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.