| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| BBH LIMITED DURATION FUND CL I | 166,197 | 173,977 |
| BBH INCOME FUND-I | 1,073,131 | 1,014,730 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| AKRE FOCUS FUND-SUPRA INST | 397,146 | 501,479 |
| AMAZON.COM INC | 34,350 | 47,549 |
| BOOKING HOLDINGS INC COM STK | 16,217 | 32,132 |
| MCDONALD'S CORP | 15,021 | 16,810 |
| NIKE INC CL B | 25,367 | 20,642 |
| COSTCO WHOLESALE CORP | 6,033 | 16,384 |
| PROCTER & GAMBLE CO | 15,438 | 16,481 |
| BERKSHIRE HATHAWAY INC-CL B | 9,307 | 25,635 |
| BLACKROCK INC COM | 18,157 | 29,969 |
| ARTHUR J GALLAGHER & CO | 18,495 | 25,620 |
| PROGRESSIVE CORP OHIO | 7,339 | 19,128 |
| S&P GLOBAL INC COM STK | 15,105 | 22,994 |
| ABBOTT LABORATORIES | 17,574 | 18,919 |
| JOHNSON & JOHNSON | 16,742 | 20,488 |
| THERMO FISHER SCIENTIFIC INC | 17,069 | 20,281 |
| ZOETIS INC COM STK | 17,383 | 14,469 |
| ALCON INC COM STK | 16,810 | 18,363 |
| WASTE MANAGEMENT INC | 15,562 | 29,221 |
| ADOBE INC | 19,350 | 16,800 |
| APPLE COMPUTER INC | 22,288 | 44,857 |
| KLA CORPORATION | 9,813 | 49,818 |
| MASTERCARD INCORPORATED | 24,061 | 39,391 |
| MICROSOFT CORP | 44,914 | 67,707 |
| ORACLE CORP | 9,503 | 33,330 |
| TEXAS INSTRUMENTS INC | 22,814 | 24,462 |
| LINDE PLC COM STK | 13,648 | 26,010 |
| ALPHABET INC CL C | 24,131 | 75,940 |
| GQG PART EMERG MKTS EQ-INST | 162,168 | 184,372 |
| GQG PART QLTY EQTY-INST | 152,608 | 188,813 |
| BBH PARTNER FUND - INTERNATIONAL EQUITY | 525,767 | 660,239 |
| CLARKSTON SERIES TRUST CLARKSTON PARTNERS FUND FOUNDERS CL | 222,679 | 227,410 |
| CLARKSTON FOUNDERS FUND - FOUNDERS CLASS | 98,000 | 110,174 |
| APLIED MATERIALS INC | 17,794 | 31,353 |
| AUTOMATIC DATA PROCESSING INC | 17,660 | 18,521 |
| ECOLAB INC | 11,211 | 16,801 |
| OTIS WORLDWIDE CORPORATION COM | 16,425 | 14,937 |
| CADENCE DESIGN SYS INC | 15,732 | 18,130 |
| COCA-COLA CO | 7,150 | 6,991 |
| WALMART INC | 18,726 | 21,502 |
| ELI LILLY & CO | 12,955 | 18,269 |
| NOVO NORDISK SPONS ADR | 4,332 | 2,747 |
| ANALOG DEVICES INC | 4,069 | 6,238 |
| NVIDIA CORP COM STK | 8,728 | 16,039 |
| SERVICENOW INC COM STK | 20,468 | 17,617 |
| VISA INC- CL.A SHARES | 2,937 | 3,156 |
| BBH TRUST - BBH SELECT MID CAP ETF | 226,214 | 253,656 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 1,255 | 0 | 1,255 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT EXPENSES | 12,073 | 12,073 | 0 | |
| OTHER EXPENSES | 483 | 483 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| TAXES PAID | 840 | 0 | 0 |