Center Coast Brookfield Midstream Focus Fund Quarterly Commentary – Q3 2024
Q3 2024 Energy Infrastructure Overview
Midstream equities, as represented by the Alerian Midstream Energy Index (AMNA), returned +9.69% in Q3 of2024, compared to a total return of +5.89% for the broader market, as represented by the S&P 500 Index.
Crude oil prices declined -16.40% during the third quarter.1
The major drivers of strong sector performance, in our view, continue to be:•••

Strong free cash flow profiles supporting high and growing income for investors
Cash flow growth from visible fundamental tailwinds, including power load demand growth from data
centers and liquefied natural gas (LNG) exports
Healthy balance sheets and sustainable self-funding models enhancing stability throughtumultuous macro backdrops

We consider the healthy balance sheets with sustainable self-funding models particularly noteworthy, as the
midstream sector generated its eighth sector consecutive quarter of positive performance and outperformed thebroader market despite a meaningful decline in spot crude oil prices. While midstream equities have shownhigher correlation to crude oil prices during some periods in the past, we believe the three major hallmarks of
the industry outlined above are characteristics that position energy infrastructure as an attractive asset classacross investment cycles and could insulate the equities from commodities and macro volatility over the longterm.
Index Performance Bifurcation Warrants Active and Flexible Investment Strategies
We believe that the best way to invest in the long-term potential of the asset class is through an active, flexible
portfolio of diversified midstream companies like those present in the Fund. Performance dispersion between
the two major indexes—the AMNA and the Alerian MLP Index (AMZ)—has been particularly noticeable the last
three years (Figure 1). In 2022, 2023, and 2024 year-to-date, for example, the average performance dispersion
has averaged more than 10% on an absolute value basis.
Figure 1
AMNA Index and AMZ Index Total Return (%)
40.00%
30.92%

30.00%

26.56%

27.37%

21.53%
18.56%

20.00%
14.02%
10.00%

0.00%
2022

2023

AMNA Index

AMZ Index

Source: Brookfield Public Securities Group, Bloomberg.
1

Crude oil prices represented by West Texas Intermediate (WTI) crude oil.

2024 YTDWe believe a strategy like the Fund is well-equipped to navigate these periods of dispersion given its ability toinvest without restrictions in the Master Limited Partnerships (MLPs) that are found in the AMZ, while alsooffering the ability to invest without restrictions in C corps that are found in the AMNA (and not in the AMZ).
We have been and continue to remain structure agnostic, investing in those names that we believe offer thebest risk-adjusted return with a focus on income. If the periods of performance dispersion that we highlighted
above were to recur, they could create opportunities to move tactically—and in size—between favoredsecurities regardless of whether the companies are structured as MLPs or C corps. This flexibility maximizes
our potential to generate alpha and create long-term value for our investors.
Midstream Industry Defensiveness on Display
As mentioned above, we are optimistic about the long-term potential for the asset class given its recent
defensiveness in the face of a weak crude oil environment. We hope the midstream sector's stark
outperformance vs. the commodity in Q3 is indicative of what could be a new technical trading paradigm, as
daily correlation has seemingly broken down: the 0.21 year-to-date correlation for the AMNA to changes incrude oil prices stands meaningfully below the 5-year average of 0.50.2 This is owed in large part to the strong
company-level and demand fundamentals we have been discussing for some time now and highlighted at the
beginning of this letter.
Figure 2

Recent AMNA Total Return vs. Crude Oil
160%

147%

140%
120%
100%
80%
59%

60%
40%

45%

38%
27%

22%

14%

20%
4%
0%

(11%)
2023

(20%)
2021

2022

AMNA Total Return(5%)
2024 YTD

Cumulative

Crude Oil

Sources: Brookfield Public Securities Group, Bloomberg

In austere or extremely volatile commodity price environments, however, we think investors should naturally
expect some elevated performance sensitivity from midstream equities, even though we would remain
confident in operating cash flow and free cash flow resilience. On that latter point, we have a relevant casestudy related to the demand changes we saw in 2020 in response to COVID. During 2020, free cash flow
actually increased versus expectations due to a limited negative impact on top-line operating cash flow thatwas more than offset by large reductions in capital expenditures.

Wells Fargo Equity Research, “Midstream Monthly Outlook: October 2024,” October 3, 2024. Represents correlation based ondaily percent changes.
2

As a result, more cash was available for companies to distribute to investors, protect balance sheets (pay downdebt), or buy back cheaper stock. We believe this corporate finance profile (and attractive income) could help
mitigate market or commodity volatility for midstream versus those invested directly in the commodity or morecommodity-sensitive parts of the energy sector like producers, refiners, or service companies.
Moreover, the asset class has a diversified cash flow asset base across the hydrocarbon stream and an
attractive, fee-based contract profile, often with demand charges or minimum volume commitments thatgenerate revenues regardless of asset utilization. The importance of a diversified footprint is worthhighlighting—often times gas-focused basins and assets perform well during periods of weak crude prices or
output, and vice versa—providing what could be considered a modest intra-sector cash flow hedge. For
example, should Permian crude oil growth miss expectations to the downside over a given time period, wewould expect a call on gas from dry gas basins like the Marcellus or Haynesville to offset Permian weakness
given the demand-pull volumes expected to come from LNG and power markets in the coming years.
M&A: Another Way Midstream Companies Are Creating Value
M&A activity has remained topical and can be another way the sector creates value for investors over time. The
most notable deal announcement during the third quarter came from ONEOK, Inc. (NYSE: OKE), just about ayear after its corporate acquisition of Magellan Midstream Partners. On August 28th, OKE announced it would
acquire Global Infrastructure Partners’ (GIP) limited partner and general partner interests in EnLink Midstream,
LLC (NYSE: ENLC) and Medallion Midstream, LLC, a private Permian gathering company, for approximately$5.9 billion. Upon announcing the deal, OKE noted its intent to pursue the acquisition of the remaining public
interests in ENLC in a tax-free, stock-for-stock deal once its transaction with GIP closes.
Deals like this have tremendous industrial logic and help to drive value through operational, commercial, andcorporate synergies. OKE, for example, announced more than 5% earnings per share accretion and more than
15% free cash flow per share accretion from 2025-28, on average, related to its transactions with GIP.
Additionally, we think that the numerous recent single-asset transactions that have generally been funded withcash—in large part due to the strong balance sheet positions of public midstream acquirers—have also driven
strong free cash flow accretion and helped companies shore up strategic footholds in key operating areas. We
anticipate M&A activity in the sector will persist and look forward to additional value creation from the many
ways dealmaking can take shape.
Conclusion
We think there are several reasons to remain optimistic in the investment proposition of the midstream asset
class: a strong free cash flow yield with a substantial dividend component, the potential for growth of that cash
flow supported by secular tailwinds, and improved balance sheets and sound corporate finance models. Our
optimism is strengthened by the lower beta and commodity correlation that we have seen recently versus
historical averages. We believe flexible strategies like the Fund remain the best way to invest in a sector that
we think has many years of value creation ahead of it.
As always, we appreciate your investment with us.

Q3 2024 Performance Summary: Total Return (Net of Fees)••••

Focus Fund (CCCNX): +6.22%
Alerian Midstream Energy Index (AMNAX): +9.69%
Alerian MLP Index (AMZX): +0.72%
S&P 500 Index (SPX): +5.89%

The Focus Fund (as represented by CCCNX) underperformed its benchmark (the AMNA Index) by 3.47%
during the third quarter. The underperformance was primarily driven by stock selection within a group of crude
gathering and processing (G&P) companies, an overweight allocation to a group of crude oil-focusedcompanies, and an underweight allocation to large Canadian companies. Quarterly performance was largely areversal of themes and groupings that had contributed to outperformance in the first half of 2024.

Inception

3 MonthYTD

1 Year

3 Years

5 Years

10 Years

Since
Inception

12/31/2010*

6.22%

28.02%

33.02%

20.81%

8.73%

1.66%

4.35%

Alerian Midstream
Energy Index (USD)

9.69%

27.37%

35.58%

20.68%

13.84%

N/A

N/A

Alerian MLP Index (USD)

0.72%

18.56%

24.46%

25.44%

13.48%

1.82%

5.82%

S&P 500 Index (USD)

5.89%

22.08%

36.35%

11.90%

15.96%

13.37%

13.85%

CCCNX (Class I)

Performance data quoted represents past performance; past performance does not guarantee future
results. The investment return and principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost. Current performance of theFund may be lower or higher than the performance quoted. Performance data current to the mostrecent month end may be obtained by calling 855.244.4859 or by clicking here
Returns for Class I Shares prior to February 5, 2018 reflect the performance of the Predecessor Fund's
Institutional Class Shares. On March 25, 2021, the Board of Trustees of Brookfield Investment Funds,
on behalf of Center Coast Brookfield Midstream Focus Fund, approved a proposal to close the Fund's
Class I Shares (the "Legacy Class I Shares"). Following the close of business on April 30, 2021,
shareholders holding the Legacy Class I Shares had their shares automatically converted (the"Conversion") into the Fund's Class Y Shares (the "Legacy Class Y Shares"). Following theConversion, the Fund's Legacy Class Y Shares were renamed "Class I Shares" (the "new Class I
Shares"). As a result of the Conversion, the Fund's new Class I Shares adopted the Legacy Class Y
Shares' performance and accounting history.

Q3 2024 Individual Fund Contributors & Detractors vs. the Index (AMNAX)

Rel. Weight(%)

Focus Fund vs. AMNAX Index
Relative Attribution

1 KGS

0.20

0.12

2 ETRN(0.25)

0.11

3 GLNG

2.04

0.10

4 ALA CN

0.73

0.08

5 NEXT(0.12)

0.08

5 ENB

(10.16)(0.54)

4 SUN

0.12

(0.62)

3 LNG(0.57)(0.63)

2 OKE(7.35)(0.67)

1 WES

2.85

(1.19)

Bottom Contributors

Top Contributors

TickerHoldings are as of the date shown above, may change at any time and are not recommendations to buy or sell
any security.
Relative Contributors vs. the AMNA Index••

The Fund’s overweight position to Kodiak Gas Services, Inc. (NYSE KGS), a compression company that is
not in the AMNA Index, was the most meaningful positive contributor on the quarter.
The Fund’s position in Golar LNG Limited (NYSE: GLNG), a producer of liquefied natural gas that is not in
the AMNA index, was the second-most notable positive contributor on the quarter.

Relative Detractors vs. the AMNA Index•••

The Fund’s stock selection within a group of G&P companies, including an overweight to Western
Midstream Partners, LP (NYSE: WES) and an underweight to ONEOK, Inc. (NYSE: OKE), made thatgroup the largest detractor during the quarter.
The Fund’s overweight allocation to a group of crude oil-focused companies, including individual
overweights to Hess Midstream LP (NYSE: HESM), Enterprise Products Partners L.P. (NYSE: EPD) and
Plains All American Pipeline, L.P. (NASDAQ: PAA), was another large detractor on the quarter.
The Fund’s underweight allocation to large Canadian companies also contributed negative relative
attribution vs. the AMNA during the third quarter.

IMPORTANT DISCLOSURES©2024 Brookfield Public Securities Group LLC is an SEC-registered investment adviser and represents the
Public Securities Group (“PSG”) of Brookfield Asset Management Inc., providing global listed real assets
strategies including real estate equities, infrastructure equities, multi-strategy real asset solutions and real
asset debt. PSG manages separate accounts, registered funds and opportunistic strategies for institutional andindividual clients, including financial institutions, public and private pension plans, insurance companies,
endowments and foundations, sovereign wealth funds and high net worth investors. PSG is an indirect, whollyowned subsidiary of Brookfield Asset Management, Inc., a leading global alternative asset manager.
Center Coast Brookfield MLP & Energy Infrastructure Fund announced that its Board of Trustees approved aproposal by Brookfield Public Securities Group LLC (“PSG”), the investment adviser of CEN, to reorganize
CEN into Center Coast Brookfield Midstream Focus Fund (the “Focus Fund”). The proposal to reorganize CEN
into the Focus Fund will require the approval of CEN shareholders. A special meeting of shareholders of CEN
is expected to be held in the third quarter of 2023 to consider the proposed Reorganization.
The Fund’s investment objectives, risks, charges and expenses must be considered carefully before
investing. The prospectus contains this and other important information about the investmentcompany, and it may be obtained by calling 855.244.4859 or visiting brookfield.com. Please read theprospectus carefully before investing.
The information in this presentation is not, and is not intended as investment advice, an indication of trading
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Top Holdings as of 9/30/2024:
MPLX LP (13.0%), Energy Transfer LP (13.0%), Enterprise Product Partners (11.5%), Williams Cos Inc/The(8.2%), and ONEOK Inc (7.3%). The most recent list of publicly available holdings can be found here.
RISK CONSIDERATIONS
Mutual fund investing involves risk. Principal loss is possible. Investing in Master Limited Partnerships(“MLPs”) involves additional risks as compared to the risks of investing in common stock, including
risks related to cash flow, dilution and voting rights. The Fund’s investments are concentrated in theenergy infrastructure industry with an emphasis on securities issued by MLPs, which may increase
volatility. Energy infrastructure companies are subject to risks specific to the industry such as
fluctuations in commodity prices, reduced volumes of natural gas or other energy commodities,
environmental hazards, changes in the macroeconomic or the regulatory environment or extreme
weather. MLPs may trade less frequently than larger companies due to their smaller capitalizations
which may result in erratic price movement or difficulty in buying or selling. The Fund invests in small
and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility.
Additional management fees and other expenses are associated with investing in MLPs. Additionally,
investing in MLPs involves material income tax risks and certain other risks. Actual results,
performance or events may be affected by, without limitation, (1) general economic conditions, (2)performance of financial markets, (3) interest rate levels, (4) changes in laws and regulations and (5)changes in the policies of governments and/or regulatory authorities.
Unlike most other open-end mutual funds, the Fund will be taxable as a regular corporation, or “C”
corporation. Consequently, the Fund will accrue and pay federal, state and local income taxes on its
taxable income, if any, at the Fund level, which will ultimately reduce the returns that the shareholder
would have otherwise received.
Additionally, on a daily basis the Fund’s net asset value per share (“NAV”) will include a deferred tax
expense (which reduces the Fund’s NAV) or asset (which increases the Fund’s NAV, unless offset by avaluation allowance). To the extent the Fund has a deferred tax asset, consideration is given as towhether or not a valuation allowance is required. The Fund’s deferred tax expense or asset is based on
estimates that could vary dramatically from the Fund’s actual tax liability/benefit and, therefore, could
have a material impact on the Fund’s NAV.
This material is provided for general and educational purposes only, and is not intended to provide
legal, tax or investment advice or to avoid legal penalties that may be imposed under U.S. federal tax
laws. Investors should contact their own legal or tax advisors to learn more about the rules that may
affect individual situations.
Past performance is no guarantee of future results. The Center Coast Brookfield MLP Focus Fund ismanaged by Brookfield Public Securities Group LLC.
The Fund is not required to make distributions and in the future could decide not to make such distributions or
not to make distributions at a rate that over time is similar to the distribution rate it receives from the MLPs in
which it invests. It is expected that a portion of the distributions will be considered tax deferred return of capital(ROC). ROC is tax deferred and reduces the shareholder’s cost basis (until the cost basis reaches zero); andwhen the Fund shares are sold, if the result is a gain, it would then be taxable to the shareholder at the capitalgains rate. Any portion of distributions that are not considered ROC are expected to be characterized as
qualified dividends for tax purposes. Qualified dividends are taxable in the year received and do not serve to
reduce the shareholder’s cost basis. The portion of the Fund’s distributions that are considered ROC may varymaterially from year to year.
Accordingly, there is no guarantee that future distributions will maintain the same classification for tax purposesas past distributions. An investment in the Fund may not receive the same tax advantages as a direct
investment in the MLP. Because deferred tax liability is reflected in the daily NAV, the MLP Fund’s after-tax
performance could differ significantly from the underlying assets even if the pre-tax performance is closely
tracked.
Concern about the spread of a novel coronavirus known as “COVID-19” has resulted in severe disruptions to
global financial markets, border closings, restrictions on travel and gatherings of any measurable amount ofpeople, “shelter in place” orders (or the equivalent) for states, cities, metropolitan areas and countries,
expedited and enhanced health screenings, quarantines, cancellations, business and school closings,
disruptions to employment and supply chains, reduced productivity, severely impacted customer and client
activity in virtually all markets and sectors, and a virtual cessation of normal economic activity. These events
contributed to severe market volatility which adversely impacted the Fund's net asset value and market priceand may result in reduced liquidity and heightened volatility in the performance of the Fund's portfolio
investments.

INDEX PROVIDER DISCLOSURES
Brookfield Public Securities Group LLC does not own or participate in the construction, or day-to-day
management of the indices referenced in this document. The index information provided is for your information
only and does not imply or predict that a Brookfield Public Securities Group LLC product will achieve similar
results. This information is subject to change without notice.

An investor cannot invest directly in an index, and the index performance referenced in this document does notreflect the deduction of any fees, expenses, sales charges, or taxes. The index sponsors permit use of theirindices and related data on an "As Is" basis, makes no warranties regarding same, does not guarantee thesuitability, quality, accuracy, timeliness, and/ or completeness of their index or any data included in, related to,or derived therefrom, and assumes no liability in connection with the use of the foregoing. The index sponsors
have no liability for any direct, indirect, special, incidental, punitive, consequential, or other damages (including
loss profits). The index sponsors do not sponsor, endorse, or recommend Brookfield Public Securities Group
LLC or any of its products or services.
There may be material factors relevant to any such comparison such as differences in the volatility, andregulatory and legal restrictions between the indices shown and the strategy.
INDEX DEFINITIONSThe Alerian MLP Index is the leading gauge of energy infrastructure Master Limited Partnerships (MLPs). The
capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flowfrom midstream activities involving energy commodities, is disseminated real-time on a price-return basis(AMZ) and on a total-return basis (AMZX).
The Alerian Midstream Energy Index is a broad-based composite of North American energy infrastructurecompanies. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of
their cash flow from midstream activities involving energy commodities, is disseminated real-time on a pricereturn basis (AMNA) and on a total-return basis (AMNAX).
The S&P 500 Index is an equity index of 500 widely held, large-capitalization U.S. companies.
The above-mentioned indexes do not reflect deductions for fees, expenses or taxes. The indexes areunmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative
purposes only and does not predict or depict the performance of any investment.
Quasar Distributors, LLC, is the distributor of Center Coast Brookfield Midstream Focus Fund and Brookfield
Public Securities Group LLC is the Investment Advisor.
© 2024 Brookfield Public Securities Group LLC