# EDGAR Filing Document

**Accession Number:** 0001520738
**File Stem:** 0001133228-25-009416
**Filing Date:** 2025-9
**Character Count:** 245032
**Document Hash:** f27e9bfd90dfaac0b5151fb6f617b2b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009416.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001133228-25-009416

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 63

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22558
- **FILM NUMBER:** 251293411

**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 GLOBAL RENEWABLES & SUSTAINABLE 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'? 2025-07-02190652_BrookfieldGlobalListedInfrastructureFund_ClassA_TSRSemiAnnual

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>**

**Brookfield Investment Funds**

(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>June 30, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img30400_202408221329458.jpg) | **Brookfield Global Listed Infrastructure** **Fund**  | ![image](img63345_202407151514679.jpg) |
| ![image](img30400_202408221329458.jpg) | Class A \| BGLAX  | ![image](img63345_202407151514679.jpg) |
| ![image](img30400_202408221329458.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img63345_202407151514679.jpg) |

---

This semi-annual shareholder report contains important information about the Brookfield Global Listed Infrastructure Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.brookfieldoaktree.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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** **\*** |
| Class A | $65 | 1.25% |

---

\* Annualized

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

For the six-month period ended June 30, 2025, the Fund underperformed its benchmark, the FTSE Global Core Infrastructure 50/50 Total Return Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Sector contributors to relative performance during the period included:

• Midstream: Positive security selection was primarily due to not owning several underperforming North American midstream operators.

• Gas Utilities: Relative outperformance was driven by an overweight position in an outperforming European gas infrastructure company.

Sector detractors to relative performance during the period included:

• 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.

• Towers: Security selection among U.S. tower operators detracted from relative returns.

**POSITIONING**

We believe utilities' regulated business model and earnings stability support continued defensive qualities and attractive downside protection. However, looking ahead, we expect the sector's defensive foundation to be complemented by emerging growth opportunities tied to rising power demand. Select transports subsectors face near-term softness as tariff uncertainty impairs business confidence and postpones investment decisions. That said, we continue to see potential opportunities driven by idiosyncratic dynamics. Within the communications sector, we have seen a reversal of sentiment as fundamentals appear to reach an inflection point. Lastly, within midstream energy, despite snapping the streak of 10 consecutive quarters of positive total return for the Alerian Midstream Energy Index, we believe the fundamental outlook for midstream energy has the potential to remain robust.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | North American Midstream |
| ↑ | U.S. Gas Utilities |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Electricity Transmission & Distribution |
| ↓ | U.S. Towers |

---

Brookfield Global Listed Infrastructure Fund PAGE 1 TSR-SAR-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](ts4831img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 18.29 | 8.23 | 4.63 |
| **Class A (with sales charge)**  | 12.70 | 7.18 | 4.12 |
| **MSCI World Index**  | 16.76 | 15.09 | 11.23 |
| **FTSE Global Core Infrastructure 50/50 Total Return** **Index**  | 18.01 | 9.02 | 7.66 |
| **Dow Jones Brookfield Global Infrastructure Index TR**  | 24.11 | 9.82 | 5.92 |

---

Visit https://www.brookfieldoaktree.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 June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $188986921 |
| **Number of Portfolio Holdings** | 38 |
| **Portfolio Turnover** | 44% |
| **Total Advisory Fees Paid** | $725189 |

---

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

------

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)<sup>1</sup>**  |
|  NextEra Energy, Inc.  | 5.9% |
|  Union Pacific Corp.  | 5.6% |
|  Williams Cos., Inc.  | 4.5% |
|  Duke Energy Corp.  | 4.2% |
|  National Grid PLC  | 4.2% |
|  Xcel Energy, Inc.  | 4.0% |
|  Canadian Pacific Kansas City Ltd.  | 3.8% |
|  SBA Communications Corp.  | 3.7% |
|  Cheniere Energy, Inc.  | 3.7% |
|  Evergy, Inc.  | 3.4% |

---

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

![image](ts4831img004.jpg)

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

![image](ts4831img005.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-SAR-112740501

81929206101759338116781127813071123381270713819149749682104711288711830151901769621650178112216026413289899585107121278112375156091508817458167331725119056209228919996111229102701299511759141381344414282158911777458.07.76.45.34.13.12.82.42.47.826.316.912.111.310.17.94.74.53.92.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img30400_202408221329458.jpg) | **Brookfield Global Listed Infrastructure** **Fund**  | ![image](img63345_202407151514679.jpg) |
| ![image](img30400_202408221329458.jpg) | Class C \| BGLCX  | ![image](img63345_202407151514679.jpg) |
| ![image](img30400_202408221329458.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img63345_202407151514679.jpg) |

---

This semi-annual shareholder report contains important information about the Brookfield Global Listed Infrastructure Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.brookfieldoaktree.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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** **\*** |
| Class C | $103 | 2.00% |

---

\* Annualized

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

For the six-month period ended June 30, 2025, the Fund underperformed its benchmark, the FTSE Global Core Infrastructure 50/50 Total Return Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Sector contributors to relative performance during the period included:

• Midstream: Positive security selection was primarily due to not owning several underperforming North American midstream operators.

• Gas Utilities: Relative outperformance was driven by an overweight position in an outperforming European gas infrastructure company.

Sector detractors to relative performance during the period included:

• 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.

• Towers: Security selection among U.S. tower operators detracted from relative returns.

**POSITIONING**

We believe utilities' regulated business model and earnings stability support continued defensive qualities and attractive downside protection. However, looking ahead, we expect the sector's defensive foundation to be complemented by emerging growth opportunities tied to rising power demand. Select transports subsectors face near-term softness as tariff uncertainty impairs business confidence and postpones investment decisions. That said, we continue to see potential opportunities driven by idiosyncratic dynamics. Within the communications sector, we have seen a reversal of sentiment as fundamentals appear to reach an inflection point. Lastly, within midstream energy, despite snapping the streak of 10 consecutive quarters of positive total return for the Alerian Midstream Energy Index, we believe the fundamental outlook for midstream energy has the potential to remain robust.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | North American Midstream |
| ↑ | U.S. Gas Utilities |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Electricity Transmission & Distribution |
| ↓ | U.S. Towers |

---

Brookfield Global Listed Infrastructure Fund PAGE 1 TSR-SAR-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](ts4832img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 17.41 | 7.42 | 3.84 |
| **Class C (with sales charge)**  | 16.41 | 7.42 | 3.84 |
| **MSCI World Index**  | 16.76 | 15.09 | 11.23 |
| **FTSE Global Core Infrastructure 50/50 Total Return** **Index**  | 18.01 | 9.02 | 7.66 |
| **Dow Jones Brookfield Global Infrastructure Index TR**  | 24.11 | 9.82 | 5.92 |

---

Visit https://www.brookfieldoaktree.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 June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $188986921 |
| **Number of Portfolio Holdings** | 38 |
| **Portfolio Turnover** | 44% |
| **Total Advisory Fees Paid** | $725189 |

---

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

------

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)<sup>1</sup>**  |
|  NextEra Energy, Inc.  | 5.9% |
|  Union Pacific Corp.  | 5.6% |
|  Williams Cos., Inc.  | 4.5% |
|  Duke Energy Corp.  | 4.2% |
|  National Grid PLC  | 4.2% |
|  Xcel Energy, Inc.  | 4.0% |
|  Canadian Pacific Kansas City Ltd.  | 3.8% |
|  SBA Communications Corp.  | 3.7% |
|  Cheniere Energy, Inc.  | 3.7% |
|  Evergy, Inc.  | 3.4% |

---

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

![image](ts4832img004.jpg)

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

![image](ts4832img005.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-SAR-112740600

85699563104839548118511135513065122361251113502145789682104711288711830151901769621650178112216026413289899585107121278112375156091508817458167331725119056209228919996111229102701299511759141381344414282158911777458.07.76.45.34.13.12.82.42.47.826.316.912.111.310.17.94.74.53.92.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img30400_202408221329458.jpg) | **Brookfield Global Listed Infrastructure** **Fund**  | ![image](img63345_202407151514679.jpg) |
| ![image](img30400_202408221329458.jpg) | Class I \| BGLYX  | ![image](img63345_202407151514679.jpg) |
| ![image](img30400_202408221329458.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img63345_202407151514679.jpg) |

---

This semi-annual shareholder report contains important information about the Brookfield Global Listed Infrastructure Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.brookfieldoaktree.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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** **\*** |
| Class I | $52 | 1.00% |

---

\* Annualized

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

For the six-month period ended June 30, 2025, the Fund underperformed its benchmark, the FTSE Global Core Infrastructure 50/50 Total Return Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Sector contributors to relative performance during the period included:

• Midstream: Positive security selection was primarily due to not owning several underperforming North American midstream operators.

• Gas Utilities: Relative outperformance was driven by an overweight position in an outperforming European gas infrastructure company.

Sector detractors to relative performance during the period included:

• 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.

• Towers: Security selection among U.S. tower operators detracted from relative returns.

**POSITIONING**

We believe utilities' regulated business model and earnings stability support continued defensive qualities and attractive downside protection. However, looking ahead, we expect the sector's defensive foundation to be complemented by emerging growth opportunities tied to rising power demand. Select transports subsectors face near-term softness as tariff uncertainty impairs business confidence and postpones investment decisions. That said, we continue to see potential opportunities driven by idiosyncratic dynamics. Within the communications sector, we have seen a reversal of sentiment as fundamentals appear to reach an inflection point. Lastly, within midstream energy, despite snapping the streak of 10 consecutive quarters of positive total return for the Alerian Midstream Energy Index, we believe the fundamental outlook for midstream energy has the potential to remain robust.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | North American Midstream |
| ↑ | U.S. Gas Utilities |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Electricity Transmission & Distribution |
| ↓ | U.S. Towers |

---

Brookfield Global Listed Infrastructure Fund PAGE 1 TSR-SAR-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](ts4833img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)**  | 18.56 | 8.52 | 4.88 |
| **MSCI World Index**  | 16.76 | 15.09 | 11.23 |
| **FTSE Global Core Infrastructure 50/50 Total Return** **Index**  | 18.01 | 9.02 | 7.66 |
| **Dow Jones Brookfield Global Infrastructure Index TR**  | 24.11 | 9.82 | 5.92 |

---

Visit https://www.brookfieldoaktree.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 June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $188986921 |
| **Number of Portfolio Holdings** | 38 |
| **Portfolio Turnover** | 44% |
| **Total Advisory Fees Paid** | $725189 |

---

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

------

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)<sup>1</sup>**  |
|  NextEra Energy, Inc.  | 5.9% |
|  Union Pacific Corp.  | 5.6% |
|  Williams Cos., Inc.  | 4.5% |
|  Duke Energy Corp.  | 4.2% |
|  National Grid PLC  | 4.2% |
|  Xcel Energy, Inc.  | 4.0% |
|  Canadian Pacific Kansas City Ltd.  | 3.8% |
|  SBA Communications Corp.  | 3.7% |
|  Cheniere Energy, Inc.  | 3.7% |
|  Evergy, Inc.  | 3.4% |

---

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

![image](ts4833img004.jpg)

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

![image](ts4833img005.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-SAR-112740709

861023969866107456098824712394161199385139296413182691362181148494616109529682031047142128874211830051519002176958121650371781118221598326413282898867958454107118612781071237456156094615087981745758167331317251471905582209221889187999605911229041027030129953811758961413832134440814282231589088177744358.07.76.45.34.13.12.82.42.47.826.316.912.111.310.17.94.74.53.92.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img99144_202408221339658.jpg) | **Brookfield Global Listed Real Estate Fund**  | ![image](img63345_202407151514679.jpg) |
| ![image](img99144_202408221339658.jpg) | Class A \| BLRAX  | ![image](img63345_202407151514679.jpg) |
| ![image](img99144_202408221339658.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img63345_202407151514679.jpg) |

---

This semi-annual shareholder report contains important information about the Brookfield Global Listed Real Estate Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.brookfieldoaktree.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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** **\*** |
| Class A | $61 | 1.20% |

---

\* Annualized

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

For the six-month period ended June 30, 2025, the Fund outperformed its benchmark, the FTSE EPRA Nareit Developed Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Regional contributors to relative performance during the period included:

• Hong Kong/China: Overweight positions in several outperforming retail and residential companies contributed to relative returns.

• U.S. Health Care: Positive security selection was driven by an overweight position in an outperforming diversified health care landlord. Not owning several underperforming stocks focused on senior housing and life sciences also contributed to relative performance.

• U.S. Specialty: A non-index position in a communications infrastructure company outperformed.

Conversely, regional detractors during the period included:

• Japan: Underweight exposure to an outperforming developers 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 couple years, investor sentiment appears to be more sensitive to near-term headlines.

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

**POSITIONING**

On a year-to-date basis, we have seen listed real estate fare relatively well, compared with broader equities. The asset class's relative strength comes despite headwinds from trade policy, economic growth and the direction of inflation and interest rates.

Over the longer term, we maintain our constructive stance on the potential for the asset class to deliver positive returns—both absolute and relative to equities broadly. Real estate remains supported by attractive valuations and limited new supply, with positive demand drivers across most property types.

---

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

---

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

------

---

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

---

**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](ts4828img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 12.59 | 4.86 | 2.41 |
| **Class A (with sales charge)**  | 7.22 | 3.85 | 1.91 |
| **MSCI World Index**  | 16.76 | 15.09 | 11.23 |
| **FTSE EPRA Nareit Developed Index**  | 11.18 | 5.10 | 3.17 |

---

Visit https://www.brookfieldoaktree.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 June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $111729904 |
| **Number of Portfolio Holdings** | 53 |
| **Portfolio Turnover** | 71% |
| **Total Advisory Fees Paid** | $343689 |

---

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

------

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)<sup>1</sup>**  |
|  Welltower, Inc.  | 7.0% |
|  Equinix, Inc.  | 6.1% |
|  Extra Space Storage, Inc.  | 5.1% |
|  AvalonBay Communities, Inc.  | 4.7% |
|  Mitsui Fudosan Co. Ltd.  | 3.5% |
|  EastGroup Properties, Inc.  | 3.4% |
|  British Land Co. PLC  | 3.4% |
|  Essential Properties Realty Trust, Inc.  | 3.3% |
|  Digital Realty Trust, Inc.  | 3.1% |
|  VICI Properties, Inc.  | 3.1% |

---

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

![image](ts4828img004.jpg)

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

![image](ts4828img005.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 Real Estate Fund PAGE 3 TSR-SAR-112740105

954610119111141020012249109511351610513112461134212088968210471128871183015190176962165017811221602641328989102491066611771111071354112317155311163412760128791366163.38.45.64.94.43.12.22.21.54.414.113.313.111.710.89.29.08.47.13.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img99144_202408221339658.jpg) | **Brookfield Global Listed Real Estate Fund**  | ![image](img63345_202407151514679.jpg) |
| ![image](img99144_202408221339658.jpg) | Class C \| BLRCX  | ![image](img63345_202407151514679.jpg) |
| ![image](img99144_202408221339658.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img63345_202407151514679.jpg) |

---

This semi-annual shareholder report contains important information about the Brookfield Global Listed Real Estate Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.brookfieldoaktree.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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** **\*** |
| Class C | $100 | 1.95% |

---

\* Annualized

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

For the six-month period ended June 30, 2025, the Fund outperformed its benchmark, the FTSE EPRA Nareit Developed Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Regional contributors to relative performance during the period included:

• Hong Kong/China: Overweight positions in several outperforming retail and residential companies contributed to relative returns.

• U.S. Health Care: Positive security selection was driven by an overweight position in an outperforming diversified health care landlord. Not owning several underperforming stocks focused on senior housing and life sciences also contributed to relative performance.

• U.S. Specialty: A non-index position in a communications infrastructure company outperformed.

Conversely, regional detractors during the period included:

• Japan: Underweight exposure to an outperforming developers 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 couple years, investor sentiment appears to be more sensitive to near-term headlines.

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

**POSITIONING**

On a year-to-date basis, we have seen listed real estate fare relatively well, compared with broader equities. The asset class's relative strength comes despite headwinds from trade policy, economic growth and the direction of inflation and interest rates.

Over the longer term, we maintain our constructive stance on the potential for the asset class to deliver positive returns—both absolute and relative to equities broadly. Real estate remains supported by attractive valuations and limited new supply, with positive demand drivers across most property types.

---

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

---

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

------

---

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

---

**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](ts4829img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 11.72 | 4.05 | 1.65 |
| **Class C (with sales charge)**  | 10.72 | 4.05 | 1.65 |
| **MSCI World Index**  | 16.76 | 15.09 | 11.23 |
| **FTSE EPRA Nareit Developed Index**  | 11.18 | 5.10 | 3.17 |

---

Visit https://www.brookfieldoaktree.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 June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $111729904 |
| **Number of Portfolio Holdings** | 53 |
| **Portfolio Turnover** | 71% |
| **Total Advisory Fees Paid** | $343689 |

---

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

------

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)<sup>1</sup>**  |
|  Welltower, Inc.  | 7.0% |
|  Equinix, Inc.  | 6.1% |
|  Extra Space Storage, Inc.  | 5.1% |
|  AvalonBay Communities, Inc.  | 4.7% |
|  Mitsui Fudosan Co. Ltd.  | 3.5% |
|  EastGroup Properties, Inc.  | 3.4% |
|  British Land Co. PLC  | 3.4% |
|  Essential Properties Realty Trust, Inc.  | 3.3% |
|  Digital Realty Trust, Inc.  | 3.1% |
|  VICI Properties, Inc.  | 3.1% |

---

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

![image](ts4829img004.jpg)

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

![image](ts4829img005.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 Real Estate Fund PAGE 3 TSR-SAR-112740204

10000976910283112171020912168108001323210218108431085010000996810781132681217915639182182229018337228142719310000992110324113941075213107119231503311262123511246763.38.45.64.94.43.12.22.21.54.414.113.313.111.710.89.29.08.47.13.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img99144_202408221339658.jpg) | **Brookfield Global Listed Real Estate Fund**  | ![image](img63345_202407151514679.jpg) |
| ![image](img99144_202408221339658.jpg) | Class I \| BLRYX  | ![image](img63345_202407151514679.jpg) |
| ![image](img99144_202408221339658.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img63345_202407151514679.jpg) |

---

This semi-annual shareholder report contains important information about the Brookfield Global Listed Real Estate Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.brookfieldoaktree.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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** **\*** |
| Class I | $49 | 0.95% |

---

\* Annualized

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

For the six-month period ended June 30, 2025, the Fund outperformed its benchmark, the FTSE EPRA Nareit Developed Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Regional contributors to relative performance during the period included:

• Hong Kong/China: Overweight positions in several outperforming retail and residential companies contributed to relative returns.

• U.S. Health Care: Positive security selection was driven by an overweight position in an outperforming diversified health care landlord. Not owning several underperforming stocks focused on senior housing and life sciences also contributed to relative performance.

• U.S. Specialty: A non-index position in a communications infrastructure company outperformed.

Conversely, regional detractors during the period included:

• Japan: Underweight exposure to an outperforming developers 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 couple years, investor sentiment appears to be more sensitive to near-term headlines.

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

**POSITIONING**

On a year-to-date basis, we have seen listed real estate fare relatively well, compared with broader equities. The asset class's relative strength comes despite headwinds from trade policy, economic growth and the direction of inflation and interest rates.

Over the longer term, we maintain our constructive stance on the potential for the asset class to deliver positive returns—both absolute and relative to equities broadly. Real estate remains supported by attractive valuations and limited new supply, with positive demand drivers across most property types.

---

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

---

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

------

---

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

---

**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](ts4830img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)**  | 12.72 | 5.10 | 2.66 |
| **MSCI World Index**  | 16.76 | 15.09 | 11.23 |
| **FTSE EPRA Nareit Developed Index**  | 11.18 | 5.10 | 3.17 |

---

Visit https://www.brookfieldoaktree.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 June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $111729904 |
| **Number of Portfolio Holdings** | 53 |
| **Portfolio Turnover** | 71% |
| **Total Advisory Fees Paid** | $343689 |

---

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

------

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)<sup>1</sup>**  |
|  Welltower, Inc.  | 7.0% |
|  Equinix, Inc.  | 6.1% |
|  Extra Space Storage, Inc.  | 5.1% |
|  AvalonBay Communities, Inc.  | 4.7% |
|  Mitsui Fudosan Co. Ltd.  | 3.5% |
|  EastGroup Properties, Inc.  | 3.4% |
|  British Land Co. PLC  | 3.4% |
|  Essential Properties Realty Trust, Inc.  | 3.3% |
|  Digital Realty Trust, Inc.  | 3.1% |
|  VICI Properties, Inc.  | 3.1% |

---

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

![image](ts4830img004.jpg)

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

![image](ts4830img005.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 Real Estate Fund PAGE 3 TSR-SAR-112740303

1003452106632511751021079681130020111656031442563112517912056461218970130043296820310471421288742118300515190021769581216503717811182215983264132828988671024910106656611770641110748135411012317121553096116344312760151287948136613563.38.45.64.94.43.12.22.21.54.414.113.313.111.710.89.29.08.47.13.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img99145_202408221341529.jpg) | **Brookfield Global Renewables &** **Sustainable Infrastructure Fund**  | ![image](img63345_202407151514679.jpg) |
| ![image](img99145_202408221341529.jpg) | Class I \| GRSIX  | ![image](img63345_202407151514679.jpg) |
| ![image](img99145_202408221341529.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img63345_202407151514679.jpg) |

---

This semi-annual shareholder report contains important information about the Brookfield Global Renewables & Sustainable Infrastructure Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.brookfieldoaktree.com/fund/brookfield-global-renewables-sustainable-infrastructure-fund. You can also request this information by contacting us at 855-244-4859.

**This report describes planned changes to the Fund that will occur during the fiscal year ending December 31, 2025.**

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** **\*** |
| Class I | $55 | 1.00% |

---

\* Annualized

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

For the six-month period ended June 30, 2025, the Fund outperformed the MSCI World Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Contributors to returns:

• Sustainable Solutions: Outperforming positions in a gas turbine manufacturer and a heating, ventilation and air conditioning (HVAC) company contributed positively.

• Electricity Infrastructure: Positive returns among European integrated utilities contributed to performance during the period.

• Circular Economy: A Brazilian waste treatment company and a U.K. water utility contributed positively within the subsector.

Detractors from returns:

• Electricity Infrastructure: Select positions to U.S. Midwest utilities lagged during the period.

• Circular Economy: A U.S. waste company and a U.S. water utility detracted from returns during the period.

**POSITIONING**

We believe the transition toward cleaner and more reliable energy is on track to continue in 2025. In the U.S., policies to encourage clean power and decarbonization efforts enjoy bipartisan support given the thousands of new related jobs that have been created. Meanwhile, countries outside the U.S. continue to push forward with their transition policies.

Among global technology companies investing in data centers, semiconductor chips and artificial intelligence (AI) applications, access to reliable, cost-effective power is increasingly challenging. Corporate off-takers continue to source renewable power generation, given its position as the most cost competitive source of bulk power in most markets, regardless of incentive schemes.

In our view, this has the potential to support next generation infrastructure equities, which we believe appear mispriced amid outsized concerns from higher interest rates and policy uncertainty.

We also continue to highlight the importance of diversity within this nuanced investment universe. Beyond the electron, the universe includes waste management companies tied to the concept of a circular economy. We believe these companies have shown their ability to provide diversification to a transition thematic portfolio.

Brookfield Global Renewables & Sustainable Infrastructure Fund PAGE 1 TSR-SAR-112740519

------

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sustainable Solutions: Gas turbine manufacturers. |
| ↑ | Sustainable Solutions: Heating, Ventilation, and Air Conditioning (HVAC). |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Electricity Infrastructure: Select positions to U.S. utilities |
| ↓ | Circular Economy: A U.S. waste company and a U.S. water utility. |

---

**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](ts4834img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/01/2019)** |
| **Class I (without sales charge)**  | 20.84 | 8.39 | 8.73 |
| **MSCI World Index**  | 16.76 | 15.09 | 13.73 |
| **FTSE Global Core Infrastructure 50/50 Total Return** **Index**  | 18.01 | 9.02 | 6.00 |
| **S&P Global Clean Energy Transition Index**  | -0.61 | 2.38 | 4.83 |

---

Visit https://www.brookfieldoaktree.com/fund/brookfield-global-renewables-sustainable-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 June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $65016422 |
| **Number of Portfolio Holdings** | 31 |
| **Portfolio Turnover** | 36% |
| **Total Advisory Fees Paid** | $156210 |

---

Brookfield Global Renewables & Sustainable Infrastructure Fund PAGE 2 TSR-SAR-112740519

------

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)<sup>1</sup>**  |
|  SSE PLC  | 6.4% |
|  Iberdrola SA  | 5.6% |
|  NextEra Energy, Inc.  | 4.5% |
|  Enel SpA  | 4.4% |
|  Xcel Energy, Inc.  | 4.4% |
|  Public Service Enterprise Group, Inc.  | 4.1% |
|  TXNM Energy, Inc.  | 4.1% |
|  Schneider Electric SE  | 4.0% |
|  GE Vernova, Inc.  | 3.9% |
|  Entergy Corp.  | 3.9% |

---

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

![image](ts4834img004.jpg)

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

![image](ts4834img005.jpg)

---

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

---

---

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

---

**MATERIAL FUND CHANGES**

This is a summary of planned changes to the Fund since January 1, 2025.

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 will change from "Brookfield Global Renewables & Sustainable Infrastructure Fund" to "Brookfield Next Generation Infrastructure Fund," and the Fund's 80% policy will change 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 supplement dated July 29, 2025 and the Fund's next prospectus, which we expect to be available by September 30, 2025, at https://www.brookfieldoaktree.com/fund/brookfield-global-renewables-sustainable-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 Global Renewables & Sustainable Infrastructure Fund PAGE 3 TSR-SAR-112740519

1000000107480017325001600600139086813595361342139161794810000001097599127866215644101286998160122319085682094660100000010429911008146116647811180721152707127326913979751000000109224626357012018790191781215273291133385131133657.112.57.55.95.64.03.83.60.054.421.720.23.7 ------

---

| | | |
|:---|:---|:---|
| ![image](img99146_202408221341813.jpg) | **Oaktree Emerging Markets Equity Fund**  | ![image](img90998_202507151949683.jpg) |
| ![image](img99146_202408221341813.jpg) | Class A \| OEQAX  | ![image](img90998_202507151949683.jpg) |
| ![image](img99146_202408221341813.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img90998_202507151949683.jpg) |

---

This semi-annual shareholder report contains important information about the Oaktree Emerging Markets Equity Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.brookfieldoaktree.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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** **\*** |
| Class A | $65 | 1.20% |

---

\* Annualized

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

For the 6-month period ended June 30, 2025, the Fund generated a strong return and outperformed its benchmark, the MSCI Emerging Markets Net Total Return (USD) Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

By country, our outperformance during the period was mostly attributable to our stock selection in South Africa and Mexico, combined with our underweight allocations to India and Taiwan. Meanwhile, our overweight exposure to Turkey had a negative impact on our performance.

At the sector level, our stock selection among materials contributed the most to our performance, while our selection among consumer staples was the biggest detractor.

**POSITIONING**

Currently, our largest overweights by country are China and Turkey (albeit on an absolute basis, our Turkey exposure is still small), while Taiwan and India are our largest underweights due to valuation concerns. However, we're still highly engaged in these markets and are actively doing the work to ensure readiness when more attractive entry points emerge. At the sector level, the portfolio is overweight materials and industrials, and underweight information technology and financials. Within the industrials sector, we're particularly excited about the power equipment segment, which is benefiting from structural power demand driven by both cyclical replacement and new capacity growth globally.

**PERFORMANCE**

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

---

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

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Turkey Overweight |
| ↓ | Consumer Staples Selection |

---

Oaktree Emerging Markets Equity Fund PAGE 1 TSR-SAR-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](ts4835img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(05/16/2022)** |
| **Class A (without sales charge)**  | 17.38 | 6.89 |
| **Class A (with sales charge)**  | 11.74 | 5.22 |
| **MSCI Emerging Markets Net Total Return (USD) Index**  | 15.29 | 9.34 |

---

Visit https://www.brookfieldoaktree.com/fund/oaktree-emerging-markets-equity-fund for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $261027343 |
| **Number of Portfolio Holdings** | 78 |
| **Portfolio Turnover** | 62% |
| **Total Advisory Fees Paid** | $763515 |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)<sup>1</sup>**  |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 6.3% |
|  Tencent Holdings Ltd.  | 6.2% |
|  iShares MSCI India ETF  | 4.7% |
|  Alibaba Group Holding Ltd.  | 4.7% |
|  Anglogold Ashanti PLC  | 4.6% |
|  Samsung Electronics Co. Ltd.  | 3.7% |
|  Reliance Industries Ltd.  | 2.4% |
|  Contemporary Amperex Technology Co. Ltd. - Class H  | 2.3% |
|  Alpha Bank SA  | 2.2% |
|  Fresnillo PLC  | 2.2% |

---

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

![image](ts4835img004.jpg)

---

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

---

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

952196321008198111172410000971110666114661321741.711.210.98.44.64.63.33.32.89.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img99146_202408221341813.jpg) | **Oaktree Emerging Markets Equity Fund**  | ![image](img90998_202507151949683.jpg) |
| ![image](img99146_202408221341813.jpg) | Class I \| OEQIX  | ![image](img90998_202507151949683.jpg) |
| ![image](img99146_202408221341813.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img90998_202507151949683.jpg) |

---

This semi-annual shareholder report contains important information about the Oaktree Emerging Markets Equity Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.brookfieldoaktree.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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** **\*** |
| Class I | $52 | 0.95% |

---

\* Annualized

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

For the 6-month period ended June 30, 2025, the Fund generated a strong return and outperformed its benchmark, the MSCI Emerging Markets Net Total Return (USD) Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

By country, our outperformance during the period was mostly attributable to our stock selection in South Africa and Mexico, combined with our underweight allocations to India and Taiwan. Meanwhile, our overweight exposure to Turkey had a negative impact on our performance.

At the sector level, our stock selection among materials contributed the most to our performance, while our selection among consumer staples was the biggest detractor.

**POSITIONING**

Currently, our largest overweights by country are China and Turkey (albeit on an absolute basis, our Turkey exposure is still small), while Taiwan and India are our largest underweights due to valuation concerns. However, we're still highly engaged in these markets and are actively doing the work to ensure readiness when more attractive entry points emerge. At the sector level, the portfolio is overweight materials and industrials, and underweight information technology and financials. Within the industrials sector, we're particularly excited about the power equipment segment, which is benefiting from structural power demand driven by both cyclical replacement and new capacity growth globally.

**PERFORMANCE**

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

---

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

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Turkey Overweight |
| ↓ | Consumer Staples Selection |

---

Oaktree Emerging Markets Equity Fund PAGE 1 TSR-SAR-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](ts4836img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/03/2021)** |
| **Class I (without sales charge)**  | 17.54 | -1.49 |
| **MSCI Emerging Markets Net Total Return (USD) Index**  | 15.29 | -0.43 |

---

Visit https://www.brookfieldoaktree.com/fund/oaktree-emerging-markets-equity-fund for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $261027343 |
| **Number of Portfolio Holdings** | 78 |
| **Portfolio Turnover** | 62% |
| **Total Advisory Fees Paid** | $763515 |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)<sup>1</sup>**  |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 6.3% |
|  Tencent Holdings Ltd.  | 6.2% |
|  iShares MSCI India ETF  | 4.7% |
|  Alibaba Group Holding Ltd.  | 4.7% |
|  Anglogold Ashanti PLC  | 4.6% |
|  Samsung Electronics Co. Ltd.  | 3.7% |
|  Reliance Industries Ltd.  | 2.4% |
|  Contemporary Amperex Technology Co. Ltd. - Class H  | 2.3% |
|  Alpha Bank SA  | 2.2% |
|  Fresnillo PLC  | 2.2% |

---

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

![image](ts4836img004.jpg)

---

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

---

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

1000000882233768772806784787647940801100000090349172196779292285242498256041.711.210.98.44.64.63.33.32.89.2 ------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

**<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).

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

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

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

(a) ![](f_cover-01-17292.jpg)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#soi1) |  |
| &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 Global Renewables & Sustainable Infrastructure Fund](#soi3) | [8](#soi3) |
| &nbsp;&nbsp;&nbsp; [Oaktree Emerging Markets Equity Fund](#soi4) | [10](#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) |
|  [Board Considerations Relating to the Approval of the Renewal of the Investment Advisory Agreements](#stat) | [35](#stat) |
| [Additional Information](#add) | [43](#add) |

---

------

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

**BROOKFIELD GLOBAL LISTED INFRASTRUCTURE FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 98.5%**<br>|  |  |
| **Australia — 4.1%**<br>|  |  |
| **Midstream — 1.7%**<br>|  |  |
| APA Group | 604727 | $3251477  |
| **Toll Roads — 2.4%**<br>|  |  |
| Transurban Group | 495147 | 4555830  |
| **Total Australia** |  | 7807307  |
| **Brazil — 2.4%**<br>|  |  |
| **Electricity Transmission & Distribution — 2.4%**<br>|  |  |
| Equatorial Energia SA | 686118 | 4585402  |
| **Canada — 6.3%**<br>|  |  |
| **Midstream — 2.6%**<br>|  |  |
| TC Energy Corp. | 100744 | 4918275  |
| **Rail — 3.7%**<br>|  |  |
| Canadian Pacific Kansas City Ltd. | 89006 | 7070805  |
| **Total Canada** |  | 11989080  |
| **France — 2.3%**<br>|  |  |
| **Toll Roads — 2.3%**<br>|  |  |
| Getlink SE | 229199 | 4424477  |
| **Italy — 1.6%**<br>|  |  |
| **Gas Utilities — 1.6%**<br>|  |  |
| Italgas SpA | 346081 | 2935716  |
| **Japan — 5.3%**<br>|  |  |
| **Airports — 2.0%**<br>|  |  |
| Japan Airport Terminal Co. Ltd. | 115924 | 3701703  |
| **Integrated Utilities/Renewables — 1.3%**<br>|  |  |
| Chubu Electric Power Co., Inc. | 203155 | 2513928  |
| **Rail — 2.0%**<br>|  |  |
| East Japan Railway Co. | 174024 | 3743418  |
| **Total Japan** |  | 9959049  |
| **Mexico — 2.8%**<br>|  |  |
| **Airports — 2.8%**<br>|  |  |
| Grupo Aeroportuario del Pacifico SAB de CV - Class B | 232997 | 5333805  |
| **Netherlands — 2.3%**<br>|  |  |
| **Midstream — 2.3%**<br>|  |  |
| Koninklijke Vopak NV | 85458 | 4244649  |
| **New Zealand — 1.8%**<br>|  |  |
| **Airports — 1.8%**<br>|  |  |
| Auckland International Airport Ltd. | 726186 | 3428308  |

---

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** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  |
| **Philippines — 0.8%**<br>|  |  |
| **Ports — 0.8%**<br>|  |  |
| International Container Terminal Services, Inc. | 196945 | $1435799  |
| **Spain — 3.1%**<br>|  |  |
| **Towers — 3.1%**<br>|  |  |
| Cellnex Telecom SA<sup>(a)</sup> | 151791 | 5910491  |
| **Thailand — 1.3%**<br>|  |  |
| **Airports — 1.3%**<br>|  |  |
| Airports of Thailand PCL | 2596951 | 2420376  |
| **United Kingdom — 7.7%**<br>|  |  |
| **Electricity Transmission & Distribution — 4.1%**<br>|  |  |
| National Grid PLC | 534520 | 7846016  |
| **Integrated Utilities/Renewables — 1.7%**<br>|  |  |
| SSE PLC | 124828 | 3143177  |
| **Water — 1.9%**<br>|  |  |
| Pennon Group PLC | 508205 | 3506221  |
| **Total United Kingdom** |  | 14495414  |
| **United States — 56.7%<sup>(b)</sup>**<br>|  |  |
| **Electricity Transmission & Distribution — 5.6%**<br>|  |  |
| CenterPoint Energy, Inc. | 129230 | 4747910  |
| PG&E Corp. | 410288 | 5719415  |
|  |  | 10467325  |
| **Gas Utilities — 2.9%**<br>|  |  |
| NiSource, Inc. | 137671 | 5553648  |
| **Integrated Utilities/Renewables — 23.3%**<br>|  |  |
| CMS Energy Corp. | 54447 | 3772088  |
| Duke Energy Corp. | 66509 | 7848062  |
| Entergy Corp. | 58056 | 4825615  |
| Evergy, Inc. | 93677 | 6457156  |
| IDACORP, Inc. | 20247 | 2337516  |
| NextEra Energy, Inc. | 160591 | 11148227  |
| Xcel Energy, Inc. | 111153 | 7569519  |
|  |  | 43958183  |
| **Midstream — 10.3%**<br>|  |  |
| Cheniere Energy, Inc. | 28398 | 6915481  |
| Targa Resources Corp. | 23607 | 4109506  |
| Williams Cos., Inc. | 133747 | 8400649  |
|  |  | 19425636  |
| **Rail — 5.6%**<br>|  |  |
| Union Pacific Corp. | 45970 | 10576778  |

---

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** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  |
| **UNITED STATES (Continued)**  | **UNITED STATES (Continued)**  | **UNITED STATES (Continued)**  |
| **Towers — 7.0%**<br>|  |  |
| American Tower Corp. | 8701 | $1923095  |
| Crown Castle, Inc. | 43253 | 4443381  |
| SBA Communications Corp. | 29497 | 6927075  |
|  |  | 13293551  |
| **Water — 2.0%**<br>|  |  |
| American Water Works Co., Inc. | 27224 | 3787131  |
| **Total United States** |  | 107062252  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $149,296,945)** |  | 186032125  |
| **SHORT-TERM INVESTMENTS — 1.0%**<br>|  |  |
| **Money Market Funds — 1.0%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 4.24%<sup>(c)</sup> | 1918168 | 1918168  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,918,168)** |  | 1918168  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.5%** <br>**(Cost $151,215,113)** |  | $187950293  |
| Other Assets in Excess of Liabilities — 0.5% |  | 1036628  |
| **TOTAL NET ASSETS — 100.0%** |  | $188986921 |

---

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 June 30, 2025, the value of these securities total $5,910,491 or 3.1% 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> The rate shown represents the 7-day annualized effective yield as of June 30, 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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 98.7%**<br>|  |  |
| **Australia — 5.6%**<br>|  |  |
| **Diversified — 1.5%**<br>|  |  |
| Stockland | 491574 | $1737282  |
| **Industrial — 1.7%**<br>|  |  |
| Goodman Group | 84161 | 1897379  |
| **Retail — 2.4%**<br>|  |  |
| Scentre Group | 1125060 | 2642448  |
| **Total Australia** |  | 6277109  |
| **Belgium — 2.2%**<br>|  |  |
| **Industrial — 2.2%**<br>|  |  |
| Warehouses De Pauw CVA | 98759 | 2419327  |
| **Canada — 1.0%**<br>|  |  |
| **Residential — 1.0%**<br>|  |  |
| Canadian Apartment Properties REIT | 34386 | 1121412  |
| **Finland — 1.5%**<br>|  |  |
| **Residential — 1.5%**<br>|  |  |
| Kojamo Oyj<sup>(a)</sup> | 130542 | 1695847  |
| **France — 0.6%**<br>|  |  |
| **Office — 0.6%**<br>|  |  |
| Covivio SA | 10021 | 635375  |
| **Germany — 1.5%**<br>|  |  |
| **Residential — 1.5%**<br>|  |  |
| Vonovia SE | 48734 | 1727790  |
| **Hong Kong — 4.9%**<br>|  |  |
| **Diversified — 1.5%**<br>|  |  |
| Sun Hung Kai Properties Ltd. | 140955 | 1624231  |
| **Office — 1.0%**<br>|  |  |
| Hongkong Land Holdings Ltd. | 198676 | 1147010  |
| **Retail — 2.4%**<br>|  |  |
| Hang Lung Properties Ltd. | 1435431 | 1374023  |
| Link REIT | 250263 | 1340532  |
|  |  | 2714555  |
| **Total Hong Kong** |  | 5485796  |
| **Japan — 8.4%**<br>|  |  |
| **Hotel — 1.0%**<br>|  |  |
| Invincible Investment Corp. | 2486 | 1070545  |
| **Industrial — 1.0%**<br>|  |  |
| LaSalle Logiport REIT | 1156 | 1117301  |

---

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** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  |
| **JAPAN (Continued)**  | **JAPAN (Continued)**  | **JAPAN (Continued)**  |
| **Office — 5.8%**<br>|  |  |
| KDX Realty Investment Corp. | 962 | $1043853  |
| Mitsui Fudosan Co. Ltd. | 404441 | 3915426  |
| Nippon Building Fund, Inc. | 652 | 602043  |
| Sumitomo Realty & Development Co. Ltd. | 24884 | 961004  |
|  |  | 6522326  |
| **Residential — 0.6%**<br>|  |  |
| Comforia Residential REIT, Inc. | 310 | 616962  |
| **Total Japan** |  | 9327134  |
| **Netherlands — 2.2%**<br>|  |  |
| **Industrial — 0.8%**<br>|  |  |
| CTP NV<sup>(b)</sup> | 43946 | 925841  |
| **Retail — 1.4%**<br>|  |  |
| Eurocommercial Properties NV | 48057 | 1519803  |
| **Total Netherlands** |  | 2445644  |
| **Singapore — 3.0%**<br>|  |  |
| **Diversified — 2.0%**<br>|  |  |
| CapitaLand Integrated Commercial Trust | 1344672 | 2296128  |
| **Health Care — 1.0%**<br>|  |  |
| Parkway Life Real Estate Investment Trust | 341731 | 1102880  |
| **Total Singapore** |  | 3399008  |
| **Sweden — 1.3%**<br>|  |  |
| **Residential — 1.3%**<br>|  |  |
| Fastighets AB Balder<sup>(a)</sup> | 192359 | 1433897  |
| **United Kingdom — 4.4%**<br>|  |  |
| **Diversified — 3.4%**<br>|  |  |
| British Land Co. PLC | 719414 | 3733863  |
| **Self Storage — 1.0%**<br>|  |  |
| Big Yellow Group PLC | 82365 | 1145000  |
| **Total United Kingdom** |  | 4878863  |
| **United States — 62.1%<sup>(c)</sup>**<br>|  |  |
| **Data Centers — 9.2%**<br>|  |  |
| Digital Realty Trust, Inc. | 19925 | 3473525  |
| Equinix, Inc. | 8607 | 6846611  |
|  |  | 10320136  |
| **Health Care — 10.7%**<br>|  |  |
| American Healthcare REIT, Inc. | 68730 | 2525140  |
| Omega Healthcare Investors, Inc. | 45405 | 1664093  |
| Welltower, Inc. | 50374 | 7743995  |
|  |  | 11933228  |

---

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** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  |
| **UNITED STATES (Continued)**  | **UNITED STATES (Continued)**  | **UNITED STATES (Continued)**  |
| **Industrial — 7.4%**<br>|  |  |
| EastGroup Properties, Inc. | 22743 | $3800810  |
| LXP Industrial Trust | 130591 | 1078682  |
| Plymouth Industrial REIT, Inc. | 37151 | 596645  |
| Prologis, Inc. | 26084 | 2741950  |
|  |  | 8218087  |
| **Net Lease — 7.1%**<br>|  |  |
| Agree Realty Corp. | 12169 | 889067  |
| Essential Properties Realty Trust, Inc. | 113507 | 3622008  |
| VICI Properties, Inc. | 106385 | 3468151  |
|  |  | 7979226  |
| **Office — 3.4%**<br>|  |  |
| Highwoods Properties, Inc. | 35866 | 1115074  |
| SL Green Realty Corp. | 42984 | 2660710  |
|  |  | 3775784  |
| **Residential — 8.2%**<br>|  |  |
| AvalonBay Communities, Inc. | 25835 | 5257422  |
| Camden Property Trust | 26256 | 2958789  |
| Sun Communities, Inc. | 7738 | 978780  |
|  |  | 9194991  |
| **Retail — 7.1%**<br>|  |  |
| Brixmor Property Group, Inc. | 103538 | 2696129  |
| Curbline Properties Corp. | 48365 | 1104173  |
| Macerich Co. | 69013 | 1116630  |
| Regency Centers Corp. | 25424 | 1810952  |
| Simon Property Group, Inc. | 7738 | 1243961  |
|  |  | 7971845  |
| **Self Storage — 8.0%**<br>|  |  |
| CubeSmart | 32970 | 1401225  |
| Extra Space Storage, Inc. | 38800 | 5720672  |
| Smartstop Self Storage REIT, Inc. | 48358 | 1752010  |
|  |  | 8873907  |
| **Specialty — 1.0%**<br>|  |  |
| American Tower Corp. | 5002 | 1105542  |
| **Total United States** |  | 69372746  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $95,685,152)** |  | 110219948  |

---

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** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS — 1.0%**<br>|  |  |
| **Money Market Funds — 1.0%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 4.24%<sup>(d)</sup> | 1119657 | $1119657  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,119,657)** |  | 1119657  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.7%** <br>**(Cost $96,804,809)** |  | $111339605  |
| Other Assets in Excess of Liabilities — 0.3% |  | 390299  |
| **TOTAL NET ASSETS — 100.0%** |  | $111729904 |

---

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 June 30, 2025, the value of these securities total $925,841 or 0.8% 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 effective yield as of June 30, 2025.

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

7<br>

------

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

**BROOKFIELD GLOBAL RENEWABLES & SUSTAINABLE INFRASTRUCTURE FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 96.3%**<br>|  |  |
| **Brazil — 5.8%**<br>|  |  |
| **Circular Economy — 2.8%**<br>|  |  |
| Orizon Valorizacao de Residuos SA<sup>(a)</sup> | 183937 | $1832904  |
| **Electricity Infrastructure — 3.0%**<br>|  |  |
| Equatorial Energia SA | 289878 | 1937286  |
| **Total Brazil** |  | 3770190  |
| **Canada — 3.7%**<br>|  |  |
| **Electricity Infrastructure — 3.7%**<br>|  |  |
| Boralex, Inc. - Class A | 51090 | 1187066  |
| Fortis, Inc. | 26377 | 1259433  |
| **Total Canada** |  | 2446499  |
| **France — 3.9%**<br>|  |  |
| **Sustainable Solutions — 3.9%**<br>|  |  |
| Schneider Electric SE | 9547 | 2563233  |
| **Germany — 3.5%**<br>|  |  |
| **Electricity Infrastructure — 3.5%**<br>|  |  |
| E.ON SE | 122602 | 2259027  |
| **Italy — 7.3%**<br>|  |  |
| **Circular Economy — 3.0%**<br>|  |  |
| Hera SpA | 403325 | 1948227  |
| **Electricity Infrastructure — 4.3%**<br>|  |  |
| Enel SpA | 298041 | 2828628  |
| **Total Italy** |  | 4776855  |
| **Spain — 5.5%**<br>|  |  |
| **Electricity Infrastructure — 5.5%**<br>|  |  |
| Iberdrola SA | 185742 | 3573321  |
| **United Kingdom — 12.3%**<br>|  |  |
| **Circular Economy — 3.3%**<br>|  |  |
| Severn Trent PLC | 56943 | 2139467  |
| **Electricity Infrastructure — 9.0%**<br>|  |  |
| National Grid PLC | 121375 | 1781617  |
| SSE PLC | 161092 | 4056307  |
|  |  | 5837924  |
| **Total United Kingdom** |  | 7977391  |
| **United States — 54.3%<sup>(b)</sup>**<br>|  |  |
| **Circular Economy — 11.1%**<br>|  |  |
| American Water Works Co., Inc. | 9818 | 1365782  |
| Republic Services, Inc. | 7531 | 1857220  |

---

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

8<br>

------

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

**BROOKFIELD GLOBAL RENEWABLES & SUSTAINABLE INFRASTRUCTURE FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  |
| **United States (Continued)**  | **United States (Continued)**  | **United States (Continued)**  |
| **Circular Economy (Continued)**  | **Circular Economy (Continued)**  | **Circular Economy (Continued)**  |
| Waste Connections, Inc. | 10527 | $1966483  |
| Waste Management, Inc. | 8795 | 2012472  |
|  |  | 7201957  |
| **Electricity Infrastructure — 25.4%**<br>|  |  |
| Clearway Energy, Inc. - Class C | 40978 | 1311296  |
| CMS Energy Corp. | 26111 | 1808970  |
| Entergy Corp. | 29927 | 2487532  |
| NextEra Energy, Inc. | 41131 | 2855314  |
| Public Service Enterprise Group, Inc. | 31380 | 2641568  |
| TXNM Energy, Inc. | 46245 | 2604519  |
| Xcel Energy, Inc. | 40822 | 2779978  |
|  |  | 16489177  |
| **Sustainable Solutions — 17.8%**<br>|  |  |
| Bloom Energy Corp. - Class A<sup>(a)</sup> | 28990 | 693441  |
| Carrier Global Corp. | 20565 | 1505152  |
| First Solar, Inc.<sup>(a)</sup> | 8841 | 1463539  |
| GE Vernova, Inc. | 4723 | 2499176  |
| Itron, Inc.<sup>(a)</sup> | 14898 | 1961024  |
| Trane Technologies PLC | 5074 | 2219418  |
| Xylem, Inc. | 9717 | 1256991  |
|  |  | 11598741  |
| **Total United States** |  | 35289875  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $52,439,833)** |  | 62656391  |
| **SHORT-TERM INVESTMENTS — 1.8%**<br>|  |  |
| **Money Market Funds — 1.8%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 4.24%<sup>(c)</sup> | 1138688 | 1138688  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,138,688)** |  | 1138688  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 98.1%**<br>**(Cost $53,578,521)** |  | $63795079  |
| Other Assets in Excess of Liabilities — 1.9% |  | 1221343  |
| **TOTAL NET ASSETS — 100.0%** |  | $65016422 |

---

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 effective yield as of June 30, 2025.

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

9<br>

------

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

**OAKTREE EMERGING MARKETS EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 93.3%**<br>|  |  |
| **Argentina — 0.5%**<br>|  |  |
| YPF SA - ADR<sup>(a)</sup> | 37189 | $1169594  |
| **Bermuda — 0.2%**<br>|  |  |
| Damai Entertainment Holdings Ltd.<sup>(a)</sup> | 4998258 | 611256  |
| **Brazil — 4.5%**<br>|  |  |
| Itau Unibanco Holding SA - ADR | 656761 | 4459407  |
| JBS NV<sup>(a)</sup> | 88298 | 1286173  |
| Localiza Rent a Car SA | 344114 | 2583499  |
| Magazine Luiza SA | 347736 | 630432  |
| Marfrig Global Foods SA | 287274 | 1214005  |
| PRIO SA/Brazil<sup>(a)</sup> | 198923 | 1549469  |
|  |  | 11722985  |
| **Chile — 1.5%**<br>|  |  |
| Barrick Mining Corp. | 191394 | 3984823  |
| **China — 40.8%<sup>(b)</sup>**<br>|  |  |
| Akeso, Inc.<sup>(a)(c)</sup> | 67606 | 795594  |
| Alibaba Group Holding Ltd. | 849710 | 12028452  |
| Aluminum Corp. of China Ltd. | 4306206 | 4239854  |
| ANTA Sports Products Ltd. | 250660 | 3032931  |
| Bilibili, Inc. - Class Z<sup>(a)</sup> | 133588 | 2867363  |
| BYD Co. Ltd. - Class H | 46022 | 716564  |
| China Construction Bank Corp. | 5045938 | 5106220  |
| China Merchants Bank Co. Ltd. - Class H | 642865 | 4509674  |
| China Resources Beverage Holdings Co. Ltd. | 1243417 | 1920190  |
| China Resources Land Ltd. | 958419 | 3263213  |
| Contemporary Amperex Technology Co. Ltd. - Class H<sup>(a)</sup> | 138336 | 5801338  |
| DiDi Global, Inc. - ADR<sup>(a)</sup> | 342489 | 1678196  |
| Full Truck Alliance Co. Ltd. - ADR | 107891 | 1274193  |
| Galaxy Entertainment Group Ltd. | 601746 | 2682343  |
| GDS Holdings Ltd. - Class A<sup>(a)</sup> | 380000 | 1449643  |
| H World Group Ltd. | 810031 | 2746100  |
| Huaming Power Equipment Co. Ltd. - Class A | 541868 | 1266262  |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd.<sup>(a)</sup> | 357330 | 2448978  |
| Kanzhun Ltd. - ADR<sup>(a)</sup> | 93647 | 1670662  |
| KE Holdings, Inc. - ADR | 90611 | 1607439  |
| Kingsoft Cloud Holdings Ltd.<sup>(a)</sup> | 1224587 | 1026793  |
| Meituan - Class B<sup>(a)(c)</sup> | 140188 | 2255070  |
| OmniVision Integrated Circuits Group, Inc. - Class A | 32095 | 572460  |
| Ping An Insurance Group Co. of China Ltd. | 815194 | 5203643  |
| Pop Mart International Group Ltd.<sup>(c)</sup> | 22330 | 760765  |
| SF Holding Co. Ltd. - Class H | 506890 | 2922977  |
| Shandong Gold Mining Co. Ltd. - Class H<sup>(c)</sup> | 285133 | 1000428  |
| Sunny Optical Technology Group Company Ltd. | 143438 | 1273942  |
| Tencent Holdings Ltd. | 245680 | 15830542  |

---

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** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **China (Continued)** | **China (Continued)** | **China (Continued)** |
| WuXi AppTec Company Ltd.<sup>(c)</sup> | 425106 | $4276727  |
| Wuxi Lead Intelligent Equipment Co. Ltd. - Class A | 388724 | 1348786  |
| Xiaomi Corp. - Class B<sup>(a)(c)</sup> | 513131 | 3949947  |
| Zijin Mining Group Co. Ltd. | 1961940 | 5045740  |
|  |  | 106573029  |
| **Colombia — 0.7%**<br>|  |  |
| Ecopetrol SA - ADR | 207885 | 1839782  |
| **Greece — 2.1%**<br>|  |  |
| Alpha Bank SA | 1582540 | 5573834  |
| **India — 6.1%**<br>|  |  |
| HDFC Bank Ltd. - ADR | 67942 | 5209113  |
| Larsen & Toubro Ltd. - GDR | 61709 | 2643014  |
| Mahindra & Mahindra Ltd. - GDR | 49994 | 1829781  |
| Reliance Industries Ltd. - GDR<sup>(c)</sup> | 88699 | 6185155  |
|  |  | 15867063  |
| **Indonesia — 3.3%**<br>|  |  |
| Freeport-McMoRan, Inc. | 115231 | 4995264  |
| Grab Holdings Ltd. - Class A<sup>(a)</sup> | 695616 | 3498948  |
|  |  | 8494212  |
| **Kazakhstan — 0.2%**<br>|  |  |
| Air Astana JSC - GDR | 79187 | 435529  |
| **Mexico — 2.7%**<br>|  |  |
| Fresnillo PLC | 278466 | 5535021  |
| Ternium SA - ADR | 51529 | 1551023  |
|  |  | 7086044  |
| **Poland — 1.8%**<br>|  |  |
| Allegro.eu SA<sup>(a)(c)</sup> | 185757 | 1788396  |
| Powszechna Kasa Oszczednosci Bank Polski SA | 135654 | 2834465  |
|  |  | 4622861  |
| **Russia — 0.0%<sup>(d)</sup>**<br>|  |  |
| Sberbank of Russia PJSC - ADR<sup>(a)(e)</sup> | 39273 | 0  |
| **Saudi Arabia — 1.4%**<br>|  |  |
| Americana Restaurants International PLC - Foreign Co. | 1691855 | 1037781  |
| Saudi National Bank | 268315 | 2583489  |
|  |  | 3621270  |
| **Singapore — 0.3%**<br>|  |  |
| Sea Ltd. - ADR<sup>(a)</sup> | 5077 | 812015  |
| **South Africa — 4.5%**<br>|  |  |
| Anglogold Ashanti PLC | 256810 | 11702832  |

---

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** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **South Korea — 11.0%**<br>|  |  |
| Hana Financial Group, Inc. | 15169 | $969980  |
| HD Hyundai Electric Co. Ltd. | 5946 | 2229078  |
| Hyundai Engineering & Construction Co. Ltd. | 44257 | 2569721  |
| KEPCO Engineering & Construction Co., Inc. | 9409 | 725532  |
| Samsung Electronics Co. Ltd. | 212723 | 9406956  |
| Samsung Fire & Marine Insurance Co. Ltd. | 13223 | 4239791  |
| Samsung Heavy Industries Co. Ltd.<sup>(a)</sup> | 233650 | 2889298  |
| Samyang Foods Co. Ltd. | 2553 | 2635785  |
| SK Hynix, Inc. | 14233 | 3066950  |
|  |  | 28733091  |
| **Taiwan — 8.2%**<br>|  |  |
| Hon Hai Precision Industry Co. Ltd. | 504165 | 2781648  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 439579 | 16075120  |
| Uni-President Enterprises Corp. | 907804 | 2516344  |
|  |  | 21373112  |
| **Thailand — 0.3%**<br>|  |  |
| Charoen Pokphand Foods PCL | 1109713 | 785868  |
| **Turkey — 3.2%**<br>|  |  |
| Akbank TAS | 1676424 | 2872941  |
| BIM Birlesik Magazalar AS | 226276 | 2812123  |
| Coca-Cola Icecek AS | 1224279 | 1513840  |
| Ford Otomotiv Sanayi AS | 568070 | 1274510  |
|  |  | 8473414  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $191,075,840)** |  | 243482614  |
| **EXCHANGE TRADED FUNDS — 4.6%**<br>|  |  |
| iShares MSCI India ETF | 216039 | 12029051  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $11,140,548)** |  | 12029051  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 97.9%** <br>**(Cost $202,216,388)** |  | $255511665  |
| Other Assets in Excess of Liabilities — 2.1% |  | 5515678  |
| **TOTAL NET ASSETS — 100.0%** |  | $261027343 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

JSC - Public Joint Stock Company

PCL - Public Company Limited

PJSC - Public Joint Stock Company

PLC - Public Limited Company

ETF - Exchange Traded Fund

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** 

**June 30, 2025 (Unaudited)(Continued)** 

<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 June 30, 2025, the value of these securities total $21,012,082 or 8.0% 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 June 30, 2025. 

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

13<br>

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

**BROOKFIELD INVESTMENT FUNDS** 

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Infrastructure** <br>**Fund** | **Global Real** <br>**Estate Fund** | **Renewables** <br>**Fund<sup>(1)</sup>** | **Emerging** <br>**Markets Fund<sup>(2)</sup>**  |
| **Assets:**<br>|  |  |  |  |
|  Investments in securities, at value (Note 2) | $187950293 | $111339605 | $63795079 | $255511665  |
| Receivable for investments sold | 3086224 |  | 1115142 | 1829659  |
| Dividends and interest receivable | 787862 | 816004 | 174595 | 935638  |
| Receivable for fund shares sold | 19000 | 435 |  | 31718  |
| Cash |  |  |  | 11214640  |
| Prepaid expenses | 37955 | 64129 | 27963 | 48837  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 191881334 | 112220173 | 65112779 | 269572157  |
| **Liabilities:**<br>|  |  |  |  |
| Payable for fund shares purchased | 2500600 | 1907 |  | 20441  |
| Distribution fees payable | 125221 | 76337 |  | 692  |
|  Investment advisory fees payable, net (Note 3) | 108077 | 41037 | 30036 | 141873  |
| Payable for investments purchased |  | 253366 |  | 8201769  |
| Due to custodian |  |  |  | 139  |
| Accrued expenses | 160515 | 117622 | 66321 | 179900  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2894413 | 490269 | 96357 | 8544814  |
| **Net Assets** | $188986921 | $111729904 | $65016422 | $261027343  |
| **Composition of Net Assets:**<br>|  |  |  |  |
| Paid-in capital | 135929748 | 220313176 | 57577966 | 239516420  |
| Accumulated gains (losses) | 53057173 | (108583272) | 7438456 | 21510923  |
|  Net assets applicable to capital shares outstanding | $188986921 | $111729904 | $65016422 | $261027343  |
| &nbsp;&nbsp;&nbsp; Total Investments at cost | $151215113 | $96804809 | $53578521 | $202216388  |
| **Net Assets**<br>|  |  |  |  |
| **Class A Shares - Net Assets** | $4988190 | $3976691 | $— | $3682617  |
| &nbsp;&nbsp;&nbsp; Shares outstanding | 348269 | 341770 |  | 426431  |
| &nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $14.32 | $11.64 | $— | $8.64  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offering price per share based on <br>a maximum sales charge of <br>4.75% | $15.03 | $12.22 | $— | $9.07  |
| **Class C Shares - Net Assets** | $772305 | $514388 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Shares outstanding | 54679 | 44423 |  | —  |
| &nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $14.12 | $11.58 | $— | $—  |

---

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

14<br>

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

**BROOKFIELD INVESTMENT FUNDS** 

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Infrastructure** <br>**Fund** | **Global Real** <br>**Estate Fund** | **Renewables** <br>**Fund<sup>(1)</sup>** | **Emerging** <br>**Markets Fund<sup>(2)</sup>**  |
| **Class I Shares - Net Assets**  | $183226426 | $107238825  | $65016422  | $257344726  |
| &nbsp;&nbsp;&nbsp; Shares outstanding | 12787760 | 9218532 | 6118354 | 29907224  |
| &nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $14.33 | $11.63 | $10.63 | $8.60 |

---

<sup>(1)</sup> Currently, the Renewables 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>

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

**BROOKFIELD INVESTMENT FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Infrastructure** <br>**Fund** | **Global Real** <br>**Estate Fund** | **Renewables** <br>**Fund** | **Emerging** <br>**Markets Fund**  |
| **Investment Income:**<br>|  |  |  |  |
|  Dividends and distributions (net of foreign withholding tax of $168,709, $128,102, $49,953 and $278,671  | $3419122 | $2572095 | $865458 | $3414297  |
| Less return of capital distributions | (120066) | (6724) | (81987) | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3299056 | 2565371 | 783471 | 3414297  |
| **Expenses:**<br>|  |  |  |  |
| Investment advisory fees (Note 3) | 966909 | 503850 | 246504 | 1059127  |
| Distribution fees - Class A | 6174 | 5027 |  | 3848  |
| Distribution fees - Class C | 3960 | 2618 |  | —  |
| Transfer agent fees | 90343 | 61490 | 4220 | 67044  |
| Fund accounting and sub-administration fees | 83882 | 51488 | 25270 | 75941  |
| Audit and tax services | 43507 | 26547 | 27935 | 27935  |
| Registration fees | 39063 | 22974 | 21476 | 24075  |
| Trustees' fees | 38110 | 28770 | 22251 | 34558  |
| Interest Expense | 38061 | 9424 |  | 3989  |
| Custodian fees | 28858 | 17411 | 9277 | 74256  |
| Miscellaneous | 19234 | 15217 | 10320 | 19753  |
| Legal fees | 13862 | 41545 | 8340 | 12969  |
| Reports to shareholders | 9033 | 11415 | 3415 | 6967  |
| Insurance | 8398 | 8239 | 1291 | 6966  |
| &nbsp;&nbsp;&nbsp; Total operating expenses | 1389394 | 806015 | 380299 | 1417428  |
| &nbsp;&nbsp;&nbsp; Less expenses waived by the investment adviser (Note 3) | (241720) | (160161) | (90294) | (295612)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1147674 | 645854 | 290005 | 1121816  |
| **Net investment income** | 2151382 | 1919517 | 493466 | 2292481  |
| **Net realized gain (loss) on:**<br>|  |  |  |  |
| Investments | 21019506 | 773415 | 439645 | 3422111  |
| Foreign currency transactions | (17805) | 29406 | 510 | (112495)  |
| **Net realized gain** | 21001701 | 802821 | 440155 | 3309616  |
| &nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation/**<br>**depreciation on:**<br>|  |  |  |  |
| Investments | (6408511) | 2623789 | 10147110 | 37521562  |
| Foreign currency |  |  |  | (145)  |
| Foreign currency translations | 24195 | 27451 | 6856 | 4376  |
|  Net change in unrealized appreciation (depreciation) | (6384316) | 2651240 | 10153966 | 37525793  |
| **Net realized and unrealized gain** | 14617385 | 3454061 | 10594121 | 40835409  |
|  **Net increase in net assets resulting from operations** | $16768767 | $5373578 | $11087587 | $43127890 |

---

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

16<br>

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**[**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 Six** <br>**Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year** <br>**Ended** <br>**December 31,** <br>**2024** | **For the Six** <br>**Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year** <br>**Ended** <br>**December 31,** <br>**2024**  |
|  **Increase (Decrease) in Net Assets Resulting from Operations:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $2151382 | $5955562 | $1919517 | $4999171  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 21001701 | (302401) | 802821 | 23128235  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (6384316) | 21404585 | 2651240 | (29669463)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 16768767 | 27057746 | 5373578 | (1542057)  |
| **Distributions to Shareholders:** | **Distributions to Shareholders:** |  |  |  |
| **From distributable earnings:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A shares | (49609) | (95997) | (64732) | (115003)  |
| &nbsp;&nbsp;&nbsp; Class C shares | (4835) | (8127) | (5463) | (14809)  |
| &nbsp;&nbsp;&nbsp; Class I shares | (2437830) | (5844442) | (2635100) | (6394461)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (2492274) | (5948566) | (2705295) | (6524273)  |
|  **Capital Share Transactions (Note 5):**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 30360650 | 144709121 | 1099714 | 4781285  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 1903252 | 5424486 | 2324181 | 5193430  |
| &nbsp;&nbsp;&nbsp; Redemptions | (217232507) | (62308407) | (48215374) | (208923552)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital share transactions** | (184968605) | 87825200 | (44791479) | (198948837)  |
|  **Total increase (decrease) in net assets** | (170692112) | 108934380 | (42123196) | (207015167)  |
| **Net Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 359679033 | 250744653 | 153853100 | 360868267  |
| &nbsp;&nbsp;&nbsp; End of period | $188986921 | $359679033 | $111729904 | $153853100 |

---

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

17<br>

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

**BROOKFIELD INVESTMENT FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Renewables Fund** | **Renewables Fund** | **Emerging Markets Fund**  | **Emerging Markets Fund**  |
|  | **For the Six** <br>**Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year** <br>**Ended** <br>**December 31,** <br>**2024** | **For the Six** <br>**Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year** <br>**Ended** <br>**December 31,** <br>**2024**  |
|  **Increase (Decrease) in Net Assets Resulting from Operations:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $493466 | $753132 | $2292481 | $5273250  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 440155 | (746210) | 3309616 | (23876520)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 10153966 | (1208695) | 37525793 | 12618368  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 11087587 | (1201773) | 43127890 | (5984902)  |
| **Distributions to Shareholders:** | **Distributions to Shareholders:** |  |  |  |
| **From distributable earnings:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A shares |  |  |  | (48391)  |
| &nbsp;&nbsp;&nbsp; Class I shares | (493316) | (742382) |  | (5963076)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (493316) | (742382) |  | (6011467)  |
|  **Capital Share Transactions (Note 5):**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 40283 | 20843239 | 17254013 | 32441642  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 455619 | 671688 |  | 5802541  |
| &nbsp;&nbsp;&nbsp; Redemptions | (114442) | (963099) | (23569807) | (52546059)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital share transactions** | 381460 | 20551828 | (6315794) | (14301876)  |
|  **Total increase (decrease) in net assets** | 10975731 | 18607673 | 36812096 | (26298245)  |
| **Net Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 54040691 | 35433018 | 224215247 | 250513492  |
| &nbsp;&nbsp;&nbsp; End of period | $65016422 | $54040691 | $261027343 | $224215247 |

---

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

18<br>

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**[**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 Period** | **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>**Period** | **Total** <br>**Investment** <br>**Return<sup>2,†</sup>** | **Net Assets,** <br>**End of** <br>**Period** <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>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| June 30, 2025<sup>4</sup> | &nbsp;&nbsp; $13.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp; $14.32 | &nbsp;&nbsp;&nbsp; 8.35% | $4988 | &nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.62% | &nbsp;&nbsp;&nbsp; 44%  |
| 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%  |
| December 31, 2020 | &nbsp;&nbsp; $13.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp; (0.62) | &nbsp;&nbsp;&nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp; $12.60 | &nbsp;&nbsp;&nbsp; (3.42)% | $5807 | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp; 138%  |
| **Class C**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| June 30, 2025<sup>4</sup> | &nbsp;&nbsp; $13.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp; $14.12 | &nbsp;&nbsp;&nbsp; 7.97% | $772 | &nbsp;&nbsp;&nbsp; 2.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | &nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 44%  |
| 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%  |
| December 31, 2020 | &nbsp;&nbsp; $13.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp; (0.62) | &nbsp;&nbsp;&nbsp;&nbsp; (0.60) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp; $12.43 | &nbsp;&nbsp;&nbsp; (4.19)% | $4180 | &nbsp;&nbsp;&nbsp; 2.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10% | &nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp; 138%  |
| **Class I (Note 1)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| June 30, 2025<sup>4</sup> | &nbsp;&nbsp; $13.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp; $14.33 | &nbsp;&nbsp;&nbsp; 8.49% | $183226 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp; 44%  |
| 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%  |
| December 31, 2020 | &nbsp;&nbsp; $13.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp; (0.63) | &nbsp;&nbsp;&nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp;&nbsp; (0.47) | &nbsp;&nbsp; $12.62 | &nbsp;&nbsp;&nbsp; (3.23)% | $75004 | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp; 138% |

---

\* 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 period 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 six months ended June 30, 2025 (Unaudited).

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 Period** | **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>**Period** | **Total** <br>**Investment** <br>**Return<sup>2,†</sup>** | **Net Assets,** <br>**End of** <br>**Period** <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**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| June 30, 2025<sup>4</sup> | &nbsp;&nbsp; $11.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &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; $11.64 | &nbsp;&nbsp; 6.58% | $3977 | &nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 2.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30% | &nbsp;&nbsp;&nbsp; 71%  |
| 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%  |
| December 31, 2020 | &nbsp;&nbsp; $13.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; (1.67) | &nbsp;&nbsp;&nbsp;&nbsp; (1.49) | &nbsp;&nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; (10.60)% | $13944 | &nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp; 114%  |
| **Class C**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| June 30, 2025<sup>4</sup> | &nbsp;&nbsp; $11.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp; $11.58 | &nbsp;&nbsp;&nbsp;&nbsp;6.19% | $514 | &nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp; 1.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.49% | &nbsp;&nbsp;&nbsp; 71%  |
| 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%  |
| December 31, 2020 | &nbsp;&nbsp; $13.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; (1.65) | &nbsp;&nbsp;&nbsp;&nbsp; (1.55) | &nbsp;&nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp; $11.57 | &nbsp;&nbsp; (11.25)% | $5229 | &nbsp;&nbsp;&nbsp; 2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 114%  |
| **Class I (Note 1)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| June 30, 2025<sup>4</sup> | &nbsp;&nbsp; $11.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; 6.68% | $107239 | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63% | &nbsp;&nbsp;&nbsp; 71%  |
| 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%  |
| December 31, 2020 | &nbsp;&nbsp; $13.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp; (1.67) | &nbsp;&nbsp;&nbsp;&nbsp; (1.46) | &nbsp;&nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp; $11.65 | &nbsp;&nbsp; (10.35)% | $352509 | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.82% | &nbsp;&nbsp;&nbsp; 114% |

---

\* 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 period 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 six months ended June 30, 2025 (Unaudited).

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

20<br>

------

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

**BROOKFIELD GLOBAL RENEWABLES & SUSTAINABLE 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 Period** | **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>**Period** | **Total** <br>**Investment** <br>**Return<sup>2,†</sup>** | **Net Assets,** <br>**End of** <br>**Period** <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**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| June 30, 2025<sup>4</sup> | &nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp; $10.63 | &nbsp;&nbsp;&nbsp; 20.55% | &nbsp;&nbsp; $65016 | &nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp; 36%  |
| 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>5</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. |

---

<sup>1</sup> Per share amounts presented are based on average shares outstanding throughout the period 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 six months ended June 30, 2025 (Unaudited).

<sup>5</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>

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**[**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 Period** | **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>**Period** | **Total** <br>**Investment** <br>**Return<sup>2,†</sup>** | **Net Assets,** <br>**End of** <br>**Period** <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>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| June 30, 2025<sup>4</sup> | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; 19.50% | $3683 | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp; 62%  |
| 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>5</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>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| June 30, 2025<sup>4</sup> | &nbsp;&nbsp; $7.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; $8.60 | &nbsp;&nbsp;&nbsp;&nbsp;19.44% | $257345 | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp; 62%  |
| 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>6</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.<br>|

---

<sup>1</sup> Per share amounts presented are based on average shares outstanding throughout the period 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 six months ended June 30, 2025 (Unaudited).

<sup>5</sup> For the Period May 16, 2022 (Commencement of Operations) through December 31, 2022.

<sup>6</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.

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

**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)** 

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 Global Renewables & Sustainable Infrastructure Fund (the "Renewables 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, Renewables Fund and Emerging Markets Fund are each a diversified open-end management investment company.

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 Renewables 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 Renewables 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 Renewables 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.

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

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**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

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. Derivatives that use similar valuation techniques and inputs as described above are normally categorized as Level 2 of the fair value hierarchy.

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. 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

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**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments</u>:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks. | $132398846 | $53633279 | $— | $186032125  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1918168 |  |  | 1918168  |
| **Total Investments** | $134317014 | $53633279 | $— | $187950293 |

---

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

The following table summarizes the Fund's investments valuation inputs categorized in the disclosure hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments</u>: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $70494158 | $39725790 | $— | $110219948  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1119657 |  |  | 1119657  |
| **Total Investments** | $71613815 | $39725790 | $— | $111339605 |

---

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**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

**<u>Renewables Fund</u>** 

The following table summarizes the Fund's investments valuation inputs categorized in the disclosure hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments</u>:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $41506564 | $21149827 | $— | $62656391  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1138688 |  |  | 1138688  |
| **Total Investments** | $42645252 | $21149827 | $— | $63795079 |

---

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

The following table summarizes the Fund's investments valuation inputs categorized in the disclosure hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments</u>:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks. | $70387565 | $173095049 | $— <sup>(1)</sup> | $243482614  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 12029051 |  |  | 12029051  |
| **Total Investments** | $82416616 | $173095049 | $— | $255511665 |

---

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

As of June 30, 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.

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**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(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.brookfieldoaktree.com. Any such notice is provided only

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**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

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 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 Renewables 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**<br>|  |  |
| 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**<br>|  |  |
| 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%  |
| **Renewables Fund**<br>|  |  |
| 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**<br>|  |  |
| 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% |

---

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

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**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

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, Renewables 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** | **Renewables** <br>**Fund** | **Emerging** <br>**Markets Fund**  |
| December 31, 2025 | &nbsp;&nbsp; $189307 | $88131 | $399987 | $207202  |
| December 31, 2026 | &nbsp;&nbsp; 230459 | 64648 | 250752 | 209836  |
| December 31, 2027 | &nbsp;&nbsp; 267086 | 304079 | 192993 | 642727  |
| December 31, 2028 | &nbsp;&nbsp; 241720 | 160161 | 90294 | 295612  |
| Total amount subject to recoupment | &nbsp;&nbsp; $928572 | $617019 | $934026 | $1355377 |

---

For the six months ended June 30, 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 six months ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales**  |
| Infrastructure Fund | $100404448 | $284913983  |
| Global Real Estate Fund | 96250656 | 142700467  |
| Renewables Fund | 20724736 | 21428061  |
| Emerging Markets Fund | 144191177 | 152449576 |

---

During the six months ended June 30, 2025, there were no transactions in U.S. Government securities.

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

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**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

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 Renewables 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.

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; 6257 | $88262 | &nbsp;&nbsp; 20978 | $264666  |
| Reinvestment of distributions | &nbsp;&nbsp; 2929 | 40889 | &nbsp;&nbsp; 6347 | 79905  |
| Payments for shares redeemed | &nbsp;&nbsp; (38162) | (523444) | &nbsp;&nbsp; (134168) | (1732513)  |
| Net Decrease | &nbsp;&nbsp; (28976) | $(394293) | &nbsp;&nbsp; (106843) | $(1387942)  |
| **Class C**<br>|  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; — | $— | &nbsp;&nbsp; 2748 | $33847  |
| Reinvestment of distributions | &nbsp;&nbsp; 248 | 3420 | &nbsp;&nbsp; 507 | 6208  |
| Payments for shares redeemed | &nbsp;&nbsp; (6440) | (89325) | &nbsp;&nbsp; (19882) | (237873)  |
| Net Decrease | &nbsp;&nbsp; (6192) | $(85905) | &nbsp;&nbsp; (16627) | $(197818)  |
| **Class I**<br>|  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 2173420 | $30272388 | &nbsp;&nbsp; 11177930 | $144410608  |
| Reinvestment of distributions | &nbsp;&nbsp; 133332 | 1858943 | &nbsp;&nbsp; 419112 | 5338373  |
| Payments for shares redeemed | &nbsp;&nbsp; (15970071) | (216619738) | &nbsp;&nbsp; (4619515) | (60338021)  |
| Net Increase (Decrease) | &nbsp;&nbsp; (13663319) | $184488407 | &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; 7461 | $83089 | &nbsp;&nbsp; 47408 | $527630  |
| Reinvestment of distributions | &nbsp;&nbsp; 5012 | 57349 | &nbsp;&nbsp; 9440 | 104967  |
| Payments for shares redeemed | &nbsp;&nbsp; (47250) | (538775) | &nbsp;&nbsp; (119465) | (1318185)  |
| Net Decrease | &nbsp;&nbsp; (34777) | $(398337) | &nbsp;&nbsp; (62617) | $(685588)  |
| **Class C**<br>|  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 16 | $178 | &nbsp;&nbsp; 30 | $336  |
| Reinvestment of distributions | &nbsp;&nbsp; 456 | 5221 | &nbsp;&nbsp; 1221 | 13476  |
| Payments for shares redeemed | &nbsp;&nbsp; (10153) | (112379) | &nbsp;&nbsp; (58082) | (634841)  |
| Net Decrease | &nbsp;&nbsp; (9681) | $(106982) | &nbsp;&nbsp; (56831) | $(621029)  |
| **Class I**<br>|  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 89009 | $1016447 | &nbsp;&nbsp; 384549 | $4253319  |
| Reinvestment of distributions | &nbsp;&nbsp; 198949 | 2261611 | &nbsp;&nbsp; 460666 | 5074987  |
| Payments for shares redeemed | &nbsp;&nbsp; (4457791) | (47564220) | &nbsp;&nbsp; (18813609) | (206970526)  |
| Net Decrease | &nbsp;&nbsp; (4169833) | $(44286162) | &nbsp;&nbsp; (17968394) | $(197642220) |

---

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**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

**Renewables 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; 4249 | $40283 | &nbsp;&nbsp; 2234060 | $20843239  |
| Reinvestment of distributions . | &nbsp;&nbsp; 45829 | 455619 | &nbsp;&nbsp; 72802 | 671688  |
| Payments for shares redeemed. | &nbsp;&nbsp; (12095) | (114442) | &nbsp;&nbsp; (104185) | (963099)  |
| Net Increase | &nbsp;&nbsp; 37983 | $381460 | &nbsp;&nbsp; 2202677 | $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; 131881 | $1000000 | &nbsp;&nbsp; 72761 | $550250  |
| Reinvestment of distributions | &nbsp;&nbsp; — |  | &nbsp;&nbsp; 6620 | 48391  |
| Payments for shares redeemed | &nbsp;&nbsp; — |  | &nbsp;&nbsp; (747) | (5615)  |
| Net Increase | &nbsp;&nbsp; 131881 | $1000000 | &nbsp;&nbsp; 78634 | $593026  |
| **Class I**<br>|  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 2061318 | $16254013 | &nbsp;&nbsp; 4207537 | $31891392  |
| Reinvestment of distributions | &nbsp;&nbsp; — |  | &nbsp;&nbsp; 790405 | 5754150  |
| Payments for shares redeemed | &nbsp;&nbsp; (3008397) | (23569807) | &nbsp;&nbsp; (7034108) | (52540444)  |
| Net Decrease3 | &nbsp;&nbsp; (947079) | $(7315794) | &nbsp;&nbsp; (2036166) | $(14894902) |

---

<sup>1</sup> For the Six Months Ended June 30, 2025 (Unaudited).

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

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 June 30, 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 six months ended June 30, 2025, the Infrastructure Fund, Global Real Estate Fund and Emerging Markets Fund utilized the credit facility for 37, 24 and 15 days, respectively, and had an outstanding average daily loan balance of $5,107,973, $1,949,875 and $1,320,600, respectively. The maximum amount outstanding the for the Infrastructure Fund, Global Real Estate Fund and Emerging Markets Fund during the six months was $48,016,000, $9,922,000 and $3,411,000, respectively, and the interest expense amounted to $38,061, $9,424 and $3,989, respectively. For the six months ended June 30, 2025, the average interest rate on the outstanding principal amounts for the Infrastructure Fund, Global Real Estate Fund and Emerging Markets Fund was 7.25%, 7.25% and 7.25%, respectively. The Renewables Fund did not utilize the credit facility during the six months ended June 30, 2025. At June 30, 2025, there were no amounts outstanding on the credit facility.

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**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

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 June 30, 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, 2024, open taxable periods consisted of the taxable years ended December 31, 2021 through December 31, 2024, for the Infrastructure Fund and Global Real Estate Fund. As of December 31, 2024, open taxable period consisted of February 5, 2022 (commencement of operations) to December 31, 2024 for the Renewables Fund. As of December 31, 2024, open taxable periods consisted of the taxable period ended December 31, 2021 and taxable years ended December 31, 2022 through December 31, 2024 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, 2024.

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

---

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

---

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**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

At December 31, 2024, 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** | **Renewables** <br>**Fund** | **Emerging** <br>**Markets Fund**  |
| Capital loss carryforward<sup>(1)</sup> | $(1933069) | $(122236346) | $(2998163) | $(32597684)  |
| Distributable earnings | 279563 | 732545 |  | —  |
| Post-October loss  |  |  |  | —  |
| Late year ordinary losses  |  |  | (1723) | (33788)  |
| Other accumulated gains (losses) | (28562) | (6981) | (1855) | (935538)  |
|  Tax basis unrealized appreciation on investments and foreign currency | 40462748 | 10259227 | (154074) | 11950043  |
|  Total tax basis net accumulated gains (losses) . | $38780680 | $(111251555) | $(3155815) | $(21616967) |

---

<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, 2024, the Infrastructure Fund's capital loss carryforwards were $1,933,069, which can be used to offset future realized long-term capital gains. The Global Real Estate Fund's capital loss carryforwards were $99,751,547, which can be used to offset future realized short-term capital gains, and $22,484,799, which can be used to offset future realized long-term capital gains. The Renewables Fund's capital loss carryforwards were $823,869, which can be used to offset future realized short-term capital gains, and $2,174,294, which can be used to offset future realized long-term capital gains. The Emerging Markets Fund's capital loss carryforwards were $17,572,128, which can be used to offset future realized short-term capital gains, and $15,025,556, which can be used to offset future realized long-term capital gains. The capital loss carryforwards will not expire. The Renewables Fund deferred, on a tax basis, late year ordinary losses of $1,723. The Emerging Markets Fund deferred, on a tax basis, late year ordinary losses of $33,788.

Federal Income Tax Basis: The federal income tax basis of each Fund's investments, not including foreign currency translation, at December 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost of** <br>**Investments** | **Gross Unrealized** <br>**Appreciation** | **Gross Unrealized** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Infrastructure Fund . | $318370239 | &nbsp;&nbsp; $54929746 | $(14466998) | $40462748  |
| Global Real Estate Fund . . | 144175859 | &nbsp;&nbsp; 17991035 | (7731808) | 10259227  |
| Renewables Fund . . | 54267215 | &nbsp;&nbsp; 3835144 | (3989218) | (154074)  |
| Emerging Markets Fund . | 210876376 | &nbsp;&nbsp; 31966751 | (20016708) | 11950043 |

---

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.

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**BROOKFIELD INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

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 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.

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**BROOKFIELD INVESTMENT FUNDS** 

**Board Considerations Relating to the Approval of the Renewal of the Investment Advisory Agreements (Unaudited)** 

The Board of Trustees (the "Board," the members of which are referred to as "Trustees") of Brookfield Investment Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust (the "Independent Trustees"), as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"), considered and approved the continuation of the Investment Advisory Agreements (the "Advisory Agreements") between the Trust, on behalf of each of its series, Brookfield Global Listed Real Estate Fund, Brookfield Global Listed Infrastructure Fund, and Brookfield Global Renewables & Sustainable Infrastructure Fund (each, a "Fund," and together, the "Funds") and Brookfield Public Securities Group LLC (the "Adviser" or "Brookfield"), each for a successive one-year period at an in-person meeting held on May 14-15, 2025 (the "Meeting").

In accordance with Section 15(c) of the 1940 Act, the Board requested, and Brookfield provided, materials relating to the Board's consideration of whether to approve the continuation of the Agreements. These materials included, among other things: (a) a summary of the services provided to the Funds by Brookfield; (b) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third-party provider of mutual fund data, on fees and expenses of the Funds, and the investment performance of the Funds as compared with a peer group and/or peer universe of funds, as applicable, as well as supplemental data prepared by Brookfield; (c) information on the profitability of Brookfield; (d) information relating to economies of scale; (e) information about Brookfield's general compliance policies and procedures; (f) information on Brookfield's risk management processes; (g) information regarding brokerage and soft dollar practices; and (h) information about the key personnel of Brookfield who are involved in the investment management, administration, compliance and risk management activities with respect to the Funds, as well as current and projected staffing levels and compensation practices.

In determining whether to approve the continuation of the Agreements, the Board, including the Independent Directors, considered at the Meeting, and from time to time, as appropriate, factors that it deemed relevant. The following discusses the primary factors relevant to the Board's decision.

**THE NATURE, EXTENT AND QUALITY OF THE SERVICES TO BE PROVIDED BY THE ADVISER. The Board, including the Independent Directors, considered the nature, extent and quality of services provided by Brookfield. The Board noted that such services include acting as investment manager and adviser to the Funds, managing the daily business affairs of the Funds, and obtaining and evaluating economic, statistical and financial information to formulate and implement investment policies. Additionally, the Board observed that Brookfield provides office space, bookkeeping, accounting, legal and compliance services, clerical and administrative services and has authorized its officers and employees, if elected, to serve as officers or Trustees of the Funds without compensation. The Board also noted that Brookfield is also responsible for the coordination and oversight of the Funds' third-party service providers. In addition to the quality of the advisory services provided by Brookfield, the Board considered the quality of the administrative and other services provided by Brookfield to the Funds pursuant to the Advisory Agreements.** 

In connection with the services provided by Brookfield, the Board analyzed the structure and duties of Brookfield's fund administration and accounting, operations and its legal and compliance departments to determine whether they are adequate to meet the needs of the Funds. The Board also considered the personnel responsible for providing advisory services to the Funds and other key personnel of Brookfield, in addition to the current and projected staffing levels and compensation practices. The Board concluded, based on the Trustees' experience and interaction with Brookfield, that: (i) Brookfield would continue to be able to retain high-quality personnel; (ii) Brookfield has exhibited a high level of diligence and attention to detail in carrying out its advisory and other responsibilities under the Advisory Agreements; (iii) Brookfield has been responsive to requests of the Board; and (iv) Brookfield has kept the Board apprised of developments relating to the Funds and the industry in general.

The Board's conclusion was based, in part, upon the following: (i) a comprehensive description of the investment advisory and other services provided to the Funds; (ii) a list of personnel who furnish such services and a description of their duties and qualifications; (iii) performance data with respect to the

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**BROOKFIELD INVESTMENT FUNDS** 

**Board Considerations Relating to the Approval of the Renewal of the Investment Advisory Agreements (Unaudited)(Continued)** 

Funds, including comparable investment companies and accounts managed by Brookfield; (iv) standardized industry performance data with respect to comparable investment companies and the performance of appropriate recognized indices; (v) recent financial statements of Brookfield Asset Management ULC and Brookfield Asset Management Ltd., the parent companies of the Adviser; (vi) Brookfield's culture of compliance and its commitment to compliance generally, as well as its risk management processes and attention to regulatory matters; and (vii) Brookfield's reputation and its experience serving as an investment adviser and the experience of the teams of portfolio managers that manage the Funds, as well as its experience serving as an investment adviser to other investment funds and institutional clients. The Board also reviewed Brookfield's compliance and regulatory history and noted that there were no material regulatory or compliance issues that would potentially impact Brookfield from effectively serving as the investment adviser to the Funds. The Board concluded that the nature, extent and quality of the overall services provided under the Advisory Agreements were reasonable and appropriate in relation to the management fees and that the quality of services continues to be high.

**THE PERFORMANCE OF THE FUNDS AND THE ADVISER. The Board, including the Independent Directors, also considered the investment performance of the Funds. The Board noted that it regularly reviews the performance of the Funds throughout the year. The Board further noted that, while it monitors performance of the Funds closely, it generally attaches more importance to performance over relatively long periods of time, typically three to five years. The Board considered the investment performance of the Funds in view of its importance to shareholders. In connection with this review, the Board received information regarding the investment performance of the Funds as compared to a group of funds with investment classifications and/or objectives comparable to those of the Funds ("Peer Universe") and to an appropriate index or combination of indices (each, a "Benchmark Index"), as well as a focused peer group identified by Brookfield ("Peer Group"). In addition, the Board considered supplemental performance information that provided strategy level performance returns over longer periods as compared to each Fund's performance information since inception. At the Meeting, management also discussed the methodologies used by Broadridge and Brookfield to select the funds included in the Peer Universe and the Peer Group, respectively. The performance information was presented for the periods ended March 31, 2025. Class I performance relative to the median of each Fund's Peer Universe and Peer Group is described below, and for those Funds with performance that ranked below the median for their respective Peer Universes, the specific quintile rankings are also noted below with respect to the relevant periods of underperformance.** 

**Brookfield Global Listed Real Estate Fund. The Board noted that the Fund's performance was above the median of its Peer Universe for the one-year period; below the median of its Peer Universe for the three-, five-, and ten-year periods (the fourth, fourth, and fifth quintiles, respectively); and below the median of its Peer Universe for the since inception period (third quintile). The Board also considered that the Fund underperformed its Benchmark Index for all periods. In addition, the Board further noted that the Fund's performance was above the median of the Peer Group for the quarter ended March 31, 2025.** 

**Brookfield Global Listed Infrastructure Fund. The Board noted that the Fund's performance was above the median of its Peer Universe for the one-year period, and below the median of its Peer Universe for the three-, five-, ten-year and since inception periods (fourth quintile for the three- and five-year periods and in the fifth quintile for the ten-year and since inception periods). The Board also considered that the Fund outperformed its Benchmark Index for the one-year period; matched the Benchmark Index's performance for the five-year period; and underperformed the Benchmark Index for all other periods. In addition, the Board further noted that the Fund's performance was below the median of its Peer Group for the quarter ended March 31, 2025.** 

**Brookfield Global Renewables & Sustainable Infrastructure Fund. The Board noted that the Fund's performance was below the median of its Peer Universe for the one-year, three-year, and since inception periods (fifth quintiles). The Board also considered that the Fund underperformed its Benchmark Index for the one-year, three-year, and since inception periods. In addition, the Board further noted that the Fund's performance was above the median of its Peer Group for the quarter ended March 31, 2025.** 

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**BROOKFIELD INVESTMENT FUNDS** 

**Board Considerations Relating to the Approval of the Renewal of the Investment Advisory Agreements (Unaudited)(Continued)** 

**THE COST OF THE ADVISORY SERVICES, AND THE PROFITABILITY TO THE ADVISER AND ITS AFFILIATES FROM THEIR RELATIONSHIP WITH THE FUNDS. The Board also received information regarding the management fees to be paid by the Funds to Brookfield pursuant to the Advisory Agreements. The Board examined this information in order to determine the reasonableness of the fees in light of the nature and quality of services to be provided and any potential additional benefits to be received by Brookfield or its affiliates in connection with providing such services to the Funds.** 

To assist in analyzing the reasonableness of the management fees for the Funds, the Board received reports independently prepared by Broadridge. The reports showed comparative fee and expense information for each Fund's expense group ("Expense Group") and expense universe ("Expense Universe"), including rankings within each category, as determined by Broadridge in collaboration with Brookfield. In considering the reasonableness of the management fees to be paid by the Funds to Brookfield, the Board was presented with a number of expense comparisons, including: (i) contractual and actual management fees; and (ii) actual total operating expenses. In considering each Fund's total operating expenses, the Board also considered the level of fee waivers and expense reimbursements, as applicable, and the net expense caps contractually agreed upon by Brookfield with respect to certain Funds. The Board acknowledged that it was difficult to make precise comparisons with other funds in the Expense Group and Expense Universe since the exact nature of services provided under the various fund agreements is often not apparent. The Board noted, however, that the comparative fee information provided by Broadridge as a whole was useful in assessing whether Brookfield was providing services at a cost that was competitive with other, similar funds. The Funds' fee and expense rankings are discussed below relative to the median of the applicable expense grouping. A Fund with fees and expenses that were below the median had fees and expenses that were less than the median fees and expenses of its peer group, while a Fund with fees and expenses that were above the median had fees and expenses that were higher than the median fees and expenses of its peer group. The fund with the lowest expenses is ranked first and the fund with the highest expenses is ranked last within the applicable expense grouping.

**Brookfield Global Listed Real Estate Fund. The Board considered that the Fund's actual management fees were below the median of its Expense Group (ranked 4/14) and below the median of its Expense Universe (ranked 23/66). The Board further noted that the Fund's actual total expenses were below the median of its Expense Group (ranked 7/14) and below the median of its Expense Universe (ranked 24/66).** 

**Brookfield Global Listed Infrastructure Fund. The Board considered that the Fund's actual management fees were above the median of its Expense Group (ranked 6/10) and above the median of its Expense Universe (ranked 24/36). The Board further noted that the Fund's actual total expenses were above the median of its Expense Group (ranked 9/10) and Expense Universe (ranked 27/36).** 

**Brookfield Global Renewables & Sustainable Infrastructure Fund. The Board considered that the Fund's actual management fees were at the median of its Expense Group (ranked 2/3) and below the median of its Expense Universe (ranked 6/35). The Board further noted that the Fund's actual total expenses were above the median of its Expense Group (ranked 3/3) and Expense Universe (ranked 27/35).** 

The Board was also asked to consider the management fees received by Brookfield with respect to other funds and accounts with similar investment strategies to the Funds, which include institutional and separately managed accounts. In comparing these fees, the Board considered certain differences between these accounts and the Funds, as applicable, including the broader and more extensive scope of services provided to the Funds in comparison to institutional or separately managed accounts; the higher demands placed on Brookfield's investment personnel and trading infrastructure as a result of the daily cash inflows and out-flows of the Funds; the greater entrepreneurial risk in managing the Funds; and the impact on Brookfield and expenses associated with the more extensive regulatory regime to which the Funds are subject in comparison to institutional or separately managed accounts.

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**BROOKFIELD INVESTMENT FUNDS** 

**Board Considerations Relating to the Approval of the Renewal of the Investment Advisory Agreements (Unaudited)(Continued)** 

The Board also considered Brookfield's profitability and the benefits Brookfield and its affiliates received from their relationship with the Funds. The Board received a memorandum and reviewed financial information relating to the financial condition of Brookfield Asset Management ULC and Brookfield Asset Management Ltd., the parent companies of the Adviser. The Board also considered and reviewed financial information relating to the profitability of Brookfield with respect to the services provided to the Fund, including in view of its management of the Brookfield Fund Complex,<sup>1</sup> and considered whether Brookfield had the financial resources necessary to continue to attract and retain high-quality investment professionals and other key personnel. In analyzing Brookfield's profitability, particular attention was given to the allocation of the direct and indirect costs of the resources and expenses in managing the Funds, as well as the non-Fund and non-advisory business activities across Brookfield's key business lines. The Board further noted that the methodology followed in allocating costs to each Fund appeared reasonable, while also recognizing that allocation methodologies are inherently subjective. The Board also specifically noted that Brookfield had agreed to extend its contractual expense waiver for certain Funds, in order to limit such Funds' net operating expenses. The Board concluded that the profitability to the Adviser from the Funds was reasonable.

The Board concluded that Brookfield had the financial resources necessary to perform its obligations under the Agreements and to continue to provide the Funds with the high-quality services that it had provided in the past. The Board also concluded that the management fees were reasonable in light of the factors discussed above.

**THE EXTENT TO WHICH ECONOMIES OF SCALE WILL BE REALIZED AS THE FUNDS GROW AND WHETHER FEE LEVELS REFLECT THOSE ECONOMIES OF SCALE. The Board, including the Independent Directors, considered whether shareholders would benefit from economies of scale and whether there was potential for future realization of economies of scale with respect to the Funds. The Board considered that as a result of being part of the Brookfield Fund Complex, the constituent funds, including the Funds, share common resources and may share certain expenses, and if the size of the complex increases, each Fund could incur lower expenses than they otherwise would achieve as stand-alone entities. The Board noted, however, that although shareholders might benefit from lower operating expenses as a result of an increasing amount of assets spread over the fixed expenses of the Funds, certain of the Funds' expense limitation agreements with the Adviser served to limit such Funds' expenses until the Funds had the opportunity to grow their assets. The Board considered information regarding economies of scale in the context of the renewal of the Advisory Agreements and concluded that the management fee structure, including the amount of management fees retained by Brookfield, was reasonable in light of the factors discussed above.** 

**OTHER FACTORS. In consideration of the Advisory Agreements, the Board also received information regarding Brookfield's brokerage and soft dollar practices. The Board considered that Brookfield is responsible for decisions to buy and sell securities for the Funds, selection of broker-dealers and negotiation of commission rates. The Board noted that it receives reports from Brookfield that include information on brokerage commissions and execution throughout the year. The Board also considered the benefits Brookfield derives from its soft dollar arrangements, including arrangements under which brokers provide brokerage and/or research services to Brookfield in return for allocating brokerage. The Board then considered other benefits that may be realized by Brookfield and its affiliates from their relationship with the Funds. Among them, the Board recognized the opportunity to provide advisory services to additional funds and accounts and reputational benefits. The Board concluded that the benefits that may accrue to Brookfield and its affiliates by virtue of the advisory relationship to the Funds were fair and reasonable in light of the costs of providing investment advisory services to the Funds and the ongoing commitment of Brookfield to the Funds.** 

<sup>1</sup> The Brookfield Fund Complex is comprised of Brookfield Investment Funds (5 series of underlying portfolios), Brookfield Real Assets Income Fund, Inc. (NYSE: RA), Brookfield Infrastructure Income Fund Inc., Oaktree Diversified Income Fund Inc., Oaktree Asset-Backed Income Fund Inc. and Oaktree Asset-Backed Income Private Placement Fund Inc. (the "Brookfield Fund Complex"). 

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**BROOKFIELD INVESTMENT FUNDS** 

**Board Considerations Relating to the Approval of the Renewal of the Investment Advisory Agreements (Unaudited)(Continued)** 

The Board of Trustees (the "Board," the members of which are referred to as "Trustees") of Brookfield Investment Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust (the "Independent Trustees"), as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"), considered and approved the continuation of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust, on behalf of its series, Oaktree Emerging Markets Equity Fund (the "Fund"), and Oaktree Fund Advisors, LLC (the "Adviser" or "Oaktree"), for a successive one-year period at an in-person meeting held on May 14-15, 2025 (the "Meeting").

In accordance with Section 15(c) of the 1940 Act, the Board requested, and Oaktree provided, materials relating to the Board's consideration of whether to approve the continuation of the Advisory Agreement for the Fund. These materials included, among other things: (a) a summary of the services provided to the Fund by Oaktree; (b) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third-party provider of mutual fund data, on fees and expenses of the Fund, as compared with a peer group and/or peer universe of funds, as applicable; (c) information on the profitability of Oaktree; (d) information about Oaktree's general compliance policies and procedures and the services that it provides; (e) any "fall-out" benefits to Oaktree (*i.e.*, ancillary benefits realized by Oaktree from its relationship with the Fund); (f) information relating to economies of scale; (g) information on Oaktree's risk management processes; (h) information regarding brokerage and soft dollar practices; and (i) information about the key personnel of Oaktree who are involved in the investment management, administration, compliance and risk management activities with respect to the Fund, as well as current and projected staffing levels and compensation practices. In determining whether to approve the Advisory Agreement, the Board, including the Independent Directors, considered a series of factors, to the extent applicable, including the role of Brookfield Public Securities Group LLC ("Brookfield") as the Fund's administrator.

In determining whether to approve the continuation of the Advisory Agreement, the Board, including the Independent Directors, considered at the Meeting, and from time to time, as appropriate, factors that it deemed relevant. The following discusses the primary factors relevant to the Board's decision.

**THE NATURE, EXTENT AND QUALITY OF THE SERVICES TO BE PROVIDED BY THE ADVISER. In considering the nature, extent and quality of the services provided by the Adviser to the Fund, the Board considered the responsibilities that the Adviser has to the Fund, including the provision of investment advisory services to the Fund, compliance with the Fund's investment objectives and strategies, review of brokerage matters (including with respect to trade allocation and best execution), oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Fund. The Board also considered the Adviser's risk assessment and monitoring process, and the Adviser's current level of staffing and its overall resources, as well as information regarding its investment personnel who provide services to the Fund. The Board also considered the personnel responsible for providing advisory services to the Fund and other key personnel of Oaktree, in addition to the current and projected staffing levels and compensation practices. The Board concluded, based on the Directors' experience and interaction with Oaktree, that: (i) Oaktree would continue to be able to retain high-quality personnel; (ii) Oaktree has exhibited a high level of diligence and attention to detail in carrying out its advisory and other responsibilities under the Advisory Agreement; (iii) Oaktree and Brookfield have been responsive to requests of the Board; and (iv) Oaktree and Brookfield have kept the Board apprised of developments relating to the Fund and the industry in general. The Board also considered Oaktree's investment process and philosophy, as well as its responsibilities that include the development and maintenance of an investment program for the Fund that is consistent with the Fund's investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services.** 

Additionally, the Board observed that pursuant to an administration agreement with the Fund (the "Administration Agreement"), Brookfield, an indirect wholly-owned subsidiary of Brookfield Asset Management ULC, provides administrative services reasonably necessary for the Fund's operations,

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**Board Considerations Relating to the Approval of the Renewal of the Investment Advisory Agreements (Unaudited)(Continued)** 

other than those services that the Adviser provides to the Fund pursuant to the Advisory Agreement, including, among other responsibilities, preparing and coordinating reports and other materials to be supplied to the Board; preparing and/or supervising the preparation and filing with the applicable regulatory authority of all securities filings, periodic financial reports, prospectuses, statements of additional information, marketing materials, tax returns, shareholder reports and other regulatory reports and filings required of the Fund; supervising and monitoring the preparation of all required filings necessary to maintain the Fund's qualification and/or registration to sell shares in all states where the Fund currently does, or intends to do business; coordinating the preparation, printing and mailing of all materials required to be sent to shareholders; coordinating the preparation and payment of Fund-related expenses; monitoring and overseeing the activities of the Fund's other service providers; reviewing and adjusting as necessary the Fund's daily expense accruals; monitoring daily, monthly and periodic compliance with respect to the federal and state securities laws; sending periodic information (*i.e.*, performance figures) to service organizations that track investment company information; and performing such additional services as may be agreed upon by and among the Fund, Brookfield and Oaktree. The Board also noted that, although Brookfield does not receive any compensation from the Fund under the Administration Agreement, Brookfield may receive compensation for its administrative services to the Fund from the Adviser out of its management fees. The Board also observed that Brookfield is responsible for the coordination and oversight of the Fund's third-party service providers. As a result, in addition to the quality of the advisory services provided by Oaktree pursuant to the Advisory Agreement, the Board also considered the quality of the administrative and other services provided by Brookfield to the Fund pursuant to the Administration Agreement. In connection with the administrative services provided by Brookfield, the Board analyzed the structure and duties of Brookfield's fund administration and accounting, operations and its legal and compliance departments to determine whether they are adequate to meet the needs of the Fund.

The Board's conclusion was based, in part, upon the following: (i) a comprehensive description of the investment advisory and other services provided to the Fund; (ii) a list of personnel who furnish such services and a description of their duties and qualifications; (iii) performance data with respect to the Fund, including comparable investment companies and accounts managed by Oaktree; (iv) standardized industry performance data with respect to comparable investment companies and the performance of appropriate recognized indices; (v) recent financial statements of Oaktree and its affiliates, and Brookfield Asset Management ULC and Brookfield Asset Management Ltd., the parent companies of Brookfield; (vi) Oaktree's and Brookfield's culture of compliance and their commitment to compliance generally, as well as their risk management processes and attention to regulatory matters; and (vii) Oaktree's reputation and its experience serving as an investment adviser and the experience of the team of portfolio managers that manage the Fund, as well as its experience serving as an investment adviser to other investment fund and institutional clients. The Board also reviewed Oaktree's compliance and regulatory history and noted that there were no material regulatory or compliance issues that would potentially impact Oaktree from effectively serving as the investment adviser to the Fund. The Board concluded that the nature, extent and quality of the overall services provided under the Advisory Agreement, as well as the administrative services provided by Brookfield, were reasonable and appropriate in relation to the management fees and that the quality of services continues to be high.

**THE PERFORMANCE OF THE FUND AND THE ADVISER. The Board, including the Independent Directors, also considered the investment performance of the Fund. The Board noted that it regularly reviews the performance of the Fund throughout the year. The Board further noted that, while it monitors performance of the Fund closely, it generally attaches more importance to performance over relatively long periods of time, typically three to five years. The Board considered the investment performance of the Fund in view of its importance to shareholders. In connection with this review, the Board received information regarding the investment performance of the Fund as compared to a group of funds with investment classifications and/or objectives comparable to those of the Fund ("Peer Universe") and to an appropriate index or combination of indices (the "Benchmark Index"), as well as a focused peer group identified by Brookfield ("Peer Group"). At the Meeting, management also discussed the methodologies used by Broadridge and Brookfield to select the funds included in the Peer Universe and** 

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**Board Considerations Relating to the Approval of the Renewal of the Investment Advisory Agreements (Unaudited)(Continued)** 

Peer Group, respectively. The performance information was presented for the periods ended March 31, 2025. Class I performance relative to the median of the Fund's Peer Universe and Peer Group is described below, and if performance ranked below the median of the Fund's Peer Universe, the specific quintile rankings are also noted below with respect to the relevant periods of underperformance.

The Board acknowledged that the Fund commenced investment operations on June 3, 2021, noting that the Fund had less than five years of performance information available.

**Oaktree Emerging Markets Equity Fund. The Board noted that the Fund's performance was above the median of its Peer Universe for the one-year and since inception periods, and below the median of its Peer Universe for the three-year period (fourth quintile). In addition, the Board further noted that the Fund underperformed its Benchmark Index for the one-year, three-year, and since inception periods. Finally, the Board considered that the Fund's performance was above the median of its Peer Group for the quarter ended March 31, 2025.** 

**THE COST OF THE ADVISORY SERVICES, AND THE PROFITABILITY TO THE ADVISER AND ITS AFFILIATES FROM THEIR RELATIONSHIP WITH THE FUND. The Board also received information regarding the management fees to be paid by the Fund to Oaktree pursuant to the Advisory Agreement. The Board examined this information in order to determine the reasonableness of the fees in light of the nature and quality of services to be provided and any potential additional benefits to be received by Oaktree, Brookfield or their affiliates in connection with providing such services to the Fund.** 

To assist in analyzing the reasonableness of the management fees for the Fund, the Board received reports independently prepared by Broadridge. The reports showed comparative fee and expense information for the Fund's expense group ("Expense Group") and expense universe ("Expense Universe"), including rankings within each category, as determined by Broadridge, in collaboration with Brookfield. In considering the reasonableness of the management fees to be paid by the Fund to Oaktree, the Board was presented with a number of expense comparisons, including: (i) contractual and actual management fees; and (ii) actual total operating expenses. In considering the Fund's total operating expenses, the Board also considered the level of fee waivers and expense reimbursements, as applicable, and the net expense caps contractually agreed upon by Oaktree with respect to the Fund. The Board acknowledged that it was difficult to make precise comparisons with other funds in the Expense Group and Expense Universe since the exact nature of services provided under the various fund agreements is often not apparent. The Board noted, however, that the comparative fee information provided by Broadridge as a whole was useful in assessing whether Oaktree was providing services at a cost that was competitive with other, similar funds. The Fund's fee and expense rankings are discussed below relative to the median of the applicable expense grouping. In reviewing the expense rankings, the Board noted that a fund with fees and expenses that were below the median had fees and expenses that were less than the median fees and expenses of its peer group, while a fund with fees and expenses that were above the median had fees and expenses that were higher than the median fees and expenses of its peer group. The fund with the lowest expenses is ranked first and the fund with the highest expenses is ranked last within the applicable expense grouping.

**Oaktree Emerging Markets Equity Fund. The Board noted that the Fund's actual management fees were below the median of its Expense Group (ranked 1/6) and below the median of its Expense Universe (ranked 120/330). The Board further noted that the Fund's actual total expenses were below the median of its Expense Group (ranked 1/6) and below the median of its Expense Universe (ranked 113/330).** 

The Board was also asked to consider the management fees received by Oaktree with respect to other funds and accounts with similar investment strategies to the Fund, which include institutional and separately managed accounts. In comparing these fees, the Board considered certain differences between these accounts and the Fund, including the broader and more extensive scope of services provided to the Fund in comparison to institutional or separately managed accounts; the greater financial,

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**Board Considerations Relating to the Approval of the Renewal of the Investment Advisory Agreements (Unaudited)(Continued)** 

regulatory and reputational risks in managing the Fund; and the impact on Oaktree and expenses associated with the more extensive regulatory regime to which the Fund is subject as compared to institutional or separately managed accounts.

The Board also considered Oaktree's profitability and the benefits Oaktree and its affiliates received from their relationship with the Fund. The Board noted that the Adviser had entered into a contractual expense limitation waiver for the Fund, in order to limit the Fund's net operating expenses. The Board then reviewed financial information relating to Oaktree and its affiliates, including their financial condition and profitability. The Board also considered whether Oaktree had the financial resources necessary to continue to attract and retain high-quality investment management personnel and to provide high-quality services. Additionally, the Board considered the reasonableness of the management fees payable under the Advisory Agreement and took into account that the fees were consistent with management fees that Oaktree charged to comparable funds.

The Board concluded that Oaktree and Brookfield had the financial resources necessary to perform their obligations under the Advisory Agreement and the Administration Agreement, respectively, and to continue to provide the Fund with the high-quality services provided in the past. The Board also concluded that the management fees were reasonable in light of the factors discussed above.

**THE EXTENT TO WHICH ECONOMIES OF SCALE WILL BE REALIZED AS THE FUND GROWS AND WHETHER FEE LEVELS REFLECT THOSE ECONOMIES OF SCALE. The Board, including the Independent Directors, considered whether shareholders would benefit from economies of scale and whether there was potential for future realization of economies of scale with respect to the Fund. The Board considered that as a result of being part of the Brookfield Fund Complex,<sup>2</sup> the constituent funds, including the Fund, share common resources and may share certain expenses, and if the size of the complex increases, the Fund could incur lower expenses than it otherwise would achieve as a stand-alone entity. The Board noted, however, that although shareholders might benefit from lower operating expenses as a result of an increasing amount of assets spread over the fixed expenses of the Fund, the Fund's expense limitation agreement with the Adviser served to limit the Fund's expenses until the Fund had the opportunity to grow its assets. The Board concluded that the management fee structure was reasonable in light of the factors discussed above.** 

**OTHER FACTORS. In consideration of the Advisory Agreement, the Board also received information regarding Oaktree's brokerage and soft dollar practices. The Board noted that, although Oaktree currently does not have any soft dollar arrangements in place, it follows the soft dollar practices and recordkeeping rules as promulgated under Section 28(e) of the Securities Exchange Act of 1934, as amended, and Rule 204-2 of the Investment Advisers Act of 1940, as amended. The Board considered that Oaktree is responsible for decisions to buy and sell securities for the Fund, selection of broker-dealers and negotiation of commission rates. The Board noted that it receives reports from Brookfield that include information on brokerage commissions and execution throughout the year. The Board then considered other benefits that may be realized by Oaktree from its relationship with both Brookfield and the Fund. Among them, the Board recognized the opportunity to provide advisory services to additional funds and accounts and the reputational benefits. The Board also considered that Oaktree and Brookfield manage their investment operations independently of each other subject to an information barrier between the firms. The Board concluded that the benefits that may accrue to the Adviser by virtue of the Adviser's relationship to the Fund were fair and reasonable in light of the costs of providing investment advisory services to the Fund and the ongoing commitment of Brookfield and Oaktree to the Fund.** 

<sup>2</sup> The Brookfield Fund Complex is comprised of Brookfield Investment Funds (5 series of underlying portfolios), Brookfield Real Assets Income Fund, Inc. (NYSE: RA), Brookfield Infrastructure Income Fund Inc., Oaktree Diversified Income Fund Inc., Oaktree Asset-Backed Income Fund Inc. and Oaktree Asset-Backed Income Private Placement Fund Inc. (the "Brookfield Fund Complex"). 

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**ADDITIONAL INFORMATION (Unaudited)** 

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

Not Applicable.

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

Refer to information provided within financial statements.

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

Refer to information provided within financial statements.

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

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![](efp-11388brookfiledbclogo.jpg)©2025 Brookfield Corporation

&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 Investment 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 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>**

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

**<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 Securities Exchange Act of 1934. 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;&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;&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;&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-efp17292_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](bif-efp17292_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>September 3, 2025</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>September 3, 2025</u>

---

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

---

Date: <u>September 3, 2025</u>

*\* Print the name and title of each signing officer under his or her signature*

## 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 Global Renewables & Sustainable
 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: | September 3, 2025 | /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 Global Renewables & Sustainable
 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: | September 3, 2025 | /s/ Casey P. Tushaus |
|  |  | Casey P. Tushaus<br> 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 period ended June 30, 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>September 3, 2025</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.