BBH GLOBAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
October 31, 2000
Shares Value
------------ -----------
Common Stocks (98.2%)
AUSTRALIA (0.6%)
BANKING
1,900 National Australia Bank, Ltd. ....................... $ 26,394
-----------
CONSUMER GOODS
7,000 Coca-Cola Amatil, Ltd. ............................. 14,249
-----------
SERVICES
3,500 Lend Lease Corp. ................................... 40,974
23,000 Pasminco, Ltd. ..................................... 9,538
-----------
50,512
-----------
TELECOMMUNICATIONS
10,000 Cable and Wireless Optus ........................... 21,180
-----------
Total Australia ..................................... 112,335
-----------
FINLAND (1.4%)
MULTI-INDUSTRY
5,900 Nokia AB ........................................... 242,805
-----------
Total Finland ....................................... 242,805
-----------
FRANCE (6.4%)
BANKING
1,360 Banque National de Paris CI ........................ 117,270
-----------
CAPITAL EQUIPMENT
2,350 Alcatel ............................................ 143,401
-----------
ELECTRONIC SEMI-CONDUCTOR
2,300 STMicroelectronics ................................. 119,456
-----------
ENERGY
1,745 Total Fina SA ...................................... 249,693
-----------
PHARMACEUTICALS
2,700 Aventis SA ......................................... 194,777
-----------
SERVICES
2,575 Accor SA ........................................... 104,244
1,210 Suez Lyonnaise Des Eaux ............................ 184,640
-----------
288,884
-----------
Total France ........................................ 1,113,481
-----------
GERMANY (2.1%)
BANKING
2,300 Bayer Vereinsbank .................................. 126,295
750 Deutsche Pfandbrief-und
Hypothekenbank AG ............................... 55,250
-----------
181,545
-----------
INSURANCE
570 Allianz AG Registered .............................. 193,746
-----------
Total Germany ....................................... 375,291
-----------
HONG KONG (0.7%)
MULTI-INDUSTRY
15,400 Li & Fung, Ltd. .................................... 28,632
-----------
TELECOMMUNICATIONS
14,500 China Telecom ...................................... 92,961
-----------
Total Hong Kong ..................................... 121,593
-----------
IRELAND (1.6%)
BANKING
18,700 Allied Irish Banks, Plc. ........................... 190,447
-----------
PHARMACEUTICALS
1,600 Elan Corp., Plc. ADR* .............................. 83,100
-----------
Total Ireland ....................................... 273,547
-----------
ITALY (3.2%)
FINANCE
10,700 Banca Fideuram SpA ................................. 164,548
6,900 Mediolanum SpA ..................................... 101,134
-----------
265,682
-----------
INSURANCE
3,880 Assicurazioni Generali ............................. 127,602
-----------
TELECOMMUNICATIONS
8,900 Telecom Italia Mobile SpA .......................... 75,685
8,200 Telecom Italia SpA ................................. 94,995
-----------
170,680
-----------
Total Italy ......................................... 563,964
-----------
<PAGE>
BBH GLOBAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
October 31, 2000
Shares Value
------------ -----------
JAPAN (11.5%)
BANKING
9 Mizuho Holdings, Inc.* ............................. $ 69,190
6,000 Sumitomo Trust and
Banking Co., Ltd. ................................ 72,846
-----------
142,036
-----------
CAPITAL GOODS/DURABLES
2,000 Fujitsu, Ltd. ...................................... 35,626
5,000 Matsushita Electric Works .......................... 58,872
-----------
94,498
-----------
CHEMICALS
1,000 Shin-Etsu Chemical Co. ............................. 41,050
-----------
CONSUMER ELECTRONICS
1,000 Sony Corp. ......................................... 79,901
-----------
CONSUMER GOODS
4,000 Kirin Brewery Co., Ltd. ............................ 41,710
12,000 Nissan Motor Co. ................................... 82,357
-----------
124,067
-----------
CONSUMER NON-DURABLES
2,000 Kao Corp. .......................................... 59,926
300 Nintendo Co., Ltd. ................................. 49,617
-----------
109,543
-----------
ELECTRIC COMPONENTS
1,000 Matsushita Communications
Industrial Co., Ltd. ............................. 131,030
500 Rohm Co., Ltd. ..................................... 126,037
-----------
257,067
-----------
FINANCE
3,000 Nomura Securities Co., Ltd. ........................ 63,637
1,000 Orix Corp. ......................................... 104,916
-----------
168,553
-----------
MACHINERY/EQUIPMENT
8,000 Mitsubishi Heavy Industries ........................ 31,081
-----------
MATERIALS
5,000 Kinden Corp. ....................................... 32,803
12,000 Sumitomo Chemical Co. .............................. 59,156
10,000 Sumitomo Metal & Mining Co. ........................ 51,587
-----------
143,546
-----------
MEDIA
3 Fuji Television Network ............................ 32,987
-----------
MULTI-INDUSTRY
250 Shohkoh Fund & Co. ................................. 20,525
1,000 Softbank Corp. ..................................... 60,017
8,000 Sumitomo Corp. ..................................... 70,372
-----------
150,914
-----------
PHARMACEUTICALS
2,000 Yamanouchi Pharmaceutical
Co., Ltd. ........................................ 90,530
-----------
PRECISION INSTRUMENTS
1,000 Hoya Corp. ......................................... 82,650
-----------
REAL ESTATE
400 Oriental Land Co., Ltd. ............................ 24,190
-----------
RETAIL
1,000 Ito-Yokado Co., Ltd. ............................... 45,173
-----------
SERVICES
2,000 Credit Saison Co., Ltd. ............................ 42,333
36,000 Kawasaki Kisen Kaisha, Ltd. ........................ 64,654
10,000 Toei Co. ........................................... 40,409
15,000 Tokyu Corp. ........................................ 77,519
-----------
224,915
-----------
TECHNOLOGY
220 Internet Initiative
Japan, Inc. ADR* ................................... 5,500
-----------
TELECOMMUNICATIONS
5 Nippon Telegraph & Telephone ....................... 45,494
4 NTT Docomo, Inc. ................................... 98,593
-----------
144,087
-----------
TRANSPORTATION
7,000 Nippon Express Co. ................................. 42,012
-----------
Total Japan ......................................... 2,034,300
-----------
NETHERLANDS (1.6%)
CONSUMER GOODS
3,000 Heineken NV ........................................ 162,950
-----------
ELECTRIC COMPONENTS
2,910 Philips Electronics* ............................... 114,373
-----------
Total Netherlands ................................... 277,323
-----------
<PAGE>
BBH GLOBAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
October 31, 2000
Shares Value
------------ -----------
SINGAPORE (0.3%)
ELECTRIC COMPONENTS
600 Chartered Semiconductors ADR* ...................... $ 27,900
-----------
SERVICES
3,000 Singapore Airlines ................................. 30,063
-----------
Total Singapore ..................................... 57,963
-----------
SOUTH KOREA (1.1%)
ELECTRIC COMPONENTS
1,100 Samsung Electronics, Ltd., GDR ..................... 81,125
-----------
MATERIALS
2,400 Pohang Iron & Steel Ltd., ADR* ..................... 37,950
-----------
TELECOMMUNICATIONS
3,000 SK Telecom, Ltd. ................................... 75,188
-----------
Total South Korea ................................... 194,263
-----------
SPAIN (2.1%)
BANKING
12,052 Banco Santander SA ................................. 116,810
-----------
FINANCE
9,640 Banco Bilbao Vizcaya SA ............................ 128,449
-----------
TELECOMMUNICATIONS
6,435 Telefonica CA ...................................... 122,717
-----------
Total Spain ......................................... 367,976
-----------
SWEDEN (1.6%)
CAPITAL EQUIPMENT
2,870 Atlas Copco AB ..................................... 60,885
10,700 Ericsson (LM) Telephone Co.
Class 'B' ........................................ 142,405
-----------
203,290
-----------
CONSUMER DURABLES
5,950 Electrolux AB ...................................... 75,020
-----------
Total Sweden ........................................ 278,310
-----------
SWITZERLAND (1.4%)
PHARMACEUTICALS
165 Novartis AG Registered ............................. 250,337
-----------
Total Switzerland ................................... 250,337
-----------
UNITED KINGDOM (10.0%)
BANKING
18,500 Lloyds TSB Group, Plc. ............................. 188,428
-----------
BASIC MATERIALS
6,500 Rio Tinto, Plc. .................................... 105,154
-----------
ENERGY
27,600 BP Amoco, Plc. ..................................... 234,062
21,300 Shell Transport & Trading Co., Plc. ................ 171,364
-----------
405,426
-----------
FOOD & BEVERAGES
12,600 Diageo, Plc ........................................ 118,920
-----------
LEISURE
9,528 Granada Compass .................................... 82,116
-----------
MEDIA
5,900 Pearson, Plc. ...................................... 158,280
-----------
PHARMACEUTICALS
7,400 Glaxo Wellcome, Plc. ............................... 213,015
-----------
SERVICES
8,200 BAA, Plc. .......................................... 68,172
27,500 British Airways .................................... 122,891
-----------
191,063
-----------
TELECOMMUNICATIONS
12,900 British Telecom, Plc. .............................. 151,230
37,000 Vodafone Airtouch, Plc. ............................ 153,937
-----------
305,167
-----------
Total United Kingdom ................................ 1,767,569
-----------
UNITED STATES (52.6%)
BASIC MATERIALS
2,640 Alcoa, Inc. ........................................ 75,735
2,190 International Paper Co. ............................ 80,209
-----------
155,944
-----------
CAPITAL GOODS/DURABLES
2,210 Dover Corp. ........................................ 93,787
9,000 General Electric Co. ............................... 493,313
2,180 Illinois Tool Works, Inc. .......................... 121,126
2,000 Solectron Corporation .............................. 88,000
-----------
796,226
-----------
<PAGE>
BBH GLOBAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
October 31, 2000
Shares Value
------------ -----------
CONSUMER NON-DURABLES
1,790 Avon Products, Inc. ................................ $ 86,815
2,700 Coca Cola Co. ...................................... 163,013
2,580 Estee Lauder Companies, Inc. ....................... 119,809
1,670 Procter & Gamble Co. ............................... 119,301
-----------
488,938
-----------
ENERGY
3,972 Exxon Mobile Corp. ................................. 354,253
-----------
FINANCE
1,990 American Express Co. ............................... 119,400
3,265 American International Group ....................... 319,970
4,450 Bank of New York Co, Inc. .......................... 256,153
5,129 Citigroup, Inc. .................................... 269,914
2,260 Fannie Mae ......................................... 174,020
5,510 Fleetboston Financial Corp. ........................ 209,380
2,360 Merrill Lynch & Co., Inc. .......................... 165,200
1,750 SunTrust Banks, Inc. ............................... 85,422
-----------
1,599,459
-----------
HEALTH CARE
4,550 Bristol Myers Squibb Co. ........................... 277,266
1,900 Guidant Corp. ...................................... 100,581
3,120 Lilly (Eli) & Co. .................................. 278,850
2,590 Medtronic, Inc. .................................... 140,669
1,190 PE Corp. ........................................... 139,230
5,985 Pharmacia Corp. .................................... 329,175
-----------
1,265,771
-----------
RETAIL
970 Best Buy Co., Inc.* ................................ 48,682
3,470 Costco Wholesale Corp. ............................. 127,089
2,630 CVS Corp. .......................................... 139,226
2,810 Gap, Inc. .......................................... 72,533
4,035 Home Depot Inc. .................................... 173,505
-----------
561,035
-----------
SERVICES
1,662 AT&T Corp. ......................................... 38,538
2,240 Cox Communications, Inc.* .......................... 98,700
2,650 New York Times Co. (Class A) ....................... 97,388
3,887 Qwest Communications
International, Inc. .............................. 189,005
3,780 Sprint Corp. ........................................ 96,390
3,030 Sprint Corp. PCS Group .............................. 115,519
2,670 Time Warner, Inc. ................................... 202,680
2,949 Viacom, Inc. (Class B) .............................. 167,724
5,040 Williams Companies, Inc. ............................ 210,735
-----------
1,216,679
-----------
TECHNOLOGY EQUIPMENT
2,240 Applied Materials, Inc. ............................ 119,000
4,090 Automatic Data Processing, Inc. .................... 267,128
6,050 Cisco Systems, Inc.* ............................... 325,944
2,460 Computer Associates
International, Inc. .............................. 78,413
4,440 Dell Computer Corp. ................................ 130,980
2,610 EMC Corp.* ......................................... 232,453
3,200 Intel Corp. ........................................ 144,000
2,680 International Business
Machines Corp. ................................... 263,980
1,500 Kla Tencor Corp. ................................... 50,719
5,390 Microsoft Corp. .................................... 371,236
2,018 Nortel Networks Corp ............................... 91,819
2,560 Sun Microsystems, Inc. ............................. 283,840
5,140 Texas Instruments, Inc. ............................ 252,181
-----------
2,611,693
-----------
TELECOMMUNICATIONS
7,800 Mcleod, Inc. ....................................... 150,150
-----------
UTILITIES
2,210 DQE, Inc. .......................................... 77,212
-----------
Total United States ................................. 9,277,360
-----------
TOTAL INVESTMENTS (identified cost $18,701,355) (a) ...... 98.2% 17,308,417
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........... 1.8 315,849
----- -----------
NET ASSETS ............................................... 100.0% $17,624,266
===== ===========
----------
* Non-income producing security
(a) The aggregate cost for federal income tax purposes is $18,701,355, the
aggregate gross unrealized appreciation is $701,220, and the aggregate
gross unrealized depreciation is $2,094,158, resulting in net unrealized
depreciation of $1,392,938.
The accompanying notes are an integral part of these financial statements.
<PAGE>
BBH GLOBAL EQUITY PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2000
ASSETS:
Investments in securities, at value
(identified cost $18,701,355) ............................. $17,308,417
Cash ........................................................ 352,294
Dividends receivable ........................................ 9,979
-----------
Total Assets ........................................ 17,670,690
-----------
LIABILITIES:
Payables for:
Expense payment fee ..................................... 44,832
Administration fee ...................................... 1,592
-----------
Total Liabilities ................................... 46,424
-----------
NET ASSETS ........................................................ $17,624,266
===========
The accompanying notes are an integral part of these financial statements.
<PAGE>
BBH GLOBAL EQUITY PORTFOLIO
STATEMENT OF OPERATIONS
For the period from July 7, 2000 (Commencement of Operations)
to October 31, 2000
NET INVESTMENT LOSS:
Income:
Dividends (net of foreign withholding tax of $9,896) .. $ 46,637
-----------
Expenses:
Expense payment fee ................................... 47,286
Administrative fee .................................... 1,947
-----------
Total Expenses .................................... 49,233
Net Investment Loss ............................... (2,596)
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on investments and foreign
exchange transactions ................................... 8,157
Net change in unrealized depreciation on investments and
foreign currency translations ........................... (1,393,017)
-----------
Net Realized and Unrealized Loss ....................... (1,384,860)
===========
Net Decrease in Net Assets Resulting from Operations ...... $(1,387,456)
===========
The accompanying notes are an integral part of these financial statements.
<PAGE>
BBH GLOBAL EQUITY PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
For the
period from
July 7, 2000
(Commencement of
Operations) to
October 31, 2000
----------------
INCREASE IN NET ASSETS:
Operations:
Net investment loss ...................................... $ (2,596)
Net realized gain on investments and foreign
exchange transactions .................................. 8,157
Net change in unrealized depreciation on investments and
foreign currency translations ........................ (1,393,017)
------------
Net decrease in net assets resulting from operations . (1,387,456)
------------
Capital Transactions:
Proceeds from contributions .............................. 19,081,724
Fair value of withdrawals ................................ (70,002)
------------
Net increase in net assets resulting from
capital transactions ............................... 19,011,722
------------
Total increase in net assets ...................... 17,624,266
NET ASSETS:
Beginning of period .......................................... --
============
End of period ................................................ $ 17,624,266
============
The accompanying notes are an integral part of these financial statements.
<PAGE>
BBH GLOBAL EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
For the period
from July 7, 2000
(Commencement of
Operations) to
October 31, 2000
-----------------
Total Return ................................................ (7.91)%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted) ............. $ 17,624
Expenses paid by Portfolio ............................ 0.90%(1)
Ratio of net investment income to average net assets .. (0.05)(1)
Portfolio turnover rate ............................... 8%
----------
(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 ............... 1.28%(1)
Total Return .......................................... (8.29)%
The accompanying notes are an integral part of these financial statements.
<PAGE>
BBH GLOBAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
1. Organization and Significant Accounting Policies. BBH Global Equity
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 7, 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
generally accepted accounting principles, 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. (1) The value of investments listed on
either a domestic or foreign securities exchange is based on the last sale
price on that exchange prior to the time when assets are valued, or in the
absence of recorded sales, at the average of readily available closing bid
and asked prices on such exchange; (2) unlisted securities are valued at
the average of the quoted bid and asked prices in the over-the-counter
market; (3) 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 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; (4) all
assets and liabilities initially expressed in foreign currencies will be
converted into U.S. dollars at the prevailing rates of exchange available
at the time of valuation; and (5) trading in securities on most foreign
exchanges and over-the-counter markets is normally completed before the
close of the New York Stock Exchange and may also take place on days on
which the New York Stock Exchange is closed. If events materially
affecting the value of foreign securities occur between the time when the
exchange on which they are traded closes and the time when the Portfolio's
net assets are calculated, such securities will be valued at fair value in
accordance with procedures established by and under the general
supervision of the Portfolio's Trustees.
B. Foreign Currency Translations. The accounting records of the
Portfolio are maintained in U.S. dollars. Foreign currency amounts are
translated into U.S. dollars at the current rate of exchange of such
currency against the U.S. dollar to determine the value of investments,
assets and liabilities. Purchases and sales of securities, and income and
expenses are translated at the prevailing rate of exchange on the
respective dates of such transactions. Upon the purchase or sale of a
security denominated in foreign currency, the Portfolio may enter into
forward foreign currency exchange contracts for the purchase or sale, for
a fixed amount of U.S. dollars of the amount of foreign currency involved
in the underlying security transaction. The Portfolio isolates that
portion of realized gain or loss on investments resulting from changes in
foreign exchange rates on investments from the fluctuations arising from
changes in market prices of such investments. Reported net realized and
unrealized gains and losses arise from the sales of portfolio securities,
sales of foreign currencies, currency gains or losses realized between the
trade and settlement dates on securities transactions, and the difference
between the amounts of dividends, interest and foreign withholding taxes
recorded on the Portfolio's books and the U.S. dollar equivalent of the
amounts actually received or paid. Net unrealized appreciation or
<PAGE>
BBH GLOBAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (continued)
depreciation on foreign currency translations arise from changes in the
value of the assets and liabilities, excluding investments in securities,
at year ended, arising from changes in the exchange rate.
C. Forward Foreign Currency Exchange Contracts. The Portfolio may
enter into forward foreign currency exchange contracts ("contracts") in
connection with planned purchases or sales of securities, to hedge the
U.S. dollar value of portfolio securities denominated in a particular
currency, or to increase or shift its exposure to a currency other than
U.S. dollars. The Portfolio has no specific limitation on the percentage
of assets which may be committed to these types of contracts. The
Portfolio could be exposed to risks if the counterparties to the contracts
are unable to meet the terms of their contracts or if the value of the
foreign currency changes unfavorably. The U.S. dollar values of foreign
currency underlying all contractual commitments held by the Portfolio are
determined using forward currency exchange rates supplied by a quotation
service.
D. Accounting for Investments. Security transactions are accounted
for on the trade date. Realized gains and losses on security transactions
are determined on the identified cost method. Dividend income and other
distributions from portfolio securities are recorded on the ex-dividend
date. Dividend income is recorded net of foreign taxes withheld where
recovery of such taxes is not assured. Interest income is accrued daily.
E. Federal Income Taxes. The Portfolio will be treated as a
partnership for federal income tax purposes. As such, each investor in the
Portfolio will be subject to taxation on its share of the Portfolio's
ordinary income and capital gains. 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.
2. Transactions with Affiliates.
Investment Advisory Fee. The Portfolio has an investment advisory
agreement with Brown Brothers Harriman (the "Adviser") for which it pays the
Adviser a fee calculated daily and paid monthly at an annual rate equivalent to
0.65% of the Portfolio's average daily net assets.
Administrative Fee. The Portfolio has an administrative agreement with
Brown Brothers Harriman Trust Company, LLC (the "Administrator") for which it
pays the Administrator a fee 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 agreement with Signature Financial Group
for which Signature Financial Group receives such compensation as is from time
to time agreed upon. For the period ended October 31, 2000, the Portfolio
incurred $1,947 for administrative services.
<PAGE>
BBH GLOBAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENT (continued)
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.
Expense Payment Fee. Brown Brothers Harriman Trust Company, LLC pays
certain expenses of the Fund and receives a fee from the Fund, computed and paid
monthly, such that after such fee the aggregate expenses will not exceed 0.90%
of the Portfolio's average daily net assets. For the period ended October 31,
2000, Brown Brothers Harriman Trust Company, LLC incurred $71,525 in expenses,
including investment advisory fees of $36,166 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 year ended October 31, 2000, the cost
of purchases and the proceeds of sales of investment securities other than
short-term investments were $5,956,522 and $1,379,015, respectively. There were
no purchases or sales of U.S. government obligations during the year.
<PAGE>
[Letterhead of Deloitte & Touche]
Deloitte & Touche [Logo]
INDEPENDENT AUDITORS' REPORT
Board of Trustees and Investors
BBH Global Equity Portfolio:
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of BBH Global Equity 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 7,
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. 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 Global Equity
Portfolio at October 31, 2000, and 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.
/s/DELOITTE & TOUCHE LLP
Boston, Massachusetts
December 22, 2000
