BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS

July 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (22.8%)
$	10,000,000	AGL Core CLO 2, Ltd. 2019-2A (3-Month CME Term SOFR + 1.652%)1,2	04/20/32		6.978	%	$	9,993,326
	10,378,861	AIM Aviation Finance, Ltd. 2015-1A1	02/15/40		6.213			6,258,650
	8,198,097	Amur Equipment Finance Receivables X LLC 2022-1A1	10/20/27		1.640			7,877,893
	8,000,000	Amur Equipment Finance Receivables XII LLC 2023-1A1	12/20/29		6.090			7,983,277
	8,985,404	ARI Fleet Lease Trust 2022-A1	01/15/31		3.120			8,852,755
	38,021,733	Audax Senior Debt CLO III LLC 2020-1A (3-Month CME Term SOFR + 1.872%)1,2	01/20/30		7.198			37,832,761
	11,930,000	Avis Budget Rental Car Funding AESOP LLC 2023-3A1	02/22/28		5.440			11,736,901
	3,168,255	Bankers Healthcare Group Securitization Trust 2020-A1	09/17/31		2.560			3,111,240
	20,619,601	BHG Securitization Trust 2022-A1	02/20/35		1.710			19,850,675
	14,580,688	BHG Securitization Trust 2023-A1	04/17/36		5.550			14,370,277
	12,410,000	BlackRock Elbert CLO V LLC 5A (3-Month CME Term SOFR + 1.850%)1,2	06/15/34		7.104			12,299,350
	4,733,004	Business Jet Securities LLC 2020-1A1	11/15/35		2.981			4,425,406
	9,269,961	Business Jet Securities LLC 2022-1A1	06/15/37		4.455			8,797,564
	44,170,000	California Street CLO IX LP 2012-9A (3-Month CME Term SOFR + 1.362%)1,2	07/16/32		6.670			43,720,129
	29,280,000	Carlyle US CLO, Ltd. 2019-2A (3-Month CME Term SOFR + 1.382%)1,2	07/15/32		6.690			29,131,190
	1,917,941	CarMax Auto Owner Trust 2022-1	02/18/25		0.910			1,912,390
	20,470,169	CARS-DB4 LP 2020-1A1	02/15/50		3.190			19,133,942
	22,918,037	CF Hippolyta Issuer LLC 2020-11	07/15/60		1.690			20,641,524
	6,657,106	Chesapeake Funding II LLC 2020-1A1	08/15/32		0.870			6,618,129
	13,859,643	Chesapeake Funding II LLC 2023-1A1	05/15/35		5.650			13,749,036
	25,000,000	Churchill MMSLF CLO-I LP 2021-2A (3-Month USD-LIBOR + 1.450%)1,2	10/01/32		6.980			24,270,940
	1,887,771	CIG Auto Receivables Trust 2021-1A1	04/14/25		0.690			1,880,000
	11,711,430	Credit Acceptance Auto Loan Trust 2020-3A1	10/15/29		1.240			11,652,001
	6,470,000	Credit Acceptance Auto Loan Trust 2023-1A1	07/15/33		7.710			6,500,982
	12,445,000	Deerpath Capital CLO, Ltd. 2022-1A (3-Month CME Term SOFR + 1.950%)1,2	07/15/33		7.258			12,360,078
	8,288,930	Dell Equipment Finance Trust 2022-11	08/23/27		2.110			8,251,201
	9,788,898	Donlen Fleet Lease Funding 2 LLC 2021-21	12/11/34		0.560			9,556,825
	17,180,000	Dryden 93 CLO, Ltd. 2021-93A (3-Month CME Term SOFR + 1.342%)1,2	01/15/34		6.650			16,972,048
	4,296,628	ECAF I, Ltd. 2015-1A1	06/15/40		3.473			2,507,813
	13,869,516	Elm Trust 2020-3A1	08/20/29		2.954			12,911,943
	10,755,391	Enterprise Fleet Financing LLC 2022-11	01/20/28		3.030			10,498,803
	12,500,000	Enterprise Fleet Financing LLC 2022-41	10/22/29		5.760			12,468,586
	6,448,078	Exeter Automobile Receivables Trust 2022-6A	11/17/25		5.730			6,443,903
	2,356,086	FCI Funding LLC 2021-1A1	04/15/33		1.130			2,265,757
	20,527,442	Finance of America HECM Buyout 2022-HB11,2,3	02/25/32		2.695			19,305,107
	50,300,000	Flexential Issuer 2021-1A1	11/27/51		3.250			44,033,772
	10,892,631	FNA LLC 2019-11,4	12/10/31		3.000			9,476,589
	10,940,000	Ford Credit Floorplan Master Owner Trust A 2023-11	05/15/28		4.920			10,805,988
	2,253,370	Foursight Capital Automobile Receivables Trust 2022-11	09/15/25		1.150			2,240,813
	19,692,949	Global SC Finance VII Srl 2020-1A1	10/17/40		2.170			17,549,759
	20,289,318	Global SC Finance VII Srl 2020-2A1	11/19/40		2.260			18,112,871

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

July 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	%	$	44,404,200
	4,574,896	HPEFS Equipment Trust 2022-1A1	05/21/29		1.020			4,555,762
	21,000,000	HTS Fund I LLC 2021-11	08/25/36		1.411			17,905,723
	14,479,269	LCM XXIV, Ltd. 24A (3-Month CME Term SOFR + 1.242%)1,2	03/20/30		6.568			14,407,985
	38,827,232	Madison Park Funding XXV, Ltd. 2017-25A (3-Month CME Term SOFR + 1.232%)1,2	04/25/29		6.583			38,659,327
	1,454,071	Mariner Finance Issuance Trust 2019-AA1	07/20/32		2.960			1,445,634
	16,460,000	Mariner Finance Issuance Trust 2020-AA1	08/21/34		2.190			15,868,526
	8,450,000	MCF CLO IX, Ltd. 2019-1A (3-Month CME Term SOFR + 1.500%)1,2	07/17/31		6.808			8,389,731
	41,880,000	Monroe Capital Income Plus ABS Funding LLC 2022-1A1	04/30/32		4.050			36,671,506
	12,410,000	Monroe Capital Mml CLO X, Ltd. 2020-1A (3-Month CME Term SOFR + 1.870%)1,2	05/20/34		6.999			12,288,958
	47,600,000	Neuberger Berman Loan Advisers CLO 34, Ltd. 2019-34A (3-Month CME Term SOFR + 1.240%)1,2	01/20/35		6.566			47,171,600
	40,570,000	New Residential Advance Receivables Trust Advance Receivables Backed 2020-T11	08/15/53		1.426			40,457,585
	17,690,000	NextGear Floorplan Master Owner Trust 2022-1A1	03/15/27		2.800			16,831,985
	22,608,054	NMEF Funding LLC 2022-A1	10/16/28		2.580			22,112,843
	30,000,000	Northwoods Capital XVIII, Ltd. 2019-18A (3-Month USD-LIBOR + 1.100%)1,2	05/20/32		6.479			29,648,697
	24,700,000	NRZ Advance Receivables Trust 2015-ON1 2020-T21	09/15/53		1.475			24,498,105
	32,920,000	Octagon Investment Partners 20-R, Ltd. 2019-4A (3-Month USD-LIBOR + 1.150%)1,2	05/12/31		6.492			32,619,378
	21,250,000	OnDeck Asset Securitization Trust III LLC 2021-1A1	05/17/27		1.590			20,256,244
	14,337,000	OnDeck Asset Securitization Trust IV LLC 2023-1A1	08/19/30		7.000			14,314,567
	14,640,000	OneMain Financial Issuance Trust 2022-3A1	05/15/34		5.940			14,561,253
	13,350,000	OneMain Financial Issuance Trust 2022-S11	05/14/35		4.130			12,784,079
	9,816,475	Oportun Funding XIII LLC 2019-A1	08/08/25		3.080			9,665,561
	56,210,000	Oportun Issuance Trust 2021-C1	10/08/31		2.180			50,860,084
	25,000,000	Oportun Issuance Trust 2022-A1	06/09/31		5.050			24,282,917
	12,782,118	OSCAR US Funding XIV LLC 2022-1A1	03/10/25		1.600			12,647,736
	25,930,000	Oxford Finance Funding LLC 2022-1A1	02/15/30		3.602			23,886,597
	39,116,953	Palmer Square Loan Funding, Ltd. 2022-1A (3-Month CME Term SOFR + 1.050%)1,2	04/15/30		6.358			38,806,661
	19,308,435	Parliament CLO II, Ltd. 2021-2A (3-Month USD-LIBOR + 1.350%)1,2	08/20/32		6.729			19,162,909
	34,720	Pawnee Equipment Receivables Series LLC 2020-11	11/17/25		1.370			34,681
	47,670,000	PFS Financing Corp. 2022-A1	02/15/27		2.470			45,178,480
	19,980,000	PFS Financing Corp. 2022-C1	05/15/27		3.890			19,326,874
	9,810,000	PFS Financing Corp. 2023-A1	03/15/28		5.800			9,822,335
	18,070,000	Regional Management Issuance Trust 2020-11	10/15/30		2.340			17,402,160
	16,470,000	Republic Finance Issuance Trust 2020-A1	11/20/30		2.470			15,888,021
	56,030,000	Republic Finance Issuance Trust 2021-A1	12/22/31		2.300			51,473,355
	10,500,000	Santander Drive Auto Receivables Trust 2023-2	03/16/26		5.870			10,492,509
	34,490,000	Santander Revolving Auto Loan Trust 2019-A1	01/26/32		2.510			32,847,472
	10,346,010	SCF Equipment Leasing LLC 2022-1A1	02/22/28		2.060			10,187,005
	8,532,721	Shenton Aircraft Investment I, Ltd. 2015-1A1	10/15/42		4.750			7,198,280

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		ASSET BACKED SECURITIES (continued)
$	22,755,000	Southwick Park CLO LLC 2019-4A (3-Month CME Term SOFR + 1.322%)1,2	07/20/32		6.648	%	$	22,631,145
	19,281,145	Stack Infrastructure Issuer LLC 2019-1A1	02/25/44		4.540			19,019,890
	19,160,000	Stack Infrastructure Issuer LLC 2020-1A1	08/25/45		1.893			17,336,259
	13,524,721	SWC Funding LLC 2018-1A1	08/15/33		4.750			13,255,802
	50,790,000	Symphony CLO XXI, Ltd. 2019-21A (3-Month CME Term SOFR + 1.322%)1,2	07/15/32		6.630			50,242,692
	12,760,000	Synchrony Card Funding LLC 2022-A1	04/15/28		3.370			12,311,083
	13,310,000	TierPoint Issuer LLC 2023-1A1	06/25/53		6.000			12,763,518
	12,920,000	Vantage Data Centers Issuer LLC 2023-1A1	03/16/48		6.316			12,580,820
	5,769,448	Veros Auto Receivables Trust 2022-11	12/15/25		3.470			5,704,518
	14,295,151	VFI ABS LLC 2022-1A1	03/24/28		2.230			13,905,011
	3,427,082	Westlake Automobile Receivables Trust 2022-1A1	12/16/24		1.970			3,418,097
	26,169,642	Wheels Fleet Lease Funding 1 LLC 2022-1A1	10/18/36		2.470			25,569,643
	18,550,000	Wheels Fleet Lease Funding 1 LLC 2023-1A1	04/18/38		5.800			18,462,333
	11,295,000	World Financial Network Credit Card Master Trust 2023-A	03/15/30		5.020			11,163,967
		Total Asset Backed Securities (Cost $1,729,192,590)						1,655,744,297
		COMMERCIAL MORTGAGE BACKED SECURITIES (6.2%)
	26,807,000	BB-UBS Trust 2012-TFT1,2,3	06/05/30		3.678			21,207,669
	9,350,000	BLP Commercial Mortgage Trust 2023-IND (1-Month CME Term SOFR + 1.692%)1,2	03/15/40		6.914			9,309,738
	20,300,000	BPR Trust 2022-OANA (1-Month CME Term SOFR + 1.898%)1,2	04/15/37		7.120			19,848,565
	9,630,020	BX Commercial Mortgage Trust 2019-XL (1-Month CME Term SOFR + 1.034%)1,2	10/15/36		6.256			9,596,474
	18,100,000	BX Commercial Mortgage Trust 2022-CSMO (1-Month CME Term SOFR + 2.115%)1,2	06/15/27		7.336			18,116,991
	44,618,626	BX Commercial Mortgage Trust 2022-LP2 (1-Month CME Term SOFR + 1.013%)1,2	02/15/39		6.235			43,266,409
	459,282	BX Trust 2019-RP (1-Month CME Term SOFR + 1.159%)1,2	06/15/34		6.381			453,991
	30,260,931	BXMT, Ltd. 2020-FL2 (1-Month CME Term SOFR + 1.014%)1,2	02/15/38		6.236			29,088,320
	20,990,000	BXMT, Ltd. 2020-FL3 (1-Month CME Term SOFR + 1.514%)1,2	11/15/37		6.736			19,849,983
	17,250,000	BXMT, Ltd. 2021-FL4 (1-Month CME Term SOFR + 1.164%)1,2	05/15/38		6.386			16,379,727
	31,329,000	CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month CME Term SOFR + 3.014%)1,2	11/15/31		8.236			28,646,984
	11,715,000	Commercial Mortgage Pass Through Certificate1	07/12/28		7.121			11,897,988
	18,200,276	HPLY Trust 2019-HIT (1-Month CME Term SOFR + 1.114%)1,2	11/15/36		6.336			18,040,044
	23,600,000	Life Mortgage Trust 2022-BMR2 (1-Month CME Term SOFR + 1.295%)1,2	05/15/39		6.517			23,233,867
	17,953,835	Med Trust 2021-MDLN (1-Month CME Term SOFR + 1.064%)1,2	11/15/38		6.286			17,520,852
	33,690,000	MHC Commercial Mortgage Trust 2021-MHC (1-Month CME Term SOFR + 0.915%)1,2	04/15/38		6.137			33,204,760

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		COMMERCIAL MORTGAGE BACKED SECURITIES (continued)
$	16,040,000	MTN Commercial Mortgage Trust 2022-LPFL (1-Month CME Term SOFR + 1.397%)1,2	03/15/39		6.619	%	$	15,776,395
	768,871	PFP, Ltd. 2021-7 (1-Month CME Term SOFR + 0.964%)1,2	04/14/38		6.186			760,036
	19,929,476	Ready Capital Mortgage Financing 2022-FL8 LLC (30-Day
		SOFR + 1.650%)1,2	01/25/37		6.719			19,721,529
	46,350,000	SPGN 2022-TFLM Mortgage Trust (1-Month CME Term
		SOFR + 1.550%)1,2	02/15/39		6.772			44,063,976
	9,217,698	STWD, Ltd. 2019-FL1 (1-Month CME Term SOFR + 1.194%)1,2	07/15/38		6.416			9,126,286
	24,300,000	Taubman Centers Commercial Mortgage Trust 2022-DPM (1-Month CME Term SOFR + 2.186%)1,2	05/15/37		7.408			23,656,871
	20,000,000	WMRK Commercial Mortgage Trust 2022-WMRK (1-Month CME Term SOFR + 2.789%)1,2	11/15/27		8.011			19,987,382
		Total Commercial Mortgage Backed Securities (Cost $469,885,754)						452,754,837
		CORPORATE BONDS (46.2%)
		AUTO MANUFACTURERS (1.2%)
	16,000,000	Daimler Truck Finance North America LLC1	01/17/25		5.200			15,898,990
	23,920,000	General Motors Financial Co., Inc.	04/06/26		5.400			23,780,889
	11,055,000	Hyundai Capital America1	03/30/26		5.500			11,007,776
	13,795,000	Hyundai Capital America1	06/26/26		5.650			13,760,419
	25,455,000	Mercedes-Benz Finance North America LLC1	03/30/26		4.800			25,236,914
								89,684,988
		BANKS (13.6%)
	51,125,000	Bank of Montreal	01/10/25		1.500			48,213,728
	34,710,000	Bank of New Zealand1	02/20/24		3.500			34,251,336
	19,870,000	Bank of New Zealand1	02/07/28		4.846			19,447,133
	58,070,000	Bank of Nova Scotia	03/11/24		2.440			56,878,701
	32,500,000	Bank of Nova Scotia (SOFR + 0.380%)2	07/31/24		5.715			32,402,654
	15,015,000	Bank of Nova Scotia	01/10/25		1.450			14,144,017
	19,725,000	Canadian Imperial Bank of Commerce	04/28/28		5.001			19,449,780
	33,540,000	Commonwealth Bank of Australia (SOFR + 0.400%)1,2	07/07/25		5.676			33,410,636
	65,000,000	DNB Bank ASA (1-Year CMT Index + 0.330%)1,2	09/30/25		0.856			61,324,433
	38,570,000	Fifth Third Bancorp	01/25/24		3.650			38,139,300
	20,810,000	Goldman Sachs Group, Inc.	12/06/23		1.217			20,465,031
	29,665,000	HSBC Holdings, Plc. (SOFR + 0.534%)2	08/17/24		0.732			29,583,150
	33,350,000	HSBC Holdings, Plc. (SOFR + 1.929%)2	06/04/26		2.099			31,048,829
	5,780,000	HSBC Holdings, Plc. (SOFR + 3.030%)2	11/03/26		7.336			5,977,137
	18,414,000	Huntington Bancshares, Inc. (SOFR + 1.970%)2	08/04/28		4.443			17,437,230
	24,145,000	Huntington National Bank (SOFR + 1.215%)2	11/18/25		5.699			23,639,731
	33,270,000	JPMorgan Chase & Co. (3-Month CME Term SOFR + 1.585%)2	03/13/26		2.005			31,387,000
	18,760,000	KeyBank NA	11/15/27		5.850			18,392,009
	33,923,000	Lloyds Banking Group, Plc.	03/12/24		3.900			33,478,933
	24,865,000	Lloyds Banking Group, Plc. (1-Year CMT Index + 1.600%)2	03/18/26		3.511			23,841,772
	17,755,000	Lloyds Banking Group, Plc. (1-Year CMT Index + 1.800%)2	03/18/28		3.750			16,516,043
	39,660,000	Mitsubishi UFJ Financial Group, Inc.	07/17/25		1.412			36,559,702
	42,665,000	Morgan Stanley (SOFR + 1.770%)2	10/16/26		6.138			43,188,837

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		CORPORATE BONDS (continued)
		BANKS (continued)
$	15,190,000	PNC Financial Services Group, Inc. (SOFR + 1.322%)2	06/12/26		5.812	%	$	15,197,381
	24,915,000	Royal Bank of Canada	08/03/27		4.240			24,113,070
	16,070,000	Santander Holdings USA, Inc.	06/07/24		3.500			15,691,539
	26,360,000	Skandinaviska Enskilda Banken AB1	09/09/24		0.650			24,908,281
	10,085,000	State Street Corp. (SOFR + 1.353%)2	11/04/26		5.751			10,154,498
	14,435,000	Truist Financial Corp. (SOFR + 1.626%)2	10/28/26		5.900			14,415,194
	53,570,000	UBS Group AG (1-Year CMT Index + 1.550%)1,2	01/12/27		5.711			53,484,243
	42,990,000	US Bancorp (5-Year CMT Index + 2.541%)2,5			3.700			33,424,725
	22,750,000	US Bancorp (SOFR + 1.430%)2	10/21/26		5.727			22,821,395
	19,370,000	Wells Fargo & Co. (SOFR + 2.000%)2	04/30/26		2.188			18,215,400
	7,920,000	Wells Fargo & Co. (SOFR + 1.560%)2	08/15/26		4.540			7,746,174
	26,655,000	Westpac Banking Corp.	11/18/27		5.457			27,130,314
	30,895,000	Westpac New Zealand, Ltd.1	02/15/28		4.902			30,342,885
								986,822,221
		BEVERAGES (0.3%)
	8,175,000	Constellation Brands, Inc.	05/09/24		3.600			8,032,924
	15,335,000	Diageo Capital, Plc.	10/24/25		5.200			15,358,623
								23,391,547
		DIVERSIFIED FINANCIAL SERVICES (4.1%)
	2,126,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust	09/15/23		4.500			2,121,459
	47,945,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust	02/15/24		3.150			47,186,555
	21,450,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust	10/29/24		1.750			20,281,893
	33,230,000	Aviation Capital Group LLC1	12/15/24		5.500			32,648,306
	33,535,000	Avolon Holdings Funding, Ltd.1	01/15/26		5.500			32,681,139
	37,385,000	Bread Financial Holdings, Inc.1	12/15/24		4.750			36,350,348
	45,285,000	Capital One Financial Corp. (SOFR + 0.690%)2	12/06/24		1.343			44,395,254
	14,430,000	Credit Acceptance Corp.1	12/31/24		5.125			14,139,067
	2,785,000	Credit Acceptance Corp.	03/15/26		6.625			2,732,970
	48,895,000	Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance1	02/15/26		3.875			43,659,137
	25,095,000	Strategic Credit Opportunities Partners LLC	04/01/26		4.250			22,804,429
								299,000,557
		ELECTRIC (3.0%)
	74,190,000	Alexander Funding Trust1	11/15/23		1.841			73,065,800
	16,025,000	Constellation Energy Generation LLC	06/01/25		3.250			15,342,863
	44,131,324	Duke Energy Progress NC Storm Funding LLC	07/01/30		1.295			38,727,836
	61,690,000	Edison International (5-Year CMT Index + 4.698%)2,5			5.375			54,748,580
	36,892,000	Vistra Operations Co. LLC1	09/01/26		5.500			35,674,542
								217,559,621
		HEALTHCARE-PRODUCTS (0.3%)
	22,215,000	Medtronic Global Holdings SCA	03/30/28		4.250			21,725,755
		HEALTHCARE-SERVICES (0.8%)
	60,630,000	Sutter Health	08/15/25		1.321			55,507,175
		INSURANCE (10.7%)
	16,760,000	Athene Global Funding1	01/08/24		0.950			16,350,962
	18,000,000	Athene Global Funding1	01/14/25		2.500			16,953,968
	14,345,000	Athene Global Funding1	06/29/25		2.550			13,395,855
	84,507,000	Corebridge Global Funding1	09/13/23		0.400			83,937,073

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		CORPORATE BONDS (continued)
		INSURANCE (continued)
$	26,595,000	Equitable Financial Life Global Funding1	11/12/24		1.100	%	$	25,026,136
	59,274,000	F&G Global Funding1	09/20/24		0.900			55,428,087
	64,675,000	GA Global Funding Trust1	12/08/23		1.250			63,287,898
	50,000,000	GA Global Funding Trust (SOFR + 0.500%)1,2	09/13/24		5.710			49,070,990
	44,790,000	Met Tower Global Funding1	09/14/26		1.250			39,238,793
	73,445,000	New York Life Global Funding1	01/14/25		1.450			69,230,426
	74,165,000	Northwestern Mutual Global Funding1	03/25/24		0.600			71,782,654
	19,330,000	Pacific Life Global Funding II1	06/24/25		1.200			17,794,278
	37,490,000	Pacific Life Global Funding II1	04/04/28		4.900			36,660,363
	37,180,000	Pricoa Global Funding I1	12/06/24		1.150			34,904,693
	47,175,000	Principal Life Global Funding II1	01/10/25		1.375			44,214,505
	29,855,000	Protective Life Global Funding1	07/05/24		0.781			28,493,342
	42,465,000	Protective Life Global Funding1	01/13/25		1.646			40,006,632
	37,290,000	SiriusPoint, Ltd.1	11/01/26		4.600			31,137,150
	31,750,000	United Insurance Holdings Corp.	12/15/27		7.250			23,495,000
	4,205,000	Universal Insurance Holdings, Inc.	11/30/26		5.625			3,707,295
	11,950,000	Vitality Re XIII, Ltd. (3-Month U.S. Treasury Bill + 2.000%)1,2	01/06/26		7.409			11,700,245
								775,816,345
		INVESTMENT COMPANIES (6.7%)
	41,185,000	BlackRock TCP Capital Corp.	08/23/24		3.900			39,799,474
	46,600,000	Blackstone Private Credit Fund	09/15/24		1.750			44,038,781
	30,840,000	Blackstone Private Credit Fund	11/22/24		2.350			29,120,913
	9,654,000	Blackstone Secured Lending Fund	01/15/26		3.625			8,936,396
	31,201,000	Blue Owl Capital Corp.	04/15/24		5.250			30,976,757
	10,000,000	Blue Owl Capital Corp.	03/30/25		4.000			9,482,168
	27,070,000	Blue Owl Capital Corp. II1	11/26/24		4.625			25,889,032
	18,000,000	Blue Owl Credit Income Corp.	09/23/26		3.125			15,709,078
	20,015,000	Blue Owl Technology Finance Corp.1	12/15/25		4.750			18,466,111
	18,375,000	Franklin BSP Lending Corp.1	12/15/24		4.850			17,517,817
	26,475,000	Franklin BSP Lending Corp.	03/30/26		3.250			23,676,035
	28,550,000	FS KKR Capital Corp.	07/15/24		4.625			28,128,892
	18,859,000	FS KKR Capital Corp.	02/01/25		4.125			18,059,958
	42,821,000	FS KKR Capital Corp.1	02/14/25		4.250			40,501,418
	39,855,000	Golub Capital BDC, Inc.	04/15/24		3.375			38,860,818
	49,650,000	Main Street Capital Corp.	05/01/24		5.200			49,069,721
	33,980,000	Main Street Capital Corp.	07/14/26		3.000			30,361,660
	17,345,000	PennantPark Investment Corp.	11/01/26		4.000			15,197,266
								483,792,295
		OIL & GAS (0.4%)
	20,480,000	Pioneer Natural Resources Co	03/29/26		5.100			20,410,569
	10,072,000	Woodside Finance, Ltd.1	09/15/26		3.700			9,501,820
								29,912,389
		PHARMACEUTICALS (0.5%)
	22,745,000	CVS Health Corp.	02/20/26		5.000			22,667,076
	12,815,000	McKesson Corp.	02/15/26		5.250			12,810,598
								35,477,674

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		CORPORATE BONDS (continued)
		PIPELINES (0.7%)
$	16,986,000	EnLink Midstream Partners LP	06/01/25		4.150	%	$	16,350,724
	31,985,000	Northriver Midstream Finance LP1	02/15/26		5.625			30,568,064
								46,918,788
		REAL ESTATE INVESTMENT TRUSTS (1.6%)
	9,290,000	American Tower Trust #11	03/15/28		5.490			9,298,716
	25,360,000	EF Holdco / EF Cayman Hold / Ellington Finance REIT Cayman / TRS / EF Cayman Non-MTM1	04/01/27		5.875			23,497,934
	23,540,000	HAT Holdings I LLC / HAT Holdings II LLC1	06/15/26		3.375			21,261,868
	14,480,000	Realty Income Corp.	01/13/26		5.050			14,382,709
	29,500,000	Rexford Industrial Realty LP	06/15/28		5.000			28,824,118
	19,215,000	Scentre Group Trust 1 / Scentre Group Trust 21	01/28/26		3.625			18,301,686
								115,567,031
		RETAIL (1.1%)
	11,000,000	Nordstrom, Inc.	04/08/24		2.300			10,623,030
	72,275,000	Walgreens Boots Alliance, Inc.	11/17/23		0.950			71,271,358
								81,894,388
		SEMICONDUCTORS (0.8%)
	33,545,000	ams-OSRAM AG1	07/31/25		7.000			29,435,738
	25,270,000	Intel Corp.	02/10/28		4.875			25,186,027
								54,621,765
		TRUCKING & LEASING (0.4%)
	31,000,000	Penske Truck Leasing Co. LP / PTL Finance Corp.1	05/01/28		5.550			30,520,115
		Total Corporate Bonds (Cost $3,505,713,019)						3,348,212,654
		LOAN PARTICIPATIONS AND ASSIGNMENTS (13.5%)
	34,280,750	AAdvantage Loyality IP, Ltd. (3-Month CME Term SOFR + 4.750%)2	04/20/28		10.338			35,466,178
	21,541,610	Allen Media LLC (3-Month CME Term SOFR + 5.500%)2	02/10/27		10.892			18,596,441
	20,676,871	Allspring Buyer LLC (3-Month CME Term SOFR + 3.250%)2	11/01/28		8.753			20,573,486
	6,654,713	Allspring Buyer LLC (3-Month CME Term SOFR + 4.000%)2	11/01/28		9.242			6,623,103
	46,455,134	Asplundh Tree Expert LLC (1-Month CME Term SOFR + 1.750%)2	09/07/27		7.169			46,400,782
	5,439,490	Avantor Funding, Inc. Term B5 (1-Month CME Term SOFR + 2.250%)2	11/08/27		7.669			5,434,757
	14,625,000	Avolon TLB Borrower 1 (US) LLC Term B5 (1-Month CME Term SOFR + 2.250%)2	12/01/27		7.605			14,606,719
	20,775,495	Avolon TLB Borrower 1 (US) LLC Term B6 (1-Month CME Term SOFR + 2.500%)2	06/22/28		7.755			20,766,769
	13,334,738	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		8.242			13,365,941
	10,252,633	BCP Renaissance Parent LLC Term B3 (3-Month CME Term SOFR + 3.500%)2	11/02/26		8.742			10,223,311
	35,700,429	Buckeye Partners LP Term B1 (1-Month CME Term SOFR + 2.250%)2	11/01/26		7.669			35,598,326
	35,882,006	Charter Communications Operating LLC Term B1 (1-Month CME Term SOFR + 1.750%)2	04/30/25		7.116			35,829,619

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		LOAN PARTICIPATIONS AND ASSIGNMENTS (continued)
$	19,700,000	Clean Harbors, Inc. (1-Month CME Term SOFR + 2.000%)2	10/08/28		7.433	%	$	19,739,400
	25,891,030	Delos Finance S.a.r.l. (3-Month USD-LIBOR + 1.750%)2	10/06/23		7.288			25,867,987
	21,409,800	Eastern Power LLC (1-Month CME Term SOFR + 3.750%)2	10/02/25		9.183			20,496,886
	45,217,788	Elanco Animal Health, Inc. (1-Month CME Term SOFR + 1.750%)2	08/01/27		6.963			44,496,113
	21,593,739	Horizon Therapeutics USA, Inc. Term B2 (1-Month CME Term SOFR + 1.750%)2	03/15/28		7.156			21,554,655
	3,348,892	Icon Plc. (3-Month CME Term SOFR + 2.250%)2	07/03/28		7.753			3,350,030
	13,441,233	Icon Plc. (3-Month CME Term SOFR + 2.250%)2	07/03/28		7.753			13,445,803
	15,720,000	Iqvia, Inc. Term A2 (1-Month CME Term SOFR + 1.250%)2	06/16/27		6.668			15,405,600
	6,309,540	Iqvia, Inc. Term B2 (1-Month USD-LIBOR + 1.750%)2	01/17/25		7.288			6,307,268
	18,810,890	Iqvia, Inc. Term B3 (1-Month USD-LIBOR + 1.750%)2	06/11/25		7.288			18,804,494
	31,224,234	Iridium Satellite LLC Term B2 (1-Month CME Term SOFR + 2.500%)2	11/04/26		7.919			31,189,575
	32,727,932	Jazz Pharmaceuticals Plc. (1-Month CME Term SOFR + 3.500%)2	05/05/28		8.933			32,687,022
	47,687,910	Lumen Technologies, Inc. Term A (1-Month CME Term SOFR + 2.000%)2	01/31/25		7.433			42,164,220
	22,428,460	Lumen Technologies, Inc. Term B (1-Month CME Term SOFR + 2.250%)2	03/15/27		7.683			15,596,303
	36,141,263	MPH Acquisition Holdings LLC (3-Month USD-LIBOR + 4.250%)2	09/01/28		9.726			33,937,730
	38,105,633	NorthRiver Midstream Finance LP Term B (3-Month CME Term SOFR + 3.250%)2	10/01/25		8.758			38,024,087
	50,000,000	NVA Holdings Parent LLC (1-Month CME Term SOFR + 1.750%)2,4	12/16/24		7.183			48,845,000
	45,548,888	Organon & Co. (1-Month CME Term SOFR + 3.000%)2	06/02/28		8.257			45,355,305
	15,000,000	Setanta Aircraft Leasing DAC (3-Month USD-LIBOR + 2.000%)2	11/05/28		7.538			14,983,650
	38,250,000	SkyMiles IP, Ltd. (3-Month CME Term SOFR + 3.750%)2	10/20/27		9.076			39,736,395
	10,442,921	SS&C Technologies Holdings, Inc. Term B3 (1-Month CME Term SOFR + 1.750%)2	04/16/25		7.183			10,433,313
	9,224,587	SS&C Technologies Holdings, Inc. Term B4 (1-Month CME Term SOFR + 1.750%)2	04/16/25		7.183			9,216,100
	7,727,962	SS&C Technologies Holdings, Inc. Term B5 (1-Month CME Term SOFR + 1.750%)2	04/16/25		7.183			7,719,307
	17,268,748	UGI Energy Services LLC (1-Month CME Term SOFR + 3.250%)2	02/22/30		8.669			17,210,552
	37,830,746	United AirLines, Inc. Term B (3-Month USD-LIBOR + 3.750%)2	04/21/28		9.292			37,839,447
	30,531,256	Vistra Operations Co. LLC (fka Tex Operations Co. LLC) (1-Month CME Term SOFR + 1.750%)2	12/31/25		7.183			30,486,680
	13,000,000	Vontier Corp. (1-Month CME Term SOFR + 1.125%)2	10/28/24		6.558			12,935,000
	57,716,799	Wynn Resorts, Ltd. Term A (1-Month CME Term SOFR + 1.750%)2	09/20/24		7.169			56,562,463
		Total Loan Participations and Assignments (Cost $995,727,063)						977,875,817

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (1.9%)
$	31,000,000	Kentucky Public Energy Authority, Revenue Bonds (SOFR + 1.200%)2	08/01/52		4.751	%	$	29,771,389
	10,710,000	Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds	12/15/26		6.250			11,130,135
	99,360,000	Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month USD-LIBOR + 0.690%)2	09/15/27		4.354			98,771,610
		Total Municipal Bonds  (Cost $141,595,417)						139,673,134
		RESIDENTIAL MORTGAGE BACKED SECURITIES (0.6%)
	8,664,567	Cascade Funding Mortgage Trust 2019-RM31,2,3	06/25/69		2.800			8,366,321
	8,270,474	CFMT LLC 2021-HB51,2,3	02/25/31		0.801			8,029,813
	1,129,565	Pepper Residential Securities Trust No. 23A (SOFR + 1.064%)1,2	08/18/60		6.249			1,128,742
	619,275	Pepper Residential Securities Trust No. 24A (SOFR + 1.014%)1,2	11/18/60		6.199			618,754
	433,239	RESIMAC Premier 2019-2A (1-Month CME Term SOFR + 1.064%)1,2	02/10/51		6.229			433,212
	3,890,475	RESIMAC Premier 2020-1A (1-Month CME Term SOFR + 1.164%)1,2	02/07/52		6.310			3,885,376
	6,541,416	RESIMAC Premier 2021-1A (1-Month CME Term SOFR + 0.814%)1,2	07/10/52		5.979			6,515,512
	12,378,468	RMF Buyout Issuance Trust 2021-HB11,2,3	11/25/31		1.259			11,860,301
	6,503,368	RMF Proprietary Issuance Trust 2019-11,2,3	10/25/63		2.750			5,230,440
		Total Residential Mortgage Backed Securities  (Cost $48,381,583)						46,068,471
		U.S. GOVERNMENT AGENCY OBLIGATIONS (1.6%)
	70,000,000	Federal Home Loan Bank Discount Notes6	08/01/23		0.000			70,000,000
	40,500,000	Federal Home Loan Mortgage Corp.	11/12/25		0.600			36,851,761
	14,046	Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (1-Year USD-LIBOR + 1.786%)2	04/01/36		4.697			13,695
	12,357	Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (6-Month USD-LIBOR + 1.740%)2	12/01/36		4.865			12,023
	10,210	Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (1-Year USD-LIBOR + 1.745%)2	01/01/37		3.995			9,990
	2,548,704	Federal National Mortgage Association (FNMA)	07/01/35		5.000			2,558,768
	155,057	Federal National Mortgage Association (FNMA)	11/01/35		5.500			158,503
	19,475	Federal National Mortgage Association (FNMA) (1-Year USD-LIBOR + 1.933%)2	07/01/36		6.183			19,894
	31,559	Federal National Mortgage Association (FNMA) (1-Year USD-LIBOR + 1.721%)2	09/01/36		5.629			31,392
	21,914	Federal National Mortgage Association (FNMA) (1-Year USD-LIBOR + 1.729%)2	01/01/37		4.074			21,551
	148,125	Federal National Mortgage Association (FNMA)	08/01/37		5.500			151,516
	1,802,737	Federal National Mortgage Association (FNMA)	08/01/37		5.500			1,837,709
	725,749	Federal National Mortgage Association (FNMA)	06/01/40		6.500			764,654

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2023 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
$	3,847	Government National Mortgage Association (GNMA) (1-Year CMT Index + 1.500%)2	08/20/29		2.625	%	$	3,721
		Total U.S. Government Agency Obligations (Cost $116,218,442)						112,435,177
		U.S. TREASURY BILLS (6.7%)
	60,000,000	U.S. Treasury Bill6	08/01/23		0.000			60,000,000
	20,425,000	U.S. Treasury Bill6	08/10/23		0.000			20,398,723
	107,500,000	U.S. Treasury Bill6	08/24/23		0.000			107,146,151
	126,250,000	U.S. Treasury Bill6	09/12/23		0.000			125,480,117
	108,000,000	U.S. Treasury Bill6,7	10/12/23		0.000			106,861,140
	62,750,000	U.S. Treasury Bill6	11/02/23		0.000			61,893,522
		Total U.S. Treasury Bills (Cost $481,842,085)						481,779,653

TOTAL INVESTMENTS (Cost $7,488,555,953)8	99.5	%	$	7,214,544,040
OTHER ASSETS IN EXCESS OF LIABILITIES	0.5	%		35,384,585
NET ASSETS	100.0	%	$	7,249,928,625

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 July 31, 2023 was $3,726,909,507 or 51.4% 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 July 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 of investments and derivatives for federal income tax purposes is $7,488,555,953, the aggregate gross unrealized appreciation is $13,507,986 and the aggregate gross unrealized depreciation is $279,539,055, resulting in net unrealized depreciation of $266,031,069.

Abbreviations:

CME	−	Chicago Mercantile Exchange.
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.

BBH LIMITED DURATION FUND

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2023 (unaudited)

FINANCIAL FUTURES CONTRACTS

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

Description	Number of Contracts		Expiration Date	Notional Amount		Market Value		Unrealized Gain / (Loss)
Contracts to Sell:
U.S. Treasury 2-Year Notes		700	September 2023	$	144,205,844	$	142,121,875	$	2,083,969
U.S. Treasury 5-Year Notes		2,550	September 2023		278,288,673		272,391,798		5,896,875
								$	7,980,844

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)

July 31, 2023 (unaudited)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of July 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 July 31, 2023
Asset Backed Securities	$	–	$	1,646,267,708	$	9,476,589	$	1,655,744,297
Commercial Mortgage Backed Securities		–		452,754,837		–		452,754,837
Corporate Bonds		–		3,348,212,654		–		3,348,212,654
Loan Participations and Assignments		–		929,030,817		48,845,000		977,875,817
Municipal Bonds		–		139,673,134		–		139,673,134
Residential Mortgage Backed Securities		–		46,068,471		–		46,068,471
U.S. Government Agency Obligations		–		112,435,177		–		112,435,177
U.S. Treasury Bills		–		481,779,653		–		481,779,653
Total Investment, at value	$	–	$	7,156,222,451	$	58,321,589	$	7,214,544,040
Other Financial Instruments, at value
Financial Futures Contracts	$	7,980,844	$	–	$	–	$	7,980,844
Other Financial Instruments, at value	$	7,980,844	$	–	$	–	$	7,980,844

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period ended July 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		(3,136,598	)		-			-		(3,136,598	)
Realized gains/(losses)		-			-			-		-
Change in unrealized appreciation/(depreciation)		(293,704	)		1,863,725			966,405		2,536,426
Amortization		-			-			93,595		93,595
Transfers from Level 3		-			(23,495,000	)		-		(23,495,000	)
Transfers to Level 3		-			-			-		-
Balance as of July 31, 2023	$	9,476,589		$	-		$	48,845,000	$	58,321,589

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.