All data as of September 30, 2024

Brookfield Global Listed Real Estate 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 yield fell to 3.78% from 3.90% at the end ofAugust, on expectations that the U.S. Federal Reserveis on track for more rate cuts in coming months,
following its 50-basis point cut in September. WestTexas 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%.
Global real estate equities up 3% in September
Global real estate equities rose in September, asinvestor 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%.
Brookfield Global Listed Real Estate Strategy
Performance
Regional contributors to relative performance during theperiod included:
 U.S.
o Net Lease: Positive stock selection was
attributed to outperformingo Residential: Underweight exposure tounderperforming single family rental
landlords, as well as multifamily
companies focused on gateway
markets contributed to relative
performance.
o Health Care: An outperforming position
in a diversified health care-focused
REIT contributed to relative returns
during the period.
 Singapore: Marginal relative outperformance
was driven by a position in a diversified landlord
based in Singapore.

Japan: Underperforming positions in adeveloper and a JREIT focused on office,residential and retail facilities detracted fromrelative returns.

Portfolio 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 wesee emerging for the asset class. These include anormalizing interest rate environment, a more favorable
supply-and-demand backdrop, and attractivevaluations.
In the U.S., data center demand remains robust and weare positioned accordingly. We also believe highquality, 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.

Conversely, regional detractors during the period
included: U.K.: Relative underperformance was driven by
overweight positions in landlords focused on
the office, retail and self storage sectors.
1/3All data as of September 30, 2024

Brookfield Global Listed Real Estate UCITS FundMonthly Commentary
DISCLOSURES©2024 Brookfield Public Securities Group LLC (“PSG”) is an SEC
registered investment adviser and is registered as a portfolio manager
in each of the provinces and territories of Canada and represents thePublic Securities Group of Brookfield Corporation and Brookfield AssetManagement Ltd. (together, “Brookfield”), providing global listed real
assets strategies including real estate equities, infrastructure equities,
multi-strategy real asset solutions, and real asset debt. PSG manages
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Opinions expressed herein are current opinions of Brookfield Public
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Index performance is shown for illustrative purposes only and does notpredict or depict the performance of any investment. There may bematerial factors relevant to any such comparison such as differences
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All data as of September 30, 2024

Brookfield Global Listed Real Estate UCITS Fund
Monthly Commentary
indirect, special, incidental, punitive, consequential, or other damages(including loss of profits). The index sponsors do not sponsor, endorse,
or recommend Brookfield Public Securities Group LLC or any of its
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Return indexes.
INDEX DEFINITIONSThe 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.
West Texas Intermediate Crude Oil is a crude oil stream produced inTexas and southern Oklahoma which serves as a reference or "marker"
for pricing a number of other crude streams and which is traded in thedomestic spot market at Cushing, Oklahoma.
The Bloomberg Commodity Index is a broadly diversified index thattracks the commodities markets through commodity futures contracts.
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.

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