Oaktree Emerging Markets Equity FundClass A | OEQAX
Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Oaktree Emerging Markets Equity Fund for theperiod of January 1, 2024 to June 30, 2024. You can find additional information about the Fund athttps://www.brookfieldoaktree.com/fund/oaktree-emerging-markets-equity-fund. You can also request this information bycontacting us at 855-244-4859.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

$60

1.22%

Class AHOW DID THE FUND PERFORM AND WHAT AFFECTED ITS PERFORMANCE?
For the 6-month period ended June 30, 2024, the Fund underperformed its benchmark, the MSCI Emerging Markets Index.
WHAT FACTORS INFLUENCED PERFORMANCE
Our underperformance during the period was mostly attributable to our stock selection in China and Brazil, combined with
our overweight allocation to Brazil. Meanwhile, our selection in Taiwan had the largest positive impact on our performance.
At the sector level, our stock selection in materials contributed the most to our performance, while our selection in
consumer discretionary was the biggest detractor.
POSITIONING
Our largest overweights by country are China and Brazil, while India and Taiwan are our largest underweights. At thesector level, the portfolio is overweight materials, consumer discretionary, and energy, and is underweight information
technology and health care.
We have adjusted the make-up of our China portfolio, adding higher-quality names that have recently become attractive.
We also added some India exposure, largely still looking at infrastructure-related names given the need for public
spending. South Africa was an area where we saw volatility into the elections, but the results positively surprised themarket. We identified a short list of quality companies early on that we would buy should a better-than-expected outcome
occur, and we were able to act quickly.
Top Contributors!Taiwan Selection!Materials Selection
Top Detractors"China Selection"Brazil Selection & Overweight"Consumer Discretionary SelectionPERFORMANCEThe Fund posted a small loss for the reported period as our selection and positioning in China and Brazil provided thebiggest overhang.

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HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum
sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains.
Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)
1 YearSince Inception(05/16/2022)

Class A (without sales charge)

-0.56

2.28

Class A (with sales charge)

-5.31

-0.06

MSCI EM (EMERGING MARKETS) Net (USD)

12.55

6.65

Visit https://www.brookfieldoaktree.com/fund/oaktree-emerging-markets-equity-fund for more recent performance
information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect

the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets$261,564,871

Number of Portfolio Holdings

81

Portfolio Turnover

62%

Total Advisory Fees Paid

$871,262

Visit https://www.brookfieldoaktree.com/fund/oaktree-emerging-markets-equity-fund for more recent performance
information.
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Top 10 Holdings
Taiwan Semiconductor Manufacturing Co. Ltd.
Tencent Holdings Ltd.
Anglogold Ashanti PLC
Alibaba Group Holding Ltd.
iShares MSCI India ETF
Samsung Electronics Co. Ltd.
Vale SA
Freeport-McMoRan, Inc.
KB Financial Group, Inc.
Aluminum Corp. of China Ltd.

(%)1

Geographic Breakdown (%)1

8.6%
6.0%
3.9%
3.7%
3.5%
3.4%
2.9%
2.9%
2.6%
2.3%

1 Represents percent of total investments.
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Changes to Shareholder Fees (fees paid directly from your investment).
Effective January 24, 2024, Oaktree Fund Advisors, LLC (the “Adviser”), contractually agreed to reduce the Fund’sannual expense cap by 0.15% for each share class to 1.20% for Class A Shares, 1.95% for Class C Shares, and 0.95% forClass I Shares. Prior to January 24, 2024, the Fund’s annual expense cap was 1.35% for Class A Shares, 2.10% for Class C
Shares, and 1.10% for Class I Shares.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
For additional information about the Fund; including its prospectus, financial information, holdings and proxyinformation, scan the QR code or visit https://brookfield.onlineprospectus.net/Brookfield/funds
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple
accounts at the same address (Householding). If you would prefer that your Brookfield Public Securities Group LLC
documents not be householded, please contact Brookfield Public Securities Group LLC at 855-244-4859, or contact yourfinancial intermediary. Your instructions will typically be effective within 30 days of receipt by Brookfield Public Securities
Group LLC or your financial intermediary.

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