Brookfield Global Listed Infrastructure UCITS Fund Data as of .../media/Files/B/...RUMO3 BZ Rumo...

of 7

Brookfield Global Listed Infrastructure UCITS Fund | Data as of June 30, 2016

AT A GLANCE Bloomberg ISIN Inception Date Total Class Assets

Class B - Institutional Accumulation (EUR) BFIFIUB IE00B63LDC43 November 30, 2011 $438 millionClass E - Institutional Accumulation (USD) BFIFIUE IE00B4LP5Q27 November 30, 2011 $136 millionClass F - Institutional Distribution (USD) BFIFIDF IE00BB36BR51 June 18, 2013 $99 million

*May include additional share classes Total Fund Assets: $674 million*

INVESTMENT OBJECTIVE

The Fund seeks total return through growth of capital and current income. There can be no assurance that the Fund will achieve its investment objective.

AVERAGE ANNUAL TOTAL RETURNS – AS OF JUNE 30, 2016

Q2 2016 Year-To-Date 1 Year 3 Years Inception

Class B (EUR) 13.36% 13.05% -0.47% 9.72% 13.19%Dow Jones Brookfield Global Infrastructure Composite Index (EUR)3 11.43% 12.11% 2.56% 13.18% 15.16%^Class E (USD) 10.52% 15.62% -0.77% 4.14% 8.55%Dow Jones Brookfield Global Infrastructure Composite Index (USD)3 8.64% 14.65% 2.26% 7.41% 10.44%^Class F (USD) 10.52% 15.62% -0.77% 4.14% 3.10%Dow Jones Brookfield Global Infrastructure Composite Index (USD)3 8.64% 14.65% 2.26% N/A 6.62%^^

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling +1 (855) 777-8001. Investment performance reflects fee waivers, expenses and reimbursements in effect. In the absence of such waivers, total return and NAV would be reduced. ^ Refers to the inception date of November 30, 2011. ^^ Refers to the inception date of June 18, 2013.

QUARTERLY REPORT

FUND BASICS

Annual Management Fee1 0.95%Total Expense Ratio2 1.00%

TOP RELATIVE SECTOR POSITIONS5ASSETS BY SECTOR4

Region Portfolio Weight (%) Index Weight (%)

Long-Haul Pipelines 18.4 18.9Master Limited Partnerships (MLPs) 15.2 15.3Electricity Transmission & Distribution 15.0 23.0Communications 14.0 11.1Toll Roads 7.0 6.9Gas Utilities 6.7 7.1Water 6.1 5.9Airports 5.1 5.0Midstream Pipelines 4.7 4.2Electric Utilities & Generation 4.2 0.1Rail 0.6 0.0Ports 0.6 1.0Diversified 0.0 1.5Cash 2.4 0.0

Total 100.0 100.0

-10%

-5%

0%

5%

10%

Electric Utilities &Generation

Communications Diversified ElectricityTransmission &

Distribution

of 7


QUARTERLY REPORT

TOP RELATIVE COUNTRY POSITIONS5

TOP 10 HOLDINGSTicker Name Sector Region Portfolio Weight (%)AMT US American Tower Corp Communications United States 6.5%PCG US PG&E Corp. Electricity Transmission & Distribution United States 5.3%EPD US Enterprise Products Partners MLP United States 5.2%NG LN National Grid Electricity Transmission & Distribution United Kingdom 5.0%TRP CN Transcanada Corp. Long-Haul Pipelines Canada 4.8%KMI US Kinder Morgan Long-Haul Pipelines United States 4.1%CCI US Crown Castle International Corp. Communications United States 3.1%AWK US American Water Water United States 2.9%SBAC US SBA Communications Corp. Communications United States 2.7%TCL AU Transurban Group Toll Roads Asia Pacific 2.7%

The top ten holdings will vary over time. There is no guarantee that the Fund currently holds any of the securities listed. The information above is based on the total assets of the Fund. The holdings listed should not be considered recommendations to purchase or sell a particular security.

ASSETS BY REGION4

Region Portfolio Weight (%) Index Weight (%)

United States 55.4 51.2Continental Europe 12.7 12.9Canada 10.9 12.1Asia Pacific 9.7 12.0United Kingdom 8.1 10.4Latin America 0.8 1.4Cash 2.4 0.0

Total 100.0 100.0-10%

-5%

0%

5%

10%

United States United Kingdom Asia Pacific

of 7


QUARTERLY REPORT

USD SHARE CLASS

QUARTERLY PERFORMANCE BY SECTOR6

Top Contributing Sector

Contribution to Relative Performance

(bps)

Contribution to Absolute Performance

(bps)

Midstream Pipelines 51.2 165.3

Bottom Contributing Sector


(bps)


(bps)

Long-Haul Pipelines -0.2 174.8

QUARTERLY PERFORMANCE BY REGION6

Top Contributing Region


(bps)


(bps)

United States 109.9 927.9

Bottom Contributing Region


(bps)


(bps)

United Kingdom 2.5 114.4

QUARTERLY PERFORMANCE BY SECURITY6

Top Contributing Securities

Ticker Security Name Sector Region

Average Portfolio

Weight (%)

Contribution to Relative

Performance (bps)

Contribution to Absolute

Performance (bps)

RUMO3 BZ Rumo Logistica Operadora Multimodal SA Rail Latin America 0.6 42.4 47.9

WMB US Williams Companies, Inc. Midstream Pipelines United States 2.5 41.0 90.0

TRGP US Targa Resources Corp. Midstream Pipelines United States 2.0 37.4 69.6

Bottom Contributing Securities


Average Portfolio

Weight (%)


Performance (bps)


Performance (bps)

OKE US ONEOK, Inc. Midstream Pipelines United States 0.0 -25.3 0.0

SE US Spectra Energy Corp Long-Haul Pipelines United States 0.0 -17.7 0.0

PAA US Plains All American Pipeline, LP MLP United States 0.0 -16.1 0.0

of 7


QUARTERLY REPORT

EUR SHARE CLASS

QUARTERLY PERFORMANCE BY SECTOR6

Top Contributing Sector


(bps)


(bps)

Midstream Pipelines 52.3 165.3

Bottom Contributing Sector


(bps)


(bps)

Long-Haul Pipelines -1.0 174.8

QUARTERLY PERFORMANCE BY REGION6

Top Contributing Region


(bps)


(bps)

United States 111.1 927.9

Bottom Contributing Region


(bps)


(bps)

United Kingdom 1.6 114.4

QUARTERLY PERFORMANCE BY SECURITY6

Top Contributing Securities


Average Portfolio

Weight (%)


Performance (bps)


Performance (bps)

RUMO3 BZ Rumo Logistica Operadora Multimodal SA Rail Latin America 0.6 43.3 47.9

WMB US Williams Companies, Inc. Midstream Pipelines United States 2.5 41.4 90.0

TRGP US Targa Resources Corp. Midstream Pipelines United States 2.0 38.5 69.6

Bottom Contributing Securities


Average Portfolio

Weight (%)


Performance (bps)


Performance (bps)

OKE US ONEOK, Inc. Midstream Pipelines United States 0.0 -26.0 0.0

SE US Spectra Energy Corp Long-Haul Pipelines United States 0.0 -17.8 0.0

PAA US Plains All American Pipeline, LP MLP United States 0.0 -16.7 0.0

of 6


QUARTERLY REPORT

MARKET COMMENTARYVolatile end to quarter on Brexit uncertaintyA relatively quiet quarter ended in volatile fashion following the June 23 U.K. referendum in which voters elected to leave the European Union. Global equities drifted higher in April and May but fell sharply immediately following the vote, before recouping some losses in the last week of trading.

Global equities, as measured by the MSCI World Index,7 returned 1.2% during the second quarter. By region, North America and Asia Pacific gained 2.7% and 0.9%, respectively; while Europe fell 2.3%. In the U.S., large cap stocks, as measured by the S&P 500 Total Return Index8 rose 2.5%.

Despite the rebound that followed the Brexit-related selloff, nervous investors flocked to safe assets. In June the yield on German 10-year bonds fell into negative territory for the first time to close the quarter at 0.08%. 9, 10 Fitch Ratings estimated the global total of sovereign debt with negative yields reached $11.7 trillion as of June 27, up 19% from the end of April.11 In the U.S., 10-year Treasury yields fell 30 basis points during the quarter, to 1.47% as of June 30.12

The U.S. Federal Reserve did not raise interest rates at the June FOMC meeting. Rather, participants lowered projections of U.S. economic growth and their expectations for future rate hikes. In light of the Brexit vote, the implied probability of a rate hike in 2016 fell even further to 9.2% as of quarter end, as measured by Fed Fund futures prices.

Economic data was largely positive in the U.S. A better-than-expected June jobs report followed ISM manufacturing and non-manufacturing data that signaled an expanding U.S. economy. ISM data showed the services sector expanded at the fastest rate in seven months and the manufacturing index rose to its highest level since February 2015.13

Infrastructure securities outperform in the quarterInfrastructure equities significantly outperformed broader developed equity markets. During the quarter, the Dow Jones Brookfield Global Infrastructure Index3 returned 7.4%. The Alerian MLP Index14 was up 19.7% in the second quarter.

During the quarter, six of eight subsectors within the index were positive, led by Water (13.5%), Oil & Gas Storage & Transportation (10.5%), Communications (6.3%), Electricity Transmission & Distribution (6%), Diversified (3.6%), Airports (2.2%); while Ports (-7.0%) and Toll Roads (-2.7%) were negative.

Market activity and industry newsCanadian Pacific abandoned its efforts to merge with Norfolk Southern after a lengthy battle for control of the company. Norfolk Southern had resisted the proposed merger from the outset, and the deal had faced numerous regulatory roadblocks.15

Kinder Morgan, Inc. (KMI, Pipelines, U.S.)16 received conditional approval from Canada’s National Energy Board for its Trans Mountain Expansion Project. The pipeline expansion will bring oil sands barrels to the West Coast of Canada.17

Cellnex Telecom SA (CLNX.SM, Communications, Continental Europe)16 signed an agreement with Protelindo Luxemburg SARL and Management Tower Europe SARL to acquire Protelindo Netherlands BV, which manages 261 telecommunications towers in the Netherlands. Cellnex says the €109 million ($121.1 million) transaction, which marks its entry into the Dutch market, reinforces the company’s international growth strategy of acquiring an initial portfolio of towers to allow for subsequent market consolidation.18

Energy Transfer Equity LP (ETE, MLP, U.S.)16 terminated its merger agreement with Williams Cos. (WMB, Midstream, U.S.)16 following a ruling from a Delaware judge saying Energy Transfer could exit the proposed tie up.19 In the wake of Energy Transfer’s announcement, six of Williams’ directors resigned in a failed attempt to replace current CEO Alan Armstrong.20

Danish renewable energy group Dong Energy AS began trading June 9 following its long-anticipated initial public offering. The IPO price valued the company at $15 billion and shares in the global leader of offshore wind farms jumped 10 percent on their debut in Copenhagen.21

Canada’s National Energy Board began its review of TransCanada Corp.’s (TRP, Pipelines, Canada)16 proposed Energy East oil pipeline. The NEB has 21 months to make recommendations to the government. Regulators have said the review will be “unlike any other in the NEB’s history,” and that all Canadians who wish to take part in the decision will be heard.22

OutlookIn light of the results of the U.K.’s vote to leave the European Union, we are solidly in the camp of even lower interest rates, for even longer, which should be supportive for infrastructure. We also believe that in times of uncertainty, the fundamental drivers behind real-asset cash flows can provide defensive portfolio characteristics.

Given the evolving situation in Europe, we are more cautious on European airports and toll roads in the near term, but still view them as attractive assets over the long term unless we see a material shift in traffic trends.

With regard to energy infrastructure, we still see compelling valuation despite the rebound in security prices. We continue to prefer gatherers and processors operating in the best North American shale basins, as those names will be the beneficiaries of the first increase in spending by oil and gas companies globally.

In the Utilities sector the challenge is finding attractively priced names in a group where valuations are elevated. However, we remain focused on firms with company-specific catalysts with potential to outperform.

of 7


IMPORTANT DISCLOSURES A fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling +1 (855) 777-8001 or visiting www.brookfieldim.com. Please read the prospectus carefully before investing.investing in the Fund involves risk. Principal loss is possible. Infrastructure companies may be subject to a variety of factors that may adversely affect their business, including high interest costs, high leverage, regulation costs, economic slowdown, surplus capacity, increased competition, lack of fuel availability and energy conversation policies. The Fund invests in small and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. Investing in emerging markets may entail special risks relating to potential economic, political or social instability and the risks of nationalization, confiscation or the imposition of restrictions on foreign investment. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Some securities held may be difficult to sell, particularly during times of market turmoil. If the Fund is forced to sell an illiquid asset to meet redemption, it may be forced to sell at a loss. Investing in MLPs involves additional risks as compared to the risks of investing in common stock, including risks related to cash flow, dilution and voting rights. The Fund’s investments are concentrated in the energy infrastructure industry with an emphasis on securities issued by MLPs, which may increase volatility. Energy infrastructure companies are subject to risks specific to the industry such as fluctuations in commodity prices, reduced volumes of natural gas or other energy commodities, environmental hazards, changes in the macroeconomic or the regulatory environment or extreme weather. MLPs may trade less frequently than larger companies due to their smaller capitalizations which may result in erratic price movement or difficulty in buying or selling. Additional management fees and other expenses are associated with investing in MLPs. Additionally, investing in MLPs involves material income tax risks and certain other risks. Actual results, performance or events may be affected by, without limitation, (1) general economic conditions, (2) performance of financial markets, (3) interest rate levels, (4) changes in laws and regulations and (5) changes in the policies of governments and/or regulatory authorities. Investing in MLPs may generate unrelated business taxable income (UBTI) for tax-exempt investors both during the holding period and at time of sale. The risk of owning an ETF generally reflects the risks of owning the underlying securities the ETF holds. An Exchange Traded Note (ETN) may be influenced by time to maturity, level of supply & demand for the ETN, volatility and lack of liquidity in the underlying securities’ markets, changes in the applicable interest rates, changes in the issuer’s credit rating and economic, legal, political or geographic events. Using derivatives exposes the Fund to additional risks, may increase the volatility of the Fund’s net asset value and may not provide the result intended. Since the Fund will invest more than 25% of its total assets in securities in the infrastructure industry, the Fund may be subject to greater volatility than a fund that is more broadly diversified. The value of the Fund’s investments in an MLP will depend largely on the MLP’s treatment as a partnership for U.S. federal income tax purposes. If the MLP is deemed to be a corporation, then its income would be subject to federal taxation, reducing the amount of cash available for distribution to the Fund which could result in a reduction of the Fund’s value.

The state of the origin of the Company is Ireland. This document may only be distributed in or from Switzerland to qualified investors within the meaning of Art. 10 Para. 3, 3bis and 3ter CISA. The Swiss Representative in Switzerland is ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zurich, whilst the Paying Agent is Aquila & Co. AG, Bahnhofstrasse 28a, CH-8001 Zurich. The basic documents of the Company as well as the annual and semi-annual report may be obtained free of charge at the registered office of the Swiss Representative.

1. Please refer to the Fund’s prospectus, supplementary prospectus and Key Investor Information Document (KIID) available at www.brookfieldim.com for a discussion of any charges that may be applied to an investment in the Fund.

2. As of December 31, 2015. Brookfield Investment Management Inc., the Fund’s investment advisor, has voluntarily agreed to waive all or a portion of its management fees and/or reimburse certain expenses of the Fund to the extent necessary to maintain the Fund’s total expense ratio (excluding brokerage commissions and other transactional expenses, interests, taxes and extraordinary expenses, such as litigation; and other expenses not incurred in the ordinary course of the Fund’s business) at no more than 1.15% of the Fund’s share classes. This fee waiver and expense reimbursement arrangement is voluntary which the Fund’s investment advisor may terminate in its sole discretion at any time.

3. The Dow Jones Brookfield Global Infrastructure Composite Index is calculated and maintained by S&P Dow Jones Indices and comprises of infrastructure companies with at least 70% of its annual cash flows derived from owning and operating infrastructure assets, including Master Limited Partnerships. The Index was created on July 1, 2008. The Index is unmanaged and, unlike the Fund, is not affected by cash flows or trading and other expenses. It is not possible to invest directly in an index. Index performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund.

4. Sector and country allocations are expressed as a percentage of total assets and will vary over time. Index weights are based on Dow Jones Brookfield Global Infrastructure Composite Index.

5. Calculated by Brookfield Investment Management Inc. using S&P Dow Jones Brookfield Index data. Active weights are expressed relative to the Dow Jones Brookfield Global Infrastructure Composite Index.

6. Calculated by Brookfield Investment Management Inc. using FactSet. Absolute Performance refers to the change in the Fund’s value (excluding cash) over the period. Relative Performance refers to the difference between the change in Fund value (excluding cash) relative to the change in the Dow Jones Brookfield Global Infrastructure Composite Index value over the period. Attribution is expressed in local currency.

QUARTERLY REPORT

We maintain our positive outlook on U.S. communication tower companies that will benefit as wireless carriers continue to invest in their networks over the long term. While carload data in the Rail sector has still not recovered, we are encouraged by cost containments reported in first quarter earnings reports. We will continue to monitor trends in the Rail sector for signs of volume stabilization.

Security selection is taking on an even more important role as the U.K. referendum will likely be a catalyst for further disruptions in the European Union. Investment opportunities will shift as the situation in the U.K. and Europe evolves; however, our value-driven mindset remains unchanged. We will maintain our bottom-up, fundamental discipline and long-term view on portfolio construction. Additionally, we tend to view change as a catalyst of market opportunity, allowing us to buy assets at attractive long-term points of entry.

of 7


7. As measured by the MSCI World Index, a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

8. The S&P 500 Composite Index is the total return version of S&P 500 Index. Dividends are reinvested on a daily basis and the base date for the index is January 1, 1988. All regular cash dividends are assumed reinvested in the S&P 500 Index on the ex-date. Special cash dividends trigger a price adjustment in the price return index.

9. http://www.cnbc.com/2016/06/14/brexit-news-uncertainty-around-eu-vote-causing-volatility-in-markets.html 10. http://quotes.wsj.com/bond/BX/TMBMKDE-10Y/historical-prices 11. The U.S. 10-Year Treasury Note is a debt obligation issued by the United States government that matures in 10 years and pays interest at a fixed rate once every six

months and pays the face value to the holder at maturity.12. https://www.fitchratings.com/site/pressrelease?id=1008156 13. http://www.bloomberg.com/news/articles/2016-07-06/u-s-service-industries-expand-at-fastest-pace-in-seven-months 14. The Alerian MLP Index is a composite of the 50 most prominent energy master limited partnerships (“MLPs”) calculated by Standard & Poor’s using a float-adjusted

market-capitalization methodology. The index is disseminated by the New York Stock Exchange real-time on a price return basis (NYSE: AMZ) and on a total-return basis (NYSE: AMZX).

15. http://www.nytimes.com/2016/04/12/business/dealbook/canadian-pacific-ends-bid-for-norfolk-southern.html?_r=0 16. Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security. As of June 30,

2016, the Fund held, as a percentage of net assets: Kinder Morgan, Inc. (4.2%), Cellnex Telecom SA (0.6%), Energy Transfer Equity LP (0.7%), Williams Cos. (2.2%). As of June 30, 2016, the Fund did not have exposure to other specific companies mentioned herein.

17. http://ir.kindermorgan.com/press-release/kindermorgan/kinder-morgan-trans-mountain-expansion-project-advances-national-energy-b18. https://www.cellnextelecom.com/en/noticia-37-2/ 19. http://www.wsj.com/articles/energy-transfer-equity-calls-off-williams-merger-1467182340 20. http://www.bloomberg.com/news/articles/2016-07-01/an-activist-crusade-against-williams-ceo-ends-with-board-mutiny 21. https://next.ft.com/content/6b4638bc-2e20-11e6-a18d-a96ab29e3c95 22. http://business.financialpost.com/news/energy/national-energy-board-launches-review-of-energy-east-pipeline-that-will-be-unlike-any-other-in-the-nebs-

history?__lsa=f4e2-b376

A basis point (bps) is a unit that is equal to 1/100 of 1%, and is used to denote the change in a financial instrument. Cash flows refer to the amount of cash generated and used by a company over a given period. USD refers to U.S. Dollar.

The quoted benchmarks within this report do not reflect deductions for fees, expenses or taxes. These benchmarks are unmanaged and cannot be purchased directly by investors. Benchmark performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. There may be material factors relevant to any such comparison such as differences in the volatility, and regulatory and legal restrictions between the indices shown and the Fund.

QUARTERLY REPORT

Brookfield Global Listed Infrastructure UCITS Fund Data as of .../media/Files/B/...RUMO3 BZ Rumo...

Documents

Transcript of Brookfield Global Listed Infrastructure UCITS Fund Data as of .../media/Files/B/...RUMO3 BZ Rumo...