BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS
July 31, 2022 (unaudited)
| Principal Amount |
Maturity Date | Interest Rate | Value | |||||||||
| MUNICIPAL BONDS (107.1%) | ||||||||||||
| Arizona (0.4%) | ||||||||||||
| $ | 3,000,000 | County of Yavapai Industrial Development Authority, Revenue Bonds | 06/01/27 | 1.300 | % | $ | 2,706,474 | |||||
| 205,000 | Salt Verde Financial Corp., Revenue Bonds | 12/01/22 | 5.250 | 206,920 | ||||||||
| Total Arizona | 2,913,394 | |||||||||||
| California (9.2%) | ||||||||||||
| 3,750,000 | Allan Hancock Joint Community College District, General Obligation Bonds | 08/01/42 | 0.000 | 3,015,833 | ||||||||
| 1,000,000 | Anaheim City School District, General Obligation Bonds, NPFG1 | 08/01/26 | 0.000 | 905,498 | ||||||||
| 1,040,000 | Anaheim City School District, General Obligation Bonds, AGM, NPFG1 | 08/01/28 | 0.000 | 885,409 | ||||||||
| 2,140,000 | Anaheim City School District, General Obligation Bonds, AGM, NPFG1 | 08/01/29 | 0.000 | 1,756,653 | ||||||||
| 3,195,000 | Anaheim Public Financing Authority, Revenue Bonds, AGM1 | 09/01/30 | 0.000 | 2,482,940 | ||||||||
| 1,185,000 | California Pollution Control Financing Authority, Revenue Bonds2,3 | 11/01/40 | 3.125 | 1,196,126 | ||||||||
| 1,100,000 | California State Public Works Board, Revenue Bonds4 | 08/01/25 | 5.000 | 1,195,802 | ||||||||
| 1,470,000 | California State Public Works Board, Revenue Bonds4 | 08/01/26 | 5.000 | 1,636,810 | ||||||||
| 2,400,000 | California State Public Works Board, Revenue Bonds4 | 08/01/29 | 5.000 | 2,815,946 | ||||||||
| 2,785,000 | California State Public Works Board, Revenue Bonds4 | 08/01/30 | 5.000 | 3,308,677 | ||||||||
| 2,560,000 | California State Public Works Board, Revenue Bonds4 | 08/01/31 | 5.000 | 3,074,101 | ||||||||
| 2,000,000 | Center Unified School District, General Obligation Bonds, BAM1 | 08/01/31 | 0.000 | 1,530,468 | ||||||||
| 1,040,000 | Chaffey Joint Union High School District, General Obligation Bonds1 | 08/01/33 | 0.000 | 718,996 | ||||||||
| 1,000,000 | Chaffey Joint Union High School District, General Obligation Bonds1 | 02/01/34 | 0.000 | 675,403 | ||||||||
| 1,450,000 | Chino Valley Unified School District, General Obligation Bonds1 | 08/01/34 | 0.000 | 934,102 | ||||||||
| 2,200,000 | Chino Valley Unified School District, General Obligation Bonds1 | 08/01/35 | 0.000 | 1,346,779 | ||||||||
| 1,015,000 | Downey Unified School District, General Obligation Bonds1 | 08/01/33 | 0.000 | 709,344 | ||||||||
| 1,000,000 | Downey Unified School District, General Obligation Bonds1 | 08/01/35 | 0.000 | 638,844 | ||||||||
| 2,000,000 | Glendale Community College District, General Obligation Bonds1 | 08/01/32 | 0.000 | 1,427,579 | ||||||||
| 2,500,000 | Glendale Community College District, General Obligation Bonds1 | 08/01/33 | 0.000 | 1,702,393 | ||||||||
| 3,350,000 | Glendale Community College District, General Obligation Bonds1 | 08/01/35 | 0.000 | 2,075,545 | ||||||||
| 5,240,000 | Glendale Community College District, General Obligation Bonds1 | 08/01/36 | 0.000 | 3,094,334 | ||||||||
| 1,900,000 | Glendale Community College District, General Obligation Bonds | 08/01/37 | 0.000 | 1,066,327 | ||||||||
| 1,000,000 | Grossmont Healthcare District, General Obligation Bonds, AMBAC | 07/15/30 | 0.000 | 801,958 | ||||||||
| 1,100,000 | La Mesa-Spring Valley School District, General Obligation Bonds, NPFG1 | 08/01/26 | 0.000 | 998,016 | ||||||||
| 1,660,000 | Lake Tahoe Unified School District, General Obligation Bonds, NPFG1 | 08/01/27 | 0.000 | 1,454,760 | ||||||||
| 1,110,000 | Lake Tahoe Unified School District, General Obligation Bonds, NPFG1 | 08/01/30 | 0.000 | 869,415 | ||||||||
| 725,000 | Long Beach Bond Finance Authority, Revenue Bonds | 11/15/22 | 5.250 | 731,058 | ||||||||
| 755,000 | Long Beach Bond Finance Authority, Revenue Bonds (3-Month USD-LIBOR + 1.450%)3 | 11/15/27 | 2.396 | 716,887 | ||||||||
| 2,790,000 | Long Beach Community College District, General Obligation Bonds, AGM1 | 06/01/30 | 0.000 | 2,238,272 | ||||||||
| 1,255,000 | Mount Diablo Unified School District, General Obligation Bonds | 08/01/36 | 4.000 | 1,323,597 | ||||||||
| 8,365,000 | Northern California Gas Authority No 1, Revenue Bonds (3-Month USD-LIBOR + 0.720%)3 | 07/01/27 | 2.246 | 8,127,103 | ||||||||
| 1,725,000 | Oak Grove School District, General Obligation Bonds | 08/01/31 | 0.000 | 1,285,648 | ||||||||
| 1,030,000 | Oak Grove School District, General Obligation Bonds | 08/01/32 | 0.000 | 762,710 | ||||||||
| 1,050,000 | Oak Park Unified School District, General Obligation Bonds, AGM1 | 08/01/28 | 0.000 | 887,599 | ||||||||
| 1,310,000 | Palmdale Elementary School District, General Obligation Bonds, AGM1 | 08/01/36 | 0.000 | 799,527 | ||||||||
| 975,000 | Placer Union High School District, General Obligation Bonds, AGM1 | 08/01/30 | 0.000 | 771,537 | ||||||||
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2022 (unaudited)
| Principal Amount | Maturity Date |
Interest Rate |
Value | |||||||||
| MUNICIPAL BONDS (continued) | ||||||||||||
| California (continued) | ||||||||||||
| $ | 775,000 | Roseville Joint Union High School District, General Obligation Bonds, AGM1 | 08/01/30 | 0.000 | % | $ | 623,021 | |||||
| 1,035,000 | Roseville Joint Union High School District, General Obligation Bonds1 | 08/01/33 | 0.000 | 698,269 | ||||||||
| 1,385,000 | Rowland Unified School District, General Obligation Bonds1 | 08/01/33 | 0.000 | 854,281 | ||||||||
| 2,415,000 | San Diego Unified School District, General Obligation Bonds1 | 07/01/34 | 0.000 | 1,544,604 | ||||||||
| 3,000,000 | San Diego Unified School District, General Obligation Bonds1 | 07/01/37 | 0.000 | 1,662,070 | ||||||||
| 1,000,000 | Santa Ana Unified School District, General Obligation Bonds, NPFG1 | 08/01/24 | 0.000 | 956,662 | ||||||||
| 1,120,000 | Santa Rita Union School District, General Obligation Bonds, AGM1 | 08/01/33 | 0.000 | 767,517 | ||||||||
| 2,540,000 | State of California, General Obligation Bonds | 12/01/32 | 2.850 | 2,540,561 | ||||||||
| 1,040,000 | Windsor Unified School District, General Obligation Bonds1 | 08/01/33 | 0.000 | 711,264 | ||||||||
| Total California | 70,320,245 | |||||||||||
| Colorado (0.5%) | ||||||||||||
| 764,760 | Colorado Housing & Finance Authority, Revenue Bonds, GNMA | 11/01/48 | 4.200 | 775,206 | ||||||||
| 1,900,000 | E-470 Public Highway Authority, Revenue Bonds, NPFG1 | 09/01/25 | 0.000 | 1,754,569 | ||||||||
| 1,750,000 | E-470 Public Highway Authority, Revenue Bonds, NPFG1 | 09/01/27 | 0.000 | 1,517,828 | ||||||||
| Total Colorado | 4,047,603 | |||||||||||
| Connecticut (3.3%) | ||||||||||||
| 165,000 | Connecticut Housing Finance Authority, Revenue Bonds | 05/15/30 | 2.000 | 153,725 | ||||||||
| 450,000 | Connecticut Housing Finance Authority, Revenue Bonds | 11/15/30 | 2.050 | 417,843 | ||||||||
| 400,000 | Connecticut Housing Finance Authority, Revenue Bonds | 05/15/31 | 2.100 | 371,153 | ||||||||
| 2,290,000 | Connecticut Housing Finance Authority, Revenue Bonds | 11/15/41 | 4.000 | 2,335,892 | ||||||||
| 2,620,000 | Connecticut Housing Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 05/15/42 | 4.250 | 2,701,429 | ||||||||
| 2,105,000 | Connecticut Housing Finance Authority, Revenue Bonds | 11/15/45 | 3.500 | 2,132,185 | ||||||||
| 3,800,000 | Connecticut State Health & Educational Facilities Authority, Revenue Bonds2,3 | 07/01/35 | 0.375 | 3,666,284 | ||||||||
| 10,000,000 | Connecticut State Health & Educational Facilities Authority, Revenue Bonds2,3 | 07/01/49 | 1.100 | 9,699,793 | ||||||||
| 1,000,000 | State of Connecticut, General Obligation Bonds (SIFMA Municipal Swap Index Yield + 0.990%)3 | 03/01/25 | 2.320 | 1,015,021 | ||||||||
| 1,345,000 | State of Connecticut, General Obligation Bonds | 03/01/26 | 5.000 | 1,412,335 | ||||||||
| 1,085,000 | State of Connecticut Special Tax Revenue, Revenue Bonds | 05/01/36 | 4.000 | 1,123,147 | ||||||||
| Total Connecticut | 25,028,807 | |||||||||||
| District of Columbia (1.2%) | ||||||||||||
| 3,000,000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | 10/01/28 | 5.000 | 3,402,698 | ||||||||
| 2,000,000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | 10/01/29 | 5.000 | 2,282,965 | ||||||||
| 3,055,000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | 10/01/30 | 5.000 | 3,520,317 | ||||||||
| Total District of Columbia | 9,205,980 | |||||||||||
| Florida (4.3%) | ||||||||||||
| 5,250,000 | City of Jacksonville, Revenue Bonds | 10/01/29 | 5.000 | 6,179,036 | ||||||||
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2022 (unaudited)
| Principal Amount | Maturity Date | Interest Rate | Value | |||||||||
| MUNICIPAL BONDS (continued) | ||||||||||||
| Florida (continued) | ||||||||||||
| $ | 3,350,000 | City of Jacksonville, Revenue Bonds | 10/01/30 | 5.000 | % | $ | 3,991,745 | |||||
| 2,600,000 | City of Jacksonville, Revenue Bonds | 10/01/31 | 5.000 | 3,127,317 | ||||||||
| 2,660,000 | County of Broward Airport System Revenue, Revenue Bonds | 10/01/27 | 5.000 | 2,968,710 | ||||||||
| 1,600,000 | County of Broward Airport System Revenue, Revenue Bonds | 10/01/31 | 5.000 | 1,800,618 | ||||||||
| 1,015,000 | County of Hillsborough Solid Waste & Resource Recovery Revenue, Revenue Bonds | 09/01/24 | 5.000 | 1,077,653 | ||||||||
| 1,070,000 | Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/49 | 4.000 | 1,094,812 | ||||||||
| 3,320,000 | Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/50 | 4.250 | 3,416,865 | ||||||||
| 3,315,000 | Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/50 | 4.000 | 3,408,048 | ||||||||
| 1,000,000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/32 | 5.000 | 1,156,262 | ||||||||
| 2,000,000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/36 | 5.000 | 2,163,526 | ||||||||
| 300,000 | Hillsborough County Industrial Development Authority, Revenue Bonds3,5 | 08/01/22 | 1.500 | 300,000 | ||||||||
| 1,750,000 | State of Florida, General Obligation Bonds | 06/01/26 | 5.000 | 1,957,128 | ||||||||
| Total Florida | 32,641,720 | |||||||||||
| Georgia (3.2%) | ||||||||||||
| 5,000,000 | Development Authority of Burke County, Revenue Bonds2,3 | 01/01/40 | 1.500 | 4,841,665 | ||||||||
| 1,200,000 | Development Authority of Burke County, Revenue Bonds2,3 | 11/01/45 | 3.000 | 1,202,489 | ||||||||
| 2,715,000 | Development Authority of Burke County, Revenue Bonds2,3 | 11/01/45 | 3.250 | 2,749,632 | ||||||||
| 650,000 | Development Authority of Burke County, Revenue Bonds2,3 | 12/01/49 | 1.700 | 634,601 | ||||||||
| 345,000 | Georgia Municipal Electric Authority, Revenue Bonds | 01/01/25 | 5.000 | 367,647 | ||||||||
| 1,265,000 | Georgia Municipal Electric Authority, Revenue Bonds | 01/01/26 | 5.000 | 1,378,128 | ||||||||
| 800,000 | Georgia Municipal Electric Authority, Revenue Bonds | 01/01/27 | 5.000 | 884,154 | ||||||||
| 990,000 | Georgia Municipal Electric Authority, Revenue Bonds | 01/01/29 | 5.000 | 1,111,435 | ||||||||
| 2,700,000 | Georgia Municipal Electric Authority, Revenue Bonds | 01/01/29 | 5.000 | 3,026,847 | ||||||||
| 1,140,000 | Georgia Municipal Electric Authority, Revenue Bonds | 01/01/31 | 5.000 | 1,261,937 | ||||||||
| 1,000,000 | Georgia Municipal Electric Authority, Revenue Bonds | 01/01/33 | 5.000 | 1,090,522 | ||||||||
| 500,000 | Georgia Municipal Electric Authority, Revenue Bonds | 01/01/34 | 5.000 | 542,015 | ||||||||
| 1,750,000 | Monroe County Development Authority, Revenue Bonds | 07/01/25 | 2.250 | 1,713,606 | ||||||||
| 3,850,000 | Monroe County Development Authority, Revenue Bonds2,3 | 01/01/39 | 1.500 | 3,728,082 | ||||||||
| Total Georgia | 24,532,760 | |||||||||||
| Hawaii (1.3%) | ||||||||||||
| 2,250,000 | City & County of Honolulu, General Obligation Bonds4 | 11/01/23 | 5.000 | 2,346,041 | ||||||||
| 4,345,000 | City & County of Honolulu, General Obligation Bonds4 | 11/01/28 | 5.000 | 5,085,629 | ||||||||
| 2,000,000 | City & County of Honolulu, General Obligation Bonds4 | 11/01/29 | 5.000 | 2,375,448 | ||||||||
| Total Hawaii | 9,807,118 | |||||||||||
| Idaho (0.9%) | ||||||||||||
| 6,500,000 | Idaho Health Facilities Authority, Revenue Bonds3,5 | 08/01/22 | 1.960 | 6,500,000 | ||||||||
| Total Idaho | 6,500,000 | |||||||||||
| Illinois (3.4%) | ||||||||||||
| 5,000,000 | Illinois Finance Authority, Revenue Bonds3,5 | 08/01/22 | 1.620 | 5,000,000 | ||||||||
| 3,130,000 | Illinois Finance Authority, Revenue Bonds | 07/15/32 | 3.000 | 3,085,261 | ||||||||
| 1,340,000 | Illinois Finance Authority, Revenue Bonds | 08/15/32 | 5.000 | 1,538,948 | ||||||||
| 2,090,000 | Illinois Finance Authority, Revenue Bonds | 08/15/34 | 5.000 | 2,374,998 | ||||||||
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2022 (unaudited)
| Principal Amount | Maturity
Date | Interest Rate | Value | |||||||||
| MUNICIPAL BONDS (continued) | ||||||||||||
| Illinois (continued) | ||||||||||||
| $ | 1,000,000 | Illinois Finance Authority, Revenue Bonds | 02/15/36 | 5.000 | % | $ | 1,082,256 | |||||
| 2,470,000 | Illinois Finance Authority, Revenue Bonds | 08/15/36 | 4.000 | 2,496,989 | ||||||||
| 1,000,000 | Illinois State Toll Highway Authority, Revenue Bonds | 01/01/29 | 5.000 | 1,166,051 | ||||||||
| 2,135,000 | Metropolitan Pier & Exposition Authority, Revenue Bonds | 07/01/26 | 7.000 | 2,399,674 | ||||||||
| 985,000 | Railsplitter Tobacco Settlement Authority, Revenue Bonds | 06/01/26 | 5.000 | 1,082,383 | ||||||||
| 4,300,000 | Railsplitter Tobacco Settlement Authority, Revenue Bonds | 06/01/27 | 5.000 | 4,714,994 | ||||||||
| 870,000 | Railsplitter Tobacco Settlement Authority, Revenue Bonds | 06/01/28 | 5.000 | 948,742 | ||||||||
| Total Illinois | 25,890,296 | |||||||||||
| Indiana (2.7%) | ||||||||||||
| 1,665,000 | Indiana Bond Bank, Revenue Bonds (3-Month USD-LIBOR + 0.970%)3 | 10/15/22 | 2.653 | 1,661,646 | ||||||||
| 3,700,000 | Indiana Finance Authority, Revenue Bonds3,5 | 08/01/22 | 1.820 | 3,700,000 | ||||||||
| 2,000,000 | Indiana Finance Authority, Revenue Bonds2,3 | 12/01/58 | 2.250 | 2,004,284 | ||||||||
| 3,160,000 | Indiana Housing & Community Development Authority, Revenue Bonds | 01/01/49 | 3.750 | 3,230,025 | ||||||||
| 1,975,000 | Indiana Housing & Community Development Authority, Revenue Bonds, GNMA | 07/01/49 | 3.250 | 1,989,687 | ||||||||
| 7,000,000 | Indiana Housing & Community Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/52 | 4.750 | 7,528,964 | ||||||||
| Total Indiana | 20,114,606 | |||||||||||
| Iowa (1.5%) | ||||||||||||
| 2,020,000 | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/30 | 1.800 | 1,878,719 | ||||||||
| 310,000 | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/46 | 4.000 | 315,010 | ||||||||
| 460,000 | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/49 | 3.500 | 467,746 | ||||||||
| 3,420,000 | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/50 | 3.750 | 3,496,199 | ||||||||
| 5,435,000 | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/52 | 3.000 | 5,398,154 | ||||||||
| Total Iowa | 11,555,828 | |||||||||||
| Kentucky (2.1%) | ||||||||||||
| 5,000,000 | County of Trimble, Revenue Bonds | 11/01/27 | 1.350 | 4,613,184 | ||||||||
| 5,355,000 | Kentucky Public Energy Authority, Revenue Bonds2,3 | 12/01/49 | 4.000 | 5,502,944 | ||||||||
| 6,500,000 | Kentucky Public Energy Authority, Revenue Bonds (SOFR + 1.200%)3 | 08/01/52 | 2.728 | 6,105,485 | ||||||||
| Total Kentucky | 16,221,613 | |||||||||||
| Maryland (1.4%) | ||||||||||||
| 1,000,000 | State of Maryland Department of Transportation, Revenue Bonds4 | 12/01/23 | 5.000 | 1,037,535 | ||||||||
| 2,000,000 | State of Maryland Department of Transportation, Revenue Bonds4 | 12/01/26 | 5.000 | 2,233,363 | ||||||||
| 2,250,000 | State of Maryland Department of Transportation, Revenue Bonds4 | 12/01/27 | 5.000 | 2,563,889 | ||||||||
| 2,250,000 | State of Maryland Department of Transportation, Revenue Bonds4 | 12/01/28 | 5.000 | 2,603,581 | ||||||||
| 2,125,000 | State of Maryland Department of Transportation, Revenue Bonds4 | 12/01/29 | 5.000 | 2,496,214 | ||||||||
| Total Maryland | 10,934,582 | |||||||||||
| Massachusetts (1.8%) | ||||||||||||
| 5,000,000 | Massachusetts Clean Water Trust, Revenue Bonds (U.S. Consumer | |||||||||||
| Price Index + 0.990%)3 | 08/01/23 | 5.990 | 5,105,101 | |||||||||
| 1,180,000 | Massachusetts Development Finance Agency, Revenue Bonds | 07/01/35 | 4.000 | 1,206,825 | ||||||||
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2022 (unaudited)
| Principal
Amount | Maturity
Date | Interest Rate | Value | |||||||||
| MUNICIPAL BONDS (continued) | ||||||||||||
| Massachusetts (continued) | ||||||||||||
| $ | 6,250,000 | Massachusetts Development Finance Agency, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.600%)3,6 | 07/01/49 | 1.930 | % | $ | 6,206,180 | |||||
| 370,000 | Massachusetts Housing Finance Agency, Revenue Bonds | 06/01/34 | 3.300 | 363,177 | ||||||||
| 485,000 | Massachusetts Housing Finance Agency, Revenue Bonds | 12/01/36 | 3.450 | 477,840 | ||||||||
| 500,000 | Massachusetts Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 12/01/37 | 4.150 | 511,791 | ||||||||
| Total Massachusetts | 13,870,914 | |||||||||||
| Michigan (2.1%) | ||||||||||||
| 65,000 | Detroit City School District, General Obligation Bonds, BHAC, FGIC | 05/01/25 | 5.250 | 68,813 | ||||||||
| 325,000 | Detroit City School District, General Obligation Bonds, AGM | 05/01/27 | 5.250 | 371,716 | ||||||||
| 4,935,000 | Detroit City School District, General Obligation Bonds, AGM | 05/01/29 | 6.000 | 5,718,693 | ||||||||
| 1,550,000 | Detroit City School District, General Obligation Bonds, AGM | 05/01/30 | 5.250 | 1,862,194 | ||||||||
| 3,940,000 | Detroit City School District, General Obligation Bonds, AGM | 05/01/32 | 5.250 | 4,809,324 | ||||||||
| 1,195,000 | Michigan Finance Authority, Revenue Bonds | 05/01/28 | 5.000 | 1,318,608 | ||||||||
| 1,240,000 | Pontiac School District, General Obligation Bonds | 05/01/31 | 5.000 | 1,465,866 | ||||||||
| Total Michigan | 15,615,214 | |||||||||||
| Minnesota (4.7%) | ||||||||||||
| 1,400,000 | Becker Independent School District No 726, General Obligation Bonds1 | 02/01/32 | 0.000 | 1,039,509 | ||||||||
| 3,420,000 | Becker Independent School District No 726, General Obligation Bonds1 | 02/01/34 | 0.000 | 2,330,864 | ||||||||
| 2,770,000 | Becker Independent School District No 726, General Obligation Bonds1 | 02/01/35 | 0.000 | 1,804,466 | ||||||||
| 2,000,000 | Becker Independent School District No 726, General Obligation Bonds1 | 02/01/36 | 0.000 | 1,248,270 | ||||||||
| 1,300,000 | Duluth Independent School District No 709, General Obligation Bonds1 | 02/01/31 | 0.000 | 957,756 | ||||||||
| 1,050,000 | Duluth Independent School District No 709, General Obligation Bonds1 | 02/01/32 | 0.000 | 737,162 | ||||||||
| 1,035,000 | Duluth Independent School District No 709, General Obligation Bonds1 | 02/01/33 | 0.000 | 692,283 | ||||||||
| 740,000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/28 | 1.750 | 709,785 | ||||||||
| 1,445,000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/28 | 1.300 | 1,332,172 | ||||||||
| 1,945,000 | Minnesota Housing Finance Agency, Revenue Bonds | 01/01/31 | 2.200 | 1,787,353 | ||||||||
| 759,896 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/47 | 2.930 | 739,001 | ||||||||
| 594,951 | Minnesota Housing Finance Agency, Revenue Bonds, FHA, FHLMC, FNMA, GNMA | 01/01/49 | 3.600 | 593,633 | ||||||||
| 1,649,701 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/49 | 3.450 | 1,639,220 | ||||||||
| 693,089 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 06/01/49 | 3.150 | 682,948 | ||||||||
| 3,790,143 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/50 | 2.470 | 3,637,996 | ||||||||
| 945,000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/50 | 3.750 | 965,188 | ||||||||
| 1,925,000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/51 | 3.000 | 1,923,834 | ||||||||
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2022 (unaudited)
| Principal
Amount | Maturity
Date | Interest Rate | Value | |||||||||
| MUNICIPAL BONDS (continued) | ||||||||||||
| Minnesota (continued) | ||||||||||||
| $ | 1,000,000 | Sartell-St Stephen Independent School District No 748, General Obligation Bonds1 | 02/01/33 | 0.000 | % | $ | 702,082 | |||||
| 6,655,000 | Shakopee Independent School District No 720, General Obligation Bonds1 | 02/01/28 | 0.000 | 5,769,235 | ||||||||
| 5,155,000 | Shakopee Independent School District No 720, General ObligationBonds1 | 02/01/29 | 0.000 | 4,312,291 | ||||||||
| 2,250,000 | St Paul Independent School District No 625, Certificates of Participation | 02/01/32 | 2.000 | 2,012,035 | ||||||||
| Total Minnesota | 35,617,083 | |||||||||||
| Mississippi (0.1%) | ||||||||||||
| 1,000,000 | Mississippi Business Finance Corp., Revenue Bonds2,3 | 03/01/27 | 2.200 | 987,201 | ||||||||
| Total Mississippi | 987,201 | |||||||||||
| Missouri (0.4%) | ||||||||||||
| 3,000,000 | Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA | 11/01/52 | 4.750 | 3,216,746 | ||||||||
| Total Missouri | 3,216,746 | |||||||||||
| Montana (0.9%) | ||||||||||||
| 915,000 | Montana Board of Housing, Revenue Bonds | 12/01/43 | 4.000 | 935,926 | ||||||||
| 2,295,000 | Montana Board of Housing, Revenue Bonds | 12/01/51 | 3.000 | 2,290,221 | ||||||||
| 2,000,000 | Montana Board of Housing, Revenue Bonds | 06/01/52 | 3.000 | 1,989,396 | ||||||||
| 1,620,000 | Montana Board of Housing, Revenue Bonds | 12/01/52 | 5.000 | 1,755,376 | ||||||||
| Total Montana | 6,970,919 | |||||||||||
| Nebraska (2.9%) | ||||||||||||
| 2,515,000 | Central Plains Energy Project, Revenue Bonds | 09/01/27 | 5.000 | 2,521,686 | ||||||||
| 3,060,000 | Central Plains Energy Project, Revenue Bonds2,3 | 03/01/50 | 5.000 | 3,155,588 | ||||||||
| 10,000,000 | Central Plains Energy Project, Revenue Bonds2,3 | 05/01/53 | 5.000 | 10,766,604 | ||||||||
| 1,710,000 | Nebraska Investment Finance Authority, Revenue Bonds, FHLMC,FNMA, GNMA | 03/01/29 | 1.950 | 1,630,768 | ||||||||
| 1,710,000 | Nebraska Investment Finance Authority, Revenue Bonds, FHLMC,FNMA, GNMA | 03/01/33 | 1.950 | 1,496,190 | ||||||||
| 2,340,000 | Nebraska Investment Finance Authority, Revenue Bonds, FHLMC,FNMA, GNMA | 09/01/49 | 4.000 | 2,392,373 | ||||||||
| Total Nebraska | 21,963,209 | |||||||||||
| New Hampshire (0.1%) | ||||||||||||
| 1,000,000 | New Hampshire Business Finance Authority, Revenue Bonds | 08/01/24 | 3.125 | 1,003,949 | ||||||||
| Total New Hampshire | 1,003,949 | |||||||||||
| New Jersey (5.0%) | ||||||||||||
| 2,835,000 | Eastern Camden County Regional School District Board of Education, General Obligation Bonds | 08/15/24 | 1.000 | 2,761,923 | ||||||||
| 3,830,000 | New Jersey Economic Development Authority, Revenue Bonds (SIFMAMunicipal Swap Index Yield + 1.550%)3 | 09/01/27 | 2.880 | 3,832,990 | ||||||||
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2022 (unaudited)
| Principal
Amount | Maturity
Date | Interest Rate | Value | |||||||||
| MUNICIPAL BONDS (continued) | ||||||||||||
| New Jersey (continued) | ||||||||||||
| $ | 5,100,000 | New Jersey Economic Development Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 1.600%)3 | 03/01/28 | 2.930 | % | $ | 5,104,375 | |||||
| 3,525,000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds1 | 12/15/26 | 0.000 | 3,123,435 | ||||||||
| 1,380,000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds1 | 12/15/28 | 0.000 | 1,134,097 | ||||||||
| 7,000,000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds | 06/15/30 | 5.000 | 7,926,466 | ||||||||
| 4,405,000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds1 | 12/15/30 | 0.000 | 3,328,025 | ||||||||
| 11,325,000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds1 | 12/15/31 | 0.000 | 8,180,673 | ||||||||
| 1,375,000 | Rumson Boro School District, General Obligation Bonds | 07/15/33 | 2.000 | 1,183,022 | ||||||||
| 1,750,000 | Township of Ewing, General Obligation Bonds | 08/01/29 | 2.000 | 1,648,466 | ||||||||
| Total New Jersey | 38,223,472 | |||||||||||
| New Mexico (0.5%) | ||||||||||||
| 1,205,000 | New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/49 | 4.000 | 1,236,367 | ||||||||
| 2,675,000 | New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/51 | 3.500 | 2,716,169 | ||||||||
| Total New Mexico | 3,952,536 | |||||||||||
| New York (6.9%) | ||||||||||||
| 5,400,000 | City of New York, General Obligation Bonds3,5 | 08/01/22 | 1.890 | 5,400,000 | ||||||||
| 3,360,000 | City of New York, General Obligation Bonds | 08/01/37 | 4.000 | 3,479,545 | ||||||||
| 2,000,000 | Metropolitan Transportation Authority, Revenue Bonds (1-Month USD-LIBOR + 0.550%)3 | 11/01/30 | 1.698 | 1,994,283 | ||||||||
| 9,760,000 | Metropolitan Transportation Authority, Revenue Bonds (SOFR + 0.330%)3 | 11/01/35 | 1.858 | 9,528,608 | ||||||||
| 1,300,000 | New York City Municipal Water Finance Authority, Revenue Bonds3,5 | 08/01/22 | 1.890 | 1,300,000 | ||||||||
| 2,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds3,5 | 08/01/22 | 1.890 | 2,000,000 | ||||||||
| 4,300,000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds3,5 | 08/01/22 | 1.890 | 4,300,000 | ||||||||
| 4,400,000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds3,5 | 08/01/22 | 1.890 | 4,400,000 | ||||||||
| 750,000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 02/01/38 | 4.000 | 773,913 | ||||||||
| 3,055,000 | New York State Dormitory Authority, Revenue Bonds | 03/15/35 | 4.000 | 3,214,247 | ||||||||
| 3,440,000 | Port Authority of New York & New Jersey, Revenue Bonds | 08/01/31 | 5.000 | 3,988,412 | ||||||||
| 5,655,000 | Port Authority of New York & New Jersey, Revenue Bonds | 10/01/31 | 2.000 | 5,106,623 | ||||||||
| 3,315,000 | Triborough Bridge & Tunnel Authority, Revenue Bonds (SOFR + 0.380%)3 | 01/01/32 | 1.405 | 3,249,694 | ||||||||
| 865,000 | Triborough Bridge & Tunnel Authority, Revenue Bonds1 | 11/15/32 | 0.000 | 619,444 | ||||||||
| 4,755,000 | Triborough Bridge & Tunnel Authority, Revenue Bonds1 | 05/15/33 | 0.000 | 3,362,163 | ||||||||
| Total New York | 52,716,932 | |||||||||||
| North Carolina (2.7%) | ||||||||||||
| 3,400,000 | Charlotte-Mecklenburg Hospital Authority, Revenue Bonds3,5 | 08/08/22 | 1.870 | 3,400,000 | ||||||||
| 3,700,000 | Charlotte-Mecklenburg Hospital Authority, Revenue Bonds | 01/15/37 | 4.000 | 3,761,244 | ||||||||
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2022 (unaudited)
| Principal
Amount | Maturity
Date | Interest Rate | Value | |||||||||
| MUNICIPAL BONDS (continued) | ||||||||||||
| North Carolina (continued) | ||||||||||||
| $ | 520,000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/23 | 2.800 | % | $ | 521,760 | |||||
| 1,570,000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/28 | 1.100 | 1,450,842 | ||||||||
| 4,675,000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/48 | 4.000 | 4,791,294 | ||||||||
| 4,165,000 | North Carolina Housing Finance Agency, Revenue Bonds, FNMA, GNMA | 01/01/50 | 4.000 | 4,281,297 | ||||||||
| 2,375,000 | North Carolina Housing Finance Agency, Revenue Bonds | 07/01/50 | 4.000 | 2,445,398 | ||||||||
| Total North Carolina | 20,651,835 | |||||||||||
| North Dakota (1.5%) | ||||||||||||
| 1,000,000 | North Dakota Housing Finance Agency, Revenue Bonds | 01/01/29 | 1.650 | 930,730 | ||||||||
| 1,985,000 | North Dakota Housing Finance Agency, Revenue Bonds | 07/01/32 | 2.800 | 1,915,365 | ||||||||
| 1,015,000 | North Dakota Housing Finance Agency, Revenue Bonds | 01/01/49 | 4.250 | 1,046,516 | ||||||||
| 3,435,000 | North Dakota Housing Finance Agency, Revenue Bonds | 07/01/49 | 4.250 | 3,547,827 | ||||||||
| 3,500,000 | North Dakota Housing Finance Agency, Revenue Bonds | 01/01/53 | 4.000 | 3,632,161 | ||||||||
| Total North Dakota | 11,072,599 | |||||||||||
| Ohio (3.2%) | ||||||||||||
| 1,090,000 | Miami University of Oxford, Revenue Bonds | 09/01/29 | 5.000 | 1,273,640 | ||||||||
| 700,000 | Miami University of Oxford, Revenue Bonds | 09/01/31 | 5.000 | 836,765 | ||||||||
| 1,470,000 | Miami University of Oxford, Revenue Bonds | 09/01/32 | 5.000 | 1,743,580 | ||||||||
| 6,000,000 | Ohio Air Quality Development Authority, Revenue Bonds2,3 | 11/01/39 | 4.250 | 6,184,751 | ||||||||
| 2,000,000 | Ohio Turnpike & Infrastructure Commission, Revenue Bonds4 | 02/15/29 | 5.000 | 2,307,303 | ||||||||
| 2,000,000 | Ohio Turnpike & Infrastructure Commission, Revenue Bonds4 | 02/15/30 | 5.000 | 2,339,685 | ||||||||
| 2,550,000 | Ohio Turnpike & Infrastructure Commission, Revenue Bonds4 | 02/15/31 | 5.000 | 3,019,767 | ||||||||
| 2,000,000 | Ohio Turnpike & Infrastructure Commission, Revenue Bonds4 | 02/15/32 | 5.000 | 2,386,251 | ||||||||
| 2,150,000 | State of Ohio, General Obligation Bonds | 03/01/34 | 5.000 | 2,569,488 | ||||||||
| 500,000 | State of Ohio, Revenue Bonds3,5 | 08/01/22 | 1.950 | 500,000 | ||||||||
| 1,000,000 | State of Ohio, Revenue Bonds | 01/01/36 | 4.000 | 1,028,393 | ||||||||
| Total Ohio | 24,189,623 | |||||||||||
| Oklahoma (0.8%) | ||||||||||||
| 3,350,000 | Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/49 | 4.000 | 3,444,031 | ||||||||
| 2,865,000 | Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/50 | 3.250 | 2,886,848 | ||||||||
| Total Oklahoma | 6,330,879 | |||||||||||
| Oregon (3.8%) | ||||||||||||
| 7,600,000 | Clackamas & Washington Counties School District No 3, General Obligation Bonds1 | 06/15/35 | 0.000 | 4,879,494 | ||||||||
| 1,020,000 | Clackamas County School District No 115, General Obligation Bonds1 | 06/15/27 | 0.000 | 911,553 | ||||||||
| 1,670,000 | Lane County School District No 1 Pleasant Hill, General Obligation Bonds1 | 06/15/27 | 0.000 | 1,480,287 | ||||||||
| 1,445,000 | Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow, General Obligation Bonds1 | 06/15/32 | 0.000 | 1,053,864 | ||||||||
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2022 (unaudited)
| Principal
Amount |
Maturity
Date | Interest
Rate |
Value |
|||||||||
| MUNICIPAL BONDS (continued) | ||||||||||||
| Oregon (continued) | ||||||||||||
| $ | 1,500,000 | Salem-Keizer School District No 24J, General Obligation Bonds1 | 06/15/26 | 0.000 | % | $ | 1,370,282 | |||||
| 5,000,000 | Salem-Keizer School District No 24J, General Obligation Bonds1 | 06/15/27 | 0.000 | 4,440,532 | ||||||||
| 1,500,000 | Salem-Keizer School District No 24J, General Obligation Bonds1 | 06/15/28 | 0.000 | 1,290,268 | ||||||||
| 2,745,000 | Salem-Keizer School District No 24J, General Obligation Bonds1 | 06/15/28 | 0.000 | 2,352,996 | ||||||||
| 1,045,000 | Salem-Keizer School District No 24J, General Obligation Bonds1 | 06/15/31 | 0.000 | 798,386 | ||||||||
| 1,000,000 | Salem-Keizer School District No 24J, General Obligation Bonds1 | 06/15/33 | 0.000 | 700,960 | ||||||||
| 1,045,000 | Salem-Keizer School District No 24J, General Obligation Bonds1 | 06/15/35 | 0.000 | 669,235 | ||||||||
| 1,500,000 | State of Oregon, General Obligation Bonds | 05/01/30 | 5.000 | 1,802,770 | ||||||||
| 5,000,000 | Umatilla County School District No 8R Hermiston, General Obligation Bonds1 | 06/15/32 | 0.000 | 3,671,712 | ||||||||
| 2,225,000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds1 | 06/15/33 | 0.000 | 1,484,826 | ||||||||
| 1,500,000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds1 | 06/15/31 | 0.000 | 1,127,555 | ||||||||
| 1,055,000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds1 | 06/15/33 | 0.000 | 723,316 | ||||||||
| Total Oregon | 28,758,036 | |||||||||||
| Other Territory (0.2%) | ||||||||||||
| 1,840,000 | FHLMC Multifamily VRD Certificates, Revenue Bonds | 05/15/27 | 2.304 | 1,756,438 | ||||||||
| Total Other Territory | 1,756,438 | |||||||||||
| Pennsylvania (4.2%) | ||||||||||||
| 85,000 | Allegheny County Airport Authority, Revenue Bonds, FGIC | 01/01/23 | 5.000 | 86,182 | ||||||||
| 5,780,000 | Bethlehem Area School District Authority, Revenue Bonds (SOFR + 0.350%)3 | 07/01/31 | 1.375 | 5,567,109 | ||||||||
| 1,000,000 | New Kensington-Arnold School District, General Obligation Bonds, BAM | 05/15/28 | 2.500 | 1,001,343 | ||||||||
| 10,000 | Pennsbury School District, General Obligation Bonds | 08/01/27 | 4.000 | 10,938 | ||||||||
| 10,700,000 | Pennsylvania Economic Development Financing Authority, Revenue | |||||||||||
| Bonds2,3 | 08/01/37 | 0.580 | 10,137,944 | |||||||||
| 1,610,000 | School District of Philadelphia, General Obligation Bonds | 09/01/28 | 5.000 | 1,841,677 | ||||||||
| 1,090,000 | School District of Philadelphia, General Obligation Bonds | 09/01/34 | 5.000 | 1,242,277 | ||||||||
| 2,500,000 | School District of Philadelphia, General Obligation Bonds | 09/01/34 | 5.000 | 2,672,473 | ||||||||
| 2,210,000 | State Public School Building Authority, Revenue Bonds, AGM | 06/01/32 | 5.000 | 2,443,464 | ||||||||
| 6,255,000 | State Public School Building Authority, Revenue Bonds, AGM | 06/01/33 | 5.000 | 6,904,934 | ||||||||
| Total Pennsylvania | 31,908,341 | |||||||||||
| South Carolina (1.1%) | ||||||||||||
| 870,000 | South Carolina State Housing Finance & Development Authority, Revenue Bonds | 07/01/34 | 2.650 | 827,395 | ||||||||
| 7,500,000 | South Carolina State Housing Finance & Development Authority, Revenue Bonds | 01/01/52 | 4.000 | 7,782,985 | ||||||||
| Total South Carolina | 8,610,380 | |||||||||||
| South Dakota (2.5%) | ||||||||||||
| 1,500,000 | South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 11/01/32 | 3.400 | 1,515,963 | ||||||||
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2022 (unaudited)
| Principal
Amount |
Maturity
Date | Interest
Rate |
Value |
|||||||||
| MUNICIPAL BONDS (continued) | ||||||||||||
| South Dakota (continued) | ||||||||||||
| $ | 215,000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/44 | 4.000 | % | $ | 216,976 | |||||
| 1,660,000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/46 | 3.500 | 1,676,749 | ||||||||
| 1,920,000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/48 | 4.500 | 1,991,146 | ||||||||
| 2,780,000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/49 | 4.000 | 2,857,755 | ||||||||
| 5,035,000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/50 | 3.750 | 5,139,052 | ||||||||
| 5,000,000 | South Dakota Housing Development Authority, Revenue Bonds | 05/01/53 | 5.000 | 5,417,828 | ||||||||
| Total South Dakota | 18,815,469 | |||||||||||
| Tennessee (1.7%) | ||||||||||||
| 4,000,000 | New Memphis Arena Public Building Authority, Revenue Bonds | 04/01/29 | 0.000 | 3,740,997 | ||||||||
| 1,750,000 | New Memphis Arena Public Building Authority, Revenue Bonds1 | 04/01/33 | 0.000 | 1,166,454 | ||||||||
| 3,000,000 | New Memphis Arena Public Building Authority, Revenue Bonds1 | 04/01/35 | 0.000 | 1,806,602 | ||||||||
| 1,000,000 | Tennessee Energy Acquisition Corp., Revenue Bonds | 11/01/28 | 5.000 | 1,093,805 | ||||||||
| 1,915,000 | Tennessee Housing Development Agency, Revenue Bonds | 01/01/47 | 3.500 | 1,931,013 | ||||||||
| 3,000,000 | Tennessee Housing Development Agency, Revenue Bonds | 01/01/53 | 5.000 | 3,250,582 | ||||||||
| Total Tennessee | 12,989,453 | |||||||||||
| Texas (18.5%) | ||||||||||||
| 1,000,000 | Alvarado Independent School District, General Obligation Bonds4 | 02/15/36 | 4.000 | 1,050,263 | ||||||||
| 1,000,000 | Alvarado Independent School District, General Obligation Bonds4 | 02/15/37 | 4.000 | 1,045,540 | ||||||||
| 1,350,000 | Belton Independent School District, General Obligation Bonds | 02/15/38 | 4.000 | 1,403,163 | ||||||||
| 1,395,000 | City of Austin Airport System Revenue, Revenue Bonds | 11/15/31 | 5.000 | 1,616,370 | ||||||||
| 1,120,000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/24 | 5.000 | 1,178,431 | ||||||||
| 1,170,000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/25 | 5.000 | 1,259,194 | ||||||||
| 3,820,000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/28 | 5.000 | 4,292,953 | ||||||||
| 500,000 | City of San Antonio Electric & Gas Systems Revenue, Revenue Bonds2,3 | 02/01/48 | 2.750 | 501,823 | ||||||||
| 8,000,000 | City of San Antonio Electric & Gas Systems Revenue, Revenue Bonds2,3 | 02/01/49 | 2.000 | 7,766,440 | ||||||||
| 450,000 | Crandall Independent School District, General Obligation Bonds1 | 08/15/26 | 0.000 | 409,328 | ||||||||
| 140,000 | Crandall Independent School District, General Obligation Bonds1 | 08/15/27 | 0.000 | 123,752 | ||||||||
| 4,330,000 | Fort Bend Independent School District, General Obligation Bonds2,3 | 08/01/51 | 0.720 | 4,052,894 | ||||||||
| 1,750,000 | Goose Creek Consolidated Independent School District, General Obligation Bonds2,3 | 02/15/35 | 0.600 | 1,638,961 | ||||||||
| 2,000,000 | Harris County Cultural Education Facilities Finance Corp., Revenue Bonds | 10/01/37 | 4.000 | 2,045,101 | ||||||||
| 5,570,000 | Harris County Cultural Education Facilities Finance Corp., Revenue Bonds2,3 | 06/01/50 | 5.000 | 6,339,589 | ||||||||
| 1,000,000 | Hays Consolidated Independent School District, General Obligation Bonds | 02/15/27 | 5.000 | 1,134,317 | ||||||||
| 3,455,000 | Leander Independent School District, General Obligation Bonds1 | 08/15/29 | 0.000 | 2,617,089 | ||||||||
| 3,380,000 | Little Elm Independent School District, General Obligation Bonds2,3 | 08/15/48 | 0.680 | 3,241,559 | ||||||||
| 1,025,000 | Love Field Airport Modernization Corp., Revenue Bonds | 11/01/25 | 5.000 | 1,111,008 | ||||||||
| 3,400,000 | Love Field Airport Modernization Corp., Revenue Bonds | 11/01/25 | 5.000 | 3,663,161 | ||||||||
| 6,250,000 | Medina Valley Independent School District, General Obligation Bonds2,3 | 02/15/51 | 0.820 | 5,862,181 | ||||||||
| 7,800,000 | Northside Independent School District, General Obligation Bonds2,3 | 06/01/50 | 0.700 | 7,479,773 | ||||||||
| 5,000,000 | Northside Independent School District, General Obligation Bonds2,3 | 06/01/52 | 2.000 | 4,862,769 | ||||||||
| 3,955,000 | State of Texas, General Obligation Bonds | 08/01/30 | 4.500 | 4,447,194 | ||||||||
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2022 (unaudited)
| Principal
Amount |
Maturity
Date | Interest
Rate |
Value |
|||||||||
| MUNICIPAL BONDS (continued) | ||||||||||||
| Texas (continued) | ||||||||||||
| $ | 3,000,000 | State of Texas, General Obligation Bonds | 08/01/31 | 5.000 | % | $ | 3,593,470 | |||||
| 3,597,518 | Texas Department of Housing & Community Affairs, Revenue Bonds, FNMA | 03/01/35 | 3.400 | 3,515,105 | ||||||||
| 950,000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 09/01/35 | 2.150 | 817,203 | ||||||||
| 2,170,000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 07/01/37 | 2.150 | 1,807,310 | ||||||||
| 10,377,789 | Texas Department of Housing & Community Affairs, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/47 | 2.835 | 10,164,037 | ||||||||
| 1,095,000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 03/01/50 | 4.000 | 1,132,604 | ||||||||
| 2,000,000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 03/01/51 | 3.500 | 2,034,327 | ||||||||
| 10,360,000 | Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds (3-Month USD-LIBOR + 0.700%)3 | 12/15/26 | 1.925 | 10,160,381 | ||||||||
| 10,095,000 | Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds | 12/15/26 | 6.250 | 10,911,545 | ||||||||
| 3,765,000 | Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.550%)3 | 09/15/27 | 1.880 | 3,701,379 | ||||||||
| 12,255,000 | Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month USD-LIBOR + 0.690%)3 | 09/15/27 | 1.897 | 11,859,676 | ||||||||
| 11,920,000 | Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month USD-LIBOR + 0.870%)3 | 09/15/27 | 2.095 | 11,581,994 | ||||||||
| Total Texas | 140,421,884 | |||||||||||
| Utah (0.7%) | ||||||||||||
| 2,260,000 | Utah State Building Ownership Authority, Revenue Bonds | 05/15/33 | 5.000 | 2,687,309 | ||||||||
| 2,300,000 | Utah State Building Ownership Authority, Revenue Bonds | 05/15/35 | 5.000 | 2,706,764 | ||||||||
| Total Utah | 5,394,073 | |||||||||||
| Virginia (2.3%) | ||||||||||||
| 2,750,000 | Amelia County Industrial Development Authority, Revenue Bonds | 04/01/27 | 1.450 | 2,507,079 | ||||||||
| 1,445,000 | Virginia Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 12/01/31 | 1.900 | 1,291,324 | ||||||||
| 3,525,000 | Virginia Public Building Authority, Revenue Bonds | 08/01/37 | 4.000 | 3,718,842 | ||||||||
| 1,305,000 | Virginia Public School Authority, Revenue Bonds | 08/01/26 | 5.000 | 1,465,957 | ||||||||
| 8,700,000 | Wise County Industrial Development Authority, Revenue Bonds2,3 | 10/01/40 | 0.750 | 8,280,263 | ||||||||
| Total Virginia | 17,263,465 | |||||||||||
| Washington (0.9%) | ||||||||||||
| 2,900,000 | County of King, General Obligation Bonds3,5 | 08/01/22 | 1.890 | 2,900,000 | ||||||||
| 425,000 | Port of Seattle, Revenue Bonds | 06/01/27 | 3.750 | 429,640 | ||||||||
| 1,150,000 | State of Washington, General Obligation Bonds | 08/01/26 | 5.000 | 1,291,367 | ||||||||
| 1,345,000 | State of Washington, General Obligation Bonds, NPFG1 | 06/01/30 | 0.000 | 1,081,526 | ||||||||
| 50,000 | Washington State Housing Finance Commission, Revenue Bonds | 06/01/44 | 3.500 | 50,199 | ||||||||
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2022 (unaudited)
| Principal
Amount |
Maturity
Date | Interest
Rate |
Value |
|||||||||
| MUNICIPAL BONDS (continued) | ||||||||||||
| Washington (continued) | ||||||||||||
| $ | 830,000 | Washington State Housing Finance Commission, Revenue Bonds, FHLMC, FNMA, GNMA | 12/01/47 | 4.000 | % | $ | 839,079 | |||||
| Total Washington | 6,591,811 | |||||||||||
| Wisconsin (1.7%) | ||||||||||||
| 300,000 | County of Milwaukee Airport Revenue, Revenue Bonds | 12/01/28 | 5.250 | 310,995 | ||||||||
| 7,000,000 | State of Wisconsin, General Obligation Bonds4 | 05/01/27 | 5.000 | 7,756,604 | ||||||||
| 1,650,000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds3,5 | 08/01/22 | 1.820 | 1,650,000 | ||||||||
| 3,000,000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds | 08/15/36 | 4.000 | 3,047,802 | ||||||||
| Total Wisconsin | 12,765,401 | |||||||||||
| Wyoming (0.5%) | ||||||||||||
| 2,320,000 | Wyoming Community Development Authority, Revenue Bonds | 12/01/48 | 4.000 | 2,381,169 | ||||||||
| 1,365,000 | Wyoming Community Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 06/01/50 | 3.000 | 1,364,914 | ||||||||
| Total Wyoming | 3,746,083 | |||||||||||
| Total
Municipal Bonds (Cost $831,297,681) | 815,118,497 | |||||||||||
| SHORT-TERM MUNICIPAL BONDS (0.0%) | ||||||||||||
| Pennsylvania (0.0%) | ||||||||||||
| 315,000 | Pennsbury School District, General Obligation Bonds | 08/01/22 | 4.000 | 315,000 | ||||||||
| Total Pennsylvania | 315,000 | |||||||||||
| Total
Short-term Municipal Bonds (Cost $315,000) | 315,000 | |||||||||||
| TOTAL INVESTMENTS (Identified cost $831,612,681)7 | 107.1 | % | $ | 815,433,497 | ||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS | (7.1 | )% | (54,312,824 | ) | ||||||||
| NET ASSETS | 100.00 | % | $ | 761,120,673 | ||||||||
| 1 | Security issued with zero coupon. Income is recognized through accretion of discount. |
| 2 | This variable rate security is based on a predetermined schedule and the rate at period end also represents the reference rate at period end. |
| 3 | Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the July 31, 2022 coupon or interest rate. |
| 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 July 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 July 31, 2022 was $6,206,180 or 0.8% of net assets. |
| 7 | The aggregate cost for federal income tax purposes is $831,612,681, the aggregate gross unrealized appreciation is $7,375,117 and the aggregate gross unrealized depreciation is $23,554,301, resulting in net unrealized depreciation of $16,179,184. |
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2022 (unaudited)
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)
July 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 July 31, 2022.
| Investments, at value | Unadjusted
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant
Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance
as of’ July 31, 2021 | ||||||||
| Municipal Bonds | $ | – | $ | 815,118,497 | $ | – | $ | 815,118,497 | ||||
| Short-term Municipal Bonds* | – | 315,000 | – | 315,000 | ||||||||
| Total Investment, at value | $ | – | $ | 815,433,497 | $ | – | $ | 815,433,497 | ||||
* For geographical breakdown of municipal bond investments, refer to the Portfolio Investments.
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 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.