BROOKFIELD INVESTMENT FUNDS (UCITS) PLC authorised by the .../media/... · 30 Jun 2016 31 Dec 2015 30 Jun 2016 31 Dec 2015 Number of shares in issue Shares In Issue B Class 11,160,466.00

2016For the Six Month Period Ended 30 June 2016

INTERIM REPORT AND UNAUDITED FINANCIAL STATEMENTS

Brookfield Investment Management

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC

An open-ended investment company with variable capital authorised by the Central Bank as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011

Registration Number 503109

Brookfield Investment Management Inc.

Brookfield Place

250 Vesey Street, 15th Floor

New York, New York 10281-1023

1-855-777-8001

www.brookfieldim.com


1

TABLE OF CONTENTS

Page

Directors and Other Information 2

Statements of Financial Position 3 – 8

Statements of Comprehensive Income 9 – 11

Statements of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 12 – 14

Statements of Cash Flows 15 – 20

Notes to the Financial Statements 21 – 52

Brookfield Global Listed Infrastructure UCITS Fund

Schedule of Investments 53 – 57

Schedule of Significant Portfolio Changes 58 – 59

Brookfield Global Listed Real Estate UCITS Fund



Brookfield US Listed Real Estate UCITS Fund



Brookfield Global Listed Infrastructure Long Short UCITS Fund



Brookfield Real Assets Securities UCITS Fund




2

DIRECTORS AND OTHER INFORMATION

Directors Heather Goldman (American)*** Jonathan Crile Tyras (American)* Máire O’Connor (Irish)** Des Quigley (Irish)**

Registered Office RBC Investor Services Ireland Limited, 4th Floor One George’s Quay Plaza George’s Quay Dublin 2 Ireland

Investment Manager/Promoter Brookfield Investment Management Inc. Brookfield Place 250 Vesey Street, 15th Floor New York, NY 10281-1023 U.S.A.

Depositary RBC Investor Services S.A. Dublin Branch 4th Floor One George’s Quay Plaza George’s Quay Dublin 2 Ireland

Company Secretary Chartered Corporate Services Taney Hall Eglinton Terrace Dundrum Dublin 14 Ireland

Administrator and Transfer Agent RBC Investor Services Ireland Limited, 4th Floor One George’s Quay Plaza George’s Quay Dublin 2 Ireland

Independent Auditor Deloitte Chartered Accountants and Statutory Audit Firm Deloitte & Touche House Earlsfort Terrace Dublin 2 Ireland

Legal Advisers McCann FitzGerald Riverside One Sir John Rogerson’s Quay Dublin 2 Ireland

* Non-Executive Director ** Non-Executive and Independent Director *** After 22 March 2016, Ms. Goldman is a Non-Executive and Independent Director.


3

STATEMENTS OF FINANCIAL POSITION As at 30 June 2016 Brookfield Brookfield Brookfield Brookfield Global Listed Global Listed Global Listed Global Listed Infrastructure Infrastructure Real Estate Real Estate UCITS Fund UCITS Fund UCITS Fund UCITS Fund 30 Jun 2016 31 Dec 2015 30 Jun 2016 31 Dec 2015 Notes USD USD USD USDAssets Financial assets at fair value through profit or loss: Investment in transferable securities 8 653,619,046 561,386,050 177,196,151 192,091,292Investment in financial derivative instruments 9 & 10 - - 31,410 -Cash at bank 5 13,896,047 637,248 1,579,011 2,639,091Amount receivable on sale of securities 2 9,354,841 12,499,741 175,440 7,114,820Amount receivable on subscriptions 2 8,892,655 8,338 1,659,135 1,041,373Interest and dividends receivable 2 2,823,161 2,007,345 671,658 769,296Receivable from investment manager 3 200,896 182,035 45,369 34,231Prepaid expenses 28,826 4,835 6,515 7,001Total assets 688,815,472

576,725,592 181,364,689

203,697,104

Liabilities Financial liabilities at fair value through profit or loss: Investment in financial derivative instruments liabilities 5,566 - 267,997 -Amount payable on purchase of securities 2 11,819,949 4,417,421 391,428 280,908Amount payable on redemptions 2 2,411,332 4,884,722 76,689 11,000,000Investment management fees payable 3 547,651 485,125 135,400 152,713Administration fees payable 3 13,969 13,912 8,500 8,425Transfer agency fees payable 3 6,600 1,380 4,000 1,380Directors’ fees payable 3 14,500 13,960 5,400 5,596Depositary and depositary oversight fees payable 3 23,547 15,593 16,605 6,385Audit and tax fees payable 3 5,675 11,501 5,675 11,500Other accrued expenses and liabilities 55,408 45,280 28,621 23,761Total liabilities (excluding amounts attributable to holders of redeemable participating shares) 14,904,197 9,888,894 940,315 11,490,668 Net assets attributable to holders of redeemable participating shares 14 673,911,275 566,836,698 180,424,374 192,206,436 The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial period from 1 January 2015 to 31 December 2015 as disclosed in note 18.


4

STATEMENTS OF FINANCIAL POSITION (continued) As at 30 June 2016

The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial period from 1 January 2015 to 31 December 2015 as disclosed in note 18. * Launched on 25 May 2016

Brookfield Brookfield Brookfield Brookfield Global Listed Global Listed Global Listed Global Listed Infrastructure Infrastructure Real Estate Real Estate UCITS Fund UCITS Fund UCITS Fund UCITS Fund 30 Jun 2016 31 Dec 2015 30 Jun 2016 31 Dec 2015 Number of shares in issue Shares In Issue B Class 11,160,466.00 10,485,518.05 125,067.21 116,404.20Net Asset Value Per Share B Class EUR 35.30 EUR 31.23 EUR 42.07 EUR 40.05 Shares In Issue E Class 4,678,331.28 4,890,828.80 3,834,726.34 3,816,426.87Net Asset Value Per Share E Class USD 29.14 USD 25.20 USD 34.73 USD 32.33 Shares In Issue F Class 5,254,002.29 5,221,853.95 20,625.00 3,096,341.38Net Asset Value Per Share F Class USD 18.88 USD 16.65 USD 21.68 USD 20.59 Shares In Issue M Class 39,820.10 62,109.39 - -Net Asset Value Per Share M Class USD 17.10 USD 14.85 - - Shares In Issue I Class* - - 1,771,343.00 -Net Asset Value Per Share I Class - - EUR 20.81 -


5


Brookfield Brookfield Brookfield Brookfield US Listed US Listed Global Listed Global Listed Real Estate Real Estate Infrastructure Long Infrastructure Long UCITS Fund UCITS Fund Short UCITS Fund* Short UCITS Fund* 30 Jun 2016 31 Dec 2015 30 Jun 2016 31 Dec 2015 Notes USD USD USD USDAssets Financial assets at fair value through profit or loss: Investment in transferable securities 8 84,557,237 68,315,352 6,387,098 8,747,642Investment in financial derivative instruments 9 & 10 - - 28,006 74,411Cash at bank 5 2,811,171 298,661 8,832,289 5,394,570Amount receivable on sale of securities 2 93,057 4,123,990 395,526 109,519Amount receivable on subscriptions 2 876,273 264,969 - -Interest and dividends receivable 2 466,011 379,137 7,614 4,955Receivable from investment manager 3 - - 13,197 42,716Prepaid expenses 3,786 4,835 25,998 27,289Total assets 88,807,535 73,386,944 15,689,728 14,401,102 Liabilities Financial liabilities at fair value through profit or loss: Investment in financial derivative instruments liabilities 9 & 10 - - 174,080 329,959Amount payable on purchase of securities 2 544,647 94,133 254,322 48,241Amount payable on redemptions 2 24,469 3,148,268 - -Investment management fees payable 3 141,611 75,756 - -Administration fees payable 3 8,400 8,423 6,208 5,017Transfer agency fees payable 3 4,000 1,380 1,300 1,025Directors’ fees payable 3 1,780 1,885 370 -Depositary and depositary oversight fees payable 3 3,650 1,830 4,610 6,880Audit and tax fees payable 3 5,675 11,500 5,675 8,449Other accrued expenses and liabilities 13,323 12,005 71,668 91,133Total liabilities (excluding amounts attributable to holders of redeemable participating shares) 747,555 3,355,180 518,233 490,704 Net assets attributable to holders of redeemable participating shares 14 88,059,980 70,031,764 15,171,495 13,910,398 The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial period from 1 January 2015 to 31 December 2015 as disclosed in note 18. * Launched on 26 August 2015.


6


Brookfield Brookfield Brookfield Brookfield US Listed US Listed Global Listed Global Listed Real Estate Real Estate Infrastructure Long Infrastructure Long UCITS Fund UCITS Fund Short UCITS Fund* Short UCITS Fund* 30 Jun 2016 31 Dec 2015 30 Jun 2016 31 Dec 2015 Number of shares in issue Shares In Issue E Class 1,092,675.14 549,648.31 750,000.00 750,000.00 Net Asset Value Per Share E Class USD 36.01 USD 32.80 USD 20.23 USD 18.55 Shares In Issue Q Class 6,231,581.25 7,161,994.60 - - Net Asset Value Per Share Q Class JPY 802.25 JPY 873.34 - - The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial period from 1 January 2015 to 31 December 2015 as disclosed in note 18. * Launched on 26 August 2015.


7

STATEMENTS OF FINANCIAL POSITION (continued)

As at 30 June 2016

Brookfield Brookfield Real Assets Real Assets Securities Securities UCITS Fund* UCITS Fund* Total Total 30 Jun 2016 31 Dec 2015 30 Jun 2016 31 Dec 2015 Notes USD USD USD USDAssets Financial assets at fair value through profit or loss: Investment in transferable securities 8 64,312,863

58,379,473 986,072,395 888,919,809

Investment in financial derivative instruments

9 & 10 - 27,487 59,416 101,898Cash at bank 5 6,000,964 5,013,158 33,119,482 13,982,728Amount receivable on sale of securities 2 648,389 124,129 10,667,253 23,972,199Amount receivable on subscriptions

2 - - 11,428,063 1,314,680Interest and dividends receivable 2 390,038 393,702 4,358,482 3,554,435Receivable from investment manager 3 102,983 25,124 362,445 284,106Prepaid expenses 19,136 20,974 84,261 64,934Total assets 71,474,373 63,984,047 1,046,151,797 932,194,789 Liabilities Financial liabilities at fair value through profit or loss: Investment in financial derivative instruments liabilities 9 & 10 24,626 - 472,269 329,959Amount payable on purchase of securities 2 1,035,081 757,114 14,045,427 5,597,817Amount payable on redemptions 2 - - 2,512,490 19,032,990Investment management fees payable 3 68,141 62,123 892,803 775,717Administration fees payable 3 8,719 5,714 45,796 41,491Transfer agency fees payable 3 1,120 828 17,020 5,993Directors’ fees payable 3 610 - 22,660 21,441Depositary and depositary oversight fees payable 3 20,325 1,170 68,737 31,858Audit and tax fees payable 3 5,675 8,450 28,375 51,400Other accrued expenses and liabilities 8,481 5,723 177,501 177,902Total liabilities (excluding amounts attributable to holders of redeemable participating shares) 1,172,778 841,122 18,283,078 26,066,568 Net assets attributable to holders of redeemable participating shares 14 70,301,595 63,142,925 1,027,868,719 906,128,221 The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial period from 1 January 2015 to 31 December 2015 as disclosed in note 18.

* Launched on 1 September 2015.


8


Brookfield Brookfield Real Assets Real Assets Securities Securities UCITS Fund* UCITS Fund* 30 Jun 2016 31 Dec 2015 Number of shares in issue Shares In Issue E Class 3,287,217.83 3,287,217.83 Net Asset Value Per Share E Class USD 21.39 USD 19.21 The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial period from 1 January 2015 to 31 December 2015 as disclosed in note 18. * Launched on 1 September 2015.


9

STATEMENTS OF COMPREHENSIVE INCOME

For the financial period ended 30 June 2016 Brookfield Brookfield Brookfield Brookfield Global Listed Global Listed Global Listed Global Listed Infrastructure Infrastructure Real Estate Real Estate UCITS Fund UCITS Fund UCITS Fund UCITS Fund 30 Jun 2016 30 Jun 2015 30 Jun 2016 30 Jun 2015 Notes USD USD USD USDIncome Dividend income 2 13,915,304 11,698,923 3,024,016 3,096,836Bank interest 2 14,474 11 1,312 -Interest income 2 - - - -Net realised and unrealised gain/(loss) on financial assets and liabilities at fair value through profit or loss 6 82,521,771 (44,278,710) 3,565,161 (6,043,687)Other income - - 1,067 -Total income/(loss) 96,451,549 (32,579,776) 6,591,556 (2,946,851) Expenses Investment management fees 3 2,782,579 2,936,524 618,572 861,220Administration fees 3 40,966 42,235 25,424 25,212Directors’ fees 3 30,133 11,302 8,025 11,302Depositary and depositary oversight fees 3 78,408 89,549 52,642 70,387Audit and tax fees 3 5,676 2,795 5,643 2,795Transfer agency fees 3 24,066 18,636 16,757 9,960Transaction costs 2 674,501 675,669 192,547 206,006Other expenses 169,318 134,566 34,046 77,068Total expenses 3,805,647 3,911,276 953,656 1,263,950 Investment manager subsidy 3 (200,896) (142,048) (45,369) (89,268)Net Expenses 3,604,751 3,769,228 908,287 1,174,682 Profit/(loss) before taxation 92,846,798 (36,349,004) 5,683,269 (4,121,533) Taxation Withholding taxes 2 2,178,184 2,649,080 113,678 678,656 Increase/(decrease) in net assets attributable to h olders

redeemable

of participating shares from operations after tax 90,668,614 (38,998,084) 5,569,591 (4,800,189)

Dividends to holders of redeemable participating shares 4 1,863,306 799,588 9,124 936,868 Increase/(decrease) in net assets attributable to h olders

redeemable

of participating shares from operations 88,805,308 (39,797,672) 5,560,467 (5,737,057)

The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial period from 1 January 2015 to 30 June 2015 as disclosed in note 18.


10

STATEMENTS OF COMPREHENSIVE INCOME (continued)

For the financial period ended 30 June 2016

Brookfield Brookfield Brookfield Brookfield US Listed US Listed Global Listed Global Listed Real Estate Real Estate Infrastructure Infrastructure

UCITS Fund UCITS Fund Long Short UCITS

Fund* Long Short UCITS

Fund* 30 Jun 2016 30 Jun 2015 30 Jun 2016 30 Jun 2015 Notes USD USD USD USD Income Dividend income 2 1,800,350 1,120,141 195,570 - Bank interest 2 687 - 5,342 - Interest income 2 - - - - Net realised and unrealised gain/(loss) on financial assets and liabilities at fair value through profit or loss 6 6,189,165 (10,167,063) 1,418,737 - Other income 70 - 19,130 - Total income/(loss) 7,990,272 (9,046,922) 1,638,779 - Expenses Investment management fees 3 301,852 337,673 107,083 - Administration fees 3 25,062 24,993 19,816 - Directors’ fees 3 3,544 11,302 1,155 - Depositary and depositary oversight fees 3 12,713 14,129 11,315 - Audit and tax fees 3 5,639 2,795 7,587 - Transfer agency fees 3 13,591 10,434 4,134 - Transaction costs 2 89,008 83,115 28,560 - Other expenses 22,109 90,588 196,491 - Total expenses 473,518 575,029 376,141 - - Investment manager subsidy 3 (6,566) (70,844) (46,561) - Net Expenses 466,952 504,185 329,580 - Profit/(loss) before taxation 7,523,320 (9,551,107) 1,309,199 - Taxation Withholding taxes 2 148,802 432,479 48,102 - - Increase/(decrease) in net assets attributable to h olders of participating shares from operations after tax 7,374,518 (9,983,586) 1,261,097 - Dividends to holders of redeemable participating shares 4 985,510 858,664 - - Increase/(decrease) in net assets attributable to h olders of participating shares from operations 6,389,008 (10,842,250) 1,261,097 -

The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial period from 1 January 2015 to 30 June 2015 as disclosed in note 18. * Launched on 26 August 2015.


11

STATEMENTS OF COMPREHENSIVE INCOME (continued)


Brookfield Brookfield Real Assets Real Assets Securities Securities UCITS Fund* UCITS Fund* Total Total 30 Jun 2016 30 Jun 2015 30 Jun 2016 30 Jun 2015 Notes USD USD USD USDIncome Dividend income 2 1,050,071 - 19,985,311 15,915,900Bank interest 2 2,829 - 24,644 11Interest income 2 461,610 - 461,610 -Net realised and unrealised gain/(loss) on financial assets and liabilities at fair value through profit or loss 6 6,255,373 - 99,950,207 (60,489,460)Other income - - 20,267 -Total income/(loss) 7,769,883

- 120,442,039 (44,573,549)

Expenses Investment management fees 3 272,255 - 4,082,341 4,135,417Administration fees 3 20,309 - 131,577 92,440Directors’ fees 3 3,610 - 46,467 33,906Depositary and depositary oversight fees 3 77,384 - 232,462 174,065Audit and tax fees 3 7,639 - 32,184 8,385Transfer agency fees 3 3,652 - 62,200 39,030Transaction costs 2 54,613 - 1,039,229 964,790Other expenses 40,568 - 462,532 302,222Total expenses 480,030 - 6,088,992 5,750,255 - Investment manager subsidy 3 (103,003) - (402,395) (302,160)Net Expenses 377,027 - 5,686,597 5,448,095 Profit/(loss) before taxation 7,392,856 - 114,755,442 (50,021,644) Taxation Withholding taxes 2 234,186 - 2,722,952 3,760,215 - Increase/(decrease) in net assets attributable to h olders of participating shares from operations after tax 7,158,670 - 112,032,490 (53,781,859) Dividends to holders of redeemable participating shares 4 - - 2,857,940 2,595,120 Increase/(decrease) in net assets attributable to h olders of participating shares from operations 7,158,670 - 109,174,550 (56,376,979)

The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial period from 1 January 2015 to 30 June 2015 as disclosed in note 18. * Launched on 1 September 2015.


12

STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES


Brookfield Brookfield Brookfield Brookfield Global Listed Global Listed Global Listed Global Listed Infrastructure Infrastructure Real Estate Real Estate UCITS Fund UCITS Fund UCITS Fund UCITS Fund 30 Jun 2016 30 Jun 2015 30 Jun 2016 30 Jun 2015 USD USD USD USDNet assets attributable to holders of redeemable participating shares at the beginning of the financ ial period 566,836,698 543,435,745 192,206,436 186,618,019 Profit/(loss) attributable to holders of redeemable participating shares from operations 88,805,308 (39,797,672) 5,560,467 (5,737,057) Capital Transactions Issue of redeemable participating shares during the financial period EUR B class 42,634,779 75,317,900 873,795 2,484,952USD E class 202,644 117,851,867 38,367,076 32,258,539USD F class 7,894,491 27,063,311 - 1,297,093USD M class 78,543 - - -EUR I class* - - 40,326,297 - Redemption of redeemable participating shares during the financial period EUR B class (18,042,045) (33,868,661) (490,412) (1,274,741)USD E class (6,027,955) (62,408,683) (37,777,720) (10,834,462)USD F class (8,069,043) (1,164,110) (57,861,336) -USD M class (402,145) (46,660) - -EUR I class* - - (780,229) - Net assets attributable to holders of redeemable participating shares at the end of the financial pe riod 673,911,275 626,383,037 180,424,374 204,812,343 Redeemable participating shares in issue at beginning of the financial period 20,660,310 15,652,078 7,029,172 7,066,684Shares issued during the financial period EUR B class 1,201,181 1,812,754 20,271 53,518USD E class 7,953 3,882,954 1,215,134 940,612USD F class 492,350 1,298,986 - 59,118USD M class 5,523 - - -EUR I class* - - 1,805,453 -Shares redeemed during the financial period EUR B class (526,232) (826,718) (11,608) (27,000)USD E class (220,451) (2,012,014) (1,196,834) (315,180)USD F class (460,201) (55,785) (3,075,716) -USD M class (27,813) (2,569) - -EUR I class* - - (34,110) - Redeemable participating shares in issue at the end of the financial period 21,132,620 19,749,686 5,751,762 7,777,752

The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial period from 1 January 2015 to 30 June 2015 as disclosed in note 18. * Launched on 25 May 2016


13

STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (contin ued)


Brookfield Brookfield Brookfield Brookfield US Listed US Listed Global Listed Global Listed Real Estate Real Estate Infrastructure Infrastructure

UCITS Fund UCITS Fund Long Short UCITS

Fund* Long Short UCITS

Fund * 30 Jun 2016 30 Jun 2015 30 Jun 2016 30 Jun 2015 USD USD USD USDNet assets attributable to holders of redeemable participating shares at the beginning of the financ ial period 70,031,764 61,894,728 13,910,398 - Profit/(loss) attributable to holders of redeemable participating shares from operations 6,389,008 (10,842,250) 1,261,097 - Capital Transactions Issue of redeemable participating shares during the financial period USD E class 40,159,631 18,053,671 - -JPY Q class 1,599,761 64,193,133 - -Redemption of redeemable participating shares during the financial period USD E class (21,720,313) (50,159,520) - -JPY Q class (8,399,871) (740,774) - - Net assets attributable to holders of redeemable participating shares at the end of the financial pe riod 88,059,980 82,398,988 15,171,495 - Redeemable participating shares in issue at beginning of the financial period 7,711,643 1,762,347 750,000 -Shares issued during the financial period USD E class 1,199,217 504,815 - -JPY Q class 228,623 7,665,119 - -Shares redeemed during the financial period USD E class (656,191) (1,411,301) - -JPY Q class (1,159,036) (98,614) - - Redeemable participating shares in issue at the end of the financial period 7,324,256 8,422,366 750,000 - The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial period from 1 January 2015 to 30 June 2015 as disclosed in note 18. * Launched on 26 August 2015.


14

STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (contin ued)


The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial period from 1 January 2015 to 30 June 2015 as disclosed in note 18. * Launched on 1 September 2015. ** Launched on 25 May 2016

Brookfield Brookfield Real Assets Real Assets Securities Securities UCITS Fund* UCITS Fund* Total Total 30 Jun 2016 30 Jun 2015 30 Jun 2016 30 Jun 2015 USD USD USD USDNet assets attributable to holders of redeemable participating shares at the beginning of the financ ial period 63,142,925 - 906,128,221 791,948,492 Profit/(loss) attributable to holders of redeemable participating shares from operations 7,158,670 - 109,174,550 (56,376,979) Capital Transactions Issue of redeemable participating shares during the financial period EUR B class - - 43,508,574 77,802,852USD E class - - 78,729,351 168,164,077USD F class - - 7,894,491 28,360,404USD M class - - 78,543 -JPY Q class - - 1,599,761 64,193,133EUR I class** - - 40,326,297 -Redemption of redeemable participating shares during the financial period EUR B class - - (18,532,457) (35,143,402)USD E class - - (65,525,988) (123,402,665)USD F class - - (65,930,379) (1,164,110)USD M class - - (402,145) (46,660)JPY Q class - - (8,399,871) (740,774)EUR I class** - - (780,229) - Net assets attributable to holders of redeemable participating shares at the end of the financial pe riod 70,301,595 - 1,027,868,719 913,594,368 - Redeemable participating shares in issue at beginning of the financial period 3,287,218 - Shares issued during the financial period USD E class - - Shares redeemed during the financial period USD E class - - Redeemable participating shares in issue at the end of the financial period 3,287,218 -


15

STATEMENTS OF CASH FLOWS For the financial period ended 30 June 2016

Brookfield Brookfield Brookfield Brookfield Global Listed Global Listed Global Listed Global Li sted Infrastructure Infrastructure Real Estate Real Esta te UCITS Fund UCITS Fund UCITS Fund UCITS Fund

30 Jun 2016 30 Jun 2015 30 Jun 2016 30 Jun 2015 USD USD USD USD

Cash flows from operating activities Increase/(decrease) in net assets attributable to h olders of redeemable participating shares from operations 90, 668,614 (38,998,084) 5,569,591 (4,800,189) Adjustment to reconcile increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations to cash (used in)/provided by operating activities Interest income (14,474) (11) (1,312) - Dividend income (13,915,304) (11,698,923) (3,024,016) (3,096,836) Tax expense 2,178,184 2,649,080 113,678 678,656 Operating profit/(loss) before working capital chan ges 78,917,020 (48,047,938) 2,657,941 (7,218,369) Changes in operating assets and liabilities Net (increase)/decrease in investments in securities (92,227,430) (77,008,340) 15,131,728 (23,124,477) Decrease/(increase) in receivable from sale of securities 3,144,900 (9,718,872) 6,939,380 1,165,861 Increase in receivable from investment manager (18,861) (88,800) (11,138) (50,720) (Increase)/decrease in prepaid expenses (23,991) 1,650 486 2,842 Increase/(decrease) in amount payable on purchase of securities 7,402,528 10,844,925 110,520 (621,801) Increase/(decrease) in investment manager fees payable 62,526 35,352 (17,313) 4,430 Increase/(decrease) in administration fees payable 57 1,872 75 (43) Increase/(decrease) in transfer agency fees payable 5,220 (1,568) 2,620 (1,172) Increase/(decrease) in directors’ fees payable 540 (85) (196) (85) Increase/(decrease) in depositary and depositary oversight fees payable 7,954 (10,803) 10,220 (4,259) Decrease in audit and tax fees payable (5,826) (7,887) (5,825) (7,887) Increase other accrued expenses and liabilities 10,128 53,403 4,860 23,036 Cash (used in)/provided by operating activities (2, 725,235) (123,947,091) 24,823,358 (29,832,644) The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial period from 1 January 2015 to 30 June 2015 as disclosed in note 18.


16

STATEMENTS OF CASH FLOWS (continued) For the financial period ended 30 June 2016

Brookfield Brookfield Brookfield Brookfield Global Listed Global Listed Global Listed Global Li sted Infrastructure Infrastructure Real Estate Real Esta te UCITS Fund UCITS Fund UCITS Fund UCITS Fund

30 Jun 2016 30 Jun 2015 30 Jun 2016 30 Jun 2015 USD USD USD USD Cash (used in)/provided by operating activities (co ntinued) Interest received 13,275 11 880 - Dividend received 13,100,687 9,353,129 3,122,086 3,430,343 Taxation (2,178,184) (2,649,080) (113,678) (678,656) Net cash provided by/(used in) operating activities 8,210,543 (117,243,031) 27,832,646 (27,080,957) Cash flows from financing activities Proceeds from issue of redeemable participating shares 41,926,140 210,356,315 78,949,406 44,454,178 Payment on redemptions of redeemable participating shares (35,014,578) (96,339,381) (107,833,008) (12,109,203) Distribution to holders of redeemable participating shares (1,863,306) (4,972,018) (9,124) (11,003,786) Net cash provided by/(used in) financing activities 5,048,256 109,044,916 (28,892,726) 21,341,189 Net increase/(decrease) in cash 13,258,799 (8,198,115) (1,060,080) (5,739,768) Cash at the start of the financial period 637,248 14,963,959 2,639,091 8,970,559 Cash at the end of the financial period 13,896,047 6,765,844 1,579,011 3,230,791 The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial period from 1 January 2015 to 30 June 2015 as disclosed in note 18.


17


Brookfield Brookfield Brookfield Brookfield US Listed US Listed Global Listed Global Listed Real Estate Real Estate Infrastructure Long Infrastructure Long UCITS Fund UCITS Fund Short UCITS Fund* Short UCITS Fund*

30 Jun 2016 30 Jun 2015 30 Jun 2016 30 Jun 2015 USD USD USD USD

Cash flows from operating activities Increase/(decrease) in net assets attributable to h olders of

redeemable participating shares from operations 7,3 74,518 (9,983,586) 1,261,097 - Adjustment to reconcile increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations to cash (used in)/provided by operating activities Interest income (687) - (5,342) - Dividend income (1,800,350) (1,120,141) (195,570) - Tax expense 148,802 432,479 48,102 - Operating profit/(loss) before working capital chan ges 5,722,283 (10,671,248) 1,108,287 - Changes in operating assets and liabilities Net (increase)/decrease in investments in securities (16,241,885) (22,176,110) 2,251,070 - Decrease/(increase) in receivable from sale of securities 4,030,933 217,641 (286,007) - (Increase)/decrease in receivable from investment manager - (41,976) 29,519 - Decrease in prepaid expenses 1,049 1,848 1,291 - Increase/(decrease) in amount payable on purchase of securities 450,514 (193,208) 206,081 - Increase/(decrease) in investment manager fees payable 65,855 (9,553) - - (Decrease)/increase in administration fees payable (23) (3) 1,191 - Increase/(decrease) in transfer agency fees payable 2,620 (1,532) 275 - (Decrease)/increase in directors’ fees payable (105) (85) 370 - Increase/(decrease) in depositary and depositary oversight fees payable 1,820 (377) (2,270) - Decrease in audit and tax fees payable (5,825) (7,887) (2,774) - Increase/(decrease) in other accrued expenses and liabilities 1,318 23,637 (19,465) - Cash (used in)/provided by operating activities (5, 971,446) (32,858,853) 3,287,568 - The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial period from 1 January 2015 to 30 June 2015 as disclosed in note 18. * Launched on 26 August 2015.


18


Brookfield Brookfield Brookfield Brookfield US Listed US Listed Global Listed Global Listed Real Estate Real Estate Infrastructure Long Infrast ructure Long UCITS Fund UCITS Fund Short UCITS Fund* Short UCITS Fund*

30 Jun 2016 30 Jun 2015 30 Jun 2016 30 Jun 2015 USD USD USD USD Cash (used in)/provided by operating activities (co ntinued)

Interest received 563 - 5,103 - Dividend received 1,713,601 1,324,641 193,150 - Taxation (148,802) (432,479) (48,102) - Net cash (used in)/provided by operating activities (4,406,084) (31,966,691) 3,437,719 - Cash flows from financing activities Proceeds from issue of redeemable participating shares 41,148,087 81,792,528 - - Payment on redemptions of redeemable participating shares (33,243,983) (50,736,941) - - Distribution to holders of redeemable participating shares (985,510) (858,664) - - Net cash provided by financing activities 6,918,594 30,196,923 - - Net increase/(decrease) in cash 2,512,510 (1,769,768) 3,437,719 - Cash at the start of the financial period 298,661 2,581,676 5,394,570 - Cash at the end of the financial period 2,811,171 811,908 8,832,289 - The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial period from 1 January 2015 to 30 June 2015 as disclosed in note 18. * Launched on 26 August 2015.


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The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial period from 1 January 2015 to 30 June 2015 as disclosed in note 18. * Launched on 1 September 2015.

Brookfield Brookfield Real Assets Real Assets Securities Securities UCITS Fund* UCITS Fund* Total Total

30 Jun 2016 30 Jun 2015 30 Jun 2016 30 Jun 2015 USD USD USD USD Cash flows from operating activities Increase/(decrease) in net assets attributable to h olders of redeemable participating shares from operations 7,158,670

- 112,032,490

(53,781,859)

Adjustment to reconcile increase/(decrease) in net assets attributable to

holders of redeemable participating shares from operations to cash (used in)/provided by operating activities Interest income (464,439) - (486,254) (11) Dividend income (1,050,071) - (19,985,311) (15,915,900) Tax expense 234,186 - 2,722,952 3,760,215 Operating profit/(loss) before working capital chan ges 5,878,346 - 94,283,877 (65,937,555) Changes in operating assets and liabilities Net increase in investments in securities (5,881,277) - (96,967,794) (122,308,927) (Increase)/decrease in receivable from sale of securities (524,260) - 13,304,946 (8,335,370) Increase in receivable from investment manager (77,859) - (78,339) (181,496) (Increase)/decrease in prepaid expenses 1,838 - (19,327) 6,340 Increase in amount payable on purchase of securities 277,967 - 8,447,610 10,029,916 Increase in investment manager fees payable 6,018 - 117,086 30,229 Increase in administration fees payable 3,005 - 4,305 1,826 Increase/(decrease) in transfer agency fees payable 292 - 11,027 (4,272) Increase/(decrease) in directors’ fees payable 610 - 1,219 (255) Increase/(decrease) in depositary and depositary oversight fees payable 19,155 - 36,879 (15,439) Decrease in audit and tax fees payable (2,775) - (23,025) (23,661) Increase/(decrease) in other accrued expenses and liabilities 2,758 - (401) 100,076 Cash (used in)/provided by operating activities (29 6,182) - 19,118,063 (186,638,588)


20


Brookfield Brookfield Real Assets Real Assets Securities Securities UCITS Fund* UCITS Fund* Total Total

30 Jun 2016 30 Jun 2015 30 Jun 2016 30 Jun 2015 USD USD USD USDCash (used in)/provided by operating activities (co ntinued) Interest received 464,024 - 483,845 11Dividend received 1,054,150 - 19,183,674 14,108,113Taxation (234,186) - (2,722,952) (3,760,215) Net cash provided by/(used in) operating activities 987,806 - 36,062,630 (176,290,679) Cash flows from financing activities Proceeds from issue of redeemable participating shares - - 162,023,633 336,603,021Payment on redemptions of redeemable participating shares - - (176,091,569) (159,185,525)Distribution to holders of redeemable participating shares - - (2,857,940) (16,834,468) Net cash (used in)/provided by financing activities - - (16,925,876) 160,583,028 Net increase/(decrease) in cash 987,806 - 19,136,754 (15,707,651) Cash at the start of the financial period 5,013,158 - 13,982,728 26,516,194 Cash at the end of the financial period 6,000,964 - 33,119,482 10,808,543 The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial period from 1 January 2015 to 30 June 2015 as disclosed in note 18. * Launched on 1 September 2015.

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC Notes to the financial statements for the six month financial period ended 30 June 2016 (continued)

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1. The Company

Brookfield Investment Funds (UCITS) plc (the Company) is an open-ended investment company with variable capital organised under the laws of Ireland as a public limited company authorised in Ireland by the Central Bank as a UCITS pursuant to the Regulations. It was incorporated on 1 September 2011 with registration number 503109. The Company is structured as an umbrella fund with segregated liability between sub-funds. The Company is an umbrella type collective investment vehicle comprising distinct sub-funds. The assets of a sub-fund are invested separately in accordance with the investment objectives and policies of that sub-fund which are set out in a supplement to the Prospectus. As at 30 June 2016 the Company had five active sub-funds (one inactive sub-fund), all denominated in USD:

• Brookfield Global Listed Infrastructure UCITS Fund • Brookfield Global Listed Real Estate UCITS Fund • Brookfield US Listed Real Estate UCITS Fund • Brookfield Global Listed Infrastructure Long Short UCITS Fund • Brookfield Real Assets Securities UCITS Fund • Brookfield Real Assets Debt UCITS Fund Brookfield Global Listed Infrastructure Long Short UCITS Fund and Brookfield Real Assets Securities UCITS Fund launched on 26 August 2015 and 1 September 2015 respectively. Brookfield Real Assets Debt UCITS Fund is not currently available for purchase. With the prior approval of the Central Bank, the Company may from time to time create such additional sub-funds as the Directors may deem appropriate. Details of any such sub-fund or sub-funds created in the future shall be as set out in the applicable Supplement in accordance with the requirements of the Central Bank. The objective of each sub-fund is as follows: Brookfield Global Listed Infrastructure UCITS Fund The sub-fund seeks total return through growth of capital and current income. The sub-fund seeks to achieve its investment objective by investing primarily in securities of infrastructure companies listed or traded on a recognised market. Brookfield Global Listed Real Estate UCITS Fund The sub-fund seeks total return through growth of capital and current income. The sub-fund seeks to achieve its investment objective by investing primarily in real estate investment trusts (REITs) and other related securities issued by U.S. and non-U.S. real estate companies. Brookfield US Listed Real Estate UCITS Fund The sub-fund seeks total return through growth of capital and current income. The sub-fund seeks to achieve its investment objective by investing primarily in real estate investment trusts (REITs) and other related securities issued by U.S. real estate companies. Brookfield Global Listed Infrastructure Long Short UCITS Fund The sub-fund seeks to generate high risk-adjusted absolute returns with low correlation to the broad equity and fixed income markets. The sub-fund seeks to achieve its investment objective by taking long and short positions primarily in equity securities of publicly traded infrastructure companies throughout the world. These include publicly traded securities of infrastructure companies whose primary operations or principal trading market are in non-U.S. markets.

Brookfield Real Assets Securities UCITS Fund The sub-fund seeks total return, which is targeted to be in excess of inflation, through growth of capital and current income. The sub-fund seeks to achieve its investment objective by investing at least 80% of its net assets in both equity and fixed income securities of “real assets” asset classes, in the following categories, all of which will be listed or traded on a recognised market: real estate securities, infrastructure securities; and natural resources securities.


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1. The Company (continued)

Brookfield Real Assets Debt UCITS Fund The sub-fund seeks total return, which is targeted to be in excess of inflation, through current income and growth of capital. Under normal market conditions, the sub-fund will seek to achieve its investment objective by investing at least 80% of its net assets in fixed income securities of “real assets” asset classes in the following categories, all of which will be listed or traded on a Recognised Market: Real Estate Securities, Infrastructure Securities and Natural Resources Securities.

2. Significant Accounting Policies

Basis of Preparation The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, the requirements of the Companies Act 2014, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations, 2015 (“the UCITS Regulations”).

Financial assets and liabilities at fair value thro ugh profit or loss (i) Classification The Company designated its assets and liabilities as Financial Assets and Liabilities at Fair Value through profit or loss. The category of financial assets and liabilities at fair value through profit or loss is as follows:

Financial Assets and Liabilities held for trading: These include equity instruments, bonds and mortgage backed securities that are acquired or incurred principally for the purpose of generating a profit from short-term fluctuation in price. Derivatives are categorised as held for trading, as the Company does not designate any derivatives as hedges for hedge accounting purposes.

(ii) Initial Measurement Purchases and sales of financial instruments are accounted for at trade date. Realised gains and losses on disposal of financial instruments are calculated using the total weighted average cost method.

Financial instruments categorised at fair value through profit or loss are measured initially at fair value, with transaction costs for such instruments being recognised directly in the Statements of Comprehensive Income.

(iii) Subsequent Measurement After initial measurement, the Company measures financial instruments classified as fair value through profit or loss on the Statements of Comprehensive Income. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. The fair value of financial instruments is based on their quoted market prices on a recognised exchange or sourced from a reputable broker/counterparty in the case of non-exchange traded instruments, at the Statements of Financial Position date without any deduction for estimated future selling costs.

(iv) Derecognition The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or the Company transfers the financial asset and the transfer qualifies for derecognition in accordance with IAS 39 Financial Instruments: Recognition and Measurement. The Company derecognises a financial liability when the obligation specified in the contract is discharged, cancelled or expires.

Assets held for trading that are sold are derecognised and corresponding receivables from the buyer for the payment are recognised as of the date the Company commits to sell the assets. The Company uses the average cost method to determine the gain or loss on derecognition.


23

2. Significant Accounting Policies (continued)

Valuation Principles The value of any investment which is quoted, listed or normally dealt in on a regulated market shall be calculated at the last trade price. Investments quoted, listed or normally dealt in on more than one market shall be calculated at the last traded price on the market, that in the opinion of the Directors provides the principal market for such investment. When prices are not available for any reason, or such prices are deemed to not represent fair value, the value thereof shall be the probable realisation value which must be estimated in good faith by such competent person as may be appointed by the Directors and approved for the purpose by the Depositary. The fair value of financial instruments traded in active markets (e.g. bonds, debt securities, equities and similar assets) were recorded based on quoted market prices as at 30 June 2016. For all other financial instruments not traded in an active market, the fair value is determined by using appropriate valuation techniques. Valuation techniques include: using recent arm’s length market transactions; reference to the current market value of another instrument that is substantially the same; discounted cash flow analysis and option pricing models making as much use of available and supportable market data as possible.

Forward Currency Contracts The fair value of open foreign currency contracts is calculated as the difference between the contracted rate and the current forward rate that would close out the contract on the valuation date. For each relevant sub-fund, gains or losses on open forward currency contracts are included in investments in financial derivative instruments in the Statements of Financial Position.

Contracts for difference Off-exchange derivative contracts are valued by the counterparty at least daily. The valuation must be approved or verified weekly by a third party who is independent of the counterparty and who is approved for the purpose by the Depositary. For each relevant sub-fund, gains or losses on contracts for difference are included in investments in financial derivative instruments in the Statements of Financial Position.

Income Dividends are recognised as income on the dates that the related investment is first quoted ‘ex-dividend’ to the extent information thereon is reasonably available. Interest income and interest expense are recognised on an accruals basis in line with the contractual terms. Interest is accrued on a daily basis.

Realised and Unrealised Gains/(Losses) on Investmen ts Realised gains and losses on disposal of investments during the financial period and the change in unrealised gains and losses on valuation of investments held at financial period ended are dealt with in the Statements of Comprehensive Income.

Fees and Charges All expenses are recognised in the Statements of Comprehensive Income on an accruals basis.

Foreign Currency Items included in the Company’s financial statements are measured using the currency of the primary economic environment in which it operates (the functional currency). As at 30 June 2016 this was USD.

Transactions in foreign currencies were translated at the foreign currency exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies were translated to USD at the foreign currency closing exchange rate at the dates that the values were determined. Income and expenses were translated at the daily average exchange rates. Foreign currency exchange differences relating to investments at fair value through profit or loss were included in the net realised and unrealised gain on financial assets and liabilities at fair value through profit or loss in the Statements of Comprehensive Income. All other foreign currency exchange differences relating to monetary items, including cash, are presented in the Statements of Comprehensive Income.


24


Taxation Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act of 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains.

However, Irish tax may arise on the happening of a ‘chargeable event’. A chargeable event includes any distribution payments to shareholders or any encashment, redemption, cancellation or transfer of redeemable participating shares.

No Irish tax will arise on the Company in respect of chargeable events in respect of:

(a) a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act of 1997, as amended, are held by the Company; and

(b) certain exempted Irish tax resident shareholders who have provided the Company with the necessary signed statutory declarations.

Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its shareholders.

Redeemable participating shares Redeemable participating shares are redeemable at the shareholder’s option and are classified as financial liabilities.

The redeemable participating shares can be put back to the Company on any dealing day for cash equal to a proportionate share of the Company’s Net Asset Value. Transaction costs Transaction costs include fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and security exchanges, and transfer taxes and duties. Transaction costs do not include debt premiums or discounts, financing costs or internal administrative or holding costs. These are expensed though the Statements of Comprehensive Income as incurred.

Receivables and payables Receivables and payables represent amounts receivable and payable for transactions contracted but not yet delivered.

Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Receivables are recognised initially at fair value plus transaction costs that are directly attributable to their acquisition origination. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment.

Payables are recognised initially at fair value and subsequently stated at amortised cost using the effective interest method. The difference between the proceeds and the amounts payable are recognised over the period of the payable using the effective interest method.

Contingent assets A contingent asset is defined as a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.

Dividends Dividends may be paid at the Directors’ discretion. Details of any change in dividend policy will be provided by amending the Prospectus or the applicable Supplement. For further details of dividends paid during the financial period please refer to note 4.


25


New Standards, amendments and interpretations issue d but not effective and not yet adopted A number of new standards, amendments to standards and interpretations in issue are not yet effective, and have not been applied in preparing these financial statements. None of these are currently expected to have a material effect on the financial statements of the Company except the following set out below:

IFRS 9, ‘Financial instruments’, effective for annual periods beginning on or after 1 January 2018, specifies how an entity should classify and measure financial assets and liabilities, including some hybrid contracts. The standard improves and simplifies the approach for classification and measurement of financial assets compared with the requirements of IAS 39. Most of the requirements in IAS 39 for classification and measurement of financial liabilities were carried forward unchanged. The standard applies a consistent approach to classifying financial assets and replaces the numerous categories of financial assets in IAS 39, each of which had its own classification criteria. IFRS 9 is not expected to have a significant impact on the Company’s measurement basis, financial position or performance, as it is expected that the Company will continue to classify its financial assets and financial liabilities (both long and short) as being at fair value through profit or loss.

3. Fees

Investment Management Fee

Under the provisions of the investment management agreement, the Company will pay Brookfield Investment Management Inc. (the Investment Manager) a fee in respect of its duties as investment manager at an agreed upon percentage of the closing Net Asset Value of the relevant sub-fund (plus VAT, if any) prior to the accrual of the investment management fee as of each Valuation Date. The investment management fee will accrue on and will be reflected in the Net Asset Value calculated on each Valuation Date and will be paid monthly in arrears.

The Investment Manager shall also be entitled to be repaid all of its reasonable out of pocket expenses incurred in the performance of its duties under the investment management agreement.

The Investment Management fees charged for the financial period amounted to USD 4,082,341 (30 June 2015: USD 4,135,417). Fees of USD 892,803 (31 December 2015: USD 775,717) were outstanding at financial period end. The Investment Manager has voluntarily agreed to waive all or a portion of its management fees and/or reimburse certain expenses of each sub-fund to the extent necessary to maintain the sub-funds’ total expense ratios (excluding brokerage commissions and other transactional expenses, interest, taxes and extraordinary expenses, such as litigation; and other expenses not incurred in the ordinary course of each sub-fund’s business) at no more than the expense caps listed in the table below. This fee waiver and expense reimbursement arrangement is voluntary which the Investment Manager may terminate in its sole discretion at any time. Please refer to the Company’s prospectus, supplementary prospectus and Key Investor Information Document (KIID) available at www.brookfieldim.com for further details of any charges that may be applied to an investment in each sub-fund.

Fund Name Investment

Management Fees Expense

Cap Brookfield Global Listed Infrastructure UCITS Fund - Share B Class, E Class and F Class 0.95% 1.15% - Share M Class 1.80% 2.00% Brookfield Global Listed Real Estate UCITS Fund 0.85% 1.05% Brookfield US Listed Real Estate UCITS Fund - Share E Class 0.85% 1.05% - Share Q Class 0.75% 0.95% Brookfield Global Listed Infrastructure Long Short UCITS Fund* 1.50% 1.70% Brookfield Real Assets Securities UCITS Fund 0.85% 1.05%

* In accordance with the provisions of the Investment Management Agreement, the Brookfield Global Listed Infrastructure Long Short UCITS Fund will pay the Investment Manager a fee of (a) up to 2.00% (with an expense cap of 2.20%) per annum if the Net Asset Value of the relevant Class of Shares is less than USD 1,000,000 or (b) up to 1.50% (with an expense cap of 1.70%) per annum if the Net Asset Value of the relevant Class of Shares is greater than USD 1,000,000.


26

3. Fees (continued)

Investment Management Fee(continued)

The Investment Manager subsidy for the financial period amounted to USD 402,395 (30 June 2015: USD 302,160). Fees of USD 362,445 (31 December 2015: USD 284,106) were receivable from the Investment Manager at financial period end. Administration and Transfer Agency Fee Under the provisions of the Administration Agreement, the Administrator is entitled to a fee for the provision of fund accounting and administrative services at a rate which will be set out in the Supplement for each sub-fund. The administration fee will accrue daily and will be paid monthly in arrears out of the assets of the sub-fund.

The Administrator shall also be entitled to be repaid out of the assets of the sub-fund all of its reasonable out-of-pocket expenses incurred on behalf of the sub-fund which shall include legal fees, couriers’ fees and telecommunication costs and expenses.

The Administrator is also entitled to receive an annual fee for the production of annual and semi-annual accounts, and the key investor information document (“KIID”), together with reasonable registrar and transfer agency transaction charges, at normal commercial rates, as may be agreed in writing between the Company and the Administrator from time to time.

The Administration and Transfer Agency fees charged for the financial period amounted to USD 131,577 (30 June 2015: USD 92,440) and USD 62,200 (30 June 2015: USD 39,030) respectively. Fees of USD 45,796 (31 December 2015: USD 41,491) and USD 17,020 (31 December 2015: USD 5,993) respectively were outstanding at financial period end.

Depositary and Depositary Oversight Fees Under the provisions of the Depositary Agreement, the Depositary is entitled to a fee for trustee and custody services at a rate which will be set out in the Supplement for each sub-fund. The Depositary and Depositary Oversight Fees will accrue daily and will be payable monthly in arrears out of the assets of the relevant sub-fund.

The Depositary shall be reimbursed all reasonable out-of-pocket expenses incurred by it on behalf of the sub-fund (such as telephone and fax expenses) including stamp duties and registration fees, banking maintenance fees and interbank transfer fees, and the fees and expenses of sub-custodians, at normal commercial rates. Where the Depositary is required to carry out additional duties to those originally agreed, including the provision of additional reports, amending the structure of a sub-fund or its documentation or terminating a sub-fund or winding up the Company, and this requires additional work to be performed by or review of the documents by the Depositary, the Depositary will be entitled to charge additional fees at a rate as may be agreed in advance with the Directors. Shareholders will be notified of any increase in depositary fees due to such additional work before such increase takes effect.

The Depositary and Depositary Oversight fees charged for the financial period amounted to USD 232,462 (30 June 2015: USD 174,065). The Depositary and Depositary Oversight fees outstanding at financial period end were USD 68,737 (31 December 2015: USD 31,858).

Directors’ fees The Directors’ fees charged during the financial period were USD 46,467 (30 June 2015: USD 33,906) of which USD 22,660 (31 December 2015: USD 21,441) was payable at financial period end.

Audit and tax fees The below table discloses audit remuneration fees for the financial period.

30 June 30 June 2016 2015 EUR EUR Audit (ex-VAT and applicable out-of-pocket expenses) 32,184 8,385 Other assurance - - Tax advisory - - Other non-audit - - 32,184 8,385


27

3. Fees (continued)

Audit and tax fees (continued)

Audit fees of EUR 28,375 (31 December 2015: EUR 39,750) were payable at financial period end. Performance fees

Under the provisions of the Investment Management Agreement, the Investment Manager will also be entitled to a performance fee (the “performance fee”) which will accrue on each Valuation Date, will be reflected in each Net Asset Value calculation and will be paid annually in arrears, as described below.

At the end of each calendar period (the “performance period”), a performance fee will be paid by Brookfield Global Listed Infrastructure Long Short UCITS Fund (the “Fund”) to the Investment Manager in an amount equal to, in the aggregate, twenty per cent of the (realised and unrealised) increase (if any) in the Net Asset Value per Share (calculated before any accrual for performance fees) of each Class of Shares multiplied by the number of Shares outstanding for each Class of Shares, subject to a high water mark and net of any fees and expenses of the Fund during that calendar year. The performance fee will be calculated separately for each Class of Shares of the Company, and in turn will reduce the Net Asset Value per Share of such Classes of Shares accordingly. A high water mark will be employed so that no performance fee will be allocated in relation to any Shares until any decline in the Net Asset Value per Share of those Shares in any prior calendar year is offset by subsequent increases of the Net Asset Value per Share of such Shares.

The high water mark in respect of the first performance period shall be the Net Asset Value per Share of the relevant Class as at the relevant Closing Date (the “Initial Net Asset Value”) and, for each subsequent performance period, shall be the higher of (i) the Initial Net Asset Value per Share; and (ii) the Net Asset Value per Share of the relevant Class at the end of the first performance period or any performance period thereafter in respect of which a performance fee was charged. The performance fee shall be deemed to accrue on each Valuation Date.

If a Shareholder redeems Shares from the Company other than at the end of the calendar year, such Shareholder will bear a pro-rata proportion of the performance fee accrued at the Valuation Date in respect of the relevant Redemption Date because the pro-rata performance fee will be included as an accrual in the Net Asset Value per Share of the Shares being redeemed by such Shareholder.

Because the Fund’s assets are generally recorded in its financial accounts at their market value, the performance fee will reflect any net changes in unrealised appreciation or depreciation in the value of the Fund’s assets as of the close of each fiscal period as well as gains and losses realised during the period and net investment income or loss. Shareholders should note that the performance fee is based on net realised and net unrealised profits and losses of the Fund as at the end of the calendar year and, as a result, performance fees may be paid on unrealised profits which may subsequently never be realised.

The Directors may in the future establish new Classes of Shares, which may be charged higher or lower investment management and/or performance fees by the Investment Manager.

For the avoidance of doubt, the first performance period will commence on the Business Day immediately following the relevant Closing Date and will end on the last Business Day of December 2015.

The Administrator will keep a record to ensure that the appropriate amount of the performance fee is borne by each Shareholder.

The performance fee will be verified by the Depositary.

There were no performance fees paid during the financial period ended 30 June 2016 (30 June 2015: nil).


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4. Dividends

The Articles permit the Directors to declare on the Shares or on any class of Shares such dividends, including interim dividends, as appear to the Directors to be justified. The Directors may, with the sanction of the Company in a general meeting, satisfy any dividend due to holders of the Shares, in whole or in part, by distributing to them in specie any of the assets of the Company and, in particular, any investments to which the Company is entitled provided that, where the share capital is divided into different classes of Shares, any such distributions to the holders of one class of Shares shall not materially prejudice the interests of the holders of the other classes of Shares. Alternatively, if a holder does not wish to receive a dividend by way of in specie distribution, it may require the Directors to realise such investments necessary in order to effect the relevant distribution.

Any dividend unclaimed after a financial period of six periods from the date of declaration of such dividend shall be forfeited and shall revert to the relevant sub-fund.

Dividends were declared with ex-dates shown below in respect of the following Sub-Funds: Brookfield Global Listed Infrastructure UCITS Fund - Class F

30 Jun e 2016 31 December 2015 Ex-date Ex-date Ex-date Rate

21 March 2016 USD 0.166300 19 June 2015 USD 0.204200 20 June 2016 USD 0.182500 21 September 2015 USD 0.179600

21 December 2015 USD 0.161400

Brookfield Global Listed Real Estate UCITS Fund - Cla ss F

30 Jun e 2016 31 December 2015 Ex-date Ex-date Ex-date Rate

21 March 2016 USD 0.204300 19 June 2015 USD 0.217300 20 June 2016 USD 0.213300 21 September 2015 USD 0.203000

21 December 2015 USD 0.203500 Brookfield US Listed Real Estate UCITS Fund - Class Q

30 Jun e 2016 31 December 2015 Ex-date Ex-date Rate Rate

11 January 2016 USD 0.024400 9 February 2015 USD 0.028400 9 February 2016 USD 0.022000 9 March 2015 USD 0.027600

9 March 2016 USD 0.023500 9 April 2015 USD 0.027800 8 April 2016 USD 0.024400 8 May 2015 USD 0.026100 9 May 2016 USD 0.025100 9 June 2015 USD 0.025400 9 June 2016 USD 0.024800 9 July 2015 USD 0.024700

7 August 2015 USD 0.025300 9 September 2015 USD 0.022700 9 October 2015 USD 0.024300 9 November 2015 USD 0.024900 9 December 2015 USD 0.023500

Dividends of USD 1,863,306 (31 December 2015: USD 2,456,666) on the Brookfield Global Listed Infrastructure UCITS Fund – Class F and USD 9,124 (31 December 2015: USD 2,523,978) on the Brookfield Global Listed Real Estate UCITS Fund – Class F were paid for the financial period ended 30 June 2016.

Dividends of USD 985,510 (31 December 2015: 1,934,849) on the Brookfield US Listed Real Estate UCITS Fund – Class Q were paid for the financial period ended 30 June 2016. There were no dividends payable as at 30 June 2016 (31 December 2015:Nil).


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5. Cash

Cash balances were held with RBC Investor Services Bank S.A. Cash balances held as collateral were held with JP Morgan.

As at 30 June 2016, the following were the cash balances and cash balances held as collateral:

Brookfield Global Listed Infrastructure

UCITS Fund

Brookfield Global Listed Real Estate

UCITS Fund

Brookfield US Listed Real Estate UCITS

Fund

30 June 2016 30 June 2016 30 June 2016 USD USD USD Cash 13,896,047 1,579,011 2,811,171 Total Cash at bank 13,896,047 1,579,011 2,811,171


Long Short UCITS Fund


30 June 2016 30 June 2016 USD USD Cash 2,832,289 5,740,964 Cash balances held as collateral Credit Agricole 4,800,000 - JP Morgan 1,200,000 260,000 Total Cash at bank 8,832,289 6,000,964

As at 31 December 2015, the following were the cash balances and cash balances held as collateral:


UCITS Fund

Brookfield Global Listed Real Estate

UCITS Fund

Brookfield US Listed Real Estate UCITS

Fund

31 December 2015 31 December 2015 31 December 2015 USD USD USD Cash 637,248 2,639,091 298,661 Total Cash at bank 637,248 2,639,091 298,661


Long Short UCITS Fund


31 December 2015 31 December 2015 USD USD Cash 3,554,570 4,753,158 Cash balances held as collateral JP Morgan 1,840,000 260,000 Total Cash at bank 5,394,570 5,013,158


30

6. Net gains/(losses) on financial instruments at f air value through profit or loss

Realised Unrealised For the financial period ended 30 June 2016 gains/( losses) gains/(losses) Total USD USD USD Brookfield Global Listed Infrastructure UCITS Fund Common stocks (22,740,275) 105,530,894 82,790,619 Forward currency contracts (9,489) (5,566) (15,055) Foreign exchange - (253,793) (253,793) (22,749,764) 105,271,535 82,521,771

Brookfield Global Listed Real Estate UCITS Fund Common stocks (11,513,101) 15,427,630 3,914,529 Corporate bonds 8 - 8 Forward currency contracts (114,169) (236,587) (350,756) Foreign exchange - 1,380 1,380 (11,627,262) 15,192,423 3,565,161 Brookfield US Listed Real Estate UCITS Fund Common stocks (2,714,456) 8,919,063 6,204,607 Corporate bonds 2 - 2 Foreign exchange - (15,444) (15,444) (2,714,454) 8,903,619 6,189,165

Brookfield Global Listed Infrastructure Long Short U CITS Fund* Common stocks 371,936 1,226,084 1,598,020 Swaps (287,091) 109,498 (177,593) Forward currency contracts (1,005) (24) (1,029) Foreign exchange - (661) (661) 83,840 1,334,897 1,418,737

* Launched on 26 August 2015.

Brookfield Real Assets Securities UCITS Fund* Common stocks (384,634) 5,626,574 5,241,940 Corporate bonds (40,864) 787,814 746,950 Swaps 325,939 (51,852) 274,087 Forward currency contracts 1,037 (261) 776 Foreign exchange - (8,380) (8,380) (98,522) 6,353,895 6,255,373

* Launched on 1 September 2015

Realised Unrealised For the financial period ended 30 June 2015 gains/( losses) gains/(losses) Total USD USD USD Brookfield Global Listed Infrastructure UCITS Fund Common stocks 608,034 (44,713,800) (44,105,766) Forward currency contracts 71,369 - 71,369 Foreign exchange - (244,313) (244,313) 679,403 (44,958,113) (44,278,710) Brookfield Global Listed Real Estate UCITS Fund Common stocks 8,228,850 (14,236,058) (6,007,208) Forward currency contracts 22,879 - 22,879 Foreign exchange - (59,358) (59,358) 8,251,729 (14,295,416) (6,043,687)


31

6. Net gains/(losses) on financial instruments at f air value through profit or loss (continued)

Brookfield US Listed Real Estate UCITS Fund Common stocks 2,880,424 (12,877,076) (9,996,652) Foreign exchange - (170,411) (170,411) 2,880,424 (13,047,487) (10,167,063)

7. Related Party Transactions

Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions, or if the party is a member of the key management personnel of the entity or its parent. Brookfield Investment Management Inc., as Investment Manager, earned a fee of USD 4,082,341 (30 June 2015: USD 4,135,417) of which USD 892,803 (31 December 2015: USD 775,717) was payable at financial period end.

The Investment Manager Subsidy (capped fees) for the financial period amounted to USD 402,395 (30 June 2015: USD 302,160). Fees of USD 362,445 (31 December 2015: USD 284,106) were receivable from the Investment Manager at financial period end. Jonathan Tyras is the General Counsel, Chief Financial Officer and Managing Director of the Investment Manager. Brookfield Asset Management Inc., Brookfield Investment Management (UK) Inc. and Century Property and Casualty Insurance Corporation are affiliates of the Investment Manager and are deemed to be related parties. As at 30 June 2016 and 31 December 2015, these entities held the following redeemable participating shares in each of the sub-funds:

Fund name Related Party Share Class

Quantity of Shares Held

30 June 2016

Quantity of Shares Held

31 December 2015


Brookfield Investment Management (UK) Inc EUR B 5,000 5,000

Brookfield Global Listed Infrastructure Long Short UCITS Fund

Century Property and Casualty Insurance Corporation USD E 750,000 750,000

Brookfield Real Assets Securities UCITS Fund Brookfield Asset Management Inc USD E 500,000 500,000 Brookfield Real Assets Securities UCITS Fund

Century Property and Casualty Insurance Corporation USD E 750,000 750,000

Transactions with Connected Persons In accordance with the requirements of UCITS Regulations, the Board is satisfied that there are arrangements (evidenced by written procedures) in place to ensure that any transactions carried out with the Company by its promoter, investment manager, investment adviser, depositary and/or associated or group companies of these ("Connected Persons") are carried out as if negotiated at arm's length and are in the best interests of the shareholders. All transactions with Connected Persons entered into during the financial period were carried out as if negotiated at arm's length and in the best interests of the shareholders.


32

8. Risk Associated with Financial Instruments

The sub-funds utilise various methods to value investments measured at fair value on a recurring and non recurring basis. The fair value hierarchy is categorised into three levels based on the inputs as follows: Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities; Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly (as prices) or indirectly (derived from prices); and Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes ‘observable’ requires significant judgment by Company management. Company management considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorisation of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to Company management’s perceived risk of that instrument. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, Company management’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. Company management uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy.

The following tables summarise the inputs used to value the sub-funds’ financial instruments measured at fair value on a recurring and non-recurring basis as at 30 June 2016 and 31 December 2015: Brookfield Global Listed Infrastructure UCITS Fund 30 June 2016 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 653,619,046 653,619,046 - - 653,619,046 653,619,046 - - Financial liabilities at fair value through profit or loss Investments in financial derivative instruments - Forward currency contracts (5,566) - (5,566) - (5,566) - (5,566) -


33

8. Risk Associated with Financial Instruments (cont inued)

Brookfield Global Listed Real Estate UCITS Fund 30 June 2016 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 177,196,151 177,196,151 - - Investments in financial derivative instruments - Forward Exchange Contracts 31,410 - 31,410 - 177,227,561 177,196,151 31,410 - Financial liabilities at fair value through profit or loss Investments in financial derivative instruments - Forward currency contracts (267,997) - (267,997) - (267,997) - (267,997) - Brookfield US Listed Real Estate UCITS Fund 30 June 2016 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 84,557,237 84,557,237 - - 84,557,237 84,557,237 - -

Brookfield Global Listed Infrastructure Long Short U CITS Fund* 30 June 2016 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 6,387,098 6,387,098 - -

Investments in financial derivative instruments - Swap 28,006 - 28,006 - 6,415,104 6,387,098 28,006 - Financial liabilities at fair value through profit or loss Investments in financial derivative instruments - Swaps (174,080) - (174,080) -

(174,080) - (174,080) - Brookfield Real Assets Securities UCITS Fund** Total (Level 1) (Level 2) (Level 3) 30 June 2016 USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 52,695,732 52,695,732 - - - Corporate bonds 10,949,620 10,949,620 - - - Term loans 667,511 - 667,511 - 64,312,863 63,645,352 667,511 - Financial liabilities at fair value through profit or loss Investments in financial derivative instruments - Forward currency contracts (261) - (261) - - Swaps (24,365) - (24,365) - (24,626) - (24,626) -

* Launched on 26 August 2015. ** Launched on 1 September 2015.


34


Brookfield Global Listed Infrastructure UCITS Fund 31 December 2015 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 561,386,050 561,386,050 - - 561,386,050 561,386,050 - -

Brookfield Global Listed Real Estate UCITS Fund 31 December 2015 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 192,091,292 192,091,292 - - 192,091,292 192,091,292 - - Brookfield US Listed Real Estate UCITS Fund 31 December 2015 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 68,315,352 68,315,352 - - 68,315,352 68,315,352 - -

Brookfield Global Listed Infrastructure Long Short U CITS Fund* 31 December 2015 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 7,621,165 7,621,165 - - - Investment funds 1,126,477 - 1,126,477 - Investments in financial derivative instruments - Forward currency contracts 33 - 33 - - Swaps 74,378 - 74,378 -

8,822,053 7,621,165 1,200,888 -

Financial liabilities at fair value through profit or loss Investments in financial derivative instruments - Forward currency contracts (9) - (9) - - Swaps (329,950) - (329,950) -

(329,959) - (329,959) - Brookfield Real Assets Securities UCITS Fund** Total (Level 1) (Level 2) (Level 3) 31 December 2015 USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 43,647,704 43,647,704 - - - Corporate bonds 14,141,234 14,141,234 - - - Term loans 590,535 - 590,535 - Investments in financial derivative instruments - Swaps 27,487 - 27,487 - 58,406,960 57,788,938 618,022 -

* Launched on 26 August 2015. ** Launched on 1 September 2015.

The sub-funds did not invest in any Level 3 securities during the financial period and there were no transfers in or out of Level 3.


35


Valuation Techniques When fair values of listed equity and debt securities as well as publicly traded derivatives at the reporting date are based on quoted market prices or binding dealer price quotations, without any deduction for transaction costs, the instruments are included within Level 1 of the hierarchy. The Company uses widely recognised valuation models for determining fair values of over-the-counter derivatives. For these financial instruments, inputs into models are market observable and are therefore included within Level 2. The fair values of currency exchange contracts (forward currency contracts and swaps) are calculated by reference to current exchange rates for contracts with similar maturity and risk profiles. The Company is exposed to market risk, (which includes the risk of market fluctuations, currency risk, interest rate risk and portfolio management risk), liquidity risk and credit risk arising from the financial instruments it holds. The Company may use derivatives and other instruments in connection with its risk management activities. The Company has investment guidelines that set out its overall business strategies, its tolerance for risk and its general risk management philosophy and has established processes to monitor and control economic hedging transactions in a timely and accurate manner. The Company’s accounting policies in relation to derivatives are set out in note 2 to the financial statements and the Company has a Risk Management Process in place for the use of financial derivative investments which has been approved by the Board and the Central Bank of Ireland.

Market Price Risk Set out below is a description of risks and an outline of the processes the Investment Manager has implemented to assess, monitor and control these specific risks: Market price risk is the risk that the fair value of financial instruments (i.e., bonds, equities and other investments) or its future cash flows will fluctuate because of changes in market prices and includes currency risk and interest rate risk. The Company’s market risk management strategy is driven by the investment objectives of each of the sub-funds. The sub-funds are actively managed. The following specific processes are in place to control market risk:

• Market risk for all sub-funds is assessed by the Investment Manager in the context of the total portfolio being managed, where financial derivative instruments are included on a fully paid up exposure basis;

• Consideration is given to basis risk (the risk that the financial derivative instrument will not move

in line with the physical position) where appropriate;

• Restrictions on gearing of portfolios are in place (as defined in the Company’s Prospectus). Financial derivative instruments cannot be used to circumvent these restrictions;

• Net exposures of a sub-fund to an asset class, including the delta weighted exposure of

derivative instruments are restricted by the Company’s investment guidelines; • In the case of use of financial derivative instrument positions to achieve exposure, the sub-

funds hold sufficient cash or appropriate equivalent to meet potential obligations arising from the net derivative position. In the case of derivative positions to remove exposure, the sub-funds hold assets, which are considered a reasonable hedge.


36


Market Price Risk (continued) As at 30 June 2016, a 5% increase or decrease in the market prices of the underlying instruments would have increased or decreased the net assets attributable to holders of redeemable shares by the amounts shown below, on the basis that all other variables remained constant. The Investment Manager considers this movement to be a reasonable size of movement to use as an indicator of the size of market price move a sub-fund might experience. 30 June 2016 USD Brookfield Global Listed Infrastructure UCITS Fund 32,680,674 Brookfield Global Listed Real Estate UCITS Fund 8,847,978 Brookfield US Listed Real Estate UCITS Fund 4,227,862 Brookfield Global Listed Infrastructure Long Short Fund 312,051 Brookfield Real Assets Securities UCITS Fund 3,214,412

31 December 2015 USD Brookfield Global Listed Infrastructure UCITS Fund 28,069,303 Brookfield Global Listed Real Estate UCITS Fund 9,604,565 Brookfield US Listed Real Estate UCITS Fund 3,415,768 Brookfield Global Listed Infrastructure Long Short Fund 424,605 Brookfield Real Assets Securities UCITS Fund 2,920,348

Interest Rate Risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates.

The majority of the Company’s financial assets and liabilities and financial derivatives are non-interest bearing and therefore are not exposed to interest rate risk. The Company has investments in corporate bonds which are subject to interest rates risk.

The table below summarises the maturity periods for interest-bearing securities held by Brookfield Real Assets Securities UCITS Fund* as at 30 June 2016. Non- Up to 1 1 - 5 Over interest year years 5 years bearing Total USD USD USD USD USD Corporate bonds - 1,817,281 9,132,339 - 10,949,620 Term loans - 667,511 - - 667,511 Common stocks - - - 52,695,732 52,695,732 Financial Derivative Instruments - - - - - Other assets - - - 7,161,510 7,161,510 Total assets - 2,484,792 9,132,339 59,857,242 71,474,373 Financial Derivative Instruments - - - 24,626 24,626 Other liabilities - - - 1,148,152 1,148,152 Total liabilities - - - 1,172,778 1,172,778 Total Net Assets 70,301,595 * Launched on 1 September 2015.


37


Interest Rate Risk (continued) The table below summarises the maturity periods for interest-bearing securities held by Brookfield Real Assets Securities UCITS Fund* as at 31 December 2015. Non- Up to 1 1 - 5 Over interest year years 5 years bearing Total USD USD USD USD USD Corporate bonds - 1,545,688 12,595,546 - 14,141,234 Term loans - 590,535 - - 590,535 Common stocks - - - 43,647,704 43,647,704 Financial Derivative Instruments - - - 27,487 27,487 Other assets - - - 5,577,087 5,577,087 Total assets - 2,136,223 12,595,546 49,252,278 63,984,047 Other liabilities - - - 841,122 841,122 Total liabilities - - - 841,122 841,122 Total Net Assets 63,142,925 * Launched on 1 September 2015.

As at 30 June 2016, a 100 basis points change in interest rates would have an impact on net assets attributable to holders of redeemable shares and cause an increase/decrease in net assets attributable to holders of redeemable shares of USD 116,171 for Brookfield Real Assets Securities UCITS Fund.

The interest rate sensitivity provided above represents a hypothetical outcome and is not intended to be predictive. Market conditions, and therefore future interest rates, could vary significantly from that suggested.

In accordance with the Company's policy, the Investment Manager monitors the Company's overall interest rate sensitivity on a continuous basis, and the Board reviews it on a quarterly basis. Foreign Currency Risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The income and capital value of the Company’s investments can be significantly affected by currency translation movements as the majority of the Company’s assets could be denominated in currencies other than base currency. The fluctuations in the rate of exchange between the currency in which the asset or liability is denominated and the functional currency could result in an appreciation or depreciation in the fair value of that asset. The tables below and overleaf analyse the net amount of monetary assets and liabilities held by each sub-fund at the balance sheet date denominated in currencies other than USD, the functional currency as at 30 June 2016 and 31 December 2015.


30 June 2016 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD AUD 26,196,963 - 311,445 - 26,508,408 CAD 72,596,604 51 1,545,215 (1,218,542) 72,923,328 CHF 11,339,178 - - - 11,339,178 EUR 74,598,966 - 6,685,932 - 81,284,898 GBP 55,134,075 - 918,953 - 56,053,028 HKD 23,982,771 - 211,326 - 24,194,097 JPY 9,395,237 - - - 9,395,237 MXN 4,812,264 - - - 4,812,264 NZD 3,515,490 - - - 3,515,490


38


Foreign Currency Risk (continued)

Brookfield Global Listed Infrastructure UCITS Fund (continued)

A strengthening of the USD against the currencies in the previous table would have resulted in losses to the amounts shown below. A weakening of the USD against these currencies would have resulted in an equal but opposite effect.

Sensitivity analysis of Net Exposure (5% movement) USD AUD 1,325,420 CAD 3,646,166 CHF 566,959 EUR 4,064,245 GBP 2,802,651 HKD 1,209,705 JPY 469,762 MXN 240,613 NZD 175,775

31 December 2015 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD AUD 24,455,500 - 455,677 - 24,911,177 CAD 56,406,880 18 177,491 - 56,584,389 CHF 7,662,967 - - - 7,662,967 EUR 93,912,599 - (4,903,899) - 89,008,700 GBP 48,625,749 9 816,287 - 49,442,045 HKD 28,130,280 - (1,852,137) - 26,278,143 JPY 6,177,358 - - - 6,177,358 MXN 7,135,371 - 30,979 - 7,166,350 A strengthening of the USD against the currencies in the previous table would have resulted in losses to the amounts shown overleaf. A weakening of the USD against these currencies would have resulted in an equal but opposite effect.

Sensitivity analysis of Net Exposure (5% movement) USD AUD 1,245,559 CAD 2,829,219 CHF 383,148 EUR 4,450,435 GBP 2,472,102 HKD 1,313,907 JPY 308,868 MXN 358,318


39


Foreign Currency Risk (continued) Brookfield Global Listed Real Estate UCITS Fund 30 June 2016 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD AUD 12,758,460 - 111,570 - 12,870,030 EUR 22,162,161 - 930,503 40,303,774 63,396,438 GBP 12,093,768 - 27,609 - 12,121,377 HKD 9,433,324 - - - 9,433,324 JPY 15,474,899 - 23,953 - 15,498,852 NZD 1,309,083 - - - 1,309,083 SGD 3,089,380 - - - 3,089,380


Sensitivity analysis of Net Exposure (5% movement) USD AUD 643,502 EUR 3,169,822 GBP 606,069 HKD 471,666 JPY 774,943 NZD 65,454 SGD 154,469

31 December 2015 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD AUD 15,457,854 - 180,488 - 15,638,342 EUR 28,127,710 - - - 28,127,710 GBP 7,667,277 - - - 7,667,277 HKD 10,243,617 - 171,166 - 10,414,783 JPY 14,605,480 - 31,687 - 14,637,167 NZD 1,512,514 - - - 1,512,514 SGD 3,414,628 - (160,433) - 3,254,195


40



Brookfield Global Listed Real Estate UCITS Fund (co ntinued)


Sensitivity analysis of Net Exposure (5% movement) USD AUD 781,917 EUR 1,406,386 GBP 383,364 HKD 520,739 JPY 731,858 NZD 75,626 SGD 162,710

Brookfield US Listed Real Estate UCITS Fund 30 June 2016 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD JPY - - 2,929 - 2,929 A strengthening of the USD against the currencies in the previous table would have resulted in losses to the amounts shown below. A weakening of the USD against these currencies would have resulted in an equal but opposite effect.

Sensitivity analysis of Net Exposure (5% movement) USD JPY 146

31 December 2015 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD JPY - - 264,969 - 264,969 A strengthening of the USD against the currencies in the previous table would have resulted in losses to the amounts shown below. A weakening of the USD against these currencies would have resulted in an equal but opposite effect.

Sensitivity analysis of Net Exposure (5% movement) USD EUR 13,248


41



Brookfield Global Listed Infrastructure Long Short UCITS Fund 30 June 2016 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabilit ies) Derivatives Exposure USD USD USD USD USD CAD 497,996 - 10,170 (27,034) 481,132 CHF 353,521 - - - 353,521 EUR 623,456 - (10,612) (2,827) 610,017 HKD - 16 - - 16 MXN 675,249 - - - 675,249 TRY - - 21,911 16,760 38,671 A strengthening of the USD against the currencies in the previous table would have resulted in losses to the amounts shown below. A weakening of the USD against these currencies would have resulted in an equal but opposite effect.

Sensitivity analysis of Net Exposure (5% movement) USD CAD 24,057 CHF 17,676 EUR 30,501 HKD 1 MXN 33,762 TRY 1,934


42



Brookfield Global Listed Infrastructure Long Short UCITS Fund* (continued)

31 December 2015 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD AUD 440,984 - 32,159 (32,153) 440,990 BRL 9,475 - (1,483) - 7,992 CAD 590,758 - 3,053 - 593,811 CHF 301,099 - - - 301,099 EUR 1,015,691 - (118) - 1,015,573 HKD 271,488 - (42,945) 37,041 265,584 MXN 343,260 - 58,555 - 401,815 NZD (14,093) - 148 - (13,945) TRY 15,540 - 1,711 - 17,251 * Launched on 1 September 2015.


Sensitivity analysis of Net Exposure (5% movement) USD AUD 22,050 BRL 400 CAD 29,691 CHF 15,055 EUR 50,779 HKD 13,729 MXN 20,091 NZD (697) TRY 863


43


Foreign Currency Risk (continued) Brookfield Real Assets Securities UCITS Fund*

30 June 2016 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD AUD 2,369,165 - 20,812 - 2,389,977 CAD 2,535,111 - 68,109 (57,185) 2,546,035 CHF 353,521 - - - 353,521 EUR 5,441,396 - 6,960 - 5,448,356 GBP 3,422,734 9 28,895 - 3,451,638 HKD 1,801,753 - 6,158 - 1,807,911 JPY 2,298,463 - 2,669 - 2,301,132 MXN 149,227 - - - 149,227 NOK 43,032 - - - 43,032 NZD 176,366 - - - 176,366 SEK 119,874 - - - 119,874 SGD 423,959 - - - 423,959


31 December 2015 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD AUD 2,038,625 - 23,796 - 2,062,421 CAD 1,911,901 - 4,480 - 1,916,381 CHF 195,714 - - - 195,714 EUR 6,052,661 - (16,786) - 6,035,875 GBP 2,110,098 9 11,169 - 2,121,276 HKD 1,467,633 - - - 1,467,633 JPY 1,845,707 - 2,493 - 1,848,200 MXN 106,081 - (1,457) - 104,624 NOK 82,192 - - - 82,192 NZD 168,718 - - - 168,718 SGD 423,283 - (12,980) - 410,303 * Launched on 1 September 2015.

Sensitivity analysis of Net Exposure (5% movement) USD AUD 119,499 CAD 127,302 CHF 17,676 EUR 272,418 GBP 172,582 HKD 90,396 JPY 115,057 MXN 7,461 NOK 2,152 NZD 8,818 SEK 5,994 SGD 21,198


44



Brookfield Real Assets Securities UCITS Fund* (cont inued)


Sensitivity analysis of Net Exposure (5% movement) USD AUD 103,121 CAD 95,819 CHF 9,786 EUR 301,794 GBP 106,064 HKD 73,382 JPY 92,410 MXN 5,231 NOK 4,110 NZD 8,436 SGD 20,515

* Launched on 1 September 2015. Liquidity Risk

Liquidity risk is the risk that an entity will encounter difficulty in realising assets or in meeting obligations associated with financial liabilities as they fall due.

As required by IFRS 7 the sub-fund’s financial liabilities should be categorised into relevant maturity groupings based on the remaining period as at 30 June 2016 and 31 December 2015 to the contractual maturity date. However, as all liabilities mature in less than one year from the balance sheet date for both 30 June 2016 and 31 December 2015, this analysis is not required in this instance. In accordance with the Company’s policy, the Investment Manager monitors the Company’s overall liquidity risk on a continuous basis.

Operational Risk

Operational risk comprises the risk that deficiencies in the effectiveness and accuracy of information systems or internal controls will result in a material loss. The risk arises from human error, systems failures, inadequate procedures or internal management controls and these are mitigated by the following controls:

• The valuation standards and systems utilised by the Administrator are consistent with current industry standards, with derivatives valued at market value and exposures stated on a delta-adjusted basis.

• Valuation/pricing of all financial derivative instruments are sourced and reported independently, using appropriate methodologies as appropriate for the instrument.

• There is segregation of duties between the Investment Manager and the Administrator;

• Operational control procedures are in place to enable prompt and accurate recording of physical and derivative transactions and protect the integrity of systems and portfolio information. All trades are booked on trade date and the transaction history cannot be deleted from the system;

• Independent reconciliations of portfolio holdings and frequent broker confirmations are carried out by both the Investment Manager and the Administrator on a monthly basis and signed off by senior personnel;

• New types of derivative instruments must be approved for use by the Board after consideration of the investment and operational risks and requirements and documented business continuity/disaster recovery plans are in place for both the Investment Manager and the Administrator.


45


Operational Risk (continued)

The Investment Manager analyses and monitors the portfolios of the sub-funds on a daily basis. Exposures are measured by market, asset class, sector and market capitalisation. Pre and post trade compliance monitoring is carried out to ensure that there are no breaches of the sub-funds’ investment guidelines. Credit risk Credit risk is the risk that one party to a financial instrument will cause financial loss to another party by failing to discharge an obligation. It is the Company’s policy to enter into financial transactions with a range of reputable counterparties thus diversifying the credit risk. Therefore, the Company does not expect to incur material credit losses on its financial instruments. With respect to Financial Derivative Instruments (FDIs), credit risk arises from the potential failure of counterparties to meet their obligations under the contract or arrangement.

The table below contains the debt securities' percentage breakdown by rating held by: Brookfield Real Assets Securities UCITS Fund*

Rating 30 June 2016 AA 1% BBB 1% BB 8% B 6% CCC 0% CC 1% Other 1%

Brookfield Real Assets Securities UCITS Fund*

Rating 31 December 2015 AA - BBB 2% BB 11% B 11% CCC 0% CC 2% Other 11% * Launched on 1 September 2015. The counterparty for the swaps held as at 30 June 2016 is JP Morgan. Details of the swaps held can be found in note 10.

The Company is exposed to credit risk on cash held with the Depositary. Bankruptcy or insolvency of the Depositary may cause the Company’s rights with respect to securities held by RBC Investor Services Bank S.A., Dublin Branch to be delayed or limited. The Company monitors its risk by monitoring the credit quality and financial position of RBC Investor Services Bank S.A., Dublin Branch.

As at 30 June 2016 RBC Investor Services Bank S.A., Dublin Branch has a credit rating of AA- with Standard & Poor’s (as at 31 December 2015: AA- for Standard & Poor’s). The Investment Manager regularly reviews concentrations of credit risk.


46


Financial Derivative Instruments The Investment Manager has assessed the risk profile of the Company and the related sub-funds on the basis of the investment policy, strategy and the use of financial derivative instruments. Based on the risk profile, the Investment Manager has determined that the method for the calculation of the global exposure to financial derivative instruments for all sub-funds will be the commitment approach, where the sub-fund holds financial derivative instruments. Efficient Portfolio Management The Company may, within the conditions and limits laid down by the Central Bank, for the purpose of efficient portfolio management specifically for currency hedging, enter into a variety of derivative instruments including, but not limited to, swaps, options, index futures and financial futures. The Company may also purchase or sell spot or forward currency contracts predominantly for the purpose of providing protection against exchange rate risk. Furthermore, the Company may, for efficient portfolio management, enter into swaps with one or more counterparties subject to the conditions and limits set out in the UCITS Regulations. Each sub-fund may also utilise derivative instruments for investment purposes and details of such instruments used and the specific strategies for which such instruments are employed in this context will be set out in the applicable Supplement ‘Efficient Portfolio Management’, for these purposes, means an investment decision involving transactions that are entered into for one or more of the following specific aims:

• a reduction of risk;

• a reduction of cost;

• the generation of additional capital or income for the Fund with an appropriate level of risk, taking into account the risk profile of the Fund and the general provisions of the Regulations.

The Company will employ a risk management process which will enable it to accurately manage, monitor and measure the risks attached to derivative positions and details of this process have been provided to the Central Bank. The Company will not utilise derivative positions which have not been included in the risk management process until such time as a revised risk management process has been submitted and cleared by the Central Bank. The Company will provide on request to shareholders supplementary information relating to the risk management methods employed by the Company including the quantitative limits that are applied and any recent developments in the risk and yield characteristics of the main categories of investments of the relevant sub-fund.

The realised and unrealised gains/(losses) arising from the derivative transactions were presented in the Statements of Comprehensive Income under the position 'Net realised and unrealised gain/(loss) on financial assets and liabilities at fair value through profit or loss' and in the corresponding note 6. As further detailed in note 9 and note 10, in seeking to hedge part of the currency risk exposure in the core portfolio for Brookfield Global Listed Infrastructure Long Short UCITS Fund, forward currency contracts and swaps were utilised as at the financial period end. The realised and unrealised gains/(losses) arising from the derivative transactions were presented in the Statements of Comprehensive Income under the position 'Net realised and unrealised gain/(loss) on financial assets and liabilities at fair value through profit or loss' and in the corresponding note 6.

The exposure obtained through the efficient portfolio management is equivalent to the value of the forward currency contracts and swaps held as at the financial period end. The counterparty in relation to the forward currency contracts is RBC IS Bank Luxembourg and Northern Trust Company. The counterparty in relation to the swaps is JP Morgan. Cash collateral details are shown in note 5.

There were no netting agreements in place for financial period ended 30 June 2016 (none for 31 December 2015). As result revised requirements of IFRS 7 to disclose offsetting requirements for financial assets and liabilities have no impact on current disclosures in the Company’s financials.


47

9. Forward Currency Contracts

Brookfield Global Listed Infrastructure UCITS Fund 30 June 2016 Settlement/ Counterparty Bought Amount Sold Amount Un realised Maturity Date Gain/(Loss) USD

5 July 2016 Northern Trust Company USD 1,212,976 CAD (1,582,495) (5,566)

(5,566) Brookfield Global Listed Real Estate UCITS Fund 30 June 2016 Settlement/ Counterparty Bought Amount Sold Amount Un realised Maturity Date Gain/(Loss) USD

1 July 2016 RBC IS Bank Luxembourg EUR 34,569,440 USD (38,570,058) (165,138)

1 July 2016 RBC IS Bank Luxembourg EUR 70,380 USD (78,428) (239)

1 July 2016 RBC IS Bank Luxembourg EUR 401,051 USD (447,119) (1,572)





1 July 2016 RBC IS Bank Luxembourg USD 502,457 EUR (447,082) 5,772

1 July 2016 RBC IS Bank Luxembourg USD 141,224 EUR (125,660) 1,622



1 July 2016 RBC IS Bank Luxembourg USD 40,317,871 EUR (36,271,757) 21,763

1 July 2016 RBC IS Bank Luxembourg EUR 16,417 USD (18,025) 213

1 July 2016 RBC IS Bank Luxembourg USD 617 EUR (559) (4)

1 July 2016 RBC IS Bank Luxembourg USD 271,550 EUR (245,830) (1,576)


5 July 2016 RBC IS Bank Luxembourg USD 67,814 EUR (61,098) (76)



29 July 2016 RBC IS Bank Luxembourg EUR 36,271,757 USD (40,377,937) (38,412)

29 July 2016 RBC IS Bank Luxembourg USD 18,397 EUR (16,527) 17

29 July 2016 RBC IS Bank Luxembourg USD 1,403,385 EUR (1,277,169) (16,996)


29 July 2016 RBC IS Bank Luxembourg USD 752,987 EUR (680,691) (4,037)

29 July 2016 RBC IS Bank Luxembourg EUR 245,830 USD (272,013) 1,386

29 July 2016 RBC IS Bank Luxembourg EUR 1,025,062 USD (1,139,444) 576



(236,587)


48

9. Forward Currency Contracts

Brookfield Real Assets Securities UCITS Fund* 30 June 2016 Settlement/ Counterparty Bought Amount Sold Amount Un realised Maturity Date Gain/(Loss) USD 5 July 2016 Northern Trust Company USD 56,923 CAD (74,264) (261)

(261) * Launched on 1 September 2015. Brookfield Global Listed Infrastructure Long Short UCITS Fund* 31 December 2015 Settlement/ Counterparty Bought Amount Sold Amount Un realised Maturity Date Gain/(Loss) USD

4 January 2016 RBC IS Bank Luxembourg HKD 161,973 USD (20,906) (6)

4 January 2016 RBC IS Bank Luxembourg USD 14,693 AUD (20,156) 31

5 January 2016 RBC IS Bank Luxembourg HKD 125,090 USD (16,144) (3)

5 January 2016 RBC IS Bank Luxembourg USD 17,493 AUD (24,046) 2

24 * Launched on 26 August 2015.

10. Swaps Brookfield Global Listed Infrastructure Long Short UCITS Fund* 30 June 2016 Description Maturity Quantity Swaps Issuer Fair Value

Date Currency in USD AEROPORTS DE PARIS ADP 1 January 2040 (1,000) EUR JP Morgan 1,359 ANTERO MID /LP 1 January 2040 (6,100) USD JP Morgan (20,252) CHENIERE ENERGY 1 January 2040 (800) USD JP Morgan (3,560) CONSOLIDATED EDISON INC 1 January 2040 (4,200) USD JP Morgan (13,146) FRANKFURT AIRPORT SERV.WORLDW. 1 January 2040 (2,100) EUR JP Morgan (820) GENESIS ENERGY LP 1 January 2040 (8,200) USD JP Morgan (6,642) GRUPO AEROPORT.DEL SURES/SADR 1 January 2040 (1,950) USD JP Morgan (13,611) HAMBURGER HAFEN UND LOGISTIK AG 1 January 2040 (9,300) EUR JP Morgan 9,888 HOLLY EN-PARTNERSHIP UNITS 1 January 2040 (6,100) USD JP Morgan (11,590) ISHS US REAL ESTATE - SHS 1 January 2040 (2,300) USD JP Morgan (5,164) KEYERA 1 January 2040 (14,100) CAD JP Morgan (27,034) MAGELLAN MIDSTREAM PARTNERS 1 January 2040 (4,300) USD JP Morgan (13,116) PLAINS ALL-AM.PIPEL./PARTN 1 January 2040 (7,500) USD JP Morgan (9,000) TALLGRASS ENERGY PARTNERS LP 1 January 2040 (4,900) USD JP Morgan (98) TAV HAVALIMALARI HOLDING AS 1 January 2040 (31,500) TRY JP Morgan 16,759 TERNA- RETE ELETTRICA NAZIONAL 1 January 2040 (25,700) EUR JP Morgan (5,082) TERNA- RETE ELETTRICA NAZIONAL 1 January 2040 (18,700) EUR JP Morgan (8,171) TESORO LOGISTICS/PARTNERSHIP 1 January 2040 (6,300) USD JP Morgan (17,388) VALERO ENERGY PARTNERS LP /LP 1 January 2040 (6,200) USD JP Morgan (19,406) Total as at 30 June 2016 (146,074)


49

10. Swaps (continued)

31 December 2015 Description Maturity Quantity Swaps Issuer Fair Value

Date Currency in USD American States Water Co 31 January 2016 (10,200) USD JP Morgan (13,974)

Antero Mid /Lp 31 January 2016 (14,900) USD JP Morgan (58,557)

Auck Int 31 January 2016 (43,800) NZD JP Morgan (14,093)

Beijing Enterprises Water Gp 31 January 2016 (299,700) HKD JP Morgan 2,770

Frankfurt Airport Serv.Worldw. 31 January 2016 (3,600) EUR JP Morgan (5,619)

Genesis Energy Lp 31 January 2016 (8,400) USD JP Morgan (39,648)

Grupo Aeroport.Del Sures/Sadr 31 January 2016 (1,500) USD JP Morgan 2,080

Hamburger Hafen Und Logistik Ag 31 January 2016 (9,300) EUR JP Morgan (2,233)

Ishares/Msci Brazil/Cap.Ind.Fd 31 January 2016 (26,400) USD JP Morgan 43,850

Ishs Msci Australia - Shs 31 January 2016 (7,500) USD JP Morgan (8,239)

Ishs Us Real Estate - Shs 31 January 2016 (2,300) USD JP Morgan (3,078)

Keyera 31 January 2016 (2,600) CAD JP Morgan 663

Ngl Energy Partners Lp /Lp 31 January 2016 (26,500) USD JP Morgan (55,120)

Northwest Natural Gas Co 31 January 2016 (8,700) USD JP Morgan (17,661)

Oneok Partners Lp 31 January 2016 (6,100) USD JP Morgan (43,845)

Plains All-Am.Pipel./Partn 31 January 2016 (7,300) USD JP Morgan (23,579)

Rumo Logist 31 January 2016 197,300 BRL JP Morgan 9,475

Spdr S&P500 Etf Trust S.1 31 January 2016 (2,600) USD JP Morgan (2,321)

Tallgrass Energy Partners Lp 31 January 2016 (3,400) USD JP Morgan (22,780)

Tav Havalimalari Holding As 31 January 2016 (63,000) TRY JP Morgan 15,540

Valero Energy Partners Lp /Lp 31 January 2016 (2,500) USD JP Morgan (15,975)

Zhejiang Expressway Co Ltd H 31 January 2016 (149,800) HKD JP Morgan (3,228)

Total as at 31 December 2015 (255,572)

* Launched on 26 August 2015. Brookfield Real Assets Securities UCITS Fund *

Description Maturity Quantity Swaps Issuer Fair Value Date Currency in USD

Bbg Com Ind - Bcom 1 January 2040 39,844 USD JP Morgan (24,365)

Total as at 30 June 2016 (24,365)

Description Maturity Quantity Swaps Issuer Fair Value Date Currency in USD

Bbg Com Ind - Bcom 31 January 2016 31,951 USD JP Morgan 27,487

Total as at 31 December 2015 27,487 * Launched on 1 September 2015.


50

11. Exchange Rates

The exchange rate to United States Dollar used in the preparation of these financial statements was:

Currency 30 June 2016 Currency 30 June 2016 AUD - Australian Dollar 0.744600 MXN - New Mexican Peso 0.054203 BRL - Brazilian Real 0.312134 NOK - Norwegian Krone 0.119504 CAD - Canadian Dollar 0.770001 NZD – New Zealand Dollar 0.712200 CHF - Swiss Franc 1.026483 SEK – Swedish Krona 0.118026 EUR - Euro 1.110950 SGD - Singapore Dollar 0.742997 GBP - Great British Pound 1.336800 TRY - New Turkisch Lira 0.347747 HKD - Hong Kong Dollar 0.128900 JPY - Japanese Yen 0.009748

Currency 31 December 2015 Currency 31 December 201 5 AUD - Australian Dollar 0.727550 HKD - Hong Kong Dollar 0.129030 BRL - Brazilian Real 0.252765 JPY - Japanese Yen 0.008313 CAD - Canadian Dollar 0.719891 MXN - New Mexican Peso 0.057900 CHF - Swiss Franc 0.999001 NOK - Norwegian Krone 0.112977

CNY - Chinese Yuan - Renminbi 0.153998 NZD - New Zealand Dollar 0.684600 EUR - Euro 1.086300 SGD - Singapore Dollar 0.704895 GBP - Great British Pound 1.473900 TRY - New Turkisch Lira 0.342601

12. Share Capital and Redeemable Participating Shar es

The maximum authorised share capital of the Company is 100,000,000,000 Shares of no par value and 500,000 Subscriber Shares of USD 1 each. The Subscriber Shares do not entitle the holders to any dividend and on a winding up entitle the holder to receive the amount paid up thereon but not otherwise to participate in the assets of the Company. The Company may by ordinary resolution of all shareholders increase its authorised share capital, consolidate and divide all or any of its share capital into shares of larger amount or sub-divide its shares or any of them into shares of smaller amount. The Company may, by special resolution of all shareholders, reduce its issued share capital.

As the Subscriber Shares are not Participating Shares (and as such do not represent any interest in a sub-fund) they do not entitle the holders thereof to participate in the dividends of any sub-fund. Each holder of Subscriber Shares is entitled to attend and vote at any general meeting provided that any holder of Subscriber Shares shall not be entitled to vote at any such general meeting at any time that Shares in issue are held by two or more shareholders. The rights attached to any class of Share may, whether or not the Company is being wound up, be varied or abrogated with the consent in writing of the holders of 75% of the issued Shares of that class or with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of that class. The provisions of the Articles relating to general meetings shall apply to every such separate general meeting but the necessary quorum at any such meeting shall be two persons holding or representing by proxy at least one third of the issued Shares of the class in question. Any holder of Shares of the class in question present in person or by proxy may demand a poll.


51

13. Soft Commission Arrangements

For the financial period ended 30 June 2016, the Investment Manager received soft commissions from brokers/dealers in consideration for directing dealings in the investments of the Sub-Funds. These soft commissions were in the form of goods and services such as subscriptions to research services which are of demonstrable benefits to shareholders.

14. Net Asset Value

The Net Asset Value of the Sub-Funds for subscriptions and redemptions is based on investments valued at last traded prices. The Net Asset Value reported in these Financial Statements equals the Net Asset Value calculated for share dealing purposes.


30 June 2016 31 December 2015 31 December 2014

Net Assets USD 673,911,275 USD 566,836,698 USD 543,435,745

Net Asset Value per Share:

Net Asset Value Per Share B Class EUR 35.30 EUR 31.23 EUR 34.91

Net Asset Value Per Share E Class USD 29.14 USD 25.20 USD 31.38

Net Asset Value Per Share F Class USD 18.88 USD 16.65 USD 21.36

Net Asset Value Per Share M Class USD 17.10 USD 14.85 USD 18.65





Net Asset Value Per Share B Class EUR 42.07 EUR 40.05 EUR 36.91


Net Asset Value Per Share F Class USD 21.68 USD 20.59 USD 21.78

Net Asset Value Per Share I Class* EUR 20.81 - -

Brookfield US Listed Real Estate UCITS Fund





Net Asset Value Per Share Q Class JPY 802.25 JPY 873.34 -

Brookfield Global Listed Infrastructure Long Short UCITS Fund**


Net Assets USD 15,171,495 USD 13,910,398 -


Net Asset Value Per Share E Class USD 20.23 USD 18.55 -

Brookfield Real Assets Securities UCITS Fund***


Net Assets USD 70,301,595 USD 63,142,925 -


Net Asset Value Per Share E Class USD 21.39 USD 19.21 -

* Launched on 25 May 2016 ** Launched on 26 August 2015. *** Launched on 1 September 2015.


52

15. Events during the Financial Period There were no material events during the financial period.

16. Events after the Financial Period End There were no material events after the financial period end.

17. Changes to the Prospectus There were no material changes to the Prospectus during the financial period.

18. Accounting Financial Period

The financial statements relate to the financial period ended 30 June 2016. The comparative amounts relate to the financial period from 1 January 2015 to 31 December 2015 and financial period from 1 January 2015 to 30 June 2015.

19. Approval of Financial Statements The Board approved the financial statements on 24 August 2016.


53

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND STATEMENT OF INVESTMENTS AS AT 30 JUNE 2016

Value % net

Shares USD assets INVESTMENTS TRANSFERABLE SECURITIES COMMON STOCKS AUSTRALIA Diversified Macquarie Atlas Roads Group 791,800 3,053,995 0.5 Total Diversified 3,053,995 0.5

Electric Utilities and Generation Origin Energy Ltd 765,700 3,278,306 0.5

Total Electric Utilities and Generation 3,278,306 0.5

Pipelines APA Group 270,700 1,862,444 0.3

Total Pipelines 1,862,444 0.3

Toll Roads Transurban Group 2,016,433 18,002,218 2.7 Total Toll Roads 18,002,218 2.7

TOTAL AUSTRALIA 26,196,963 4.0

BERMUDA ISLANDS Gas Utilities China Gas Holdings Ltd 2,015,600 3,070,964 0.5 Total Gas Utilities 3,070,964 0.5

TOTAL BERMUDA ISLANDS 3,070,964 0.5

CANADA Electricity Transmission & Distribution Hydro One Ltd 65,900 1,317,290 0.2 Total Electricity Transmission & Distribution 1,317,290 0.2

Pipelines Enbridge Inc 366,900 15,461,957 2.3 Inter Pipeline Ltd 220,600 4,654,225 0.7 Pembina Pipeline Corp 483,700 14,622,367 2.2 TransCanada Corp 717,900 32,315,736 4.8 Veresen Inc 501,100 4,225,030 0.6


TOTAL CANADA 72,596,605 10.8

CAYMAN ISLANDS Gas Utilities ENN Energy Holdings Ltd 1,101,100 5,414,698 0.8

Total Gas Utilities 5,414,698 0.8

TOTAL CAYMAN ISLANDS 5,414,698 0.8

CHINA Pipelines Beijing Capital International Airport Co Ltd 1,614,400 1,748,008 0.3


TOTAL CHINA 1,748,008 0.3


54

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND STATEMENT OF INVESTMENTS AS AT 30 JUNE 2016 (contin ued)

Value % net

Shares USD assets FRANCE Communications Eutelsat Communications SA 170,800 3,230,498 0.5 Total Communications 3,230,498 0.5

Toll Roads Groupe Eurotunnel SE 878,500 9,320,509 1.4

Total Toll Roads 9,320,509 1.4

TOTAL FRANCE 12,551,007 1.9

GREAT BRITAIN Electricity Transmission & Distribution National Grid Plc 2,287,853 33,520,085 5.0

Total Electricity Transmission & Distribution 33,520,085 5.0

Water Pennon Group Plc 935,900 11,829,256 1.8 United Utilities Group Plc 707,200 9,784,734 1.5

Total Water 21,613,990 3.3

TOTAL GREAT BRITAIN 55,134,075 8.3

HONG KONG Gas Utilities Hong Kong & China Gas Co Ltd 3,862,542 7,040,047 1.0


Pipelines Beijing Enterprises Holdings Ltd 607,900 3,432,094 0.5


Ports China Merchants Holdings International Co Ltd 1,234,102 3,276,960 0.5 Total Ports 3,276,960 0.5

TOTAL HONG KONG 13,749,101 2.0

ITALY Pipelines Snam SpA 2,531,146 15,072,195 2.2 Total Pipelines 15,072,195 2.2

Toll Roads Atlantia SpA 411,451 10,225,360 1.5


TOTAL ITALY 25,297,555 3.7

JAPAN Airports Japan Airport Terminal Co Ltd 127,600 4,577,133 0.7

Total Airports 4,577,133 0.7

Rail East Japan Railway Co 52,400 4,818,104 0.7

Total Rail 4,818,104 0.7

TOTAL JAPAN 9,395,237 1.4


55


Value % net

Shares USD assets LUXEMBOURG Communications SES SA 220,900 4,763,386 0.7 Total Communications 4,763,386 0.7

TOTAL LUXEMBOURG 4,763,386 0.7

MEXICO Airport Grupo Aeroportuario del Centro Norte SAB de CV 819,100 4,812,264 0.7 Total Airport 4,812,264 0.7

TOTAL MEXICO 4,812,264 0.7

NETHERLANDS Midstream Koninklijke Vopak NV 128,606 6,414,366 1.0 Total Midstream 6,414,366 1.0

TOTAL NETHERLANDS 6,414,366 1.0

NEW ZEALAND Airports Auckland International Airport Ltd 759,400 3,515,490 0.5 Total Airports 3,515,490 0.5

TOTAL NEW ZEALAND 3,515,490 0.5

SINGAPORE Ports Hutchison Port Holdings Trust 2,863,800 1,303,029 0.2 Total Ports 1,303,029 0.2

TOTAL SINGAPORE 1,303,029 0.2

SPAIN Airport Aena SA 62,500 8,210,615 1.2 Total Airport 8,210,615 1.2

Communications Cellnex Telecom SAU 273,400 4,261,384 0.6

Total Communications 4,261,384 0.6

Electricity Transmission & Distribution Red Electrica Corp SA 71,000 6,323,605 0.9


Toll Roads

Ferrovial SA 349,884 6,777,048 1.0


TOTAL SPAIN 25,572,652 3.7

SWITZERLAND Airports Flughafen Zuerich AG 64,150 11,339,178 1.7

Total Airports 11,339,178 1.7

TOTAL SWITZERLAND 11,339,178 1.7


56


Value % net

Shares USD assets UNITED STATES Communications SBA Communications Corp 171,200 18,479,328 2.7 Total Communications 18,479,328 2.7

Electric Utlities & Generation Ameren Corp 209,900 11,246,442 1.7 Edison International 178,500 13,864,095 2.1

Total Electric Utlities & Generation 25,110,537 3.8

Electricity Transmission & Distribution Eversource Energy 183,587 10,996,861 1.6


Gas Utilities NiSource Inc 506,000 13,419,120 2.0 ONE Gas Inc 51,700 3,442,703 0.5 Southwest Gas Corp 114,900 9,043,779 1.3 Spire Inc 48,500 3,435,740 0.5 Total Gas Utilities 29,341,342 4.3

Infrastructure - Diversified CenterPoint Energy Inc 212,000 5,088,000 0.8

Total Infrastructure - Diversified 5,088,000 0.8

Midstream EQT Midstream Partners LP 76,700 6,159,010 0.9 Kinder Morgan Inc 1,482,900 27,759,888 4.1 Rice Midstream Partners LP 427,211 8,371,313 1.2 Sunoco Logistics Partners LP 225,300 6,477,375 1.0 Targa Resources Corp 240,400 10,130,456 1.5 Western Gas Partners LP 81,900 4,127,760 0.6 Williams Cos Inc 592,800 12,822,264 1.9

Total Midstream 75,848,066 11.2

Pipelines Boardwalk Pipeline Partners LP 389,400 6,795,030 1.0 Enbridge Energy Partners LP 116,300 2,698,160 0.4 Energy Transfer Partners LP 763,400 21,007,008 3.1 Enterprise Products Partners LP 1,185,300 34,681,878 5.1 MPLX LP 193,156 6,495,836 1.0 SemGroup Corp 74,900 2,438,744 0.4 Sempra Energy 59,600 6,795,592 1.0 Williams Partners LP 157,488 5,455,384 0.8


Telecommunications American Tower Corp 386,018 43,855,505 6.5 Crown Castle International Corp 205,500 20,843,865 3.1 Total Telecommunications 64,699,370 9.6

Transmission & Distribution PG&E Corp 554,500 35,443,640 5.3

Total Transmission & Distribution 35,443,640 5.3


57


Value % net

Shares USD assets Water American Water Works Co Inc 229,200 19,369,692 2.9

Total Water 19,369,692 2.9

TOTAL UNITED STATES 370,744,468 55.0

Total COMMON STOCKS 653,619,046 97.0 (Cost $605,546,181)

TOTAL TRANSFERABLE SECURITIES 653,619,046 97.0

NON-TRANSFERABLE SECURITIES Forward (see note 9 for other details) (5,566) -

TOTAL NON-TRANSFERABLE SECURITIES (5,566) -

TOTAL INVESTMENT 653,613,480 97.0 (Cost $605,546,181) Other Assets in Excess of Liabilities 20,297,795 3.0

TOTAL NET ASSETS 673,911,275 100.0


58

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES AS AT 30 JUNE 2016

Significant Purchases Cost Security name Quantity (USD) Kinder Morgan Inc 1,684,300 29,605,369 TransCanada Corp 641,400 24,226,303 Ferrovial SA 592,060 11,873,624 Pennon Group Plc 935,900 11,602,258 Edison International 178,500 11,021,425 Ameren Corp 209,900 10,360,981 Williams Cos Inc 591,200 9,976,072 Aena SA 84,200 9,561,781 PG&E Corp 160,800 9,403,262 American Tower Corp 81,500 8,279,984 Targa Resources Corp 269,700 7,942,135 National Grid Plc 532,100 7,275,719 Cellnex Telecom SAU 402,500 6,555,669 SBA Communications Corp 64,900 6,469,202 Pembina Pipeline Corp 221,300 5,866,874 TransCanada Corp 167,700 5,828,666 Energy Transfer Equity LP 475,500 5,633,253 Columbia Pipeline Group Inc 275,800 5,614,051 Energy Transfer Partners LP 169,300 5,398,479 Snam SpA 883,601 4,993,809 NiSource Inc 247,900 4,923,392 Japan Airport Terminal Co Ltd 127,600 4,819,768 SES SA 166,100 4,355,088 Enbridge Inc 102,800 4,326,828 Southwest Gas Corp 65,900 3,848,137 Eutelsat Communications SA 170,800 3,715,361 Red Electrica Corp SA 40,800 3,525,036 Auckland International Airport Ltd 759,400 3,455,111 Rumo Logistica Operadora Multimodal SA 4,756,200 3,278,912 Beijing Enterprises Holdings Ltd 607,900 3,278,651 Spire Inc 48,500 3,269,353 Flughafen Zuerich AG 3,550 3,177,168 Origin Energy Ltd 765,700 3,150,479 Groupe Eurotunnel SE 260,200 2,941,905 Grupo Aeroportuario del Centro Norte SAB de CV 586,600 2,925,257


59

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES AS AT 30 JUNE 2016 (continued)

Significant Sales Proceeds Security name Quantity (USD) Ferrovial SA 1,001,582 21,134,023 Enbridge Inc 399,900 14,387,153 Columbia Pipeline Group Inc 553,700 13,997,877 Union Pacific Corp 183,500 13,944,676 Eversource Energy 221,713 12,177,901 Groupe Eurotunnel SE 842,700 9,837,041 Williams Cos Inc 435,400 8,917,417 Aeroports de Paris 74,900 8,572,463 Energy Transfer Partners LP 250,200 8,268,332 Veresen Inc 1,086,000 7,125,437 Transurban Group 767,200 6,812,432 TransCanada Corp 167,700 6,732,185 National Grid Plc 486,554 6,667,994 Rumo Logistica Operadora Multimodal SA 4,756,200 6,126,473 SBA Communications Corp 61,000 5,992,132 Aena SA 43,800 5,902,371 Red Electrica Corp SA 65,400 5,746,124 SES SA 235,000 5,561,797 ITC Holdings Corp 141,200 5,468,074 Inter Pipeline Ltd 328,300 5,046,604 Energy Transfer Equity LP 381,900 4,848,419 Targa Resources Corp 112,300 4,417,384 CSX Corp 177,500 4,364,085 Severn Trent Plc 136,000 4,105,678 United Utilities Group Plc 298,500 3,994,799 Kinder Morgan Inc 201,400 3,801,433 Crown Castle International Corp 38,000 3,762,746 TransCanada Corp 90,200 3,604,517 ENN Energy Holdings Ltd 673,300 3,400,466 Pembina Pipeline Corp 112,900 3,180,676 American Water Works Co Inc 44,600 3,116,744 Pepco Holdings LLC 115,000 3,114,022 NiSource Inc 128,700 2,980,172 CenterPoint Energy Inc 160,600 2,900,891


60

BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND STATEMENT OF INVESTMENTS AS AT 30 JUNE 2016

Value % net

Shares USD assets INVESTMENTS TRANSFERABLE SECURITIES COMMON STOCKS AUSTRALIA Real Estate - Diversified Dexus Property Group 546,083 3,667,653 2.0

Total Real Estate - Diversified 3,667,653 2.0

Retail Scentre Group 1,019,067 3,733,283 2.1 Westfield Corp 449,500 3,564,531 2.0 Vicinity Centres 725,300 1,792,994 1.0

Total Retail 9,090,808 5.1


AUSTRIA Office CA Immobilien Anlagen AG 96,600 1,610,840 0.9

Total Office 1,610,840 0.9

TOTAL AUSTRIA 1,610,840 0.9

BERMUDA ISLANDS Office Hongkong Land Holdings Ltd 869,500 5,295,255 3.0


TOTAL BERMUDA ISLANDS 5,295,255 3.0

CAYMAN ISLANDS Office SOHO China Ltd 3,947,500 1,892,858 1.0


TOTAL CAYMAN ISLANDS 1,892,858 1.0

FRANCE Office Gecina SA 9,200 1,252,041 0.7


Real Estate - Diversified Unibail-Rodamco SE 15,800 4,101,260 2.3 Total Real Estate - Diversified 4,101,260 2.3


GERMANY Office alstria office REIT-AG 328,400 4,456,472 2.5 Total Office 4,456,472 2.5

Real Estate Management/Service Vonovia SE 99,730 3,643,827 2.0

Total Real Estate Management/Service 3,643,827 2.0

Retail Deutsche EuroShop AG 91,700 4,241,019 2.4


TOTAL GERMANY 12,341,318 6.9


61

BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND STATEMENT OF INVESTMENTS AS AT 30 JUNE 2016 (contin ued)

Value % net

Shares USD assets GREAT BRITAIN Diversified - Real Estate Land Securities Group Plc 394,900 5,484,905 3.0

Total Diversified - Real Estate 5,484,905 3.0

Industrial Segro Plc 275,800 1,528,955 0.9

Total Industrial 1,528,955 0.9

Office Great Portland Estates Plc 86,500 724,442 0.4 Total Office 724,442 0.4

Retail Hammerson Plc 605,600 4,355,466 2.4



HONG KONG Real Estate - Diversified Swire Properties Ltd 662,500 1,754,893 1.0 Wharf Holdings Ltd 956,000 5,785,573 3.2 Total Real Estate - Diversified 7,540,466 4.2


JAPAN Office Mitsubishi Estate Co Ltd 288,945 5,275,310 2.9 Nippon Building Fund Inc 350 2,159,568 1.1


Real Estate - Diversified GLP J-Reit 1,486 1,880,133 1.1 Mitsui Fudosan Co Ltd 175,900 3,997,572 2.2


Residential Nippon Accommodations Fund Inc 474 2,162,316 1.2

Total Residential 2,162,316 1.2 TOTAL JAPAN 15,474,899 8.5

JERSEY Retail Atrium European Real Estate Ltd 666,685 2,856,701 1.6

Total Retail 2,856,701 1.6 TOTAL JERSEY 2,856,701 1.6

NEW ZEALAND Real Estate Operator/Developer Precinct Properties New Zealand Ltd 1,476,372 1,309,083 0.7

Real Estate Operator/Developer 1,309,083 0.7 TOTAL NEW ZEALAND 1,309,083 0.7


62


Value % net

Shares USD assets SINGAPORE Industrial Global Logistic Properties Ltd 2,303,600 3,089,380 1.8

Total Industrial 3,089,380 1.8

TOTAL SINGAPORE 3,089,380 1.8

UNITED STATES Communications SBA Communications Corp 8,600 928,284 0.5

Total Communications 928,284 0.5

Healthcare Care Capital Properties Inc 100,925 2,645,244 1.5 Ventas Inc 50,300 3,662,846 2.0 Welltower Inc 61,300 4,669,221 2.6 Physicians Realty Trust 117,702 2,472,919 1.4

Total Healthcare 13,450,230 7.5

Hotel Hersha Hospitality Trust 73,500 1,260,525 0.7 Host Hotels & Resorts Inc 248,700 4,031,427 2.2 Sunstone Hotel Investors Inc 8,100 97,767 0.1

Total Hotel 5,389,719 3.0

Industrial Prologis Inc 90,100 4,418,504 2.4 Total Industrial 4,418,504 2.4

Mixed Kilroy Realty Corp 48,700 3,228,323 1.8

Total Mixed 3,228,323 1.8

Office Brandywine Realty Trust 136,900 2,299,920 1.3 Corporate Office Properties Trust 79,800 2,359,686 1.3 Highwoods Properties Inc 66,900 3,532,320 2.0 SL Green Realty Corp 34,000 3,619,980 2.0 DiamondRock Hospitality Co 137,600 1,242,528 0.7 Equity Commonwealth 59,557 1,734,895 1.0


Other CyrusOne Inc 66,700 3,712,522 2.0

Total Other 3,712,522 2.0

Real Estate - Diversified Vornado Realty Trust 68,900 6,898,268 3.8 Liberty Property Trust 51,000 2,025,720 1.1


Regional Malls CBL & Associates Properties Inc 259,100 2,412,221 1.3 Simon Property Group Inc 56,050 12,157,245 6.7 Total Regional Malls 14,569,466 8.0


63


Value % net

Shares USD assets Residential American Homes 4 Rent 137,500 2,816,000 1.5 AvalonBay Communities Inc 17,500 3,156,825 1.7 Camden Property Trust 35,100 3,103,542 1.7 Equity Residential 25,100 1,728,888 1.0

Total Residential 10,805,255 5.9

Retail WP Glimcher Inc 86,750 970,733 0.5 Urban Edge Properties 63,900 1,908,054 1.1


Specialty Outfront Media Inc 172,299 4,164,467 2.2

Total Specialty 4,164,467 2.2

Triple Net Lease Gramercy Property Trust 386,200 3,560,763 2.0 MGM Growth Properties LLC 89,200 2,379,856 1.4 Spirit Realty Capital Inc 186,400 2,380,328 1.3 Total Triple Net Lease 8,320,947 4.7


TOTAL COMMON STOCKS 177,196,151 98.2 (Cost $172,867,747)

TOTAL TRANSFERABLE SECURITIES 177,196,151 98.2

NON-TRANSFERABLE SECURITIES Forward (see note 9 for other details) (236,587) (0.1)

TOTAL NON-TRANSFERABLE SECURITIES (236,587) (0.1) TOTAL INVESTMENTS 176,959,564 98.1 (Cost $172,867,747) Other Assets in Excess of Liabilities 3,464,810 1.9



64

BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES AS AT 30 JUNE 2016

Significant Purchases Cost Security name Quantity (USD) Simon Property Group Inc 39,100 7,561,780 Land Securities Group Plc 420,900 6,347,399 Deutsche EuroShop AG 105,400 4,689,519 Gramercy Property Trust 505,200 3,883,263 Vornado Realty Trust 37,200 3,515,353 Highwoods Properties Inc 66,900 3,242,028 Hongkong Land Holdings Ltd 470,700 2,854,043 Physicians Realty Trust 170,302 2,851,745 CyrusOne Inc 69,100 2,782,535 Welltower Inc 40,600 2,623,978 American Homes 4 Rent 137,500 2,455,953 Mitsui Fudosan Co Ltd 101,400 2,454,132 Mitsubishi Estate Co Ltd 129,000 2,446,649 Wharf Holdings Ltd 448,100 2,400,480 Unibail-Rodamco SE 8,400 2,265,882 Kilroy Realty Corp 37,600 2,254,654 Spirit Realty Capital Inc 186,400 2,102,269 MGM Growth Properties LLC 94,100 2,100,673 Hammerson Plc 229,400 1,915,659 Nippon Accommodations Fund Inc 474 1,902,000 alstria office REIT-AG 141,800 1,871,772 Liberty Property Trust 51,000 1,863,937 SOHO China Ltd 3,947,500 1,833,312 Prologis Inc 41,800 1,806,588 Segro Plc 275,800 1,772,980 Host Hotels & Resorts Inc 116,800 1,762,722 Vicinity Centres 763,200 1,748,060 Urban Edge Properties 63,900 1,690,124 Equity Commonwealth 59,557 1,686,581 Dexus Property Group 275,800 1,669,037 SL Green Realty Corp 15,700 1,501,530 Outfront Media Inc 69,000 1,476,817 DiamondRock Hospitality Co 148,000 1,405,791 Global Logistic Properties Ltd 990,700 1,299,915 Vonovia SE 38,000 1,287,674 Westfield Corp 167,700 1,271,496 AvalonBay Communities Inc 7,100 1,260,815 Care Capital Properties Inc 48,000 1,236,710 Scentre Group 363,600 1,211,982 Ventas Inc 19,400 1,199,411 Hersha Hospitality Trust 57,900 1,079,695


65

BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES AS AT 30 JUNE 2016 (continued)

Significant Sales Proceeds Security name Quantity (USD) Simon Property Group Inc 52,200 10,012,712 Prologis Inc 152,900 6,323,817 Dexus Property Group 952,600 5,412,962 Vonovia SE 159,900 4,906,372 Mid-America Apartment Communities Inc 43,200 4,076,270 Ventas Inc 69,500 3,945,320 Hudson Pacific Properties Inc 129,100 3,513,036 Gecina SA 25,000 3,272,544 alstria office REIT-AG 249,000 3,182,143 Welltower Inc 49,800 3,151,089 Hongkong Land Holdings Ltd 524,700 3,147,075 SL Green Realty Corp 32,400 3,022,906 Host Hotels & Resorts Inc 203,800 2,970,278 Unibail-Rodamco SE 11,600 2,967,597 Scentre Group 955,100 2,962,217 Outfront Media Inc 135,500 2,906,516 Equity Residential 38,500 2,857,827 Mitsubishi Estate Co Ltd 144,600 2,739,866 AvalonBay Communities Inc 15,600 2,699,516 HCP Inc 79,700 2,683,407 CA Immobilien Anlagen AG 146,500 2,590,432 Brandywine Realty Trust 173,500 2,379,458 Highwoods Properties Inc 55,500 2,327,916 Hammerson Plc 275,300 2,228,690 Hang Lung Properties Ltd 1,030,500 2,195,517 Sunstone Hotel Investors Inc 178,436 2,190,996 Corporate Office Properties Trust 98,700 2,114,355 Westfield Corp 278,300 1,954,671 Mitsui Fudosan Co Ltd 80,100 1,866,198 Hansteen Holdings Plc 1,221,300 1,854,161 Cheung Kong Property Holdings Ltd 301,900 1,824,792 Wharf Holdings Ltd 366,300 1,776,848 Vornado Realty Trust 20,700 1,775,096 CyrusOne Inc 40,500 1,622,068 NorthStar Realty Finance Corp 123,950 1,557,852 Camden Property Trust 20,700 1,553,893 Kilroy Realty Corp 26,600 1,536,853 Digital Realty Trust Inc 19,300 1,503,589 Hersha Hospitality Trust 72,700 1,320,535 Nippon Building Fund Inc 246 1,293,225


66

BROOKFIELD US LISTED REAL ESTATE UCITS FUNDS STATEMENT OF INVESTMENTS AS AT 30 JUNE 2016

Value % net

Shares USD assets INVESTMENTS TRANSFERABLE SECURITIES COMMON STOCKS UNITED STATES Communications SBA Communications Corp 8,800 949,872 1.1


Healthcare Care Capital Properties Inc 134,450 3,523,935 4.0 Physicians Realty Trust 112,977 2,373,647 2.7 Ventas Inc 38,300 2,789,006 3.1 Welltower Inc 57,300 4,364,541 5.0


Hotel Hersha Hospitality Trust 68,706 1,178,308 1.3 Host Hotels & Resorts Inc 142,300 2,306,683 2.6 Sunstone Hotel Investors Inc 7,700 92,939 0.1

Total Hotel 3,577,930 4.0

Industrial Prologis Inc 71,800 3,521,072 4.0 Total Industrial 3,521,072 4.0

Mixed Kilroy Realty Corp 47,000 3,115,630 3.5

Total Mixed 3,115,630 3.5

Office Brandywine Realty Trust 158,950 2,670,360 3.0 Corporate Office Properties Trust 69,000 2,040,330 2.3 DiamondRock Hospitality Co 125,900 1,136,877 1.3 Equity Commonwealth 60,000 1,747,800 2.0 Highwoods Properties Inc 49,600 2,618,880 3.0 SL Green Realty Corp 21,150 2,251,841 2.6

Total Office 12,466,088 14.2

Other CyrusOne Inc 48,600 2,705,076 3.1

Total Other 2,705,076 3.1

Real Estate - Diversified Liberty Property Trust 36,100 1,433,892 1.6 Vornado Realty Trust 50,350 5,041,042 5.7


Regional Malls CBL & Associates Properties Inc 323,450 3,011,320 3.4 Simon Property Group Inc 30,950 6,713,054 7.6 Total Regional Malls 9,724,374 11.0

Residential American Homes 4 Rent 141,000 2,887,680 3.3 AvalonBay Communities Inc 18,600 3,355,254 3.8 Camden Property Trust 43,000 3,802,060 4.3 Equity Residential 66,200 4,559,855 5.2



67

BROOKFIELD US LISTED REAL ESTATE UCITS FUNDS STATEMENT OF INVESTMENTS AS AT 30 JUNE 2016 (contin ued)

Value % net

Shares USD assets Retail Acadia Realty Trust 49,566 1,760,584 2.0 Urban Edge Properties 61,000 1,821,460 2.1 WP Glimcher Inc 78,100 873,939 1.0 Total Retail 4,455,983 5.1

Specialty Outfront Media Inc 102,956 2,488,447 2.8

Total Specialty 2,488,447 2.8

Triple Net Lease Gramercy Property Trust 374,400 3,451,968 3.9 MGM Growth Properties LLC 64,700 1,726,196 2.0 Spirit Realty Capital Inc 175,700 2,243,689 2.6

Total Triple Net Lease 7,421,853 8.5 TOTAL UNITED STATES 84,557,237 96.00 TOTAL COMMON STOCKS 84,557,237 96.0 (Cost $81,235,755)

TOTAL TRANSFERABLE SECURITIES 84,557,237 96.0 TOTAL INVESTMENTS 84,557,237 96.0 (Cost $81,235,755) Other Assets in Excess of Liabilities 3,502,743 4.0



68

BROOKFIELD US LISTED REAL ESTATE UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES AS AT 30 JUNE 2016

Significant Purchases Cost Security name Quantity (USD) Simon Property Group Inc 23,600 4,770,439 Equity Residential 54,500 3,976,885 Gramercy Property Trust 479,600 3,705,348 Vornado Realty Trust 33,800 3,220,619 Welltower Inc 38,700 2,607,099 American Homes 4 Rent 156,900 2,606,339 CyrusOne Inc 63,800 2,555,205 Highwoods Properties Inc 49,600 2,467,442 MGM Growth Properties LLC 110,600 2,458,077 Physicians Realty Trust 144,277 2,451,814 Kilroy Realty Corp 40,500 2,440,643 Prologis Inc 55,000 2,398,499 Spirit Realty Capital Inc 207,100 2,337,573 Care Capital Properties Inc 73,300 1,943,970 Acadia Realty Trust 56,466 1,942,504 Urban Edge Properties 71,500 1,896,028 Camden Property Trust 22,600 1,841,704 Equity Commonwealth 60,000 1,693,116 AvalonBay Communities Inc 8,500 1,602,097 Liberty Property Trust 43,400 1,581,018 DiamondRock Hospitality Co 161,000 1,563,247 Outfront Media Inc 72,200 1,528,711 CBL & Associates Properties Inc 131,400 1,526,382 Ventas Inc 24,300 1,504,749 SL Green Realty Corp 14,700 1,398,184 Brandywine Realty Trust 88,900 1,244,063 Host Hotels & Resorts Inc 68,800 1,077,700 WP Glimcher Inc 106,800 1,015,796 Mid-America Apartment Communities Inc 8,300 836,992 Sunstone Hotel Investors Inc 61,100 766,757 Hersha Hospitality Trust 37,606 747,641 Corporate Office Properties Trust 25,800 673,118


69

BROOKFIELD US LISTED REAL ESTATE UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES AS AT 30 JUNE 2016 (continued)

Significant Sales Proceeds Security name Quantity (USD) Simon Property Group Inc 24,000 4,782,497 Prologis Inc 102,600 4,576,987 Mid-America Apartment Communities Inc 37,000 3,592,170 Ventas Inc 51,900 3,146,166 Hudson Pacific Properties Inc 82,000 2,366,949 Welltower Inc 33,400 2,291,890 WP Glimcher Inc 209,400 2,131,994 SL Green Realty Corp 21,300 2,127,785 Outfront Media Inc 93,600 2,110,164 CyrusOne Inc 42,500 2,092,796 HCP Inc 61,600 2,045,914 Sunstone Hotel Investors Inc 156,701 1,982,722 Equity Residential 25,500 1,814,453 Highwoods Properties Inc 39,700 1,692,503 Kilroy Realty Corp 26,600 1,676,821 Brandywine Realty Trust 111,500 1,665,540 AvalonBay Communities Inc 9,000 1,623,441 Host Hotels & Resorts Inc 90,400 1,423,643 Corporate Office Properties Trust 60,300 1,369,858 MGM Growth Properties LLC 45,900 1,149,434 Camden Property Trust 13,800 1,121,778 Digital Realty Trust Inc 13,800 1,074,309 NorthStar Realty Finance Corp 82,200 1,049,281 Vornado Realty Trust 10,000 948,083 Gramercy Property Trust 105,200 911,025 Care Capital Properties Inc 30,200 812,180 Hersha Hospitality Trust 31,100 612,223 CBL & Associates Properties Inc 54,800 610,906 Physicians Realty Trust 31,300 605,736


70

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE LONG SHORT UCITS FUND STATEMENT OF INVESTMENTS AS AT 30 JUNE 2016

Value % net

Shares USD assets

INVESTMENTS

TRANSFERABLE SECURITIES

COMMON STOCKS CANADA Pipelines Pembina Pipeline Corp 10,700 323,464 2.1 Veresen Inc 20,700 174,532 1.2

Total Pipelines 497,996 3.3

TOTAL CANADA 497,996 3.3

ITALY Communications Infrastrutture Wireless Italiane SpA 71,300 313,991 2.1


TOTAL ITALY 313,991 2.1

MEXICO Airports Grupo Aeroportuario del Centro Norte SAB de CV 76,400 448,855 3.0

Total Airports 448,855 3.0

Toll Roads OHL Mexico SAB de CV 187,300 226,395 1.5

Total Toll Roads 226,395 1.5 TOTAL MEXICO 675,250 4.5

SPAIN Toll Roads Ferrovial SA 15,977 309,465 2.0

Total Toll Roads 309,465 2.0 TOTAL SPAIN 309,465 2.0

SWITZERLAND Airports Flughafen Zuerich AG 2,000 353,521 2.3

Total Airports 353,521 2.3 TOTAL SWITZERLAND 353,521 2.3

UNITED STATES Communications SBA Communications Corp 3,800 410,172 2.7


Gas Utilities NiSource Inc 18,200 482,664 3.2 Southwest Gas Corp 2,500 196,775 1.3

Total Gas Utilities 679,439 4.5


71

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE LONG SHORT UCITS FUND STATEMENT OF INVESTMENTS AS AT 30 JUNE 2016 (contin ued)

Value % net

Shares USD assets Midstream EQT Midstream Partners LP 2,100 168,630 1.1 Rice Midstream Partners LP 32,659 667,223 4.4 Targa Resources Corp 7,526 317,145 2.1 Williams Cos Inc 7,300 157,899 1.0


Pipelines Energy Transfer Partners LP 8,500 323,595 2.1 Enterprise Products Partners LP 16,700 488,642 3.2 MPLX LP 7,200 242,136 1.6 Williams Partners LP 8,800 304,832 2.0


Telecommunications American Tower Corp 4,200 477,162 3.1

Total Telecommunications 477,162 3.1 TOTAL UNITED STATES 4,236,875 27.8

Total COMMON STOCKS 6,387,098 42 (Cost $5,327,229)

TOTAL TRANSFERABLE SECURITIES 6,387,098 42 NON-TRANSFERABLE SECURITIES Swap (see note 10 for other details) (146,074) (0.9)

TOTAL NON-TRANSFERABLE SECURITIES (146,074) (0.9) TOTAL INVESTMENTS 6,241,024 41.1 (Cost $5,327,229) Other Assets in Excess of Liabilities 8,930,471 58.9



72

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE LONG SHORT UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES AS AT 30 JUNE 2016

Significant Purchases Cost Security name Quantity (USD) Williams Cos Inc 112,300 1,945,083 Ferrovial SA 43,277 864,543 OHL Mexico SAB de CV 598,900 798,156 Enterprise Products Partners LP 28,300 734,600 Williams Partners LP 21,800 540,195 Pembina Pipeline Corp 20,100 522,997 Infrastrutture Wireless Italiane SpA 101,700 516,140 MPLX LP 16,400 482,725 DONG Energy A/S 13,300 476,064 Energy Transfer Partners LP 13,900 460,189 EQT Midstream Partners LP 5,900 454,633 Sunoco Logistics Partners LP 15,800 450,748 SemGroup Corp 16,000 406,308 NextEra Energy Partners LP 15,300 397,800 Rice Midstream Partners LP 19,100 307,359 SBA Communications Corp 3,000 291,653 Tokyo Gas Co Ltd 65,400 282,879 Targa Resources Corp 15,582 278,866 California Water Service Group 10,900 261,971 Enbridge Energy Partners LP 13,000 206,987 Grupo Aeroportuario del Centro Norte SAB de CV 39,700 186,159 Shell Midstream Partners LP 5,000 158,750 Enbridge Inc 5,100 152,647 TransCanada Corp 4,100 142,502 Southwest Gas Corp 2,500 142,256


73

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE LONG SHORT UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES AS AT 30 JUNE 2016 (continued)

Significant Sales Proceeds Security name Quantity (USD) Williams Cos Inc 105,000 1,910,702 Institutional Cash Series Plc - Institutional US Dollar Liquidity Fund 1,126,477 1,126,477 OHL Mexico SAB de CV 535,100 723,877 American Water Works Co Inc 9,600 642,815 Williams Partners LP 19,200 597,035 Sunoco Logistics Partners LP 21,100 555,768 Ferrovial SA 27,300 546,334 DONG Energy A/S 13,300 512,362 Groupe Eurotunnel SE 44,400 508,159 SemGroup Corp 16,000 453,186 Energy Transfer Partners LP 13,400 451,826 Enterprise Products Partners LP 16,900 416,460 ONE Gas Inc 8,300 415,119 NextEra Energy Partners LP 15,300 394,207 Summit Midstream Partners LP 20,700 367,150 Aena SA 2,700 367,102 California Water Service Group 10,900 362,745 Targa Resources Corp 11,652 328,295 Veresen Inc 47,000 325,653 Union Pacific Corp 3,900 308,599 EQT Midstream Partners LP 3,800 289,265 MPLX LP 9,200 283,360 Tokyo Gas Co Ltd 65,400 272,062 Origin Energy Ltd 85,300 270,854 Rice Midstream Partners LP 14,500 261,103 SBA Communications Corp 2,900 260,207 Pembina Pipeline Corp 9,400 255,938 Cosan Ltd 84,600 241,776 Enbridge Energy Partners LP 13,000 240,986 Promotora y Operadora de Infraestructura SAB de CV 17,800 226,676 CenterPoint Energy Inc 12,000 215,830 Eiffage SA 2,500 171,191 Shell Midstream Partners LP 5,000 164,770 Transurban Group 19,600 163,865 TransCanada Corp 4,100 162,850 Enbridge Inc 5,100 159,034


74

BROOKFIELD REAL ASSETS SECURITIES UCITS FUND STATEMENT OF INVESTMENTS AS AT 30 JUNE 2016

Value % net

Shares USD assets INVESTMENTS TRANSFERABLE SECURITIES COMMON STOCKS AUSTRALIA Containers & Packaging Amcor Ltd 5,245 58,308 0.1

Total Containers & Packaging 58,308 0.1

Diversified Macquarie Atlas Roads Group 24,600 94,883 0.1 Total Diversified 94,883 0.1

Electric Utilities and Generation Origin Energy Ltd 22,800 97,617 0.1

Total Electric Utilities and Generation 97,617 0.1

Exploration & Production BHP Billiton Ltd 12,803 365,654 0.5 Karoon Gas Australia Ltd 54,390 52,041 0.1 Senex Energy Ltd 66,820 12,687 - Total Exploration & Production 430,382 0.6

Metals & Mining South32 Ltd 70,700 81,071 0.1

Total Metals & Mining 81,071 0.1

Pipelines APA Group 8,000 55,041 0.1


Real Estate - Diversified Dexus Property Group 57,300 384,844 0.5 Total Real Estate - Diversified 384,844 0.5

Refineries Caltex Australia Ltd 2,480 58,907 0.1

Total Refineries 58,907 0.1

Retail Scentre Group 107,040 392,134 0.6 Westfield Corp 46,937 372,210 0.5 Vicinity Centres 81,000 200,238 0.3

Total Retail 964,582 1.4

Toll Roads Transurban Group 57,034 509,186 0.7

Total Toll Roads 509,186 0.7


AUSTRIA Metals & Mining voestalpine AG 2,064 68,836 0.1



75

BROOKFIELD REAL ASSETS SECURITIES UCITS FUND STATEMENT OF INVESTMENTS AS AT 30 JUNE 2016 (contin ued)

Value % net

Shares USD assets Office CA Immobilien Anlagen AG 9,900 165,086 0.2

Total Office 165,086 0.2

TOTAL AUSTRIA 233,922 0.3

BELGIUM Shipping Euronav NV 1,447 13,269 -

Total Shipping 13,269 -

TOTAL BELGIUM 13,269 -

BERMUDA ISLANDS Gas Utilities China Gas Holdings Ltd 64,000 97,510 0.1


Office Hongkong Land Holdings Ltd 79,200 482,328 0.7

Total Office 482,328 0.7 TOTAL BERMUDA ISLANDS 579,838 0.8

BRAZIL Basic Materials Vale SA 4,795 24,263 -

Total Basic Materials 24,263 - TOTAL BRAZIL 24,263 -

CANADA Basic Materials Agrium Inc 2,245 202,993 0.3 Barrick Gold Corp 12,959 276,675 0.4 Potash Corp of Saskatchewan Inc 6,922 112,413 0.2

Total Basic Materials 592,081 0.9

Electricity Transmission & Distribution Hydro One Ltd 1,700 33,982 - Total Electricity Transmission & Distribution 33,982 -

Exploration & Production Advantage Oil & Gas Ltd 6,340 35,247 0.1 Africa Oil Corp 58,500 84,685 0.1 Birchcliff Energy Ltd 6,000 31,786 - Cenovus Energy Inc 7,460 102,649 0.1 Seven Generations Energy Ltd 6,280 119,246 0.2

Total Exploration & Production 373,613 0.5

Metals & Mining First Quantum Minerals Ltd 5,829 40,709 0.1 Goldcorp Inc 9,300 177,909 0.3 Silver Wheaton Corp 3,300 77,649 0.1



76


Value % net

Shares USD assets Oilfield Services & Equipment ShawCor Ltd 1,113 27,450 - Xtreme Drilling & Coil Services Corp 54,290 109,107 0.2

Total Oilfield Services & Equipment 136,557 0.2

Pipelines Enbridge Inc 14,090 593,783 0.8 Inter Pipeline Ltd 6,550 138,192 0.2 Pembina Pipeline Corp 15,780 478,765 0.7 TransCanada Corp 24,500 1,102,849 1.6 Veresen Inc 13,690 115,428 0.2 Total Pipelines 2,429,017 3.5

TOTAL CANADA 3,861,517 5.6

CAYMAN ISLANDS Gas Utilities ENN Energy Holdings Ltd 42,300 208,012 0.3 Total Gas Utilities 208,012 0.3

Office SOHO China Ltd 402,000 192,762 0.3


TOTAL CAYMAN ISLANDS 400,774 0.6

CHINA Pipelines Beijing Capital International Airport Co Ltd 54,500 59,010 0.1


TOTAL CHINA 59,010 0.1

CURACAO Oilfield Services & Equipment Schlumberger Ltd 1,360 107,549 0.2


TOTAL CURACAO 107,549 0.2

FINLAND Basic Materials UPM-Kymmene OYJ 9,830 179,098 0.3


TOTAL FINLAND 179,098 0.3

FRANCE Communications Eutelsat Communications SA 6,300 119,158 0.2


Office Gecina SA 1,300 176,919 0.3


Real Estate - Diversified Unibail-Rodamco SE 1,764 457,888 0.7 Total Real Estate - Diversified 457,888 0.7


77


Value % net

Shares USD assets Toll Roads Groupe Eurotunnel SE 24,720 262,268 0.3

Total Toll Roads 262,268 0.3


GERMANY Metals & Mining ThyssenKrupp AG 4,793 96,320 0.1


Office Alstria office REIT-AG 35,500 481,744 0.7


Real Estate Management/Service Vonovia SE 17,200 628,435 0.9

Total Real Estate Management/Service 628,435 0.9 Retail Deutsche EuroShop AG 9,600 443,989 0.6


Residential Deutsche Wohnen AG 5,853 199,988 0.3 Total Residential 199,988 0.3

TOTAL GERMANY 1,850,476 2.6

GREAT BRITAIN Basic Materials Mondi Plc 1,287 24,000 - Total Basic Materials 24,000 -

Electricity Transmission & Distribution National Grid Plc 72,829 1,067,041 1.5


Exploration & Production Tullow Oil Plc 8,260 28,952 -

Total Exploration & Production 28,952 -

Industrial Segro Plc 29,600 164,094 0.2 Total Industrial 164,094 0.2

Metals & Mining Anglo American Plc 10,824 105,179 0.1 Rio Tinto Plc 3,428 107,296 0.2 Total Metals & Mining 212,475 0.3

Office Great Portland Estates Plc 7,900 66,163 0.1



78


Value % net

Shares USD assets Oil, Gas & Consumable Fuels Ophir Energy Plc 55,615 58,548 0.1

Total Oil, Gas & Consumable Fuels 58,548 0.1

Real Estate - Diversified Land Securities Group Plc 41,900 581,963 0.8 Pennon Group Plc 28,500 360,224 0.5 Total Real Estate - Diversified 942,187 1.3

Retail Hammerson Plc 66,900 481,144 0.7


Water United Utilities Group Plc 21,390 295,949 0.4

Total Water 295,949 0.4


HONG KONG Gas Utilities Hong Kong & China Gas Co Ltd 152,900 278,683 0.4


Pipelines Beijing Enterprises Holdings Ltd 17,400 98,237 0.1 Total Pipelines 98,237 0.1

Ports China Merchants Holdings International Co Ltd 36,800 97,717 0.1

Total Ports 97,717 0.1

Real Estate - Diversified Swire Properties Ltd 70,300 186,217 0.3

Total Real Estate - Diversified 186,217 0.3

Retail Wharf Holdings Ltd 96,434 583,605 0.8 Total Retail 583,605 0.8


IRELAND Containers & Packaging Smurfit Kappa Group Plc 2,730 60,051 0.1 Total Containers & Packaging 60,051 0.1

Oilfield Services Weatherford International Plc 3,060 16,983 -

Total Oilfield Services 16,983 -

TOTAL IRELAND 77,034 0.1

ITALY Pipelines Snam SpA 93,479 556,639 0.8



79


Value % net

Shares USD assets Toll Roads Atlantia SpA 12,870 319,845 0.5

Total Toll Roads 319,845 0.5 TOTAL ITALY 876,484 1.3

JAPAN Airports Japan Airport Terminal Co Ltd 3,900 139,897 0.2


Basic Materials JFE Holdings Inc 4,836 61,988 0.1


Metals & Mining Nippon Steel & Sumitomo Metal Corp 7,999 152,666 0.2


Office Mitsubishi Estate Co Ltd 29,700 542,237 0.8 Nippon Building Fund Inc 39 240,638 0.3 Total Office 782,875 1.1

Paper & Forest Products Oji Holdings Corp 15,382 58,775 0.1

Total Paper & Forest Products 58,775 0.1

Rail East Japan Railway Co 2,600 239,066 0.3

Total Rail 239,066 0.3

Real Estate - Diversified GLP J-Reit 157 198,641 0.2 Mitsui Fudosan Co Ltd 17,800 404,530 0.6


Residential Nippon Accommodations Fund Inc 57 260,025 0.4 Total Residential 260,025 0.4

TOTAL JAPAN 2,298,463 3.2

JERSEY Metals & Mining Glencore Plc 92,730 189,475 0.3 Total Metals & Mining 189,475 0.3

Retail Atrium European Real Estate Ltd 34,280 146,888 0.2


TOTAL JERSEY 336,363 0.5


80


Value % net

Shares USD assets LUXEMBOURG Communications SES SA 6,930 149,436 0.2 Total Communications 149,436 0.2

Metals & Mining ArcelorMittal 9,500 44,270 0.1


TOTAL LUXEMBOURG 193,706 0.3

MARSHALL ISLANDS Midstream Gener8 Maritime Inc 23,500 150,400 0.2

Total Midstream 150,400 0.2 Shipping DHT Holdings Inc 2,600 13,078 -

Total Shipping 13,078 -

TOTAL MARSHALL ISLANDS 163,478 0.2

MAURITIUS ISLANDS Real Estate - Diversified Golden Agri-Resources Ltd 177,659 46,200 0.1


TOTAL MAURITIUS ISLANDS 46,200 0.1

MEXICO Airports Grupo Aeroportuario del Centro Norte SAB de CV 25,400 149,227 0.2


TOTAL MEXICO 149,227 0.2

NETHERLANDS Midstream Koninklijke Vopak NV 3,842 191,624 0.3

Total Midstream 191,624 0.3

TOTAL NETHERLANDS 191,624 0.3

NEW ZEALAND Airports Auckland International Airport Ltd 22,200 102,770 0.1


Real Estate Operator/Developer Precinct Properties New Zealand Ltd 83,000 73,595 0.1 Total Real Estate Operator/Developer 73,595 0.1

TOTAL NEW ZEALAND 176,365 0.2

NORWAY Chemicals Yara International ASA 1,365 43,032 0.1 Total Chemicals 43,032 0.1

TOTAL NORWAY 43,032 0.1


81


Value % net

Shares USD assets SINGAPORE Food Products Wilmar International Ltd 26,010 63,001 0.1 Total Food Products 63,001 0.1

Industrial Global Logistic Properties Ltd 234,700 314,758 0.4

Total Industrial 314,758 0.4

Ports Hutchison Port Holdings Trust 59,300 26,982 -

Total Ports 26,982 -

TOTAL SINGAPORE 404,741 0.5

SPAIN Airports Aena SA 1,800 236,466 0.3


Communications Cellnex Telecom SAU 8,000 124,693 0.2 Total Communications 124,693 0.2 Electricity Transmission & Distribution Red Electrica Corp SA 1,990 177,239 0.3 Total Electricity Transmission & Distribution 177,239 0.3 Toll Roads Ferrovial SA 10,263 198,788 0.3 Total Toll Roads 198,788 0.3

TOTAL SPAIN 737,186 1.1

SWEDEN Exploration & Production Lundin Petroleum AB 2,600 46,859 0.1 Total Exploration & Production 46,859 0.1

Metals & Mining Boliden AB 3,800 73,016 0.1


TOTAL SWEDEN 119,875 0.2

SWITZERLAND Airports Flughafen Zuerich AG 2,000 353,521 0.5


Basic Materials Syngenta AG 3,310 254,175 0.4


TOTAL SWITZERLAND 607,696 0.9


82


Value % net

Shares USD assets UNITED STATES Basic Materials Freeport-McMoRan Inc 9,094 101,307 0.1 International Paper Co 2,462 104,340 0.1 Monsanto Co 2,837 293,373 0.4 Mosaic Co 862 22,567 - Newmont Mining Corp 6,256 244,735 0.3 Nucor Corp 3,400 167,994 0.2 Packaging Corp of America 790 52,875 0.1 Stillwater Mining Co 10,294 122,087 0.2

Total Basic Materials 1,109,278 1.4

Chemicals CF Industries Holdings Inc 1,255 30,246 - FMC Corp 600 27,786 -

Total Chemicals 58,032 -

Communications SBA Communications Corp 6,040 651,958 0.9


Containers & Packaging AptarGroup Inc 431 34,105 - Bemis Co Inc 431 22,192 - WestRock Co 1,355 52,669 0.1

Total Containers & Packaging 108,966 0.1

Electric Utilities & Generation Ameren Corp 6,300 337,554 0.5 Edison International 5,100 396,117 0.6 NextEra Energy Inc 3,000 391,200 0.6

Total Electric Utilities & Generation 1,124,871 1.7

Electricity Transmission & Distribution Eversource Energy 5,730 343,226 0.5 PS Business Parks Inc 5.7% 2,532 66,946 0.1 PS Business Parks Inc 5.75% 3,262 84,062 0.1 PS Business Parks Inc 6% 6,806 177,637 0.3

Total Electricity Transmission & Distribution 671,871 1.0

Energy Baker Hughes Inc 900 40,617 0.1 Helmerich & Payne Inc 800 53,704 0.1 Newfield Exploration Co 2,700 119,286 0.2

Total Energy 213,607 0.4

Exploration & Production Anadarko Petroleum Corp 2,720 144,840 0.2 Cabot Oil & Gas Corp 1,660 42,728 0.1 Cimarex Energy Co 600 71,592 0.1 Concho Resources Inc 660 78,718 0.1 Parsley Energy Inc 4,600 124,476 0.2 Total Exploration & Production 462,354 0.7


83


Value % net

Shares USD assets Food Products Archer-Daniels-Midland Co 3,526 151,230 0.2 Ingredion Inc 718 92,916 0.1 Total Food Products 244,146 0.3

Gas Utilities Columbia Pipeline Partners LP 16,520 247,800 0.4 NiSource Inc 23,630 626,667 0.9 ONE Gas Inc 2,850 189,782 0.3 Southwest Gas Corp 4,200 330,582 0.5 Spire Inc 1,400 99,176 0.1


Healthcare Care Capital Properties Inc 9,783 256,412 0.4 Ventas Inc 5,355 389,951 0.6 Welltower Inc 6,384 486,269 0.7 Physicians Realty Trust 12,557 263,823 0.4


Hotel Hersha Hospitality Trust 8,100 138,915 0.2 Host Hotels & Resorts Inc 24,758 401,327 0.6 Sunstone Hotel Investors Inc 1,300 15,691 -

Total Hotel 555,933 0.8

Industrial Deere & Co 600 48,624 0.1 Prologis Inc 9,287 455,434 0.6

Total Industrial 504,058 0.7

Infrastructure - Diversified CenterPoint Energy Inc 8,180 196,320 0.3 Total Infrastructure - Diversified 196,320 0.3

Metals & Mining Alcoa Inc 13,922 129,057 0.2 Southern Copper Corp 1,973 53,232 0.1

Total Metals & Mining 182,289 0.3 Midstream Cone Midstream Partners LP 9,730 168,718 0.2 Enable Midstream Partners LP 6,900 93,219 0.1 EQT Midstream Partners LP 4,070 326,821 0.5 Kinder Morgan Inc 62,500 1,169,999 1.7 Rice Midstream Partners LP 16,355 332,112 0.4 Sunoco Logistics Partners LP 9,120 262,200 0.4 Targa Resources Corp 12,360 520,850 0.7 Taubman Centers Inc 6.5% 7,144 185,815 0.3 Western Gas Partners LP 3,190 160,776 0.2 Williams Cos Inc 23,780 514,361 0.7



84


Value % net

Shares USD assets Mixed Kilroy Realty Corp 5,199 344,642 0.5 Kilroy Realty Corp 6.375% 5,842 150,724 0.2 Total Mixed 495,366 0.7

Office Brandywine Realty Trust 14,581 244,961 0.3 CoreSite Realty Corp 7.25% 4,200 111,090 0.2 Corporate Office Properties Trust 8,409 248,654 0.4 DiamondRock Hospitality Co 12,506 112,929 0.2 Digital Realty Trust Inc 5.875% 4,500 116,190 0.2 Equity Commonwealth 6,409 186,694 0.3 Highwoods Properties Inc 7,200 380,160 0.5 SL Green Realty Corp 4,500 479,114 0.7 Vornado Realty Trust 5.4% 2,411 62,614 0.1 Vornado Realty Trust 5.7% 3,641 94,812 0.1 Total Office 2,037,218 3.0

Oil, Gas & Consumable Fuels Exxon Mobil Corp 1,450 135,923 0.2 Gulfport Energy Corp 2,440 76,274 0.1 Hess Corp 1,400 84,140 0.1

Total Oil, Gas & Consumable Fuels 296,337 0.4

Oilfield Services & Equipment Aspen Technology Inc 3,230 129,975 0.2 Bristow Group Inc 2,100 23,961 - National Oilwell Varco Inc 1,261 42,433 0.1


Other CyrusOne Inc 7,300 406,318 0.6 Rice Energy Inc 5,490 121,000 0.2

Total Other 527,318 0.8

Paper & Forest Products Louisiana-Pacific Corp 2,028 35,186 0.1 Total Paper & Forest Products 35,186 0.1

Pipelines Boardwalk Pipeline Partners LP 26,690 465,741 0.7 Buckeye Partners LP 4,360 306,639 0.4 Enbridge Energy Partners LP 11,500 266,800 0.4 Energy Transfer Partners LP 15,020 571,811 0.8 Enterprise Products Partners LP 23,590 690,242 1.0 Kimco Realty Corp 6% 2,176 56,532 0.1 MPLX LP 11,766 395,691 0.6 SemGroup Corp 2,290 74,562 0.1 Sempra Energy 3,460 394,509 0.6 Spectra Energy Corp 5,620 205,861 0.3 Spectra Energy Partners LP 3,120 147,202 0.2 Williams Partners LP 10,860 376,190 0.5



85


Value % net

Shares USD assets Real Estate - Diversified Liberty Property Trust 4,095 162,653 0.2 Vornado Realty Trust 6,795 680,315 1.0 Total Real Estate - Diversified 842,968 1.2

Refineries Valero Energy Corp 1,440 73,440 0.1

Total Refineries 73,440 0.1

Refining and Marketing Tesoro Corp 700 52,444 0.1

Total Refining and Marketing 52,444 0.1

Regional Malls CBL & Associates Properties Inc 26,600 247,646 0.4 Simon Property Group Inc 5,882 1,275,806 1.8

Total Regional Malls 1,523,452 2.2

Residential American Homes 4 Rent 15,100 309,248 0.4 American Homes 4 Rent 5% 7,174 191,976 0.3 American Homes 4 Rent 5.5% 4,817 127,795 0.2 AvalonBay Communities Inc 1,830 330,114 0.5 Camden Property Trust 3,960 350,143 0.5 Equity Residential 2,500 172,200 0.2


Retail Urban Edge Properties 6,724 200,779 0.3 WP Glimcher Inc 9,100 101,829 0.1


Self Storage Public Storage 5.2% 1,567 40,930 0.1 Public Storage 5.2% 1,567 41,102 0.1 Public Storage 5.375% 2,924 76,258 0.1 Public Storage 5.9% 6,059 157,413 0.2

Total Self Storage 315,703 0.5

Specialty Outfront Media Inc 15,116 365,354 0.5

Total Specialty 365,354 0.5

Specialty Retail Home Depot Inc 431 55,034 0.1 Total Specialty Retail 55,034 0.1

Strip Centers DDR Corp 10,600 192,284 0.3 DDR Corp 6.25% 2,800 74,872 0.1

Total Strip Centers 267,156 0.4


86


Value % net

Shares USD assets Telecommunications American Tower Corp 12,970 1,473,522 2.1 Crown Castle International Corp 7,880 799,268 1.1 Total Telecommunications 2,272,790 3.2

Timber Weyerhaeuser Co 2,630 78,295 0.1

Total Timber 78,295 0.1

Transmission & Distribution PG&E Corp 16,980 1,085,362 1.5

Total Transmission & Distribution 1,085,362 1.5

Triple Net Lease EPR Properties 5.75% 6,603 201,259 0.3 Gramercy Property Trust 41,212 379,975 0.5 MGM Growth Properties LLC 9,381 250,285 0.4 Spirit Realty Capital Inc 16,600 211,982 0.3

Total Triple Net Lease 1,043,501 1.5

Water American Water Works Co Inc 7,340 620,303 0.9

Total Water 620,303 0.9


TOTAL COMMON STOCKS 52,695,732 75.2 (Cost $48,450,131)

Principal Interest Amount % net Rate Maturity (000s) Value assets INVESTMENTS TRANSFERABLE SECURITIES BONDS LUXEMBOURG Telecommunications Intelsat Luxembourg SA 7.75 % 06/01/21 $ 1,075 $ 263,375 0.4 Total Telecommunications 263,375 0.4

TOTAL LUXEMBOURG 263,375 0.4

MARSHALL ISLANDS Services Dynagas LNG Partners LP / Dynagas Finance Inc 6.25 10/30/19 175 152,250 0.2 Total Services 152,250 0.2

Transportation Teekay Offshore Partners LP/Teekay Offshore Finance Corp 6.00 07/30/19 100 80,000 0.1 Total Transportation 80,000 0.1

TOTAL MARSHALL ISLANDS 232,250 0.3


87


Principal Interest Amount % net Rate Maturity (000s) Value assets UNITED STATES Capital Goods Terex Corp 6.00 % 05/15/21 $ 125 $ 125,156 0.2 Total Capital Goods 125,156 0.2

Energy Blue Racer Midstream LLC / Blue Racer Finance Corp 6.13 11/15/22 400 379,000 0.5 Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp 6.25 04/01/23 200 184,000 0.3 EP Energy LLC / Everest Acquisition Finance Inc 6.38 06/15/23 225 135,000 0.2 Ferrellgas LP / Ferrellgas Finance Corp 6.75 01/15/22 275 250,250 0.3 Global Partners LP / GLP Finance Corp 6.25 07/15/22 350 291,375 0.4 Holly Energy Partners LP / Holly Energy Finance Corp 6.50 03/01/20 400 402,000 0.6 Suburban Propane Partners LP/Suburban Energy Finance Corp 5.50 06/01/24 325 319,313 0.5 Targa Resources Partners LP / Targa Resources Partners Finance Corp 5.25 05/01/23 425 401,625 0.6

Total Energy 2,362,563 3.4

Healthcare CHS/Community Health Systems Inc 6.88 02/01/22 425 371,875 0.5 HCA Inc 5.25 06/15/26 375 389,297 0.5 Quorum Health Corp 11.63 04/15/23 275 276,375 0.4 Tenet Healthcare Corp 8.13 04/01/22 375 384,300 0.4 Total Healthcare 1,421,847 1.8

Media CCO Holdings LLC / CCO Holdings Capital Corp 5.75 01/15/24 400 420,960 0.5 Lamar Media Corp 5.38 01/15/24 375 388,125 0.6 Mediacom Broadband LLC / Mediacom Broadband Corp 6.38 04/01/23 375 391,875 0.6

Total Media 1,200,960 1.7

Pipelines MPLX LP 4.88 12/01/24 375 365,310 0.5


Services United Rentals North America Inc 5.75 11/15/24 425 428,188 0.6 Total Services 428,188 0.6

Telecommunications CenturyLink Inc 7.65 03/15/42 450 380,250 0.5 Crown Castle International Corp 5.25 01/15/23 350 392,721 0.5 CyrusOne LP / CyrusOne Finance Corp 6.38 11/15/22 375 390,000 0.6 FairPoint Communications Inc 8.75 08/15/19 400 394,000 0.6 Frontier Communications Corp 11.00 09/15/25 350 362,250 0.5 Level 3 Financing Inc 5.38 05/01/25 350 347,375 0.5 Zayo Group LLC / Zayo Capital Inc 6.00 04/01/23 375 380,625 0.5

Total Telecommunications 2,647,221 3.7

Transportation Watco Cos LLC / Watco Finance Corp 6.38 04/01/23 300 297,000 0.4

Total Transportation 297,000 0.4


88


Principal Interest Amount % net Rate Maturity (000s) Value assets Utility AES Corp/VA 4.88 % 05/15/23 $ 400 $ 395,000 0.5 Dynegy Inc 6.75 11/01/19 400 400,500 0.6 NRG Energy Inc 6.25 07/15/22 425 412,250 0.6 NRG Yield Operating LLC 5.38 08/15/24 400 398,000 0.6

Total Utility 1,605,750 2.3


Total BONDS 10,949,620 15.3 (Cost $11,460,980)

TERM LOANS AUSTRALIA Term Loans FMG Resources August 2006 Pty Ltd 0.00 06/30/19 203 193,992 0.3

Total Term Loans 193,992 0.3

CANADA Term Loans Four Seasons Holdings Inc 0.00 12/28/20 300 298,689 0.4


UNITED STATES Term Loans MEG Energy Corp 0.00 03/31/20 199 174,830 0.2


Total TERM LOANS 667,511 0.9 (Cost $450,584)

TRANSFERABLE SECURITIES 64,312,863 91.4

NON-TRANSFERABLE SECURITIES Forward (see note 9 for other details) (261) - Swap (see note 10 for other details) (24,365) - TOTAL NON-TRANSFERABLE SECURITIES (24,626) - TOTAL INVESTMENTS 64,288,237 91.40 (Cost $60,451,695) Other Assets in Excess of Liabilities 6,013,358 8.6 TOTAL NET ASSETS 70,301,595 100.0


89

BROOKFIELD REAL ASSETS SECURITIES UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES AS AT 30 JUNE 2016

Significant Purchases Cost Security name Quantity (USD) Kinder Morgan Inc 65,500 1,139,352 TransCanada Corp 21,900 849,203 Land Securities Group Plc 43,500 651,321 American Tower Corp 5,600 586,331 Simon Property Group Inc 2,700 518,728 National Grid Plc 36,300 499,853 Targa Resources Corp 16,708 494,211 Tesoro Logistics LP / Tesoro Logistics Finance Corp 6.125% 15/10/2021 500,000 469,698 Columbia Pipeline Group Inc 17,490 413,019 Targa Resources Partners LP / Targa Resources Partners Finance Corp 5.25% 01/05/2023 425,000 411,869 Dynegy Inc 6.75% 01/11/2019 400,000 401,728 Buckeye Partners LP 6,060 398,829 Tenet Healthcare Corp 8.125% 01/04/2022 375,000 398,424 HCA Inc 5.25% 15/06/2026 375,000 389,367 NextEra Energy Inc 3,000 383,377 CenturyLink Inc 7.65% 15/03/2042 450,000 382,888 Enterprise Products Partners LP 14,030 379,943 PG&E Corp 6,100 368,044 Highwoods Properties Inc 7,500 359,922 Pennon Group Plc 28,500 345,687 Gramercy Property Trust 46,000 341,488 Ferrovial SA 16,929 340,496 Edison International 5,100 326,520 Snam SpA 57,689 324,457 Ameren Corp 6,500 322,075 American Homes 4 Rent 5% 11,900 318,588


90

BROOKFIELD REAL ASSETS SECURITIES UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES AS AT 30 JUNE 2016 (continued)

Significant Sales Proceeds Security name Quantity (USD) Columbia Pipeline Group Inc 26,560 676,377 HCA Inc 5.875% 01/05/2023 600,000 634,525 Simon Property Group Inc 2,918 583,224 Prologis Inc 12,013 537,431 CenturyLink Inc 5.8% 15/03/2022 525,000 511,294 Tesoro Logistics LP / Tesoro Logistics Finance Corp 6.125% 15/10/2021 500,000 508,833 Enterprise Products Partners LP 21,910 506,080 Casella Waste Systems Inc 7.75% 15/02/2019 475,000 495,045 Ferrovial SA 19,962 419,939 Neptune Finco Corp 10.875% 15/10/2025 350,000 419,096 Puma International Financing SA 6.75% 01/02/2021 400,000 404,100 Dexus Property Group 61,800 383,586 Targa Resources Corp 9,500 376,306 Terex Corp 6% 15/05/2021 375,000 371,980 Hudson Pacific Properties Inc 12,700 367,120 TerraForm Power Operating LLC 5.875% 01/02/2023 400,000 353,732 Eversource Energy 6,100 338,629 Syngenta AG 4,037 327,729 Tesoro Logistics LP / Tesoro Logistics Finance Corp 6.25% 15/10/2022 350,000 326,302

Documents

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC authorised by the .../media/... · 30 Jun 2016 31 Dec 2015 30 Jun 2016 31 Dec 2015 Number of shares in issue Shares In Issue B Class 11,160,466.00