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 Bonds1,2  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 Bonds1,2  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 Bonds2,5  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 Bonds2,5  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 Bonds2,5  02/01/22  0.060    3,600,000 
 2,845,000  Connecticut State Health & Educational Facilities Authority, Revenue Bonds1,2  07/01/42  2.000    2,897,133 
 10,000,000  Connecticut State Health & Educational Facilities Authority, Revenue Bonds1,2,4  07/01/49  1.100    10,000,000 
 3,705,000  Connecticut State Health & Educational Facilities Authority, Revenue Bonds1,2  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 Bonds1,2  10/01/32  2.250    4,930,867 
 5,000,000  Development Authority of Burke County, Revenue Bonds1,2  01/01/40  1.500    5,033,930 
 1,200,000  Development Authority of Burke County, Revenue Bonds1,2  11/01/45  3.000    1,224,638 
 2,565,000  Development Authority of Burke County, Revenue Bonds1,2  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 Bonds1,2  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 Bonds2,5  02/01/22  0.110%  $3,500,000 
    Total Idaho          3,500,000 
                 
    Illinois (5.5%)            
 4,800,000  Illinois Finance Authority, Revenue Bonds2,5  02/01/22  0.100    4,800,000 
 300,000  Illinois Finance Authority, Revenue Bonds2,5  02/01/22  0.110    300,000 
 1,000,000  Illinois Finance Authority, Revenue Bonds2,5  02/01/22  0.120    1,000,000 
 2,500,000  Illinois Finance Authority, Revenue Bonds2,5  02/01/22  0.120    2,500,000 
 3,550,000  Illinois Finance Authority, Revenue Bonds2,5  02/01/22  0.120    3,550,000 
 4,000,000  Illinois Finance Authority, Revenue Bonds2,5  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 Bonds2,5  02/01/22  0.120    7,000,000 
 2,000,000  Indiana Finance Authority, Revenue Bonds1,2  12/01/58  2.250    2,062,210 
 3,500,000  Indiana Housing & Community Development Authority, Revenue Bonds2,5  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 Bonds2,5  02/01/22  0.090    7,000,000 
 300,000  Iowa Finance Authority, Revenue Bonds2,5  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 Bonds1,2  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, AGM1,2,3  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 Bonds2,5  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 Bonds2,5  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 Bonds2,5  02/07/22  0.050    2,005,000 
 1,200,000  Massachusetts Water Resources Authority, Revenue Bonds2,5  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 Bonds1,2  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 Bonds3,4  02/01/32  0.000    1,107,702 
 3,420,000  Becker Independent School District No 726, General Obligation Bonds3,4  02/01/34  0.000    2,550,511 
 2,770,000  Becker Independent School District No 726, General Obligation Bonds3,4  02/01/35  0.000    1,990,844 
 2,000,000  Becker Independent School District No 726, General Obligation Bonds3,4  02/01/36  0.000    1,387,733 
 7,500,000  City of Minneapolis MN/St Paul Housing & Redevelopment Authority, Revenue Bonds2,5  02/01/22  0.110    7,500,000 
 1,000,000  City of Minneapolis MN/St Paul Housing & Redevelopment Authority, Revenue Bonds2,5  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 Bonds1,2  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 Bonds2,5  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 Bonds1,2  03/01/50  5.000    3,909,502 
 400,000  Lancaster County Hospital Authority No 1, Revenue Bonds2,5  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 Bonds1,2  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 Bonds1,2  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 Bonds2,5  02/01/22  0.120    300,000 
 500,000  New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds2,5  02/01/22  0.120    500,000 
 2,400,000  New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds2,5  02/01/22  0.120    2,400,000 
 4,000,000  New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds2,5  02/01/22  0.120    4,000,000 
 4,000,000  New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds2,5  02/01/22  0.120    4,000,000 
 11,000,000  New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds2,5  02/01/22  0.120    11,000,000 
 2,500,000  New York City Water & Sewer System, Revenue Bonds2,5  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 Bonds2,5  02/01/22  0.120    2,100,000 
 3,500,000  Charlotte-Mecklenburg Hospital Authority, Revenue Bonds2,5  02/01/22  0.120    3,500,000 
 3,800,000  Charlotte-Mecklenburg Hospital Authority, Revenue Bonds2,5  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 Bonds2,5  02/01/22  0.100    2,800,000 
 14,500,000  Ohio Higher Educational Facility Commission, Revenue Bonds2,5  02/01/22  0.110    14,500,000 
 720,000  State of Ohio, Revenue Bonds2,5  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 Bonds2,5  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 Bonds1,2  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 Bonds1,2  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 Bonds1,2  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 Bonds1,2  02/15/51  0.820    2,441,377 
 5,000,000  Permanent University Fund - University of Texas System, Revenue Bonds2,5  02/07/22  0.030    5,000,000 
 2,000,000  Permanent University Fund - University of Texas System, Revenue Bonds2,5  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 Bonds2,5  02/07/22  0.040    1,200,000 
 500,000  Virginia College Building Authority, Revenue Bonds2,5  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 Bonds2,5  02/01/22  0.120    5,600,000 
 5,400,000  Wisconsin Health & Educational Facilities Authority, Revenue Bonds2,5  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)

 

 

1This variable rate security is based on a predetermined schedule and the rate at period end also represents the reference rate at period end.

2Variable 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.

3Security issued with zero coupon. Income is recognized through accretion of discount.

4Represent a security purchased on a when-issued basis.

5Variable 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.

6Security 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.

7The 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.