# EDGAR Filing Document

**Accession Number:** 0001520738
**File Stem:** 0001133228-26-003199
**Filing Date:** 2026-3
**Character Count:** 214944
**Document Hash:** 7cbf2e300b4876ba1e10eabc79338626
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003199.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001133228-26-003199

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 77

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brookfield Investment Funds
- **CENTRAL INDEX KEY:** 0001520738

**ORGANIZATION NAME:**
- **EIN:** 611652095
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22558
- **FILM NUMBER:** 26730527

**BUSINESS ADDRESS:**
- **STREET 1:** BROOKFIELD PLACE
- **STREET 2:** 225 LIBERTY STREET, 35TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10281-1023
- **BUSINESS PHONE:** 212-549-8400

**MAIL ADDRESS:**
- **STREET 1:** BROOKFIELD PLACE
- **STREET 2:** 225 LIBERTY STREET, 35TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10281-1023

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Brookfield Investment Management Inc.
- **DATE OF NAME CHANGE:** 20130429

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Brookfield Investment Funds
- **DATE OF NAME CHANGE:** 20110513

## Series and Classes Contracts Data

### Brookfield Global Listed Infrastructure Fund (Series ID: S000033448)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000102856 | Class A        | BGLAX           |
| C000102857 | Class C        | BGLCX           |
| C000102859 | Class I Shares | BGLYX           |

### Brookfield Global Listed Real Estate Fund (Series ID: S000033449)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000102860 | Class C        | BLRCX           |
| C000102862 | Class I Shares | BLRYX           |
| C000102863 | Class A        | BLRAX           |

### Oaktree Emerging Markets Equity Fund (Series ID: S000071702)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000227186 | Class A      | OEQAX           |
| C000227187 | Class I      | OEQIX           |
| C000227188 | Class C      | OEQCX           |

### Brookfield Next Generation Infrastructure Fund (Series ID: S000073655)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230715 | Class I      | GRSIX           |
| C000230716 | Class A      | GRSAX           |
| C000230717 | Class C      | GRSCX           |

?xml version='1.0' encoding='ASCII'? 2025-10-03190652_BrookfieldGlobalListedInfrastructureFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>**811-22558**</u>

**<u>BROOKFIELD INVESTMENT FUNDS</u>**

(Exact name of registrant as specified in charter)

**Brookfield Place**

**225 Liberty Street, 35<sup>th</sup> Floor** 

**<u>New York, New York 10281</u>**

(Address of principal executive offices) (Zip code)

**Brian F. Hurley, Esq.**

**Brookfield Investment Funds**

**Brookfield Place**

**225 Liberty Street, 35<sup>th</sup> Floor**

**<u>New York, New York 10281</u>**

(Name and address of agent for service)

<u>(855) 777-8001</u>

Registrant's telephone number, including area code

Date of fiscal year end: <u>**December 31**</u>

Date of reporting period: <u>**December 31, 2025**</u>

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img172227_202410091722533.jpg) | **Brookfield Global Listed Infrastructure** **Fund**  | ![image](img63345_202602092014689.jpg) |
| ![image](img172227_202410091722533.jpg) | Class A \| BGLAX  | ![image](img63345_202602092014689.jpg) |
| ![image](img172227_202410091722533.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img63345_202602092014689.jpg) |

---

This annual shareholder report contains important information about the Brookfield Global Listed Infrastructure Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://privatewealth.brookfield.com/fund/brookfield-global-listed-infrastructure-fund. You can also request this information by contacting us at 855-244-4859.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Class A | $133 | 1.25% |

---

**HOW DID THE FUND PERFORM AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund underperformed its benchmark, the FTSE Global Core Infrastructure 50/50 Index (USD).

**WHAT FACTORS INFLUENCED PERFORMANCE**

Sector contributors to relative performance during the period included:

• Integrated Utilities/Renewables: Positive security selection among power providers in the U.S. and Japan were the primary contributors to relative returns.

• Airports: Overweight exposure to a Thai airport operator contributed positively. The stock outperformed on the news the country's Civil Aviation Board approved an increase in the passenger service charge for international outbound travelers. An overweight position in a Mexican airport company contributed as well.

Sector detractors to relative performance during the period included:

• Towers: Overweight exposure to select global tower operators detracted from relative returns amid negative sentiment toward the group.

• Electricity Transmission & Distribution: The primary detractors from relative performance were positions in California utilities. Both were negatively impacted by sentiment amid speculation around the cause of the Los Angeles wildfires.

**POSITIONING**

The digital infrastructure buildout and related power demands have shown signs of accelerating. Access to power is a key strategic priority for companies and governments; and billions of dollars in capital expenditure plans have been announced to meet the demands of data compute, industrialization and electrification. The portfolio is positioned accordingly across utilities and midstream energy where we opportunities from this demand. Positioning around transports and communications is selective and focused on idiosyncratic opportunities across each sector.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Global Power Providers |
| ↑ | Airports |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Global Towers |
| ↓ | Electricity Transmission & Distribution |

---

Brookfield Global Listed Infrastructure Fund PAGE 1 TSR-AR-112740501

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

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)

![image](ts6247img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 12.81 | 6.69 | 6.65 |
| **Class A (with sales charge)**  | 7.42 | 5.65 | 6.13 |
| **MSCI World Index**  | 21.60 | 12.66 | 12.74 |
| **FTSE Global Core Infrastructure 50/50 Total Return** **Index**  | 15.30 | 7.81 | 8.65 |
| **Dow Jones Brookfield Global Infrastructure Index TR**  | 14.05 | 9.04 | 7.35 |

---

Visit https://privatewealth.brookfield.com/fund/brookfield-global-listed-infrastructure-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 December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $114333399 |
| **Number of Portfolio Holdings** | 40 |
| **Portfolio Turnover** | 83% |
| **Total Advisory Fees Paid** | $1219831 |

---

Brookfield Global Listed Infrastructure Fund PAGE 2 TSR-AR-112740501

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)<sup>1</sup>**  |
|  NextEra Energy, Inc.  | 7.3% |
|  Williams Cos., Inc.  | 4.4% |
|  Union Pacific Corp.  | 4.4% |
|  Xcel Energy, Inc.  | 4.2% |
|  National Grid PLC  | 4.1% |
|  Crown Castle, Inc.  | 4.0% |
|  Grupo Aeroportuario del Pacifico SAB de CV - Class B  | 3.6% |
|  Sempra  | 3.4% |
|  PG&E Corp.  | 3.4% |
|  Evergy, Inc.  | 3.2% |

---

**Geographic Breakdown (%)<sup>1</sup>**

![image](ts6247img004.jpg)

**Sector Breakdown<sup>2</sup>**

![image](ts6247img005.jpg)

---

| | |
|:---|:---|
| 1 | Represents percent of total investments. |

---

---

| | |
|:---|:---|
| 2 | Represents percent of total net assets. |

---

**WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code on page 1 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 your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brookfield Public Securities Group LLC or your financial intermediary.

Brookfield Global Listed Infrastructure Fund PAGE 3 TSR-AR-112740501

95261070511832108581358013115152001434714776160701812810000108151331112219156891827722361183962288827281331731000011176133351291116286157421821417458179991988222924100001116812590115151457113184158521507416014178172032058.07.27.15.03.73.62.92.92.57.124.814.914.311.88.95.35.25.04.94.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img172227_202410091722533.jpg) | **Brookfield Global Listed Infrastructure** **Fund**  | ![image](img63345_202602092014689.jpg) |
| ![image](img172227_202410091722533.jpg) | Class C \| BGLCX  | ![image](img63345_202602092014689.jpg) |
| ![image](img172227_202410091722533.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img63345_202602092014689.jpg) |

---

This annual shareholder report contains important information about the Brookfield Global Listed Infrastructure Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://privatewealth.brookfield.com/fund/brookfield-global-listed-infrastructure-fund. You can also request this information by contacting us at 855-244-4859.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Class C | $212 | 2.00% |

---

**HOW DID THE FUND PERFORM AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund underperformed its benchmark, the FTSE Global Core Infrastructure 50/50 Index (USD).

**WHAT FACTORS INFLUENCED PERFORMANCE**

Sector contributors to relative performance during the period included:

• Integrated Utilities/Renewables: Positive security selection among power providers in the U.S. and Japan were the primary contributors to relative returns.

• Airports: Overweight exposure to a Thai airport operator contributed positively. The stock outperformed on the news the country's Civil Aviation Board approved an increase in the passenger service charge for international outbound travelers. An overweight position in a Mexican airport company contributed as well.

Sector detractors to relative performance during the period included:

• Towers: Overweight exposure to select global tower operators detracted from relative returns amid negative sentiment toward the group.

• Electricity Transmission & Distribution: The primary detractors from relative performance were positions in California utilities. Both were negatively impacted by sentiment amid speculation around the cause of the Los Angeles wildfires.

**POSITIONING**

The digital infrastructure buildout and related power demands have shown signs of accelerating. Access to power is a key strategic priority for companies and governments; and billions of dollars in capital expenditure plans have been announced to meet the demands of data compute, industrialization and electrification. The portfolio is positioned accordingly across utilities and midstream energy where we opportunities from this demand. Positioning around transports and communications is selective and focused on idiosyncratic opportunities across each sector.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Global Power Providers |
| ↑ | Airports |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Global Towers |
| ↓ | Electricity Transmission & Distribution |

---

Brookfield Global Listed Infrastructure Fund PAGE 1 TSR-AR-112740600

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

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)

![image](ts6248img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 11.95 | 5.89 | 5.84 |
| **Class C (with sales charge)**  | 11.09 | 5.89 | 5.84 |
| **MSCI World Index**  | 21.60 | 12.66 | 12.74 |
| **FTSE Global Core Infrastructure 50/50 Total Return** **Index**  | 15.30 | 7.81 | 8.65 |
| **Dow Jones Brookfield Global Infrastructure Index TR**  | 14.05 | 9.04 | 7.35 |

---

Visit https://privatewealth.brookfield.com/fund/brookfield-global-listed-infrastructure-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 December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $114333399 |
| **Number of Portfolio Holdings** | 40 |
| **Portfolio Turnover** | 83% |
| **Total Advisory Fees Paid** | $1219831 |

---

Brookfield Global Listed Infrastructure Fund PAGE 2 TSR-AR-112740600

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)<sup>1</sup>**  |
|  NextEra Energy, Inc.  | 7.3% |
|  Williams Cos., Inc.  | 4.4% |
|  Union Pacific Corp.  | 4.4% |
|  Xcel Energy, Inc.  | 4.2% |
|  National Grid PLC  | 4.1% |
|  Crown Castle, Inc.  | 4.0% |
|  Grupo Aeroportuario del Pacifico SAB de CV - Class B  | 3.6% |
|  Sempra  | 3.4% |
|  PG&E Corp.  | 3.4% |
|  Evergy, Inc.  | 3.2% |

---

**Geographic Breakdown (%)<sup>1</sup>**

![image](ts6248img004.jpg)

**Sector Breakdown<sup>2</sup>**

![image](ts6248img005.jpg)

---

| | |
|:---|:---|
| 1 | Represents percent of total investments. |

---

---

| | |
|:---|:---|
| 2 | Represents percent of total net assets. |

---

**WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code on page 1 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 your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brookfield Public Securities Group LLC or your financial intermediary.

Brookfield Global Listed Infrastructure Fund PAGE 3 TSR-AR-112740600

100001116012233111421383113252152471428014601157571764110000108151331112219156891827722361183962288827281331731000011176133351291116286157421821417458179991988222924100001116812590115151457113184158521507416014178172032058.07.27.15.03.73.62.92.92.57.124.814.914.311.88.95.35.25.04.94.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img172227_202410091722533.jpg) | **Brookfield Global Listed Infrastructure** **Fund**  | ![image](img63345_202602092014689.jpg) |
| ![image](img172227_202410091722533.jpg) | Class I \| BGLYX  | ![image](img63345_202602092014689.jpg) |
| ![image](img172227_202410091722533.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img63345_202602092014689.jpg) |

---

This annual shareholder report contains important information about the Brookfield Global Listed Infrastructure Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://privatewealth.brookfield.com/fund/brookfield-global-listed-infrastructure-fund. You can also request this information by contacting us at 855-244-4859.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Class I | $107 | 1.00% |

---

**HOW DID THE FUND PERFORM AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund underperformed its benchmark, the FTSE Global Core Infrastructure 50/50 Index (USD).

**WHAT FACTORS INFLUENCED PERFORMANCE**

Sector contributors to relative performance during the period included:

• Integrated Utilities/Renewables: Positive security selection among power providers in the U.S. and Japan were the primary contributors to relative returns.

• Airports: Overweight exposure to a Thai airport operator contributed positively. The stock outperformed on the news the country's Civil Aviation Board approved an increase in the passenger service charge for international outbound travelers. An overweight position in a Mexican airport company contributed as well.

Sector detractors to relative performance during the period included:

• Towers: Overweight exposure to select global tower operators detracted from relative returns amid negative sentiment toward the group.

• Electricity Transmission & Distribution: The primary detractors from relative performance were positions in California utilities. Both were negatively impacted by sentiment amid speculation around the cause of the Los Angeles wildfires.

**POSITIONING**

The digital infrastructure buildout and related power demands have shown signs of accelerating. Access to power is a key strategic priority for companies and governments; and billions of dollars in capital expenditure plans have been announced to meet the demands of data compute, industrialization and electrification. The portfolio is positioned accordingly across utilities and midstream energy where we opportunities from this demand. Positioning around transports and communications is selective and focused on idiosyncratic opportunities across each sector.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Global Power Providers |
| ↑ | Airports |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Global Towers |
| ↓ | Electricity Transmission & Distribution |

---

Brookfield Global Listed Infrastructure Fund PAGE 1 TSR-AR-112740709

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 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 $1,000,000)

![image](ts6249img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)**  | 13.04 | 6.95 | 6.90 |
| **MSCI World Index**  | 21.60 | 12.66 | 12.74 |
| **FTSE Global Core Infrastructure 50/50 Total Return** **Index**  | 15.30 | 7.81 | 8.65 |
| **Dow Jones Brookfield Global Infrastructure Index TR**  | 14.05 | 9.04 | 7.35 |

---

Visit https://privatewealth.brookfield.com/fund/brookfield-global-listed-infrastructure-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 December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $114333399 |
| **Number of Portfolio Holdings** | 40 |
| **Portfolio Turnover** | 83% |
| **Total Advisory Fees Paid** | $1219831 |

---

Brookfield Global Listed Infrastructure Fund PAGE 2 TSR-AR-112740709

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)<sup>1</sup>**  |
|  NextEra Energy, Inc.  | 7.3% |
|  Williams Cos., Inc.  | 4.4% |
|  Union Pacific Corp.  | 4.4% |
|  Xcel Energy, Inc.  | 4.2% |
|  National Grid PLC  | 4.1% |
|  Crown Castle, Inc.  | 4.0% |
|  Grupo Aeroportuario del Pacifico SAB de CV - Class B  | 3.6% |
|  Sempra  | 3.4% |
|  PG&E Corp.  | 3.4% |
|  Evergy, Inc.  | 3.2% |

---

**Geographic Breakdown (%)<sup>1</sup>**

![image](ts6249img004.jpg)

**Sector Breakdown<sup>2</sup>**

![image](ts6249img005.jpg)

---

| | |
|:---|:---|
| 1 | Represents percent of total investments. |

---

---

| | |
|:---|:---|
| 2 | Represents percent of total net assets. |

---

**WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code on page 1 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 your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brookfield Public Securities Group LLC or your financial intermediary.

Brookfield Global Listed Infrastructure Fund PAGE 3 TSR-AR-112740709

1000000112641112480051147760143947013929771617802153105015820511724630194953610000001081531133106612218571568889182769622361401839612228875927280733317321100000011176181333510129109616286081574200182143217458461799927198818322924221000000111680912590311151535145707813184481585229150738816013641781731203198958.07.27.15.03.73.62.92.92.57.124.814.914.311.88.95.35.25.04.94.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img172227_202410091722533.jpg) | **Brookfield Global Listed Real Estate Fund**  | ![image](img63345_202602092014689.jpg) |
| ![image](img172227_202410091722533.jpg) | Class A \| BLRAX  | ![image](img63345_202602092014689.jpg) |
| ![image](img172227_202410091722533.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img63345_202602092014689.jpg) |

---

This annual shareholder report contains important information about the Brookfield Global Listed Real Estate Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://privatewealth.brookfield.com/fund/brookfield-global-listed-real-estate-fund. You can also request this information by contacting us at 855-244-4859.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Class A | $126 | 1.20% |

---

**HOW DID THE FUND PERFORM AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund outperformed its benchmark, the FTSE EPRA Nareit Developed Index Net (USD).

**WHAT FACTORS INFLUENCED PERFORMANCE**

Regional contributors to relative performance during the period included:

• U.S. Health Care: Positive security selection was driven by overweight positions in outperforming landlords (one diversified operator, as well as those focused on seniors housing and medical office buildings). Not owning an underperforming stock focused on life sciences also contributed to relative performance.

• U.S. Specialty: Not owning an underperforming stock focused on data centers and document storage contributed to relative returns, as did a non-index position in a communications infrastructure company.

Conversely, regional detractors during the period included:

• Japan: Underweight exposure to an outperforming developer detracted from relative performance during the period.

• U.S. Data Centers: Overweight exposure to companies focused on data center operations detracted from relative returns during the period. After posting robust returns over the last several years, investor sentiment shifted toward data center stocks during the period.

• U.S. Residential: Several overweight positions in multifamily landlords underperformed during the period.

**POSITIONING**

Across our markets, we see positive operating momentum supported by supply and demand dynamics. Elevated construction costs remain a meaningful constraint on new development. The portfolio is positioned in companies we believe benefit from structurally advantaged demand drivers; and where limited new supply may benefit rent growth.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | U.S. Health Care |
| ↑ | U.S. Specialty |
| ↑ | China/Hong Kong |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Japan |
| ↓ | U.S. Data Centers |
| ↓ | U.S. Office |

---

Brookfield Global Listed Real Estate Fund PAGE 1 TSR-AR-112740105

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

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)

![image](ts6250img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 10.72 | 2.78 | 2.78 |
| **Class A (with sales charge)**  | 5.49 | 1.78 | 2.28 |
| **MSCI World Index**  | 21.60 | 12.66 | 12.74 |
| **FTSE EPRA Nareit Developed Index**  | 9.58 | 2.76 | 3.25 |

---

Visit https://privatewealth.brookfield.com/fund/brookfield-global-listed-real-estate-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 December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $117343393 |
| **Number of Portfolio Holdings** | 54 |
| **Portfolio Turnover** | 130% |
| **Total Advisory Fees Paid** | $646595 |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)<sup>1</sup>**  |
|  Welltower, Inc.  | 7.0% |
|  Prologis, Inc.  | 4.9% |
|  Equinix, Inc.  | 4.5% |
|  Mid-America Apartment Communities, Inc.  | 3.7% |
|  First Industrial Realty Trust, Inc.  | 3.6% |
|  Simon Property Group, Inc.  | 3.4% |
|  Goodman Group  | 3.2% |
|  Tritax Big Box REIT PLC  | 3.2% |
|  Extra Space Storage, Inc.  | 3.1% |
|  Ventas, Inc.  | 2.8% |

---

**Geographic Breakdown (%)<sup>1</sup>**

![image](ts6250img004.jpg)

**Sector Breakdown<sup>2</sup>**

![image](ts6250img005.jpg)

---

| | |
|:---|:---|
| 1 | Represents percent of total investments. |

---

---

| | |
|:---|:---|
| 2 | Represents percent of total net assets. |

---

Brookfield Global Listed Real Estate Fund PAGE 2 TSR-AR-112740105

------

**WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code on page 1 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 your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brookfield Public Securities Group LLC or your financial intermediary.

Brookfield Global Listed Real Estate Fund PAGE 3 TSR-AR-112740105

9524100961108910176122211092513484104891121911315125281000010815133111221915689182772236118396228882728133173100001040611485108381321212018151531135212450125661377062.48.75.85.24.83.52.71.91.73.321.515.214.112.510.36.95.55.04.34.7 ------

---

| | | |
|:---|:---|:---|
| ![image](img172227_202410091722533.jpg) | **Brookfield Global Listed Real Estate Fund**  | ![image](img63345_202602092014689.jpg) |
| ![image](img172227_202410091722533.jpg) | Class C \| BLRCX  | ![image](img63345_202602092014689.jpg) |
| ![image](img172227_202410091722533.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img63345_202602092014689.jpg) |

---

This annual shareholder report contains important information about the Brookfield Global Listed Real Estate Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://privatewealth.brookfield.com/fund/brookfield-global-listed-real-estate-fund. You can also request this information by contacting us at 855-244-4859.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Class C | $205 | 1.95% |

---

**HOW DID THE FUND PERFORM AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund outperformed its benchmark, the FTSE EPRA Nareit Developed Index Net (USD).

**WHAT FACTORS INFLUENCED PERFORMANCE**

Regional contributors to relative performance during the period included:

• U.S. Health Care: Positive security selection was driven by overweight positions in outperforming landlords (one diversified operator, as well as those focused on seniors housing and medical office buildings). Not owning an underperforming stock focused on life sciences also contributed to relative performance.

• U.S. Specialty: Not owning an underperforming stock focused on data centers and document storage contributed to relative returns, as did a non-index position in a communications infrastructure company.

Conversely, regional detractors during the period included:

• Japan: Underweight exposure to an outperforming developer detracted from relative performance during the period.

• U.S. Data Centers: Overweight exposure to companies focused on data center operations detracted from relative returns during the period. After posting robust returns over the last several years, investor sentiment shifted toward data center stocks during the period.

• U.S. Residential: Several overweight positions in multifamily landlords underperformed during the period.

**POSITIONING**

Across our markets, we see positive operating momentum supported by supply and demand dynamics. Elevated construction costs remain a meaningful constraint on new development. The portfolio is positioned in companies we believe benefit from structurally advantaged demand drivers; and where limited new supply may benefit rent growth.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | U.S. Health Care |
| ↑ | U.S. Specialty |
| ↑ | China/Hong Kong |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Japan |
| ↓ | U.S. Data Centers |
| ↓ | U.S. Office |

---

Brookfield Global Listed Real Estate Fund PAGE 1 TSR-AR-112740204

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

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)

![image](ts6251img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 9.95 | 2.01 | 2.02 |
| **Class C (with sales charge)**  | 8.95 | 2.01 | 2.02 |
| **MSCI World Index**  | 21.60 | 12.66 | 12.74 |
| **FTSE EPRA Nareit Developed Index**  | 9.58 | 2.76 | 3.25 |

---

Visit https://privatewealth.brookfield.com/fund/brookfield-global-listed-real-estate-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 December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $117343393 |
| **Number of Portfolio Holdings** | 54 |
| **Portfolio Turnover** | 130% |
| **Total Advisory Fees Paid** | $646595 |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)<sup>1</sup>**  |
|  Welltower, Inc.  | 7.0% |
|  Prologis, Inc.  | 4.9% |
|  Equinix, Inc.  | 4.5% |
|  Mid-America Apartment Communities, Inc.  | 3.7% |
|  First Industrial Realty Trust, Inc.  | 3.6% |
|  Simon Property Group, Inc.  | 3.4% |
|  Goodman Group  | 3.2% |
|  Tritax Big Box REIT PLC  | 3.2% |
|  Extra Space Storage, Inc.  | 3.1% |
|  Ventas, Inc.  | 2.8% |

---

**Geographic Breakdown (%)<sup>1</sup>**

![image](ts6251img004.jpg)

**Sector Breakdown<sup>2</sup>**

![image](ts6251img005.jpg)

---

| | |
|:---|:---|
| 1 | Represents percent of total investments. |

---

---

| | |
|:---|:---|
| 2 | Represents percent of total net assets. |

---

Brookfield Global Listed Real Estate Fund PAGE 2 TSR-AR-112740204

------

**WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code on page 1 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 your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brookfield Public Securities Group LLC or your financial intermediary.

Brookfield Global Listed Real Estate Fund PAGE 3 TSR-AR-112740204

10000105261148210451124561105513545104601109911107122111000010815133111221915689182772236118396228882728133173100001040611485108381321212018151531135212450125661377062.48.75.85.24.83.52.71.91.73.321.515.214.112.510.36.95.55.04.34.7 ------

---

| | | |
|:---|:---|:---|
| ![image](img172227_202410091722533.jpg) | **Brookfield Global Listed Real Estate Fund**  | ![image](img63345_202602092014689.jpg) |
| ![image](img172227_202410091722533.jpg) | Class I \| BLRYX  | ![image](img63345_202602092014689.jpg) |
| ![image](img172227_202410091722533.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img63345_202602092014689.jpg) |

---

This annual shareholder report contains important information about the Brookfield Global Listed Real Estate Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://privatewealth.brookfield.com/fund/brookfield-global-listed-real-estate-fund. You can also request this information by contacting us at 855-244-4859.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Class I | $100 | 0.95% |

---

**HOW DID THE FUND PERFORM AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund outperformed its benchmark, the FTSE EPRA Nareit Developed Index Net (USD).

**WHAT FACTORS INFLUENCED PERFORMANCE**

Regional contributors to relative performance during the period included:

• U.S. Health Care: Positive security selection was driven by overweight positions in outperforming landlords (one diversified operator, as well as those focused on seniors housing and medical office buildings). Not owning an underperforming stock focused on life sciences also contributed to relative performance.

• U.S. Specialty: Not owning an underperforming stock focused on data centers and document storage contributed to relative returns, as did a non-index position in a communications infrastructure company.

Conversely, regional detractors during the period included:

• Japan: Underweight exposure to an outperforming developer detracted from relative performance during the period.

• U.S. Data Centers: Overweight exposure to companies focused on data center operations detracted from relative returns during the period. After posting robust returns over the last several years, investor sentiment shifted toward data center stocks during the period.

• U.S. Residential: Several overweight positions in multifamily landlords underperformed during the period.

**POSITIONING**

Across our markets, we see positive operating momentum supported by supply and demand dynamics. Elevated construction costs remain a meaningful constraint on new development. The portfolio is positioned in companies we believe benefit from structurally advantaged demand drivers; and where limited new supply may benefit rent growth.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | U.S. Health Care |
| ↑ | U.S. Specialty |
| ↑ | China/Hong Kong |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Japan |
| ↓ | U.S. Data Centers |
| ↓ | U.S. Office |

---

Brookfield Global Listed Real Estate Fund PAGE 1 TSR-AR-112740303

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 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 $1,000,000)

![image](ts6252img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)**  | 11.09 | 3.04 | 3.04 |
| **MSCI World Index**  | 21.60 | 12.66 | 12.74 |
| **FTSE EPRA Nareit Developed Index**  | 9.58 | 2.76 | 3.25 |

---

Visit https://privatewealth.brookfield.com/fund/brookfield-global-listed-real-estate-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 December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $117343393 |
| **Number of Portfolio Holdings** | 54 |
| **Portfolio Turnover** | 130% |
| **Total Advisory Fees Paid** | $646595 |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)<sup>1</sup>**  |
|  Welltower, Inc.  | 7.0% |
|  Prologis, Inc.  | 4.9% |
|  Equinix, Inc.  | 4.5% |
|  Mid-America Apartment Communities, Inc.  | 3.7% |
|  First Industrial Realty Trust, Inc.  | 3.6% |
|  Simon Property Group, Inc.  | 3.4% |
|  Goodman Group  | 3.2% |
|  Tritax Big Box REIT PLC  | 3.2% |
|  Extra Space Storage, Inc.  | 3.1% |
|  Ventas, Inc.  | 2.8% |

---

**Geographic Breakdown (%)<sup>1</sup>**

![image](ts6252img004.jpg)

**Sector Breakdown<sup>2</sup>**

![image](ts6252img005.jpg)

---

| | |
|:---|:---|
| 1 | Represents percent of total investments. |

---

---

| | |
|:---|:---|
| 2 | Represents percent of total net assets. |

---

Brookfield Global Listed Real Estate Fund PAGE 2 TSR-AR-112740303

------

**WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code on page 1 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 your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brookfield Public Securities Group LLC or your financial intermediary.

Brookfield Global Listed Real Estate Fund PAGE 3 TSR-AR-112740303

10000001062656117105910759661295728116159314376001121308120149812147761349490100000010815311331066122185715688891827696223614018396122288759272807333173211000000104064311484551083751132119912017751515348113516512450011256645137696962.48.75.85.24.83.52.71.91.73.321.515.214.112.510.36.95.55.04.34.7 ------

---

| | | |
|:---|:---|:---|
| ![image](img172227_202410091722533.jpg) | **Brookfield Next Generation Infrastructure** **Fund** *(formerly, Brookfield Global Renewables & Sustainable Infrastructure Fund)* | ![image](img63345_202602092014689.jpg) |
| ![image](img172227_202410091722533.jpg) | Class I \| GRSIX  | ![image](img63345_202602092014689.jpg) |
| ![image](img172227_202410091722533.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img63345_202602092014689.jpg) |

---

This annual shareholder report contains important information about the Brookfield Next Generation Infrastructure Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://privatewealth.brookfield.com/fund/brookfield-next-generation-infrastructure-fund. You can also request this information by contacting 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 PAST YEAR?** (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** |
| Class I | $115 | 1.00% |

---

**HOW DID THE FUND PERFORM AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund outperformed the Fund underperformed the MSCI World Net Index (USD).

**WHAT FACTORS INFLUENCED PERFORMANCE**

Contributors to returns:

• Electricity Infrastructure: Positions in European- and U.K.-based power generators contributed positively during the period.

• Sustainable Solutions: Outperforming positions in a gas turbine manufacturer and a provider of onsite power solutions both contributed to returns.

• Circular Economy: An integrated water utility in South America and North American waste and recycling companies contributed positively.

Detractors from returns:

• Circular Economy: A U.K. water utility detracted from returns during the period.

• Sustainable Solutions: Underperforming positions in a heating, ventilation and air conditioning (HVAC) and a smart meter company detracted from returns.

**POSITIONING**

The digital infrastructure buildout and related power demands have shown signs of accelerating. Access to power is a key strategic priority for companies and governments; and billions of dollars in capital expenditure plans have been announced to meet the demands of data compute, industrialization and electrification. The portfolio is positioned accordingly across utilities and midstream energy where we opportunities from this demand. The portfolio is also positioned in circular economy companies we believe may benefit from the build-out of expanded manufacturing and compute facilities; as well as in water infrastructure companies we believe may benefit from sustainably-linked investment projects.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Electricity Infrastructure: Select positions in European and U.K. utilities. |
| ↑ | Sustainable Solutions: Gas turbine manufacturers; fuel cell power solutions provider |

---

Brookfield Next Generation Infrastructure Fund PAGE 1 TSR-AR-112740519

------

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Circular Economy: U.K. Water |
| ↓ | Sustainable Solutions: Heating, Ventilation, and Air Conditioning (HVAC) |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*** **,<sup>1</sup>**

The $1,000,000 chart reflects a hypothetical $1,000,000 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 $1,000,000)

![image](ts6253img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/01/2019)** |
| **Class I (without sales charge)**  | 30.27 | 0.18 | 9.35 |
| **MSCI World Index**  | 21.60 | 12.66 | 14.42 |
| **FTSE Global Core Infrastructure 50/50 Total Return** **Index**  | 15.30 | 7.81 | 6.34 |
| **S&P Global Clean Energy Transition Index**  | 46.81 | -8.79 | 8.49 |

---

Visit https://privatewealth.brookfield.com/fund/brookfield-next-generation-infrastructure-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.***

---

| | |
|:---|:---|
| 1 | On February 4, 2022, the Fund acquired all of the assets, subject to liabilities, of Brookfield Global Renewables & Sustainable Infrastructure LP (the "Predecessor Fund") through a tax-free reorganization (the "Reorganization"). In connection with the Reorganization, shares of the Predecessor Fund were exchanged for Class I Shares of the Fund. As a result of the Reorganization, the Fund's Class I Shares adopted the Predecessor Fund's performance and accounting history. Prior to February 4, 2022, the performance information quoted reflects the performance information from the inception date of the Predecessor Fund (October 1, 2019). The Predecessor Fund's past performance is not an indication of how the Fund will perform in the future. The MSCI World Index references the Predecessor Fund's inception date. |

---

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $24633659 |
| **Number of Portfolio Holdings** | 37 |
| **Portfolio Turnover** | 82% |
| **Total Advisory Fees Paid** | $0 |

---

Brookfield Next Generation Infrastructure Fund PAGE 2 TSR-AR-112740519

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)<sup>1</sup>**  |
|  SSE PLC  | 5.8% |
|  NextEra Energy, Inc.  | 5.5% |
|  Iberdrola SA  | 5.1% |
|  Waste Management, Inc.  | 4.6% |
|  Waste Connections, Inc.  | 4.3% |
|  Xcel Energy, Inc.  | 4.3% |
|  Enel SpA  | 3.8% |
|  E.ON SE  | 3.4% |
|  Grenergy Renovables SA  | 3.3% |
|  Hera SpA  | 3.3% |

---

**Geographic Breakdown (%)<sup>1</sup>**

![image](ts6253img004.jpg)

**Sector Breakdown<sup>2</sup>**

![image](ts6253img005.jpg)

---

| | |
|:---|:---|
| 1 | Represents percent of total investments. |

---

---

| | |
|:---|:---|
| 2 | Represents percent of total net assets. |

---

**MATERIAL FUND CHANGES**

This is a summary of certain changes to the Fund that occurred during the reporting period.

On July 28, 2025, the Board of Trustees approved a change in the Fund's name and principal investment strategies, including the Fund's 80% policy. Effective September 30, 2025, the Fund's name changed from "Brookfield Global Renewables & Sustainable Infrastructure Fund" to "Brookfield Next Generation Infrastructure Fund," and the Fund's 80% policy changed from investing in publicly traded equity securities of global renewables and sustainable infrastructure (GRSI) companies to investing in publicly traded equity securities of infrastructure companies.

For more complete information, you may review the Fund's prospectus dated September 30, 2025, at https://privatewealth.brookfield.com/fund/brookfield-next-generation-infrastructure-fund , or upon request at 855-244-4859.

**WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code on page 1 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 your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brookfield Public Securities Group LLC or your financial intermediary.

Brookfield Next Generation Infrastructure Fund PAGE 3 TSR-AR-112740519

1000000107480017325001600600139086813595361342139174843310000001097599127866215644101286998160122319085682320808100000010429911008146116647811180721152707127326914681091000000109224626357012018790191781215273291133385166394753.410.710.17.15.33.43.33.22.11.452.925.321.20.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img99146_202408221341813.jpg) | **Oaktree Emerging Markets Equity Fund**  | ![image](img635552_202602092128844.jpg) |
| ![image](img99146_202408221341813.jpg) | Class A \| OEQAX  | ![image](img635552_202602092128844.jpg) |
| ![image](img99146_202408221341813.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img635552_202602092128844.jpg) |

---

This annual shareholder report contains important information about the Oaktree Emerging Markets Equity Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://privatewealth.brookfield.com/fund/oaktree-emerging-markets-equity-fund. You can also request this information by contacting us at 855-244-4859.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Class A | $147 | 1.20% |

---

**HOW DID THE FUND PERFORM AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund generated a strong return and outperformed its benchmark, the MSCI Emerging Markets Index. Additionally, we're pleased to report that 2025 marked the best year on record for our strategy – both in absolute terms and relative to the benchmark.

**WHAT FACTORS INFLUENCED PERFORMANCE**

By country, our outperformance during the period was mostly attributable to our stock selection in Mexico, South Africa and China, combined with our underweight allocation to India. Meanwhile, our stock selection in Korea had a negative impact on our performance.

At the sector level, our stock selection among materials – along with our overweight allocation to the sector – was the largest contributor to our relative performance. On the other hand, our underweight allocation to information technology had a negative effect.

**POSITIONING**

Within EM, we remain focused on larger markets where scale, liquidity, policy support, and valuation re-rating potential are most evident. Currently, our largest overweights by country are China and Brazil, while Taiwan and India are our largest underweights. At the sector level, the portfolio is overweight materials and industrials, and underweight information technology and financials.

**PERFORMANCE**

The Fund posted a strong absolute and relative return for the reported period, largely driven by our materials selection.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Mexico Selection |
| ↑ | South Africa Selection |
| ↑ | China Selection |
| ↑ | Materials Selection |
| ↑ | Materials Overweight |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Korea Selection |
| ↓ | Information Technology Underweight |

---

Oaktree Emerging Markets Equity Fund PAGE 1 TSR-AR-112740568

------

**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)

![image](ts6254img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(05/16/2022)** |
| **Class A (without sales charge)**  | 45.66 | 11.85 |
| **Class A (with sales charge)**  | 38.75 | 10.34 |
| **MSCI Emerging Markets Net Total Return (USD) Index**  | 33.57 | 12.47 |

---

Visit https://privatewealth.brookfield.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 December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $301751441 |
| **Number of Portfolio Holdings** | 70 |
| **Portfolio Turnover** | 100% |
| **Total Advisory Fees Paid** | $1789960 |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)<sup>1</sup>**  |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 6.8% |
|  Samsung Electronics Co. Ltd.  | 6.0% |
|  Alibaba Group Holding Ltd.  | 5.4% |
|  Tencent Holdings Ltd.  | 5.4% |
|  Anglogold Ashanti PLC  | 4.6% |
|  Fresnillo PLC  | 3.3% |
|  Contemporary Amperex Technology Co. Ltd. - Class H  | 3.0% |
|  Barrick Mining Corp.  | 2.6% |
|  Zijin Mining Group Co. Ltd.  | 2.6% |
|  Aluminum Corp. of China Ltd.  | 2.1% |

---

**Geographic Breakdown (%)<sup>1</sup>**

![image](ts6254img004.jpg)

---

| | |
|:---|:---|
| 1 | Represents percent of total investments. |

---

Oaktree Emerging Markets Equity Fund PAGE 2 TSR-AR-112740568

------

**WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code on page 1 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 your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brookfield Public Securities Group LLC or your financial intermediary.

Oaktree Emerging Markets Equity Fund PAGE 3 TSR-AR-112740568

952196321008198111429110000971110666114661531536.313.811.610.09.15.33.83.73.72.7 ------

---

| | | |
|:---|:---|:---|
| ![image](img172227_202410091722533.jpg) | **Oaktree Emerging Markets Equity Fund**  | ![image](img635552_202602092128844.jpg) |
| ![image](img172227_202410091722533.jpg) | Class I \| OEQIX  | ![image](img635552_202602092128844.jpg) |
| ![image](img172227_202410091722533.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img635552_202602092128844.jpg) |

---

This annual shareholder report contains important information about the Oaktree Emerging Markets Equity Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://privatewealth.brookfield.com/fund/oaktree-emerging-markets-equity-fund. You can also request this information by contacting us at 855-244-4859.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Class I | $117 | 0.95% |

---

**HOW DID THE FUND PERFORM AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund generated a strong return and outperformed its benchmark, the MSCI Emerging Markets Index. Additionally, we're pleased to report that 2025 marked the best year on record for our strategy – both in absolute terms and relative to the benchmark.

**WHAT FACTORS INFLUENCED PERFORMANCE**

By country, our outperformance during the period was mostly attributable to our stock selection in Mexico, South Africa and China, combined with our underweight allocation to India. Meanwhile, our stock selection in Korea had a negative impact on our performance.

At the sector level, our stock selection among materials – along with our overweight allocation to the sector – was the largest contributor to our relative performance. On the other hand, our underweight allocation to information technology had a negative effect.

**POSITIONING**

Within EM, we remain focused on larger markets where scale, liquidity, policy support, and valuation re-rating potential are most evident. Currently, our largest overweights by country are China and Brazil, while Taiwan and India are our largest underweights. At the sector level, the portfolio is overweight materials and industrials, and underweight information technology and financials.

**PERFORMANCE**

The Fund posted a strong absolute and relative return for the reported period, largely driven by our materials selection.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Mexico Selection |
| ↑ | South Africa Selection |
| ↑ | China Selection |
| ↑ | Materials Selection |
| ↑ | Materials Overweight |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Korea Selection |
| ↓ | Information Technology Underweight |

---

Oaktree Emerging Markets Equity Fund PAGE 1 TSR-AR-112740543

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 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 $1,000,000)

![image](ts6255img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/03/2021)** |
| **Class I (without sales charge)**  | 46.02 | 3.10 |
| **MSCI Emerging Markets Net Total Return (USD) Index**  | 33.57 | 2.87 |

---

Visit https://privatewealth.brookfield.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 December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $301751441 |
| **Number of Portfolio Holdings** | 70 |
| **Portfolio Turnover** | 100% |
| **Total Advisory Fees Paid** | $1789960 |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)<sup>1</sup>**  |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 6.8% |
|  Samsung Electronics Co. Ltd.  | 6.0% |
|  Alibaba Group Holding Ltd.  | 5.4% |
|  Tencent Holdings Ltd.  | 5.4% |
|  Anglogold Ashanti PLC  | 4.6% |
|  Fresnillo PLC  | 3.3% |
|  Contemporary Amperex Technology Co. Ltd. - Class H  | 3.0% |
|  Barrick Mining Corp.  | 2.6% |
|  Zijin Mining Group Co. Ltd.  | 2.6% |
|  Aluminum Corp. of China Ltd.  | 2.1% |

---

**Geographic Breakdown (%)<sup>1</sup>**

![image](ts6255img004.jpg)

---

| | |
|:---|:---|
| 1 | Represents percent of total investments. |

---

Oaktree Emerging Markets Equity Fund PAGE 2 TSR-AR-112740543

------

**WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code on page 1 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 your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brookfield Public Securities Group LLC or your financial intermediary.

Oaktree Emerging Markets Equity Fund PAGE 3 TSR-AR-112740543

100000088223376877280678478764711501221000000903491721967792922852424113854936.313.811.610.09.15.33.83.73.72.7 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by contacting Investor Relations at (855) 777-8001 or by writing to Secretary, Brookfield Investment Funds, Brookfield Place, 225 Liberty Street, 35<sup>th</sup> Floor, New York, New York 10281.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Stuart A. McFarland, Edward A. Kuczmarski, William H. Wright II, Heather S. Goldman and Susan Schauffert-Tam each qualify as "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| (a) Audit Fees | $162700 | $157200 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees<sup>1</sup> | $41200 | $76341 |
| (d) All Other Fees | $0 | $0 |

---

 

<sup>1</sup> Tax fees consist of fees for review of tax returns and tax distribution requirements. In addition, fees billed to the Brookfield Global Listed Infrastructure Fund in relation to tax reclaims for the fiscal years ended December 31, 2025 and December 31, 2024 were $0 and $35,141, respectively.

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Deloitte & Touche LLP ("Deloitte") applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The aggregate fees billed by Deloitte for the fiscal years ended December 31, 2025 and December 31, 2024, for non-audit services rendered to the registrant and the registrant's investment adviser and administrator were $41,200 and $76,341, respectively. For the fiscal years ended December 31, 2025 and December 31, 2024, these amounts reflect the amounts disclosed above in (b), (c) and (d), plus $0 and $0, respectively, in fees billed to the registrant's investment adviser for non-audit services that did not relate directly to the operations and financial reporting of the registrant.

(h) The audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to registrants that are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management</u> <u>Investment Companies.</u>**

(a) ![](efp-22725_brookfield_cover.jpg)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#soi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [Brookfield Global Listed Infrastructure Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Brookfield Global Listed Real Estate Fund](#soi2) | [4](#soi2) |
| &nbsp;&nbsp;&nbsp; [Brookfield Next Generation Infrastructure Fund](#soi3) | [8](#soi3) |
| &nbsp;&nbsp;&nbsp; [Oaktree Emerging Markets Equity Fund](#soi4) | [11](#soi4) |
| [Statements of Assets and Liabilities](#sal) | [14](#sal) |
| [Statements of Operations](#sop) | [16](#sop) |
| [Statements of Changes in Net Assets](#scna) | [17](#scna) |
| [Financial Highlights](#fihi) | [19](#fihi) |
| [Notes to Financial Statements](#notes) | [23](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [35](#report) |
| [Additional Information](#add) | [37](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD GLOBAL LISTED INFRASTRUCTURE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 99.1%**<br>|  |  |
| **Australia — 2.9%**<br>|  |  |
| **Toll Roads — 2.9%**<br>|  |  |
| Transurban Group | 353639 | $3346707  |
| **Brazil — 2.3%**<br>|  |  |
| **Electricity Transmission & Distribution — 2.3%**<br>|  |  |
| Equatorial SA | 379279 | 2662091  |
| **Canada — 7.0%**<br>|  |  |
| **Midstream — 4.6%**<br>|  |  |
| Enbridge, Inc. | 36943 | 1767816  |
| TC Energy Corp. | 63631 | 3503866  |
|  |  | 5271682  |
| **Rail — 2.4%**<br>|  |  |
| Canadian Pacific Kansas City Ltd. | 37785 | 2781811  |
| **Total Canada** |  | 8053493  |
| **France — 3.6%**<br>|  |  |
| **Airports — 1.5%**<br>|  |  |
| Aeroports de Paris SA | 13379 | 1745901  |
| **Toll Roads — 2.1%**<br>|  |  |
| Getlink SE | 130757 | 2413645  |
| **Total France** |  | 4159546  |
| **Hong Kong — 1.4%**<br>|  |  |
| **Water — 1.4%**<br>|  |  |
| Guangdong Investment Ltd. | 1808350 | 1577604  |
| **Italy — 2.0%**<br>|  |  |
| **Gas Utilities — 2.0%**<br>|  |  |
| Italgas SpA | 199378 | 2223779  |
| **Japan — 4.9%**<br>|  |  |
| **Airports — 1.0%**<br>|  |  |
| Japan Airport Terminal Co. Ltd. | 42569 | 1194125  |
| **Integrated Utilities/Renewables — 1.6%**<br>|  |  |
| Chubu Electric Power Co., Inc. | 116308 | 1791901  |
| **Rail — 2.3%**<br>|  |  |
| East Japan Railway Co. | 100585 | 2651107  |
| **Total Japan** |  | 5637133  |
| **Mexico — 3.5%**<br>|  |  |
| **Airports — 3.5%**<br>|  |  |
| Grupo Aeroportuario del Pacifico SAB de CV — Class B | 154202 | 4033443  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD GLOBAL LISTED INFRASTRUCTURE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  |
| **Philippines — 2.5%**<br>|  |  |
| **Ports — 2.5%**<br>|  |  |
| International Container Terminal Services, Inc. | 297436 | $2854275  |
| **Spain — 1.4%**<br>|  |  |
| **Towers — 1.4%**<br>|  |  |
| Cellnex Telecom SA<sup>(a)</sup> | 47884 | 1541943  |
| **Thailand — 2.9%**<br>|  |  |
| **Airports — 2.9%**<br>|  |  |
| Airports of Thailand PCL | 1986151 | 3332085  |
| **United Kingdom — 7.2%**<br>|  |  |
| **Electricity Transmission & Distribution — 4.1%**<br>|  |  |
| National Grid PLC | 304551 | 4671333  |
| **Integrated Utilities/Renewables — 1.1%**<br>|  |  |
| SSE PLC | 40363 | 1183355  |
| **Water — 2.0%**<br>|  |  |
| Pennon Group PLC | 326831 | 2316412  |
| **Total United Kingdom** |  | 8171100  |
| **United States — 57.5%<sup>(b)</sup>**<br>|  |  |
| **Data Centers — 1.5%**<br>|  |  |
| Equinix, Inc. | 2245 | 1720029  |
| **Electricity Transmission & Distribution — 10.8%**<br>|  |  |
| CenterPoint Energy, Inc. | 74838 | 2869289  |
| Eversource Energy | 26869 | 1809090  |
| PG&E Corp. | 237939 | 3823680  |
| Sempra | 43352 | 3827548  |
|  |  | 12329607  |
| **Gas Utilities — 2.9%**<br>|  |  |
| NiSource, Inc. | 51972 | 2170351  |
| Southwest Gas Holdings, Inc. | 14201 | 1136364  |
|  |  | 3306715  |
| **Integrated Utilities/Renewables — 19.8%**<br>|  |  |
| Entergy Corp. | 24651 | 2278492  |
| Evergy, Inc. | 50375 | 3651683  |
| FirstEnergy Corp. | 55578 | 2488227  |
| IDACORP, Inc. | 10157 | 1285470  |
| NextEra Energy, Inc. | 102778 | 8251018  |
| Xcel Energy, Inc. | 64144 | 4737676  |
|  |  | 22692566  |

---

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD GLOBAL LISTED INFRASTRUCTURE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  |
| **UNITED STATES (Continued)**  | **UNITED STATES (Continued)**  | **UNITED STATES (Continued)**  |
| **Midstream — 9.7%**<br>|  |  |
| Cheniere Energy, Inc. | 15149 | 2944814  |
| Targa Resources Corp. | 16666 | 3074877  |
| Williams Cos., Inc. | 83639 | 5027540  |
|  |  | 11047231  |
| **Rail — 7.1%**<br>|  |  |
| CSX Corp. | 85968 | $3116340  |
| Union Pacific Corp. | 21487 | 4970373  |
|  |  | 8086713  |
| **Towers — 3.9%**<br>|  |  |
| Crown Castle, Inc. | 50591 | 4496022  |
| **Water — 1.8%**<br>|  |  |
| American Water Works Co., Inc. | 15887 | 2073254  |
| **Total United States** |  | 65752137  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $86,554,329)** |  | 113345336  |
| **SHORT-TERM INVESTMENTS — 0.0%<sup>(c)</sup>**<br>|  |  |
| **MONEY MARKET FUNDS — 0.0%<sup>(c)</sup>**<br>|  |  |
| First American Treasury Obligations Fund — Class X, 3.68%<sup>(d)</sup> | 488 | 488  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $488)** |  | 488  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.1%** <br>**(Cost $86,554,817)** |  | $113345824  |
| Other Assets in Excess of Liabilities — 0.9% |  | 987575  |
| **TOTAL NET ASSETS — 100.0%** |  | $114333399 |

---

Percentages are stated as a percent of net assets.

PCL - Public Company Limited

PLC - Public Limited Company

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $1,541,943 or 1.3% of the Fund's net assets.

<sup>(b)</sup> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD GLOBAL LISTED REAL ESTATE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 99.2%**<br>|  |  |
| **Australia — 5.8%**<br>|  |  |
| **Industrial — 3.2%**<br>|  |  |
| Goodman Group | 182463 | $3754765  |
| **Retail — 2.6%**<br>|  |  |
| Scentre Group | 1077510 | 3012067  |
| **Total Australia** |  | 6766832  |
| **Belgium — 1.9%**<br>|  |  |
| **Industrial — 1.9%**<br>|  |  |
| Warehouses De Pauw CVA | 83942 | 2176900  |
| **Canada — 0.8%**<br>|  |  |
| **Retail — 0.8%**<br>|  |  |
| Primaris Real Estate Investment Trust | 80423 | 913478  |
| **Finland — 1.2%**<br>|  |  |
| **Residential — 1.2%**<br>|  |  |
| Kojamo Oyj<sup>(a)</sup> | 113318 | 1362341  |
| **France — 0.5%**<br>|  |  |
| **Hotel — 0.5%**<br>|  |  |
| Accor SA | 10398 | 586202  |
| **Germany — 0.8%**<br>|  |  |
| **Residential — 0.8%**<br>|  |  |
| Vonovia SE | 32942 | 948049  |
| **Hong Kong — 3.5%**<br>|  |  |
| **Diversified — 1.5%**<br>|  |  |
| Sun Hung Kai Properties Ltd. | 148623 | 1809677  |
| **Office — 1.0%**<br>|  |  |
| Hongkong Land Holdings Ltd. | 165520 | 1149821  |
| **Retail — 1.0%**<br>|  |  |
| Hang Lung Properties Ltd. | 1105490 | 1224135  |
| **Total Hong Kong** |  | 4183633  |
| **Japan — 8.7%**<br>|  |  |
| **Industrial — 1.1%**<br>|  |  |
| LaSalle Logiport REIT | 1246 | 1261343  |
| **Office — 6.9%**<br>|  |  |
| Japan Real Estate Investment Corp. | 1026 | 857225  |
| KDX Realty Investment Corp. | 1426 | 1600478  |
| Mitsui Fudosan Co. Ltd. | 284589 | 3234147  |
| Sumitomo Realty & Development Co. Ltd. | 95216 | 2390487  |
|  |  | 8082337  |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD GLOBAL LISTED REAL ESTATE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **JAPAN (Continued)** | **JAPAN (Continued)** | **JAPAN (Continued)** |
| **Residential — 0.7%**<br>|  |  |
| Comforia Residential REIT, Inc. | 410 | $871866  |
| **Total Japan** |  | 10215546  |
| **Netherlands — 2.7%**<br>|  |  |
| **Industrial — 1.5%**<br>|  |  |
| CTP NV<sup>(b)</sup> | 84676 | 1774331  |
| **Retail — 1.2%**<br>|  |  |
| Eurocommercial Properties NV | 45975 | 1406669  |
| **Total Netherlands** |  | 3181000  |
| **Singapore — 5.1%**<br>|  |  |
| **Diversified — 2.8%**<br>|  |  |
| CapitaLand Integrated Commercial Trust | 1283336 | 2381930  |
| City Developments Ltd. | 156761 | 975056  |
|  |  | 3356986  |
| **Health Care — 1.0%**<br>|  |  |
| Parkway Life Real Estate Investment Trust | 372031 | 1180085  |
| **Industrial — 1.3%**<br>|  |  |
| Mapletree Logistics Trust | 1447366 | 1483212  |
| **Total Singapore** |  | 6020283  |
| **Sweden — 1.7%**<br>|  |  |
| **Residential — 1.7%**<br>|  |  |
| Fastighets AB Balder<sup>(a)</sup> | 271764 | 2005974  |
| **United Kingdom — 4.8%**<br>|  |  |
| **Industrial — 3.2%**<br>|  |  |
| Tritax Big Box REIT PLC | 1820883 | 3720856  |
| **Residential — 0.5%**<br>|  |  |
| UNITE Group PLC | 77021 | 579874  |
| **Self Storage — 1.1%**<br>|  |  |
| Big Yellow Group PLC | 94341 | 1326687  |
| **Total United Kingdom** |  | 5627417  |
| **United States — 61.7%<sup>(c)</sup>**<br>|  |  |
| **Data Centers — 6.9%**<br>|  |  |
| Digital Realty Trust, Inc. | 18171 | 2811236  |
| Equinix, Inc. | 6882 | 5272713  |
|  |  | 8083949  |
| **Health Care — 13.1%**<br>|  |  |
| American Healthcare REIT, Inc. | 38521 | 1812798  |
| Omega Healthcare Investors, Inc. | 47520 | 2107037  |

---

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD GLOBAL LISTED REAL ESTATE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **UNITED STATES (Continued)**  | **UNITED STATES (Continued)**  | **UNITED STATES (Continued)**  |
| **Health Care (Continued)** | **Health Care (Continued)** | **Health Care (Continued)** |
| Ventas, Inc. | 42900 | $3319602  |
| Welltower, Inc. | 43899 | 8148093  |
|  |  | 15387530  |
| **Hotel — 1.9%**<br>|  |  |
| Host Hotels & Resorts, Inc. | 79441 | 1408489  |
| Pebblebrook Hotel Trust | 77008 | 871731  |
|  |  | 2280220  |
| **Industrial — 9.3%**<br>|  |  |
| First Industrial Realty Trust, Inc. | 73773 | 4224980  |
| LXP Industrial Trust | 19606 | 972065  |
| Prologis, Inc. | 44918 | 5734232  |
|  |  | 10931277  |
| **Net Lease — 5.0%**<br>|  |  |
| Essential Properties Realty Trust, Inc. | 100232 | 2972881  |
| NETSTREIT Corp. | 161301 | 2845350  |
|  |  | 5818231  |
| **Office — 2.4%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 5127 | 250915  |
| Highwoods Properties, Inc. | 37214 | 960866  |
| SL Green Realty Corp. | 34877 | 1599808  |
|  |  | 2811589  |
| **Residential — 7.6%**<br>|  |  |
| AvalonBay Communities, Inc. | 9359 | 1696880  |
| Essex Property Trust, Inc. | 11208 | 2932910  |
| Mid-America Apartment Communities, Inc. | 30774 | 4274816  |
|  |  | 8904606  |
| **Retail — 9.6%**<br>|  |  |
| Acadia Realty Trust | 116943 | 2402009  |
| Brixmor Property Group, Inc. | 121477 | 3185127  |
| Curbline Properties Corp. | 35224 | 817549  |
| Simon Property Group, Inc. | 21673 | 4011889  |
| Urban Edge Properties | 45732 | 877597  |
|  |  | 11294171  |
| **Self Storage — 4.4%**<br>|  |  |
| Extra Space Storage, Inc. | 27920 | 3635742  |
| Smartstop Self Storage REIT, Inc. | 49318 | 1525899  |
|  |  | 5161641  |
| **Specialty — 1.5%**<br>|  |  |
| Iron Mountain, Inc. | 20438 | 1695332  |
| **Total United States** |  | 72368546  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $101,139,985)** |  | 116356201  |

---

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD GLOBAL LISTED REAL ESTATE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS — 0.4%**<br>|  |  |
| **Money Market Funds — 0.4%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(d)</sup> | 485420 | $485420  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $485,420)** |  | 485420  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.6%** <br>**(Cost $101,625,405)** |  | $116841621  |
| Other Assets in Excess of Liabilities — 0.4% |  | 501772  |
| **TOTAL NET ASSETS — 100.0%** |  | $117343393 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $1,774,331 or 1.5% of the Fund's net assets.

<sup>(c)</sup> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brookfield Next Generation Infrastructure Fund** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 98.0%**<br>|  |  |
| **Brazil — 3.9%**<br>|  |  |
| **Circular Economy — 3.9%**<br>|  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 12402 | $298553  |
| Orizon Valorizacao de Residuos SA<sup>(a)</sup> | 52626 | 669753  |
| **Total Brazil** |  | 968306  |
| **Canada — 3.3%**<br>|  |  |
| **Electricity Infrastructure — 3.3%**<br>|  |  |
| Boralex, Inc. - Class A | 17312 | 319488  |
| Fortis, Inc. | 9544 | 496200  |
| **Total Canada** |  | 815688  |
| **Denmark — 2.1%**<br>|  |  |
| **Sustainable Solutions — 2.1%**<br>|  |  |
| Vestas Wind Systems A/S | 19354 | 523472  |
| **France — 3.2%**<br>|  |  |
| **Sustainable Solutions — 3.2%**<br>|  |  |
| Schneider Electric SE | 2886 | 789537  |
| **Germany — 3.4%**<br>|  |  |
| **Electricity Infrastructure — 3.4%**<br>|  |  |
| E.ON SE | 43501 | 823687  |
| **Hong Kong — 1.4%**<br>|  |  |
| **Circular Economy — 1.4%**<br>|  |  |
| Guangdong Investment Ltd. | 396541 | 345942  |
| **Italy — 7.0%**<br>|  |  |
| **Circular Economy — 3.2%**<br>|  |  |
| Hera SpA | 170512 | 804027  |
| **Electricity Infrastructure — 3.8%**<br>|  |  |
| Enel SpA | 89352 | 929022  |
| **Total Italy** |  | 1733049  |
| **Spain — 10.7%**<br>|  |  |
| **Electricity Infrastructure — 10.7%**<br>|  |  |
| EDP Renovaveis SA | 39008 | 550881  |
| Grenergy Renovables SA<sup>(a)</sup> | 8063 | 813314  |
| Iberdrola SA | 58129 | 1258689  |
| **Total Spain** |  | 2622884  |
| **United Kingdom — 10.1%**<br>|  |  |
| **Circular Economy — 2.0%**<br>|  |  |
| Severn Trent PLC | 13235 | 496987  |

---

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brookfield Next Generation Infrastructure Fund** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **United Kingdom (Continued)** | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| **Electricity Infrastructure — 8.1%**<br>|  |  |
| National Grid PLC | 36213 | $555450  |
| SSE PLC | 48824 | 1431413  |
|  |  | 1986863  |
| **Total United Kingdom** |  | 2483850  |
| **United States — 52.9%<sup>(b)</sup>**<br>|  |  |
| **Circular Economy — 14.8%**<br>|  |  |
| American Water Works Co., Inc. | 5529 | 721535  |
| Republic Services, Inc. | 3438 | 728615  |
| Waste Connections, Inc. | 6033 | 1058077  |
| Waste Management, Inc. | 5133 | 1127771  |
|  |  | 3635998  |
| **Electricity Infrastructure — 22.2%**<br>|  |  |
| Clearway Energy, Inc. - Class C | 14466 | 481139  |
| Constellation Energy Corp. | 2021 | 713959  |
| Entergy Corp. | 7953 | 735096  |
| Eversource Energy | 7213 | 485651  |
| NextEra Energy, Inc. | 16966 | 1362030  |
| PG&E Corp. | 40194 | 645918  |
| Xcel Energy, Inc. | 14308 | 1056789  |
|  |  | 5480582  |
| **Sustainable Solutions — 15.9%**<br>|  |  |
| Bloom Energy Corp. - Class A<sup>(a)</sup> | 3815 | 331485  |
| First Solar, Inc.<sup>(a)</sup> | 1875 | 489806  |
| GE Vernova, Inc. | 579 | 378417  |
| Itron, Inc.<sup>(a)</sup> | 5895 | 547410  |
| Nextpower, Inc. - Class A<sup>(a)</sup> | 6747 | 587731  |
| Sunrun, Inc.<sup>(a)</sup> | 19532 | 359389  |
| Trane Technologies PLC | 1896 | 737923  |
| Xylem, Inc. | 3476 | 473362  |
|  |  | 3905523  |
| **Total United States** |  | 13022103  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $19,985,961)** |  | 24128518  |
| **PREFERRED STOCKS — 1.4%**<br>|  |  |
| **Brazil — 1.4%**<br>|  |  |
| **Electricity Infrastructure — 1.4%**<br>|  |  |
| Cia Paranaense de Energia - Copel, 0.00% | 137473 | 347585  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $317,256)** |  | 347585  |

---

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brookfield Next Generation Infrastructure Fund** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS — 0.4%**<br>|  |  |
| **MONEY MARKET FUNDS — 0.4%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(c)</sup> | 105782 | $105782  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $105,782)** |  | 105782  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.8%** <br>**(Cost $20,408,999)** |  | $24581885  |
| Other Assets in Excess of Liabilities — 0.2% |  | 51774  |
| **TOTAL NET ASSETS — 100.0%** |  | $24633659 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OAKTREE EMERGING MARKETS EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 99.8%**<br>|  |  |
| **Brazil — 9.0%**<br>|  |  |
| Banco do Brasil SA | 610293 | $2435875  |
| Itau Unibanco Holding SA - ADR | 775940 | 5555732  |
| Localiza Rent a Car SA | 581815 | 4604806  |
| Magazine Luiza SA | 1706354 | 2771272  |
| NU Holdings Ltd. - Class A<sup>(a)</sup> | 242850 | 4065309  |
| WEG SA | 523252 | 4622382  |
| XP, Inc. - Class A | 187074 | 3062401  |
|  |  | 27117777  |
| **Chile — 3.7%**<br>|  |  |
| Barrick Mining Corp. | 181494 | 7904064  |
| Capstone Copper Corp.<sup>(a)</sup> | 316999 | 3173160  |
|  |  | 11077224  |
| **China — 36.3%<sup>(b)</sup>**<br>|  |  |
| Akeso, Inc.<sup>(a)(c)</sup> | 64606 | 940271  |
| Alibaba Group Holding Ltd. | 894776 | 16428948  |
| Aluminum Corp. of China Ltd. | 3624143 | 6324058  |
| Baidu, Inc. - Class A<sup>(a)</sup> | 261305 | 4297218  |
| Bilibili, Inc. - Class Z<sup>(a)</sup> | 126688 | 3126803  |
| BYD Co. Ltd. - Class H | 259337 | 3169295  |
| China Resources Land Ltd. | 908919 | 3179673  |
| China Tourism Group Duty Free Corp. Ltd. | 115695 | 1566679  |
| Contemporary Amperex Technology Co. Ltd. - Class H | 138336 | 8997300  |
| Damai Entertainment Holdings Ltd.<sup>(a)</sup> | 6450565 | 789370  |
| DiDi Global, Inc. - ADR<sup>(a)</sup> | 324789 | 1714886  |
| Full Truck Alliance Co. Ltd. - ADR | 209099 | 2243632  |
| GDS Holdings Ltd. - Class A<sup>(a)</sup> | 340218 | 1485868  |
| Huaming Power Equipment Co. Ltd. - Class A | 772968 | 2770783  |
| Insilico Medicine Cayman TopCo<sup>(a)</sup> | 258159 | 1231966  |
| JD.com, Inc. - Class A | 87344 | 1255940  |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class H<sup>(a)</sup> | 338930 | 3107190  |
| Kanzhun Ltd. - ADR | 88847 | 1810702  |
| Lens Technology Co. Ltd. - Class H | 581239 | 1881381  |
| Ping An Insurance Group Co. of China Ltd. | 751884 | 6315604  |
| Sands China Ltd. | 1096892 | 2766826  |
| Sany Heavy Industry Co. Ltd. - Class H<sup>(a)</sup> | 660305 | 1917444  |
| Tencent Holdings Ltd. | 210609 | 16162880  |
| WuXi AppTec Company Ltd.<sup>(c)</sup> | 399419 | 5064860  |
| Zijin Gold International Co. Ltd.<sup>(a)</sup> | 171160 | 3210886  |
| Zijin Mining Group Co. Ltd. | 1688849 | 7732289  |
|  |  | 109492752  |
| **Greece — 2.1%**<br>|  |  |
| Alpha Bank SA | 1500774 | 6307859  |

---

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

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OAKTREE EMERGING MARKETS EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **India — 11.5%**<br>|  |  |
| Bharti Airtel Ltd. | 192906 | $4527790  |
| DLF Ltd. | 195737 | 1497594  |
| GMR Airports Ltd.<sup>(a)</sup> | 2002775 | 2328974  |
| HDFC Bank Ltd. - ADR | 128863 | 4708654  |
| Hindustan Zinc Ltd. | 494051 | 3368221  |
| Infosys Ltd. - ADR | 60972 | 1086521  |
| JSW Energy Ltd. | 403773 | 2169412  |
| JSW Infrastructure Ltd. | 686034 | 2175043  |
| Mahindra & Mahindra Ltd. - GDR | 54386 | 2256069  |
| Reliance Industries Ltd. - GDR<sup>(c)</sup> | 86996 | 6091297  |
| Shriram Finance Ltd.<sup>(a)</sup> | 417895 | 4637648  |
|  |  | 34847223  |
| **Indonesia — 3.7%**<br>|  |  |
| Bank Mandiri Persero Tbk PT | 13362580 | 4074695  |
| Freeport-McMoRan, Inc. | 76395 | 3880102  |
| Grab Holdings Ltd. - Class A<sup>(a)</sup> | 659716 | 3291983  |
|  |  | 11246780  |
| **Mexico — 3.8%**<br>|  |  |
| Fresnillo PLC | 223709 | 9975251  |
| Ternium SA - ADR | 38886 | 1485057  |
|  |  | 11460308  |
| **Poland — 0.6%**<br>|  |  |
| Allegro.eu SA<sup>(a)(c)</sup> | 211956 | 1818787  |
| **Russia — 0.0%<sup>(d)</sup>**<br>|  |  |
| Sberbank of Russia PJSC - ADR<sup>(a)(e)</sup> | 39273 | 0  |
| **South Africa — 5.3%**<br>|  |  |
| Absa Group Ltd. | 146820 | 2121971  |
| Anglogold Ashanti PLC | 162478 | 13856124  |
|  |  | 15978095  |
| **South Korea — 13.8%**<br>|  |  |
| Hana Financial Group, Inc. | 49297 | 3216461  |
| HD Hyundai Electric Co. Ltd. | 7045 | 3783505  |
| Hyundai Engineering & Construction Co. Ltd. | 47272 | 2303740  |
| NAVER Corp. | 17855 | 3001454  |
| Samsung Electronics Co. Ltd. | 214617 | 17988102  |
| Samsung Fire & Marine Insurance Co. Ltd. | 12540 | 4320392  |
| Samsung Heavy Industries Co. Ltd.<sup>(a)</sup> | 215575 | 3604907  |
| Samyang Foods Co. Ltd. | 2772 | 2366869  |
| Sung Kwang Bend Co. Ltd.<sup>(a)</sup> | 55877 | 997979  |
|  |  | 41583409  |

---

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

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OAKTREE EMERGING MARKETS EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **Taiwan — 10.0%**<br>|  |  |
| Delta Electronics, Inc. | 101158 | $3085720  |
| Hon Hai Precision Industry Co. Ltd. | 478165 | 3505105  |
| MediaTek, Inc. | 70444 | 3198523  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 416579 | 20477893  |
|  |  | 30267241  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $198,480,079)** |  | 301197455  |
| **PREFERRED STOCKS — 0.1%**<br>|  |  |
| **Brazil — 0.1%**<br>|  |  |
| Localiza Rent a Car SA, 0.00%<sup>(a)</sup> | 22378 | 169472  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $0)** |  | 169472  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.9%**<br>**(Cost $198,480,079)** |  | $301366927  |
| Other Assets in Excess of Liabilities — 0.1% |  | 384514  |
| **TOTAL NET ASSETS — 100.0%** |  | $301751441 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

PJSC - Public Joint Stock Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $13,915,215 or 4.6% of the Fund's net assets.

<sup>(d)</sup> Represents less than 0.05% of net assets.

<sup>(e)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of December 31, 2025. 

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

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**Statements of Assets and Liabilities** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Infrastructure** <br>**Fund** | **Global Real** <br>**Estate Fund** | **Next Generation** <br>**Fund <sup>(1)</sup>** | **Emerging** <br>**Markets Fund<sup>(2)</sup>**  |
| **Assets:**<br>|  |  |  |  |
|  Investments in securities, at value (Note 2) | $113345824 | $116841621 | $24581885 | $301366927  |
| Receivable for investments sold | 1001405 | 1989537 |  | —  |
| Dividends and interest receivable | 489713 | 453044 | 75890 | 313884  |
| Receivable for fund shares sold | 72580 | 13 |  | 21494  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at value <br>(Cost $2, $2, $– and $6) | 2 | 2 |  | 6  |
| Cash |  |  |  | 869555  |
| &nbsp;&nbsp;&nbsp; Net receivable from Advisor <br>(Note 3) |  |  | 209548 | —  |
| Prepaid expenses | 34036 | 24893 | 38159 | 28169  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 114943560 | 119309110 | 24905482 | 302600035  |
| **Liabilities:**<br>|  |  |  |  |
| Payable for credit facility (Note 6) | 267000 |  |  | —  |
| Distribution fees payable | 125454 | 76024 |  | 1151  |
|  Investment advisory fees payable, net (Note 3) | 89189 | 58033 |  | 176343  |
| Payable for fund shares purchased | 5039 | 23033 |  | 3682  |
|  Interest payable for credit facility (Note 6) | 1159 |  |  | —  |
| Payable for investments purchased |  | 1695318 |  | 53351  |
| Deferred foreign capital gains taxes |  |  |  | 429549 |
| Accrued expenses | 122320 | 113309 | 271823 | 184518  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 610161 | 1965717 | 271823 | 848594  |
| **Net Assets** | $114333399 | $117343393 | $24633659 | $301751441  |
| **Composition of Net Assets:**<br>|  |  |  |  |
| Paid-in capital | 84675497 | 221841057 | 19710537 | 228399098  |
| Accumulated gains (losses) | 29657902 | (104497664) | 4923122 | 73352343  |
|  Net assets applicable to capital shares outstanding | $114333399 | $117343393 | $24633659 | $301751441  |
| &nbsp;&nbsp;&nbsp; Total Investments at cost | $86554817 | $101625405 | $20408999 | $198480079  |
| **Net Assets**<br>|  |  |  |  |
| **Class A Shares - Net Assets** | $4020782 | $4158737 |  | $5856963  |
| &nbsp;&nbsp;&nbsp; Shares outstanding | 346749 | 345556 |  | 565635  |
| &nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $11.60 | $12.03 |  | $10.35  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offering price per share based on a maximum sales charge of <br>4.75% | $12.18 | $12.63 |  | $10.87  |

---

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

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**Statements of Assets and Liabilities** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Infrastructure** <br>**Fund** | **Global Real** <br>**Estate Fund** | **Next Generation** <br>**Fund <sup>(1)</sup>** | **Emerging** <br>**Markets Fund<sup>(2)</sup>**  |
| **Class C Shares - Net Assets** | $720564 | $193112 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Shares outstanding | 63265 | 16128 |  | —  |
| &nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $11.39 | $11.97 |  | —  |
| **Class I Shares - Net Assets** | $109592053 | $112991544 | 24633659 | 295894478  |
| &nbsp;&nbsp;&nbsp; Shares outstanding | 9450425 | 9385350 | 2639135 | 28707401  |
| &nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $11.60 | $12.04 | $9.33 | $10.31 |

---

<sup>(1)</sup> Currently, the Next Generation Fund is only publicly offering Class I shares to investors.

<sup>(2)</sup> Currently, the Emerging Markets Fund is only publicly offering Class A and Class I shares to investors.

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

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Infrastructure** <br>**Fund** | **Global Real** <br>**Estate Fund** | **Next** <br>**Generation Fund** | **Emerging** <br>**Markets Fund**  |
| **Investment Income:**<br>|  |  |  |  |
|  Dividends and distributions (net of foreign withholding tax of $3,347, $166,403, $79,953 and $578,062) | $5433386 | $3904552 | $1299238 | $6320206  |
| Less return of capital distributions | (143570) | (23907) | (81987) | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 5289816 | 3880645 | 1217251 | 6320206  |
| **Expenses:**<br>|  |  |  |  |
| Investment advisory fees (Note 3) | 1588104 | 945522 | 382735 | 2382019  |
| Distribution fees - Class A | 12230 | 10184 |  | 10509  |
| Distribution fees - Class C | 7905 | 4504 |  | —  |
| Fund accounting and sub-administration fees | 126660 | 89205 | 52224 | 160484  |
| Transfer agent fees | 109959 | 114789 | 14389 | 134511  |
| Registration fees | 75410 | 47674 | 45308 | 54834  |
| Audit and tax services | 71689 | 57948 | 60646 | 55146  |
| Trustees' fees | 63187 | 51833 | 42095 | 67521  |
| Interest Expense | 54230 | 10135 | 561 | 16787  |
| Custodian fees | 52155 | 29211 | 25825 | 142065  |
| Miscellaneous | 36042 | 28848 | 23677 | 31918  |
| Legal fees | 23436 | 92094 | 200750 | 30136  |
| Reports to shareholders | 18677 | 18552 | 25644 | 18916  |
| Insurance | 17081 | 10778 | 2635 | 12076  |
| &nbsp;&nbsp;&nbsp; Total operating expenses | 2256765 | 1511277 | 876489 | 3116922  |
| &nbsp;&nbsp;&nbsp; Less expenses waived by the investment adviser (Note 3) | (368273) | (298927) | (426213) | (592059)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1888492 | 1212350 | 450276 | 2524863  |
| **Net investment income** | 3401324 | 2668295 | 766975 | 3795343  |
| **Net realized gain (loss) on:**<br>|  |  |  |  |
| Investments | 36133036 | 4126577 | 8381552 | 10758082  |
| Foreign currency transactions | (31115) | 25886 | 4786 | (259357)  |
| Foreign capital gains tax |  |  |  | (94097)  |
| **Net realized gain** | 36101921 | 4152463 | 8386338 | 10404628  |
| &nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation/**<br>**depreciation on:** <br>|  |  |  |  |
| Investments | (16352684) | 3305209 | 4103438 | 87113133  |
| Foreign currency translations | 23070 | 16867 | 4406 | 3973  |
| Deferred foreign capital gains tax |  |  |  | (429549)  |
|  Net change in unrealized appreciation (depreciation) | (16329614) | 3322076 | 4107844 | 86687557  |
| **Net realized and unrealized gain** | 19772307 | 7474539 | 12494182 | 97092185  |
|  **Net increase in net assets resulting from operations** | $23173631 | $10142834 | $13261157 | $100887528 |

---

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

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Infrastructure Fund** | **Infrastructure Fund** | **Global Real Estate Fund**  | **Global Real Estate Fund**  |
|  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets Resulting from Operations:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $3401324 | $5955562 | $2668295 | $4999171  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 36101921 | (302401) | 4152463 | 23128235  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (16329614) | 21404585 | 3322076 | (29669463)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 23173631 | 27057746 | 10142834 | (1542057)  |
| **Distributions to Shareholders:** | **Distributions to Shareholders:** |  |  |  |
| **From distributable earnings:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A shares | (1082839) | (95997) | (86627) | (115003)  |
| &nbsp;&nbsp;&nbsp; Class C shares | (182614) | (8127) | (5967) | (14809)  |
| &nbsp;&nbsp;&nbsp; Class I shares | (31030956) | (5844442) | (3296349) | (6394461)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (32296409) | (5948566) | (3388943) | (6524273)  |
|  **Capital Share Transactions (Note 5):**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 46978535 | 144709121 | 9355989 | 4781285  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 19440544 | 5424486 | 2980430 | 5193430  |
| &nbsp;&nbsp;&nbsp; Redemptions | (302641935) | (62308407) | (55600017) | (208923552)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital share transactions** | (236222856) | 87825200 | (43263598) | (198948837)  |
|  **Total increase (decrease) in net assets** | (245345634) | 108934380 | (36509707) | (207015167)  |
| **Net Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 359679033 | 250744653 | 153853100 | 360868267  |
| &nbsp;&nbsp;&nbsp; End of year | $114333399 | $359679033 | $117343393 | $153853100 |

---

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

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Next Generation Fund** | **Next Generation Fund** | **Emerging Markets Fund**  | **Emerging Markets Fund**  |
|  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2025**  | **2024**  |
|  **Increase (Decrease) in Net Assets Resulting from Operations:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $766975 | $753132 | $3795343 | $5273250  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8386338 | (746210) | 10404628 | (23876520)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4107844 | (1208695) | 86687557 | 12618368  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 13261157 | (1201773) | 100887528 | (5984902)  |
| **Distributions to Shareholders:** | **Distributions to Shareholders:** |  |  |  |
| **From distributable earnings:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A shares |  |  | (101508) | (48391)  |
| &nbsp;&nbsp;&nbsp; Class I shares | (5182220) | (742382) | (5816710) | (5963076)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (5182220) | (742382) | (5918218) | (6011467)  |
|  **Capital Share Transactions (Note 5):**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 917537 | 20843239 | 31500706 | 32441642  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 5049517 | 671688 | 5778669 | 5802541  |
| &nbsp;&nbsp;&nbsp; Redemptions | (43453023) | (963099) | (54712491) | (52546059)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital share transactions** | (37485969) | 20551828 | (17433116) | (14301876)  |
|  **Total increase (decrease) in net assets** | (29407032) | 18607673 | 77536194 | (26298245)  |
| **Net Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 54040691 | 35433018 | 224215247 | 250513492  |
| &nbsp;&nbsp;&nbsp; End of year | $24633659 | $54040691 | $301751441 | $224215247 |

---

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

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD GLOBAL LISTED INFRASTRUCTURE FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  |
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year** | **Net** <br>**Investment** <br>**Income<sup>1</sup>** | **Net Realized** <br>**and Change in** <br>**Unrealized** <br>**Gain (Loss) on** <br>**Investment** <br>**Transactions** | **Net Increase** <br>(Decrease) in <br>**Net Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | **Distributions** <br>**from Net** <br>**Investment** <br>**Income** | **Distributions** <br>**from Net** <br>**Realized** <br>**Gains** | **Return of** <br>**Capital** <br>**Distributions** | **Total** <br>**Distributions** <br>**Paid\*** | **Net Asset** <br>**Value,** <br>**End of** <br>**Year** | **Total** <br>**Investment** <br>**Return<sup>2,†</sup>** | **Net Assets,** <br>**End of** <br>**Year** <br>(000) | **Gross** <br>**Operating** <br>**Expenses<sup>3</sup>** | **Net Expenses,** <br>**Including Fee** <br>**Waivers and** <br>**Reimbursement/**<br>**Recoupment<sup>3</sup>** | **Net** <br>**Investment** <br>**Income<sup>3</sup>** | **Net** <br>**Investment** <br>**Income (Loss),** <br>**Excluding the** <br>**Effect of Fee** <br>**Waivers and** <br>**Reimbursement/**<br>**Recoupment<sup>3</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>2</sup>**  |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| December 31, 2025 | &nbsp;&nbsp; $13.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (3.25) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3.45) | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp;&nbsp; 12.81% | $4021 | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp; 83%  |
| December 31, 2024 | &nbsp;&nbsp; $12.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp; $13.35 | &nbsp;&nbsp;&nbsp; 8.76% | $5036 | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp; 78%  |
| December 31, 2023 | &nbsp;&nbsp; $12.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; $12.49 | &nbsp;&nbsp;&nbsp; 2.99% | $6047 | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp; 52%  |
| December 31, 2022 | &nbsp;&nbsp; $13.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp; (0.92) | &nbsp;&nbsp;&nbsp;&nbsp; (0.77) | &nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.87) | &nbsp;&nbsp; $12.33 | &nbsp;&nbsp;&nbsp; (5.61)% | $7267 | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 74%  |
| December 31, 2021 | &nbsp;&nbsp; $12.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.60) | &nbsp;&nbsp; $13.97 | &nbsp;&nbsp;&nbsp; 15.90% | $7698 | &nbsp;&nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp; 62%  |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| December 31, 2025 | &nbsp;&nbsp; $13.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; (3.25) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3.35) | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp;&nbsp; 11.95% | $721 | &nbsp;&nbsp;&nbsp; 2.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; 83%  |
| December 31, 2024 | &nbsp;&nbsp; $12.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp; $13.16 | &nbsp;&nbsp;&nbsp; 7.92% | $801 | &nbsp;&nbsp;&nbsp; 2.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 78%  |
| December 31, 2023 | &nbsp;&nbsp; $12.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp; $12.32 | &nbsp;&nbsp;&nbsp; 2.25% | $955 | &nbsp;&nbsp;&nbsp; 2.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp; 52%  |
| December 31, 2022 | &nbsp;&nbsp; $13.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp; (0.90) | &nbsp;&nbsp;&nbsp;&nbsp; (0.86) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.77) | &nbsp;&nbsp; $12.15 | &nbsp;&nbsp;&nbsp; (6.35)% | $1736 | &nbsp;&nbsp;&nbsp; 2.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | &nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp; 74%  |
| December 31, 2021 | &nbsp;&nbsp; $12.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.50) | &nbsp;&nbsp; $13.78 | &nbsp;&nbsp;&nbsp; 15.06% | $3462 | &nbsp;&nbsp;&nbsp; 2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.03% | &nbsp;&nbsp;&nbsp; 0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)% | &nbsp;&nbsp;&nbsp; 62%  |
| **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** |
| December 31, 2025 | &nbsp;&nbsp; $13.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp; (3.25) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3.51) | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp;&nbsp; 13.04% | $109592 | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp; 83%  |
| December 31, 2024 | &nbsp;&nbsp; $12.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp; $13.38 | &nbsp;&nbsp;&nbsp; 9.01% | $353841 | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.89% | &nbsp;&nbsp;&nbsp; 78%  |
| December 31, 2023 | &nbsp;&nbsp; $12.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp; $12.52 | &nbsp;&nbsp;&nbsp; 3.33% | $243742 | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp; 52%  |
| December 31, 2022 | &nbsp;&nbsp; $13.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; (0.91) | &nbsp;&nbsp;&nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.91) | &nbsp;&nbsp; $12.35 | &nbsp;&nbsp;&nbsp; (5.36)% | $224185 | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 74%  |
| December 31, 2021 | &nbsp;&nbsp; $12.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.64) | &nbsp;&nbsp; $13.99 | &nbsp;&nbsp;&nbsp; 16.14% | $451114 | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp; 62% |

---

\* Distributions determined in accordance with federal income tax regulations.

---

| | |
|:---|:---|
| <sup>†</sup><br>| Total investment return is computed based upon the net asset value of the Fund's shares and excludes the effects of sales charges or contingent deferred sales charges, if applicable. Distributions are assumed to be reinvested at the net asset value of the Class on the ex-date of the distribution. |

---

<sup>1</sup> Per share amounts presented are based on average shares outstanding throughout the year indicated.

<sup>2</sup> Not annualized for periods less than one year.

<sup>3</sup> Annualized for periods less than one year.

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

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD GLOBAL LISTED REAL ESTATE FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  |
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year** | **Net** <br>**Investment** <br>**Income<sup>1</sup>** | **Net Realized** <br>**and Change in** <br>**Unrealized** <br>**Gain (Loss) on** <br>**Investment** <br>**Transactions** | **Net Increase** <br>(Decrease) in <br>**Net Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | **Distributions** <br>**from Net** <br>**Investment** <br>**Income** | **Distributions** <br>**from Net** <br>**Realized** <br>**Gains** | **Return of** <br>**Capital** <br>**Distributions** | **Total** <br>**Distributions** <br>**Paid\*** | **Net Asset** <br>**Value,** <br>**End of** <br>**Year** | **Total** <br>**Investment** <br>**Return<sup>2,†</sup>** | **Net Assets,** <br>**End of** <br>**Year** <br>(000) | **Gross** <br>**Operating** <br>**Expenses<sup>3</sup>** | **Net Expenses,** <br>**Including Fee** <br>**Waivers and** <br>**Reimbursement/**<br>**Recoupment<sup>3</sup>** | **Net** <br>**Investment** <br>**Income<sup>3</sup>** | **Net** <br>**Investment** <br>**Income,** <br>**Excluding the** <br>**Effect of Fee** <br>**Waivers and** <br>**Reimbursement/**<br>**Recoupment<sup>3</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>2</sup>**  |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| December 31, 2025 | &nbsp;&nbsp; $11.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp; $12.03 | &nbsp;&nbsp; 10.72% | $4159 | &nbsp;&nbsp;&nbsp; 1.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.49% | &nbsp;&nbsp;&nbsp; 130%  |
| December 31, 2024 | &nbsp;&nbsp; $11.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp; $11.10 | &nbsp;&nbsp; 0.86% | $4180 | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 2.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.73% | &nbsp;&nbsp;&nbsp; 166%  |
| December 31, 2023 | &nbsp;&nbsp; $10.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp; $11.28 | &nbsp;&nbsp; 6.97% | $4953 | &nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 2.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.99% | &nbsp;&nbsp;&nbsp; 91%  |
| December 31, 2022 | &nbsp;&nbsp; $14.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp; (3.31) | &nbsp;&nbsp;&nbsp;&nbsp; (3.11) | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; $10.74 | &nbsp;&nbsp; (22.21)% | $7215 | &nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 99%  |
| December 31, 2021 | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp; $14.05 | &nbsp;&nbsp; 23.42% | $14140 | &nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp; 65%  |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| December 31, 2025 | &nbsp;&nbsp; $11.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp; $11.97 | &nbsp;&nbsp; 9.95% | $193 | &nbsp;&nbsp;&nbsp; 2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 130%  |
| December 31, 2024 | &nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp; $11.02 | &nbsp;&nbsp; 0.07% | $596 | &nbsp;&nbsp;&nbsp; 2.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp; 166%  |
| December 31, 2023 | &nbsp;&nbsp; $10.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp; $11.19 | &nbsp;&nbsp; 6.11% | $1241 | &nbsp;&nbsp;&nbsp; 2.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 91%  |
| December 31, 2022 | &nbsp;&nbsp; $13.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; (3.28) | &nbsp;&nbsp;&nbsp;&nbsp; (3.18) | &nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp; $10.68 | &nbsp;&nbsp; (22.78)% | $2182 | &nbsp;&nbsp;&nbsp; 2.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 99%  |
| December 31, 2021 | &nbsp;&nbsp; $11.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp; $13.98 | &nbsp;&nbsp; 22.53% | $5024 | &nbsp;&nbsp;&nbsp; 2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 65%  |
| **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** | **Class I (Note 1)** |
| December 31, 2025 | &nbsp;&nbsp; $11.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp; $12.04 | &nbsp;&nbsp; 11.09% | $112992 | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp;&nbsp; 130%  |
| December 31, 2024 | &nbsp;&nbsp; $11.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp; $11.13 | &nbsp;&nbsp; 1.11% | $149077 | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.02% | &nbsp;&nbsp;&nbsp; 166%  |
| December 31, 2023 | &nbsp;&nbsp; $10.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp; $11.31 | &nbsp;&nbsp; 7.15% | $354674 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.46% | &nbsp;&nbsp;&nbsp; 91%  |
| December 31, 2022 | &nbsp;&nbsp; $14.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp; (3.32) | &nbsp;&nbsp;&nbsp;&nbsp; (3.09) | &nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp; $10.77 | &nbsp;&nbsp; (22.00)% | $428733 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp;&nbsp; 99%  |
| December 31, 2021 | &nbsp;&nbsp; $11.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp; $14.08 | &nbsp;&nbsp; 23.76% | $660595 | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 65% |

---

\* Distributions determined in accordance with federal income tax regulations.

---

| | |
|:---|:---|
| <sup>†</sup><br>| Total investment return is computed based upon the net asset value of the Fund's shares and excludes the effects of sales charges or contingent deferred sales charges, if applicable. Distributions are assumed to be reinvested at the net asset value of the Class on the ex-date of the distribution. |

---

<sup>1</sup> Per share amounts presented are based on average shares outstanding throughout the year indicated.

<sup>2</sup> Not annualized for periods less than one year.

<sup>3</sup> Annualized for periods less than one year.

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

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD NEXT GENERATION INFRASTRUCTURE FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  |
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year** | **Net** <br>**Investment** <br>**Income<sup>1</sup>** | **Net Realized** <br>**and Change in** <br>**Unrealized** <br>**Gain (Loss) on** <br>**Investment** <br>**Transactions** | **Net Increase** <br>(Decrease) in <br>**Net Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | **Distributions** <br>**from Net** <br>**Investment** <br>**Income** | **Distributions** <br>**from Net** <br>**Realized** <br>**Gains** | **Return of** <br>**Capital** <br>**Distributions** | **Total** <br>**Distributions** <br>**Paid\*** | **Net Asset** <br>**Value,** <br>**End of** <br>**Year** | **Total** <br>**Investment** <br>**Return<sup>2,†</sup>** | **Net Assets,** <br>**End of** <br>**Year** <br>(000) | **Gross** <br>**Operating** <br>**Expenses<sup>3</sup>** | **Net Expenses,** <br>**Including Fee** <br>**Waivers and** <br>**Reimbursement/**<br>**Recoupment<sup>3</sup>** | **Net** <br>**Investment** <br>**Income<sup>3</sup>** | **Net** <br>**Investment** <br>**Income (Loss),** <br>**Excluding the** <br>**Effect of Fee** <br>**Waivers and** <br>**Reimbursement/**<br>**Recoupment<sup>3</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>2</sup>**  |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| December 31, 2025 | &nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (2.04) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2.24) | &nbsp;&nbsp; $9.33 | &nbsp;&nbsp;&nbsp; 30.27% | &nbsp;&nbsp; $24634 | &nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 82%  |
| December 31, 2024 | &nbsp;&nbsp; $9.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp; (1.28)% | &nbsp;&nbsp; $54041 | &nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp; 69%  |
| December 31, 2023 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp; $9.14 | &nbsp;&nbsp;&nbsp; (2.25)% | &nbsp;&nbsp; $35433 | &nbsp;&nbsp;&nbsp; 2.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp; 61%  |
| December 31, 2022<sup>4</sup> | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp;&nbsp; (3.79)% | &nbsp;&nbsp; $17503 | &nbsp;&nbsp;&nbsp; 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.54)% | &nbsp;&nbsp;&nbsp; 62% |

---

\* Distributions determined in accordance with federal income tax regulations.

---

| | |
|:---|:---|
| <sup>†</sup><br>| Total investment return is computed based upon the net asset value of the Fund's shares and excludes the effects of sales charges or contingent deferred sales charges, if applicable. Distributions are assumed to be reinvested at the net asset value of the Class on the ex-date of the distribution.<br>|

---

<sup>1</sup> Per share amounts presented are based on average shares outstanding throughout the year indicated.

<sup>2</sup> Not annualized for periods less than one year.

<sup>3</sup> Annualized for periods less than one year.

<sup>4</sup> For the Period February 5, 2022 (Commencement of Operations) through December 31, 2022.

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

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OAKTREE EMERGING MARKETS EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  | **Ratios to Average Net Assets/Supplementary Data:**  |
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year** | **Net** <br>**Investment** <br>**Income<sup>1</sup>** | **Net Realized** <br>**and Change in** <br>**Unrealized** <br>**Gain (Loss) on** <br>**Investment** <br>**Transactions** | **Net Increase** <br>(Decrease) in <br>**Net Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | **Distributions** <br>**from Net** <br>**Investment** <br>**Income** | **Distributions** <br>**from Net** <br>**Realized** <br>**Gains** | **Return of** <br>**Capital** <br>**Distributions** | **Total** <br>**Distributions** <br>**Paid\*** | **Net Asset** <br>**Value,** <br>**End of** <br>**Year** | **Total** <br>**Investment** <br>**Return<sup>2,†</sup>** | **Net Assets,** <br>**End of** <br>**Year** <br>(000) | **Gross** <br>**Operating** <br>**Expenses<sup>3</sup>** | **Net Expenses,** <br>**Including Fee** <br>**Waivers and** <br>**Reimbursement/**<br>**Recoupment<sup>3</sup>** | **Net** <br>**Investment** <br>**Income<sup>3</sup>** | **Net** <br>**Investment** <br>**Income (Loss),** <br>**Excluding the** <br>**Effect of Fee** <br>**Waivers and** <br>**Reimbursement/**<br>**Recoupment<sup>3</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>2</sup>**  |
| **Class A**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2025 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp; 45.66% | $5857 | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 100%  |
| December 31, 2024 | &nbsp;&nbsp; $7.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; (2.68)% | $2130 | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp; 124%  |
| December 31, 2023 | &nbsp;&nbsp; $7.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; $7.60 | &nbsp;&nbsp; 4.67% | $1640 | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 2.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% | &nbsp;&nbsp;&nbsp; 46%  |
| December 31, 2022<sup>4</sup> | &nbsp;&nbsp; $7.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp; $7.46 | &nbsp;&nbsp; 1.16% | $1198 | &nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.83% | &nbsp;&nbsp;&nbsp; 45%  |
| **Class I**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2025 | &nbsp;&nbsp; $7.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; $10.31 | &nbsp;&nbsp; 46.02% | $295894 | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp; 100%  |
| December 31, 2024 | &nbsp;&nbsp; $7.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp; $7.20 | &nbsp;&nbsp; (2.37)% | $222085 | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.77% | &nbsp;&nbsp;&nbsp; 124%  |
| December 31, 2023 | &nbsp;&nbsp; $7.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp; $7.57 | &nbsp;&nbsp; 4.94% | $248873 | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 3.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23% | &nbsp;&nbsp;&nbsp; 46%  |
| December 31, 2022 | &nbsp;&nbsp; $8.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp; (1.44) | &nbsp;&nbsp;&nbsp;&nbsp; (1.13) | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; $7.43 | &nbsp;&nbsp; (12.86)% | $122792 | &nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 4.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69% | &nbsp;&nbsp;&nbsp; 45%  |
| December 31, 2021<sup>5</sup> | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp; (1.32) | &nbsp;&nbsp;&nbsp;&nbsp; (1.18) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp; $8.76 | &nbsp;&nbsp; (11.78)% | $20553 | &nbsp;&nbsp;&nbsp; 6.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 2.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.48)% | &nbsp;&nbsp;&nbsp; 49% |

---

\* Distributions determined in accordance with federal income tax regulations.

---

| | |
|:---|:---|
| <sup>†</sup><br>| Total investment return is computed based upon the net asset value of the Fund's shares and excludes the effects of sales charges or contingent deferred sales charges, if applicable. Distributions are assumed to be reinvested at the net asset value of the Class on the ex-date of the distribution. |

---

<sup>1</sup> Per share amounts presented are based on average shares outstanding throughout the year indicated.

<sup>2</sup> Not annualized for periods less than one year.

<sup>3</sup> Annualized for periods less than one year.

<sup>4</sup> For the Period May 16, 2022 (Commencement of Operations) through December 31, 2022.

<sup>5</sup> For the Period June 3, 2021 (Commencement of Operations) through December 31, 2021.

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

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025** 

1. ORGANIZATION

Brookfield Investment Funds (the "Trust") was organized as a statutory trust under the laws of the State of Delaware on May 12, 2011. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently consists of five separate investment series referred to as Brookfield Global Listed Infrastructure Fund (the "Infrastructure Fund"), Brookfield Global Listed Real Estate Fund (the "Global Real Estate Fund"), Center Coast Brookfield Midstream Focus Fund (the "Focus Fund"), Brookfield Next Generation Infrastructure Fund (the "Next Generation Fund") and Oaktree Emerging Markets Equity Fund (the "Emerging Markets Fund") (each, a "Fund," and collectively, the "Funds"), four of which are included in this report. The Infrastructure Fund, Global Real Estate Fund, Next Generation Fund and Emerging Markets Fund are each a diversified open-end management investment company.

Effective September 30, 2025, the Next Generation Fund's name was changed from "Brookfield Global Renewables & Sustainable Infrastructure Fund" to "Brookfield Next Generation Infrastructure Fund," and the Fund's 80% policy was changed from investing in publicly traded equity securities of global renewables and sustainable infrastructure (GRSI) companies to investing in publicly traded equity securities of infrastructure companies.

On March 25, 2021, the Board of Trustees of the Trust, on behalf of the Infrastructure Fund and the Global Real Estate Fund, approved a proposal to close each 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 each Fund's Class Y Shares (the "Legacy Class Y Shares"). Following the Conversion, each Fund's Legacy Class Y Shares were renamed "Class I Shares" (the "new Class I Shares"). As a result of the Conversion, each Fund's new Class I Shares adopted the Legacy Class Y Shares' performance and accounting history.

Each Fund currently has three classes of shares: Class A, Class C and Class I shares. Each class represents an interest in the same portfolio of assets and has identical voting, dividend, liquidation and other rights except that: (i) Class A shares have a maximum front end sales charge of 4.75%, Class C shares have a maximum deferred sales charge of 1.00%, and Class I Shares are offered at net asset value and are sold without a front-end sales load; (ii) Class A shares have a 12b-1 fee of 0.25% and Class C shares have a 12b-1 fee of 1.00%; and (iii) each class has exclusive voting rights with respect to matters relating to its own distribution arrangements. The assets belonging to a particular Fund belong to that Fund for all purposes, and to no other Fund, subject only to the rights of creditors of that Fund. Currently, the Next Generation Fund is only publicly offering Class I shares to investors and the Emerging Markets Fund is only publicly offering Class A and Class I shares to investors.

Brookfield Public Securities Group LLC ("PSG" or the "Adviser"), an indirect wholly-owned subsidiary of Brookfield Asset Management Ltd. (NYSE: BAM; TSX: BAMA) ("BAM"), is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and serves as investment adviser to the Infrastructure Fund, Global Real Estate Fund and Next Generation Fund. Oaktree Fund Advisors, LLC ("Oaktree"), a Delaware limited liability company and a registered investment adviser under the Investment Advisers Act of 1940, as amended, serves as the investment adviser to the Emerging Markets Fund. PSG serves as Administrator to the Emerging Markets Fund. PSG and Oaktree are each referred to herein as the "Adviser" and together are referred to as the "Advisers".

The investment objective of the Infrastructure Fund, Global Real Estate Fund and Next Generation Fund is to seek total return through growth of capital and current income, and the investment objective of the Emerging Markets Fund is to seek long-term capital growth. Each Fund's investment objective is not fundamental and may be changed by the Board without shareholder approval, upon not less than 60 days prior written notice to shareholders. There can be no assurance that each Fund will achieve its investment objective.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

2. SIGNIFICANT ACCOUNTING POLICIES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") *Topic 946 Financial Services – Investment Companies.*

Valuation of Investments: The Board of Trustees (the "Board") has adopted procedures for the valuation of each Fund's securities. Each Adviser oversees the day to day responsibilities for valuation determinations under these procedures. The Board regularly reviews the application of these procedures to the securities in the Fund's portfolio. Each Adviser's Valuation Committee is comprised of senior members of the Adviser's management team.

The Board has designated each Adviser as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determination relating to any or all Fund investments. The Board oversees the Advisers in their role as the valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act.

Investments in equity securities listed or traded on any securities exchange or traded in the over-the-counter market are valued at the last trade price as of the close of business on the valuation date. If the NYSE closes early, then the equity security will be valued at the last traded price before the NYSE close. Prices of foreign equities that are principally traded on certain foreign markets will generally be adjusted daily pursuant to a fair value pricing service approved by the Board in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE close. When fair value pricing is employed, the value of the portfolio securities used to calculate the Fund's net asset value ("NAV") may differ from quoted or official closing prices. Investments in open-end registered investment companies, if any, are valued at the NAV as reported by those investment companies.

Over-the-counter financial derivative instruments, such as forward currency contracts, options contracts, or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of evaluations provided by independent pricing services or broker dealer quotations. Depending on the instrument and the terms of the transaction, the value of the derivative instruments can be estimated by a pricing service provider using a series of techniques, such as simulation pricing models. The pricing models use issuer details and other inputs that are observed from actively quoted markets such as indices, spreads, interest rates, curves, dividends and exchange rates.

Securities for which market prices are not readily available, cannot be determined using the sources described above, or the Adviser's Valuation Committee determines that the quotation or price for a portfolio security provided by a broker-dealer or an independent pricing service is inaccurate will be valued at a fair value determined by the Adviser's Valuation Committee following the procedures adopted by the Adviser under the supervision of the Board. The Adviser's valuation policy establishes parameters for the sources, methodologies, and inputs the Adviser's Valuation Committee uses in determining fair value.

The fair valuation methodology may include or consider the following guidelines, as appropriate: (1) evaluation of all relevant factors, including but not limited to, pricing history, current market level, supply and demand of the respective security; (2) comparison to the values and current pricing of securities that have comparable characteristics; (3) knowledge of historical market information with respect to the security; and (4) other factors relevant to the security which would include, but not be limited to, duration, yield, fundamental analytical data, the Treasury yield curve, and credit quality. The fair value may be difficult to determine and thus judgment plays a greater role in the valuation process.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

Imprecision in estimating fair value can also impact the amount of unrealized appreciation or depreciation recorded for a particular portfolio security and differences in the assumptions used could result in a different determination of fair value, and those differences could be material. For those securities valued by fair valuations, the Adviser's Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund's NAV.

A three-tier hierarchy has been established to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical assets or liabilities

Level 2 – Quoted prices in markets that are not active or other significant observable inputs (including, but not limited to: quoted prices for similar assets or liabilities, quoted prices based on recently executed transactions, interest rates, credit risk, etc.)

Level 3 – Significant unobservable inputs (including each Fund's own assumptions in determining the fair value of assets or liabilities)

**<u>Infrastructure Fund</u>** 

The following table summarizes the Fund's investments valuation inputs categorized in the disclosure hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments</u>:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $77839073 | $35506263 | $— | $113345336  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 488 |  |  | 488  |
| **Total Investments** | $77839561 | $35506263 | $— | $113345824 |

---

**<u>Global Real Estate Fund</u>** 

The following table summarizes the Fund's investments valuation inputs categorized in the disclosure hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments</u>:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks. | $74644365 | $47711836 | $— | $116356201  |
| &nbsp;&nbsp;&nbsp; Money Market Funds. | 485420 |  |  | 485420  |
| **Total Investments** | $75129785 | $41711836 | $— | $116841621 |

---

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**<u>Next Generation Fund</u>** 

The following table summarizes the Fund's investments valuation inputs categorized in the disclosure hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments</u>:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $13837791 | $10290727 | $— | $24128518  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks |  | 347585 |  | 347585  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 105782 |  |  | 105782  |
| **Total Investments** | $13943573 | $10638312 | $— | $24581885 |

---

**<u>Emerging Markets Fund</u>** 

The following table summarizes the Fund's investments valuation inputs categorized in the disclosure hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments</u>:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $64198623 | $236998832 | $—<sup>(1)</sup> | $301197455  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 169472 |  |  | 169472  |
| **Total Investments** | $64368095 | $236998832 | $— | $301366927 |

---

<sup>(1)</sup> Investments categorized as Level 3 securities that are effectively valued at zero

As of December 31, 2025, there was an investment in the Emerging Markets Fund related to one company which was effectively valued at zero due to the inability of the Fund to transact in this investment, the lack of visibility on when the Fund may do so, and the lack of readily available market prices for such investment. All of these factors are related to the Russian invasion of Ukraine and responses to that event. The value of this security compared to the Fund's net assets is not material, and therefore, the reconciliation of Level 3 securities and related valuation techniques are not disclosed.

For further information regarding security characteristics, see the Schedules of Investments.

Investment Transactions and Investment Income: Securities transactions are recorded on trade date. Realized gains and losses from securities transactions are calculated on the identified cost basis. Interest income is recorded on the accrual basis. Discounts and premiums on securities are accreted and amortized on a daily basis using the effective yield to maturity and yield to next methods, respectively, and might be adjusted based on management's assessment of the collectability of such interest. Dividend income is recorded on the ex-dividend date. Net realized gain (loss) on the Statements of Operations may also include realized gain distributions received from real estate investment trusts ("REITs"). Distributions of net realized gains are recorded on the REIT's ex-dividend date. Distributions from REITs are recorded as ordinary income, net realized capital gain or return of capital based on information reported by the REITs and management's estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by the REITs and actual amounts may differ from the estimated amounts. A distribution received from investments in master limited partnerships ("MLP") generally are comprised of return of capital. The Funds record investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

Master Limited Partnerships: A MLP is an entity receiving partnership taxation treatment under the U.S. Internal Revenue Code of 1986 (the "Code"), the partnership interests or "units" of which are traded on securities exchanges like shares of corporate stock. Holders of MLP units generally have limited control and voting rights on matters affecting the partnership.

The Infrastructure Fund invests in MLPs, which generally are treated as partnerships for federal income tax purposes. If an MLP does not meet current legal requirements to maintain partnership status, or if it is unable to do so because of tax law changes, it would be taxed as a corporation or other form of taxable entity and there could be a material decrease in the value of its securities. Additionally, if tax law changes to eliminate or reduce tax deductions such as depletion, depreciation and amortization expense deductions that MLPs have been able to use to offset a significant portion of their taxable income, it could significantly reduce the value of the MLPs held by the Fund and could cause a greater portion of the income and gain allocated to the Fund to be subject to U.S. federal, state and local corporate income taxes, which would reduce the amount the Fund's can distribute to shareholders and could increase the percentage of Fund distributions treated as dividends instead of tax-deferred return of capital.

Depreciation or other cost recovery deductions passed through to the Funds from investments in MLPs in a given year will generally reduce the Funds' taxable income (and earnings and profits), but those deductions may be recaptured in the Funds' taxable income (and earnings and profits) in subsequent years when the MLPs dispose of their assets or when a Fund disposes of its interests in the MLPs. When deductions are recaptured, distributions to the Funds' shareholders may be taxable.

Foreign Currency Transactions: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate the portion of gains or losses resulting from changes in foreign exchange rates on securities from the fluctuations arising from changes in market prices.

Reported net realized foreign exchange gains or losses arise from sales of securities, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on a Fund's books and the U.S. dollar equivalent of the amounts actually received or paid.

Expenses: Expenses directly attributable to a Fund are charged directly to that Fund, while expenses that are attributable to more than one Fund in the Trust and other investment companies advised by the Adviser are allocated among the respective investment companies, including the Funds, based upon relative average net assets, evenly or a combination of average net assets and evenly. Income and expenses of a Fund are allocated on a pro rata basis to each class of shares, except for class-specific expenses.

Certain intermediaries such as banks, broker-dealers, financial advisers or other financial institutions charge a fee for sub-administration, sub-transfer agency and other shareholder services associated with shareholders whose shares are held in omnibus, other group accounts or accounts traded through registered securities clearing agents. The portion of this fee paid by the Funds is included within "Transfer agent fees" in the Statements of Operations.

Distributions to Shareholders: Each Fund declares and pays dividends quarterly from net investment income. To the extent these distributions exceed net investment income, they may be classified as return of capital. Each Fund also pays distributions at least annually from their realized capital gains, if any. Dividends and distributions are recorded on the ex-dividend date. All common shares have equal dividend and other distribution rights. A notice disclosing the source(s) of a distribution is provided after a payment is made from any source other than net investment income. This notice is available on the Adviser's website at https://www.privatewealth.brookfield.com. Any such notice is

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

provided only for informational purposes in order to comply with the requirements of Section 19(a) of the 1940 Act and not for tax reporting purposes. The tax composition of the Funds' distributions for each calendar year is reported on IRS Form 1099-DIV.

Dividends from net investment income and distributions from realized gains from investment transactions have been determined in accordance with federal income tax regulations and may differ from net investment income and realized gains recorded by each Fund for financial reporting purposes. These differences, which could be temporary or permanent in nature, may result in reclassification of distributions; however, net investment income, net realized gains and losses and net assets are not affected.

The Funds adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosures of income taxes paid disaggregated by jurisdiction. The Funds' adoption of the new standard did not have a material impact on financial statement disclosures and did not affect any Funds' financial position or results of operations.

The Funds operate as a single operating segment. The Funds' income, expenses, assets, and performance are regularly monitored and assessed as a whole by the President of the Funds, who is responsible for the oversight functions of the Funds, using the information presented in the financial statements and financial highlights.

3. INVESTMENT ADVISORY AGREEMENTS AND RELATED PARTY TRANSACTIONS

PSG serves as the investment adviser to the Infrastructure Fund, Global Real Estate Fund and Next Generation Fund and Oaktree serves as the investment adviser to the Emerging Markets Fund pursuant to separate investment advisory agreements (the "Advisory Agreements") under which each Adviser is responsible for the management of each Fund's portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

Under the Advisory Agreements, the Funds pay advisory fees, computed daily and payable monthly, at the annual rates stated below:

---

| | | |
|:---|:---|:---|
|  | **Annual** <br>**Advisory Fee Rate** <br>**(as a percentage of**<br>**average daily net assets)** | **Annual** <br>**Expense Cap**  |
| **Infrastructure Fund** | **Infrastructure Fund** | **Infrastructure Fund** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 1.25%  |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 2.00%  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 1.00%  |
| **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20%  |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; 1.95%  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95%  |
| **Next Generation Fund** | **Next Generation Fund** | **Next Generation Fund** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 1.25%  |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 2.00%  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 1.00%  |
| **Emerging Markets Fund** | **Emerging Markets Fund** | **Emerging Markets Fund** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20%  |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.95%  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% |

---

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

Pursuant to operating expense limitation agreements (the "Expense Limitation Agreements"), each Adviser has contractually agreed to waive all or a portion of its investment advisory or administration fees, as presented above, and/or to reimburse certain expenses of each Fund to the extent necessary to maintain each Fund's total annual operating expenses (excluding any front-end or contingent deferred charges, brokerage commissions and other transactional expenses, acquired fund fees and expenses, interest, taxes, and extraordinary expenses, such as litigation; and other expenses not incurred in the ordinary course of a Fund's business) at certain levels. The Expense Limitation Agreements will continue until at least April 30, 2026 for the Infrastructure Fund, Global Real Estate Fund, Next Generation Fund and the Emerging Markets Fund and may not be terminated by the Funds or the Adviser before such time.

Thereafter, the Expense Limitation Agreements may only be terminated or amended to increase the expense cap as of May 1st of each calendar year, provided that in the case of a termination by the Adviser, each Adviser will provide the Board with written notice of its intention to terminate the arrangement prior to the expiration of its then current term. Pursuant to the Expense Limitation Agreements, any waivers and/or reimbursements made by the Adviser are subject to recoupment from a Fund for a period not to exceed three years after the occurrence of the waiver and/or reimbursement, provided that a Fund is able to effect such payment to the Adviser and remain in compliance with the annual expense cap in effect at the time the waivers and/or reimbursements occurred.

The amount of investment advisory fees waived and/or expenses reimbursed available to be recouped before expiration are listed in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration Period** | **Infrastructure** <br>**Fund** | **Global Real** <br>**Estate Fund** | **Next Generation** <br>**Fund** | **Emerging** <br>**Markets Fund**  |
| December 31, 2026 | &nbsp;&nbsp; $230459 | $64648 | &nbsp;&nbsp;&nbsp; $250752 | $209836  |
| December 31, 2027 | &nbsp;&nbsp; 267086 | 304079 | &nbsp;&nbsp;&nbsp; 192993 | 642727  |
| December 31, 2028 | &nbsp;&nbsp; 368273 | 298927 | &nbsp;&nbsp;&nbsp; 426213 | 592059  |
| Total amount subject to recoupment | &nbsp;&nbsp; $865818 | $667654 | &nbsp;&nbsp;&nbsp; $869958 | $1444622 |

---

For the year ended December 31, 2025, the Advisers did not recoup any expenses.

Each Fund has entered into separate Administration Agreements with the PSG, and PSG has entered into a sub-administration agreement with U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (the "Sub-Administrator"). PSG and the Sub-Administrator perform administrative services necessary for the operation of the Funds, including maintaining certain books and records of the Funds and preparing reports and other documents required by federal, state and other applicable laws and regulations, and providing the Funds with administrative office facilities. PSG does not receive any compensation for its administration services pursuant to the Administration Agreements and the Funds are responsible for any fees due to the Sub-Administrator.

Certain officers and/or trustees of the Trust are officers and/or employees of PSG.

4. PURCHASES AND SALES OF INVESTMENTS

Purchases and sales of investments, excluding short-term securities and U.S. Government securities, for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales**  |
| Infrastructure Fund | $155611720 | $417873998  |
| Global Real Estate Fund | 164855682 | 208676647  |
| Next Generation Fund | 36608885 | 77390675  |
| Emerging Markets Fund | 257457946 | 276788622 |

---

During the year ended December 31, 2025, there were no transactions in U.S. Government securities.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

5. SHARES OF BENEFICIAL INTEREST

The Trust's Declaration of Trust authorizes the issuance of an unlimited number of full and fractional shares of beneficial interest. With respect to each series, the Trust may offer more than one class of shares. The Trust reserves the right to create and issue additional series or classes. Each share of a series or class represents an equal proportionate interest in that series or class with each other share of that series or class. Currently, the Infrastructure Fund and Global Real Estate Fund offer three classes of shares of beneficial interest — "Class A" Shares, "Class C" Shares and "Class I" Shares, the Next Generation Fund offers "Class I" Shares and the Emerging Markets Fund offers two classes of shares of beneficial interest — "Class A" Shares and "Class I" Shares.

As of December 31, 2025, the Adviser owned 5% of the outstanding Class I shares of the Infrastructure Fund, and an affiliate of the Adviser owned 70% of the outstanding shares of the Next Generation Fund.

The shares of each series or class participate equally in the earnings, dividends and assets of the particular series or class.

**Infrastructure Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025<sup>(1)</sup>** | **2025<sup>(1)</sup>** | **2024<sup>(2)</sup>**  | **2024<sup>(2)</sup>**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Class A**<br>|  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 18430 | $234851 | &nbsp;&nbsp;&nbsp; 20978 | $264666  |
| Reinvestment of distributions | &nbsp;&nbsp; 77973 | 915171 | &nbsp;&nbsp;&nbsp; 6347 | 79905  |
| Payments for shares redeemed | &nbsp;&nbsp; (126899) | (1672009) | &nbsp;&nbsp;&nbsp; (134168) | (1732513)  |
| Net Decrease | &nbsp;&nbsp; (30496) | $(521987) | &nbsp;&nbsp;&nbsp; (106843) | $(1387942)  |
| **Class C**<br>|  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp; 2748 | $33847  |
| Reinvestment of distributions | &nbsp;&nbsp; 11187 | 128441 | &nbsp;&nbsp;&nbsp; 507 | 6208  |
| Payments for shares redeemed | &nbsp;&nbsp; (8793) | (116710) | &nbsp;&nbsp;&nbsp; (19882) | (237873)  |
| Net Increase (Decrease) | &nbsp;&nbsp; 2394 | $11731 | &nbsp;&nbsp;&nbsp; (16627) | $(197818)  |
| **Class I**<br>|  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 3323409 | $46743684 | &nbsp;&nbsp;&nbsp; 11177930 | $144410608  |
| Reinvestment of distributions | &nbsp;&nbsp; 1551529 | 18396932 | &nbsp;&nbsp;&nbsp; 419112 | 5338373  |
| Payments for shares redeemed | &nbsp;&nbsp; (21875592) | (300853216) | &nbsp;&nbsp;&nbsp; (4619515) | (60338021)  |
| Net Increase (Decrease) | &nbsp;&nbsp; (17000654) | $(235712600) | &nbsp;&nbsp;&nbsp; 6977527 | $89410960 |

---

**Global Real Estate Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025<sup>(1)</sup>** | **2025<sup>(1)</sup>** | **2024<sup>(2)</sup>**  | **2024<sup>(2)</sup>**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Class A**<br>|  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 39150 | &nbsp;&nbsp;&nbsp; $464424 | &nbsp;&nbsp;&nbsp;&nbsp; 47408 | &nbsp;&nbsp; $527630  |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp; 6655 | &nbsp;&nbsp;&nbsp; 77018 | &nbsp;&nbsp;&nbsp;&nbsp; 9440 | &nbsp;&nbsp; 104967  |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (76797) | &nbsp;&nbsp;&nbsp; (890480) | &nbsp;&nbsp;&nbsp;&nbsp; (119465) | &nbsp;&nbsp; (1318185)  |
| Net Decrease | &nbsp;&nbsp;&nbsp;&nbsp; (30992) | &nbsp;&nbsp;&nbsp; $(349038) | &nbsp;&nbsp;&nbsp;&nbsp; (62617) | &nbsp;&nbsp; $(685588) |

---

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**Global Real Estate Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025<sup>(1)</sup>**  | **2025<sup>(1)</sup>**  | **2024<sup>(2)</sup>**  | **2024<sup>(2)</sup>**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| **Class C**<br>|  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp; 16 | $176 | &nbsp;&nbsp; 30 | $336  |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp; 496 | 5693 | &nbsp;&nbsp; 1221 | 13476  |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp; (38488) | (451238) | &nbsp;&nbsp; (58082) | (634841)  |
| Net Decrease | &nbsp;&nbsp;&nbsp; (37976) | $(445369) | &nbsp;&nbsp; (56831) | $(621029)  |
| **Class I**<br>|  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp; 769535 | $8891389 | &nbsp;&nbsp; 384549 | $4253319  |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp; 252136 | 2897719 | &nbsp;&nbsp; 460666 | 5074987  |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp; (5024686) | (54258299) | &nbsp;&nbsp; (18813609) | (206970526)  |
| Net Decrease | &nbsp;&nbsp;&nbsp; (4003015) | $(42469191) | &nbsp;&nbsp; (17968394) | $(197642220) |

---

**Next Generation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025<sup>(1)</sup>** | **2025<sup>(1)</sup>** | **2024<sup>(2)</sup>**  | **2024<sup>(2)</sup>**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Class I**<br>|  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp; 86469 | $917537 | &nbsp;&nbsp;&nbsp; 2234060 | &nbsp;&nbsp; $20843239  |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp; 532982 | 5049517 | &nbsp;&nbsp;&nbsp; 72802 | &nbsp;&nbsp; 671688  |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp; (4060687) | (43453023) | &nbsp;&nbsp;&nbsp; (104185) | &nbsp;&nbsp; (963099)  |
| Net Increase (Decrease) | &nbsp;&nbsp;&nbsp; (3441236) | $(37485969) | &nbsp;&nbsp;&nbsp; 2202677 | &nbsp;&nbsp; $20551828 |

---

**Emerging Markets Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025<sup>(1)</sup>**  | **2025<sup>(1)</sup>**  | **2024<sup>(2)</sup>**  | **2024<sup>(2)</sup>**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| **Class A**<br>|  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp; 261352 | $2145500 | &nbsp;&nbsp;&nbsp; 72761 | $550250  |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp; 9733 | 101413 | &nbsp;&nbsp;&nbsp; 6620 | 48391  |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (747) | (5615)  |
| Net Increase | &nbsp;&nbsp;&nbsp; 271085 | $2246913 | &nbsp;&nbsp;&nbsp; 78634 | $593026  |
| **Class I**<br>|  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp; 3400962 | $29355206 | &nbsp;&nbsp;&nbsp; 4207537 | $31891392  |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp; 547469 | 5677256 | &nbsp;&nbsp;&nbsp; 790405 | 5754150  |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp; (6095333) | (54712491) | &nbsp;&nbsp;&nbsp; (7034108) | (52540444)  |
| Net Decrease | &nbsp;&nbsp;&nbsp; (2146902) | $(19680029) | &nbsp;&nbsp;&nbsp; (2036166) | $(14894902) |

---

<sup>1</sup> For the Year Ended December 31, 2025.

<sup>2</sup> For the Year Ended December 31, 2024.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

6. CREDIT FACILITY

U.S. Bank, N.A. (the "Bank") has made available to the Trust, a credit facility, pursuant to a separate Loan and Security Agreement, for temporary or extraordinary purposes. The maximum line of credit as of December 31, 2025 for the Trust is $100,000,000. The Trust pays interest in the amount of the U.S Prime Rate less 0.25% on the amount outstanding. Advances under the credit facility are collateralized by a first-priority lien against a Fund's assets, will be made at the sole discretion of the Bank and would be for a maximum of forty-five days.

During the year ended December 31, 2025, the Infrastructure Fund, Global Real Estate Fund, Next Generation Fund and Emerging Markets Fund utilized the credit facility for 50, 43, 3 and 29 days, respectively, and had an outstanding average daily loan balance of $5,411,660, $1,171,302, $929,000 and $3,026,966, respectively. The maximum amount outstanding for the Infrastructure Fund, Global Real Estate Fund, Next Generation Fund and Emerging Markets Fund during the year was $59,628,000, $9,922,000, $2,225,000 and $12,922,000, respectively, and the interest expense amounted to $54,230, $10,135, $561 and $16,787, respectively. For the year ended December 31, 2025, the average interest rate on the outstanding principal amounts for the Infrastructure Fund, Global Real Estate Fund, Next Generation Fund and Emerging Markets Fund were 7.22%, 7.24%, 7.25% and 6.88%, respectively. At December 31, 2025, the Infrastructure Fund had an outstanding balance of $267,000 on the credit facility and the Global Real Estate Fund, Next Generation Fund and Emerging Markets Fund did not have an outstanding amount on the credit facility.

7. FEDERAL INCOME TAX INFORMATION

Each Fund intends to continue to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income or excise tax provision is required. Each Fund may incur an excise tax to the extent it has not distributed all of its taxable income on a calendar year basis.

GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. An evaluation of tax positions taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the taxing authority is required. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be booked as a tax expense in the current year and recognized as: a liability for unrecognized tax benefits; a reduction of an income tax refund receivable; a reduction of a deferred tax asset; an increase in a deferred tax liability; or a combination thereof. As of December 31, 2025, each Fund has determined that there are no uncertain tax positions or tax liabilities required to be accrued.

The Funds have reviewed the taxable years open for examination (i.e. not barred by the applicable statute of limitations) by taxing authorities of all major jurisdictions, including the Internal Revenue Service. As of December 31, 2025, open taxable periods consisted of the taxable years ended December 31, 2022 through December 31, 2025, for the Infrastructure Fund and Global Real Estate Fund. As of December 31, 2025, open taxable period consisted of February 5, 2022 (commencement of operations) to December 31, 2025 for the Next Generation Fund. As of December 31, 2025, open taxable periods consisted of the taxable years ended December 31, 2022 through December 31, 2025 for the Emerging Markets Fund. No examination of the Funds' tax returns is currently in progress.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

The federal income tax information referenced below is as of the Fund's most recently completed tax year-end of December 31, 2025.

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

The tax character of distributions paid for the year ended December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Infrastructure** <br>**Fund** | **Global Real** <br>**Estate Fund** | **Next** <br>**Generation Fund** | **Emerging** <br>**Markets Fund**  |
|  Ordinary income (including short-term capital gains) | $10455938 | $3388943 | &nbsp;&nbsp; $3375474 | $5918218  |
| Long-term capital gains | 21840471 |  | &nbsp;&nbsp; 1806746 | —  |
| Total distributions | $32296409 | $3388943 | &nbsp;&nbsp; $5182220 | $5918218 |

---

The tax character of distributions paid for the year ended December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Infrastructure** <br>**Fund** | **Global Real** <br>**Estate Fund** | **Next** <br>**Generation Fund** | **Emerging** <br>**Markets Fund**  |
|  Ordinary income (including short-term capital gains) | $5948566 | $6524273 | &nbsp;&nbsp;&nbsp;&nbsp; $742382 | $6011467  |
| Long-term capital gains |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Total distributions | $5948566 | $6524273 | &nbsp;&nbsp;&nbsp;&nbsp; $742382 | $6011467 |

---

At December 31, 2025, the Funds' most recently completed tax year-end, the components of net assets (excluding paid-in capital) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Infrastructure** <br>**Fund** | **Global Real** <br>**Estate Fund** | **Next** <br>**Generation Fund** | **Emerging** <br>**Markets Fund**  |
| Capital loss carryforward<sup>(1)</sup> | $— | $(119203994) | &nbsp;&nbsp; $— | $(25416044)  |
| Distributable earnings | 4688092 | 1249699 | &nbsp;&nbsp; 795432 | 922042  |
| Post-October loss |  |  | &nbsp;&nbsp; — | —  |
| Late year ordinary losses |  |  | &nbsp;&nbsp; — | —  |
| Other accumulated gains (losses) | (266989) | 9885 | &nbsp;&nbsp; 2551 | (428482)  |
| &nbsp;&nbsp;&nbsp; Tax basis unrealized appreciation on<br>investments and foreign currency | 25236799 | 13446746 | &nbsp;&nbsp; 4125139 | 98274827  |
|  Total tax basis net accumulated gains (losses) | $29657902 | $(104497664) | &nbsp;&nbsp; $4923122 | $73352343 |

---

<sup>(1)</sup> To the extent that future capital gains are offset by capital loss carryforwards, such gains will not be distributed.

As of December 31, 2025, the Global Real Estate Fund's capital loss carryforwards were $103,168,694, which can be used to offset future realized short-term capital gains, and $16,035,300, which can be used to offset future realized long-term capital gains. The Emerging Markets Fund's capital loss carryforwards were $24,214,838, which can be used to offset future realized short-term capital gains, and $1,201,206, which can be used to offset future realized long-term capital gains. The capital loss carryforwards will not expire. As of December 31, 2025, the Infrastructure Fund and the Next Generation Fund did not have any capital loss carryforwards.

During the taxable year ended December 31, 2025, the following Funds utilized capital loss carryforwards in the following amounts:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Infrastructure** <br>**Fund**  | **Global Real** <br>**Estate Fund**  | **Next** <br>**Generation Fund**  | **Emerging** <br>**Markets Fund**  |
| Short-Term  | $—  | $—  | &nbsp;&nbsp; $823869  | $—  |
| Long-Term  | 1933069  | 6473886  | &nbsp;&nbsp; 2174294  | 13824350 |

---

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

Federal Income Tax Basis: The federal income tax basis of each Fund's investments, not including foreign currency translation, at December 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost of** <br>**Investments** | **Gross Unrealized** <br>**Appreciation** | **Gross Unrealized** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation** <br>|
| Infrastructure Fund | $88109025 | $28105767 | &nbsp;&nbsp; $(2868968) | $25236799  |
| Global Real Estate Fund | 103394875 | 15644190 | &nbsp;&nbsp; (2197444) | 13446746  |
| Next Generation Fund | 20456746  | 4361643 | &nbsp;&nbsp; (236504) | 4125139  |
| Emerging Markets Fund | 203092100 | 105404172 | &nbsp;&nbsp; (7129345) | 98274827 |

---

Capital Account Reclassifications: Because federal income tax regulations differ in certain respects from GAAP, income and capital gain distributions, if any, determined in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. These differences are primarily due to differing treatments for Section 988 currency, sales of PFICs, partnership income/expense and return of capital. Permanent book and tax differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital or to undistributed capital gains. These reclassifications have no effect on net assets or NAV per share.

8. INDEMNIFICATIONS

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Trust, on behalf of the Funds, enters into contracts with vendors and others that provide for indemnification. The Funds' maximum exposure under these arrangements is unknown, since this would involve the resolution of certain claims, as well as future claims that may be made, against the Funds. Thus, an estimate of the financial impact, if any, of these arrangements cannot be made at this time. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be unlikely.

9. SUBSEQUENT EVENTS

GAAP requires recognition in the financial statements of the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of their financial effect, or a statement that such an estimate cannot be made.

Management has evaluated subsequent events through the date the financial statements were issued in the preparation of the Funds' financial statements and has determined that herein, there are no events that require recognition or disclosure in the financial statements.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the shareholders and Board of Trustees of Brookfield Investment Funds:

Brookfield Global Listed Infrastructure Fund

Brookfield Global Listed Real Estate Fund

Brookfield Next Generation Infrastructure Fund

Oaktree Emerging Markets Equity Fund

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statements of assets and liabilities of Brookfield Investment Funds, comprising the funds listed in the table below (collectively, the "Funds"), including the schedules of investments, as of December 31, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods listed in the table below; and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting Brookfield Investment Funds as of December 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for each of the periods listed in the table below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name**  | **Statement of** <br>**Operations** | **Statements of** <br>**Changes in** <br>**Net Assets** | **Financial** <br>**Highlights**  |
| Brookfield Global Listed Infrastructure Fund<br>Brookfield Global Listed Real Estate Fund  | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021.  |
| Brookfield Next Generation Infrastructure Fund  | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the year ended December 31, 2025, 2024, 2023, and for the period from February 5, 2022 (commencement of operations) through December 31, 2022.  |
| Oaktree Emerging Markets Equity Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022, and for the period from June 3, 2021 (commencement of operations) through December 31, 2021 |

---

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Chicago, Illinois

February 27, 2026

We have served as the auditor of one or more Brookfield Public Securities Group LLC's investment companies since 2011.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**ADDITIONAL INFORMATION (Unaudited)** 

**QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION** 

For the year ended December 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Infrastructure Fund | 42.99%  |
| Global Real Estate Fund | 32.78%  |
| Next Generation Fund | 31.55%  |
| Emerging Markets Fund. | 65.58% |

---

For corporate shareholders, the percentage of ordinary distributions qualifying for the corporate dividends received deductions for the year ended December 31, 2025, was as follows:

---

| | |
|:---|:---|
| Infrastructure Fund | 35.90%  |
| Global Real Estate Fund | 25.60%  |
| Next Generation Fund | 28.60%  |
| Emerging Markets Fund | 60.30% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under the Internal Revenue Section 871(k)(2)(C) for each Fund was as follows:

---

| | |
|:---|:---|
| Infrastructure Fund | 68.42%  |
| Global Real Estate Fund | 0.00%  |
| Next Generation Fund | 77.30%  |
| Emerging Markets Fund | 0.00% |

---

For the year ended December 31, 2025, the Next Generation Fund and Emerging Markets Fund earned foreign source income of $887,738 and $6,941,770 and paid foreign taxes of $79,990 and $647,471, respectively, which it intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROOKFIELD INVESTMENT FUNDS** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Management Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not Applicable.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; ![](efp-11388_web.jpg)<br>| privatewealth.brookfield.com |
| &nbsp;&nbsp;&nbsp; ![](efp-11388_email.jpg)<br>| privatewealth@brookfield.com  |
| &nbsp;&nbsp;&nbsp; ![](efp-11388_phone.jpg)<br>| 855-777-8001 |

---

©2026 Brookfield Corporation

![](efp-11388brookfiledbclogo.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investmen</u><u>t Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Management Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End</u> <u>Management Investment Companies.</u>**

This information is included as part of the material filed under Item 7(a) of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under
 the Exchange Act. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported
 and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in
 Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely
 to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](bif-efp22725_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](bif-efp22725_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Brookfield
 Investment Funds

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Brian F. Hurley |
|  | Brian F. Hurley, Principal Executive Officer |

---

Date <u>March 6, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Brian F. Hurley |
|  | Brian F. Hurley, Principal Executive Officer |

---

Date: <u>March 6, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Casey P. Tushaus |
|  | Casey P. Tushaus, Principal Financial Officer |

---

Date: <u>March 6, 2026</u>

## Ex-99.Cert

**EX.99.CERT**

 

**<u>CERTIFICATIONS</u>**

I, Brian F. Hurley, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Brookfield Global Listed Infrastructure Fund, Brookfield
Global Listed Real Estate Fund, Brookfield Next Generation Infrastructure Fund and Oaktree Emerging Markets Equity Fund, each a series
of Brookfield Investment Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 6, 2026 | /s/ Brian F. Hurley |
|  |  | Brian F. Hurley |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Casey P. Tushaus, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Brookfield Global Listed Infrastructure Fund, Brookfield
Global Listed Real Estate Fund, Brookfield Next Generation Infrastructure Fund and Oaktree Emerging Markets Equity Fund, each a series
of Brookfield Investment Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 6, 2026 | /s/ Casey P. Tushaus |
|  |  | Casey P. Tushaus |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT** 

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Brookfield Investment Funds, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Brookfield Investment Funds for the year ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Brookfield Investment Funds for the stated period.

---

| | |
|:---|:---|
| /s/ Brian F. Hurley | /s/ Casey P. Tushaus |
| Brian F. Hurley | Casey P. Tushaus |
| Principal Executive Officer | Principal Financial Officer |
| Brookfield Investment Funds | Brookfield Investment Funds |

---

Dated: <u>March 6, 2026</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Brookfield Investment Funds for purposes of Section 18 of the Securities Exchange Act of 1934.