OSCAR US FUNDING XI LLC SER 2019-2A CL A3 REGD 144A P/P 2.59000000

0001752724-22-077013.txt : 20220330 0001752724-22-077013.hdr.sgml : 20220330 20220330111352 ACCESSION NUMBER: 0001752724-22-077013 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220131 FILED AS OF DATE: 20220330 PERIOD START: 20221031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BBH Trust CENTRAL INDEX KEY: 0001342947 IRS NUMBER: 000000000 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21829 FILM NUMBER: 22783956 BUSINESS ADDRESS: STREET 1: 50 POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 800-575-1265 MAIL ADDRESS: STREET 1: 140 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10005

0001342947 S000062218 BBH INCOME FUND

C000201413 CLASS I SHARES (TICKER BBNIX) BBNIX

NPORT-P 1 primary_doc.xml NPORT-P false 0001342947 XXXXXXXX S000062218 C000201413 BBH Trust 811-21829 0001342947 5493002QM4WBFYUZ3Y95 50 Post Office Square NULL Boston 02110 800-575-1265 BBH Income Fund S000062218 549300ZKXJXVR6XM1291 2022-10-31 2022-01-31 N 628304199.21 18274732.84 610029466.37 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 4816513.95000000 USD N OSCAR 2019-2A 2.59% 08/10/22 N/A OSCAR US FUNDING XI LLC SER 2019-2A CL A3 REGD 144A P/P 2.59000000 68784EAC2 772051.20000000 NS USD 776295.86000000 0.127255469251 Long ABS-CBDO CORP JP Y 2 2023-09-11 Fixed 2.59000000 N N N N N N ATHENE GLOBAL F 2.55% 06/29/25 549300LM1QSI4MSIL320 ATHENE GLOBAL FUNDING REGD 144A P/P 2.55000000 04685A2N0 2035000.00000000 NS USD 2056087.14000000 0.337047184332 Long DBT CORP US Y 2 2025-06-29 Fixed 2.55000000 N N N N N N T/L SS&C TECH 0% 4/16/25 N/A T/L SS&C TECHNOLOGIES INC REGD ZCP 0.00000000 78466DBD5 412407.04000000 NS USD 407251.95000000 0.066759389906 Long LON CORP US N 2 2025-04-16 Variable 1.85500000 N N N N N N T/L ZEBRA BUYER 0% 04/21/2028 N/A T/L ZEBRA BUYER LLC REGD 0.00000000 N/A 2319758.07000000 NS USD 2319758.07000000 0.380269839062 Long LON CORP US N 2 2028-04-21 Variable 3.75000000 N N N N N N STWD 2019-FL1 B V/R 02/15/24 N/A STWD 2019-FL1 LTD SER 2019-FL1 CL B V/R REGD 144A P/P 1.77053000 78485WAE9 890000.00000000 NS USD 884028.37000000 0.144915683378 Long ABS-CBDO CORP KY Y 2 2038-07-15 Variable 1.77053000 N N N N N N BAUSCH HEALTH 4.875% 06/01/28 B3BS7ACMDUWISF18KY76 BAUSCH HEALTH COS INC REGD 144A P/P 4.87500000 071734AN7 730000.00000000 NS USD 691923.20000000 0.113424553754 Long DBT CORP CA Y 2 2028-06-01 Fixed 4.87500000 N N N N N N T/L ILPEA PARENT 0% 06/18/28 N/A T/L ILPEA PARENT INC REGD 0.00000000 45236FAF4 5035344.78000000 NS USD 5010168.06000000 0.821299352933 Long LON CORP US N 2 2028-06-18 Variable 5.25000000 N N N N N N CGCMT 2017-MDRB V/R 07/15/19 N/A CGMS COMMERCIAL MORTGAGE TRUST 2017-MDDR SER 2017-MDRB CL B V/R REGD 144A P/P 1.85600000 125333AY0 600000.00000000 NS USD 598361.64000000 0.098087333971 Long ABS-CBDO CORP US Y 2 2030-07-15 Variable 1.85600000 N N N N N N ENSTAR FINANCE LL V/R 01/15/42 N/A ENSTAR FINANCE LLC REGD V/R 5.50000000 29360AAB6 4100000.00000000 NS USD 4043093.27000000 0.662770159949 Long DBT CORP US N 2 2042-01-15 Variable 5.50000000 N N N N N N BHG 2022-A A 1.71% 02/20/35 N/A BHG SECURITIZATION TRUST 2022-A SER 2022-A CL A REGD 144A P/P 1.71000000 054977AA1 4240000.00000000 NS USD 4236099.07000000 0.694408926704 Long ABS-CBDO CORP US Y 2 2035-02-20 Fixed 1.71000000 N N N N N N T/L GRIZZLY ACQUI 0% 10/01/25 N/A T/L GRIZZLY ACQUISITIONS INC REGD 0.00000000 N/A 2694804.30000000 NS USD 2687312.74000000 0.440521792494 Long LON CORP CA N 2 2025-10-01 Variable 3.46438000 N N N N N N PEACEHEALTH OB 3.218% 11/15/50 N/A PEACEHEALTH OBLIGATED GR REGD SER 2020 3.21800000 70462GAC2 2545000.00000000 NS USD 2530207.93000000 0.414768149652 Long DBT CORP US N 2 2050-11-15 Fixed 3.21800000 N N N N N N DBRG 2021-1A 3.933% 09/25/26 N/A DIGITALBRIDGE ISSUER LLC SER 2021-1A CL A2 REGD 144A P/P 3.93300000 25402JAA7 2850000.00000000 NS USD 2844394.05000000 0.466271583063 Long ABS-CBDO CORP US Y 2 2051-09-25 Fixed 3.93300000 N N N N N N T/L GIP II BLU 0% 09/22/2027 N/A T/L GIP II BLUE HOLDING LP REGD 0.00000000 N/A 2249362.50000000 NS USD 2247113.14000000 0.368361409387 Long LON CORP US N 2 2027-09-22 Variable 5.50000000 N N N N N N T/L IRIDIUM SAT 0% 11/04/26 N/A T/L IRIDIUM SATELLITE LLC REGD 0.00000000 N/A 1790444.16000000 NS USD 1785126.54000000 0.292629559457 Long LON CORP US N 2 2026-11-04 Variable 3.25000000 N N N N N N AXIS SPECIALTY FI V/R 01/15/40 N/A AXIS SPECIALTY FINANCE REGD V/R 4.90000000 05463HAC5 5715000.00000000 NS USD 5953945.18000000 0.976009440237 Long DBT CORP US N 2 2040-01-15 Variable 4.90000000 N N N N N N PSTAT 2019-2A B V/R 04/20/27 N/A PALMER SQUARE LOAN FUNDING 2019-2 LTD SER 2019-2A CL B V/R REGD 144A P/P 2.50400000 69689PAE7 1520000.00000000 NS USD 1520010.03000000 0.249169935846 Long ABS-CBDO CORP KY Y 2 2027-04-20 Variable 2.50400000 N N N N N N THRST 2021-1A 4.163% 07/15/27 N/A THRUST ENGINE LEASING 2021 DAC SER 2021-1A CL A REGD 144A P/P 4.16300000 88603UAA7 4904890.66000000 NS USD 4909186.85000000 0.804745855837 Long ABS-CBDO CORP US Y 2 2040-07-15 Fixed 4.16300000 N N N N N N US TREAS BDS 1.75% 08/15/41 N/A UNITED STATES TREASURY BOND 1.75000000 912810TA6 20000000.00000000 NS USD 18625000.00000000 3.053131205420 Long DBT UST US N 2 2041-08-15 Fixed 1.75000000 N N N N N N T/L CLARIOS GLOB 0% 04/30/26 N/A T/L CLARIOS GLOBAL LP REGD 0.00000000 C8000CAG8 1916238.83000000 NS USD 1905220.46000000 0.312316136356 Long LON CORP US N 2 2026-04-30 Variable 3.35500000 N N N N N N GLADSTONE CAPI 5.125% 01/31/26 549300AWMOT9JR1SIJ74 GLADSTONE CAPITAL CORP REGD 5.12500000 376535AC4 2330000.00000000 NS USD 2446500.00000000 0.401046201023 Long DBT CORP US N 2 2026-01-31 Fixed 5.12500000 N N N N N N BXMT 2020-FL2 A V/R 07/15/22 N/A BXMT 2020-FL2 LTD SER 2020-FL2 CL A V/R REGD 144A P/P 1.06415000 12434LAA2 2190000.00000000 NS USD 2179707.00000000 0.357311756261 Long ABS-CBDO CORP KY Y 2 2038-02-15 Variable 1.06415000 N N N N N N CFMT 2019-RM3 A N/A CASCADE FUNDING MORTGAGE TRUST 2019-RM3 SER 2019-RM3 CL A V/R REGD 144A P/P 2.80000000 147271AA8 1106743.42000000 NS USD 1103328.67000000 0.180864815689 Long ABS-CBDO CORP US Y 2 2069-06-25 Variable 2.80000000 N N N N N N STHWK 2019-4A A1 V/R 07/20/32 N/A SOUTHWICK PARK CLO LLC SER 2019-4A CL A1R V/R REGD 144A P/P 1.31400000 846031AN2 2310000.00000000 NS USD 2305547.01000000 0.377940269626 Long ABS-CBDO CORP KY Y 2 2032-07-20 Variable 1.31400000 N N N N N N CAUTO 2020-1A 4.17% 02/15/25 N/A CARS-DB4 LP SER 2020-1A CL B1 REGD 144A P/P 4.17000000 12510HAG5 1430000.00000000 NS USD 1453228.21000000 0.238222625318 Long ABS-CBDO CORP US Y 2 2050-02-15 Fixed 4.17000000 N N N N N N LFT 2019-1A A 3% 12/20/27 N/A LENDMARK FUNDING TRUST 2019-1 SER 2019-1A CL A REGD 144A P/P 3.00000000 52604FAA5 1430000.00000000 NS USD 1440582.72000000 0.236149694304 Long ABS-CBDO CORP US Y 2 2027-12-20 Fixed 3.00000000 N N N N N N DFVI 2021-1 A 2.982% 12/15/29 N/A SER 2021-1 CL A REGD 144A P/P 2.98200000 45783VAA7 5870000.00000000 NS USD 5870000.00000000 0.962248600043 Long ABS-CBDO CORP US Y 2 2029-12-15 Fixed 2.98200000 N N N N N N AMGEN INC 2.2% 02/21/27 62QBXGPJ34PQ72Z12S66 AMGEN INC REGD 2.20000000 031162CT5 1395000.00000000 NS USD 1390252.16000000 0.227899181374 Long DBT CORP US N 2 2027-02-21 Fixed 2.20000000 N N N N N N T/L CONNECT FINCO 0% 12/11/26 N/A T/L CONNECT FINCO SARL REGD 0.00000000 L2000DAD6 3880378.78000000 NS USD 3876925.24000000 0.635530815104 Long LON CORP LU N 2 2026-12-11 Variable 4.50000000 N N N N N N GOLUB CAPITAL 3.375% 04/15/24 2549005WE0QLGK9APF78 GOLUB CAPITAL BDC REGD 3.37500000 38173MAA0 3580000.00000000 NS USD 3636282.68000000 0.596083120646 Long DBT CORP US N 2 2024-04-15 Fixed 3.37500000 N N N N N N HAT HOLDINGS I 3.75% 09/15/30 N/A HAT HOLDINGS I LLC/HAT REGD 144A P/P 3.75000000 418751AD5 2300000.00000000 NS USD 2171752.00000000 0.356007720893 Long DBT CORP US Y 2 2030-09-15 Fixed 3.75000000 N N N N N N CAPITAL SOUTHWES 4.5% 01/31/26 54930023YZ4YEJEDBO56 CAPITAL SOUTHWEST CORP REGD 4.50000000 140501AB3 2490000.00000000 NS USD 2564700.00000000 0.420422314230 Long DBT CORP US N 2 2026-01-31 Fixed 4.50000000 N N N N N N US TREAS BDS 3.875% 08/15/40 N/A UNITED STATES TREASURY BOND 3.87500000 912810QK7 13750000.00000000 NS USD 17479687.50000000 2.865384127100 Long DBT UST US N 2 2040-08-15 Fixed 3.87500000 N N N N N N OMFIT 2019-1A 3.48% 05/14/22 N/A ONEMAIN FINANCIAL ISSUANCE TRUST 2019-1 SER 2019-1A CL A REGD 144A P/P 3.48000000 68267DAA4 163371.97000000 NS USD 163405.22000000 0.026786447050 Long ABS-CBDO CORP US Y 2 2031-02-14 Fixed 3.48000000 N N N N N N T/L ICON LUXEMBOU 0% 06/16/28 N/A T/L ICON LUXEMBOURG S.A.R.L. REGD 0.00000000 N/A 3332173.99000000 NS USD 3323010.51000000 0.544729507866 Long LON CORP LU N 2 2028-06-16 Variable 2.75000000 N N N N N N RPIT 2019-1 A V/R 10/25/24 N/A RMF PROPRIETARY ISSUANCE TRUST 2019-1 SER 2019-1 CL A V/R REGD 144A P/P 2.75000000 74968RAA3 527312.66000000 NS USD 527724.39000000 0.086508016266 Long ABS-CBDO CORP US Y 2 2063-10-25 Variable 2.75000000 N N N N N N T/L RPI INTERMED 0% 02/11/2027 N/A T/L RPI INTERMEDIATE FINANCE TRUST REGD 0.00000000 74968YAC4 1057383.28000000 NS USD 1055004.17000000 0.172943149169 Long LON CORP US N 2 2027-02-11 Variable 1.85500000 N N N N N N BANK OF NEW ZEAL 3.5% 02/20/24 N/A BANK OF NEW ZEALAND REGD 144A P/P 3.50000000 06407EAA3 1365000.00000000 NS USD 1417568.36000000 0.232377030643 Long DBT CORP NZ Y 2 2024-02-20 Fixed 3.50000000 N N N N N N T/L ALLEN MEDIA 0% 02/10/2027 N/A T/L ALLEN MEDIA LLC AKA ENTERT REGD 0.00000000 01771JAG8 3050172.97000000 NS USD 3038734.82000000 0.498129186788 Long LON CORP US N 2 2027-02-10 Variable 5.72375000 N N N N N N US TREAS NTS 1.375% 12/31/28 N/A UNITED STATES TREASURY NOTE 1.37500000 91282CDP3 19500000.00000000 NS USD 19030781.25000000 3.119649508611 Long DBT UST US N 2 2028-12-31 Fixed 1.37500000 N N N N N N OXFIN 2020-1A 3.101% 12/15/24 N/A OXFORD FINANCE FUNDING 2020-1 LLC SER 2020-1A CL A2 REGD 144A P/P 3.10100000 69144AAA7 3450000.00000000 NS USD 3474377.01000000 0.569542489590 Long ABS-CBDO CORP US Y 2 2028-02-15 Fixed 3.10100000 N N N N N N ONDK 2021-1A A 1.59% 05/17/24 N/A ONDECK ASSET SECURITIZATION TRUST III LLC SER 2021-1A CL A REGD 144A P/P 1.59000000 68236WAA0 2180000.00000000 NS USD 2135011.34000000 0.349984952809 Long ABS-CBDO CORP US Y 2 2027-05-17 Fixed 1.59000000 N N N N N N NADG 2019-1 A 3.368% 12/28/24 N/A NADG NNN OPERATING LP SER 2019-1 CL A REGD 144A P/P 3.36800000 629682AA3 1088541.67000000 NS USD 1093002.19000000 0.179172031886 Long ABS-CBDO CORP US Y 2 2049-12-28 Fixed 3.36800000 N N N N N N JPMBB 2014-C24 D V/R 10/15/24 N/A JPMBB COMMERCIAL MORTGAGE SECURITIES TRUS SER 2014-C24 CL D V/R REGD 144A P/P 3.88484900 46643GAY6 240000.00000000 NS USD 165176.57000000 0.027076818269 Long ABS-CBDO CORP US Y 2 2047-11-15 Variable 3.88484900 N N N N N N SORT 2020-1 B1 2.28% 07/15/25 N/A CF HIPPOLYTA LLC SER 2020-1 CL B1 REGD 144A P/P 2.28000000 12530MAC9 1049373.99000000 NS USD 1036193.01000000 0.169859501405 Long ABS-CBDO CORP US Y 2 2060-07-15 Fixed 2.28000000 N N N N N N GCPAF 2021-1A 2.773% 04/20/29 N/A GOLUB CAPITAL PARTNERS ABS FUNDING 2021-1 LTD SER 2021-1A CL A2 REGD 144A P/P 2.77300000 38178HAA6 4270000.00000000 NS USD 4197650.32000000 0.688106157392 Long ABS-CBDO CORP KY Y 2 2029-04-20 Fixed 2.77300000 N N N N N N APOLLO INVESTMEN 4.5% 07/16/26 5493005P14I7WFB3FW47 APOLLO INVESTMENT CORP REGD 4.50000000 03761UAH9 2960000.00000000 NS USD 2889160.18000000 0.473609938416 Long DBT CORP US N 2 2026-07-16 Fixed 4.50000000 N N N N N N WFCM 2020-SDAL B V/R 02/15/22 N/A WELLS FARGO COMMERCIAL MORTGAGE TRUST SER 2020-SDAL CL B V/R REGD 144A P/P 1.44600000 95002GAC6 2915000.00000000 NS USD 2900441.32000000 0.475459216299 Long ABS-CBDO CORP US Y 2 2037-02-15 Variable 1.44600000 N N N N N N REPS 2020-A A 2.47% 11/20/30 N/A REPUBLIC FINANCE ISSUANCE TRUST 2020-A SER 2020-A CL A REGD 144A P/P 2.47000000 76042EAA7 2060000.00000000 NS USD 2072532.83000000 0.339743068860 Long ABS-CBDO CORP US Y 2 2030-11-20 Fixed 2.47000000 N N N N N N RCMT 2021-FL7 A V/R 09/25/26 N/A READY CAPITAL MORTGAGE FINANCING 20 SER 2021-FL7 CL A V/R REGD 144A P/P 1.30771000 75575WAA4 3969684.02000000 NS USD 3955353.46000000 0.648387279312 Long ABS-CBDO CORP US Y 2 2036-11-25 Variable 1.30771000 N N N N N N T/L AL NGPL HOLD 0% 04/13/28 N/A T/L AL NGPL HOLDINGS LLC 0.00000000 01021AAB6 2553600.00000000 NS USD 2548288.51000000 0.417732035988 Long LON CORP US N 2 2028-04-13 Variable 4.75000000 N N N N N N PACIFICORP 3.6% 04/01/24 N/A PACIFICORP REGD 3.60000000 695114CR7 1060000.00000000 NS USD 1099546.90000000 0.180244883340 Long DBT CORP US N 2 2024-04-01 Fixed 3.60000000 N N N N N N OXFIN 2019-1A 4.459% 03/15/24 N/A OXFORD FINANCE FUNDING 2019-1 LLC SER 2019-1A CL A2 REGD 144A P/P 4.45900000 69145AAB4 910240.77000000 NS USD 928318.24000000 0.152175967092 Long ABS-CBDO CORP US Y 2 2027-02-15 Fixed 4.45900000 N N N N N N T/L ATHENAHEAL 0% 01/26/29 N/A T/L ATHENAHEALTH INC REGD 0.00000000 N/A 233333.33000000 NS USD 232215.66000000 0.038066302170 Long LON CORP US N 2 2029-01-26 Variable 4.00000000 N N N N N N BANK OF AMERICA COR V/R /PERP/ 9DJT3UXIJIZJI4WXO774 BANK OF AMERICA CORP REGD V/R /PERP/ SER RR 4.37500000 060505GB4 5910000.00000000 NS USD 5836716.00000000 0.956792470162 Long DBT CORP US N 2 2170-04-27 Variable 4.37500000 N N N N N N SANTANDER HOLDIN 3.7% 03/28/22 N/A SANTANDER HOLDINGS USA REGD SER WI 3.70000000 80282KAT3 810000.00000000 NS USD 811969.16000000 0.133103268737 Long DBT CORP US N 2 2022-03-28 Fixed 3.70000000 N N N N N N T/L UGI ENERGY 0% 08/13/26 N/A T/L UGI ENERGY SERVICES LLC REGD 0.00000000 90276DAB5 2767642.51000000 NS USD 2767642.51000000 0.453689971153 Long LON CORP US N 2 2026-08-13 Variable 3.85500000 N N N N N N AMS-OSRAM AG 7% 07/31/25 5299001JPPT2QFTV5D76 AMS-OSRAM AG REGD 144A P/P 7.00000000 03217CAA4 2100000.00000000 NS USD 2205000.00000000 0.361457949420 Long DBT CORP AT Y 2 2025-07-31 Fixed 7.00000000 N N N N N N MFIT 2019-AA A 2.96% 08/21/23 N/A MARINER FINANCE ISSUANCE TRUST 2019-A SER 2019-AA CL A REGD 144A P/P 2.96000000 56847MAA8 690000.00000000 NS USD 696190.68000000 0.114124106847 Long ABS-CBDO CORP US Y 2 2032-07-20 Fixed 2.96000000 N N N N N N CGCC 2014-FL2 ST V/R 11/15/31 N/A CG-CCRE COMMERCIAL MORTGAGE TRUST 2014-FL2 SER 2014-FL2 CL STC1 V/R REGD 144A P/P 4.10629000 12528PAJ1 146084.67000000 NS USD 132980.88000000 0.021799091245 Long ABS-CBDO CORP US Y 3 2031-11-15 Variable 4.10629000 N N N N N N OWL ROCK TECHNO 6.75% 06/30/25 254900G5EZJSOD3UKL16 OWL ROCK TECHNOLOGY FINA REGD 144A P/P 6.75000000 691205AA6 2825000.00000000 NS USD 3116879.85000000 0.510939228648 Long DBT CORP US Y 2 2025-06-30 Fixed 6.75000000 N N N N N N T/L ATHENAHEAL 0% 01/26/29 N/A T/L ATHENAHEALTH INC REGD 0.00000000 N/A 1376666.67000000 NS USD 1370072.44000000 0.224591190348 Long LON CORP US N 2 2029-01-26 Variable 4.00000000 N N N N N N ENLINK MIDSTREA 4.15% 06/01/25 N/A ENLINK MIDSTREAM PARTNER REGD 4.15000000 29336UAE7 2230000.00000000 NS USD 2223850.78000000 0.364548091952 Long DBT CORP US N 2 2025-06-01 Fixed 4.15000000 N N N N N N HBCT 2015-HB10 C V/R 08/05/22 N/A HUDSONS BAY SIMON JV TRUST 2015-HBS SER 2015-HB10 CL C10 V/R REGD 144A P/P 5.44700000 44422PBY7 1000000.00000000 NS USD 841050.30000000 0.137870438456 Long ABS-CBDO CORP US Y 2 2034-08-05 Variable 5.44700000 N N N N N N OFS CAPITAL COR 4.75% 02/10/26 549300XTK3HSWPDBJD13 OFS CAPITAL CORP REGD 4.75000000 67103BAA8 2095000.00000000 NS USD 2102644.57000000 0.344679181238 Long DBT CORP US N 2 2026-02-10 Fixed 4.75000000 N N N N N N CONNECT FINCO S 6.75% 10/01/26 N/A CONNECT FINCO SARL/CONNE REGD 144A P/P 6.75000000 20752TAA2 875000.00000000 NS USD 906920.00000000 0.148668228339 Long DBT CORP N/A Y 2 2026-10-01 Fixed 6.75000000 N N N N N N GCM GROSVENOR DIV 6% 11/15/31 N/A GCM GROSVENOR DIV LLC REGD 144A P/P 6.00000000 36831FAB1 2550000.00000000 NS USD 2501295.00000000 0.410028554011 Long DBT CORP US Y 2 2031-11-15 Fixed 6.00000000 N N N N N N NIAPK 2019-1A AR V/R 07/17/32 N/A NIAGARA PARK CLO LTD SER 2019-1A CL AR V/R REGD 144A P/P 1.24129000 65357LAJ4 3960000.00000000 NS USD 3953329.78000000 0.648055544517 Long ABS-CBDO CORP KY Y 2 2032-07-17 Variable 1.24129000 N N N N N N MDCP 2020-4A 2.286% 01/20/27 N/A ELM 2020-4 TRUST SER 2020-4A CL A2 REGD 144A P/P 2.28600000 28924AAB7 2490000.00000000 NS USD 2430162.06000000 0.398367979576 Long ABS-CBDO CORP US Y 2 2029-10-20 Fixed 2.28600000 N N N N N N AVOLON HOLDINGS 5.5% 01/15/26 N/A AVOLON HOLDINGS FNDG LTD REGD 144A P/P 5.50000000 05401AAK7 925000.00000000 NS USD 1004958.66000000 0.164739363490 Long DBT CORP KY Y 2 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0.455027532771 Long DBT CORP KY Y 2 2024-07-01 Fixed 3.95000000 N N N N N N ENLINK MIDSTRE 5.625% 01/15/28 54930000GY1H533OBE23 ENLINK MIDSTREAM LLC REGD 144A P/P 5.62500000 29336TAC4 2230000.00000000 NS USD 2289541.00000000 0.375316460305 Long DBT CORP US Y 2 2028-01-15 Fixed 5.62500000 N N N N N N ABDLF 2020-1A 3.199% 10/20/27 N/A ABPCI DIRECT LENDING FUND ABS I LTD SER 2020-1A CL A REGD 144A P/P 3.19900000 00090TAA5 2640000.00000000 NS USD 2635035.40000000 0.431952150718 Long ABS-CBDO CORP US Y 2 2030-12-20 Fixed 3.19900000 N N N N N N BUSINESS DEVELO 4.75% 12/30/22 549300K8IFP295FLKS39 BUSINESS DEVELOPMENT COR REGD 144A P/P 4.75000000 12325JAB7 200000.00000000 NS USD 202881.79000000 0.033257703305 Long DBT CORP US Y 2 2022-12-30 Fixed 4.75000000 N N N N N N DRAWBRIDGE SPE 3.875% 02/15/26 N/A DRAWBRIDGE SPEC OPPOR FU REGD 144A P/P 3.87500000 26150TAE9 2485000.00000000 NS USD 2493805.03000000 0.408800749386 Long DBT CORP US Y 2 2026-02-15 Fixed 3.87500000 N N N N N N ENERGY TRANSFER LP V/R /PERP/ MTLVN9N7JE8MIBIJ1H73 ENERGY TRANSFER LP REGD V/R /PERP/ SER A 6.25000000 29273VAH3 4045000.00000000 NS USD 3569712.50000000 0.585170503523 Long DBT CORP US N 2 2170-02-15 Variable 6.25000000 N N N N N N ANHEUSER-BUSCH 5.45% 01/23/39 N/A ANHEUSER-BUSCH INBEV WOR REGD 5.45000000 03523TBU1 1310000.00000000 NS USD 1608896.60000000 0.263740800845 Long DBT CORP US N 2 2039-01-23 Fixed 5.45000000 N N N N N N ENERGY TRANSFER 4.15% 09/15/29 MTLVN9N7JE8MIBIJ1H73 ENERGY TRANSFER LP REGD 4.15000000 292480AM2 1730000.00000000 NS USD 1811838.24000000 0.297008315152 Long DBT CORP US N 2 2029-09-15 Fixed 4.15000000 N N N N N N LAFI 2018-1A A 5.956% 07/25/28 N/A LIAS ADMINISTRATION FEE ISSUER LLC SER 2018-1A CL A REGD 5.95600000 53000LAA0 515824.54000000 NS USD 549997.92000000 0.090159238253 Long ABS-CBDO CORP US N 2 2048-07-25 Fixed 5.95600000 N N N N N N T/L LENDINGTREE I 0% 08/24/28 N/A T/L LENDINGTREE INC REGD 0.00000000 N/A 2280000.00000000 NS USD 2280000.00000000 0.373752437495 Long LON CORP US N 2 2028-08-24 Variable 4.75000000 N N N N N N APOLLO MANAGEMENT V/R 01/14/50 N/A APOLLO MANAGEMENT HOLDIN REGD V/R 144A P/P 4.95000000 03765HAE1 2095000.00000000 NS USD 2100434.62000000 0.344316911853 Long DBT CORP US Y 2 2050-01-14 Variable 4.95000000 N N N N N N FNA 2019-1 LLC 3% 12/10/31 N/A FNA 2019-1 LLC 3.00000000 30312PAA2 1107300.94000000 NS USD 1111508.68000000 0.182205736161 Long ABS-CBDO CORP US N 3 2031-12-10 Fixed 3.00000000 N N N N N N EAGLE POINT CREDIT CO /PFD/ N/A EAGLE POINT CREDIT CO /PREFERRED/ 0.00000000 269809885 178600.00000000 NS USD 4329264.00000000 0.709681128316 Long EP CORP US N 1 N N N ABBVIE INC 4.3% 05/14/36 FR5LCKFTG8054YNNRU85 ABBVIE INC REGD 4.30000000 00287YAV1 450000.00000000 NS USD 504105.34000000 0.082636227885 Long DBT CORP US N 2 2036-05-14 Fixed 4.30000000 N N N N N N WFNMT 2019-A A 3.14% 02/15/22 N/A WORLD FINANCIAL NETWORK CREDIT CARD MASTER TRUST SER 2019-A CL A REGD 3.14000000 981464HA1 2500000.00000000 NS USD 2502265.50000000 0.410187644687 Long ABS-CBDO CORP US N 2 2025-12-15 Fixed 3.14000000 N N N N N N MAIN STREET CAPI 5.2% 05/01/24 5493001FS9QJLJNF3E20 MAIN STREET CAPITAL CORP REGD 5.20000000 56035LAD6 1965000.00000000 NS USD 2059490.23000000 0.337605040991 Long DBT CORP US N 2 2024-05-01 Fixed 5.20000000 N N N N N N SEACO 2020-2A 2.26% 03/17/30 N/A GLOBAL SC FINANCE VII SRL SER 2020-2A CL A REGD 144A P/P 2.26000000 37959PAC1 1473447.50000000 NS USD 1456453.64000000 0.238751358793 Long ABS-CBDO CORP BB Y 2 2040-11-19 Fixed 2.26000000 N N N N N N T/L VISTRA OPERAT ZCP 12/31/25 N/A T/L VISTRA OPERATIONS CO LLC ZCP TERM LOAN 0.00000000 88233FAK6 1814352.32000000 NS USD 1794086.00000000 0.294098252446 Long LON CORP US N 2 2025-12-31 Variable 1.85525401 N N N N N N 2022-03-02 BBH Trust Charles Schreiber Charles Schreiber Treasurer XXXX NPORT-EX 2 e15078-lot4incomefund.htm PORTFOLIO OF INVESTMENTS

BBH INCOME FUND

PORTFOLIO OF INVESTMENTS

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		ASSET BACKED SECURITIES (16.8%)
$	2,640,000	ABPCI Direct Lending Fund ABS I, Ltd. 2020-1A¹	12/20/30	3.199	%	$	2,635,035
	774,389	ACC Trust 2020-A¹	03/20/23	6.000			780,941
	1,262,648	Adams Outdoor Advertising LP 2018-1¹	11/15/48	4.810			1,296,443
	91,188	Amur Equipment Finance Receivables VI LLC 2018-2A¹	07/20/22	3.890			91,531
	1,480,000	Ares PBN Finance Co. LLC 2021-1A^1,2	10/15/36	6.000			1,480,291
	59,425	ARI Fleet Lease Trust 2018-B¹	08/16/27	3.220			59,481
	4,240,000	BHG Securitization Trust 2022-A¹	02/20/35	1.710			4,236,099
	1,028,485	Business Jet Securities LLC 2020-1A¹	11/15/35	2.981			1,034,356
	1,430,000	CARS-DB4 LP 2020-1A¹	02/15/50	4.170			1,453,228
	1,049,374	CF Hippolyta LLC 2020-1¹	07/15/60	2.280			1,036,193
	1,750,000	CFG Investments, Ltd. 2021-1¹	05/20/32	5.820			1,786,987
	2,000,000	Credit Acceptance Auto Loan Trust 2020-2A¹	09/17/29	1.930			2,002,285
	2,850,000	DigitalBridge Issuer LLC 2021-1A¹	09/25/51	3.933			2,844,394
	1,070,000	Elm Trust 2020-3A¹	08/20/29	2.954			1,050,662
	2,490,000	Elm Trust 2020-4A¹	10/20/29	2.286			2,430,162
	112,165	FCI Funding LLC 2019-1A¹	02/18/31	3.630			112,521
	4,460,000	Flexential Issuer 2021-1A¹	11/27/51	3.250			4,435,660
	1,107,301	FNA LLC 2019-1²	12/10/31	3.000			1,111,509
	1,549,459	Global SC Finance VII Srl 2020-1A¹	10/17/40	2.170			1,527,557
	1,473,448	Global SC Finance VII Srl 2020-2A¹	11/19/40	2.260			1,456,454
	4,270,000	Golub Capital Partners ABS Funding, Ltd. 2021-1A¹	04/20/29	2.773			4,197,650
	1,430,000	Lendmark Funding Trust 2019-1A¹	12/20/27	3.000			1,440,583
	1,120,000	Lendmark Funding Trust 2019-2A¹	04/20/28	2.780			1,131,993
	515,825	LIAS Administration Fee Issuer LLC 2018-1A	07/25/48	5.956			549,998
	690,000	Mariner Finance Issuance Trust 2019-AA¹	07/20/32	2.960			696,191
	1,070,000	Mariner Finance Issuance Trust 2020-AA¹	08/21/34	2.190			1,071,753
	1,260,000	Monroe Capital ABS Funding, Ltd. 2021-1A¹	04/22/31	2.815			1,222,381
	1,088,542	NADG NNN Operating LP 2019-1¹	12/28/49	3.368			1,093,002
	2,520,000	New Residential Advance Receivables Trust Advance Receivables Backed 2020-T1¹	08/15/53	1.426			2,504,100
	386,799	Newtek Small Business Loan Trust 2018-1 (U.S. Prime Rate - 0.550%)^1,3	02/25/44	2.700			387,825
	183,481	Newtek Small Business Loan Trust 2018-1 (U.S. Prime Rate + 0.750%)^1,3	02/25/44	4.000			184,503
	3,960,000	Niagara Park CLO, Ltd. 2019-1A (3-Month USD-LIBOR + 1.000%)^1,3	07/17/32	1.241			3,953,330
	8,542	NMEF Funding LLC 2019-A¹	08/17/26	2.730			8,546
	2,180,000	OnDeck Asset Securitization Trust III LLC 2021-1A¹	05/17/27	1.590			2,135,011
	163,372	OneMain Financial Issuance Trust 2019-1A¹	02/14/31	3.480			163,405
	1,540,000	OneMain Financial Issuance Trust 2020-1A¹	05/14/32	3.840			1,569,084
	5,630,000	Oportun Issuance Trust 2021-C¹	10/08/31	2.180			5,545,044

BBH INCOME FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate			Value
		ASSET BACKED SECURITIES (continued)
$	772,051	Oscar US Funding XI LLC 2019-2A¹	09/11/23	2.590	%	$	776,296
	910,241	Oxford Finance Funding LLC 2019-1A¹	02/15/27	4.459			928,318
	3,450,000	Oxford Finance Funding LLC 2020-1A¹	02/15/28	3.101			3,474,377
	1,520,000	Palmer Square Loan Funding, Ltd. 2019-2A (3-Month USD- LIBOR + 2.250%)^1,3	04/20/27	2.504			1,520,010
	1,940,000	Palmer Square Loan Funding, Ltd. 2019-3A (3-Month USD- LIBOR + 2.100%)^1,3	08/20/27	2.260			1,940,296
	840,017	ReadyCap Lending Small Business Loan Trust 2019-2 (U.S. Prime Rate - 0.500%)^1,3	12/27/44	2.750			836,340
	2,060,000	Republic Finance Issuance Trust 2020-A¹	11/20/30	2.470			2,072,533
	2,130,000	Sabey Data Center Issuer LLC 2020-1¹	04/20/45	3.812			2,188,582
	1,500,000	Santander Drive Auto Receivables Trust 2020-1	12/15/25	4.110			1,536,820
	1,940,000	Santander Revolving Auto Loan Trust 2019-A¹	01/26/32	2.510			1,980,573
	2,310,000	Southwick Park CLO LLC 2019-4A (3-Month USD-LIBOR + 1.060%)^1,3	07/20/32	1.314			2,305,547
	2,164,958	Stack Infrastructure Issuer LLC 2019-1A¹	02/25/44	4.540			2,227,759
	537,987	SWC Funding LLC 2018-1A^1,2	08/15/33	4.750			530,424
	1,639,848	Textainer Marine Containers VII, Ltd. 2020-1A¹	08/21/45	2.730			1,646,373
	4,904,891	Thrust Engine Leasing DAC 2021-1A¹	07/15/40	4.163			4,909,187
	5,963,713	VC 3 LS LP 2021-B²	10/15/41	4.750			5,895,130
	2,347,517	VCP RRL ABS I, Ltd. 2021-1A¹	10/20/31	2.152			2,340,609
	2,500,000	World Financial Network Credit Card Master Trust 2019-A	12/15/25	3.140			2,502,266
	2,414,789	WRG Debt Funding IV LLC 2020-1^1,2	07/15/28	6.535			2,412,423
		Total Asset Backed Securities
		(Cost $102,731,153)					102,740,051

		COMMERCIAL MORTGAGE BACKED SECURITIES (4.8%)
	2,190,000	BXMT, Ltd. 2020-FL2 (30-Day SOFR + 1.014%)^1,3	02/15/38	1.073			2,179,707
	1,250,000	BXMT, Ltd. 2020-FL3 (30-Day SOFR + 2.664%)^1,3	11/15/37	2.723			1,250,000
	146,085	CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 4.000%)^1,2,3	11/15/31	4.106			132,981
	786,000	CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 4.000%)^1,3	11/15/31	4.106			630,128
	1,375,473	CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 4.750%)^1,2,3	11/15/31	4.856			1,095,151
	600,000	CGMS Commercial Mortgage Trust 2017-MDRB (1-Month USD-LIBOR + 1.750%)^1,3	07/15/30	1.856			598,362
	890,000	Citigroup Commercial Mortgage Trust 2019-SMRT¹	01/10/36	4.149			924,083
	3,540,000	CSMC 2018-SITE^1,3,4	04/15/36	4.782			3,542,737
	5,870,000	DFVI 2021-1	12/15/29	2.982			5,870,000
	1,000,000	Hudsons Bay Simon JV Trust 2015-HB10^1,3,4	08/05/34	5.447			841,050
	240,000	JPMBB Commercial Mortgage Securities Trust 2014-C24^1,3,4	11/15/47	3.885			165,177

BBH INCOME FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		COMMERCIAL MORTGAGE BACKED SECURITIES (continued)
$	3,070,000	Morgan Stanley Capital I Trust 2019-BPR (1-Month USD- LIBOR + 1.400%)^1,3	05/15/36	1.506	%	$	3,030,641
	3,969,684	Ready Capital Mortgage Financing LLC 2021-FL7 (1-Month USD-LIBOR + 1.200%)^1,3	11/25/36	1.308			3,955,354
	890,000	STWD, Ltd. 2019-FL1 (1-Month CME Term SOFR + 1.714%)^1,3	07/15/38	1.771			884,028
	1,227,228	TPG Real Estate Finance Issuer, Ltd. 2018-FL2 (1-Month USD-LIBOR + 1.130%)^1,3	11/15/37	1.233			1,226,525
	300,000	UBS-BAMLL Trust 2012-WRM¹	06/10/30	3.663			300,205
	2,915,000	Wells Fargo Commercial Mortgage Trust 2020-SDAL (1- Month USD-LIBOR + 1.340%)^1,3	02/15/37	1.446			2,900,441
		Total Commercial Mortgage Backed Securities (Cost $30,164,937)					29,526,570

		CORPORATE BONDS (42.6%)
		AEROSPACE/DEFENSE (1.4%)
	2,220,000	BAE Systems, Plc.¹	04/15/30	3.400			2,293,705
	3,250,000	Boeing Co.	05/01/23	4.508			3,359,186
	2,700,000	Boeing Co.	02/01/28	3.250			2,757,880
							8,410,771
		AIRLINES (0.5%)
	1,990,000	American Airlines, Inc./AAdvantage Loyalty IP, Ltd.¹	04/20/26	5.500			2,037,263
	880,000	Delta Air Lines, Inc./SkyMiles IP, Ltd.¹	10/20/28	4.750			939,335
							2,976,598
		BANKS (4.7%)
	1,155,000	ANZ New Zealand Int’l, Ltd., London Branch¹	03/19/24	3.400			1,197,712
	5,910,000	Bank of America Corp. (5-Year CMT Index + 2.760%)^3,5		4.375			5,836,716
	1,365,000	Bank of New Zealand¹	02/20/24	3.500			1,417,568
	1,735,000	HSBC Holdings, Plc	03/31/30	4.950			1,975,824
	1,140,000	HSBC Holdings, Plc (SOFR + 2.387%)³	06/04/31	2.848			1,117,138
	2,020,000	JPMorgan Chase & Co. (SOFR + 1.585%)³	03/13/26	2.005			2,010,022
	2,340,000	Lloyds Banking Group, Plc	05/08/25	4.450			2,500,472
	2,440,000	Mitsubishi UFJ Financial Group, Inc.	07/17/25	1.412			2,382,292
	1,410,000	Morgan Stanley (SOFR + 1.990%)³	04/28/26	2.188			1,406,945
	810,000	Santander Holdings USA, Inc.	03/28/22	3.700			811,969
	6,100,000	US Bancorp (5-Year CMT Index + 2.541%)^3,5		3.700			5,862,100
	1,245,000	Wells Fargo & Co. (SOFR + 2.000%)³	04/30/26	2.188			1,242,829
	1,165,000	Wells Fargo & Co. (SOFR + 2.100%)³	06/02/28	2.393			1,155,363
							28,916,950
		BEVERAGES (0.3%)
	1,310,000	Anheuser-Busch InBev Worldwide, Inc.	01/23/39	5.450			1,608,897

BBH INCOME FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		CORPORATE BONDS (continued) BIOTECHNOLOGY (0.2%)
$	1,395,000	Amgen, Inc.	02/21/27	2.200	%	$	1,390,252

		BUILDING MATERIALS (0.8%)
	2,472,000	Builders FirstSource, Inc.¹	06/01/27	6.750			2,573,970
	2,530,000	James Hardie International Finance DAC¹	01/15/28	5.000			2,592,491
							5,166,461
		DIVERSIFIED FINANCIAL SERVICES (5.2%)
	2,160,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust	10/29/24	1.750			2,125,412
	485,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust	10/15/27	4.625			521,971
	3,055,000	Alliance Data Systems Corp.¹	12/15/24	4.750			3,092,393
	2,330,000	Aviation Capital Group LLC¹	12/15/24	5.500			2,507,952
	2,685,000	Avolon Holdings Funding, Ltd.¹	07/01/24	3.950			2,775,802
	925,000	Avolon Holdings Funding, Ltd.¹	01/15/26	5.500			1,004,959
	2,428,000	Brightsphere Investment Group, Inc.	07/27/26	4.800			2,482,228
	2,345,000	Capital One Financial Corp.	05/11/27	3.650			2,470,191
	840,000	Credit Acceptance Corp.¹	12/31/24	5.125			848,400
	1,400,000	Credit Acceptance Corp.	03/15/26	6.625			1,435,364
	2,485,000	Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance¹	02/15/26	3.875			2,493,805
	2,550,000	GCM Grosvenor Diversified Alternatives Issuer LLC¹	11/15/41	6.000			2,501,295
	2,665,000	Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc.¹	12/15/22	6.375			2,664,147
	2,050,000	Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc.¹	02/01/27	6.375			2,094,014
	2,655,000	Strategic Credit Opportunities Partners LLC	04/01/26	4.250			2,631,219
							31,649,152
		ELECTRIC (2.3%)
	5,065,000	Edison International (5-Year CMT Index + 4.698%)^3,5		5.375			5,137,809
	2,800,000	Electricite de France S.A.¹	09/21/28	4.500			3,042,670
	2,095,000	Narragansett Electric Co.¹	04/09/30	3.395			2,183,088
	1,060,000	PacifiCorp	04/01/24	3.600			1,099,547
	2,500,000	Vistra Operations Co. LLC¹	07/31/27	5.000			2,519,750
							13,982,864
		HEALTHCARE-SERVICES (1.8%)
	825,000	Centene Corp.	12/15/27	4.250			845,080
	6,675,000	MEDNAX, Inc.¹	01/15/27	6.250			6,974,240
	2,545,000	PeaceHealth Obligated Group	11/15/50	3.218			2,530,208
	490,000	Sutter Health	08/15/30	2.294			475,465
							10,824,993
		INSURANCE (9.8%)
	4,175,000	Aegon NV (6-Month USD-LIBOR + 3.540%)³	04/11/48	5.500			4,695,310
	2,880,000	Ascot Group, Ltd.¹	12/15/30	4.250			2,899,353
	2,035,000	Athene Global Funding¹	06/29/25	2.550			2,056,087

BBH INCOME FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		CORPORATE BONDS (continued) INSURANCE (continued)
$	5,715,000	AXIS Specialty Finance LLC (5-Year CMT Index + 3.186%)³	01/15/40	4.900	%	$	5,953,945
	4,210,000	Doctors Co. An Interinsurance Exchange¹	01/18/32	4.500			4,184,154
	1,600,000	Enstar Finance LLC (5-Year CMT Index + 5.468%)³	09/01/40	5.750			1,655,952
	4,100,000	Enstar Finance LLC (5-Year CMT Index + 4.006%)³	01/15/42	5.500			4,043,093
	2,195,000	Fairfax Financial Holdings, Ltd.	04/29/30	4.625			2,392,016
	4,765,000	Fidelis Insurance Holdings, Ltd. (5-Year CMT Index + 6.323%)^1,3	04/01/41	6.625			4,991,338
	1,180,000	New York Life Insurance Co.¹	05/15/50	3.750			1,268,705
	3,708,000	PartnerRe Finance B LLC (5-Year CMT Index + 3.815%)³	10/01/50	4.500			3,799,439
	2,995,000	Sirius International Group, Ltd.¹	11/01/26	4.600			2,980,025
	2,130,000	Stewart Information Services Corp.	11/15/31	3.600			2,096,733
	4,830,000	Swiss Re Finance Luxembourg S.A. (5-Year CMT Index + 3.582%)^1,3	04/02/49	5.000			5,300,925
	2,520,000	Teachers Insurance & Annuity Association of America¹	05/15/50	3.300			2,477,096
	2,660,000	United Insurance Holdings Corp.	12/15/27	6.250			2,686,600
	6,280,000	Universal Insurance Holdings, Inc.¹	11/30/26	5.625			6,188,583
							59,669,354
		INVESTMENT COMPANIES (8.3%)
	2,960,000	Apollo Investment Corp.	07/16/26	4.500			2,889,160
	200,000	Business Development Corp. of America¹	12/30/22	4.750			202,882
	2,930,000	Business Development Corp. of America¹	12/15/24	4.850			3,052,190
	2,490,000	Capital Southwest Corp.	01/31/26	4.500			2,564,700
	1,635,000	CION Investment Corp.²	02/11/26	4.500			1,616,371
	5,725,000	Fairfax India Holdings Corp.¹	02/26/28	5.000			5,752,022
	1,145,000	FS KKR Capital Corp.	07/15/24	4.625			1,191,597
	1,370,000	FS KKR Capital Corp.	02/01/25	4.125			1,403,228
	3,450,000	FS KKR Capital Corp.¹	02/14/25	4.250			3,546,383
	2,330,000	Gladstone Capital Corp.	01/31/26	5.125			2,446,500
	3,580,000	Golub Capital BDC, Inc.	04/15/24	3.375			3,636,283
	1,965,000	Main Street Capital Corp.	05/01/24	5.200			2,059,490
	2,095,000	OFS Capital Corp.	02/10/26	4.750			2,102,645
	1,445,000	Owl Rock Capital Corp. II¹	11/26/24	4.625			1,495,240
	2,825,000	Owl Rock Technology Finance Corp.¹	06/30/25	6.750			3,116,880
	2,535,000	PennantPark Floating Rate Capital, Ltd.	04/01/26	4.250			2,527,837
	3,025,000	Saratoga Investment Corp.	02/28/26	4.375			3,022,575
	3,050,000	Silver Point Specialty Credit Fund, L.P²	11/04/26	4.000			2,998,405
	1,775,000	Stellus Capital Investment Corp.	03/30/26	4.875			1,798,957
	3,165,000	Trinity Capital, Inc.	12/15/26	4.250			3,116,266
							50,539,611

BBH INCOME FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		CORPORATE BONDS (continued) OIL & GAS (1.4%)
$	2,280,000	Equinor ASA	04/06/25	2.875	%	$	2,340,392
	860,000	Equinor ASA	05/22/30	2.375			849,330
	2,610,000	Exxon Mobil Corp.	03/19/30	3.482			2,789,545
	2,315,000	Ovintiv Exploration, Inc.	07/01/24	5.625			2,495,651
							8,474,918
		PHARMACEUTICALS (0.6%)
	1,695,000	AbbVie, Inc.	05/14/25	3.600			1,773,834
	455,000	AbbVie, Inc.	05/14/35	4.500			514,593
	450,000	AbbVie, Inc.	05/14/36	4.300			504,105
	730,000	Bausch Health Cos., Inc.¹	06/01/28	4.875			691,923
							3,484,455
		PIPELINES (2.2%)
	4,045,000	Energy Transfer LP (3-Month USD-LIBOR + 4.028%)^3,5		6.250			3,569,713
	1,730,000	Energy Transfer LP	09/15/29	4.150			1,811,838
	2,230,000	EnLink Midstream LLC¹	01/15/28	5.625			2,289,541
	2,230,000	EnLink Midstream Partners, LP	06/01/25	4.150			2,223,851
	2,430,000	Harvest Midstream I LP¹	09/01/28	7.500			2,530,772
	1,150,000	Northriver Midstream Finance LP¹	02/15/26	5.625			1,167,250
							13,592,965
		PRIVATE EQUITY (0.3%)
	2,095,000	Apollo Management Holdings LP (5-Year CMT Index + 3.266%)^1,3	01/14/50	4.950			2,100,435

		REAL ESTATE INVESTMENT TRUSTS (1.8%)
	2,065,000	HAT Holdings I LLC / HAT Holdings II LLC¹	06/15/26	3.375			1,987,562
	2,300,000	HAT Holdings I LLC / HAT Holdings II LLC¹	09/15/30	3.750			2,171,752
	1,380,000	Scentre Group Trust 1/Scentre Group Trust 2¹	02/12/25	3.500			1,434,186
	1,945,000	Scentre Group Trust 1/Scentre Group Trust 2¹	01/28/26	3.625			2,042,391
	1,345,000	Scentre Group Trust 2 (5-Year CMT Index + 4.685%)^1,3	09/24/80	5.125			1,386,991
	2,065,000	Starwood Property Trust, Inc.¹	01/15/27	4.375			2,057,711
							11,080,593
		RETAIL (0.5%)
	3,450,000	Nordstrom, Inc.	04/01/30	4.375			3,232,271

		SEMICONDUCTORS (0.4%)
	2,100,000	ams-OSRAM AG¹	07/31/25	7.000			2,205,000

		TELECOMMUNICATIONS (0.1%)
	875,000	Connect Finco S.a r.l. / Connect US Finco LLC¹	10/01/26	6.750			906,920
		Total Corporate Bonds (Cost $254,825,333)					260,213,460

BBH INCOME FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		LOAN PARTICIPATIONS AND ASSIGNMENTS (17.4%)
$	5,110,000	AAdvantage Loyality IP, Ltd. (3-Month USD-LIBOR + 4.750%)³	04/20/28	5.500	%	$	5,296,668
	3,350,211	AHP Health Partners, Inc. (1-Month USD-LIBOR + 3.500%)³	08/24/28	4.000			3,353,360
	4,560,000	Air Canada (3-Month USD-LIBOR + 3.500%)³	08/11/28	4.250			4,569,485
	2,553,600	AL NGPL Holdings LLC (3-Month USD-LIBOR + 3.750%)³	04/14/28	4.750			2,548,289
	3,050,173	Allen Media LLC (3-Month USD-LIBOR + 5.500%)³	02/10/27	5.724			3,038,735
	2,319,758	Allspring Buyer LLC (3-Month USD-LIBOR + 3.250%)³	11/01/28	3.750			2,319,758
	233,333	Athenahealth Group, Inc. (3-Month CME Term SOFR + 3.500%)³	02/15/29	4.000			232,216
	1,376,667	Athenahealth Group, Inc. (3-Month CME Term SOFR + 3.500%)³	02/15/29	4.000			1,370,072
	1,180,745	Avolon TLB Borrower 1 (US) LLC Term B3 (1-Month USD- LIBOR + 1.750%)³	01/15/25	2.500			1,174,110
	1,953,437	Axalta Coating Systems Dutch Holding B BV Term B3 (3-Month USD-LIBOR + 1.750%)³	06/01/24	1.974			1,946,560
	2,380,000	Bausch Health Companies, Inc. Term B (30-Day SOFR + 5.250%)³	01/27/27	5.500			2,359,913
	2,818,211	BCP Renaissance Parent LLC (3-Month USD-LIBOR + 3.500%)³	10/31/24	4.500			2,812,941
	1,390,344	Buckeye Partners LP Term B1 (1-Month USD-LIBOR + 2.250%)³	11/01/26	2.354			1,383,545
	1,916,239	Clarios Global LP (1-Month USD-LIBOR + 3.250%)³	04/30/26	3.355			1,905,220
	3,880,379	Connect Finco S.a r.l. (1-Month USD-LIBOR + 3.500%)³	12/11/26	4.500			3,876,925
	2,500,000	Delos Finance S.a r.l. (3-Month USD-LIBOR + 1.750%)³	10/06/23	1.974			2,495,475
	4,080,724	Eastern Power LLC (3-Month USD-LIBOR + 3.750%)³	10/02/25	4.750			3,014,063
	2,425,773	Elanco Animal Health, Inc. (1-Month USD-LIBOR + 1.750%)³	08/01/27	1.852			2,386,354
	1,930,163	Geon Performance Solutions LLC (Fka. Echo US Holdings LLC) (3-Month USD-LIBOR + 4.750%)³	08/18/28	5.500			1,943,037
	2,249,363	GIP II Blue Holding, LP (3-Month USD-LIBOR + 4.500%)³	09/29/28	5.500			2,247,113
	1,575,935	Global Medical Responce, Inc. (3-Month USD-LIBOR + 4.250%)³	03/14/25	5.250			1,571,996
	830,213	Icon, Plc. (3-Month USD-LIBOR + 2.250%)³	07/03/28	2.750			827,930
	3,332,174	Icon, Plc. (3-Month USD-LIBOR + 2.250%)³	07/03/28	2.750			3,323,011
	5,035,345	ILPEA Parent, Inc. (1-Month USD-LIBOR + 4.500%)³	06/22/28	5.250			5,010,168
	1,790,444	Iridium Satellite LLC Term B2 (1-Month USD-LIBOR + 2.500%)³	11/04/26	3.250			1,785,127
	2,855,650	Jazz Pharmaceuticals, Plc. (1-Month USD-LIBOR + 3.500%)³	05/05/28	4.000			2,855,307
	2,280,000	LendingTree, Inc. Term B (3-Month USD-LIBOR + 4.000%)³	09/15/28	4.750			2,280,000
	2,997,000	Lumen Technologies, Inc. Term A (1-Month USD-LIBOR + 2.000%)³	01/31/25	2.105			2,985,761
	3,050,000	Medline Borrower, LP (1-Month USD-LIBOR + 3.250%)³	10/23/28	3.750			3,036,183
	3,070,000	MIP V Waste LLC (1-Month USD-LIBOR + 3.250%)³	12/08/28	3.750			3,077,675

BBH INCOME FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		LOAN PARTICIPATIONS AND ASSIGNMENTS (continued)
$	3,067,313	MPH Acquisition Holdings LLC (3-Month USD-LIBOR + 4.250%)³	09/01/28	4.750	%	$	2,975,692
	2,694,804	NorthRiver Midstream Finance LP Term B (3-Month USD- LIBOR + 3.250%)³	10/01/25	3.464			2,687,313
	5,616,775	OCM System One Buyer CTB LLC (1-Month USD-LIBOR + 4.500%)³	03/02/28	4.750			5,613,293
	2,685,204	Organon & Co. (3-Month USD-LIBOR + 3.000%)³	06/02/28	3.500			2,680,505
	1,057,383	RPI Intermediate Finance Trust Term B1 (1-Month USD- LIBOR + 1.750%)³	02/11/27	1.855			1,055,004
	2,110,000	SkyMiles IP, Ltd. (3-Month USD-LIBOR + 3.750%)³	10/20/27	4.750			2,226,324
	412,407	SS&C Technologies Holdings, Inc. Term B3 (1-Month USD- LIBOR + 1.750%)³	04/16/25	1.855			407,252
	334,780	SS&C Technologies Holdings, Inc. Term B4 (1-Month USD- LIBOR + 1.750%)³	04/16/25	1.855			330,595
	2,767,643	UGI Energy Services LLC (1-Month USD-LIBOR + 3.750%)³	08/13/26	3.855			2,767,643
	3,761,575	United AirLines, Inc. Term B (3-Month USD-LIBOR + 3.750%)³	04/21/28	4.500			3,759,995
	1,814,352	Vistra Operations Co. LLC (fka Tex Operations Co. LLC) (1- Month USD-LIBOR + 1.750%)³	12/31/25	1.855			1,794,086
	2,902,500	Wyndham Hotels & Resorts, Inc. Term B (1-Month USD- LIBOR + 1.750%)³	05/30/25	1.855			2,874,375
		Total Loan Participations and Assignments (Cost $107,179,487)					106,199,074

		MUNICIPAL BONDS (1.2%)
	1,645,000	Indiana Finance Authority, Revenue Bonds	03/01/51	3.313			1,642,541
	5,605,000	Port Authority of New York & New Jersey, Revenue Bonds	10/01/33	2.000			5,338,841
		Total Municipal Bonds (Cost $7,337,730)					6,981,382

		PREFERRED STOCKS (3.1%)
	178,600	Eagle Point Credit Co., Inc.	01/31/29	5.375			4,329,264
	99,600	First Eagle Alternative Capital BDC, Inc.	05/25/26	5.000			2,535,816
	132,600	Gladstone Investment Corp.	11/01/28	4.875			3,345,498
	93,600	Horizon Technology Finance Corp.	03/30/26	4.875			2,427,984
	130,800	Oxford Lane Capital Corp.⁶	01/31/27	5.000			3,230,760
	114,000	Trinity Capital, Inc.	01/16/25	7.000			2,978,250
		Total Preferred Stocks (Cost $18,770,836)					18,847,572

BBH INCOME FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		RESIDENTIAL MORTGAGE BACKED SECURITIES (0.4%)
$	628,739	Cascade Funding Mortgage Trust 2018-RM2^1,3,4	10/25/68	4.000	%	$	640,852
	1,106,743	Cascade Funding Mortgage Trust 2019-RM3^1,3,4	06/25/69	2.800			1,103,329
	527,313	RMF Proprietary Issuance Trust 2019-1^1,3,4	10/25/63	2.750			527,724
		Total Residential Mortgage Backed Securities (Cost $2,256,856)					2,271,905

		U.S. INFLATION LINKED DEBT (1.1%)
	6,225,019	U.S. Treasury Inflation Indexed Note	10/15/26	0.125			6,639,858
		Total U.S. Inflation Linked Debt (Cost $6,769,816)					6,639,858

		U.S. TREASURY BONDS AND NOTES (12.3%)
	13,750,000	U.S. Treasury Bond	08/15/40	3.875			17,479,687
	20,000,000	U.S. Treasury Bond	08/15/41	1.750			18,625,000
	12,440,000	U.S. Treasury Bond	08/15/46	2.250			12,604,733
	11,450,000	U.S. Treasury Bond	08/15/50	1.375			9,609,055
	700,000	U.S. Treasury Note⁷	02/15/23	2.000			708,395
	1,200,000	U.S. Treasury Note⁷	10/31/23	1.625			1,210,547
	300,000	U.S. Treasury Note⁷	08/15/26	1.500			298,769
	500,000	U.S. Treasury Note⁷	08/31/28	1.125			480,762
	14,500,000	U.S. Treasury Note	12/31/28	1.375			14,151,094
		Total U.S. Treasury Bonds and Notes (Cost $76,069,978)					75,168,042

		U.S. TREASURY BILL (0.5%)
	3,250,000	U.S. Treasury Bill⁸	02/08/22	0.000			3,249,980
		Total U.S. Treasury Bill (Cost $3,249,980)					3,249,980

TOTAL INVESTMENTS (Cost $609,356,106)⁹				100.2	%	$	611,837,894
LIABILITIES IN EXCESS OF OTHER ASSETS				(0.2	)%		(1,014,955	)
NET ASSETS				100.0	%	$	610,822,939

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities owned at January 31, 2022 was $ 243,181,659 or 39.8% of net assets.

Security that used significant unobservable inputs to determine fair value.

Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the January 31, 2022 coupon or interest rate.

This variable rate security is based on a predetermined schedule and the rate at period end also represents the reference rate at period end.

Security is perpetual in nature and has no stated maturity date.

Non-income producing security.

All or a portion of this security is held at the broker as collateral for open futures contracts.

Security issued with zero coupon. Income is recognized through accretion of discount.

The aggregate cost for federal income tax purposes is $609,356,106, the aggregate gross unrealized appreciation is $8,603,839 and the aggregate gross unrealized depreciation is $7,658,309, resulting in net unrealized appreciation of $945,530.

BBH INCOME FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Abbreviations:

CMT

–

Constant Maturity Treasury.

LIBOR

–

London Interbank Offered Rate.

SOFR

–

Secured Overnight Financing Rate.

FINANCIAL FUTURES CONTRACTS

The following futures contracts were open at January 31, 2022:

	Number of	Expiration	Notional		Market		Unrealized
Description	Contracts	Date	Amount		Value		Gain / (Loss)
Contracts to Buy:
U.S. Long Bond	156	March 2022	$	24,652,469	$	24,277,500	$	(374,969	)
U.S. Treasury 5-Year Notes	588	March 2022		70,744,219		70,091,438		(652,781	)
U.S. Treasury 10-Year Notes	135	March 2022		17,358,047		17,275,781		(82,266	)
U.S. Ultra 10-Year Notes	128	March 2022		18,430,125		18,282,000		(148,125	)
U.S. Ultra Bond	118	March 2022		22,718,062		22,294,625		(423,437	)
							$	(1,681,578	)
Contracts to Sell:
U.S. Treasury 2-Year Notes	89	March 2022	$	19,427,726		19,282,406	$	145,320
Net Unrealized (Loss) on Open Futures Contracts							$	(1,536,258	)

FAIR VALUE MEASUREMENTS

BBH Income Fund (the “Fund”) is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

BBH INCOME FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Authoritative guidance establishes three levels of the fair value hierarchy as follows:

—	Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities.

—	Level 2 – significant other observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.).

—

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets and liabilities).

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires judgment by the investment adviser. The investment adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the investment adviser’s perceived risk of that instrument.

Financial assets within Level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations and over-the-counter derivatives. As Level 2 financial assets include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Financial assets classified within Level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include private equity and certain corporate debt securities.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2022.

	Unadjusted Quoted Prices in Active Markets for Identical Investments			Significant Other Observable Inputs		Significant Unobservable Inputs		Balance as of
Investments, at value	(Level 1)			(Level 2)		(Level 3)		January 31, 2022
Asset Backed Securities	$	–		$	91,310,274	$	11,429,777	$	102,740,051
Commercial Mortgage Backed Securities		–			28,298,438		1,228,132		29,526,570
Corporate Bonds		–			255,598,684		4,614,776		260,213,460
Loan Participations and Assignments		–			106,199,074		–		106,199,074
Municipal Bonds		–			6,981,382		–		6,981,382
Preferred Stock		18,847,572			–		–		18,847,572
Residential Mortgage Backed Securities		–			2,271,905		–		2,271,905
U.S. Inflation Linked Debt		–			6,639,858		–		6,639,858
U.S. Treasury Bonds and Notes		–			75,168,042		–		75,168,042
U.S. Treasury Bills		–			3,249,980		–		3,249,980
Total Investment, at value	$	18,847,572		$	575,717,637	$	17,272,685	$	611,837,894

Other Financial Instruments, at value
Financial Futures Contracts	$	(1,536,258	)	$	–	$	–	$	(1,536,258	)
Other Financial Instruments, at value	$	(1,536,258	)	$	–	$	–	$	(1,536,258	)

BBH INCOME FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period ended January 31, 2022:

	Asset Backed Securities			Commercial Mortgage Backed Securities			Corporate Bonds			Total
Balance as of October 31, 2021	$	11,932,402		$	1,309,688		$	4,687,961		$	17,930,051
Purchases		-			-			-			-
Sales / Paydowns		(426,770	)		-			-			(426,770	)
Realized gains (losses)		-			-			-			-
Change in unrealized appreciation (depreciation)		(75,858	)		(81,712	)		(73,185	)		(230,755	)
Amortization		3			156			-			159
Transfers from Level 3		-			-			-			-
Transfers to Level 3		-			-			-			-
Balance as of January 31, 2022	$	11,429,777		$	1,228,132		$	4,614,776		$	17,272,685

The Fund’s investments classified as Level 3 were valued using a model approach, including the Fund’s assumptions in determining their fair value.

Portfolio holdings are shown as of the date indicated. Since market conditions fluctuate suddenly and frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition. These portfolio holdings are not intended to be and do not constitute recommendations that others buy, sell, or hold any of the securities listed.

For more complete information on the Fund, call 1-800-575-1265 for a prospectus or visit www.bbhfunds.com. 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.

The BBH Funds are managed by a separately identifiable department within Brown Brothers Harriman & Co. Shares of the Fund are distributed by ALPS Distributors, Inc., located at 1290 Broadway, Suite 1000, Denver, CO 80203.