BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS
July 31, 2023 (unaudited)
Principal | Maturity | Interest |
Value | |||||||||||
MUNICIPAL BONDS (100.7%) | ||||||||||||||
Alabama (0.7%) | ||||||||||||||
$ | 2,000,000 | Black Belt Energy Gas District, Revenue Bonds1,2,3 | 06/01/49 | 5.500 | % | $ | 2,105,804 | |||||||
3,375,000 | Industrial Development Board of the City of Mobile Alabama, Revenue Bonds2,3 | 06/01/34 | 3.920 | 3,375,000 | ||||||||||
Total Alabama | 5,480,804 | |||||||||||||
Arizona (3.9%) | ||||||||||||||
7,000,000 | Chandler Industrial Development Authority, Revenue Bonds2,3 | 12/01/37 | 2.700 | 6,995,573 | ||||||||||
2,000,000 | Coconino County Pollution Control Corp., Revenue Bonds2,3 | 09/01/32 | 4.125 | 2,007,295 | ||||||||||
3,000,000 | County of Yavapai Industrial Development Authority, Revenue Bonds | 06/01/27 | 1.300 | 2,687,170 | ||||||||||
3,800,000 | Salt Verde Financial Corp., Revenue Bonds | 12/01/28 | 5.250 | 3,975,553 | ||||||||||
3,000,000 | Salt Verde Financial Corp., Revenue Bonds | 12/01/32 | 5.000 | 3,178,877 | ||||||||||
10,000,000 | Salt Verde Financial Corp., Revenue Bonds | 12/01/37 | 5.000 | 10,452,086 | ||||||||||
Total Arizona | 29,296,554 | |||||||||||||
Arkansas (0.4%) | ||||||||||||||
1,000,000 | County of Pulaski, Revenue Bonds | 03/01/40 | 5.000 | 1,082,700 | ||||||||||
1,000,000 | County of Pulaski, Revenue Bonds | 03/01/41 | 5.000 | 1,078,740 | ||||||||||
1,000,000 | County of Pulaski, Revenue Bonds | 03/01/42 | 5.000 | 1,074,039 | ||||||||||
Total Arkansas | 3,235,479 | |||||||||||||
California (7.0%) | ||||||||||||||
9,550,000 | Allan Hancock Joint Community College District, General Obligation Bonds4 | 08/01/42 | 0.000 | 7,599,937 | ||||||||||
3,270,000 | Anaheim Public Financing Authority, Revenue Bonds, AGM4 | 09/01/30 | 0.000 | 2,554,156 | ||||||||||
1,000,000 | Antelope Valley Community College District, General Obligation Bonds4 | 08/01/32 | 0.000 | 739,210 | ||||||||||
1,000,000 | Antelope Valley Community College District, General Obligation Bonds4 | 08/01/34 | 0.000 | 665,405 | ||||||||||
1,000,000 | Antelope Valley Community College District, General Obligation Bonds4 | 08/01/36 | 0.000 | 586,408 | ||||||||||
1,000,000 | Antelope Valley Community College District, General Obligation Bonds4 | 08/01/38 | 0.000 | 514,821 | ||||||||||
1,040,000 | Chaffey Joint Union High School District, General Obligation Bonds4 | 08/01/33 | 0.000 | 730,491 | ||||||||||
1,000,000 | Chaffey Joint Union High School District, General Obligation Bonds4 | 02/01/34 | 0.000 | 687,502 | ||||||||||
1,000,000 | Chaffey Joint Union High School District, General Obligation Bonds4 | 08/01/39 | 0.000 | 508,865 | ||||||||||
1,500,000 | Chaffey Joint Union High School District, General Obligation Bonds4 | 08/01/40 | 0.000 | 720,993 | ||||||||||
1,000,000 | Chaffey Joint Union High School District, General Obligation Bonds4 | 08/01/42 | 0.000 | 433,619 | ||||||||||
1,785,000 | Chaffey Joint Union High School District, General Obligation Bonds4 | 08/01/43 | 0.000 | 733,337 | ||||||||||
1,000,000 | Chaffey Joint Union High School District, General Obligation Bonds4 | 08/01/44 | 0.000 | 388,861 | ||||||||||
1,450,000 | Chino Valley Unified School District, General Obligation Bonds4 | 08/01/34 | 0.000 | 976,632 | ||||||||||
2,200,000 | Chino Valley Unified School District, General Obligation Bonds4 | 08/01/35 | 0.000 | 1,409,030 | ||||||||||
1,015,000 | Downey Unified School District, General Obligation Bonds4 | 08/01/33 | 0.000 | 717,851 | ||||||||||
1,000,000 | Downey Unified School District, General Obligation Bonds4 | 08/01/35 | 0.000 | 654,191 | ||||||||||
5,240,000 | Glendale Community College District, General Obligation Bonds4 | 08/01/36 | 0.000 | 3,208,551 | ||||||||||
1,900,000 | Glendale Community College District, General Obligation Bonds4 | 08/01/37 | 0.000 | 1,100,257 | ||||||||||
1,110,000 | Lake Tahoe Unified School District, General Obligation Bonds, NPFG4 | 08/01/30 | 0.000 | 877,561 | ||||||||||
2,000,000 | Lake Tahoe Unified School District, General Obligation Bonds, AGM4 | 08/01/45 | 0.000 | 1,598,159 | ||||||||||
755,000 | Long Beach Bond Finance Authority, Revenue Bonds (3-Month USD-LIBOR + 1.450%)3 | 11/15/27 | 5.015 | 744,961 |
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
Principal Amount | Maturity Date | Interest Rate | Value | |||||||||||
MUNICIPAL BONDS (continued) | ||||||||||||||
California (continued) | ||||||||||||||
$ | 7,030,000 | Northern California Gas Authority No 1, Revenue Bonds (3-Month CME Term SOFR + 0.720%)3 | 07/01/27 | 4.411 | % | $ | 6,981,630 | |||||||
1,310,000 | Palmdale Elementary School District, General Obligation Bonds, AGM4 | 08/01/36 | 0.000 | 806,241 | ||||||||||
975,000 | Placer Union High School District, General Obligation Bonds, AGM4 | 08/01/30 | 0.000 | 766,600 | ||||||||||
1,200,000 | Rialto Unified School District, General Obligation Bonds, BAM4 | 08/01/40 | 0.000 | 566,690 | ||||||||||
1,430,000 | Rialto Unified School District, General Obligation Bonds, BAM4 | 08/01/42 | 0.000 | 603,990 | ||||||||||
6,300,000 | Rio Hondo Community College District, General Obligation Bonds4 | 08/01/36 | 0.000 | 3,847,782 | ||||||||||
13,000,000 | Rio Hondo Community College District, General Obligation Bonds4 | 08/01/43 | 0.000 | 5,067,283 | ||||||||||
4,350,000 | Rio Hondo Community College District, General Obligation Bonds4 | 08/01/44 | 0.000 | 1,604,611 | ||||||||||
1,035,000 | Roseville Joint Union High School District, General Obligation Bonds4 | 08/01/33 | 0.000 | 705,837 | ||||||||||
1,975,000 | San Mateo Union High School District, General Obligation Bonds4 | 09/01/41 | 0.000 | 1,910,625 | ||||||||||
1,095,000 | Santa Rita Union School District, General Obligation Bonds, AGM4 | 08/01/33 | 0.000 | 764,597 | ||||||||||
1,040,000 | Windsor Unified School District, General Obligation Bonds4 | 08/01/33 | 0.000 | 719,811 | ||||||||||
Total California | 52,496,495 | |||||||||||||
Colorado (1.4%) | ||||||||||||||
3,000,000 | City & County of Denver Airport System Revenue, Revenue Bonds | 11/15/36 | 5.750 | 3,651,960 | ||||||||||
1,750,000 | Colorado Health Facilities Authority, Revenue Bonds | 01/01/38 | 4.000 | 1,759,282 | ||||||||||
2,620,000 | Colorado Health Facilities Authority, Revenue Bonds | 11/15/43 | 4.000 | 2,572,458 | ||||||||||
566,266 | Colorado Housing & Finance Authority, Revenue Bonds, GNMA | 11/01/48 | 4.200 | 560,647 | ||||||||||
3,700,000 | E-470 Public Highway Authority, Revenue Bonds, NPFG4 | 09/01/35 | 0.000 | 2,092,576 | ||||||||||
Total Colorado | 10,636,923 | |||||||||||||
Connecticut (2.9%) | ||||||||||||||
165,000 | Connecticut Housing Finance Authority, Revenue Bonds | 05/15/30 | 2.000 | 143,919 | ||||||||||
450,000 | Connecticut Housing Finance Authority, Revenue Bonds | 11/15/30 | 2.050 | 394,358 | ||||||||||
400,000 | Connecticut Housing Finance Authority, Revenue Bonds | 05/15/31 | 2.100 | 343,456 | ||||||||||
2,155,000 | Connecticut Housing Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 05/15/42 | 4.250 | 2,148,412 | ||||||||||
5,760,000 | Connecticut Housing Finance Authority, Revenue Bonds | 11/15/45 | 3.500 | 5,622,552 | ||||||||||
3,800,000 | Connecticut State Health & Educational Facilities Authority, Revenue Bonds2,3 | 07/01/35 | 0.375 | 3,677,694 | ||||||||||
10,000,000 | Connecticut State Health & Educational Facilities Authority, Revenue Bonds2,3 | 07/01/49 | 1.100 | 9,601,780 | ||||||||||
Total Connecticut | 21,932,171 | |||||||||||||
District of Columbia (1.6%) | ||||||||||||||
5,315,000 | District of Columbia, Revenue Bonds | 07/15/40 | 5.000 | 5,381,583 | ||||||||||
2,840,000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | 10/01/31 | 5.000 | 2,948,903 | ||||||||||
1,170,000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | 10/01/34 | 5.000 | 1,257,223 | ||||||||||
2,085,000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | 10/01/37 | 5.000 | 2,259,566 | ||||||||||
Total District of Columbia | 11,847,275 |
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
Principal Amount | Maturity Date | Interest Rate |
Value | |||||||||||
MUNICIPAL BONDS (continued) | ||||||||||||||
Florida (4.8%) | ||||||||||||||
$ | 7,500,000 | City of South Miami Health Facilities Authority, Inc., Revenue Bonds | 08/15/42 | 5.000 | % | $ | 7,717,961 | |||||||
1,845,000 | County of Broward Airport System Revenue, Revenue Bonds | 10/01/27 | 5.000 | 1,947,319 | ||||||||||
3,050,000 | County of Broward Airport System Revenue, Revenue Bonds | 10/01/31 | 5.000 | 3,292,283 | ||||||||||
2,300,000 | County of Broward Convention Center Hotel Revenue, Revenue Bonds | 01/01/41 | 4.000 | 2,229,131 | ||||||||||
3,000,000 | Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/54 | 5.500 | 3,153,885 | ||||||||||
1,920,000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/32 | 5.000 | 2,121,711 | ||||||||||
2,500,000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/36 | 5.000 | 2,656,050 | ||||||||||
5,850,000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/36 | 5.000 | 6,060,280 | ||||||||||
3,275,000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/38 | 5.000 | 3,449,385 | ||||||||||
3,275,000 | Hillsborough County Aviation Authority, Revenue Bonds | 10/01/36 | 4.000 | 3,274,285 | ||||||||||
Total Florida | 35,902,290 | |||||||||||||
Georgia (1.8%) | ||||||||||||||
5,000,000 | Development Authority of Burke County, Revenue Bonds2,3 | 01/01/40 | 1.500 | 4,737,533 | ||||||||||
2,800,000 | Development Authority of Burke County, Revenue Bonds2,3 | 11/01/45 | 3.250 | 2,757,427 | ||||||||||
650,000 | Development Authority of Burke County, Revenue Bonds2,3 | 12/01/49 | 1.700 | 629,145 | ||||||||||
1,750,000 | Monroe County Development Authority, Revenue Bonds | 07/01/25 | 2.250 | 1,664,294 | ||||||||||
3,850,000 | Monroe County Development Authority, Revenue Bonds2,3 | 01/01/39 | 1.500 | 3,647,900 | ||||||||||
Total Georgia | 13,436,299 | |||||||||||||
Hawaii (0.2%) | ||||||||||||||
1,600,000 | State of Hawaii Airports System Revenue, Revenue Bonds | 07/01/32 | 5.000 | 1,741,542 | ||||||||||
Total Hawaii | 1,741,542 | |||||||||||||
Illinois (4.0%) | ||||||||||||||
3,800,000 | Illinois Finance Authority, Revenue Bonds3,5 | 08/01/23 | 4.550 | 3,800,000 | ||||||||||
10,000,000 | Illinois Finance Authority, Revenue Bonds3,5 | 08/01/23 | 4.550 | 10,000,000 | ||||||||||
3,915,000 | Illinois Finance Authority, Revenue Bonds | 02/15/36 | 5.000 | 4,103,995 | ||||||||||
3,470,000 | Illinois Finance Authority, Revenue Bonds | 08/15/36 | 4.000 | 3,433,430 | ||||||||||
5,900,000 | Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 04/01/53 | 5.250 | 6,223,302 | ||||||||||
1,150,000 | Sales Tax Securitization Corp., Revenue Bonds1 | 01/01/35 | 5.000 | 1,281,474 | ||||||||||
1,100,000 | Sales Tax Securitization Corp., Revenue Bonds1 | 01/01/36 | 5.000 | 1,208,534 | ||||||||||
Total Illinois | 30,050,735 | |||||||||||||
Indiana (1.7%) | ||||||||||||||
3,000,000 | Indiana Finance Authority, Revenue Bonds | 11/01/43 | 5.000 | 3,121,437 | ||||||||||
2,535,000 | Indiana Housing & Community Development Authority, Revenue Bonds | 01/01/49 | 3.750 | 2,496,169 | ||||||||||
6,880,000 | Indiana Housing & Community Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/52 | 4.750 | 7,048,882 | ||||||||||
Total Indiana | 12,666,488 | |||||||||||||
Iowa (0.7%) | ||||||||||||||
185,000 | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/46 | 4.000 | 184,153 | ||||||||||
630,000 | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/49 | 3.500 | 614,680 | ||||||||||
4,205,000 | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/50 | 3.750 | 4,140,465 | ||||||||||
Total Iowa | 4,939,298 |
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
Principal Amount | Maturity Date | Interest Rate | Value | |||||||||||
MUNICIPAL BONDS (continued) | ||||||||||||||
Kentucky (2.4%) | ||||||||||||||
$ | 5,000,000 | County of Trimble, Revenue Bonds | 11/01/27 | 1.350 | % | $ | 4,476,739 | |||||||
7,355,000 | Kentucky Public Energy Authority, Revenue Bonds2,3 | 12/01/49 | 4.000 | 7,320,436 | ||||||||||
6,500,000 | Kentucky Public Energy Authority, Revenue Bonds (SOFR + 1.200%)3 | 08/01/52 | 4.751 | 6,242,388 | ||||||||||
Total Kentucky | 18,039,563 | |||||||||||||
Louisiana (0.7%) | ||||||||||||||
5,500,000 | Louisiana Public Facilities Authority, Revenue Bonds, NPFG (3-Month USD-LIBOR + 0.700%)3 | 02/15/36 | 4.265 | 5,302,247 | ||||||||||
Total Louisiana | 5,302,247 | |||||||||||||
Massachusetts (0.8%) | ||||||||||||||
5,000,000 | Massachusetts Clean Water Trust, Revenue Bonds (U.S. Consumer Price Index + 0.990%)3 | 08/01/23 | 3.460 | 5,000,000 | ||||||||||
370,000 | Massachusetts Housing Finance Agency, Revenue Bonds | 06/01/34 | 3.300 | 359,114 | ||||||||||
485,000 | Massachusetts Housing Finance Agency, Revenue Bonds | 12/01/36 | 3.450 | 461,310 | ||||||||||
Total Massachusetts | 5,820,424 | |||||||||||||
Michigan (0.9%) | ||||||||||||||
40,000 | Detroit City School District, General Obligation Bonds, BHAC, FGIC | 05/01/25 | 5.250 | 40,971 | ||||||||||
3,325,000 | Michigan Finance Authority, Revenue Bonds | 04/15/42 | 4.000 | 3,185,536 | ||||||||||
3,250,000 | Michigan Strategic Fund, Revenue Bonds2,3 | 06/01/53 | 3.875 | 3,237,644 | ||||||||||
Total Michigan | 6,464,151 | |||||||||||||
Minnesota (3.3%) | ||||||||||||||
1,400,000 | Becker Independent School District No 726, General Obligation Bonds4 | 02/01/32 | 0.000 | 1,009,279 | ||||||||||
1,300,000 | Duluth Independent School District No 709, General Obligation Bonds4 | 02/01/31 | 0.000 | 980,834 | ||||||||||
1,050,000 | Duluth Independent School District No 709, General Obligation Bonds4 | 02/01/32 | 0.000 | 759,487 | ||||||||||
1,035,000 | Duluth Independent School District No 709, General Obligation Bonds4 | 02/01/33 | 0.000 | 716,457 | ||||||||||
1,000,000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/36 | 5.350 | 1,049,803 | ||||||||||
692,360 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/47 | 2.930 | 620,774 | ||||||||||
560,150 | Minnesota Housing Finance Agency, Revenue Bonds, FHA, FHLMC, FNMA, GNMA | 01/01/49 | 3.600 | 539,536 | ||||||||||
1,457,847 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/49 | 3.450 | 1,400,237 | ||||||||||
636,254 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 06/01/49 | 3.150 | 583,935 | ||||||||||
3,276,871 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/50 | 2.470 | 2,766,898 | ||||||||||
1,535,000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/50 | 3.750 | 1,511,934 | ||||||||||
4,710,000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/51 | 3.000 | 4,538,460 | ||||||||||
5,250,000 | Minnesota Housing Finance Agency, Revenue Bonds | 01/01/51 | 3.000 | 5,055,048 |
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
Principal Amount | Maturity Date | Interest Rate | Value | |||||||||||
MUNICIPAL BONDS (continued) | ||||||||||||||
Minnesota (continued) | ||||||||||||||
$ | 3,395,000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/53 | 5.000 | % | $ | 3,502,018 | |||||||
Total Minnesota | 25,034,700 | |||||||||||||
Mississippi (0.1%) | ||||||||||||||
1,000,000 | Mississippi Business Finance Corp., Revenue Bonds2,3 | 03/01/27 | 2.200 | 984,675 | ||||||||||
Total Mississippi | 984,675 | |||||||||||||
Missouri (1.3%) | ||||||||||||||
2,905,000 | Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA | 11/01/52 | 4.750 | 2,968,933 | ||||||||||
6,000,000 | Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA | 05/01/53 | 5.750 | 6,398,046 | ||||||||||
Total Missouri | 9,366,979 | |||||||||||||
Montana (0.3%) | ||||||||||||||
665,000 | Montana Board of Housing, Revenue Bonds | 12/01/43 | 4.000 | 659,848 | ||||||||||
1,600,000 | Montana Board of Housing, Revenue Bonds | 12/01/52 | 5.000 | 1,645,906 | ||||||||||
Total Montana | 2,305,754 | |||||||||||||
Nebraska (2.4%) | ||||||||||||||
14,150,000 | Central Plains Energy Project, Revenue Bonds2,3 | 05/01/53 | 5.000 | 14,672,452 | ||||||||||
1,690,000 | Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/49 | 3.750 | 1,658,951 | ||||||||||
1,990,000 | Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/49 | 4.000 | 1,958,767 | ||||||||||
Total Nebraska | 18,290,170 | |||||||||||||
Nevada (0.3%) | ||||||||||||||
2,000,000 | County of Clark, Revenue Bonds2,3 | 01/01/36 | 3.750 | 2,007,615 | ||||||||||
Total Nevada | 2,007,615 | |||||||||||||
New Hampshire (0.1%) | ||||||||||||||
1,000,000 | New Hampshire Business Finance Authority, Revenue Bonds | 08/01/24 | 3.125 | 990,759 | ||||||||||
Total New Hampshire | 990,759 | |||||||||||||
New Jersey (3.6%) | ||||||||||||||
4,000,000 | New Jersey Economic Development Authority, Revenue Bonds1 | 06/15/34 | 5.000 | 4,413,905 | ||||||||||
3,330,000 | New Jersey Economic Development Authority, Revenue Bonds1 | 06/15/35 | 5.000 | 3,641,947 | ||||||||||
2,250,000 | New Jersey Economic Development Authority, Revenue Bonds1 | 06/15/36 | 5.250 | 2,480,028 | ||||||||||
11,590,000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds4 | 12/15/31 | 0.000 | 8,523,168 | ||||||||||
3,535,000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds, AGM4 | 12/15/33 | 0.000 | 2,411,910 | ||||||||||
1,365,000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds4 | 12/15/34 | 0.000 | 883,505 | ||||||||||
5,120,000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds4 | 12/15/34 | 0.000 | 3,313,954 | ||||||||||
1,750,000 | Township of Ewing, General Obligation Bonds | 08/01/29 | 2.000 | 1,584,034 | ||||||||||
Total New Jersey | 27,252,451 |
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
Principal Amount | Maturity Date | Interest Rate | Value | |||||||||||
MUNICIPAL BONDS (continued) | ||||||||||||||
New Mexico (1.5%) | ||||||||||||||
$ | 8,600,000 | City of Farmington, Revenue Bonds | 04/01/29 | 1.800 | % | $ | 7,524,923 | |||||||
1,020,000 | New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/49 | 4.000 | 1,011,725 | ||||||||||
2,325,000 | New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/51 | 3.500 | 2,273,296 | ||||||||||
Total New Mexico | 10,809,944 | |||||||||||||
New York (6.6%) | ||||||||||||||
12,000,000 | City of New York, General Obligation Bonds3,5 | 08/01/23 | 4.480 | 12,000,000 | ||||||||||
9,230,000 | Metropolitan Transportation Authority, Revenue Bonds (SOFR + 0.330%)3 | 11/01/35 | 3.881 | 9,206,001 | ||||||||||
14,900,000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds3,5 | 08/01/23 | 4.480 | 14,900,000 | ||||||||||
5,655,000 | Port Authority of New York & New Jersey, Revenue Bonds | 10/01/31 | 2.000 | 4,742,787 | ||||||||||
1,320,000 | Port Authority of New York & New Jersey, Revenue Bonds | 10/15/34 | 5.000 | 1,460,760 | ||||||||||
1,500,000 | Port Authority of New York & New Jersey, Revenue Bonds | 07/15/35 | 5.000 | 1,632,621 | ||||||||||
2,105,000 | Port Authority of New York & New Jersey, Revenue Bonds | 04/01/36 | 5.000 | 2,159,534 | ||||||||||
1,395,000 | Port Authority of New York & New Jersey, Revenue Bonds | 08/01/36 | 5.000 | 1,536,106 | ||||||||||
3,500,000 | Triborough Bridge & Tunnel Authority, Revenue Bonds4 | 11/15/36 | 0.000 | 2,055,021 | ||||||||||
Total New York | 49,692,830 | |||||||||||||
North Carolina (3.0%) | ||||||||||||||
2,400,000 | Charlotte-Mecklenburg Hospital Authority, Revenue Bonds3,5 | 08/01/23 | 4.550 | 2,400,000 | ||||||||||
1,200,000 | Charlotte-Mecklenburg Hospital Authority, Revenue Bonds | 01/15/37 | 4.000 | 1,205,825 | ||||||||||
1,680,000 | North Carolina Housing Finance Agency, Revenue Bonds | 07/01/47 | 4.000 | 1,667,209 | ||||||||||
4,150,000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/48 | 4.000 | 4,116,366 | ||||||||||
3,580,000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/50 | 4.000 | 3,547,450 | ||||||||||
1,975,000 | North Carolina Housing Finance Agency, Revenue Bonds | 07/01/50 | 4.000 | 1,957,288 | ||||||||||
2,400,000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/51 | 3.000 | 2,304,255 | ||||||||||
2,675,000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/51 | 3.000 | 2,569,730 | ||||||||||
2,120,000 | Raleigh Durham Airport Authority, Revenue Bonds | 05/01/34 | 5.000 | 2,299,309 | ||||||||||
Total North Carolina | 22,067,432 | |||||||||||||
North Dakota (2.1%) | ||||||||||||||
875,000 | North Dakota Housing Finance Agency, Revenue Bonds | 01/01/49 | 4.250 | 872,224 | ||||||||||
2,800,000 | North Dakota Housing Finance Agency, Revenue Bonds | 07/01/49 | 4.250 | 2,792,072 | ||||||||||
1,885,000 | North Dakota Housing Finance Agency, Revenue Bonds | 01/01/52 | 3.000 | 1,812,383 | ||||||||||
3,975,000 | North Dakota Housing Finance Agency, Revenue Bonds | 01/01/53 | 4.000 | 3,947,193 | ||||||||||
6,200,000 | North Dakota Housing Finance Agency, Revenue Bonds | 07/01/53 | 5.750 | 6,611,603 | ||||||||||
Total North Dakota | 16,035,475 |
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
Principal Amount | Maturity Date | Interest Rate |
Value | |||||||||||
MUNICIPAL BONDS (continued) | ||||||||||||||
Ohio (3.6%) | ||||||||||||||
$ | 12,000,000 | County of Montgomery, Revenue Bonds3,5 | 08/01/23 | 4.480 | % | $ | 12,000,000 | |||||||
6,285,000 | Ohio Air Quality Development Authority, Revenue Bonds2,3 | 11/01/39 | 4.250 | 6,227,699 | ||||||||||
8,600,000 | Ohio Higher Educational Facility Commission, Revenue Bonds3,5 | 08/01/23 | 4.430 | 8,600,000 | ||||||||||
Total Ohio | 26,827,699 | |||||||||||||
Oklahoma (0.4%) | ||||||||||||||
2,990,000 | Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/49 | 4.000 | 2,962,592 | ||||||||||
Total Oklahoma | 2,962,592 | |||||||||||||
Oregon (5.3%) | ||||||||||||||
3,150,000 | Clackamas & Washington Counties School District No 3, General Obligation Bonds4 | 06/15/36 | 0.000 | 1,822,189 | ||||||||||
1,445,000 | Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow, General Obligation Bonds4 | 06/15/32 | 0.000 | 1,037,098 | ||||||||||
2,250,000 | Multnomah County School District No 40, General Obligation Bonds4 | 06/15/38 | 0.000 | 1,148,967 | ||||||||||
21,000,000 | Multnomah County School District No 40, General Obligation Bonds4 | 06/15/43 | 0.000 | 8,037,754 | ||||||||||
12,000,000 | Multnomah County School District No 7 Reynolds, General Obligation Bonds4 | 06/15/35 | 0.000 | 7,192,795 | ||||||||||
2,375,000 | Oregon State Business Development Commission, Revenue Bonds2,3 | 12/01/40 | 2.400 | 2,373,546 | ||||||||||
2,000,000 | Port of Portland Airport Revenue, Revenue Bonds | 07/01/36 | 5.000 | 2,188,344 | ||||||||||
1,000,000 | Salem-Keizer School District No 24J, General Obligation Bonds4 | 06/15/33 | 0.000 | 694,792 | ||||||||||
1,045,000 | Salem-Keizer School District No 24J, General Obligation Bonds4 | 06/15/35 | 0.000 | 658,149 | ||||||||||
1,905,000 | Tillamook Bay Community College District, General Obligation Bonds4 | 06/15/38 | 0.000 | 995,748 | ||||||||||
3,750,000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds4 | 06/15/31 | 0.000 | 2,804,207 | ||||||||||
3,250,000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds4 | 06/15/34 | 0.000 | 2,111,732 | ||||||||||
2,000,000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds4 | 06/15/37 | 0.000 | 1,109,109 | ||||||||||
1,800,000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds4 | 06/15/41 | 0.000 | 791,497 | ||||||||||
1,500,000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds4 | 06/15/31 | 0.000 | 1,116,225 | ||||||||||
1,055,000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds4 | 06/15/33 | 0.000 | 719,641 | ||||||||||
6,000,000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds4 | 06/15/39 | 0.000 | 2,894,521 | ||||||||||
4,800,000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds4 | 06/15/40 | 0.000 | 2,179,932 | ||||||||||
Total Oregon | 39,876,246 | |||||||||||||
Other Territory (0.1%) | ||||||||||||||
930,000 | FHLMC Multifamily VRD Certificates, Revenue Bonds | 05/15/27 | 2.304 | 865,978 | ||||||||||
Total Other Territory | 865,978 |
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
Principal Amount | Maturity Date | Interest Rate | Value | |||||||||||
MUNICIPAL BONDS (continued) | ||||||||||||||
Pennsylvania (3.3%) | ||||||||||||||
$ | 5,780,000 | Bethlehem Area School District Authority, Revenue Bonds (SOFR + 0.350%)3 | 07/01/31 | 3.908 | % | $ | 5,656,531 | |||||||
1,000,000 | New Kensington-Arnold School District, General Obligation Bonds, BAM | 05/15/28 | 2.500 | 957,274 | ||||||||||
10,700,000 | Pennsylvania Economic Development Financing Authority, Revenue Bonds2,3 | 08/01/37 | 0.580 | 10,212,689 | ||||||||||
1,090,000 | School District of Philadelphia, General Obligation Bonds | 09/01/34 | 5.000 | 1,217,351 | ||||||||||
2,500,000 | School District of Philadelphia, General Obligation Bonds | 09/01/34 | 5.000 | 2,577,029 | ||||||||||
1,470,000 | School District of Philadelphia, General Obligation Bonds | 09/01/36 | 4.000 | 1,472,849 | ||||||||||
2,700,000 | School District of Philadelphia, General Obligation Bonds | 09/01/39 | 4.000 | 2,575,509 | ||||||||||
Total Pennsylvania | 24,669,232 | |||||||||||||
South Carolina (1.5%) | ||||||||||||||
850,000 | South Carolina State Housing Finance & Development Authority, Revenue Bonds | 07/01/34 | 2.650 | 758,791 | ||||||||||
7,195,000 | South Carolina State Housing Finance & Development Authority, Revenue Bonds | 01/01/52 | 4.000 | 7,148,360 | ||||||||||
3,000,000 | South Carolina State Housing Finance & Development Authority, Revenue Bonds | 01/01/54 | 5.750 | 3,253,024 | ||||||||||
Total South Carolina | 11,160,175 | |||||||||||||
South Dakota (2.2%) | ||||||||||||||
55,000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/44 | 4.000 | 54,800 | ||||||||||
2,250,000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/46 | 3.500 | 2,223,248 | ||||||||||
1,685,000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/48 | 4.500 | 1,688,570 | ||||||||||
2,560,000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/49 | 4.000 | 2,536,841 | ||||||||||
4,810,000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/50 | 3.750 | 4,736,594 | ||||||||||
4,950,000 | South Dakota Housing Development Authority, Revenue Bonds | 05/01/53 | 5.000 | 5,092,022 | ||||||||||
Total South Dakota | 16,332,075 | |||||||||||||
Tennessee (2.3%) | ||||||||||||||
1,200,000 | Metropolitan Nashville Airport Authority, Revenue Bonds | 07/01/34 | 5.250 | 1,363,104 | ||||||||||
1,125,000 | Metropolitan Nashville Airport Authority, Revenue Bonds | 07/01/35 | 5.250 | 1,267,407 | ||||||||||
4,000,000 | New Memphis Arena Public Building Authority, Revenue Bonds4 | 04/01/29 | 0.000 | 3,589,627 | ||||||||||
1,750,000 | New Memphis Arena Public Building Authority, Revenue Bonds4 | 04/01/33 | 0.000 | 1,204,596 | ||||||||||
3,000,000 | New Memphis Arena Public Building Authority, Revenue Bonds4 | 04/01/35 | 0.000 | 1,871,175 | ||||||||||
1,000,000 | Tennessee Energy Acquisition Corp., Revenue Bonds | 11/01/28 | 5.000 | 1,039,389 | ||||||||||
1,215,000 | Tennessee Housing Development Agency, Revenue Bonds | 01/01/43 | 4.000 | 1,205,288 | ||||||||||
1,080,000 | Tennessee Housing Development Agency, Revenue Bonds | 07/01/48 | 4.000 | 1,071,589 | ||||||||||
1,435,000 | Tennessee Housing Development Agency, Revenue Bonds | 07/01/49 | 4.250 | 1,428,559 | ||||||||||
3,000,000 | Tennessee Housing Development Agency, Revenue Bonds | 01/01/53 | 5.000 | 3,085,976 | ||||||||||
Total Tennessee | 17,126,710 | |||||||||||||
Texas (12.0%) | ||||||||||||||
1,120,000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/24 | 5.000 | 1,129,284 | ||||||||||
1,170,000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/25 | 5.000 | 1,194,713 | ||||||||||
2,000,000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/31 | 5.000 | 2,178,861 | ||||||||||
3,720,000 | Fort Bend Independent School District, General Obligation Bonds2,3 | 08/01/51 | 0.720 | 3,303,307 |
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
Principal Amount | Maturity Date | Interest Rate | Value | |||||||||||
MUNICIPAL BONDS (continued) | ||||||||||||||
Texas (continued) | ||||||||||||||
$ | 1,750,000 | Goose Creek Consolidated Independent School District, General Obligation Bonds2,3 | 02/15/35 | 0.600 | % | $ | 1,613,741 | |||||||
1,030,000 | Little Elm Independent School District, General Obligation Bonds2,3 | 08/15/48 | 0.680 | 976,393 | ||||||||||
1,025,000 | Love Field Airport Modernization Corp., Revenue Bonds | 11/01/25 | 5.000 | 1,054,071 | ||||||||||
1,500,000 | Love Field Airport Modernization Corp., Revenue Bonds | 11/01/34 | 5.000 | 1,547,558 | ||||||||||
1,000,000 | Love Field Airport Modernization Corp., Revenue Bonds | 11/01/35 | 5.000 | 1,027,842 | ||||||||||
5,900,000 | Medina Valley Independent School District, General Obligation Bonds2,3 | 02/15/51 | 0.820 | 5,411,263 | ||||||||||
520,000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 09/01/35 | 2.150 | 466,761 | ||||||||||
2,220,000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 07/01/37 | 2.150 | 1,754,097 | ||||||||||
730,000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 07/01/37 | 4.400 | 745,399 | ||||||||||
1,575,000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 01/01/38 | 4.300 | 1,569,982 | ||||||||||
1,000,000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 09/01/38 | 4.350 | 1,003,283 | ||||||||||
8,940,880 | Texas Department of Housing & Community Affairs, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/47 | 2.835 | 7,763,915 | ||||||||||
1,235,000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 03/01/50 | 4.000 | 1,225,165 | ||||||||||
1,790,000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 03/01/51 | 3.500 | 1,746,379 | ||||||||||
2,490,000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 01/01/53 | 5.750 | 2,663,726 | ||||||||||
3,485,000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 03/01/53 | 6.000 | 3,822,584 | ||||||||||
11,805,000 | Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds (3-Month USD-LIBOR + 0.700%)3 | 12/15/26 | 4.420 | 11,733,941 | ||||||||||
9,175,000 | Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds | 12/15/26 | 6.250 | 9,534,920 | ||||||||||
12,345,000 | Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month USD-LIBOR + 0.690%)3 | 09/15/27 | 4.354 | 12,271,895 | ||||||||||
3,300,000 | Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.550%)3 | 09/15/27 | 4.530 | 3,261,219 | ||||||||||
10,865,000 | Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month USD-LIBOR + 0.870%)3 | 09/15/27 | 4.590 | 10,858,165 | ||||||||||
Total Texas | 89,858,464 | |||||||||||||
Utah (0.4%) | ||||||||||||||
2,800,000 | County of Utah, Revenue Bonds3,5 | 08/01/23 | 4.370 | 2,800,000 | ||||||||||
Total Utah | 2,800,000 | |||||||||||||
Virginia (1.9%) | ||||||||||||||
2,750,000 | Amelia County Industrial Development Authority, Revenue Bonds | 04/01/27 | 1.450 | 2,488,618 | ||||||||||
8,700,000 | Wise County Industrial Development Authority, Revenue Bonds2,3 | 10/01/40 | 0.750 | 7,988,642 |
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
Principal Amount | Maturity Date | Interest Rate |
Value | |||||||||||
MUNICIPAL BONDS (continued) | ||||||||||||||
Virginia (continued) | ||||||||||||||
$ | 3,700,000 | York County Economic Development Authority, Revenue Bonds2,3 | 05/01/33 | 3.650 | % | $ | 3,676,685 | |||||||
Total Virginia | 14,153,945 | |||||||||||||
Washington (3.0%) | ||||||||||||||
1,590,000 | Port of Seattle, Revenue Bonds | 06/01/25 | 3.450 | 1,567,653 | ||||||||||
1,500,000 | Port of Seattle, Revenue Bonds | 06/01/26 | 3.600 | 1,485,115 | ||||||||||
3,750,000 | Port of Seattle, Revenue Bonds | 04/01/27 | 5.000 | 3,786,497 | ||||||||||
425,000 | Port of Seattle, Revenue Bonds | 06/01/27 | 3.750 | 424,326 | ||||||||||
5,050,000 | Port of Seattle, Revenue Bonds | 08/01/34 | 5.000 | 5,602,385 | ||||||||||
1,415,000 | Port of Seattle, Revenue Bonds | 08/01/35 | 5.000 | 1,555,992 | ||||||||||
3,000,000 | Port of Seattle, Revenue Bonds | 04/01/39 | 5.000 | 3,135,611 | ||||||||||
5,000,000 | Washington Higher Education Facilities Authority, Revenue Bonds | 04/01/42 | 4.000 | 4,772,072 | ||||||||||
295,000 | Washington State Housing Finance Commission, Revenue Bonds, FHLMC, FNMA, GNMA | 12/01/47 | 4.000 | 294,353 | ||||||||||
Total Washington | 22,624,004 | |||||||||||||
Wisconsin (3.3%) | ||||||||||||||
300,000 | County of Milwaukee Airport Revenue, Revenue Bonds | 12/01/28 | 5.250 | 300,683 | ||||||||||
5,345,000 | Public Finance Authority, Revenue Bonds2,3 | 10/01/46 | 3.700 | 5,383,233 | ||||||||||
7,800,000 | University of Wisconsin Hospitals & Clinics, Revenue Bonds3,5 | 08/01/23 | 4.550 | 7,800,000 | ||||||||||
3,000,000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds | 08/15/36 | 4.000 | 3,022,769 | ||||||||||
4,950,000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds | 11/15/43 | 4.000 | 4,761,365 | ||||||||||
3,530,000 | Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Revenue Bonds | 03/01/52 | 3.000 | 3,390,397 | ||||||||||
Total Wisconsin | 24,658,447 | |||||||||||||
Wyoming (0.9%) | ||||||||||||||
2,395,000 | Wyoming Community Development Authority, Revenue Bonds | 12/01/34 | 3.500 | 2,326,724 | ||||||||||
1,785,000 | Wyoming Community Development Authority, Revenue Bonds | 12/01/48 | 4.000 | 1,770,521 | ||||||||||
1,075,000 | Wyoming Community Development Authority, Revenue Bonds | 12/01/49 | 3.750 | 1,063,520 | ||||||||||
1,215,000 | Wyoming Community Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 06/01/50 | 3.000 | 1,175,078 | ||||||||||
Total Wyoming | 6,335,843 | |||||||||||||
Total Municipal Bonds (Identified cost $767,288,274) | 754,378,932 | |||||||||||||
TOTAL INVESTMENTS (Identified cost $767,288,274)6 | 100.7 | % | $ | 754,378,932 | ||||||||||
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS | (0.7 | )% | (5,053,546 | ) | ||||||||||
NET ASSETS | 100.00 | % | $ | 749,325,386 |
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (unaudited)
1 | Represent a security purchased on a when-issued basis. |
2 | This variable rate security is based on a predetermined schedule and the rate at period end also represents the reference rate at period end. |
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 | Security issued with zero coupon. Income is recognized through accretion of discount. |
5 | 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 July 31, 2023. |
6 | The aggregate cost for federal income tax purposes is $767,288,274, the aggregate gross unrealized appreciation is $5,158,614 and the aggregate gross unrealized depreciation is $18,067,956, resulting in net unrealized depreciation of $12,909,342. |
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. |
LIBOR | − | London Interbank Offered Rate. |
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)
July 31, 2023 (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 July 31, 2023.
Investments, at value | Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other | Significant | Balance as of July 31, 2023 | ||||||||||||
Municipal Bonds* | $ | – | $ | 754,378,932 | $ | – | $ | 754,378,932 | ||||||||
Total Investment, at value | $ | – | $ | 754,378,932 | $ | – | $ | 754,378,932 |
* | For geographical breakdown of municipal bond investments, refer to the Portfolio Investments. |
BBH INTERMEDIATE MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS (continued)
July 31, 2023 (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.