NPORT-EX 2 ea151846_interequity.htm PORTFOLIO OF INVESTMENTS

BBH PARTNER FUND - INTERNATIONAL EQUITY

PORTFOLIO OF INVESTMENTS

January 31, 2023 (unaudited)

Shares/ Units			Value
		COMMON STOCK (99.4%) CANADA (8.5%) CONSUMER CYCLICAL
	117,786	Alimentation Couche-Tard, Inc.	$	5,367,038
		FINANCIALS
	359,660	Brookfield Asset Management, Ltd. (Class A)¹		11,716,698
	2,498,646	Brookfield Corp.		92,754,117
				104,470,815
		TECHNOLOGY
	47,424	Constellation Software, Inc.		83,604,872
		Total Canada		193,442,725

		CAYMAN ISLANDS (7.5%) COMMUNICATIONS
	3,946,910	JD.com, Inc. (Class A)		117,456,284
	430,459	Trip.com Group, Ltd. ADR¹		15,823,673
				133,279,957
		CONSUMER CYCLICAL
	3,657,000	Li Ning Co., Ltd.		36,091,515
		Total Cayman Islands		169,371,472

		FINLAND (0.6%) INDUSTRIALS
	266,730	Kone Oyj (Class B)		14,540,380
		Total Finland		14,540,380

		FRANCE (16.6%) CONSUMER CYCLICAL
	30,978	LVMH Moet Hennessy Louis Vuitton SE		27,015,839
		CONSUMER NON-CYCLICAL
	92,509	L'Oreal S.A.		38,148,778
	130,229	Sartorius Stedim Biotech		45,419,372
	960,591	Worldline S.A.^1,2		43,444,430
				127,012,580
		INDUSTRIALS
	827,787	Safran S.A.		118,667,004
	387,497	Schneider Electric SE		62,728,536
	84,608	Thales S.A.		11,159,312
				192,554,852
		TECHNOLOGY
	821,696	Dassault Systemes SE		30,487,762
		Total France		377,071,033

		GERMANY (6.3%) CONSUMER CYCLICAL
	142,529	Adidas AG		22,806,210

BBH PARTNER FUND – INTERNATIONAL EQUITY

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

Shares/ Units			Value
		COMMON STOCK (continued) GERMANY (continued) CONSUMER NON-CYCLICAL
	602,283	Bayer AG	$	37,294,333
		TECHNOLOGY
	721,830	SAP SE		84,812,742
		Total Germany		144,913,285

		HONG KONG (9.7%) FINANCIALS
	11,822,735	AIA Group, Ltd.		133,550,958
	1,063,949	Hong Kong Exchanges & Clearing, Ltd.		47,835,628
				181,386,586
		INDUSTRIALS
	3,025,623	Techtronic Industries Co., Ltd.		39,021,065
		Total Hong Kong		220,407,651

		IRELAND (5.2%) INDUSTRIALS
	1,996,096	CRH, Plc.		92,704,677
		TECHNOLOGY
	86,729	Accenture, Plc. (Class A)		24,201,727
		Total Ireland		116,906,404

		JAPAN (6.1%) CONSUMER NON-CYCLICAL
	1,146,055	Olympus Corp.		21,522,880
		INDUSTRIALS
	175,944	Keyence Corp.		81,242,034
		TECHNOLOGY
	231,095	Obic Co., Ltd		36,962,625
		Total Japan		139,727,539

		JERSEY (2.0%) CONSUMER NON-CYCLICAL
	225,553	Clarivate, Plc.¹		2,508,149
	1,155,362	Experian, Plc.		42,208,015
		Total Jersey		44,716,164

		LUXEMBOURG (2.3%) COMMUNICATIONS
	203,162	Spotify Technology S.A.¹		22,900,421
		CONSUMER NON-CYCLICAL
	412,516	Eurofins Scientific SE		29,534,842
		Total Luxembourg		52,435,263

BBH PARTNER FUND – INTERNATIONAL EQUITY

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

Shares/ Units			Value
		COMMON STOCK (continued) NETHERLANDS (10.2%) BASIC MATERIALS
	9,890	Koninklijke DSM NV	$	1,269,479
		COMMUNICATIONS
	847,094	Prosus NV¹ .		68,395,518
		CONSUMER CYCLICAL
	1,580,970	Universal Music Group NV		40,376,929
		CONSUMER NON-CYCLICAL
	24,524	Adyen NV^1,2.		37,011,051
	111,206	Heineken NV		11,063,458
				48,074,509
		TECHNOLOGY
	108,708	ASML Holding NV		71,870,803
		Total Netherlands		229,987,238

		SPAIN (2.0%) CONSUMER NON-CYCLICAL
	729,075	Amadeus IT Group S.A.¹		45,785,842
		Total Spain		45,785,842

		SWEDEN (2.4%) INDUSTRIALS
	1,279,726	Assa Abloy AB (Class B)		30,123,427
	2,106,456	Hexagon AB (Class B)		24,094,432
		Total Sweden		54,217,859

		SWITZERLAND (5.1%) CONSUMER NON-CYCLICAL
	1,067,868	Alcon, Inc.		80,230,616
	9,076	Sonova Holding AG		2,260,895
				82,491,511
		FINANCIALS
	23,433	Partners Group Holding AG		21,944,112
		INDUSTRIALS
	43,690	Sika AG		12,393,933
		Total Switzerland		116,829,556

		TAIWAN (3.6%) TECHNOLOGY
	495,104	MediaTek, Inc.		11,991,620
	753,721	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		69,892,548
		Total Taiwan		81,884,168

BBH PARTNER FUND – INTERNATIONAL EQUITY

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

Shares/ Units					Value
		COMMON STOCK (continued) UNITED KINGDOM (5.0%) FINANCIALS
	526,293	London Stock Exchange Group, Plc.			$	48,181,165
	28,132,245	Melrose Industries, Plc.				49,405,581
	976,475	Prudential, Plc.				16,168,955
		Total United Kingdom				113,755,701

		UNITED STATES (6.3%)
		CONSUMER CYCLICAL
	63,611	Lululemon Athletica, Inc.¹				19,520,944
		CONSUMER NON-CYCLICAL
	678,473	PerkinElmer, Inc.				93,310,392
	78,567	S&P Global, Inc.				29,457,911
						122,768,303
		Total United States				142,289,247

		Total Common Stock
		(Cost $2,004,341,833)				2,258,281,527

TOTAL INVESTMENTS (Cost $2,004,341,833)³			99.4	%	$	2,258,281,527
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES			0.6	%		14,439,476
NET ASSETS			100.00	%	$	2,272,721,003

¹	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, 2023 was $ 80,455,481 or 3.5% of net assets.

³	The aggregate cost for federal income tax purposes is $2,004,341,833, the aggregate gross unrealized appreciation is $370,634,560 and the aggregate gross unrealized depreciation is $116,694,866, resulting in net unrealized appreciation of $253,939,694.

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, 2023 (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, 2023 (unaudited)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2023:

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, 2023
Common Stock:
Canada	$	193,442,725	$	–	$	–	$	193,442,725
Cayman Islands		15,823,673		153,547,799		–		169,371,472
Finland		–		14,540,380		–		14,540,380
France		–		377,071,033		–		377,071,033
Germany		–		144,913,285		–		144,913,285
Hong Kong		–		220,407,651		–		220,407,651
Ireland		24,201,727		92,704,677		–		116,906,404
Japan		–		139,727,539		–		139,727,539
Jersey		2,508,149		42,208,015		–		44,716,164
Luxembourg		22,900,421		29,534,842		–		52,435,263
Netherlands		–		229,987,238		–		229,987,238
Spain		–		45,785,842		–		45,785,842
Sweden		–		54,217,859		–		54,217,859
Switzerland		–		116,829,556		–		116,829,556
Taiwan		69,892,548		11,991,620		–		81,884,168
United Kingdom		–		113,755,701		–		113,755,701
United States		142,289,247		–		–		142,289,247
Investments, at value	$	471,058,490	$	1,787,223,037	$	–	$	2,258,281,527

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.