BBH Income Fund

 

Portfolio of Investments

July 31, 2025 (unaudited)

All investments in the United States, except as noted.

 

Principal
Amount		      Maturity
Date		  Interest
Rate		   Value 
     Asset Backed Securities (18.0%)             
$3,031,764   ABPCI Direct Lending Fund ABS I, Ltd. 2020-1A1  12/29/30   3.199%  $2,988,441 
 1,900,800   ABPCI Direct Lending Fund ABS II LLC 2022-2A1  03/01/32   4.987    1,801,657 
 2,630,000   Adams Outdoor Advertising LP 2023-11  07/15/53   6.967    2,686,505 
 3,250,000   Aligned Data Centers Issuer LLC 2023-1A1  08/17/48   6.000    3,267,116 
 4,320,000   Alp CFO LP 2024-1A1,2  10/15/36   7.371    4,342,464 
 4,320,000   Alp CFO LP 2024-1A1,2  10/15/36   10.036    4,397,328 
 1,480,000   Ares PBN Finance Co. LLC1,2  10/15/36   6.000    1,407,628 
 5,200,000   Avis Budget Rental Car Funding AESOP LLC 2023-4A1  06/20/29   5.490    5,317,779 
 6,820,000   BHG Owner Loan Trust Series 2025-1CON1,3  08/18/36   0.000    6,804,314 
 7,980,000   BHG Owner Loan Trust Series 2025-1CON1,3  08/18/36   0.000    7,953,666 
 4,165,000   BHG Securitization Trust 2023-A1  04/17/36   6.350    4,205,064 
 7,700,000   Blackrock Rainier CLO VI, Ltd. 2021-6A (3-Month CME Term SOFR + 8.250%) (Cayman Islands)1,4  04/20/37   12.575    7,904,480 
 3,937,251   Business Jet Securities LLC 2024-1A1  05/15/39   6.197    4,009,003 
 5,616,875   Capital Automotive REIT 2024-2A1  05/15/54   5.250    5,555,632 
 3,379,563   CARS-DB7 LP 2023-1A1  09/15/53   6.500    3,406,354 
 1,025,375   CF Hippolyta Issuer LLC 2020-11  07/15/60   2.280    789,186 
 2,374,427   CF Hippolyta Issuer LLC 2022-1A1  08/15/62   5.970    2,290,047 
 7,530,000   CFG Investments, Ltd. 2025-1 (Cayman Islands)1  03/25/36   6.470    7,577,895 
 8,990,000   Cogent Ipv4 LLC 2024-1A1  05/25/54   7.924    9,408,075 
 7,960,000   Cogent Ipv4 LLC 2025-1A1  04/25/55   6.646    8,131,111 
 2,330,000   Credit Acceptance Auto Loan Trust 2023-1A1  07/15/33   7.710    2,383,484 
 5,860,000   Credit Acceptance Auto Loan Trust 2024-3A1  11/15/34   4.850    5,851,956 
 4,100,000   CyrusOne Data Centers Issuer I, LLC 2025-1A1  02/20/50   5.910    4,178,949 
 3,070,000   DataBank Issuer 2023-1A1  02/25/53   5.116    3,048,007 
 2,850,000   DigitalBridge Issuer LLC 2021-1A1  09/25/51   3.933    2,796,251 
 4,630,000   Dryden 115 CLO, Ltd. 2024-115A (3-Month CME Term SOFR + 2.000%) (Jersey)1,4  04/18/37   6.329    4,647,414 
 4,413,750   Edgeconnex Data Centers Issuer LLC 2024-11  07/27/54   6.000    4,424,886 
 88,900   Elm Trust 2020-3A1  08/20/29   2.954    88,675 
 417,330   Elm Trust 2020-4A1  10/20/29   2.286    416,202 
 4,460,000   Flexential Issuer 2021-1A1  11/27/51   3.250    4,306,719 
 303,121   FNA LLC 2019-11,2,4,5  12/10/31   3.000    302,363 
 3,340,000   Ford Credit Auto Owner Trust 2024-11  08/15/36   4.870    3,393,032 
 847,420   Global SC Finance VII Srl 2020-1A (Barbados)1  10/17/40   2.170    806,105 

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (unaudited)

All investments in the United States, except as noted.

 

Principal
Amount		      Maturity
Date		  Interest
Rate		   Value 
     Asset Backed Securities (continued)             
$808,217   Global SC Finance VII Srl 2020-2A (Barbados)1  11/19/40   2.260%  $765,669 
 2,793,471   Golub Capital Partners ABS Funding, Ltd. 2021-1A (Cayman Islands)1  04/20/29   2.773    2,763,984 
 8,300,000   Hertz Vehicle Financing III LLC 2024-2A1  01/27/31   5.480    8,413,285 
 2,980,000   HPEFS Equipment Trust 2023-1A1  04/20/28   5.730    2,981,903 
 8,540,000   LCM, Ltd. 42A (3-Month CME Term SOFR + 1.800%) (Cayman Islands)1,4  01/15/38   6.118    8,557,862 
 403,463   LIAS Administration Fee Issuer LLC 2018-1A1  07/25/48   5.956    389,685 
 4,340,000   Madison Park Funding LXVII, Ltd. 2024-67A (3-Month CME Term SOFR + 2.050%) (Cayman Islands)1,4  04/25/37   6.368    4,357,908 
 3,060,000   Madison Park Funding XLVII, Ltd. 2020-47A (3-Month CME Term SOFR + 1.950%) (Cayman Islands)1,4  04/19/37   6.275    3,070,657 
 2,690,000   Mariner Finance issuance Trust 2024-BA1  11/20/38   5.330    2,719,549 
 1,735,000   Mariner Finance issuance Trust 2024-BA1  11/20/38   5.730    1,761,703 
 522,625   Monroe Capital ABS Funding, Ltd. 2021-1A (Cayman Islands)1  04/22/31   2.815    515,242 
 1,400,053   Monroe Capital Income Plus ABS Funding LLC 2022-1A1  04/30/32   5.150    1,363,272 
 4,870,000   Monroe Capital Mml CLO XVI, Ltd. 2024-1A (3-Month CME Term SOFR + 2.100%) (Jersey)1,4  07/23/36   6.419    4,891,932 
 2,465,000   Navistar Financial Dealer Note Master Owner Trust II 2023-11  08/25/28   6.180    2,467,392 
 2,438,478   Neuberger Berman Loan Advisers CLO 40, Ltd. 2021-40A (3-Month CME Term SOFR + 1.322%) (Cayman Islands)1,4  04/16/33   5.639    2,441,648 
 2,450,445   Newtek Small Business Loan Trust 2023-1 (U.S. Prime Rate - 0.500%)1,4  07/25/50   7.000    2,476,783 
 5,440,000   NextGear Floorplan Master Owner Trust 2023-1A1  03/15/28   5.740    5,474,468 
 5,450,000   Niagara Park CLO, Ltd. 2019-1A (3-Month CME Term SOFR + 1.340%) (Cayman Islands)1,4  01/17/38   5.662    5,461,539 
 4,500,000   Octagon 71, Ltd. 2024-1A (3-Month CME Term SOFR + 2.050%) (Cayman Islands)1,4  04/18/37   6.379    4,516,484 
 4,600,000   OnDeck Asset Securitization Trust IV LLC 2024-2A1  10/17/31   4.980    4,566,696 
 2,294,626   OneMain Financial Issuance Trust 2022-S11  05/14/35   4.130    2,286,690 

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (unaudited)

All investments in the United States, except as noted.

 

Principal
Amount		      Maturity
Date		  Interest
Rate		   Value 
     Asset Backed Securities (continued)             
$6,610,000   OneMain Financial Issuance Trust 2023-2A1  09/15/36   6.170%  $6,790,353 
 2,984,939   Oportun Issuance Trust 2021-C1  10/08/31   2.180    2,915,265 
 6,170,000   Oxford Finance Credit Fund III 2025-A LP1  08/14/34   5.878    6,165,333 
 10,130,000   PFS Financing Corp. 2024-F1  08/15/29   4.750    10,178,381 
 114,290   ReadyCap Lending Small Business Loan Trust 2019-2 (U.S. Prime Rate - 0.500%)1,4  12/27/44   7.000    114,212 
 2,465,121   Regional Management Issuance Trust 2022-11  03/15/32   3.070    2,447,769 
 5,510,000   Regional Management Issuance Trust 2024-11  07/15/36   5.830    5,606,810 
 7,830,000   Republic Finance Issuance Trust 2024-A1  08/20/32   5.910    7,918,971 
 5,240,000   Retained Vantage Data Centers Issuer LLC 2023-1A1  09/15/48   5.000    5,167,593 
 1,795,000   Sabey Data Center Issuer LLC 2023-11  04/20/48   6.250    1,798,744 
 2,240,000   Santander Drive Auto Receivables Trust 2023-5  02/18/31   6.430    2,321,178 
 6,250,000   Sotheby's Artfi Master Trust 2024-1A1  12/22/31   6.430    6,289,126 
 1,150,000   Stack Infrastructure Issuer LLC 2023-1A1  03/25/48   5.900    1,153,384 
 3,520,000   Stack Infrastructure Issuer LLC 2023-3A1  10/25/48   5.900    3,540,047 
 885,954   Textainer Marine Containers VII, Ltd. 2020-1A (China)1  08/21/45   2.730    844,560 
 4,211,073   Thrust Engine Leasing DAC 2021-1A1  07/15/40   4.163    4,050,671 
 436,667   TierPoint Issuer LLC 2023-1A1  06/25/53   6.000    436,418 
 4,480,000   Trafigura Securitisation Finance, Plc. 2024-1A (Ireland)1  11/15/27   5.980    4,512,055 
 3,350,000   Vantage Data Centers Issuer LLC 2023-1A1  03/16/48   6.316    3,362,709 
 3,103,537   VC 3 LS LP 2021-B1  10/15/41   4.750    3,031,804 
 890,666   VCP RRL ABS I, Ltd. 2021-1A1  10/20/31   2.152    860,014 
 4,830,000   Westlake Automobile Receivables Trust 2023-2A1  03/15/28   6.290    4,861,715 
 1,750,131   Willis Engine Structured Trust VII 2023-A1  10/15/48   8.000    1,800,879 
 5,530,000   Zayo Issuer LLC 2025-1A1  03/20/55   5.648    5,584,465 
 10,290,000   Zayo Issuer LLC 2025-2A1  06/20/55   5.953    10,504,194 
     Total Asset Backed Securities
(Cost $302,903,802)		           305,388,789 
                   
     Commercial Mortgage Backed Securities (7.3%)             
 4,750,000   Atrium Hotel Portfolio Trust 2024-ATRM1,4,5  11/10/29   6.090    4,781,938 
 6,930,000   BAHA Trust 2024-MAR1,4,5  12/10/41   7.069    7,151,479 

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (unaudited)

All investments in the United States, except as noted.

 

Principal
Amount		     Maturity
Date		  Interest
Rate		   Value 
   

Commercial Mortgage Backed Securities (continued)

           
$2,818,071   BFLD Mortgage Trust 2024-WRHS (1-Month CME Term SOFR + 1.492%)1,4   08/15/26   5.834%  $2,818,071 
 4,387,500   BX 2024-PALM (1-Month CME Term SOFR + 1.541%)1,4   06/15/37   5.883    4,387,500 
 4,740,000   BX Commercial Mortgage Trust 2022-CSMO (1-Month CME Term SOFR + 3.889%)1,4  06/15/27   8.230    4,790,363 
 5,850,000   BX Commercial Mortgage Trust 2024-GPA2 (1-Month CME Term SOFR + 1.892%)1,4   11/15/41   6.234    5,866,453 
 349,991   BXMT, Ltd. 2020-FL2 (1-Month CME Term SOFR + 1.264%) (Cayman Islands)1,4  02/15/38   5.608    348,002 
 1,250,000   BXMT, Ltd. 2020-FL3 (1-Month CME Term SOFR + 3.164%) (Cayman Islands)1,4  11/15/37   7.508    1,215,784 
 786,000   CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month CME Term SOFR + 4.114%)1,4  11/15/31   8.456    551,695 
 2,870,000   Citigroup Commercial Mortgage Trust 2023-PRM31,4,5  07/10/28   6.572    2,952,348 
 6,550,000   COMM Mortgage Trust 2025-SBX1,4,5  08/10/41   5.432    6,550,000 
 4,590,000   Commercial Mortgage Pass Through Certificate1  07/12/28   6.891    4,772,047 
 2,460,000   DC Commercial Mortgage Trust 2023-DC1  09/12/40   6.804    2,576,781 
 7,330,000   DK Trust 2024-SPBX (1-Month CME Term SOFR + 1.750%)1,4  03/15/34   6.092    7,348,325 
 7,660,000   Freddie Mac Multifamily Structured Pass Through Certificates 2023- K7531,2,3  11/25/60   0.000    4,759,924 
 26,240,000   Freddie Mac Multifamily Structured Pass Through Certificates 2023- K7531  11/25/60   0.100    103,805 
 126,785,030   Freddie Mac Multifamily Structured Pass Through Certificates 2023- K7531  11/25/60   0.100    481,238 
 7,660,000   Freddie Mac Multifamily Structured Pass Through Certificates K7534,5  12/25/30   5.038    1,635,649 
 4,965,000   FREMF Mortgage Trust 2024-K5161,4,5  01/25/29   5.925    4,384,403 
 4,675,000   FREMF Mortgage Trust 2024-K5221,4,5  05/25/29   5.601    4,184,123 
 6,570,000   FREMF Mortgage Trust 2024-K7571,3  10/25/61   0.000    3,734,512 
 25,440,000   FREMF Mortgage Trust 2024-K7571  10/25/61   0.100    116,927 
 105,880,000   FREMF Mortgage Trust 2024-K7571  10/25/61   0.100    470,340 
 21,546,523   FREMF Mortgage Trust 2025-K1701,3  02/25/63   0.000    9,029,980 
 79,721,592   FREMF Mortgage Trust 2025-K1701  02/25/63   0.100    511,637 
 351,155,886   FREMF Mortgage Trust 2025-K1701  02/25/63   0.100    2,188,298 
 7,361,000   FREMF Mortgage Trust 2025-K5351,4,5  12/25/29   5.306    6,403,623 

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (unaudited)

All investments in the United States, except as noted.

 

Principal
Amount		      Maturity
Date		  Interest
Rate		   Value 
    Commercial Mortgage Backed Securities (continued)           
$1,000,000   Hudsons Bay Simon JV Trust 2015-HB101,4,5  08/05/34   5.629%  $983,587 
 9,760,000   INTOWN Mortgage Trust 2025-STAY (1-Month CME Term SOFR + 1.350%)1,4  03/15/42   5.692    9,760,000 
 240,000   JPMBB Commercial Mortgage Securities Trust 2014-C241,4,5  11/15/47   4.058    182,880 
 5,240,000   MED Commercial Mortgage Trust 2024-MOB (1-Month CME Term SOFR + 1.592%)1,4   05/15/41   5.933    5,218,425 
 5,860,000   MTN Commercial Mortgage Trust 2022-LPFL (1-Month CME Term SOFR + 1.896%)1,4  03/15/39   6.246    5,856,346 
 877,424   Ready Capital Mortgage Financing LLC 2021-FL7 (1-Month CME Term SOFR + 1.314%)1,4  11/25/36   5.667    873,927 
 2,700,000   SCOTT Trust 2023-SFS1  03/10/40   5.910    2,760,447 
 2,270,000   SPGN Mortgage Trust 2022-TFLM (1-Month CME Term SOFR + 2.650%)1,4   02/15/39   6.992    2,225,137 
 1,310,000   SPGN Mortgage Trust 2022-TFLM (1-Month CME Term SOFR + 3.500%)1,4  02/15/39   7.842    1,271,159 
     Total Commercial Mortgage Backed Securities
(Cost $122,623,696)		           123,247,153 
                   
     Corporate Bonds (41.1%)             
     Aerospace/Defense (0.1%)             
 2,220,000   BAE Systems, Plc. (United Kingdom)1   04/15/30   3.400    2,116,333 
                   
     Agriculture (0.4%)             
 5,480,000   Bunge Ltd. Finance Corp.  09/17/29   4.200    5,403,465 
 1,890,000   Cargill, Inc.1  10/11/32   5.125    1,935,029 
                 7,338,494 
     Auto Manufacturers (2.0%)             
 3,835,000   BMW US Capital, LLC1  03/21/30   5.050    3,908,054 
 3,930,000   Ford Motor Credit Co. LLC  11/05/26   5.125    3,918,993 
 4,830,000   Hyundai Capital America1  06/24/27   5.275    4,871,858 
 7,770,000   Hyundai Capital America1  03/27/30   5.150    7,858,341 
 9,540,000   Volkswagen Group of America Finance LLC1   09/26/26   3.200    9,365,799 
 3,835,000   Volkswagen Group of America Finance LLC1   08/15/27   4.850    3,837,694 
                 33,760,739 
                   
     Banks (8.0%)             
 2,790,000   ASB Bank, Ltd. (5-Year CMT Index + 2.250%) (New Zealand)1,4  06/17/32   5.284    2,800,937 

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (unaudited)

All investments in the United States, except as noted.

 

Principal
Amount		      Maturity
Date		  Interest
Rate		   Value 
    Corporate Bonds (continued)           
    Banks (continued)           
$4,600,000   Banco Santander S.A. (1-Year CMT Index + 1.250%) (Spain)4  03/14/28   5.552%  $4,665,027 
 1,635,000   Bank Leumi Le-Israel BM (Israel)1  07/27/27   5.125    1,640,608 
 5,910,000   Bank of America Corp. (5-Year CMT Index + 2.760%)4,6      4.375    5,768,104 
 2,650,000   Bank of New York Mellon (SOFR + 1.135%)4  04/20/29   4.729    2,677,961 
 3,035,000   Bank of New Zealand (New Zealand)1  02/07/28   4.846    3,069,755 
 3,095,000   Bank of Nova Scotia (Canada)  03/11/27   2.951    3,024,802 
 4,670,000   BNP Paribas S.A. (SOFR + 1.678%) (France)1,4  05/09/31   5.085    4,715,113 
 3,485,000   Canadian Imperial Bank of Commerce (Canada)  10/03/28   5.986    3,642,473 
 7,500,000   Citigroup, Inc. (SOFR + 1.143%)4  05/07/28   4.643    7,507,620 
 2,920,000   Comerica Bank (SOFR + 2.610%)4  08/25/33   5.332    2,842,700 
 6,240,000   Fifth Third Bancorp (SOFR + 2.192%)4  10/27/28   6.361    6,490,762 
 165,000   Fifth Third Bancorp (SOFR + 2.127%)4  07/28/30   4.772    165,676 
 2,140,000   HSBC Holdings, Plc (SOFR + 3.350%) (United Kingdom)4  11/03/28   7.390    2,263,953 
 1,140,000   HSBC Holdings, Plc (SOFR + 2.387%) (United Kingdom)4  06/04/31   2.848    1,043,812 
 3,285,000   HSBC Holdings, Plc (SOFR + 2.390%) (United Kingdom)4  03/09/34   6.254    3,517,591 
 6,256,000   Huntington Bancshares, Inc. (SOFR + 1.970%)4  08/04/28   4.443    6,238,646 
 3,720,000   JPMorgan Chase & Co. (SOFR + 0.930%)4  07/22/28   4.979    3,755,812 
 2,160,000   Lloyds Banking Group, Plc. (1-Year CMT Index + 1.700%) (United Kingdom)4  03/06/29   5.871    2,226,408 
 2,025,000   Lloyds Banking Group, Plc. (1-Year CMT Index + 3.750%) (United Kingdom)4  11/15/33   7.953    2,319,916 
 2,000,000   Morgan Stanley (SOFR + 1.610%)4  04/20/28   4.210    1,991,097 
 2,055,000   Morgan Stanley (SOFR + 2.560%)4  10/18/33   6.342    2,226,879 
 2,445,000   NatWest Group, Plc (1-Year CMT Index + 2.850%) (United Kingdom)4  11/10/26   7.472    2,462,403 
 5,175,000   NatWest Group, Plc (SOFR + 1.300%) (United Kingdom)4  11/15/28   5.639    5,219,187 
 1,780,000   NatWest Group, Plc (1-Year CMT Index + 2.100%) (United Kingdom)4  03/02/34   6.016    1,881,918 
 5,770,000   PNC Financial Services Group, Inc. (5-Year CMT Index + 2.595%)4,6      3.400    5,559,807 
 2,360,000   Santander Holdings USA, Inc. (SOFR + 2.356%)4  03/09/29   6.499    2,457,032 
 5,115,000   Santander Holdings USA, Inc. (SOFR + 1.878%)4  03/20/31   5.741    5,263,111 
 3,070,000   Skandinaviska Enskilda Banken AB (Sweden)1  03/05/29   5.375    3,155,062 
 7,510,000   State Street Corp.  02/28/28   4.536    7,561,189 

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (unaudited)

All investments in the United States, except as noted.

 

Principal
Amount		      Maturity
Date		  Interest
Rate		   Value 
   

Corporate Bonds (continued)
Banks (continued)

           
$1,620,000   Truist Financial Corp. (SOFR + 2.446%)4  10/30/29   7.161%  $1,748,686 
 4,445,000   Truist Financial Corp. (SOFR + 1.620%)4  01/24/30   5.435    4,570,030 
 1,525,000   UBS Group AG (1-Year CMT Index + 1.750%) (Switzerland)1,4  05/12/28   4.751    1,530,032 
 4,025,000   UBS Group AG (1-Year CMT Index + 2.200%) (Switzerland)1,4  01/12/34   5.959    4,229,682 
 6,100,000   US Bancorp (5-Year CMT Index + 2.541%)4,6      3.700    5,864,247 
 1,165,000   Wells Fargo & Co. (SOFR + 2.100%)4  06/02/28   2.393    1,121,649 
 5,195,000   4Wells Fargo & Co. (SOFR + 1.370%)4  04/23/29   4.970    5,255,956 
 3,020,000   Wells Fargo & Co. (SOFR + 1.500%)4   03/02/33   3.350    2,764,601 
                 135,240,244 
     Beverages (0.2%)             
 3,170,000   Keurig Dr Pepper, Inc.  03/15/29   5.050    3,227,829 
                   
     Chemicals (0.4%)             
 6,570,000   Olin Corp.1    04/01/33   6.625    6,393,274 
                   
     Commercial Services (0.2%)             
 3,670,000   Avis Budget Car Rental LLC / Avis Budget Finance, Inc.1  01/15/30   8.250    3,776,558 
                   
     Diversified Financial Services (2.4%)             
 2,338,000   Acadian Asset Management, Inc.  07/27/26   4.800    2,313,022 
 4,365,000   Ally Financial, Inc. (SOFR + 2.820%)4  01/03/30   6.848    4,601,887 
 1,265,000   American Express Co.  03/04/27   2.550    1,230,455 
 5,705,000   Bread Financial Holdings, Inc.1  03/15/29   9.750    6,120,141 
 2,345,000   Capital One Financial Corp.  05/11/27   3.650    2,312,418 
 1,630,000   Capital One Financial Corp. (SOFR + 3.070%)4  10/30/31   7.624    1,835,439 
 4,125,000   Credit Acceptance Corp.1   12/15/28   9.250    4,362,534 
 2,655,000   Credit Opportunities Partners JV LLC  04/01/26   4.250    2,630,205 
 2,485,000   Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance1 

02/15/26

   3.875    2,448,411 
 2,550,000   GCM Grosvenor Diversified Alternatives Issuer LLC1,2  11/15/41   6.000    2,140,215 
 7,300,000   Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc.1  02/01/27   6.375    7,282,199 
 4,620,000   Sculptor Alternative Solutions LLC1,2  05/15/37   6.000    4,149,684 
                 41,426,610 
     Electric (1.9%)             
 4,160,000   Alexander Funding Trust II1  07/31/28   7.467    4,419,595 
 4,405,000   Atlantica Sustainable Infrastructure, Ltd. (United Kingdom)1  06/15/28   4.125    4,253,845 
 5,065,000   Edison International (5-Year CMT Index + 4.698%)4,6      5.375    4,816,217 

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (unaudited)

All investments in the United States, except as noted.

 

Principal
Amount		      Maturity
Date		  Interest
Rate		   Value 
     Corporate Bonds (continued)             
     Electric (continued)             
$3,375,000   Florida Power & Light Co.  05/15/33   4.800%  $3,369,597 
 3,500,000   Oncor Electric Delivery Co. LLC  05/15/28   4.300    3,494,042 
 4,420,000   Southern California Edison Co.  09/06/26   4.400    4,405,033 
 7,675,000   XPLR Infrastructure Operating Partners LP1  03/15/33   8.625    8,129,160 
                 32,887,489 
                   
     Energy-Alternate Sources (1.1%)             
 10,055,000   XPLR Infrastructure LP1,3  11/15/25   0.000    9,841,834 
 8,440,000   XPLR Infrastructure LP1   06/15/26   2.500    8,092,272 
                 17,934,106 
                   
     Food (0.6%)             
 5,925,000   Mars, Inc.1  03/01/32   5.000    5,979,553 
 4,765,000   Nestle Capital Corp.1  03/12/31   4.750    4,821,448 
                 10,801,001 
                   
     Gas (0.5%)             
 4,650,000   Southern California Gas Co.  09/01/34   5.050    4,652,029 
 4,120,000   Southern California Gas Co.  06/15/35   5.450    4,199,526 
                 8,851,555 
                   
     Healthcare-Services (0.6%)             
 1,080,000   Providence St Joseph Health Obligated Group  10/01/33   5.403    1,089,494 
 4,210,000   Roche Holdings, Inc.1  03/08/31   4.909    4,286,724 
 4,585,000   Sutter Health  08/15/32   5.213    4,687,641 
                 10,063,859 
                   
     Insurance (12.5%)             
 7,105,000   Aegon, Ltd. (6-Month CME Term SOFR + 3.540%) (Netherlands)4  04/11/48   5.500    7,115,650 
 2,940,000   American Coastal Insurance Corp.  12/15/27   7.250    2,910,600 
 4,650,000   American National Global Funding1  01/28/30   5.550    4,731,571 
 5,395,000   American National Global Funding1  06/03/30   5.250    5,424,969 
 2,880,000   Ascot Group, Ltd. (Bermuda)1  12/15/30   4.250    2,590,287 
 3,615,000   Ascot Group1, Ltd. (5-Year CMT Index + 2.375%) (Bermuda)1,4  06/15/35   6.349    3,689,168 
 5,510,000   Aspen Insurance Holdings, Ltd. (Bermuda)  07/01/30   5.750    5,594,033 
 8,205,000   Athene Global Funding1  05/09/28   4.830    8,239,317 
 4,360,000   Athene Global Funding1  01/09/29   5.583    4,480,837 
 4,040,000   Athene Global Funding1  10/08/29   4.721    4,016,454 
 8,565,000   Athene Global Funding1  07/17/30   5.033    8,611,888 
 8,190,000   AXIS Specialty Finance, LLC (5-Year CMT Index + 3.186%)4  01/15/40   4.900    7,879,091 
 2,920,000   Corebridge Financial, Inc. (5-Year CMT Index + 3.846%)4  12/15/52   6.875    2,999,048 
 3,175,000   Corebridge Global Funding1  09/19/28   5.900    3,295,558 
 3,155,000   DaVinciRe Holdings, Ltd. (Bermuda)1   04/15/35   5.950    3,171,040 
 4,210,000   Doctors Co. An Interinsurance Exchange1  01/18/32   4.500    3,702,589 
 9,717,000   Enstar Finance LLC (5-Year CMT Index + 4.006%)4  01/15/42   5.500    9,552,006 

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (unaudited)

All investments in the United States, except as noted.

 

Principal
Amount		      Maturity
Date		  Interest
Rate		   Value 
   

Corporate Bonds (continued)
Insurance (continued)

           
$4,460,000   Enstar Group, Ltd. (5-Year CMT Index + 3.186%)1,4  04/01/45   7.500%  $4,605,900 
 9,030,000   Equitable America Global Funding1  06/09/30   4.950    9,101,865 
 3,965,000   Equitable Financial Life Global Funding1  03/27/30   5.000    4,020,442 
 5,540,000   F&G Annuities & Life, Inc.  01/13/28   7.400    5,797,712 
 4,110,000   F&G Global Funding1  06/10/27   5.875    4,196,814 
 4,765,000   Fidelis Insurance Holdings, Ltd. (5-Year CMT Index + 6.323%)
(United Kingdom)1,4		  04/01/41   6.625    4,740,506 
 6,260,000   GA Global Funding Trust1  09/23/27   4.400    6,237,114 
 3,485,000   Global Atlantic Finance Co.1  06/15/33   7.950    3,942,877 
 1,975,000   Global Atlantic Finance Co. (5-Year CMT Index + 3.608%)1,4  10/15/54   7.950    2,063,885 
 6,815,000   Guardian Life Global Funding1   09/26/29   4.179    6,752,580 
 1,690,000   Metropolitan Life Global Funding I1  03/21/29   3.300    1,625,336 
 5,180,000   Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
(5- Year CMT Index + 3.982%) (Germany)1,4		  05/23/42   5.875    5,296,550 
 8,950,000   Mutual of Omaha Cos Global Funding1  06/09/28   4.514    8,943,230 
 2,950,000   Mutual of Omaha Cos Global Funding1  04/01/30   5.000    2,987,680 
 5,090,000   Northwestern Mutual Global Funding1  03/25/27   5.070    5,147,091 
 7,725,000   Pacific Life Global Funding II1             
 3,708,000   PartnerRe Finance B LLC (5-Year CMT Index + 3.815%)4  10/01/50   4.500    3,446,086 
 4,365,000   Protective Life Global Funding1  01/12/27   4.992    4,395,604 
 6,115,000   Protective Life Global Funding1  09/13/27   4.335    6,114,076 
 5,720,000   RenaissanceRe Holdings, Ltd. (Bermuda)  06/05/33   5.750    5,890,818 
 3,460,000   RGA Global Funding1  01/11/31   5.500    3,564,598 
 3,735,000   SiriusPoint, Ltd. (Sweden)  04/05/29   7.000    3,917,795 
 1,895,000   Stewart Information Services Corp.  11/15/31   3.600    1,685,404 
 4,830,000   Swiss Re Finance Luxembourg S.A. (5-Year CMT Index + 3.582%) (Luxembourg)1,4  04/02/49   5.000    4,821,374 
 6,280,000   Universal Insurance Holdings, Inc.  11/30/26   5.625    6,194,079 
                 211,260,848 
                   
     Investment Companies (4.6%)             
 11,550,000   Ares Capital Corp.  07/15/26   2.150    11,275,113 
 2,172,000   BlackRock TCP Capital Corp.  05/30/29   6.950    2,242,573 
 4,320,000   Blackstone Private Credit Fund  09/26/27   4.950    4,303,744 
 5,990,000   Blue Owl Credit Income Corp.  03/15/30   5.800    6,001,104 
 2,585,000   Blue Owl Technology Finance Corp.1  03/15/28   6.100    2,599,934 
 1,635,000   CION Investment Corp.  02/11/26   4.500    1,610,054 
 5,725,000   Fairfax India Holdings Corp. (Canada)1  02/26/28   5.000    5,361,835 
 2,330,000   Gladstone Capital Corp.  01/31/26   5.125    2,317,814 
 3,940,000   Golub Capital Private Credit Fund  09/12/29   5.800    3,950,722 
 11,340,000   HA Sustainable Infrastructure Capital, Inc.  07/01/34   6.375    11,236,235 

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (unaudited)

All investments in the United States, except as noted.

 

Principal
Amount		      Maturity
Date		  Interest
 Rate		   Value 
   

Corporate Bonds (continued)
Investment Companies (continued)

           
$2,065,000   HAT Holdings I LLC / HAT Holdings II LLC1  06/15/26   3.375%  $2,025,621 
 2,300,000   HAT Holdings I LLC / HAT Holdings II LLC1  09/15/30   3.750    2,090,406 
 2,960,000   MidCap Financial Investment Corp.  07/16/26   4.500    2,896,484 
 2,095,000   OFS Capital Corp.  02/10/26   4.750    2,066,373 
 7,360,000   PennantPark Floating Rate Capital, Ltd.  04/01/26   4.250    7,255,005 
 3,025,000   Saratoga Investment Corp.  02/28/26   4.375    2,979,227 
 3,050,000   Silver Point Specialty Credit Fund, L.P.1,2  11/04/26   4.000    2,921,900 
 1,775,000   Stellus Capital Investment Corp.  03/30/26   4.875    1,751,798 
 3,165,000   Trinity Capital, Inc.  12/15/26   4.250    3,036,415 
                 77,922,357 
                   
     Machinery-Diversified (1.0%)             
                   
 2,275,000   CNH Industrial Capital LLC  04/10/28   4.550    2,278,480 
 2,450,000   CNH Industrial Capital LLC  01/12/29   5.500    2,520,340 
 7,140,000   John Deere Capital Corp. (SOFR + 0.500%)4  03/06/28   4.847    7,155,848 
 4,710,000   John Deere Capital Corp  03/07/31   4.900    4,793,932 
                 16,748,600 
                   
     Media (0.3%)             
 5,110,000   CCO Holdings LLC / CCO Holdings Capital Corp.1  03/01/31   7.375    5,253,335 
 6,100,000   Miscellaneous Manufacturers (0.4%)
Axon Enterprise, Inc.1		  03/15/30   6.125    6,229,938 
                   
     Oil & Gas (0.6%)             
 4,480,000   Sunoco LP1  05/01/29   7.000    4,637,105 
 5,040,000   Woodside Finance, Ltd. (Australia)  05/19/30   5.400    5,110,719 
                 9,747,824 
     Pharmaceuticals (0.3%)             
 730,000   Bausch Health Cos., Inc. (Canada)1  06/01/28   4.875    646,050 
 3,770,000   Eli Lilly & Co.  02/12/30   4.750    3,840,841 
                 4,486,891 
                   
     Pipelines (0.1%)             
 2,430,000   Harvest Midstream I LP1  09/01/28   7.500    2,459,576 
                   
     Real Estate Investment Trusts (1.6%)             
 3,340,000   American Tower Trust #11  03/15/53   5.490    3,385,918 
 4,140,000   Arbor Realty SR, Inc.1  10/15/27   8.500    4,098,181 
 2,375,000   Arbor Realty Trust, Inc.  04/30/26   5.000    2,345,521 
 1,970,000   Arbor Realty Trust, Inc.1  03/15/27   4.500    1,838,759 
 5,075,000   EF Holdco / EF Cayman Hold / Ellington Finance REIT Cayman / TRS / EF Cayman Non-MTM (Multinational)1  04/01/27   5.875    4,833,861 
 2,750,000   Rexford Industrial Realty LP  06/15/28   5.000    2,771,261 
 2,000,000   SBA Tower Trust1  11/15/52   6.599    2,050,601 

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (unaudited)

All investments in the United States, except as noted.

 

Principal
Amount		      Maturity
Date		  Interest
Rate		   Value 
   

Corporate Bonds (continued)

Real Estate Investment Trusts (continued)

           
$1,945,000   Scentre Group Trust 1 / Scentre Group Trust 2 (Australia)1  01/28/26   3.625%  $1,934,209 
 1,345,000   Scentre Group Trust 2 (5-Year CMT Index + 4.685%) (Australia)1,4  09/24/80   5.125    1,322,542 
 2,065,000   Starwood Property Trust, Inc.1  01/15/27   4.375    2,029,713 
                 26,610,566 
                   
     Retail (0.5%)             
 1,143,000   Macy's Retail Holdings LLC1  03/15/30   5.875    1,128,500 
 4,145,000   Macy's Retail Holdings LLC1  08/01/33   7.375    4,160,789 
 3,450,000   Nordstrom, Inc.  04/01/30   4.375    3,128,177 
                 8,417,466 
                   
     Semiconductors (0.4%)             
 5,575,000   ams-OSRAM AG (Austria)1  03/30/29   12.250    5,987,524 
                   
     Software (0.4%)             
 4,195,000   CoreWeave, Inc.1  06/01/30   9.250    4,216,189 
 1,730,000   CoreWeave, Inc.1  02/01/31   9.000    1,722,624 
                 5,938,813 
     Total Corporate Bonds
(Cost $690,240,290)		           694,881,829 
                   
     Loan Participations and Assignments (11.4%)             
 3,313,196   AAdvantage Loyality IP, Ltd. (3-Month CME Term SOFR + 2.250%) (Cayman Islands)4  04/20/28   6.575    3,296,630 
 1,955,100   AAdvantage Loyality IP, Ltd. (3-Month CME Term SOFR + 3.250%) (Cayman Islands)4  05/28/32   7.575    1,967,319 
 5,047,350   A-AG US GSI Bidco, Inc. (3-Month CME Term SOFR + 5.000%)4  10/31/31   9.296    5,028,422 
 2,059,776   AL NGPL Holdings LLC (3-Month CME Term SOFR + 2.500%)4  04/13/28   6.779    2,063,896 
 2,941,498   Allen Media LLC (3-Month CME Term SOFR + 5.500%)4  02/10/27   9.946    1,757,545 
 5,577,785   Allspring Buyer LLC (3-Month CME Term SOFR + 3.000%)4  11/01/30   7.313    5,589,219 
 4,530,252   Athenahealth Group, Inc. (1-Month CME Term SOFR + 2.750%)4  02/15/29   7.106    4,523,592 
 1,761,329   Axalta Coating Systems US Holdings, Inc. Term B7 (3-Month CME Term SOFR + 1.750%)4   12/20/29   6.046    1,765,732 
 2,634,110   BCP Renaissance Parent LLC Term B6 (3-Month CME Term SOFR + 3.000%)4  10/31/28   7.296    2,637,877 
 337,683   Buckeye Partners LP Term B5 (1-Month CME Term SOFR + 1.750%)4  11/01/26   6.106    337,963 

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (unaudited)

All investments in the United States, except as noted.

 

Principal
Amount		      Maturity
Date		  Interest
Rate		   Value 
   

Loan Participations and Assignments (continued)

           
$3,575,754   Central Parent LLC (3-Month CME Term SOFR + 3.250%)4  07/06/29   7.546%  $2,905,300 
 5,651,313   Charter Communications Operating  LLC Term B4 (3-Month CME Term SOFR + 2.000%)4  12/07/30   6.291    5,640,011 
 5,480,000   Clearwater Analytics LLC (6-Month CME Term SOFR + 2.250%)4  04/21/32   6.460    5,483,452 
 11,310,233   Connect Finco S.a.r.l. (1-Month CME Term SOFR + 4.500%) (Luxembourg)4  09/27/29   8.856    11,078,713 
 3,012,381   Delos Aircraft Designated Activity Co. (3-Month CME Term SOFR + 1.750%) (Ireland)4  10/31/27   6.046    3,019,912 
 5,485,419   Eagle Broadband Investments LLC (3-Month CME Term SOFR + 3.000%)4  11/12/27   7.557    5,442,578 
 7,766,336   Eastern Power LLC (1-Month CME Term SOFR + 5.250%)4  04/03/28   9.606    7,790,644 
 1,370,909   Elanco Animal Health, Inc. (1-Month CME Term SOFR + 1.750%)4  08/01/27   6.179    1,369,387 
 3,290,138   EMRLD Borrower LP (1-Month CME Term SOFR + 2.500%)4  08/04/31   6.856    3,290,368 
 7,303,076   Geon Performance Solutions LLC (Fka. Echo US Holdings LLC)
(3-Month CME Term SOFR + 4.250%)4		  08/18/28   8.807    6,594,678 
 1,546,114   Global Medical Response, Inc. (3-Month CME Term SOFR + 4.750%)4  10/31/28   9.079    1,546,841 
 3,460,000   Gloves Buyer, Inc. (1-Month CME Term SOFR + 4.000%)4  05/21/32   8.356    3,384,745 
 6,045,635   Great Outdoors Group LLC Term B3 (1-Month CME Term SOFR + 3.250%)4  01/23/32   7.606    6,044,124 
 2,613,450   Hilcorp Energy I LP (1-Month CME Term SOFR + 2.000%)4  02/11/30   6.343    2,615,907 
 2,652,179   ILPEA Parent, Inc. (1-Month CME Term SOFR + 4.000%)4  06/22/28   8.360    2,643,905 
 3,649,610   Iqvia, Inc. Term B5 (3-Month CME Term SOFR + 1.750%)4  01/02/31   6.046    3,667,858 
 5,496,154   Iridium Communications, Inc. Term B4 (1-Month CME Term SOFR + 2.250%)4  09/20/30   6.606    5,463,782 
 1,783,103   Jazz Pharmaceuticals, Inc. Term B2 (1-Month CME Term SOFR + 2.250%)4  05/05/28   6.606    1,788,952 
 5,170,358   LendingTree, Inc. Term B (1-Month CME Term SOFR + 4.000%)4  09/15/28   8.470    5,170,358 
 817,004   Lumen Technologies, Inc. Term A (1-Month CME Term SOFR + 6.000%)4  06/01/28   10.356    834,022 
 7,167,211   Medline Borrower LP (1-Month CME Term SOFR + 2.000%)4  10/23/30   6.356    7,171,727 
 5,821,013   Midcontinent Communications (1-Month CME Term SOFR + 1.500%)4  08/18/31   6.851    5,816,181 

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (unaudited)

All investments in the United States, except as noted.

 

Principal
Amount		      Maturity
Date		   Interest
Rate		   Value 
   

Loan Participations and Assignments (continued)

            
$2,962,723   MIP V Waste LLC Term B1 (6-Month CME Term SOFR + 3.000%)4  12/08/28   7.197%  $2,970,130 
 685,076   MPH Acquisition Holdings LLC (3-Month CME Term SOFR + 3.750%)4  12/31/30   8.058    680,966 
 5,678,845   MPH Acquisition Holdings LLC (3-Month CME Term SOFR + 4.600%)4  12/31/30   9.170    5,069,562 
 4,455,000   Nexstar Media, Inc. Term B5 (1-Month CME Term SOFR + 2.500%)4  06/28/32   6.856    4,459,455 
 8,551,201   OCM System One Buyer CTB LLC (3-Month CME Term SOFR + 3.750%)4  03/02/28   8.046    8,583,268 
 6,626,788   Priority Holdings, LLC (1-Month CME Term SOFR + 3.750%)4  07/30/32   8.106    6,626,788 
 9,353,000   Rockpoint Gas Storage Partners LP (3-Month CME Term SOFR + 3.000%)4  09/18/31   7.296    9,372,922 
 582,281   SkyMiles IP, Ltd. (3-Month CME Term SOFR + 3.750%) (Cayman Islands)4  10/20/27   8.075    584,465 
 4,728,193   Sotera Health Holdings LLC (3-Month CME Term SOFR + 3.250%)4  05/30/31   7.546    4,737,082 
 1,764,988   Starwood Property Mortgage, LLC (1-Month CME Term SOFR + 1.750%)4  11/18/27   6.106    1,762,781 
 7,175,000   Stonepeak Nile Parent LLC (3-Month CME Term SOFR + 2.750%)4  04/09/32   7.079    7,187,556 
 3,032,400   Terex Corp. (3-Month CME Term SOFR + 2.000%)4  10/08/31   6.308    3,035,250 
 3,724,206   Tidal Waste & Recycling Holdings LLC (3-Month CME Term SOFR + 3.000%)4  10/24/31   7.296    3,745,173 
 4,367,281   United AirLines, Inc. Term B (1-Month CME Term SOFR + 2.000%)4  02/22/31   6.351    4,378,199 
 1,898,000   Whirlpool Corp. (1-Month CME Term SOFR + 1.250%)2,4  09/30/25   5.706    1,898,000 
     Total Loan Participations and Assignments
(Cost $194,979,565)		           192,823,237 
                   
     Municipal Bonds (0.1%)             
 1,645,000   Indiana Finance Authority, Revenue Bonds  03/01/51   3.313    1,094,362 
     Total Municipal Bonds
(Cost $1,645,000)		           1,094,362 
                   
     Preferred Securities (2.0%)             
 79,000   Apollo Global Management, Inc. (5-Year CMT Index + 3.226%)4  09/15/53   7.625    2,103,770 
 215,000   CION Investment Corp.  12/30/29   7.500    5,330,989 
 99,600   Crescent Capital BDC, Inc.  05/25/26   5.000    2,475,707 
 178,600   Eagle Point Credit Co., Inc.  01/31/29   5.375    4,163,166 
 66,200   Ellington Financial, Inc. (5-Year CMT Index + 5.130%)4,6       8.625    1,660,296 
 132,600   Gladstone Investment Corp.  11/01/28   4.875    3,090,906 

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (unaudited)

All investments in the United States, except as noted.

 

Principal
Amount		      Maturity
Date		  Interest
Rate		   Value 
    Preferred Securities (continued)           
$93,600   Horizon Technology Finance Corp.  03/30/26   4.875%  $2,325,960 
 177,000   OFS Capital Corp.  07/31/28   7.500    4,442,700 
 130,800   Oxford Lane Capital Corp.  01/31/27   5.000    3,162,221 
 175,000   Trinity Capital, Inc.  03/30/29   7.875    4,413,500 
     Total Preferred Securities
(Cost $33,725,836)		           33,169,215 
                   
     Residential Mortgage Backed Securities (0.0%)             
 265,795   RMF Proprietary Issuance Trust 2019-11,4,5  10/25/63   2.750    252,593 
     Total Residential Mortgage Backed Securities
(Cost $263,995)		           252,593 
                   
     U.S. Treasury Bills (2.8%)             
 4,600,000   U.S. Treasury Bill7,8,9  10/09/25   4.107    4,562,506 
 19,275,000   U.S. Treasury Bill7  08/05/25   4.202    19,266,005 
 19,275,000   U.S. Treasury Bill7  08/19/25   4.261    19,234,023 
 4,550,000   U.S. Treasury Bill7,9  01/08/26   4.221    4,466,230 
     Total U.S. Treasury Bills
(Cost $47,530,883)		           47,528,764 
                   
     U.S. Treasury Bonds and Notes (16.6%)             
 74,300,000   U.S. Treasury Bond  02/15/39   3.500    66,449,160 
 3,900,000   U.S. Treasury Bond  08/15/41   1.750    2,568,059 
 107,500,000   U.S. Treasury Bond  02/15/43   3.875    95,192,090 
 43,865,000   U.S. Treasury Bond  08/15/50   1.375    21,322,502 
 1,250,000   U.S. Treasury Bond  05/15/52   2.875    866,797 
 30,870,000   U.S. Treasury Bond  02/15/53   3.625    24,839,497 
 10,515,000   U.S. Treasury Bond  05/15/53   3.625    8,451,842 
 30,000,000   U.S. Treasury Note  07/31/31   4.125    30,104,297 
 3,000,000   U.S. Treasury Note9  05/15/33   3.375    2,834,648 
 30,100,000   U.S. Treasury Note  08/15/34   3.875    29,119,399 
     Total U.S. Treasury Bonds and Notes
(Cost $293,684,816)		           281,748,291 
                   
Total Investments (Cost $1,687,597,883)10      99.3%  $1,680,134,233 
Cash and Other Assets in Excess of Liabilities      0.7%   12,526,319 
Net Assets       100.0%  $1,692,660,552 

 

 

1Security 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, 2025 was $787,677,088 or 46.5% of net assets.
2Security that used significant unobservable inputs to determine fair value.
3Security issued with zero coupon. Income is recognized through accretion of discount.

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (unaudited)

All investments in the United States, except as noted.

 

4Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the July 31, 2025 coupon or interest rate.
5This variable rate security is based on a predetermined schedule and the rate at period end also represents the reference rate at period end.
6Security is perpetual in nature and has no stated maturity date.
7Coupon represents a yield to maturity.
8Coupon represents a weighted average yield.
9All or a portion of this security is held at the broker as collateral for open futures contracts.
10The aggregate cost of investments and derivatives for federal income tax purposes is $1,687,597,883, the aggregate gross unrealized appreciation is $26,568,466 and the aggregate gross unrealized depreciation is $26,019,044, resulting in net unrealized appreciation of $549,422.

 

Abbreviations:
ABS − Asset-Backed Security.
CFO − Collateralized Fund Obligation.
CLO − Collateralized Loan Obligation.
CME − Chicago Mercantile Exchange.
CMT − Constant Maturity Treasury.
REIT   − Real Estate Investment Trust.
SOFR − Secured Overnight Financing Rate.

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (unaudited)

 

Financial Futures Contracts

 

The following futures contracts were open at July 31, 2025:

 

Description 

Number of
Contracts

 

Expiration
Date

 

Notional
Amount

 

 

Market
Value

 

 

Unrealized
Gain/
(Loss)

 

Contracts to Buy:                       
U.S. Long Bond   360   September 2025  $40,069,688   $41,107,500   $1,037,812 
U.S. Treasury 10-Year Notes   1,580   September 2025   173,262,704    175,478,750    2,216,046 
U.S. Treasury 10-Year Ultra Bond   1,350   September 2025   149,796,613    152,655,469    2,858,856 
U.S. Ultra Bond   545   September 2025   62,034,954    63,935,312    1,900,358 
                     $8,013,072 

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (unaudited)

 

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.

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (unaudited)

 

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

 

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

 

Financial assets classified within Level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include 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.

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (unaudited)

 

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of July 31, 2025.

 

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,
2025		 
Asset Backed Securities  $–   $294,939,006   $10,449,783   $305,388,789 
Commercial Mortgage Backed Securities   –    118,487,229    4,759,924    123,247,153 
Corporate Bonds   –    685,670,030    9,211,799    694,881,829 
Loan Participations and Assignments   –    190,925,237    1,898,000    192,823,237 
Municipal Bonds   –    1,094,362    –    1,094,362 
Preferred Securities   33,169,215    –    –    33,169,215 
Residential Mortgage Backed Securities   –    252,593    –    252,593 
U.S. Treasury Bills   –    47,528,764    –    47,528,764 
U.S. Treasury Bonds and Notes   –    281,748,291    –    281,748,291 
Total Investments, at value  $33,169,215   $1,620,645,512   $26,319,506   $1,680,134,233 
                     
Other Financial Instruments, at value                    
Financial Futures Contracts  $8,013,072   $–   $–   $8,013,072 
Other Financial Instruments, at value  $8,013,072   $–   $–   $8,013,072 

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (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, 2025:

 

   Asset
Backed
Securities		   Commercial
Mortgage
Backed
Securities		   Corporate
Bonds		   Loan
Participations
and
Assignments		   Total 
Balance as of October 31, 2024  $14,428,279   $4,082,780   $8,964,135   $–   $27,475,194 
Purchases   –    –    –    –    – 
Sales/Paydowns   (1,818,550)   –    –    –    (1,818,550)
Realized gains/(losses)   –    –    –    –    – 
Change in unrealized appreciation/(depreciation)   871,858    591,739    247,664    –    1,711,261 
Amortization   –    85,405    –    –    85,405 
Transfer from Level 3   (3,031,804)   –    –    –    (3,031,804)
Transfer to Level 3   –    –    –    1,898,000    1,898,000 
Balance as of July 31, 2025  $10,449,783   $4,759,924   $9,211,799   $1,898,000   $26,319,506 

 

Fund investments classified as Level 3 were either single broker quoted or fair valued using a market approach or an income approach with valuation inputs such as a discounted cash flow model or market price information adjusted for changes in an appropriate index. As of July 31, 2025, $18,637,682 of value of the Level 3 assets in the Fund was based on single quotes from brokers.

 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

July 31, 2025 (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.