Quarterly Report
All data as of September 30, 2024

Brookfield Global Listed Real Estate FundClass A: BLRAX | Class C: BLRCX

Investment Objective
The Fund's investment objective is to seek total return through growth of capital and current income. There can be no assurance that the Fund willachieve its investment objective.

Fund Information

Fund Statistics

Share ClassSymbol
CUSIP
Minimum Investment
Dividend Frequency
Expense Ratio (Without Waiver) as of 4/29/24 2
Expense Ratio (With Waiver) as of 4/29/24 2ACBLRAX
BLRCX
112740105 112740204$1,000$1,000Quarterly Quarterly
1.27%
2.01%
1.20%
1.95%

Assets by Sector3

Total Net Assets (in millions)
Net Asset Value (NAV) Per Share (BLRAX)
Annualized Standard Deviation1
Annualized Tracking Error1
Sharpe Ratio1
Number of Holdings$182.17$12.2215.98%
2.82%
0.39
54

Assets by Geography3
Residential

15.6%

U.S.

62.9%

Retail

14.9%

Continental Europe

8.7%

Industrial

13.7%

Japan

7.2%

Data Centers

11.4%

U.K.

6.0%

Health Care

11.2%

Australia/N.Z.

5.8%

Diversified

9.2%

Singapore/Other Asia

4.1%

Net Lease

8.8%

Hong Kong/China

4.0%

Office7.6%

Canada0.5%

Self Storage

6.7%

Cash & Other

0.8%

Cash & Other

0.8%

Average Annual Total Returns (%)
Inception 3 Month

YTD

1 Year

3 Years

5 Years

10 Years

Since Incep.

Class A (Excluding Sales Charge)

5/01/1216.29%

11.03%

25.62%-0.42%

0.64%

3.34%

5.09%

Class A (Including Sales Charge)

5/01/1210.75%

5.78%

19.62%-2.03%-0.34%

2.83%

4.68%

Class C (Excluding Sales Charge)

5/01/1215.97%

10.42%

24.68%-1.18%-0.12%

2.56%

4.30%

Class C (Including Sales Charge)

5/01/1214.97%

9.42%

23.68%-1.18%-0.12%

2.56%

4.30%

16.07%

11.77%

28.86%

0.39%

1.39%

4.06%

4.95%

FTSE EPRA Nareit Developed Index Net (USD)

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

PortfolioManagementTeam

Brookfield Public Securities Group
Brandon Benjamin, Director and Portfolio Manager
Julian Perlmutter, CFA, Director and Portfolio Manager
Richard Sweigard, Director and Portfolio Manager

Quarterly Report
All data as of September 30, 2024

Brookfield Global Listed Real Estate FundClass A: BLRAX | Class C: BLRCXTop Ten Holdings4Ticker

Security

SectorGeography

Weight

EQIX USPLD USVNA GYBRX US
DOC USEXR US
UDR USADC US
SGP AU823 HK

Equinix Inc
Prologis Inc
Vonovia SE
Brixmor Property Group Inc
Healthpeak Properties Inc
Extra Space Storage Inc
UDR Inc
Agree Realty CorpStockland
Link REIT

Data Centers
Industrial
Residential
RetailHealth Care
Self Storage
Residential
Net Lease
Diversified
RetailU.S.
U.S.
Continental Europe
U.S.
U.S.
U.S.
U.S.
U.S.
Australia/N.Z.
Hong Kong/China

7.4%
7.4%
4.4%
4.1%
3.5%
3.5%
3.0%
2.9%
2.9%
2.8%
41.9% Total

Top/Bottom Sector Contribution

Top/Bottom Geography Contribution
Average
Active Weight

Relative
Attribution

Total
Contribution

Health Care

42 bps247 bps

2.7%

Hotel

24 bps-1 bps-1.8%

Residential

20 bps111 bps-0.8%

Data Centers-7 bps107 bps1.6%

SectorAverage
Active Weight

Relative
Attribution

TotalContribution

U.S.

79 bps1092 bps

0.3%

Australia/N.Z.

32 bps91 bps-1.2%

Singapore/Other

11 bps62 bps0.5%

Canada-17 bps

18 bps-1.2%

Geography

Specialty-8 bps

30 bps

-1.3%

U.K.

-26 bps

17 bps1.2%

Self Storage-21 bps

104 bps

-0.6%

Japan

-33 bps-39 bps-0.1%

Relative
Total
Attribution Contribution

Average
Active Weight

Top/Bottom Security Contribution
Ticker

Security

Geography

SectorAHR US

American Healthcare REIT, Inc.

U.S.

Health Care

27 bps

28 bps0.4%

EPRT US

Essential Properties Realty Trust, Inc.

U.S.

Net Lease

26 bps

63 bps2.4%

823 HK

Link Real Estate Investment Trust

Hong Kong/China

Retail21 bps

44 bps1.1%

URW FP

Unibail-Rodamco-Westfield SE

Continental Europe Retail-25 bps-16 bps

0.2%

8801 JP

Mitsui Fudosan Co., Ltd.

JapanOffice-26 bps-18 bps

1.1%

O US

Realty Income Corporation

U.S.

Net Lease-27 bps

9 bps

-2.0%

Quarterly Report
All data as of September 30, 2024

Brookfield Global Listed Real Estate FundClass A: BLRAX | Class C: BLRCXMARKET COMMENTARY
Global equities finished the third quarter strong amid optimism overcentral bank easing and stimulus measures from China. The MSCI World
Index rose 6.46%, with Asia Pacific, Europe and North America up
8.59%, 6.63% and 6.17%, respectively. The S&P 500 Index increased
5.89%. The 10-year U.S. Treasury yield fell 62 basis points during thequarter, to 3.78%. The U.S. Federal Reserve announced a 50-basis point
cut to the Fed Funds rate in September, with many market participants
anticipating further rate cuts in coming months. West Texas
Intermediate Crude Oil finished the quarter at $68.17, down from$81.54 at the end of the second quarter, while the Bloomberg
Commodity Index finished essentially flat, with a gain of 0.68%.
Global real estate securities rally 16% in Q3
Global real estate securities rallied during the third quarter, as investor
appetite for the asset class returned. The FTSE EPRA Nareit Developed
Index rose 16.33%, outperforming global equities and bringing the yearto-date return for the index to 12.64% for the first nine months of 2024.
During the quarter all U.S. property types posted gains, with only hotels
and residential property types not rising by double digits. Office stocks
were the top performer, rising nearly 30% during the period; and selfstorage companies were up nearly 23%.
Strategy Performance
The strategy moderately underperformed the index during the period.
Regional contributors to relative performance during the period
included:• U.S. Health Care: Positive security selection was driven byoutperforming overweight positions across subtypes within healthcare.
• U.S. Hotel: Underweight exposure across the underperforming
sector contributed to relative returns.
• Australia: Positive security selection among diversified real estatecompanies in the region contributed positively during the period.
• Singapore: Marginal relative outperformance was driven by adiversified landlord and a data center operator.
Conversely, regional detractors during the period included:• U.S. Self Storage: Underweight exposure and negative stock
selection detracted from relative performance.

• U.S. Specialty: Moderate underperformance due to underweight

exposure to a data management and data infrastructure company.

• Japan: Underperforming positions in a developer and JREITs

focused on office, residential and retail facilities detracted from
relative returns.
• U.K.: Relative underperformance was driven by overweight
positions in landlords focused on the office, retail and self storage
sectors.
Portfolio Positioning and Outlook
We believe global listed real estate is well positioned, given the green
shoots we see emerging for the asset class. These include a normalizing
interest rate environment, a more favorable supply-and-demand
backdrop, and attractive valuations.
In the U.S., data center demand remains robust and we are positioned
accordingly. We also believe high-quality, needs-based shopping centerspresent attractive values. We maintain a more cautious view on theindustrial and office sectors. Following a period of accelerated growth,industrial landlords continue to grapple with a supply and demand
imbalance. In the office sector, fundamental trends remain challenged,
particularly among landlords in secondary markets, as well as among
those focused on lab space. Security selection and a focus on quality
remains essential for this property type.
We have increased exposure to Europe and have a particularly
favorable view of the U.K. There we see several company-specificcatalysts supported by a pickup in housing activity. We also see
attractive opportunities for external growth among high-quality listedcompanies, whose costs of capital are declining relative to other market
participants.
In Asia Pacific, we are beginning to see more favorable opportunities
within the Japanese office and industrial sectors; and have become less
optimistic on travel and leisure-related companies in that region. We
are encouraged by stimulus measures announced in Hong Kong andChina. Our exposure remains focused primarily on security-specificopportunities across what we believe are high-quality retail and officecompanies.

A fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this andother important information about the investment company, and it may be obtained by calling 855.244.4859 or visiting www.brookfield.com.
Read the prospectus carefully before investing.

Risks to consider: Mutual fund investing involves risk. Principal loss is possible. There can be no assurance that the Fund will achieve its investment
objective. The Fund will be closely linked to the real estate market. Property values may fall due to increasing vacancies or declining rents resulting
from unanticipated economic, legal, cultural or techno-logical developments. REITs are dependent upon management skills and generally may not bediversified. REITs are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. The Fund invests in small and mid-cap
companies, which involve additional risks such as limited liquidity and greater volatility.
The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods.
These risks are magnified in emerging markets. Some securities held may be difficult to sell, particularly during times of market turmoil. If the Fund isforced to sell an illiquid asset to meet redemption, the Fund may be forced to sell at a loss. Investments in debt securities typically decrease in value
when interest rates rise. This risk is usually greater for longer-term debt securities. Debt securities rated below investment grade are commonlyreferred to as "junk bonds" and are generally more volatile, less liquid, and considered speculative. Since the Fund will invest more than 25% of its total
assets in securities in the Real Estate industry, the Fund may be subject to greater volatility than a fund that is more broadly diversified.
The FTSE EPRA Nareit Developed Index Net (USD) is a free float-adjusted market-capitalization weighted index that is designed to measure the performance oflisted real estate companies and real estate investment trusts (REITs) in developed markets. Investors cannot invest directly in indices or averages, and theirperformance does not reflect fees and expenses or taxes except the reinvestment of dividends net of withholding taxes nor represents the performance of anyfund. The Net benchmark presented is calculated on a total return basis net of foreign withholding taxes on dividends, and does not reflect fees, brokeragecommissions, or other expenses. Net total return indexes reinvest dividends after the deduction of withholding taxes (for international indexes), using tax ratesapplicable to non-resident investors who do not benefit from double taxation treaties.
Indexes are not managed and an investor cannot invest directly in an index. Index performance is shown for illustrative purposes only and does not predict ordepict the performance of the Fund.
1

Represents data for Class I since inception. Standard deviation measures the degree to which an investment's return varies from its mean return. Tracking
error measures the difference between a portfolio's returns and its benchmark. Sharpe ratio is a measure of the excess return to the risk-free rate (or riskpremium) per unit of risk (measured by standard deviation) in an investment asset or a trading strategy.

Quarterly Report
All data as of September 30, 2024

Brookfield Global Listed Real Estate FundClass A: BLRAX | Class C: BLRCX
23

4

5PSG, the Fund's investment adviser (the "Adviser"), has contractually agreed to waive all or a portion of its investment advisory or administration fees and/or
to reimburse certain expenses of the Fund until at least April 30, 2025 and may not be terminated by the Fund or the Adviser before such time. There is noguarantee that such waiver/reimbursement will be continued after that date. Without the waivers, investor total returns would be lower.
Source: PSG. Sector and geography allocations and asset classes determined by PSG are expressed as a percentage of total investments (by market value) andwill vary over time. Cash & Other includes available cash and other receivables and payables of the Fund.
Source: PSG. The top holdings will vary over time. There is no guarantee that the Fund currently holds any of the securities listed. The information above isbased on the total assets of the Fund. The holdings listed should not be considered recommendations to purchase or sell a particular security.
Calculated by Brookfield Public Securities Group LLC using FactSet. The sector contribution data reflects U.S. sector data only. Total Contribution refers to thechange in the Fund's value (excluding cash) over the period. Relative Attribution refers to the difference between the change in the Fund's value (excludingcash) relative to the change in the FTSE EPRA Nareit Developed Index Net (USD) value over the period. Attribution is expressed in local currency.

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

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

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