| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 105 SHS/UNITS THERMO FISHER SCIENTIFIC INC | 70,060 | 70,060 |
| 1092 SHS/UNITS NESTLE S A SPONSORED ADR | 153,284 | 153,284 |
| 116 SHS/UNITS S&P GLOBAL INC COM STK | 54,744 | 54,744 |
| 122897.84 SHS/UNITS BBH INCOME FUND-I | 1,285,511 | 1,285,511 |
| 1278 SHS/UNITS COPART INC CO STK | 193,770 | 193,770 |
| 1338 SHS/UNITS WASTE MANAGEMENT INC | 223,312 | 223,312 |
| 1439 SHS/UNITS ALCON INC COM STK | 125,366 | 125,366 |
| 146 SHS/UNITS COSTCO WHOLESALE CORP | 82,884 | 82,884 |
| 159 SHS/UNITS SHERWIN WILLIAMS CO | 55,993 | 55,993 |
| 168554.73 SHS/UNITS BBH LIMITED DURATION FUND CLASS I | 1,734,428 | 1,734,428 |
| 171 SHS/UNITS DIAGEO PLC-SPONSORED ADR | 37,644 | 37,644 |
| 1944 SHS/UNITS ZOETIS INC COM STK | 474,394 | 474,394 |
| 22 SHS/UNITS BOOKING HOLDINGS INC COM STK | 52,783 | 52,783 |
| 2336.38 SHS/UNITS BRAEMONT PARTNERS SUB-TRUST | 2,336 | 2,336 |
| 259 SHS/UNITS DOLLAR GENERAL CORP COM STK | 61,080 | 61,080 |
| 31 SHS/UNITS AMAZON.COM INC | 103,365 | 103,365 |
| 323 SHS/UNITS MASTERCARD INCORPORATED | 116,060 | 116,060 |
| 355 SHS/UNITS CELANESE CORP DEL COM SER A | 59,661 | 59,661 |
| 376 SHS/UNITS ALPHABET INC CAP STK CL C | 1,087,990 | 1,087,990 |
| 384 SHS/UNITS KLA-TENCOR CORP | 165,162 | 165,162 |
| 406 SHS/UNITS BERKSHIRE HATHAWAY INC DEL CL B | 121,394 | 121,394 |
| 40756.41 SHS/UNITS GQG EMERG MKTS EQ-INST | 687,153 | 687,153 |
| 422 SHS/UNITS ABBOTT LABORATORIES | 59,392 | 59,392 |
| 470 SHS/UNITS LINDE PLC COM STK | 162,822 | 162,822 |
| 470 SHS/UNITS ORACLE CORP COM | 40,989 | 40,989 |
| 498 SHS/UNITS STARBUCKS CORP | 58,251 | 58,251 |
| 506786.34 SHS/UNITS BBH US GOVERNMENT MONEY MARKET | 506,786 | 506,786 |
| 544 SHS/UNITS NIKE INC CL B | 90,668 | 90,668 |
| 551 SHS/UNITS GRACO INC COMMON STOCK | 44,422 | 44,422 |
| 563 SHS/UNITS AO SMITH CORP COM STK | 48,334 | 48,334 |
| 56638.78 SHS/UNITS ALPS SERIES TRUST CLARKSTON PTRS FUND FOUNDERS | 907,353 | 907,353 |
| 769 SHS/UNITS COLGATE PALMOLIVE CO | 65,626 | 65,626 |
| 792 SHS/UNITS PROGRESSIVE CORP OHIO | 81,299 | 81,299 |
| 837 SHS/UNITS BAXTER INTL INC | 71,848 | 71,848 |
| 877 SHS/UNITS ARTHUR J GALLAGHER & CO | 148,801 | 148,801 |
| 94205.20 SHS/UNITS BBH PARTNER FUND INTL EQUITY CL I | 1,706,056 | 1,706,056 |
| 963 SHS/UNITS BROWN-FORMAN CORP CLASS B COMMON STOCK | 70,164 | 70,164 |
| ROUNDING | 4 | 4 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| 15742.42 SHS BBH REAL ESTATE ENHANCED VALUE FUND I, LP | AT COST | 15,742 | 15,742 |
| 204734.52 SHS/UNITS PORT CAPITAL SMALL CAP SERIES | AT COST | 47,762 | 47,762 |
| 41293.37 SHS/UNITS MARTELLO RE SERIES - BBH | AT COST | 41,293 | 41,293 |
| 684489.03 SHS/UNITS ALTAROCK PARTNERS SERIES | AT COST | 802,691 | 802,691 |
| 690872.96 SHS/UNITS CEDAR ROCK PARTNERS SERIES | AT COST | 690,873 | 690,873 |
| 979426.94 SHS/UNITS BARES MID/LARGE CAP SERIES | AT COST | 979,427 | 979,427 |
| BBH WEALTH STRATEGIES, LLC - VALLEY FORGE LARGE CAP EQUITY SERIES | AT COST | 312,151 | 312,151 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| UNREALIZED LOSSES | 200,168 | 0 | 0 | |
| OTHER PORTFOLIO GAINS/LOSSES | 357 | 0 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| BBH WEALTH STRATEGIES LLC - CEDAR ROCK CAPITAL PARTNERS SERIES K-1 | -211 | -211 | -211 |
| OTHER INCOME | 223 | 223 | 223 |
| Description | Amount |
|---|---|
| UNREALIZED GAIN/(LOSS) ADJUSTMENT | 2,392,469 |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| BBH INVESTMENT ACCRUED INCOME | 0 | 382,776 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| BBH INVESTMENTS FEES | 34,341 | 34,341 | 0 | |
| BBH WEALTH STRATEGIES LLC - ALTAROCK PARTNERS SERIES K-1 | 7,164 | 7,164 | 0 | |
| BBH WEALTH STRATEGIES LLC - BARES MID-LARGE CAP SERIES K-1 | 6,373 | 6,373 | 0 | |
| BBH WEALTH STRATEGIES LLC - CEDAR ROCK CAPITAL PARTNERS SERIES K-1 | 7,321 | 7,321 | 0 | |
| BBH WEALTH STRATEGIES LLC - PORT CAPITAL SMALL CAP SERIES K-1 | 1,759 | 1,759 | 0 | |
| BBH WEALTH STRATEGIES LLC - MARTELLO RE SERIES | 97 | 97 | 0 | |
| BBH REAL ESTATE ENHANCED VALUE FUND I, L.P | 87 | 87 | 0 | |
| BBH WEALTH STRATEGIES, LLC - VALLEY FORGE LARGE CAP EQUITY SERIES | 2,795 | 2,795 | 0 | |
| FEES | 3,187 | 3,187 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| BBH INVESTMENTS FOREIGN TAX | 4,953 | 4,953 | 0 | |
| BBH WEALTH STRATEGIES LLC - ALTAROCK PARTNERS SERIES K-1 | 12 | 12 | 0 | |
| BBH WEALTH STRATEGIES LLC - CEDAR ROCK CAPITAL PARTNERS SERIES K-1 | 335 | 335 | 0 | |
| FEDERAL INCOME TAX | 28,500 | 0 | 0 |