New York, NY, April 14, 2010 – The BBH Core Select (BBTEX) fund Class N Shares (“BBH Core Select” or the “Fund”), managed by Brown Brothers Harriman & Co. (BBH) through a separately identifiable department, recently received a 2010 Lipper Fund Award for its excellence in the Large Cap Core category over the three-year period ended December 31, 2009. This is the second consecutive year that the Fund has earned this distinction. Lipper Inc. is a nationally recognized data and research provider that ranks the performance of mutual funds. BBH Core Select earned the honor out of 740 funds in the Large Cap Core category. According to Lipper, the award was presented for demonstrating "consistently strong risk-adjusted returns, relative to peers."

Lipper, a wholly owned subsidiary of Reuters news service, presented the award to the Fund at a ceremony in New York City on March 24. Portfolio co-manager Michael Keller and product manager Wyatt Courtney were on hand to receive the award.

“We are once again greatly pleased that our focus on achieving consistency and minimizing risk has resulted in performance worthy of a Lipper Fund Award,” said Keller. “The honor is particularly gratifying considering that we were competing among 740 funds. The entire management team for BBH Core Select takes great pride in the award and thanks Lipper for recognizing the Fund and for its commitment to helping investors identify fund leaders.”

BBH Core Select, launched in 1998, has primarily been used in small trailer accounts within BBH’s wealth management business in the past. More recently, however, the firm has decided to make the Fund available to a wider audience since its investment process, which was adopted in October 2005, can now be measured over a meaningful time period. “We also believe that that there is limited availability of funds with a strategy close to Core Select, and that it therefore fills a definite need among advisors and investors alike for a large cap core fund,” said Keller. “We look forward to working with advisors to explain the Fund’s distinctive strategy and we welcome their questions.”

The strategy is based on fundamental analysis, with investments in established, cash generative businesses that are leading providers of essential products and services and which have strong management teams and loyal customers. The Fund seeks to purchase stock in such companies at a discount to their estimated intrinsic values. Estimates of intrinsic value are based on proprietary analysis of prospective free cash flows and returns on capital. Business, management, and financial attributes of companies are analyzed in a disciplined investment process. The Fund will generally hold 25-30 companies with market capitalizations greater than $5 billion and which are headquartered in North America, as well as in certain global firms located in other developed regions. Investors benefit from tax efficiency and low trading costs, as turnover is low, with a targeted holding period of three to five years. Investments are typically sold if they appreciate above the estimated intrinsic value.

Founded in 1818, BBH is the oldest and largest privately held bank in the U.S. The firm is organized as a limited partnership and offers its clients a wide range of fiduciary services, including wealth planning and trust services, as well as access to alternative investments through private equity, mezzanine, and hedge funds of funds. As of December 31, 2009, BBH oversees approximately $38.2 billion in assets as an investment manager for individuals and institutions. Through a separately identifiable department, BBH is currently the investment adviser for its proprietary registered mutual funds.

BBH Core Select is no-load, has no 12b-1 fee, and has a net expense ratio of 1.19% (gross expense ratio is 1.21%). It is available directly and through major fund supermarkets.

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Lipper Fund Awards Methodology

The currency for the calculation corresponds to the currency of the country for which the awards are calculated and relies on monthly data.

Classification averages are calculated with all eligible share classes for each eligible classification. The calculation periods extend over 36, 60, and 120 months. The highest Lipper Leader for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner over three, five or ten years.

Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Users acknowledge that they have not relied upon any warranty, condition, guarantee or representation made by Lipper. Any use of the data for analyzing, managing, or trading financial instruments is at the user’s own risk. This is not an offer to buy or sell securities.

Past performance is no guarantee of future results.

Mutual funds are subject to risks and fluctuate in value.

Estimates of intrinsic value are calculated based on conservative projections of future cash flows with a focus on the amount of capital investment needed to fund future growth and how marginal returns on capital trend over time. We supplement our discounted cash flow work with other quantitative analyses, such as economic profit models, internal rate of return models, leveraged buyout models based on prevailing change-of-control multiples, and free cash flow multiples.

Not FDIC Insured No Bank Guarantee May Lose Value

Consult the prospectus for more information. To obtain a recent prospectus, please contact the BBH Fund Information Service, Brown Brothers Harriman & Co. (“BBH”), 140 Broadway, New York, NY 10005, call (800) 625-5759, or email us a literature request ( 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.

Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Shares of the Fund are distributed by ALPS Distributors, Inc. BBH provides investment advice to registered mutual funds 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.

BBH000131 SM-2010-0084 Expiration Date 4/30/2011