BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (24.5%)
$	10,000,000	AGL Core CLO 2, Ltd. 2019-2A (3-Month USD-LIBOR + 1.390%)1,2	04/20/32		6.198	%	$	9,921,426
	13,113,546	AIM Aviation Finance, Ltd. 2015-1A1	02/15/40		6.213			9,179,154
	7,748,186	AmeriCredit Automobile Receivables Trust 2021-3	02/18/25		0.410			7,703,000
	10,983,888	Amur Equipment Finance Receivables X LLC 2022-1A1	10/20/27		1.640			10,459,457
	14,300,000	ARI Fleet Lease Trust 2022-A1	01/15/31		3.120			14,066,364
	45,792,223	Audax Senior Debt CLO III LLC 2020-1A (3-Month USD-LIBOR + 1.610%)1,2	01/20/30		6.418			45,355,159
	5,199,227	Bankers Healthcare Group Securitization Trust 2020-A1	09/17/31		2.560			5,086,035
	28,119,504	BHG Securitization Trust 2022-A1	02/20/35		1.710			26,408,018
	12,410,000	BlackRock Elbert CLO V LLC 5A (3-Month CME Term SOFR + 1.850%)1,2	06/15/34		6.378			11,852,901
	8,343,528	BMW Vehicle Lease Trust 2022-1	05/28/24		0.670			8,292,250
	7,031,153	Business Jet Securities LLC 2020-1A1	11/15/35		2.981			6,451,294
	9,966,334	Business Jet Securities LLC 2022-1A1	06/15/37		4.455			9,416,842
	44,170,000	California Street CLO IX LP 2012-9A (3-Month USD-LIBOR + 1.100%)1,2	07/16/32		5.892			43,419,110
	29,280,000	Carlyle US CLO, Ltd. 2019-2A (3-Month USD-LIBOR + 1.120%)1,2 .	07/15/32		5.912			28,826,997
	10,616,512	CarMax Auto Owner Trust 2022-1	02/18/25		0.910			10,494,859
	20,521,894	CARS-DB4 LP 2020-1A1	02/15/50		3.190			19,386,415
	22,995,866	CF Hippolyta Issuer LLC 2020-11	07/15/60		1.690			20,780,796
	10,927,368	Chesapeake Funding II LLC 2020-1A1	08/15/32		0.870			10,830,451
	25,000,000	Churchill MMSLF CLO-I LP 2021-2A (3-Month USD-LIBOR + 1.450%)1,2	10/01/32		6.232			24,203,352
	8,607,740	CIG Auto Receivables Trust 2021-1A1	04/14/25		0.690			8,478,286
	41,731,189	Credit Acceptance Auto Loan Trust 2020-3A1	10/15/29		1.240			40,919,384
	12,445,000	Deerpath Capital CLO, Ltd. 2022-1A (3-Month CME Term SOFR + 1.950%)1,2	07/15/33		6.608			12,173,027
	29,325,070	Dell Equipment Finance Trust 2022-11	08/23/27		2.110			28,957,516
	15,607,774	Donlen Fleet Lease Funding 2 LLC 2021-21	12/11/34		0.560			15,150,460
	17,180,000	Dryden 93 CLO, Ltd. 2021-93A (3-Month USD-LIBOR + 1.080%)1,2	01/15/34		5.872			16,830,502
	4,469,674	ECAF I, Ltd. 2015-1A1	06/15/40		3.473			2,771,037
	17,170,000	Elm Trust 2020-3A1	08/20/29		2.954			16,101,669
	14,558,053	Enterprise Fleet Financing LLC 2022-11	01/20/28		3.030			14,196,047
	12,500,000	Enterprise Fleet Financing LLC 2022-41	10/22/29		5.760			12,631,187
	5,348,820	Exeter Automobile Receivables Trust 2022-2A	11/17/25		2.190			5,339,709
	13,000,000	Exeter Automobile Receivables Trust 2022-6A	11/17/25		5.730			13,012,229
	4,060,271	FCI Funding LLC 2021-1A1	04/15/33		1.130			3,987,811
	28,095,452	Finance of America HECM Buyout 2022-HB11,2,3	02/25/32		2.695			27,129,297
	50,300,000	Flexential Issuer 2021-1A1	11/27/51		3.250			45,533,034
	12,739,101	FNA LLC 2019-14	12/10/31		3.000			11,210,409
	7,940,147	Foursight Capital Automobile Receivables Trust 2022-11	09/15/25		1.150			7,817,113
	7,823,838	FREED ABS Trust 2022-2CP1	05/18/29		3.030			7,780,868
	21,282,864	Global SC Finance VII Srl 2020-1A1	10/17/40		2.170			19,316,990
	21,870,600	Global SC Finance VII Srl 2020-2A1	11/19/40		2.260			19,813,493
	9,194,387	GM Financial Consumer Automobile Receivables Trust 2022-1	02/18/25		0.760			9,081,109

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	50,750,000	Golub Capital Partners ABS Funding, Ltd. 2021-2A1	10/19/29		2.944	%	$	44,148,810
	16,755,812	HPEFS Equipment Trust 2022-1A1	05/21/29		1.020			16,501,551
	21,000,000	HTS Fund I LLC 2021-11	08/25/36		1.411			20,857,479
	14,739,327	Hyundai Auto Receivables Trust 2022-A	02/18/25		1.810			14,556,256
	26,102,095	Kubota Credit Owner Trust 2022-1A1	04/15/25		2.340			25,654,922
	17,703,682	LCM XXIV, Ltd. 24A (3-Month USD-LIBOR + 0.980%)1,2	03/20/30		5.788			17,475,715
	14,882,357	Lendmark Funding Trust 2019-2A1	04/20/28		2.780			14,564,716
	39,261,945	Madison Park Funding XXV, Ltd. 2017-25A (3-Month USD-LIBOR + 0.970%)1,2	04/25/29		5.788			38,880,892
	5,819,742	Mariner Finance Issuance Trust 2019-AA1	07/20/32		2.960			5,749,390
	16,460,000	Mariner Finance Issuance Trust 2020-AA1	08/21/34		2.190			15,779,639
	8,450,000	MCF CLO IX, Ltd. 2019-1A (3-Month CME Term SOFR + 1.500%)1,2	07/17/31		6.158			8,321,110
	41,880,000	Monroe Capital Income Plus ABS Funding LLC 2022-1A1	04/30/32		4.050			37,864,068
	12,410,000	Monroe Capital Mml CLO X, Ltd. 2020-1A (3-Month CME Term SOFR + 1.870%)1,2	05/20/34		6.154			12,033,893
	47,600,000	Neuberger Berman Loan Advisers CLO 34, Ltd. 2019-34A (3-Month CME Term SOFR + 1.240%)1,2	01/20/35		5.879			46,814,600
	40,570,000	New Residential Advance Receivables Trust Advance Receivables Backed 2020-T11	08/15/53		1.426			39,332,789
	30,640,000	NextGear Floorplan Master Owner Trust 2020-1A1	02/15/25		1.550			30,593,639
	17,690,000	NextGear Floorplan Master Owner Trust 2022-1A1	03/15/27		2.800			16,854,429
	32,865,089	NMEF Funding LLC 2022-A1	10/16/28		2.580			31,873,868
	30,000,000	Northwoods Capital XVIII, Ltd. 2019-18A (3-Month USD-LIBOR + 1.100%)1,2	05/20/32		5.775			29,521,275
	24,700,000	NRZ Advance Receivables Trust 2015-ON1 2020-T21	09/15/53		1.475			23,909,301
	32,920,000	Octagon Investment Partners 20-R, Ltd. 2019-4A (3-Month USD-LIBOR + 1.150%)1,2	05/12/31		5.800			32,531,251
	21,250,000	OnDeck Asset Securitization Trust III LLC 2021-1A1	05/17/27		1.590			19,604,345
	14,640,000	OneMain Financial Issuance Trust 2022-3A1	05/15/34		5.940			14,767,091
	13,350,000	OneMain Financial Issuance Trust 2022-S11	05/14/35		4.130			12,981,694
	17,441,763	Oportun Funding XIII LLC 2019-A1	08/08/25		3.080			17,002,449
	25,000,000	Oportun Issuance Trust 2022-A1	06/09/31		5.050			24,244,642
	56,210,000	Oportun Issuance Trust 2021-C1	10/08/31		2.180			50,504,944
	767,774	OSCAR US Funding XII LLC 2021-1A1	03/11/24		0.400			766,946
	5,917,556	OSCAR US Funding XIII LLC 2021-2A1	08/12/24		0.390			5,858,108
	25,978,496	OSCAR US Funding XIV LLC 2022-1A1	03/10/25		1.600			25,463,971
	25,930,000	Oxford Finance Funding LLC 2022-1A1	02/15/30		3.602			23,977,520
	42,899,555	Palmer Square Loan Funding, Ltd. 2022-1A (3-Month CME Term SOFR + 1.050%)1,2	04/15/30		5.682			42,177,272
	19,490,000	Parliament CLO II, Ltd. 2021-2A (3-Month USD-LIBOR + 1.350%)1,2	08/20/32		6.025			19,236,006
	3,181,222	Pawnee Equipment Receivables Series LLC 2020-11	11/17/25		1.370			3,145,056
	47,670,000	PFS Financing Corp. 2022-A1	02/15/27		2.470			45,321,485
	19,980,000	PFS Financing Corp. 2022-C1	05/15/27		3.890			19,516,584
	18,070,000	Regional Management Issuance Trust 2020-11	10/15/30		2.340			16,925,050
	16,470,000	Republic Finance Issuance Trust 2020-A1	11/20/30		2.470			15,677,610
	56,030,000	Republic Finance Issuance Trust 2021-A1	12/22/31		2.300			51,667,358
	8,384,836	Santander Drive Auto Receivables Trust 2022-1	12/16/24		1.360			8,373,134

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	34,490,000	Santander Revolving Auto Loan Trust 2019-A1	01/26/32		2.510	%	$	32,930,493
	28,546,629	SCF Equipment Leasing LLC 2022-1A1	02/22/28		2.060			27,809,273
	9,276,336	Shenton Aircraft Investment I, Ltd. 2015-1A1	10/15/42		4.750			7,189,160
	22,755,000	Southwick Park CLO LLC 2019-4A (3-Month USD-LIBOR + 1.060%)1,2	07/20/32		5.868			22,481,940
	49,790,382	Stack Infrastructure Issuer LLC 2019-1A1	02/25/44		4.540			48,694,202
	19,160,000	Stack Infrastructure Issuer LLC 2020-1A1	08/25/45		1.893			17,435,265
	21,403,923	SWC Funding LLC 2018-1A1	08/15/33		4.750			21,042,988
	50,790,000	Symphony CLO XXI, Ltd. 2019-21A (3-Month USD-LIBOR + 1.060%)1,2	07/15/32		5.852			49,999,266
	12,760,000	Synchrony Card Funding LLC 2022-A1	04/15/28		3.370			12,431,157
	10,543,387	Veros Auto Receivables Trust 2022-11	12/15/25		3.470			10,336,877
	22,313,186	VFI ABS LLC 2022-1A1	03/24/28		2.230			21,691,336
	13,123,451	Volkswagen Auto Loan Enhanced Trust 2021-1	10/21/24		0.490			12,999,081
	1,212,945	Westlake Automobile Receivables Trust 2021-1A1	10/15/24		0.390			1,210,698
	10,160,041	Westlake Automobile Receivables Trust 2021-2A1	04/15/25		0.320			10,067,539
	9,292,472	Westlake Automobile Receivables Trust 2021-3A1	09/16/24		0.570			9,235,747
	19,025,352	Westlake Automobile Receivables Trust 2022-1A1	12/16/24		1.970			18,838,123
	35,962,387	Wheels Fleet Lease Funding 1 LLC 2022-1A1	10/18/36		2.470			35,073,746
		Total Asset Backed Securities (Cost $2,042,351,031)						1,960,862,806
		COMMERCIAL MORTGAGE BACKED SECURITIES (5.7%)
	26,807,000	BB-UBS Trust 2012-TFT1,2,3	06/05/30		3.559			24,147,491
	20,300,000	BPR Trust 2022-OANA (1-Month CME Term SOFR + 1.898%)1,2	04/15/37		6.376			19,995,019
	11,673,746	BX Commercial Mortgage Trust 2019-XL (1-Month CME Term SOFR + 1.034%)1,2	10/15/36		5.513			11,622,789
	18,100,000	BX Commercial Mortgage Trust 2022-CSMO (1-Month CME Term SOFR + 2.115%)1,2	06/15/27		6.593			18,066,005
	51,135,720	BX Commercial Mortgage Trust 2022-LP2 (1-Month CME Term SOFR + 1.013%)1,2	02/15/39		5.491			50,086,911
	459,282	BX Trust 2019-RP (1-Month USD-LIBOR + 1.045%)1,2	06/15/34		5.504			452,745
	30,351,537	BXMT, Ltd. 2020-FL2 (1-Month CME Term SOFR + 1.014%)1,2	02/15/38		5.497			29,462,747
	20,990,000	BXMT, Ltd. 2020-FL3 (30-Day SOFR + 1.514%)1,2	11/15/37		5.810			20,990,000
	17,250,000	BXMT, Ltd. 2021-FL4 (1-Month USD-LIBOR + 1.050%)1,2	05/15/38		5.509			16,905,000
	31,329,000	CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 2.900%)1,2	11/15/31		7.359			28,289,965
	18,200,276	HPLY Trust 2019-HIT (1-Month USD-LIBOR + 1.000%)1,2	11/15/36		5.459			17,937,559
	23,600,000	Life Mortgage Trust 2022-BMR2 (1-Month CME Term SOFR + 1.295%)1,2	05/15/39		5.773			23,334,085
	17,986,565	Med Trust 2021-MDLN (1-Month USD-LIBOR + 0.950%)1,2	11/15/38		5.410			17,536,364
	33,690,000	MHC Commercial Mortgage Trust 2021-MHC (1-Month USD-LIBOR + 0.801%)1,2	04/15/38		5.260			33,089,365
	16,040,000	MTN Commercial Mortgage Trust 2022-LPFL (1-Month CME Term SOFR + 1.397%)1,2	03/15/39		5.875			15,733,974
	3,236,951	PFP, Ltd. 2021-7 (1-Month USD-LIBOR + 0.850%)1,2	04/14/38		5.309			3,192,443
	21,560,000	Ready Capital Mortgage Financing 2022-FL8 LLC (30-Day SOFR + 1.650%)1,2	01/25/37		5.960			21,095,373

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		COMMERCIAL MORTGAGE BACKED SECURITIES (continued)
$	46,350,000	SPGN 2022-TFLM Mortgage Trust (1-Month CME Term SOFR + 1.550%)1,2	02/15/39		6.028	%	$	44,336,899
	15,975,855	STWD, Ltd. 2019-FL1 1-Month CME Term SOFR + 1.194%)1,2	07/15/38		5.677			15,872,922
	24,300,000	Taubman Centers Commercial Mortgage Trust 2022-DPM (1-Month CME Term SOFR + 2.186%)1,2	05/15/37		6.664			23,769,213
	20,000,000	WMRK Commercial Mortgage Trust 2022-WMRK (1-Month CME Term SOFR + 2.789%)1,2	11/15/27		7.267			19,987,394
		Total Commercial Mortgage Backed Securities (Cost $468,312,113)						455,904,263
		CORPORATE BONDS (42.7%)
		AUTO MANUFACTURERS (0.8%)
	45,590,000	Daimler Truck Finance North America LLC (SOFR + 0.500%)1,2	06/14/23		4.780			45,560,786
	16,000,000	Daimler Truck Finance North America LLC1	01/17/25		5.200			16,082,653
								61,643,439
	19,530,000	BANKS (12.5%) Bank of America Corp. (SOFR + 0.670%)2	02/04/25		1.843			18,850,076
	51,125,000	Bank of Montreal	01/10/25		1.500			48,018,887
	34,710,000	Bank of New Zealand1	02/20/24		3.500			34,125,619
	19,870,000	Bank of New Zealand1	02/07/28		4.846			19,941,353
	58,070,000	Bank of Nova Scotia	03/11/24		2.440			56,572,900
	32,500,000	Bank of Nova Scotia (SOFR + 0.380%)2	07/31/24		4.559			32,376,028
	15,015,000	Bank of Nova Scotia	01/10/25		1.450			14,083,271
	33,540,000	Commonwealth Bank of Australia (SOFR + 0.400%)1,2	07/07/25		4.724			33,328,906
	65,000,000	DNB Bank ASA (1-Year CMT Index + 0.330%)1,2	09/30/25		0.856			60,290,630
	20,810,000	Goldman Sachs Group, Inc.	12/06/23		1.217			20,168,106
	29,665,000	HSBC Holdings, Plc. (SOFR + 0.534%)2	08/17/24		0.732			28,870,117
	33,350,000	HSBC Holdings, Plc. (SOFR + 1.929%)2	06/04/26		2.099			30,909,313
	5,780,000	HSBC Holdings, Plc. (SOFR + 3.030%)2	11/03/26		7.336			6,100,790
	24,145,000	Huntington National Bank (SOFR + 1.215%)2	11/18/25		5.699			24,418,849
	62,235,000	JPMorgan Chase & Co. (SOFR + 0.580%)2	03/16/24		0.697			61,872,092
	33,270,000	JPMorgan Chase & Co. (3-Month CME Term SOFR + 1.585%)2	03/13/26		2.005			31,297,691
	18,760,000	KeyBank NA	11/15/27		5.850			19,659,321
	33,923,000	Lloyds Banking Group, Plc.	03/12/24		3.900			33,525,858
	24,865,000	Lloyds Banking Group, Plc. (1-Year CMT Index + 1.600%)2	03/18/26		3.511			23,925,717
	17,755,000	Lloyds Banking Group, Plc. (1-Year CMT Index + 1.800%)2	03/18/28		3.750			16,872,262
	39,660,000	Mitsubishi UFJ Financial Group, Inc.	07/17/25		1.412			36,310,631
	42,665,000	Morgan Stanley (SOFR + 1.770%)2	10/16/26		6.138			43,951,912
	34,425,000	National Australia Bank, Ltd.	01/12/26		4.966			34,833,227
	24,915,000	Royal Bank of Canada	08/03/27		4.240			24,568,274
	16,070,000	Santander Holdings USA, Inc.	06/07/24		3.500			15,694,382
	26,360,000	Skandinaviska Enskilda Banken AB1	09/09/24		0.650			24,628,148
	10,085,000	State Street Corp. (SOFR + 1.353%)2	11/04/26		5.751			10,358,224
	14,435,000	Truist Financial Corp. (SOFR + 1.626%)2	10/28/26		5.900			14,860,065
	53,570,000	UBS Group AG (1-Year CMT Index + 1.550%)1,2	01/12/27		5.711			54,258,325
	42,990,000	US Bancorp (5-Year CMT Index + 2.541%)2,5			3.700			37,562,513

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		CORPORATE BONDS (continued) BANKS (continued)
$	22,750,000	US Bancorp (SOFR + 1.430%)2	10/21/26		5.727	%	$	23,375,319
	14,870,000	Wells Fargo & Co. (SOFR + 1.600%)2	06/02/24		1.654			14,695,133
	19,370,000	Wells Fargo & Co. (SOFR + 2.000%)2	04/30/26		2.188			18,222,380
	7,920,000	Wells Fargo & Co. (SOFR + 1.560%)2	08/15/26		4.540			7,843,391
	26,655,000	Westpac Banking Corp.	11/18/27		5.457			27,776,296
								1,004,146,006
		BEVERAGES (0.3%)
	8,175,000	Constellation Brands, Inc.	05/09/24		3.600			8,057,065
	15,335,000	Diageo Capital, Plc.	10/24/25		5.200			15,668,533
								23,725,598
		DIVERSIFIED FINANCIAL SERVICES (4.2%)
	11,426,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust	09/15/23		4.500			11,363,035
	47,945,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust	02/15/24		3.150			46,736,026
	21,450,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust	10/29/24		1.750			20,004,056
	14,330,000	American Express Co.	11/05/27		5.850			15,156,721
	33,230,000	Aviation Capital Group LLC1	12/15/24		5.500			32,910,929
	33,535,000	Avolon Holdings Funding, Ltd.1	01/15/26		5.500			32,964,000
	37,385,000	Bread Financial Holdings, Inc.1	12/15/24		4.750			33,926,887
	16,045,000	Capital One Financial Corp.	05/11/23		2.600			15,949,932
	45,285,000	Capital One Financial Corp. (SOFR + 0.690%)2	12/06/24		1.343			43,749,853
	14,430,000	Credit Acceptance Corp.1	12/31/24		5.125			13,475,870
	2,785,000	Credit Acceptance Corp.	03/15/26		6.625			2,548,275
	48,895,000	Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance1	02/15/26		3.875			45,097,189
	25,095,000	Strategic Credit Opportunities Partners LLC	04/01/26		4.250			22,721,490
								336,604,263
		ELECTRIC (4.1%)
	74,190,000	Alexander Funding Trust1	11/15/23		1.841			71,530,338
	16,025,000	Constellation Energy Generation LLC	06/01/25		3.250			15,422,006
	39,340,000	Duke Energy Corp. (SOFR + 0.250%)2	06/10/23		4.535			39,298,387
	48,502,579	Duke Energy Progress NC Storm Funding LLC	07/01/30		1.295			43,563,236
	61,690,000	Edison International (5-Year CMT Index + 4.698%)2,5			5.375			57,629,608
	10,000,000	Edison International	03/15/23		2.950			9,969,318
	25,345,000	New York State Electric & Gas Corp.	05/01/23		5.750			25,332,458
	27,010,000	Southern Co. (SOFR Index + 0.370%)2	05/10/23		4.491			26,989,224
	36,892,000	Vistra Operations Co. LLC1	09/01/26		5.500			35,930,697
								325,665,272
		HEALTHCARE-PRODUCTS (0.5%)
	45,636,000	Thermo Fisher Scientific, Inc.	10/18/23		0.797			44,341,521
		HEALTHCARE-SERVICES (0.7%)
	60,630,000	Sutter Health	08/15/25		1.321			55,462,027
		INSURANCE (9.2%)
	16,760,000	Athene Global Funding1	01/08/24		0.950			16,074,032
	18,000,000	Athene Global Funding1	01/14/25		2.500			17,018,488
	14,345,000	Athene Global Funding1	06/29/25		2.550			13,290,488
	84,507,000	Corebridge Global Funding1	09/13/23		0.400			82,119,513
	33,775,000	Equitable Financial Life Global Funding1	11/12/24		1.100			31,633,658
	59,274,000	F&G Global Funding1	09/20/24		0.900			54,799,171

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		CORPORATE BONDS (continued)
		INSURANCE (continued)
$	64,675,000	GA Global Funding Trust1	12/08/23		1.250	%	$	62,434,381
	50,000,000	GA Global Funding Trust (SOFR + 0.500%)1,2	09/13/24		4.791			48,732,000
	44,790,000	Met Tower Global Funding1	09/14/26		1.250			39,601,974
	73,445,000	New York Life Global Funding1	01/14/25		1.450			69,062,923
	74,165,000	Northwestern Mutual Global Funding1	03/25/24		0.600			70,725,599
	19,330,000	Pacific Life Global Funding II1	06/24/25		1.200			17,728,630
	37,180,000	Pricoa Global Funding I1	12/06/24		1.150			34,696,376
	47,175,000	Principal Life Global Funding II1	01/10/25		1.375			44,088,989
	29,855,000	Protective Life Global Funding1	07/05/24		0.781			28,098,519
	42,465,000	Protective Life Global Funding1	01/13/25		1.646			39,677,880
	37,290,000	SiriusPoint, Ltd.1	11/01/26		4.600			31,931,427
	31,750,000	United Insurance Holdings Corp.	12/15/27		7.250			15,875,000
	4,205,000	Universal Insurance Holdings, Inc.	11/30/26		5.625			3,740,203
	11,950,000	Vitality Re XIII, Ltd. (3-Month U.S. Treasury Bill +2.000%)1,2	01/06/26		6.608			11,292,750
								732,622,001
		INVESTMENT COMPANIES (7.3%)
	74,580,000	Ares Capital Corp.	02/10/23		3.500			74,544,094
	41,185,000	BlackRock TCP Capital Corp.	08/23/24		3.900			39,341,956
	46,600,000	Blackstone Private Credit Fund	09/15/24		1.750			43,530,302
	30,840,000	Blackstone Private Credit Fund	11/22/24		2.350			28,870,527
	24,645,000	Blackstone Secured Lending Fund	07/14/23		3.650			24,478,711
	9,654,000	Blackstone Secured Lending Fund	01/15/26		3.625			9,002,247
	18,375,000	Franklin BSP Lending Corp.1	12/15/24		4.850			17,461,440
	26,475,000	Franklin BSP Lending Corp.	03/30/26		3.250			23,407,601
	28,550,000	FS KKR Capital Corp.	07/15/24		4.625			28,005,855
	18,859,000	FS KKR Capital Corp.	02/01/25		4.125			18,148,473
	42,821,000	FS KKR Capital Corp.1	02/14/25		4.250			40,445,357
	39,855,000	Golub Capital BDC, Inc.	04/15/24		3.375			38,666,879
	49,650,000	Main Street Capital Corp.	05/01/24		5.200			49,356,273
	33,980,000	Main Street Capital Corp.	07/14/26		3.000			29,931,920
	31,201,000	Owl Rock Capital Corp.	04/15/24		5.250			30,976,325
	10,000,000	Owl Rock Capital Corp.	03/30/25		4.000			9,590,860
	27,070,000	Owl Rock Capital Corp. II1	11/26/24		4.625			25,925,514
	18,000,000	OWL Rock Core Income Corp.	09/23/26		3.125			15,701,265
	20,015,000	Owl Rock Technology Finance Corp.1	12/15/25		4.750			18,385,725
	17,345,000	PennantPark Investment Corp.	11/01/26		4.000			14,862,079
								580,633,403
	10,072,000	OIL & GAS (0.1%) Woodside Finance, Ltd.1	09/15/26		3.700			9,618,689
	16,986,000	PIPELINES (0.6%) EnLink Midstream Partners LP	06/01/25		4.150			16,365,671
	31,985,000	Northriver Midstream Finance LP1	02/15/26		5.625			30,705,600
								47,071,271
		REAL ESTATE INVESTMENT TRUSTS (1.0%)
	25,360,000	EF Holdco / EF Cayman Hold / Ellington Finance REIT Cayman / TRS / EF Cayman Non-MTM1	04/01/27		5.875			24,073,846
	23,540,000	HAT Holdings I LLC / HAT Holdings II LLC1	06/15/26		3.375			20,891,750

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		CORPORATE BONDS (continued) REAL ESTATE INVESTMENT TRUSTS (continued)
$	14,480,000	Realty Income Corp.	01/13/26		5.050	%	$	14,519,768
	19,215,000	Scentre Group Trust 1 / Scentre Group Trust 21	01/28/26		3.625			18,374,243
								77,859,607
	11,000,000	RETAIL (1.0%) Nordstrom, Inc.	04/08/24		2.300			10,440,320
	72,275,000	Walgreens Boots Alliance, Inc.	11/17/23		0.950			70,028,684
								80,469,004
	33,545,000	SEMICONDUCTORS (0.4%) ams-OSRAM AG1	07/31/25		7.000			32,288,161
		Total Corporate Bonds (Cost $3,574,976,778)						3,412,150,262
		LOAN PARTICIPATIONS AND ASSIGNMENTS (13.0%)
	36,085,000	AAdvantage Loyality IP, Ltd. (3-Month USD-LIBOR + 4.750%)2	04/20/28		9.558			37,026,458
	21,652,954	Allen Media LLC (3-Month CME Term SOFR + 5.500%)2	02/10/27		10.230			17,353,976
	20,781,564	Allspring Buyer LLC (3-Month USD-LIBOR + 3.000%)2	11/01/28		7.750			20,699,269
	6,688,238	Allspring Buyer LLC (3-Month CME Term SOFR + 3.750%)2	11/01/28		8.330			6,669,444
	46,693,978	Asplundh Tree Expert LLC (1-Month USD-LIBOR + 1.750%)2	09/07/27		6.320			46,621,136
	8,631,248	Avantor Funding, Inc. Term B5 (1-Month USD-LIBOR + 2.250%)2	11/08/27		6.820			8,621,581
	20,775,495	Avolon TLB Borrower 1 (US) LLC Term B3 (1-Month USD-LIBOR + 1.750%)2	01/15/25		6.236			20,798,140
	14,700,000	Avolon TLB Borrower 1 (US) LLC Term B5 (1-Month USD-LIBOR + 2.250%)2	12/01/27		6.736			14,715,729
	14,455,000	Axalta Coating Systems Dutch Holding B BV (Axalta Coating Systems U.S. Holdings, Inc.) Term B4 (3-Month CME Term SOFR + 3.000%)2	12/20/29		7.506			14,509,206
	10,306,453	BCP Renaissance Parent LLC Term B3 (1-Month CME Term SOFR + 3.500%)2	11/02/26		8.061			10,276,976
	35,883,508	Buckeye Partners LP Term B1 (1-Month USD-LIBOR + 2.250%)2	11/01/26		6.634			35,872,384
	36,071,858	Charter Communications Operating LLC Term B1 (1-Month USD-LIBOR + 1.750%)2	04/30/25		6.320			35,995,386
	24,491,572	Clarios Global LP (1-Month USD-LIBOR + 3.250%)2	04/30/26		7.820			24,373,522
	19,800,000	Clean Harbors, Inc. (1-Month USD-LIBOR + 2.000%)2	10/08/28		6.570			19,819,800
	25,891,030	Delos Finance S.a.r.l. (3-Month USD-LIBOR + 1.750%)2	10/06/23		6.480			25,881,709
	21,414,067	Eastern Power LLC (3-Month USD-LIBOR + 3.750%)2	10/02/25		8.480			18,930,036
	45,468,223	Elanco Animal Health, Inc. (1-Month USD-LIBOR + 1.750%)2	08/01/27		6.119			44,729,365
	21,704,193	Horizon Therapeutics USA, Inc. Term B2 (1-Month USD-LIBOR + 1.750%)2	03/15/28		6.313			21,704,193
	3,701,294	Icon Plc. (3-Month USD-LIBOR + 2.250%)2	07/03/28		7.000			3,699,925
	14,855,648	Icon Plc. (3-Month USD-LIBOR + 2.250%)2	07/03/28		7.000			14,850,152
	6,309,540	Iqvia, Inc. Term B2 (1-Month USD-LIBOR + 1.750%)2	01/17/25		6.320			6,297,741

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		LOAN PARTICIPATIONS AND ASSIGNMENTS (continued)
$	11,310,890	Iqvia, Inc. Term B3 (3-Month USD-LIBOR + 1.750%)2	06/11/25		6.480	%	$	11,293,245
	31,396,383	Iridium Satellite LLC Term B2 (1-Month CME Term SOFR + 2.500%)2	11/04/26		7.161			31,373,150
	32,913,207	Jazz Pharmaceuticals Plc. (1-Month USD-LIBOR + 3.500%)2	05/05/28		8.070			32,866,800
	49,132,999	Lumen Technologies, Inc. Term A (1-Month USD-LIBOR + 2.000%)2	01/31/25		6.570			48,129,703
	22,571,661	Lumen Technologies, Inc. Term B (1-Month USD-LIBOR + 2.250%)2	03/15/27		6.820			21,797,678
	36,325,188	MPH Acquisition Holdings LLC (3-Month USD-LIBOR + 4.250%)2	09/01/28		8.985			32,596,044
	38,305,663	NorthRiver Midstream Finance LP Term B (3-Month USD-LIBOR + 3.250%)2	10/01/25		8.004			38,243,990
	50,000,000	NVA Holdings Parent LLC (1-Month USD-LIBOR + 1.750%)2,4	12/16/24		6.375			48,985,000
	50,027,638	Organon & Co. (3-Month USD-LIBOR + 3.000%)2	06/02/28		7.750			49,875,553
	15,000,000	Setanta Aircraft Leasing DAC (3-Month USD-LIBOR + 2.000%)2	11/05/28		6.730			14,967,900
	42,750,000	SkyMiles IP, Ltd. (3-Month USD-LIBOR + 3.750%)2	10/20/27		8.558			44,166,307
	11,518,855	SS&C Technologies Holdings, Inc. Term B3 (1-Month USD-LIBOR + 1.750%)2	04/16/25		6.320			11,490,058
	9,381,382	SS&C Technologies Holdings, Inc. Term B4 (1-Month USD-LIBOR + 1.750%)2	04/16/25		6.320			9,357,928
	7,827,580	SS&C Technologies Holdings, Inc. Term B5 (1-Month USD-LIBOR + 1.750%)2	04/16/25		6.320			7,808,011
	17,355,525	UGI Energy Services LLC (1-Month USD-LIBOR + 3.500%)2	08/13/26		8.070			17,341,988
	47,774,063	United AirLines, Inc. Term B (3-Month USD-LIBOR + 3.750%)2	04/21/28		8.568			47,667,049
	20,705,180	Vistra Operations Co. LLC (fka Tex Operations Co. LLC) (1-Month USD-LIBOR + 1.750%)2	12/31/25		6.300			20,653,417
	41,357,776	Wyndham Hotels & Resorts, Inc. Term B (1-Month USD-LIBOR + 1.750%)2	05/30/25		6.320			41,299,461
	58,591,296	Wynn Resorts, Ltd. Term A (1-Month USD-LIBOR + 1.750%)2	09/20/24		6.324			57,419,470
		Total Loan Participations and Assignments
		(Cost $1,047,963,690)						1,036,778,880
		MUNICIPAL BONDS (1.7%)
	31,000,000	Kentucky Public Energy Authority, Revenue Bonds (SOFR + 1.200%)2	08/01/52		4.081			29,577,915
	10,710,000	Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds	12/15/26		6.250			11,382,281
	99,360,000	Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month USD-LIBOR + 0.690%)2	09/15/27		3.838			98,405,637
		Total Municipal Bonds
		(Cost $141,678,110)						139,365,833
		RESIDENTIAL MORTGAGE BACKED SECURITIES (0.8%)
	11,745,866	Cascade Funding Mortgage Trust 2019-RM31,2,3	06/25/69		2.800			11,367,265
	10,975,777	CFMT LLC 2021-HB51,2,3	02/25/31		0.801			10,607,534

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		RESIDENTIAL MORTGAGE BACKED SECURITIES (continued)
$	2,210,968	Pepper Residential Securities Trust No. 23A (1-Month USD-LIBOR + 0.950%)1,2	08/18/60		5.415	%	$	2,206,400
	1,281,630	Pepper Residential Securities Trust No. 24A (1-Month USD-LIBOR + 0.900%)1,2	11/18/60		5.365			1,278,764
	3,298,733	RESIMAC Premier 2019-2A (1-Month USD-LIBOR + 0.950%)1,2	02/10/51		5.352			3,277,896
	6,036,503	RESIMAC Premier 2020-1A (1-Month USD-LIBOR + 1.050%)1,2	02/07/52		5.445			6,017,141
	9,087,657	RESIMAC Premier 2021-1A (1-Month USD-LIBOR + 0.700%)1,2	07/10/52		5.102			9,011,585
	18,367,582	RMF Buyout Issuance Trust 2021-HB11,2,3	11/25/31		1.259			17,329,538
	6,888,045	RMF Proprietary Issuance Trust 2019-11,2,3	10/25/63		2.750			6,359,451
		Total Residential Mortgage Backed Securities (Cost $69,839,473)						67,455,574
	15,622,000	U.S. GOVERNMENT AGENCY OBLIGATIONS (2.9%) Federal Farm Credit Banks Funding Corp.	08/25/25		0.610			14,271,735
	45,000,000	Federal Home Loan Bank Discount Notes6	02/01/23		0.000			45,000,000
	12,000,000	Federal Home Loan Bank Discount Notes6	02/08/23		0.000			11,990,223
	36,000,000	Federal Home Loan Mortgage Corp.	05/19/23		0.250			35,523,436
	40,168,000	Federal Home Loan Mortgage Corp.	10/27/25		0.600			36,506,596
	26,490,000	Federal Home Loan Mortgage Corp.	10/27/25		0.625			24,092,241
	40,500,000	Federal Home Loan Mortgage Corp.	11/12/25		0.600			36,665,594
	24,040,000	Federal Home Loan Mortgage Corp.	11/25/25		0.625			21,759,886
	14,547	Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (1-Year USD-LIBOR + 1.786%)2	04/01/36		2.544			14,439
	12,695	Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (6-Month USD-LIBOR + 1.740%)2	12/01/36		3.865			12,393
	10,481	Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (1-Year USD-LIBOR + 1.745%)2	01/01/37		1.995			10,266
	2,759,131	Federal National Mortgage Association (FNMA)	07/01/35		5.000			2,835,477
	168,979	Federal National Mortgage Association (FNMA)	11/01/35		5.500			176,972
	21,790	Federal National Mortgage Association (FNMA) (1-Year USD-LIBOR + 1.955%)2	07/01/36		4.205			22,451
	32,508	Federal National Mortgage Association (FNMA) (1-Year USD-LIBOR + 1.721%)2	09/01/36		3.971			32,903
	25,430	Federal National Mortgage Association (FNMA) (1-Year USD-LIBOR + 1.755%)2	01/01/37		2.733			25,200
	160,227	Federal National Mortgage Association (FNMA)	08/01/37		5.500			167,938
	1,949,085	Federal National Mortgage Association (FNMA)	08/01/37		5.500			2,034,157
	751,255	Federal National Mortgage Association (FNMA)	06/01/40		6.500			806,478
	4,414	Government National Mortgage Association (GNMA) (1-Year CMT Index + 1.500%)2	08/20/29		2.625			4,329
		Total U.S. Government Agency Obligations (Cost $245,970,348)						231,952,714
	103,000,000	U.S. TREASURY BILLS (8.3%) U.S. Treasury Bill6	02/07/23		0.000			102,928,424
	140,700,000	U.S. Treasury Bill6	02/23/23		0.000			140,323,808

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)
January 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		U.S. TREASURY BILLS (continued)
$	120,500,000	U.S. Treasury Bill6	03/14/23		0.000	%	$	119,886,478
	155,000,000	U.S. Treasury Bill6	03/21/23		0.000			154,069,160
	106,900,000	U.S. Treasury Bill6	03/28/23		0.000			106,164,275
	36,000,000	U.S. Treasury Bill6	04/27/23		0.000			35,617,754
	7,000,000	U.S. Treasury Bill6,7	07/06/23		0.000			6,863,433
		Total U.S. Treasury Bills (Cost $665,846,454)						665,853,332
TOTAL INVESTMENTS (Cost $8,256,937,997)8					99.6	%	$	7,970,323,664
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES					0.4	%		30,052,600
NET ASSETS					100.0	%	$	8,000,376,264

1	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities owned at January 31, 2023 was $3,875,958,903 or 48.4% of net assets.
2	Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the January 31, 2023 coupon or interest rate.
3	This variable rate security is based on a predetermined schedule and the rate at period end also represents the reference rate at period end.
4	Security that used significant unobservable inputs to determine fair value.
5	Security is perpetual in nature and has no stated maturity date.
6	Security issued with zero coupon. Income is recognized through accretion of discount.
7	All or a portion of this security is held at the broker as collateral for open futures contracts.
8	The aggregate cost for federal income tax purposes is $8,256,937,997, the aggregate gross unrealized appreciation is $11,799,850 and the aggregate gross unrealized depreciation is $303,667,403, resulting in net unrealized depreciation of $291,867,553.

Abbreviations:

CMT	−	Constant Maturity Treasury.
FHLMC	−	Federal Home Loan Mortgage Corporation.
FNMA	−	Federal National Mortgage Association.
GNMA	−	Government National Mortgage Association.
LIBOR	−	London Interbank Offered Rate.
SOFR	−	Secured Overnight Financing Rate.

FINANCIAL FUTURES CONTRACTS

The following futures contracts were open at January 31, 2023:

Description	Number of Contracts		Expiration Date	Notional Amount		Market Value		Unrealized Gain / (Loss)
Contracts to Sell:
U.S. Treasury 2-Year Notes		1,012	March 2023	$	207,293,969	$	208,116,219	$	(822,250	)
U.S. Treasury 5-Year Notes		3,356	March 2023		362,185,813		366,616,783		(4,430,970	)
								$	(5,253,220	)

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)
January 31, 2023 (unaudited)

FAIR VALUE MEASUREMENTS

BBH Limited Duration 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 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 asset backed securities 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.

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)
January 31, 2023 (unaudited)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2023.

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 January 31, 2023
Asset Backed Securities	$	–		$	1,949,652,397	$	11,210,409	$	1,960,862,806
Commercial Mortgage Backed Securities		–			455,904,263		–		455,904,263
Corporate Bonds		–			3,412,150,262		–		3,412,150,262
Loan Participations and Assignments		–			987,793,880		48,985,000		1,036,778,880
Municipal Bonds		–			139,365,833		–		139,365,833
Residential Mortgage Backed Securities		–			67,455,574		–		67,455,574
U.S. Government Agency Obligations		–			231,952,714		–		231,952,714
U.S. Treasury Bills		–			665,853,332		–		665,853,332
Total Investment, at value	$	–		$	7,910,128,255	$	60,195,409	$	7,970,323,664
Other Financial Instruments, at value
Financial Futures Contracts	$	(5,253,220	)	$	–	$	–	$	(5,253,220	)
Other Financial Instruments, at value	$	(5,253,220	)	$	–	$	–	$	(5,253,220	)

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period ended January 31, 2023:

	Asset Backed Securities			Corporate Bonds			Loan Participations and Assignments		Total
Balance as of October 31, 2022	$	12,906,891		$	21,631,275		$	47,785,000	$	82,323,166
Purchases		-			-			-		-
Sales / Paydowns		(1,290,128	)		-			-		(1,290,128	)
Realized gains/(losses)		-			-			-		-
Change in unrealized appreciation/(depreciation)		(406,354	)		(5,756,275	)		1,168,382		(4,994,247	)
Amortization		-			-			31,618		31,618
Transfers from Level 3		-			(15,875,000	)		-		(15,875,000	)
Transfers to Level 3		-			-			-		-
Balance as of January 31, 2023	$	11,210,409		$	-		$	48,985,000	$	60,195,409

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

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

For more complete information on the Fund, call 1-800-575-1265 for a prospectus or visit www.bbhfunds.com. You should consider the Fund's investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Fund's prospectus, which you should read carefully before investing.

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