NPORT-EX 2 e15078-lot8intlequity.htm PORTFOLIO OF INVESTMENTS

BBH PARTNER FUND – INTERNATIONAL EQUITY

PORTFOLIO OF INVESTMENTS

January 31, 2022 (unaudited)

Shares/
Units			Value
		COMMON STOCK (99.0%)
		BERMUDA (1.2%)
		CONSUMER NON-CYCLICAL
	232,022	IHS Markit, Ltd.	$	27,097,849
		Total Bermuda		27,097,849

		CANADA (12.8%)
		CONSUMER CYCLICAL
	867,627	Alimentation Couche-Tard, Inc.		35,044,106
		FINANCIALS
	2,024,790	Brookfield Asset Management, Inc. (Class A)		111,659,747
		INDUSTRIALS
	1,150,848	Canadian Pacific Railway, Ltd.		82,450,165
		TECHNOLOGY
	40,784	Constellation Software, Inc.		70,343,444
		Total Canada		299,497,462

		CAYMAN ISLANDS (4.3%)
		COMMUNICATIONS
	2,702,280	JD.com, Inc. (Class A)¹		100,766,968
		Total Cayman Islands		100,766,968

		FRANCE (10.1%)
		CONSUMER NON-CYCLICAL
	991,182	Worldline S.A.^1,2		48,054,067
		INDUSTRIALS
	885,746	Safran S.A.		107,240,511
	254,911	Schneider Electric SE		43,244,361
	439,603	Thales S.A.		40,328,488
				190,813,360
		Total France		238,867,427

		GERMANY (5.1%)
		FINANCIALS
	169,237	Deutsche Boerse AG		29,823,499
		TECHNOLOGY
	721,455	SAP SE		89,140,720
		Total Germany		118,964,219

		HONG KONG (4.4%)
		FINANCIALS
	7,278,260	AIA Group, Ltd.		75,600,242
	500,179	Hong Kong Exchanges & Clearing, Ltd.		28,228,558
		Total Hong Kong		103,828,800

BBH PARTNER FUND – INTERNATIONAL EQUITY

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Shares/
Units			Value
		COMMON STOCK (continued)
		IRELAND (6.3%)
		INDUSTRIALS
	2,603,377	CRH, Plc.	$	130,608,369
		TECHNOLOGY
	43,303	Accenture, Plc. (Class A).		15,311,075
		Total Ireland		145,919,444

		ITALY (2.2%)
		CONSUMER NON-CYCLICAL
	3,545,147	Nexi SpA^1,2		51,772,230
		Total Italy		51,772,230

		JAPAN (8.2%)
		CONSUMER CYCLICAL
	46,140	Nintendo Co., Ltd.		22,602,926
		CONSUMER NON-CYCLICAL
	1,748,880	Olympus Corp.		39,163,946
	480,789	Shiseido Co., Ltd.		24,299,571
				63,463,517
		INDUSTRIALS
	88,824	Keyence Corp.		45,621,306
		TECHNOLOGY
	369,915	Obic Co., Ltd.		60,932,717
		Total Japan		192,620,466

		JERSEY (4.2%)
		CONSUMER NON-CYCLICAL
	1,442,472	Experian, Plc.		60,200,015
		TECHNOLOGY
	2,332,906	Clarivate, Plc.¹		38,399,633
		Total Jersey		98,599,648

		LUXEMBOURG (0.5%)
		COMMUNICATIONS
	59,969	Spotify Technology S.A.¹		11,769,516
		Total Luxembourg		11,769,516

		NETHERLANDS (5.1%)
		CONSUMER NON-CYCLICAL
	20,002	Adyen NV^1,2		40,704,412
	167,408	Heineken NV		17,934,162
				58,638,574
		TECHNOLOGY
	89,140	ASML Holding NV		60,847,040
		Total Netherlands		119,485,614

BBH PARTNER FUND – INTERNATIONAL EQUITY

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Shares/
Units			Value
		COMMON STOCK (continued)
		SPAIN (7.4%)
		CONSUMER CYCLICAL
	2,369,608	Industria de Diseno Textil S.A.	$	71,450,109
		CONSUMER NON-CYCLICAL
	1,087,542	Amadeus IT Group S.A.¹		74,462,028
	1,572,049	Grifols S.A.		27,643,683
				102,105,711
		Total Spain		173,555,820

		SWEDEN (4.1%)
		COMMUNICATIONS
	1,242,288	Telefonaktiebolaget LM Ericsson (Class B)		15,405,376
		INDUSTRIALS
	1,595,534	Assa Abloy AB (Class B)		43,676,124
	2,666,254	Hexagon AB (Class B)		35,994,773
				79,670,897
		Total Sweden		95,076,273

		SWITZERLAND (8.5%)
		CONSUMER NON-CYCLICAL
	1,128,762	Alcon, Inc.		86,730,779
	100,287	Sonova Holding AG		35,498,526
				122,229,305
		FINANCIALS
	35,215	Partners Group Holding AG		48,816,034
		INDUSTRIALS
	80,999	Sika AG		28,245,805
		Total Switzerland		199,291,144

		TAIWAN (3.3%)
		TECHNOLOGY
	675,120	MediaTek, Inc.		26,302,087
	429,019	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		52,610,600
		Total Taiwan		78,912,687

		UNITED KINGDOM (2.8%)
		FINANCIALS
	21,840,319	Melrose Industries, Plc.		44,430,862
	1,319,470	Prudential, Plc.		22,176,192
		Total United Kingdom		66,607,054

		UNITED STATES (8.5%)
		CONSUMER CYCLICAL
	95,020	Lululemon Athletica, Inc.¹		31,713,875

BBH PARTNER FUND – INTERNATIONAL EQUITY

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

Shares/
Units			Value
		COMMON STOCK (continued)
		UNITED STATES (continued)
		CONSUMER NON-CYCLICAL
	352,570	PerkinElmer, Inc.	$	60,701,977
		TECHNOLOGY
	886,936	Fidelity National Information Services, Inc.		106,361,365
		Total United States		198,777,217
		Total Common Stock (Cost $2,048,849,010)		2,321,409,838

		WARRANTS (0.0%)
		SWITZERLAND (0.0%)
	573,446	Cie Financiere Richemont S.A., expires 11/22/2023¹		585,747
		Total Switzerland		585,747
		Total Warrants (Cost $–)		585,747

TOTAL INVESTMENTS (Cost $2,048,849,010)³	99.0	%	$	2,321,995,585
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES	1.0	%		22,900,707
NET ASSETS	100.00	%	$	2,344,896,292

Non-income producing security.

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, 2022 was $140,530,709 or 6.0% of net assets.

The aggregate cost for federal income tax purposes is $2,048,849,010, the aggregate gross unrealized appreciation is $381,560,847 and the aggregate gross unrealized depreciation is $108,414,272, resulting in net unrealized appreciation of $273,146,575.

BBH Partner Fund – International Equity’s (the “Fund”) country diversification is based on the respective security’s country of incorporation.

Abbreviation:

ADR

–

American Depositary Receipt

BBH PARTNER FUND – INTERNATIONAL EQUITY

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

FAIR VALUE MEASUREMENTS

The Fund is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Authoritative guidance establishes three levels of the fair value hierarchy as follows:

—

Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities.

—

Level 2 – significant other observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.).

—

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets and liabilities).

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires judgment by the investment adviser. The investment adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the investment adviser’s perceived risk of that instrument.

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

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations and over-the-counter derivatives and foreign equity securities whose values could be impacted by events occurring before the Fund’s pricing time, but after the close of the securities’ primary markets and are, therefore, fair valued according to procedures adopted by the Board of Trustees. 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 PARTNER FUND – INTERNATIONAL EQUITY

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2022:

Unadjusted Quoted

Prices in Active Markets

Significant Other

Significant

for Identical Investments

Observable Inputs

Unobservable Inputs

Balance as of

Investments, at value

(Level 1)

(Level 2)

(Level 3)

January 31, 2022

Common Stock:

Bermuda

27,097,849

–

27,097,849

Canada

299,497,462

–

299,497,462

Cayman Islands

–

100,766,968

–

100,766,968

France

–

238,867,427

–

238,867,427

Germany

–

118,964,219

–

118,964,219

Hong Kong

–

103,828,800

–

103,828,800

Ireland

15,311,075

130,608,369

–

145,919,444

Italy

–

51,772,230

–

51,772,230

Japan

–

192,620,466

–

192,620,466

Jersey

38,399,633

60,200,015

–

98,599,648

Luxembourg

11,769,516

–

11,769,516

Netherlands

–

119,485,614

–

119,485,614

Spain

–

173,555,820

–

173,555,820

Sweden

–

95,076,273

–

95,076,273

Switzerland

–

199,291,144

–

199,291,144

Taiwan

52,610,600

26,302,087

–

78,912,687

United Kingdom

–

66,607,054

–

66,607,054

United States

198,777,217

–

198,777,217

Warrants:

Switzerland

–

585,747

–

585,747

Investments, at value

643,463,352

1,678,532,233

–

2,321,995,585

Portfolio holdings are shown as of the date indicated. Since market conditions fluctuate suddenly and frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition. These portfolio holdings are not intended to be and do not constitute recommendations that others buy, sell, or hold any of the securities listed.

For more complete information on the Fund, call 1-800-575-1265 for a prospectus or visit www.bbhfunds.com. You should consider the Fund’s investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Fund’s prospectus, which you should read carefully before investing.

The BBH Funds are managed by a separately identifiable department within Brown Brothers Harriman & Co. Shares of the Fund are distributed by ALPS Distributors, Inc., located at 1290 Broadway, Suite 1000, Denver, CO 80203.