| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 30,668.84 GOLDMAN SACHS BANK USA DEPOSIT (BDA) | 30,672 | 30,672 |
| 9,000 SHS/UNITS AIR LEASE CORP MTN 4.25% 02/01/2024 SR LIEN | 9,082 | 9,082 |
| 21,000 CITIGROUP INC. 3.2% | 20,545 | 20,545 |
| 12,000 TRUIST FINANCIAL CORP MTN | 11,817 | 11,817 |
| 12,000 TCI COMMUNICATIONS, INC | 12,780 | 12,780 |
| 14000 SHS/UNITS UNION PACIFIC CORPORATION 3.75% 07/15/2025 USD SR LIEN | 14,179 | 14,179 |
| 7,000 CITIGROUP INC 3.7% | 7,051 | 7,051 |
| 18,000 REALTY INCOM CORP | 18,116 | 18,116 |
| 14,000 MCKESSON CORP | 13,545 | 13,545 |
| 15,000 AIR LEASE CORPORATION 3.25% | 15,120 | 15,120 |
| 29,000 STATE STREET CORPORATION HYBRID | 29,496 | 29,496 |
| 25000 SHS/UNITS GENERAL MOTORS FINANCIAL COMPA 4.3% 07/13/2025 USD SR LIEN | 25,429 | 25,429 |
| 10,000 SUMITOMO MITSUI FINANCIAL GROUP | 9,815 | 9,815 |
| 12,000 BAXALTA INCORPORATED 4.0% | 11,970 | 11,970 |
| 9,000 MITSUBISHI UFJ FINANCIAL GROUP 3.777% | 9,093 | 9,093 |
| 13,000 AMERICAN ELECTRIC POWER 1.0% 11/01/2025 SER N SR LIEN | 12,622 | 12,622 |
| 26,000 REPUBLIC SERVICES INC 3.2% | 26,157 | 26,157 |
| 9,000 AMERICAN EXPRESS CO | 9,112 | 9,112 |
| 22000 PHILIP MORRIS INTERNATIONAL IN 1.5% 05/01/2025 USD SR LIEN | 21,819 | 21,819 |
| 25,000 ENTERPRISE PRODUCTS OPERATING | 25,318 | 25,318 |
| 17,000 BANK OF NOVA SCOTIA (THE) 5.45% | 17,101 | 17,101 |
| 10,000 CITIGROUP INC. 3.3% | 10,010 | 10,010 |
| 24,000 NXP BV/NXP FDG/NXP USA 2.7% | 23,941 | 23,941 |
| 23,000 ABBVIE INC 3.8% | 23,216 | 23,216 |
| 6,000 AEP TRANSMISSION COMPANY, LLC | 5,842 | 5,842 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 56,601.87 GS FS TRSY INSTRUMENTS MM FUND MUTUAL FUND (FTIXX) | 56,517 | 56,517 |
| 333 SHS/UNITS OTIS WORLDWIDE CORPORATION COM | 30,839 | 30,839 |
| 1173 SHS/UNITS WASTE MANAGEMENT INC | 236,700 | 236,700 |
| 3,294 SHS/UNITS ALCON INC COM STK | 279,628 | 279,628 |
| 113 SHS/UNITS THERMO FISHER SCIENTIFIC INC | 58,786 | 58,786 |
| 80 SHS/UNITS UNITEDHEALTH GROUP INC | 40,469 | 40,469 |
| 363 SHS/UNITS ZOETIS INC COM STK | 59,144 | 59,144 |
| 143 SHS/UNITS ADOBE INC | 63,589 | 63,589 |
| 297477.67 SHS/UNITS BBH INCOME FUND-I | 3,197,838 | 3,197,838 |
| 113 SHS/UNITS S&P GLOBAL INC COM STK | 56,277 | 56,277 |
| 110 SHS/UNITS COSTCO WHOLESALE CORP | 100,790 | 100,790 |
| 215 SHS/UNITS APPLIED MATERIALS INC | 34,965 | 34,965 |
| 484 SHS/UNITS ABBOTT LABORATORIES | 54,745 | 54,745 |
| 360 SHS/UNITS AMAZON.COM INC | 78,980 | 78,980 |
| 120730.62 SHS/UNITS BBH LIMITED DURATION FUND CLASS I | 658,068 | 658,068 |
| 121 SHS/UNITS BOOKING HOLDINGS INC COM STK | 74,526 | 74,526 |
| 1,624 SHS/UNITS NIKE INC CL B | 122,888 | 122,888 |
| 252 SHS/UNITS BERKSHIRE HATHAWAY INC DEL CL B | 114,227 | 114,227 |
| 234 SHS/UNITS LINDE PLC COM STK | 97,969 | 97,969 |
| 278 SHS/UNITS PROGRESSIVE CORP OHIO | 66,612 | 66,612 |
| 845 SHS/UNITS MASTERCARD INCORPORATED | 444,952 | 444,952 |
| 22,469.194 SHS/UNITS BBH PARTNER FUND INTL EQUITY CL I | 372,090 | 372,090 |
| 78 SHS/UNITS CADENCE DESIGN SYS INC | 23,436 | 23,436 |
| 178 SHS/UNITS AUTOMATIC DATA PROCESSING INC | 52,106 | 52,106 |
| 4,959.399 SHS/UNITS ISHARES S&P 500 INDEX FUND | 3,412,463 | 3,412,463 |
| 511 SHS/UNITS KLA-TENCOR CORP | 321,991 | 321,991 |
| 805 SHS/UNITS ALPHABET INC CAP STK CL C | 153,304 | 153,304 |
| 594 SHS/UNITS ORACLE CORP COM | 98,984 | 98,984 |
| 618,590.85 SHS/UNITS BBH US GOVERNMENT MONEY MARKET | 618,591 | 618,591 |
| 45248.869 SHS/UNITS BBH SELECT SERIES-MID CAP FUND CLASS I | 540,272 | 540,272 |
| 24267.659 SHS/UNITS CLARKSTON SERIES TRUST CLARKSTON PARTNERS FUND FOUNDERS | 352,366 | 352,366 |
| 141,965.63 SHS/UNITS BRAEMONT PARTNERS SUB-TRUST | 141,966 | 141,966 |
| 241 SHS/UNITS TEXAS INSTRUMENTS INC | 45,190 | 45,190 |
| 336 SHS/UNITS ARTHUR J GALLAGHER & CO | 95,374 | 95,374 |
| 1033 SHS/UNITS MICROSOFT CORP | 435,410 | 435,410 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| 36548 SHS BBH REAL ESTATE ENHANCED VALUE FUND I, LP | FMV | 60,168 | 60,168 |
| 967872.54 SHS/UNITS GQG EMERG MKTS EQ-INST | FMV | 1,039,390 | 1,039,390 |
| 2205643.33 SHS/UNITS ALTAROCK PARTNERS SERIES | FMV | 1,809,707 | 1,809,707 |
| 796199.14 SHS/UNITS TRINITY STREET INTERNATIONAL PARTNERS SERIS-BBH WS | FMV | 787,025 | 787,025 |
| 564630.98 BBH MAKAIRA PARTNERS SERIES - BBH WS | FMV | 595,142 | 595,142 |
| 650622.3 SHS/UNITS CLARKSTON CAPITAL PARTNERS SMALL/MID CAP SERIES-BBH WS | FMV | 676,011 | 676,011 |
| 2473752.63 SHS/UNITS SELECT EQUITY SERIES--BBH WS | FMV | 2,057,145 | 2,057,145 |
| 1191810.80BBH WEALTH STRATEGIES, LLC - VALLEY FORGE LARGE CAP EQUITY SERIES | FMV | 1,515,438 | 1,515,438 |
| 249554.69 SHS/UNITS MARTELLO RE SERIES - BBH | FMV | 271,713 | 271,713 |
| 1234812.37 SHS/UNITS BOWIE GLOBAL EQUITY SERIES | FMV | 1,234,812 | 1,234,812 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| BBH INVESTMENT ACCRUED INCOME/LOSS | 4,036 | 2,246 | 2,246 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| BBH WEALTH STRATEGIES LLC - BOWIE GLOBAL EQUITY SERIES K-1 | 716 | 716 | 0 | |
| BBH WEALTH STRATEGIES LLC - GQG PARTNERS EMERGING MARKETS EQUITY SERIES K-1 | 843 | 843 | 0 | |
| BBH WEALTH STRATEGIES LLC - SELECT EQUITY SERIES K-1 | 202 | 202 | 0 | |
| BBH WEALTH STRATEGIES LLC - TRINITY STREET INTERNATIONAL PARTNERS SERIES K-1 | 412 | 412 | 0 | |
| GS INTEREST PAID ON SECURITIES | 8,796 | 8,796 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| BBH WEALTH STRATEGIES LLC - MAKAIRA PARTNERS SERIES K-1 | 11 | 11 | 11 |
| Description | Amount |
|---|---|
| UNREALIZED GAIN/(LOSS) ADJUSTMENT | 598,868 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| BBH INVESTMENTS FEES | 44,862 | 44,862 | 0 | |
| GS INVESTMENT FEES | 10,523 | 10,523 | 0 | |
| BBH WEALTH STRATEGIES LLC - ALTAROCK PARTNERS SERIES K-1 | 17,105 | 17,105 | 0 | |
| BBH WEALTH STRATEGIES LLC - BARES MID-LARGE CAP SERIES K-1 | 1,814 | 1,814 | 0 | |
| BBH WEALTH STRATEGIES LLC - BOWIE GLOBAL EQUITY SERIES K-1 | 7,672 | 7,672 | 0 | |
| BBH WEALTH STRATEGIES LLC - CLARKSTON CAPITAL PARTNERS SMALL-MID CAP SERIES | 3,798 | 3,798 | 0 | |
| BBH WEALTH STRATEGIES LLC - GQG PARTNERS EMERGING MARKETS EQUITY SERIES K-1 | 8,974 | 8,974 | 0 | |
| BBH WEALTH STRATEGIES LLC - MAKAIRA PARTNERS SERIES K-1 | 3,440 | 3,440 | 0 | |
| BBH WEALTH STRATEGIES LLC - MARTELLO RE SERIES | 837 | 837 | 0 | |
| BBH REAL ESTATE ENHANCED VALUE FUND I, L.P K-1 | 95 | 95 | 0 | |
| BBH WEALTH STRATEGIES LLC - SELECT EQUITY SERIES K-1 | 17,949 | 17,949 | 0 | |
| BBH WEALTH STRATEGIES LLC - TRINITY STREET INTERNATIONAL PARTNERS SERIES K-1 | 6,294 | 6,294 | 0 | |
| BBH WEALTH STRATEGIES LLC - VALLEY FORGE CAP EQUITY SERIES | 12,906 | 12,906 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| BBH INVESTMENTS FOREIGN TAX | 1,276 | 1,276 | 0 | |
| FEDERAL INCOME TAX | 100,000 | 0 | 0 | |
| BBH WEALTH STRATEGIES LLC - ALTAROCK PARTNERS SERIES K-1 | 13 | 13 | 0 | |
| BBH WEALTH STRATEGIES LLC - CLARKSTON CAPITAL PARTNERS SMALL-MID CAP SERIES | 67 | 67 | 0 | |
| BBH WEALTH STRATEGIES LLC - BOWIE GLOBAL EQUITY SERIES K-1 | 296 | 296 | 0 | |
| BBH WEALTH STRATEGIES LLC - GQG PARTNERS EMERGING MARKETS EQUITY SERIES K-1 | 9,174 | 9,174 | 0 | |
| BBH WEALTH STRATEGIES LLC - MAKAIRA PARTNERS SERIES K-1 | 13 | 13 | 0 | |
| BBH WEALTH STRATEGIES LLC - SELECT EQUITY SERIES K-1 | 5,925 | 5,925 | 0 | |
| BBH WEALTH STRATEGIES LLC - TRINITY STREET INTERNATIONAL PARTNERS SERIES K-1 | 3,455 | 3,455 | 0 | |
| BBH WEALTH STRATEGIES LLC - VALLEY FORGE CAP EQUITY SERIES | 25 | 25 | 0 |