund in complete cancellation and redemption of all the outstanding shares of the Fund. Payment will be made in accordance with instructions from each shareholder. If a shareholder has not provided instructions by the time proceeds are distributed, that shareholder’s liquidation proceeds shall be distributed based on the payment instructions on file for such shareholder with the Fund’s Transfer Agent. For those accounts with no bank instructions on file with the Fund’s Transfer Agent, the Transfer Agent shall issue a check.
Shareholders of the Fund may redeem their investments as described in the Fund’s Prospectus prior to the Liquidation Date. Effective after market close on September 23, 2019, the Fund has waived the redemption fee for all redemptions.
If the Fund has not received your redemption request or other instruction by the Liquidation Date, your shares will be redeemed on the Liquidation Date, and you will receive your proceeds from the Fund, subject to any required withholding.
The Adviser will bear all expenses of the Liquidation to the extent such expenses are not part of the Fund’s normal and customary fees and operating expenses, which the Adviser has voluntarily agreed to limit to 0.80%. However, the Fund and its shareholders will bear transaction costs and any potential tax consequences associated with turnover of the Fund’s portfolio.
The liquidation of the Fund, like any redemption of Fund shares, will constitute an event upon which a gain or loss may be recognized for state and federal income tax purposes, depending on the type of account and the adjusted cost basis of the investor’s shares. The tax year for the Fund will end on the Liquidation Date. Please contact your tax advisor to discuss the tax consequences to you of the liquidation.
II. CLOSURE OF THE FUND TO PURCHASES
Effective as of the close of business on September 20, 2019, BBH Core Select (the “Fund”) was closed to purchases of Fund shares, however, the Fund’s closure to purchases of Fund shares does not restrict any shareholders from redeeming shares of the Fund.
The Fund’s ability to enforce the closure of the Fund to purchases with respect to certain retirement plan accounts and accounts held by financial intermediaries may vary depending on systems capabilities, applicable contractual and legal restrictions and cooperation of those retirement plans and intermediaries.
Please contact the Fund at 1-800-575-1265 if you have any questions.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
From BBH Funds website:
https://www.bbhfunds.com/resource/blob/38882/fd1538e953c3b25cb9677cdad467b3ef/notice-to-shareholders---bbh-core-select-fund-liquidiation-data.pdfor
https://www.bbhfunds.com/bbhfunds-en-us/our-funds/bbh-equity-funds/core-select-fundBBH Core Select Fund Liquidation
Notice to Shareholders
September 23, 2019
Brown Brothers Harriman & Co. Announces Liquidation of BBH Core Select
BBH CORE SELECT CLASS N SHARES (BBTEX)
BBH CORE SELECT RETAIL CLASS SHARES (BBTRX)
At a meeting held on September 23, 2019, the Board of Trustees of BBH Trust adopted a Plan of Liquidation (the “Plan”) for BBH Core Select (the “Fund”) based on the recommendation of Brown Brothers Harriman & Co. through its separately identifiable department (the “Adviser”), and in consideration of various factors, including the recent launch of BBH Select Series – Large Cap Fund, a fund with the same investment team and substantially similar investment strategy.
As previously announced, the Fund closed to new investments effective as of the close of business on September 20, 2019. As outlined in the Plan, the Fund will make a final liquidating distribution to its remaining shareholders equal to each shareholder’s proportionate interest in the net assets of the Fund on or about October 9, 2019 (the “Liquidation Date”).
In the period leading up to the Liquidation Date, the Adviser may manage the Fund in a manner intended to facilitate its orderly liquidation, such as by raising cash. During this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective.
Shareholders have three options in advance of the Liquidation Date:
(1) Redeem BBH Core Select shares;
(2) Redeem BBH Core Select shares and purchase BBH Select Series-Large Cap Fund with the proceeds*; or
(3) Take no action -- the Fund will redeem remaining shareholders on Liquidation Date.
The Adviser will bear the expenses of the liquidation to the extent such expenses are not part of the Fund’s normal and customary fees and operating expenses, which the Adviser has voluntarily agreed to limit to 0.80%. The Fund has waived the redemption fee for all redemptions effective at market close on September 23, 2019.
The liquidation of the Fund, like any redemption of Fund shares, will constitute an event upon which a gain or loss may be recognized for state and federal income tax purposes, depending on the type of account and the adjusted cost basis of the investor’s shares. To the extent that BBH Core Select Fund is required to provide any additional information, such information will be available via www.bbhfunds.com. Please contact your tax advisor to discuss the tax consequences to you of the liquidation.
For additional details, please refer to the supplement dated September 23, 2019 to the BBH Core Select Prospectus dated February 28, 2019. If you have any questions or require any additional information regarding this announcement, please contact the Fund using the phone numbers or email addresses provided below:
Financial Advisors/Institutional Investors: (800) 625-5759 -
[email protected]Individual Investors: (800) 575-1265 -
[email protected]-------------------------------------------------------
* Direct Fund investors with accounts at ALPS Distributors, Inc. may request the redemption of the Fund and purchase of shares of BBH Select Series – Large Cap Fund or any other BBH Fund with the proceeds using the form available here. Investors not holding the Fund directly may request the exchange be processed through the intermediary where their account is held.
Brown Brothers Harriman & Co. (“BBH”), a New York limited partnership, was founded in 1818 and provides investment advice to the BBH Trust through a separately identifiable department (the “SID”). The SID is registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. BBH acts as the Fund Administrator and is located at 140 Broadway, New York, NY 10005.
Shares of the BBH Funds are distributed by ALPS Distributors, Inc.
For more complete information, visit www.bbhfunds.com or contact your investment professional for prospectuses. 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.
Securities products are subject to investment risks, including possible loss of the principal invested.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
