BBH SELECT SERIES - LARGE CAP FUND

PORTFOLIO OF INVESTMENTS

January 31, 2024 (unaudited)

All investments in the United States, except as noted.

Shares			Value
		COMMON STOCK (97.4%) BASIC MATERIALS (5.1%)
	54,527	Linde, Plc. (Ireland)	$	22,074,165
		Total Basic Materials		22,074,165
		COMMUNICATIONS (13.1%)
	191,389	Alphabet, Inc. (Class C)1		27,138,960
	89,540	Amazon.com, Inc.1		13,896,608
	4,332	Booking Holdings, Inc.1		15,194,360
		Total Communications		56,229,928
		CONSUMER CYCLICAL (8.1%)
	169,524	Copart, Inc.1		8,143,933
	22,835	Costco Wholesale Corp.		15,867,585
	104,281	NIKE, Inc. (Class B)		10,587,650
		Total Consumer Cyclical		34,599,168
		CONSUMER NON-CYCLICAL (21.6%)
	115,731	Abbott Laboratories		13,094,963
	199,086	Alcon, Inc. (Switzerland)		14,953,349
	46,508	Diageo, Plc. ADR (United Kingdom)		6,712,500
	55,213	Nestle S.A. ADR (Switzerland)		6,288,761
	28,982	S&P Global, Inc.		12,994,080
	26,669	Thermo Fisher Scientific, Inc.		14,374,058
	17,460	UnitedHealth Group, Inc.		8,934,980
	81,909	Zoetis, Inc. (Class A)		15,383,329
		Total Consumer Non-Cyclical		92,736,020
		FINANCIALS (20.4%)
	70,842	Arthur J Gallagher & Co.		16,446,679
	50	Berkshire Hathaway, Inc. (Class A)1		28,901,000
	52,263	Mastercard, Inc. (Class A)		23,478,107
	105,027	Progressive Corp.		18,721,063
		Total Financials		87,546,849
		INDUSTRIALS (9.2%)
	141,769	AO Smith Corp.		11,002,692
	130,826	Graco, Inc.		11,159,458
	93,802	Waste Management, Inc.		17,412,465
		Total Industrials		39,574,615
		TECHNOLOGY (19.9%)
	19,165	Adobe, Inc.1		11,839,754
	33,782	KLA Corp.		20,067,859
	63,609	Microsoft Corp.		25,289,666
	161,246	Oracle Corp.		18,011,178

BBH SELECT SERIES - LARGE CAP FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2024 (unaudited)

All investments in the United States, except as noted.

Shares					Value
		COMMON STOCK (continued)
		TECHNOLOGY (continued)
	62,323	Texas Instruments, Inc.			$	9,979,159
		Total Technology				85,187,616
		Total Common Stock (Cost $262,460,850)				417,948,361
TOTAL INVESTMENTS (Cost $262,460,850)2			97.4	%	$	417,948,361
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES			2.6	%		11,361,212
NET ASSETS			100.00	%	$	429,309,573

¹ Non-income producing security.

² The aggregate cost for federal income tax purposes is $262,460,850, the aggregate gross unrealized appreciation is $156,773,726 and the aggregate gross unrealized depreciation is $1,286,215, resulting in net unrealized appreciation of $155,487,511.

Abbreviation:

ADR − American Depositary Receipt.

BBH SELECT SERIES - LARGE CAP FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2024 (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 January 31, 2024.

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, 2024
Common Stock:
Basic Materials	$	22,074,165	$	–	$	–	$	22,074,165
Communications		56,229,928		–		–		56,229,928
Consumer Cyclical		34,599,168		–		–		34,599,168
Consumer Non-Cyclical		92,736,020		–		–		92,736,020
Financials		87,546,849		–		–		87,546,849
Industrials		39,574,615		–		–		39,574,615
Technology		85,187,616		–		–		85,187,616
Total Investments, at value	$	417,948,361	$	–	$	–	$	417,948,361

BBH SELECT SERIES - LARGE CAP FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2024 (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.