Quarterly Report
All data as of September 30, 2024

Brookfield Global Listed Infrastructure FundClass A: BGLAX | Class C: BGLCXInvestment Objective
The Fund's investment objective is to seek total return through growth of capital and current income. There can be no assurance that the Fund willachieve its investment objective.

Fund Information

Fund Statistics

Share ClassSymbol
CUSIP
Minimum Investment
Dividend Frequency
Expense Ratio (Without Waiver) as of 4/29/24 2
Expense Ratio (With Waiver) as of 4/29/24 2AC
BGLAX
BGLCX112740501 112740600$1,000$1,000
Quarterly Quarterly
1.41%
2.20%
1.25%
2.00%

Assets by Sector3

Total Net Assets (in millions)
Net Asset Value (NAV) Per Share (BGLAX)
Annualized Standard Deviation1
Annualized Tracking Error1
Sharpe Ratio1
Number of Holdings$368.38$13.9013.50%
2.40%
0.45
35

Assets by Geography3
Integrated Utilities/Renewables

29.1%

U.S.

54.9%

Electricity Transmission & Distribution

16.8%

Asia Pacific

14.4%

Midstream

13.5%

Continental Europe

11.5%

Rail

9.7%

Canada6.9%

Towers

8.2%

U.K.

6.2%

Toll Roads

7.1%

Latin America

4.5%

Gas Utilities

6.3%

Cash & Other

1.6%

Airports

5.2%

Water

2.4%

Cash & Other

1.6%

Average Annual Total Returns (%)
YTD

1 Year

3 Years

5 Years

10 Years

Class A (Excluding Sales Charge)

Inception 3 Month
12/29/11

13.36%

12.93%

25.86%

6.13%

4.74%

2.99%

Since Incep.
6.31%

Class A (Including Sales Charge)

12/29/11

8.00%

7.59%

19.90%

4.41%

3.74%

2.49%

5.90%

Class C (Excluding Sales Charge)

5/01/1213.14%

12.28%

24.89%

5.33%

3.95%

2.21%

4.97%

Class C (Including Sales Charge)

5/01/1212.14%

11.28%

23.89%

5.33%

3.95%

2.21%

4.97%

FTSE Global Core Infrastructure 50/50 Index (USD)

13.79%

16.95%

29.94%

7.57%

6.06%

N/A*

N/A*

Dow Jones Brookfield Global Infrastructure Composite Index (USD)

13.40%

13.71%

26.43%

7.01%

5.28%

4.55%

7.28%**

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment willfluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than theperformance quoted. Performance data current to the most recent month end may be obtained by calling 855.244.4859. Performance shown including sales charge reflects theClass A maximum sales charge of 4.75%. Class C Shares are subject to a CDSC of 1.00% when redeemed within 12 months of purchase. Performance data excluding sales charge
does not reflect the deduction of the sales charge or CDSC and if reflected, the sales charge or fee would reduce the performance quoted. Investment performance reflects fee
waivers, expenses and reimbursements in effect. In the absence of such waivers, total return and NAV would be reduced.

Portfolio
Management
Team

Brookfield Public Securities Group
Leonardo Anguiano, Managing Director and Portfolio Manager
Tom Miller, CFA, Managing Director and Portfolio Manager*

Data for the FTSE Global Core Infrastructure 50/50 Index (USD) is unavailable prior to its inception date of March 2, 2015.

**References Class A's Inception date.

Quarterly Report
All data as of September 30, 2024

Brookfield Global Listed Infrastructure FundClass A: BGLAX | Class C: BGLCXTop Ten Holdings4Ticker

Security

SectorGeography

WeightNEE USDUK USPCG USSRE USXEL USTCL AUETR US
NG/ LN
CCI USCSX US

NextEra Energy Inc
Duke Energy Corp
PG&E Corp
SempraXcel Energy Inc
Transurban GroupEntergy Corp
National Grid PLC
Crown Castle Inc
CSX Corp

Integrated Utilities/Renewables
Integrated Utilities/Renewables
Electricity Transmission & Distribution
Electricity Transmission & Distribution
Integrated Utilities/Renewables
Toll Roads
Integrated Utilities/Renewables
Electricity Transmission & Distribution
Towers
RailU.S.
U.S.
U.S.
U.S.
U.S.
Asia Pacific
U.S.
U.K.
U.S.
U.S.

6.3%
5.8%
4.5%
4.3%
4.2%
4.1%
3.8%
3.8%
3.7%
3.7%
44.0% Total

Top/Bottom Sector Contribution5

Top/Bottom Geography Contribution5

SectorRelative
Attribution

Total
Contribution

Average
Active Weight

Geography

Relative
Attribution

Total
Contribution

Average
Active WeightPorts

43 bps

0 bps

-4.4%

Asia Pacific

52 bps62 bps-5.5%

Latin America

28 bps72 bps0.5%

Integrated
Utilities/Renewables

42 bps517 bps

-3.2%

U.K.

15 bps86 bps2.8%

Towers

16 bps160 bps

1.2%

Middle East

0 bps

0 bps

-0.7%

Toll Roads-18 bps

41 bps

1.6%

U.S.

-21 bps872 bps

1.2%

Airports-30 bps

13 bps-1.1%

Continental Europe-57 bps

61 bps5.2%

Electricity Transmission& Distribution-41 bps

199 bps

5.0%

Relative
Total
Attribution Contribution

Average
Active Weight

Top/Bottom Security Contribution
Ticker

Security

Geography

SectorETR USEntergy Corporation

U.S.

Integrated
Utilities/Renewables

32 bps

76 bps2.3%

ADSEZ IN

Adani Ports and Special Economic Zone
Asia Pacific
LimitedPorts

27 bps

0 bps

-1.8%

XEL US

Xcel Energy Inc.

U.S.

Integrated
Utilities/Renewables

27 bps

80 bps2.5%

CNP US

CenterPoint Energy, Inc.

U.S.

Electricity Transmission &Distribution-26 bps-24 bps

0.1%

AENA SM

Aena S.M.E., S.A.

Continental Europe Airports-28 bps-19 bps-0.6%9706 JPJapan Airport Terminal Co., Ltd.

Asia Pacific-33 bps-14 bps

1.3%

Airports

Quarterly Report
All data as of September 30, 2024

Brookfield Global Listed Infrastructure FundClass A: BGLAX | Class C: BGLCXMARKET COMMENTARY
Global equities finished the third quarter strong amid optimism overcentral bank easing and stimulus measures from China. The MSCI World
Index 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 TexasIntermediate 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%.
Infrastructure equities rally in Q3
Global listed infrastructure equities posted strong gains during the thirdquarter, with the FTSE Global Core Infrastructure 50/50 Index advancing
13.79% and outperforming global equities. All sectors advanced, withcommunications, electricity transmission & distribution, and energy
infrastructure sectors the strongest performers.
Strategy Performance
Sector contributors to relative performance during the period included:• Ports: Zero exposure to the underperforming sector contributed
positively to relative returns.
• Integrated Utilities/Renewables: Non-index exposure to selectoutperforming U.S. utilities contributed to relative performance.
• Gas Utilities: Relative outperformance largely attributed tooutperforming overweight positions in Asia Pacific.
Sector detractors to relative performance during the period included:• Electricity Transmission & Distribution: Underperformance wasprimarily due to an overweight position to a Houston-based
operator. The stock was pressured amid the fallout of outages in
the area following a series of storms. Underweight positions inseveral outperforming U.S. utilities detracted as well.
• Airports: Overweight positions in underperforming Asian airport
operators detracted from relative returns during the period.
• Toll Roads: Several overweight positions in European-based tollroad operators lagged during the period.

Portfolio Positioning and Outlook
In our view, the current investment environment is supportive ofearnings growth for companies that own and operate the backbone of
the global economy. Strong sector-specific demand drivers, anormalizing interest rate environment and attractive valuations create
what we feel is a positive set up for the asset class.
Utilities
We believe prospects for attractive total returns tend to be supported
by strong fundamentals. Increased power needs from industrial growth
and the rapid increase in data infrastructure demand are likely tocontinue. At the same time power demand is growing at above-average
rates, the energy sources of electricity are evolving. Capex is likely togrow to upgrade transmission and distribution networks, which we
think is accretive for earnings. Utilities are also benefitting from macro
trends–lower interest rates improve costs of capital, but also boost
investor sentiment.

We made the following changes during the period.
• Moderately adjusted weights among select U.S. utilities based on
our views of relative valuations and company-specific catalysts.
• Increased exposure to a Western U.S. utility following positive
updates from company management and potential upside as aresult of risk mitigation activities.
• Increased exposure to a U.S. utility focused on Southeasternstates, based on our favorable growth outlook following rate casesettlements and/or decisions in several key markets.
• Exited a position in a Texas-based utility, given cumulative costs
from consecutive Hurricane damages, which could pressure thecompany's balance sheet. We also see potential for politicalbacklash amid the company's ongoing rate cases.
• Exited a Northeast U.S. utility following a period ofoutperformance, as well as what we viewed to be increased
regulatory risk for pending renewables projects.
Transports
Most toll road assets in our universe have recovered from COVID traffic
trend disruption, though some urban centers have some potential forfurther recovery to pre-2020 levels. Global passenger traffic continues
to increase 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 rail business lines vary widely year on year and thesector has struggled to grow underlying volumes in a meaningful way
the past few years.
We made the following changes during the period.
• Increased exposure in a French-based transports operator. We
believe the stock is attractively valued on what we feel is politicalelection noise. We see upside once the perceived risk is removed.
Communications
Although the exact timing of an acceleration of new leasing is unknown,
demand for network investment, moderating interest rates and anincreased focus on profitability are tailwinds for the sector.
We made the following changes during the period.
• Rotated exposure between select U.S. communication towercompanies. Exited a company on concerns about near-term
growth outlook, less contract duration, and near-term refinancingsin the face of higher for longer interest rates. Conversely, werotated into a company whose fundamentals and contracted cash
flows offered both defensive characteristics, as well as thepotential for growth if flows return to the sector.
Energy Infrastructure
We remain bullish on energy infrastructure, or midstream, as part of adiversified infrastructure portfolio, given improvements in theunderlying industry, supportive demand drivers, and midstream
companies' compelling income and growth characteristics.
We made the following changes during the period.
• Rotated exposure among select U.S. midstream operators. Exited aposition in a large cap company with a more diversified asset mix,
in favor of a company focused on natural gas. Despite recentoutperformance, we believe upside potential remains on longevity
and terminal value for its natural gas assets.

A fund's investment objectives, risks, charges 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 855.244.4859 or visiting www.brookfield.com.
Read the prospectus carefully before investing.

Risks to consider: Mutual fund investing involves risk. Principal loss is possible. There can be no assurance that the Fund will achieve its investment
objective. Infrastructure companies may be subject to a variety of factors that may adversely affect their business, including high interest costs, highleverage, regulation costs, economic slowdown, surplus capacity, increased competition, lack of fuel availability and energy conservation policies. 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. These risks are magnifiedin emerging markets.
Some securities held may be difficult to sell, particularly during times of market turmoil. If the Fund is forced to sell an illiquid 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. This risk isQuarterly Report
All data as of September 30, 2024

Brookfield Global Listed Infrastructure FundClass A: BGLAX | Class C: BGLCX

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 theInfrastructure and that is more broadly diversified. The Fund's use of derivatives may reduce the Fund's returns, increase volatility, and/or give rise to aform of economic leverage that would magnify any increases or decreases in the value of the Fund's portfolio. Investing in Master Limited Partnerships("MLPs") involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles.
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 to three broad industry sectors - 50% Utilities, 30%
Transportation including capping of 7.5% for railroads/railways and a 20% mix of other sectors including pipelines, satellites and telecommunication towers.
Company weights within each group are adjusted in proportion to their investable market capitalization.
The Dow Jones Brookfield Global Infrastructure Composite Index is calculated and maintained by S&P Dow Jones Indexes and comprises infrastructurecompanies with at least 70% of their annual cash flows derived from owning and operating infrastructure assets, including MLPs. Brookfield has no direct role inthe day-to-day management of any Brookfield co-branded indexes. The index does not reflect any fees, expenses or sales charges. It is not possible to invest
directly in an index.
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.
12345Represents data for Class I since inception. Standard deviation measures the degree to which an investment's return varies from its mean return. Tracking
error 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.
PSG, the Fund's investment adviser (the "Adviser"), has contractually agreed to waive all or a portion of its investment advisory or administration fees and/or
to reimburse certain expenses of the Fund until at least April 30, 2025 and may not be terminated by the Fund or the Adviser before such time. There is noguarantee that such waiver/reimbursement will be continued after that date. Without the waivers, investor total returns would be lower.
Source: PSG. Sector and geography allocations and asset classes determined by PSG are expressed as a percentage of total investments (by market value) andwill vary over time. Cash & Other includes available cash and other receivables and payables of the Fund.
Source: PSG. The top holdings will vary over time. There is no guarantee that the Fund currently holds any of the securities listed. The information above isbased on the total assets of the Fund. The holdings listed should not be considered recommendations to purchase or sell a particular security.
Calculated by PSG using FactSet. Total Contribution refers to the change in the Fund's value (excluding cash) over the period. Relative Attribution refers to thedifference between the change in the Fund's value (excluding cash) relative to the change in the FTSE Global Core Infrastructure 50/50 Index (USD) value overthe period. Attribution is expressed in local currency.

©2024 Brookfield Public Securities Group LLC ("PSG", or "the Firm") is an SEC-registered investment adviser and represents the Public Securities Group of Brookfield
Corporation.

Brookfield Global Listed Infrastructure Fund is distributed by Quasar Distributors, LLC.

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