BBH Limited Duration Fund

Portfolio of Investments
January 31, 2026 (unaudited)
All investments in the United States, except as noted.

Principal Amount			Maturity Date	Interest Rate			Value
		Asset Backed Securities (22.0%)
$	15,160,000	AGL CLO 13, Ltd. 2021-13A (3-Month CME Term SOFR + 1.100%) (Cayman Islands)^1,2	10/20/34		4.768	%	$	15,167,531
	5,169,210	ΑIM Aviation Finance, Ltd. 2015-1A (China)¹	02/15/40		6.213			5,066,653
	7,555,000	Aligned Data Centers Issuer LLC 2023-1A¹	08/17/48		6.000			7,605,464
	19,550,000	AmeriCredit Automobile Receivables Trust 2025-1¹	05/20/30		4.120			19,628,816
	1,930,231	Amur Equipment Finance Receivables XII LLC 2023-1A¹	12/20/29		6.090			1,945,160
	9,672,239	Amur Equipment Finance Receivables XIII LLC 2024-1A¹	01/21/31		5.380			9,776,059
	13,188,804	Amur Equipment Finance Receivables XIV LLC 2024-2A¹	07/21/31		5.190			13,361,524
	10,624,104	Amur Equipment Finance Receivables XV LLC 2025-1A¹	09/22/31		4.700			10,732,047
	2,610,487	ARI Fleet Lease Trust 2023-B¹	07/15/32		6.050			2,629,237
	11,330,000	ARI Fleet Lease Trust 2025-B¹	03/15/34		4.590			11,407,027
	7,885,481	AutoNation Finance Trust 2025-1A¹	04/10/28		4.720			7,901,975
	11,930,000	Avis Budget Rental Car Funding AESOP LLC 2023-3A¹	02/22/28		5.440			12,065,599
	9,500,000	Avis Budget Rental Car Funding AESOP LLC 2023-7A¹	08/21/28		5.900			9,729,424
	7,648,327	Barings Equipment Finance LLC 2025-A¹	10/13/28		4.640			7,691,830
	27,521,936	BHG Owner Loan Trust Series 2025-1CON¹	08/18/36		5.000			27,832,711
	458,070	BHG Securitization Trust 2023-A¹	04/17/36		5.550			458,304
	2,755,803	BHG Securitization Trust 2023-B¹	12/17/36		6.920			2,885,761
	3,290,822	BHG Securitization Trust 2024-1CON¹	04/17/35		5.810			3,361,665
	20,790,776	BHG Securitization Trust 2025-2CON¹	09/17/36		4.840			20,970,023
	12,131,563	BlackRock Elbert CLO V LLC 5A (3-Month CME Term SOFR + 1.850%)^1,2	06/15/34		5.573			12,150,553
	4,771,735	Business Jet Securities LLC 2022-1A¹	06/15/37		4.455			4,750,696
	21,376,626	California Street CLO IX LP 2012-9A (3-Month CME Term SOFR + 1.362%) (Cayman Islands)^1,2	07/16/32		5.033			21,430,219
	10,631,367	Capital Automotive REIT 2024-2A¹	05/15/54		4.900			10,625,187
	30,000,000	Carlyle Global Market Strategies CLO, Ltd. 2016-1A (3-Month CME Term SOFR + 1.090%) (Cayman Islands)^1,2	04/20/34		4.758			30,004,767
	32,520,000	Carlyle US CLO, Ltd. 2019-2A (3-Month CME Term SOFR + 1.360%) (Cayman Islands)^1,2	10/15/37		5.032			32,637,693
	16,290,706	Carmax Auto Owner Trust 2025-2	07/17/28		4.590			16,340,625
	21,040,000	Carmax Auto Owner Trust 2025-4	12/16/30		3.970			21,081,552
	18,780,000	Carmax Select Receivables Trust 2025-B	03/15/29		4.190			18,800,031

BBH Limited Duration Fund

Portfolio of Investments (continued)
January 31, 2026 (unaudited)
All investments in the United States, except as noted.

Principal Amount			Maturity Date	Interest Rate			Value
		Asset Backed Securities (continued)
$	9,690,554	CARS-DB7 LP 2023-1A¹	09/15/53		5.750	%	$	9,753,599
	2,476,155	CCG Receivables Trust 2023-2¹	04/14/32		6.280			2,504,218
	14,206,515	CCG Receivables Trust 2024-1¹	03/15/32		4.990			14,331,117
	18,116,128	CCG Receivables Trust 2025-1¹	10/14/32		4.480			18,208,198
	25,780,000	CCG Receivables Trust 2025-2¹	08/15/34		4.140			25,832,803
	22,592,274	CF Hippolyta Issuer LLC 2020-1¹	07/15/60		1.690			18,983,793
	3,373,254	Chesapeake Funding II LLC 2023-1A¹	05/15/35		5.650			3,388,818
	3,113,946	Chesapeake Funding II LLC 2023-2A¹	10/15/35		6.160			3,146,634
	6,470,000	Credit Acceptance Auto Loan Trust 2023-1A¹	07/15/33		7.710			6,590,766
	18,320,000	Credit Acceptance Auto Loan Trust 2024-2A¹	06/15/34		5.950			18,622,265
	17,680,000	Credit Acceptance Auto Loan Trust 2024-3A¹	09/15/34		4.680			17,777,323
	17,180,000	Credit Acceptance Auto Loan Trust 2025-1A¹	03/15/35		5.020			17,381,307
	3,137,722	Daimler Trucks Retail Trust 2023-1	03/15/27		5.900			3,150,804
	11,100,000	Deerpath Capital CLO, Ltd. 2022-1A (3-Month CME Term SOFR + 1.700%)^1,2	01/15/37		5.372			11,124,541
	8,190,000	Dell Equipment Finance Trust 2025-1¹	07/22/27		4.680			8,215,559
	20,650,000	Drive Auto Receivables Trust 2025-2	09/15/32		4.140			20,696,405
	1,611,086	ECAF I, Ltd. 2015-1A (Ireland)¹	06/15/40		3.473			1,441,922
	856,873	Enterprise Fleet Financing LLC 2022-4¹	10/22/29		5.760			859,210
	4,277,102	Enterprise Fleet Financing LLC 2023-3¹	03/20/30		6.400			4,329,660
	18,000,000	Enterprise Fleet Financing LLC 2025-2¹	02/22/28		4.510			18,075,168
	9,600,000	Enterprise Fleet Financing LLC 2025-3¹	04/20/28		4.500			9,651,321
	13,000,000	Exeter Automobile Receivables Trust 2025-1A	08/15/28		4.670			13,017,083
	10,230,000	Exeter Automobile Receivables Trust 2025-1A	08/15/29		4.910			10,309,212
	13,560,000	Exeter Automobile Receivables Trust 2025-3A	07/16/29		4.780			13,662,566
	22,000,000	Exeter Automobile Receivables Trust 2025-5A	06/15/28		4.380			22,033,847
	14,500,000	Exeter Automobile Receivables Trust 2026-1A	03/15/30		4.030			14,519,853
	8,718,755	FCI Funding LLC 2024-1A¹	08/15/36		5.440			8,729,176
	22,994,286	Flexential Issuer 2021-1A¹	11/27/51		3.250			22,714,206
	23,800,000	Flexential Issuer LLC 2025-1A¹	10/25/60		6.030			23,817,076
	4,391,569	FNA LLC 2019-1^1,2,3,4	12/10/31		3.000			4,389,373
	25,940,000	Ford Credit Floorplan Master Owner Trust A 2023-1¹	05/15/28		4.920			26,017,719
	30,550,000	Ford Credit Floorplan Master Owner Trust A 2024-3¹	09/15/29		4.300			30,746,195
	20,530,000	Ford Credit Floorplan Master Owner Trust A 2025-1	04/15/30		4.630			20,839,987
	3,078,438	Foursight Capital Automobile Receivables Trust 2024-1¹	01/16/29		5.490			3,088,155

BBH Limited Duration Fund

Portfolio of Investments (continued)
January 31, 2026 (unaudited)
All investments in the United States, except as noted.

Principal Amount			Maturity Date	Interest Rate			Value
		Asset Backed Securities (continued)
$	17,000,000	GCRED BSL CLO 1 2025-BSL1A (3-Month CME Term SOFR + 1.050%)^1,2	01/20/34		4.714	%	$	16,982,119
	11,820,932	Global SC Finance VII Srl 2020-1A (Barbados)¹	10/17/40		2.170			11,369,969
	12,532,944	Global SC Finance VII Srl 2020-2A (Barbados)¹	11/19/40		2.260			12,071,954
	7,500,144	GLS Auto Select Receivables Trust 2025-1A¹	04/15/30		4.710			7,553,992
	14,035,648	GLS Auto Select Receivables Trust 2025-3A¹	10/15/30		4.460			14,127,578
	6,332,538	GM Financial Consumer Automobile Receivables Trust 2025-2	02/16/28		4.400			6,344,932
	10,900,000	GM Financial Revolving Receivables Trust 2023-2¹	08/11/36		5.770			11,405,365
	28,000,000	GMF Floorplan Owner Revolving Trust 2025-2A¹	03/15/30		4.640			28,353,139
	36,756,463	Golub Capital Partners ABS Funding, Ltd. 2021-2A¹	10/19/29		2.944			36,208,744
	20,210,000	Hertz Vehicle Financing III LLC 2025-1A¹	09/25/29		4.910			20,504,138
	21,574,323	Honda Auto Receivables Owner Trust 2025-2	01/18/28		4.300			21,618,052
	9,275,000	Kubota Credit Owner Trust 2024-1A¹	07/17/28		5.190			9,383,326
	35,215,000	Lendmark Funding Trust 2025-1A¹	09/20/34		4.940			35,573,313
	42,930,000	Lendmark Funding Trust 2025-3A¹	05/21/35		4.510			42,873,105
	38,520,000	Madison Park Funding LXIII, Ltd. 2023-63A (3-Month CME Term SOFR + 1.400%) (Cayman Islands)^1,2	07/21/38		5.070			38,731,848
	50,000,000	Madison Park Funding XLIX, Ltd. 2021-49A (3-Month CME Term SOFR + 1.050%) (Cayman Islands)^1,2	10/19/34		4.718			50,059,920
	17,250,000	Magnetite XXXI, Ltd. 2021-31A (3-Month CME Term SOFR + 1.000%) (Cayman Islands)^1,2	07/15/34		4.672			17,272,422
	14,700,000	Mariner Finance Issuance Trust 2025-AA¹	05/20/38		4.980			14,901,486
	16,140,000	Mariner Finance Issuance Trust 2025-BA¹	11/22/38		4.590			16,174,908
	29,409,549	Monroe Capital Income Plus ABS Funding LLC 2022-1A¹	04/30/32		4.050			28,958,022
	11,780,000	Monroe Capital Mml CLO X, Ltd. 2020-1A (3-Month CME Term SOFR + 1.670%)^1,2	08/20/37		5.559			11,810,401
	21,720,000	Monroe Capital MML CLO XV LLC 2023-1A (3-Month CME Term SOFR + 1.270%)^1,2	09/23/35		4.941			21,724,887
	10,242,000	Navistar Financial Dealer Note Master Owner Trust 2024-1¹	04/25/29		5.590			10,278,780

BBH Limited Duration Fund

Portfolio of Investments (continued)
January 31, 2026 (unaudited)
All investments in the United States, except as noted.

Principal Amount			Maturity Date	Interest Rate			Value
		Asset Backed Securities (continued)
$	52,000,000	Neuberger Berman Loan Advisers CLO 38, Ltd. 2020-38A (3-Month CME Term SOFR + 0.960%) (Cayman Islands)^1,2	10/20/36		4.628	%	$	51,977,120
	13,580,000	Neuberger Berman Loan Advisers CLO 40, Ltd. 2021-40A (3-Month CME Term SOFR + 1.230%) (Cayman Islands)^1,2	10/16/37		4.901			13,605,294
	24,520,000	NextGear Floorplan Master Owner Trust 2024-1A¹	03/15/29		5.120			24,874,601
	27,500,000	NextGear Floorplan Master Owner Trust 2024-2A¹	09/15/29		4.420			27,706,811
	33,840,000	NextGear Floorplan Master Owner Trust 2025-2A¹	10/15/30		4.230			33,951,719
	3,246,708	Nissan Auto Receivables Owner Trust 2023-B	03/15/28		5.930			3,270,600
	2,288,234	NMEF Funding LLC 2023-A¹	06/17/30		6.570			2,299,156
	7,960,160	NMEF Funding LLC 2025-A¹	07/15/32		4.720			7,991,476
	20,285,627	Northwoods Capital XVIII, Ltd. 2019-18A (3-Month CME Term SOFR + 1.362%) (Cayman Islands)^1,2	05/20/32		5.251			20,330,440
	33,880,000	Octagon 57, Ltd. 2021-1A (3-Month CME Term SOFR + 1.070%) (Cayman Islands)^1,2	10/15/34		4.742			33,863,094
	48,100,000	Octagon Investment Partners 41, Ltd. 2019-2A (3-Month CME Term SOFR + 1.090%) (Cayman Islands)^1,2	10/15/33		4.762			48,109,081
	32,100,000	OnDeck Asset Securitization IV LLC 2025-1A¹	04/19/32		5.080			32,353,500
	14,337,000	OnDeck Asset Securitization Trust IV LLC 2023-1A¹	08/19/30		7.000			14,463,543
	19,615,000	OnDeck Asset Securitization Trust IV LLC 2024-1A¹	06/17/31		6.270			19,843,974
	13,920,000	OnDeck Asset Securitization Trust IV LLC 2024-2A¹	10/17/31		4.980			13,967,634
	25,010,000	Onemain Financial Issuance Trust 2025-1A¹	07/14/38		4.820			25,343,151
	2,988,029	OneMain Financial Issuance Trust 2022-3A¹	05/15/34		5.940			2,997,087
	16,380,000	OneMain Financial Issuance Trust 2023-2A¹	09/15/36		5.840			16,710,335
	5,381,676	OneMain Financial Issuance Trust 2022-S1¹	05/14/35		4.130			5,380,932
	17,384,253	Oportun Issuance Trust 2021-C¹	10/08/31		2.180			17,107,305
	33,240,000	Oportun Issuance Trust 2025-B¹	05/09/33		4.880			33,363,866
	48,380,000	Oportun Issuance Trust 2025-C¹	07/08/33		4.490			48,452,541
	31,980,000	Oportun Issuance Trust 2025-D¹	02/08/33		4.530			32,012,316
	12,101,659	Oxford Finance Funding LLC 2022-1A¹	02/15/30		3.602			11,890,283
	13,240,000	Oxford Finance Funding Trust LLC 2025-1A¹	02/15/35		5.413			13,278,875

BBH Limited Duration Fund

Portfolio of Investments (continued)
January 31, 2026 (unaudited)
All investments in the United States, except as noted.

Principal Amount			Maturity Date	Interest Rate			Value
		Asset Backed Securities (continued)
$	14,230,000	Palmer Square Loan Funding, Ltd. 2025-3A (3-Month CME Term SOFR + 0.950%) (Cayman Islands)^1,2	01/15/34		4.660	%	$	14,216,954
	9,810,000	PFS Financing Corp. 2023-A¹	03/15/28		5.800			9,830,192
	14,090,000	PFS Financing Corp. 2025-A (30-Day SOFR + 0.650%)^1,2	01/15/29		4.357			14,107,445
	12,690,000	PFS Financing Corp. 2025-B¹	02/15/30		4.850			12,898,979
	23,860,000	PFS Financing Corp. 2025-D¹	05/15/30		4.470			24,042,276
	31,020,000	Purchasing Power Funding LLC 2024-A¹	08/15/28		5.890			31,084,441
	30,830,000	Regional Management Issuance Trust 2025-1¹	04/17/34		4.990			31,039,465
	21,950,000	Republic Finance Issuance Trust 2024-B¹	11/20/37		5.420			22,344,894
	36,780,000	Republic Finance Issuance Trust 2025-A¹	11/20/34		4.590			36,862,439
	23,320,000	Retained Vantage Data Centers Issuer LLC 2023-1A¹	09/15/48		5.000			23,300,096
	26,350,000	Santander Drive Auto Receivables Trust 2025-2	08/15/29		4.670			26,528,118
	13,300,000	SCF Equipment Leasing LLC 2025-2A¹	12/22/31		4.260			13,343,143
	5,986,172	Shenton Aircraft Investment I, Ltd. 2015-1A (Cayman Islands)¹	10/15/42		4.750			5,826,607
	24,210,000	Sotheby's Artfi Master Trust 2024-1A¹	12/22/31		6.430			24,261,884
	12,345,000	T-Mobile US Trust 2024-1A¹	09/20/29		5.050			12,426,158
	14,240,000	Toyota Lease Owner Trust 2025-A¹	02/22/28		4.750			14,369,326
	17,610,000	Verizon Master Trust 2025-3	03/20/30		4.510			17,748,799
	7,040,000	Westlake Automobile Receivables Trust 2023-4A¹	11/15/28		6.640			7,168,545
	5,145,098	Wheels Fleet Lease Funding 1 LLC 2023-1A¹	04/18/38		5.800			5,174,772
	4,522,799	Wheels Fleet Lease Funding 1 LLC 2023-2A¹	08/18/38		6.460			4,575,746
	33,003,483	Wheels Fleet Lease Funding 1 LLC 2025-1A¹	01/18/40		4.570			33,310,194
	11,930,000	Woodmont LP 2025-14A (3-Month CME Term SOFR + 1.250%) (Cayman Islands)^1,2	01/20/34		4.936			11,916,844
	32,195,000	World Financial Network Credit Card Master Note Trust 2024-B	05/15/31		4.620			32,534,992
	11,295,000	World Financial Network Credit Card Master Trust 2023-A	03/15/30		5.020			11,322,730
		Total Asset Backed Securities						2,285,650,185
		(Cost $2,278,615,001)

		Commercial Mortgage Backed Securities (3.9%)
	31,250,000	Atrium Hotel Portfolio Trust 2025-ATRM (1-Month CME Term SOFR + 1.650%)^1,2	08/15/42		5.330			31,339,694

BBH Limited Duration Fund

Portfolio of Investments (continued)
January 31, 2026 (unaudited)
All investments in the United States, except as noted.

Principal Amount			Maturity Date	Interest Rate			Value
		Commercial Mortgage Backed Securities (continued)
$	21,473,648	BB-UBS Trust 2012-TFT^1,2,3	06/05/30		3.559	%	$	20,399,750
	9,149,260	BLP Commercial Mortgage Trust 2023-IND (1-Month CME Term SOFR + 1.692%)^1,2	03/15/40		5.372			9,160,696
	18,100,000	BX Commercial Mortgage Trust 2022-CSMO (1-Month CME Term SOFR + 2.115%)^1,2	06/15/27		5.795			18,111,312
	8,144,831	BX Commercial Mortgage Trust 2022-LP2 (1-Month CME Term SOFR + 1.013%)^1,2	02/15/39		4.693			8,142,286
	21,220,000	BX Commercial Mortgage Trust 2024-GPA2 (1-Month CME Term SOFR + 1.542%)^1,2	11/15/41		5.223			21,253,156
	19,498,134	BX Trust 2025-LUNR (1-Month CME Term SOFR + 1.500%)^1,2	06/15/40		5.180			19,528,600
	27,868,607	BX Trust 2025-ROIC (1-Month CME Term SOFR + 1.144%)^1,2	03/15/30		4.824			27,893,603
	1,105,514	BXMT, Ltd. 2020-FL2 (1-Month CME Term SOFR + 1.264%) (Cayman Islands)^1,2	02/15/38		4.942			1,105,153
	7,171,884	BXMT, Ltd. 2021-FL4 (1-Month CME Term SOFR + 1.164%)^1,2	05/15/38		4.842			7,127,616
	22,436,322	CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month CME Term SOFR + 3.014%)^1,2	11/15/31		6.695			18,477,114
	18,875,000	COMM Mortgage Trust 2025-SBX^1,2,3	08/10/41		5.257			18,968,526
	11,715,000	Commercial Mortgage Pass Through Certificate^1,3	07/12/28		6.891			12,169,597
	25,310,000	DBC Mortgage Trust 2025-DBC (1-Month CME Term SOFR + 1.350%)^1,2	11/15/42		5.031			25,357,456
	20,885,000	DK Trust 2024-SPBX (1-Month CME Term SOFR + 1.500%)^1,2	03/15/34		5.180			20,937,212
	23,600,000	Life Mortgage Trust 2022-BMR2 (1-Month CME Term SOFR + 1.295%)^1,2	05/15/39		4.975			22,926,841
	16,040,000	MTN Commercial Mortgage Trust 2022-LPFL (1-Month CME Term SOFR + 1.397%)^1,2	03/15/39		5.087			16,040,000
	14,870,000	ORL Trust 2024-GLKS (1-Month CME Term SOFR + 1.493%)^1,2	12/15/39		5.173			14,907,175
	29,100,000	SHRN Trust 2025-MF18 (1-Month CME Term SOFR + 1.200%)^1,2	10/15/40		4.880			29,136,375
	46,350,000	SPGN Mortgage Trust 2022-TFLM (1-Month CME Term SOFR + 1.550%)^1,2	02/15/39		5.230			46,333,082

BBH Limited Duration Fund

Portfolio of Investments (continued)
January 31, 2026 (unaudited)
All investments in the United States, except as noted.

Principal Amount			Maturity Date	Interest Rate			Value
		Commercial Mortgage Backed Securities (continued)
$	17,494,889	WMRK Commercial Mortgage Trust 2022-WMRK (1-Month CME Term SOFR + 2.789%)^1,2	11/15/27		6.469	%	$	17,652,343
		Total Commercial Mortgage Backed Securities
		(Cost $411,071,040)						406,967,587

		Corporate Bonds (48.6%)
		Aerospace/Defense (0.1%)
	11,105,000	BAE Systems, Plc. (United Kingdom)¹	03/26/27		5.000			11,234,897

		Agriculture (0.3%)
	2,420,000	Bunge, Ltd. Finance Corp.	05/14/31		2.750			2,228,083
	27,600,000	Cargill, Inc.¹	02/11/28		4.625			28,016,231
	2,400,000	Cargill, Inc.¹	11/10/31		2.125			2,131,953
	2,000,000	Philip Morris International, Inc.	02/13/29		4.875			2,047,570
								34,423,837
		Airlines (0.1%)
	6,467,083	Delta Air Lines, Inc. / SkyMiles IP, Ltd. (Multinational)¹	10/20/28		4.750			6,515,981

		Auto Manufacturers (6.4%)
	55,000	American Honda Finance Corp.	10/22/27		4.450			55,485
	21,515,000	BMW US Capital LLC¹	08/13/26		4.650			21,598,206
	27,240,000	BMW US Capital LLC¹	03/19/27		4.650			27,453,921
	20,480,000	BMW US Capital LLC¹	08/11/27		4.150			20,553,591
	76,889,000	Ford Motor Credit Co. LLC	11/05/26		5.125			77,322,565
	10,370,000	General Motors Co.	04/15/28		5.350			10,631,575
	23,920,000	General Motors Financial Co., Inc.	04/06/26		5.400			23,982,299
	2,000,000	General Motors Financial Co., Inc.	06/10/26		1.500			1,982,703
	11,055,000	Hyundai Capital America¹	03/30/26		5.500			11,084,261
	14,835,000	Hyundai Capital America¹	06/24/26		5.450			14,919,524
	13,795,000	Hyundai Capital America¹	06/26/26		5.650			13,887,426
	11,580,000	Hyundai Capital America¹	01/08/27		5.250			11,720,173
	18,920,000	Hyundai Capital America¹	03/25/27		4.850			19,088,908
	44,615,000	Hyundai Capital America¹	06/23/27		4.875			45,090,580
	20,885,000	Hyundai Capital America¹	11/01/27		4.875			21,168,921
	2,100,000	Hyundai Capital America¹	01/16/29		6.500			2,227,268
	25,455,000	Mercedes-Benz Finance North America LLC¹	03/30/26		4.800			25,494,681
	37,185,000	Mercedes-Benz Finance North America LLC¹	07/31/26		4.875			37,374,598
	31,410,000	Mercedes-Benz Finance North America LLC¹	11/13/26		4.800			31,635,623
	57,680,000	Mercedes-Benz Finance North America LLC¹	04/01/27		4.650			58,179,657
	2,245,000	Stellantis Finance US, Inc.¹	01/29/27		1.711			2,191,359
	17,090,000	Toyota Motor Credit Corp.	08/07/26		4.550			17,157,270
	2,100,000	Toyota Motor Credit Corp.	03/22/27		3.050			2,084,412

BBH Limited Duration Fund

Portfolio of Investments (continued)
January 31, 2026 (unaudited)
All investments in the United States, except as noted.

Principal Amount			Maturity Date	Interest Rate			Value
		Corporate Bonds (continued)
		Auto Manufacturers (continued)
$	32,165,000	Toyota Motor Credit Corp.	05/14/27		4.500	%	$	32,476,040
	33,086,000	Toyota Motor Credit Corp.	11/10/27		5.450			34,047,500
	17,830,000	Volkswagen Group of America Finance LLC¹	08/14/26		4.900			17,909,744
	46,749,000	Volkswagen Group of America Finance LLC¹	09/26/26		3.200			46,446,664
	18,870,000	Volkswagen Group of America Finance LLC¹	03/25/27		4.950			19,027,950
	20,600,000	Volkswagen Group of America Finance LLC¹	08/15/27		4.850			20,799,403
								667,592,307
		Banks (11.7%)
	17,000,000	Banco Santander S.A. (1-Year CMT Index + 1.250%) (Spain)²	03/14/28		5.552			17,271,438
	30,000,000	Bank of America Corp. (SOFR + 1.340%)²	09/15/27		5.933			30,354,729
	1,920,000	Bank of America Corp. (3-Month CME Term SOFR + 1.774%)²	04/24/28		3.705			1,912,081
	30,255,000	Bank of New York Mellon (SOFR + 0.693%)²	04/20/27		4.587			30,297,483
	1,925,000	Bank of New York Mellon Corp. (SOFR + 1.598%)²	10/25/29		6.317			2,038,982
	19,870,000	Bank of New Zealand (New Zealand)¹	02/07/28		4.846			20,217,200
	9,500,000	Bank of New Zealand (New Zealand)¹	01/30/29		5.076			9,769,785
	23,440,000	BNP Paribas S.A. (SOFR + 1.450%) (France)^1,2	05/09/29		4.792			23,715,059
	80,625,000	Canadian Imperial Bank of Commerce (Canada)	10/02/26		5.926			81,738,290
	19,725,000	Canadian Imperial Bank of Commerce (Canada)	04/28/28		5.001			20,155,290
	45,775,000	Citibank NA	05/29/27		4.576			46,198,930
	45,795,000	Citigroup, Inc. (SOFR + 1.143%)²	05/07/28		4.643			46,146,270
	2,100,000	Citigroup, Inc. (SOFR + 1.887%)²	05/24/28		4.658			2,117,814
	1,940,000	Citizens Bank NA (SOFR + 2.000%)²	08/09/28		4.575			1,954,312
	25,252,000	Comerica, Inc. (SOFR + 2.155%)²	01/30/30		5.982			26,396,454
	1,925,000	Goldman Sachs Group, Inc. (SOFR + 1.114%)²	02/24/28		2.640			1,897,425
	16,355,000	Goldman Sachs Group, Inc. (SOFR + 1.319%)²	04/23/28		4.937			16,531,513
	25,640,000	HSBC Holdings, Plc. (SOFR + 1.570%) (United Kingdom)²	08/14/27		5.887			25,890,409
	18,414,000	Huntington Bancshares, Inc. (SOFR + 1.970%)²	08/04/28		4.443			18,520,149
	1,915,000	Huntington National Bank (SOFR + 1.650%)²	05/17/28		4.552			1,926,376
	2,110,000	JPMorgan Chase & Co. (SOFR + 1.190%)²	01/23/28		5.040			2,131,405
	12,600,000	JPMorgan Chase & Co. (SOFR + 0.930%)²	07/22/28		4.979			12,781,195
	18,760,000	Keybank National Association	11/15/27		5.850			19,331,849

BBH Limited Duration Fund

Portfolio of Investments (continued)
January 31, 2026 (unaudited)
All investments in the United States, except as noted.

Principal Amount			Maturity Date	Interest Rate			Value
		Corporate Bonds (continued)
		Banks (continued)
$	17,755,000	Lloyds Banking Group, Plc. (1-Year CMT Index + 1.800%) (United Kingdom)²	03/18/28		3.750	%	$	17,706,477
	2,100,000	M&T Bank Corp. (SOFR + 2.260%)²	03/13/32		6.082			2,230,568
	26,420,000	Morgan Stanley (SOFR + 1.380%)²	04/12/29		4.994			26,903,360
	26,755,000	Morgan Stanley Bank NA (SOFR + 0.906%)²	01/12/29		5.016			27,256,269
	47,310,000	Morgan Stanley Private Bank NA (SOFR + 0.780%)²	11/17/28		4.204			47,441,479
	2,215,000	National Securities Clearing Corp.¹	05/20/27		4.350			2,231,335
	33,755,000	NatWest Group, Plc. (SOFR + 1.300%) (United Kingdom)²	11/15/28		5.102			34,052,498
	19,015,000	NatWest Markets, Plc. (United Kingdom)¹	03/21/28		4.789			19,326,033
	45,895,000	PNC Bank NA (SOFR + 0.630%)²	05/13/27		4.543			45,956,031
	25,345,000	PNC Financial Services Group, Inc. (SOFR + 1.730%)²	10/20/27		6.615			25,813,221
	2,200,000	PNC Financial Services Group, Inc. (SOFR + 1.850%)²	06/06/33		4.626			2,180,991
	24,915,000	Royal Bank of Canada (Canada)	08/03/27		4.240			25,080,619
	64,445,000	Royal Bank of Canada (SOFR + 0.810%) (Canada)²	03/27/28		4.715			65,024,473
	12,379,000	Santander Holdings USA, Inc. (SOFR + 2.356%)²	03/09/29		6.499			12,911,482
	28,865,000	Santander Holdings USA, Inc. (SOFR + 1.610%)²	03/20/29		5.473			29,520,260
	37,275,000	Skandinaviska Enskilda Banken AB (Sweden)¹	06/02/28		4.375			37,692,341
	11,875,000	Skandinaviska Enskilda Banken AB (Sweden)¹	03/05/29		5.375			12,278,275
	47,860,000	State Street Corp.	02/28/28		4.536			48,527,972
	2,125,000	State Street Corp. (SOFR + 1.018%)²	02/20/29		4.530			2,149,785
	33,741,000	Svenska Handelsbanken AB (Sweden)¹	06/15/28		5.500			34,860,920
	72,735,000	Truist Bank (SOFR + 0.590%)²	05/20/27		4.671			72,855,225
	2,200,000	Truist Bank (SOFR + 0.911%)²	10/23/29		4.136			2,198,715
	42,990,000	US Bancorp (5-Year CMT Index + 2.541%)^2,5			3.700			42,391,768
	1,910,000	US Bancorp (SOFR + 2.020%)²	06/12/29		5.775			1,982,814
	20,635,000	US Bank NA (SOFR + 0.910%)²	05/15/28		4.730			20,833,917
	1,925,000	Wells Fargo & Co. (SOFR + 1.510%)²	03/24/28		3.526			1,914,850
	32,115,000	Wells Fargo & Co. (SOFR + 1.370%)²	04/23/29		4.970			32,725,980
	26,655,000	Westpac Banking Corp. (Australia)	11/18/27		5.457			27,428,126
	30,895,000	Westpac New Zealand, Ltd. (New Zealand)¹	02/15/28		4.902			31,411,491
								1,212,181,713
		Beverages (0.0%)
	2,200,000	Keurig Dr Pepper, Inc.	03/15/27		5.100			2,223,955
	2,105,000	PepsiCo, Inc.	07/17/29		4.500			2,146,813
								4,370,768

BBH Limited Duration Fund

Portfolio of Investments (continued)
January 31, 2026 (unaudited)
All investments in the United States, except as noted.

Principal Amount			Maturity Date	Interest Rate			Value
		Corporate Bonds (continued)
		Biotechnology (0.0%)
$	2,200,000	CSL Finance, Plc. (United Kingdom)¹	04/27/32		4.250	%	$	2,163,100
	1,910,000	Illumina, Inc.	12/13/27		5.750			1,966,222
								4,129,322
		Building Materials (0.3%)
	29,770,000	Amrize Finance US LLC	04/07/27		4.600			29,980,753

		Commercial Services (0.1%)
	12,154,000	Ashtead Capital, Inc.¹	11/01/29		4.250			12,045,793

		Computers (0.0%)
	2,000,000	Accenture Capital, Inc.	10/04/29		4.050			2,006,725
	2,460,000	Apple, Inc.	08/05/28		1.400			2,329,027
								4,335,752
		Cosmetics/Personal Care (0.2%)
	2,100,000	Kenvue, Inc.	03/22/30		5.000			2,160,839
	19,550,000	Unilever Capital Corp.	08/12/27		4.250			19,704,873
								21,865,712
		Diversified Financial Services (2.1%)
	46,858,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)	10/29/26		2.450			46,331,191
	38,724,000	American Express Co. (SOFR + 0.750%)²	04/23/27		5.645			38,865,319
	2,175,000	American Express Co. (SOFR + 1.000%)²	02/16/28		5.098			2,200,224
	27,030,000	American Express Co. (SOFR + 1.260%)²	04/25/29		4.731			27,437,179
	2,220,000	Atlas Warehouse Lending Co. LP¹	11/15/30		4.950			2,229,396
	12,080,000	Capital One Financial Corp. (SOFR + 2.440%)²	10/29/27		7.149			12,340,076
	18,620,000	Credit Acceptance Corp.¹	12/15/28		9.250			19,511,358
	25,095,000	Credit Opportunities Partners JV LLC	04/01/26		4.250			25,045,312
	43,740,000	Equitable America Global Funding¹	06/09/28		4.650			44,247,661
								218,207,716
		Electric (0.6%)
	1,920,000	Atlantic City Electric Co.	03/15/31		2.300			1,743,384
	1,910,000	Duke Energy Ohio, Inc.	06/01/30		2.125			1,750,706
	21,932,382	Duke Energy Progress NC Storm Funding LLC	07/01/30		1.295			21,114,834
	2,000,000	Evergy Missouri West, Inc.¹	12/15/27		5.150			2,036,110
	1,930,000	Fells Point Funding Trust¹	01/31/27		3.046			1,912,931
	1,930,000	FirstEnergy Pennsylvania Electric Co.¹	03/30/26		5.150			1,933,861
	2,100,000	Florida Power & Light Co.	04/01/33		5.100			2,167,500
	2,130,000	Pacific Gas & Electric Co.	05/15/29		5.550			2,200,331
	1,940,000	PacifiCorp.	02/15/34		5.450			1,969,050
	2,100,000	Public Service Co of Colorado	05/15/34		5.350			2,156,494
	18,615,000	Public Service Enterprise Group, Inc.	10/15/28		5.875			19,433,850
	2,100,000	Southern California Edison Co.	03/15/30		5.250			2,156,398
								60,575,449

BBH Limited Duration Fund

Portfolio of Investments (continued)
January 31, 2026 (unaudited)
All investments in the United States, except as noted.

Principal
Amount Maturity
Date Interest
Rate Value

Corporate Bonds (continued)

Electronics (0.0%)

$ 2,200,000 Honeywell International, Inc. 03/01/27 1.100 % $ 2,139,704

Energy-Alternate Sources (0.2%)

22,605,000 XPLR Infrastructure LP¹ 06/15/26 2.500 22,182,286

Food (1.1%)

15,535,000 General Mills, Inc. 10/17/28 5.500 16,102,888

12,590,000 Hormel Foods Corp. 03/30/27 4.800 12,718,015

46,820,000 Mars, Inc.¹ 03/01/27 4.450 47,163,688

2,120,000 Mars, Inc.¹ 03/01/32 5.000 2,178,575

21,220,000 Nestle Capital Corp.¹ 03/12/29 4.650 21,692,247

2,200,000 Nestle Holdings, Inc.¹ 03/14/28 5.000 2,252,839

11,460,000 Sysco Corp. 01/17/29 5.750 11,983,139

114,091,391

Gas (0.0%)

1,940,000 Brooklyn Union Gas Co.¹ 08/05/27 4.632 1,949,496

1,925,000 Southern California Gas Co. 02/01/30 2.550 1,814,341

3,763,837

Healthcare-Products (0.7%)

970,000 Baxter International, Inc. 02/01/27 1.915 949,982

52,740,000 Medline Borrower LP¹ 04/01/29 3.875 51,564,967

24,315,000 Medtronic Global Holdings SCA (Luxembourg) 03/30/28 4.250 24,500,185

77,015,134

Healthcare-Services (1.1%)

1,925,000 Adventist Health System 03/01/29 2.952 1,833,727

13,340,000 Ascension Health 11/15/28 4.078 13,401,746

2,200,000 Ascension Health 11/15/30 4.294 2,200,966

2,125,000 Health Care Service Corp. A Mutual Legal Reserve Co.¹ 06/15/34 5.450 2,166,214

12,919,000 Providence St Joseph Health Obligated Group .10/01/29 2.532 12,143,320

32,090,000 Roche Holdings, Inc.¹ 11/13/26 5.265 32,421,185

22,000,000 Roche Holdings, Inc.¹ 03/08/29 4.790 22,546,691

18,145,000 Roche Holdings, Inc.¹ 09/09/29 4.203 18,268,335

7,490,000 Roche Holdings, Inc.¹ 12/02/30 4.075 7,474,003

2,000,000 Roche Holdings, Inc.¹ 11/13/33 5.593 2,134,926

2,355,000 UnitedHealth Group, Inc. 05/15/26 1.150 2,337,370

116,928,483

Insurance (10.4%)

26,415,000 American Coastal Insurance Corp. 12/15/27 6.250 26,400,445

22,375,000 American National Global Funding¹ 01/28/30 5.550 23,018,916

33,015,000 American National Global Funding¹ 06/03/30 5.250 33,520,619

33,170,000 American National Global Funding¹ 01/23/31 4.875 33,036,069

35,075,000 Athene Global Funding¹ 02/23/26 5.684 35,109,703

25,000,000 Athene Global Funding¹ 07/09/27 5.349 25,420,393

22,035,000 Athene Global Funding (SOFR + 0.950%)^1,2 03/06/28 4.656 22,136,904

47,995,000 Athene Global Funding¹ 01/09/29 5.583 49,420,767

BBH Limited Duration Fund

Portfolio of Investments (continued)
January 31, 2026 (unaudited)
All investments in the United States, except as noted.

Principal Amount			Maturity Date	Interest Rate			Value
		Corporate Bonds (continued)
		Insurance (continued)
$	2,120,000	Athene Global Funding¹	01/07/30		5.380	%	$	2,167,933
	1,925,000	Brighthouse Financial Global Funding¹	04/09/27		5.550			1,949,211
	1,910,000	CNO Global Funding¹	06/04/27		5.875			1,950,698
	30,350,000	Corebridge Global Funding¹	06/24/26		5.350			30,518,363
	2,130,000	Corebridge Global Funding¹	08/20/27		4.650			2,152,510
	26,910,000	Corebridge Global Funding¹	09/19/28		5.900			28,082,232
	15,280,000	Equitable Financial Life Global Funding¹	03/27/30		5.000			15,577,602
	1,925,000	F&G Global Funding¹	06/30/26		1.750			1,907,485
	25,964,000	F&G Global Funding¹	04/11/27		2.300			25,376,205
	34,080,000	F&G Global Funding¹	06/10/27		5.875			34,781,177
	17,735,000	F&G Global Funding¹	09/08/28		4.650			17,856,080
	31,655,000	F&G Global Funding¹	01/09/29		4.500			31,663,759
	2,200,000	GA Global Funding Trust¹	09/23/27		4.400			2,207,506
	17,225,000	GA Global Funding Trust¹	01/08/29		5.500			17,720,292
	41,635,000	Guardian Life Global Funding¹	09/26/29		4.179			41,677,855
	24,485,000	Guardian Life Global Funding¹	04/28/30		4.798			24,907,247
	23,835,000	Guardian Life Global Funding¹	12/11/30		4.402			23,883,519
	2,059,000	Jackson National Life Global Funding¹	07/02/27		5.550			2,099,351
	1,924,000	MassMutual Global Funding II¹	04/09/27		5.100			1,951,618
	44,790,000	Met Tower Global Funding¹	09/14/26		1.250			44,099,634
	23,485,000	Met Tower Global Funding¹	04/12/29		5.250			24,277,888
	2,090,000	Metropolitan Life Global Funding I¹	01/08/29		4.850			2,133,681
	54,060,000	Mutual of Omaha Cos Global Funding¹	06/09/28		4.514			54,521,131
	18,735,000	Mutual of Omaha Cos Global Funding¹	04/01/30		5.000			19,112,730
	27,190,000	New York Life Global Funding¹	04/25/28		4.400			27,481,026
	2,185,000	New York Life Global Funding¹	01/28/33		4.550			2,171,964
	38,945,000	Northwestern Mutual Global Funding¹	03/25/27		5.070			39,454,083
	24,865,000	Northwestern Mutual Global Funding¹	01/10/29		4.710			25,337,840
	37,490,000	Pacific Life Global Funding II¹	04/04/28		4.900			38,216,258
	14,300,000	Pacific Life Global Funding II¹	08/28/29		4.500			14,455,234
	12,685,000	Pricoa Global Funding I¹	08/27/27		4.400			12,798,242
	12,560,000	Principal Life Global Funding II¹	01/16/27		5.000			12,691,696
	1,955,000	Principal Life Global Funding II¹	06/28/28		5.500			2,014,787
	1,925,000	Protective Life Global Funding¹	04/14/26		5.209			1,929,714
	36,560,000	Protective Life Global Funding¹	09/13/27		4.335			36,810,520
	28,265,000	Protective Life Global Funding¹	06/05/30		4.803			28,661,165
	16,160,000	RGA Global Funding¹	11/21/28		6.000			16,937,987
	2,280,000	RGA Global Funding¹	01/18/29		2.700			2,178,730
	17,755,000	RGA Global Funding¹	05/24/29		5.448			18,391,959
	32,080,000	RGA Global Funding¹	11/25/30		4.600			32,148,534
	27,515,000	SiriusPoint, Ltd. (Sweden)	04/05/29		7.000			29,148,724
	4,205,000	Universal Insurance Holdings, Inc.	11/30/26		5.625			4,152,145
	33,040,000	Western-Southern Global Funding¹	07/16/28		4.500			33 292 912
								1,078,913,043

		Internet (0.3%)
	2,100,000	Amazon.com, Inc.	12/01/29		4.650			2,154,565
	26,465,000	Meta Platforms, Inc.	11/15/30		4.200			26,417,456
	2,200,000	Meta Platforms, Inc.	11/15/32		4.600			2,205,506
								30,777,527

BBH Limited Duration Fund

Portfolio of Investments (continued)
January 31, 2026 (unaudited)
All investments in the United States, except as noted.

Principal Amount			Maturity Date	Interest Rate			Value
		Corporate Bonds (continued)
		Investment Companies (4.3%)
$	30,435,000	Ares Capital Corp.	07/15/26		2.150	%	$	30,146,798
	2,045,000	Ares Capital Corp.	01/15/27		7.000			2,099,790
	16,000,000	BlackRock TCP Capital Corp.	05/30/29		6.950			15,847,075
	2,200,000	Blackstone Private Credit Fund	03/15/27		3.250			2,166,701
	25,975,000	Blackstone Private Credit Fund	09/26/27		4.950			26,107,973
	37,115,000	Blue Owl Capital Corp.	07/15/26		3.400			36,913,321
	18,000,000	Blue Owl Credit Income Corp.	09/23/26		3.125			17,829,485
	26,605,000	Blue Owl Technology Finance Corp.	01/23/31		6.125			26,206,727
	30,835,000	Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance¹	09/17/30		5.950			29,423,367
	26,475,000	Franklin BSP Capital Corp.	03/30/26		3.250			26,403,106
	33,538,000	Golub Capital BDC, Inc.	08/24/26		2.500			33,154,421
	41,130,000	HA Sustainable Infrastructure Capital, Inc.	01/15/31		6.150			42,200,074
	48,540,000	HAT Holdings I LLC / HAT Holdings II LLC¹	06/15/26		3.375			48,320,301
	74,189,000	Main Street Capital Corp.	07/14/26		3.000			73,652,562
	4,270,000	PennantPark Floating Rate Capital, Ltd.	04/01/26		4.250			4,256,220
	10,878,000	PennantPark Investment Corp.	05/01/26		4.500			10,843,627
	17,345,000	PennantPark Investment Corp.	11/01/26		4.000			17,079,342
								442,650,890

		Machinery-Constraction & Mining (0.1%)
	9,240,000	Caterpillar Financial Services Corp.	10/16/26		4.450			9,288,980
	2,040,000	Komatsu Finance America, Inc.¹	10/06/27		5.499			2,086,857
								11,375,837
		Machinery-Diversified (1.3%)
	24,855,000	AGCO Corp.	03/21/27		5.450			25,184,874
	10,920,000	CNH Industrial Capital LLC	01/12/29		5.500			11,303,250
	27,185,000	CNH Industrial Capital LLC	04/20/29		5.100			27,855,137
	27,370,000	John Deere Capital Corp.	07/15/27		4.200			27,580,137

	44,670,000	John Deere Capital Corp. (SOFR + 0.500%)²	03/06/28		4.219			44,859,807
	1,935,000	John Deere Capital Corp.	03/07/31		4.900			1,995,653
								138,778,858
		Oil & Gas (0.2%)
	2,165,000	Chevron USA, Inc.	04/15/30		4.687			2,213,396
	2,200,000	Continental Resources, lnc.¹	11/15/26		2.268			2,166,927
	2,500,000	Shell Finance US, Inc.	11/07/29		2.375			2,362,381
	13,932,000	Woodside Finance, Ltd. (Australia)¹	09/15/26		3.700			13 874 650
								20,617,354
		Packaging & Containers (0.4%)
	37,691,000	Amcor Flexibles North America, Inc.	03/17/28		4.800			38,235,729

		Pharmaceuticals (2.9%)
	55,622,000	CVS Health Corp.	02/20/26		5.000			55,634,431
	46,200,000	Eli Lilly & Co.	08/14/27		4.150			46,520,347
	48,105,000	Eli Lilly & Co.	02/12/28		4.550			48,893,622

BBH Limited Duration Fund

Portfolio of Investments (continued)
January 31, 2026 (unaudited)
All investments in the United States, except as noted.

Principal Amount			Maturity Date	Interest Rate			Value
		Corporate Bonds (continued)
		Pharmaceuticals (continued)
$	38,225,000	Johnson & Johnson	03/01/27		4.500	%	$	38,565,774
	2,000,000	Johnson & Johnson	06/01/31		4.900			2,081,513
	27,840,000	Merck & Co., Inc.	03/15/29		3.850			27,832,400
	33,465,000	Merck & Co., Inc.	09/15/30		4.150			33,613,916
	2,400,000	Merck & Co., Inc.	12/10/31		2.150			2,141,379
	2,200,000	Novartis Capital Corp.	11/05/32		4.300			2,192,307
	44,811,000	PRA Health Sciences, Inc.¹	07/15/26		2.875			44,536,925
								302,012,614
		Pipelines (0.1%)
	2,045,000	Columbia Pipelines Operating Co. LLC¹	08/15/30		5.927			2,166,518
	1,915,000	MPLX LP	03/01/26		1.750			1,911,483
	2,100,000	ONEOK, Inc.	11/01/26		5.550			2,121,889
	2,000,000	Targa Resources Corp.	07/01/27		5.200			2,030,006
								8,229,896
		Real Estate Investment Trusts (1.8%)
	70,535,000	American Tower Corp.	10/15/26		3.375			70,244,967
	9,290,000	American Tower Trust #1¹	03/15/53		5.490			9,448,179
	14,500,000	Arbor Realty SR, Inc.¹	12/15/28		8.500			14,129,570
	7,570,000	Arbor Realty SR, Inc.¹	07/15/30		7.875			6,944,320
	10,000,000	Arbor Realty Trust, Inc.¹	04/30/26		5.000			9,981,730
	19,450,000	Arbor Realty Trust, Inc.¹	09/01/26		4.500			19,264,972
	1,920,000	Boston Properties LP	10/01/26		2.750			1,902,883
	25,360,000	EF Holdco / EF Cayman Hold / Ellington
		Finance REIT Cayman / TRS / EF
		Cayman Non-MTM (Multinational)¹	04/01/27		5.875			24,484,261
	29,500,000	Rexford Industrial Realty LP	06/15/28		5.000			30,018,757
								186,419,639
		Retail (0.3%)
	2,190,000	7-Eleven, Inc.¹	02/10/26		0.950			2,188,445
	22,320,000	Home Depot, Inc.	06/25/26		5.150			22,445,255
	2,110,000	Starbucks Corp.	02/08/27		4.850			2,128,892
	2,100,000	Walmart, Inc.	04/28/30		4.350			2,133,798
								28,896,390
		Semiconductors (0.2%)
	16,565,000	ams-OSRAM AG (Austria)¹	03/30/29		12.250			17,601,522

		Software (0.9%)
	2,000,000	Concentrix Corp.	08/02/28		6.600			2,078,713
	61,486,000	Oracle Corp.	07/15/26		2.650			61,066,955
	2,200,000	Oracle Corp.	05/06/30		4.650			2,177,441
	22,362,000	Synopsys, Inc.	04/01/27		4.550			22,520,677
	2,235,000	VMware LLC	08/15/26		1.400			2,205,745
								90,049,531
		Trucking & Leasing (0.3%)
	31,000,000	Penske Truck Leasing Co. LP / PTL Finance Corp.¹	05/01/28		5.550			31,860,779

		Total Corporate Bonds						5,050,000,444
		(Cost $5,004,281,282)

BBH Limited Duration Fund

Portfolio of Investments (continued)
January 31, 2026 (unaudited)
All investments in the United States, except as noted.

Principal Amount			Maturity Date	Interest Rate			Value
		Loan Participations and Assignments (6.2%)
$	37,119,611	AAdvantage Loyality IP, Ltd. (3-Month CME Term SOFR + 2.250%) (Cayman Islands)²	04/20/28		5.918	%	$	37,119,611
	20,984,756	Allen Media LLC (3-Month CME Term SOFR + 5.500%)²	02/10/27		9.322			12,945,076
	20,262,025	Allspring Buyer LLC (3-Month CME Term SOFR + 3.000%)²	11/01/30		6.688			20,259,593
	43,708,430	Asplundh Tree Expert LLC (1-Month CME Term SOFR + 1.750%)²	09/07/27		5.522			43,735,966
	19,884,040	Axalta Coating Systems U.S. Holdings, Inc. Term B7 (3-Month CME Term SOFR + 1.750%)²	12/20/29		5.422			19,871,712
	9,733,786	BCP Renaissance Parent LLC Term B6 (3-Month CME Term SOFR + 2.500%)²	10/31/28		6.172			9,692,418
	8,762,465	Buckeye Partners LP Term B7 (1-Month CME Term SOFR + 1.750%)²	11/22/32		5.422			8,785,248
	60,666,290	Charter Communications Operating LLC Term B4 (3-Month CME Term SOFR + 2.000%)²	12/07/30		5.661			60,498,245
	9,863,250	Delos Aircraft DAC (3-Month CME Term SOFR + 1.750%) (Ireland)²	10/31/27		5.422			9,902,308
	19,496,650	Eastern Power LLC (1-Month CME Term SOFR + 5.250%)²	04/03/28		8.922			19,548,511
	21,752,326	Elanco Animal Health, Inc. Term B (1- Month CME Term SOFR + 1.750%)²	10/31/32		5.450			21,736,011
	2,579,851	Healthpeak OP LLC Term A1 (1-Month CME Term SOFR + 0.840%)²	08/20/27		4.512			2,547,603
	2,579,851	Healthpeak OP LLC Term A2 (1-Month CME Term SOFR + 0.840%)²	02/22/27		4.512			2,547,603
	5,448,842	Healthpeak OP LLC Term A3 (SOFR + 0.850%)²	03/01/29		4.490			5,353,487
	68,750,000	Honeywell International, Inc. Term A1 (1-Month CME Term SOFR + 0.875%)²	05/07/27		4.547			68,750,000
	17,864,662	Iqvia, Inc. Term B5 (3-Month CME Term SOFR + 1.750%)²	01/02/31		5.422			17,916,827
	30,347,290	Iridium Communications, Inc. Term B4 (1-Month CME Term SOFR + 2.250%)²	09/20/30		5.922			28,656,643
	22,836,638	Jazz Pharmaceuticals, Inc. Term B2 (1- Month CME Term SOFR + 2.250%)²	05/05/28		5.922			22,890,532
	13,796,922	Lumen Technologies, Inc. Term A (1- Month CME Term SOFR + 6.000%)²	06/01/28		9.716			13,821,066
	9,243,258	Lumen Technologies, Inc. Term B1 (1- Month CME Term SOFR + 2.350%)²	04/16/29		6.136			9,213,218
	9,243,259	Lumen Technologies, Inc. Term B2 (1- Month CME Term SOFR + 2.350%)²	04/15/30		6.136			9,213,218
	27,112,311	Midcontinent Communications (1- Month CME Term SOFR + 2.500%)²	08/16/31		6.173			26,985,155

BBH Limited Duration Fund

Portfolio of Investments (continued)
January 31, 2026 (unaudited)
All investments in the United States, except as noted.

Principal Amount			Maturity Date	Interest Rate			Value
		Loan Participations and Assignments (continued)
$	3,802,474	MPH Acquisition Holdings LLC (3 Month CME Term SOFR + 3.750%)²	12/31/30		7.417	%	$	3,788,215
	31,520,092	MPH Acquisition Holdings LLC (3- Month CME Term SOFR + 4.600%)²	12/31/30		8.528			28,939,542
	7,959,494	NRG Energy, Inc. (3-Month CME Term SOFR + 1.750%)²	04/16/31		5.521			7,963,473
	42,187,500	Relam Amsterdam Holdings BV Term A (1-Month CME Term SOFR + 1.250%) (Netherlands)^2,4	07/10/28		5.022			41,976,563
	39,227,653	SBA Senior Finance II LLC (1-Month CME Term SOFR + 1.750%)²	01/25/31		5.430			39,333,960
	9,284,243	Setanta Aircraft Leasing DAC (3-Month CME Term SOFR + 1.750%) (Ireland)²	11/05/28		5.422			9,315,160
	23,995,000	Stonepeak Nile Parent LLC (3-Month CME Term SOFR + 2.250%)²	04/09/32		5.917			23,965,006
	16,834,859	UGI Energy Services LLC (1-Month CME Term SOFR + 2.500%)²	02/22/30		6.172			16,819,035
		Total Loan Participations and Assignments
		(Cost $649,039,116)						644,091,005

		Municipal Bonds (0.3%)
	31,000,000	Kentucky Public Energy Authority, Revenue Bonds (SOFR + 1.200%)²	08/01/52		3.645			31,318,550
		Total Municipal Bonds						31,318,550
		(Cost $31,000,000)

		Residential Mortgage Backed Securities (0.0%)
	4,921,501	RMF Proprietary Issuance Trust 2019-1^1,2,3	10/25/63		2.750			4,728,103
		Total Residential Mortgage Backed Securities
		(Cost $4,888,577)						4,728,103

		U.S. Government Agency Obligations (1.0%)
	101,000,000	Federal Home Loan Bank Discount Notes^6,7	02/02/26		3.521			101,000,000
	5,876	Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (1- Year RFUCCT + 1.795%)²	04/01/36		6.795			6,008
	10,762	Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (6- Month RFUCCT + 1.740%)²	12/01/36		5.990			11,133
	1,657,999	Federal National Mortgage Association (FNMA)	07/01/35		5.000			1,680,437

BBH Limited Duration Fund

Portfolio of Investments (continued)
January 31, 2026 (unaudited)
All investments in the United States, except as noted.

Principal Amount			Maturity Date	Interest Rate			Value
		U.S. Government Agency Obligations (continued)
$	103,368	Federal National Mortgage Association (FNMA)	11/01/35		5.500	%	$	107,800
	14,109	Federal National Mortgage Association (FNMA) (1-Year RFUCCT + 1.964%)²	07/01/36		6.714			14,714
	22,762	Federal National Mortgage Association (FNMA) (1-Year RFUCCT + 1.718%)²	09/01/36		6.438			23,488
	17,386	Federal National Mortgage Association (FNMA) (1-Year RFUCCT + 1.718%)²	01/01/37		5.995			17,930
	98,880	Federal National Mortgage Association (FNMA)	08/01/37		5.500			103,121
	1,154,138	Federal National Mortgage Association (FNMA)	08/01/37		5.500			1,184,633
	529,815	Federal National Mortgage Association (FNMA)	06/01/40		6.500			561,921
	1,763	Government National Mortgage Association (GNMA) (1-Year CMT Index + 1.500%)²	08/20/29		5.375			1,772
		Total U.S. Government Agency Obligations
		(Cost $104,725,282)						104,712,957

		U.S. Treasury Bills (17.5%)
	100,000,000	U.S. Treasury Bill⁶	02/05/26		3.786			99,968,917
	119,000,000	U.S. Treasury Bill^6,7	02/10/26		3.580			118,905,735
	100,000,000	U.S. Treasury Bill⁶	02/12/26		3.573			99,901,111
	153,065,000	U.S. Treasury Bill^6,7	02/17/26		3.721			152,829,491
	100,000,000	U.S. Treasury Bill⁶	02/24/26		3.758			99,772,514
	152,000,000	U.S. Treasury Bill^6,7	02/26/26		3.573			151,639,529
	100,845,000	U.S. Treasury Bill^6,7	03/03/26		3.615			100,552,469
	150,000,000	U.S. Treasury Bill^6,7	03/05/26		3.565			149,541,867
	100,000,000	U.S. Treasury Bill⁶	03/12/26		3.800			99,606,278
	100,000,000	U.S. Treasury Bill⁶	03/24/26		3.549			99,510,417
	100,000,000	U.S. Treasury Bill⁶	03/31/26		3.561			99,423,033
	100,000,000	U.S. Treasury Bill⁶	04/02/26		3.541			99,408,361
	43,000,000	U.S. Treasury Bill⁶	04/07/26		3.595			42,724,943
	107,500,000	U.S. Treasury Bill^6,7,8	04/09/26		3.593			106,793,456
	100,000,000	U.S. Treasury Bill⁶	04/16/26		3.737			99,271,825
	100,000,000	U.S. Treasury Bill⁶	05/05/26		3.584			99,087,667
	100,000,000	U.S. Treasury Bill⁶	05/19/26		3.607			98,945,889
		Total U.S. Treasury Bills
		(Cost $1,817,918,083)						1,817,883,502

BBH Limited Duration Fund

Portfolio of Investments (continued)
January 31, 2026 (unaudited)
All investments in the United States, except as noted.

Principal
Amount

Maturity
Date

Interest
Rate

Value

U.S. Treasury Bonds and Notes (0.2%)

23,975,000

U.S. Treasury Note

07/31/30

3.875

24,085,510

Total U.S. Treasury Bonds and Notes

24,085,510

(Cost $24,094,875)

Total Investments (Cost $10,325,633,256)

99.7

10,369,437,843

Cash and Other Assets in Excess of Liabilities

0.3

27,589,961

Net Assets

100.0

10,397,027,804

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities owned at January 31, 2026 was $4,718,564,630 or 45.4% of net assets.

Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the January 31, 2026 coupon or interest rate.

This variable rate security is based on a predetermined schedule and the rate at January 31, 2026, also represents the reference rate at January 31, 2026.

⁴

Security that used significant unobservable inputs to determine fair value, as determined by the Adviser.

⁵

Security is perpetual in nature and has no stated maturity date.

⁶

Coupon represents a yield to maturity.

⁷

Coupon represents a weighted average yield.

⁸

All or a portion of this security is held at the broker as collateral for open futures contracts.

Abbreviations:

CME − Chicago Mercantile Exchange.

CMT − Constant Maturity Treasury.

FHLMC − Federal Home Loan Mortgage Corporation.

FNMA − Federal National Mortgage Association.

GNMA − Government National Mortgage Association.

RFUCCT − Refinitiv USD IBOR Consumer Cash Fallbacks Term.

SOFR − Secured Overnight Financing Rate.

BBH Limited Duration Fund

Portfolio of Investments (continued)

January 31, 2026 (unaudited)

Financial Futures Contracts

The following futures contracts were open at January 31, 2026:

Description	Number of Contracts	Expiration Date	Notional Amount		Market Value		Unrealized Gain/(Loss)
Contracts to Sell:
U.S. Treasury 2-Year Notes	637	March 2026	$	133,073,281	$	132,809,523	$	263,758
U.S. Treasury 5-Year Notes	3,877	March 2026		425,327,088		422,320,401		3,006,687
							$	3,270,445

Net Unrealized Gain on Open Futures Contracts⁸							$	3,270,445

⁸

The aggregate cost of investments and derivatives for federal income tax purposes is $10,325,633,256, the aggregate gross unrealized appreciation is $76,715,485 and the aggregate gross unrealized depreciation is $29,640,453, resulting in net unrealized appreciation of $ 47,075,032.

BBH Limited Duration Fund

Portfolio of Investments (continued)

January 31, 2026 (unaudited)

Fair Value Measurements

BBH Limited Duration 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 Limited Duration Fund

Portfolio of Investments (continued)

January 31, 2026 (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 asset backed securities 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 Limited Duration Fund

Portfolio of Investments (continued)

January 31, 2026 (unaudited)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2026.

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of January 31, 2026
Asset Backed Securities	$	–	$	2,281,260,812	$	4,389,373	$	2,285,650,185
Commercial Mortgage Backed Securities		–		406,967,587		–		406,967,587
Corporate Bonds		–		5,050,000,444		–		5,050,000,444
Loan Participations and Assignments		–		602,114,442		41,976,563		644,091,005
Municipal Bonds		–		31,318,550		–		31,318,550
Residential Mortgage Backed Securities		–		4,728,103		–		4,728,103
U.S. Government Agency Obligations		–		104,712,957		–		104,712,957
U.S. Treasury Bills		–		1,817,883,502		–		1,817,883,502
U.S. Treasury Bonds and Notes		–		24,085,510		–		24,085,510
Total Investments, at value	$	–	$	10,323,071,907	$	46,365,936	$	10,369,437,843

Other Financial Instruments, at value
Assets
Financial Futures Contracts		3,270,445		–		–		3,270,445
Other Financial Instruments, at value	$	3,270,445	$	–	$	–	$	3,270,445

BBH Limited Duration Fund

Portfolio of Investments (continued)

January 31, 2026 (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 January 31, 2026:

	Asset Backed Securities			Loan Participations and Assignments			Total
Balance as of October 31, 2025	$	4,714,320		$	42,536,250		$	47,250,570
Purchases		–			–			–
Sales/Paydowns		(325,582	)		(562,500	)		(888,082	)
Realized gains/(losses)		–			201			201
Change in unrealized appreciation/(depreciation)		635			1,071			1,706
Amortization		–			1,541			1,541
Transfers from Level 3		–			–			–
Transfers to Level 3		–			–			–
Balance as of January 31, 2026	$	4,389,373		$	41,976,563		$	46,365,936

As of January 31, 2026, $46,365,936 of value of the Level 3 assets in the Fund was based on single quotes from brokers.

BBH Limited Duration Fund

Portfolio of Investments (continued)

January 31, 2026 (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 Taxable Bond Funds are managed by Brown Brothers Harriman Credit Partners, LLC. Shares of the Fund are distributed by ALPS Distributors, Inc., located at 1290 Broadway, Suite 1000, Denver, CO 80203.