BBH INCOME FUND
PORTFOLIO OF INVESTMENTS
July 31, 2023 (unaudited)
| Principal Amount | Maturity Date | Interest Rate | Value | |||||||||||
| ASSET BACKED SECURITIES (18.4%) | ||||||||||||||
| $ | 2,586,851 | ABPCI Direct Lending Fund ABS I, Ltd. 2020-1A1 | 12/20/30 | 3.199 | % | $ | 2,351,051 | |||||||
| 2,270,000 | ABPCI Direct Lending Fund ABS II LLC 2022-2A1 | 03/01/32 | 4.987 | 1,993,845 | ||||||||||
| 2,630,000 | Adams Outdoor Advertising LP 2023-11 | 07/15/53 | 6.970 | 2,606,377 | ||||||||||
| 1,480,000 | Ares PBN Finance Co. LLC1,2 | 10/15/36 | 6.000 | 1,399,340 | ||||||||||
| 5,200,000 | Avis Budget Rental Car Funding AESOP LLC 2023-4A1 | 06/20/29 | 5.490 | 5,117,142 | ||||||||||
| 2,059,046 | BHG Securitization Trust 2022-A1 | 02/20/35 | 1.710 | 1,982,262 | ||||||||||
| 4,165,000 | BHG Securitization Trust 2023-A1 | 04/17/36 | 6.350 | 4,101,148 | ||||||||||
| 367,988 | Business Jet Securities LLC 2020-1A1 | 11/15/35 | 2.981 | 344,073 | ||||||||||
| 1,430,000 | CARS-DB4 LP 2020-1A1 | 02/15/50 | 4.170 | 1,334,261 | ||||||||||
| 1,025,375 | CF Hippolyta Issuer LLC 2020-11 | 07/15/60 | 2.280 | 919,273 | ||||||||||
| 2,374,427 | CF Hippolyta Issuer LLC 2022-1A1 | 08/15/62 | 5.970 | 2,328,785 | ||||||||||
| 1,003,338 | Credit Acceptance Auto Loan Trust 2020-2A1 | 09/17/29 | 1.930 | 999,861 | ||||||||||
| 2,330,000 | Credit Acceptance Auto Loan Trust 2023-1A1 | 07/15/33 | 7.710 | 2,341,157 | ||||||||||
| 3,070,000 | DataBank Issuer 2023-1A1 | 02/25/53 | 5.116 | 2,823,287 | ||||||||||
| 2,850,000 | DigitalBridge Issuer LLC 2021-1A1 | 09/25/51 | 3.933 | 2,605,769 | ||||||||||
| 864,320 | Elm Trust 2020-3A1 | 08/20/29 | 2.954 | 804,646 | ||||||||||
| 2,270,323 | Elm Trust 2020-4A1 | 10/20/29 | 2.286 | 2,091,277 | ||||||||||
| 4,460,000 | Flexential Issuer 2021-1A1 | 11/27/51 | 3.250 | 3,904,386 | ||||||||||
| 622,801 | FNA LLC 2019-11,2 | 12/10/31 | 3.000 | 541,837 | ||||||||||
| 1,509,852 | FREED ABS Trust 2022-2CP1 | 05/18/29 | 4.490 | 1,493,199 | ||||||||||
| 1,247,517 | Global SC Finance VII Srl 2020-1A1 | 10/17/40 | 2.170 | 1,111,749 | ||||||||||
| 1,175,191 | Global SC Finance VII Srl 2020-2A1 | 11/19/40 | 2.260 | 1,049,127 | ||||||||||
| 4,270,000 | Golub Capital Partners ABS Funding, Ltd. 2021-1A1 | 04/20/29 | 2.773 | 3,943,738 | ||||||||||
| 2,980,000 | HPEFS Equipment Trust 2023-1A1 | 04/20/28 | 5.730 | 2,946,295 | ||||||||||
| 2,540,000 | Lendmark Funding Trust 2023-1A1 | 05/20/33 | 5.590 | 2,501,691 | ||||||||||
| 472,052 | LIAS Administration Fee Issuer LLC 2018-1A | 07/25/48 | 5.956 | 459,642 | ||||||||||
| 79,502 | Mariner Finance Issuance Trust 2019-AA1 | 07/20/32 | 2.960 | 79,040 | ||||||||||
| 1,070,000 | Mariner Finance Issuance Trust 2020-AA1 | 08/21/34 | 2.190 | 1,031,551 | ||||||||||
| 1,840,000 | MCF CLO 10, Ltd. 2023-1A (3-Month CME Term SOFR + 4.200%)1,3 | 04/15/35 | 9.032 | 1,830,962 | ||||||||||
| 1,260,000 | Monroe Capital ABS Funding, Ltd. 2021-1A1 | 04/22/31 | 2.815 | 1,185,597 | ||||||||||
| 1,870,000 | Monroe Capital ABS Funding II, Ltd. 2023-1A1 | 04/22/33 | 6.650 | 1,869,845 | ||||||||||
| 1,790,000 | Monroe Capital Income Plus ABS Funding LLC 2022-1A1 | 04/30/32 | 5.150 | 1,529,916 | ||||||||||
| 2,700,000 | Neuberger Berman Loan Advisers CLO 40, Ltd. 2021-40A (3-Month CME Term SOFR + 1.322%)1,3 | 04/16/33 | 6.630 | 2,689,170 | ||||||||||
| 2,520,000 | New Residential Advance Receivables Trust Advance Receivables Backed 2020-T11 | 08/15/53 | 1.426 | 2,513,017 | ||||||||||
| 219,518 | Newtek Small Business Loan Trust 2018-1 (U.S. Prime Rate - 0.550%)1,3 | 02/25/44 | 7.700 | 216,768 | ||||||||||
| 104,130 | Newtek Small Business Loan Trust 2018-1 (U.S. Prime Rate + 0.750%)1,3 | 02/25/44 | 9.000 | 103,244 | ||||||||||
BBH INCOME FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
| Principal Amount | Maturity Date | Interest Rate | Value | |||||||||||
| ASSET BACKED SECURITIES (continued) | ||||||||||||||
| $ | 3,719,646 | Newtek Small Business Loan Trust 2023-1 (U.S. Prime Rate - 0.500%)1,3 | 07/25/50 | 7.750 | % | $ | 3,695,886 | |||||||
| 3,550,000 | NextGear Floorplan Master Owner Trust 2022-1A1 | 03/15/27 | 2.800 | 3,377,815 | ||||||||||
| 5,440,000 | NextGear Floorplan Master Owner Trust 2023-1A1 | 03/15/28 | 5.740 | 5,464,151 | ||||||||||
| 1,660,000 | NFAS2 LLC 2022-11 | 09/15/28 | 6.860 | 1,628,544 | ||||||||||
| 3,960,000 | Niagara Park CLO, Ltd. 2019-1A (3-Month CME Term SOFR + 1.262%)1,3 | 07/17/32 | 6.570 | 3,928,320 | ||||||||||
| 2,180,000 | OnDeck Asset Securitization Trust III LLC 2021-1A1 | 05/17/27 | 1.590 | 2,078,052 | ||||||||||
| 194,757 | OneMain Financial Issuance Trust 2020-1A1 | 05/14/32 | 3.840 | 194,106 | ||||||||||
| 2,930,000 | OneMain Financial Issuance Trust 2022-S11 | 05/14/35 | 4.130 | 2,805,794 | ||||||||||
| 5,630,000 | Oportun Issuance Trust 2021-C1 | 10/08/31 | 2.180 | 5,094,152 | ||||||||||
| 205,310 | Oxford Finance Funding LLC 2019-1A1 | 02/15/27 | 4.459 | 204,200 | ||||||||||
| 982,272 | Oxford Finance Funding LLC 2020-1A1 | 02/15/28 | 3.101 | 943,043 | ||||||||||
| 2,320,000 | PennantPark CLO VII LLC 2023-7A (3-Month CME Term SOFR + 4.050%)1,3 | 07/20/35 | 9.396 | 2,320,000 | ||||||||||
| 417,224 | ReadyCap Lending Small Business Loan Trust 2019-2 (U.S. Prime Rate - 0.500%)1,3 | 12/27/44 | 7.750 | 400,569 | ||||||||||
| 5,150,000 | Regional Management Issuance Trust 2022-11 | 03/15/32 | 3.070 | 4,794,369 | ||||||||||
| 2,060,000 | Republic Finance Issuance Trust 2020-A1 | 11/20/30 | 2.470 | 1,987,209 | ||||||||||
| 2,130,000 | Sabey Data Center Issuer LLC 2020-11 | 04/20/45 | 3.812 | 2,014,414 | ||||||||||
| 1,795,000 | Sabey Data Center Issuer LLC 2023-11 | 04/20/48 | 6.250 | 1,757,286 | ||||||||||
| 379,063 | Santander Drive Auto Receivables Trust 2020-1 | 12/15/25 | 4.110 | 377,274 | ||||||||||
| 1,940,000 | Santander Revolving Auto Loan Trust 2019-A1 | 01/26/32 | 2.510 | 1,847,611 | ||||||||||
| 2,310,000 | Southwick Park CLO LLC 2019-4A (3-Month CME Term SOFR + 1.322%)1,3 | 07/20/32 | 6.648 | 2,297,427 | ||||||||||
| 829,737 | Stack Infrastructure Issuer LLC 2019-1A1 | 02/25/44 | 4.540 | 818,494 | ||||||||||
| 1,150,000 | Stack Infrastructure Issuer LLC 2023-1A1 | 03/25/48 | 5.900 | 1,111,789 | ||||||||||
| 263,426 | SWC Funding LLC 2018-1A1 | 08/15/33 | 4.750 | 258,188 | ||||||||||
| 1,297,234 | Textainer Marine Containers VII, Ltd. 2020-1A1 | 08/21/45 | 2.730 | 1,179,868 | ||||||||||
| 4,495,506 | Thrust Engine Leasing DAC 2021-1A1 | 07/15/40 | 4.163 | 3,798,747 | ||||||||||
| 2,620,000 | TierPoint Issuer LLC 2023-1A1 | 06/25/53 | 6.000 | 2,512,428 | ||||||||||
| 3,350,000 | Vantage Data Centers Issuer LLC 2023-1A1 | 03/16/48 | 6.316 | 3,262,055 | ||||||||||
| 5,295,243 | VC 3 LS LP 2021-B1,2 | 10/15/41 | 4.750 | 4,324,625 | ||||||||||
| 1,799,289 | VCP RRL ABS I, Ltd. 2021-1A1 | 10/20/31 | 2.152 | 1,634,537 | ||||||||||
| 4,830,000 | Westlake Automobile Receivables Trust 2023-2A1 | 03/15/28 | 6.290 | 4,823,294 | ||||||||||
Total Asset Backed Securities (Cost $145,098,659) | 138,078,575 | |||||||||||||
BBH INCOME FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
Principal Amount | Maturity Date | Interest Rate |
Value | |||||||||||
| COMMERCIAL MORTGAGE BACKED SECURITIES (6.6%) | ||||||||||||||
| $ | 1,390,000 | BPR Trust 2022-OANA (1-Month CME Term SOFR + 2.697%)1,3 | 04/15/37 | 7.919 | % | $ | 1,336,143 | |||||||
| 4,740,000 | BX Commercial Mortgage Trust 2022-CSMO (1-Month CME Term SOFR + 3.889%)1,3 | 06/15/27 | 9.110 | 4,725,159 | ||||||||||
| 1,678,608 | BXMT, Ltd. 2020-FL2 (1-Month CME Term SOFR + 1.014%)1,3 | 02/15/38 | 6.236 | 1,613,562 | ||||||||||
| 1,250,000 | BXMT, Ltd. 2020-FL3 (1-Month CME Term SOFR + 2.664%)1,3 | 11/15/37 | 7.886 | 1,089,164 | ||||||||||
| 146,085 | CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month CME Term SOFR + 4.114%)1,2,3 | 11/15/31 | 9.336 | 108,132 | ||||||||||
| 786,000 | CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month CME Term SOFR + 4.114%)1,3 | 11/15/31 | 9.336 | 723,359 | ||||||||||
| 1,375,473 | CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month CME Term SOFR + 4.864%)1,2,3 | 11/15/31 | 10.086 | 757,473 | ||||||||||
| 890,000 | Citigroup Commercial Mortgage Trust 2019-SMRT1 | 01/10/36 | 4.149 | 885,525 | ||||||||||
| 2,870,000 | Citigroup Commercial Mortgage Trust 2023-PRM31,3,4 | 07/10/28 | 6.360 | 2,851,442 | ||||||||||
| 4,590,000 | Commercial Mortgage Pass Through Certificate1 | 07/12/28 | 7.121 | 4,661,696 | ||||||||||
| 3,540,000 | CSMC 2018-SITE1,3,4 | 04/15/36 | 4.782 | 3,390,638 | ||||||||||
| 1,339,274 | DFVI 2021-1A1,2 | 12/15/29 | 2.982 | 1,250,882 | ||||||||||
| 1,000,000 | Hudsons Bay Simon JV Trust 2015-HB101,3,4 | 08/05/34 | 5.629 | 757,075 | ||||||||||
| 3,150,000 | Intown Mortgage Trust 2022-STAY (1-Month CME Term SOFR + 4.134%)1,3 | 08/15/39 | 9.356 | 3,136,194 | ||||||||||
| 240,000 | JPMBB Commercial Mortgage Securities Trust 2014-C241,3,4 | 11/15/47 | 3.882 | 160,057 | ||||||||||
| 2,413,600 | Morgan Stanley Capital I Trust 2019-BPR (1-Month CME Term SOFR + 1.992%)1,3 | 05/15/36 | 7.214 | 2,300,838 | ||||||||||
| 5,860,000 | MTN Commercial Mortgage Trust 2022-LPFL (1-Month CME Term SOFR + 1.896%)1,3 | 03/15/39 | 7.117 | 5,760,987 | ||||||||||
| 1,070,556 | NADG NNN Operating LP 2019-11 | 12/28/49 | 3.368 | 1,000,964 | ||||||||||
| 3,534,544 | Ready Capital Mortgage Financing LLC 2021-FL7 (1-Month CME Term SOFR + 1.314%)1,3 | 11/25/36 | 6.612 | 3,483,823 | ||||||||||
| 2,700,000 | SCOTT Trust 2023-SFS1 | 03/15/40 | 5.910 | 2,661,988 | ||||||||||
| 2,270,000 | SPGN Mortgage Trust 2022-TFLM (1-Month CME Term SOFR + 2.650%)1,3 | 02/15/39 | 7.872 | 2,114,208 | ||||||||||
| 1,310,000 | SPGN Mortgage Trust 2022-TFLM (1-Month CME Term SOFR + 3.500%)1,3 | 02/15/39 | 8.722 | 1,208,095 | ||||||||||
| 890,000 | STWD, Ltd. 2019-FL1 (1-Month CME Term SOFR + 1.714%)1,3 | 07/15/38 | 6.936 | 856,625 | ||||||||||
| 9,507 | UBS-BAMLL Trust 2012-WRM1 | 06/10/30 | 3.663 | 8,835 | ||||||||||
| 2,915,000 | Wells Fargo Commercial Mortgage Trust 2020-SDAL (1- Month CME Term SOFR + 1.454%)1,3 | 02/15/37 | 6.676 | 2,860,256 | ||||||||||
Total Commercial Mortgage Backed Securities (Cost $51,818,331) | 49,703,120 | |||||||||||||
BBH INCOME FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
| Principal Amount | Maturity Date | Interest Rate | Value | |||||||||||
| CORPORATE BONDS (49.7%) | ||||||||||||||
| AEROSPACE/DEFENSE (0.6%) | ||||||||||||||
| $ | 2,220,000 | BAE Systems, Plc.1 | 04/15/30 | 3.400 | % | $ | 2,003,434 | |||||||
| 2,700,000 | Boeing Co. | 02/01/28 | 3.250 | 2,484,685 | ||||||||||
| 4,488,119 | ||||||||||||||
| AGRICULTURE (0.7%) | ||||||||||||||
| 3,590,000 | Archer-Daniels-Midland Co. | 08/15/33 | 4.500 | 3,515,615 | ||||||||||
| 1,890,000 | Cargill, Inc.1 | 10/11/32 | 5.125 | 1,908,731 | ||||||||||
| 5,424,346 | ||||||||||||||
| BANKS (10.2%) | ||||||||||||||
| 2,790,000 | ASB Bank, Ltd. (5-Year CMT Index + 2.250%)1,3 | 06/17/32 | 5.284 | 2,694,262 | ||||||||||
| 1,635,000 | Bank Leumi Le-Israel BM1 | 07/27/27 | 5.125 | 1,617,015 | ||||||||||
| 5,910,000 | Bank of America Corp. (5-Year CMT Index + 2.760%)3,5 | 4.375 | 5,180,100 | |||||||||||
| 3,035,000 | Bank of New Zealand1 | 02/07/28 | 4.846 | 2,970,410 | ||||||||||
| 3,095,000 | Bank of Nova Scotia | 03/11/27 | 2.951 | 2,867,711 | ||||||||||
| 2,665,000 | Comerica Bank | 07/27/25 | 4.000 | 2,502,763 | ||||||||||
| 2,920,000 | Comerica Bank (SOFR + 2.610%)3 | 08/25/33 | 5.332 | 2,538,431 | ||||||||||
| 2,710,000 | DNB Bank ASA (SOFR + 1.950%)1,3 | 10/09/26 | 5.896 | 2,713,020 | ||||||||||
| 6,240,000 | Fifth Third Bancorp (SOFR + 2.192%)3 | 10/27/28 | 6.361 | 6,336,009 | ||||||||||
| 165,000 | Fifth Third Bancorp (SOFR + 2.127%)3 | 07/28/30 | 4.772 | 155,253 | ||||||||||
| 2,140,000 | HSBC Holdings, Plc (SOFR + 3.350%)3 | 11/03/28 | 7.390 | 2,260,259 | ||||||||||
| 1,735,000 | HSBC Holdings, Plc | 03/31/30 | 4.950 | 1,698,630 | ||||||||||
| 1,140,000 | HSBC Holdings, Plc (SOFR + 2.387%)3 | 06/04/31 | 2.848 | 952,733 | ||||||||||
| 3,285,000 | HSBC Holdings, Plc (SOFR + 2.390%)3 | 03/09/34 | 6.254 | 3,385,592 | ||||||||||
| 6,256,000 | Huntington Bancshares, Inc. (SOFR + 1.970%)3 | 08/04/28 | 4.443 | 5,924,151 | ||||||||||
| 2,160,000 | Lloyds Banking Group, Plc. (1-Year CMT Index + 1.700%)3 | 03/06/29 | 5.871 | 2,155,105 | ||||||||||
| 2,025,000 | Lloyds Banking Group, Plc. (1-Year CMT Index + 3.750%)3 | 11/15/33 | 7.953 | 2,207,998 | ||||||||||
| 2,000,000 | Morgan Stanley (SOFR + 1.610%)3 | 04/20/28 | 4.210 | 1,921,431 | ||||||||||
| 2,055,000 | Morgan Stanley (SOFR + 2.560%)3 | 10/18/33 | 6.342 | 2,185,032 | ||||||||||
| 2,810,000 | National Australia Bank, Ltd.1 | 01/12/33 | 6.429 | 2,861,335 | ||||||||||
| 2,445,000 | NatWest Group, Plc (1-Year CMT Index + 2.850%)3 | 11/10/26 | 7.472 | 2,521,584 | ||||||||||
| 1,780,000 | NatWest Group, Plc (1-Year CMT Index + 2.100%)3 | 03/02/34 | 6.016 | 1,796,877 | ||||||||||
| 2,360,000 | Santander Holdings USA, Inc. (SOFR + 2.356%)3 | 03/09/29 | 6.499 | 2,370,308 | ||||||||||
| 1,525,000 | UBS Group AG (1-Year CMT Index + 1.750%)1,3 | 05/12/28 | 4.751 | 1,461,505 | ||||||||||
| 4,025,000 | UBS Group AG (1-Year CMT Index + 2.200%)1,3 | 01/12/34 | 5.959 | 4,081,838 | ||||||||||
| 6,100,000 | US Bancorp (5-Year CMT Index + 2.541%)3,5 | 3.700 | 4,742,750 | |||||||||||
| 1,245,000 | Wells Fargo & Co. (SOFR + 2.000%)3 | 04/30/26 | 2.188 | 1,170,789 | ||||||||||
| 1,165,000 | Wells Fargo & Co. (SOFR + 2.100%)3 | 06/02/28 | 2.393 | 1,042,118 | ||||||||||
| 3,020,000 | Wells Fargo & Co. (SOFR + 1.500%)3 | 03/02/33 | 3.350 | 2,585,467 | ||||||||||
| 76,900,476 | ||||||||||||||
| BEVERAGES (0.4%) | ||||||||||||||
| 2,875,000 | Brown-Forman Corp. | 04/15/33 | 4.750 | 2,879,660 | ||||||||||
BBH INCOME FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
| Principal Amount | Maturity Date | Interest Rate | Value | |||||||||||
| CORPORATE BONDS (continued) | ||||||||||||||
| COMPUTERS (0.4%) | ||||||||||||||
| $ | 3,250,000 | Dell International LLC / EMC Corp. | 02/01/33 | 5.750 | % | $ | 3,304,707 | |||||||
| DIVERSIFIED FINANCIAL SERVICES (3.4%) | ||||||||||||||
| 1,265,000 | American Express Co. | 03/04/27 | 2.550 | 1,155,223 | ||||||||||
| 1,250,000 | American Express Co. (SOFR + 2.255%)3 | 05/26/33 | 4.989 | 1,197,432 | ||||||||||
| 2,685,000 | Avolon Holdings Funding, Ltd.1 | 07/01/24 | 3.950 | 2,612,195 | ||||||||||
| 925,000 | Avolon Holdings Funding, Ltd.1 | 01/15/26 | 5.500 | 901,448 | ||||||||||
| 3,055,000 | Bread Financial Holdings, Inc.1 | 12/15/24 | 4.750 | 2,970,451 | ||||||||||
| 2,338,000 | Brightsphere Investment Group, Inc. | 07/27/26 | 4.800 | 2,240,342 | ||||||||||
| 2,345,000 | Capital One Financial Corp. | 05/11/27 | 3.650 | 2,187,622 | ||||||||||
| 2,485,000 | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance1 | 02/15/26 | 3.875 | 2,218,897 | ||||||||||
| 2,550,000 | GCM Grosvenor Diversified Alternatives Issuer LLC1,2 | 11/15/41 | 6.000 | 2,058,105 | ||||||||||
| 2,050,000 | Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc.1 | 02/01/27 | 6.375 | 1,914,282 | ||||||||||
| 4,620,000 | Sculptor Alternative Solutions LLC1,2 | 05/15/37 | 6.000 | 3,839,220 | ||||||||||
| 2,655,000 | Strategic Credit Opportunities Partners LLC | 04/01/26 | 4.250 | 2,412,662 | ||||||||||
| 25,707,879 | ||||||||||||||
| ELECTRIC (3.6%) | ||||||||||||||
| 1,840,000 | Alabama Power Co. | 03/15/32 | 3.050 | 1,601,970 | ||||||||||
| 945,000 | Avista Corp. | 04/01/52 | 4.000 | 742,500 | ||||||||||
| 2,100,000 | Duke Energy Florida LLC | 11/15/52 | 5.950 | 2,264,935 | ||||||||||
| 1,880,000 | Duke Energy Ohio, Inc. | 04/01/53 | 5.650 | 1,931,773 | ||||||||||
| 1,950,000 | Duke Energy Progress LLC | 03/15/53 | 5.350 | 1,952,228 | ||||||||||
| 5,065,000 | Edison International (5-Year CMT Index + 4.698%)3,5 | 5.375 | 4,495,081 | |||||||||||
| 3,375,000 | Florida Power & Light Co. | 05/15/33 | 4.800 | 3,345,093 | ||||||||||
| 2,095,000 | Narragansett Electric Co.1 | 04/09/30 | 3.395 | 1,869,480 | ||||||||||
| 2,120,000 | Nevada Power Co. | 05/01/53 | 5.900 | 2,172,623 | ||||||||||
| 3,500,000 | Oncor Electric Delivery Co. LLC1 | 05/15/28 | 4.300 | 3,419,949 | ||||||||||
| 3,030,000 | Public Service Electric & Gas Co. | 03/15/33 | 4.650 | 2,965,021 | ||||||||||
| 26,760,653 | ||||||||||||||
| FOOD (0.6%) | ||||||||||||||
| 4,355,000 | Nestle Holdings, Inc.1 | 03/14/30 | 4.950 | 4,404,921 | ||||||||||
| HEALTHCARE-PRODUCTS (0.4%) | ||||||||||||||
| 3,035,000 | Medtronic Global Holdings SCA | 03/30/33 | 4.500 | 2,961,281 | ||||||||||
| HEALTHCARE-SERVICES (0.7%) | ||||||||||||||
| 2,545,000 | PeaceHealth Obligated Group | 11/15/50 | 3.218 | 1,692,578 | ||||||||||
| 3,260,000 | Providence St Joseph Health Obligated Group | 10/01/33 | 5.403 | 3,238,842 | ||||||||||
| 490,000 | Sutter Health | 08/15/30 | 2.294 | 405,660 | ||||||||||
| 5,337,080 | ||||||||||||||
BBH INCOME FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
Principal Amount | Maturity Date | Interest Rate |
Value | |||||||||||
| CORPORATE BONDS (continued) | ||||||||||||||
| INSURANCE (10.8%) | ||||||||||||||
| $ | 4,175,000 | Aegon NV (6-Month USD-LIBOR + 3.540%)3 | 04/11/48 | 5.500 | % | $ | 3,981,489 | |||||||
| 2,880,000 | Ascot Group, Ltd.1 | 12/15/30 | 4.250 | 2,208,830 | ||||||||||
| 2,035,000 | Athene Global Funding1 | 06/29/25 | 2.550 | 1,900,353 | ||||||||||
| 2,790,000 | Athene Holding, Ltd. | 02/01/33 | 6.650 | 2,844,241 | ||||||||||
| 5,715,000 | AXIS Specialty Finance LLC (5-Year CMT Index + 3.186%)3 | 01/15/40 | 4.900 | 4,578,589 | ||||||||||
| 2,920,000 | Corebridge Financial, Inc. (5-Year CMT Index + 3.846%)3 | 12/15/52 | 6.875 | 2,849,514 | ||||||||||
| 4,210,000 | Doctors Co. An Interinsurance Exchange1 | 01/18/32 | 4.500 | 3,309,636 | ||||||||||
| 1,600,000 | Enstar Finance LLC (5-Year CMT Index + 5.468%)3 | 09/01/40 | 5.750 | 1,396,314 | ||||||||||
| 4,100,000 | Enstar Finance LLC (5-Year CMT Index + 4.006%)3 | 01/15/42 | 5.500 | 3,182,751 | ||||||||||
| 5,540,000 | F&G Annuities & Life, Inc.1 | 01/13/28 | 7.400 | 5,561,646 | ||||||||||
| 2,195,000 | Fairfax Financial Holdings, Ltd. | 04/29/30 | 4.625 | 2,039,572 | ||||||||||
| 4,765,000 | Fidelis Insurance Holdings, Ltd. (5-Year CMT Index + 6.323%)1,3 | 04/01/41 | 6.625 | 4,526,750 | ||||||||||
| 3,128,000 | First American Financial Corp. | 08/15/31 | 2.400 | 2,379,895 | ||||||||||
| 3,485,000 | Global Atlantic Finance Co.1 | 06/15/33 | 7.950 | 3,491,793 | ||||||||||
| 1,690,000 | Metropolitan Life Global Funding I1 | 03/21/29 | 3.300 | 1,533,741 | ||||||||||
| 2,280,000 | Metropolitan Life Global Funding I1 | 03/28/33 | 5.150 | 2,262,677 | ||||||||||
| 1,580,000 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (5-Year CMT Index + 3.982%)1,3 | 05/23/42 | 5.875 | 1,578,025 | ||||||||||
| 3,708,000 | PartnerRe Finance B LLC (5-Year CMT Index + 3.815%)3 | 10/01/50 | 4.500 | 3,108,172 | ||||||||||
| 5,720,000 | RenaissanceRe Holdings, Ltd. | 06/05/33 | 5.750 | 5,642,379 | ||||||||||
| 2,995,000 | SiriusPoint, Ltd.1 | 11/01/26 | 4.600 | 2,500,825 | ||||||||||
| 3,125,000 | Stewart Information Services Corp. | 11/15/31 | 3.600 | 2,381,470 | ||||||||||
| 4,830,000 | Swiss Re Finance Luxembourg S.A. (5-Year CMT Index + 3.582%)1,3 | 04/02/49 | 5.000 | 4,618,687 | ||||||||||
| 2,520,000 | Teachers Insurance & Annuity Association of America1 | 05/15/50 | 3.300 | 1,739,412 | ||||||||||
| 3,655,000 | United Insurance Holdings Corp. | 12/15/27 | 7.250 | 2,704,700 | ||||||||||
| 6,280,000 | Universal Insurance Holdings, Inc. | 11/30/26 | 5.625 | 5,536,698 | ||||||||||
| 3,515,000 | Willis North America, Inc. | 05/15/33 | 5.350 | 3,423,798 | ||||||||||
| 81,281,957 | ||||||||||||||
| INVESTMENT COMPANIES (6.1%) | ||||||||||||||
| 1,445,000 | Blue Owl Capital Corp. II1 | 11/26/24 | 4.625 | 1,381,960 | ||||||||||
| 2,560,000 | Blue Owl Technology Finance Corp.1 | 06/30/25 | 6.750 | 2,454,713 | ||||||||||
| 2,490,000 | Capital Southwest Corp. | 01/31/26 | 4.500 | 2,321,278 | ||||||||||
| 1,635,000 | CION Investment Corp. | 02/11/26 | 4.500 | 1,507,309 | ||||||||||
| 5,725,000 | Fairfax India Holdings Corp.1 | 02/26/28 | 5.000 | 4,651,563 | ||||||||||
| 2,930,000 | Franklin BSP Lending Corp.1 | 12/15/24 | 4.850 | 2,793,317 | ||||||||||
| 1,370,000 | FS KKR Capital Corp. | 02/01/25 | 4.125 | 1,311,954 | ||||||||||
| 3,450,000 | FS KKR Capital Corp.1 | 02/14/25 | 4.250 | 3,263,116 | ||||||||||
| 2,330,000 | Gladstone Capital Corp. | 01/31/26 | 5.125 | 2,178,550 | ||||||||||
BBH INCOME FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
Principal Amount | Maturity Date | Interest Rate |
Value | |||||||||||
| CORPORATE BONDS (continued) | ||||||||||||||
| INVESTMENT COMPANIES (continued) | ||||||||||||||
| $ | 2,580,000 | Golub Capital BDC, Inc. | 04/15/24 | 3.375 | % | $ | 2,515,642 | |||||||
| 1,965,000 | Main Street Capital Corp. | 05/01/24 | 5.200 | 1,942,034 | ||||||||||
| 2,960,000 | MidCap Financial Investment Corp. | 07/16/26 | 4.500 | 2,643,490 | ||||||||||
| 3,185,000 | Morgan Stanley Direct Lending Fund | 02/11/27 | 4.500 | 2,997,100 | ||||||||||
| 2,095,000 | OFS Capital Corp. | 02/10/26 | 4.750 | 1,792,030 | ||||||||||
| 2,535,000 | PennantPark Floating Rate Capital, Ltd. | 04/01/26 | 4.250 | 2,308,553 | ||||||||||
| 3,025,000 | Saratoga Investment Corp. | 02/28/26 | 4.375 | 2,788,329 | ||||||||||
| 3,050,000 | Silver Point Specialty Credit Fund, L.P.1,2 | 11/04/26 | 4.000 | 2,606,409 | ||||||||||
| 1,775,000 | Stellus Capital Investment Corp. | 03/30/26 | 4.875 | 1,586,127 | ||||||||||
| 3,165,000 | Trinity Capital, Inc. | 12/15/26 | 4.250 | 2,708,188 | ||||||||||
| 45,751,662 | ||||||||||||||
| MACHINERY-DIVERSIFIED (0.3%) | ||||||||||||||
| 2,275,000 | CNH Industrial Capital LLC | 04/10/28 | 4.550 | 2,207,958 | ||||||||||
| MEDIA (0.4%) | ||||||||||||||
| 2,850,000 | CCO Holdings LLC / CCO Holdings Capital Corp.1 | 03/01/31 | 7.375 | 2,833,761 | ||||||||||
| PACKAGING & CONTAINERS (0.5%) | ||||||||||||||
| 2,465,000 | Amcor Finance USA, Inc. | 05/26/33 | 5.625 | 2,461,553 | ||||||||||
| 1,465,000 | AptarGroup, Inc. | 03/15/32 | 3.600 | 1,245,215 | ||||||||||
| 3,706,768 | ||||||||||||||
| PHARMACEUTICALS (0.5%) | ||||||||||||||
| 730,000 | Bausch Health Cos., Inc.1 | 06/01/28 | 4.875 | 442,599 | ||||||||||
| 2,945,000 | Pfizer Investment Enterprises Pte, Ltd. | 05/19/30 | 4.650 | 2,915,120 | ||||||||||
| 3,357,719 | ||||||||||||||
| PIPELINES (1.5%) | ||||||||||||||
| 4,045,000 | Energy Transfer LP (3-Month USD-LIBOR + 4.028%)3,5 | 9.349 | 3,660,744 | |||||||||||
| 1,725,000 | EnLink Midstream LLC1 | 09/01/30 | 6.500 | 1,736,266 | ||||||||||
| 2,430,000 | Harvest Midstream I LP1 | 09/01/28 | 7.500 | 2,388,171 | ||||||||||
| 1,150,000 | Northriver Midstream Finance LP1 | 02/15/26 | 5.625 | 1,099,055 | ||||||||||
| 2,275,000 | Western Midstream Operating LP | 04/01/33 | 6.150 | 2,307,373 | ||||||||||
| 11,191,609 | ||||||||||||||
| PRIVATE EQUITY (0.2%) | ||||||||||||||
| 2,095,000 | Apollo Management Holdings LP (5-Year CMT Index + 3.266%)1,3 | 01/14/50 | 4.950 | 1,759,800 | ||||||||||
| REAL ESTATE INVESTMENT TRUSTS (6.0%) | ||||||||||||||
| 3,340,000 | American Tower Trust #11 | 03/15/28 | 5.490 | 3,343,134 | ||||||||||
| 4,140,000 | Arbor Realty SR, Inc.1 | 10/15/27 | 8.500 | 4,004,152 | ||||||||||
| 3,765,000 | Blackstone Mortgage Trust, Inc.1 | 01/15/27 | 3.750 | 3,237,252 | ||||||||||
| 5,075,000 | EF Holdco / EF Cayman Hold / Ellington Finance REIT | |||||||||||||
| Cayman/TRS / EF Cayman Non-MTM1 | 04/01/27 | 5.875 | 4,702,367 | |||||||||||
| 3,440,000 | Extra Space Storage LP | 07/01/30 | 5.500 | 3,435,801 | ||||||||||
BBH INCOME FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
| Principal Amount | Maturity Date | Interest Rate | Value | |||||||||||
| CORPORATE BONDS (continued) | ||||||||||||||
| REAL ESTATE INVESTMENT TRUSTS (continued) | ||||||||||||||
| $ | 2,955,000 | Federal Realty OP LP | 05/01/28 | 5.375 | % | $ | 2,916,627 | |||||||
| 2,065,000 | HAT Holdings I LLC / HAT Holdings II LLC1 | 06/15/26 | 3.375 | 1,865,155 | ||||||||||
| 2,300,000 | HAT Holdings I LLC / HAT Holdings II LLC1 | 09/15/30 | 3.750 | 1,839,982 | ||||||||||
| 5,635,000 | Realty Income Corp. | 07/15/33 | 4.900 | 5,445,379 | ||||||||||
| 2,750,000 | Rexford Industrial Realty LP | 06/15/28 | 5.000 | 2,686,994 | ||||||||||
| 2,000,000 | SBA Tower Trust1 | 01/15/28 | 6.599 | 2,028,707 | ||||||||||
| 1,380,000 | Scentre Group Trust 1 / Scentre Group Trust 21 | 02/12/25 | 3.500 | 1,327,633 | ||||||||||
| 1,945,000 | Scentre Group Trust 1 / Scentre Group Trust 21 | 01/28/26 | 3.625 | 1,852,552 | ||||||||||
| 1,345,000 | Scentre Group Trust 2 (5-Year CMT Index + 4.685%)1,3 | 09/24/80 | 5.125 | 1,133,506 | ||||||||||
| 3,495,000 | Simon Property Group LP | 03/08/33 | 5.500 | 3,491,585 | ||||||||||
| 2,065,000 | Starwood Property Trust, Inc.1 | 01/15/27 | 4.375 | 1,832,687 | ||||||||||
| 45,143,513 | ||||||||||||||
| RETAIL (0.8%) | ||||||||||||||
| 3,450,000 | Nordstrom, Inc. | 04/01/30 | 4.375 | 2,910,110 | ||||||||||
| 3,390,000 | Target Corp. | 09/15/32 | 4.500 | 3,302,148 | ||||||||||
| 6,212,258 | ||||||||||||||
| SEMICONDUCTORS (0.7%) | ||||||||||||||
| 2,100,000 | ams-OSRAM AG1 | 07/31/25 | 7.000 | 1,842,750 | ||||||||||
| 3,300,000 | Intel Corp. | 02/10/53 | 5.700 | 3,364,536 | ||||||||||
| 5,207,286 | ||||||||||||||
| TELECOMMUNICATIONS (0.1%) | ||||||||||||||
| 875,000 | Connect Finco S.a r.l. / Connect US Finco LLC1 | 10/01/26 | 6.750 | 838,879 | ||||||||||
| TRUCKING & LEASING (0.8%) | ||||||||||||||
| 1,925,000 | Penske Truck Leasing Co. LP / PTL Finance Corp.1 | 02/01/28 | 5.700 | 1,905,692 | ||||||||||
| 2,380,000 | Penske Truck Leasing Co. LP / PTL Finance Corp.1 | 05/01/28 | 5.550 | 2,343,157 | ||||||||||
| 2,050,000 | Penske Truck Leasing Co. LP / PTL Finance Corp.1 | 08/01/28 | 6.050 | 2,056,022 | ||||||||||
| 6,304,871 | ||||||||||||||
Total Corporate Bonds (Cost $398,630,195) | 373,967,163 | |||||||||||||
| LOAN PARTICIPATIONS AND ASSIGNMENTS (13.2%) | ||||||||||||||
| 4,854,500 | AAdvantage Loyality IP, Ltd. (3-Month CME Term SOFR + 4.750%)3 | 04/20/28 | 10.338 | 5,022,369 | ||||||||||
| 3,299,832 | AHP Health Partners, Inc. (1-Month CME Term SOFR + 3.500%)3 | 08/24/28 | 8.933 | 3,295,707 | ||||||||||
| 4,514,400 | Air Canada (3-Month USD-LIBOR + 3.500%)3 | 08/11/28 | 8.839 | 4,508,757 | ||||||||||
| 2,261,742 | AL NGPL Holdings LLC (3-Month CME Term SOFR + 3.750%)3 | 04/13/28 | 9.293 | 2,258,349 | ||||||||||
| 3,003,598 | Allen Media LLC (3-Month CME Term SOFR + 5.500%)3 | 02/10/27 | 10.892 | 2,592,946 | ||||||||||
| 2,290,761 | Allspring Buyer LLC (3-Month CME Term SOFR + 3.250%)3 | 11/01/28 | 8.753 | 2,279,307 | ||||||||||
| 947,838 | Allspring Buyer LLC (3-Month CME Term SOFR + 4.000%)3 | 11/01/28 | 9.242 | 943,335 | ||||||||||
BBH INCOME FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
| Principal Amount | Maturity Date | Interest Rate | Value | |||||||||||
| LOAN PARTICIPATIONS AND ASSIGNMENTS (continued) | ||||||||||||||
| $ | 297,826 | Athenahealth Group, Inc. (3-Month USD-LIBOR + 3.500%)3 | 02/15/29 | 3.500 | % | $ | 288,632 | |||||||
| 2,418,246 | Athenahealth Group, Inc. (1-Month CME Term SOFR + 3.500%)3 | 02/15/29 | 8.805 | 2,343,595 | ||||||||||
| 1,180,745 | Avolon TLB Borrower 1 (US) LLC Term B6 (1-Month CME Term SOFR + 2.500%)3 | 06/22/28 | 7.755 | 1,180,249 | ||||||||||
| 1,918,800 | Axalta Coating Systems Dutch Holding B BV Term B4 (3- Month CME Term SOFR + 3.000%)3 | 12/20/29 | 8.242 | 1,923,290 | ||||||||||
| 2,261,000 | Bausch Health Companies, Inc. (1-Month CME Term SOFR + 5.250%)3 | 02/01/27 | 10.605 | 1,840,137 | ||||||||||
| 2,774,518 | BCP Renaissance Parent LLC Term B3 (3-Month CME Term SOFR + 3.500%)3 | 11/02/26 | 8.742 | 2,766,583 | ||||||||||
| 1,369,278 | Buckeye Partners LP Term B1 (1-Month CME Term SOFR + 2.250%)3 | 11/01/26 | 7.669 | 1,365,362 | ||||||||||
| 3,611,850 | Central Parent, Inc. (3-Month CME Term SOFR + 4.250%)3 | 07/06/29 | 9.492 | 3,611,706 | ||||||||||
| 3,821,136 | Connect Finco S.a.r.l. (1-Month CME Term SOFR + 3.500%)3 | 12/11/26 | 8.819 | 3,807,418 | ||||||||||
| 2,500,000 | Delos Finance S.a.r.l. (3-Month USD-LIBOR + 1.750%)3 | 10/06/23 | 7.288 | 2,497,775 | ||||||||||
| 2,260,442 | Eastern Power LLC (1-Month CME Term SOFR + 3.750%)3 | 10/02/25 | 9.183 | 2,164,056 | ||||||||||
| 2,312,454 | Elanco Animal Health, Inc. (1-Month CME Term SOFR + 1.750%)3 | 08/01/27 | 6.963 | 2,275,547 | ||||||||||
| 1,901,138 | Geon Performance Solutions LLC (Fka. Echo US Holdings LLC) (3-Month USD-LIBOR + 4.500%)3 | 08/18/28 | 10.038 | 1,885,301 | ||||||||||
| 2,396,278 | GIP II Blue Holding, LP (1-Month USD-LIBOR + 4.500%)3 | 09/29/28 | 10.127 | 2,400,399 | ||||||||||
| 1,551,548 | Global Medical Responce, Inc. (3-Month CME Term SOFR + 4.250%)3 | 03/14/25 | 9.881 | 944,505 | ||||||||||
| 4,855,160 | ILPEA Parent, Inc. (1-Month CME Term SOFR + 4.500%)3 | 06/22/28 | 9.933 | 4,776,264 | ||||||||||
| 1,695,000 | INEOS Enterprises Holdings US Finco LLC Term B (3-Month CME Term SOFR + 3.750%)3 | 07/08/30 | 9.127 | 1,668,524 | ||||||||||
| 1,652,665 | Iridium Satellite LLC Term B2 (1-Month CME Term SOFR + 2.500%)3 | 11/04/26 | 7.919 | 1,650,830 | ||||||||||
| 2,534,858 | Jazz Pharmaceuticals Plc. (1-Month CME Term SOFR + 3.500%)3 | 05/05/28 | 8.933 | 2,531,690 | ||||||||||
| 2,257,200 | LendingTree, Inc. Term B (1-Month CME Term SOFR + 3.750%)3 | 09/15/28 | 9.183 | 1,854,674 | ||||||||||
| 2,747,250 | Lumen Technologies, Inc. Term A (1-Month CME Term SOFR + 2.000%)3 | 01/31/25 | 7.433 | 2,429,036 | ||||||||||
| 3,011,875 | Medline Borrower, LP (1-Month CME Term SOFR + 3.250%)3 | 10/23/28 | 8.683 | 2,979,015 | ||||||||||
| 3,031,625 | MIP V Waste LLC (1-Month CME Term SOFR + 3.250%)3 | 12/08/28 | 8.683 | 2,970,993 | ||||||||||
| 3,021,188 | MPH Acquisition Holdings LLC (3-Month USD-LIBOR + 4.250%)3 | 09/01/28 | 9.726 | 2,836,986 | ||||||||||
BBH INCOME FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
| Principal Amount | Maturity Date | Interest Rate | Value | |||||||||||
| LOAN PARTICIPATIONS AND ASSIGNMENTS (continued) | ||||||||||||||
| $ | 2,653,024 | NorthRiver Midstream Finance LP Term B (3-Month CME Term SOFR + 3.250%)3 | 10/01/25 | 8.758 | % | $ | 2,647,347 | |||||||
| 5,532,100 | OCM System One Buyer CTB LLC (6-Month CME Term SOFR + 4.000%)3 | 03/02/28 | 9.115 | 5,473,349 | ||||||||||
| 2,360,288 | Organon & Co. (1-Month CME Term SOFR + 3.000%)3 | 06/02/28 | 8.257 | 2,350,256 | ||||||||||
| 3,064,600 | Propulsion (BC) Newco LLC (3-Month CME Term SOFR + 3.750%)3 | 09/14/29 | 8.992 | 3,062,302 | ||||||||||
| 1,793,500 | SkyMiles IP, Ltd. (3-Month CME Term SOFR + 3.750%)3 | 10/20/27 | 9.076 | 1,863,195 | ||||||||||
| 1,800,950 | Starwood Property Mortgage LLC (1-Month CME Term SOFR + 3.250%)3 | 11/18/27 | 8.569 | 1,790,829 | ||||||||||
| 2,948,659 | United AirLines, Inc. Term B (3-Month USD-LIBOR + 3.750%)3 | 04/21/28 | 9.292 | 2,949,337 | ||||||||||
| 1,122,942 | Verscend Holding Corp. Team B1 (1-Month CME Term SOFR + 4.000%)3 | 08/27/25 | 9.433 | 1,121,067 | ||||||||||
| 1,783,867 | Vistra Operations Company LLC (fka Tex Operations Co. LLC) (1-Month CME Term SOFR + 1.750%)3 | 12/31/25 | 7.183 | 1,781,262 | ||||||||||
Total Loan Participations and Assignments (Cost $101,298,612) | 98,932,281 | |||||||||||||
| MUNICIPAL BONDS (0.7%) | ||||||||||||||
| 1,645,000 | Indiana Finance Authority, Revenue Bonds | 03/01/51 | 3.313 | 1,085,153 | ||||||||||
| 5,605,000 | Port Authority of New York & New Jersey, Revenue Bonds | 10/01/33 | 2.000 | 4,491,176 | ||||||||||
Total Municipal Bonds (Cost $7,327,505) | 5,576,329 | |||||||||||||
| PREFERRED STOCKS (2.5%) | ||||||||||||||
| 99,600 | Crescent Capital BDC, Inc. | 05/25/26 | 5.000 | 2,319,684 | ||||||||||
| 178,600 | Eagle Point Credit Co., Inc. | 01/31/29 | 5.375 | 3,925,628 | ||||||||||
| 66,200 | Ellington Financial, Inc. (5-Year CMT Index + 5.130%)3,5 | 8.625 | 1,502,740 | |||||||||||
| 132,600 | Gladstone Investment Corp. | 11/01/28 | 4.875 | 3,081,624 | ||||||||||
| 93,600 | Horizon Technology Finance Corp. | 03/30/26 | 4.875 | 2,199,600 | ||||||||||
| 130,800 | Oxford Lane Capital Corp. | 01/31/27 | 5.000 | 2,956,080 | ||||||||||
| 114,000 | Trinity Capital, Inc. | 01/16/25 | 7.000 | 2,847,720 | ||||||||||
Total Preferred Stocks (Cost $20,425,836) | 18,833,076 | |||||||||||||
| RESIDENTIAL MORTGAGE BACKED SECURITIES (0.2%) | ||||||||||||||
| 399,829 | Cascade Funding Mortgage Trust 2018-RM21,3,4 | 10/25/68 | 4.000 | 386,700 | ||||||||||
| 445,953 | Cascade Funding Mortgage Trust 2019-RM31,3,4 | 06/25/69 | 2.800 | 430,603 | ||||||||||
| 330,886 | RMF Proprietary Issuance Trust 2019-11,3,4 | 10/25/63 | 2.750 | 266,121 | ||||||||||
Total Residential Mortgage Backed Securities (Cost $1,172,791) | 1,083,424 | |||||||||||||
BBH INCOME FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
| Principal Amount | Maturity Date | Interest Rate | Value | |||||||||||
| U.S. TREASURY BONDS AND NOTES (6.7%) | ||||||||||||||
| $ | 3,900,000 | U.S. Treasury Bond6 | 08/15/41 | 1.750 | % | $ | 2,688,410 | |||||||
| 14,675,000 | U.S. Treasury Bond | 02/15/43 | 3.875 | 14,019,211 | ||||||||||
| 25,725,000 | U.S. Treasury Bond | 02/15/53 | 3.625 | 23,992,582 | ||||||||||
| 1,200,000 | U.S. Treasury Note6 | 10/31/23 | 1.625 | 1,189,266 | ||||||||||
| 300,000 | U.S. Treasury Note6 | 08/15/26 | 1.500 | 274,652 | ||||||||||
| 500,000 | U.S. Treasury Note6 | 08/31/28 | 1.125 | 430,645 | ||||||||||
| 400,000 | U.S. Treasury Note6 | 05/15/30 | 0.625 | 319,172 | ||||||||||
| 8,000,000 | U.S. Treasury Note | 05/15/33 | 3.375 | 7,631,250 | ||||||||||
Total U.S. Treasury Bonds and Notes (Cost $51,264,239) | 50,545,188 | |||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (1.0%) | ||||||||||||||
| 7,750,000 | Federal Home Loan Bank Discount Notes7 | 08/01/23 | 0.000 | 7,750,000 | ||||||||||
Total U.S. Government Agency Obligations (Cost $7,750,000) | 7,750,000 | |||||||||||||
| U.S. TREASURY BILLS (0.1%) | ||||||||||||||
| 900,000 | U.S. Treasury Bill6,7 | 10/12/23 | 0.000 | 890,509 | ||||||||||
| Total U.S. Treasury Bills | ||||||||||||||
| (Cost $890,801) | 890,509 | |||||||||||||
| TOTAL INVESTMENTS (Cost $785,676,969)8 | 99.1 | % | $ | 745,359,665 | ||||||||||
| CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES | 0.9 | % | 6,724,338 | |||||||||||
| NET ASSETS | 100.0 | % | $ | 752,084,003 | ||||||||||
| 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 $335,345,433 or 44.6% of net assets. |
| 2 | Security that used significant unobservable inputs to determine fair value. |
| 3 | 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. |
| 4 | This variable rate security is based on a predetermined schedule and the rate at period end also represents the reference rate at period end. |
| 5 | Security is perpetual in nature and has no stated maturity date. |
| 6 | All or a portion of this security is held at the broker as collateral for open futures contracts. |
| 7 | Security issued with zero coupon. Income is recognized through accretion of discount. |
| 8 | The aggregate cost of investments and derivatives for federal income tax purposes is $785,676,969, the aggregate gross unrealized appreciation is $3,039,263 and the aggregate gross unrealized depreciation is $47,513,498, resulting in net unrealized depreciation of $44,474,235. |
Abbreviations:
| CME | – | Chicago Mercantile Exchange. |
| CMT | – | Constant Maturity Treasury. |
| LIBOR | – | London Interbank Offered Rate. |
| SOFR | – | Secured Overnight Financing Rate. |
BBH INCOME 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 Appreciation/ (Depreciation) | |||||||||||
Contracts to Buy: | ||||||||||||||||
| U.S. Long Bond | 229 | September 2023 | $ | 29,141,208 | $ | 28,496,187 | $ | (645,021 | ) | |||||||
| U.S. Treasury 10-Year Notes | 595 | September 2023 | 67,950,741 | 66,286,719 | (1,664,022 | ) | ||||||||||
| U.S. Ultra 10-Year Notes | 545 | September 2023 | 65,229,687 | 63,756,484 | (1,473,203 | ) | ||||||||||
| U.S. Ultra Bond | 269 | September 2023 | 36,454,904 | 35,566,844 | (888,060 | ) | ||||||||||
| $ | (4,670,306 | ) | ||||||||||||||
| Contracts to Sell: | ||||||||||||||||
| U.S. Treasury 5-Year Notes | 222 | September 2023 | $ | 24,227,484 | $ | 23,714,109 | $ | 513,375 | ||||||||
| Net Unrealized (Loss) on Open Futures Contracts | $ | (4,156,931 | ) | |||||||||||||
FAIR VALUE MEASUREMENTS
BBH Income 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.
BBH INCOME FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
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 private equity and certain corporate debt securities.
Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of July 31, 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 | $ | – | $ | 131,812,773 | $ | 6,265,802 | $ | 138,078,575 | ||||||||
| Commercial Mortgage Backed Securities | – | 47,586,633 | 2,116,487 | 49,703,120 | ||||||||||||
| Corporate Bonds | – | 365,463,429 | 8,503,734 | 373,967,163 | ||||||||||||
| Loan Participations and Assignments | – | 98,932,281 | – | 98,932,281 | ||||||||||||
| Municipal Bonds | – | 5,576,329 | – | 5,576,329 | ||||||||||||
| Preferred Stocks | 18,833,076 | – | – | 18,833,076 | ||||||||||||
| Residential Mortgage Backed Securities | – | 1,083,424 | – | 1,083,424 | ||||||||||||
| U.S. Treasury Bonds and Notes | – | 50,545,188 | – | 50,545,188 | ||||||||||||
| U.S. Government Agency Obligations | – | 7,750,000 | – | 7,750,000 | ||||||||||||
| U.S. Treasury Bills | – | 890,509 | – | 890,509 | ||||||||||||
| Total Investment, at value | $ | 18,833,076 | $ | 709,640,566 | $ | 16,886,023 | $ | 745,359,665 | ||||||||
| Other Financial Instruments, at value | ||||||||||||||||
| Financial Futures Contracts | $ | (4,156,931 | ) | $ | – | $ | – | $ | (4,156,931 | ) | ||||||
| Other Financial Instruments, at value | $ | (4,156,931 | ) | $ | – | $ | – | $ | (4,156,931 | ) | ||||||
BBH INCOME FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
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 | Commercial Mortgage Backed Securities | Corporate Bonds | Total | |||||||||||||
| Balance as of October 31, 2022 | $ | 6,860,896 | $ | 6,703,260 | $ | 11,623,862 | $ | 25,188,018 | ||||||||
| Purchases | — | — | 395,513 | 395,513 | ||||||||||||
| Sales/Paydowns | (691,850 | ) | (4,530,726 | ) | — | (5,222,576 | ) | |||||||||
| Realized gains/(losses) | — | — | — | — | ||||||||||||
| Change in unrealized appreciation/(depreciation) | 96,756 | (56,358 | ) | 667,587 | 707,985 | |||||||||||
| Amortization | — | 311 | 28,781 | 29,092 | ||||||||||||
| Transfers from Level 3 | — | — | (4,212,009 | ) | (4,212,009 | ) | ||||||||||
| Transfers to Level 3 | — | — | — | — | ||||||||||||
| Balance as of July 31, 2023 | $ | 6,265,802 | $ | 2,116,487 | $ | 8,503,734 | $ | 16,886,023 | ||||||||
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.