BBH PARTNER FUND - INTERNATIONAL EQUITY

PORTFOLIO OF INVESTMENTS

July 31, 2022 (unaudited)

Shares/ Units			Value
		COMMON STOCK (97.7%) CANADA (9.2%)
		CONSUMER CYCLICAL
	681,429	Alimentation Couche-Tard, Inc.	$	30,447,167
		FINANCIALS
	2,319,077	Brookfield Asset Management, Inc. (Class A)		115,084,468
		TECHNOLOGY
	43,632	Constellation Software, Inc.		74,231,649
		Total Canada		219,763,284
		CAYMAN ISLANDS (4.1%) COMMUNICATIONS
	3,274,175	JD.com, Inc. (Class A)		97,497,028
		Total Cayman Islands		97,497,028
		FRANCE (16.3%) CONSUMER CYCLICAL
	69,784	LVMH Moet Hennessy Louis Vuitton SE		48,447,251
		CONSUMER NON-CYCLICAL
	111,131	L'Oreal S.A.		41,894,256
	104,127	Sartorius Stedim Biotech		41,698,039
	1,167,259	Worldline S.A.1,2		51,573,467
				135,165,762
		INDUSTRIALS
	885,746	Safran S.A.		97,408,881
	395,278	Schneider Electric SE		54,719,087
	410,088	Thales S.A.		50,883,779
				203,011,747
		Total France		386,624,760
		GERMANY (3.8%) CONSUMER NON-CYCLICAL
	351,790	Bayer AG		20,461,089
		TECHNOLOGY
	746,357	SAP SE		69,042,566
		Total Germany		89,503,655
		HONG KONG (5.7%) FINANCIALS
	10,636,935	AIA Group, Ltd.		107,357,892
	599,449	Hong Kong Exchanges & Clearing, Ltd.		27,532,793
		Total Hong Kong		134,890,685
		IRELAND (5.5%) INDUSTRIALS
	2,473,686	CRH, Plc.		94,583,747

BBH PARTNER FUND - INTERNATIONAL EQUITY

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2022 (unaudited)

Shares/ Units			Value
		COMMON STOCK (continued)
		IRELAND (continued)
		TECHNOLOGY
	119,433	Accenture, Plc. (Class A)	$	36,577,551
		Total Ireland		131,161,298
		ITALY (1.0%)
		CONSUMER NON-CYCLICAL
	2,548,248	Nexi SpA1,2		23,205,073
		Total Italy		23,205,073
		JAPAN (7.5%)
		CONSUMER CYCLICAL
	10,710	Nintendo Co., Ltd		4,818,015
		CONSUMER NON-CYCLICAL
	1,855,080	Olympus Corp.		39,334,016
		INDUSTRIALS
	184,944	Keyence Corp.		73,429,961
		TECHNOLOGY
	369,915	Obic Co., Ltd.		59,046,508
		Total Japan		176,628,500
		JERSEY (3.2%)
		CONSUMER NON-CYCLICAL
	930,900	Clarivate, Plc.1		13,488,741
	1,741,264	Experian, Plc		61,009,842
		Total Jersey		74,498,583
		LUXEMBOURG (1.0%)
		COMMUNICATIONS
	59,969	Spotify Technology S.A.1		6,777,696
		CONSUMER NON-CYCLICAL
	222,323	Eurofins Scientific SE		17,290,665
		Total Luxembourg		24,068,361
		NETHERLANDS (6.0%)
		CONSUMER CYCLICAL
	1,376,280	Universal Music Group NV		31,200,272
		CONSUMER NON-CYCLICAL
	20,957	Adyen NV1,2		37,728,598
	111,206	Heineken NV		10,933,665
				48,662,263
		TECHNOLOGY
	108,708	ASML Holding NV		62,293,742
		Total Netherlands		142,156,277

BBH PARTNER FUND - INTERNATIONAL EQUITY

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2022 (unaudited)

Shares/ Units			Value
		COMMON STOCK (continued)
		SPAIN (4.3%)
		CONSUMER NON-CYCLICAL
	1,000,418	Amadeus IT Group S.A.1	$	58,259,540
	2,879,201	Grifols S.A.1		41,926,676
		Total Spain		100,186,216
		SWEDEN (3.2%)
		INDUSTRIALS
	1,681,173	Assa Abloy AB (Class B)		39,604,319
	3,117,440	Hexagon AB (Class B)		36,771,816
		Total Sweden		76,376,135
		SWITZERLAND (9.5%)
		CONSUMER NON-CYCLICAL
	1,128,762	Alcon, Inc.		88,802,743
	100,287	Sonova Holding AG		36,186,045
				124,988,788
		FINANCIALS
	76,420	Partners Group Holding AG		83,272,129
		INDUSTRIALS
	80,999	Sika AG		20,055,304
		Total Switzerland		228,316,221
		TAIWAN (1.6%)
		TECHNOLOGY
	209,420	MediaTek, Inc.		4,795,814
	385,540	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		34,112,579
		Total Taiwan		38,908,393
		UNITED KINGDOM (4.5%)
		FINANCIALS
	498,928	London Stock Exchange Group, Plc.		48,691,481
	30,636,845	Melrose Industries, Plc.		60,374,909
		Total United Kingdom		109,066,390
		UNITED STATES (11.3%)
		CONSUMER CYCLICAL
	104,171	Lululemon Athletica, Inc.1		32,346,137
		CONSUMER NON-CYCLICAL
	602,325	PerkinElmer, Inc.		92,258,120
	107,234	S&P Global, Inc.		40,419,712
				132,677,832

BBH PARTNER FUND - INTERNATIONAL EQUITY

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2022 (unaudited)

Shares/ Units			Value
		COMMON STOCK (continued)
		UNITED STATES (continued)
		TECHNOLOGY
	997,808	Fidelity National Information Services, Inc.	$	101,936,065
		Total United States		266,960,034
		Total Common Stock
		(Cost $2,281,327,204)		2,319,810,893
		REGISTERED INVESTMENT COMPANIES (0.9%)
		UNITED STATES (0.9%)
	21,100,000	Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio, Institutional Share Class		21,100,000
		Total United States		21,100,000
		Total Registered Investment Companies (Cost $21,100,000)		21,100,000

TOTAL INVESTMENTS (Cost $2,302,427,204)3	98.6	%	$	2,340,910,893
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES	1.4	%		32,816,722
NET ASSETS	100.00	%	$	2,373,727,615

¹ Non-income producing security.

² 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 July 31, 2022 was $112,507,138 or 4.7% of net assets.

³ The aggregate cost for federal income tax purposes is $2,302,427,204, the aggregate gross unrealized appreciation is $295,323,007 and the aggregate gross unrealized depreciation is $256,839,318, resulting in net unrealized appreciation of $38,483,689.

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)

July 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)

July 31, 2022 (unaudited)

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:
Canada	$	219,763,284	$	–	$	–	$	219,763,284
Cayman Islands		–		97,497,028		–		97,497,028
France		–		386,624,760		–		386,624,760
Germany		–		89,503,655		–		89,503,655
Hong Kong		–		134,890,685		–		134,890,685
Ireland		36,577,551		94,583,747		–		131,161,298
Italy		–		23,205,073		–		23,205,073
Japan		–		176,628,500		–		176,628,500
Jersey		13,488,741		61,009,842		–		74,498,583
Luxembourg		6,777,696		17,290,665		–		24,068,361
Netherlands		–		142,156,277		–		142,156,277
Spain		–		100,186,216		–		100,186,216
Sweden		–		76,376,135		–		76,376,135
Switzerland		–		228,316,221		–		228,316,221
Taiwan		34,112,579		4,795,814		–		38,908,393
United Kingdom		–		109,066,390		–		109,066,390
United States		266,960,034		–		–		266,960,034
Exchange-Traded Funds:
United States		21,100,000		–		–		21,100,000
Investments, at value	$	598,779,885	$	1,742,131,008	$	–	$	2,340,910,893

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.