BBH SELECT SERIES - LARGE CAP FUND

PORTFOLIO OF INVESTMENTS

July 31, 2023 (unaudited)

Shares			Value
		COMMON STOCK (97.9%)
		BASIC MATERIALS (7.5%)
	76,521	Celanese Corp. (Series A)	$	9,594,968
	55,594	Linde, Plc. (Ireland)		21,718,908
		Total Basic Materials		31,313,876
		COMMUNICATIONS (11.9%)
	191,389	Alphabet, Inc. (Class C)1		25,475,790
	85,028	Amazon.com, Inc.1		11,366,543
	4,332	Booking Holdings, Inc.1		12,869,506
		Total Communications		49,711,839
		CONSUMER CYCLICAL (10.9%)
	137,208	Copart, Inc.1		12,127,815
	26,122	Costco Wholesale Corp.		14,645,822
	45,268	Dollar General Corp.		7,643,954
	99,908	NIKE, Inc. (Class B)		11,028,844
		Total Consumer Cyclical		45,446,435
		CONSUMER NON-CYCLICAL (21.0%)
	115,731	Abbott Laboratories		12,884,332
	216,397	Alcon, Inc. (Switzerland)		18,376,433
	46,508	Diageo, Plc. ADR (United Kingdom)		8,182,617
	55,213	Nestle S.A. ADR (Switzerland)		6,785,678
	26,886	S&P Global, Inc.		10,606,796
	26,669	Thermo Fisher Scientific, Inc.		14,632,214
	86,381	Zoetis, Inc. (Class A)		16,247,402
		Total Consumer Non-Cyclical		87,715,472
		FINANCIALS (19.3%)
	80,190	Arthur J Gallagher & Co.		17,224,812
	51	Berkshire Hathaway, Inc. (Class A)1		27,305,400
	52,263	Mastercard, Inc. (Class A)		20,606,256
	123,417	Progressive Corp.		15,548,074
		Total Financials		80,684,542
		INDUSTRIALS (8.8%)
	148,807	AO Smith Corp.		10,807,852
	130,826	Graco, Inc.		10,378,427
	93,802	Waste Management, Inc.		15,363,830
		Total Industrials		36,550,109
		TECHNOLOGY (18.5%)
	20,271	Adobe, Inc.1		11,071,412
	33,782	KLA Corp.		17,362,259
	63,609	Microsoft Corp.		21,367,535
	141,339	Oracle Corp.		16,569,171

BBH SELECT SERIES - LARGE CAP FUND

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2023 (unaudited)

Shares					Value
		COMMON STOCK (continued)
		Technology (continued)
	59,842	Texas Instruments, Inc.			$	10,771,560
		Total Technology				77,141,937
		Total Common Stock (Cost $272,834,879)				408,564,210
TOTAL INVESTMENTS (Cost $272,834,879)2			97.9	%	$	408,564,210
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES			2.1	%		8,934,175
NET ASSETS			100.00	%	$	417,498,385

¹ Non-income producing security.

² The aggregate cost for federal income tax purposes is $272,834,879, the aggregate gross unrealized appreciation is $136,500,729 and the aggregate gross unrealized depreciation is $771,398, resulting in net unrealized appreciation of $135,729,331.

Abbreviation:

ADR − American Depositary Receipt.

BBH SELECT SERIES - LARGE CAP FUND

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2023 (unaudited)

FAIR VALUE MEASUREMENTS

BBH Select Series – Large 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, 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 July 31, 2023
Common Stock:
Basic Materials	$	31,313,876	$	–	$	–	$	31,313,876
Communications		49,711,839		–		–		49,711,839
Consumer Cyclical		45,446,435		–		–		45,446,435
Consumer Non-Cyclical		87,715,472		–		–		87,715,472
Financials		80,684,542		–		–		80,684,542
Industrials		36,550,109		–		–		36,550,109
Technology		77,141,937		–		–		77,141,937
Investments, at value	$	408,564,210	$	–	$	–	$	408,564,210

BBH SELECT SERIES - LARGE CAP FUND

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2023 (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.