BBH SELECT SERIES - MID CAP FUND

PORTFOLIO OF INVESTMENTS

July 31, 2022 (unaudited)

Shares			Value
		COMMON STOCK (97.4%)
		COMMUNICATIONS (4.0%)
	4,371	Arista Networks, Inc.1	$	509,790
		Total Communications		509,790
		CONSUMER CYCLICAL (13.5%)
	130	NVR, Inc.1		571,103
	2,776	Watsco, Inc.		760,485
	5,776	Wyndham Hotels & Resorts, Inc.		400,912
		Total Consumer Cyclical		1,732,500
		CONSUMER NON-CYCLICAL (20.5%)
	6,751	AMN Healthcare Services, Inc.1		759,082
	2,970	Bright Horizons Family Solutions, Inc.1		278,200
	2,550	Bruker Corp.		174,802
	3,244	Charles River Laboratories International, Inc.1		812,752
	15,933	First Advantage Corp.1		223,540
	10,637	Shift4 Payments, Inc. (Class A)1		387,506
		Total Consumer Non-cyclical		2,635,882
		FINANCIALS (13.4%)
	11,084	Brown & Brown, Inc.		721,568
	2,288	LPL Financial Holdings, Inc.		480,297
	1,267	SVB Financial Group1		511,298
		Total Financials		1,713,163
		INDUSTRIALS (28.6%)
	5,858	Advanced Drainage Systems, Inc.		694,759
	3,414	AptarGroup, Inc.		367,893
	7,815	Crown Holdings, Inc.		794,629
	4,016	Graco, Inc.		269,715
	3,656	HEICo. Corp. (Class A)		466,798
	7,565	Mercury Systems, Inc.1		446,411
	1,847	Toro Co.		158,824
	2,896	Vulcan Materials Co.		478,796
		Total Industrials		3,677,825
		TECHNOLOGY (17.4%)
	2,061	Aspen Technology, Inc.1		420,629
	7,016	Entegris, Inc.		771,058
	6,622	Guidewire Software, Inc.1		514,662
	3,925	Take-Two Interactive Software, Inc.1		520,965
		Total Technology		2,227,314
		Total Common Stock
		(Cost $13,164,383)		12,496,474

TOTAL INVESTMENTS (Cost $13,164,383)2	97.4%	$	12,496,474
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES	2.6%		330,340
NET ASSETS	100.00%	$	12,826,814

¹ Non-income producing security.

² The aggregate cost for federal income tax purposes is $13,164,383, the aggregate gross unrealized appreciation is $666,830 and the aggregate gross unrealized depreciation is $1,334,739, resulting in net unrealized depreciation of $667,909.

BBH SELECT SERIES - MID CAP FUND

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2022 (unaudited)

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FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

Financial assets classified within Level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include private equity and certain corporate debt securities.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.

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

Investments, at value	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of July 31, 2022
Common Stock:
Communications	$	509,790	$	–	$	–	$	509,790
Consumer Cyclical		1,732,500		–		–		1,732,500
Consumer Non-cyclical		2,635,882		–		–		2,635,882
Financials		1,713,163		–		–		1,713,163
Industrials		3,677,825		–		–		3,677,825
Technology		2,227,314		–		–		2,227,314
Investments, at value	$	12,496,474	$	–	$	–	$	12,496,474

BBH SELECT SERIES - MID CAP FUND

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2022 (unaudited)

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

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

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