MET TRANSPRTN AUTH NY REVENUE REGD V/R B/E 3.88800000

0001752724-24-069932.txt : 20240327 0001752724-24-069932.hdr.sgml : 20240327 20240327103732 ACCESSION NUMBER: 0001752724-24-069932 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240131 FILED AS OF DATE: 20240327 DATE AS OF CHANGE: 20240327 PERIOD START: 20241031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BBH Trust CENTRAL INDEX KEY: 0001342947 ORGANIZATION NAME: IRS NUMBER: 000000000 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21829 FILM NUMBER: 24786717 BUSINESS ADDRESS: STREET 1: 50 POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 800-575-1265 MAIL ADDRESS: STREET 1: 140 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10005

0001342947 S000034202 BBH Intermediate Municipal Bond Fund

C000105434 Class N Shares BBINX

C000105435 Class I Shares BBIIX

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2027-11-01 Fixed 1.35000000 N N N N N N TRIMBLE CNTY KY E V/R 06/01/54 N/A TRIMBLE CNTY KY ENVRNMNTL FACS REGD V/R B/E AMT 4.70000000 896221AE8 3725000.00000000 NS USD 3775414.52000000 0.437003095771 Long DBT MUN US N 2 2054-06-01 Variable 4.70000000 N N N N N N MINNESOTA ST HSG F 5% 07/01/53 549300R89XDTQBK4GE22 MINNESOTA ST HSG FIN AGY REGD B/E GNMA/FN 5.00000000 60416TVY1 3320000.00000000 NS USD 3427797.74000000 0.396766557982 Long DBT MUN US N 2 2053-07-01 Fixed 5.00000000 N N N N N N WASHINGTON CLACKA ZCP 06/15/31 N/A WASHINGTON CLACKAMAS & YAMHILL REGD ZCP OID B/E SCH BD 0.00000000 937440ET8 1500000.00000000 NS USD 1152187.80000000 0.133365391493 Long DBT MUN US N 2 2031-06-15 Fixed 0.00000000 N N N N N N WASHINGTON CNTY O ZCP 06/15/31 N/A WASHINGTON CNTY OR SCH DIST #4 REGD ZCP OID B/E SCH BD 0.00000000 938429S81 3750000.00000000 NS USD 2874354.38000000 0.332705655432 Long DBT MUN US N 2 2031-06-15 Fixed 0.00000000 N N N N N N PHILADELPHIA PA SC 5% 09/01/34 254900HSKDHZKBZCUL90 PHILADELPHIA PA SCH DIST REGD B/E ST AID 5.00000000 717883TK8 2500000.00000000 NS USD 2584172.00000000 0.299117132178 Long DBT MUN US N 2 2034-09-01 Fixed 5.00000000 N N N N N N PORT AUTH OF NEW Y 5% 10/15/32 54930006MR4KZ4W74Z83 PORT AUTH OF NEW YORK & NEW JE REGD B/E AMT 5.00000000 73358WUY8 5655000.00000000 NS USD 5690625.93000000 0.658688240751 Long DBT MUN US N 2 2032-10-15 Fixed 5.00000000 N N N N N N CALIFORNIA ST HLT V/R 09/01/28 5493007RI8BUDOGHZ546 CALIFORNIA ST HLTH FACS FING A REGD V/R B/E 3.50000000 13033F7N4 11100000.00000000 NS USD 11100000.00000000 1.284821663255 Long DBT MUN US N 2 2028-09-01 Variable 3.50000000 N N N N N N BURKE CNTY GA DEV V/R 11/01/45 N/A BURKE CNTY GA DEV AUTH POLL CO REGD V/R B/E 3.25000000 121342PN3 2800000.00000000 NS USD 2771705.16000000 0.320824039074 Long DBT MUN US N 2 2045-11-01 Variable 3.25000000 N N N N N N CONNECTICUT ST 6.25% 05/15/54 5493003DXX0NRJKSH186 CONNECTICUT ST HSG FIN AUTH HS REGD B/E GNMA/FN 6.25000000 20775HH48 3500000.00000000 NS USD 3836923.65000000 0.444122759078 Long DBT MUN US N 2 2054-05-15 Fixed 6.25000000 N N N N N N NORTH CAROLINA ST 4% 07/01/47 EC4EE0PS5OP5O69B5C39 NORTH CAROLINA ST HSG FIN AGY REGD B/E 4.00000000 658207TZ8 1380000.00000000 NS USD 1375442.27000000 0.159207029284 Long DBT MUN US N 2 2047-07-01 Fixed 4.00000000 N N N N N N PORT AUTH OF NEW Y 5% 08/01/36 54930006MR4KZ4W74Z83 PORT AUTH OF NEW YORK & NEW JE REGD B/E AMT 5.00000000 73358XFJ6 1395000.00000000 NS USD 1553331.38000000 0.179797640291 Long DBT MUN US N 2 2036-08-01 Fixed 5.00000000 N N N N N N BLACK BELT ENERGY V/R 06/01/49 549300I8V0Z68JQCB679 BLACK BELT ENERGY GAS DIST AL REGD V/R B/E 5.50000000 09182TCR6 2000000.00000000 NS USD 2141957.40000000 0.247930925161 Long DBT MUN US N 2 2049-06-01 Variable 5.50000000 N N N N N N GTR ORLANDO FL AVI 5% 10/01/38 549300CP6PUG5S184F61 GTR ORLANDO FL AVIATION AUTH A REGD B/E AMT 5.00000000 3922742C9 3275000.00000000 NS USD 3481848.02000000 0.403022861644 Long DBT MUN US N 2 2038-10-01 Fixed 5.00000000 N N N N N N MINNESOTA ST HS 6.25% 07/01/54 549300R89XDTQBK4GE22 MINNESOTA ST HSG FIN AGY REGD B/E GNMA/FN 6.25000000 60416T6P8 6500000.00000000 NS USD 7131434.70000000 0.825461422761 Long DBT MUN US N 2 2054-07-01 Fixed 6.25000000 N N N N N N LOVE FIELD TX ARPT 5% 11/01/34 N/A LOVE FIELD TX ARPT MODERNIZATI REGD B/E AMT 5.00000000 54714CBK2 1500000.00000000 NS USD 1547856.60000000 0.179163936152 Long DBT MUN US N 2 2034-11-01 Fixed 5.00000000 N N N N N N SOUTH CAROLINA 5.75% 01/01/54 N/A SOUTH CAROLINA ST HSG FIN & DE REGD B/E 5.75000000 83712D2X3 2985000.00000000 NS USD 3247091.06000000 0.375849814094 Long DBT MUN US N 2 2054-01-01 Fixed 5.75000000 N N N N N N SOUTH DAKOTA ST HS 5% 05/01/53 549300G853EK61667C18 SOUTH DAKOTA ST HSG DEV AUTH REGD B/E 5.00000000 83756CW27 4840000.00000000 NS USD 4987181.98000000 0.577264814999 Long DBT MUN US N 2 2053-05-01 Fixed 5.00000000 N N N N N N TEXAS ST DEPT O 2.15% 09/01/35 N/A TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA 2.15000000 88275FSC4 520000.00000000 NS USD 431108.86000000 0.049900720950 Long DBT MUN US N 2 2035-09-01 Fixed 2.15000000 N N N N N N NEW MEMPHIS ARENA ZCP 04/01/33 N/A NEW MEMPHIS ARENA PUBLIC BLDG REGD ZCP OID B/E 0.00000000 64704CAB4 3090000.00000000 NS USD 2133671.88000000 0.246971878711 Long DBT MUN US N 2 2033-04-01 Fixed 0.00000000 N N N N N N NEW MEXICO ST M 5.75% 03/01/55 N/A NEW MEXICO ST MTGE FIN AUTH REGD B/E GNMA/FN 5.75000000 647201C91 3000000.00000000 NS USD 3259497.00000000 0.377285797920 Long DBT MUN US N 2 2055-03-01 Fixed 5.75000000 N N N N N N NORTH DAKOTA ST 5.75% 07/01/53 549300DVQAGW0B16JX70 NORTH DAKOTA ST HSG FIN AGY REGD B/E 5.75000000 658909X68 6145000.00000000 NS USD 6535222.25000000 0.756450010899 Long DBT MUN US N 2 2053-07-01 Fixed 5.75000000 N N N N N N MASSACHUSETTS S 3.45% 12/01/36 549300NLJBK1VP6K2K81 MASSACHUSETTS ST HSG FIN AGY H REGD B/E AMT 3.45000000 57587AR26 485000.00000000 NS USD 467289.16000000 0.054088579799 Long DBT MUN US N 2 2036-12-01 Fixed 3.45000000 N N N N N N FORT BEND TX INDE V/R 08/01/51 N/A FORT BEND TX INDEP SCH DIST REGD V/R B/E PSF-GTD 0.72000000 346843SZ9 3640000.00000000 NS USD 3406018.25000000 0.394245588562 Long DBT MUN US N 2 2051-08-01 Variable 0.72000000 N N N N N N 2024-03-01 BBH Trust Charles Schreiber Charles Schreiber Treasurer XXXX NPORT-EX 2 ea0202527-01_1817.htm PORTFOLIO OF INVESTMENTS

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS

January 31, 2024 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (102.5%)
		Alabama (0.6%)
$	2,000,000	Black Belt Energy Gas District, Revenue Bonds^1,2	06/01/49		5.500	%	$	2,141,957
	3,375,000	Industrial Development Board of the City of Mobile Alabama, Revenue Bonds^1,2	06/01/34		3.920			3,405,541
		Total Alabama						5,547,498

		Arizona (3.3%)
	4,555,000	Chandler Industrial Development Authority, Revenue Bonds^1,2	12/01/37		4.100			4,606,429
	3,000,000	County of Yavapai Industrial Development Authority, Revenue Bonds	06/01/27		1.300			2,684,564
	3,800,000	Salt Verde Financial Corp., Revenue Bonds	12/01/28		5.250			4,012,783
	4,745,000	Salt Verde Financial Corp., Revenue Bonds	12/01/32		5.000			5,073,195
	11,000,000	Salt Verde Financial Corp., Revenue Bonds	12/01/37		5.000			11,957,035
		Total Arizona						28,334,006

		Arkansas (0.4%)
	1,000,000	County of Pulaski, Revenue Bonds	03/01/40		5.000			1,100,063
	1,000,000	County of Pulaski, Revenue Bonds	03/01/41		5.000			1,094,629
	1,000,000	County of Pulaski, Revenue Bonds	03/01/42		5.000			1,087,749
		Total Arkansas						3,282,441

		California (10.6%)
	10,050,000	Allan Hancock Joint Community College District, General Obligation Bonds³	08/01/42		0.000			8,484,271
	3,320,000	Anaheim Public Financing Authority, Revenue Bonds, AGM³	09/01/30		0.000			2,703,886
	1,000,000	Antelope Valley Community College District, General Obligation Bonds³	08/01/34		0.000			693,325
	1,000,000	Antelope Valley Community College District, General Obligation Bonds³	08/01/36		0.000			614,339
	1,000,000	Antelope Valley Community College District, General Obligation Bonds³	08/01/38		0.000			541,269
	11,100,000	California Health Facilities Financing Authority, Revenue Bonds^2,4	02/01/24		3.500			11,100,000
	400,000	California Public Finance Authority, Revenue Bonds^2,4	02/01/24		3.600			400,000
	1,000,000	Chaffey Joint Union High School District, General Obligation Bonds³	08/01/39		0.000			514,465
	1,500,000	Chaffey Joint Union High School District, General Obligation Bonds³	08/01/40		0.000			727,154
	1,000,000	Chaffey Joint Union High School District, General Obligation Bonds³	08/01/42		0.000			434,982
	1,785,000	Chaffey Joint Union High School District, General Obligation Bonds³	08/01/43		0.000			734,837
	1,000,000	Chaffey Joint Union High School District, General Obligation Bonds³	08/01/44		0.000			390,204
	1,450,000	Chino Valley Unified School District, General Obligation Bonds³	08/01/34		0.000			999,731
	2,200,000	Chino Valley Unified School District, General Obligation Bonds³	08/01/35		0.000			1,443,925
	5,710,000	Lake Tahoe Unified School District, General Obligation Bonds, AGM³	08/01/45		0.000			4,766,910
	1,000,000	Long Beach Bond Finance Authority, Revenue Bonds (3-Month CME Term SOFR + 1.450%)²	11/15/27		5.230			992,745
	2,000,000	Los Alamitos Unified School District, Certificate Participation³	08/01/42		0.000			2,233,691
	12,100,000	Modesto Irrigation District, Revenue Bonds, NPFG (3-Month CME Term SOFR + 0.630%)²	09/01/37		4.408			11,358,323
	7,100,000	Mount San Antonio Community College District, General Obligation Bonds³	08/01/43		0.000			7,043,079
	7,030,000	Northern California Gas Authority No 1, Revenue Bonds (3-Month CME Term SOFR + 0.720%)²	07/01/27		4.466			6,911,208

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2024 (unaudited)

Principal
Amount Maturity
Date Interest
Rate Value

MUNICIPAL BONDS (continued)

California (continued)

$ 1,200,000 Rialto Unified School District, General Obligation Bonds, BAM³ 08/01/40 0.000 % $ 577,953

1,430,000 Rialto Unified School District, General Obligation Bonds, BAM³ 08/01/42 0.000 613,623

6,300,000 Rio Hondo Community College District, General Obligation Bonds³ 08/01/36 0.000 4,096,043

13,000,000 Rio Hondo Community College District, General Obligation Bonds³ 08/01/43 0.000 5,309,217

4,350,000 Rio Hondo Community College District, General Obligation Bonds³ 08/01/44 0.000 1,679,375

1,035,000 Roseville Joint Union High School District, General Obligation Bonds³ 08/01/33 0.000 720,069

6,375,000 Sacramento County Water Financing Authority, Revenue Bonds, NPFG (3-Month CME Term SOFR + 0.570%)² 06/01/39 4.348 5,722,130

3,850,000 San Diego County Regional Airport Authority, Revenue Bonds 07/01/36 5.250 4,433,832

3,510,000 San Mateo Union High School District, General Obligation Bonds³ 09/01/41 0.000 3,656,449

1,075,000 Santa Rita Union School District, General Obligation Bonds, AGM³ 08/01/33 0.000 781,082

1,040,000 Windsor Unified School District, General Obligation Bonds³ 08/01/33 0.000 745,449

Total California 91,423,566

Colorado (2.8%)

3,275,000 City & County of Denver Airport System Revenue, Revenue Bonds 11/15/34 5.250 3,824,291

2,000,000 City & County of Denver Airport System Revenue, Revenue Bonds 11/15/35 5.250 2,322,152

790,000 City & County of Denver Airport System Revenue, Revenue Bonds 11/15/36 5.250 909,086

3,000,000 City & County of Denver Airport System Revenue, Revenue Bonds 11/15/36 5.750 3,717,646

650,000 City & County of Denver Airport System Revenue, Revenue Bonds 11/15/37 5.500 757,445

8,400,000 Colorado Health Facilities Authority, Revenue Bonds^2,4 02/01/24 3.550 8,400,000

528,387 Colorado Housing & Finance Authority, Revenue Bonds, GNMA 11/01/48 4.200 521,864

3,700,000 E-470 Public Highway Authority, Revenue Bonds, NPFG³ 09/01/35 0.000 2,157,076

1,450,000 E-470 Public Highway Authority, Revenue Bonds (SOFR + 0.350%)² 09/01/39 3.908 1,446,650

Total Colorado 24,056,210

Connecticut (2.6%)

165,000 Connecticut Housing Finance Authority, Revenue Bonds 05/15/30 2.000 146,882

450,000 Connecticut Housing Finance Authority, Revenue Bonds 11/15/30 2.050 402,102

400,000 Connecticut Housing Finance Authority, Revenue Bonds 05/15/31 2.100 343,733

1,865,000 Connecticut Housing Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA 05/15/42 4.250 1,867,897

3,500,000 Connecticut Housing Finance Authority, Revenue Bonds 05/15/54 6.250 3,836,924

3,800,000 Connecticut State Health & Educational Facilities Authority, Revenue Bonds^1,2 07/01/35 0.375 3,730,423

10,700,000 Connecticut State Health & Educational Facilities Authority, Revenue Bonds^1,2 07/01/49 1.100 10,406,381

1,375,000 Connecticut State Health & Educational Facilities Authority, Revenue Bonds^1,2 07/01/49 1.800 1,361,468

Total Connecticut 22,095,810

District of Columbia (2.9%)

5,665,000 District of Columbia, Revenue Bonds 07/15/40 5.000 5,775,466

6,500,000 District of Columbia Income Tax Revenue, Revenue Bonds⁵ 10/01/34 5.000 7,937,172

5,000,000 Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds 10/01/30 5.000 5,032,967

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2024 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		District of Columbia (continued)
$	2,840,000	Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds	10/01/31		5.000	%	$	2,933,832
	1,170,000	Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds	10/01/34		5.000			1,269,978
	2,085,000	Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds	10/01/37		5.000			2,304,390
		Total District of Columbia						25,253,805

		Florida (3.5%)
	7,500,000	City of South Miami Health Facilities Authority, Inc., Revenue Bonds	08/15/42		5.000			7,702,692
	1,845,000	County of Broward Airport System Revenue, Revenue Bonds	10/01/27		5.000			1,953,385
	3,050,000	County of Broward Airport System Revenue, Revenue Bonds	10/01/31		5.000			3,301,889
	2,965,000	Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA	01/01/54		5.500			3,113,814
	1,920,000	Greater Orlando Aviation Authority, Revenue Bonds	10/01/32		5.000			2,147,763
	2,500,000	Greater Orlando Aviation Authority, Revenue Bonds	10/01/36		5.000			2,685,967
	5,850,000	Greater Orlando Aviation Authority, Revenue Bonds	10/01/36		5.000			6,084,009
	3,275,000	Greater Orlando Aviation Authority, Revenue Bonds	10/01/38		5.000			3,481,848
		Total Florida						30,471,367

		Georgia (2.5%)
	5,060,000	Development Authority of Burke County, Revenue Bonds^1,2	01/01/40		1.500			4,869,847
	2,800,000	Development Authority of Burke County, Revenue Bonds^1,2	11/01/45		3.250			2,771,705
	780,000	Development Authority of Burke County, Revenue Bonds^1,2	12/01/49		1.700			766,770
	7,500,000	Main Street Natural Gas, Inc., Revenue Bonds^1,2	12/01/53		5.000			8,021,332
	1,750,000	Monroe County Development Authority, Revenue Bonds	07/01/25		2.250			1,694,616
	3,935,000	Monroe County Development Authority, Revenue Bonds^1,2	01/01/39		1.500			3,787,124
		Total Georgia						21,911,394

		Illinois (5.5%)
	300,000	Illinois Finance Authority, Revenue Bonds^2,4	02/01/24		3.150			300,000
	16,900,000	Illinois Finance Authority, Revenue Bonds^2,4	02/01/24		3.650			16,900,000
	4,595,000	Illinois Finance Authority, Revenue Bonds	02/15/36		5.000			4,771,488
	3,470,000	Illinois Finance Authority, Revenue Bonds	08/15/36		4.000			3,587,166
	2,000,000	Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA	10/01/52		5.250			2,084,540
	2,935,000	Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA	10/01/52		6.250			3,164,633
	5,760,000	Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA	04/01/53		5.250			6,107,039
	5,000,000	Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA	10/01/53		6.250			5,588,685
	4,950,000	Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA	04/01/54		6.250			5,445,465
		Total Illinois						47,949,016

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2024 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		Indiana
$	3,000,000	Indiana Finance Authority, Revenue Bonds	11/01/43		5.000	%	$	3,126,399
	6,650,000	Indiana Housing & Community Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA	07/01/52		4.750			6,816,726
		Total Indiana						9,943,125

		Iowa (0.8%)
	500,000	Iowa Finance Authority, Revenue Bonds^2,4	02/01/24		3.700			500,000
	120,000	Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA	07/01/46		4.000			119,689
	570,000	Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA	01/01/49		3.500			559,316
	5,105,000	Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA	07/01/53		6.250			5,604,817
		Total Iowa						6,783,822

		Kentucky (3.3%)
	5,000,000	County of Trimble, Revenue Bonds	11/01/27		1.350			4,554,757
	3,725,000	County of Trimble, Revenue Bonds^1,2	06/01/54		4.700			3,775,414
	5,000,000	Kentucky Housing Corp., Revenue Bonds, FHLMC, FNMA, GNMA	07/01/54		6.250			5,602,704
	7,355,000	Kentucky Public Energy Authority, Revenue Bonds^1,2	12/01/49		4.000			7,366,497
	6,500,000	Kentucky Public Energy Authority, Revenue Bonds (SOFR + 1.200%)²	08/01/52		4.758			6,272,328
	1,265,000	Louisville/Jefferson County Metropolitan Government, Revenue Bonds^1,2	10/01/47		5.000			1,382,231
		Total Kentucky						28,953,931

		Louisiana (0.6%)
	5,500,000	Louisiana Public Facilities Authority, Revenue Bonds, NPFG (3-Month CME Term SOFR + 0.700%)²	02/15/36		4.480			5,181,843
		Total Louisiana						5,181,843

		Massachusetts (0.1%)
	370,000	Massachusetts Housing Finance Agency, Revenue Bonds	06/01/34		3.300			360,544
	485,000	Massachusetts Housing Finance Agency, Revenue Bonds	12/01/36		3.450			467,289
		Total Massachusetts						827,833

		Michigan (0.0%)
	40,000	Detroit City School District, General Obligation Bonds, BHAC, FGIC	05/01/25		5.250			40,659
		Total Michigan						40,659

		Minnesota (2.5%)
	1,300,000	Duluth Independent School District No 709, General Obligation Bonds³	02/01/31		0.000			972,686
	1,050,000	Duluth Independent School District No 709, General Obligation Bonds³	02/01/32		0.000			750,265
	1,035,000	Duluth Independent School District No 709, General Obligation Bonds³	02/01/33		0.000			705,844
	1,000,000	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA	07/01/36		5.350			1,067,288
	626,955	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA	03/01/47		2.930			561,568
	542,156	Minnesota Housing Finance Agency, Revenue Bonds, FHA, FHLMC, FNMA, GNMA	01/01/49		3.600			515,451
	1,855,000	Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA	01/01/49		4.250			1,859,498

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2024 (unaudited)

Principal
Amount Maturity
Date Interest
Rate Value

MUNICIPAL BONDS (continued)

Minnesota (continued)

$ 1,390,368 Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA 03/01/49 3.450 % $ 1,314,481

611,497 Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA 06/01/49 3.150 557,911

3,110,036 Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA 01/01/50 2.470 2,731,433

3,320,000 Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA 07/01/53 5.000 3,427,798

6,500,000 Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA 07/01/54 6.250 7,131,435

Total Minnesota 21,595,658

Mississippi (0.9%)

1,000,000 Mississippi Business Finance Corp., Revenue Bonds^1,2 03/01/27 2.200 991,343

1,090,000 Mississippi State University Educational Building Corp., Revenue Bonds⁵ 08/01/36 5.000 1,287,392

1,145,000 Mississippi State University Educational Building Corp., Revenue Bonds⁵ 08/01/37 5.000 1,339,182

1,000,000 Mississippi State University Educational Building Corp., Revenue Bonds⁵ 08/01/38 5.000 1,142,202

1,265,000 Mississippi State University Educational Building Corp., Revenue Bonds⁵ 08/01/39 5.000 1,455,319

1,325,000 Mississippi State University Educational Building Corp., Revenue Bonds⁵ 08/01/40 5.000 1,513,531

Total Mississippi 7,728,969

Missouri (1.0%)

2,755,000 Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA 11/01/52 4.750 2,817,568

5,825,000 Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA 05/01/53 5.750 6,194,637

Total Missouri 9,012,205

Montana (0.3%)

580,000 Montana Board of Housing, Revenue Bonds 12/01/43 4.000 578,104

1,570,000 Montana Board of Housing, Revenue Bonds 12/01/52 5.000 1,615,592

Total Montana 2,193,696

Nebraska (2.1%)

14,150,000 Central Plains Energy Project, Revenue Bonds^1,2 05/01/53 5.000 14,858,914

1,430,000 Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA 09/01/49 3.750 1,413,984

1,745,000 Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA 09/01/49 4.000 1,730,339

Total Nebraska 18,003,237

Nevada (0.2%)

2,000,000 County of Clark, Revenue Bonds^1,2 01/01/36 3.750 1,997,071

Total Nevada 1,997,071

New Hampshire (0.1%)

1,000,000 New Hampshire Business Finance Authority, Revenue Bonds 08/01/24 3.125 995,975

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2024 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		New Hampshire (continued)
$	200,000	New Hampshire Health & Education Facilities Authority Act, Revenue Bonds^2,4	02/01/24		3.350	%	$	200,000
		Total New Hampshire						1,195,975

		New Jersey (3.7%)
	4,000,000	New Jersey Economic Development Authority, Revenue Bonds⁵	06/15/34		5.000			4,694,955
	6,330,000	New Jersey Economic Development Authority, Revenue Bonds⁵	06/15/35		5.000			7,396,237
	2,250,000	New Jersey Economic Development Authority, Revenue Bonds⁵	06/15/36		5.250			2,656,794
	10,625,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds³	12/15/31		0.000			8,138,735
	3,535,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds, AGM³	12/15/33		0.000			2,546,113
	1,565,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds³	12/15/34		0.000			1,072,235
	5,120,000	New Jersey Transportation Trust Fund Authority, Revenue Bonds³	12/15/34		0.000			3,507,887
	1,750,000	Township of Ewing, General Obligation Bonds	08/01/29		2.000			1,617,241
		Total New Jersey						31,630,197

		New Mexico (2.3%)
	8,600,000	City of Farmington, Revenue Bonds	04/01/29		1.800			7,641,439
	860,000	New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA	01/01/49		4.000			856,871
	7,000,000	New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA	09/01/54		6.500			7,790,964
	3,000,000	New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA⁵	03/01/55		5.750			3,259,497
		Total New Mexico						19,548,771

		New York (7.1%)
	2,055,000	Metropolitan Transportation Authority, Revenue Bonds	11/15/32		5.000			2,097,933
	4,395,000	Metropolitan Transportation Authority, Revenue Bonds³	11/15/33		0.000			3,126,191
	8,680,000	Metropolitan Transportation Authority, Revenue Bonds (SOFR + 0.330%)²	11/01/35		3.888			8,675,181
	3,165,000	Metropolitan Transportation Authority, Revenue Bonds	11/15/37		5.000			3,253,010
	1,500,000	Metropolitan Transportation Authority, Revenue Bonds^1,2	11/15/45		5.000			1,619,560
	5,300,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds^2,4	02/01/24		3.200			5,300,000
	2,565,000	New York State Dormitory Authority, Revenue Bonds	07/01/38		4.000			2,702,677
	8,000,000	Port Authority of New York & New Jersey, Revenue Bonds	07/15/26		5.000			8,006,503
	5,000,000	Port Authority of New York & New Jersey, Revenue Bonds	09/01/30		5.000			5,026,166
	5,655,000	Port Authority of New York & New Jersey, Revenue Bonds	10/15/32		5.000			5,690,626
	1,320,000	Port Authority of New York & New Jersey, Revenue Bonds	10/15/34		5.000			1,475,294
	1,500,000	Port Authority of New York & New Jersey, Revenue Bonds	07/15/35		5.000			1,645,105
	1,395,000	Port Authority of New York & New Jersey, Revenue Bonds	08/01/36		5.000			1,553,331
	1,165,000	Triborough Bridge & Tunnel Authority, Revenue Bonds³	11/15/35		0.000			750,232
	6,500,000	Triborough Bridge & Tunnel Authority, Revenue Bonds³	11/15/36		0.000			3,974,933
	6,875,000	Triborough Bridge & Tunnel Authority, Revenue Bonds^1,2	05/15/45		2.000			6,827,562
		Total New York						61,724,304

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2024 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		North Carolina (3.2%)
$	5,000,000	Charlotte-Mecklenburg Hospital Authority, Revenue Bonds^2,4	02/01/24		3.800	%	$	5,000,000
	1,380,000	North Carolina Housing Finance Agency, Revenue Bonds	07/01/47		4.000			1,375,442
	5,970,000	North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA	01/01/54		5.500			6,410,257
	5,000,000	North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA⁵	01/01/55		6.250			5,518,939
	8,850,000	North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA	01/01/55		6.250			9,705,564
		Total North Carolina						28,010,202

		North Dakota (1.6%)
	775,000	North Dakota Housing Finance Agency, Revenue Bonds	01/01/49		4.250			775,341
	2,820,000	North Dakota Housing Finance Agency, Revenue Bonds	07/01/49		4.250			2,823,469
	3,795,000	North Dakota Housing Finance Agency, Revenue Bonds	01/01/53		4.000			3,780,305
	6,145,000	North Dakota Housing Finance Agency, Revenue Bonds	07/01/53		5.750			6,535,222
		Total North Dakota						13,914,337

		Ohio (0.9%)
	7,350,000	Ohio Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA	03/01/54		5.750			7,790,582
		Total Ohio						7,790,582

		Oklahoma (0.4%)
	3,000,000	Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA,
		GNMA	03/01/54		6.000			3,312,538
		Total Oklahoma						3,312,538

		Oregon (5.6%)
	3,150,000	Clackamas & Washington Counties School District No 3, General
		Obligation Bonds³	06/15/36		0.000			1,871,702
	3,250,000	Clackamas County School District No 12 North Clackamas, General
		Obligation Bonds³	06/15/34		0.000			2,155,537
	1,500,000	Lane County School District No 40 Creswell, General Obligation Bonds³	06/15/43		0.000			601,366
	1,445,000	Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow, General Obligation Bonds³	06/15/32		0.000			1,045,151
	6,000,000	Multnomah & Clackamas Counties School District No 10JT Gresham-
		Barlow, General Obligation Bonds³	06/15/36		0.000			3,501,959
	2,250,000	Multnomah County School District No 40, General Obligation Bonds³	06/15/38		0.000			1,245,399
	21,000,000	Multnomah County School District No 40, General Obligation Bonds³	06/15/43		0.000			8,700,380
	12,000,000	Multnomah County School District No 7 Reynolds, General Obligation
		Bonds³	06/15/35		0.000			7,366,952
	2,000,000	Port of Portland Airport Revenue, Revenue Bonds	07/01/36		5.000			2,251,184
	1,045,000	Salem-Keizer School District No 24J, General Obligation Bonds³	06/15/35		0.000			660,577
	1,905,000	Tillamook Bay Community College District, General Obligation Bonds³	06/15/38		0.000			1,039,835
	3,750,000	Washington & Multnomah Counties School District No 48J Beaverton,
		General Obligation Bonds³	06/15/31		0.000			2,874,354

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2024 (unaudited)

Principal
Amount Maturity
Date Interest
Rate Value

MUNICIPAL BONDS (continued)

Oregon (continued)

$ 3,250,000 Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds³ 06/15/34 0.000 % $ 2,168,313

2,000,000 Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds³ 06/15/37 0.000 1,167,856

1,800,000 Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds³ 06/15/41 0.000 831,235

1,500,000 Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds³ 06/15/31 0.000 1,152,188

1,055,000 Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds³ 06/15/33 0.000 741,080

3,330,000 Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds³ 06/15/37 0.000 1,857,932

6,000,000 Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds³ 06/15/39 0.000 3,027,587

4,800,000 Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds³ 06/15/40 0.000 2,351,905

5,000,000 Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds³ 06/15/41 0.000 2,287,350

Total Oregon 48,899,842

Pennsylvania (4.0%)

1,980,000 Allegheny County Airport Authority, Revenue Bonds, AGM 01/01/35 5.000 2,223,244

1,000,000 Allegheny County Airport Authority, Revenue Bonds, AGM 01/01/36 5.250 1,151,228

1,000,000 Allegheny County Airport Authority, Revenue Bonds, AGM 01/01/37 5.250 1,141,295

5,555,000 Bethlehem Area School District Authority, Revenue Bonds (SOFR + 0.350%)² 07/01/31 3.908 5,462,636

10,700,000 Pennsylvania Economic Development Financing Authority, Revenue Bonds^1,2 08/01/37 0.580 10,480,714

10,000,000 Pennsylvania Turnpike Commission, Revenue Bonds^2,4 02/07/24 4.700 10,000,000

2,500,000 School District of Philadelphia, General Obligation Bonds 09/01/34 5.000 2,584,172

1,470,000 School District of Philadelphia, General Obligation Bonds 09/01/36 4.000 1,500,224

Total Pennsylvania 34,543,513

South Carolina (0.7%)

850,000 South Carolina State Housing Finance & Development Authority, Revenue Bonds 07/01/34 2.650 774,615

2,985,000 South Carolina State Housing Finance & Development Authority, Revenue Bonds 01/01/54 5.750 3,247,091

2,000,000 South Carolina State Housing Finance & Development Authority, Revenue Bonds 01/01/54 6.000 2,213,680

Total South Carolina 6,235,386

South Dakota (2.0%)

40,000 South Dakota Housing Development Authority, Revenue Bonds 11/01/44 4.000 40,004

705,000 South Dakota Housing Development Authority, Revenue Bonds 11/01/45 4.000 703,153

1,795,000 South Dakota Housing Development Authority, Revenue Bonds 11/01/46 3.500 1,782,022

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2024 (unaudited)

Principal Amount			Maturity Date	Interest Rate			Value
		MUNICIPAL BONDS (continued)
		South Dakota (continued)
$	1,475,000	South Dakota Housing Development Authority, Revenue Bonds	11/01/48		4.500	%	$	1,484,297
	2,295,000	South Dakota Housing Development Authority, Revenue Bonds	11/01/49		4.000			2,290,649
	4,840,000	South Dakota Housing Development Authority, Revenue Bonds	05/01/53		5.000			4,987,182
	5,580,000	South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA	05/01/54		6.000			5,976,989
		Total South Dakota						17,264,296

		Tennessee (2.9%)
	1,200,000	Metropolitan Nashville Airport Authority, Revenue Bonds	07/01/34		5.250			1,378,150
	1,125,000	Metropolitan Nashville Airport Authority, Revenue Bonds	07/01/35		5.250			1,286,905
	5,575,000	New Memphis Arena Public Building Authority, Revenue Bonds³	04/01/29		0.000			5,156,415
	3,090,000	New Memphis Arena Public Building Authority, Revenue Bonds³	04/01/33		0.000			2,133,672
	3,000,000	New Memphis Arena Public Building Authority, Revenue Bonds³	04/01/35		0.000			1,884,567
	1,000,000	Tennessee Energy Acquisition Corp., Revenue Bonds	11/01/28		5.000			1,050,799
	1,030,000	Tennessee Housing Development Agency, Revenue Bonds	01/01/43		4.000			1,026,854
	895,000	Tennessee Housing Development Agency, Revenue Bonds	07/01/48		4.000			892,096
	1,635,000	Tennessee Housing Development Agency, Revenue Bonds	07/01/49		4.250			1,635,933
	2,920,000	Tennessee Housing Development Agency, Revenue Bonds	01/01/53		5.000			3,042,467
	5,000,000	Tennessee Housing Development Agency, Revenue Bonds, FHLMC, FNMA, GNMA	01/01/54		6.250			5,479,567
		Total Tennessee						24,967,425

		Texas (12.1%)
	1,800,000	City of Austin Airport System Revenue, Revenue Bonds	11/15/36		5.000			1,992,057
	1,120,000	City of Houston Airport System Revenue, Revenue Bonds	07/01/24		5.000			1,125,297
	1,170,000	City of Houston Airport System Revenue, Revenue Bonds	07/01/25		5.000			1,191,765
	2,000,000	City of Houston Airport System Revenue, Revenue Bonds	07/01/31		5.000			2,191,132
	3,355,000	City of Houston Airport System Revenue, Revenue Bonds, AGM	07/01/36		5.000			3,776,362
	10,000,000	City of Houston Combined Utility System Revenue, Revenue Bonds^2,4	02/07/24		4.830			10,000,000
	3,640,000	Fort Bend Independent School District, General Obligation Bonds^1,2	08/01/51		0.720			3,406,018
	1,750,000	Goose Creek Consolidated Independent School District, General Obligation Bonds^1,2	02/15/35		0.600			1,645,032
	1,030,000	Little Elm Independent School District, General Obligation Bonds^1,2	08/15/48		0.680			990,147
	1,025,000	Love Field Airport Modernization Corp., Revenue Bonds	11/01/25		5.000			1,049,643
	2,500,000	Love Field Airport Modernization Corp., Revenue Bonds	11/01/30		5.000			2,750,902
	1,500,000	Love Field Airport Modernization Corp., Revenue Bonds	11/01/34		5.000			1,547,857
	1,000,000	Love Field Airport Modernization Corp., Revenue Bonds	11/01/35		5.000			1,030,027
	4,260,000	Medina Valley Independent School District, General Obligation Bonds^1,2	02/15/51		0.820			3,993,381
	3,850,000	State of Texas, General Obligation Bonds	08/01/30		4.125			3,830,710
	520,000	Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA	09/01/35		2.150			431,109
	2,220,000	Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA	07/01/37		2.150			1,847,376
	8,711,355	Texas Department of Housing & Community Affairs, Revenue Bonds, FHLMC, FNMA, GNMA	09/01/47		2.835			7,619,520

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2024 (unaudited)

Principal
Amount Maturity
Date Interest
Rate Value

MUNICIPAL BONDS (continued)

Texas (continued)

$ 1,665,000 Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA 03/01/50 4.000 % $ 1,658,260

2,460,000 Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA 01/01/53 5.750 2,633,203

3,435,000 Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA 03/01/53 6.000 3,749,577

3,875,000 Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA 03/01/54 6.000 4,286,870

9,135,000 Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds (3-Month CME Term SOFR + 0.700%)² 12/15/26 4.483 9,000,234

9,145,000 Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds 12/15/26 6.250 9,522,733

10,925,000 Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3- Month CME Term SOFR + 0.863%)² 09/15/27 4.417 10,723,098

9,975,000 Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3- Month CME Term SOFR + 1.045%)² 09/15/27 4.653 9,819,328

2,790,000 Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.550%)² 09/15/27 5.100 2,744,643

Total Texas 104,556,281

Utah (0.3%)

2,700,000 County of Utah, Revenue Bonds^2,4 02/01/24 3.650 2,700,000

Total Utah 2,700,000

Virginia (1.7%)

2,750,000 Amelia County Industrial Development Authority, Revenue Bonds 04/01/27 1.450 2,486,250

8,700,000 Wise County Industrial Development Authority, Revenue Bonds^1,2 10/01/40 0.750 8,108,189

3,700,000 York County Economic Development Authority, Revenue Bonds^1,2 05/01/33 3.650 3,718,316

Total Virginia 14,312,755

Washington (2.3%)

1,590,000 Port of Seattle, Revenue Bonds 06/01/25 3.450 1,588,694

1,500,000 Port of Seattle, Revenue Bonds 06/01/26 3.600 1,498,557

3,750,000 Port of Seattle, Revenue Bonds 04/01/27 5.000 3,781,917

425,000 Port of Seattle, Revenue Bonds 06/01/27 3.750 425,003

5,050,000 Port of Seattle, Revenue Bonds 08/01/34 5.000 5,634,261

1,415,000 Port of Seattle, Revenue Bonds 08/01/35 5.000 1,571,455

3,000,000 Port of Seattle, Revenue Bonds 04/01/39 5.000 3,167,662

1,940,000 Washington Health Care Facilities Authority, Revenue Bonds^1,2 10/01/42 4.000 1,956,256

45,000 Washington State Housing Finance Commission, Revenue Bonds, FHLMC, FNMA, GNMA 12/01/47 4.000 44,930

Total Washington 19,668,735

Wisconsin (3.3%)

4,025,000 County of Milwaukee Airport Revenue, Revenue Bonds 12/01/30 5.000 4,166,707

2,060,000 County of Milwaukee Airport Revenue, Revenue Bonds 12/01/31 5.000 2,132,025

5,345,000 Public Finance Authority, Revenue Bonds^1,2 10/01/46 3.700 5,425,198

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2024 (unaudited)

Principal
Amount Maturity
Date Interest
Rate Value

MUNICIPAL BONDS (continued)

Wisconsin (continued)

$ 12,400,000 Wisconsin Health & Educational Facilities Authority, Revenue Bonds^2,4 02/01/24 3.600 % $ 12,400,000

4,950,000 Wisconsin Health & Educational Facilities Authority, Revenue Bonds 11/15/43 4.000 4,873,479

Total Wisconsin 28,997,409

Wyoming (0.7%)

2,395,000 Wyoming Community Development Authority, Revenue Bonds 12/01/34 3.500 2,395,721

1,545,000 Wyoming Community Development Authority, Revenue Bonds 12/01/48 4.000 1,540,770

875,000 Wyoming Community Development Authority, Revenue Bonds 12/01/49 3.750 869,289

1,105,000 Wyoming Community Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA 06/01/50 3.000 1,075,907

Total Wyoming 5,881,687

Total Municipal Bonds
(Identified cost $880,076,222) 887,741,397

TOTAL INVESTMENTS (Identified cost $880,076,222)⁶	102.5	%	$	887,741,397
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS	(2.5	)%		(22,022,269	)
NET ASSETS	100.0	%	$	865,719,128

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

Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the January 31, 2024 coupon or interest rate.

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

⁴

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 January 31, 2024.

⁵

Represent a security purchased on a when-issued basis.

⁶

The aggregate cost for federal income tax purposes is $880,076,222, the aggregate gross unrealized appreciation is $17,213,357 and the aggregate gross unrealized depreciation is $9,548,182, resulting in net unrealized appreciation of $7,665,175.

Abbreviations:
AGM	−	Assured Guaranty Municipal Corporation.
BAM	−	Build America Mutual.
BHAC	−	Berkshire Hathaway Assurance Corporation.
CME	−	Chicago Mercantile Exchange.
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.
NPFG	−	National Public Finance Guarantee Corporation.
SIFMA	−	Securities Industry and Financial Markets Association.
SOFR	−	Secured Overnight Financing Rate.

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2024 (unaudited)

FAIR VALUE MEASUREMENTS

BBH Intermediate Municipal Bond Fund (the “Fund”) is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Authoritative guidance establishes three levels of the fair value hierarchy as follows:

—

Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities.

—

Level 2 – significant other observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.).

—

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets and liabilities).

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires judgment by the investment adviser. The investment adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the investment adviser’s perceived risk of that instrument.

Financial assets within Level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include municipal bonds, investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations and over-the-counter derivatives. As Level 2 financial assets include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Financial assets classified within Level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include private equity and certain corporate debt securities.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2024.

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, 2024
Municipal Bonds*	$	–	$	887,741,397	$	–	$	887,741,397
Total Investment, at value	$	–	$	887,741,397	$	–	$	887,741,397

For geographical breakdown of municipal bond investments, refer to the Portfolio of Investments.

BBH INTERMEDIATE MUNICIPAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2024 (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.