BBH BROAD MARKET FIXED INCOME PORTFOLIO
N-30D, 2001-01-19
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<PAGE>

                     BBH BROAD MARKET FIXED INCOME PORTFOLIO
                            PORTFOLIO OF INVESTMENTS
                                October 31, 2000

<TABLE>
<CAPTION>
 Principal                                                          Maturity
   Amount                                                             Date        Interest Rate       Value
-----------                                                         --------      -------------    ------------
<S>           <C>                                                   <C>               <C>          <C>
              Corporate Bonds (78.2%)
$   500,000      Abbey National Plc.                                10/26/29          7.950%       $    503,612
  3,500,000      Advanta Credit Card Master Trust*                  02/01/04          6.815           3,500,735
    535,000      Amerada Hess Corp.                                 10/01/29          7.875             536,026
  2,953,000      Americredit Automobile Receivables Trust           02/12/05          7.050           2,966,663
    400,000      Anheuser-Busch Co., Inc.                           09/15/08          5.650             363,521
    500,000      AXA Financial, Inc.                                08/01/10          7.750             506,983
  1,100,000      Bear Stearns Co., Inc.                             03/02/04          6.150           1,061,921
  2,000,000      Boeing Capital Corp.                               09/27/10          7.375           2,015,722
  4,000,000      California Infastructure                           09/25/05          6.280           3,965,200
  1,188,000      California Infastructure                           09/25/08          6.310           1,161,483
    363,000      Chase Funding Mortgage Loan                        08/25/15          7.166             362,076
  1,995,981      Chase Funding Mortgage Loan*                       10/25/30          6.840           1,994,700
    500,000      Chase Manhattan Bank-First Union National          07/15/09          7.439             509,136
    500,000      Citicorp                                           06/15/07          7.200             496,020
    500,000      Citigroup, Inc.                                    03/15/04          5.800             483,427
    900,000      Coca-Cola Enterprises                              09/30/09          7.125             889,158
    750,000      Conoco, Inc.                                       04/15/04          5.900             723,171
    580,000      Conoco, Inc.                                       04/15/29          6.950             539,224
    569,617      Contimortgage Home Equity Loan Trust               06/15/11          7.250             568,315
    205,000      CSXT Trade Receivables Master Trust                06/25/03          6.000             200,668
  1,425,000      Discover Card Master Trust                         07/15/07          6.850           1,423,979
    500,000      Discover Card Master Trust                         08/18/08          6.050             481,690
  1,100,000      Donaldson Lufkin Jenrett                           03/01/05          8.000           1,121,978
  4,000,000      First Chicago Master Trust*                        12/15/03          6.860           4,011,039
    426,906      First Security Automobile Owner Trust              06/16/03          5.580             424,973
  4,000,000      First USA Credit Card Master Trust*                08/15/03          6.995           4,006,320
  1,800,000      Ford Motor Credit Co.*                             04/15/04          6.570           1,802,578
    750,000      Ford Motor Credit Co.                              03/15/05          7.500             751,959
    250,000      General Electric Capital Corp.                     12/01/06          7.875             261,238
  1,500,000      General Motors Acceptance Corp.                    01/22/03          5.875           1,464,848
  3,000,000      General Motors Acceptance Corp.*                   07/25/13          6.620           3,000,000
    682,000      Goldman Sachs Group, Inc.                          05/15/09          6.650             640,037
    425,000      GTE Southwest, Inc.                                12/01/05          6.540             414,746
    750,000      JP Morgan & Co., Inc.                              02/25/04          5.750             720,409
  1,000,000      JP Morgan & Co., Inc.                              01/15/09          6.000             899,788
    856,342      Key Automobile Finance Trust                       04/15/04          6.400             854,595
    253,000      Lowe's Co., Inc.                                   06/01/10          8.250             262,425
  5,000,000      MBNA Master Credit Card Trust*                     10/15/03          6.881           5,009,900
  1,550,000      MBNA Master Credit Card Trust                      02/15/12          7.000           1,556,742
  1,230,000      Merrill Lynch & Co.                                02/12/03          6.000           1,205,808
    500,000      Money Store (The)                                  04/15/04          8.375             519,603
  1,175,000      Morgan Stanley Dean Witter                         01/15/03          7.125           1,181,904
    750,000      Nations Bank Corp.                                 07/15/04          6.125             724,651
    185,000      Northern States Power                              12/01/26          7.375             171,115
</TABLE>

<PAGE>

                     BBH BROAD MARKET FIXED INCOME PORTFOLIO
                            PORTFOLIO OF INVESTMENTS
                                October 31, 2000

<TABLE>
<CAPTION>
 Principal                                                          Maturity
   Amount                                                             Date        Interest Rate       Value
-----------                                                         --------      -------------    ------------
<S>           <C>                                                   <C>               <C>          <C>
$ 1,500,000      Peco Energy Transition Trust                       03/01/10          7.650%       $  1,537,087
    287,000      PNC Funding Corp.                                  09/01/02          6.950             286,622
    220,000      Potomac Electric Power                             09/15/25          7.375             202,519
  1,477,000      PP&L Transition Bond Co.                           06/25/09          7.050           1,485,567
    650,000      Qwest Communications International, Inc.           11/01/08          7.500             642,587
    350,000      Residential Asset Securities Corp.                 10/25/25          7.710             354,232
  2,981,511      Residential Asset Securities Corp.*                09/25/31          6.850           2,979,322
    680,000      Royal Bank of Scotland                             02/01/11          6.375             605,310
    500,000      Salomon Brothers Mortgage Securities               12/18/09          7.520             510,711
    265,000      Sante Fe Pacific Corp.                             11/01/04          8.625             279,186
    500,000      Smithkline Beecham Corp.                           10/01/05          6.625             491,379
  2,400,000      Standard Credit Card Trust                         01/07/07          8.250           2,521,200
    430,000      Texaco Capital, Inc.                               10/01/06          8.250             460,843
    230,000      Texas Utilities Electric Co.                       04/01/24          7.875             222,865
    250,000      Time Warner Entertainment Co.                      09/01/08          7.250             248,288
    967,000      Toyota Motor Credit                                12/15/08          5.500             876,322
  1,000,000      United Technology Corp.                            11/15/04          6.625             993,932
    740,000      Verizon Communications                             04/15/06          6.360             711,769
  1,000,000      Wal-Mart Stores                                    08/10/04          6.550             990,937
    740,000      West Penn Funding, LLC                             12/26/05          6.630             741,517
    750,000      Worldcom, Inc.                                     08/15/05          6.400             721,259
  1,000,000      Worldcom, Inc.                                     05/15/06          8.000           1,025,107
                                                                                                   ------------
                                                                                                     75,148,647
                                                                                                   ------------
              Sovereign Governments (0.8%)
    380,000      Saskatchewan (Providence of)                       07/15/04          8.000             391,926
    400,000      Saskatchewan (Providence of)                       07/15/13          7.375             407,668
                                                                                                   ------------
                                                                                                        799,594
                                                                                                   ------------
              Government Agency (45.5%)
    367,456      Federal Home Loan Mortgage Corp.                   03/01/13          7.500             371,723
  1,753,027      Federal Home Loan Mortgage Corp.                   09/01/15          7.000           1,743,675
    753,260      Federal Home Loan Mortgage Corp.                   02/15/26          6.250             735,234
  1,355,000      Federal Home Loan Mortgage Corp.                   07/30/30          6.000           1,272,218
    392,891      Federal Home Loan Mortgage Corp.*                  08/15/08          9.000             402,073
     61,931      Federal National Mortgage Assoc.                   02/01/04          6.500              61,170
     76,213      Federal National Mortgage Assoc.                   09/01/12          9.500              79,702
    768,802      Federal National Mortgage Assoc.                   07/01/13          6.500             754,299
    108,401      Federal National Mortgage Assoc.                   01/01/17          9.000             112,457
    400,000      Federal National Mortgage Assoc.                   10/25/19          7.500             398,670
     23,958      Federal National Mortgage Assoc.                   03/25/21          7.500              23,831
  4,465,000      Federal National Mortgage Assoc.                   03/16/27          7.000           4,378,490
    226,884      Federal National Mortgage Assoc.                   09/01/27          8.500             232,445
    827,777      Federal National Mortgage Assoc.                   12/25/27          6.500             806,254
  7,400,000      Federal National Mortgage Assoc.                   04/06/28          8.000           7,494,813
  1,500,000      Federal National Mortgage Assoc.                   06/01/28          8.500           1,533,281
  1,500,000      Federal National Mortgage Assoc.                   12/31/28          6.000           1,443,750
</TABLE>

<PAGE>

                     BBH BROAD MARKET FIXED INCOME PORTFOLIO
                            PORTFOLIO OF INVESTMENTS
                                October 31, 2000

<TABLE>
<CAPTION>
 Principal                                                          Maturity
   Amount                                                             Date        Interest Rate       Value
-----------                                                         --------      -------------    ------------
<S>           <C>                                                   <C>               <C>          <C>
$ 1,925,000      Federal National Mortgage Assoc.                   02/01/29          6.500%       $  1,851,008
  2,760,000      Federal National Mortgage Assoc.                   03/01/29          6.000           2,589,225
  1,929,360      Federal National Mortgage Assoc.                   09/01/29          6.500           1,855,480
  2,834,374      Federal National Mortgage Assoc.                   11/01/29          6.500           2,725,840
    749,578      Federal National Mortgage Assoc.                   01/01/30          7.500             748,922
    500,000      Federal National Mortgage Assoc.                   05/15/30          7.250             528,471
  1,024,238      Federal National Mortgage Assoc.                   09/01/30          7.500           1,022,814
    128,671      Government National Mortgage Assoc.                08/15/07          7.500             130,978
      4,301      Government National Mortgage Assoc.                11/15/09         10.000               4,536
     62,722      Government National Mortgage Assoc.                05/15/20          9.000              65,552
     73,228      Government National Mortgage Assoc.                09/15/20          9.500              76,878
    230,048      Government National Mortgage Assoc.                06/15/23          7.000             227,838
  1,365,000      Government National Mortgage Assoc.                04/07/28          8.000           1,387,608
  2,820,000      Government National Mortgage Assoc.                06/01/28          7.500           2,829,694
  5,400,000      U.S. Treasury Bill**                               12/21/00          6.158           5,352,226
    500,000      U.S. Treasury Bill**+                              03/15/01          6.160             489,079
      5,389      U.S. Treasury Tips                                 07/15/02          3.625               5,399
                                                                                                   ------------
                                                                                                     43,735,633
                                                                                                   ------------

TOTAL INVESTMENTS (identified cost $119,232,532) (a) ...........................      124.5%        119,683,874
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .................................      (24.5)        (23,521,199)
                                                                                     --------------------------
NET ASSETS .....................................................................      100.0%       $ 96,162,675
                                                                                     ==========================
</TABLE>

----------
(a)   The aggregate  cost for federal income tax purposes is  $119,232,532,  the
      aggregate gross  unrealized  appreciation  is $533,747,  and the aggregate
      gross  unrealized  depreciation  is $82,405,  resulting in net  unrealized
      appreciation of $451,342.

*     Variable Rate  Instrument.  Interest rates change on a specific date (such
      as a coupon or interest  payment date). The interest rate shown represents
      the October 31, 2000 coupon rate.

**    Rate shown is the yield to maturity at the time of purchase.

+     Security held as collateral on futures contracts.

   The accompanying notes are an integral part of these financial statements.

<PAGE>

                     BBH BROAD MARKET FIXED INCOME PORTFOLIO
                       STATEMENT OF ASSETS AND LIABILITIES
                                October 31, 2000

ASSETS:
  Investments in securities, at value (identified
    cost $119,232,532) ......................................       $119,683,874
  Cash ......................................................            869,661
  Receivables for:
    Investments sold ........................................          7,987,499
    Interest ................................................            889,542
    Swap agreement ..........................................             16,333
                                                                    ------------
       Total Assets .........................................        129,446,909
                                                                    ------------

LIABILITIES:
  Payables for:
    Investments purchased ...................................         32,699,659
    Withdrawals .............................................            500,000
    Unrealized loss on swap .................................             25,000
    Expense payment fee .....................................             54,182
    Administration fee ......................................              5,393
                                                                    ------------
       Total Liabilities ....................................         33,284,234
                                                                    ------------
NET ASSETS ..................................................       $ 96,162,675
                                                                    ============

   The accompanying notes are an integral part of these financial statements.

<PAGE>

                     BBH BROAD MARKET FIXED INCOME PORTFOLIO
                             STATEMENT OF OPERATIONS
         For the period from July 20, 2000 (Commencement of Operations)
                              to October 31, 2000

NET INVESTMENT INCOME:
  Income:
    Interest (Net of foreign withholding tax of $5,679) .........     $1,234,661
    Swap agreement ..............................................         16,333
    Other .......................................................        185,966
                                                                      ----------
       Income ...................................................      1,436,960
                                                                      ----------
  Expenses:
    Expense payment fee .........................................         75,947
    Administrative fee ..........................................          9,301
                                                                      ----------
       Total Expenses ...........................................         85,248
                                                                      ----------
       Net Investment Income ....................................      1,351,712
                                                                      ----------
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments ................................        219,233
Net change in unrealized appreciation on investments,
  futures contracts and swap agreement ..........................        433,998
                                                                      ----------
  Net Realized and Unrealized Gain ..............................        653,231
                                                                      ----------
Net Increase in Net Assets Resulting from Operations ............     $2,004,943
                                                                      ==========

   The accompanying notes are an integral part of these financial statements.

<PAGE>

                     BBH BROAD MARKET FIXED INCOME PORTFOLIO
                       STATEMENT OF CHANGES IN NET ASSETS

                                                             For the period from
                                                                July 20, 2000
                                                              (Commencement of
                                                                Operations) to
                                                               October 31, 2000
                                                             -------------------

INCREASE IN NET ASSETS:
  Operations:
    Net investment income ................................      $  1,351,712
    Net realized gain on investments .....................           219,233
    Net change in unrealized appreciation on
      investments, futures contracts and
      swap agreement .....................................           433,998
                                                                ------------
      Net increase in net assets resulting
        from operations ..................................         2,004,943
                                                                ------------
  Capital Transactions:
    Proceeds from contributions ..........................        97,614,732
    Fair value of withdrawals ............................        (3,457,000)
                                                                ------------
      Net increase in net assets resulting from
        capital transactions .............................        94,157,732
                                                                ------------
        Total increase in net assets .....................        96,162,675

NET ASSETS:
  Beginning of period ....................................                --
                                                                ------------
  End of period ..........................................      $ 96,162,675
                                                                ============

   The accompanying notes are an integral part of these financial statements.

<PAGE>

                     BBH BROAD MARKET FIXED INCOME PORTFOLIO
                              FINANCIAL HIGHLIGHTS

                                                             For the period from
                                                                July 20, 2000
                                                              (Commencement of
                                                               Operations) to
                                                              October 31, 2000
                                                             -------------------
Total Return ...............................................          2.68%

Ratios/Supplemental Data:
  Net assets, end of period (000's omitted) ................    $   96,163

  Expenses as a percentage of average net assets(2) ........          0.40%(1)

  Ratio of net investment income to average net assets .....          6.19%(1)

  Portfolio turnover rate ..................................           209%

----------
(1)   Annualized.

(2)   Had the expense payment agreement not been in place, the ratio of expenses
      to average net assets and total return would have been as follows:

        Ratio of expenses to average net assets ............          0.57%(1)
        Total Return .......................................          2.51%

   The accompanying notes are an integral part of these financial statements.

<PAGE>

                     BBH BROAD MARKET FIXED INCOME PORTFOLIO
                          NOTES TO FINANCIAL STATEMENTS

      1.  Organization  and Significant  Accounting  Policies.  BBH Broad Market
Fixed Income  Portfolio  (the  "Portfolio")  is registered  under the Investment
Company Act of 1940, as amended,  as an open-end  management  investment company
which was organized as a trust under the laws of the State of New York on August
15, 1994. The Portfolio  commenced  operations on July 20, 2000. The Declaration
of Trust  permits  the  Trustees  to create an  unlimited  number of  beneficial
interests in the Portfolio.

      The  Portfolio's  financial  statements  are prepared in  accordance  with
accounting principles generally accepted in the United States of America,  which
require  management to make certain estimates and assumptions at the date of the
financial  statements  and are  based,  in  part,  on the  following  accounting
policies. Actual results could differ from those estimates.

            A. Valuation of Investments. Bonds and other fixed income securities
      (other than short-term obligations but including listed issues) are valued
      on the basis of valuations  furnished by a pricing  service,  use of which
      has been approved by the Board of Trustees. In making such valuations, the
      pricing service  utilizes both  dealer-supplied  valuations and electronic
      data processing  techniques  which take into account  appropriate  factors
      such as institutional-size trading in similar groups of securities, yield,
      quality, coupon rate, maturity, type of issue, trading characteristics and
      other  market  data,  without  exclusive  reliance  upon quoted  prices or
      exchange or over-the-counter prices, since such valuations are believed to
      reflect more accurately the fair value of such securities.

            Securities  or other  assets  for which  market  quotations  are not
      readily  available are valued at fair value in accordance  with procedures
      established by and under the general supervision and responsibility of the
      Portfolio's  Board  of  Trustees.  Such  procedures  include  the  use  of
      independent pricing services, which use prices based upon yields or prices
      of  securities  of  comparable   quality,   coupon,   maturity  and  type;
      indications as to the value from dealers;  and general market  conditions.
      Short-term  investments  which  mature  in 60 days or less are  valued  at
      amortized  cost if their  original  maturity  was 60 days or  less,  or by
      amortizing  their  value  on the  61st day  prior  to  maturity,  if their
      original  maturity  when  acquired by the Portfolio was more than 60 days,
      unless  this is  determined  not to  represent  fair value by the Board of
      Trustees.

            B. Accounting for Investments. Investment transactions are accounted
      for on the trade date.  Realized gains and losses, if any, from investment
      transactions  are  determined  on the basis of identified  cost.  Interest
      income is accrued daily and consists of interest accrued,  discount earned
      (including   both  original   issue  and  market   discount)  and  premium
      amortization on the investments of the Portfolio.

            C. Federal  Income Taxes.  The Portfolio is treated as a partnership
      for Federal Income tax purposes and its operations are conducted in such a
      way that it is not to be  considered  engaged in a U.S.  trade or business
      for U.S. tax purposes.  It is intended that the Portfolio's assets will be
      managed in such a way that an  Investor in the  Portfolio  will be able to
      comply with the  provisions  of the Internal  Revenue Code  applicable  to
      regulated  investment  companies.  Accordingly,  no provision  for federal
      income taxes is necessary.

            D. Swap Agreement.  The Portfolio may enter into swap agreements.  A
      swap is an exchange of cash  payments  between the  Portfolio  and another
      party which is based on a specific  financial  index.  Cash  payments  are
      exchanged at  specified  intervals  and the expected  income or expense is
      recorded on an accrual basis.  The value of the swap is adjusted daily and
      the  change  in  value  is  recorded   as   unrealized   appreciation   or
      depreciation.  Risks may arise upon  entering  into

<PAGE>

                             BBH BROAD MARKET FIXED
           INCOME PORTFOLIO NOTES TO FINANCIAL STATEMENTS (continued)

      these agreements from the potential  inability of  counterparties  to meet
      the terms of their contract and from unanticipated changes in the value of
      the financial  index on which the swap  agreement is based.  The Portfolio
      may use swaps for both  hedging  and  non-hedging  purposes.  For  hedging
      purposes,  the  Portfolio may use swaps to reduce its exposure to interest
      and foreign  exchange rate  fluctuations.  For non-hedging  purposes,  the
      Portfolio may use swaps to take a position on  anticipated  changes in the
      underlying financial index.

      2. Transactions with Affiliates.

      Investment   Advisory  Fee.  The  Portfolio  has  an  investment  advisory
agreement  with Brown  Brothers  Harriman (the  "Adviser") for which the Adviser
receives a fee calculated and paid monthly at an annual rate equivalent to 0.30%
of the Portfolio's average daily net assets.

      Administrative  Fee. The Portfolio has an  administration  agreement  with
Brown  Brothers  Harriman  (the  "Administrator")  for which  the  Administrator
receives a fee from the Portfolio calculated daily and paid monthly at an annual
rate  equivalent  to 0.035% of the  Portfolio's  average  daily net assets.  The
Administrator  has a  subadministration  services  agreement with 59 Wall Street
Administrators, Inc. for which 59 Wall Street Administrators, Inc. receives such
compensation  as is from  time to time  agreed  upon,  but not in  excess of the
amount paid to the  Administrator.  For the period ended  October 31, 2000,  the
Portfolio incurred $9,301 for administrative services.

      Custody Fee. The Portfolio  has a custody  agreement  with Brown  Brothers
Harriman (the "Custodian") for which the Custodian receives a fee calculated and
paid monthly. Custody fees for the Portfolio were reduced by $466 as a result of
an expense offset arrangement with the Portfolio's custodian.

      Expense  Payment Fee.  Brown Brothers  Harriman  Trust  Company,  LLC pays
certain  expenses  of the  Portfolio  and  receives  a fee from  the  Portfolio,
computed and paid monthly,  such that after such fee the aggregate expenses will
not exceed 0.40% of the  Portfolio's  average  daily net assets.  For the period
ended October 31, 2000,  Brown Brothers  Harriman  Trust  Company,  LLC incurred
$125,223 in expenses,  including investment advisory fees of $65,483 and custody
fees of $21,623 on behalf of the Portfolio.  The expense reimbursement agreement
will  terminate  when the aggregate  amount of fees  received by Brown  Brothers
Harriman Trust Company,  LLC thereunder  equals the aggregate amount of expenses
paid by Brown Brothers Harriman Trust Company, LLC.

      3.  Investment  Transactions.  For the period ended October 31, 2000,  the
cost of purchases and the proceeds of sales of investment  securities other than
short-term investments were $226,278,306 and $170,635,837, respectively.

      4. Financial Futures Contracts. As of October 31, 2000, the Portfolio held
open  futures  contracts.  The  contractual  amount  of  the  futures  contracts
represents the  investment  the Portfolio has in a particular  contract and does
not  necessarily   represent  the  amounts  potentially  subject  to  risk.  The
measurement of risk  associated  with futures  contracts is meaningful only when
all related and offsetting transactions are considered. A summary of obligations
under open futures contracts at October 31, 2000, is as follows:

<PAGE>

                     BBH BROAD MARKET FIXED INCOME PORTFOLIO
                    NOTES TO FINANCIAL STATEMENTS (continued)

                                                                    Unrealized
                                                   Base Contract   Appreciation
Position  Expiration Date  Contracts      Bond         Value      (Depreciation)
--------  ---------------  ---------  -----------  -------------  --------------
 Long      December 2000      100     US Treasury    9,984,375        28,750
 Short     December 2000      50      US Treasury    5,035,156       (21,094)
                                                                  --------------
                                                                       7,656
                                                                  --------------

As of October 31, 2000,  the Portfolio  had  segregated  sufficient  cash and/or
securities to cover the initial margin requirements on open futures contracts.

      5. Swap  Agreement.  At October 31, 2000,  the Portfolio had the following
open swap agreement:

                                                                 Unrealized
Notional Amount                   Description                   Depreciation
---------------     ----------------------------------------    ------------

                    Agreement with Goldman Sachs terminating
                    April 1, 2001 to pay 1 month LIBOR minus
                    10 basis points monthly and to receive
                    the return on the Commercial Mortgage
  $5,000,000        Bond Securities Index monthly                 $25,000

LIBOR - London Interbank Offer Rate
<PAGE>

[Letterhead of Deloitte & Touche LLP]

                                                                 [LOGO] Deloitte
                                                                        & Touche

                          INDEPENDENT AUDITORS' REPORT

Board of Trustees and Investors
BBH Broad Market Fixed Income Portfolio:

      We have  audited the  accompanying  statement  of assets and  liabilities,
including  the  portfolio  of  investments,  of BBH Broad  Market  Fixed  Income
Portfolio as of October 31, 2000, and the related  statement of operations,  the
statement of changes in net assets, and the financial  highlights for the period
from July 20, 2000  (Commencement  of  Operations)  to October 31,  2000.  These
financial  statements  and financial  highlights are the  responsibility  of the
Portfolio's  management.  Our  responsibility  is to express an opinion on these
financial statements and financial highlights based on our audit.

      We conducted our audit in accordance  with  auditing  standards  generally
accepted in the United States of America.  Those standards  require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement.  An audit
includes  examining,  on a test  basis,  evidence  supporting  the  amounts  and
disclosures in the financial statements. Our procedures included confirmation of
securities  owned at October 31, 2000 by  correspondence  with the custodian and
brokers;  where  replies  were not received  from  brokers,  we performed  other
procedures.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audit  provides  a
reasonable basis for our opinion.

      In our opinion, such financial statements and financial highlights present
fairly,  in all material  respects,  the financial  position of BBH Broad Market
Fixed Income  Portfolio at October 31, 2000, the results of its operations,  the
changes in its net  assets,  and its  financial  highlights  for the period then
ended in conformity with accounting  principles generally accepted in the United
States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
December 22, 2000



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