MET TRANSPRTN AUTH NY REVENUE REGD V/R B/E 0.36400000

0001752724-22-077014.txt : 20220330 0001752724-22-077014.hdr.sgml : 20220330 20220330111353 ACCESSION NUMBER: 0001752724-22-077014 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: 22783957 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 S000034202 BBH Intermediate Municipal Bond Fund

C000105434 Class N Shares

C000105435 Class I Shares

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3.00000000 N N N N N N MASSACHUSETTS S 3.45% 12/01/36 549300NLJBK1VP6K2K81 MASSACHUSETTS ST HSG FIN AGY H REGD B/E AMT 3.45000000 57587AR26 485000.00000000 NS USD 505773.04000000 0.059793326395 Long DBT MUN US N 2 2036-12-01 Fixed 3.45000000 N N N N N N SOUTH DAKOTA ST 3.4% 11/01/32 549300G853EK61667C18 SOUTH DAKOTA ST HSG DEV AUTH REGD B/E GNMA/FN 3.40000000 83756CQJ7 1500000.00000000 NS USD 1570330.05000000 0.185647019122 Long DBT MUN US N 2 2032-11-01 Fixed 3.40000000 N N N N N N CONNECTICUT ST 1.15% 05/15/26 5493003DXX0NRJKSH186 CONNECTICUT ST HSG FIN AUTH HS REGD N/C B/E AMT 1.15000000 20775HDG5 1605000.00000000 NS USD 1560921.72000000 0.184534750768 Long DBT MUN US N 2 2026-05-15 Fixed 1.15000000 N N N N N N 2022-03-02 BBH Trust Charles Schreiber Charles Schreiber Treasurer XXXX NPORT-EX 2 e15078-lot1intermunibond.htm PORTFOLIO OF INVESTMENTS

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		MUNICIPAL BONDS (113.9%)
		Arizona (0.6%)
$	2,250,000	Coconino County Pollution Control Corp., Revenue Bonds^1,2	09/01/32	1.875	%	$	2,271,677
	3,000,000	County of Yavapai Industrial Development Authority, Revenue Bonds	06/01/27	1.300			2,952,658
	205,000	Salt Verde Financial Corp., Revenue Bonds	12/01/22	5.250			212,212
		Total Arizona					5,436,547

		California (10.2%)
	3,675,000	Allan Hancock Joint Community College District, General Obligation Bonds³	08/01/42	0.000			3,406,579
	510,000	Anaheim City School District, General Obligation Bonds, NPFG³	08/01/24	0.000			492,100
	1,000,000	Anaheim City School District, General Obligation Bonds, NPFG³	08/01/26	0.000			925,251
	1,040,000	Anaheim City School District, General Obligation Bonds, AGM, NPFG³	08/01/28	0.000			920,039
	2,140,000	Anaheim City School District, General Obligation Bonds, AGM, NPFG³	08/01/29	0.000			1,842,795
	3,195,000	Anaheim Public Financing Authority, Revenue Bonds, AGM³	09/01/30	0.000			2,667,660
	3,030,000	Bay Area Toll Authority, Revenue Bonds	04/01/54	5.000			3,285,531
	1,185,000	California Pollution Control Financing Authority, Revenue Bonds^1,2	11/01/40	3.125			1,260,805
	1,100,000	California State Public Works Board, Revenue Bonds⁴	08/01/25	5.000			1,205,786
	1,470,000	California State Public Works Board, Revenue Bonds⁴	08/01/26	5.000			1,652,715
	2,400,000	California State Public Works Board, Revenue Bonds⁴	08/01/29	5.000			2,850,527
	2,785,000	California State Public Works Board, Revenue Bonds⁴	08/01/30	5.000			3,359,519
	2,560,000	California State Public Works Board, Revenue Bonds⁴	08/01/31	5.000			3,135,963
	1,040,000	Chaffey Joint Union High School District, General Obligation Bonds³	08/01/33	0.000			775,508
	1,000,000	Chaffey Joint Union High School District, General Obligation Bonds³	02/01/34	0.000			747,757
	1,015,000	Downey Unified School District, General Obligation Bonds³	08/01/33	0.000			752,490
	1,000,000	Downey Unified School District, General Obligation Bonds³	08/01/35	0.000			679,382
	2,000,000	Glendale Community College District, General Obligation Bonds³	08/01/32	0.000			1,545,952
	2,500,000	Glendale Community College District, General Obligation Bonds³	08/01/33	0.000			1,862,025
	3,350,000	Glendale Community College District, General Obligation Bonds³	08/01/35	0.000			2,311,740
	5,240,000	Glendale Community College District, General Obligation Bonds³	08/01/36	0.000			3,480,654
	1,900,000	Glendale Community College District, General Obligation Bonds³	08/01/37	0.000			1,212,411
	1,040,000	Golden State Tobacco Securitization Corp., Revenue Bonds, AGM³	06/01/25	0.000			997,134
	5,500,000	Golden State Tobacco Securitization Corp., Revenue Bonds, AMBAC³	06/01/27	0.000			5,074,588
	1,000,000	Grossmont Healthcare District, General Obligation Bonds, AMBAC³	07/15/30	0.000			833,527
	1,100,000	La Mesa-Spring Valley School District, General Obligation Bonds, NPFG³	08/01/26	0.000			1,019,593
	1,660,000	Lake Tahoe Unified School District, General Obligation Bonds, NPFG³	08/01/27	0.000			1,495,934
	1,110,000	Lake Tahoe Unified School District, General Obligation Bonds, NPFG³	08/01/30	0.000			919,483
	725,000	Long Beach Bond Finance Authority, Revenue Bonds	11/15/22	5.250			750,933
	755,000	Long Beach Bond Finance Authority, Revenue Bonds (3-Month USD-LIBOR + 1.450%)²	11/15/27	1.555			763,694
	9,565,000	Northern California Gas Authority No 1, Revenue Bonds (3-Month USD-LIBOR + 0.720%)²	07/01/27	0.864			9,523,352
	1,725,000	Oak Grove School District, General Obligation Bonds³	08/01/31	0.000			1,340,680
	1,030,000	Oak Grove School District, General Obligation Bonds³	08/01/32	0.000			797,883
	1,050,000	Oak Park Unified School District, General Obligation Bonds, AGM³	08/01/28	0.000			922,334
	1,310,000	Palmdale Elementary School District, General Obligation Bonds, AGM³	08/01/36	0.000			905,361
	975,000	Placer Union High School District, General Obligation Bonds, AGM³	08/01/30	0.000			816,528

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		MUNICIPAL BONDS (continued)
		California (continued)
$	775,000	Roseville Joint Union High School District, General Obligation Bonds, AGM³	08/01/30	0.000	%	$	646,312
	1,035,000	Roseville Joint Union High School District, General Obligation Bonds³	08/01/33	0.000			714,355
	2,415,000	San Diego Unified School District, General Obligation Bonds³	07/01/34	0.000			1,589,455
	3,000,000	San Diego Unified School District, General Obligation Bonds³	07/01/37	0.000			1,717,891
	1,000,000	Santa Ana Unified School District, General Obligation Bonds, NPFG³	08/01/24	0.000			963,468
	1,120,000	Santa Rita Union School District, General Obligation Bonds, AGM³	08/01/33	0.000			824,980
	8,800,000	Southern California Public Power Authority, Revenue Bonds^2,5	02/01/22	0.080			8,800,000
	2,415,000	State of California, General Obligation Bonds	12/01/32	2.850			2,548,508
	1,000,000	Ukiah Unified School District, General Obligation Bonds, NPFG³	08/01/24	0.000			966,339
	1,040,000	Windsor Unified School District, General Obligation Bonds³	08/01/33	0.000			788,313
		Total California					86,093,834

		Colorado (2.0%)
	1,300,000	Colorado Health Facilities Authority, Revenue Bonds^2,5	02/01/22	0.120			1,300,000
	1,030,289	Colorado Housing & Finance Authority, Revenue Bonds, GNMA	11/01/48	4.200			1,061,512
	6,515,000	E-470 Public Highway Authority, Revenue Bonds, NPFG³	09/01/22	0.000			6,482,550
	1,900,000	E-470 Public Highway Authority, Revenue Bonds, NPFG³	09/01/25	0.000			1,795,670
	1,750,000	E-470 Public Highway Authority, Revenue Bonds, NPFG³	09/01/27	0.000			1,578,207
	5,000,000	E-470 Public Highway Authority, Revenue Bonds (SOFR + 0.350%)²	09/01/39	0.384			4,995,326
		Total Colorado					17,213,265

		Connecticut (5.1%)
	1,135,000	Connecticut Housing Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA	11/15/22	2.100			1,145,831
	530,000	Connecticut Housing Finance Authority, Revenue Bonds	05/15/23	2.800			539,763
	1,605,000	Connecticut Housing Finance Authority, Revenue Bonds	05/15/26	1.150			1,560,922
	1,070,000	Connecticut Housing Finance Authority, Revenue Bonds	11/15/26	1.200			1,037,916
	2,340,000	Connecticut Housing Finance Authority, Revenue Bonds	05/15/27	1.350			2,273,035
	1,000,000	Connecticut Housing Finance Authority, Revenue Bonds	11/15/27	1.400			968,948
	165,000	Connecticut Housing Finance Authority, Revenue Bonds	05/15/30	2.000			160,114
	350,000	Connecticut Housing Finance Authority, Revenue Bonds	11/15/30	2.050			339,645
	400,000	Connecticut Housing Finance Authority, Revenue Bonds	05/15/31	2.100			389,446
	1,135,000	Connecticut Housing Finance Authority, Revenue Bonds	11/15/41	4.000			1,196,670
	3,600,000	Connecticut State Health & Educational Facilities Authority, Revenue Bonds^2,5	02/01/22	0.060			3,600,000
	2,845,000	Connecticut State Health & Educational Facilities Authority, Revenue Bonds^1,2	07/01/42	2.000			2,897,133
	10,000,000	Connecticut State Health & Educational Facilities Authority, Revenue Bonds^1,2,4	07/01/49	1.100			10,000,000
	3,705,000	Connecticut State Health & Educational Facilities Authority, Revenue Bonds^1,2	07/01/49	1.800			3,750,309
	395,000	State of Connecticut, General Obligation Bonds (SIFMA Municipal Swap Index Yield + 0.900%)²	03/01/23	0.960			397,080
	1,000,000	State of Connecticut, General Obligation Bonds (SIFMA Municipal Swap Index Yield + 0.990%)²	03/01/25	1.050			1,018,453

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		MUNICIPAL BONDS (continued)
		Connecticut (continued)
$	1,845,000	State of Connecticut, General Obligation Bonds	03/01/26	5.000	%	$	1,992,275
	2,050,000	State of Connecticut Special Tax Revenue, Revenue Bonds	08/01/25	5.000			2,314,139
	2,945,000	State of Connecticut Special Tax Revenue, Revenue Bonds	09/01/26	5.000			3,417,824
	1,065,000	State of Connecticut Special Tax Revenue, Revenue Bonds	08/01/27	5.000			1,197,936
	2,205,000	State of Connecticut Special Tax Revenue, Revenue Bonds	01/01/29	5.000			2,623,301
		Total Connecticut					42,820,740

		District of Columbia (0.1%)
	1,000,000	District of Columbia, Revenue Bonds	03/01/27	5.000			1,181,774
		Total District of Columbia					1,181,774

		Florida (1.8%)
	1,015,000	County of Hillsborough Solid Waste & Resource Recovery Revenue, Revenue Bonds	09/01/24	5.000			1,105,782
	865,000	Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA	07/01/49	4.000			916,137
	3,665,000	Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA	01/01/50	4.250			3,926,268
	1,750,000	State of Florida, General Obligation Bonds	06/01/26	5.000			2,025,599
	2,180,000	State of Florida Lottery Revenue, Revenue Bonds	07/01/25	5.000			2,454,981
	3,875,000	State of Florida Lottery Revenue, Revenue Bonds	07/01/27	5.000			4,488,310
		Total Florida					14,917,077

		Georgia (3.9%)
	4,850,000	Development Authority of Burke County, Revenue Bonds^1,2	10/01/32	2.250			4,930,867
	5,000,000	Development Authority of Burke County, Revenue Bonds^1,2	01/01/40	1.500			5,033,930
	1,200,000	Development Authority of Burke County, Revenue Bonds^1,2	11/01/45	3.000			1,224,638
	2,565,000	Development Authority of Burke County, Revenue Bonds^1,2	11/01/45	3.250			2,721,441
	345,000	Georgia Municipal Electric Authority, Revenue Bonds	01/01/25	5.000			380,818
	1,265,000	Georgia Municipal Electric Authority, Revenue Bonds	01/01/26	5.000			1,437,432
	800,000	Georgia Municipal Electric Authority, Revenue Bonds	01/01/27	5.000			928,563
	990,000	Georgia Municipal Electric Authority, Revenue Bonds	01/01/29	5.000			1,182,890
	2,700,000	Georgia Municipal Electric Authority, Revenue Bonds	01/01/29	5.000			3,195,481
	1,140,000	Georgia Municipal Electric Authority, Revenue Bonds	01/01/31	5.000			1,355,984
	1,000,000	Georgia Municipal Electric Authority, Revenue Bonds	01/01/33	5.000			1,190,936
	500,000	Georgia Municipal Electric Authority, Revenue Bonds	01/01/34	5.000			594,600
	1,750,000	Monroe County Development Authority, Revenue Bonds	07/01/25	2.250			1,788,304
	3,850,000	Monroe County Development Authority, Revenue Bonds^1,2	01/01/39	1.500			3,884,443
	1,200,000	State of Georgia, General Obligation Bonds	02/01/25	5.000			1,338,612
	1,790,000	State of Georgia, General Obligation Bonds	12/01/26	5.000			2,104,527
		Total Georgia					33,293,466

		Hawaii (1.7%)
	2,250,000	City & County of Honolulu, General Obligation Bonds⁴	11/01/23	5.000			2,354,504
	3,750,000	City & County of Honolulu, General Obligation Bonds⁴	11/01/27	5.000			4,344,260
	4,345,000	City & County of Honolulu, General Obligation Bonds⁴	11/01/28	5.000			5,131,981
	2,000,000	City & County of Honolulu, General Obligation Bonds⁴	11/01/29	5.000			2,405,333
		Total Hawaii					14,236,078

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		MUNICIPAL BONDS (continued)
		Idaho (0.4%)
$	3,500,000	Idaho Health Facilities Authority, Revenue Bonds^2,5	02/01/22	0.110	%	$	3,500,000
		Total Idaho					3,500,000

		Illinois (5.5%)
	4,800,000	Illinois Finance Authority, Revenue Bonds^2,5	02/01/22	0.100			4,800,000
	300,000	Illinois Finance Authority, Revenue Bonds^2,5	02/01/22	0.110			300,000
	1,000,000	Illinois Finance Authority, Revenue Bonds^2,5	02/01/22	0.120			1,000,000
	2,500,000	Illinois Finance Authority, Revenue Bonds^2,5	02/01/22	0.120			2,500,000
	3,550,000	Illinois Finance Authority, Revenue Bonds^2,5	02/01/22	0.120			3,550,000
	4,000,000	Illinois Finance Authority, Revenue Bonds^2,5	02/01/22	0.120			4,000,000
	2,000,000	Illinois Finance Authority, Revenue Bonds	08/15/27	5.000			2,371,000
	2,000,000	Illinois Finance Authority, Revenue Bonds	08/15/28	5.000			2,417,793
	3,065,000	Illinois Finance Authority, Revenue Bonds	07/15/32	3.000			3,236,553
	1,285,000	Illinois Finance Authority, Revenue Bonds	08/15/32	5.000			1,604,578
	2,000,000	Illinois Finance Authority, Revenue Bonds	08/15/34	5.000			2,493,507
	2,470,000	Illinois Finance Authority, Revenue Bonds	08/15/36	4.000			2,844,865
	2,585,000	Metropolitan Pier & Exposition Authority, Revenue Bonds	07/01/26	7.000			2,951,819
	4,675,000	Railsplitter Tobacco Settlement Authority, Revenue Bonds	06/01/24	5.000			5,080,124
	985,000	Railsplitter Tobacco Settlement Authority, Revenue Bonds	06/01/26	5.000			1,124,909
	4,300,000	Railsplitter Tobacco Settlement Authority, Revenue Bonds	06/01/27	5.000			4,892,630
	870,000	Railsplitter Tobacco Settlement Authority, Revenue Bonds	06/01/28	5.000			985,838
		Total Illinois					46,153,616

		Indiana (2.8%)
	1,665,000	Indiana Bond Bank, Revenue Bonds (3-Month USD-LIBOR + 0.970%)²	10/15/22	1.130			1,665,167
	7,000,000	Indiana Finance Authority, Revenue Bonds^2,5	02/01/22	0.120			7,000,000
	2,000,000	Indiana Finance Authority, Revenue Bonds^1,2	12/01/58	2.250			2,062,210
	3,500,000	Indiana Housing & Community Development Authority, Revenue Bonds^2,5	02/01/22	0.090			3,500,000
	1,580,000	Indiana Housing & Community Development Authority, Revenue Bonds, GNMA	07/01/22	5.000			1,607,688
	1,565,000	Indiana Housing & Community Development Authority, Revenue Bonds, GNMA	01/01/23	5.000			1,621,307
	3,415,000	Indiana Housing & Community Development Authority, Revenue Bonds	01/01/49	3.750			3,645,426
	2,170,000	Indiana Housing & Community Development Authority, Revenue Bonds, GNMA	07/01/49	3.250			2,275,305
		Total Indiana					23,377,103

		Iowa (2.4%)
	7,000,000	Iowa Finance Authority, Revenue Bonds^2,5	02/01/22	0.090			7,000,000
	300,000	Iowa Finance Authority, Revenue Bonds^2,5	02/01/22	0.110			300,000
	2,020,000	Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA⁴	07/01/30	1.800			1,959,371
	365,000	Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA	07/01/46	4.000			380,239
	490,000	Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA	01/01/49	3.500			522,815
	3,725,000	Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA	01/01/50	3.750			3,978,181

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		MUNICIPAL BONDS (continued)
		Iowa (continued)
$	5,435,000	Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA⁴	01/01/52	3.000	%	$	5,729,092
		Total Iowa					19,869,698

		Kentucky (1.2%)
	5,000,000	County of Trimble KY, Revenue Bonds	11/01/27	1.350			4,827,883
	5,035,000	Kentucky Public Energy Authority, Revenue Bonds^1,2	12/01/49	4.000			5,414,099
		Total Kentucky					10,241,982

		Maryland (5.8%)
	1,125,000	County of Baltimore, General Obligation Bonds	02/01/26	5.000			1,291,533
	135,000	State of Maryland, General Obligation Bonds	08/01/24	5.000			148,229
	10,000,000	State of Maryland, General Obligation Bonds	03/15/25	5.000			11,190,581
	5,200,000	State of Maryland, General Obligation Bonds⁴	03/01/26	5.000			5,949,140
	10,000,000	State of Maryland, General Obligation Bonds⁴	08/01/27	3.000			10,757,821
	5,000,000	State of Maryland, General Obligation Bonds⁴	03/01/28	4.000			5,715,320
	2,500,000	State of Maryland, General Obligation Bonds⁴	03/01/29	4.000			2,898,402
	1,000,000	State of Maryland Department of Transportation, Revenue Bonds⁴	12/01/23	5.000			1,039,077
	2,000,000	State of Maryland Department of Transportation, Revenue Bonds⁴	12/01/26	5.000			2,254,655
	2,250,000	State of Maryland Department of Transportation, Revenue Bonds⁴	12/01/27	5.000			2,585,562
	2,250,000	State of Maryland Department of Transportation, Revenue Bonds⁴	12/01/28	5.000			2,630,928
	2,125,000	State of Maryland Department of Transportation, Revenue Bonds⁴	12/01/29	5.000			2,525,653
		Total Maryland					48,986,901

		Massachusetts (4.5%)
	1,805,000	Commonwealth of Massachusetts, Revenue Bonds, AGM^1,2,3	06/01/22	5.055			1,827,951
	4,625,000	Commonwealth of Massachusetts, General Obligation Bonds	07/01/26	5.000			5,357,015
	1,200,000	Commonwealth of Massachusetts, General Obligation Bonds	09/01/26	5.000			1,396,143
	5,000,000	Massachusetts Clean Water Trust, Revenue Bonds (U.S. Consumer Price Index + 0.990%)²	08/01/23	7.799			5,233,289
	4,500,000	Massachusetts Development Finance Agency, Revenue Bonds^2,5	02/01/22	0.120			4,500,000
	6,250,000	Massachusetts Development Finance Agency, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.600%)^2,6	07/01/49	0.660			6,246,591
	9,600,000	Massachusetts Health & Educational Facilities Authority, Revenue Bonds^2,5	02/01/22	0.110			9,600,000
	370,000	Massachusetts Housing Finance Agency, Revenue Bonds	06/01/34	3.300			383,394
	485,000	Massachusetts Housing Finance Agency, Revenue Bonds	12/01/36	3.450			505,773
	2,005,000	Massachusetts Water Resources Authority, Revenue Bonds^2,5	02/07/22	0.050			2,005,000
	1,200,000	Massachusetts Water Resources Authority, Revenue Bonds^2,5	02/07/22	0.060			1,200,000
		Total Massachusetts					38,255,156

		Michigan (3.2%)
	1,930,000	Brighton Area School District, General Obligation Bonds	05/01/33	3.000			2,057,392
	90,000	Detroit City School District, General Obligation Bonds, BHAC, FGIC	05/01/25	5.250			96,275
	325,000	Detroit City School District, General Obligation Bonds, AGM	05/01/27	5.250			388,303
	5,350,000	Detroit City School District, General Obligation Bonds, AGM	05/01/29	6.000			6,357,363
	1,550,000	Detroit City School District, General Obligation Bonds, AGM	05/01/30	5.250			1,969,868
	3,940,000	Detroit City School District, General Obligation Bonds, AGM	05/01/32	5.250			5,063,017

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		MUNICIPAL BONDS (continued)
		Michigan (continued)
$	1,195,000	Michigan Finance Authority, Revenue Bonds	05/01/28	5.000	%	$	1,378,403
	3,850,000	Michigan Finance Authority, Revenue Bonds^1,2	10/15/38	1.200			3,735,288
	1,235,000	Pontiac School District, General Obligation Bonds	05/01/26	5.000			1,425,096
	1,355,000	Pontiac School District, General Obligation Bonds	05/01/27	5.000			1,604,856
	1,480,000	Pontiac School District, General Obligation Bonds	05/01/28	5.000			1,793,389
	1,240,000	Pontiac School District, General Obligation Bonds	05/01/31	5.000			1,562,609
		Total Michigan					27,431,859

		Minnesota (5.9%)
	1,400,000	Becker Independent School District No 726, General Obligation Bonds^3,4	02/01/32	0.000			1,107,702
	3,420,000	Becker Independent School District No 726, General Obligation Bonds^3,4	02/01/34	0.000			2,550,511
	2,770,000	Becker Independent School District No 726, General Obligation Bonds^3,4	02/01/35	0.000			1,990,844
	2,000,000	Becker Independent School District No 726, General Obligation Bonds^3,4	02/01/36	0.000			1,387,733
	7,500,000	City of Minneapolis MN/St Paul Housing & Redevelopment Authority, Revenue Bonds^2,5	02/01/22	0.110			7,500,000
	1,000,000	City of Minneapolis MN/St Paul Housing & Redevelopment Authority, Revenue Bonds^2,5	02/01/22	0.120			1,000,000
	1,300,000	Duluth Independent School District No 709, General Obligation Bonds³	02/01/31	0.000			1,038,442
	1,050,000	Duluth Independent School District No 709, General Obligation Bonds³	02/01/32	0.000			813,036
	1,035,000	Duluth Independent School District No 709, General Obligation Bonds³	02/01/33	0.000			776,618
	785,000	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA	01/01/28	1.750			779,204
	1,485,000	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA	07/01/28	1.300			1,433,373
	1,965,000	Minnesota Housing Finance Agency, Revenue Bonds	01/01/31	2.200			1,887,125
	841,366	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA	03/01/47	2.930			852,143
	706,512	Minnesota Housing Finance Agency, Revenue Bonds, FHA, FHLMC, FNMA, GNMA	01/01/49	3.600			722,154
	2,092,446	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA	03/01/49	3.450			2,134,402
	759,190	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA	06/01/49	3.150			771,241
	4,209,062	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA	01/01/50	2.470			4,236,006
	5,000,000	Minnesota Housing Finance Agency, Revenue Bonds	07/01/52	3.000			5,259,170
	1,000,000	Sartell-St Stephen Independent School District No 748, General Obligation Bonds³	02/01/33	0.000			730,907
	6,655,000	Shakopee Independent School District No 720, General Obligation Bonds³	02/01/28	0.000			5,847,832
	5,155,000	Shakopee Independent School District No 720, General Obligation Bonds³	02/01/29	0.000			4,420,531
	2,250,000	St Paul Independent School District No 625, Certificates of Participation	02/01/32	2.000			2,240,915
		Total Minnesota					49,479,889

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		MUNICIPAL BONDS (continued)
		Mississippi (0.1%)
$	1,000,000	Mississippi Business Finance Corp., Revenue Bonds^1,2	03/01/27	2.200	%	$	1,024,827
		Total Mississippi					1,024,827

		Missouri (0.9%)
	400,000	Health & Educational Facilities Authority of the State of Missouri, Revenue Bonds^2,5	02/01/22	0.130			400,000
	7,000,000	Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA	11/01/52	3.250			7,440,084
		Total Missouri					7,840,084

		Montana (0.4%)
	1,050,000	Montana Board of Housing, Revenue Bonds	12/01/43	4.000			1,110,979
	2,000,000	Montana Board of Housing, Revenue Bonds⁴	06/01/52	3.000			2,106,562
		Total Montana					3,217,541

		Nebraska (1.5%)
	2,515,000	Central Plains Energy Project, Revenue Bonds	09/01/27	5.000			2,577,653
	3,675,000	Central Plains Energy Project, Revenue Bonds^1,2	03/01/50	5.000			3,909,502
	400,000	Lancaster County Hospital Authority No 1, Revenue Bonds^2,5	02/01/22	0.100			400,000
	1,710,000	Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA	03/01/29	1.950			1,698,132
	1,710,000	Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA	03/01/33	1.950			1,628,733
	2,610,000	Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA	09/01/49	4.000			2,768,634
		Total Nebraska					12,982,654

		Nevada (0.2%)
	1,250,000	County of Clark, Revenue Bonds^1,2	01/01/36	1.650			1,260,685
		Total Nevada					1,260,685

		New Hampshire (0.1%)
	1,000,000	New Hampshire Business Finance Authority, Revenue Bonds	08/01/24	3.125			1,049,239
		Total New Hampshire					1,049,239

		New Jersey (5.4%)
	1,420,000	Holmdel Township School District, General Obligation Bonds	02/01/27	3.250			1,546,818
	2,075,000	Mount Laurel Township Board of Education, General Obligation Bonds	09/01/23	2.500			2,128,823
	1,630,000	Mount Laurel Township Board of Education, General Obligation Bonds	09/01/24	2.500			1,684,711
	3,830,000	New Jersey Economic Development Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 1.550%)²	09/01/27	1.610			3,868,706
	5,100,000	New Jersey Economic Development Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 1.600%)²	03/01/28	1.660			5,153,232
	2,200,000	New Jersey Economic Development Authority, Revenue Bonds^1,2	11/01/34	1.200			2,200,470
	3,525,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds³	12/15/26	0.000			3,192,683
	1,380,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds³	12/15/28	0.000			1,178,679
	7,000,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds⁴	06/15/30	5.000			8,480,671

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		MUNICIPAL BONDS (continued)
		New Jersey (continued)
$	4,405,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds³	12/15/30	0.000	%	$	3,527,445
	6,000,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds³	12/15/31	0.000			4,640,544
	2,760,000	New Jersey Turnpike Authority, Revenue Bonds (1-Month USD-LIBOR + 0.750%)²	01/01/30	0.824			2,764,302
	1,375,000	Rumson Boro School District, General Obligation Bonds	07/15/33	2.000			1,360,467
	1,750,000	Township of Ewing, General Obligation Bonds	08/01/27	3.000			1,854,958
	1,750,000	Township of Ewing, General Obligation Bonds	08/01/29	2.000			1,751,922
		Total New Jersey					45,334,431

		New Mexico (0.5%)
	1,345,000	New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA	01/01/49	4.000			1,433,875
	2,830,000	New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA	01/01/51	3.500			3,005,708
		Total New Mexico					4,439,583

		New York (6.5%)
	5,000,000	Metropolitan Transportation Authority, Revenue Bonds	02/01/22	4.000			5,000,000
	3,770,000	Metropolitan Transportation Authority, Revenue Bonds (1-Month USD- LIBOR + 0.820%)²	11/01/26	0.891			3,770,000
	5,460,000	Metropolitan Transportation Authority, Revenue Bonds (SOFR + 0.330%)²	11/01/35	0.364			5,417,251
	300,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds^2,5	02/01/22	0.120			300,000
	500,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds^2,5	02/01/22	0.120			500,000
	2,400,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds^2,5	02/01/22	0.120			2,400,000
	4,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds^2,5	02/01/22	0.120			4,000,000
	4,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds^2,5	02/01/22	0.120			4,000,000
	11,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds^2,5	02/01/22	0.120			11,000,000
	2,500,000	New York City Water & Sewer System, Revenue Bonds^2,5	02/01/22	0.120			2,500,000
	5,655,000	Port Authority of New York & New Jersey, Revenue Bonds	10/01/31	2.000			5,445,203
	3,500,000	Port Authority of New York & New Jersey, Revenue Bonds	10/01/33	2.000			3,333,799
	3,350,000	Triborough Bridge & Tunnel Authority, Revenue Bonds (SOFR + 0.380%)²	01/01/32	0.407			3,350,494
	4,755,000	Triborough Bridge & Tunnel Authority, Revenue Bonds³	05/15/33	0.000			3,594,986
		Total New York					54,611,733

		North Carolina (3.6%)
	2,100,000	Charlotte-Mecklenburg Hospital Authority, Revenue Bonds^2,5	02/01/22	0.120			2,100,000
	3,500,000	Charlotte-Mecklenburg Hospital Authority, Revenue Bonds^2,5	02/01/22	0.120			3,500,000
	3,800,000	Charlotte-Mecklenburg Hospital Authority, Revenue Bonds^2,5	02/01/22	0.120			3,800,000

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		MUNICIPAL BONDS (continued)
		North Carolina (continued)
$	2,565,000	County of New Hanover, Revenue Bonds	10/01/26	5.000	%	$	2,978,200
	1,725,000	County of Wake, General Obligation Bonds	03/01/24	5.000			1,868,281
	640,000	North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA	01/01/23	2.750			648,205
	650,000	North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA	07/01/23	2.800			660,761
	1,620,000	North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA	01/01/28	1.100			1,549,370
	4,365,000	North Carolina Housing Finance Agency, Revenue Bonds, FNMA, GNMA	01/01/50	4.000			4,683,629
	2,520,000	North Carolina Housing Finance Agency, Revenue Bonds	07/01/50	4.000			2,719,695
	1,570,000	State of North Carolina, General Obligation Bonds	06/01/24	5.000			1,714,034
	2,000,000	State of North Carolina, General Obligation Bonds	06/01/27	5.000			2,380,338
	2,225,000	State of North Carolina, General Obligation Bonds	06/01/32	2.000			2,240,578
		Total North Carolina					30,843,091

		North Dakota (1.8%)
	1,000,000	North Dakota Housing Finance Agency, Revenue Bonds	01/01/29	1.650			965,360
	1,985,000	North Dakota Housing Finance Agency, Revenue Bonds	07/01/32	2.800			2,038,153
	3,835,000	North Dakota Housing Finance Agency, Revenue Bonds	07/01/49	4.250			4,122,396
	8,000,000	North Dakota Housing Finance Agency, Revenue Bonds	07/01/52	3.000			8,407,526
		Total North Dakota					15,533,435

		Ohio (2.9%)
	1,090,000	Miami University of Oxford, Revenue Bonds⁴	09/01/29	5.000			1,317,319
	700,000	Miami University of Oxford, Revenue Bonds⁴	09/01/31	5.000			876,926
	1,470,000	Miami University of Oxford, Revenue Bonds⁴	09/01/32	5.000			1,836,034
	2,800,000	Ohio Higher Educational Facility Commission, Revenue Bonds^2,5	02/01/22	0.100			2,800,000
	14,500,000	Ohio Higher Educational Facility Commission, Revenue Bonds^2,5	02/01/22	0.110			14,500,000
	720,000	State of Ohio, Revenue Bonds^2,5	02/01/22	0.100			720,000
	2,295,000	State of Ohio, General Obligation Bonds	08/01/25	5.000			2,594,919
		Total Ohio					24,645,198

		Oklahoma (0.8%)
	4,165,000	Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA	09/01/49	4.000			4,462,511
	1,905,000	Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA	09/01/50	3.250			2,008,878
		Total Oklahoma					6,471,389

		Oregon (4.8%)
	7,600,000	Clackamas & Washington Counties School District No 3, General Obligation Bonds³	06/15/35	0.000			5,284,983
	1,020,000	Clackamas County School District No 115, General Obligation Bonds³	06/15/27	0.000			932,370
	1,670,000	Lane County School District No 1 Pleasant Hill, General Obligation Bonds³	06/15/27	0.000			1,525,715
	1,445,000	Multnomah & Clackamas Counties School District No 10JT Gresham- Barlow, General Obligation Bonds³	06/15/32	0.000			1,112,886

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		MUNICIPAL BONDS (continued)
		Oregon (continued)
$	3,905,000	Salem-Keizer School District No 24J, General Obligation Bonds³	06/15/25	0.000	%	$	3,717,954
	1,500,000	Salem-Keizer School District No 24J, General Obligation Bonds³	06/15/26	0.000			1,405,468
	4,335,000	Salem-Keizer School District No 24J, General Obligation Bonds³	06/15/26	0.000			4,042,476
	5,000,000	Salem-Keizer School District No 24J, General Obligation Bonds³	06/15/27	0.000			4,582,627
	1,500,000	Salem-Keizer School District No 24J, General Obligation Bonds³	06/15/28	0.000			1,332,803
	2,745,000	Salem-Keizer School District No 24J, General Obligation Bonds³	06/15/28	0.000			2,452,925
	1,045,000	Salem-Keizer School District No 24J, General Obligation Bonds³	06/15/31	0.000			857,491
	1,000,000	Salem-Keizer School District No 24J, General Obligation Bonds³	06/15/33	0.000			771,890
	1,045,000	Salem-Keizer School District No 24J, General Obligation Bonds³	06/15/35	0.000			754,164
	4,500,000	State of Oregon, General Obligation Bonds^2,5	02/01/22	0.100			4,500,000
	5,000,000	Umatilla County School District No 8R Hermiston, General Obligation Bonds³	06/15/32	0.000			3,963,126
	2,225,000	Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds³	06/15/33	0.000			1,559,402
	1,500,000	Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds³	06/15/31	0.000			1,193,640
	1,055,000	Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds³	06/15/33	0.000			772,128
		Total Oregon					40,762,048

		Other Territory (0.5%)
	4,440,000	FHLMC Multifamily VRD Certificates, Revenue Bonds	05/15/27	2.304			4,427,263
		Total Other Territory					4,427,263

		Pennsylvania (4.4%)
	85,000	Allegheny County Airport Authority, Revenue Bonds, FGIC	01/01/23	5.000			88,200
	6,000,000	Bethlehem Area School District Authority, Revenue Bonds (SOFR + 0.350%)²	07/01/31	0.377			5,968,938
	1,000,000	New Kensington-Arnold School District, General Obligation Bonds, BAM	05/15/28	2.500			1,029,187
	1,225,000	North Penn Water Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.560%)²	11/01/24	0.620			1,230,358
	4,000,000	Pennsbury School District, General Obligation Bonds⁴	08/01/24	4.000			4,216,298
	3,000,000	Pennsbury School District, General Obligation Bonds⁴	08/01/25	4.000			3,219,129
	710,000	Pennsbury School District, General Obligation Bonds⁴	08/01/27	4.000			783,213
	1,070,000	Pennsbury School District, General Obligation Bonds⁴	08/01/30	4.000			1,211,975
	5,000,000	Pennsylvania Economic Development Financing Authority, Revenue Bonds^1,2	08/01/37	0.580			4,933,692
	775,000	School District of Philadelphia, General Obligation Bonds, AGM, FGIC	06/01/24	5.000			838,875
	1,710,000	School District of Philadelphia, General Obligation Bonds	09/01/26	5.000			1,982,069
	1,610,000	School District of Philadelphia, General Obligation Bonds	09/01/28	5.000			1,926,943
	2,210,000	State Public School Building Authority, Revenue Bonds, AGM	06/01/32	5.000			2,571,653
	6,255,000	State Public School Building Authority, Revenue Bonds, AGM	06/01/33	5.000			7,270,196
		Total Pennsylvania					37,270,726

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		MUNICIPAL BONDS (continued)
		South Carolina (0.1%)
$	890,000	South Carolina State Housing Finance & Development Authority, Revenue Bonds	07/01/34	2.650	%	$	908,804
		Total South Carolina					908,804

		South Dakota (1.5%)
	1,500,000	South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA	11/01/32	3.400			1,570,330
	330,000	South Dakota Housing Development Authority, Revenue Bonds	11/01/44	4.000			339,619
	2,395,000	South Dakota Housing Development Authority, Revenue Bonds	11/01/48	4.500			2,586,700
	2,705,000	South Dakota Housing Development Authority, Revenue Bonds	11/01/49	4.000			2,907,668
	5,125,000	South Dakota Housing Development Authority, Revenue Bonds	11/01/50	3.750			5,472,188
		Total South Dakota					12,876,505

		Tennessee (1.3%)
	4,000,000	New Memphis Arena Public Building Authority, Revenue Bonds³	04/01/29	0.000			3,911,188
	1,750,000	New Memphis Arena Public Building Authority, Revenue Bonds³	04/01/33	0.000			1,333,065
	3,000,000	New Memphis Arena Public Building Authority, Revenue Bonds³	04/01/35	0.000			2,145,460
	1,000,000	Tennessee Energy Acquisition Corp., Revenue Bonds	11/01/28	5.000			1,186,524
	2,250,000	Tennessee Housing Development Agency, Revenue Bonds	01/01/47	3.500			2,334,433
		Total Tennessee					10,910,670

		Texas (11.2%)
	1,120,000	City of Houston Airport System Revenue, Revenue Bonds	07/01/24	5.000			1,215,743
	1,170,000	City of Houston Airport System Revenue, Revenue Bonds	07/01/25	5.000			1,303,850
	5,000,000	City of Houston Combined Utility System Revenue, Revenue Bonds ^2,5	02/07/22	0.070			5,000,000
	500,000	City of San Antonio Electric & Gas Systems Revenue, Revenue Bonds^1,2	02/01/48	2.750			507,865
	1,130,000	Crandall Independent School District, General Obligation Bonds³	08/15/24	0.000			1,085,139
	420,000	Crandall Independent School District, General Obligation Bonds³	08/15/25	0.000			394,226
	450,000	Crandall Independent School District, General Obligation Bonds³	08/15/26	0.000			412,291
	140,000	Crandall Independent School District, General Obligation Bonds³	08/15/27	0.000			124,947
	2,000,000	Fort Bend Independent School District, General Obligation Bonds	08/15/28	5.000			2,435,801
	1,000,000	Hays Consolidated Independent School District, General Obligation Bonds	02/15/27	5.000			1,176,167
	3,455,000	Leander Independent School District, General Obligation Bonds³	08/15/29	0.000			2,611,616
	4,000,000	Little Elm Independent School District, General Obligation Bonds^1,2	08/15/48	0.680			4,000,303
	1,025,000	Love Field Airport Modernization Corp., Revenue Bonds	11/01/25	5.000			1,152,006
	1,380,000	Lower Colorado River Authority, Revenue Bonds, AGM⁴	05/15/27	5.000			1,625,610
	2,280,000	Lower Colorado River Authority, Revenue Bonds, AGM⁴	05/15/28	5.000			2,722,942
	2,500,000	Medina Valley Independent School District, General Obligation Bonds^1,2	02/15/51	0.820			2,441,377
	5,000,000	Permanent University Fund - University of Texas System, Revenue Bonds^2,5	02/07/22	0.030			5,000,000
	2,000,000	Permanent University Fund - University of Texas System, Revenue Bonds^2,5	02/07/22	0.040			2,000,000
	2,000,000	Round Rock Independent School District, General Obligation Bonds	08/01/34	2.750			2,109,767
	1,000,000	State of Texas, General Obligation Bonds	08/01/26	5.000			1,157,562

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		MUNICIPAL BONDS (continued)
		Texas (continued)
$	435,000	Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA	09/01/34	2.700	%	$	438,017
	3,621,100	Texas Department of Housing & Community Affairs, Revenue Bonds, FNMA	03/01/35	3.400			3,831,065
	1,245,000	Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA	09/01/35	2.150			1,217,824
	2,175,000	Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA⁴	07/01/37	2.150			2,130,214
	11,176,844	Texas Department of Housing & Community Affairs, Revenue Bonds, FHLMC, FNMA, GNMA	09/01/47	2.835			11,396,632
	1,180,000	Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA	03/01/50	4.000			1,280,322
	10,360,000	Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds (3- Month USD-LIBOR + 0.700%)²	12/15/26	0.836			10,382,581
	3,590,000	Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds	12/15/26	6.250			4,082,055
	3,765,000	Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.550%)²	09/15/27	0.610			3,771,664
	3,755,000	Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3- Month USD-LIBOR + 0.690%)²	09/15/27	0.824			3,755,447
	11,920,000	Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3- Month USD-LIBOR + 0.870%)²	09/15/27	1.006			11,960,406
	1,000,000	Wylie Independent School District, General Obligation Bonds³	08/15/24	0.000			967,213
	1,000,000	Wylie Independent School District, General Obligation Bonds³	08/15/25	0.000			948,620
		Total Texas					94,639,272

		Virginia (3.3%)
	2,750,000	Amelia County Industrial Development Authority, Revenue Bonds	04/01/27	1.450			2,728,264
	1,755,000	City of Virginia Beach, General Obligation Bonds	04/01/25	5.000			1,967,775
	2,005,000	County of Arlington, General Obligation Bonds	08/15/25	5.000			2,274,033
	1,215,000	County of Arlington, General Obligation Bonds	08/15/30	2.500			1,255,600
	1,200,000	Fairfax County Economic Development Authority, Revenue Bonds^2,5	02/07/22	0.040			1,200,000
	500,000	Virginia College Building Authority, Revenue Bonds^2,5	02/01/22	0.100			500,000
	6,040,000	Virginia College Building Authority, Revenue Bonds	09/01/27	5.000			7,192,486
	5,000,000	Virginia Commonwealth Transportation Board, Revenue Bonds	05/15/24	5.000			5,439,941
	2,300,000	Virginia Housing Development Authority, Revenue Bonds	01/01/23	2.740			2,328,191
	1,445,000	Virginia Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA	12/01/31	1.900			1,389,585
	1,305,000	Virginia Public School Authority, Revenue Bonds	08/01/26	5.000			1,511,854
		Total Virginia					27,787,729

		Washington (3.4%)
	1,325,000	City of Bellevue, General Obligation Bonds⁴	12/01/26	5.000			1,547,789
	1,565,000	City of Bellevue, General Obligation Bonds⁴	12/01/28	5.000			1,907,765
	1,000,000	City of Bellevue, General Obligation Bonds⁴	12/01/31	5.000			1,291,136
	1,000,000	City of Bellevue, General Obligation Bonds⁴	12/01/33	4.000			1,187,295

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Principal			Maturity	Interest
Amount			Date	Rate		Value
		MUNICIPAL BONDS (continued)
		Washington (continued)
$	7,500,000	County of King Sewer Revenue, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.230%)²	01/01/40	0.290	%	$	7,500,011
	425,000	Port of Seattle, Revenue Bonds	06/01/27	3.750			438,608
	1,050,000	State of Washington, General Obligation Bonds	08/01/26	5.000			1,219,424
	1,330,000	State of Washington, General Obligation Bonds, NPFG³	06/01/30	0.000			1,124,171
	90,000	Washington State Housing Finance Commission, Revenue Bonds	06/01/44	3.500			91,799
	1,120,000	Washington State Housing Finance Commission, Revenue Bonds, FHLMC, FNMA, GNMA	12/01/47	4.000			1,154,737
	4,000,000	Washington State Housing Finance Commission, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.550%)²	12/01/48	0.610			4,018,412
	7,000,000	Washington State Housing Finance Commission, Revenue Bonds, FHLMC, FNMA, GNMA	06/01/51	3.000			7,357,169
		Total Washington					28,838,316

		Wisconsin (1.3%)
	300,000	County of Milwaukee Airport Revenue, Revenue Bonds	12/01/28	5.250			320,542
	5,600,000	University of Wisconsin Hospitals & Clinics, Revenue Bonds^2,5	02/01/22	0.120			5,600,000
	5,400,000	Wisconsin Health & Educational Facilities Authority, Revenue Bonds^2,5	02/01/22	0.100			5,400,000
		Total Wisconsin					11,320,542

		Wyoming (0.3%)
	2,605,000	Wyoming Community Development Authority, Revenue Bonds	12/01/48	4.000			2,778,562
		Total Wyoming					2,778,562
		Total Municipal Bonds (Cost $956,362,433)					964,263,312

		SHORT-TERM MUNICIPAL BONDS (0.6%)
		New Jersey (0.6%)
	5,000,000	County of Union, General Obligation Bonds	06/17/22	1.000			5,009,709
		Total New Jersey					5,009,709

		Pennsylvania (0.0%)
	315,000	Pennsbury School District, General Obligation Bonds⁴	08/01/22	4.000			317,380
		Total Pennsylvania					317,380
		Total Short-term Municipal Bonds (Cost $5,332,301)					5,327,089

TOTAL INVESTMENTS (Identified cost $961,694,734)⁷				114.5	%	$	969,590,401
LIABILITIES IN EXCESS OF OTHER ASSETS				(14.5	)%		(123,054,479	)
NET ASSETS				100.00	%	$	846,535,922

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

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

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.

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

⁴

Represent a security purchased on a when-issued basis.

⁵

Variable rate demand note. The maturity date reflects the demand repayment dates. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the coupon or interest rate as of January 31, 2022.

⁶

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 $ 6,246,591 or 0.7% of net assets.

⁷

The aggregate cost for federal income tax purposes is $961,694,734, the aggregate gross unrealized appreciation is $16,091,138 and the aggregate gross unrealized depreciation is $8,195,471, resulting in net unrealized appreciation of $7,895,667.

Abbreviations:

AGM	−	Assured Guaranty Municipal Corporation.
AMBAC	−	AMBAC Financial Group, Inc.
BAM	−	Build America Mutual.
BHAC	−	Berkshire Hathaway Assurance Corporation.
FGIC	−	Financial Guaranty Insurance Company.
FHA	−	Federal Housing Administration.
FHLMC	−	Federal Home Loan Mortgage Corporation.
FNMA	−	Federal National Mortgage Association.
GNMA	−	Government National Mortgage Association.
LIBOR	−	London Interbank Offered Rate.
NPFG	−	National Public Finance Guarantee Corporation.
SIFMA	−	Securities Industry and Financial Markets Association.
SOFR	−	Secured Overnight Financing Rate.

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

FAIR VALUE MEASUREMENTS

BBH Intermediate Municipal Bond 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.

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 municipal bonds, 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

Significant Other

Significant

for Identical Investments

Observable Inputs

Unobservable Inputs

Balance as of

Investments, at value

(Level 1)

(Level 2)

(Level 3)

January 31, 2022

Municipal Bonds*

–

964,263,312

–

964,263,312

Short-term Municipal Bonds*

–

5,327,089

–

5,327,089

Total Investment, at value

–

969,590,401

–

969,590,401

For geographical breakdown of municipal bond investments, refer to the Portfolio Investments.

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

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.