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 Bonds1,2	06/01/49		5.500	%	$	2,141,957
	3,375,000	Industrial Development Board of the City of Mobile Alabama, Revenue Bonds1,2	06/01/34		3.920			3,405,541
		Total Alabama						5,547,498
		Arizona (3.3%)
	4,555,000	Chandler Industrial Development Authority, Revenue Bonds1,2	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 Bonds2,4	02/01/24		3.500			11,100,000
	400,000	California Public Finance Authority, Revenue Bonds2,4	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 Bonds2,4	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 Bonds1,2	07/01/35		0.375			3,730,423
	10,700,000	Connecticut State Health & Educational Facilities Authority, Revenue Bonds1,2	07/01/49		1.100			10,406,381
	1,375,000	Connecticut State Health & Educational Facilities Authority, Revenue Bonds1,2	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 Bonds1,2	01/01/40		1.500			4,869,847
	2,800,000	Development Authority of Burke County, Revenue Bonds1,2	11/01/45		3.250			2,771,705
	780,000	Development Authority of Burke County, Revenue Bonds1,2	12/01/49		1.700			766,770
	7,500,000	Main Street Natural Gas, Inc., Revenue Bonds1,2	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 Bonds1,2	01/01/39		1.500			3,787,124
		Total Georgia						21,911,394
		Illinois (5.5%)
	300,000	Illinois Finance Authority, Revenue Bonds2,4	02/01/24		3.150			300,000
	16,900,000	Illinois Finance Authority, Revenue Bonds2,4	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 Bonds2,4	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 Bonds1,2	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 Bonds1,2	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 Bonds1,2	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 Bonds1,2	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 Bonds1,2	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 Bonds1,2	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  Bonds2,4	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 Bonds1,2	11/15/45		5.000			1,619,560
	5,300,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds2,4	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 Bonds1,2	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 Bonds2,4	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 Bonds1,2	08/01/37		0.580			10,480,714
	10,000,000	Pennsylvania Turnpike Commission, Revenue Bonds2,4	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 Bonds2,4	02/07/24		4.830			10,000,000
	3,640,000	Fort Bend Independent School District, General Obligation Bonds1,2	08/01/51		0.720			3,406,018
	1,750,000	Goose Creek Consolidated Independent School District, General Obligation Bonds1,2	02/15/35		0.600			1,645,032
	1,030,000	Little Elm Independent School District, General Obligation Bonds1,2	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 Bonds1,2	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 Bonds2,4	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 Bonds1,2	10/01/40		0.750			8,108,189
	3,700,000	York County Economic Development Authority, Revenue Bonds1,2	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 Bonds1,2	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 Bonds1,2	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 Bonds2,4	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

¹ This variable rate security is based on a predetermined schedule and the rate at period end also represents the reference rate at period end.

² 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.

³ 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.