BBH Core Select Fourth-Quarter 2010 Letter to Shareholders

Dear Investor, BBH Core Select Class N (“Core Select” or “the Fund”) rose 7.62% in the fourth quarter to end 2010 up 14.72%. Following a substantial increase in 2009, Core Select has now more than recouped all of its 2008 losses and the portfolio finished 2010 well above its 2007 highs. On a traili…