BBH Partner Fund - International Equity

Portfolio of Investments
January 31, 2026 (unaudited)

Shares/ Units			Value
		Common Stock (96.4%)
		Canada (4.9%)
		Financials
	177,031	Brookfield Corp.	$	8,104,373

		Industrials
	519,442	Canadian Pacific Kansas City, Ltd.		38,778,566

		Information Technology
	12,520	Constellation Software, Inc.		23,204,823
	85,659	Shopify, Inc. (Class A)¹		11,241,031
				34,445,854
		Materials
	194,700	Franco-Nevada Corp.		45,771,050
		Total Canada		127,099,843

		Denmark (4.5%)
		Health Care
	143,540	Coloplast A/S (Class B)		12,284,293

		Industrials
	195,634	DSV AIS		55,193,599
	1,595,171	Vestas Wind Systems A/S.		48,769,207
				103,962,806
		Total Denmark		116,247,099

		France (13.5%)
		Consumer Discretionary
	63,726	LVMH Moet Hennessy Louis Vuitton SE		41,257,950

		Health Care
	86,556	EssilorLuxottica S.A.		26,563,925
	161,345	Sartorius Stedim Biotech		36,290,735
				62,854,660
		Industrials
	500,082	Cie de Saint-Gobain S.A.		49,620,781
	166,262	Safran S.A.		59,373,101
	191,277	Schneider Electric SE		54,700,478
	271,904	Thales S.A.		82,713,019
				246,407,379
		Total France		350,519,989

		Germany (6.5%)

		Financials
	129,105	Deutsche Boerse AG		32,752,910

BBH Partner Fund - International Equity

Portfolio of Investments (continued)
January 31, 2026 (unaudited)

Shares/ Units			Value
		Common Stock (continued)
		Germany (continued)
		Health Care
	743,370	Siemens Healthineers AG²	$	37,234,486

		Industrials
	16,675	Rheinmetall AG		35,294,038
	88,575	Siemens AG		26,970,421
				62,264,459
		Information Technology
	175,753	SAP SE		35,619,073
		Total Germany		167,870,928

		Hong Kong (0.5%)
		Financials
	1,135,780	AIA Group, Ltd.		13,120,129
		Total Hong Kong		13,120,129

		India (2.6%)
		Financials
	978,700	HDFC Bank, Ltd. ADR		31,690,306

		Information Technology
	2,097,988	Infosys, Ltd. ADR		36,882,629
		Total India		68,572,935

		Ireland (7.2%)
		Health Care
	179,848	ICON, Plc. ADR¹		32,417,602

		Industrials
	635,100	Ryanair Holdings, Plc. ADR		44,838,060

		Materials
	609,818	CRH, Plc.		74,647,821
	806,390	Smurfit WestRock, Plc		33,506,322
				108,154,143
		Total Ireland		185,409,805

		Japan (16.8%)
		Consumer Discretionary
	2,653,800	Suzuki Motor Corp.		36,498,110

		Health Care
	25,765	Eisai Co., Ltd.		721,142
	310,882	Hoya Corp.		52,432,284
				53,153,426

BBH Partner Fund - International Equity

Portfolio of Investments (continued)
January 31, 2026 (unaudited)

Shares/ Units			Value
		Common Stock (continued)
		Japan (continued)
		Industrials
	1,074,035	Komatsu, Ltd.	$	41,339,943
	749,000	Recruit Holdings Co., Ltd.		39,769,393
				81,109,336
		Information Technology
	170,465	Advantest Corp.		28,045,777
	231,816	Keyence Corp.		84,929,629
	865,885	Nomura Research Institute, Ltd.		26,549,778
	1,273,648	Obic Co., Ltd.		35,457,417
	326,922	Tokyo Electron, Ltd.		87,826,202
				262,808,803
		Total Japan		433,569,675

		Jersey (0.9%)
		Industrials
	652,003	Experian, Plc.		24,588,761
		Total Jersey		24,588,761

		Luxembourg (0.7%)
		Communication Services
	38,123	Spotify Technology S.A.¹		19,074,843
		Total Luxembourg		19,074,843

		Netherlands (9.5%)
		Communication Services
	1,671,238	Universal Music Group NV		41,069,942

		Consumer Discretionary
	513,123	Prosus NV¹		29,502,840

		Financials
	7,362	Adyen NV^1,2		10,964,341

		Industrials
	71,208	Airbus SE		16,275,077

		Information Technology
	71,494	ASML Holding NV		101,867,927
	1,603,615	STMicroelectronics NV		44,959,646
				146,827,573
		Total Netherlands		244,639,773

BBH Partner Fund - International Equity

Portfolio of Investments (continued)
January 31, 2026 (unaudited)

Shares/ Units			Value
		Common Stock (continued)
		Norway (1.5%)
		Financials
	1,321,761	DNB Bank ASA	$	38,138,798
		Total Norway		38,138,798

		South Korea (4.2%)
		Financials
	433,235	KB Financial Group, Inc.		40,520,351

		Information Technology
	605,046	Samsung Electronics Co., Ltd.		67,342,985
		Total South Korea		107,863,336

		Spain (1.4%)
		Communication Services
	1,185,621	Cellnex Telecom S.A.²		36,673,077
		Total Spain		36,673,077

		Sweden (2.3%)
		Industrials
	384,187	Atlas Copco AB (Class A)		7,981,817
	510,763	Sandvik AB		20,296,279
				28,278,096
	2,668,227	Information Technology Hexagon AB (Class B)		30,402,281

		Total Sweden		58,680,377

		Switzerland (3.6%)
		Consumer Discretionary
	108,004	Cie Financiere Richemont S.A. (Class A)		20,966,224
		Health Care
	451,919	Alcon AG		36,819,779

		Materials
	264,518	Holcim AG¹		27,321,598
	36,410	Sika AG		6,990,582
				34,312,180
		Total Switzerland		92,098,183

BBH Partner Fund - International Equity

Portfolio of Investments (continued)
January 31, 2026 (unaudited)

Shares/ Units			Value
		Common Stock (continued)
		Taiwan (5.0%)
		Information Technology
	152,414	MediaTek, Inc.	$	8,492,512
	368,773	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		121,901,603
		Total Taiwan		130,394,115

		United Kingdom (9.5%)
		Consumer Discretionary
	580,815	Compass Group, Plc.		17,447,155
		Energy
	1,001,176	Shell, Plc.		38,484,617

		Financials
	459,216	London Stock Exchange Group, Plc.		51,319,180

		Industrials
	3,687,531	BAE Systems, Plc.		99,733,343
	6,106,308	Rentokil Initial, Plc.		37,766,299
				137,499,642
		Total United Kingdom		244,750,594

		United States (1.3%)
		Financials
	35,630	S&P Global, Inc.		18,805,158

		Health Care
	11,675	Mettler-Toledo International, Inc.¹		16,032,577

		Total United States		34,837,735
		Total Common Stock (Cost $1,810,245,724)		2,494,149,995
		Preferred Stock (1.2%)

		Germany (1.2%)
		Consumer Discretionary
	627,525	Dr Ing hc F Porsche AG (Class Preference)²		30,728,512
		Total Germany		30,728,512

		Total Preferred Stock (Cost $45,814,475)		30,728,512

BBH Partner Fund - International Equity

Portfolio of Investments (continued)
January 31, 2026 (unaudited)

Shares/ Units					Value
		Warrants (0.0%)
		Canada (0.0%)
	18,143	Constellation Software, Inc., expires 03/31/2040^1,3			$	0
		Total Canada				0
		Total Warrants (Cost $0)				0

Total Investments (Cost $1,856,060,199)⁴			97.6	%	$	2,524,878,507
Cash and Other Assets in Excess of Liabilities			2.4	%		62,135,488
Net Assets			100.0	%	$	2,587,013,995

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, 2026 was $115,600,416 or 4.5% of net assets.

^3.

Security that used significant unobservable inputs to determine fair value, as determined by the Adviser.

⁴

The aggregate cost for federal income tax purposes is $1,856,060,199, the aggregate gross unrealized appreciation is $785,903,511 and the aggregate gross unrealized depreciation is $117,085,203, resulting in net unrealized appreciation of $668,818,308.

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, 2026 (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.

BBH Partner Fund - International Equity

Portfolio of Investments (continued)

January 31, 2026 (unaudited)

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, which include applying international fair value factors provided by approved pricing vendors. 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, 2026 (unaudited)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2026:

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, 2026
Common Stock:
Canada	$	127,099,843	$	–	$	–	$	127,099,843
Denmark		–		116,247,099		–		116,247,099
France		–		350,519,989		–		350,519,989
Germany		–		167,870,928		–		167,870,928
Hong Kong		–		13,120,129		–		13,120,129
India		68,572,935		–		–		68,572,935
Ireland		151,903,483		33,506,322		–		185,409,805
Japan		–		433,569,675		–		433,569,675
Jersey		–		24,588,761		–		24,588,761
Luxembourg		19,074,843		–		–		19,074,843
Netherlands		–		244,639,773		–		244,639,773
Norway		–		38,138,798		–		38,138,798
South Korea		–		107,863,336		–		107,863,336
Spain		–		36,673,077		–		36,673,077
Sweden		–		58,680,377		–		58,680,377
Switzerland		–		92,098,183		–		92,098,183
Taiwan		121,901,603		8,492,512		–		130,394,115
United Kingdom		–		244,750,594		–		244,750,594
United States		34,837,735		–		–		34,837,735
Preferred Stock:
Germany		–		30,728,512		–		30,728,512
Warrants:
Canada		–		–		0		0
Total Investments, at value	$	523,390,442	$	2,001,488,065	$	0	$	2,524,878,507

BBH Partner Fund - International Equity

Portfolio of Investments (continued)
January 31, 2026 (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.