All data as of September 30, 2024

Brookfield Real Asset Securities UCITS Fund
Monthly Commentary
Global equities finished September higher amid
optimism over central bank easing and stimulus
measures from China. The MSCI World Index gained
1.87%, with North America, Asia Pacific, and Europe up
2.17%, 2.09% and 0.40%, respectively. The S&P 500
Index increased 2.14%. The 10-year U.S. Treasury yieldfell to 3.78% from 3.90% at the end of August, on
expectations that the U.S. Federal Reserve is on track
for more rate cuts in coming months, following its 50basis point cut in September. West Texas Intermediate
Crude Oil finished the month at $68.17, down from$73.55 at the end of August, while the Bloomberg
Commodity Index rose 4.86%.
Infrastructure equities
Global listed infrastructure equities rose in September,with the FTSE Global Core Infrastructure 50/50 Index
advancing 2.81% and outperforming global equities. All
sectors advanced with the exception of toll roads.
Communications and ports posted the strongest gains.
Real estate equities
Global real estate equities rose in September, as
investor appetite for the asset class returned. The FTSEEPRA Nareit Developed Index increased 3.15%,
outperforming global equities and bringing the year-todate return for the index to 12.64% for the first ninemonths of 2024. During the quarter, only industrial,
mixed-use and residential property types fell. Office anddata center stocks were the top performers, both rising
6.83%.
Fixed income
Fixed income markets were positive in September, as
U.S. Treasury rates fell across the curve, particularly on
the shorter end. Broad investment grade rose 1.72%,
as measured by the ICE BofA U.S. Corporate Index,
with outperforming longer duration driving gains. Broadhigh yield returned 1.63%, as measured by the ICE
BofA U.S. High Yield Index. Real asset investment
grade outperformed its broader market counterpart due
to its longer duration, and real asset high yieldoutperformed driven by telecommunications.
Diversified Real Assets Strategy Performance
On an absolute basis, all debt and most equity sleevescontributed to performance in September, slightly offset
by negative performance in energy midstream equities.
Relative to the benchmark, negative asset allocation

effect and security selection detracted from relative
performance.
Relative Detractors:
 Real estate equities due to negative security
selection and an underweight allocation to theoutperforming sector.
 Energy midstream equities due to negative
security selection and an overweight allocation
to the underperforming sector.
 REIT preferred driven by an underweight
allocation to the outperforming sector andnegative security selection.
 Real asset investment grade debt due tonegative security selection and an overweight
allocation to the underperforming sector.
 Real asset high yield debt due to negative
security selection, partially mitigated by anunderweight allocation to underperforming highyield.
Relative Contributors:
 Infrastructure equities due to positive security
selection.
 Utilities equities driven by an overweight
allocation to the outperforming sector.
Infrastructure Positioning and Outlook
In our view, the current investment environment is very
supportive of outsized earnings growth and investment
returns for companies that own and operate thebackbone of the global economy. Strong sector-specificdemand drivers, a normalizing interest rate environment
and attractive valuations create what we feel is apositive set up for the asset class.
Utilities
We believe prospects for attractive total returns aresupported by strong fundamentals. Increased power
needs from industrial growth and the rapid increase indata infrastructure demand are likely to continue. At thesame time power demand is growing at above-average
rates, the energy sources of electricity are evolving.
Capex is likely to grow to upgrade transmission anddistribution networks, which we think is accretive for
earnings. Utilities are also benefitting from macro
trends–lower interest rates improve costs of capital, butalso boost investor sentiment.
We made the following changes during the period.

1/5All data as of September 30, 2024

Brookfield Real Asset Securities UCITS Fund
Monthly CommentaryModerately adjusted weights among select U.S.
utilities based on our views of relative
valuations and company-specific catalysts.
Exited a Northeast U.S. utility following a periodof outperformance, as well as what we viewed
to be increased regulatory risk for pending
renewables projects.

Transports
Most toll road assets in our universe have recoveredfrom COVID traffic trend disruption, though some urban
centers have some potential for further recovery to pre2020 levels. Global passenger traffic continues toincrease at an impressive rate. Within the airports
sector, total passenger traffic is projected to reach 9.5
billion in 2024, a 10% increase from 2023. Trends in railbusiness lines vary widely year on year and the sector
has struggled to grow underlying volumes in ameaningful way the past few years.
We made the following changes during the period.
 Increased exposure to select North American
rail operators on attractive valuation.
 Conversely, exited a position in Brazilian rail
company based on our diminishing conviction
moving forward.
Communications
Although the exact timing of an acceleration of newleasing is unknown, demand for network investment,
moderating interest rates and an increased focus on
profitability are tailwinds for the sector.
Energy Infrastructure
We remain bullish on energy infrastructure, or
midstream, as part of a diversified infrastructure
portfolio, given improvements in the underlying industry,
supportive demand drivers, and midstream companies’
compelling income and growth characteristics.
Real Estate Positioning and Outlook
We believe global listed real estate is well positioned tocontinue to produce compelling risk-adjusted returns
relative to broader equities, given the green shoots we
see emerging for the asset class. These include 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 weare positioned accordingly. We also believe high-quality, needs-based shopping centers present
attractive values.
We maintain a more cautious view on the industrial andoffice 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 in secondary 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 aparticularly favorable view of the U.K. There we see
several company-specific catalysts supported by apickup in housing activity. We also see attractive
opportunities for external growth among high-quality
listed companies, 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 andleisure-related companies in that region. We areencouraged by stimulus measures announced in Hong
Kong and China. Our exposure remains focused
primarily on security-specific opportunities across what
we believe are high-quality retail and office companies.
Real Asset Debt Positioning and Outlook
We anticipate elevated volatility within high yield andcredit markets broadly in the coming quarters as
investors and policy makers digest a moderate
economic slowdown and default rates that may
continue to trend higher (including distressedexchanges). This could enable compelling entry points
for investors seeking attractive yields backed byessential assets such as infrastructure.
Current valuations within infrastructure high yield areamong the most attractive within high yield, in our view,especially among certain hybrid securities.
Infrastructure high yield offers significantly morepotential yield relative to broad high yield, and webelieve there are attractive idiosyncratic opportunities
for sector specialists. In addition, real asset sectors ofhigh yield, particularly within the BB-rated segment, arerelatively attractive after adjusting for projected credit
losses during a period of normalized default rates, suchas the one we believe we currently are in.
2/5All data as of September 30, 2024

Brookfield Real Asset Securities UCITS Fund
Monthly Commentary
OVERALL POSITIONING AND OUTLOOKThe U.S. Federal Reserve aggressively cut interest
rates 50 basis points in September, in an effort toachieve a soft economic landing amid steadily declining
inflation and modestly higher U.S. unemployment.
Lower interest rates signal both risks and opportunities
in our investment universe. The impact of higher rates
on economic growth has been relatively muted to date,
but we think it could accelerate in coming quarters,
given the lagged effect of monetary policy. At the sametime, we believe more defensive, rate-sensitive assets
stand to benefit from improved fundamentals and morefavorable investor sentiment.
Against this backdrop, we maintain a defensive
positioning across most of our portfolios. Our diversified
real assets portfolios reflect a slight overweight in real
asset equities, specifically in defensive infrastructure,
and a slight underweight in real asst debt, where we
prefer investment-grade real asset debt.

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All data as of September 30, 2024

Brookfield Real Asset Securities UCITS Fund
Monthly Commentary
DISCLOSURES©2024 Brookfield Public Securities Group LLC ("PSG" or "the Firm")
is an SEC-registered investment adviser and is registered as aportfolio manager in each of the provinces and territories of Canada
and represents the Public Securities Group of Brookfield Corporation
and Brookfield Asset Management Ltd. (together, “Brookfield”) ,providing global listed real assets strategies including real estate
equities, infrastructure equities, multi-strategy real asset solutions andreal asset debt. PSG manages separate accounts, registered funds
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obtain performance information current to the most recent month-end,
please call +1 (212) 549-8380 or (855) 777-8001 (toll-free).
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relating to potential economic, political or social instability and therisks of nationalization, confiscation or the imposition of restrictions on
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than higher-rated securities. Some securities held may be difficult tosell, particularly during times of market turmoil. If the Fund is forced tosell an illiquid asset to meet redemption, the Fund may be forced tosell at a loss. Using derivatives exposes the Fund to additional risks,
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of its total assets in securities in the Real Estate industry, the Fund
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The Fund invests in MLPs, which involves additional risks ascompared to the risks of investing in common stock, including risks
related to cash flow, dilution and voting rights. MLPs may trade lessfrequently than larger companies due to their smaller capitalizations
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Brookfield Real Assets Securities UCITS Fund is managed by
Brookfield Public Securities Group LLC.
4/5

All data as of September 30, 2024

Brookfield Real Asset Securities UCITS Fund
Monthly Commentary
Certain funds may invest assets in securities of issuers domiciled
outside the United States, including issuers from emerging markets.
Foreign investing involves special risks, including foreign currency risk
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Information herein contains, includes or is based upon forwardlooking statements within the meaning of the federal securities laws,
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Index performance is shown for illustrative purposes only and does
not predict or depict the performance of any investment. There may
be material factors relevant to any such comparison, such as
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Securities Group LLC product will achieve similar results. This
information is subject to change without notice.

including Master Limited Partnerships (“MLPs”). Brookfield has nodirect role in the day-to-day management of any Brookfield-branded
indexes.
The FTSE EPRA/Nareit Global Developed Index is a free-floatadjusted, liquidity, size and revenue screened index designed to track
the performance of listed real estate companies and REITs
worldwide.
The FTSE Global Core Infrastructure 50/50 Index gives participants
an industry-defined interpretation of infrastructure and adjusts the
exposure to certain infrastructure sub-sectors. The constituent
weights are adjusted as part of the semi-annual review according tothree broad industry sectors - 50% Utilities, 30% Transportation
including capping of 7.5% for railroads/railways and a 20% mix ofother sectors including pipelines, satellites and telecommunication
towers. Company weights within each group are adjusted inproportion to their investable market capitalization
The MSCI World Index is a free-float-adjusted market-capitalizationweighted index that is designed to measure the equity market
performance of developed markets.
The S&P 500 Index is an equity index of 500 widely held, largecapitalization U.S. companies.
The U.S. 10-Year Treasury Note is a debt obligation issued by theUnited States government that matures in 10 years and pays interest
at a fixed rate once every six months and pays the face value to theholder at maturity.
ICE BofA US High Yield Index tracks the performance of U.S. dollardenominated below-investment-grade corporate debt publicly issued
in the U.S. domestic market.
ICE BofA US Corporate Index tracks the performance of U.S.-dollardenominated investment-grade corporate debt publicly issued in the
U.S. domestic market.
West Texas Intermediate Crude Oil is a crude oil stream produced in
Texas and southern Oklahoma which serves as a reference or"marker" for pricing a number of other crude streams and which istraded in the domestic spot market at Cushing, Oklahoma.
The Bloomberg Commodity Index is a broadly diversified index thattracks the commodities markets through commodity futures contracts.
ITEM ID 1539

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INDEX DEFINITIONSThe Dow Jones Brookfield Global Infrastructure Composite Index
comprises infrastructure companies with at least 70% of its annual
cash flows derived from owning and operating infrastructure assets,
5/5