BBH Income 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 (17.3%)             
$2,609,003   ABPCI Direct Lending Fund ABS I, Ltd. 2020-1A1  12/29/30   3.199%  $2,588,411 
 1,723,016   ABPCI Direct Lending Fund ABS II LLC 2022-2A1  03/01/32   4.987    1,670,615 
 2,630,000   Adams Outdoor Advertising LP 2023-11  07/15/53   6.967    2,673,295 
 3,250,000   Aligned Data Centers Issuer LLC 2023-1A1  08/17/48   6.000    3,271,708 
 4,320,000   Alp CFO LP 2024-1A1,2  10/15/36   7.371    4,408,646 
 4,320,000   Alp CFO LP 2024-1A1,2  10/15/36   10.036    4,493,275 
 1,480,000   Ares PBN Finance Co. LLC2  10/15/36   6.000    1,420,800 
 5,200,000   Avis Budget Rental Car Funding AESOP LLC 2023-4A1  06/20/29   5.490    5,337,896 
 7,980,000   BHG Owner Loan Trust Series 2025- 1CON1  08/18/36   5.290    8,055,003 
 6,820,000   BHG Owner Loan Trust Series 2025-1CON1  08/18/36   5.620    6,908,811 
 4,165,000   BHG Securitization Trust 2023-A1  04/17/36   6.350    4,207,180 
 7,700,000   Blackrock Rainier CLO VI, Ltd. 2021-6A (3-Month CME Term SOFR + 8.250%) (Cayman Islands)1,3  04/20/37   11.918    7,603,018 
 3,083,669   Business Jet Securities LLC 2024-1A1  05/15/39   6.197    3,151,887 
 5,588,375   Capital Automotive REIT 2024-2A1  05/15/54   5.250    5,576,914 
 3,370,938   CARS-DB7 LP 2023-1A1  09/15/53   6.500    3,396,343 
 1,025,375   CF Hippolyta Issuer LLC 2020-11  07/15/60   2.280    646,084 
 2,340,676   CF Hippolyta Issuer LLC 2022-1A1  08/15/62   5.970    2,318,273 
 7,530,000   CFG Investments, Ltd. 2025-1 (Cayman Islands)1  03/25/36   6.470    7,657,175 
 8,990,000   Cogent Ipv4 LLC 2024-1A1  05/25/54   7.924    9,371,127 
 7,960,000   Cogent Ipv4 LLC 2025-1A1  04/25/55   6.646    8,194,857 
 2,330,000   Credit Acceptance Auto Loan Trust 2023-1A1  07/15/33   7.710    2,373,491 
 5,860,000   Credit Acceptance Auto Loan Trust 2024-3A1  11/15/34   4.850    5,883,728 
 4,100,000   CyrusOne Data Centers Issuer I LLC 2025-1A1  02/20/50   5.910    4,174,016 
 3,070,000   DataBank Issuer 2023-1A1  02/25/53   5.116    3,064,949 
 2,850,000   DigitalBridge Issuer LLC 2021-1A1  09/25/51   3.933    2,822,227 
 4,630,000   Dryden 115 CLO, Ltd. 2024-115A (3- Month CME Term SOFR + 2.000%) (Jersey)1,3  04/18/37   5.668    4,649,502 
 4,369,688   Edgeconnex Data Centers Issuer LLC 2024-11  07/27/54   6.000    4,413,273 
 2,038,857   Flexential Issuer 2021-1A1  11/27/51   3.250    2,014,023 
 9,000,000   Flexential Issuer LLC 2025-1A1  10/25/60   6.030    9,006,458 
 251,094   FNA LLC 2019-11,2,3,4  12/10/31   3.000    250,968 
 3,340,000   Ford Credit Auto Owner Trust 2024-11  08/15/36   4.870    3,423,298 
 748,837   Global SC Finance VII Srl 2020-1A (Barbados)1  10/17/40   2.170    720,270 
 725,929   Global SC Finance VII Srl 2020-2A (Barbados)1  11/19/40   2.260    699,227 

 

 

BBH Income 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)           
$2,110,041   Golub Capital Partners ABS Funding, Ltd. 2021-1A (Cayman Islands)1  04/20/29   2.773%  $2,098,666 
 8,300,000   Hertz Vehicle Financing III LLC 2024-2A1  01/27/31   5.480    8,568,773 
 8,540,000   LCM 42 Ltd. 42A (3-Month CME Term SOFR + 1.800%) (Cayman Islands)1,3  01/15/38   5.472    8,599,415 
 383,653   LIAS Administration Fee Issuer LLC 2018-1A1  07/25/48   5.956    379,090 
 4,340,000   Madison Park Funding LXVII, Ltd. 2024-67A (3-Month CME Term SOFR + 2.050%) (Cayman Islands)1,3  04/25/37   5.718    4,358,275 
 3,060,000   Madison Park Funding XLVII, Ltd. 2020-47A (3-Month CME Term SOFR + 1.950%) (Cayman Islands)1,3  04/19/37   5.618    3,071,258 
 2,690,000   Mariner Finance issuance Trust 2024 BA1  11/20/38   5.330    2,733,911 
 1,735,000   Mariner Finance issuance Trust 2024-BA1  11/20/38   5.730    1,772,302 
 460,698   Monroe Capital ABS Funding, Ltd. 2021-1A (Cayman Islands)1  04/22/31   2.815    457,280 
 1,256,998   Monroe Capital Income Plus ABS Funding LLC 2022-1A1  04/30/32   5.150    1,232,040 
 4,870,000   Monroe Capital Mml CLO XVI, Ltd. 2024-1A (3-Month CME Term SOFR + 2.100%) (Jersey)1,3  07/23/36   5.771    4,872,073 
 4,800,000   Neuberger Berman Loan Advisers CLO 40 Ltd. 2021-40A (3-Month CME Term SOFR + 1.230%) (Cayman Islands)1,3  10/16/37   4.901    4,808,940 
 2,122,014   Newtek Small Business Loan Trust 2023-1 (U.S. Prime Rate + 0.500%)1,3  07/25/50   6.250    2,143,009 
 5,440,000   NextGear Floorplan Master Owner Trust 2023-1A1  03/15/28   5.740    5,450,946 
 5,450,000   Niagara Park CLO, Ltd. 2019-1A (3-Month CME Term SOFR + 1.340%) (Cayman Islands)1,3  01/17/38   5.008    5,455,015 
 4,500,000   Octagon 71, Ltd. 2024-1A (3-Month CME Term SOFR + 2.050%) (Cayman Islands)1,3  04/18/37   5.718    4,518,913 
 11,360,000   OnDeck Asset Securitization IV LLC 2025-2A1  11/17/32   4.840    11,402,748 
 4,600,000   OnDeck Asset Securitization Trust IV LLC 2024-2A1  10/17/31   4.980    4,615,741 
 1,181,147   OneMain Financial Issuance Trust 2022-S11  05/14/35   4.130    1,180,984 
 6,610,000   OneMain Financial Issuance Trust 2023-2A1  09/15/36   6.170    6,809,804 
 1,741,209   Oportun Issuance Trust 2021-C1  10/08/31   2.180    1,713,470 

 

 

BBH Income 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)             
$6,170,000   Oxford Finance Credit Fund III 2025- A LP1  08/14/34   5.878%  $6,239,556 
 10,010,000   Oxford Finance Funding Trust LLC 2025-1A1  02/15/35   5.413    10,039,391 
 5,380,000   Palmer Square Loan Funding, Ltd. 2025-3A (3-Month CME Term SOFR + 0.950%) (Cayman Islands)1,3  01/15/34   4.660    5,375,068 
 10,130,000   PFS Financing Corp. 2024-F1  08/15/29   4.750    10,243,208 
 5,730,000   QTS Issuer ABS II LLC 2026-1A1  01/05/56   5.364    5,751,275 
 66,018   ReadyCap Lending Small Business Loan Trust 2019-2 (U.S. Prime Rate-0.500%)1,3  12/27/44   6.250    65,971 
 245,574   Regional Management Issuance Trust 2022-11  03/15/32   3.070    245,401 
 5,510,000   Regional Management Issuance Trust 2024-11  07/15/36   5.830    5,617,145 
 8,910,000   Regional Management Issuance Trust 2025-21  11/16/37   4.590    8,892,299 
 7,830,000   Republic Finance Issuance Trust 2024-A1  08/20/32   5.910    7,909,093 
 5,240,000   Retained Vantage Data Centers Issuer LLC 2023-1A1  09/15/48   5.000    5,235,528 
 1,795,000   Sabey Data Center Issuer LLC 2023-11  04/20/48   6.250    1,800,359 
 2,240,000   Santander Drive Auto Receivables Trust 2023-5  02/18/31   6.430    2,317,541 
 6,250,000   Sotheby's Artfi Master Trust 2024-1A1  12/22/31   6.430    6,263,394 
 1,150,000   Stack Infrastructure Issuer LLC 2023-1A1  03/25/48   5.900    1,152,457 
 3,520,000   Stack Infrastructure Issuer LLC 2023-3A1  10/25/48   5.900    3,546,655 
 8,990,000   Summit Issuer LLC 2025-1A1  11/20/55   5.208    9,060,308 
 739,127   Textainer Marine Containers Vll, Ltd. 2020-1A (China)1  08/21/45   2.730    716,651 
 4,139,965   Thrust Engine Leasing DAC 2021-1A1  07/15/40   4.163    4,089,754 
 4,480,000   Trafigura Securitisation Finance, Plc 2024-1A (Ireland)1  11/15/27   5.980    4,529,374 
 7,340,000   Vantage Data Centers Issuer LLC 2025-2A1  11/15/55   5.239    7,284,441 
 2,716,794   VC 3 LS LP 2021-B  10/15/41   4.750    2,625,071 
 570,349   VCP RRL ABS I, Ltd. 2021-1A1  10/20/31   2.152    564,227 
 2,909,690   Westlake Automobile Receivables Trust 2023-2A1  03/15/28   6.290    2,918,958 
 1,123,296   Willis Engine Structured Trust VII 2023-A1  10/15/48   8.000    1,152,106 
 5,530,000   Zayo Issuer LLC 2025-1A1  03/20/55   5.648    5,631,567 
 10,290,000   Zayo Issuer LLC 2025-2A1  06/20/55   5.953    10,564,473 
     Total Asset Backed Securities            352,520,672 
     (Cost $348,774,723)             

 

 

BBH Income 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 (6.7%)             
$4,750,000   Atrium Hotel Portfolio Trust 2024-ATRM1,3,4  11/10/29   6.090%  $4,884,346 
 6,930,000   BAHA Trust 2024-MAR1,3,4  12/10/41   7.069    7,263,831 
 2,818,071   BFLD Mortgage Trust 2024-WRHS (1-Month CME Term SOFR + 1.492 %)1,3  07/15/39   5.172    2,819,832 
 4,387,500   BX 2024-PALM (I-Month CME Term SOFR + 1.541%)1,3  06/15/37   5.221    4,390,242 
 4,740,000   BX Commercial Mortgage Trust 2022- CSMO (1-Month CME Term SOFR + 3.889%)1,3  06/15/27   7.569    4,745,879 
 5,850,000   BX Commercial Mortgage Trust 2024- GPA2 (1-Month CME Term SOFR + 1.892%)1,3  11/15/41   5.572    5,864,625 
 4,974,527   BX Commercial Mortgage Trust 2025- JDI (1-Month CME Term SOFR + 1.400 % )1,3  11/15/42   5.080    4,983,854 
 61,324   BXMT, Ltd. 2020-FL2 (1-Month CME Term SOFR + 1.264%) (Cayman Islands )1,3  02/15/38   4.942    61,304 
 786,000   CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month CME Term SOFR + 4.114%)1,3  11/15/31   7.795    561,195 
 2,870,000   Citigroup Commercial Mortgage Trust 2023-PRM31,3,4  07/10/28   6.360    2,963,674 
 6,550,000   COMM Mortgage Trust 2025-SBX1,3,4  08/10/41   5.257    6,582,455 
 4,590,000   Commercial Mortgage Pass Through Certificate1,3,4  07/12/28   6.891    4,768,114 
 9,580,000   DBC Mortgage Trust 2025-DBC (1-Month CME Term SOFR + 1.350%)1,3  11/15/42   5.031    9,597,962 
 2,460,000   DC Commercial Mortgage Trust 2023- DC1  09/12/40   6.804    2,526,963 
 7,330,000   DK Trust 2024-SPBX (1-Month CME Term SOFR + 1.750%)1,3  03/15/34   5.430    7,350,616 
 7,660,000   Freddie Mac Multifamily Structured Pass Through Certificates 2023- K7531,2,5  11/25/60   0.000    4,963,986 
 26,240,000   Freddie Mac Multifamily Structured Pass Through Certificates 2023- K7531  11/25/60   0.100    96,130 
 126,596,806   Freddie Mac Multifamily Structured Pass Through Certificates 2023- K7531  11/25/60   0.100    442,608 
 7,660,000   Freddie Mac Multifamily Structured Pass Through Certificates K7533,4  12/25/30   5.038    1,515,994 
 4,965,000   FREMF Mortgage Trust 2024-K5161,3,4  01/25/29   5.925    4,490,736 
 4,675,000   FREMF Mortgage Trust 2024-K5221,3,4  05/25/29   5.566    4,273,851 
 6,570,000   FREMF Mortgage Trust 2024-K7571,5  10/25/61   0.000    3,953,890 
 25,440,000   FREMF Mortgage Trust 2024-K7571  10/25/61   0.100   109,786 

 

 

BBH Income 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)           
$105,880,000   FREMF Mortgage Trust 2024-K7571  10/25/61   0.100%  $439,402 
 21,546,523   FREMF Mortgage Trust 2025-K1701,5  02/25/63   0.000    9,574,676 
 79,721,592   FREMF Mortgage Trust 2025-K1701  02/25/63   0.100    496,211 
 351,012,611   FREMF Mortgage Trust 2025-K1701  02/25/63   0.100    2,116,466 
 7,361,000   FREMF Mortgage Trust 2025-K5351,3,4  12/25/29   5.306    6,548,639 
 1,000,000   Hudsons Bay Simon JV Trust 2015- HB101,3,4  08/05/34   5.447    981,680 
 9,760,000   INTOWN Mortgage Trust 2025-STAY (1-Month CME Term SOFR + 1.350%)1,3  03/15/42   5.030    9,772,200 
 240,000   JPMBB Commercial Mortgage Securities Trust 2014-C241,3,4  11/15/47   4.106    183,120 
 5,240,000   MED Commercial Mortgage Trust 2024-MOB (1-Month CME Term SOFR + 1.592%)1,3  05/15/41   5.272    5,219,358 
 5,860,000   MTN Commercial Mortgage Trust 2022-LPFL (1-Month CME Term SOFR + 1.896%)1,3  03/15/39   5.586    5,861,728 
 2,700,000   SCOTT Trust 2023-SFS1  03/10/40   5.910    2,767,127 
 2,270,000   SPGN Mortgage Trust 2022-TFLM (1-Month CME Term SOFR + 2.650%)1,3  02/15/39   6.330    2,273,234 
 1,310,000   SPGN Mortgage Trust 2022-TFLM (1-Month CME Term SOFR + 3.500%)1,3  02/15/39   7.180    1,306,660 
     Total Commercial Mortgage Backed Securities             
     (Cost $135,547,620)           136,752,374 
                   
     Corporate Bonds (37.5%)             
     Aerospace/Defense (0.1%)             
 2,220,000   BAE Systems, Plc (United Kingdom)1  04/15/30   3.400    2,147,272 
                   
     Agriculture (0.3%)             
 5,480,000   Bunge Ltd. Finance Corp.  09/17/29   4.200    5,486,586 
                   
     Apparel (0.2%)             
 4,555,000   William Carter CO.1  02/15/31   7.375    4,709,007 
                   
     Auto Manufacturers (2.0%)             
 3,835,000   BMW US Capital LLC1  03/21/30   5.050    3,934,487 
 3,930,000   Ford Motor Credit Co. LLC  11/05/26   5.125    3,952,161 
 4,830,000   Hyundai Capital America1  06/24/27   5.275    4,907,396 
 7,770,000   Hyundai Capital America1  03/27/30   5.150    7,971,414 
 7,350,000   Toyota Motor Credit Corp.  09/05/28   4.050    7,389,881 
 9,540,000   Volkswagen Group of America Finance LLC1  09/26/26   3.200    9,478,303 

 

 

BBH Income 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)             
$3,835,000   Volkswagen Group of America Finance LLC1  08/15/27   4.850%  $3,872,122 
                 41,505,764 
     Banks (6.5%)             
 2,790,000   ASB Bank, Ltd. (5-Year CMT Index + 2.250%) (New Zealand)1,3  06/17/32   5.284    2,823,298 
 4,600,000   Banco Santander S.A. (1-year CMT Index + 1.250%) (Spain)3  03/14/28   5.552    4,673,448 
 1,635,000   Bank Leumi Le-lsrael BM (Israel)1  07/27/27   5.125    1,644,810 
 10,715,000   Bank of America Corp. (5-Year CMT Index + 2.760%)3,6      4.375    10,659,903 
 2,650,000   Bank of New York Mellon (SOFR + 1.135%)3  04/20/29   4.729    2,694,957 
 3,035,000   Bank of New Zealand (New Zealand)1  02/07/28   4.846    3,088,032 
 3,095,000   Bank of Nova Scotia (Canada)  03/11/27   2.951    3,067,143 
 4,670,000   BNP Paribas S.A. (SOFR + 1.678%) (France)1,3  05/09/31   5.085    4,767,112 
 3,485,000   Canadian Imperial Bank of Commerce (Canada)  10/03/28   5.986    3,653,956 
 7,500,000   Citigroup, Inc. (SOFR + 1.143%)3  05/07/28   4.643    7,557,529 
 2,920,000   Comerica Bank (SOFR + 2.610%)3  08/25/33   5.332    2,948,988 
 6,240,000   Fifth Third Bancorp (SOFR + 2.192%)3  10/27/28   6.361    6,478,432 
 165,000   Fifth Third Bancorp (SOFR + 2.127%)3  07/28/30   4.772    167,219 
 2,140,000   HSBC Holdings, Plc (SOFR + 3.350%) (United Kingdom)3  11/03/28   7.390    2,258,339 
 1,140,000   HSBC Holdings, Plc (SOFR + 2.387%) (United Kingdom)3  06/04/31   2.848    1,067,413 
 3,285,000   HSBC Holdings, Plc (SOFR + 2.390%) (United Kingdom)3  03/09/34   6.254    3,560,474 
 6,256,000   Huntington Bancshares, Inc. (SOFR + 1.970%)3  08/04/28   4.443    6,292,063 
 3,720,000   JPMorgan Chase & Co. (SOFR + 0.930%)3  07/22/28   4.979    3,773,496 
 2,160,000   Lloyds Banking Group, Plc (1-year CMT Index + 1.700%) (United Kingdom)3  03/06/29   5.871    2,238,148 
 2,025,000   Lloyds Banking Group, Plc (1-year CMT Index + 3.750%) (United Kingdom)3  11/15/33   7.953    2,355,276 
 2,000,000   Morgan Stanley (SOFR + 1.610%)3  04/20/28   4.210    2,004,540 
 5,175,000   NatWest Group, Plc (SOFR + 1.300%) (United Kingdom)3  11/15/28   5.102    5,220,610 
 1,780,000   NatWest Group, Plc (1-year CMT Index + 2.100%) (United Kingdom)3  03/02/34   6.016    1,908,634 
 5,770,000   PNC Financial Services Group, Inc. (5-Year CMT Index + 2.595%)3,6      3.400    5,680,834 
 2,360,000   Santander Holdings USA, Inc. (SOFR + 2.356%)3  03/09/29   6.499    2,461,515 
 5,115,000   Santander Holdings USA, Inc. (SOFR + 1.878%)3  03/20/31   5.741    5,306,602 

 

 

BBH Income 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)             
$3,070,000   Skandinaviska Enskilda Banken AB (Sweden)1  03/05/29   5.375%  $3,174,257 
 7,510,000   State Street Corp.  02/28/28   4.536    7,614,816 
 1,620,000   Truist Financial Corp. (SOFR + 2.446%)3  10/30/29   7.161    1,744,491 
 4,445,000   Truist Financial Corp. (SOFR + 1.620%)3  01/24/30   5.435    4,600,272 
 1,525,000   UBS Group AG (1-year CMT Index + 1.750%) (Switzerland)1,3  05/12/28   4.751    1,537,297 
 6,100,000   US Bancorp (5-Year CMT Index + 2.541%)3,6      3.700    6,015,115 
 1,165,000   Wells Fargo & Co. (SOFR + 2.100%)3  06/02/28   2.393    1,140,780 
 5,195,000   Wells Fargo & Co. (SOFR + 1.370%)3  04/23/29   4.970    5,293,834 
 3,020,000   Wells Fargo & Co. (SOFR + 1.500%)3  03/02/33   3.350    2,815,950 
                 132,289,583 
     Chemicals (0.3%)             
 6,570,000   Olin Corp.1  04/01/33   6.625    6,438,040 
                   
     Commercial Services (0.2%)             
 3,670,000   Avis Budget Car Rental LLC / Avis Budget Finance, Inc.1  01/15/30   8.250    3,798,395 
                   
     Diversified Financial Services (2.7%)             
 4,365,000   Ally Financial, Inc. (SOFR + 2.820%)3  01/03/30   6.848    4,620,733 
 1,265,000   American Express Co.  03/04/27   2.550    1,248,590 
 2,345,000   Capital One Financial Corp.  05/11/27   3.650    2,334,649 
 1,630,000   Capital One Financial Corp. (SOFR + 3.070%)3  10/30/31   7.624    1,829,710 
 7,870,000   Compeer Financial ACA (5-Year CMT Index + 4.155%)1,3,6      7.875    8,096,263 
 4,125,000   Credit Acceptance Corp.1  12/15/28   9.250    4,322,468 
 2,655,000   Credit Opportunities Partners JV LLC  04/01/26   4.250    2,649,743 
 9,030,000   Equitable America Global Funding1  06/09/30   4.950    9,187,329 
 2,550,000   GCM Grosvenor Diversified Alternatives Issuer LLC1,2  11/15/41   6.000    2,171,580 
 7,300,000   Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc.1  02/01/27   6.375    7,291,776 
 4,620,000   Sculptor Alternative Solutions LLC1,2  05/15/37   6.000    4,220,370 
 7,060,000   Stonebriar ABF Issuer LLC1  12/15/30   8.125    7,334,210 
                 55,307,421 
     Electric (1.9%)             
 4,160,000   Alexander Funding Trust II1  07/31/28   7.467    4,429,118 
 4,405,000   Atlantica Sustainable Infrastructure, Ltd. (United Kingdom)1  06/15/28   4.125    4,321,500 
 9,645,000   Duke Energy Carolinas SC Storm Funding LLC  03/01/46   4.898    9,636,027 
 3,375,000   Florida Power & Light Co.  05/15/33   4.800    3,427,489 
 3,500,000   Oncor Electric Delivery Co. LLC  05/15/28   4.300    3,527,653 
 4,420,000   Southern California Edison Co.  09/06/26   4.400    4,429,085 

 

 

BBH Income 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)             
     Electric (continued)             
$7,675,000   XPLR Infrastructure Operating Partners LP1  03/15/33   8.625%  $8,051,986 
                 37,822,858 
     Energy-Alternate Sources (0.4%)             
 8,440,000   XPLR Infrastructure LP1  06/15/26   2.500    8,282,172 
                   
     Food (0.5%)             
 5,925,000   Mars, Inc.1  03/01/32   5.000    6,088,707 
 4,765,000   Nestle Capital Corp.1  03/12/31   4.750    4,895,529 
                 10,984,236 
     Gas (0.5%)             
 4,650,000   Southern California Gas Co.  09/01/34   5.050    4,709,025 
 4,120,000   Southern California Gas Co.  06/15/35   5.450    4,276,028 
                 8,985,053 
     Healthcare-Services (0.5%)             
 1,080,000   Providence St Joseph Health Obligated Group.  10/01/33   5.403    1,112,470 
 4,210,000   Roche Holdings, Inc.1  03/08/31   4.909    4,346,570 
 4,585,000   Sutter Health  08/15/32   5.213    4,748,399 
                 10,207,439 
     Insurance (11.2%)             
 7,105,000   Aegon, Ltd. (6-Month CME Term SOFR + 3.540%)3  04/11/48   5.500    7,189,883 
 2,940,000   American Coastal Insurance Corp.  12/15/27   6.250    2,938,380 
 5,400,000   American National Global Funding1  12/15/28   4.625    5,421,469 
 4,650,000   American National Global Funding1  01/28/30   5.550    4,783,819 
 5,395,000   American National Global Funding1  06/03/30   5.250    5,477,623 
 6,425,000   American National Global Funding1  01/23/31   4.875    6,399,058 
 2,880,000   Ascot Group, Ltd. (Bermuda)1  12/15/30   4.250    2,662,988 
 3,615,000   Ascot Group, Ltd. (5-Year CMT Index + 2.375%) (Bermuda)1,3  06/15/35   6.349    3,714,795 
 8,205,000   Athene Global Funding1  05/09/28   4.830    8,295,884 
 4,360,000   Athene Global Funding1  01/09/29   5.583    4,489,521 
 4,040,000   Athene Global Funding1  10/08/29   4.721    4,053,339 
 8,565,000   Athene Global Funding1  07/17/30   5.033    8,637,376 
 8,190,000   AXIS Specialty Finance LLC (5-Year CMT Index + 3.186%) 3  01/15/40   4.900    7,904,633 
 4,505,000   Bowhead Specialty Holdings, Inc.  12/01/30   7.750    4,502,095 
 4,900,000   Corebridge Financial, Inc. (5-Year CMT Index + 3.846%)3  12/15/52   6.875    5,032,490 
 3,175,000   Corebridge Global Funding1  09/19/28   5.900    3,313,307 
 3,155,000   DaVinciRe Holdings, Ltd. (Bermuda)1  04/15/35   5.950    3,224,660 
 4,210,000   Doctors Co. An Interinsurance Exchange1  01/18/32   4.500    3,786,620 
 9,717,000   Enstar Finance LLC (5-Year CMT Index + 4.006%)3  01/15/42   5.500    9,652,779 
 4,460,000   Enstar Group, Ltd. (5-Year CMT Index + 3.186%)1,3  04/01/45   7.500    4,643,703 
 2,405,000   Equitable Financial Life Global Funding1  03/27/30   5.000    2,451,841 

 

 

BBH Income 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)           
$5,540,000   F&G Annuities & Life, Inc.  01/13/28   7.400%  $5,784,229 
 4,110,000   F&G Global Funding1  06/10/27   5.875    4,194,561 
 6,000,000   F&G Global Funding1  01/09/29   4.500    6,001,660 
 4,765,000   Fidelis Insurance Holdings, Ltd. (5-Year CMT Index + 6.323%) (United Kingdom)1,3  04/01/41   6.625    4,755,784 
 6,260,000   GA Global Funding Trust1  09/23/27   4.400    6,281,359 
 1,975,000   Global Atlantic Finance Co. (5-Year CMT Index + 3.608%)1,3  10/15/54   7.950    2,041,417 
 6,815,000   Guardian Life Global Funding1  09/26/29   4.179    6,822,015 
 4,525,000   Guardian Life Global Funding1  12/11/30   4.402    4,534,211 
 1,690,000   Metropolitan Life Global Funding I1  03/21/29   3.300    1,648,817 
 6,780,000   Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (5-Year CMT Index + 3.982%) (Germany)1,3  05/23/42   5.875    7,087,082 
 6,450,000   Mutual of Omaha Cos Global Funding1  06/09/28   4.514    6,505,018 
 5,450,000   Mutual of Omaha Cos Global Funding1  04/01/30   5.000    5,559,882 
 5,090,000   Northwestern Mutual Global Funding1  03/25/27   5.070    5,156,536 
 7,725,000   Pacific Life Global Funding II1  05/01/28   4.450    7,810,309 
 3,708,000   PartnerRe Finance B LLC (5-Year CMT Index + 3.815%)3  10/01/50   4.500    3,503,080 
 4,365,000   Protective Life Global Funding1  01/12/27   4.992    4,415,707 
 6,115,000   Protective Life Global Funding1  09/13/27   4.335    6,156,902 
 6,075,000   RGA Global Funding1  11/25/30   4.600    6,087,978 
 3,460,000   RGA Global Funding1  01/11/31   5.500    3,597,819 
 3,735,000   SiriusPoint, Ltd. (Sweden)  04/05/29   7.000    3,956,769 
 1,895,000   Stewart Information Services Corp.  11/15/31   3.600    1,712,317 
 4,830,000   Swiss Re Finance Luxembourg S.A. (5-Year CMT Index + 3.582%) (Luxembourg)1,3  04/02/49   5.000    4,863,394 
 6,280,000   Universal Insurance Holdings, Inc.  11/30/26   5.625    6,201,063 
 6,340,000   Western-Southern Global Funding1  01/29/29   4.250    6,355,345 
                 229,609,517 
     Internet (0.2%)             
 3,830,000   Meta Platforms, Inc.  11/15/32   4.600    3,839,585 
                   
     Investment Companies (4.7%)             
 11,550,000   Ares Capital Corp.  07/15/26   2.150    11,440,628 
 2,172,000   BlackRock TCP Capital Corp.  05/30/29   6.950    2,151,240 
 4,320,000   Blackstone Private Credit Fund  09/26/27   4.950    4,342,115 
 5,990,000   Blue Owl Credit Income Corp.  03/15/30   5.800    5,941,019 
 2,585,000   Blue Owl Technology Finance Corp.  03/15/28   6.100    2,622,315 
 5,145,000   Blue Owl Technology Finance Corp.  01/23/31   6.125    5,067,980 
 5,860,000   Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance1  09/17/30   5.950    5,591,728 
 5,725,000   Fairfax India Holdings Corp. (Canada)1  02/26/28   5.000    5,454,404 
 3,930,000   Franklin BSP Capital Corp.1  10/02/30   6.000    3,860,821 
 3,940,000   Golub Capital Private Credit Fund  09/12/29   5.800    3,996,724 

 

 

BBH Income 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 (continued)           
$11,340,000   HA Sustainable Infrastructure Capital, Inc.  07/01/34   6.375%  $11,580,321 
 3,090,000   HA Sustainable Infrastructure Capital, Inc. (5-Year CMT Index + 4.301%)3  06/01/56   8.000    3,241,410 
 2,065,000   HAT Holdings I LLC / HAT Holdings II LLC1  06/15/26   3.375    2,055,653 
 2,300,000   HAT Holdings I LLC / HAT Holdings II LLC1  09/15/30   3.750    2,145,561 
 2,960,000   MidCap Financial Investment Corp.  07/16/26   4.500    2,926,602 
 265,000   OFS Capital Corp.  02/10/26   4.750    265,007 
 7,360,000   PennantPark Floating Rate Capital, Ltd.  04/01/26   4.250    7,336,249 
 7,655,000   PennantPark Investment Corp.  05/01/26   4.500    7,630,811 
 3,025,000   Saratoga Investment Corp.  02/28/26   4.375    3,015,141 
 3,050,000   Silver Point Specialty Credit Fund LP2  11/04/26   4.000    2,998,943 
 3,165,000   Trinity Capital, Inc.  12/15/26   4.250    3,097,820 
                 96,762,492 
     Machinery-Diversified (0.8%)             
 2,275,000   CNH Industrial Capital LLC  04/10/28   4.550    2,293,652 
 2,450,000   CNH Industrial Capital LLC  01/12/29   5.500    2,535,986 
 7,140,000   John Deere Capital Corp. (SOFR + 0.500%)3  03/06/28   4.219    7,170,338 
 4,710,000   John Deere Capital Corp.  03/07/31   4.900    4,857,636 
                 16,857,612 
     Media (0.3%)             
 5,110,000   CCO Holdings LLC / CCO Holdings Capital Corp.1  03/01/31   7.375    5,256,223 
                   
     Miscellaneous Manufacturers (0.3%)             
 6,100,000   Axon Enterprise, Inc.1  03/15/30   6.125    6,270,489 
                   
     Oil & Gas (0.5%)             
 4,480,000   Sunoco LP1  05/01/29   7.000    4,658,443 
 5,040,000   Woodside Finance, Ltd. (Australia)  05/19/30   5.400    5,186,120 
                 9,844,563 
     Pharmaceuticals (0.5%)             
 730,000   Bausch Health Cos., Inc. (Canada)1  06/01/28   4.875    675,239 
 3,770,000   Eli Lilly & Co.  02/12/30   4.750    3,870,376 
 4,800,000   Eli Lilly & Co.  03/15/31   4.250    4,823,894 
                 9,369,509 
     Pipelines (0.1%)             
 2,430,000   Harvest Midstream I LP1  09/01/28   7.500    2,463,395 
                   
     Real Estate Investment Trusts (1.6%)             
 3,340,000   American Tower Trust #11  03/15/53   5.490    3,396,869 
 6,358,000   Arbor Realty SR, Inc.1  10/15/27   8.500    6,336,754 
 5,495,000   Arbor Realty SR, Inc.1  12/15/28   8.500    5,354,620 
 2,375,000   Arbor Realty Trust, Inc.  04/30/26   5.000    2,370,661 
 1,970,000   Arbor Realty Trust, Inc.1  03/15/27   4.500    1,883,920 

 

 

BBH Income 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)             
     Real Estate Investment Trusts (continued)             
$5,075,000   EF Holdco / EF Cayman Hold / Ellington Finance REIT Cayman / TRS / EF Cayman Non-MTM (Multinational)1  04/01/27   5.875%  $4,899,749 
 2,750,000   Rexford Industrial Realty LP  06/15/28   5.000    2,798,359 
 2,000,000   SBA Tower Trust1  11/15/52   6.599    2,045,054 
 1,345,000   Scentre Group Trust 2 (5-Year CMT Index + 4.685%) (Australia)1,3  09/24/80   5.125    1,353,935 
 2,065,000   Starwood Property Trust, Inc.1  01/15/27   4.375    2,051,423 
                 32,491,344 
     Retail (0.4%)             
 1,143,000   Macy's Retail Holdings LLC1  03/15/30   5.875    1,154,781 
 4,145,000   Macy's Retail Holdings LLC1  08/01/33   7.375    4,377,004 
 3,450,000   Nordstrom, Inc.  04/01/30   4.375    3,293,698 
                 8,825,483 
     Savings & Loans (0.2%)             
 3,950,000   Axos Financial, Inc. (3-Month CME Term SOFR + 3.790%)3  10/01/35   7.000    4,029,000 
                   
     Semiconductors (0.3%)             
 5,575,000   ams-OSRAM AG (Austria)1  03/30/29   12.250    5,923,844 
                   
     Software (0.3%)             
 4,195,000   CoreWeave, Inc.1  06/01/30   9.250    4,129,550 
 1,730,000   CoreWeave, Inc.1  02/01/31   9.000    1,682,007 
                 5,811,557 
     Total Corporate Bonds           765,318,439 
     (Cost $756,394,040)             
                   
     Loan Participations and Assignments (10.7%)             
 5,261,689   AAdvantage Loyality IP, Ltd. (3-Month CME Term SOFR + 2.250%) (Cayman Islands)3  04/20/28   5.918    5,261,689 
 1,945,300   AAdvantage Loyality IP, Ltd. (3-Month CME Term SOFR + 3.250%) (Cayman Islands)3  05/28/32   6.918    1,947,245 
 5,022,050   A-AG US GSI Bidco, Inc. (3-Month CME Term SOFR + 5.000%)3  10/31/31   8.672    5,025,214 
 2,925,955   Allen Media LLC (3-Month CME Term SOFR + 5.500%)3  02/10/27   9.322    1,804,963 
 5,549,826   Allspring Buyer LLC (3-Month CME Term SOFR + 3.000%)3  11/01/30   6.688    5,549,160 
 4,507,544   Athenahealth Group, Inc. (1-Month CME Term SOFR + 2.750%)3  02/15/29   6.422    4,444,619 
 1,508,078   Axalta Coating Systems US Holdings, Inc. Term B7 (3-Month CME Term SOFR + 1.750%)3  12/20/29   5.422    1,507,143 

 

 

BBH Income 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)             
$2,634,110   BCP Renaissance Parent LLC Term B6 (3-Month CME Term SOFR + 2.500%)3  10/31/28   6.172%  $2,622,915 
 336,081   Buckeye Partners LP Term B7 (1-Month CME Term SOFR + 1.750%)3  11/22/32   5.422    336,955 
 3,557,740   Central Parent LLC (3-Month CME Term SOFR + 3.250%)3  07/06/29   6.922    2,838,579 
 5,622,626   Charter Communications Operating LLC Term B4 (3-Month CME Term SOFR + 2.000%)3  12/07/30   5.661    5,607,052 
 5,466,300   Clearwater Analytics LLC (1-Month CME Term SOFR + 2.000%)3  04/21/32   5.673    5,452,634 
 11,252,966   Connect Finco S.a.r.l. (1-Month CME Term SOFR + 4.500%) (Luxembourg)3  09/27/29   8.172    11,199,515 
 4,170,000   CoorsTek, Inc. Term B (3-Month CME Term SOFR + 3.000%)3  10/28/32   6.671    4,178,674 
 3,012,381   Delos Aircraft Designated Activity Co. (3-Month CME Term SOFR + 1.750%) (Ireland)3  10/31/27   5.422    3,024,310 
 5,456,699   Eagle Broadband Investments LLC (3-Month CME Term SOFR + 3.000%)3  11/12/27   6.934    5,187,302 
 7,312,853   Eastern Power LLC (1-Month CME Term SOFR + 5.250%)3  04/03/28   8.922    7,332,305 
 659,091   Elanco Animal Health, Inc. Term B (1-Month CME Term SOFR + 1.750%)3  10/31/32   5.450    658,597 
 6,019,289   Flutter Entertainment, Plc Term B (3-Month CME Term SOFR + 1.750%) (Ireland)3  11/30/30   5.422    6,004,241 
 7,267,970   Geon Performance Solutions LLC (Fka. Echo US Holdings LLC) (3-Month CME Term SOFR + 4.250%)3  08/18/28   8.184    6,295,879 
 3,451,350   Gloves Buyer, Inc. (1-Month CME Term SOFR + 4.000%)3  05/21/32   7.672    3,426,914 
 6,015,255   Great Outdoors Group LLC Term B3 (1-Month CME Term SOFR + 3.250%)3  01/23/32   6.922    6,007,736 
 2,600,350   Hilcorp Energy I LP (1-Month CME Term SOFR + 1.750%)3  02/11/30   5.425    2,600,350 
 2,626,812   ILPEA Parent, Inc. (1-Month CME Term SOFR + 4.000%)3  06/22/28   7.680    2,618,617 
 3,631,270   Iqvia, Inc. Term B5 (3-Month CME Term SOFR + 1.750%)3  01/02/31   5.422    3,641,874 
 6,491,154   Iridium Communications, Inc. Term B4 (1-Month CME Term SOFR + 2.250%)3  09/20/30   5.922    6,129,532 
 1,768,753   Jazz Pharmaceuticals, Inc. Term B2 (1-Month CME Term SOFR + 2.250%)3  05/05/28   5.922    1,772,927 
 10,479,095   LendingTree, Inc. Term B (1-Month CME Term SOFR + 4.250%)3  08/21/30   7.922    10,482,344 
 6,340,000   LSF 12 Helix Parent LLC Term B3,7  01/21/33   0.000    6,316,225 

 

 

BBH Income 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)           
$794,826   Lumen Technologies, Inc. Term A (1-Month CME Term SOFR + 6.000%)3  06/01/28   9.716%  $796,217 
 7,131,375   Medline Borrower, LP (1-Month CME Term SOFR + 1.750%)3  10/23/30   5.422    7,146,636 
 9,372,622   Midcontinent Communications (1-Month CME Term SOFR + 2.500%)3  08/16/31   6.173    9,328,664 
 681,642   MPH Acquisition Holdings LLC (3-Month CME Term SOFR + 3.750%)3  12/31/30   7.417    679,086 
 5,650,380   MPH Acquisition Holdings LLC (3-Month CME Term SOFR + 4.600%)3  12/31/30   8.528    5,187,783 
 4,432,725   Nexstar Media, Inc. Term B5 (1-Month CME Term SOFR + 2.500%)3  06/28/32   6.172    4,425,943 
 8,508,445   OCM System One Buyer CTB LLC (1-Month CME Term SOFR + 3.500%)3  03/02/28   7.172    8,504,871 
 9,097,994   Priority Holdings, LLC (1-Month CME Term SOFR + 3.750%)3  07/30/32   7.422    8,902,387 
 9,306,000   Rockpoint Gas Storage Partners LP (3-Month CME Term SOFR + 2.500%)3  09/18/31   6.172    9,313,259 
 4,480,244   Sotera Health Holdings LLC (1-Month CME Term SOFR + 2.500%)3  05/30/31   6.172    4,491,444 
 1,756,163   Starwood Property Mortgage, LLC (1-Month CME Term SOFR + 1.750%)3  11/18/27   5.422    1,751,772 
 4,743,113   Starwood Property Mortgage, LLC Term B2 (1-Month CME Term SOFR + 2.250%)3  09/24/32   5.922    4,754,970 
 7,175,000   Stonepeak Nile Parent LLC (3-Month CME Term SOFR + 2.250%)3  04/09/32   5.917    7,166,031 
 3,017,238   Terex Corp. (1-Month CME Term SOFR + 1.750%)3  10/08/31   5.422    3,019,742 
 3,705,543   Tidal Waste & Recycling Holdings LLC (3-Month CME Term SOFR + 2.750%)3  10/24/31   6.422    3,718,512 
 4,345,168   United AirLines, Inc. Term B (1-Month CME Term SOFR + 2.000%)3  02/22/31   5.673    4,344,255 
 5,120,000   Versant Media Group, Inc. Term B (3-Month CME Term SOFR + 3.500%)3  01/30/31   7.161    5,111,040 
     Total Loan Participations and Assignments            217,918,122 
     (Cost $221,086,775)             
                   
     Municipal Bonds (0.1%)             
 1,645,000   Indiana Finance Authority, Revenue Bonds  03/01/51   3.313    1,152,608 
     Total Municipal Bonds            1,152,608 
     (Cost $1,645,000)             
                   
     Preferred Securities (1.5%)             
 79,000   Apollo Global Management, Inc. (5-Year CMT Index + 3.226%)3  09/15/53   7.625    2,082,440 
 215,000   CION Investment Corp.  12/30/29   7.500    5,370,098 

 

 

BBH Income 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 
    Preferred Securities (continued)           
$99,600   Crescent Capital BDC, Inc.  05/25/26   5.000%  $2,488,008 
 178,600   Eagle Point Credit Co., Inc.  01/31/29   5.375    4,232,820 
 66,200   Ellington Financial, Inc. (5-Year CMT Index + 5.130%)3,6      8.625    1,681,480 
 132,600   Gladstone Investment Corp.  11/01/28   4.875    3,181,737 
 177,000   OFS Capital Corp.  07/31/28   7.500    4,463,940 
 130,800   Oxford Lane Capital Corp.  01/31/27   5.000    3,217,680 
 175,000   Trinity Capital, Inc.  03/30/29   7.875    4,450,250 
     Total Preferred Securities            31,168,453 
     (Cost $31,385,836)             
                   
     Residential Mortgage Backed Securities (0.0%)             
 250,402   RMF Proprietary Issuance Trust 2019-11,3,4  10/25/63   2.750    240,562 
                   
     Total Residential Mortgage Backed Securities            240,562 
     (Cost $248,727)             
                   
     U.S. Treasury Bills (2.3%)             
 24,405,000   U.S. Treasury Bill8  02/05/26   3.574    24,397,743 
 13,955,000   U.S. Treasury Bill8  02/17/26   3.624    13,933,980 
 4,100,000   U.S. Treasury Bill8,9  04/09/26   3.766    4,073,052 
 4,700,000   U.S. Treasury Bill8,9  07/09/26   3.532    4,627,645 
     Total U.S. Treasury Bills            47,032,420 
     (Cost $47,032,810)             
                   
     U.S. Treasury Bonds and Notes (23.2%)             
 104,250,000   U.S. Treasury Bond  02/15/37   4.750    108,542,168 
 1,950,000   U.S. Treasury Bond  11/15/39   4.375    1,915,113 
 16,000,000   U.S. Treasury Bond  05/15/40   4.375    15,661,250 
 83,900,000   U.S. Treasury Bond  08/15/41   1.750    56,426,027 
 42,750,000   U.S. Treasury Bond  02/15/43   3.875    38,326,377 
 43,500,000   U.S. Treasury Bond  08/15/45   2.875    32,550,234 
 54,800,000   U.S. Treasury Bond  08/15/50   1.375    26,875,547 
 1,250,000   U.S. Treasury Bond  05/15/52   2.875    869,629 
 30,870,000   U.S. Treasury Bond  02/15/53   3.625    24,870,850 
 18,765,000   U.S. Treasury Bond  05/15/53   3.625    15,105,092 
 15,000,000   U.S. Treasury Note  03/31/29   4.125    15,219,141 
 10,000,000   U.S. Treasury Note  07/31/30   3.875    10,046,094 
 66,700,000   U.S. Treasury Note  03/31/32   4.125    67,338,340 
 63,050,000   U.S. Treasury Note9  05/15/33   3.375    60,340,820 
     Total U.S. Treasury Bonds and Notes           474,086,682 
     (Cost $484,273,465)             
                   
Total Investments (Cost $2,026,388,996)10       99.3%  $2,026,190,332 
Cash and Other Assets in Excess of Liabilities   0.7%   15,751,967 
Net Assets   100.0%  $2,041,942,299 

 

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

January 31, 2026 (unaudited)

All investments in the United States, except as noted.

 

 

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 January 31, 2026 was $878,450,172 or 43.0% of net assets.
2Security that used significant unobservable inputs to determine fair value, as determined by the Adviser.
3Variable 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.
4This 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.
5Security issued with zero coupon. Income is recognized through accretion of discount.
6Security is perpetual in nature and has no stated maturity date.
7All or a portion of this position represents an unsettled loan commitment at period end. Certain details associated with this unsettled purchase may not be known prior to the settlement date, including coupon rate.

8Coupon represents a yield to maturity.
9All or a portion of this security is held at the broker as collateral for open futures contracts.

 

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)

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 Buy:                       
U.S. Long Bond   319   March 2026   37,273,141    36,724,875    (548,266)
U.S. Treasury 5-Year Notes   300   March 2026  $32,854,688   $32,678,907   $(175,781)
U.S. Treasury 10-Year Notes   1,489   March 2026   167,710,259    166,512,079    (1,198,180)
U.S. Treasury 10-Year Ultra Bond   1,457   March 2026   168,183,330    166,325,656    (1,857,674)
U.S. Ultra Bond   545   March 2026   65,317,411    64,003,438    (1,313,973)
                     $(5,093,874)
                        
Net Unrealized (Loss) on Open Futures Contracts                    $(5,093,874)

  

10The aggregate cost of investments and derivatives for federal income tax purposes is $2,026,388,996, the aggregate gross unrealized appreciation is $22,115,882 and the aggregate gross unrealized depreciation is $27,408,420, resulting in net unrealized depreciation of $5,292,538.

 

 

BBH Income Fund

 

Portfolio of Investments (continued)

January 31, 2026 (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)

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 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)

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  $–   $341,946,983   $10,573,689   $352,520,672 
Commercial Mortgage Backed Securities   –    131,788,388    4,963,986    136,752,374 
Corporate Bonds   –    755,927,546    9,390,893    765,318,439 
Loan Participations and Assignments   –    217,918,122    –    217,918,122 
Municipal Bonds   –    1,152,608    –    1,152,608 
Preferred Securities   31,168,453    –    –    31,168,453 
Residential Mortgage Backed Securities   –    240,562    –    240,562 
U.S. Treasury Bills   –    47,032,420    –    47,032,420 
U.S. Treasury Bonds and Notes   –    474,086,682    –    474,086,682 
Total Investments, at value  $31,168,453   $1,970,093,311   $24,928,568   $2,026,190,332 
                     
Other Financial Instruments, at value                    
Financial Futures Contracts   (5,093,874)   –    –    (5,093,874)
Other Financial Instruments, at value  $(5,093,874)  $–   $–   $(5,093,874)

 

 

BBH Income 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		   Commercial
Mortgage
Backed
Securities		   Corporate
Bonds		   Total 
Balance as of October 31, 2025  $10,532,100   $4,918,333   $8,966,010   $24,416,443 
Purchases   –    –    –    – 
Sales/Paydowns   (18,616)   –    –    (18,616)
Realized gains/(losses)   –    –    –    – 
Change in unrealized appreciation/(depreciation)   60,205    16,230    424,883    501,318 
Amortization   –    29,423    –    29,423 
Transfers from Level 3   –    –    –    – 
Transfers to Level 3   –    –    –    – 
Balance as of January 31, 2026  $10,573,689   $4,963,986   $9,390,893   $24,928,568 

 

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 January 31, 2026, $16,965,639 of value of the Level 3 assets in the Fund was based on single quotes from brokers.

 

 

BBH Income 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.