Quarterly Report
All data as of September 30, 2024

Brookfield Global Listed Real Estate UCITS FundClass E: BFREIUE

Investment Objective
The Fund seeks total return through growth of capital and current income. There can be no assurance that the Fund will achieve its investment
objective.

Fund Information

Fund Statistics

Share Class
Bloomberg
ISIN
Minimum Investment

E Institutional Accumulation (USD)
BFREIUE
IE00B3PPN902$250,000

Fees and Charges

Total Net Assets (in millions)
Net Asset Value (NAV) Per Share
Annualized Standard Deviation1
Annualized Tracking Error1
Number of Holdings$24.13$41.1515.89%
2.78%
54

Risk Indicator

Management Fee
Ongoing Charges2
Entry Charge3
Exit Charge3
Performance Fee

0.85%
1.05%
5.00%
3.00%
0.00%

Assets by Sector4

The summary risk indicator is a guide to the level of risk of this product compared toother products. It shows how likely it is that the product will lose money because ofmovements in the markets or because we are not able to pay you. The summary risk
indicator is from the most recent PRIIP KID, available from the website, and may besubject to change.

Assets by Geography4
Residential15.5%

U.S.

62.7%

Retail

14.8%

Continental Europe

8.8%

Industrial

13.6%

Japan

7.1%

Data Centers

11.5%

U.K.

5.9%

Health Care

11.1%

Australia/N.Z.

5.7%

Diversified

9.2%

Singapore/Other Asia

4.1%

Net Lease

8.9%

Hong Kong/China

4.0%

Office7.7%

Canada0.5%

Self Storage

6.6%

Cash & Other

1.1%

Cash & Other

1.1%

Average Annual Total Returns (%)
Inception

1 Month

3 MonthYTD

1 Year

3 Years

5 Years

10 Years

Since Incep.

Class E (USD)
11/30/11
FTSE EPRA Nareit Developed Index Net (USD)

2.70%
3.01%

15.95%16.07%

10.29%
11.77%

24.47%
28.86%-0.98%
0.39%

0.22%
1.39%

2.95%
4.06%

5.78%
6.30%

The Fund's performance is based on net of fees. Index performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund.

Rolling 12-Month Returns (%)
2019

2020

2021

2022

2023

Class E (USD)

11.27%FTSE EPRA Nareit Developed Index Net (USD)

13.00%-20.62%31.16%-22.96%

1.25%-18.29%29.64%-22.77%

1.64%

Reflects the period October 1 through September 30. The Fund's performance is based on net of fees. Index performance is shown for illustrative purposes only and does notpredict or depict the performance of the Fund.

Portfolio
ManagementTeamBrookfield Public Securities Group
Brandon Benjamin, Director and Portfolio Manager
Julian Perlmutter, CFA, Director and Portfolio Manager
Richard Sweigard, Director and Portfolio Manager

Quarterly Report
All data as of September 30, 2024

Brookfield Global Listed Real Estate UCITS FundClass E: BFREIUETop Ten Holdings5Ticker

Security

SectorGeography

Weight

EQIX USPLD USVNA GYBRX US
DOC USEXR US
UDR USADC US
SGP AU823 HK

Equinix Inc
Prologis Inc
Vonovia SE
Brixmor Property Group Inc
Healthpeak Properties Inc
Extra Space Storage Inc
UDR Inc
Agree Realty Corp
Stockland
Link REIT

Data Centers
Industrial
Residential
RetailHealth Care
Self Storage
Residential
Net Lease
Diversified
RetailU.S.
U.S.
Continental Europe
U.S.
U.S.
U.S.
U.S.
U.S.
Australia/N.Z.
Hong Kong/China

7.4%
7.3%
4.4%
4.1%
3.5%
3.4%
3.0%
2.9%
2.9%
2.8%
41.7% Total

Top/Bottom Sector Contribution
Relative
Attribution

Total
Contribution

Average
Active Weight

Health Care

39 bps244 bps

2.7%

Hotel

25 bps-1 bpsResidential

17 bps108 bps

Data Centers-6 bps107 bps

1.6%

Specialty-8 bps

30 bps-1.3%

Self Storage-20 bps

104 bps-0.5%

SectorTop/Bottom Geography Contribution
Relative
Attribution

Total
Contribution

Average
Active Weight

U.S.

71 bps1082 bps

0.4%

-1.8%

Australia/N.Z.

33 bps

92 bps

-1.2%

-0.8%

Singapore/Other

13 bps65 bps0.5%

Canada-17 bps

18 bps

-1.2%

U.K.

-26 bps

16 bps1.2%

Japan-33 bps-37 bps-0.1%

Relative
Attribution

Total
Contribution

Average
Active Weight

GeographyTop/Bottom Security Contribution
Ticker

Security

Geography

AHR US

American Healthcare REIT, Inc. U.S.

Health Care

28 bps

28 bps0.4%

EPRT US

Essential Properties Realty
Trust, Inc.

U.S.

Net Lease

25 bps62 bps2.4%

823 HK

Link Real Estate Investment
Trust

Hong Kong/China

Retail21 bps

44 bps1.1%

8801 JP

Mitsui Fudosan Co., Ltd.

JapanOffice-24 bps-16 bps

1.1%

URW FP

Unibail-Rodamco-Westfield SE Continental Europe

Retail-26 bps-17 bps

0.2%

O US

Realty Income Corporation

Net Lease-27 bps

9 bps

-2.0%

U.S.

SectorQuarterly Report
All data as of September 30, 2024

Brookfield Global Listed Real Estate UCITS FundClass E: BFREIUEMARKET COMMENTARY
Global equities finished the third quarter strong amid optimism overcentral bank easing and stimulus measures from China. The MSCI WorldIndex rose 6.46%, with Asia Pacific, Europe and North America up
8.59%, 6.63% and 6.17%, respectively. The S&P 500 Index increased
5.89%. The 10-year U.S. Treasury yield fell 62 basis points during thequarter, to 3.78%. The U.S. Federal Reserve announced a 50-basis point
cut to the Fed Funds rate in September, with many market participants
anticipating further rate cuts in coming months. West Texas
Intermediate Crude Oil finished the quarter at $68.17, down from$81.54 at the end of the second quarter, while the Bloomberg
Commodity Index finished essentially flat, with a gain of 0.68%.
Global real estate securities rally 16% in Q3
Global real estate securities rallied during the third quarter, as investor
appetite for the asset class returned. The FTSE EPRA Nareit DevelopedIndex rose 16.33%, outperforming global equities and bringing the yearto-date return for the index to 12.64% for the first nine months of 2024.
During the quarter all U.S. property types posted gains, with only hotels
and residential property types not rising by double digits. Office stocks
were the top performer, rising nearly 30% during the period; and selfstorage companies were up nearly 23%.
Strategy Performance
The strategy moderately underperformed the index during the period.
Regional contributors to relative performance during the period
included:• U.S. Health Care: Positive security selection was driven byoutperforming overweight positions across subtypes within healthcare.
• U.S. Hotel: Underweight exposure across the underperforming
sector contributed to relative returns.
• Australia: Positive security selection among diversified real estatecompanies in the region contributed positively during the period.
• Singapore: Marginal relative outperformance was driven by adiversified landlord and a data center operator.
Conversely, regional detractors during the period included:• U.S. Self Storage: Underweight exposure and negative stock
selection detracted from relative performance.

• U.S. Specialty: Moderate underperformance due to underweight

exposure to a data management and data infrastructure company.

• Japan: Underperforming positions in a developer and JREITs

focused on office, residential and retail facilities detracted from
relative returns.
• U.K.: Relative underperformance was driven by overweight
positions in landlords focused on the office, retail and self storage
sectors.
Portfolio Positioning and Outlook
We believe global listed real estate is well positioned to continue to
produce compelling risk-adjusted returns relative to broader equities,
given the green shoots we see emerging for the asset class. Theseinclude a normalizing interest rate environment, a more favorable
supply-and-demand backdrop, and attractive valuations.
In the U.S., data center demand remains robust and we are positioned
accordingly. We also believe high-quality, needs-based shopping centerspresent attractive values.
We maintain a more cautious view on the industrial and office sectors.
Following a period of accelerated growth, industrial landlords continue
to grapple with a supply and demand imbalance. In the office sector,
fundamental trends remain challenged, particularly among landlords insecondary markets, as well as among those focused on lab space.
Security selection and a focus on quality remains essential for thisproperty type.
We have increased exposure to Europe and have a particularly
favorable view of the U.K. There we see several company-specificcatalysts supported by a pickup in housing activity. We also see
attractive opportunities for external growth among high-quality listedcompanies, whose costs of capital are declining relative to other market
participants.
In Asia Pacific, we are beginning to see more favorable opportunities
within the Japanese office and industrial sectors; and have become less
optimistic on travel and leisure-related companies in that region. We
are encouraged by stimulus measures announced in Hong Kong andChina. Our exposure remains focused primarily on security-specificopportunities across what we believe are high-quality retail and officecompanies.

A fund's investment objectives, risks, changes and expenses must be considered carefully before investing. The prospectus contains this andother important information about the investment company, and it may be obtained by calling +1 (212) 549-8380 or visitingwww.brookfield.com. Please read the prospectus carefully before investing. Investing in the Fund involves risk. Principal loss is possible. Therecan be no assurance that the Fund will achieve its investment objective.
The Fund will be closely linked to the real estate market. Property values may fall due to increasing vacancies or declining rents resulting from unanticipatedeconomic, legal, cultural or technological developments. REITs are dependent upon management skills and generally may not be diversified. REITs are subject toheavy cash flow dependency, defaults by borrowers and self-liquidation. The Fund invests in small and mid-cap companies, which involve additional risks such as
limited liquidity and greater volatility.
The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. Theserisks are magnified in emerging markets. Some securities held may be difficult to sell, particularly during times of market turmoil. If the Fund is forced to sell anilliquid asset to meet redemption, the Fund may be forced to sell at a loss. Investments in debt securities typically decrease in value when interest rates rise. Thisrisk is usually greater for longer-term debt securities. Debt securities rated below investment grade are commonly referred to as "junk bonds" and are generally
more volatile, less liquid, and considered speculative. Since the Fund will invest more than 25% of its total assets in securities in the Real Estate industry, theFund may be subject to greater volatility than a fund that is more broadly diversified.
The FTSE EPRA Nareit Developed Index Net (USD) is a free float-adjusted market-capitalization weighted index that is designed to measure the performance oflisted real estate companies and real estate investment trusts (REITs) in developed markets. Investors cannot invest directly in indices or averages, and theirperformance does not reflect fees and expenses or taxes except the reinvestment of dividends net of withholding taxes nor represents the performance of anyfund. The Net benchmark presented is calculated on a total return basis net of foreign withholding taxes on dividends, and does not reflect fees, brokeragecommissions, or other expenses. Net total return indexes reinvest dividends after the deduction of withholding taxes (for international indexes), using tax rates
applicable to non-resident investors who do not benefit from double taxation treaties.
Indexes are not managed and an investor cannot invest directly in an index. Index performance is shown for illustrative purposes only and does not predict ordepict the performance of the Fund.
1

Represents data for Class E since inception. Standard deviation measures the degree to which an investment's return varies from its mean return. Trackingerror measures the difference between a portfolio's returns and its benchmark. Sharpe ratio is a measure of the excess return to the risk-free rate (or riskpremium) per unit of risk (measured by standard deviation) in an investment asset or a trading strategy.

Quarterly Report
All data as of September 30, 2024

Brookfield Global Listed Real Estate UCITS FundClass E: BFREIUE
23
4

5

PSG, the Fund's investment advisor, has voluntarily agreed to waive all or a portion of its management fees and/or reimburse certain expenses of the Fund tothe extent necessary to maintain the Fund's total expense ratio (excluding brokerage commissions and other transactional expenses, interests, taxes andextraordinary expenses, such as litigation; and other expenses not incurred in the ordinary course of the Fund's business) at no more than 1.05% of the Fund's
share classes. This fee waiver and expense reimbursement arrangement is voluntary which the Fund's investment advisor may terminate in its sole discretion at
any time. Please refer to the Fund's prospectus, supplementary prospectus and PRIIP (Packaged Retail & Insurance-based Investment Products) KID (KeyInformation Document) available at www.brookfieldoaktree.com for a discussion of any charges that may be applied to an investment in the Fund.
Please refer to the Fund's Prospectus and Supplement for more details regarding entry and exit charges.
Source: PSG. Sector and country allocations and asset classes determined by PSG are expressed as a percentage of total investments (by market value) andwill vary over time. Cash and Other includes available cash and other receivables and payables of the Fund.
Source: PSG. The top ten holdings are as of September 30, 2024 and will vary over time. There is no guarantee that the Fund currently holds any of thesecurities listed. The information above is based on the total assets of the Fund. The holdings listed should not be considered recommendations to purchaseor sell a particular security.

The Fund's Investment Advisor is Brookfield Public Securities Group LLC and the Management Company is Waystone Management Company (IE) Limited.
©2024 Brookfield Public Securities Group LLC.

Quarterly Report
All data as of September 30, 2024

Brookfield Global Listed Real Estate UCITS FundClass E: BFREIUE
Distribution
The information in this commentary is not and is not intended as investment advice or prediction of investment performance. This information is deemed to be from reliable sources;
however, Brookfield does not warrant its completeness or accuracy. This commentary is not intended to and does not constitute an offer or solicitation to sell or a solicitation of anoffer to buy any security, product or service (nor shall any security, product or service be offered or sold) in any jurisdiction in which Brookfield is not licensed to conduct business,
and/or an offer, solicitation, purchase or sale would be unavailable or unlawful. Information herein contains, includes or is based upon forward-looking statements within the meaning of
the federal securities laws, specifically Section 21E of the Securities Exchange Act of 1934, as amended.
This is an advertising document. The state of the origin of the fund is Ireland. In Switzerland, the representative is ACOLIN Fund Services AG, Maintower, Thurgauerstrasse 36/38, 8050
Zurich, whilst the paying agent is Helvetische Bank AG, Seefeldstrasse 215, CH-8008 Zurich. The prospectus, the key information documents or the key investor information documents,
the articles of association as well as the annual and semi-annual reports may be obtained free of charge from the representative.
The Fund is not authorised or recognised by the Monetary Authority of Singapore ("MAS") and shares are not allowed to be offered to the retail public. The Fund is registered with theMAS as a Restricted Foreign Scheme. Shares of the Fund may only be offered to institutional and accredited investors (as defined in the Securities and Futures Act (Cap.289)) ('SFA') andthis material is limited to the investors in those categories.
This document has not been registered by the Registrar of Companies in Hong Kong. This Fund is a collective investment scheme as defined in the Securities and Futures Ordinance ofHong Kong (the "Ordinance") but has not been authorised by the Securities and Futures Commission pursuant to the Ordinance. Accordingly, the Shares may only be offered or sold inHong Kong to persons who are "professional investors" as defined in the Ordinance and any rules made under the Ordinance or in circumstances which are permitted under theCompanies (Winding Up and Miscellaneous Provisions) Ordinance of Hong Kong and the Ordinance. In addition, this document may not be issued or possessed for the purposes ofissue, whether in Hong Kong or elsewhere, and the Shares may not be disposed of to any person unless such person is outside Hong Kong, such person is a "professional investor" as
defined in the Ordinance and any rules made under the Ordinance or as otherwise may be permitted by the Ordinance.

brookfieldoaktree.com
info@brookfieldoaktree.com+1 212-549-8380 or
855-777-8001