Brookfield Investment Funds(UCITS) Plc
Annual Report and Audited Financial Statements
for the 12 month period ended December 31, 2023
Brookfield Global Listed Core Infrastructure UCITS FundBrookfield Global Listed Real Estate UCITS FundBrookfield Global Renewables & Sustainable Infrastructure UCITS FundBrookfield Real Assets Securities UCITS Fund

An open-ended investment company with variable capital authorised by the Central Bank as an undertaking for collective investment in transferable securities pursuant
to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) and Central Bank (Supervision and Enforcement)
Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations, 2019
Registration Number 503109

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

TABLE OF CONTENTS
Page
Directors and Other Information
Directors’ Report and Statement of Directors’ Responsibilities
Report of the Depositary to the Shareholders

3
4- 8
9

Investment Manager Report

10 - 16

Independent Auditor’s Report

17 - 19

Statements of Financial Position

20 - 24

Statements of Comprehensive Income

25 - 27

Statements of Changes in Net Assets Attributable to Holders of Redeemable
Participating Shares

28 - 32

Statements of Cash Flows

33 - 39

Notes to the Financial Statements

40 - 64

Brookfield Global Listed Real Estate UCITS Fund
Schedule of Investments

65 - 69

Schedule of Significant Portfolio Changes (unaudited)

70 - 71

Brookfield Real Assets Securities UCITS Fund
Schedule of Investments

72 - 89

Schedule of Significant Portfolio Changes (unaudited)

90 - 91

Brookfield Global Renewables and Sustainable Infrastructure UCITS Fund
Schedule of Investments

92 - 94

Schedule of Significant Portfolio Changes (unaudited)95 - 96

Brookfield Global Listed Core Infrastructure UCITS Fund
Schedule of Investments

97 - 100

Schedule of Significant Portfolio Changes (unaudited)

101 - 102

Sustainable Finance Disclosure Regulation - Annex IV

103 - 120

Appendix

121 - 123

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BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

DIRECTORS AND OTHER INFORMATION
Directors
Heather Goldman (American)**Jonathan Crile Tyras (American)**
Des Quigley (Irish)**David Levi (American)*Lesley Williams (Irish)**Registered Office
4th Floor
One George’s Quay Plaza
George’s Quay
Dublin 2
IrelandManager
Waystone Management Company (IE) Limited1
35 Shelbourne Road, 4th Floor
Ballsbridge
Dublin
D04 A4E0
Ireland

Depositary
From 3 July 2023
CACEIS Investor Services S.A., Dublin Branch1
4th Floor
One George's Quay Plaza
George's Quay
Dublin 2
IrelandInvestment Manager
Brookfield Public Securities Group LLC
Brookfield Place
250 Vesey Street, 15th Floor
New York, NY 10281-1023
U.S.A.
Company Secretary
HMP Secretarial LimitedRiverside One
Sir John Rogerson’s Quay
Dublin 2
Ireland
Independent Auditor
Deloitte Ireland LLP
Chartered Accountants and Statutory Audit Firm
Deloitte & Touche House
Earlsfort Terrace
Dublin 2
Ireland

Up until 3 July 2023
RBC Investor Services S.A., Dublin Branch1
4th Floor
One George's Quay Plaza
George's Quay
Dublin 2
IrelandAdministrator and Transfer Agent
From 3 July 2023
CACEIS Investor Services Ireland Limited1
4th Floor
One George's Quay Plaza
George's Quay
Dublin 2
Ireland
Up until 3 July 2023
RBC Investor Services Ireland Limited1
4th Floor
One George's Quay Plaza
George's Quay
Dublin 2
Ireland
Legal Advisers
McCann FitzGerald
Riverside One
Sir John Rogerson’s Quay
Dublin 2
Ireland* Non-Executive Director** Non-Executive and Independent Director
1
See note 14 for further details.

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BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

DIRECTORS’ REPORT AND STATEMENT OF DIRECTORS’ RESPONSIBILITIESFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
The Board of Directors (the “Board”) present the Annual Report including the audited financial statements ofBrookfield Investment Funds (UCITS) plc (the “Company”) for the financial year ended 31 December 2023.
Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with theCompanies Act 2014, as amended and applicable standards.
Irish company law requires the Directors to prepare financial statements for each financial year. Under the law, theDirectors have elected to prepare the financial statements in accordance with International Financial ReportingStandards (IFRS) as adopted by the European Union (“Relevant Financial Reporting Framework”).
Under Company Law, the Directors must not approve the financial statements unless they are satisfied they give atrue and fair view of the assets, liabilities and financial position of the Company as at the financial year end and of
the profits or loss of the Company for the financial year and otherwise comply with the Companies Act 2014, as
amended. In preparing these financial statements, the Directors are required to:select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether the financial statements have been prepared in accordance with the applicable accounting
standards, identify those standards, and note the effects and reasons for any material departure from thosestandards; andprepare the financial statements on the going concern basis unless it is inappropriate to presume that theCompany will continue in business.

The Directors are responsible for ensuring that the Company keeps or causes to be kept adequate accounting
records which correctly explain and record the transactions of the Company, enable at any time the assets, liabilities,
financial positions and profit and loss of the Company to be determined with reasonable accuracy, to ensure that thefinancial statements and Directors’ Report comply with the Companies Act 2014, as amended and with the European
Communities (Undertakings for Collective Investments in Transferable Securities) Regulations, 2011 and Central
Bank (Supervision and Enforcement) Act 2013 (section 48(1)) (Undertakings for Collective Investments inTransferable Securities) Regulations, 2019 and enable the financial statements to be audited. They are also
responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention
and detection of fraud and other irregulaties.
The financial statements are prepared using the going concern basis of accounting which is deemed appropriate by
the Directors.
Directors’ statement on accounting records under the Companies Act 2014, as amended
The measures taken by the Directors to ensure compliance with the requirements of Sections 281 to 285 of theCompanies Act 2014, as amended with regard to the keeping of accounting records are the use of appropriate systems
and procedures and employment of a fund administration company. The accounting records are held at CACEIS
Investor Services Ireland Limited (the “Administrator"), 4th Floor, One George's Quay Plaza, George's Quay, Dublin
2, Ireland.
Statement of Audit Information
The Directors confirm that during the financial year ended 31 December 2023:
a) So far as the Directors are aware, there is no relevant audit information of which the Company’s statutory auditors
are unaware, andb) The Directors have taken all steps that ought to have been taken by the Directors in order to make themselvesaware of any relevant audit information and to establish that the Company’s auditors are aware of that information.

4

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

DIRECTORS’ REPORT AND STATEMENT OF DIRECTORS’ RESPONSIBILITIES (continued)
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
Date of incorporation
The Company was incorporated on 1 September 2011 and was authorised as an Undertaking for Collective
Investment in Transferable Securities (“UCITS”) by the Central Bank of Ireland. The Company is organised as aninvestment company with variable capital pursuant to the UCITS Regulations.
The Company is an umbrella type investment company with segregated liability among sub-funds. As of the date ofthis report the Company has four active sub-funds (each a “sub-fund”, collectively the “sub-funds”) disclosed in note1.
Principal activities
The primary investment objective of the Company is to seek long-term capital growth and it aims to achieve this asfollows:
Brookfield Global Listed Real Estate UCITS FundThe sub-fund seeks total return through growth of capital and current income. The sub-fund seeks to achieve its
investment objective by investing primarily in real estate investment trusts (REITs) and other related sec urities issued
by U.S. and non-U.S. real estate companies. The sub-fund launched 30 November 2011.
Brookfield Real Assets Securities UCITS FundThe sub-fund seeks total return, which is targeted to be in excess of inflation, through growth of capital and current
income. The sub-fund seeks to achieve its investment objective by investing at least 80% of its net assets in both
equity and fixed income securities of “real assets” asset classes, in the following categories, all of which will be listed
or traded on a recognised market: real estate securities, infrastructure securities; and natural resources securities.
The sub-fund launched 1 September 2015.
Brookfield Global Renewable and Sustainable Infrastructure UCITS FundThe sub-fund seeks total return through growth of capital and current income. The sub-fund seeks to achieve its
investment objective by investing primarily in equity securities of global renewables and sustainable infrastructurecompanies listed or traded on a Recognised Market. This sub-fund launched on 19 August 2020.
Brookfield Global Listed Core Infrastructure UCITS FundThe sub-fund seeks total return through growth of capital and current income. The sub-fund seeks to achieve its
investment objective by investing primarily in securities of infrastructure companies listed or traded on a Recognised
Market. The sub-fund launched 24 June 2021.
Brookfield US Listed Real Estate UCITS FundThe sub-fund sought total return through growth of capital and current income. The sub-fund sought to achieve its
investment objective by investing primarily in real estate investment trusts (REITs) and other related securities issued
by U.S. real estate companies. The sub-fund was terminated on 23 November 2021.
Brookfield Global Listed Infrastructure UCITS FundThe sub-fund sought total return through growth of capital and current income. The sub-fund sought to achieve its
investment objective by investing primarily in securities of infrastructure companies listed or traded on a Recognised
Market. The sub-fund was terminated on 26 October 2021.
Brookfield Global Listed Infrastructure Long Short UCITS FundThe sub-fund sought to generate high risk-adjusted absolute returns with low correlation to the broad equity and fixedincome markets. The sub-fund sought to achieve its investment objective by taking long and short positions primarily
in equity securities of publicly traded infrastructure companies throughout the world. These included publicly tradedsecurities of infrastructure companies whose primary operations or principal trading market are in non-U.S. markets.
The sub-fund was terminated on 28 December 2017.

5

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

DIRECTORS’ REPORT AND STATEMENT OF DIRECTORS’ RESPONSIBILITIES (continued)
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
Principal activities (continued)
Brookfield Real Assets Debt UCITS FundThe sub-fund seeks total return, which is targeted to be in excess of inflation, through current income and growth ofcapital. The sub-fund seeks to achieve its investment objective by investing at least 80% of its net assets in fixedincome securities of “real assets” asset classes in the following categories, all of which will be listed or traded on arecognised market: real estate securities; infrastructure securities; and natural resources securities. The sub-fund is
not currently available for purchase.
Review of Business and Future Developments
A comprehensive overview of the Company’s trading activities is detailed in the Investment Manager Report for eachsub-fund.
Key Performance Indicator
The principal key performance indicator used by management to monitor performance is as follows:- Net Asset Value per Share (please refer to note 13 for additional details).
Risk Management Objectives and Processes
The Company operates on the principle of risk spreading in accordance with the UCITS Regulations. Achievementof the investment objectives involves taking risks. The Investment Manager exercises judgement based on analysis,
research and risk management techniques when making investment decisions.
Investment in equities, bonds, cash and derivatives exposes a sub-fund to varying risks, including market, liquidity
and credit/counterparty risks. A description of the specific risks and the processes for managing these risks is
included in note 8 to these financial statements. The Prospectus provides details of these and other types of risks
some of which are additional to the information provided in these financial statements.
Results and Dividends
The financial position and results for the financial year are set out on pages 20 to 24.
Dividends were paid for the financial year ended 31 December 2023 and 31 December 2022 shown below in respectof the following sub-funds:
Brookfield Global Listed Real Estate UCITS FundClass FClass AAClass W

31 December 2023
USD 86,235
USD 27,289
USD 110,458

31 December 2022
USD 119,439
USD 120,942
USD 154,546

Brookfield Global Renewables and Sustainable Infrastructure UCITS FundClass F

31 December 2023
USD 380,545

31 December 2022
USD 354,365

For further details of dividends declared during the financial year please refer to note 4.

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BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

DIRECTORS’ REPORT AND STATEMENT OF DIRECTORS’ RESPONSIBILITIES (continued)
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
Significant Events during the Financial Year
Significant events during financial year end are described in note 14 to the financial statements.
Significant Events since Financial Year End
Significant events since financial year end are described in note 15 to the financial statements.
Directors
The persons who were Directors of the Company at any time during the financial year are Heather Goldman,
Jonathan Crile Tyras, Des Quigley, David Levi and Lesley Williams.
Directors' and Secretary's Interests
None of the Directors or the Secretary held any redeemable participating shares as at 31 December 2023 (31December 2022: none).
Connected Person Transactions
The Central Bank UCITS Regulations states that any transaction carried out with a UCITS by a managementcompany or Depositary to a UCITS; and the delegates or sub-delegates of such a management company or
Depositary (excluding any non-group company sub-custodians appointed by a Depositary); and any associated orgroup company of such a management company, Depositary, delegate or sub-delegate (“connected person”) must
be carried out as if conducted at arm’s length. Transactions must be in the best interests of the shareholders.
The Board of Directors are satisfied that there are arrangements (evidenced by written procedures) in place, toensure that the obligations set out in the Central Bank UCITS Regulations are applied to all transactions , withconnected persons; and the Board is satisfied that transactions with connected persons entered into during thefinancial year were carried out as if negotiated at arm’s length and in the best interests of the Shareholders.
Political Donations
The Company made no political donations during the financial year (2022: Nil).
Independent Auditor
The independent auditor, Deloitte Ireland LLP, Chartered Accountants and Statutory Audit Firm, has signified its
willingness to continue in office in accordance with Section 383(2) of the Companies Act 2014, as amended.
Directors’ Compliance Statement
The Directors acknowledge that they are responsible for securing the Company compliance with the relevant
obligations as set out in section 225 of the Companies Act 2014, as amended, which includes drawing up acompliance policy statement that sets out the Company’s policies respecting compliance by the Company with its
relevant obligations, putting in place appropriate arrangements or structures that are designed to secure material
compliance with the Company’s relevant obligations and conducting an annual review during the financial year of
any arrangements or structures referred to above that have been put into place.

7

Report of the Depositary to the Shareholders
For the year ended 31 December 2023

As required by the European Communities (Undertakings for Collective Investment in Transferable Securities)
Regulations 2011 (as amended
and solely within the context of our oversight duties asdepositary, we are pleased to present our report as follows.
In our opinion, Brookfield Investment Funds UCITS plc
31 December 2023:

Company(i)

In accordance with the limitations imposed on the investment and borrowing powers of the Company
by the Memorandum & Articles of Association and the Regulations; and(ii)

Otherwise in accordance with the provisions of the Memorandum & Articles of Association and theRegulations.

CACEIS INVESTOR SERVICES BANK S.A.
DUBLIN BRANCH

Date: 9 April 2024

CACEIS Investor Services Bank S.A., Dublin Branch
CACEIS Investor Services Bank S.A., Dublin branch of CACEIS Investor Services Bank
S.A. a company
incorporated under the laws of Luxembourg, registered office: 14, Porte de France, L4360, Esch-sur-Alzette, Luxembourg
Registered in Ireland under number 905449
Tel. +353 1 613 0400
www.caceis.com

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

INVESTMENT MANAGER’S REPORTFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND
MANAGEMENT DISCUSSION OF FUND PERFORMANCEFor the year ended 31 December 2023, the Brookfield Global Listed Real Estate UCITS Fund Class E had a total
return of 6.29%, which assumes the reinvestment of dividends, underperforming the FTSE EPRA Nareit Developed
Index Net (USD) (“the Benchmark”), which returned 9.68%.
During the period, Continental Europe was the leading contributor to relative performance. Outperformance wasprimarily driven by an outperforming, non-index communications infrastructure company based in Spain. Overweight
exposure to select German residential, as well as French office and hotel companies contributed positively as well.
Canada was also a regional contributor, where positive security selection was driven by overweight exposure toselect outperforming multifamily landlords. Overall, the U.S. was a regional detractor. However, sector contributors
within the U.S. included net lease and office landlords, where underweight exposure to underperforming stocks added
to relative returns. Non-index exposure to communication infrastructure and towers and data managementcompanies also contributed.
Conversely, U.S. sector detractors included: retail, due to negative selection; as well as residential, where overweight
exposure to underperforming single family rental, coastal multifamily and manufactured homes detracted from
relative returns. Hong Kong was another regional detractor, due to overweight exposure to select retail landlords anddevelopers. Stocks in the region came under pressure following softer economic data.
GLOBAL REAL ESTATE SECURITIES MARKET OVERVIEW
Global real estate securities, as measured by the FTSE EPRA Nareit Developed Index, returned 10.85% in 2023. Gains
for the year came during the fourth quarter, when the index gained more than 15% on the heels of central bank messaging
that monetary policy tightening may have peaked. Among U.S. property types, data centers gained more than 30%,
benefitting from positive sentiment related to artificial intelligence demand. Hotels were also a standout performer, gaining
more than 25% for the year after a strong fourth quarter rally. Conversely, office stocks and diversified landlords with officeassets continued to struggle with deteriorating fundamentals and higher costs of capital. 2

OUTLOOK AND CURRENT SECTOR VIEWS
Recent data suggests that inflation is beginning to moderate, which should translate to interest rates returning to anormalized, long-term range. We think real estate is well positioned in a moderating or falling-rate environment.
However, as monetary policy normalizes, we believe fundamentals , namely earnings growth and valuations, will
return to center stage as market drivers.
Despite the recent rally, we think global real estate remains well positioned to produce strong returns. Fundamentals
across most property types remain strong. But given the slower macro growth outlook, we prefer a focus on needs
based real estate over sectors that could be impacted more by a slowing economy. If transaction activity picks up in
2024, REITs could be in a good position to take advantage of price dislocations. REIT balance sheets have low levelsof leverage; and many locked in long-dated debt at low interest rates. As motivated sellers of high-quality assets
emerge, well capitalized REITs can take advantage of capital markets.
In the U.S., we currently favor industrial and net lease landlords. Within retail, we maintain a preference for shopping
centers, which we believe could be more defensive and are expected to provide better growth. We have an improving
view of the self storage sector, as we believe sentiment could be too negative relative to the fundamental outlook.
We also maintain a level of caution within office broadly. If price discovery unfolds, we think lower quality valuations
could fall further, but high-quality assets in attractive markets can present opportunity.
We maintain a level of caution in Asia Pacific, largely driven by China’s slowing economy and related chal lenges in
its property sector. In Hong Kong, we have repositioned holdings for what we believe to be an improved beta adjusted, risk/return profile. We are starting to see more opportunities across Europe broadly, particularly amongresidential, retail and industrial landlords, as well as select non-index exposure to communications infrastructurecompanies.
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BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

INVESTMENT MANAGER’S REPORTFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
BROOKFIELD REAL ASSETS SECURITIES UCITS FUND
MANAGEMENT DISCUSSION OF FUND PERFORMANCEFor the year ended 31 December 2023, the Real Assets Securities Fund—Class E Shares had a total return of
4.93%, which assumes the reinvestment of dividends and is exclusive of brokerage commissions, underperforming
the Fund’s Real Assets Custom Index Blend Benchmark, which returned 7.88%.
On an absolute basis, all equity and debt sleeves contributed to returns, with the exception of renewable equities andcommodities, which detracted from returns in the 12 months period ended 31 December 2023. Relative to thebenchmark, overall negative allocation effect and security selection detracted from relative performance.
Relative Detractors
 Real estate equities due to negative security selection, as well as underweight allocation to the outperforming
real estate sector.
 Utilities equities due to an overweight allocation to the underperforming sector
 REIT preferreds due to both negative security selection and underweight allocation to the outperforming
sector.
 Commodities due to an opportunistic allocation to the unperforming commodities sector during the fourth
quarter.
 Renewables equities due to an overweight allocation to the underperforming sector.
 Real asset debt driven by negative security selection and an overweight allocation to underperform ing fixedincome.
Relative Contributors:
 Infrastructure equities driven by an underweight allocation to the underperforming sector as well as positive
security selection.
 Energy midstream equities due to positive security selection and an overweight alloc ation to theoutperforming sector.
In the next section, we provide further detail on the performance of each asset class, along with our outlook forinvesting in real asset-related securities.
INFRASTRUCTURE EQUITIES
Listed infrastructure equities underperformed for much of 2023, before staging a significant rally in the fourth quarter.
The FTSE Global Core Infrastructure 50/50 Index gained 11.11% in the fourth quarter, bringing the year-to-date
return to the index positive at 3.10%. Weakness for much of the year can largely be attributed to sectors that are
more interest rate sensitive, notably communications, utilities and renewables/electric generation companies.
Persistently elevated rates, higher costs of capital and supply chain issues hindered sentiment among these stocks
for much of 2023. However, these sectors staged a meaningful recovery in the fourth quarter as the rate environment
appeared to have peaked, and input costs began to roll over. Some of the more economically sensitive sectors within
infrastructure posted the strongest gains in 2023. U.S. midstream energy (as measured by the Alerian Midstream
Energy Index) and global airport stocks posted double digit gains for the year.

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BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

INVESTMENT MANAGER’S REPORTFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
BROOKFIELD REAL ASSETS SECURITIES UCITS FUND (continued)
INFRASTRUCTURE EQUITIES (continued)
Recent data suggest that inflation is beginning to moderate, which should translate to interest rates returning to anormalized, long-term range. We think this bodes well for infrastructure stocks, which historically tend to perform
quite strongly relative to global equities following rate peaks.
 Utilities: While rates seem a negative catalyst that drove underperformance in 2023, there are additional
factors to consider. We are focused on the best security-specific opportunities, with a focus on dynamics
around customer bill affordability, cadence of spending on decarbonization initiatives , and companies’balance sheet management. Within the renewables sector, we think positive sentiment is beginning topermeate back into stock prices amidst an improving fundamental backdrop. Economics for new projects
have improved as input costs have come down and supply chain headwinds are starting to subside.
 Transports: Passenger traffic continues to rebound; some of the world’s largest airports continue to increase
forecasts as travel demand remains strong. Key toll road traffic shows strong recovery as well. Rail volumes
remain somewhat flat; and margins have eroded due to rising costs, so we remain somewhat cautious given
the economic backdrop.
 Communications: We believe asset values should benefit from a moderate interest rate environment. While
capital spending among carriers has slowed, U.S. mobile data demand remains quite strong. Coupled withlimited new supply of towers, net operating income growth should remain steady in 2024. The valuation resetin tower stocks in 2023 created what we believe are compelling entry points for select companies.
 Energy Infrastructure: We remain focused on natural gas, given the structural need for North American supply
to counteract lack of supply from Russia to key developed markets. We think this presents a compelling
opportunity, particularly with the European dual mandate of security of supply and decarbonization.
REAL ESTATE EQUITIES
After facing headwinds for much of 2023, global real estate securities posted meaningful gains in the fourth quarterof 2023. On the heels of central bank messaging that monetary policy tightening may have peaked, the entire sector
staged a meaningful rally in November and December. The FTSE EPRA Nareit Developed Index returned 15.59%
during the three-month period, bringing the index positive for the year at 10.85%. For the year, data centers andhotels were standout performers, each gaining more than 25%. Conversely, office landlords and diversified
companies with office portfolios continued to struggle amid fundamental headwinds.
Recent data suggests that inflation is beginning to moderate, which should translate to interest rates returning to anormalized, long-term range. We think real estate is well positioned in a moderating or falling-rate environment.
However, as monetary policy normalizes, we believe fundamentals—namely earnings growth and valuations—will
return to center stage as market drivers. Despite the recent rally, we think global real estate remains well positioned
to produce strong returns. Fundamentals across most property types remain strong. But given the slower macro
growth outlook, we prefer a focus on needs based real estate over sectors that could be impacted more by a slowing
economy.
If transaction activity picks up in 2024, REITs could be in a good position to take advantage of price dislocations.
REIT balance sheets have low levels of leverage; and many locked in long-dated debt at low interest rates. As
motivated sellers of high-quality assets emerge, well capitalized REITs can take advantage of capital markets.
In the U.S., we currently favor industrial and net lease landlords. Within retail, we maintain a preference for shopping
centers, which we believe could be more defensive and are expected to provide better growth. We have an improving
view of the self storage sector, as we believe sentiment could be too negative relative to the fundamental outlook.
We also maintain a level of caution within office broadly. If price discovery unfolds, we think lower quality valuations
could fall further, but high-quality assets in attractive markets can present opportunity. We maintain a level of cautionin Asia Pacific, largely driven by China’s slowing economy and related challenges in its property sector. In Hong
Kong, we have repositioned holdings for what we believe to be an improved beta-adjusted, risk/return profile. We arestarting to see more opportunities across Europe broadly, particularly among residential, retail and industrial
landlords, as well as select non-index exposure to communications infrastructure companies.

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BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

INVESTMENT MANAGER’S REPORTFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
BROOKFIELD REAL ASSETS SECURITIES UCITS FUND (continued)
REAL ASSET DEBT
Fixed-income performance was strong in 2023. Broad investment grade gained 8.4%, as measured by the ICE BofA
U.S. Corporate Index, with real asset investment grade broadly in line with its broad-market counterpart. Meawhile,
broad high yield returned 13.46%, as measured by the ICE BofA U.S. High Yield Index, with real asset high yieldunderperforming modestly compared to its broad-market counterpart. The 10-year U.S. Treasury rose to 5.0% in
mid-October before declining to end 2023 at 3.9%, unchanged relative to the prior year-end.
Default activity remained elevated, bringing the 2023 total to $83.7 billion1. Our analysis indicates just 19.4% of thisdefault activity was within real asset sectors, despite those sectors accounting for approximately 47% of the ICE BofA
U.S. High Yield Index debt outstanding. Additionally, while many headlines have highlighted defaults within realestate debt markets, issuers of corporate bonds within the real estate sector overall have demonstrated resiliency intheir ability to access capital markets to manage their balance sheets, with investment grade REITs issuing
approximately $20 billion of unsecured bonds in 2023 2.
We believe issuers within real asset sectors may be better positioned than their non-real asset counterparts for alonger period of high interest rates. This is because of their large amount of fixed rate debt and relatively lower
maturities over the next five years. We expect a moderate slowdown in the economy in the coming quarters andbelieve that now could be a favorable time to utilize real asset high yield as a way to de-risk fixed-income portfolios.
Spreads within high yield remain near their long-term averages. However, we believe real asset high yield, particularly
within the BB-rated segment, is relatively attractive after adjusting for projected credit losses during a potential periodof elevated default rates. Within our portfolio, we continue to favor infrastructure debt as well as higher-quality debt.
OUTLOOK
We expect growth to slow in 2024. While inflation has trended lower, we believe central banks will hold rates at
restrictive levels to ensure that inflation doesn’t reaccelerate. Overall, our positioning remains defensive within our
portfolio, with an underweight to real asset equities and an overweight to real asset debt. We also hold a modest
allocation to commodities to enhance diversification amid escalating geopolitical risks and macro uncertainty.
Within equities, we continue to favor infrastructure over real estate due to infrastructure’s potential outperformancein down markets and tighter inflation linkage. Within infrastructure, we are most constructive on utilities for theirdefensive characteristics and current attractive valuations. We also see tailwinds for energy midstream equities,
which we believe should benefit from the global push for energy security. Within real estate, lingering concerns
around financing and broad negative sentiment around commercial real estate remain. However, if interest rates
stabilize over the course of 2024, it may be a year of price discovery for real estate, and we expec t investment
opportunities to emerge in some subsectors that serve essential needs. Finally, elevated Treasury yields continue tomake real asset debt attractive on a risk-adjusted basis, particularly the higher-quality part of the market where webelieve default risks remain low.

1
2

JP Morgan Default Monitor
Bloomberg Finance L.P.
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BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

INVESTMENT MANAGER’S REPORTFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
BROOKFIELD GLOBAL RENEWABLES AND SUSTAINABLE INFRASTRUCTURE UCITS FUND
MANAGEMENT DISCUSSION OF FUND PERFORMANCEFor the year ended 31 December 2023, the Brookfield Global Renewables and Sustainable Infrastructure UCITS
Fund Class E had a total return of -2.88%, which assumes the reinvestment of dividends, underperforming the MSCIWorld Net Index (USD) (“the Benchmark”), which returned 23.79%.
Top contributors to performance during the period included:
Water & Waste Infrastructure – infrastructure-like. Overweight exposure to companies tied to the concept of a circular
economy performed well throughout the year. Despite acting more defensively relative to the broader renewables
universe through much of 2023, stocks in this sector also rallied alongside pure-play renewables in the fourth quarter.
Water & Waste Infrastructure – non-infrastructure. A position in a global water technology provider contributed toreturns as well.
Top detractors from performance during the period included:
Renewable Power & Infrastructure – infrastructure-like. Primary detractors included U.S. and European renewable
power developers and producers, which underperformed as a result of persistent regulatory and political uncertainty.
Renewable Power & Infrastructure – broader value chain. The primary detractor within this group was anunderperforming company focused on residential and commercial solar power generation and storage. Additional
detractors included manufacturers of solar panels. A position in an outperforming wind turbine manufacturer
marginally offset underperformance within this group.
MARKET OVERVIEW
Global renewables and sustainable infrastructure companies faced a variety of macroeconomic challenges in 2023.
Tighter monetary policy, elevated input costs and supply chain constraints continued to take a toll on renewable
power and infrastructure companies that stand to benefit from the energy transition. Conversely, water and waste
infrastructure companies–those which we consider to be tied more closely to the concept of the circular economy,
performed well during the period and provided a source of diversification to the universe.
OUTLOOK
Within the renewables sector, we think positive sentiment is beginning to permeate back into stock prices amidst an
improving fundamental backdrop. Economics for new projects have improved as input costs have come down andsupply chain headwinds are starting to subside.
Despite the near-term headwinds, we maintain our view the renewables build-out will take decades and near-term
interest rates are unlikely to derail this trend.
We also think it is important to highlight the renewables and sustainable infrastructure universe is not homogeneous.
Beyond “pure-play” renewables companies like power generators, wind turbines and solar panels, the universe
includes waste management companies tied to the concept of a circular economy. We believe these companies canoffer diversification to a renewables portfolio.
As we look ahead, we would stress that underlying fundamentals across the universe remain robust, and we believe
the current environment presents a buying opportunity. Many of our companies’ growth prospects we believe are notadequately reflected at current stock prices.

14

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

INVESTMENT MANAGER’S REPORTFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
BROOKFIELD GLOBAL LISTED CORE INFRASTRUCTURE UCITS FUND
MANAGEMENT DISCUSSION OF FUND PERFORMANCEFor the year ended 31 December 2023, the Brookfield Global Listed Core Infrastructure UCITS Fund Class E had atotal return of 2.46%, which assumes the reinvestment of dividends, outperforming the FTSE Global Core
Infrastructure 50/50 Net Index (USD) (“the Benchmark”), which returned 2.21%.
During the period, airports were the leading contributor to relative returns. Positive security selection was primarily
driven by overweight exposure to a Mexican airport operator focused on the country’s western markets, which
outperformed during the period. Positive selection among Asian and European airports contributed as well.
Midstream energy also contributed positively, where stock selection was primarily driven by non-index allocations tonatural gas energy infrastructure companies. Lastly, non-index and overweight exposure to outperforming Europeanand Australian companies in the toll roads sector contributed as well.
Conversely, the renewables/electric generation sector was the leading detractor from returns. Overweight exposure
to select U.K. and U.S. companies underperformed, driven by adverse regulatory outcomes. Overweight exposure
to select gas utilities in the Asia Pacific region detracted as well. The stocks underperformed, as volume growth has
not recovered as expected. Zero exposure to the ports sector detracted from relative returns, given the sector’soutperformance during the period.
INFRASTRUCTURE MARKET OVERVIEW
Listed infrastructure equities underperformed for much of 2023, before staging a significant rally in the fourth quarter.
The FTSE Global Core Infrastructure 50/50 Index gained 3.10% for the full year, driven by an 11.11% return in the
fourth quarter.
Weakness for much of the year can largely be attributed to sectors that are more interest rate sensitive, not ably
communications, utilities and renewables/electric generation companies. Persistently elevated rates, higher costs ofcapital and supply chain issues hindered sentiment among these stocks for much of 2023. However, these sectors
staged a meaningful recovery in the fourth quarter on optimism the interest rate environment peaked, and input costs
began to roll over. Some of the more economically sensitive sectors within infrastructure posted the strongest gains
in 2023. U.S. midstream energy (as measured by the Alerian Midstream Energy Index) and global airport stocks
posted double digit gains for the year.
OUTLOOK
Recent data suggest that inflation is beginning to moderate, which should translate to interest rates returning to anormalized, long-term range. We think this bodes well for infrastructure stocks, which historically tend to perform
quite strongly relative to global equities following rate peaks. Below are our sector-specific outlooks across ourinvestment universe.
Utilities
While rates seem a negative catalyst that drove underperformance in 2023, there are additional factors to consider.
We are focused on the best security-specific opportunities, with a focus on dynamics around customer bill
affordability, cadence of spending on decarbonization initiatives, and companies’ balance sheet management. Within
the renewables sector, we think positive sentiment is beginning to permeate back into stock prices amidst an
improving fundamental backdrop. Economics for new projects have improved as input costs have come down andsupply chain headwinds are starting to subside.

15

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

INVESTMENT MANAGER’S REPORTFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
BROOKFIELD GLOBAL LISTED CORE INFRASTRUCTURE UCITS FUND (continued)
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (continued)
Transports
Passenger traffic continues to rebound; some of the world’s largest airports continue to increase forecasts as travel
demand remains strong. Key toll road traffic shows strong recovery as well. Rail volumes remain somewhat flat; andmargins have eroded due to rising costs, so we remain somewhat cautious given the economic backdrop.
Communications
We believe asset values should benefit from a moderate interest rate environment. While capital spending among
carriers has slowed, U.S. mobile data demand remains quite strong. Coupled with limited new supply of towers, net
operating income growth should remain steady in 2024. The valuation reset in tower stocks in 2023 created what we
believe are compelling entry points for select companies.
Energy Infrastructure
We remain focused on natural gas, given the structural need for North American supply to counteract lack of supply
from Russia to key developed markets. We think this presents a compelling opportunity, particul arly with theEuropean dual mandate of security of supply and decarbonization.

Brookfield Public Securities Group LLC
April 2024

16

Deloitte Ireland LLP
Chartered Accountants &Statutory Audit Firm

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OFBROOKFIELD INVESTMENT FUNDS (UCITS) PLC
Report on the audit of the financial statements
Opinion on the financial statements of Brookfield Investment Funds (UCITS) Plc (“the company”)
In our opinion the financial statements:give a true and fair view of the assets, liabilities and financial position of the company as at 31 December 2023 and of theresult for the financial year then ended; andhave been properly prepared in accordance with the relevant financial reporting framework, the applicable Regulations and,in particular, with the requirements of the Companies Act 2014.

The financial statements we have audited comprise:






the Statement of Financial Position;
the Statement of Comprehensive Income;the Statement of Changes in Net Assets attributable to holders of Redeemable Participating Shares;
the Statement of Cash Flows; andthe related notes 1 to 17, including material accounting policy information as set out in note 2.

The relevant financial reporting framework that has been applied in their preparation is the Companies Act 2014 and International
Financial Reporting Standards as adopted by the European Union (“IFRS”) (“the relevant financial reporting framework”).
The applicable regulations that have been applied in their preparation is the European Communities (Undertakings for Collective
Investment in Transferable Securities) Regulations, 2011 and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1))(Undertakings for Collective Investment in Transferable Securities) Regulations, 2019 (“the applicable Regulations”).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our
responsibilities under those standards are described below in the “Auditor's responsibilities for the audit of the financial statements”
section of our report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial
statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority, and we havefulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least
twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of
this report.

Continued on next page//Continued from previous page
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OFBROOKFIELD INVESTMENT FUNDS (UCITS) PLC
Other information
The other information comprises the information included in the Annual Report and Audited Financial Statements, other than thefinancial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the
Annual Report and Audited Financial Statements. Our opinion on the financial statements does not cover the other information and,except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify
such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material
misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities , the directors are responsible for the preparation of thefinancial statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act 2014,
and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are freefrom material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either
intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is ahigh level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
A further description of our responsibilities for the audit of the financial statements is located on IAASA’s website at:https://iaasa.ie/publications/description-of-the-auditors-responsibilities-for-the-audit-of-the-financial-statements. This description
forms part of our auditor’s report.
Report on other legal and regulatory requirements
Opinion on other matters prescribed by the Companies Act 2014
Based solely on the work undertaken in the course of the audit, we report that:

We have obtained all the information and explanations which we consider necessary for the purposes of our audit.
In our opinion the accounting records of the company were sufficient to permit the financial statements to be readily andproperly audited.
The financial statements are in agreement with the accounting records.
In our opinion the information given in the directors’ report is consistent with the financial statements and the directors’
report has been prepared in accordance with the Companies Act 2014.

Matters on which we are required to report by exception
Based on the knowledge and understanding of the company and its environment obtained in the course of the audit, we have notContinued on next page//Continued from previous page
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OFBROOKFIELD INVESTMENT FUNDS (UCITS) PLC
identified material misstatements in the directors' report.
We have nothing to report in respect of the provisions in the Companies Act 2014 which require us to report to you if, in our opinion,
the disclosures of directors’ remuneration and transactions specified by law are not made.
Use of our report
This report is made solely to the company’s shareholders, as a body, in accordance with Section 391 of the Companies Act 2014. Our
audit work has been undertaken so that we might state to the company’s shareholders those matters we are required to state tothem in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility
to anyone other than the company and the company’s shareholders as a body, for our audit work, for this report, or for the opinions
we have formed.

Jim Meegan
For and on behalf of Deloitte Ireland LLP
Chartered Accountants and Statutory Audit Firm
Deloitte & Touche House, 29 Earlsfort Terrace, Dublin 2
26 April 2024

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF FINANCIAL POSITION
As at 31 December 2023

Brookfield
Global Listed
Real Estate
UCITS Fund
31 Dec 2023
USD

Brookfield
Real Assets
Securities
UCITS Fund
31 Dec 2023
USD

Brookfield
GlobalRenew ables andSustainable
Infrastructure
UCITS Fund
31 Dec 2023
USD

8
8,9
5
2
2
2
3

108,779,481
1,679
1,167,185
109,652
289,21231,280132,540
110,511,029

22,625,689
432,356
98,631
62,34813,407
23,232,431

39,123,219
1,169,559
901,907
63,43315,081
367,221
41,640,420

22,369,938
481,046
5,475,000
41,53853,366
3,846
28,424,734

8,9
5
2
3
3
3
3
3
3

1
56,35675,182
17,92629,292
9,962
32,122
12,509139,305

5
4,696
16,575
11,7891,952
16,532
12,50913,835

1,465,248
30,554
12,7498,302
17,31912,493
16,2305,590,017
11,681
12,4972,453
3,774
12,509835

372,655

77,893

1,562,895

5,633,766

110,138,374

23,154,538

40,077,525

22,790,968

Notes
AssetsFinancial assets at fair value through profit or loss:
Investment in transferable securities
Investment in financial derivative instruments
Cash at bankAmount receivable on sale of securities
Amount receivable on subscriptions
Interest and dividends receivable
Receivable for investment manager subsidy
Other Receivables
Total assets
Liabilities
Financial liabilities at fair value through profit or loss:
Investment in financial derivative instruments liabilities
Bank Overdraft
Amount payable on purchase of securities
Investment management fees payable
Administration fees payable
Transfer agency fees payable
Management company fees payable
Depositary fees payable
Audit fees payable
Other accrued expenses and liabilities
Total liabilities (excluding am ounts attributable
to holders of redeemable participating shares)
Net assets attributable to holders of redeemableparticipating shares

13

Brookfield
GlobalListed Core
Infrastructure
UCITS Fund
31 Dec 2023
USD

The accompanying notes form an integral part of these financial statements.

20

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF FINANCIAL POSITION (continued)
As at 31 December 2023
Brookfield
Global Listed
Real Estate
UCITS Fund
31 Dec 2023

Brookfield
Real Assets
Securities
UCITS Fund
31 Dec 2023

Brookfield
GlobalRenew ables andSustainable
Infrastructure
UCITS Fund
31 Dec 2023

Num ber of shares in issue
Shares In Issue B ClassNet Asset Value Per Share B Class110,561.18
EUR 45.49-

129,023.77
EUR 20.18

274,525.45
EUR 22.40

Shares In Issue E ClassNet Asset Value Per Share E Class

2,598,588.45
USD 37.31

840,765.71
USD 27.54

1,060,250.81
USD 21.25

767,263.98
USD 20.87

Shares In Issue F ClassNet Asset Value Per Share F Class

120,473.46
USD 17.16-

850,000.00
USD 15.54-

Shares In Issue I ClassNet Asset Value Per Share I Class

15,300.00
EUR 18.35

--

--

--

Shares In Issue V ClassNet Asset Value Per Share V Class

128,810.00
USD 19.55-

86,625.67
USD 17.13-

Shares In Issue W ClassNet Asset Value Per Share W Class

168,639.00
USD 15.20

--

--

--

Shares In Issue Z ClassNet Asset Value Per Share Z Class

7,372.80
GBP 18.10

--

--

--

Brookfield
GlobalListed Core
Infrastructure
UCITS Fund
31 Dec 2023

The accompanying notes form an integral part of these financial statements.

21

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF FINANCIAL POSITION (continued)
As at 31 December 2022
Brookfield
Global Listed
Real Estate
UCITS Fund
31 Dec 2022
USD

Brookfield
Real Assets
Securities
UCITS Fund
31 Dec 2022
USD

Brookfield
GlobalRenew ables andSustainable
Infrastructure
UCITS Fund
31 Dec 2022
USD

8
8,9
5
2
2
3

198,973,546
114,228
1,084,009
1,922,201
421,371
41,345
121,666
202,678,366

28,112,828
837,383
13,294141,081
72,761
9,814
29,187,161

203,441,632
11,591,106
313,494
240,189
23,640321,900
215,931,961

16,002,944
553,742
10,54832,84841,603661
16,642,346

8,9
5
2
2
3
3
3
3
3
3

2
3,303
183,933
3,853,454
312,602
13,56019,201
19,86026,748
13,164
118,374

6
17,89242,656
12,4881,789
2,042
24,346
13,164
19,2805,192
342,233
12,761
7,743
15,11824,661
13,164112,344154
22,846
12,492
2,296
667
8,425
13,164
11,4074,564,201

133,663533,216

71,451

198,114,165

29,053,498

215,398,745

16,570,895

Notes
AssetsFinancial assets at fair value through profit or loss:
Investment in transferable securities
Investment in financial derivative instruments
Cash at bankAmount receivable on sale of securities
Interest and dividends receivable
Receivable for investment manager subsidy
Other Receivables
Total assets
Liabilities
Financial liabilities at fair value through profit or loss:
Investment in financial derivative instruments liabilities
Bank overdraft
Amount payable on purchase of securities
Amount payable on redemptions
Investment management fees payable
Administration fees payable
Transfer agency fees payable
Management company fees payable
Depositary fees payable
Audit fees payable
Other accrued expenses and liabilities
Total liabilities (excluding am ounts attributable
to holders of redeemable participating shares)
Net assets attributable to holders of redeemableparticipating shares

13

Brookfield
GlobalListed Core
Infrastructure
UCITS Fund
31 Dec 2022
USD

The accompanying notes form an integral part of these financial statements.

22

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF FINANCIAL POSITION (continued)
As at 31 December 2022
Brookfield
Global Listed
Real Estate
UCITS Fund
31 Dec 2022

Brookfield
Real Assets
Securities
UCITS Fund
31 Dec 2022

Brookfield
GlobalRenew ables andSustainable
Infrastructure
UCITS Fund
31 Dec 2022

Num ber of shares in issue
Shares In Issue A Class*
Net Asset Value Per Share A Class

114,791.00
EUR 15.14---

Shares In Issue AA Class**
Net Asset Value Per Share AA Class

161,190.17
GBP 13.86---

Shares In Issue B ClassNet Asset Value Per Share B Class

51,691.18
EUR 44.14-

104,845.82
EUR 21.44

256,818.50
EUR 22.54

Shares In Issue E ClassNet Asset Value Per Share E Class

4,497,104.37
USD 35.10

1,107,014.44
USD 26.24

9,032,992.09
USD 21.88

509,999.81
USD 20.37

Shares In Issue F ClassNet Asset Value Per Share F Class124,259.46
USD 16.82-

850,000.00
USD 16.46-

Shares In Issue I ClassNet Asset Value Per Share I Class110,699.00
EUR 17.68---

Shares In Issue V ClassNet Asset Value Per Share V Class

153,992.82
USD 18.56-

79,409.25
USD 17.81-

Shares In Issue W ClassNet Asset Value Per Share W Class

206,482.70
USD 15.02---

Shares In Issue Z ClassNet Asset Value Per Share Z Class

1,124,886.71
GBP 16.99---

Brookfield
GlobalListed Core
Infrastructure
UCITS Fund
31 Dec 2022

* Class A share class terminated on 26 January 2023.
** Class AA share class terminated on 20 April 2023.
The accompanying notes form an integral part of these financial statements.

23

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2023

Brookfield
Global Listed
Real Estate
UCITS Fund
31 Dec 2023
USD

Brookfield
Real Assets
Securities
UCITS Fund
31 Dec 2023
USD

Brookfield
GlobalRenew ables andSustainable
Infrastructure
UCITS Fund
31 Dec 2023
USD

2
2

5,073,861
54,842-865,006
49,893
351,443

1,210,452
93,031-

502,189
28,792-6

2,999,540
755
8,128,998(144,537)47
1,121,852(1,266,151)
37,332

205,77533
736,789

3
3
3
3
3
3
3
2

1,191,533
56,08563,331
98,362
11,871
68,39872,306399,266
427,1432,388,295

259,361
49,894
13,479111,353
11,871
9,907
10,04951,967
107,204
625,085

415,356
51,92426,35456,297
11,855
13,312
33,081
235,344
112,638
956,161

133,524
53,554
6,409
45,26011,871
5,626
10,996
24,646
51,632
343,518

3(542,473)
1,845,822(253,409)
371,676(234,338)
721,823(156,451)
187,067

6,283,176

750,176(684,491)

549,722

1,123,358

204,352

105,849

107,573

5,159,818

545,824(790,340)

442,149

223,982-

380,545-

4,935,836

545,824(1,170,885)

442,149

Notes
Incom eDividend income
Bank interest
Interest Income
Net realised and unrealised income/(loss) on financial
assets and liabilities at fair value through profit or loss
Other Income
Total incom e
Expenses
Investment management fees
Administration fees
Directors’ fees
Depositary fees
Audit fees
Management company fees
Transfer agency fees
Transaction costs
Other expenses
Total expenses
Investment manager subsidy
Net Expenses
Profit/(Loss) before taxation
Taxation
Withholding taxes

2

Increase/(Decrease) in net assets attributable to holders
ofredeemableparticipating shares from operations after tax
Dividends to holders of redeemable participating shares
Increase/(Decrease) in net assets attributable to holders
ofredeemableparticipating shares from operations

4

Brookfield
GlobalListed Core
Infrastructure
UCITS Fund
31 Dec 2023
USD

The accompanying notes form an integral part of these financial statements.
There were no gains and losses other than those reflected above. All results above relate to continuing operations.

25

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF COMPREHENSIVE INCOME (continued)
For the financial year ended 31 December 2022

Brookfield
Global Listed
Real Estate
UCITS Fund
31 Dec 2022
USD

Brookfield
Real Assets
Securities
UCITS Fund
31 Dec 2022
USD

Brookfield
GlobalRenew ables andSustainable
Infrastructure
UCITS Fund
31 Dec 2022
USD

2
2

10,345,738
31,327-

1,259,046
16,953
280,883

6,400,354
80,764-

404,8136,188-

6(91,772,829)
176(81,395,588)(6,830,490)
38(5,273,570)(44,035,752)
5(37,554,629)(1,053,887)
16(642,870)

3
3
3
3
3
3
3
2

2,628,226
54,93851,395
114,350
12,301
62,46983,543739,848
319,456
4,066,526

386,023
50,314
7,398
117,519
12,301
8,562
7,523
100,896
75,423765,959

2,226,497
51,63637,176
94,86812,30147,43232,600509,124
256,462
3,268,096

117,244
50,3662,439
31,562
12,301
2,738
9,727
30,521
34,624
291,522

3(105,760)
3,960,766(187,164)
578,795(77,273)
3,190,823(116,564)
174,958(85,356,354)(5,852,365)(40,745,452)(817,828)

2,155,419

272,022879,566

87,893(87,511,773)(6,124,387)(41,625,018)(905,721)

394,927-354,365-(87,906,700)(6,124,387)(41,979,383)(905,721)

Notes
Incom eDividend income
Bank interest
Interest Income
Net realised and unrealised loss on financial
assets and liabilities at fair value through profit or loss
Other Income
Total loss
Expenses
Investment management fees
Administration fees
Directors’ fees
Depositary fees
Audit fees
Management company fees
Transfer agency fees
Transaction costs
Other expenses
Total expenses
Investment manager subsidy
Net Expenses
Loss before taxation
Taxation
Withholding taxes

2

Decrease in net assets attributable to holders redeemableof participating shares from operations after tax
Dividends to holders of redeemable participating shares
Decrease in net assets attributable to holders redeemableof participating shares from operations

4

Brookfield
GlobalListed Core
Infrastructure
UCITS Fund
31 Dec 2022
USD

The accompanying notes form an integral part of these financial statements.
There were no gains and losses other than those reflected above. All results above relate to continuing operations.

26

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF COMPREHENSIVE INCOME (continued)
For the financial year ended 31 December 2023 and 31 December 2022

Incom eDividend income
Bank interest
Interest income
Net realised and unrealised income/(loss) on financial
assets and liabilities at fair value through profit or loss
Other Income
Total incom e/(loss)
Expenses
Investment management fees
Administration fees
Directors’ fees
Depositary fees
Audit fees
Management company fees
Transfer agency fees
Transaction costs
Other expenses
Total expenses
Investment manager subsidy
Net Expenses

Notes

Total
31 Dec 2023
USD

Total
31 Dec 2022
USD

2
2
2

7,651,508
226,558
351,443

18,409,951
135,232
280,8836

1,794,627
835
10,024,971(143,692,958)
235(124,866,657)

3
3
3
3
3
3
3
2

1,999,774
211,457
109,573
311,272
47,46897,243
126,432
711,223
698,617
4,313,059

5,357,990
207,254
98,408358,299
49,204
121,201
133,393
1,380,389
685,965
8,392,103

3(1,186,671)
3,126,388(486,761)
7,905,342

6,898,583(132,771,999)

1,541,132

3,394,900

5,357,451(136,166,899)

604,527

749,292

4,752,924(136,916,191)

Profit/(loss) before taxation
Taxation
Withholding taxes

2

Increase/(Decrease) in net assets attributable to holdersof participating shares from operations after tax
Dividends to holders of redeemable participating shares
Increase/(Decrease) in net assets attributable to holdersof participating shares from operations

4

The accompanying notes form an integral part of these financial statements.
There were no gains and losses other than those reflected above. All results above relate to continuing operations.

27

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARESFor the financial year ended 31 December 2023

Brookfield
Global Listed
Real Estate
UCITS Fund
31 Dec 2023
USD

Brookfield
Real Assets
Securities
UCITS Fund
31 Dec 2023
USD

Brookfield
GlobalRenew ables andSustainable
Infrastructure
UCITS Fund
31 Dec 2023
USD

198,114,165

29,053,498

215,398,745

16,570,895

Profit/(loss) attributable to holders of redeemableparticipating shares from operations

4,935,836

545,824(1,170,885)

442,149

Capital Transactions
Issue of redeemable participating shares during the financial year
EUR A* class
GBP AA** class
EUR B class
USD E class
USD F class
EUR I class
USD V class
GBP Z class690
41
3,364,854
14,238,952
237,740
45,615
3,984,427

4,058,424-

561,325
4,279,750
129,000-

437,940
5,475,000-

Redemption of redeemable participating shares during the financial year
EUR A* class
GBP AA** class
EUR B class
USD E class
USD F class
EUR I class
USD V class
USD W class
GBP Z class(2,043,581)(2,772,579)(721,375)(81,495,403)(300,500)(1,783,351)(462,075)(559,633)(24,645,449)(10,503,208)-(179,120,410)-(135,016)-

Net assets attributable to holders of redeemableparticipating shares at the end of the financial year

110,138,374

23,154,538

40,077,525

22,790,968

Net assets attributable to holders of redeemableparticipating shares at the beginning of the financial year

Brookfield
GlobalListed Core
Infrastructure
UCITS Fund
31 Dec 2023
USD

* Class A share class terminated on 26 January 2023.
** Class AA share class terminated on 20 April 2023.
The accompanying notes form an integral part of these financial statements.
There were no gains and losses other than those reflected above.

28

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (continued)
For the financial year ended 31 December 2023

Redeem able participating shares in issue atbeginning of the financial year
Shares issued during the financial year
EUR B class
USD E class
USD F class
EUR I class
USD V class
GBP Z class
Shares redeemed during the financial year
EUR A* class
GBP AA** class
EUR B class
USD E class
USD F class
EUR I class
USD V class
USD W class
GBP Z class
Redeem able participating shares in issue at theend of the financial year

Brookfield
Global Listed
Real Estate
UCITS Fund
31 Dec 2023
USD

Brookfield
Real Assets
Securities
UCITS Fund
31 Dec 2023
USD

Brookfield
GlobalRenew ables andSustainable
Infrastructure
UCITS Fund
31 Dec 2023
USD

6,545,097

1,107,014

10,067,247

766,818

74,500407,102
14,0002,201
185,536

152,040-

24,178
195,000
7,216-

17,707
263,855-(114,791)(161,190)(15,630)(2,305,618)(17,786)(97,599)(25,183)(37,844)(1,303,050)(418,288)-(8,167,741)-(6,591)-

3,149,745

840,766

2,125,900

1,041,789

Brookfield
GlobalListed Core
Infrastructure
UCITS Fund
31 Dec 2023
USD

* Class A share class terminated on 26 January 2023.
** Class AA share class terminated on 20 April 2023.
The accompanying notes form an integral part of these financial statements.
There were no gains and losses other than those reflected above.

29

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (continued)
For the financial year ended 31 December 2022

Brookfield
Global Listed
Real Estate
UCITS Fund
31 Dec 2022
USD

Brookfield
Real Assets
Securities
UCITS Fund
31 Dec 2022
USD

Brookfield
GlobalRenew ables andSustainable
Infrastructure
UCITS Fund
31 Dec 2022
USD

Net assets attributable to holders of redeemableparticipating shares at the beginning of the financial year

408,117,203

60,697,983

310,647,403

14,338,144

Loss attributable to holders of redeemableparticipating shares from operations(87,906,700)(6,124,387)(41,979,383)(905,721)

660,436
367,886
8,989,947
615,925925,278
439,932

173,578-

2,106,100
22,427,850
1,545,000-

3,204,160
117,650-(871,551)(826,886)(4,645,771)(110,020,153)(1,247,530)(55,224)(657,114)(3,442,961)(12,328,552)(25,693,676)-(79,252,000)(96,225)-(183,338)-

198,114,165

29,053,498

215,398,745

16,570,895

Capital Transactions
Issue of redeemable participating shares during the financial year
GBP AA class
EUR B class
USD E class
USD F class
EUR I class
USD V class
GBP Z class
Redemption of redeemable participating shares during the financial year
EUR A class
GBP AA class
EUR B class
USD E class
USD F class
EUR I class
USD V class
USD W class
GBP Z class
Net assets attributable to holders of redeemableparticipating shares at the end of the financial year

Brookfield
GlobalListed Core
Infrastructure
UCITS Fund
31 Dec 2022
USD

The accompanying notes form an integral part of these financial statements.
There were no gains and losses other than those reflected above.

30

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (continued)
For the financial year ended 31 December 2022

Redeem able participating shares in issue atbeginning of the financial year
Shares issued during the financial year
GBP AA class
EUR B class
USD E class
USD F class
EUR I class
USD V class
GBP Z class
Shares redeemed during the financial year
EUR A class
GBP AA class
EUR B class
USD E class
USD F class
EUR I class
USD V class
USD W class
GBP Z class
Redeem able participating shares in issue at theend of the financial year

Brookfield
Global Listed
Real Estate
UCITS Fund
31 Dec 2022
USD

Brookfield
Real Assets
Securities
UCITS Fund
31 Dec 2022
USD

Brookfield
GlobalRenew ables andSustainable
Infrastructure
UCITS Fund
31 Dec 2022
USD

10,067,014

2,071,003

12,429,687

639,205

38,366
6,635
239,696
29,47535,382
15,348

6,210-

90,131
1,045,448
79,409-128,772
6,003-(41,045)(40,137)(96,482)(2,942,943)(69,618)(2,715)(29,894)(179,932)(484,053)(970,199)-(3,572,428)(5,000)-(7,162)-

6,545,097

1,107,014

10,067,247

766,818

Brookfield
GlobalListed Core
Infrastructure
UCITS Fund
31 Dec 2022
USD

The accompanying notes form an integral part of these financial statements.
There were no gains and losses other than those reflected above.

31

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (continued)
For the financial year ended 31 December 2023 and 31 December 2022

Net assets attributable to holders of redeemableparticipating shares at the beginning of the financial year
Profit/(loss) attributable to holders of redeemableparticipating shares from operations
Capital Transactions
Issue of redeemable participating shares during the financial year
EUR A class
GBP AA class
EUR B class
USD E class
USD F class
EUR I class
USD V class
GBP Z class
Redemption of redeemable participating shares during the financial year
EUR A class
GBP AA class
EUR B class
USD E class
USD F class
EUR I class
USD V class
USD W class
GBP Z class
Net assets attributable to holders of redeemableparticipating shares at the end of the financial year

Total
31 Dec 2023
USD

Total
31 Dec 2022
USD

459,137,303

793,800,733

4,752,924(136,916,191)

690
41
4,364,119
28,052,126
237,740
45,615129,000
3,984,427

660,436
5,678,146
31,709,025
615,925925,278
1,545,000
439,932(2,043,581)(2,772,579)(721,375)(271,254,037)(300,500)(1,783,351)(462,075)(559,633)(24,645,449)(871,551)(826,886)(4,829,109)(214,965,829)(1,247,530)(55,224)(753,339)(3,442,961)(12,328,552)

196,161,405

459,137,303

The accompanying notes form an integral part of these financial statements.
There were no gains and losses other than those reflected above. All results above relate to continuing operations.

32

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF CASH FLOWSFor the financial year ended 31 December 2023
Brookfield
Global Listed
Real Estate
UCITS Fund
31 Dec 2023
USD

Brookfield
Real Assets
Securities
UCITS Fund
31 Dec 2023
USD

Brookfield
GlobalRenew ables andSustainable
Infrastructure
UCITS Fund
31 Dec 2023
USD

5,159,818

545,824(790,340)

442,149(54,842)(5,073,861)
1,123,358
1,154,473(401,336)(865,006)
204,352(516,166)(93,031)(1,210,452)
105,849(1,987,974)(28,792)(502,189)
107,573
18,741

Net decrease/(increase) in investments in securities
Decrease/(increase) in receivable from sale of securities
Decrease/(increase) in receivable for investment manager subsidy
Increase in other receivable and prepaid expenses(Decrease)/increase in amount payable on purchase of securities
Decrease in investment manager fees payable
Increase/(decrease) in administration fees payable
Increase in transfer agency fees payable
Decrease in management company fees payable
Increase/(decrease) in depositary fees payable
Decrease in audit fees payable
Increase/(decrease) in other accrued expenses and liabilities

90,306,613
1,922,201
10,065(10,874)(127,577)(237,420)
4,366
10,091(9,898)5,374(655)
20,931

5,487,139
13,294
10,413(3,593)(13,196)(26,081)(699)
163(2,042)(7,814)(655)(5,445)

164,318,413(588,413)
8,559(45,321)
1,465,248(311,679)(12)
559(15,118)(7,342)(671)(96,114)(6,366,994)
10,548(11,763)(3,185)5,590,017(11,165)
5
157
(667)
(4,651)(655)(10,572)

Cash provided by/(used in) operating activities

93,047,690

4,935,318

162,740,135(790,184)

Brookfield
GlobalListed Core
Infrastructure
UCITS Fund
31 Dec 2023
USD

Cash flow s from operating activities
Increase in net assets attributable to holders ofredeemable participating shares from operations
Adjustment to reconcile increase/(decrease) in net assets attributable
to holders of redeemable participating shares fromoperations to cash used in operating activities
Interest income
Dividend income
Withholding tax
Operating profit/(loss) before w orking capital changes
Changes in operating assets and liabilities

The accompanying notes form an integral part of these financial statements.
All results above relate to continuing operations.

33

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF CASH FLOWS (continued)
For the financial year ended 31 December 2023

Brookfield
Global Listed
Real Estate
UCITS Fund
31 Dec 2023
USD

Brookfield
Real Assets
Securities
UCITS Fund
31 Dec 2023
USD

Brookfield
GlobalRenew ables andSustainable
Infrastructure
UCITS Fund
31 Dec 2023
USD

Interest received
Dividend received
Withholding tax

54,8425,206,020(1,123,358)

440,142868,650(204,352)

93,031
1,387,208(105,849)

28,792
493,499(107,573)

Net cash provided by/(used in) operating activities

97,185,194

6,039,758

164,114,525(375,466)

Cash flow s from financing activities
Proceeds from issue of redeemable participating shares
Payment on redemptions of redeemable participating shares
Dividends to holders of redeemable participating shares

21,762,667(118,637,400)(223,982)

4,058,424(10,503,208)-

4,970,075(179,120,410)(380,545)

437,940(135,016)-

Net cash (used in)/provided by financing activities(97,098,715)(6,444,784)(174,530,880)

302,924

86,479(405,026)(10,416,355)(72,542)

Cash at the start of the financial year

1,080,706

837,377

11,585,914

553,588

Cash at the end of the financial year

1,167,185

432,351

1,169,559

481,046

Brookfield
GlobalListed Core
Infrastructure
UCITS Fund
31 Dec 2023
USD

Cash provided by/(used in) operating activities (continued)

Net increase/(decrease) in cash

The accompanying notes form an integral part of these financial statements.
All results above relate to continuing operations.

34

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF CASH FLOWS (continued)
For the financial year ended 31 December 2022
Brookfield
Global Listed
Real Estate
UCITS Fund
31 Dec 2022
USD

Brookfield
Real Assets
Securities
UCITS Fund
31 Dec 2022
USD

Brookfield
GlobalRenew ables andSustainable
Infrastructure
UCITS Fund
31 Dec 2022
USD

Decrease in net assets attributable to holders ofredeemable participating shares from operations(87,511,773)(6,124,387)(41,625,018)(905,721)

Adjustment to reconcile decrease in net assets attributable to holdersof redeemable participating shares fromoperations to cash provided by/(used in) operating activities
Interest income
Dividend income
Withholding tax
Operating loss before w orking capital changes(31,327)(10,345,738)
2,155,419(95,733,419)(297,836)(1,259,046)
272,022(7,409,247)(80,764)(6,400,354)
879,566(47,226,570)(6,188)(404,813)
87,893(1,228,829)

Net decrease/(increase) in investments in securities
Decrease/(increase) in receivable from sale of securities
Increase in receivable for investment manager subsidy
Increase in other receivable and prepaid expenses
Increase/(decrease) in amount payable on purchase of securities
Increase/(decrease) in investment manager fees payable(Decrease)/increase in administration fees payable
Increase in transfer agency fees payable
Increase in management company fees payable
Decrease in directors’ fees payable
Increase/(decrease) in depositary fees payable
Increase in audit fees payable
Increase in other accrued expenses and liabilities

206,690,163
1,819,052(41,345)(92,416)
183,933
17,171(5,505)
5,802
13,218(14,530)
2,484
666
32,75930,374,369
7,582(60,843)(7,880)17,129(22,938)
4,067
235
991
(2,388)
1,182
666
13

102,685,063
640,568(23,640)(238,880)(143,480)
82,102
1,301
4,129
9,277
(13,074)
5,876
666
2,148

(1,875,119)(10,548)(12,722)(661)
13,403
4,069
743
468
(540)
(3,507)666
5,265

Cash provided by/(used in) operating activities

112,878,033

22,902,938

55,785,486(3,107,312)

Brookfield
GlobalListed Core
Infrastructure
UCITS Fund
31 Dec 2022
USD

Cash flow s from operating activities

Changes in operating assets and liabilities

The accompanying notes form an integral part of these financial statements. All results above relate to continuing operations.

35

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF CASH FLOWS (continued)
For the financial year ended 31 December 2022

Brookfield
Global Listed
Real Estate
UCITS Fund
31 Dec 2022
USD

Brookfield
Real Assets
Securities
UCITS Fund
31 Dec 2022
USD

Brookfield
GlobalRenew ables andSustainable
Infrastructure
UCITS Fund
31 Dec 2022
USD

Interest received
Dividend received
Withholding tax

31,327
10,806,586(2,155,419)

265,741
1,298,742(272,022)

80,764
6,613,655(879,566)

6,188
389,892(87,893)

Net cash provided by/(used in) operating activities

121,560,527

24,195,399

61,600,339(2,799,125)

Cash flow s from financing activities
Proceeds from issue of redeemable participating shares
Payment on redemptions of redeemable participating shares
Dividends to holders of redeemable participating shares

12,647,076(134,544,161)(394,927)

173,578(25,693,676)-

26,078,950(79,348,225)(354,365)

3,321,810(183,338)-

Net cash (used in)/provided by financing activities(122,292,012)(25,520,098)(53,623,640)

3,138,472

Net (decrease)/increase in cash

(731,485)(1,324,699)

7,976,699

339,347

Cash at the start of the financial year

1,812,191

2,162,076

3,609,215

214,241

Cash at the end of the financial year

1,080,706

837,377

11,585,914

553,588

Brookfield
GlobalListed Core
Infrastructure
UCITS Fund
31 Dec 2022
USD

Cash provided by/(used in) operating activities (continued)

The accompanying notes form an integral part of these financial statements. All results above relate to continuing operations.

36

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF CASH FLOWS (continued)
For the financial year ended 31 December 2022
Brookfield
Global Listed
Infrastructure
UCITS Fund
31 Dec 2022
USD

Brookfield
US Listed
Real Estate
UCITS Fund
31 Dec 2022
USD

-

-

Decrease in receivable for investment manager subsidy
Decrease in investment manager fees payable
Decrease in administration fees payable
Decrease in transfer agency fees payable
Decrease in directors’ fees payable
Decrease in depositary fees payable
Decrease in audit fees payable
Decrease other accrued expenses and liabilities

7,634(13,525)(590)(12,498)(211,970)

8,969(4,575)(3,095)(2,654)(1,129)(1,588)(12,498)(5,244)

Cash used in operating activities(230,949)(21,814)

Cash flow s from financing activities
Payment on redemptions of redeemable participating shares(898,541)-

Net cash used in financing activities(898,541)-(1,129,490)(21,814)

Cash at the start of the financial year

1,129,490

21,814

Cash at the end of the financial year--

Cash flow s from operating activities
Increase in net assets attributable to holders ofredeemable participating shares from operations
Changes in operating assets and liabilities

Net decrease in cash

The accompanying notes form an integral part of these financial statements.

37

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF CASH FLOWS (continued)
For the financial year ended 31 December 2023 and 31 December 2022
Total
31 Dec 2023
USD

Total
31 Dec 2022
USD

5,357,451(136,166,899)(578,001)(7,651,508)
1,541,132(1,330,926)(416,115)(18,409,951)
3,394,900(151,598,065)

Net decrease in investments in securities
Decrease in receivable from sale of securities
Increase/(decrease) in receivable for investment manager subsidy
Decrease in other receivable and prepaid expenses
Increase in amount payable on purchase of securities(Decrease)/increase in investment manager fees payable
Increase in administration fees payable
Increase in transfer agency fees payable(Decrease)/increase in management company fees payable
Decrease in directors’ fees payable(Decrease)/increase in depositary fees payable
Decrease in audit fees payable
Decrease other accrued expenses and liabilities

253,745,171
1,357,630
17,274(62,973)
6,914,492(586,345)
3,660
10,970(27,725)(14,433)(2,636)(91,200)

337,874,476
2,456,654(121,947)(339,837)
57,582
71,638837
8,255
23,954(32,251)
4,447(22,332)(177,029)

Cash provided by operating activities

259,932,959

188,206,382

Cash flow s from operating activities
Increase/(decrease) in net assets attributable to holders ofredeemable participating shares from operations
Adjustment to reconcile increase/(decrease) in net assets attributable toholders of redeemable participating shares from operations tocash provided by operating activities
Interest income
Dividend income
Withholding tax
Operating loss before w orking capital changes
Changes in operating assets and liabilities

The accompanying notes form an integral part of these financial statements.
All results above relate to continuing operations.

38

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

STATEMENT OF CASH FLOWS (continued)
For the financial year ended 31 December 2023 and 31 December 2022
Total
31 Dec 2023
USD

Total
31 Dec 2022
USD

Interest received
Dividend received
Withholding tax

616,807
7,955,377(1,541,132)

384,020
19,108,875(3,394,900)

Net cash provided by operating activities

266,964,011

204,304,377

Cash flow s from financing activities
Proceeds from issue of redeemable participating shares
Payment on redemptions of redeemable participating shares
Dividends to holders of redeemable participating shares

31,229,106(308,396,034)(604,527)

42,221,414(240,667,941)(749,292)

Net cash used in financing activities(277,771,455)(199,195,819)

Net decrease in cash

(10,807,444)

5,108,558

Cash at the start of the financial year

14,057,585

8,949,027

Cash at the end of the financial year

3,250,141

14,057,585

Cash provided by operating activities (continued)

The accompanying notes form an integral part of these financial statements.
All results above relate to continuing operations.

39

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023
1.

The Company
Brookfield Investment Funds (UCITS) plc (the “Company”) is an open-ended investment company withvariable capital organised under the laws of Ireland as a public limited company authorised in Ireland by
the Central Bank as a UCITS pursuant to the European Communities (Undertakings for Collective
Investment in Transferable Securities) Regulations, 2011 (as amended) and Central Bank (Supervision
and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable
Securities) Regulations 2019 (the “Regulations”). It was incorporated on 1 September 2011 withregistration number 503109.
The Company is structured as an umbrella fund with segregated liabilit y between sub-funds.
The Company is an umbrella type collective investment vehicle comprising distinct sub-funds. The
assets of a sub-fund are invested separately in accordance with the investment objectives and policiesof that sub-fund which are set out in a supplement to the Prospectus. As at 31 December 2023 theCompany had four active sub-funds, all denominated in USD: Brookfield Global Listed Real Estate UCITS Fund (launched 30 November 2011)
 Brookfield Real Assets Securities UCITS Fund (launched 1 September 2015)
 Brookfield Global Renewables and Sustainable Infrastructure UCITS Fund (launched 19 August 2020)
 Brookfield Global Listed Core Infrastructure UCITS Fund (launched 24 Jun 2021)
 Brookfield US Listed Real Estate UCITS Fund (terminated on 23 November 2021)
 Brookfield Global Listed Infrastructure UCITS Fund (terminated on 26 October 2021)
 Brookfield Global Listed Infrastructure Long Short UCITS Fund (terminated on 28 December 2017)
 Brookfield Real Assets Debt UCITS Fund (not currently available for purchase)With the prior approval of the Central Bank, the Company may from time to time create such additional
sub-funds as the Directors deem appropriate. Details of any such sub-fund or sub-funds created in the
future shall be as set out in the applicable Supplement in accordance with the requirements of theCentral Bank.
Business Day is defined as any day (except Saturdays, Sundays and public holidays in Dublin and on
the New York Stock Exchange) on which retail banks in Dublin and the New York Stock Exchange areopen for business or such other day or days as may be determined by the Directors. As 29 December
2023 was the last Business Day this was the date used to strike the Net Asset Value (“NAV”) upon which
the financial statements are based.
2.

Significant Accounting Policies
Basis of Preparation
The financial statements are prepared in accordance with International Financial Reporting Standards(IFRS) as adopted by the European Union, the requirements of the Companies Act 2014, as amended,
the European Communities (Undertakings for Collective Investment in Transferable Securities)
Regulations, 2011 (as amended) and Central Bank (Supervision and Enforcement) Act 2013 (Section
48(1)) (Undertakings for Collective Investment in Transferable Sec urities) Regulations, 2019 (the“UCITS Regulations”). The financial statements are prepared on the going concern basis.
Financial instruments
Classification of financial instruments
Under IFRS 9, a financial asset is classified as measured at: amortised cost; Fair value through othercomprehensive income (“FVOCI”) or fair value through profit or loss (“FVTPL”). The classification offinancial assets under IFRS 9 is based on the business model in which a financial asset is managed
and on its contractual cash flow characteristics.
In evaluating the classification of financial assets the Company has determined the following: Based on how performance is evaluated, how risks are managed and how compensation is paid,
the business model for financial assets is to manage on a fair value basis.

40

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
2.

Significant Accounting Policies (continued)
Financial instruments (continued)
Classification of financial instruments (continued)
 The contractual cash flows of the financial assets are not solely payments of principal and interest.
Based on the above evaluation, the Company’s financial assets are classified at FVTPL.
The Company’s financial liabilities are classified at FVTPL in line with the principles of IFRS 9.
Recognition/derecognition of financial instruments
Purchases and sales of investments are accounted for on the day the trade transaction takes place.
Investments are derecognised when the rights to receive cash flows from the investments have expiredor the risks and rewards of ownership have all been substantially transferred. Realised gains and losses
on disposals are calculated using the weighted average basis and are reflected as net realised
gain/(loss) on financial assets at fair value through profit or loss in the Statement of Comprehensive
Income.
Initial measurement of financial instruments
Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fairvalue. Gains and losses arising from changes in the fair value of the financial assets and liabil ities arepresented in the Statement of Comprehensive Income, in the year in which they arise.
Financial assets and liabilities at fair value through profit or loss
Valuation Principles
The value of any investment which is quoted, listed or normally dealt in on a regulated market shall becalculated at the last trade price. Investments quoted, listed or normally dealt in on more than one market
shall be calculated at the last traded price on the market, that in the opinion of the Directors provides
the principal market for such investment. When prices are not available for any reason, or such prices
are deemed to not represent fair value, the value thereof shall be the probable realisation value whichmust be estimated in good faith by such competent person as may be appointed by the Directors andapproved for the purpose by the Depositary.
The fair value of financial instruments traded in active markets (for example bonds, debt securities,
equities and similar assets) were recorded based on quoted market prices as at 31 December 2023.
For all other financial instruments not traded in an active market, the fair value is determined by using
appropriate valuation techniques. Valuation techniques include: using recent arm’s length market
transactions; reference to the current market value of another instrument that is substantially the same;
discounted cash flow analysis and option pricing models making as much use of available andsupportable market data as possible.
Forward Currency Contracts
The fair value of open foreign currency contracts is calculated as the difference between the contracted
rate and the current forward rate that would close out the contract on the valuation date. For eachrelevant sub-fund, gains or losses on open forward currency contracts are included in investments infinancial derivative instruments in the Statement of Financial Position.
IncomeDividends are recognised as income on the dates that the related investment is first quoted ‘ex -dividend’
to the extent information thereon is reasonably available. Interest income and interest expense arerecognised on an accruals basis in line with the contractual terms. Interest is accrued on a daily basis.

41

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
2.

Significant Accounting Policies (continued)
Financial assets and liabilities at fair value through profit or loss (continued)
Realised and Unrealised Gains/(Losses) on Investments
Realised gains and losses and unrealised gains and losses arising on the valuation of investments arerecognised in the Statement of Comprehensive Income, where relevant. The cost of investments soldis recognised on a weighted average basis.
Fees and Charges
All expenses are recognised in the Statements of Comprehensive Income on an accruals basis.
Foreign Currency
Items included in the Company’s financial statements are measured using the currency of the primaryeconomic environment in which it operates (the functional currency). As at 31 December 2023 this was
the United States Dollar ("USD").
Transactions in foreign currencies were translated at the foreign currency exchange rate at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies were translated to
USD at the foreign currency closing exchange rate at the dates that the values were determined. Income
and expenses were translated at the daily average exchange rates. Foreign currency exchange
differences relating to investments at fair value through profit or loss were included in the net realised
and unrealised gain on financial assets and liabilities at fair value through profit or loss in the Statementof Comprehensive Income. All other foreign currency exchange differences relating to monetary items,
including cash, are presented in the Statement of Comprehensive Income.
Taxation
Under current law and practice, the Company qualifies as an investment undertaking as defined in
Section 739B of the Taxes Consolidation Act of 1997, as amended. On that basis, it is not chargeable
to Irish tax on its income or gains.
However, Irish tax may arise on the happening of a ‘chargeable event’. Generally a chargeable event
arises on any distribution, redemption, repurchase, cancellation, transfer of shares or on the ending ofa “Relevant Period”. A “Relevant Period” being an eight year period beginning with the acquisition of theshares by the Shareholder and each subsequent period of eight years beginning immediately after thepreceding Relevant Period.
No Irish tax will arise on the Company in respect of chargeable events in respect of:(a) a shareholder who is neither an Irish resident nor ordinarily resident in Ireland for tax purposes, atthe time of the chargeable event, provided appropriate valid declarations in accordance with theprovisions of the Taxes Consolidation Act of 1997, as amended, are held by the Company; and(b) certain exempted Irish tax resident shareholders who have provided the Company with thenecessary signed statutory declarations.
Dividends, interest and capital gains (if any) received on investments made by the Company may besubject to withholding taxes imposed by the country from which the investment income/gains arereceived and such taxes may not be recoverable by the Company or its shareholders.
Redeemable participating shares
Redeemable participating shares are redeemable at the shareholder’s option and are classified as
financial liabilities.
The redeemable participating shares can be put back to the Company on any dealing day for cash equal
to a proportionate share of the Company’s Net Asset Value.
Transaction costs
Transaction costs include fees and commissions paid to agents, advisers, brokers and dealers, levies
by regulatory agencies and security exchanges, and transfer taxes and duties. Transaction costs do notinclude debt premiums or discounts, financing costs or internal administrative or holding costs. Theseare expensed through the Statement of Comprehensive Income as incurred.
42

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
2.

Significant Accounting Policies (continued)
Financial assets and liabilities at fair value through profit or loss (continued)
Receivables and payables
Receivables and payables represent amounts receivable and payable for transactions contracted but
not yet delivered.
Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted
in an active market. Receivables are recognised initially at fair value plus transaction costs that are
directly attributable to their acquisition/origination. They are subsequently measured at amortised costusing the effective interest method, less provision for impairment.
Payables are recognised initially at fair value and subsequently stated at amortised cost using theeffective interest method. The difference between the proceeds and the amounts payable arerecognised over the period of the payable using the effective interest method.
Dividends
Dividends may be paid at the Directors’ discretion. Shareholders will be notified in advance of any
dividend being declared and details of any change in dividend policy will be provided by amending theProspectus or the applicable Supplement. For further details of dividends paid during the financial year
please refer to note 4.

3.

Fees
Management Company Fee
Under the provisions of the Management Agreement, the Company will pay KBA Consulting
Management Limited (the Manager) a fee not exceeding 0.02% per annum of the Net Asset Value of a
sub-fund as of the relevant Valuation Date subject to the minimum fee of EUR 50,000 per annum for the
initial sub-fund and EUR 12,500 per annum for each incremental sub-fund. The management company
fee will accrue daily and will be payable monthly in arrears (and pro rata for lesser periods).
The Manager will also be entitled to reimbursement of all reasonable properly -vouched out-of-pocket
expenses (including VAT thereon) incurred in the performance of its duties hereunder.
The management company fees charged for the financial year amounted to USD 97,243 (31 December
2022: USD 121,201). Fees of USD 9,962 (31 December 2022: USD 37,687) were outstanding at
financial year end.
Investment Management Fees
Under the provisions of the Investment Management Agreement, the Company will pay Brookfield Public
Securities Group LLC (the Investment Manager) a fee in respect of its dut ies at an agreed upon
percentage of the closing Net Asset Value of the relevant sub-fund (plus VAT, if any) prior to the accrualof the investment management fee as of each Valuation Date. The Investment Management fee willaccrue on and will be reflected in the Net Asset Value calculated on each Valuation Date and will be
paid monthly in arrears.
The Investment Manager shall also be entitled to be repaid all of its reasonable out of pocket expenses
incurred in the performance of its duties under the investment management agreement.
The Investment Management fees charged for the financial year amounted to USD 1,999,774 (31December 2022: USD 5,357,990). Fees of USD 133,992 (31 December 2022: USD 720,337) were
outstanding at financial year end.

43

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
3.

Fees (continued)
Investment Management Fees (continued)
The Investment Manager has voluntarily agreed to waive all or a portion of its management fees and/or
reimburse certain expenses of each sub-fund to the extent necessary to maintain the sub-funds’ total
expense ratios (excluding brokerage commissions and other transactional expenses, interest, taxes andextraordinary expenses, such as litigation; and other expenses not incurred in the ordinary course ofeach sub-fund’s business) at no more than the expense caps listed in the table below. This fee waiverand expense reimbursement arrangement is voluntary which the Investment Manager may terminate inits sole discretion at any time. Any decision to terminate the fee waiver will be notified to the Board of
Directors. Please refer to the Company’s Prospectus, Supplements and Key Investor Information
Document (KIID) available at www.brookfield.com for further details of any charges that may be applied
to an investment in each sub-fund.

Fund Nam e
Brookfield Global Listed Real Estate UCITS Fund
Share A Class*, AA Class**, B Class, E Class, F Class, I Class and Z
Class
Share V Class, W Class
Brookfield Real Assets Securities UCITS Fund
- Share E Class
Brookfield Global Renew ables and Sustainable Infrastructure UCITS Fund
- Share B Class- Share E Class- Share F Class- Share V Class
Brookfield Global Listed Core Infrastructure UCITS Fund
- Share B Class- Share E Class

Investm ent
Managem ent
Fees

Total
Expense
Cap

0.85%
1.70%

1.05%
1.90%

0.85%

1.05%

0.95%
0.95%
0.95%
1.90%

1.15%
1.15%
1.15%
2.10%

0.80%
0.80%

1.00%
1.00%

* Class A share class terminated on 26 January 2023.
** Class AA share class terminated on 20 April 2023.

The total expense ratios for the years ended 31 December 2023 and 31 December 2022 are shown on
pages 107.
The Investment Manager subsidy for the financial year amounted to USD 1,186,671 (31 December
2022: USD 486,761). Fees reimbursements of USD 162,075 (31 December 2022: USD 179,349) werereceivable from the Investment Manager at financial year end.
Administration and Transfer Agency Fee
Under the provisions of the Administration Agreement, the Administrator is entitled to a fee for theprovision of fund accounting and administrative services at a rate which will be set out in the Supplement
for each sub-fund. The administration fee will accrue daily and will be paid monthly in arrears out of theassets of the sub-fund.
The Administrator shall also be entitled to be repaid out of the assets of the sub-fund all of its reasonable
out-of-pocket expenses incurred on behalf of the sub-fund which shall include legal fees, couriers’ fees
and telecommunication costs and expenses.

44

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
3.

Fees (continued)
Administration and Transfer Agency Fee (continued)
The Administrator is also entitled to receive an annual fee for the production of annual and semi-annual
accounts, and the KIID, together with reasonable registrar and transfer agency transaction charges, at
normal commercial rates, as may be agreed in writing between the Company and the Administrator fromtime to time.
The Administration and Transfer Agency fees charged for the financial year amounted to USD 211,457(31 December 2022: USD 207,254) and USD 126,432 (31 December 2022: USD 133,393), respectively.
Fees of USD 54,961 (31 December 2022: 51,301) and USD 41,999 (31 December 2022: USD 31,029),
respectively were outstanding at financial year end.
Depositary Fees
Under the provisions of the Depositary Agreement, the Depositary is entitled to a fee for trustee andcustody services at a rate which will be set out in the Supplement for each sub-fund. The DepositaryFees will accrue daily and will be payable monthly in arrears out of the assets of the relevant sub-fund.
The Depositary shall be reimbursed all reasonable out-of-pocket expenses incurred by it on behalf ofthe sub-fund (such as telephone and fax expenses) including stamp duties and registration fees, banking
maintenance fees and interbank transfer fees, and the fees and expenses of sub-custodians, at normal
commercial rates.
Where the Depositary is required to carry out additional duties to those originally agreed, including theprovision of additional reports, amending the structure of a sub-fund or its documentation or terminatinga sub-fund or winding up the Company, and this requires additional work to be performed by or reviewof the documents by the Depositary, the Depositary will be entitled to charge additional fees at a rate as
may be agreed in advance with the Directors. Shareholders will be notified of any increase in depositary
fees due to such additional work before such increase takes effect.
The Depositary fees charged for the financial year amounted to USD 311,272 (31 December 2022: USD
358,299). The Depositary fees outstanding at financial year end were USD 69,747 (31 December 2022:
USD 84,180).
Directors’ fees
The Directors’ fees charged during the financial year were USD 109,573 (31 December 2022: 98,408)
of which USD Nil (31 December 2022: USD Nil) was payable at financial year end.
Audit fees
The below table discloses audit remuneration fees for the financial year.

Audit (ex-VAT and applicable out-of-pocket expenses)

31 December
2023
EUR

31 December
2022
EUR

39,55539,55537,40037,400Non audit services performed by Deloitte Ireland LLP for the year in relation to tax services amounted
to EUR 6,800 (31 December 2022: EUR 5,950) (excluding VAT and applicable out of pocket expenses).
There were no other non audit services during the current or prior year.

45

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
4.

Dividends
The Articles permit the Directors to declare on the Shares or on any class of Shares such dividends,
including interim dividends, as appear to the Directors to be justified. The Directors have reviewed andapproved a dividend policy, which they in their sole authority, have the ability to amend as seen as
justified. The Directors may, with the sanction of the Company in a general meeting, satisfy any dividend
due to holders of the Shares, in whole or in part, by distributing to them in specie any of the assets of
the Company and, in particular, any investments to which the Company is entitled provided that, where
the share capital is divided into different classes of Shares, any such distributions to the holders of one
class of Shares shall not materially prejudice the interests of the holders of the other classes of Shares.
Alternatively, if a holder does not wish to receive a dividend by way of in specie distribution, it may
require the Directors to realise such investments necessary in order to effect the relevant distribution.
Any dividend unclaimed after a period of six years from the date of declaration of such dividend shall be
forfeited and shall revert to the relevant sub-fund.
Dividends were declared with ex-dates shown below in respect of the following sub-funds:
Brookfield Global Listed Real Estate UCITS Fund - Class F
31 December 2023
Ex-dateRate
20 March 2023
USD 0.1689
16 June 2023
USD 0.1677
19 September 2023
USD 0.1650
19 December 2023
USD 0.1729

31 December 2022
Ex-dateRate
21 March 2022
USD 0.2106
16 June 2022
USD 0.1806
19 September 2022
USD 0.1790
19 December 2022
USD 0.1765

Brookfield Global Listed Real Estate UCITS Fund - Class AA*
31 December 2023
Ex-dateRate
20 March 2023
USD 0.1693

31 December 2022
Ex-dateRate
21 March 2022
USD 0.2309
16 June 2022
USD 0.1840
19 September 2022
USD 0.1727
19 December 2022
USD 0.1810*Class AA share class terminated on 20 April 2023.

Brookfield Global Listed Real Estate UCITS Fund - Class W
31 December 2023
Ex-dateRate
20 March 2023
USD 0.1506
16 June 2023
USD 0.1492
19 September 2023
USD 0.1464
19 December 2023
USD 0.1531

31 December 2022
Ex-dateRate
21 March 2022
USD 0.1893
16 June 2022
USD 0.1620
19 September 2022
USD 0.1602
19 December 2022
USD 0.1576

Brookfield Global Renewables and Sustainable Infrastructure UCITS Fund - Class F
31 December 2023
Ex-dateRate
20 March 2023
USD 0.1007
16 June 2023
USD 0.1429
19 September 2023
USD 0.1105
19 December 2023
USD 0.0936

31 December 2022
Ex-dateRate
21 March 2022
USD 0.0578
16 June 2022
USD 0.1240
19 September 2022
USD 0.1709
19 December 2022
USD 0.0642

Dividends were paid for the financial year ended 31 December 2023 and 31 December 2022 shown
below in respect of the following sub-funds:
Brookfield Global Listed Real Estate UCITS FundClass FClass AAClass W

31 December 2023
USD 86,235
USD 27,289
USD 110,458

31 December 2022
USD 119,439
USD 120,942
USD 154,546
46

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
4.

Dividends (continued)
Brookfield Global Renewables and Sustainable Infrastructure UCITS FundClass F

31 December 2023
USD 380,545

31 December 2022
USD 354,365

There were no dividends payable as at 31 December 2023 (31 December 2022: USD Nil).
5.

Cash and cash equivalents
Cash and cash equivalents balances were held with CACEIS Investor Services Bank S.A. (31 December
2022: RBC Investor Services Bank S.A.)
As at 31 December 2023, the following were the cash balances:

Cash
Bank overdraft
Total

Brookfield
Global Listed
Real Estate
UCITS FundBrookfield
Real Assets
Securities
UCITS FundBrookfield
Global Renew ables
and Sustainable
Infrastructure
UCITS Fund

31 Decem ber 2023
USD

31 Decem ber 2023
USD

31 Decem ber 2023
USD

1,167,185

432,356

1,169,559

-

(5)

-

1,167,185

432,351

1,169,559

Brookfield
Global Listed
Real Estate
UCITS FundBrookfield
Real Assets
Securities
UCITS FundBrookfield
Global Renew ables
and Sustainable
Infrastructure
UCITS Fund

31 Decem ber 2022
USD

31 Decem ber 2022
USD

31 Decem ber 2022
USD

1,084,009

837,383

11,591,106(3,303)(6)(5,192)

1,080,706

837,377

11,585,914

Brookfield
Global ListedCore Infrastructure
UCITS Fund

Cash

31 Decem ber 2023
USD
481,046

Total

481,046

As at 31 December 2022, the following were the cash balances:

Cash
Bank overdraft
Total

47

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
5.

Cash and cash equivalents (continued)
Brookfield
Global ListedCore Infrastructure
UCITS Fund

Cash

31 Decem ber 2022
USD
553,742

Bank overdraft
Total

6.

(154)
553,588

Net gains/(losses) on financial instruments at fair value through profit or loss
For the financial year ended 31 Decem ber 2023

Realised
gains/(losses)
USD

Unrealised
gains/(losses)
USD

Total
USD

(24,316,057)
49,574(24,266,483)

27,555,153(112,401)(176,729)
27,266,023

3,239,096(62,827)(176,729)
2,999,540(1,993,661)(463,358)(2,457,019)

1,735,526
595,807(14,304)(4,547)2,312,482(258,135)
132,449(14,304)(4,547)(144,537)(23,872,753)(23,872,753)

22,589,408
17,19422,606,602(1,283,345)
17,194(1,266,151)(316,060)(316,060)

527,487(5,652)521,835

211,427(5,652)
205,775

Realised
gains/(losses)
USD

Unrealised
gains/(losses)
USD

Total
USD

(36,816,917)(5,532,095)(42,349,012)(48,821,330)(244,393)(358,094)(49,423,817)(85,638,247)(5,776,488)(358,094)(91,772,829)

Brookfield Global Listed Real Estate UCITS Fund
Common stocks
Forw ard currency contracts
Foreign exchange

Brookfield Real Assets Securities UCITS Fund
Common and preferred stocks
Corporate bonds
Investment fundForeign exchange

Brookfield Global Renew ables and Sustainable
Infrastructure UCITS Fund
Common stocks
Foreign exchange

Brookfield Global Listed Core Infrastructure UCITS Fund
Common stocks
Foreign exchange

For the financial year ended 31 Decem ber 2022

Brookfield Global Listed Real Estate UCITS Fund
Common stocks
Forw ard currency contracts
Foreign exchange48

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
6.

Net gains/(losses) on financial instruments at fair value through profit or loss (continued)
For the financial year ended 31 Decem ber 2022

Realised
gains/(losses)
USD

Unrealised
gains/(losses)
USD

Total
USD

(291,647)(379,396)
759,373
88,330(6,002,280)(514,145)(378,931)(23,464)(6,918,820)(6,293,927)(893,541)
380,442(23,464)(6,830,490)(36,329,686)(36,329,686)(7,516,333)(189,733)(7,706,066)(43,846,019)(189,733)(44,035,752)(1,134,956)(20,733)(1,155,689)(1,033,154)(20,733)(1,053,887)

Brookfield Real Assets Securities UCITS Fund
Common and preferred stocks
Corporate bonds
Investment Fund
Foreign exchange

Brookfield Global Renew ables and Sustainable
Infrastructure UCITS Fund
Common stocks
Foreign exchange

Brookfield Global Listed Core Infrastructure UCITS Fund
Common stocks
Foreign exchange

7.

101,802
101,802

Related Party Transactions
Parties are considered to be related if one party has the ability to control the other party or exercise
significant influence over the other party in making financial or operational decisions, or if the party is amember of the key management personnel of the entity or its parent.
Brookfield Public Securities Group LLC, as the Investment Manager, earned a fee of USD 1,999,774 forthe financial year (31 December 2022: USD 5,357,990) of which USD 133,992 (31 December 2022:
USD 720,337) was payable at financial year end.
The Investment Manager Subsidy (capped fees) for the financial year amounted to USD 1,186,671 (31December 2022: USD 486,761). Fees of USD 162,075 (31 December 2022: USD 179,349) werereceivable from the Investment Manager at financial year end.
David Levi, Chief Executive Officer of the Investment Manager, is a Non-Executive Director.
Brookfield Asset Management Inc. and Brookfield Public Securities Group (UK) Limited are affiliates of
the Investment Manager and are deemed to be related parties. As at 31 December 2023 and 31
December 2022, these entities held the following redeemable participating shares in each of the subfunds:

Fund name
Related Party
Brookfield Global Listed Core Infrastructure Brookfield Investment
UCITS FundManagement US Holdings LP

Share
Class

Quantity of
Shares Held
31 December
2023

Quantity of
Shares Held
31 December
2022

USD E

763,855

500,000

On 22 December 2023, Brookfield Investment Management US Holdings LP purchased 263,855 sharesof the Brookfield Global Listed Core Infrastructure UCITS Fund.

49

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
8.

Risk Associated with Financial Instruments
The sub-funds utilise various methods to value investments measured at fair value on a recurring andnon-recurring basis. The fair value hierarchy is categorised into three levels based on the inputs asfollows:
Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities;
Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant
inputs are observable, either directly (as prices) or indirectly (derived from prices); andLevel 3 – Valuations based on inputs that are unobservable and significant to the overall fair value
measurement.
Inputs are used in applying the various valuation techniques and broadly refer to the assumptions thatmarket participants use to make valuation decisions, including assumptions about risk. Inputs may
include price information, volatility statistics, specific and broad credit data, liquidity statistics, and otherfactors.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input thatis significant to the fair value measurement. However, the determination of what constitutes ‘observable’requires significant judgment by Company management. Company management considers observabledata to be that market data which is readily available, regularly distributed or updated, reliable andverifiable, not proprietary, and provided by independent sources that are actively involved in the relevantmarket.
The categorisation of a financial instrument within the hierarchy is based upon the pricing transparencyof the instrument and does not necessarily correspond to Company management’s perceived risk ofthat instrument.
Fair value is a market-based measure considered from the perspective of a market participant rather
than an entity-specific measure. Therefore, even when market assumptions are not readily available,
Company management’s own assumptions are set to reflect those that market participants would use
in pricing the asset or liability at the measurement date. Company management uses prices and inputs
that are current as of the measurement date, including periods of market dislocation. In periods of market
dislocation, the observability of prices and inputs may be reduced for many securities. This condition
could cause a security to be reclassified to a lower level within the fair value hierarchy.
The following tables summarise the inputs used to value the sub-funds’ financial instruments measured
at fair value on a recurring and non-recurring basis as at 31 December 2023 and 31 December 2022:
Brookfield Global Listed Real Estate UCITS Fund
31 Decem ber 2023
Financial assets at fair value through profit orloss
Investments in transferable securities, at fair value- Common stocks
Investments in financial derivative instruments- Forw ards Exchange Contracts

Financial liabilities at fair value through profit orloss
Investments in financial derivative instruments- Forw ard Exchange Contracts(Level 1)
USD(Level 2)
USD(Level 3)
USD

Total
USD

108,779,481--

108,779,481

108,779,481

1,679
1,679

-

1,679
108,781,160

-

(1)
(1)

-

(1)
(1)

50

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
8.

Risk Associated with Financial Instruments (continued)
Brookfield Real Assets Securities UCITS Fund
31 Decem ber 2023
Financial assets at fair value through profit orloss
Investments in transferable securities, at fair value- Common stocks- Preferred stocks- Corporate bonds- Investment funds(Level 1)
USD(Level 2)
USD(Level 3)
USD

Total
USD

16,666,057
871,380
648,383
18,185,820

4,439,869
4,439,869-

16,666,057
871,380
4,439,869
648,383
22,625,689(Level 1)
USD(Level 2)
USD(Level 3)
USD

Total
USD

39,123,219
39,123,219--

39,123,219
39,123,219(Level 1)
USD(Level 2)
USD(Level 3)
USD

Total
USD

22,369,938
22,369,938--

22,369,938
22,369,938(Level 1)
USD(Level 2)
USD(Level 3)
USD

Total
USD

198,973,546--

198,973,546

198,973,546

114,228
114,228-

114,228
199,087,774

-

(2)
(2)

-

(2)
(2)

Brookfield Global Renew ables and Sustainable
Infrastructure UCITS Fund
31 Decem ber 2023
Financial assets at fair value through profit orloss
Investments in transferable securities, at fair value- Common stocks

Brookfield Global Listed Core Infrastructure
UCITS Fund
31 Decem ber 2023
Financial assets at fair value through profit orloss
Investments in transferable securities, at fair value- Common stocks

Brookfield Global Listed Real Estate UCITS Fund
31 Decem ber 2022
Financial assets at fair value through profit orloss
Investments in transferable securities, at fair value- Common stocks
Investments in financial derivative instruments- Forw ards Exchange Contracts

Financial liabilities at fair value through profit orloss
Investments in financial derivative instruments- Forw ard Exchange Contracts

51

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
8.

Risk Associated with Financial Instruments (continued)
Brookfield Real Assets Securities UCITS Fund
31 Decem ber 2022
Financial assets at fair value through profit orloss
Investments in transferable securities, at fair value- Common stocks- Preferred stocks- Corporate bonds

Brookfield Global Renew able s and Sustainable
Infrastructure UCITS Fund
31 Decem ber 2022

(Level 1)
USD(Level 2)
USD(Level 3)
USD

Total
USD

21,135,498
1,034,711
22,170,209

5,942,619
5,942,619-

21,135,498
1,034,711
5,942,619
28,112,828(Level 1)(Level 2)(Level 3)

Total

USD

USD

USD

USD

203,441,632--

203,441,632

203,441,632--

203,441,632(Level 1)(Level 2)(Level 3)

Total

USD

USD

USD

USD

16,002,944--

16,002,944

16,002,944--

16,002,944

Financial assets at fair value through profit orloss
Investments in transferable securities, at fair value- Common stocks

Brookfield Global Listed Core Infrastructure
UCITS Fund
31 Decem ber 2022
Financial assets at fair value through profit orloss
Investments in transferable securities, at fair value- Common stocks

The sub-funds did not invest in any Level 3 securities during the financial years ended 31 December
2023 and 31 December 2022 and there were no transfers in or out of Level 1, Level 2, and Level 3.
Valuation Techniques
When fair values of listed equities and publicly traded derivatives at the reporting date are based onquoted market prices or binding dealer price quotations, without any deduction for transaction costs, theinstruments are included within Level 1 of the hierarchy. Debt Securities valued at the bid price provided
by recognized investment dealers are included in Level 2 of the hierarchy.
The Company uses widely recognised valuation models for determining fair values of over-the-counter
derivatives. For these financial instruments, inputs into models are market observable and are therefore
included within Level 2.
The fair values of currency exchange contracts (forward currency contracts) are calculated by reference
to current exchange rates for contracts with similar maturity and risk profiles .

52

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
8.

Risk Associated with Financial Instruments (continued)
Market Price Risk
Set out below is a description of risks and an outline of the processes the Investment Manager has
implemented to assess, monitor and control these specific risks:Market price risk is the risk that the fair value of financial instruments (i.e., bonds, equities and otherinvestments) or its future cash flows will fluctuate because of changes in market prices and includes
currency risk and interest rate risk. The Company’s market risk management strategy is driven by theinvestment objectives of each of the sub-funds. The sub-funds are actively managed.
The following specific processes are in place to control market risk:

 Market risk for all sub-funds is assessed by the Investment Manager in the context of the total
portfolio being managed, where financial derivative instruments are included on a fully paid up
exposure basis;

 Consideration is given to basis risk (the risk that the financial derivative instrument will not movein line with the physical position) where appropriate; Restrictions on gearing of portfolios are in place (as defined in the Company’s Prospectus).
Financial derivative instruments cannot be used to circumvent these restrictions; Net exposures of a sub-fund to an asset class, including the delta weighted exposure of derivative
instruments are restricted by the Company’s investment guidelines; In the case of use of financial derivative instrument positions to achieve exposure, the sub-funds
hold sufficient cash or appropriate equivalent to meet potential obligations arising from the net
derivative position. In the case of derivative positions to remove exposure, the sub-funds holdassets, which are considered a reasonable hedge.
The Company is exposed to market risk, (which includes the risk of market fluctuations, currency risk,interest rate risk and portfolio management risk), liquidity risk and credit risk arising from the financial
instruments it holds. The Company may use derivatives and other instruments in connection with its risk
management activities.
The Company has investment guidelines that set out its overall business strategies, its tolerance for risk
and its general risk management philosophy and has established processes to monitor and control
economic hedging transactions in a timely and accurate manner. The Company’s accounting policies inrelation to derivatives are set out in note 2 to the financial statements and the Company has a Risk
Management Process in place for the use of financial derivative investments which has been approvedby the Board and the Central Bank of Ireland.
As at 31 December 2023, a 5% increase or decrease in the market prices of the underlying instruments
would have increased or decreased the net assets attributable to holders of redeemable shares by theamounts shown below, on the basis that all other variables remained constant. The Investment Manager
considers this movement to be a reasonable size of movement to use as an indicator of the size ofmarket price move a sub-fund might experience.

Brookfield Global Listed Real Estate UCITS FundBrookfield Real Assets Securities UCITS FundBrookfield Global Renew ables and Sustainable Infrastructure UCITS FundBrookfield Global Listed Core Infrastructure UCITS Fund

31 Decem ber 2023
USD
5,438,974
1,131,284
1,956,161
1,118,497

53

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
8.

Risk Associated with Financial Instruments (continued)
Market Price Risk (continued)
31 Decem ber 2022
USD
9,948,677
1,405,641
10,172,082
800,147

Brookfield Global Listed Real Estate UCITS FundBrookfield Real Assets Securities UCITS FundBrookfield Global Renew ables and Sustainable Infrastructure UCITS FundBrookfield Global Listed Core Infrastructure UCITS FundInterest Rate Risk
Interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes inmarket interest rates.
-interest
bearing and therefore are not exposed to interest rate risk. Brookfield Real Assets Securities UCITS
Fund has investments in corporate bonds which are subject to interest rate risk.
The table below summarises the maturity periods for interest-bearing securities held by Brookfield Real
Assets Securities UCITS Fund as at 31 December 2023.

Corporate bonds
Common stocks
Preferred stock
Investment funds
Other assets
Total assets
Other liabilities
Total liabilities

Up to 1
year
USD
-

1-5
years
USD
2,139,306
2,139,306Over
5 years
USD
2,300,563
2,300,563

Noninterest
bearing
USD
16,666,057
871,380
648,383
606,742
18,792,562

Total
USD
4,439,869
16,666,057
871,380
648,383
606,742
23,232,431

-

-

-

77,89377,89377,89377,89323,154,538

Total Net Assets

The table below summarises the maturity periods for interest-bearing securities held by Brookfield Real
Assets Securities UCITS Fund as at 31 December 2022.

Corporate bonds
Common stocks
Preferred stock
Other assets
Total assets
Other liabilities
Total liabilities
Total Net Assets

Up to 1
year
USD
-

1-5
years
USD
1,101,770
1,101,770

Over
5 years
USD
4,840,849
4,840,849

Noninterest
bearing
USD
21,135,498
1,034,711
1,074,333
23,244,542

Total
USD
5,942,619
21,135,498
1,034,711
1,074,333
29,187,161

-

-

-

133,663
133,663

133,663
133,663
29,053,498

54

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
8.

Risk Associated with Financial Instruments (continued)
Interest Rate Risk (continued)
As at 31 December 2023, a 100 basis points change in interest rates would have an impact on net
assets attributable to holders of redeemable shares and cause an increase/decrease in net assets
attributable to holders of redeemable shares of USD 44,399 (31 December 2022: USD 59,426) for
Brookfield Real Assets Securities UCITS Fund.
The interest rate sensitivity provided above represents a hypothetical outcome and is not intended to bepredictive. Market conditions, and therefore future interest rates, could vary significantly from thatsuggested.
In accordance with the Company's policy, the Investment Manager monitors the Company's overall
interest rate sensitivity on a continuous basis, and the Board reviews it on a quarterly basis.
Foreign Currency Risk
Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuatebecause of changes in foreign exchange rates. The income and capital value of the Company’s
investments can be significantly affected by currency translation movements as the majority of theCompany’s assets could be denominated in currencies other than base currency. The fluctuations in therate of exchange between the currency in which the asset or liability is denominated and the functional
currency could result in an appreciation or depreciation in the fair value of that asset.
The tables that follows analyse the net amount of monetary assets and liabilities held by each sub-fundat the balance sheet date denominated in currencies other than USD, the functional currency as at 31
December 2023 and 31 December 2022.
Brookfield Global Listed Real Estate UCITS Fund
31 December 2023

AUD
CAD
EUR
GBP
HKD
JPY
SGD

Net
Other
Total
Monetary
Net
Investm ents Assets/(Liabilities) Assets/(Liabilities)
USD
USD
USD
5,305,746
60,193
4,103,627
5,741
10,740,605
132,540
5,000,062
4,362,363
8,696,625
1(37,764)
1,967,260-

Net Foreign
Currency
Derivatives
USD
-

Net
Exposure
USD
5,365,939
4,109,368
10,873,145
5,000,062
4,362,363
8,658,862
1,967,260

A strengthening of the USD against the currencies in the previous table would have resulted in losses
to the amounts shown below. A weakening of the USD against these currencies would have resulted inan equal but opposite effect.
Sensitivity analysis of Net ExposureUSD
5%2,016,849

55

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
8.

Risk Associated with Financial Instruments (continued)
Foreign Currency Risk (continued)
31 December 2022

AUD
CAD
EUR
GBP
HKD
JPY
SGD

Net
Other
Total
Monetary
Net
Investm ents Assets/(Liabilities) Assets/(Liabilities)
USD
USD
USD
4,651,475
38,3644,980,993
12,27911,665,741(3,303)
216,866
11,818,782
2(31,303)
11,523,314
16,207,847
1
12,651
9,825,251-

Net Foreign
Currency
Derivatives
USD
3,959,501
25,776,299-

Net
Exposure
USD
4,689,839
4,993,272
15,838,805
37,563,780
11,523,314
16,220,499
9,825,251

A strengthening of the USD against the currencies in the previous table would have resulted in losses
to the amounts shown below. A weakening of the USD against these currencies would have resulted inan equal but opposite effect.
Sensitivity analysis of Net ExposureUSD
5%5,032,739

Brookfield Real Assets Securities UCITS Fund
31 December 2023

AUD
BRL
CAD
DKK
EUR
GBP
HKD
JPY
MXN
NZD
SGD

Total
Investm ents
USD
679,942
265,431653,590
1,356,211
719,446
609,068
767,456
184,655
147,584
128,369

Net
Other
Monetary
Net
Assets/(Liabilities) Assets/(Liabilities)
USD
USD
10,323
2,385
1
325
(5)
13,0825,633
1(3,515)-Net Foreign
Currency
Derivatives
USD
-

Net
Exposure
USD
690,265
265,431655,975326
1,369,288
725,079
609,068
763,942
184,655
147,584
128,369

A strengthening of the USD against the currencies in the previous table would have resulted in losses
to the amounts shown below. A weakening of the USD against these currencies would have resulted inan equal but opposite effect.
Sensitivity analysis of Net Exposure
5%USD
276,998

56

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
8.

Risk Associated with Financial Instruments (continued)
Foreign Currency Risk (continued)
31 December 2022

AUD
BRL
CAD
CLP
DKK
EUR
GBP
HKD
JPY
NZD
SGD

Total
Investm ents
USD
753,798
215,697
1,330,429
90,39378,891
1,974,607
1,344,135
1,081,623
1,002,409
229,264
417,651

Net
Other
Monetary
Net
Assets/(Liabilities) Assets/(Liabilities)
USD
USD
11,091
(6)
869
1
227
3,883
22,875
6
6,267
1
539
-

Net Foreign
Currency
Derivatives
USD
-

Net
ExposureUSD
764,889
215,691
1,331,298
90,393
79,1192,001,365
1,350,408
1,081,623
1,002,949
229,264
417,651

A strengthening of the USD against the currencies in the previous table would have resulted in losses
to the amounts shown below. A weakening of the USD against these currencies would have resulted inan equal but opposite effect.

5%

Sensitivity analysis of Net Exposure
USD
428,232

Brookfield Global Renewables and Sustainable Infrastructure UCITS Fund
31 December 2023

BRL
CAD
DKK
EUR
GBP
NZD

Net
Other
Total
Monetary
Net
Investm ents Assets/(Liabilities) Assets/(Liabilities)
USD
USD
USD
1,902,242
5,561
3,696,761
923,502
24,6749,659,901
341,981
5,222,392
13
51,396
1,156,106-

Net Foreign
Currency
Derivatives
USD
-

Net
ExposureUSD
1,907,803
3,696,761
948,176
10,001,882
5,273,801
1,156,106

A strengthening of the USD against the currencies in the previous table would have resulted in losses
to the amounts shown below. A weakening of the USD against these currencies would have resulted inan equal but opposite effect.
Sensitivity analysis of Net Exposure
USD
5%1,149,226

57

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
8.

Risk Associated with Financial Instruments (continued)
Foreign Currency Risk (continued)
31 December 2022

BRL
CAD
CLP
DKK
EUR
GBP
HKD
NZD

Net
Other
Total
Monetary
Net
Investm ents Assets/(Liabilities) Assets/(Liabilities)
USD
USD
USD
638,661(3,060)14,334,079
401,828
11,315,844
21,29544,900,735(2,133)614,098
31,802,973
9
213,379
4,887,727
780,846-

Net Foreign
Currency
Derivatives
USD
-

Net
ExposureUSD635,601
14,334,079
401,828
11,337,139
45,512,700
32,016,361
4,887,727
780,846

A strengthening of the USD against the currencies in the previous table would have resulted in losses
to the amounts shown below. A weakening of the USD against these currencies would have resulted inan equal but opposite effect.
Sensitivity analysis of Net ExposureUSD
5%5,495,313

Brookfield Global Listed Core Infrastructure UCITS Fund
31 December 2023

AUD
BRL
CAD
EUR
GBP
HKD
JPY
MXN
NZD

Total
Investm ents
USD
1,207,504
864,6101,401,083
2,295,110
1,353,979
1,096,743
680,124738,601
521,802

Net
Other
Monetary
Net
Assets/(Liabilities) Assets/(Liabilities)
USD
USD(231,313)(210,606)(373,138)(563,500)(321,892)(258,919)(173,663)(181,069)(110,400)

Net Foreign
Currency
Derivatives
USD
-

Net
Exposure
USD
976,191
654,004
1,027,945
1,731,610
1,032,087
837,824
506,461
557,532
411,402

A strengthening of the USD against the currencies in the previous table would have resulted in losses
to the amounts shown below. A weakening of the USD against these currencies would have resulted inan equal but opposite effect.
Sensitivity analysis of Net Exposure
USD5%
386,753

58

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
8.

Risk Associated with Financial Instruments (continued)
Foreign Currency Risk (continued)
31 December 2022

AUD
BRL
CAD
CLP
EUR
GBP
HKD
JPY
NZD

Total
Investm ents
USD
971,994
394,992
1,252,570
140,155
1,900,661
965,824
879,882
525,787
340,654

Net
Other
Monetary
Net
Assets/(Liabilities) Assets/(Liabilities)
USD
USD
16,868487(154)
11,20910,454-

Net Foreign
Currency
Derivatives
USD
-

Net
ExposureUSD
988,862
394,992
1,253,057
140,155
1,911,716
976,278
879,882
525,787
340,654

A strengthening of the USD against the currencies in the previous table would have resulted in losses
to the amounts shown below. A weakening of the USD against these currencies would have resulted inan equal but opposite effect.
Sensitivity analysis of Net ExposureUSD5%
370,570

Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in realising assets or in meeting obligations
associated with financial liabilities as they fall due, including meeting daily redemptions of participating
shares. The Investment Manager seeks to mitigate this liquidity risk by ensuring that a reasonableportion of the sub-fund's investments trade in active markets and can be sold readily.
There can be no assurance that an adequate market for the investments will exist at all times, or thatthe prices at which the investments trade accurately reflect their fair value. Low trading volumes of theinvestments could also make it difficult to liquidate holdings quickly.
As required by IFRS 7, the sub-funds’ financial liabilities should be categorised into relevant maturity
groupings based on the remaining period as at 31 December 2023 and 31 December 2022 to thecontractual maturity date. However, as all liabilities mature in less than one year from the balance sheet
date for both 31 December 2023 and 31 December 2022, this analysis is not required in this instance.
In accordance with the Company’s policy, the Investment Manager monitors the Company’s overallliquidity risk on a continuous basis.
Credit risk
Credit risk is the risk that one party to a financial instrument will cause financial loss to another party byfailing to discharge an obligation. It is the Company’s policy to enter into financial transactions with arange of reputable counterparties thus diversifying the credit risk. Therefore, the Company does notexpect to incur material credit losses on its financial instruments.
With respect to Financial Derivative Instruments (FDIs), credit risk arises from the potential failure ofcounterparties to meet their obligations under the contract or arrangement.

59

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
8.

Risk Associated with Financial Instruments (continued)
Credit risk (continued)
The table below contains the debt securities' percentage of NAV breakdown by rating held by:
Brookfield Real Assets Securities UCITS Fund
Rating
A
AA
BBB
BB
B

31 Decem ber 2023 (%)
4
0*
10
6
1

*AA actual percentage is 0.19%.

Brookfield Real Assets Securities UCITS Fund
RatingA
BBB
BB
B

31 Decem ber 2022 (%)
1
8
14
1

The Company is exposed to credit risk on cash held with the Depositary. Bankruptcy or insolvency of
the Depositary may cause the Company’s rights with respect to securities held by CACEIS Investor
Services Bank S.A., Dublin Branch to be delayed or limited. The Company monitors its risk by monitoring
the credit quality and financial position of CACEIS Investor Services Bank S.A., Dublin Branch.
As at 31 December 2023 CACEIS Investor Services Bank S.A. has a credit rating of A+ with Standard
and Poor's ("S&P") (RBC Investor Services Bank S.A., Dublin Branch as at 31 December 2022: AA-).
The Investment Manager regularly reviews concentrations of credit risk.
Financial Derivative Instruments
The Investment Manager has assessed the risk profile of the Company and the related sub-funds on thebasis of the investment policy, strategy and the use of financial derivative instruments. Based on the risk
profile, the Investment Manager has determined that the method for the calculation of the global exposure
to financial derivative instruments for all sub-funds will be the commitment approach, where the sub-fundholds financial derivative instruments.
Efficient Portfolio Management
The Company may, within the conditions and limits laid down by the Central Bank of Ireland, for the
purpose of efficient portfolio management specifically for currency hedging, enter into a variety ofderivative instruments including, but not limited to, CFD - Equities, options, index futures and financial
futures. The Company may also purchase or sell spot or forward currency contracts predominantly forthe purpose of providing protection against exchange rate risk.
Furthermore, the Company may, for efficient portfolio management, enter into CFD - Equities with one
or more counterparties subject to the conditions and limits set out in the Regulations.
Each sub-fund may also utilise derivative instruments for investment purposes and details of such
instruments used and the specific strategies for which such instruments are employed in this context
will be set out in the applicable Supplement ‘Efficient Portfolio Management’, for these purposes, means
an investment decision involving transactions that are entered into for one or more of the following
specific aims:

a reduction of risk;a reduction of cost; andthe generation of additional capital or income for the Fund with an appropriate level of risk, taking
into account the risk profile of the Fund and the general provisions of the Regulations.
60

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
8.

Risk Associated with Financial Instruments (continued)
Efficient Portfolio Management (continued)
The Company will employ a risk management process which will enable it to accurately manage, monitor
and measure the risks attached to derivative positions and details of this process have been provided
to the Central Bank. The Company will not utilise derivative positions which have not been included in
the risk management process until such time as a revised risk management process has been submitted
and cleared by the Central Bank. The Company will provide on request to shareholders supplementary
information relating to the risk management methods employed by the Company including thequantitative limits that are applied and any recent developments in the risk and yield characteristics ofthe main categories of investments of the relevant sub-fund.
The realised and unrealised gains/(losses) arising from the derivative transactions were presented in
the Statements of Comprehensive Income under the position 'Net realised and unrealised gain/(loss) on
financial assets and liabilities at fair value through profit or loss' and in the corresponding note 6.
As further detailed in note 9, in seeking to hedge part of the currency risk exposure in the core portfolio
for Brookfield Global Listed Real Estate UCITS Fund forward currency contracts were utilised as at thefinancial year end. The realised and unrealised gains/(losses) arising from the derivative transactions
were presented in the Statements of Comprehensive Income under the position 'Net realised andunrealised gain/(loss) on financial assets and liabilities at fair value through profit or loss' and in thecorresponding note 6.
The exposure obtained through efficient portfolio management is equivalent to the value of the forward
currency contracts held as at the financial year end. The counterparty in relation to the forward currency
contracts as at 31 December 2023 is CACEIS IS Bank Luxembourg (31 December 2022: RBC IS Bank
Luxembourg).
There were no netting agreements in place for financial year ended 31 December 2023 (none for 31
December 2022). As result revised requirements of IFRS 7 to disclose offsetting requirements forfinancial assets and liabilities have no impact on current disclosures in the Company’s financials.

9.

Forward Currency Contracts
Brookfield Global Listed Real Estate UCITS Fund
31 December 2023
Settlem ent/
Maturity Date
31 January 2024
31 January 2024
31 January 2024
31 January 2024

Counterparty
CACEIS IS Bank Luxembourg
CACEIS IS Bank Luxembourg
CACEIS IS Bank Luxembourg
CACEIS IS Bank Luxembourg

BoughtAm ount

Sold

Am ount

EUR
GBP
GBP
EUR

276,751
129,980
3,020
6,288

USD
USD
USD
USD

(305,009)(164,955)(3,851)(6,950)BoughtAm ount

Sold

Am ount

EUR
GBP
EUR
GBP
GBP
EUR
EUR
GBP

1,711,161
18,789,828
1,926,897
2,215,835
272,346
27,802
24,68924,559

USD
USD
USD
USD
USD
USD
USD
USD

(1,822,027)(22,660,683)(2,051,740)(2,672,315)(328,971)(29,724)(26,396)(29,718)

Unrealised
Gain/(Loss)
928
750
(1)
1
1,678

31 December 2022
Settlem ent/
Maturity Date
31 January 2023
31 January 2023
31 January 2023
31 January 2023
31 January 2023
31 January 2023
31 January 2023
31 January 2023

Counterparty
RBC IS Bank Luxembourg
RBC IS Bank Luxembourg
RBC IS Bank Luxembourg
RBC IS Bank Luxembourg
RBC IS Bank Luxembourg
RBC IS Bank Luxembourg
RBC IS Bank Luxembourg
RBC IS Bank Luxembourg

Unrealised
Gain/(Loss)
13,83675,17815,581
8,866
570
104
93
(2)
114,226

61

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
10.

Exchange Rates
The exchange rate to United States Dollar used in the preparation of these financial statements was:11.

Currency
AUD - Australian Dollar
BRL - Brazilian RealCAD - Canadian Dollar
CLP - Chilian Peso
DKK – Danish Krone
EUR - Euro
GBP - Great British Pound

31 Decem ber 2023
0.681450
0.205863
0.754689
0.001135
0.148089
1.103950
1.274650

Currency
HKD - Hong Kong Dollar
JPY - Japanese Yen
MXN - New Mexican Peso
NZD - New Zealand Dollar
SEK – Sw edish Krone
SGD - Singapore Dollar

31 Decem ber 2023
0.128066
0.007092
0.058889
0.632150
0.099147
0.757719

Currency
AUD - Australian Dollar
BRL - Brazilian RealCAD - Canadian Dollar
CLP - Chilian Peso
DKK – Danish Krone
EUR - Euro
GBP - Great British Pound

31 Decem ber 2022
0.680850
0.189403
0.738552
0.001179
0.143951
1.070450
1.208950

Currency
HKD - Hong Kong Dollar
JPY - Japanese Yen
NOK - Norw egian Krone
NZD - New Zealand Dollar
SGD - Singapore Dollar

31 Decem ber 2022
0.128116
0.007620
0.102074
0.634900
0.746603

Share Capital and Redeemable Participating Shares
The authorised share capital of the Company is 100,000,000,000 Shares of no par value and 500,000
Subscriber Shares of USD 1 each. The Subscriber Shares do not entitle the holders to any dividend andon a winding up entitle the holder to receive the amount paid up thereon but not otherwise to participate
in the assets of the Company.
The Company may by ordinary resolution of all shareholders increase its authorised share capital,
consolidate and divide all or any of its share capital into shares of larger amount or sub-divide its sharesor any of them into shares of smaller amount. The Company may, by special resolution of allshareholders, reduce its issued share capital.
As the Subscriber Shares are not Participating Shares (and as such do not represent any interest in a
sub-fund) they do not entitle the holders thereof to participate in the dividends of any sub-fund.
Each holder of Subscriber Shares is entitled to attend and vote at any general meeting provided thatany holder of Subscriber Shares shall not be entitled to vote at any such general meeting at any timethat Shares in issue are held by two or more shareholders.
The rights attached to any class of Share may, whether or not the Company is being wound up, bevaried or abrogated with the consent in writing of the holders of 75% of the issued Shares of that classor with the sanction of a special resolution passed at a separate general meeting of the holders of theshares of that class. The provisions of the Articles relating to general meetings shall apply to every suchseparate general meeting but the necessary quorum at any such meeting shall be two persons holding
or representing by proxy at least one third of the issued Shares of the class in question. Any holder of
Shares of the class in question present in person or by proxy may demand a poll.

12.

Soft Commission Arrangements
For the financial years ended 31 December 2023 and 31 December 2022, the Investment Manager
received soft commissions from brokers/dealers in consideration for directing dealings in the investmentsof the sub-funds. These soft commissions were in the form of goods and services such as subscriptions
to research services which are of demonstrable benefits to shareholders.

62

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
13.

Net Asset Value
Brookfield Global Listed Real Estate UCITS FundNet Assets for Shareholder
dealing/prospectus

31 Decem ber 2023

31 Decem ber 2022

31 Decem ber 2021

USD 110,138,374

USD 198,114,165

USD 408,117,203-

EUR 15.14

EUR 20.18

Net Asset Value per Share:
Net Asset Value Per Share A Class*
Net Asset Value Per Share AA Class**-

GBP 13.86

GBP 19.03

Net Asset Value Per Share B Class

EUR 45.49

EUR 44.14

EUR 53.42

Net Asset Value Per Share E Class

USD 37.31

USD 35.10

USD 45.19

Net Asset Value Per Share F Class

USD 17.16

USD 16.82

USD 22.55

1

EUR 18.35

EUR 17.68

EUR 23.57

Net Asset Value Per Share V Class

USD 19.55

USD 18.56

USD 24.09

Net Asset Value Per Share W Class

USD 15.20

USD 15.02

USD 20.31

1

GBP 18.10

GBP 16.99

GBP 22.39

Net Asset Value Per Share I ClassNet Asset Value Per Share Z Class* Class A share class terminated on 26 January 2023.
** Class AA share class terminated on 20 April 2023.
Hedged Share Class.

1

Brookfield Real Assets Securities UCITS FundNet Assets for Shareholder
dealing/prospectus

31 Decem ber 2023

31 Decem ber 2022

31 Decem ber 2021

USD 23,154,538

USD 29,053,498

USD 60,697,983

USD 27.54

USD 26.24

USD 29.31

Net Asset Value per Share:
Net Asset Value Per Share E Class

Brookfield Global Renew ables and Sustainable Infrastructure UCITS Fund
31 Decem ber 2023

31 Decem ber 2022

31 Decem ber 2021

USD 40,092,051

USD 215,420,402

USD 310,674,949

Net Asset Value Per Share B Class

EUR 20.18

EUR 21.44

EUR 23.40

Net Asset Value Per Share E Class

USD 21.25

USD 21.88

USD 25.39

Net Asset Value Per Share F Class

USD 15.54

USD 16.46

USD 19.59

Net Asset Value Per Share V Class

USD 17.13

USD 17.81

USD 20.86

Net Assets for Shareholder
dealing/prospectus
Net Asset Value per Share:

Brookfield Global Listed Core Infrastructure UCITS Fund
31 Decem ber 2023

31 Decem ber 2022

31 Decem ber 2021

USD 22,802,410

USD 16,586,923

USD 14,356,735

Net Asset Value Per Share B Class

EUR 22.40

EUR 22.54

EUR 22.49

Net Asset Value Per Share E Class

USD 20.87

USD 20.37

USD 21.62

Net Assets for Shareholder
dealing/prospectus
Net Asset Value per Share:63

BROOKFIEL D INVESTMENT FUNDS (UCITS) PLC

Notes to the financial statements for the financial year ended 31 December 2023 (continued)
13.

Net Asset Value (continued)
The net assets value in the financial statements as at 31 December 2023 differs from that included in
the published valuations as at 31 December 2023. The difference is due to the change in methodology
in accounting for organisation costs as prescribed by IFRS and the methodology indicated in the subfund Supplement to Prospectus 6 December 2021.
Brookfield Global Renew ables and Sustainable Infrastructure UCITS Fund

Total Net Assets for financial statement purposes

31 Decem ber 2023

31 Decem ber 2022

USD 40,077,525

USD 215,398,745

USD 14,526

USD 21,657

USD 40,092,051

USD 215,420,402

Adjustment for unamortised organisation costs
Total Net Assets for Shareholder dealing/prospectus

Brookfield Global Listed Core Infrastructure UCITS Fund

Total Net Assets for financial statement purposes

31 Decem ber 2023

31 Decem ber 2022

USD 22,790,968

USD 16,570,895

USD 11,442

USD 16,028

USD 22,802,410

USD 16,586,923

Adjustment for unamortised organisation costs
Total Net Assets for Shareholder dealing/prospectus

14.

Significant Events during the Financial Year
Brookfield Global Listed Real Estate UCITS Fund Class A share class closed on 26 January 2023.
Brookfield Global Listed Real Estate UCITS Fund Class AA share class closed on 20 April 2023.
In January 2023, an investor that held 80% of the shares in Brookfield Global Renewables andSustainable Infrastructure UCITS Fund at financial year end 31 December 2022 redeemed theseshares.
In October 2022, CACEIS and Royal Bank of Canada (RBC) announced they had signed amemorandum of understanding for the intended acquisition by CACEIS of the European asset servicing
business of RBC. As part of this acquisition, CACEIS would acquire the entire issued share capital of
RBC Investor Services Bank S.A. (IS Bank).
Completion of the sale of IS Bank occurred 3 July 2023, following regulatory approval. As a result RBC
Investor Services Ireland Limited has become CACEIS Investor Services Ireland Limited and RBC
Investor Services Bank S.A., Dublin Branch has become CACEIS Investor Services Bank S.A., Dublin
Branch.
Effective 29 September 2023, the Irish fund management company activities of the Waystone Group
were consolidated by merging the business of KBA Consulting Management Limited (“KBA”), themanagement company of the Fund, with that of Waystone Management Company (IE) Limited (“WMC”).
The surviving entity is WMC.
There were no other significant events during the financial year.

15.

Significant Events after the Financial YearAn investor that held over 70% of the shares in Brookfield Global Listed Real Estate UCITS Fund ClassE at year end redeemed their shares in a number of tranches since year end. An investor that held 92%of the shares in Brookfield Real Assets Securities UCITS Fund Class E at year end redeemed 30% ofthat holding in April 2024.

16.

Changes to the Prospectus
There were no material changes to the Prospectus during the financial year ended 31 December 2023.

17.

Approval of Financial Statements
The Board approved the financial statements on 25 April 2024.
64

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023
Value
SharesUSD% net
assets101,200
1,307,195

830,311
1,861,747
2,692,058

0.8
1.7
2.5

151,600

2,613,688

2.4

2,613,688
5,305,746

2.4
4.9

Total Residential

2,086,012
2,017,615
4,103,627

1.9
1.8
3.7

TOTAL CANADA

4,103,627

3.7

560,950
560,9500.5
0.5

560,950

0.5

13,251

1,610,591
1,610,591

1.5
1.5

15,060Total Retail

1,112,578
1,112,578

1.0
1.0

TOTAL FRANCE

2,723,169

2.5

801,695
3,393,457

0.7
3.1

4,195,152
4,195,152

3.8
3.8

Security1) INVESTMENTS
A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
1) LISTED SECURITIES : COMMON STOCKSAUSTRALIA (2022: 2.4%)
Div ersified
Charter Hall Group
Mirvac Group
Total Div ersified
Industrial
Goodman Group
Total Industrial
TOTAL AUSTRALIACANADA (2022: 2.5%)
Residential
Boardwalk Real Estate Investment TrustInterRent Real Estate Investment Trust

FINLAND (2022: 0.0%)
Residential
Kojamo Oyj
Total Residential

38,745
202,074

42,700TOTAL FINLANDFRANCE (2022: 2.0%)
OfficeGecina SA
Total Office
RetailUnibail-Rodamco-Westfield

GERMANY (2022: 1.9%)
Residential
TAG Immobilien AG
Vonovia SE
Total Residential
TOTAL GERMANY

54,643
107,18065

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value
SharesUSD% net
assets144,200
195,883

723,9112,118,509
2,842,420

0.7
1.9
2.6

449,562

1,519,943

1.4

1,519,943
4,362,363

1.4
4.0

1,936

837,560
837,560

0.8
0.8

1,366

1,361,156

1.2

1,361,156

1.2

159
265
136,085

749,894
1,097,589
3,337,461
5,184,944

0.7
1.0
3.0
4.7

584

1,312,965
1,312,965
8,696,625

1.2
1.2
7.9

64,590Total Industrial

1,089,527
1,089,527

1.0
1.0

TOTAL NETHERLANDS

1,089,527

1.0

1,967,260
1,967,260

1.8
1.8

1,967,260

1.8

1,104,965
1,104,965

1.0
1.0

Security
HONG KONG (2022: 5.8%)
Div ersified
CK Asset Holdings Ltd.
Sun Hung Kai Properties Ltd.
Total Div ersified
RetailWharf Real Estate Investment Co. Ltd.
Total Retail
TOTAL HONG KONG

JAPAN (2022: 8.0%)
Hotel
Invincible Investment Corp.
Total Hotel
Industrial
GLP J-Reit
Total Industrial
OfficeDaiwa Office Investment Corp.
Japan Real Estate Investment Corp.
Mitsui Fudosan Co. Ltd.
Total Office
Residential
Comforia Residential Real Estate Investment Trust Inc.
Total Residential
TOTAL JAPANNETHERLANDS (2022: 0.0%)
Industrial
CTP NVSINGAPORE (2022: 5.0%)
Div ersified
Mapletree Pan Asia Commercial Trust
Total Div ersified

1,653,689

TOTAL SINGAPORESPAIN (2022: 2.0%)
Div ersified
Merlin Properties Socimi SA
Total Div ersified

99,49566

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value
Security

SharesUSD% net
assetsTelecommunication Serv ices
Cellnex Telecom SA
Total Telecommunication Serv ices27,1001,066,842
1,066,842

1.0
1.02,171,807

2.0

52,0901,566,958
1,566,958

1.4
1.4

184,806

2,459,277
2,459,277

2.2
2.2

553,219

973,8270.9

973,827
5,000,062

0.9
4.5

7,700
7,356

1,036,266
5,924,449
6,960,715

0.9
5.4
6.3

69,202
79,28016,7201,548,741
3,951,315
1,507,642

1.4
3.6
1.4

7,007,698

6.4

116,190
52,3501,091,024
836,553
1,927,577

1.0
0.8
1.8

46,70075,044
17,191

1,413,609
10,003,365
964,415

1.3
9.1
0.9

12,381,389

11.3

1,801,377
3,001,153
1,930,880
1,843,756
3,649,495
12,226,661

1.6
2.7
1.8
1.7
3.3
11.1

TOTAL SPAIN

UNITED KINGDOM (2022: 6.0%)
OfficeDerwent London Plc
Total Office
Residential
UNITE Group Plc
Total Residential
RetailShaftesbury Capital Plc
Total Retail
TOTAL UNITED KINGDOMUNITED STATES (2022: 64.8%)
Data Centers
Digital Realty Trust Inc.
Equinix Inc.
Total Data Centers
Health Care Real Estate
CareTrust Real Estate Investment Trust Inc.
Ventas Inc.
Welltower Inc.
Total Health Care Real Estate
Hotel
DiamondRock Hospitality Co.
Pebblebrook Hotel Trust
Total Hotel
Industrial
Americold Realty Trust Inc.
Prologis Inc.
Rexford Industrial Realty Inc.
Total Industrial
Net Lease
Agree Realty Corp.
Essential Properties Realty Trust Inc.
NNN REIT Inc.
Realty Income Corp.
VICI Properties Inc.
Total Net Lease

28,616
117,416
44,80032,110114,47667

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value
Security

SharesUSD% net
assets

OfficeBoston Properties Inc.
Cousins Properties Inc.

12,78055,417896,773
1,349,404
2,246,177

0.8
1.2
2.0

23,6501,655,027
1,655,027

1.5
1.5

82,62568,497
17,44264,6482,971,195
4,189,277
2,331,123
2,475,372
11,966,967

2.7
3.8
2.1
2.2
10.8

145,207
31,9003,319,432
2,137,300

3.0
1.9

5,456,732

4.9

2,453,049
2,190,205

2.2
2.0

4,643,254

4.2

Total Office
Real Estate
Iron Mountain Inc.
Total Real Estate
Residential
American Homes 4 Rent
Equity Residential
Sun Communities Inc.
UDR Inc.
Total Residential
RetailKite Realty Group Trust
Regency Centers Corp.
Total Retail
Self Storage
Extra Space Storage Inc.
Public Storage

15,3007,181

Total Self Storage
Telecommunication Serv ices
SBA Communications Corp.

2,130,996

1.9

Total Telecommunication Serv ices
TOTAL UNITED STATES

2,130,996
68,603,193

1.9
62.2

TOTAL LISTED SECURITIES : COMMON STOCKS(Cost $104,556,908)

108,779,481

98.8

108,779,481

98.8

1,678
1,678

-

108,781,159

98.8

1,357,215

1.2

110,138,374

100.0

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
NON-TRANSFERABLE SECURITIESForward currency contracts (see note 9 for other details)
TOTAL NON-TRANSFERABLE SECURITIESTOTAL INVESTMENTS(Cost $104,556,908)
Other Assets of Excess of Other Liabilities
TOTAL NET ASSETS

8,400

-

68

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
ANALYSIS OF TOTAL ASSETS
Description
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING% TotalAssets98.4

OTC FINANCIAL DERIVATIVE INSTRUMENTS-

OTHER ASSETS
TOTAL

1.6
100.0

69

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUNDSCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES AS AT 31 December 2023
Significant Purchases
Security Name

Prologis Inc.
Equity Residential
Equinix Inc.
Healthcare Realty Trust Inc.
Life Storage Inc.
Wharf Real Estate Investment Co. Ltd.
Ventas Inc.
VICI Properties Inc.
Mirvac Group
Boardw alk Real Estate Investment Trust
Goodman Group
Unibail-Rodamco- Westfield
Cousins Properties Inc.
Kite Realty Group Trust
Regency Centers Corp.
Charter Hall GroupSun Hung Kai Properties Ltd.
Mapletree Pan Asia Commercial Trust
Welltow er Inc.
Boston Properties Inc.
Mid-America Apartment Communities Inc.
Iron Mountain Inc.
Extra Space Storage Inc.
Merlin Properties Socimi SA
Mitsui Fudosan Co. Ltd.
Public Storage
Essential Properties Realty Trust Inc.
Kimco Realty Corp.
SBA Communications Corp.
Castellum AB
Kerry Properties Ltd.
Accor SAGLP J-Reit
Vonovia SE
Derw ent London Plc
CareTrust Real Estate Investment Trust Inc.
Realty Income Corp.
Rexford Industrial Realty Inc.
NNN REIT Inc.
American Homes 4 Rent
Invincible Investment Corp.
Healthpeak Properties Inc.
Mitsui Fudosan Logistics Park Inc.
Shaftesbury Capital Plc
UDR Inc.
Americold Realty Trust Inc.

Quantity

Cost
(USD)

50,81584,797
6,890
204,430
30,320698,300
82,070111,500
2,256,295
80,745
267,600
46,670139,900
136,000
46,500303,651
210,282
2,052,003
30,61038,00014,70041,20015,300244,755
108,967
7,500
92,490112,7429,600
150,600
842,493
64,4001,916
78,08464,97095,231
32,11031,65144,80049,255
4,300
82,110466
953,30735,34046,7005,934,046
5,328,841
5,232,712
3,902,873
3,838,007
3,674,599
3,659,942
3,606,093
3,587,587
3,552,176
3,473,864
3,048,892
3,005,474
2,905,501
2,728,591
2,705,125
2,682,372
2,672,579
2,507,011
2,490,321
2,466,092
2,432,349
2,294,168
2,254,372
2,228,735
2,182,435
2,173,965
2,136,005
2,135,930
2,124,542
2,113,587
1,971,584
1,916,469
1,899,051
1,887,534
1,848,985
1,766,848
1,754,335
1,750,469
1,749,279
1,730,866
1,719,417
1,640,441
1,449,272
1,386,542
1,361,709

The table above show a breakdow n of material purchases of the Portfolios in accordance w ith Regulations. All purchasesof investments exceeding 1% of the total value of each purchases, a minimum of 20 of each such purchases, are disclosed.

70

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUNDSCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES AS AT 31 December 2023 (continued)
Significant Sales
Security Name

Prologis Inc.
Public Storage
Mid-America Apartment Communities Inc.
Welltow er Inc.
Healthpeak Properties Inc.
UDR Inc.
Kimco Realty Corp.
Digital Realty Trust Inc.
Wharf Real Estate Investment Co. Ltd.
Rexford Industrial Realty Inc.
Mitsui Fudosan Co. Ltd.
VICI Properties Inc.
Ventas Inc.
Derw ent London Plc
Sun Hung Kai Properties Ltd.
Americold Realty Trust Inc.
American Homes 4 Rent
Spirit Realty Capital Inc.
Simon Property Group Inc.
Life Storage Inc.
Kite Realty Group Trust
Mitsui Fudosan Logistics Park Inc.
Gecina SA
Mapletree Pan Asia Commercial Trust
Cellnex Telecom SA
Japan Hotel Real Estate Investment Corp.
Equinix Inc.
Healthcare Realty Trust Inc.
CapitaLand Integrated Commercial Trust
Shaftesbury Capital Plc
Boston Properties Inc.
Crow n Castle Inc.
Vonovia SE
City Developments Ltd.
Agree Realty Corp.
Orix JREIT Inc.
Sun Communities Inc.
InterRent Real Estate Investment Trust
National Storage Real Estate Investment Trust
Ingenia Communities Group
CareTrust Real Estate Investment Trust Inc.
Merlin Properties Socimi SA
UNITE Group Plc

Quantity

Proceeds(USD)

127,420
35,30053,742
107,438
337,152
162,160
346,747
52,7001,132,300
100,270
244,162
155,962
108,480
170,980
366,600
155,418
128,990
99,29337,79430,320180,780
1,136
35,8802,876,800
91,1006,215
4,794
204,430
2,243,768
2,206,899
45,096
21,450132,292
539,925
45,0772,398
21,000282,966
1,768,617
902,826
118,700
243,652
199,456

15,319,385
10,489,695
7,681,777
7,448,582
6,742,085
6,536,429
6,195,083
6,099,317
5,128,797
5,100,578
4,970,787
4,822,876
4,751,171
4,684,708
4,632,463
4,627,567
4,219,687
4,204,423
4,175,065
3,884,412
3,838,285
3,757,050
3,729,783
3,711,698
3,441,777
3,422,221
3,412,784
3,410,112
3,389,206
3,185,530
3,147,512
3,146,510
3,126,589
2,961,346
2,948,217
2,927,254
2,830,505
2,715,624
2,698,359
2,434,590
2,403,432
2,352,247
2,291,054

The table above show a breakdow n of material sales of the Portfolios in accordance w ith Regulations. All sales ofinvestments exceeding 1% of the total value of each sales, a minimum of 20 of each such sales, are disclosed.

71

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023
Value
SharesUSD% net
assets6,141
84,11250,385
119,795
170,180

0.2
0.5
0.7

9,140

157,5800.7

157,5800.7

352,182
352,182

1.5
1.5

679,942

2.9

29,490139,327
139,3270.6
0.6

17,149Total Utility

126,104
126,104

0.5
0.5

TOTAL BRAZIL

265,4311.1

192,570
69,3270.8
0.3

261,897

1.1

4,253
2,798
3,502

153,126
96,307
136,853386,286

0.6
0.4
0.6
1.6

1,675

132,529
132,529

0.6
0.6

Security1) INVESTMENTS
A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING
1) LISTED SECURITIES : COMMON STOCKSAUSTRALIA (2022: 2.6%)
Div ersified
Charter Hall Group
Mirvac Group
Total Div ersified
Industrial
Goodman Group
Total Industrial
Toll Roads
Transurban Group
Total Toll Roads

37,696TOTAL AUSTRALIABRAZIL (2022: 0.8%)
Rail
Rumo SA
Total Rail
UtilityEquatorial Energia SA

CANADA (2022: 5.1%)
Midstream
AltaGas Ltd.
Keyera Corp.

9,172
2,868

Total Midstream
Oil Gas Transmission & Distribution
Enbridge Inc.
Pembina Pipeline Corp.
TC Energy Corp.
Total Oil Gas Transmission & Distribution
Rail
Canadian Pacific Kansas City Ltd.
Total Rail72

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value
Security

SharesUSD% net
assetsResidential
Boardwalk Real Estate Investment TrustInterRent Real Estate Investment Trust

2,469
12,643

Total Residential

132,930
126,234
259,164

0.6
0.5
1.1

TOTAL CANADA

1,039,876

4.4

Total Utility

115,52164,065
179,586

0.5
0.3
0.8

TOTAL CHINA

179,586

0.8

Total Residential

34,49834,4980.1
0.1

TOTAL FINLAND

34,4980.1

839

101,976
101,976

0.4
0.4

907

67,00667,0060.3
0.3

168,982

0.7

3,580

162,354
162,354

0.7
0.7

3,541
6,604

Total Residential

51,952
209,091
261,043

0.2
0.9
1.1

TOTAL GERMANY

423,397

1.8

46,341
131,967
178,308

0.2
0.6
0.8

CHINA (2022: 1.9%)
Utility
China Resources Gas Group Ltd.
ENN Energy Holdings Ltd.

FINLAND (2022: 0.0%)
Residential
Kojamo Oyj

FRANCE (2022: 1.8%)
OfficeGecina SA

35,236
8,700

2,626

Total Office
RetailUnibail-Rodamco-Westfield
Total Retail
TOTAL FRANCEGERMANY (2022: 1.1%)
Renew ables/Electric Generation
RWE AG
Total Renew ables/Electric Generation
Residential
TAG Immobilien AG
Vonovia SE

HONG KONG (2022: 1.7%)
Div ersified
CK Asset Holdings Ltd.
Sun Hung Kai Properties Ltd.
Total Div ersified

9,231
12,20273

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value
Security

SharesUSD% net
assetsRenew ables/Electric Generation
CLP Holdings Ltd.
Total Renew ables/Electric Generation

18,451

152,292
152,292

0.7
0.7

29,247

Total Retail

98,882
98,8820.4
0.4

TOTAL HONG KONG

429,482

1.9

RetailWharf Real Estate Investment Co. Ltd.

ITALY (2022: 0.3%)
Renew able Pow er & Infrastructure
Enel SpA

68,872

0.3

Total Renew able Power & Infrastructure

68,872

0.3

TOTAL ITALY

68,8720.3

12353,21353,213

0.2
0.2

88

87,68887,688

0.4
0.4

11
17
8,398

51,87970,411205,960

0.2
0.3
0.9

328,250

1.4

151,568
56,8080.6
0.2

208,376

0.8

Total Residential

89,92989,9290.4
0.4

TOTAL JAPAN

767,456

3.2

Total Airports

184,655
184,655

0.8
0.8

TOTAL MEXICO

184,655

0.8

JAPAN (2022: 3.5%)
Hotel
Invincible Investment Corp.

9,270

Total Hotel
Industrial
GLP J-Reit
Total Industrial
OfficeDaiwa Office Investment Corp.
Japan Real Estate Investment Corp.
Mitsui Fudosan Co. Ltd.
Total OfficeRail
East Japan Railway Co.
West Japan Railway Co.

2,629
1,362

Total Rail
Residential
Comforia Residential Real Estate Investment Trust Inc.

MEXICO (2022: 0.0%)
Airports
Grupo Aeroportuario del Pacifico SAB de CV

40

10,57874

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value
SharesUSD% net
assets

4,058

68,452
68,452

0.3
0.3

4,214

Total Toll Roads

153,611
153,6110.7
0.7

TOTAL NETHERLANDS

222,0631.0

147,584

0.6

147,584
147,584

0.6
0.6

Total Div ersified

128,369
128,369

0.6
0.6

TOTAL SINGAPORE

128,369

0.6

137,499

0.6

137,499

0.6

6,166

68,47868,478

0.3
0.3

5,904

Total Telecommunication Serv ices232,422
232,4221.0
1.0

TOTAL SPAIN

438,399

1.9

3,309

99,54099,540

0.4
0.4

8,432

52,632
52,6320.2
0.2

Security
NETHERLANDS (2022: 0.0%)
Industrial
CTP NV
Total Industrial
Toll Roads
Ferrovial SE

NEW ZEALAND (2022: 0.8%)
Airports
Auckland International Airport Ltd.

26,530Total Airports
TOTAL NEW ZEALANDSINGAPORE (2022: 1.5%)
Div ersified
Mapletree Pan Asia Commercial Trust

SPAIN (2022: 3.9%)
Airports
Aena SME SA

107,908759

Total Airports
Div ersified
Merlin Properties Socimi SA
Total Div ersified
Telecommunication Serv ices
Cellnex Telecom SA

UNITED KINGDOM (2022: 4.5%)
OfficeDerwent London Plc
Total Office
Renew able Pow er & Infrastructure
Drax Group Plc
Total Renew able Power & Infrastructure75

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value
Security

SharesUSD% net
assetsResidential
UNITE Group Plc
Total Residential

11,606

154,445
154,445

0.7
0.7

33,612

59,167
59,1670.3
0.3

13,216

178,228
178,228

0.8
0.8

7,216
3,234

69,122
106,3120.3
0.5

Total Water

175,434

0.8

TOTAL UNITED KINGDOM

719,446

3.2

457
452

61,503364,036
425,539

0.3
1.6
1.9

4,428
4,976
1,050

99,099248,004
94,679441,782

0.4
1.1
0.4
1.9

6,396
3,276

60,05852,350112,408

0.3
0.2
0.5

2,858
4,671
1,076

86,512622,644
60,364

0.4
2.7
0.3

769,520

3.4

39,708340,566
40,99039,885
217,120
300,310
231,898
1,210,477

0.2
1.5
0.2
0.2
0.9
1.3
1.0
5.3

RetailShaftesbury Capital Plc
Total Retail
Utility
National Grid Plc
Total Utility
Water
Pennon Group Plc
Severn Trent Plc

UNITED STATES (2022: 42.9%)
Data Centers
Digital Realty Trust Inc.
Equinix Inc.
Total Data Centers
Health Care Real Estate
CareTrust Real Estate Investment Trust Inc.
Ventas Inc.
Welltower Inc.
Total Health Care Real Estate
Hotel
DiamondRock Hospitality Co.
Pebblebrook Hotel Trust
Total Hotel
Industrial
Americold Realty Trust Inc.
Prologis Inc.
Rexford Industrial Realty Inc.
Total Industrial
Midstream
Antero Midstream Corp.
Cheniere Energy Inc.
DTE Midstream LLC
Equitrans Midstream Corp.
ONEOK Inc.
Targa Resources Corp.
Williams Cos Inc.
Total Midstream

3,169
1,995
748
3,918
3,092
3,457
6,658

76

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value
Security
Net Lease
Agree Realty Corp.
Essential Properties Realty Trust Inc.
NNN REIT Inc.
Realty Income Corp.
VICI Properties Inc.

SharesUSD% net
assets

1,799
7,248
2,776
2,079
7,295

113,247
185,259
119,646
119,376
232,565770,093

0.5
0.8
0.5
0.5
1.0
3.3

807
3,486

56,62784,884
141,511

0.2
0.4
0.6

1,716
5,299
7,684

54,277
93,474
122,560

0.2
0.4
0.5

270,311

1.1

4,736

164,197
164,197

0.7
0.7

1,479

103,500
103,500

0.4
0.4

6,575
7,341
6,077
2,583

381,810445,892
371,609
159,914
1,359,225

1.6
1.9
1.6
0.7
5.8

4,779
2,755
1,850
12,6102,380

345,713
303,766
187,202341,731200,325

1.5
1.3
0.8
1.5
0.9

1,378,737

6.0

184,870
258,400
143,941
153,849

0.8
1.1
0.6
0.7

741,060

3.2

Total Net Lease
OfficeBoston Properties Inc.
Cousins Properties Inc.
Total Office
Oil Gas Transmission & Distribution
Hess Midstream LP
Kinder Morgan Inc.
Plains GP Holdings LP
Total Oil Gas Transmission & DistributionRail
CSX Corp.
Total RailReal Estate
Iron Mountain Inc.
Total Real Estate
Renew able Pow er & Infrastructure
CMS Energy Corp.
NextEra Energy Inc.
Public Service Enterprise Group Inc.
Xcel Energy Inc.
Total Renew able Power & Infrastructure
Renew ables/Electric Generation
Ameren Corp.
DTE Energy Co.
Entergy Corp.
PPL Corp.
WEC Energy Group Inc.
Total Renew ables/Electric Generation
Residential
American Homes 4 Rent
Equity Residential
Sun Communities Inc.
UDR Inc.
Total Residential

5,141
4,225
1,077
4,018

77

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value
SharesUSD% net
assets

9,127
2,025

208,643
135,675
344,318

0.9
0.6
1.5

961
454

154,077
138,4700.7
0.6

292,547

1.3

156
2,455
1,306

33,677282,791
331,319
647,787

0.1
1.2
1.4
2.7

13,34914,27022,097
5,839

Total Utility

381,381
378,869
398,409436,348
1,595,007

1.6
1.5
1.7
1.9
6.7

TOTAL UNITED STATES

10,768,019

46.3

TOTAL LISTED SECURITIES : COMMON STOCKS(Cost $15,912,806)

16,666,057

71.6

8,659
5,894
7,341
19,6140.1

41,5080.1

Security

Interest
Rate

Maturity

RetailKite Realty Group Trust
Regency Centers Corp.
Total Retail
Self Storage
Extra Space Storage Inc.
Public Storage
Total Self Storage
Telecommunication Serv ices
American Tower Corp.
Crown Castle Inc.
SBA Communications Corp.
Total Telecommunication Serv icesUtility
CenterPoint Energy Inc.
NiSource Inc.
PG&E Corp.
Sempra2) LISTED SECURITIES : BONDS
CANADA (2022: 0.4%)
Basic Industrial
Methanex Corp.
NOVA Chemicals Corp.
NOVA Chemicals Corp.
Nutrien Ltd.

5.25
4.25
8.50
4.20

15/12/2029
15/05/2029
15/11/2028
01/04/2029

9,000
7,000
7,000
20,000Total Basic Industrial
EnergyCenovus Energy Inc.

2.65

15/01/2032

25,00020,727
20,727

0.1
0.1

5.50
5.70
4.25

15/07/2077
08/03/2033
15/05/2028

22,00010,00015,00020,10910,415
14,61445,138

0.1
0.1
0.2

Total Energy
Oil Gas Transmission & Distribution
Enbridge Inc.
Enbridge Inc.
TransCanada PipeLines Ltd.
Total Oil Gas Transmission & Distribution

78

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value

Interest
Rate

Maturity

SharesUSD% net
assets3.20
1.75

02/08/2046
02/12/2026

40,00035,00030,92732,28863,215

0.1
0.1
0.2

2.15
3.40

15/02/2032
13/05/2032

25,00025,00020,80722,2970.1
0.1

Total Telecommunication Serv ices43,104

0.2

TOTAL CANADA

213,692

0.8

Total Telecommunication Serv ices

34,59034,5900.1
0.1

TOTAL FRANCE

34,5900.1

Security
Rail
Canadian National Railway Co.
Canadian Pacific Railway Co.
Total Rail
Telecommunication Serv ices
Bell Telephone Co. of Canada or Bell Canada
TELUS Corp.

FRANCE (2022: 0.1%)
Telecommunication Serv ices
Altice France SA

NETHERLANDS (2022: 0.0%)
EnergyShell International Finance BV
Shell International Finance BV

5.50

15/01/2028

42,000

3.00
6.38

26/11/2051
15/12/2038

20,00010,00014,311
11,54325,854

0.1
0.1

5.13

28/02/2030

10,000Total Media

8,361
8,361

-

TOTAL NETHERLANDS

34,215

0.1

Total Energy
Media
Ziggo Bond Co. BVUNITED STATES (2022: 6.3%)
Basic Industrial
Cabot Corp.
Eastman Chemical Co.
Weyerhaeuser Co.

3.40
3.80
4.00

15/09/2026
15/03/2025
15/04/2030

10,00010,00010,000

9,465
9,821
9,537
28,823

-

4.75
3.00
5.50
4.88
3.90
4.50

29/11/2027
15/05/2030
01/03/2026
15/03/2027
01/04/2027
15/06/2047

10,00010,00015,00010,00015,00025,0009,989
8,924
15,141
9,956
14,544
22,490

0.1
0.1
0.1

81,0440.3

10,48910,489-Total Basic Industrial
Construction & Building Materials
Lennar Corp.
NVR Inc.
PulteGroup Inc.
Toll Brothers Finance Corp.
Vulcan Materials Co.
Vulcan Materials Co.
Total Construction & Building Materials
Div ersified
CBRE Services Inc.
Total Div ersified

5.95

15/08/2034

10,00079

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)

Security
EnergyBaker Hughes Holdings LLC
BP Capital Markets America Inc.
Chevron Corp.
ConocoPhillips
ConocoPhillips Co.
ConocoPhillips Co.
Continental Resources Inc.
Devon Energy Corp.
Devon Energy Corp.
Diamondback Energy Inc.
Diamondback Energy Inc.
EQT Corp.
Exxon Mobil Corp.
Halliburton Co.
Occidental Petroleum Corp.
Valero Energy Corp.

Value

Interest
Rate

Maturity

SharesUSD% net
assets

5.13
2.94
2.95
6.50
2.40
3.35
4.38
5.25
5.60
3.25
4.25
7.00
4.23
5.00
8.88
4.00

15/09/2040
04/06/2051
16/05/2026
01/02/2039
07/03/2025
15/05/2025
15/01/2028
15/10/2027
15/07/2041
01/12/2026
15/03/2052
01/02/2030
19/03/2040
15/11/2045
15/07/2030
01/04/2029

20,00050,00010,00020,00010,0005,000
10,00010,00020,00015,00025,0009,000
34,00010,00015,00020,00020,26434,796
9,674
23,184
9,715
4,876
9,691
10,05819,35014,546
20,256
9,659
31,674
9,729
17,553
19,263
264,288

0.1
0.2
0.1
0.1
0.1
0.1
0.1
0.1
0.1
1.0

5.38
5.88

01/02/2025
15/02/2026

15,00020,00014,98020,1750.1
0.1

35,155

0.2

Total Energy
Health Facilities
HCA Inc.
HCA Inc.
Total Health Facilities
Hotel
Hilton Domestic Operating Co. Inc.

3.75

01/05/2029

15,00013,91013,910

0.1
0.1

2.90
4.20
1.50
3.13
2.25
3.25

01/07/2026
15/01/2033
15/03/2031
01/03/2025
30/01/2031
01/11/2026

15,00020,00015,00010,00015,00015,00014,406
19,457
12,279
9,791
12,865
14,452

0.1
0.1
0.1
0.1
0.1

83,2500.5

Total Hotel
Infrastructure Serv ices
Republic Services Inc.
Waste Connections Inc.
Waste Management Inc.
Waste Management Inc.
Xylem Inc.
Xylem Inc.
Total Infrastructure Serv ices
LeisureHost Hotels & Resorts LP
Host Hotels & Resorts LP
MGM Resorts International

3.50
4.00
4.75

15/09/2030
15/06/2025
15/10/2028

10,00010,00015,0008,930
9,766
14,292
32,988

0.1
0.1

3.90
4.20
4.91
2.35
3.25
4.15
4.70

01/06/2052
15/03/2028
23/07/2025
15/01/2027
01/11/2039
15/10/2028
15/10/2048

15,00020,00015,00015,00025,00010,00020,00010,147
19,22014,86014,08920,333
9,869
19,179

0.1
0.1
0.1
0.1
0.1

107,697

0.5

Total Leisure
Media
Charter Communications Operating LLC
Charter Communications Operating LLC
Charter Communications Operating LLC
Comcast Corp.
Comcast Corp.
Comcast Corp.
Comcast Corp.
Total Media

80

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value

Interest
Rate

Maturity

SharesUSD% net
assets3.95

20/03/2028

10,000

9,517
9,517

-

5.75
4.25

01/05/2043
01/03/2030

20,00015,00021,467
14,08035,547

0.1
0.1
0.2

Oil Gas Transmission & Distribution
Boardwalk Pipelines LP
Buckeye Partners LP
DCP Midstream Operating LP
Energy Transfer LP
Energy Transfer LP
Energy Transfer LP
EnLink Midstream LLC
Enterprise Products Operating LLC
Enterprise Products Operating LLC
Genesis Energy LP
Global Partners LP
Kinder Morgan Inc.
Magellan Midstream Partners LP
NuStar Logistics LP

4.95
4.13
5.60
2.90
5.75
8.59
5.38
3.75
4.85
6.50
7.00
2.00
5.00
5.63

15/12/2024
01/12/2027
01/04/2044
15/05/2025
15/02/2033
01/11/2066
01/06/2029
15/02/2025
15/03/2044
01/10/2025
01/08/2027
15/02/2031
01/03/2026
28/04/2027

15,00015,00024,00015,00030,00040,00025,00015,00020,00020,00019,00025,00015,00010,00014,887
14,25023,47914,53730,95033,382
24,464
14,803
19,28019,994
18,575
20,795
14,968
9,957

0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
-

ONEOK Inc.
ONEOK Inc.
Plains All American Pipeline LP
Western Midstream Operating LP
Williams Cos Inc.
Williams Cos Inc.

2.75
6.05
4.65
4.75
2.60
4.55

01/09/2024
01/09/2033
15/10/2025
15/08/2028
15/03/2031
24/06/2024

15,00020,00025,00033,00025,00015,00014,701
21,196
24,72432,21821,40814,917
403,485

0.1
0.1
0.1
0.1
0.1
0.1
1.9

2.60
2.75
3.20

01/11/2026
01/03/2026
20/05/2041

15,00015,00040,00014,271
14,44632,111

0.1
0.1
0.1

60,8280.3

38,85014,682
14,582
10,565831
14,971
14,250
9,989
9,499
9,420

0.2
0.1
0.1
0.1
0.1
-

SecurityMedia
Discovery Communications LLC
Total Media
Metals & Mining
Barrick North America Finance LLC
Freeport-McMoRan Inc.
Total Metals & Mining

Total Oil Gas Transmission & DistributionRail
CSX Corp.
Union Pacific Corp.
Union Pacific Corp.
Total RailReal Estate
American Homes 4 Rent LP
AvalonBay Communities Inc.
Boston Properties LP
Boston Properties LP
EPR Properties
EPR PropertiesERP Operating LP
Federal Realty OP LP
Kilroy Realty LP
Kite Realty Group Trust

4.25
3.45
3.20
6.50
3.60
3.75
2.85
3.95
4.75
4.75

15/02/2028
01/06/2025
15/01/2025
15/01/2034
15/11/2031
15/08/2029
01/11/2026
15/01/2024
15/12/2028
15/09/2030

40,00015,00015,00010,0001,000
17,00015,00010,00010,00010,00081

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value

Interest
Rate

Maturity

SharesUSD% net
assets

1.10
3.60
2.75
9.25
2.13
5.35
4.90
2.80
1.75
3.50
4.75
4.25

15/09/2026
01/06/2027
01/04/2032
20/07/2028
15/04/2027
01/08/2053
15/07/2033
15/06/2031
01/02/2028
01/02/2025
15/02/2028
15/04/2028

15,00010,00010,0005,000
15,00010,00010,00015,00010,00010,00020,00010,00013,610
9,673
6,954
5,283
13,872
10,49410,002
12,346
8,997
9,771
19,5889,807
268,036

0.1
0.1
0.1
0.1
1.0

3.38
4.00
0.90
2.75
3.50
3.70
5.20
3.20
4.75
3.40
3.50
4.75
1.45
3.55

15/10/2026
01/06/2025
25/03/2024
01/06/2031
15/09/2053
15/06/2026
15/02/2049
18/11/2029
30/04/2027
15/10/2052
15/04/2025
01/02/2028
20/03/2026
22/03/2051

20,00020,00010,00010,00035,00015,00024,00025,0003,000
30,00015,00019,00015,00030,00019,16819,6459,890
8,781
25,515
14,481
22,70422,992
2,865
21,947
14,68518,933
13,97823,152
238,736

0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
1.1

Utility
AEP Transmission Co. LLC
Ameren Corp.
American Electric Power Co. Inc.
Black Hills Corp.
CenterPoint Energy Resources Corp.
CMS Energy Corp.
Consolidated Edison Co. of New York Inc.

5.40
3.50
3.20
1.04
5.25
2.95
3.95

15/03/2053
15/01/2031
13/11/2027
23/08/2024
01/03/2028
15/02/2027
01/04/2050

25,00025,00020,00015,00020,00015,00040,00026,07522,842
19,04914,556
20,525
14,07433,519

0.1
0.1
0.1
0.1
0.1
0.1
0.1

Constellation Energy Generation LLC
Dominion Energy Inc.
Duke Energy Corp.
Duke Energy Corp.
Duke Energy Florida LLC
Entergy Corp.
Evergy Inc.
Eversource Energy
Exelon Corp.
Exelon Corp.
FirstEnergy Corp.
Florida Power & Light Co.
NextEra Energy Capital Holdings Inc.

3.25
3.90
2.65
4.30
6.40
2.95
2.90
4.20
3.40
5.15
4.15
3.13
4.45

01/06/2025
01/10/2025
01/09/2026
15/03/2028
15/06/2038
01/09/2026
15/09/2029
27/06/2024
15/04/2026
15/03/2028
15/07/2027
01/12/2025
20/06/2025

15,00036,00015,00020,00020,00020,00025,00040,00015,00040,00020,00010,00015,00014,57235,316
14,243
19,73622,42618,99722,64039,694
14,52740,586
19,2399,722
14,871

0.1
0.2
0.1
0.1
0.1
0.1
0.1
0.2
0.1
0.2
0.1
0.1

Security
Real Estate (continued)
Mid-America Apartments LP
Mid-America Apartments LP
Piedmont Operating Partnership LP
Piedmont Operating Partnership LP
Prologis LP
Public Storage Operating Co.
Realty Income Corp.
Safehold GL Holdings LLC
Simon Property Group LP
Ventas Realty LP
VICI Properties LP
Welltower OP LLC
Total Real Estate
Telecommunication Serv ices
American Tower Corp.
American Tower Corp.
AT&T Inc.
AT&T Inc.
AT&T Inc.
Crown Castle Inc.
Crown Castle Inc.
Equinix Inc.
Northwest Fiber LLC
T-Mobile USA Inc.
T-Mobile USA Inc.
T-Mobile USA Inc.
Verizon Communications Inc.
Verizon Communications Inc.
Total Telecommunication Serv ices82

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value

Interest
Rate

Maturity

SharesUSD% net
assets

4.38
6.40
5.25
3.00
4.50
3.25
4.00
3.25
4.40
4.45
1.38
3.30

15/05/2047
15/06/2033
01/04/2053
15/05/2027
15/08/2040
15/06/2027
01/04/2047
01/07/2026
01/07/2046
15/02/2044
15/10/2027
01/06/2025

25,0005,000
20,00030,00025,00015,00025,00020,00025,00025,00010,00015,00021,6305,271
19,98828,56022,933
14,227
20,461
19,301
22,082
22,335
8,846
14,634657,477

0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
3.2

TOTAL UNITED STATES

2,331,270

10.4

TOTAL LISTED SECURITIES : BONDS(Cost $2,454,592)

2,613,767

11.4

44,2040.2

44,2040.2

17,8770.1

17,877

0.1

1,089
827

27,27917,53244,811

0.1
0.1
0.2

3,233

72,096

0.3

72,096

0.3

4,686
1,676
944

87,62844,04045,661
177,329

0.4
0.2
0.2
0.8

2,471

62,096

0.3

62,096

0.3

Security
Utility (continued)
NiSource Inc.
Pacific Gas and Electric Co.
Public Service Co. of Colorado
Public Service Electric and Gas Co.
San Diego Gas & Electric Co.
SempraSouthern California Edison Co.
Southern Co.
Southern Co.
Virginia Electric and Power Co.
WEC Energy Group Inc.
Xcel Energy Inc.
Total Utility3) LISTED SECURITIES: PREFERRED STOCKSUNITED STATES (2022: 3.5%)
Data Centers
Digital Realty Trust Inc. 5.2%

1,984

Total Data Centers
Div ersified
Centerspace 6.625%

727

Total Div ersified
Hotel
RLJ Lodging Trust 1.95%
Sunstone Hotel Investors Inc. 5.7%
Total Hotel
Industrial
Rexford Industrial Realty Inc. 5.625%
Total Industrial
Net Lease
Agree Realty Corp. 4.25%
EPR Properties 5.75%
LXP Industrial Trust 6.5%
Total Net Lease
OfficeEquity Commonwealth 6.5%
Total Office83

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)

Security

Interest
Rate

Value
Maturity

Residential
American Homes 4 Rent 5.875%
American Homes 4 Rent 6.25%
UMH Properties Inc. 6.375%
Total Residential
RetailFederal Realty Investment Trust 5%
Kimco Realty Corp. 5.125%
Regency Centers Corp. 5.875%
RPT Realty 7.25%

SharesUSD% net
assets

1,513
1,444
1,996

36,38836,67844,910117,976

0.2
0.1
0.2
0.5

1,934
2,635
2,686
767

44,11561,65963,121
43,819212,714

0.2
0.3
0.3
0.2
1.0

6,319

Total Retail
Self Storage
Public Storage 4%

122,277

0.5

Total Self Storage

122,277

0.5

TOTAL UNITED STATES

871,380

3.9

TOTAL LISTED SECURITIES: PREFERRED STOCKS(Cost: $878,523)

871,380

3.94) LISTED SECURITIES : EXCHANGE TRADED FUND
UNITED STATES (2022: 0.0%)
OpportunisticiShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF

648,383

2.8

Total Opportunistic

91,800648,383

2.8

TOTAL UNITED STATES

648,383

2.8

TOTAL LISTED SECURITIES : EXCHANGE TRADED FUND
(Cost $662,687)

648,383

2.8

20,799,587

89.7

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTINGB) OTHER TRANSFERABLE SECURITIES DEALT ON AN OTHER REGULATED MARKET
1) OTHER ORGANISED MARKET : BONDS
CANADA (2022: 0.8%)
Basic Industrial
Cascades Inc.

5.38

15/01/2028

14,00013,545
13,545

0.1
0.1

8.50
8.75
5.88

30/04/2030
01/04/2027
01/02/2029

5,000
9,000
15,0005,173
9,309
14,57529,0570.1
0.1

Total Basic Industrial
EnergyBaytex Energy Corp.
Baytex Energy Corp.
MEG Energy Corp.
Total Energy

84

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)

Security
Infrastructure Serv ices
GFL Environmental Inc.
Total Infrastructure Serv ices
Media
Videotron Ltd.

Value

Interest
Rate

Maturity

SharesUSD% net
assets3.50

01/09/2028

20,00018,48318,483

0.1
0.1

3.63

15/06/2029

18,00016,336
16,336

0.1
0.1

3.90

15/07/2030

25,00023,23423,234

0.1
0.1

4.50

01/10/2029

27,00024,7450.1

24,745

0.1

Total Media
Metals & Mining
Teck Resources Ltd.
Total Metals & Mining
Oil Gas Transmission & Distribution
Parkland Corp.
Total Oil Gas Transmission & Distribution
Telecommunication Serv ices
Rogers Communications Inc.
Rogers Communications Inc.

3.80
5.25

15/03/2032
15/03/2082

25,00020,00023,032
19,19242,224

0.1
0.1
0.2

6.75

15/06/2076

21,000Total Utility

20,562
20,5620.1
0.1

TOTAL CANADA

188,186

0.9

Total Media

19,362
15,31834,680

0.1
0.1
0.2

TOTAL NETHERLANDS

34,6800.2

17,807
17,8070.1
0.1

17,8070.1

27,59927,5990.1
0.1

27,5990.1

Total Telecommunication Serv icesUtility
Emera Inc.

NETHERLANDS (2022: 0.3%)
Media
Sunrise FinCo I BV
VZ Secured Financing BV

SPAIN (2022: 0.2%)
Utility
Atlantica Sustainable Infrastructure Plc
Total Utility

4.88
5.00

4.13

15/07/2031
15/01/2032

15/06/2028

22,00018,00019,000TOTAL SPAIN

UNITED KINGDOM (2022: 0.2%)
Media
Virgin Media Secured Finance Plc
Total MediaTOTAL UNITED KINGDOM

4.50

15/08/2030

31,00085

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value

Interest
Rate

Maturity

SharesUSD% net
assets

4.65
5.00
4.75
8.88
4.63

01/06/2027
30/06/2032
15/08/2028
15/05/2031
15/03/2029

15,00010,00010,00015,00015,00014,7389,871
9,269
18,704
13,281
65,863

0.1
0.1
0.1
0.3

Construction & Building Materials
Beazer Homes USA Inc.
Beazer Homes USA Inc.

5.88
7.25

15/10/2027
15/10/2029

7,000
4,000

6,837
4,035

-

KB HomeM/I Homes Inc.
Summit Materials LLC
Taylor Morrison Communities Inc.

4.00
4.95
7.25
5.88

15/06/2031
01/02/2028
15/01/2031
15/06/2027

10,00010,0005,000
10,000

8,950
9,621
5,262
10,050-44,755-

Security
UNITED STATES (2022: 11.8%)
Basic Industrial
Albemarle Corp.
Cabot Corp.
Clearwater Paper Corp.
Georgia-Pacific LLC
Tronox Inc.
Total Basic Industrial

Total Construction & Building Materials
Div ersified
Cushman & Wakefield US Borrower LLC
Forestar Group Inc.
Greystar Real Estate Partners LLC
Howard Hughes Corp.

8.88
5.00
7.75
5.38

01/09/2031
01/03/2028
01/09/2030
01/08/2028

10,00018,00017,00030,00010,59817,32817,80828,83474,568

0.1
0.1
0.1
0.3

EnergyAntero Resources Corp.
California Resources Corp.
Callon Petroleum Co.
Civitas Resources Inc.
CNX Resources Corp.
Comstock Resources Inc.
Continental Resources Inc.
Crescent Energy Finance LLC
HF Sinclair Corp.
Moss Creek Resources Holdings Inc.
Occidental Petroleum Corp.
Ovintiv Inc.

5.38
7.13
6.38
8.38
7.38
6.75
2.27
7.25
5.00
10.50
5.55
6.25

01/03/2030
01/02/2026
01/07/2026
01/07/2028
15/01/2031
01/03/2029
15/11/2026
01/05/2026
01/02/2028
15/05/2027
15/03/2026
15/07/2033

10,00017,0006,000
15,00010,0008,000
10,00010,00015,00010,00030,00020,0009,584
17,241
5,971
15,66010,071
7,318
9,205
10,05814,454
10,25730,217
20,713

0.1
0.1
0.1
0.1
0.1

Pioneer Natural Resources Co.
Range Resources Corp.
Southwestern Energy Co.
Transocean Titan Financing Ltd.

2.15
8.25
5.38
8.38

15/01/2031
15/01/2029
01/02/2029
01/02/2028

25,00013,00019,00015,00021,273
13,45018,543
15,562229,577

0.1
0.1
0.1
0.1
0.9

4.75
8.00
5.90
6.13

15/02/2031
15/03/2026
01/06/2053
01/10/2028

14,0004,000
10,00035,00011,0503,987
10,28334,901

0.2

60,221

0.2

Total Div ersified

Total Energy
Health Facilities
CHS/Community Health Systems Inc.
CHS/Community Health Systems Inc.
HCA Inc.
Tenet Healthcare Corp.
Total Health Facilities

86

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value

Interest
Rate

Maturity

SharesUSD% net
assets3.65

15/06/2024

15,00014,856
14,8560.1
0.1

LeisureBoyd Gaming Corp.
Caesars Entertainment Inc.
Caesars Resort Collection LLC
Carnival Corp.
Cedar Fair LP
GLP Capital LP
GLP Capital LP

4.75
7.00
5.75
4.00
6.50
4.00
5.38

15/06/2031
15/02/2030
01/07/2025
01/08/2028
01/10/2028
15/01/2030
15/04/2026

14,00015,000
6,000
10,00015,00022,00015,00012,85915,376
5,998
9,295
14,911
20,083
14,907

0.1
0.1
0.1
0.1
0.1

Park Intermediate Holdings LLC
RHP Hotel Properties LP
Six Flags Entertainment Corp.
Station Casinos LLC
VICI Properties LP

5.88
4.50
5.50
4.50
4.50

01/10/2028
15/02/2029
15/04/2027
15/02/2028
01/09/2026

16,00020,00015,00019,00010,00015,736
18,601
14,663
17,8989,679
170,006

0.1
0.1
0.1
0.1
0.9

4.00
4.75
6.38
4.50

15/11/2030
01/03/2030
01/09/2029
15/11/2031

18,00048,00030,00029,00014,57343,85329,59021,926

0.1
0.2
0.1
0.1

4.63
5.88
5.25
4.75

01/12/2030
15/08/2027
01/12/2026
15/10/2028

23,00019,0005,000
13,00013,856
17,864
4,284
12,023
157,969

0.1
0.1
0.1
0.8

6.75

15/03/2026

15,00015,02815,028

0.1
0.1

5.38
3.70
4.13
4.30
4.50
5.38
5.50
5.88
1.75
5.75
5.00
4.50
6.00
4.20

15/06/2029
15/11/2029
15/06/2029
15/04/2032
15/01/2029
01/04/2026
15/10/2030
15/06/2030
01/03/2026
01/10/2025
01/06/2031
15/05/2029
31/12/2030
01/02/2033

20,00025,00010,00025,00016,00010,00015,00022,00040,00012,00011,00014,00019,00025,00019,247
23,6279,200
22,43915,121
9,791
14,517
21,58837,434
11,91010,055
12,996
17,66523,043

0.1
0.1
0.1
0.1
0.1
0.1
0.2
0.1
0.1
0.1
0.1

248,633

1.2

Security
Infrastructure Serv ices
Parker-Hannifin Corp.
Total Infrastructure Serv ices

Total Leisure
Media
Cable One Inc.
CCO Holdings LLC
CCO Holdings LLC
CSC Holdings LLC
CSC Holdings LLC
Directv Financing LLC
DISH DBS Corp.
GCI LLC
Total Media
Metals & Mining
Cleveland-Cliffs Inc.
Total Metals & Mining
Oil Gas Transmission & Distribution
Antero Midstream Partners LP
Cheniere Corpus Christi Holdings LLCDT Midstream Inc.
DT Midstream Inc.
EQM Midstream Partners LP
Ferrellgas LP
Hess Midstream Operations LP
Kinetik Holdings LP
MPLX LP
NuStar Logistics LP
Suburban Propane Partners LP
Sunoco LP
Tallgrass Energy Partners LP
Targa Resources Corp.
Total Oil Gas Transmission & Distribution

87

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)

Security
Real Estate
ERP Operating LP
Essential Properties LP
Global Net Lease Inc.
Highwoods Realty LP
Iron Mountain Inc.
LXP Industrial Trust
LXP Industrial Trust
Mid-America Apartments LP
NNN REIT Inc.
Realty Income Corp.
Regency Centers LP
RLJ Lodging Trust LP
Service Properties Trust
Starwood Property Trust Inc.
STORE Capital Corp.
Sun Communities Operating LP
WP Carey Inc.
Total Real Estate
Telecommunication Serv ices
Cablevision Lightpath LLC
Cogent Communications Group Inc.
Consolidated Communications Inc.
Frontier Communications Corp.
Verizon Communications Inc.
Windstream Escrow LLC

Value

Interest
Rate

Maturity

SharesUSD% net
assets

3.38
2.95
3.75
4.20
4.88
2.70
4.40
2.88
3.90
4.63
3.70
3.75
4.50
3.63
2.70
2.70
4.00

01/06/2025
15/07/2031
15/12/2027
15/04/2029
15/09/2029
15/09/2030
15/06/2024
15/09/2051
15/06/2024
01/11/2025
15/06/2030
01/07/2026
15/03/2025
15/07/2026
01/12/2031
15/07/2031
01/02/2025

20,00010,00010,00010,00015,00027,00010,00018,00010,00015,00010,00012,00010,0009,000
10,00015,00020,00019,571
7,879
8,362
9,055
14,20722,405
9,892
11,857
9,898
14,907
9,309
11,370
9,763
8,526
7,588
12,525
19,697
206,811

0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.7

3.88
3.50
6.50
5.00
2.36
7.75

15/09/2027
01/05/2026
01/10/2028
01/05/2028
15/03/2032
15/08/2028

15,00014,0008,000
20,00015,00010,00013,172
13,403
6,897
18,477
12,497
8,760
73,206

0.1
0.1
0.1
0.1
0.4

5.13
3.75
4.75
1.05
4.35
2.88
3.55
5.40
0.95
3.63

15/03/2028
15/02/2031
15/03/2028
01/06/2025
15/01/2025
04/12/2051
15/05/2027
15/12/2043
15/08/2025
15/02/2031

16,00015,00010,00015,00020,00045,00010,00035,00015,00013,00015,342
13,202
9,629
14,136
19,67931,312
9,578
34,31814,02011,170

0.1
0.1
0.1
0.1
0.1
0.1
0.1
-

5.25
2.70

15/06/2029
01/06/2026

10,00015,0009,682
14,269196,3370.1
0.8

1,557,830

6.7

Total Telecommunication Serv icesUtility
Calpine Corp.
Clearway Energy Operating LLC
Clearway Energy Operating LLC
DTE Energy Co.
FirstEnergy Transmission LLC
Florida Power & Light Co.
Monongahela Power Co.
Monongahela Power Co.
NiSource Inc.
NRG Energy Inc.
NRG Energy Inc.
NSTAR Electric Co.
Total Utility
TOTAL UNITED STATES

88

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value
USD

% net
assetsTOTAL OTHER ORGANISED MARKET : BONDS(Cost $1,787,016)

1,826,102

8.0

TOTAL OTHER TRANSFERABLE SECURITIES DEALT ON AN OTHER REGULATED MARKET

1,826,102

8.0

TOTAL INVESTMENTS(Cost $21,695,624)

22,625,689

97.7

528,849

2.3

23,154,538

100.0

Other Assets of Excess of Other Liabilities
TOTAL NET ASSETSANALYSIS OF TOTAL ASSETS% TotalAssetsDescription
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

89.5

OTHER TRANSFERABLE SECURITIES DEALT ON AN OTHER REGULATED MARKET

7.9

OTHER ASSETS

2.6

TOTAL

100.0

89

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES AS AT 31 December 2023
Significant Purchases
Security NameiShares Bloomberg Enhanced Roll Yield Commodity Sw ap UCITS ETF
Exelon Corp.
CMS Energy Corp.
PPL Corp.
NextEra Energy Inc.
SempraEquinix Inc.
Prologis Inc.
TC Energy Corp.
Equity Residential
Public Service Enterprise Group Inc.
NiSource Inc.
CenterPoint Energy Inc.
PG&E Corp.
WEC Energy Group Inc.
Ameren Corp.
SBA Communications Corp.
Xcel Energy Inc.
DTE Energy Co.
CLP Holdings Ltd.

Quantity

Cost
(USD)

91,80015,670
9,985
20,180
8,081
4,331
561
3,600
9,552
6,224
6,401
13,77912,384
21,969
3,650
3,831
1,358
4,833
2,755
36,301

662,687
655,137
589,007554,428524,203497,382425,695
424,130
396,855
393,856
382,454362,719354,468
350,121323,596309,491
308,694
300,895
298,671
284,011

The table above show a breakdow n of material purchases of the Portfolios in accordance w ith Regulations. All purchasesof investments exceeding 1% of the total value of each purchases, a minimum of 20 of each such purchases, are disclosed.

90

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD REAL ASSETS SECURITIES UCITS FUNDSCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES AS AT 31 December 2023 (continued)
Significant Sales
Security Name

Prologis Inc.
Exelon Corp.
American Electric Pow er Co. Inc.
Enbridge Inc.
NextEra Energy Inc.
Public Storage
Eversource Energy
Xcel Energy Inc.
Mid-America Apartment Communities Inc.
Equitrans Midstream Corp.
FirstEnergy Corp.
Welltow er Inc.
Entergy Corp.
Digital Realty Trust Inc.
PG&E Corp.
Healthpeak Properties Inc.
UDR Inc.
Cellnex Telecom SA
Kimco Realty Corp.
TC Energy Corp.

Quantity

Proceeds
(USD)

5,794
17,1706,884
15,109
7,980
1,700
5,986
7,337
3,046
47,098
9,923
5,318
3,361
2,852
22,36018,8908,452
8,947
19,2299,020

670,101
625,849
556,970
545,743
522,057
490,120474,793434,678
424,180
393,463384,158
375,743
363,385358,218
357,325
354,172
329,556
326,992
326,098
321,757

The table above show a breakdow n of material sales of the Portfolios in accordance w ith Regulations. All sales ofinvestments exceeding 1% of the total value of each sales, a minimum of 20 of each such sales, are disclosed.

91

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD GLOBAL RENEWABLES AND SUSTAINABLE INFRASTRUCTURE UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023
Value
SharesUSD% net
assets430,847

905,581905,5812.3
2.3

135,537

996,661
996,661
1,902,242

2.5
2.5
4.8

62,93817,0001,599,752
699,348
2,299,100
2,299,100

4.0
1.7
5.7
5.7

29,100Total Renew able Power & Infrastructure

923,502923,502

2.3
2.3

TOTAL DENMARK

923,502

2.3

14,983

1,310,833
1,310,833

3.3
3.3

36,692

Total Water & Waste Infrastructure

1,156,855
1,156,855

2.9
2.9

TOTAL FRANCE

2,467,688

6.2

Security1) INVESTMENTS
A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING
1) LISTED SECURITIES : COMMON STOCKSBRAZIL (2022: 0.3%)
Renew able Pow er & Infrastructure
Serena Energia SA
Total Renew able Power & Infrastructure
UtilityEquatorial Energia SA
Total Utility
TOTAL BRAZILCANADA (2022: 4.2%)
Renew able Pow er & Infrastructure
Boralex Inc.
Fortis Inc.
Total Renew able Power & Infrastructure
TOTAL CANADADENMARK (2022: 5.3%)
Renew able Pow er & Infrastructure
Vestas Wind Systems AS

FRANCE (2022: 7.3%)
Clean Technology
Nexans SA
Total Clean Technology
Water & Waste Infrastructure
Veolia Environnement SA

ITALY (2022: 1.4%)
Renew able Pow er & Infrastructure
Enel SpA

2,168,101

5.4

Total Renew able Power & Infrastructure

291,820

2,168,101

5.4

TOTAL ITALY

2,168,101

5.4

92

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD GLOBAL RENEWABLES AND SUSTAINABLE INFRASTRUCTURE UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value
Security

SharesUSD% net
assetsNEW ZEALAND (2022: 0.4%)
Renew able Pow er & Infrastructure
Mercury NZ Ltd.

277,098

1,156,106
1,156,106
1,156,106

2.9
2.9
2.9

45,74871,88230,246
183,976

983,582
1,470,035
1,143,276
2,410,801

2.4
3.7
2.9
6.0

6,007,694
6,007,694

15.0
15.0

67,60083,783421,957
1,982,097
2,404,054

1.1
4.9
6.0

110,774

1,493,876
1,493,876

3.7
3.7

40,2901,324,462
1,324,462
5,222,392

3.3
3.3
13.0

32,24230,9905,890
7,450
22,89029,31022,486884,398
1,799,589
778,305
1,283,486
1,390,339
1,792,307
1,392,108

2.2
4.5
1.9
3.2
3.5
4.4
3.5

9,320,532

23.2

794,8112.0

794,811

2.0

Total Renew able Power & Infrastructure
TOTAL NEW ZEALANDSPAIN (2022: 16.2%)
Renew able Pow er & Infrastructure
Atlantica Sustainable Infrastructure Plc
EDP Renovaveis SA
Grenergy Renovables SA
Iberdrola SA
Total Renew able Power & Infrastructure
TOTAL SPAIN

UNITED KINGDOM (2022: 14.8%)
Renew able Pow er & Infrastructure
Drax Group Plc
SSE Plc
Total Renew able Power & Infrastructure
Utility
National Grid Plc
Total Utility
Water
Severn Trent Plc
Total Water
TOTAL UNITED KINGDOMUNITED STATES (2022: 42.0%)
Renew able Pow er & Infrastructure
Clearway Energy Inc.
CMS Energy Corp.
Enphase Energy Inc.
First Solar Inc.
NextEra Energy Inc.
Public Service Enterprise Group Inc.
Xcel Energy Inc.
Total Renew able Power & Infrastructure
Telecommunication Serv ices
Crown Castle Inc.
Total Telecommunication Serv ices

6,900

93

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD GLOBAL RENEWABLES AND SUSTAINABLE INFRASTRUCTURE UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value
Security

SharesUSD% net
assetsWater & Waste Infrastructure
American Water Works Co. Inc.
Republic Services Inc.
Waste Management Inc.
Waste Connections Inc.
Xylem Inc.

11,97010,869
7,774
9,360
6,110

1,579,920
1,792,407
1,392,323
1,397,661
698,740

3.9
4.5
3.5
3.5
1.7

Total Water & Waste Infrastructure
TOTAL UNITED STATES

6,861,051
16,976,394

17.1
42.3

TOTAL LISTED SECURITIES : COMMON STOCKS(Cost $39,491,193)

39,123,219

97.6

39,123,219

97.6

39,123,219

97.6

954,306

2.4

40,077,525

100.0

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE
LISTINGTOTAL INVESTMENTS(Cost $39,491,193)
Other Assets of Excess of Other Liabilities
TOTAL NET ASSETSANALYSIS OF TOTAL ASSETS% TotalAssetsDescription
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

94.0

OTHER ASSETS

6.0

TOTAL

100.0

94

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD GLOBAL RENEWABLES AND SUSTAINABLE INFRASTRUCTURE UCITS FUNDSCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES AS AT 31 December 2023
Significant Purchases
Security Name

Quantity

Cost
(USD)

Enel SpA
Republic Services Inc.
American Water Works Co. Inc.
CMS Energy Corp.
Iberdrola SA
Enphase Energy Inc.
First Solar Inc.
Xcel Energy Inc.
NextEra Energy Inc.
Crow n Castle Inc.
Waste Management Inc.
Equatorial Energia SA
SolarEdge Technologies Inc.
Waste Connections Inc.
EDP Renovaveis SA
Severn Trent Plc
Public Service Enterprise Group Inc.
Omega Energia SA
Exelon Corp.
Nexans SA
Grenergy Renovables SA
SSE Plc
Boralex Inc.
Veolia Environnement SA
Atlantica Sustainable Infrastructure Plc
Sunrun Inc.
Mercury NZ Ltd.
Bloom Energy Corp.
Orsted AS
Vestas Wind Systems AS
National Grid Plc

310,820
13,60913,39030,990114,870
8,390
7,450
17,27014,1007,400
5,700
153,490
2,900
6,170
35,60022,44010,670270,600
11,3004,600
14,90018,75015,30012,20014,70013,80077,198
17,1003,300
10,10024,693

2,112,024
2,000,371
1,810,890
1,760,308
1,314,538
1,308,170
1,289,308
1,088,219
1,012,697
947,724
898,240
871,857
870,960
820,742
733,965
703,685
654,562
517,304
465,691
436,170
419,174
410,444401,347
360,614356,951
352,493292,122290,849
271,540
269,375
265,840

The table above show a breakdow n of material purchases of the Portfolios in accordance w ith Regulations. All purchases ofinvestments exceeding 1% of the total value of each purchases, a minimum of 20 of each such purchases, are disclosed.

95

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD GLOBAL RENEWABLES AND SUSTAINABLE INFRASTRUCTURE UCITS FUNDSCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES AS AT 31 December 2023 (continued)
Significant Sales
Security Name

NextEra Energy Inc.
Iberdrola SA
SSE Plc
Exelon Corp.
Veolia Environnement SA
Clearw ay Energy Inc.
Atlantica Sustainable Infrastructure Plc
National Grid Plc
Orsted AS
Waste Management Inc.
Drax Group Plc
Public Service Enterprise Group Inc.
Nexans SA
China Longyuan Pow er Group Corp. Ltd.
Itron Inc.
Sunrun Inc.
Essential Utilities Inc.
Boralex Inc.
Xcel Energy Inc.
Bloom Energy Corp.
NextEra Energy Partners LP
Waste Connections Inc.
Grenergy Renovables SA
Severn Trent Plc
Corp. ACCIONA Energias Renovables SA
Enphase Energy Inc.
EDP Renovaveis SA
Hera SpA
Vestas Wind Systems AS
Xylem Inc.
Fortis Inc.

Quantity

Proceeds(USD)

165,440
1,045,200
490,060
222,350
326,500
287,800
311,800
625,060
86,33041,516
846,900
89,91062,4174,203,535
101,514233,900
112,272
171,500
73,350278,493
74,40036,130
158,099
114,250
98,553
16,920155,300
1,144,173
110,600
23,70054,10013,376,911
12,270,774
9,816,787
9,427,579
9,130,755
9,038,731
7,913,339
7,837,897
7,136,653
6,512,632
6,400,113
5,595,259
5,594,254
5,521,756
5,406,127
5,337,157
5,318,834
5,177,021
5,122,368
5,081,498
4,972,993
4,811,049
4,466,674
3,799,668
3,661,506
3,588,325
3,344,586
3,219,351
3,096,040
2,603,616
2,202,922

The table above show a breakdow n of material sales of the Portfolios in accordance w ith Regulations. All sales ofinvestments exceeding 1% of the total value of each sales, a minimum of 20 of each such sales, are disclosed.

96

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD GLOBAL LISTED CORE INFRASTRUCTURE UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023
Value
Security

SharesUSD% net
assets129,246

1,207,504
1,207,504
1,207,504

5.3
5.3
5.3

96,200454,502454,5022.0
2.055,771

410,108
410,108
864,610

1.8
1.8
3.8

19,248404,120
404,120

1.8
1.8

10,2805,050

370,066
197,267
567,333

1.6
0.9
2.5

5,430

429,630
429,6301.9
1.9

1,401,083

6.2

372,259
198,557
570,816

1.5
0.9
2.4

570,8162.4

1) INVESTMENTS
A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING
1) LISTED SECURITIES : COMMON STOCKSAUSTRALIA (2022: 5.9%)
Toll Roads
Transurban Group
Total Toll Roads
TOTAL AUSTRALIABRAZIL (2022: 2.4%)
Rail
Rumo SA
Total Rail
UtilityEquatorial Energia SA
Total Utility
TOTAL BRAZILCANADA (2022: 7.5%)
Midstream
AltaGas Ltd.
Total Midstream
Oil Gas Transmission & Distribution
Enbridge Inc.
TC Energy Corp.
Total Oil Gas Transmission & Distribution
Rail
Canadian Pacific Kansas City Ltd.
Total RailTOTAL CANADACHINA (2022: 5.4%)
Utility
China Resources Gas Group Ltd.
ENN Energy Holdings Ltd.
Total Utility
TOTAL CHINA

113,546
26,96497

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD GLOBAL LISTED CORE INFRASTRUCTURE UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value
Security

SharesUSD% net
assetsGERMANY (2022: 1.4%)
Renew ables/Electric Generation
RWE AG

12,060546,924
546,924
546,924

2.4
2.4
2.4

63,719525,9272.3

525,927
525,927

2.3
2.3

227,1971.0

227,197
227,1971.0
1.0495,811
184,313680,124

2.2
0.8
3.0

680,124

3.0

42,311

738,601
738,601
738,601

3.2
3.2
3.2

14,132

Total Toll Roads

515,146
515,146

2.3
2.3

TOTAL NETHERLANDS

515,1462.3

521,802521,8022.3
2.3

521,802

2.3

Total Renew ables/Electric Generation
TOTAL GERMANY

HONG KONG (2022: 0.0%)
Renew ables/Electric Generation
CLP Holdings Ltd.
Total Renew ables/Electric Generation
TOTAL HONG KONG

ITALY (2022: 0.6%)
Renew able Pow er & Infrastructure
Enel SpA

30,580Total Renew able Power & Infrastructure
TOTAL ITALYJAPAN (2022: 3.2%)
Rail
East Japan Railway Co.
West Japan Railway Co.
Total Rail

8,600
4,419

TOTAL JAPANMEXICO (2022: 0.0%)
Airports
Grupo Aeroportuario del Pacifico SAB de CV
Total Airports
TOTAL MEXICONETHERLANDS (2022: 0.0%)
Toll Roads
Ferrovial SE

NEW ZEALAND (2022: 2.1%)
Airports
Auckland International Airport Ltd.
Total Airports
TOTAL NEW ZEALAND

93,80098

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD GLOBAL LISTED CORE INFRASTRUCTURE UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value
Security
SPAIN (2022: 7.2%)
Airports
Aena SME SA

SharesUSD% net
assets

2,510

454,707454,707

2.0
2.0

14,000551,136
551,1362.4
2.4

1,005,843

4.4

29,088

181,566
181,566

0.8
0.8

43,679589,046
589,046

2.6
2.6

23,494
10,900225,049
358,318
583,367

1.0
1.6
2.6

1,353,979

6.0

590,486
344,078
453,461
225,002

2.6
1.5
2.0
1.0

1,613,027

7.1

15,650542,586
542,586

2.4
2.4

11,91020,143
12,110691,614
1,223,486
740,527
2,655,627

3.0
5.4
3.3
11.7

7,100
5,178
6,250
24,3707,430

513,614570,926
632,438
660,427625,383

2.3
2.5
2.7
2.9
2.7

3,002,788

13.1

Total Airports
Telecommunication Serv ices
Cellnex Telecom SA
Total Telecommunication Serv ices
TOTAL SPAIN

UNITED KINGDOM (2022: 5.9%)
Renew able Pow er & Infrastructure
Drax Group Plc
Total Renew able Power & Infrastructure
Utility
National Grid Plc
Total Utility
Water
Pennon Group Plc
Severn Trent Plc
Total Water
TOTAL UNITED KINGDOMUNITED STATES (2022: 52.0%)
Midstream
Cheniere Energy Inc.
ONEOK Inc.
Targa Resources Corp.
Williams Cos Inc.

3,459
4,900
5,220
6,460

Total Midstream
Rail
CSX Corp.
Total Rail
Renew able Pow er & Infrastructure
CMS Energy Corp.
NextEra Energy Inc.
Public Service Enterprise Group Inc.
Total Renew able Power & Infrastructure
Renew ables/Electric Generation
Ameren Corp.
DTE Energy Co.
Entergy Corp.
PPL Corp.
WEC Energy Group Inc.
Total Renew ables/Electric Generation

99

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD GLOBAL LISTED CORE INFRASTRUCTURE UCITS FUNDSCHEDULE OF INVESTMENTS AS AT 31 December 2023 (continued)
Value
SharesUSD% net
assets

513
7,550
2,344

110,746
869,685594,649
1,575,080

0.5
3.8
2.6
6.9

22,35023,26034,876
12,530Total Utility

638,540
617,553
628,814936,367
2,821,274

2.8
2.7
2.8
4.1
12.4

TOTAL UNITED STATES

12,210,382

53.6

TOTAL LISTED SECURITIES : COMMON STOCKS(Cost $22,189,057)

22,369,938

98.2

22,369,938

98.2

22,369,938

98.2

421,030

1.8

22,790,968

100.0

Security
Telecommunication Serv ices
American Tower Corp.
Crown Castle Inc.
SBA Communications Corp.
Total Telecommunication Serv icesUtility
CenterPoint Energy Inc.
NiSource Inc.
PG&E Corp.
SempraTOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE
LISTINGTOTAL INVESTMENTS(Cost $22,189,057)
Other Assets of Excess of Other Liabilities
TOTAL NET ASSETSANALYSIS OF TOTAL ASSETS
Description% TotalAssetsTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

78.7

OTHER ASSETS

21.3

TOTAL

100.0

100

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD GLOBAL LISTED CORE INFRASTRUCTURE UCITS FUNDSCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES AS AT 31 December 2023
Significant Purchases
Security Name

Quantity

Cost
(USD)

NextEra Energy Inc.
CMS Energy Corp.
PPL Corp.
Exelon Corp.
WEC Energy Group Inc.
Entergy Corp.
SempraGrupo Aeroportuario del Pacifico SAB de CV
DTE Energy Co.
CLP Holdings Ltd.
TC Energy Corp.
Public Service Enterprise Group Inc.
Rumo SARWE AG
Duke Energy Corp.
Crow n Castle Inc.
ONEOK Inc.
Transurban GroupSBA Communications Corp.
CenterPoint Energy Inc.
Williams Cos Inc.
AltaGas Ltd.
Enel SpA
Enbridge Inc.
NiSource Inc.
Cellnex Telecom SA
National Grid Plc
PG&E Corp.
Pennon Group Plc
Ameren Corp.
Targa Resources Corp.
Algonquin Pow er & Utilities Corp.
Severn Trent Plc
Cheniere Energy Inc.
CSX Corp.
China Resources Gas Group Ltd.
East Japan Railw ay Co.
Ferrovial SE
Aena SME SA

12,743
11,91024,37015,920
7,430
6,250
6,300
42,311
5,178
70,40913,1006,420
96,200
8,450
4,000
3,150
4,900
30,800
1,244
8,770
6,460
11,29030,580
5,680
7,560
4,900
15,79910,79023,4942,300
2,000
23,700
4,900
900
4,390
43,570
2,600
4,000
800

747,945
713,310689,691
678,236
647,906
626,398
623,943
570,857
559,781557,255549,230
390,958
385,910384,769
368,041
367,868
327,207
291,095
278,657
252,191
226,325
221,831217,241
206,544
200,577
195,712
194,619
192,429
190,829
172,073
169,586
169,384
164,483
154,350
149,758
149,274
147,671
143,123
142,974

The table above show a breakdow n of material purchases of the Portfolios in accordance w ith Regulations. All purchases ofinvestments exceeding 1% of the total value of each purchases, a minimum of 20 of each such purchases, are disclosed.

101

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
BROOKFIELD GLOBAL LISTED CORE INFRASTRUCTURE UCITS FUNDSCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES AS AT 31 December 2023 (continued)
Significant Sales
Security Name

American Electric Pow er Co. Inc.
Enbridge Inc.
Exelon Corp.
Entergy Corp.
Eversource Energy
Xcel Energy Inc.
Duke Energy Corp.
FirstEnergy Corp.
Equitrans Midstream Corp.
China Tow er Corp. Ltd.
TC Energy Corp.
NextEra Energy Inc.
PG&E Corp.
Engie SA
Equatorial Energia SA
Algonquin Pow er & Utilities Corp.
Aena SME SA
Vinci SA
Aguas Andinas SA
SSE Plc
Ferrovial SE
Cellnex Telecom SA
Transurban Group
Hera SpA
CenterPoint Energy Inc.
Grupo Aeroportuario del Sureste SAB de CV

Quantity

Proceeds
(USD)

7,778
15,10015,920
4,800
6,500
7,786
4,000
9,200
45,0992,873,232
8,050
3,500
14,66013,22735,05023,7001,240
1,800
606,821
8,897
5,420
3,500
11,54038,4953,000
4,000

643,690569,385
559,123
521,170
515,859
453,620358,289
356,560
348,035
329,258
286,275
261,241
228,547
222,995
205,293
204,512
199,617
198,390
181,855
180,278
174,030
129,620
112,011
110,979
93,04385,174

The table above show a breakdow n of material sales of the Portfolios in accordance w ith Regulations. All sales ofinvestments exceeding 1% of the total value of each sales, a minimum of 20 of each such sales, are disclosed.

102

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
Sustainable Finance Disclosure Regulation (“SFDR”)
The sub-funds Brookfield Global Listed Real Estate UCITS Fund and Brookfield Real Assets Securities UCITS
Fund, do not promote environmental or social characteristics, and do not have an objective sustainable
investment (as provided by articles 8 or 9 of SFDR). The investments underlying this financial product do nottake into account the EU criteria for environmentally sustainable economic activities article 7 TR (“Taxonomy
Regulation”).
Article 8 sub-funds
The sub-funds Brookfield Global Renewables and Sustainable Infrastructure UCITS Fund and Brookfield
Global Listed Core Infrastructure UCITS Fund seek to promote environmental and social characteristics andinvest in companies that apply good corporate governance. To achieve this, the sub-funds pursue the following
approaches in the investment process via exclusions, Environmental, Social and Governance (“ESG”)
integration and engagement.

103

ANNEX IV
Template periodic disclosure for the financial products referred to in Article 8, paragraphs 1, 2
and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Sustainable
investment means
an investment in an
economic activity
that contributes toan environmental
or social objective,
provided that theinvestment does
not significantly
harm anyenvironmental orsocial objective andthat the investee
companies follow
good governancepractices.
The EU Taxonomy
is a classification
system laid down inRegulation (EU)2020/852,
establishing a list ofenvironmentally
sustainableeconomic
activities. That
Regulation does not
lay down a list ofsocially sustainableeconomic activities.
Sustainable
investments with anenvironmental
objective might bealigned with theTaxonomy or not.

Product name: Brookfield Global Renwables
and Sustainable Infrastructure UCITS Fund

Legal entity identifier:549300GQCDUXV8KYAY15

Environmental and/or social characteristics
Did this financial product have a sustainable investment objective? [tick and fill in as
relevant, the percentage figure represents the minimum commitment to sustainable investments]
Yes
No
It made sustainable investmentswith an environmental objective:___%

It promoted Environmental/Social (E/S)
characteristics andwhile it did not have as its objective a sustainable
investment, it had a proportion of ___% ofsustainable investmentsin economic activities that
qualify as environmentally
sustainable under the EU
Taxonomywith an environmental objective ineconomic activities that qualify asenvironmentally sustainable under the EU
Taxonomyin economic activities that do
not qualify asenvironmentally sustainable
under the EU Taxonomy

with an environmental objective ineconomic activities that do not qualify asenvironmentally sustainable under the
EU Taxonomy
with a social objective

It made sustainable investmentswith a social objective: ___%

x

It promoted E/S characteristics, but did not
make any sustainable investments

To what extent were the environmental and/or social characteristics
promoted by this financial product met? [list the environmental and/or social
characteristics promoted by the financial product. For the financial products referred to in Article 6,
first paragraph, of Regulation (EU) 2020/852, in respect of sustainable investments withenvironmental objectives, list the environmental objectives set out in Article 9 of that Regulation towhich the sustainable investment underlying the financial product contributed. For financial productsthat made sustainable investments with social objectives, list the social objectives]

104

The environmental and social characteristics promoted by the Fund during the reporting
period 1 January 2023 to 31 December 2023 (the "Reporting Period") consisted of:(1) Mitigating the reliance on fossil fuels(2) Promoting clean resource consumption(3) Adherence to global framework principles
The Fund met these environmental and social characteristics, as measured by reference
to the sustainability indicators set out below.

How did the sustainability indicators perform?

Over the reporting period, the average sustainability indicator scores were as follows:

Sustainability Indicator

Sustainability
indicators
measure how theenvironmental orsocialcharacteristics
promoted by thefinancial productare attained.

Adverse impact on
Sustainability factors(qualitative or
quantitative)

Performance

Greenhouse gas emissions

Investments in companies
without carbon emission
reduction initiatives

0% of the portfolio
companies do not havecarbon emission reduction
initiatives

Greenhouse gas emissions

Blended Weight Average
Carbon Intensity (Scope 1& 2 t/USD Million EVIC)

157 Blended WACI (Scope
1 & 2 t/USD Million EVIC)

Energy performance

Share of non-renewableenergy consumption andproduction

40% blended weighted
average of non-renewableenergy production by
power generation portfolio
companies which
represented 48% of total
portfolio. 1

Social and employee matters Violations of UN Global
Compact principles andOrganisation for Economic
Cooperation andDevelopment (OECD)
Guidelines for Multinational
Enterprises
1.

0% of portfolio companies
have violated UN Global
Compact principles andOECD Guidelines forMultinational Enterprises

Companies included in the calculation are those that have a majority (50%+ revenues /regulated asset base / cash flow contribution) business activity in power generation specifically.
Companies that have power generation where it was not the primary business activity were
excluded in the 2023 calculation.

The data above is sourced from company materials, Bloomberg, and MSCI.

105

…and compared to previous periods? [include for financial products whereat least one previous periodic report was provided]

Adverse impact on
Sustainability factors Performance 2022
(qualitative or
quantitative)

Performance 2023

2022 vs 2023
Performance Periods

Greenhousegas emissions

Investments incompanies withoutcarbon emission
reduction initiatives

0% of the portfolio
companies do not havecarbon emission reduction
initiatives

0% of the portfolio
companies do not havecarbon emission
reduction initiatives

All companies held in
the portfolio havecarbon emissions
reduction initiatives.

Greenhousegas emissions

Blended Weight
Average Carbon
Intensity (Scope 1 & 2
t/USD Million EVIC)

140 Blended WACI
(Scope 1 & 2 t/USD
Million EVIC)

157 Blended WACI
(Scope 1 & 2 t/USD
Million EVIC)The WACI increased
by 17 tons per USD
million of EVIC due toan increased position
size in waste
infrastructure andintegrated utilities. 2

Energyperformance

Share of nonrenewable energy
consumption andproduction

27% blended weighted
average of non-renewableenergy production by
power generation portfolio
companies which
represented 59% of total
portfolio. 1

40% blended weighted
average of nonrenewable energy
production by power
generation portfolio
companies which
represented 48% of total
portfolio. 1

The percent of nonrenewable energy
production by power
generation portfolio
companies increased
by 13% due to anincreased position sizeof integrated utilities. 2

Social andemployeematters

Violations of UN
Global Compact
principles andOrganisation for
Economic Cooperation
and Development(OECD) Guidelines forMultinational
Enterprises

0% of portfolio companies
have violated UN Global
Compact principles andOECD Guidelines forMultinational Enterprises

0% of portfolio
companies haveviolated UN Global
Compact principles andOECD Guidelines forMultinational Enterprises

Through our due
diligence process, 0
portfolio companies
have violated the UN
Global Compact
principles and OECD
Guidelines forMultinational
Enterprises

Sustainability
Indicator

2.

Further detail below :a. Increased position size of w aste infrastructure (Waste Management, Waste
Connections)b. Initiated new positions in w aste infrastructure (Republic Services)c. Increased position size of integrated utilities (Xcel Energy, Drax Group PLC, Boralex
Inc)
d. Initiated positions in integrated utilities (CMS Energy Corporation, Public Service
Enterprise Group)

What were the objectives of the sustainable investments that thefinancial product partially made and how did the sustainable
investment contribute to such objectives? [include for financial productsthat made sustainable investments, where not included in the reply to the above
question, describe the objectives. Describe how the sustainable investments
contributed to the sustainable investment objective. For the financial products
referred to in Article 6, first paragraph, of Regulation (EU) 2020/852, list theenvironmental objectives set out in Article 9 of that Regulation to which thesustainable investment underlying the financial product contributed]
N/A – the Fund does not commit to making sustainable investments.
106How did the sustainable investments that the financial productpartially made not cause significant harm to any environmental
or social sustainable investment objective? [include where the financial
product includes sustainable investments]
N/A – the Fund does not commit to making sustainable investments.

How were the indicators for adverse impacts on sustainability
factors taken into account?
N/A – the Fund does not commit to making sustainable investments.

Were sustainable investments aligned with the OECD
Guidelines for Multinational Enterprises and the UN Guiding
Principles on Business and Human Rights? Details:
N/A – the Fund does not commit to making sustainable investments.

How did this financial product consider principal adverse impacts onsustainability factors? [include section if the financial product considered principal adverse
impacts on sustainability factors]

N/A – the Fund does not consider principal adverse impacts on sustainability factors.

What were the top investments of this financial product?
Largest Investments

Sector% Assets

Country

NextEra Energy Inc
SSE PLC
Iberdrola SA

Renewable Power & Infrastructure
Renewable Power & Infrastructure
Renewable Power & Infrastructure

5.9
5.1
4.5

U.S.
U.K.
Continental Europe

Waste Management Inc
Waste Connections Inc
Public Service EnterpriseGroup
Exelon Corp

Water & Waste Infrastructure
Water & Waste Infrastructure

4.4
4.1

U.S.
CanadaRenewable Power & Infrastructure
Renewable Power & Infrastructure

3.9
3.9

U.S.
U.S.

National Grid PLC
Veolia Environnement SA

Renewable Power & Infrastructure
Water & Waste Infrastructure

3.9
3.8

U.K.
Continental Europe

Boralex Inc

Renewable Power & Infrastructure

3.7

CanadaThe top investments are the average top 10 positions over the reporting period 1
January 2023 to 31 December 2023.

107

[Include a statement for the financial products referred to in Article 6, firstparagraph, of Regulation (EU) 2020/852]
The EU Taxonomy sets out a “do not significant harm” principle by which
Taxonomy-aligned investments should not significantly harm EU Taxonomy
objectives and is accompanied by specific Union criteria.
The “do no significant harm” principle applies only to those investments underlying
the financial product that take into account the Union criteria for environmentally
sustainable economic activities. The investments underlying the remaining portionof this financial product do not take into account the Union criteria forenvironmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any
environmental or social objectives.

Asset allocation
describes theshare ofinvestments inspecific assets.

What was the proportion of sustainability-related investments?
N/A – the Fund does not commit to making sustainable investments.

What was the asset allocation?

[include note for thefinancial products
referred to in Article
6, first paragraph, ofRegulation (EU)2020/852
Taxonomy-aligned
activities are
expressed as ashare of:- turnover reflects
the “greenness” ofinvesteecompanies today.
- capital
expenditure(CapEx) shows thegreen investments
made by investee
companies,
relevant for atransition to agreen economy.
- operational
expenditure(OpEx) reflects thegreen operational
activities ofinvesteecompanies.

As of December 31, 2023, 96.92% of investments met the environmental
and social characteristics as defined by the Fund. These securities met thecriteria because they all have set an emissions reduction target or reported
strategies to reduce their carbon emissions, have reported GHG emissions
data, and/or integrate renewable energy sources in their power generation
activities where applicable. 3.08% of the portfolio includes the remaining
investments of the financial product which are not aligned with theenvironmental or social characteristics, nor qualified as sustainable
investments, but rather cash which was held as ancillary liquidity.

#1 Aligned w ith E/Scharacteristics = 96.92%
Investments#2 Other = 3.08%#1 Aligned w ith E/S characteristics includes the investments of the financial product used toattain the environmental or social characteristics promoted by the financial product.
#2Other includes the remaining investments of the financial product w hich are neither aligned
w ith the environmental or social characteristics, nor are qualified as sustainable investments.

108

[include note only forthe financial
products referred toin Article 6, firstparagraph, ofRegulation (EU)2020/852]

In which economic sectors were the investments made? ]Enabling
activities directly
enable otheractivities to makea substantial
contribution to an
environmental
objective.

1%
5%

3%
Renewable Power &Infrastructure
Water & Waste
Infrastructure

21%

Transitional
activities areactivities for which
low-carbon
alternatives are not
yet available andamong others
have greenhousegas emission
levelscorresponding to
the best
performance.

[include note forthe financial
products referred
to in Article 6, firstparagraph, ofRegulation (EU)2020/852 thatinvest inenvironmental
economic activities
that are notenvironmentally
sustainableeconomic
activities]
aresustainable
investments with anenvironmental
objective that do
not take into
account thecriteria forenvironmentally
sustainableeconomic activities
under Regulation(EU) 2020/852.

Clean Technology

70%

Other Sustainable
Infrastructure

Cash

The chart represents the average economic sector allocations over the reporting
period 1 January 2023 to 31 December 2023.

To what extent were the sustainable investments with anenvironmental objective aligned with the EU Taxonomy? [include section
for the financial products referred to in Article 6 , first paragraph, of Regulation (EU) 2020/852 andinclude information in accordance with Article 51 of this Regulation]

N/A – the Fund does not commit to making sustainable investments.
The graphs below show in green the percentage of investments that were alignedwith the EU Taxonomy. As there is no appropriate methodology to determine thetaxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy
alignment in relation to all the investments of the financial product including
sovereign bonds, while the second graph shows the Taxonomy alignment only in
relation to the investments of the financial product other than sovereign bonds.
N/A – the Fund does not commit to Taxonomy-aligment.

What was the share of investments made in transitional andenabling activities? [include a breakdown of the proportions of investments during
the reference period]

N/A – the Fund does not commit to making sustainable investments.

109How did the percentage of investments that were aligned with the
EU Taxonomy compare with previous reference periods? [include
where at least one previous periodic report was provided]
N/A – the Fund does not commit to making sustainable investments.

What was the share of sustainable investments with anenvironmental objective not aligned with the EU Taxonomy? [includesection only for the financial products referred to in Article 6, first subparagraph, ofRegulation (EU) 2020/852 where the financial product included sustainable investmentswith an environmental objective that invested in economic activities that are notenvironmentally sustainable economic activities, and explain why the financial productinvested in economic activities that were not Taxonomy-aligned]
N/A – the Fund does not commit to making sustainable investments.

What was the share of socially sustainable investments? [include only
where the financial product included sustainable investments with a social objective]
N/A – the Fund does not commit to making sustainable investments.

What investments were included under “other”, what was their
purpose and were there any minimum environmental or social
safeguards?
The “#2 Other” investments are cash which was held as ancillary liquidity. Minimum
environmental and social safeguards are not applied to investments included under “#2
Other”.

What actions have been taken to meet the environmental and/or social
characteristics during the reference period? [list the actions tak en within in
the period covered by the periodic report to meet the environmental or social characteristics
promoted by the financial product, including shareholder engagement as referred to in
Article 3g of Directive 2007/36/EC and any other engagement relating to the environmental
or social characteristics promoted by the financial product]
The Investment Manager executed the following ESG integration methods during thereference period to meet the ESG characteristics described in previous section.
1. The Investment Manager maintained and updated proprietary quantitative model forthe following reasons:a. To better assess performance on sustainability for companies in theInvestment Manager’s portfolios and investable universe;
110

b. To better identify potential ESG issues of companies for further qualitative ESG
research and engagement.
2. The Investment Manager conducted engagement calls with portfolio holding
companies on material ESG issues to obtain additional research insights, encourage
positive change for the ESG characteristics promoted, and to discuss any material
controversies. Through regular meetings and discussions with companies, theInvestment Manager actively sought increased transparency by encouraging more
frequent and robust disclosure and the establishment of tangible ESG goals.
3. The Investment Manager took an active and responsible approach to proxy voting byusing customized ESG proxy voting guidelines for casting votes, when required.
In 2023, the Investment Manager voted proxies for 100% of eligible proxy ballots. In
addition, the company discussed proxy voting matters during engagement calls
referenced above.
4. Binding Elements
100% of the investments abided by the binding elements of the Fund.
[include note forfinancial products
where an index has
been designated as areference benchmark
for the purpose of
attaining theenvironmental orsocial characteristics
promoted by thefinancial product ]Reference
benchmarks areindexes tomeasure whether
the financial
product attains theenvironmental orsocialcharacteristics thatthey promote.

How did this financial product perform compared to the reference
benchmark? [include section where an index has been designated as a reference benchmark
for the purpose of attaining the environmental or social characteristics promoted by the financial
product and indicate where the methodology used for the calculation of the designated index can b efound]

N/A – no such reference benchmark has been designated.

How does the reference benchmark differ from a broad market index?
N/A

How did this financial product perform with regard to the sustainability
indicators to determine the alignment of the reference benchmark withthe environmental or social characteristics promoted?
N/A

How did this financial product perform compared with the reference
benchmark?
N/A

How did this financial product perform compared with the broad market
index?
N/A

111

ANNEX IV
Template periodic disclosure for the financial products referred to in Article 8,paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, ofRegulation (EU) 2020/852
Sustainable
investment means
an investment in an
economic activity
that contributes toan environmental
or social objective,
provided that theinvestment does
not significantly
harm anyenvironmental orsocial objective andthat the investee
companies follow
good governancepractices.
The EU Taxonomy
is a classification
system laid down inRegulation (EU)2020/852,
establishing a list ofenvironmentally
sustainableeconomic
activities. That
Regulation does not
lay down a list ofsocially sustainableeconomic activities.
Sustainable
investments with anenvironmental
objective might bealigned with theTaxonomy or not.

Product name: Brookfield Global Listed Core
Infrastructure UCITS Fund

Legal entity identifier:493005ORVCCYW3JQM83

Environmental and/or social characteristics
Did this financial product have a sustainable investment objective? [tick and fill in as
relevant, the percentage figure represents the minimum commitment to sustainable investments]
Yes
No
It made sustainable investmentswith an environmental objective:___%

It promoted Environmental/Social (E/S)
characteristics andwhile it did not have as its objective a sustainable
investment, it had a proportion of ___% ofsustainable investmentsin economic activities that
qualify as environmentally
sustainable under the EU
Taxonomywith an environmental objective ineconomic activities that qualify asenvironmentally sustainable under the EU
Taxonomyin economic activities that do
not qualify asenvironmentally sustainable
under the EU Taxonomy

with an environmental objective ineconomic activities that do not qualify asenvironmentally sustainable under the
EU Taxonomy
with a social objective

It made sustainable investmentswith a social objective: ___%

x

It promoted E/S characteristics, but did not
make any sustainable investments

To what extent were the environmental and/or social characteristics
promoted by this financial product met? [list the environmental and/or social
characteristics promoted by the financial product. For the financial products referred to in
Article 6, first paragraph, of Regulation (EU) 2020/852, in respect of sustainable
investments with environmental objectives, list the environmental objectives set out in
Article 9 of that Regulation to which the sustainable investment underlying the financial
product contributed. For financial products that made sustainable investments with social
objectives, list the social objectives]

112

The environmental and social characteristics promoted by the Fund during the reporting
period 1 January 2023 to 31 December 2023 (the "Reporting Period") consisted of:(1) Facilitating energy transition and security(2) Increase mobility for society – physical and digital(3) Supporting a clean and circular economy
The Fund will be actively managed against the FTSE Global Core Infrastructure 50/50 Index(USD). The Fund does not currently have a reference benchmark designated for the purposeof attaining the environmental or social characteristics promoted.

How did the sustainability indicators perform?
Over the reporting period, the average sustainability indicator scores were as follows:

Sustainability Indicator

Sustainability
indicators
measure how theenvironmental orsocialcharacteristics
promoted by thefinancial productare attained.

Adverse impact on
Sustainability factors(qualitative or
quantitative)

Performance

Greenhouse gas emissions

Investments in companies
without carbon emission
reduction initiatives

0% of the portfolio
companies do not havecarbon emission reduction
initiatives

Greenhouse gas emissions

Blended Weight Average
Carbon Intensity (Scope 1& 2 t/USD Million EVIC)

274 Blended WACI (Scope
1 & 2 t/USD Million EVIC)

Energy performance

Share of non-renewableenergy consumption andproduction

Social and employee matters

Violations of UN Global
Compact principles andOrganisation for Economic
Cooperation andDevelopment (OECD)
Guidelines for Multinational
Enterprises

59% blended weighted
average of non-renewableenergy production by
power generation portfolio
companies which
represented 8% of total
portfolio. 1
0% of portfolio companies
have violated UN Global
Compact principles andOECD Guidelines forMultinational Enterprises

1.

Companies included in the calculation are those that have a majority (50%+ revenues /regulated asset base / cash flow contribution) business activity in power generation specifically.
Companies that have power generation where it was not the primary business activity were
excluded in the 2023 calculation.

The data above is sourced from company materials, Bloomberg, and MSCI.
113

…and compared to previous periods? [include for financial products whereat least one previous periodic report was provided]

Adverse impact on
Sustainability
factors (qualitativeor quantitative)

Performance 2022

Performance 2023

2022 vs 2023
Performance Periods

Greenhousegas emissions

Investments incompanies withoutcarbon emission
reduction initiatives

0% of the portfolio
companies do nothave carbon emission
reduction initiatives

0% of the portfolio
companies do not havecarbon emission reduction
initiatives

All companies held in theportfolio have carbon
emissions reduction
initiatives.

Greenhousegas emissions

Blended Weight
Average Carbon
Intensity (Scope 1 &2 t/USD Million
EVIC)

224 Blended WACI
(Scope 1 & 2 t/USD
Million EVIC)

274 Blended WACI
(Scope 1 & 2 t/USD
Million EVIC)The WACI increased by 50
tons per USD million of
EVIC due to an increased
position size in integrated
utilities. 2

Energyperformance

Share of nonrenewable energy
consumption andproduction

59% blended weighted
average of non-renewableenergy production by
power generation portfolio
companies which
represented 8% of total
portfolio. 1

Social andemployeematters

Violations of UN
Global Compact
principles andOrganisation for
Economic
Cooperation andDevelopment(OECD) Guidelines
for Multinational
Enterprises

33% blended weighted
average of nonrenewable energy
production by power
generation portfolio
companies which
represented 35% of
total portfolio. 1
0% of portfolio
companies haveviolated UN Global
Compact principles
and OECD Guidelines
for Multinational
Enterprises

The percent of nonrenewable energy
production by power
generation portfolio
companies increased by
26% due to an increased
position size of integrated
utilities. 2
Through our due diligenceprocess, 0 portfolio
companies have violated
the UN Global Compact
principles and OECD
Guidelines for Multinational
Enterprises

Sustainability
Indicator

2.

0% of portfolio companies
have violated UN Global
Compact principles andOECD Guidelines forMultinational Enterprises

Further detail below :a. Increased or initiated w eights to integrated utilities/midstream (RWE AG, Drax Group
PLC, Entergy Corporation, Targa Resources Corp., WEC Energy Group)

What were the objectives of the sustainable investments that thefinancial product partially made and how did the sustainable
investment contribute to such objectives? [include for financial productsthat made sustainable investments, where not included in the reply to the above
question, describe the objectives. Describe how the sustainable investments
contributed to the sustainable investment objective. For the financial products
referred to in Article 6, first paragraph, of Regulation (EU) 2020/852, list theenvironmental objectives set out in Article 9 of that Regulation to which thesustainable investment underlying the financial product contributed]
N/A – the Fund does not commit to making sustainable investments.
114

How did the sustainable investments that the financial productpartially made not cause significant harm to any environmental
or social sustainable investment objective? [include where the financial
product includes sustainable investments]
N/A – the Fund does not commit to making sustainable investments.

How were the indicators for adverse impacts on sustainability
factors taken into account?
N/A – the Fund does not commit to making sustainable investments.

Were sustainable investments aligned with the OECD
Guidelines for Multinational Enterprises and the UN Guiding
Principles on Business and Human Rights? Details:
N/A – the Fund does not commit to making sustainable investments.

How did this financial product consider principal adverse impacts onsustainability factors? [include section if the financial product considered principal
adverse impacts on sustainability factors]
N/A – the Fund does not consider principal adverse impacts on sustainability factors.

What were the top investments of this financial product?

Largest Investments
Transurban Group
NextEra Energy Inc
PG&E Corp
Crown Castle Inc
SempraNational Grid PLC
Public Service EnterpriseGroup
CenterPoint Energy Inc
NiSource Inc
Ferrovial SE

SectorToll Roads
Renewables/Electric Generation
Electricity Transmission &Distribution
Communications
Pipelines
Electricity Transmission &Distribution% Assets
5.9
5.1

Renewables/Electric Generation
Electricity Transmission &Distribution
Gas Utilities
Toll Roads

Country
Asia Pacific
U.S.

4.5
4.4
4.1

U.S.
U.S.
U.S.

3.9

U.K.

3.9

U.S.

3.9
3.8
3.7

U.S.
U.S.
Continental Europe

The top investments are the average top 10 positions over the reporting period 1
January 203 to 31 December 2023.

115

[Include a statement for the financial products referred to in Article 6, firstparagraph, of Regulation (EU) 2020/852]
The EU Taxonomy sets out a “do not significant harm” principle by which
Taxonomy-aligned investments should not significantly harm EU Taxonomy
objectives and is accompanied by specific Union criteria.
The “do no significant harm” principle applies only to those investments underlying
the financial product that take into account the Union criteria for environmentally
sustainable economic activities. The investments underlying the remaining portionof this financial product do not take into account the Union criteria forenvironmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any
environmental or social objectives.

What was the proportion of sustainability-related investments?
Asset allocation
describes theshare ofinvestments inspecific assets.

[include note for thefinancial products
referred to in Article 6,
first paragraph, ofRegulation (EU)2020/852

Taxonomy-aligned
activities are
expressed as ashare of:- turnover reflects
the “greenness” ofinvesteecompanies today.
- capital
expenditure(CapEx) shows
the green
investments madeby investee
companies,
relevant for atransition to agreen economy.
- operational
expenditure(OpEx) reflects
the greenoperational
activities ofinvesteecompanies.

N/A – the Fund does not commit to making sustainable investments.

What was the asset allocation?
As of December 31, 2023, 97.80% of investments met the environmental and social
characteristics as defined by the Fund. This is calculated using the blended average of theportfolio holdings throughout the reporting year. These securities met the criteria because
they all have set an emissions reduction target or reported strategies to reduce theircarbon emissions, have reported GHG emissions data, and/or integrate renewable energy
sources in their power generation activities where applicable. 2.20% of the portfolio includes
the remaining investments of the financial product which are not aligned with theenvironmental or social characteristics, nor qualified as sustainable investments, but rather
cash which was held as ancillary liquidity.

#1 Aligned with E/Scharacteristics = 97.80%

Investments#2 Other = 2.20%#1 Aligned with E/S characteristics includes the investments of the financial product used to attain theenvironmental or social characteristics promoted by the financial product.
#2Other includes the remaining investments of the financial product which are neither aligned with theenvironmental or social characteristics, nor are qualified as sustainable investments.

116

In which economic sectors were the investments made?

Renewables/Eletric Generation
5%

2% 2%

6%
30%

Eletricity Transmission &Distribution
Communcations
Rail

8%

Toll Roads
Pipelines

7%

Midstream
9%12%

Gas Utilities
Airports

9%

9%

Water
Cash

The chart represents the average economic sector allocations over the reporting
period 1 January 2023 to 31 December 2023.

To what extent were the sustainable investments with anenvironmental objective aligned with the EU Taxonomy? [includesection for the financial products referred to in Article 6 , first paragraph, of Regulation(EU) 2020/852 and include information in accordance with Article 51 of this Regulation]
N/A – the Fund does not commit to making sustainable investments.

117

[include note only
for the financial
products referred
to in Article 6, firstparagraph, ofRegulation (EU)2020/852]
Enabling
activities directly
enable otheractivities to makea substantial
contribution to an
environmental
objective.
Transitional
activities areactivities for which
low-carbon
alternatives are not
yet available andamong others
have greenhousegas emission
levelscorresponding to
the best[includenote forperformance.
the financial
products referred
to in Article 6, firstparagraph, ofRegulation (EU)2020/852 thatinvest inenvironmental
economic
activities that arenotenvironmentally
sustainableeconomic
activities]
aresustainable
investments withan environmental
objective that do
not take into
account thecriteria forenvironmentally
sustainableeconomic activities
under Regulation(EU) 2020/852.

The graphs below show in green the percentage of investments that were aligned with
the EU Taxonomy. As there is no appropriate methodology to determine the taxonomyalignment of sovereign bonds*, the first graph shows the Taxonomy alignment inrelation to all the investments of the financial product including sovereign bonds, while
the second graph shows the Taxonomy a lignment only in relation to the investments ofthe financial product other than sovereign bonds.
N/A – the Fund does not commit to Taxonomy-aligment.

What was the share of investments made in transitional and enabling
activities? [include a break down of the proportions of investments during thereference period]
N/A – the Fund does not commit to making sustainable investments.

How did the percentage of investments that were aligned with the EU
Taxonomy compare with previous reference periods? [include where atleast one previous periodic report was provided]
N/A – the Fund does not commit to making sustainable investments.

What was the share of sustainable investments with anenvironmental objective not aligned with the EU Taxonomy? [includesection only for the financial products referred to in Article 6, first subparagraph, ofRegulation (EU) 2020/852 where the financial product included sustainable investmentswith an environmental objective that invested in economic activities that are notenvironmentally sustainable economic activities, and explain why the financial productinvested in economic activities that were not Taxonomy-aligned]
N/A – the Fund does not commit to making sustainable investments.

What was the share of socially sustainable investments? [include only
where the financial product included sustainable investments with a social objective]
N/A – the Fund does not commit to making sustainable investments.

118

What investments were included under “other”, what was their
purpose and were there any minimum environmental or social
safeguards?
The “#2 Other” investments are cash which was held as ancillary liquidity.

Minimum environmental and social safeguards are not applied to investments included under“#2 Other”.

What actions have been taken to meet the environmental and/or social
characteristics during the reference period? [list the actions tak en within in
the period covered by the periodic report to meet the environmental or social characteristics
promoted by the financial product, including shareholder engagement as referred to in
Article 3g of Directive 2007/36/EC and any other engagement relating to the environmental
or social characteristics promoted by the financial product]
The Investment Manager executed the following ESG integration methods during thereference period to meet the ESG characteristics described in previous section.
1. The Investment Manager maintained and updated its proprietary quantitative model forthe following reasons:a. To better assess performance on sustainability for companies in theInvestment Manager’s portfolios and investable universe;b. To better identify potential ESG issues of companies for futher qualitative ESG
research and engagement.
[include note forfinancial products
where an index has
been designated as areference benchmark
for the purpose of
attaining theenvironmental orsocial characteristics
promoted by thefinancial product]

Reference
benchmarks areindexes to measure
whether thefinancial productattains theenvironmental orsocialcharacteristics thatthey promote.

2. The Investment Manager conducted engagement calls with portfolio holding
companies on material ESG issues to obtain additional research insights,encourage
positive change for the ESG characteristics promoted, and to discuss any material
controversies. Through regular meetings and discussions with companies, theInvestment Manager actively seeks increased transparency by encouraging more
frequent and robust disclosure and the establishment of tangible ESG goals.
3. The Investment Manager took an active and responsible approach to proxy voting byusing customized ESG proxy voting guidelines for casting votes, when required.
In 2023, the Investment Manager voted proxies for 100% of eligible proxy ballots. In
addition, the company discussed proxy voting matters during engagement calls
referenced above.
4. Binding Elements
100% of the investments abided by the binding elements of the Fund.

How did this financial product perform compared to the reference
benchmark? [include section where an index has been designated as a reference
benchmark for the purpose of attaining the environmental or social characteristics
119promoted by the financial product and indicate where the methodology used for the
calculation of the designated index can b e found]
N/A – no such reference benchmark has been designated.

How does the reference benchmark differ from a broad market index?
N/A

How did this financial product perform with regard to the sustainability
indicators to determine the alignment of the reference benchmark withthe environmental or social characteristics promoted?
N/A

How did this financial product perform compared with the reference
benchmark?
N/A

How did this financial product perform compared with the broad market
index?

Performance Summary(Net of Fees)

YTD

Brookfield Global Listed Core UCITS Fund (Class E)

2.46%

FTSE Global Core Infrastructure 50/50 Net Index (USD)

2.21%

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BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
APPENDIX
Operational Risk
Operational risk comprises the risk that deficiencies in the effectiveness and accuracy of information systems
or internal controls will result in a material loss. The risk arises from human error, systems failures, inadequate
procedures or internal management controls and these are mitigated by the following controls:

The valuation standards and systems utilised by the Administrator are consistent with current industry
standards, with derivatives valued at market value and exposures stated on a delta-adjusted basis.

Valuation/pricing of all financial derivative instruments are sourced and reported independently, using
appropriate methodologies as appropriate for the instrument.



There is segregation of duties between the Manager and the Administrator;



Operational control procedures are in place to enable prompt and accurate recording of physical andderivative transactions and protect the integrity of systems and portfolio information. All trades are bookedon trade date and the transaction history cannot be deleted from the system;

Independent reconciliations of portfolio holdings and frequent broker confirmations are carried out by both
the Manager and the Administrator on a monthly basis and signed off by senior personnel;

New types of derivative instruments must be approved for use by the Board after consideration of theinvestment and operational risks and requirements and documented business continuity/disaster recovery
plans are in place for both the Manager and the Administrator.

The Manager analyses and monitors the portfolios of the sub-funds on a daily basis. Exposures are measured
by market, asset class, sector and market capitalisation. Pre and post trade compliance monitoring is carriedout to ensure that there are no breaches of the sub-funds’ investment guidelines.
Remuneration Disclosure
The Manager has designed and implemented a remuneration policy (the “Policy”) in line with the provisi ons of
S.I. 257 of 2013 European Union (Alternative Investment Fund Managers) Regulations 2013 (the “AIFM
Regulations”), S.I. 352 of 2011 European Communities (Undertakings for Collective Investment in Transferable
Securities) Regulations 2011 (as amended) (the “UCITS Regulations”) and of the ESMA Guidelines on soundremuneration policies under the UCITS Directive and AIFMD (the “ESMA Guidelines”). The Policy is designed
to ensure that the remuneration of key decision makers is aligned with the management of short and long-termrisks, including the oversight and where appropriate the management of sustainability risks in line with the
Sustainable Finance Disclosures Regulations.
The Manager’s remuneration policy applies to its identified staff whose profess ional activities might have amaterial impact on the Company’s risk profile and so covers senior management, risk takers, control functions
and any employees receiving total remuneration that takes them into the same remuneration bracket as senior
management and risk takers and whose professional activities have a material impact on the risk profile of theCompany. The Manager’s policy is to pay identified staff a fixed component with the potential for identified staff
to receive a variable component. It is intended that the fixed component will represent a sufficiently highproportion of the total remuneration of the individual to allow the Manager to operate a fully flexible policy, withthe possibility of not paying any variable component. When the Manager pays a variable component as
performance related pay certain criteria, as set out in the Manager’s remuneration policy, must be adhered to.
The various remuneration components are combined to ensure an appropriate and balanced remuneration
package that reflects the relevant staff rank and professional activity as well as best market practice. The
Manager’s remuneration policy is consistent with, and promotes, sound and effective risk management anddoes not encourage risk-taking which is inconsistent with the risk profile of the funds it manages.

121

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
APPENDIX (continued)
Remuneration Disclosure (continued)
These disclosures are made in respect of the remuneration policies of the Manager. The disclosures are madein accordance with the ESMA Guidelines.
Total remuneration (in EUR) paid to the identified staff of the Manager fully or partly involved in the activitiesof the Company that have a material impact on the Company’s risk profile during the financial year to 31
December 2023 (the Manager’s financial year):
Fixed remuneration
Senior Management
Other identified staff

EUR
1,578,804-

Variable remuneration
Senior Management
Other identified staff

28,006-

Total remuneration paid

1,606,810

No of identified staff – 17
Neither the Manager nor the Company pays any fixed or variable remuneration to identified staff of theInvestment Manager.
On 29 September 2023, KBA Consulting Management Limited, the Manager of the Company, completed its
merger with Waystone Management Company (IE) Limited (“WMC”). WMC is the surviving entity post-merger
and as such, the Company’s Manager is WMC from this date and the above remuneration figures are the total
remuneration for WMC.
There have been no material changes made to the Remuneration Policy or the Manager’s remuneration
practices and procedures during the financial year.
Securities Financing Transactions
The Company is subject to the Regulation (EU) 2015/2365 on Transparency of Securities Financing
Transactions and of Reuse and Amending Regulation (EU) No 648/2012 of the European Parliament and of
the Council (SFTR).
A Securities Financing Transaction (SFT) is defined per Article 3(11) of the SFTR as: a repurchase transaction or a reverse repurchase transaction;
 a securities or commodities lending and securities or commodities borrowing; a buy-sell back transaction or sell-buy back transaction;
 a margin lending transaction;
 a total return swap.
For the year end 31 December 2023 and year ended 31 December 2022 the sub-funds have not entered intosuch SFT. Accordingly, there are no additional disclosures required for the Company.
Additional Provisions for Investors in Switzerland
The state of the origin of the Company is Ireland. The Representative in Switzerland is ACOLIN Fund Services
AG, Leutschenbachstrasse 50, CH-8050 Zurich, whilst the Paying Agent is Helvetische Bank AG,
Seefeldstrasse 215, CH-8001 Zurich. The prospectus, the key information documents or the key investor
information documents, the articles, the list of purchases and sales as well as the annual and semiannual
reports may be obtained free of charge from the representative.
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BROOKFIELD INVESTMENT FUNDS (UCITS) PLC
APPENDIX (continued)
Total Expense Ratios
The total expense ratio was calculated based on the version currently applicable of the “Guidelines on thecalculation and disclosure of the Total Expense Ratio of collective investment schemes” of the AssetManagement Association (AMAS).
Sub-FundTotal Expense Ratio Total Expense Ratio
Financial Year
Financial Year
31 December 2023 31 December
Ended 2022%%

Brookfield Global Listed Real Estate UCITS FundClass A*Class AA**Class BClass EClass FClass IClass VClass W
Class Z

1.05
1.05
1.05
1.05
1.05
1.05
1.90
1.90
1.05

1.05
1.05
1.05
1.05
1.05
1.05
1.90
1.90
1.05

Brookfield Real Assets Securities UCITS FundClass E

1.05

1.05

Brookfield Global Renewables and Sustainable
Infrastructure UCITS FundClass BClass EClass FClass V

1.15
1.15
1.15
2.10

1.15
1.15
1.15
2.10

Brookfield Global Listed Core Infrastructure UCITS FundClass BClass E

1.00
1.00

1.00
1.00

*Class A share class terminated on 26 January 2023.
**Class AA share class terminated on 20 April 2023.

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