Registration Number 503109 2018 - Brookfield/media/Files/B...David Levi (American)* Registered...

2018For the Financial Year Ended 31 December 2018

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC

An open-ended investment company with variable capitalauthorised by the Central Bank as an undertaking for collective investment in transferable securities pursuantto the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations, 2015 (as amended).

Registration Number 503109

Brookfield Public Securities Group LLC Brookfield


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TABLE OF CONTENTS

Page

Directors and Other Information 2

Directors’ Report and Statement of Directors’ Responsibilities 3 - 6

Report of the Depositary to the Shareholders 7

Investment Manager Report 8 - 16

Independent Auditor’s Report 17 - 19

Statements of Financial Position 20 - 25

Statements of Comprehensive Income 26 - 28

Statements of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 29 - 33

Statements of Cash Flows 34 - 39

Notes to the Financial Statements 40 - 69

Brookfield Global Listed Infrastructure UCITS Fund

Schedule of Investments 70 - 73

Schedule of Significant Portfolio Changes (unaudited) 74 - 75

Brookfield Global Listed Real Estate UCITS Fund



Brookfield US Listed Real Estate UCITS Fund



Brookfield Real Assets Securities UCITS Fund



Appendix 98 - 100

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DIRECTORS AND OTHER INFORMATION

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

Registered Office 4th Floor One George’s Quay Plaza George’s Quay Dublin 2 Ireland

Investment Manager Brookfield Public Securities Group LLC*** 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 Sanne Corporate Administration Services Ireland Limited 4th Floor 76 Baggot Street Lower Dublin 2 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 Ireland LLP 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 ***On January 4, 2019, Brookfield Investment Managent Inc. changed its name to Brookfield Public Securities Group LLC.

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DIRECTORS’ REPORT AND STATEMENT OF DIRECTORS’ RESPO NSIBILITIES FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 The Board of Directors (the “Board”) present the Annual Report including the audited financial statements of Brookfield Investment Funds (UCITS) plc (the “Company”) for the financial year ended 31 December 2018. Statement of Directors’ Responsibilities The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with the Companies Act 2014, as amended and applicable standards. Irish company law requires the Directors to prepare financial statements for each financial year. Under the law, the Directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (“Relevent Finnacial Reporting Framework”). Under Company Law, the Directors must not approve the financial statements unless they are satisfied they give a true and fair view of the assets, liabilities and financial position of the Company as at the financial year end and of the profits or loss of the Company for the financial year and otherwise comply with the Companies Act 2014, as amended. In preparing these financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • state whether the financial statements have been prepared in accordance with the applicable accounting

standards, identify those standards, and note the effects and reasons for any material departure from those standards; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for ensuring that the Company keeps or causes to be kept adequate accounting records which correctly explain and record the transactions of the Company, enable at any time the assets, liabilities, financial positions and profit and loss of the Company to be determined with reasonable accuracy, to ensure that the financial statements and Directors’ Report comply with the Companies Act 2014, as amended and with the European Communities (Undertakings for Collective Investments in Transferable Securities) Regulations, 2011 and Central Bank (Supervision and Enforcement) Act 2013 (section 48(1)) (Undertakings for Collective Investments in Transferable Securities) Regulations, 2015 and enable the financial statements to be audited. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregulaties. Directors’ statement on accounting records under th e Companies Act 2014, as amended The measures taken by the Directors to ensure compliance with the requirements of Sections 281 to 285 of the Companies Act 2014, as amended with regard to the keeping of accounting records are the use of appropriate systems and procedures and employment of a fund administration company. The accounting records are held at RBC Investor Services Ireland Limited (the “Administrator"), 4th Floor, One George's Quay Plaza, George's Quay, Dublin 2, Ireland. Statement of Audit Information The Directors confirm that during the financial year ended 31 December 2018: a) So far as the Directors are aware, there is no relevant audit information of which the Company’s statutory auditors

are unaware, and b) The Directors have taken all steps that ought to have been taken by the Directors in order to make themselves

aware of any relevant audit information and to establish that the Company’s auditors are aware of that information.

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DIRECTORS’ REPORT AND STATEMENT OF DIRECTORS’ RESPO NSIBILITIES (continued) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 Date of incorporation The Company was incorporated on 1 September 2011 and was authorised as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) by the Central Bank of Ireland. The Company is organised as an investment company with variable capital pursuant to the UCITS Regulations. The Company is an umbrella type investment company with segregated liability among sub-funds. As of the date of this report the Company has four active sub-funds disclosed in note 1. Principal activities The primary investment objective of the Company is to seek long-term capital growth and it aims to achieve this 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. The sub-fund launched 30 November 2011. 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. The sub-fund launched 30 November 2011. 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. The sub-fund launched 30 November 2011. Brookfield Global Listed Infrastructure Long Short UCITS Fund The sub-fund sought to generate high risk-adjusted absolute returns with low correlation to the broad equity and fixed income markets. The sub-fund sought to achieve its investment objective by taking long and short positions primarily in equity securities of publicly traded infrastructure companies throughout the world. These included publicly traded securities of infrastructure companies whose primary operations or principal trading market are in non-U.S. markets. The sub-fund was terminated on 28 December 2017. 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. The sub-fund launched 1 September 2015. 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. The sub-fund seeks 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. The sub-fund is not currently available for purchase.

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DIRECTORS’ REPORT AND STATEMENT OF DIRECTORS’ RESPO NSIBILITIES (continued) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 Review of Business and Future Developments

A comprehensive overview of the Company’s trading activities is detailed in the Investment Manager’s Report for each sub-fund. Key Performance Indicator The principal key performance indicator used by management to monitor performance is as follows: - Net Asset Value per Share (please refer to note 14 for additional details). Risk Management Objectives and Processes The Company operates on the principle of risk spreading in accordance with the UCITS Regulations. Achievement of the investment objectives involves taking risks. The Investment Manager exercises judgement based on analysis, research and risk management techniques when making investment decisions. Investment in equities, bonds, cash and derivatives exposes a sub-fund to varying risks, including market, liquidity and credit/counterparty risks. A description of the specific risks and the processes for managing these risks is included in note 8 to these financial statements. The Prospectus provides details of these and other types of risks some of which are additional to that information provided in these financial statements. Results and Dividends The financial position and results for the financial year are set out on pages 20 to 28. Dividends of USD 37,045 (31 December 2017: USD 2,665,478) on the Brookfield Global Listed Infrastructure UCITS Fund – Class F, USD 148,103 (31 December 2017: USD 123,432) on the Brookfield Global Listed Real Estate UCITS Fund – Class F and USD 150,085 (31 December 2017: USD Nil) on the Brookfield Global Listed Real Estate UCITS Fund – Class AA were paid for the financial year ended 31 December 2018. Dividends of USD 688,567 (31 December 2017: USD 1,242,872) on the Brookfield US Listed Real Estate UCITS Fund – Class Q were paid for the financial year ended 31 December 2018 . For further details of dividends declared during the financial year please refer to note 4. Significant Events during the Financial Year Significant events during the financial year are described in note 15 to the financial statements.

Significant Events Since Financial Year End Significant events since financial year are described in note 16 to the financial statements. Directors The persons who were Directors of the Company at any time during the financial year are Heather Goldman, Jonathan Crile Tyras, Maire O’Connor, Des Quigley and David Levi. Directors' and Secretary's Interests None of the Directors or Secretary held any redeemable participating shares as at 31 December 2018 (31 December 2017: none).


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND MANAGEMENT DISCUSSION OF FUND PERFORMANCE For the fiscal year ended 31 December 2018, the Brookfield Global Listed Infrastructure UCITS Fund Class E had a total return of -8.6%, which assumes the reinvestment of dividends and is exclusive of brokerage commissions, underperforming the Dow Jones Brookfield Global Infrastructure Composite Index1 (“the Benchmark”), which returned −8.5%. By sector, the leading contributor to relative performance was the non-index Renewables/Electric Generation. Stock selection within the Master Limited Partnership2 (“MLP”) and Toll Roads sectors also contributed. Within the MLP sector, relative outperformance was due to a combination of overweight exposure to outperforming names, coupled with not owning a number of underperforming stocks. Relative outperformance within the Toll Roads sector was due to outperforming non-index holdings, as well as underweight exposure to several underperforming stocks. Conversely, the Gas Utilities was the leading detractor from relative returns, driven by underweight exposure and stock selection. Underperformance was largely due to underweight exposure to Asia Pacific gas utilities, which performed well during the year. Stock selection within the Electricity Transmission & Distribution sector also detracted, driven by overweight exposure to PG&E Corporation (PCG, Electricity Transmission & Distribution, U.S.) and underweight allocations to a number of outperforming stocks in the group. The Midstream sector detracted as well, driven by stock selection. By region, the U.S., and Latin America were the leading contributors due to stock selection. Conversely, Asia Pacific was the leading detractor from relative performance due to stock selection and underweight exposure. Stock selection and an overweight allocation in Continental Europe also detracted. By security, non-index holding Orsted A/S (ORSTED.DC, Renewables/Electric Generation, Continental Europe) was the leading contributor to relative returns. The timing of overweight exposure to Energy Transfer Operating, L.P. (ETP, MLP, U.S.) also contributed as the stock performed well amid the merger of Energy Transfer Equity, L.P. and Energy Transfer Partners, L.P., which simplified the overall structure of the company. The timing of underweight exposure to Edison International (EIX, Electricity Transmission & Distribution, U.S.) was also a leading contributor as the stock declined meaningfully following the Southern California wildfires. Conversely, an overweight allocation to PG&E Corporation (PCG, Electricity Transmission & Distribution, U.S.) was the leading detractor from relative returns. The stock also declined meaningfully following the Northern California wildfires. Overweight exposure to Atlantia S.p.A (ATL.IM, Toll Roads, Continental Europe) also detracted as the stock fell following the Morandi bridge tragedy in Genoa, Italy. Overweight exposure to Williams Companies, Inc. (WMB, Midstream, U.S.) detracted as well amid the weakness in the energy infrastructure sector during the year. INFRASTRUCTURE MARKET OVERVIEW Listed infrastructure returns were negative in 2018, as measured by the Dow Jones Brookfield Global Infrastructure Composite Index, which declined 8.5% during the year. By region, the Americas was down 6.9%, while Asia Pacific and Europe rose 4.7% and 1.2%, respectively. By sector, Ports declined the most (−26.6%), followed by Water (−7.4%), Airports (−7.1%), Electricity Transmission & Distribution (−6.2%), Oil & Gas Storage & Transportation (−4.6%), Toll Roads (−2.3%) and Diversified (−0.7%). Only Communications (+6.5%) posted positive gains. As measured by the Alerian MLP Index, Energy3, infrastructure continued on its recovery path during the first half of the year, driven by improved sentiment amid strong fundamentals and higher commodity prices. Within the MLP universe, however, returns varied as some companies were more adversely impacted by the surprise announcement in March from the United States Federal Energy Regulatory Commission (“FERC”) that disallowed an MLP to recover an income tax allowance in its cost of service rates. The FERC made another surprise announcement on July 18, 2018 with a modified proposal that clarified the original March ruling. The modified proposal, in our view, substantially mitigates the potential rate reductions through the removal of Accumulated Deferred Income Taxes (ADIT) from the rate base by allowing consolidated MLPs to include a federal income tax allowance in certain instances.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND (continued) At a minimum, the additional clarity provided by the modified proposal should ameliorate the uncertainty surrounding those names most impacted by the previous FERC actions. After posting positive returns through the first three quarters, energy infrastructure stocks, as measured by the Alerian MLP Index, declined in the fourth quarter as the price of West Texas Intermediate Crude Oil fell more than 35%. Utilities generally outperformed global equities on a relative basis, especially during the fourth quarter in a flight to quality amid heightened volatility. Overall performance within the group, however, was hindered by California utilities, which underperformed following wildfires in the state. Select U.K. utilities also lagged amid regulatory uncertainty. Within the transports sector, ports were hit particularly hard amid global trade disputes. This small group of stocks declined roughly 27% during the year. Airports declined on a clouded outlook for global economic growth, as well as political uncertainty in certain regions. Toll roads fared the best among transports during the year.3 Despite uncertainty with regard to wireless carrier consolidation following the announcement of the T-Mobile and Sprint merger, several larger U.S. communication infrastructure companies posted positive returns during the Period. Certain satellite operators also performed well on speculation related to the C-band spectrum, where the U.S. Federal Communications Commission is considering repurposing a portion of that spectrum for next-generation 5G services. OUTLOOK Our outlook for the sector remains largely unchanged. We remain optimistic based on several factors: we believe volume growth is strong, valuations remain compelling and we think capital markets are recognizing the right projects. New projects continue to be announced to address takeaway constraints for crude oil and natural gas in key U.S. basins. As such, we believe these constraints should be short lived. Additionally, we are encouraged by the way corporate governance structures are improving and the shift toward models that are less reliant on equity markets to fund growth. We maintain our preference for utilities exposed to low-cost renewables generation, as well as those located in favorable regulatory environments. We continue to monitor the regulatory impacts from the wildfires in California as new information comes to light. Regulatory risk also remains a concern for us among Chinese utilities, where regulatory changes can be swift and unexpected. We have seen select opportunities emerge, however, as these stocks have sold off in recent months. We have also begun to see some attractive relative valuations emerge among select European utilities. Overall traffic trends in Europe remain favorable, where we prefer toll roads over airports. We recently took a more positive view on select toll roads in Brazil after meeting with management teams, in addition to the greater clarity in the market amid the election outcome. Conversely, we reduced our exposure to Mexico after the election of President Andrés Manuel López Obrador, who announced the cancellation of the partially completed $13 billion airport in Mexico City. Brookfield Public Securities Group LLC April 2019 ____________________________________________________________________________________________ 1 The Dow Jones Brookfield Global Infrastructure Composite Index is calculated and maintained by S&P Dow Jones Indices and comprises infrastructure companies with at least 70% of their annual cash flows derived from owning and operating infrastructure assets, including MLPs. 2 MLPs are publicly traded partnerships focused on energy-related activities including the exploration, marketing, transportation, processing,

production, refining and/or storage of any natural resources. They are traded on a stock exchange just like any other equity security. 3

The Alerian MLP Index is a composite of the 50 most prominent energy 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).


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND MANAGEMENT DISCUSSION OF FUND PERFORMANCE For the fiscal year ended 31 December 2018, the Brookfield Global Listed Real Estate UCITS Fund Class E had a total return -8.7%, which assumes the reinvestment of dividends and is exclusive of brokerage commissions, underperforming the FTSE EPRA Nareit Developed Index1 (the “Benchmark”), which returned 5.6%. During the 12-month period ending December 31, 2018, the Retail sector was the leading contributor to relative performance due to stock selection and underweight exposure. We did not own a number of underperforming names in the sector during the year. The timing of our overweight exposure to Simon Property Group, Inc. (SPG, Retail, U.S.) contributed as well. The Healthcare sector was also a contributor, due to stock selection and overweight exposure. Conversely, Office was the leading sector detractor due to stock selection and overweight exposure. Office was the worst performing property type during the year and as a result, overweight and non-index holdings detracted from relative returns. Stock selection within the Residential and Data Centers sectors also detracted. By region, Australia/New Zealand (stock selection) and Continental Europe (underweight exposure) were leading contributors. Conversely, Japan (stock selection) and the U.K. (overweight exposure) were the leading detractors from relative performance. By security, underweight exposure to Unibail-Rodamco-Westfield (URW.NA, Retail, France) was the leading contributor to relative returns as the malaise that has plagued U.S. retail real estate now appears to be spreading to Europe. Overweight exposure to Simon Property Group, Inc. (SPG, Retail, U.S.) also contributed. Simon outperformed after reporting better-than-expected earnings, stable occupancy and positive re-leasing spreads. The company also began providing more detail on its redevelopment and development pipeline; and its pipeline of densification opportunities garnered positive attention. Overweight exposure to Dexus (DXS.AU, Diversified, Australia) contributed as well. Conversely, overweight exposure to Land Securities Group PLC (LAND.LN, Diversified, U.K.) detracted as the stock declined on Brexit uncertainty. Non-index holding Leopalace21 Corporation (8848.JP, Residential, Japan) also detracted. The stock declined meaningfully in May 2018 after construction deficiencies were reported at some of the company’s apartments. Although we think the monetary costs related to repairing the deficiencies are not overly large, the long-term reputational effect on the company is much harder to estimate and could be much more damaging to the company’s long-term value. Lastly, overweight exposure to City Developments Limited (CIT.SP, Diversified, Singapore) detracted as well. Singapore real estate stocks took a leg down after the government enacting cooling measures. The government enacted stricter borrowing limits for first time buyers, meaning they have to put more cash up front. Stamp duties were also increased for foreign purchasers of residential property. GLOBAL REAL ESTATE MARKET OVERVIEW Global real estate securities, as measured by the FTSE EPRA Nareit Developed Index (the “Benchmark”) declined 5.6% during the year. By region, Europe, North America and Asia Pacific declined 12.1%, 3.9% and 1.5%, respectively. By U.S. property type, Office posted the steepest declines during the year (−14.6%), followed by Hotels (−12.6%), Diversified (−7.9%), Retail (−7.2%), Industrial (−2.5%) and Mixed (0.0%). Conversely, Healthcare (+7.7%), Residential (+3.3%) and Self Storage (+2.9%) posted gains during the year. Global real estate equities, as measured by the FTSE EPRA Nareit Developed Index, underperformed the broader equity market early in 2018 on fears that rising inflation, tighter job markets and fiscal stimulus would accelerate the pace of U.S. interest-rate hikes. Those fears appeared to subside throughout the year as global real estate equities drifted higher for six straight months through August. In the final quarter of the year, nearly all asset classes sold off on concerns around slower economic growth as a result of global trade disputes, geopolitical uncertainty and tightening of monetary policies.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND (co ntinued) Real estate equities were not immune to the downturn, but declined substantially less than broader equity markets, with the FTSE EPRA Nareit Developed Index down 5.5%, compared to the MSCI World Index2, which was off 13.3%. Weakness for the year within the Office and Hotels sectors was largely a result of the clouded outlook on future growth. Performance within U.S. retail diverged, with higher quality operators outperforming those with lower quality portfolios. Outside the U.S., the malaise that has plagued U.S. retail real estate now appears to be spreading to Europe. Conversely, strong performance within the Healthcare sector was driven by improved fundamentals. Self Storage performed well despite supply concerns in a number of major metropolitan areas. OUTLOOK Despite increased expectations that growth may slow in the coming years, the U.S. economy remains healthy and is expected to outperform developed market peers. We do not believe a recession is imminent, but we see elevated risks that growth is likely to slow. As such, we have positioned the portfolio toward what we believe to be more conservative holdings. Within real estate, supply and demand appear relatively well balanced across most property types, and we are seeing inflationary rental growth. Leverage ratios have declined to the lowest levels ever recorded. In addition, many real estate companies have extended their average debt maturities to lock in lower-for-longer interest expenses moving forward. Our preference for companies with strong balance sheets is unchanged and we remain focused on companies with below average levels of leverage. We believe this is important from a portfolio construction standpoint in the current environment as companies with low leverage have the potential to perform better if we experience a downturn in the current business cycle. Currently we see opportunities within U.S. multifamily residential real estate. New supply appears muted and jobs growth (which is a demand driver for apartments) remains strong. We are seeing attractive discounts to net asset value (NAV) in the Office sector. In particular, we see compelling opportunities in some West Coast and Sunbelt markets. Conversely, we see fewer opportunities across the broader U.S. Retail sector. Our holdings are focused on what we believe to be the highest quality companies that operate in the most attractive markets. We are also less constructive within the Industrial sector amid lofty valuations and supply concerns. Outside the U.S., we continue to see value in Japan, where we believe Japanese developers present attractive valuations on an absolute basis, as well as in relation to their J-REIT counterparts. We specifically like developers focused on the Tokyo office market, where demand is strong for new buildings. Elsewhere in Asia, we are cautious about Hong Kong, particularly the residential market given the tightening of China’s capital controls that have impacted property ownership, as well as uncertainty surrounding the ongoing U.S. trade conflict with China. We continue to be positive on the U.K. market, despite the continued uncertainty on the Brexit resolution—although we have reduced retail exposure in favor of office properties where we still see good leasing demand. We have also begun to increase exposure in some Continental European markets as valuations have improved. Brookfield Public Securities Group LLC April 2019 ____________________________________________________________________________________________ 1 The FTSE EPRA Nareit Developed Index is a free-float adjusted, liquidity, size and revenue screened index designed to track the performance of listed real estate companies and REITs worldwide. 2 The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance

of developed markets.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 BROOKFIELD US LISTED REAL ESTATE UCITS FUND MANAGEMENT DISCUSSION OF FUND PERFORMANCE For the fiscal year ended 31 December 2018, the Brookfield US Listed Real Estate UCITS Fund Class E had a total return -8.6%, which assumes the reinvestment of dividends and is exclusive of brokerage commissions, underperforming the MSCI U.S. REIT Total Return Index1 (the “Benchmark”), which returned -5.8%. During the 12-month period ending December 31, 2018, the Healthcare sector was the leading contributor to relative returns, driven by overweight exposure. Zero exposure to the underperforming Diversified sector also contributed to relative performance. Stock selection within Retail contributed as well. We did not own a number of underperforming names in the sector during the year. The timing of our overweight exposure to Simon Property Group, Inc. (SPG, Retail) contributed as well. Conversely, the Data Centers sector was the leading detractor from relative returns due to stock selection. The Office sector was also among the leading detractors due to stock selection and overweight exposure, as it was the worst performing property type during the year. Stock selection and overweight exposure to Self Storage also detracted. By security, overweight exposure to HCP, Inc. (HCP, Healthcare) was the leading contributor to relative returns. The timing of our overweight exposure to Park Hotels & Resorts, Inc. (PK, Hotels) also contributed. An overweight allocation to Gramercy Property Trust (GPT, Net Lease) contributed as well – the stock performed well following the announcement the company would be acquired by affiliates of The Blackstone Group L.P. Conversely, overweight exposure to QTS Realty Trust, Inc. (QTS, Data Centers) was the leading detractor from relative returns. The stock declined meaningfully after the company unexpectedly announced a reorganization to exit the Cloud Managed Services business (often referred to as C3), along with a number of management changes. Overweight exposure to RLJ Lodging Trust (RLJ, Hotels) and non-index Extended Stay America, Inc. (STAY, Hotels) were also leading detractors, as the sector was one of the worst performers during the year. U.S. REAL ESTATE MARKET OVERVIEW U.S. real estate securities were down 5.8% for the year, as measured by the MSCI US REIT Index (the “Benchmark”). By U.S. property type, Office posted the steepest declines during the year (−14.6%), followed by Hotels (−12.6%), Diversified (−7.9%), Retail (−7.2%), Industrial (−2.5%) and Mixed (0.0%). Conversely, Healthcare (+7.7%), Residential (+3.3%) and Self Storage (+2.9%) posted gains during the year. U.S. real estate equities, as measured by the MSCI US REIT Index, underperformed the broader U.S. equity market early in 2018 on fears that rising inflation, tighter job markets and fiscal stimulus would accelerate the pace of U.S. interest-rate hikes. Those fears appeared to subside as U.S. real estate equities drifted higher for six straight months through August. In the final quarter of the year, nearly all asset classes sold off on concerns around slower economic growth as a result of global trade disputes, geopolitical uncertainty and tightening of monetary policies. Real estate equities were not immune to the downturn, but declined substantially less than broader equity markets, with the MSCI US REIT Index down 6.7%, compared to the S&P 500 Index, which was off 13.5%. Weakness for the year within the Office and Hotels sectors was largely a result of the clouded outlook on future growth. Performance within U.S. retail diverged, with higher quality operators outperforming those with lower quality portfolios. Conversely, strong performance within the Healthcare sector was driven by improved fundamentals. Self Storage performed well despite supply concerns in a number of major metropolitan areas.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 BROOKFIELD US LISTED REAL ESTATE UCITS FUND (contin ued) OUTLOOK Despite increased expectations that growth may slow in the coming years, the U.S. economy remains healthy and is expected to outperform developed market peers. We do not believe a recession is imminent, but we see elevated risks that growth is likely to slow. As such, we have positioned the portfolio toward what we believe to be more conservative holdings. Within real estate, supply and demand appear relatively well balanced across most property types, and we are seeing inflationary rental growth. Leverage ratios have declined to the lowest levels ever recorded. In addition, many real estate companies have extended their average debt maturities to lock in lower-for-longer interest expenses moving forward. Our preference for companies with strong balance sheets is unchanged and we remain focused on companies with below average levels of leverage. We believe this is important from a portfolio construction standpoint in the current environment as companies with low leverage have the potential to perform better if we experience a downturn in the current business cycle. Currently we see opportunities within multifamily residential real estate. New supply appears muted and jobs growth (which is a demand driver for apartments) remains strong. We are seeing attractive discounts to net asset value (NAV) in the Office sector. In particular, we see compelling opportunities in some West Coast and Sunbelt markets. Conversely, we see fewer opportunities across the broader Retail sector. Our holdings are focused on what we believe to be the highest quality companies that operate in the most attractive markets. We are also less constructive within the Industrial sector amid lofty valuations and supply concerns. Brookfield Public Securities Group LLC April 2019 ____________________________________________________________________________________________ 1 The MSCI US REIT Index (RMS) is a total return market capitalization-weighted index which prices once per day after market close. It is calculated by MSCI and is composed of equity REITs that are included in the MSCI US Investable Market 2500 Index. You cannot invest directly in an index.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 BROOKFIELD REAL ASSETS SECURITIES UCITS FUND MANAGEMENT DISCUSSION OF FUND PERFORMANCE For the fiscal year ended 31 December 2018, the Brookfield Real Assets Securities UCITS Fund Class E had a total return -9.0%, which assumes the reinvestment of dividends and is exclusive of brokerage commissions, underperforming the Fund’s Blended Index1 (as referenced in the Fund’s prospectus), which returned -6.4%. On an absolute performance basis, all asset class components of the strategy detracted during the period. On a relative to the benchmark performance basis, REIT Preferreds contributed positively due to underweight exposure. Conversely, Global Real Estate was the leading detractor, driven primarily by security selection. Overweight exposure to Metals & Mining Equities was also a leading detractor from relative returns. In the next section, we provide further detail on the performance of each asset class, along with our outlook for investing in real asset-related securities. GLOBAL INFRASTRUCTURE SECURITIES Listed infrastructure returns were negative in 2018, as measured by the Dow Jones Brookfield Global Infrastructure Composite Index2, which declined 8.5% during the year. By region, the Americas was down 6.9%, while Asia Pacific and Europe rose 4.7% and 1.2%, respectively. By sector, Ports declined the most (−26.6%), followed by Water (−7.4%), Airports (−7.1%), Electricity Transmission & Distribution (−6.2%), Oil & Gas Storage & Transportation (−4.6%), Toll Roads (−2.3%) and Diversified (−0.7%). Only Communications (+6.5%) posted positive gains. As measured by the Alerian MLP Index3, Energy infrastructure continued on its recovery path during the first half of the year, driven by improved sentiment amid strong fundamentals and higher commodity prices. Within the Master Limited Partnership4 (“MLP”) universe, however, returns varied as some companies were more adversely impacted by the surprise announcement in March from the United States Federal Energy Regulatory Commission (“FERC”) that disallowed an MLP to recover an income tax allowance in its cost of service rates. The FERC made another surprise announcement on July 18, 2018 with a modified proposal that clarified the original March ruling. The modified proposal, in our view, substantially mitigates the potential rate reductions through the removal of Accumulated Deferred Income Taxes (ADIT) from the rate base by allowing consolidated MLPs to include a federal income tax allowance in certain instances. At a minimum, the additional clarity provided by the modified proposal should ameliorate the uncertainty surrounding those names most impacted by the previous FERC actions. After posting positive returns through the first three quarters, energy infrastructure stocks, as measured by the Alerian MLP Index, declined in the fourth quarter as the price of West Texas Intermediate Crude Oil fell more than 35%. Utilities generally outperformed global equities on a relative basis, especially during the fourth quarter in a flight to quality amid heightened volatility. Overall performance within the group, however, was hindered by California utilities, which underperformed following wildfires in the state. Select U.K. utilities also lagged amid regulatory uncertainty. Within the transports sector, ports were hit particularly hard amid global trade disputes. This small group of stocks declined roughly 27% during the year. Airports declined on a clouded outlook for global economic growth, as well as political uncertainty in certain regions. Toll roads fared the best among transports during the year.


15

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 BROOKFIELD REAL ASSETS SECURITIES UCITS FUND (conti nued) Despite uncertainty with regard to wireless carrier consolidation following the announcement of the T-Mobile and Sprint merger, several larger U.S. communication infrastructure companies posted positive returns during the Period. Certain satellite operators also performed well on speculation related to the C-band spectrum, where the U.S. Federal Communications Commission is considering repurposing a portion of that spectrum for next-generation 5G services. GLOBAL REAL ESTATE SECURITIES Global real estate securities, as measured by the FTSE EPRA Nareit Developed Index5 declined 5.6% during the year. By region, Europe, North America and Asia Pacific declined 12.1%, 3.9% and 1.5%, respectively. By U.S. property type, Office posted the steepest declines during the year (−14.6%), followed by Hotels (−12.6%), Diversified (−7.9%), Retail (−7.2%), Industrial (−2.5%) and Mixed (0.0%). Conversely, Healthcare (+7.7%), Residential (+3.3%) and Self Storage (+2.9%) posted gains during the year. Global real estate equities, as measured by the FTSE EPRA Nareit Developed Index, underperformed the broader equity market early in 2018 on fears that rising inflation, tighter job markets and fiscal stimulus would accelerate the pace of U.S. interest-rate hikes. Those fears appeared to subside throughout the year as global real estate equities drifted higher for six straight months through August. In the final quarter of the year, nearly all asset classes sold off on concerns around slower economic growth as a result of global trade disputes, geopolitical uncertainty and tightening of monetary policies. Real estate equities were not immune to the downturn, but declined substantially less than broader equity markets, with the FTSE EPRA Nareit Developed Index down 5.5%, compared to the MSCI World Index, which was off 13.3%. Weakness for the year within the Office and Hotels sectors was largely a result of the clouded outlook on future growth. Performance within U.S. retail diverged, with higher quality operators outperforming those with lower quality portfolios. Outside the U.S., the malaise that has plagued U.S. retail real estate now appears to be spreading to Europe. Conversely, strong performance within the Healthcare sector was driven by improved fundamentals. Self Storage performed well despite supply concerns in a number of major metropolitan areas. FIXED INCOME The ICE BofA Merrill Lynch Global High6 Yield Index returned −3.3% and the ICE BofA Merrill Lynch Global Corporate Index7 (investment grade) returned −3.5% in 2018. The drawdown in the fourth quarter did restore some value to credit markets. For the year, spreads widened nearly 170 basis points to approximately 540 at year-end.10 We had been concerned about the below-average spreads for some time, considering the extended cycle. With the selloff, valuations are now closer to their long-term averages, which we believe to be more appropriate for late-cycle credit. OUTLOOK FOR THE FUND From a macroeconomic perspective, our projections for global growth have been adjusted modestly lower. Notable headwinds are global trade policies, Brexit, Italy and potentially slowing growth in China. We believe the U.S. economy is fundamentally strong and likely to lead developed economies, while growth in China is likely dependent on the success of government stimulus. Recent data suggest that inflation is likely to be lower than previously anticipated. We see potential inflationary pressures from U.S. stimulus, China stimulus and tariffs. Conversely, deflationary pressures are likely to include declining oil prices, a stable U.S. labor market and slowing U.S. home price appreciation.

Brookfield Public Securities Group LLC April 2019


16

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 BROOKFIELD REAL ASSETS SECURITIES UCITS FUND (conti nued) 1 The Blended Index consists of 35% FTSE EPRA Nareit Developed Index, 5% BofA Merrill Lynch Preferred Stock REITs 7% Constrained Index, 40% Dow Jones Brookfield Global Infrastructure Index, 5% Alerian MLP Index, and 15% the ICE BofA Merrill Lynch Global High Yield Index and ICE BofA Merrill Lynch Global Corporate Index, weighted 70% and 30%, respectively. 2 The Dow Jones Brookfield Global Infrastructure Composite Index is calculated and maintained by S&P Dow Jones Indices and comprises infrastructure companies with at least 70% of its annual cash flows derived from owning and operating infrastructure assets, including MLPs. 3 The Alerian MLP Index is a composite of the 50 most prominent energy 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). 4 MLPs are publicly traded partnerships focused on energy-related activities including the exploration, marketing, transportation, processing,

production, refining and/or storage of any natural resources. They are traded on a stock exchange just like any other equity security. 5 The FTSE EPRA Nareit Developed Index is a free-float adjusted, liquidity, size and revenue screened index designed to track the performance of listed real estate companies and REITs worldwide. 6 The ICE BofA Merrill Lynch Global High Yield Index is an unmanaged, commonly accepted measure of the performance of global high yield corporate securities. Index returns are calculated monthly, assume reinvestment of dividends. 7

The ICE BofA Merrill Lynch Global Corporate Index is an unmanaged, commonly accepted measure of the performance of global investment grade corporate securities. Index returns are calculated monthly, assume reinvestment of dividends.The ICE BofA Merrill Lynch Global High Yield Index is an unmanaged, commonly.


20

STATEMENT OF FINANCIAL POSITION As at 31 December 2018

Brookfield Brookfield Brookfield Brookfield Global Listed Global Listed Global Listed Global Li sted Infrastructure Infrastructure Real Estate Real Estate UCITS Fund UCITS Fund UCITS Fund UCITS Fund 31 Dec 2018 31 Dec 2017 31 Dec 2018 31 Dec 2017 Notes USD USD USD USD Assets Financial assets at fair value through profit or loss: Investment in transferable securities 8 252,295,407 648,745,253 433,625,268 501,406,249 Investment in financial derivative instruments 8,9 - - 451,325 964,280 Cash at bank 5 9,726,803 7,666,162 1,748,665 6,248,532 Amount receivable on sale of securities 2 30,326 2,888,471 960,780 1,456,848 Amount receivable on subscriptions 2 284 2,520,454 28,606 41,037,764 Interest and dividends receivable 2 798,118 1,531,451 1,879,579 1,487,727 Total assets 262,850,938 663,351,791 438,694,223 552,601,400 Liabilities Financial liabilities at fair value through profit or loss: Investment in financial derivative instruments liabilities 8,9 - - 18,050 11,431 Amount payable on purchase of securities 2 1,694,678 2,913,617 2,120,539 22,571,998 Amount payable on redemptions 2 203 26,799 - 9,498 Investment management fees payable 3 214,800 515,164 329,629 332,014 Administration fees payable 3 9,413 13,593 12,074 9,387 Transfer agency fees payable 3 6,095 7,326 8,007 7,202 Directors’ fees payable 3 9,893 19,144 16,176 8,034 Depositary and depositary oversight fees payable 3 20,525 21,919 20,873 19,149 Audit fees payable 3 9,824 11,803 9,765 11,744 Other accrued expenses and liabilities 170,723 108,756 147,264 9,056 Total liabilities (excluding amounts attributable to holders of redeemable participating shares) 2,136,154 3,638,121 2,682,377 22,989,513 Net assets attributable to holders of redeemable participating shares 14 260,714,784 659,713,670 436,011,846 529,611,887 The accompanying notes form an integral part of these financial statements.


21

STATEMENT OF FINANCIAL POSITION (continued) As at 31 December 2018

The accompanying notes form an integral part of these financial statements. * Launched on 17 November 2017. ** Launched on 21 November 2017. *** Launched on 28 August 2017. **** Launched on 30 November 2017.

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 31 Dec 2018 31 Dec 2017 31 Dec 2018 31 Dec 2017 Number of shares in issue Shares In Issue A Class* - - 27,749.07 12,525.76 Net Asset Value Per Share A Class - - EUR 18.03 EUR 20.35 Shares In Issue AA Class** - - 212,174.26 105,089.80 Net Asset Value Per Share AA Class - - GBP 17.63 GBP 20.50 Shares In Issue B Class 2,390,784.08 12,557,353.97 49,690.00 158,686.21 Net Asset Value Per Share B Class EUR 33.07 EUR 34.55 EUR 40.21 EUR 42.06 Shares In Issue E Class 6,009,203.40 4,480,741.92 10,489,296.01 10,259,476.39 Net Asset Value Per Share E Class USD 28.15 USD 30.79 USD 34.22 USD 37.49 Shares In Issue F Class 52,000.00 52,000.00 150,085.42 176,724.07 Net Asset Value Per Share F Class USD 16.52 USD 18.83 USD 19.32 USD 22.04 Shares In Issue M Class 7,907.66 13,572.94 - - Net Asset Value Per Share M Class USD 16.17 USD 17.85 - - Shares In Issue I Class - - 60,753.00 67,266.00 Net Asset Value Per Share I Class - - EUR 19.27 EUR 21.74 Shares In Issue V Class*** - - 18,400.00 7,500.00 Net Asset Value Per Share V Class - - USD 18.71 USD 20.68 Shares In Issue Z Class**** - - 2,777,281.55 4,630,750.85 Net Asset Value Per Share Z Class - - GBP 18.32 GBP 20.47


22


Brookfield Brookfield Brookfield US Listed US Listed Global Listed Real Estate Real Estate Infrastructure Long UCITS Fund UCITS Fund Short UCITS Fund* 31 Dec 2018 31 Dec 2017 31 Dec 2017 Notes USD USD USD Assets Financial assets at fair value through profit or loss: Investment in transferable securities 8 23,805,140 39,212,110 - Investment in financial derivative instruments 8,9 - - - Cash at bank 5 417,515 323,052 79,969 Amount receivable on sale of securities 2 - 179,575 5,576 Amount receivable on subscriptions 2 653,522 1,305,984 - Interest and dividends receivable 2 89,365 158,071 1,741 Receivable for investment manager subsidy 3 1,960 4,073 132,753 Other receivables - 129 - Total assets 24,967,502 41,182,994 220,039 Liabilities Financial liabilities at fair value through profit or loss: Investment in financial derivative instruments liabilities 8,9 - - - Bank overdraft 5 - - 173 Amount payable on purchase of securities 2 124,468 78,154 1,112 Amount payable on redemptions 2 34,005 327,026 - Investment management fees payable 3 17,492 25,646 86,842 Performance fees payable 3 - - 84,246 Administration fees payable 3 8,423 8,250 11,243 Transfer agency fees payable 3 6,532 6,473 1,566 Directors’ fees payable 3 892 1,450 476 Depositary and depositary oversight fees payable 3 3,086 3,931 7,251 Audit fees payable 3 9,935 11,914 12,138 Other accrued expenses and liabilities 10,984 17,514 14,992 Total liabilities (excluding amounts attributable to holders of redeemable participating shares) 215,817 480,358 220,039 Net assets attributable to holders of redeemable participating shares 14 24,751,685 40,702,636 - *Terminated on 28 December 2017. The accompanying notes form an integral part of these financial statements.


23


Brookfield Brookfield Brookfield US Listed US Listed Global Listed Real Estate Real Estate Infrastructure Long UCITS Fund UCITS Fund Short UCITS Fund* 31 Dec 2018 31 Dec 2017 31 Dec 2017 Number of shares in issue Shares In Issue E Class 358,473.14 494,495.97 - Net Asset Value Per Share E Class USD 32.14 USD 35.16 - Shares In Issue Q Class 2,090,542.75 3,239,516.30 - Net Asset Value Per Share Q Class JPY 693.67 JPY 811.33 - *Terminated on 28 December 2017. The accompanying notes form an integral part of these financial statements.


24

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2018

Brookfield Brookfield Real Assets Real Assets Securities Securities UCITS Fund UCITS Fund Total Total 31 Dec 2018 31 Dec 2017 31 Dec 2018 31 Dec 2017 Notes USD USD USD USD Assets Financial assets at fair value through profit or loss: Investment in transferable securities 8 40,995,004 60,163,754 750,720,819 1,249,527,366 Investment in financial derivative instruments 8,9 - - 451,325 964,280 Cash at bank 5 990,797 1,270,020 12,883,780 15,587,735 Amount receivable on sale of securities 2 180,984 265,662 1,172,090 4,796,132 Amount receivable on subscriptions 2 - - 682,412 44,864,202 Interest and dividends receivable 2 216,528 238,947 2,983,590 3,417,937 Receivable for investment manager subsidy 3 13,135 11,445 15,095 148,271 Other receivables - 91 - 220 Total assets 42,396,448 61,949,919 768,909,111 1,319,306,143 Liabilities Financial liabilities at fair value through profit or loss: Investment in financial derivative instruments liabilities 8,9 - - 18,050 11,431 Bank overdraft 5 5,405 - 5,405 173 Amount payable on purchase of securities 2 350,859 213,782 4,290,544 25,778,663 Amount payable on redemptions 2 - - 34,208 363,323 Investment management fees payable 3 35,769 41,851 597,690 1,001,517 Performance fees payable 3 - - - 84,246 Administration fees payable 3 8,423 8,250 38,333 50,723 Transfer agency fees payable 3 1,644 2,020 22,278 24,587 Directors’ fees payable 3 2,593 1,382 29,554 30,486 Depositary and depositary oversight fees payable 3 16,270 18,574 60,754 70,824 Audit fees payable 3 9,774 11,753 39,298 59,352 Other accrued expenses and liabilities 19,043 8,101 348,014 158,419 Total liabilities (excluding amounts attributable to holders of redeemable participating shares) 449,780 305,713 5,484,128 27,633,744 Net assets attributable to holders of redeemable participating shares 14 41,946,668 61,644,206 763,424,983 1,291,672,399 The accompanying notes form an integral part of these financial statements.


26

STATEMENT OF COMPREHENSIVE INCOME

For the financial year ended 31 December 2018 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 31 Dec 2018 31 Dec 2017 31 Dec 2018 31 Dec 2017 Notes USD USD USD USD Income Dividend income 2 18,372,369 30,709,104 22,192,392 13,386,172 Bank interest 2 103,087 114,623 103,058 22,705 Net realised and unrealised (loss)/gain on financial assets and liabilities at fair value through profit or loss 6 (51,357,892) 47,544,428 (66,761,355) 20,208,783 Other income - 3,340 - 1,076 Total (loss)/income (32,882,436) 78,371,495 (44,465,905) 33,618,736 Expenses Investment management fees 3 3,579,760 6,714,507 4,982,338 2,459,304 Administration fees 3 66,511 85,009 86,977 51,959 Directors’ fees 3 35,038 73,017 70,437 29,390 Depositary and depositary oversight fees 3 115,447 150,633 159,128 109,014 Audit fees 3 10,359 12,914 10,359 12,423 Transfer agency fees 3 44,175 47,544 64,164 44,008 Transaction costs 2 1,110,336 1,441,647 1,126,142 711,620 Other expenses 314,065 492,311 411,107 179,962 Total expenses 5,275,691 9,017,582 6,910,652 3,597,680 (Loss)/profit before taxation (38,158,127) 69,353,913 (51,376,557)

30,021,056

Taxation Withholding taxes 2 3,185,383 6,216,524 5,511,937

2,564,138

(Decrease)/increase in net assets attributable to holders redeemable

of participating shares from operations after tax (41,343,510)

63,137,389 (56,888,494)

27,456,918

Dividends to holders of redeemable participating shares 4 37,045 2,665,478 298,188 123,432 (Decrease)/increase in ne t assets attributable t o holders

redeemable

of participating shares from operations (41,380,555)

60,471,911 (57,186,682)

27,333,486 The accompanying notes form an integral part of these financial statements. There were no gains and losses other than those reflected above. All results above relate to continuing operations.


27

STATEMENT OF COMPREHENSIVE INCOME (continued) For the financial year ended 31 December 2018

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

UCITS Fund

UCITS Fund

Long Short UCITS

Fund* 31 Dec 2018 31 Dec 2017 31 Dec 2017 Notes USD USD USD Income Dividend income 2 1,305,438 2,267,693 325,477 Bank interest 2 5,451 3,228 29,302 Interest Income - - 3,097 Net realised and unrealised (loss)/gain on financial assets and liabilities at fair value through profit or loss 6 (3,738,918) (786,149) 628,624 Other income - 340 353 Total (loss)/income (2,428,029)

1,485,112 986,853

Expenses Investment management fees 3 246,092 425,009 199,415 Performance fees 3 - - 84,246 Administration fees 3 50,573 47,176 53,193 Directors’ fees 3 3,168 4,945 1,528 Depositary and depositary oversight fees 3 15,757 17,643 24,072 Audit fees 3 10,359 12,423 12,633 Transfer agency fees 3 38,411 41,011 7,854 Transaction costs 2 55,785 83,852 49,467 Other expenses 35,946 53,173 259,253 Total expen ses 456,091 685,232 691,661 Investment manager subsidy 3 (92,395) (73,698) (150,321) Net Expenses 363,696 611,534 541,340 (Loss)/profit before taxation (2,791,725) 873,578 445,513 Taxation Withholding taxes 2 314,786 662,979 85,998 (Decrease)/increase in net assets attributable to h olders of participating shares from operations after tax (3,106,511) 210,599 359,515 Dividends to holders of redeemable participating shares 4 688,567 1,242,872 - (Decrease)/increase in net assets attributable to h olders of participating shares from operations (3,795,078) (1,032,273) 359,515 *Terminated on 28 December 2017. The accompanying notes form an integral part of these financial statements. There were no gains and losses other than those reflected above. All results above relate to continuing operations.


28

STATEMENT OF COMPREHENSIVE INCOME (continued) For the financial year ended 31 December 2018

Brookfield Brookfield Real Assets Real Assets Securities Securities UCITS Fund UCITS Fund Total Total 31 Dec 2018 31 Dec 2017 31 Dec 2018 31 Dec 2017 Notes USD USD USD USD Income Dividend income 2 2,216,427 2,752,720 44,086,626 49,441,166 Bank interest 2 22,276 15,107 233,872 184,965 Interest income 2 391,917 467,158 391,917 470,255 Net realised and unrealised (loss)/gain on financial assets and liabilities at fair value through profit or loss 6 (6,469,164) 4,818,033 (128,327,329) 72,413,719 Other income - 28,379 - 33,488 Total (loss)/income (3,838,544) 8,081,397 (83,614,914) 122,543,593 Expenses Investment management fees 3 521,153 626,599 9,329,343 10,424,834 Performance fees 3 - - - 84,246 Administration fees 3 50,573 49,873 254,634 287,210 Directors’ fees 3 8,073 7,073 116,716 115,953 Depositary and depositary oversight fees 3 83,474 93,166 373,806 394,528 Audit fees 3 10,359 12,274 41,436 62,667 Transfer agency fees 3 8,130 8,912 154,880 149,329 Transaction costs 2 105,109 145,765 2,397,372 2,432,351 Other expenses 55,635 52,153 816,753 1,036,852 Total expenses 842,506 995,815 13,484,940 14,987,970 Investment manager subsidy 3 (98,414) (84,250) (190,809) (308,269) Net Expenses 744,092 911,565 13,294,131 14,679,701 (Loss)/profit before taxation (4,582,636) 7,169,832 (96,909,045) 107,863,892 Taxation Withholding taxes 2 393,205 603,390 9,405,311 10,133,029 (Decrease)/increase in net assets attributable to h olders of participating shares from operat ions after tax (4,975,841) 6,566,442 (106,314,356) 97,730,863 Dividends to holders of redeemable participating shares 4 - - 1,023,800 4,031,782 (Decrease)/increase in net assets attributable to h olders of participating shares from operations (4,975,841) 6,566,442 (107,338,156) 93,699,081 The accompanying notes form an integral part of these financial statements. There were no gains and losses other than those reflected above. All results above relate to continuing operations.


29

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

For the financial year ended 31 December 2018

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 31 Dec 2018 31 Dec 2017 31 Dec 2018 31 Dec 2017 USD USD USD USD Net assets attributable to holders of redeemable participating shares at the beginning of the financial year 659,713,670 633,045,898 529,611,887 200,457,895 (Loss)/profit attributable to holders of redeemable participating shares from operations (41,380,555) 60,471,911 (57,186,682) 27,333,486 Capital Transactions Issue of redeemable participating shares during the financial year EUR A class* - - 372,538 294,857 GBP AA class** - - 3,250,262 2,805,474 EUR B class 68,267,261 104,929,497 30,031 828,125 USD E class 51,128,584 5,540,919 143,140,328 330,552,596 USD F class - 8,526,181 316,738 1,260,251 USD M class - 6,058 - - EUR I class - - 709,854 2,945,372 USD V class*** - - 253,485 150,330 GBP Z class**** - - 59,427,242 125,404,160 Redemption of redeemable participating shares during the financial year EUR A class* - - (24,466) - GBP AA class** - - (626,732) - EUR B class (471,036,209) (47,160,863) (5,400,208) (96,554) USD E class (5,879,654) (1,399,557) (133,777,768) (120,701,173) USD F class - (103,780,198) (831,747) (86,200) USD M class (98,313) (466,176) - - EUR I class - - (861,966) (41,536,732) USD V class*** - - (39,640) - GBP Z class**** - - (102,351,310) - Net assets attributable to holders of redeemable participating shares at the end of the financial year 260,714,784 659,713,670 436,011,846 529,611,887 The accompanying notes form an integral part of these financial statements. There were no gains and losses other than those reflected above. All results above relate to continuing operations. * Launched on 17 November 2017. ** Launched on 21 November 2017. *** Launched on 28 August 2017. **** Launched on 30 November 2017.


30

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (continu ed)

For the financial year ended 31 December 2018 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 31 Dec 2018 31 Dec 2017 31 Dec 2018 31 Dec 2017 USD USD USD USD Redeemable participating shares in issue at beginning of the financial year 17,103,669 20,596,532 15,418,019 6,535,194 Shares issued during the financial year EUR A class* - - 16,326 12,526 GBP AA class** - - 130,642 105,090 EUR B class 1,719,374 2,588,831 600 17,290 USD E class 1,727,891 187,455 3,912,759 9,138,900 USD F class - 450,210 14,800 58,360 USD M class - 342 - - EUR I class - - 27,200 132,918 USD V class*** - - 12,900 7,500 GBP Z class**** - - 2,262,179 4,630,751 Shares redeemed during the financial year EUR A class* - - (1,103) - GBP AA class** - - (23,558) - EUR B class (11,885,944) (1,159,617) (109,596) (2,027) USD E class (199,430) (46,045) (3,682,939) (3,316,649) USD F class - (5,487,450) (41,439) (4,000) USD M class (5,665) (26,589) - - EUR I class - - (33,713) (1,897,834) USD V class*** - - (2,000) - GBP Z class**** (4,115,648) - Redeemable participating shares in issue at the end of the financial year 8,459,895 17,103,669 13,785,429 15,418,019

The accompanying notes form an integral part of these financial statements. There were no gains and losses other than those reflected above. All results above relate to continuing operations. * Launched on 17 November 2017. ** Launched on 21 November 2017. *** Launched on 28 August 2017. **** Launched on 30 November 2017.


31

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (continu ed) For the financial year ended 31 December 2018

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

UCITS Fund

UCITS Fund

Long Short UCITS

Fund* 31 Dec 2018 31 Dec 2017 31 Dec 2017 USD USD USD Net assets attributable to holders of redeemable participating shares at the beginning of the financ ial year 40,702,636 66,061,509 15,711,269 (Loss)/profit attributable to holders of redeemable participating shares from operations (3,795,078) (1,032,273) 359,515 Capital Transactions Issue of redeemable participating shares during the financial year USD E class 4,476,782 4,412,760 - JPY Q class 1,894,654 3,185,693 - Redemption of redeemable participating shares during the financial year USD E class (8,945,626) (15,481,484) (16,070,784) JPY Q class (9,581,683) (16,443,569) - Net assets attributable to holders of redeemable participating shares at the end of the financial ye ar 24,751,685 40,702,636 - Redeemable participating shares in issue at beginning of the financial year 3,734,012 5,864,859 762,008 Shares issued during the financial year USD E class 139,890 125,639 - JPY Q class 291,098 435,953 - Shares redeemed during the financial year USD E class (275,913) (445,474) (762,008) JPY Q class (1,440,071) (2,246,965) - Redeemable participating shares in issue at the end of the financial year 2,449,016 3,734,012 - *Terminated on 28 December 2017. The accompanying notes form an integral part of these financial statements. There were no gains and losses other than those reflected above. All results above relate to continuing operations.


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The accompanying notes form an integral part of these financial statements. There were no gains and losses other than those reflected above. All results above relate to continuing operations. * Launched on 17 November 2017. ** Launched on 21 November 2017. *** Launched on 28 August 2017. **** Launched on 30 November 2017.

Brookfield Brookfield Real Assets Real Assets Securities Securities UCITS Fund UCITS Fund Total Total 31 Dec 2018 31 Dec 2017 31 Dec 2018 31 Dec 2017 USD USD USD USD Net assets attributable to holders of redeemable participating shares at the beginning of the financ ial year 61,644,206 69,813,928 1,291,672,399 985,090,499 (Loss)/profit attributable to holders of redeemable participating shares from operations (4,975,841) 6,566,442 (107,338,156) 93,699,081 Capital Transactions Issue of redeemable participating shares during the financial year EUR A class* - - 372,538 294,857 GBP AA class** - - 3,250,262 2,805,474 EUR B class - - 68,297,292 105,757,622 USD E class 6,279,540 15,045,000 205,025,234 355,551,275 USD F class - - 316,738 9,786,432 USD M class - - - 6,058 JPY Q class - - 1,894,654 3,185,693 EUR I class - - 709,854 2,945,372 USD V class*** - - 253,485 150,330 GBP Z class**** - - 59,427,242 125,404,160 Redemption of redeemable participating shares during the financial year EUR A class* - - (24,466) - GBP AA class** - - (626,732) - EUR B class - - (476,436,417) (47,257,417) USD E class (21,001,237) (29,781,164) (169,604,285) (183,434,162) USD F class - - (831,747) (103,866,398) USD M class - - (98,313) (466,176) JPY Q class - - (9,581,683) - EUR I class - - (861,966) (57,980,301) USD V class*** - - (39,640) - GBP Z class**** - - (102,351,310) - Net assets attributable to holders of redeemable participating shares at the end of the financial year 41,946,668 61,644,206 763,424,983 1,291,672,399


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The accompanying notes form an integral part of these financial statements. All results above relate to continuing operations.

Brookfield Brookfield Real Assets Real Assets Securiti es Securities UCITS Fund UCITS Fund 31 Dec 2018 31 Dec 2017 USD USD Redeemable participating shares in issue at beginning of the financial year 2,670,388 3,300,469 Shares issued during the financial year USD E class 271,854 681,742 Shares redeemed during the financial year USD E class (946,009) (1,311,823) Redeemable participating shares in issue at the end of the financial year 1,996,233 2,670,388


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STATEMENT OF CASH FLOWS For the financial year ended 31 December 2018

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

31 Dec 2018 31 Dec 2017 31 Dec 2018 31 Dec 2017 USD USD USD USD

Cash flows from operating activities (Decrease)/increase in net assets attributable to h olders of redeemable participating shares from operations (41 ,343,510) 63,137,389 (56,888,494) 27,456,918 Adjustment to reconcile (decrease)/increase in net assets attributable to holders of redeemable participating shares from operations to cash provided by/(used in) operating activities Interest income (103,087) (114,623) (103,058) (22,705) Dividend income (18,372,369) (30,709,104) (22,192,392) (13,386,172) Tax expense 3,185,383 6,216,524 5,511,937 2,564,138 Operating (loss)/profit before working capital chan ges (56,633,583) 38,530,186 (73,672,007) 16,612,179 Changes in operating assets and liabilities Net decrease/(increase) in investments in securities 396,449,846 (19,689,505) 68,300,555 (305,393,166) Decrease/(increase) in receivable from sale of securities 2,858,145 (2,888,471) 496,068 (709,858) Decrease/(increase) in prepaid expenses - 8 - 57,179 (Decrease)/increase in amount payable on purchase of securities (1,218,939) 2,913,617 (20,451,459) 16,907,598 (Decrease)/increase in investment manager fees payable (300,364) 29,777 (2,385) 195,942 (Decrease)/increase in administration fees payable (4,180) (1,375) 2,687 1,226 (Decrease)/increase in transfer agency fees payable (1,231) 4,032 805 3,884 (Decrease)/increase in directors’ fees payable (9,251) 5,523 8,142 4,221 (Decrease)/increase in depositary and depositary oversight fees payable (1,394) (4,173) 1,724 10,759 (Decrease)/increase in audit fees payable (1,979) 912 (1,979) 853 Increase/(decrease) other accrued expenses and liabilities 61,967 9,287 138,208 (11,212) Cash provided by/(used in) operating activities 341 ,199,037 18,909,818 (25,179,641) (272,320,395) The accompanying notes form an integral part of these financial statements. All results above relate to continuing operations.


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STATEMENT OF CASH FLOWS (continued) For the financial year ended 31 December 2018

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

31 Dec 2018 31 Dec 2017 31 Dec 2018 31 Dec 2017 USD USD USD USD Cash provided by/(used in) operating activities (co ntinued) Interest received 109,782 109,171 108,436 11,863 Dividend received 16,668,240 31,102,724 21,795,162 12,606,352 Taxation (754,616) (6,216,524) (5,511,937) (2,564,138) Net cash provided by/(used in) operating activities 357,222,443 43,905,189 (8,787,980) (262,266,318) Cash flows from financing activities Proceeds from issue of redeemable participating shares 121,916,015 117,297,819 248,509,636 426,351,242 Payment on redemptions of redeemable participating shares (477,040,772) (153,050,355) (243,923,335) (163,716,002) Distribution to holders of redeemable participating shares (37,045) (2,665,478) (298,188) (123,432) Net cash (used in)/provided by financing activities (355,161,802) (38,418,014) 4,288,113 262,511,808 Net increase in cash 2,060,641 5,487,175 (4,499,867) 245,490 Cash at the start of the financial year 7,666,162 2,178,987 6,248,532 6,003,042

Cash at the end of the financial year 9,726,803 7,666,162 1,748,665 6,248,532 The accompanying notes form an integral part of these financial statements. All results above relate to continuing operations.


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

31 Dec 2018 31 Dec 2017 31 Dec 2017 USD USD USD

Cash flows from operating activities (Decrease)/increase in net assets attributable to h olders of redeemable participating shares from operations (3, 106,511) 210,599 359,515 Adjustment to reconcile (decrease)/increase in net assets attributable to holders of redeemable participating shares from operations to cash provided by operating activities Interest income (5,451) (3,228) (32,399) Dividend income (1,305,438) (2,267,693) (325,477) Tax expense 314,786 662,979 85,998 Operating (loss)/profit before working capital chan ges (4,102,614) (1,397,343) 87,637 Changes in operating assets and liabilities Net decrease in investments in securities 15,406,970 25,959,980 9,317,096 Decrease/(increase) in receivable from sale of securities 179,575 (157,818) 4,961 Decrease/(increase) in receivable for investment manager subsidy 2,113 13,285 (103,404) Decrease in prepaid expenses 129 283 729 Increase/(decrease) in amount payable on purchase of securities 46,314 (861,546) (597,091) (Decrease)/increase in investment manager fees payable (8,154) (17,585) 78,783 Decrease in performance fees payable - - (39,199) Increase in administration fees payable 173 177 6,194 Increase in transfer agency fees payable 59 2,579 751 (Decrease)/increase in directors’ fees payable (558) (370) 145 (Decrease)/increase in depositary and depositary oversight fees payable (845) (1,072) 2,829 (Decrease)/increase in audit fees payable (1,979) 1,023 1,247 (Decrease)/increase in other accrued expenses and liabilities (6,530) 2,180 (22,298) Cash provided by operating activities 11,514,653 23,543,773 8,738,380 *Terminated on 28 December 2017. The accompanying notes form an integral part of these financial statements. All results above relate to continuing operations.


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

31 Dec 2018 31 Dec 2017 31 Dec 2017 USD USD USD Cash provided by operating activities (continued) Interest received 5,734 3,098 31,567 Dividend received 1,373,861 2,449,926 331,187 Taxation (314,786) (662,979) (85,998) Net cash provided by operating activities 12,579,462 25,333,818 9,015,136 Cash flows from financing activities Proceeds from issue of redeemable participating shares 7,023,898 6,292,469 - Payment on redemptions of redeemable participating shares (18,820,330) (31,783,570) (16,070,784) Distribution to holders of redeemable participating shares (688,567) (1,242,872) - Net cash used in financing activities (12,484,999) (26,733,973) (16,070,784) Net increase/(decrease) in cash 94,463 (1,400,155) (7,055,648) Cash at the start of the financial year 323,052 1,723,207 7,135,444 Cash at the end of the financial year 417,515 323,052 79,796 *Terminated on 28 December 2017. The accompanying notes form an integral part of these financial statements. All results above relate to continuing operations.


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The accompanying notes form an integral part of these financial statements. All results above relate to continuing operations.

Brookfield Brookfield Real Assets Real Assets Securities Securities UCITS Fund UCITS Fund Total Total 31 Dec 2018 31 Dec 2017 31 Dec 2018 31 Dec 2017 USD USD USD USD Cash flows from operating activities (Decrease)/increase in net assets attributable to h olders of redeemable participating shares from operations (4,975,841)

6,566,442 (106,314,356)

97,730,863

Adjustment to reconcile (decrease)/increase in net assets attributable to holders of redeemable participating shares from operations to cash provided by/(used in) operating activities Interest income (414,193) (482,265) (625,789) (655,220) Dividend income (2,216,427) (2,752,720) (44,086,626) (49,441,166) Tax expense 393,205 603,390 9,405,311 10,133,029 Operating (loss)/profit before working capital chan ges (7,213,256) 3,934,847 (141,621,460) 57,767,506 Changes in operating assets and liabilities Net decrease/(increase) in investments in securities 19,168,750 7,752,476 499,326,121 (282,053,119) (Increase)/decrease in receivable from sale of securities 84,678 (64,729) 3,618,466 (3,815,915) (Increase)/decrease in receivable for investment manager subsidy (1,690) 26,721 423 (63,398) Increase/(decrease) in prepaid expenses 91 (91) 220 58,108 Increase/(decrease) in amount payable on purchase of securities 137,077 1,989 (21,487,007) 18,364,567 (Decrease)/increase in investment manager fees payable (6,082) (6,417) (316,985) 280,500 Decrease in performance fees payable - - - (39,199) Increase/(decrease) in administration fees payable 173 2,873 (1,147) 9,095 (Decrease)/increase in transfer agency fees payable (376) 1,148 (743) 12,394 Increase/(decrease) in directors’ fees payable 1,211 (127) (456) 9,392 (Decrease)/increase in depositary and depositary oversight fees payable (2,304) (3,167) (2,819) 5,176 (Decrease)/increase in audit fees payable (1,979) 862 (7,916) 4,897 Increase/(decrease) in other accrued expenses and liabilities 10,942 (5,654) 204,587 (27,697) Cash provided by/(used in) operating activities 12, 177,235 11,640,731 339,711,284 (209,487,693)


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

31 Dec 2018 31 Dec 2017 31 Dec 2018 31 Dec 2017 USD USD USD USD Cash provided by/(used in) operating activities (co ntinued) Interest received 442,162 539,953 666,114 695,652 Dividend received 2,210,877 2,790,155 42,048,140 49,280,344 Taxation (393,205) (603,390) (6,974,544) (10,133,029) Net cash provided by/(used in) operating activities 14,437,069 14,367,449 375,450,994 (169,644,726) Cash flows from financing activities Proceeds from issue of redeemable participating shares 6,279,540 15,045,000 383,729,089 564,986,530 Payment on redemptions of redeemable participating shares (21,001,237) (30,290,575) (760,785,674) (394,911,286) Distribution to holders of redeemable participating shares - - (1,023,800) (4,031,782) Net cash (used in)/provided by financing activities (14,721,697) (15,245,575) (378,080,385) 166,043,462 Net (decrease)/increase in cash (284,628) (878,126) (2,629,391) (3,601,264) Cash at the start of the financial year 1,270,020 2,148,146 15,507,766 19,188,826 Cash at the end of the financial year 985,392 1,270,020 12,878,375 15,587,562 The accompanying notes form an integral part of these financial statements. All results above relate to continuing operations.

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC Notes to the financial statements for the financial year ended 31 December 2018 (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 European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations, 2015 (as amended) (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 31 December 2018 the Company had four active sub-funds (one inactive sub-fund and one terminated sub-fund), all denominated in USD:

• Brookfield Global Listed Infrastructure UCITS Fund (launched 30 November 2011) • Brookfield Global Listed Real Estate UCITS Fund (launched 30 November 2011) • Brookfield US Listed Real Estate UCITS Fund (launched 30 November 2011) • Brookfield Real Assets Securities UCITS Fund (launched 1 September 2015) • Brookfield Global Listed Infrastructure Long Short UCITS Fund (terminated on 28 December 2017) • Brookfield Real Assets Debt UCITS Fund (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 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. As stated in the Prospectus, a Business Day is defined as any day (except Saturdays, Sundays and public holidays in Dublin and New York) on which retail banks in Dublin and New York are open for business or such other day or days as may be determined by the Directors. As 31 December 2018 was the last Business Day this was the date used to strike the Net Asset Value (“NAV”) upon which the financial statements are based. 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 sought to generate high risk-adjusted absolute returns with low correlation to the broad equity and fixed income markets. The sub-fund sought to achieve its investment objective by taking long and short positions primarily in equity securities of publicly traded infrastructure companies throughout the world. These included publicly traded securities of infrastructure companies whose primary operations or principal trading market are in non-U.S. markets. The sub-fund was terminated on 28 December 2017.


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1. The Company (continued) 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. 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. The sub-fund is not available for purchase as of 31 December 2018.

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, as amended, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations, 2015 (as amended) (the “UCITS Regulations”). Financial instruments Classification of financial instruments Under IFRS 9, a financial asset is classified as measured at: amortised cost; Fair value through other comprehensive income (“FVOCI”) or fair value through profit or loss (“FVTPL”). The classification of financial assets under IFRS 9 is based on the business model in which a financial asset is managed and on its contractual cash flow characteristics. In evaluating the classification of financial assets the Company has determined the following:

• Based on how performance is evaluated, how risks are managed and how compensation is paid, the business model for financial assets is to manage on a fair value basis.

• The contractual cash flows of the financial assets are not solely payments of principal and

interest. Based on the above evaluation, the Company’s financial assets are classified at FVTPL. The Company’s financial liabilities are classified at FVTPL in line with the principles of IFRS 9. Recognition/derecognition of financial instruments Purchases and sales of investments are accounted for on the day the trade transaction takes place. Investments are derecognised when the rights to receive cash flows from the investments have expired or the risks and rewards of ownership have all been substantially transferred. Realised gains and losses on disposals are calculated using the first-in first-out cost method and are reflected as net realised gain/(loss) on financial assets at fair value through profit or loss in the Statement of Comprehensive Income. Initial measurement of financial instruments Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Gains and losses arising from changes in the fair value of the financial assets and liabilities are presented in the Statement of Comprehensive Income, in the period in which they arise.


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2. Significant Accounting Policies (continued ) Financial assets and liabilities at fair value thro ugh profit or loss (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 (for example bonds, debt securities, equities and similar assets) were recorded based on quoted market prices as at 31 December 2018. 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 Statement of Financial Position. Contracts for Difference (the “CFD”) 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 and unrealised gains and losses arising on the valuation of investments are recognised in the Statement of Comprehensive Income, where relevant. The cost of investments sold is recognised on a weighted average basis.

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


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2. Significant Accounting Policies (continued ) 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 31 December 2018 this was the United States Dollar ("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 Statement of Comprehensive Income. All other foreign currency exchange differences relating to monetary items, including cash, are presented in the Statement of Comprehensive Income. 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’. Generally a chargeable event arises on any distribution, redemption, repurchase, cancellation, transfer of shares or on the ending of a “Relevant Period”. A “Relevant Period” being an eight year period beginning with the acquisition of the shares by the Shareholder and each subsequent period of eight years beginning immediately after the preceding Relevant Period. No Irish tax will arise on the Company in respect of chargeable events in respect of: (a) a shareholder who is neither an 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 Statement 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.


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2. Significant Accounting Policies (continued) Receivables and payables (continued) 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 year please refer to note 4. New standards, amendments and interpretations IFRS 9 “Financial Instruments” (“IFRS 9”) became effective for periods beginning on or after 1 January 2018. IFRS 9 replaces the provisions of IAS 39 that relate to the recognition, classification and measurement of financial instruments, including derecognition and impairment of such financial instruments. As outlined in note 2 “Financial instruments” the Company has classified financial assets at FVTPL. Therefore financial instrument classification remains consistent with the policies of the most recent annual audited financial statements. For financial liabilities, the standard retains most of the IAS 39 requirements. The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity's own credit risk is recorded in other comprehensive income rather than the income statement, unless this creates an accounting mismatch. IFRS 15 “Revenue from Contracts with Customers” was issued in May 2014 and became effective for periods beginning on or after 1 January 2018. The principles in IFRS 15 provide a more structured approach to measuring and recognising revenue. It establishes the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. The new revenue standard is applicable to all entities and will supersede all current revenue recognition requirements under IFRS. The new standard does not have a significant impact on the Company’s financial position, performance or disclosures in its financial statements.

New standards, amendments and interpretations issue d but not effective and not yet adopted IFRS 16 is effective for annual reporting periods beginning on or after 1 January 2019, with earlier application permitted (as long as IFRS 15 is also applied). The objective of IFRS 16 is to report information that (a) faithfully represents lease transactions and (b) provides a basis for users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. To meet that objective, a lessee should recognise assets and liabilities arising from a lease. The new standard does not have a significant impact on the Company’s financial position, performance or disclosures in its financial statements.

IFRIC 23 Uncertainty over Income Tax Treatments (IFRIC 23 or the Interpretation) to address how to reflect uncertainty in the recognition and measurement of income taxes. IFRIC 23 is effective for annual periods beginning on or after 1 January 2019, with early application permitted. The new standard does not have a significant impact on the Company’s financial position, performance or disclosures in its financial statements.


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3. Fees Investment Management Fee Under the provisions of the Investment Management Agreement, the Company will pay Brookfield Public Securities Group LLC (the Investment Manager) a fee in respect of its duties 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 year amounted to USD 9,329,343 (31 December 2017: USD 10,424,834). Fees of USD 597,690 (31 December 2017: USD 1,001,517) were outstanding at financial year 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. Any decision to terminate the fee waiver will be notified to the Board of Directors. Please refer to the Company’s prospectus, supplements and Key Investor Information Document (KIID) available at www.brookfield.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 - Share A Class, AA Class, B Class, E Class, F Class, IEA Class and Z Class 0.85% 1.05% - Share V Class 1.70% 1.90% 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 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. 1Terminated on 28 December 2017.

The Investment Manager subsidy for the financial year amounted to USD 190,809 (31 December 2017: USD 308,269). Fees reimbursements of USD 15,095 (31 December 2017: USD 148,271) were receivable from the Investment Manager at financial year end.


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3. Fees 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 year amounted to USD 254,634 (31 December 2017: USD 287,210) and USD 154,880 (31 December 2017: USD 149,329), respectively. Fees of USD 38,333 (31 December 2017: USD 50,723) and USD 22,278 (31 December 2017: USD 24,587), respectively were outstanding at financial year 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 year amounted to USD 373,806 (31 December 2017: USD 394,528). The Depositary and Depositary Oversight fees outstanding at financial year end were USD 60,754 (31 December 2017: USD 70,824). Directors’ fees The Directors’ fees charged during the financial year were USD 116,716 (31 December 2017: USD 115,953) of which USD 29,554 (31 December 2017: USD 30,486) was payable at financial year end. Audit fees The below table discloses audit remuneration fees for the financial year. 31 December 31 December 2018 2017 EUR EUR Audit (ex-VAT and applicable out-of-pocket expenses) 35,700 42,500

35,700 42,500


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3. Fees (continued) Performance fees Under the provisions of the Investment Management Agreement, the Investment Manager will also be entitled to a performance fee (the “performance fee”) from the Brookfield Global Listed Infrastructure Long Short UCITS Fund (the “Sub-Fund”) 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 the Sub-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 Sub-Fund during that calendar year. The performance fee will be calculated separately for each Class of Shares of the Sub-Fund, 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 Sub-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 Sub-Fund’s assets as of the close of each fiscal year as well as gains and losses realised during the year 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 Sub-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 Sub-Fund terminated on 28 December 2017 and the Administrator kept a record to ensure that the appropriate amount of the performance fee was borne by each Shareholder. Performance fees charged and outstanding for the year ended 31 December 2017 were USD 84,246.

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.


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4. Dividends 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

31 December 2018 31 December 2017 Ex-date Rate Ex-date Rate 20 March 2018 USD 0.1783 21 March 2017 USD 0.1853 20 June 2018 USD 0.1786 20 June 2017 USD 0.1903 20 September 2018 USD 0.1824 20 September 2017 USD 0.1958 20 December 2018 USD 0.1731 20 December 2017 USD 0.1897

Brookfield Global Listed Real Estate UCITS Fund - Class F

31 December 2018 31 December 2017 Ex-date Rate Ex-date Rate 20 March 2018 USD 0.2082 21 March 2017 USD 0.2110 20 June 2018 USD 0.2155 20 June 2017 USD 0.2222 20 September 2018 USD 0.2124 20 September 2017 USD 0.2209 20 December 2018 USD 0.2057 20 December 2017 USD 0.2215 Brookfield Global Listed Real Estate UCITS Fund - C lass AA

31 December 2018 31 December 2017 Ex-date Rate Ex-date Rate 20 March 2018 USD 0.2690 - - 20 June 2018 USD 0.2640 - - 20 September 2018 USD 0.2546 - - 20 December 2018 USD 0.2366 - - Brookfield US Listed Real Estate UCITS Fund - Class Q

31 December 2018 31 December 2017 Ex-date Rate Ex-date Rate 10 January 2018 USD 0.0234 11 January 2017 USD 0.0252 9 February 2018 USD 0.0216 09 February 2017 USD 0.0249 9 March 2018 USD 0.0211 08 March 2017 USD 0.0251 11 April 2018 USD 0.0213 10 April 2017 USD 0.0245 10 May 2018 USD 0.0219 08 May 2017 USD 0.0241 11 June 2018 USD 0.0229 09 June 2017 USD 0.0240 11 July 2018 USD 0.0239 10 July 2017 USD 0.0243 10 August 2018 USD 0.0236 11 August 2017 USD 0.0244 12 September 2018 USD 0.0236 08 September 2017 USD 0.0243 9 October 2018 USD 0.0223 10 October 2017 USD 0.0244 9 November 2018 USD 0.0225 08 November 2017 USD 0.0239 11 December 2018 USD 0.0235 11 December 2017 USD 0.0238 Dividends of USD 37,045 (31 December 2017: USD 2,665,478) on the Brookfield Global Listed Infrastructure UCITS Fund – Class F, USD 148,103 (31 December 2017: USD 123,432) on the Brookfield Global Listed Real Estate UCITS Fund – Class F and USD 150,085 (31 December 2017: USD Nil) on the Brookfield Global Listed Real Estate UCITS Fund – Class AA were paid for the financial year ended 31 December 2018. Dividends of USD 688,567 (31 December 2017: USD 1,242,872) on the Brookfield US Listed Real Estate UCITS Fund – Class Q were paid for the financial year ended 31 December 2018 . There were no dividends payable as at 31 December 2018 (31 December 2017: USD 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 BNP Paribas. As at 31 December 2018, 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

31 December 2018 31 December 2018 31 December 2018 USD USD USD Cash 9,726,803 1,748,665 417,515

Total Cash at bank 9,726,803 1,748,665 417,515

Brookfield Real Assets Securities

UCITS Fund

31 December 2018 USD Cash 990,797 Bank overdraft (5,405)

Total Cash at bank 985,392

As at 31 December 2017, 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 2017 31 December 2017 31 December 2017 USD USD USD Cash 7,666,162 6,248,532 323,052

Total Cash at bank 7,666,162 6,248,532 323,052


Long Short UCITS Fund*

Brookfield Real Assets Securities

UCITS Fund

31 December 2017 31 December 2017 USD USD Cash 79,969 1,270,020 Bank overdraft (173) -

Total Cash at bank 79,796 1,270,02 0

*Terminated on 28 December 2017.


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

Realised Unrealised For the financial year ended 31 December 2018 gains /(losses) gains/(losses) Total USD USD USD Brookfield Global Listed Infrastructure UCITS Fund Common stocks (7,490,720) (44,592,462) (52,083,182) Forward currency contracts 35,812 - 35,812 Foreign exchange - 786,176 786,176 Capital gains tax (96,698) - (96,698)

(7,551,606) (43,806,286) (51,357,892)

Brookfield Global Listed Real Estate UCITS Fund Common stocks (6,820,770) (49,825,204) (56,645,974) Forward currency contracts (10,299,892) 433,275 (9,866,617) Foreign exchange - (248,764) (248,764) (17,120,662) (49,640,693) (66,761,355) Brookfield US Listed Real Estate UCITS Fund Common stocks (2,561,029) (1,150,709) (3,711,738)

Foreign exchange - (27,180) (27,180) (2,561,029) (1,177,889) (3,738,918)

Brookfield Real Assets Securities UCITS Fund Common and preferred stocks (1,341,419)

(4,509,389)

(5,850,808)

Corporate bonds (181,678) (407,570) (589,248) Forward currency contracts 3,247 23 3,270 Foreign exchange - (23,804) (23,804) Capital gains tax (8,574) - (8,574) (1,528,424)

(4,940,740) (6,469,164)

Realised Unrealised For the financial year ended 31 December 2017 gains /(losses) gains/(losses) Total

USD USD USD Brookfield Global Listed Infrastructure UCITS Fund Common stocks 38,373,055 9,170,506 47,543,561 Corporate bonds 115,416 - 115,416 Forward currency contracts 35,730 - 35,730 Foreign exchange - (81,379) (81,379) Capital gains tax (68,900) - (68,900) 38,455,301 9,089,127 47,544,428

Brookfield Global Listed Real Estate UCITS Fund Common stocks 2,873,362 17,446,926 20,320,288 Forward currency contracts (376,098) 952,849 576,751 Foreign exchange - (688,256) (688,256) 2,497,264 17,711,519 20,208,783 Brookfield US Listed Real Estate UCITS Fund Common stocks (2,384,128) 1,624,475 (759,653) Foreign exchange - (26,496) (26,496) (2,384,128) 1,597,979 (786,149)


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

Realised Unrealised For the financial year ended 31 December 2017 gains /(losses) gains/(losses) Total

USD USD USD Brookfield Global Listed Infrastructure Long Short UCITS Fund Common stocks 2,014,356 (1,040,713) 973,643 CFD - Equities (413,949) 87,650 (326,299) Forward currency contracts (5,371) - (5,371) Capital gains tax (5,381) - (5,381) Foreign exchange - (7,968) (7,968) 1,589,655 (961,031) 628,624

Brookfield Real Assets Securities UCITS Fund Common and preferred stocks 2,735,843 1,759,661 4,495,504 Corporate bonds 227,793 114,566 342,359 Forward currency contracts (5,115) - (5,115) Capital gains tax (3,049) - (3,049) Foreign exchange - (11,666) (11,666) 2,955,472 1,862,561 4,818,033

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 Public Securities Group LLC, as the Investment Manager, earned a fee of USD 9,329,343 for the financial year (31 December 2017: USD 10,424,834) of which USD 597,690 (31 December 2017: USD 1,001,517) was payable at financial year end. Performance fees earned by the Investment Manager for the financial year amounted to USD Nil (31 December 2017: USD 84,246) of which USD Nil (31 December 2017: USD 84,246) was payable at financial year end. The Investment Manager Subsidy (capped fees) for the financial year amounted to USD 190,809 (31 December 2017: USD 308,269). Fees of USD 15,095 (31 December 2017: USD 148,271) were receivable from the Investment Manager at financial year end. David Levi, President of the Investment Manager, was approved by the Central Bank as a Non-Executive Director on 14 August 2017 to the Company. Dan C. Tutcher, is a Managing Director of the Investment Manager on the Energy Infrastructure Securities team. Mr. Tutcher also serves on the Board of Enbridge, Inc. The Investment Manager has adopted policies and procedures to address potential conflicts of interest while allowing the Investment Manager to continue to invest in Enbridge Companies. However, from time to time, the Investment Manager may restrict trading which may prevent any Brookfield Investment Fund from acquiring or disposing of securities of Enbridge Companies at a favourable time.

Brookfield Asset Management Inc., Brookfield Public Securities Group (UK) Limited, Century Property and Casualty Insurance Corporation are affiliates of the Investment Manager and are deemed to be related parties. As at 31 December 2018 and 31 December 2017, these entities held the following redeemable participating shares in each of the sub-funds:

Fund name Related Party Share Class

Quantity of Shares Held

31 December 2018

Quantity of Shares Held

31 December 2017


Brookfield Public Securities Group (UK) Inc EUR B 5,000 5,000


Brookfield Asset Management Inc USD E 365,327 500,000


Century Property and Casualty Insurance Corporation USD E - 313,700


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7. Related Party Transactions (continued)

As at 14 December 2018, Century Property and Casualty Insurance Company redeemed all its shares from Brookfield Real Assets Securities UCITS Fund. As at 24 July 2017, Century Property and Casualty Insurance Company redeemed USD 10,000,000 from Brookfield Real Assets Securities UCITS Fund.

As at 26 July 2017, Century Property and Casualty Insurance Company redeemed USD 6,000,000 from Brookfield Global Listed Infrastructure Long Short UCITS Fund.

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.


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8. Risk Associated with Financial Instrument s (continued) 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 31 December 2018 and 31 December 2017: Brookfield Global Listed Infrastructure UCITS Fund

31 December 2018 (Level 1) (Level 2) (Level 3) Total USD USD USD USD Financial assets at fair value through profit or lo ss

Investments in transferable securities, at fair value

- Common stocks 252,295,407 - - 252,295,407

252,295,407 - - 252,295,407

Brookfield Global Listed Real Estate UCITS Fund 31 December 2018 (Level 1) (Level 2) (Level 3) Total USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 433,625,268 - - 433,625,268 Investments in financial derivative instruments - Forward currency contracts - 451,325 - 451,325 433,625,268 451,325 - 434,076,593

Financial liabilities at fair value through profit or loss Investments in financial derivative instruments - Forward Exchange Contracts - (18,050) - (18,050) - (18,050) - (18,050) Brookfield US Listed Real Estate UCITS Fund 31 December 2018 (Level 1) (Level 2) (Level 3) Total USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 23,805,140 - - 23,805,140 23,805,140 - - 23,805,140 Brookfield Real Assets Securities UCITS Fund (Level 1) (Level 2) (Level 3) Total 31 December 2018 USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 33,699,036 - - 33,699,036 - Preferred stocks 1,198,575 - - 1,198,575 - Corporate bonds - 6,097,393 - 6,097,393 34,897,611 6,097,393 40,995,004

Brookfield Global Listed Infrastructure UCITS Fund 31 December 2017 (Level 1) (Level 2) (Level 3) Total USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 648,745,253 - - 648,745,253 648,745,253 - - 648,745,253


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8. Risk Associated with Financial Instruments (cont inued) Brookfield Global Listed Real Estate UCITS Fund 31 December 2017 (Level 1) (Level 2) (Level 3) Total USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 501,406,249 - - 501,406,249 Investments in financial derivative instruments - Forward currency contracts - 964,280 - 964,280 501,406,249 964,280 - 502,370,529 Financial liabilities at fair value through profit or loss Investments in financial derivative instruments - Forward Exchange Contracts - (11,431) - (11,431) - (11,431) - (11,431)

Brookfield US Listed Real Estate UCITS Fund 31 December 2017 (Level 1) (Level 2) (Level 3) Total USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 39,212,110 - - 39,212,110 39,212,110 - - 39,212,110 Brookfield Real Assets Securities UCITS Fund (Level 1) (Level 2) (Level 3) Total 31 December 2017 USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common and stocks 52,365,252 - - 52,365,252 - Preferred stocks 1,816,539 - - 1,816,539 - Corporate bonds - 5,981,963 - 5,981,963 54,181,791 5,981,963 - 60,163,754

The sub-funds did not invest in any Level 3 securities during the financial periods ended 31 December 2018 and 31 December 2017 and there were no transfers in or out of Level 1, Level 2, and Level 3.

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 CFD - Equities) are calculated by reference to current exchange rates for contracts with similar maturity and risk profiles.


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8. Risk Associated with Financial Instruments (cont inued) 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.

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.


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8. Risk Associated with Financial Instruments (cont inued) Market Price Risk (continued)

As at 31 December 2018, 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. 31 December 2018 USD Brookfield Global Listed Infrastructure UCITS Fund 12,614,770 Brookfield Global Listed Real Estate UCITS Fund 21,681,263 Brookfield US Listed Real Estate UCITS Fund 1,190,257 Brookfield Real Assets Securities UCITS Fund 2,049,750

31 December 2017 USD Brookfield Global Listed Infrastructure UCITS Fund 32,437,263 Brookfield Global Listed Real Estate UCITS Fund 25,070,312 Brookfield US Listed Real Estate UCITS Fund 1,960,606 Brookfield Real Assets Securities UCITS Fund 3,008,188

Brookfield Global Listed Infrastructure Long Short UCITS Fund terminated on 28 December 2017. 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 rate risk. The table below summarises the maturity periods for interest-bearing securities held by Brookfield Real Assets Securities UCITS Fund as at 31 December 2018. Non- Up to 1 1 - 5 Over interest year years 5 years bear ing Total USD USD USD USD USD Corporate bonds - 1,143,360 4,954,033 - 6,097,393 Common stocks - - - 33,699,036 33,699,036 Preferred stocks - - - 1,198,575 1,198,575 Other assets - - - 1,401,444 1,401,444 Total assets - 1,143,360 4,954,033 36,299,055 42,396,448 Other liabilities - - - 449,780 449,780 Total liabilities - - - 449,780 449,780 Total Net Assets 41,946,668


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8. Risk Associated with Financial Instruments (cont inued) 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 2017. Non- Up to 1 1 - 5 Over interest year years 5 years bearing Total USD USD USD USD USD Corporate bonds - 803,077 5,178,886 - 5,981,963 Common and preferred stocks - - - 54,181,791 54,181,791 Other assets - - - 1,787,203 1,787,203 Total assets - 803,077 5,178,886 55,968,994 61,950,957 Other liabilities - - - 306,751 306,751 Total liabilities - - - 306,751 306,751 Total Net Assets 61,644,206 As at 31 December 2018, 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 60,974 (31 December 2017: USD 59,820) 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.


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8. Risk Associated with Financial Instruments (cont inued)

Foreign Currency Risk (continued) The tables below 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 31 December 2018 and 31 December 2017. Brookfield Global Listed Infrastructure UCITS Fund 31 December 2018 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD AUD 10,518,630 - 223,645 - 10,742,275 BRL 2,730,866 40 - - 2,730,906 CAD 34,101,378 - 75,759 - 34,177,137 DKK 5,502,355 - - - 5,502,355 EUR 36,980,034 - 214 - 36,980,248 GBP 16,692,560 - 383,519 - 17,076,079 HKD 10,063,669 - (262,762) - 9,800,907 JPY 3,869,521 - - - 3,869,521 MXN 1,709,283 - 9,265 - 1,718,548 NZD 3,659,713 - 61,662 - 3,721,375 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 537,114 BRL 136,545 CAD 1,708,857 DKK 275,118 EUR 1,849,012 GBP 853,804 HKD 490,045 JPY 193,476

MXN 85,927 NZD 186,069

31 December 2017 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabilities

) Derivatives Exposure

USD USD USD USD USD AUD 15,185,960 - 217,997 - 15,403,957 CAD 91,226,451 - 344,025 - 91,570,476 CHF 6,851,597 - - - 6,851,597 DKK 15,021,762 - (731,434) - 14,290,328 EUR 99,392,466 67,831 2,441,527 - 101,901,824 GBP 48,921,303 - 574,066 - 49,495,369 HKD 21,055,409 - - - 21,055,409 MXN 9,135,298 - 201,928 - 9,337,226 NZD 7,041,490 - - - 7,041,490


59


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.


AUD 770,198 CAD 4,578,524 CHF 342,580 DKK 714,516 EUR 5,095,091 GBP 2,474,768 HKD 1,052,770 MXN 466,861 NZD 352,075

Brookfield Global Listed Real Estate UCITS Fund 31 December 2018 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD AUD 24,252,284 - 985,491 - 25,237,775 CAD 6,528,971 - 49,050 - 6,578,021 EUR 44,074,898 - - 1,916,272 45,991,170 GBP 39,903,889 - 229,075 69,605,020 109,737,984 HKD 19,155,725 - - - 19,155,725 JPY 60,667,123 - 237,621 - 60,904,744 SGD 6,950,657 - - - 6,950,657 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.


AUD 1,261,889 CAD 328,901 EUR 2,299,559 GBP 5,486,899 HKD 957,786 JPY 3,045,237

SGD 347,533


60

8. Risk Associated with Financial Instruments (cont inued) Foreign Currency Risk (continued) Brookfield Global Listed Real Estate UCITS Fund (co ntinued)

31 December 2017 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD AUD 17,438,757 - (774,235) - 16,664,522 EUR 56,320,696 - (73,855) 2,059,029 58,305,870 GBP 65,898,113 - 207,768 130,676,743 196,782,624 HKD 14,933,841 - (273,890) - 14,659,951 JPY 51,145,363 - (2,913,192) 2,914,731 51,146,902 SGD 23,823,033 - 322,889 - 24,145,922

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.


AUD 833,226 EUR 2,915,294 GBP 9,839,131 HKD 732,998 JPY 2,557,345

SGD 1,207,296 Brookfield US Listed Real Estate UCITS Fund 31 December 2018 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD JPY - - 653,522 - 653,522 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 32,676


61

8. Risk Associated with Financial Instruments (cont inued) Foreign Currency Risk (continued) Brookfield US Listed Real Estate UCITS Fund (contin ued) 31 December 2017 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD JPY - - 1,305,984 - 1,305,984 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.


JPY 65,299

Brookfield Global Listed Infrastructure Long Short UCITS Fund*

31 December 2017 Net Other Net Foreign Total Monetary Net Currency Net

Investments Assets/(Liabilities) Assets/(Liabilit ies) Derivatives Exposure

USD USD USD USD USD AUD - - 1 - 1

BRL - (173) (15) - (188)

EUR - - 5,473 - 5,473

GBP - - 3 - 3 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.


AUD -

BRL (9)

EUR 274

GBP - *Terminated on 28 December 2017.


62

8. Risk Associated with Financial Instruments (cont inued) Foreign Currency Risk (continued) Brookfield Real Assets Securities UCITS Fund

31 December 2018 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD AUD 1,398,492 - 29,600 - 1,428,092 BRL

205,722 (5,405) - - 200,317 CAD 2,663,335 - 8,571 - 2,671,906 DKK 401,612 - - - 401,612 EUR 3,843,615 4,954 - - 3,848,569 GBP 2,435,359 - 43,193 - 2,478,552 HKD 1,270,942 - (17,953) - 1,252,989 JPY 1,944,708 - 7,421 - 1,952,129 MXN 116,485 - (286) - 116,199 NZD 280,262 - - - 280,262 SGD 191,402 - - - 191,402

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.


AUD 71,405 BRL 10,016 CAD 133,595 DKK 20,081 EUR 192,428 GBP 123,928 HKD 62,649 JPY 97,606

MXN 5,810 NZD 14,013 SGD 9,570


63


Foreign Currency Risk (continued) Brookfield Real Assets Securities UCITS Fund (conti nued) 31 December 2017 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD AUD 1,319,885 - 23,449 - 1,343,334 CAD 3,882,587 - 15,564 - 3,898,151 CHF 274,521 - - - 274,521 DKK 507,640 - - - 507,640 EUR 6,984,337 575 (58,423) - 6,926,489 GBP 5,109,089 - 40,613 - 5,149,702 HKD 1,540,854 - - - 1,540,854 JPY 2,206,044 - - - 2,206,044 MXN 380,226 - 9,899 - 390,125 NZD 288,401 - - - 288,401 SGD 1,075,800 - 43,138 - 1,118,938 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.

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-funds’ financial liabilities should be categorised into relevant maturity groupings based on the remaining period as at 31 December 2018 and 31 December 2017 to the contractual maturity date. However, as all liabilities mature in less than one year from the balance sheet date for both 31 December 2018 and 31 December 2017, 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.


AUD 67,167 CAD 194,908 CHF 13,726 DKK 25,382 EUR 346,324 GBP 257,485 HKD 77,043 JPY 110,302

MXN 19,506 NZD 14,420 SGD 55,947


64

8. Risk Associated with Financial Instruments (cont inued) 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 31 December 2018 BBB 3% BB 8% B 4%

Brookfield Real Assets Securities UCITS Fund Rating 31 December 2017 BBB 1% BB 7% B 4% CCC 1%

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 31 December 2018 RBC Investor Services Bank S.A. has a credit rating of AA- with Standard and Poor's ("S&P") (as at 31 December 2017: AA- for S&P’s). The Investment Manager regularly reviews concentrations of credit risk. 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.


65

8. Risk Associated with Financial Instruments (cont inued) Efficient Portfolio Management The Company may, within the conditions and limits laid down by the Central Bank of Ireland, for the purpose of efficient portfolio management specifically for currency hedging, enter into a variety of derivative instruments including, but not limited to, CFD - Equities, 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 CFD - Equities 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; and • 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, in seeking to hedge part of the currency risk exposure in the core portfolio for Brookfield Global Listed Real Estate UCITS Fund forward currency contracts were utilised as at the financial year 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 efficient portfolio management is equivalent to the value of the forward currency contracts held as at the financial year end. The counterparty in relation to the forward currency contracts as at 31 December 2018 is RBC IS Bank Luxembourg (31 December 2017: RBC IS Bank Luxembourg). There were no netting agreements in place for financial year ended 31 December 2018 (none for 31 December 2017). 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.


66

9. Forward Currency Contracts Brookfield Global Listed Real Estate UCITS Fund 31 December 2018 Settlement/ Counterparty Bought Amount Sold Amount Unrealised Maturity Date Gain/(Loss) 31 January 2019 RBC IS Bank Luxembourg EUR 517,586 USD (594,901) (344) 31 January 2019 RBC IS Bank Luxembourg EUR 1,210,323 USD (1,391,118) (804) 31 January 2019 RBC IS Bank Luxembourg GBP 52,578,734 USD (66,714,421) 420,314 31 January 2019 RBC IS Bank Luxembourg GBP 3,852,627 USD (4,888,397) 30,798 31 January 2019 RBC IS Bank Luxembourg USD 7,549 EUR (6,626) (61) 31 January 2019 RBC IS Bank Luxembourg USD 17,665 EUR (15,503) (143) 31 January 2019 RBC IS Bank Luxembourg USD 850,858 GBP (672,844) (8,244) 31 January 2019 RBC IS Bank Luxembourg USD 73,035 GBP (57,755) (708) 31 January 2019 RBC IS Bank Luxembourg USD 20,559 EUR (17,977) (90) 31 January 2019 RBC IS Bank Luxembourg USD 8,792 EUR (7,688) (39) 31 January 2019 RBC IS Bank Luxembourg USD 93,942 GBP (73,721) (189) 31 January 2019 RBC IS Bank Luxembourg USD 984,241 GBP (772,391) (1,977) 31 January 2019 RBC IS Bank Luxembourg USD 11,562 EUR (10,081) (18) 31 January 2019 RBC IS Bank Luxembourg USD 27,037 EUR (23,573) (41) 31 January 2019 RBC IS Bank Luxembourg USD 1,286,185 GBP (1,011,547) (5,392) 31 January 2019 RBC IS Bank Luxembourg EUR 15,218 USD (17,480) 1 31 January 2019 RBC IS Bank Luxembourg EUR 6,508 USD (7,475) - 31 January 2019 RBC IS Bank Luxembourg GBP 670,294 USD (855,647) 212

433,275

Brookfield Global Listed Real Estate UCITS Fund 31 December 2017 Settlement/ Counterparty Bought Amount Sold Amount Unrealised Maturity Date Gain/(Loss) 09 January 2018 RBC IS Bank Luxembourg JPY 328,272,844 USD (2,915,889) (1,156) 31 January 2018 RBC IS Bank Luxembourg EUR 1,456,564 USD (1,736,169) 14,959 31 January 2018 RBC IS Bank Luxembourg EUR 253,782 USD (302,498) 2,606 31 January 2018 RBC IS Bank Luxembourg GBP 94,350,321 USD (126,593,695) 925,671 31 January 2018 RBC IS Bank Luxembourg USD 1,275,970 GBP (951,298) (9,748) 31 January 2018 RBC IS Bank Luxembourg GBP 2,144,414 USD (2,877,249) 21,039 31 January 2018 RBC IS Bank Luxembourg USD 29,001 GBP (21,621) (221) 31 January 2018 RBC IS Bank Luxembourg USD 3,021 EUR (2,536) (27) 31 January 2018 RBC IS Bank Luxembourg USD 17,341 EUR (14,554) (156) 31 January 2018 RBC IS Bank Luxembourg EUR 16,512 USD (19,847) 4 31 January 2018 RBC IS Bank Luxembourg EUR 2,904 USD (3,490) 1 31 January 2018 RBC IS Bank Luxembourg GBP 1,138,727 USD (1,539,169) (120) 31 January 2018 RBC IS Bank Luxembourg GBP 25,881 USD (34,983) (3) 952,849


67

10. Exchange Rates

The exchange rate to United States Dollar used in the preparation of these financial statements was: Currency 31 December 2018 Currency 31 December 201 8 AUD - Australian Dollar 0.704350 HKD - Hong Kong Dollar 0.127706 BRL - Brazilian Real 0.257652 JPY - Japanese Yen 0.009125 CAD - Canadian Dollar 0.732654 MXN - New Mexican Peso 0.050898 DKK – Danish Krone 0.153448 NZD - New Zealand Dollar 0.671200 EUR - Euro 1.145600 SGD - Singapore Dollar 0.733703 GBP - Great British Pound 1.274850

Currency 31 December 2017 Currency 31 December 201 7 AUD - Australian Dollar 0.780200 HKD - Hong Kong Dollar 0.127994 CAD - Canadian Dollar 0.795735 JPY - Japanese Yen 0.008874 CHF - Swiss Franc 1.026325 MXN - New Mexican Peso 0.050858 DKK – Danish Krone 0.161160 NZD - New Zealand Dollar 0.708700 EUR - Euro 1.199800 SEK - Swedish Krona 0.121904 GBP - Great British Pound 1.350050 SGD - Singapore Dollar 0.747664

11. 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.

12. Soft Commission Arrangements For the financial year ended 31 December 2018 and 31 December 2017, 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.


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13. Statement of Net Assets for Prior Periods


31 December 2018 31 December 201 7 31 December 201 6

Net Assets for Shareholder dealing/prospectus USD 260,714,784 USD 659,713,670 USD 633,045,898

Net Asset Value per Share:

Net Asset Value Per Share B Class EUR 33.07 EUR 34.55 EUR 35.79

Net Asset Value Per Share E Class USD 28.15 USD 30.79 USD 28.04

Net Asset Value Per Share F Class USD 16.52 USD 18.83 USD 17.81

Net Asset Value Per Share M Class USD 16.17 USD 17.85 USD 16.39


31 December 201 8 31 December 201 7 31 December 201 6



Net Asset Value Per Share A Class* EUR 18.03 EUR 20.35 -

Net Asset Value Per Share AA Class** GBP 17.63 GBP 20.50 -

Net Asset Value Per Share B Class EUR 40.21 EUR 42.06 EUR 43.71


Net Asset Value Per Share F Class USD 19.32 USD 22.04 USD 20.97

Net Asset Value Per Share I Class EUR 19.27 EUR 21.74 EUR 20.34

Net Asset Value Per Share V Class*** USD 18.71 USD 20.68 -

Net Asset Value Per Share Z Class**** GBP 18.32 GBP 20.47 -






Net Asset Value Per Share Q Class JPY 693.67 JPY 811.33 JPY 867.76

Brookfield Global Listed Infrastructure Long Short UCITS Fund*****


Net Assets for Shareholder dealing/prospectus - - USD 15,730,767


Net Asset Value Per Share E Class - - USD 20.64





Net Asset Value Per Share E Class USD 21.01 USD 23.09 USD 21.16 * Launched on 17 November 2017. ** Launched on 21 November 2017. *** Launched on 28 August 2017. **** Launched on 30 November 2017. *****Terminated on 28 December 2017.


69

14. Net Asset Value The net assets value in the financial statements as at 31 December 2018 differs from that included in the published valuations as at 31 December 2018. The difference is due to the change in methodology in accounting for organisation costs as prescribed by IFRS, and the methodology indicated in the most recent Prospectus, as well as adjustment to the Investment Manager Subsidy.


31 December 2018 31 December 2017

Total Net Assets for financial statement purposes USD 260,714,784 USD 40,702,636

Adjustment to Investment Manager Subsidy - USD 3,887

Total Net Assets for Shareholder dealing/prospectus USD 260,714,784 USD 40,706,523


31 December 2018 31 December 2017

Total Net Assets for financial statement purposes USD 41,946,668 USD 61,644,206

Adjustment for unamortised organisation costs USD 3,429 USD 8,373

Total Net Assets for Shareholder dealing/prospectus USD 41,950,097 USD 61,652,579 15. Significant Events during the Financial Yea r

During the year, the Investment Management Agreement, Administration Agreement and Depositary Agreement were all amended to reflect the new requirements in respect of GDPR.

16. Significant Events after the Financial Year

On January 4, 2019, Brookfield Investment Management Inc. changed the name to Brookfield Public Securities Group LLC. Brookfield Global Listed Real Estate UCITS Fund launched US Dollar Non-RDR ‘Retail’ Distribution Shares Class W on 19 March 2019. There were no material events after the financial year.

17. Contingent Assets

As of 31 December 2018 the Company had lodged a withholding tax reclaim for a refund for withholding taxes which had been paid in 2017. The Board of Directors believe the inflow of economic benefits is probable.

Brookfield Global Listed Infrastructure UCITS Fund 31 December 2018 31 December 201 7 USD USD Refund on withholding taxes 3,104,192 2,422,169

18. Changes to the Prospectus

A revised Prospectus and Supplements dated 7 December 2018 for Brookfield Investment Funds (UCITS) plc was filed with the CBI which included language clarifying appropriate investors for different types of share classes, disclosures regarding German tax transparency, contained language regarding GDPR and MIFID II and generally included updates to risk factors, conflicts, tax disclosure and miscellaneous regulatory changes.

19. Approval of Financial Statements The Board approved the financial statements on 17 April 2019.


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BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND SCHEDULE OF INVESTMENTS AS AT 31 December 2018

Value % Net

Shares USD assets

1) INVESTMENTS

A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

1) LISTED SECURITIES : COMMON STOCKS

ARGENTINA Airports Corp. America Airports SA 52,207 346,132 0.1 Total Airports 346,132 0.1

TOTAL ARGENTINA 346,132 0.1

AUSTRALIA Pipelines APA Group 530,200 3,174,294 1.2

Total Pipelines 3,174,294 1.2

Toll Roads Transurban Group 895,031 7,344,336 2.8

Total Toll Roads 7,344,336 2.8

TOTAL AUSTRALIA 10,518,630 4.0

BRAZIL Toll Roads CCR SA 430,025 1,240,924 0.5 EcoRodovias Infraestrutura e Logistica SA 616,500 1,489,942 0.5


TOTAL BRAZIL 2,730,866 1.0

CANADA Pipelines Enbridge Inc. 635,600 19,749,271 7.5 Pembina Pipeline Corp. 233,200 6,921,333 2.7 TransCanada Corp. 135,600 4,843,209 1.9

Total Pipelines 31,513,813 12.1

Renewables/Electric Generation Emera Inc. 80,800 2,587,564 1.0 Total Renewables/Electric Generation 2,587,564 1.0 TOTAL CANADA 34,101,377 13.1

CHINA Communications China Tower Corp. Ltd. 6,933,000 1,310,371 0.5

Total Communications 1,310,371 0.5

Gas Utilities ENN Energy Holdings Ltd. 442,000 3,920,178 1.5 Total Gas Utilities 3,920,178 1.5

Pipelines Kunlun Energy Co. Ltd. 1,139,200 1,207,506 0.5 Total Pipelines 1,207,506 0.5


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BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND SCHEDULE OF INVESTMENTS AS AT 31 December 2018 (con tinued)

Value % Net

Shares USD assets

Ports China Merchants Port Holdings Co Ltd. 723,928 1,303,544 0.5 Total Ports 1,303,544 0.5

TOTAL CHINA 7,741,599 3.0

DENMARK Renewables/Electric Generation Orsted A/S 82,300 5,502,355 2.1 Total Renewables/Electric Generation 5,502,355 2.1

TOTAL DENMARK 5,502,355 2.1

FRANCE Airports Aeroports de Paris 9,900 1,877,008 0.7 Total Airports 1,877,008 0.7

Communications Eutelsat Communications SA 100,000 1,971,005 0.8 Total Communications 1,971,005 0.8

Renewables/Electric Generation Engie SA 292,100 4,191,238 1.6

Total Renewables/Electric Generation 4,191,238 1.6

Toll Roads Vinci SA 169,900 14,017,788 5.4


TOTAL FRANCE 22,057,039 8.5

HONG KONG Gas Utilities Hong Kong & China Gas Co. Ltd. 1,122,403 2,322,069 0.9 Total Gas Utilities 2,322,069 0.9

TOTAL HONG KONG 2,322,069 0.9

ITALY Toll Roads Atlantia SpA 376,000 7,783,573 3.0 Total Toll Roads 7,783,573 3.0

TOTAL ITALY 7,783,573 3.0

JAPAN Airports Japan Airport Terminal Co. Ltd. 72,300 2,513,694 1.0 Total Airports 2,513,694 1.0 Rail East Japan Railway Co. 15,300 1,355,828 0.5 Total Rail 1,355,828 0.5 TOTAL JAPAN 3,869,522 1.5


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Value % Net

Shares USD assets MEXICO Toll Roads Promotora y Operadora de Infraestructura SAB de CV 178,507 1,709,283 0.7 Total Toll Roads 1,709,283 0.7

TOTAL MEXICO 1,709,283 0.7 NEW ZEALAND Airports Auckland International Airport Ltd. 759,400 3,659,713 1.4 Total Airports 3,659,713 1.4

TOTAL NEW ZEALAND 3,659,713 1.4

SPAIN Toll Roads Ferrovial SA 352,192 7,139,422 2.7 Total Toll Roads 7,139,422 2.7

TOTAL SPAIN 7,139,422 2.7

UNITED KINGDOM Electricity Transmission & Distribution National Grid Plc 1,337,915 13,034,509 5.0

Total Electricity Transmission & Distribution 13,034,509 5.0

Water Severn Trent Plc 158,050 3,658,052 1.4 Total Water 3,658,052 1.4

TOTAL UNITED KINGDOM 16,692,561 6.4 UNITED STATES Communications American Tower Corp. 115,169 18,218,583 7.0 Crown Castle International Corp. 53,800 5,844,294 2.2 Total Communications 24,062,877 9.2

Electricity Transmission & Distribution Edison International 57,600 3,269,952 1.3 PG&E Corp. 94,938 2,254,778 0.9 Sempra Energy 36,300 3,927,297 1.5

Total Electricity Transmission & Distribution 9,452,027 3.7

Gas Utilities Atmos Energy Corp. 46,400 4,302,208 1.7 NiSource Inc. 213,000 5,399,550 2.0

Total Gas Utilities 9,701,758 3.7

Midstream Cheniere Energy Inc. 84,800 5,019,312 1.9 Targa Resources Corp. 48,800 1,757,776 0.7 Williams Cos Inc. 471,000 10,385,550 4.0 Total Midstream 17,162,638 6.6

Master Limited Partnership Energy Transfer Equity LP 933,836 12,335,974 4.7 Enterprise Products Partners LP 515,100 12,666,309 4.9 Magellan Midstream Partners LP 90,100 5,141,106 2.0 MPLX LP 178,256 5,401,157 2.1 Total Master Limited Partnership 35,544,546 13.7


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Value % Net

Shares USD assets

Pipelines Kinder Morgan Inc. 593,900 9,134,182 3.5 Total Pipelines 9,134,182 3.5

Renewables/Electric Generation American Electric Power Co. Inc. 45,000 3,363,300 1.3 CMS Energy Corp. 91,000 4,518,150 1.7 Entergy Corp. 74,143 6,381,488 2.4 FirstEnergy Corp. 144,400 5,422,220 2.1 NRG Energy Inc. 34,800 1,378,080 0.5 Total Renewables/Electric Generation 21,063,238 8.0

TOTAL UNITED STATES 126,121,266 48.4

TOTAL LISTED SECURITIES : COMMON STOCKS 252,295,407 96.8 (Cost $272,497,709)

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICI AL STOCK EXCHANGE LISTING 252,295,407 96.8

TOTAL INVESTMENTS 252,295,407 96.8 (Cost $272,497,709)

Other Assets of Excess of Liabilities 8,419,377 3.2 TOTAL NET ASSETS 260,714,784 100.0

ANALYSIS OF TOTAL ASSETS

%

Total Description Assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STO CK EXCHANGE LISTING 96.0

OTHER ASSETS 4.0

TOTAL 100.0


74

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITED) AS AT 31 December 2018 Significant Purchases Cost Security Name Quantity (USD) Transurban Group 2,183,262 18,252,630 Enbridge Inc. 470,500 15,219,197 Atlantia SpA 577,600 14,655,105 Aena SME SA 70,504 14,544,394 Vinci SA 111,100 11,199,428 Cheniere Energy Inc. 172,400 10,525,830 National Grid Plc 840,500 9,413,445 Williams Cos Inc. 333,800 9,091,886 Enterprise Products Partners LP 255,300 6,747,838 Crown Castle International Corp. 60,300 6,583,554 American Tower Corp. 47,800 6,510,027 NiSource Inc. 245,400 6,502,081 Targa Resources Corp. 137,400 6,432,837 PG&E Corp. 138,700 6,202,582 Enel SpA 1,091,300 6,063,110 Magellan Midstream Partners LP 98,500 6,062,397 Atmos Energy Corp. 73,500 6,032,962 FirstEnergy Corp. 159,600 5,745,133 CFE Capital S de RL de CV 5,385,600 5,420,391 Sempra Energy 49,200 5,339,505 Ferrovial SA 243,642 5,048,325 Entergy Corp. 61,700 4,925,481 Edison International 93,000 4,899,894 Engie SA 339,900 4,866,398 TransCanada Corp. 113,200 4,708,855 APA Group 703,435 4,645,583 Kinder Morgan Inc. 260,900 4,331,431 Corp. America Airports SA 281,000 4,175,140 ENN Energy Holdings Ltd. 452,300 3,999,154 Japan Airport Terminal Co Ltd. 84,400 3,952,167 Grupo Aeroportuario del Pacifico SAB de CV 390,200 3,805,714 East Japan Railway Co. 37,000 3,716,674 Tokyo Gas Co. Ltd. 146,900 3,585,671 Telecom Italia SpA 3,226,100 3,423,751 Naturgy Energy Group SA 126,800 3,257,880 Atlas Arteria Ltd. 697,700 3,195,545

The tables above show a breakdown of material purchases of the Portfolios in accordance with Central Bank UCITS Regulations 79(2) requirements. All purchases of investments exceeding 1% of the total value of each purchases, a minimum of 20 of each such purchases , are disclosed.


75

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITE D) AS AT 31 December 2018 (continued) Significant Sales Proceeds Security Name Quantity (USD) American Tower Corp. 237,249 34,292,913 TransCanada Corp. 644,900 27,491,095 SBA Communications Corp. 150,000 24,749,214 National Grid Plc 1,919,700 20,808,241 Targa Resources Corp. 418,100 19,576,188 Kinder Morgan Inc. 1,217,600 19,523,960 Enterprise Products Partners LP 766,600 19,241,378 Enbridge Inc. 597,900 19,050,915 Vinci SA 171,700 16,766,264 Sempra Energy 145,800 16,326,723 Orsted A/S 239,800 14,982,736 Getlink SE 1,055,900 14,463,672 Williams Cos Inc. 543,800 14,408,687 Aena SME SA 70,504 13,732,272 Energy Transfer Partners LP 789,800 13,423,032 Pembina Pipeline Corp. 415,500 13,196,080 Edison International 205,700 13,035,834 Atlantia SpA 487,500 12,809,993 Plains All American Pipeline LP 559,600 11,940,301 Enel SpA 2,130,200 11,907,253 MPLX LP 345,300 11,602,920 PG&E Corp. 312,100 11,512,288 Eiffage SA 98,500 11,306,407 Entergy Corp. 143,600 11,169,293 APA Group 1,737,856 10,896,828 Transurban Group 1,288,231 10,755,999 Abertis Infraestructuras SA 470,400 10,710,816 Cheniere Energy Inc. 180,600 10,034,924 Cia de Saneamento Basico do Estado de Sao Paulo 845,600 8,679,125 Severn Trent Plc 344,000 8,552,650 Ferrovial SA 389,400 8,190,721 Pennon Group Plc 819,468 7,524,244 Inter Pipeline Ltd. 425,800 7,447,278 EnLink Midstream Partners LP 503,700 7,312,520 Pattern Energy Group Inc. 394,600 7,291,351 Flughafen Zuerich AG 29,950 7,029,668 Atmos Energy Corp. 85,200 7,007,470 Promotora y Operadora de Infraestructura SAB de CV 679,730 6,683,665 The tables above show a breakdown of material sales of the Portfolios in accordance with Central Bank UCITS Regulations 79(2) requirements. All sales of investments exceeding 1% of the total value of each sales, a minimum of 20 of each such sales , are disclosed.


76

BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND SCHEDULE OF INVESTMENTS AS AT 31 December 2018

Value % Net

Shares USD assets

1) INVESTMENTS



AUSTRALIA Diversified Rental Dexus 1,530,183 11,446,070 2.6 GPT Group 3,404,795 12,806,214 2.9 Total Diversified Rental 24,252,284 5.5

TOTAL AUSTRALIA 24,252,284 5.5

CANADA Industrial Granite Real Estate Investment Trust 167,476 6,528,971 1.5

Total Industrial 6,528,971 1.5

TOTAL CANADA 6,528,971 1.5

CHINA Office SOHO China Ltd. 13,095,000 4,665,745 1.1

Total Office 4,665,745 1.1

TOTAL CHINA 4,665,745 1.1

FRANCE Office Gecina SA 83,307 10,784,324 2.5

Total Office 10,784,324 2.5 TOTAL FRANCE 10,784,324 2.5

GERMANY Office Alstria Office REIT-AG 640,140 8,946,801 2.1


Residential Vonovia SE 386,575 17,634,698 4.0

Total Residential 17,634,698 4.0

TOTAL GERMANY 26,581,499 6.1

HONG KONG Diversified Real Estate CK Asset Holdings Ltd. 726,341 5,315,039 1.2 Total Diversified Real Estate 5,315,039 1.2

Diversified Rental Wharf Real Estate Investment Co. Ltd. 1,533,495 9,174,941 2.1 Total Diversified Rental 9,174,941 2.1

Office Hongkong Land Holdings Ltd. 1,494,622 9,416,119 2.2 Total Office 9,416,119 2.2 TOTAL HONG KONG 23,906,099 5.5


77

BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND SCHEDULE OF INVESTMENTS AS AT 31 December 2018 (con tinued)

Value % Net

Shares USD assets

JAPAN Diversified Real Estate Invincible Investment Corp. 11,182 4,612,188 1.1 Total Diversified Real Estate 4,612,188 1.1

Diversified Rental Activia Properties Inc. 771 3,127,341 0.7 Total Diversified Rental 3,127,341 0.7

Office Daiwa Office Investment Corp. 379 2,389,826 0.5 Hulic Reit Inc. 1,486 2,310,667 0.5 Kenedix Office Investment Corp. 367 2,344,300 0.5 Mitsubishi Estate Co. Ltd. 1,154,857 18,226,271 4.3 Mitsui Fudosan Co. Ltd. 812,142 18,120,070 4.2 Total Office 43,391,134 10.0

Residential Advance Residence Investment Corp. 1,785 4,927,341 1.1 Nippon Accommodations Fund Inc. 953 4,609,118 1.1


TOTAL JAPAN 60,667,122 14.0

SINGAPORE Diversified Real Estate City Developments Ltd. 1,166,674 6,950,657 1.6

Total Diversified Real Estate 6,950,657 1.6 TOTAL SINGAPORE 6,950,657 1.6

SPAIN Diversified Rental Merlin Properties Socimi SA 543,012 6,709,074 1.5

Total Diversified Rental 6,709,074 1.5

TOTAL SPAIN 6,709,074 1.5

UNITED KINGDOM Diversified Rental British Land Co. Plc 1,384,500 9,411,139 2.2 Land Securities Group Plc 1,987,700 20,383,652 4.7

Total Diversified Rental 29,794,791 6.9

Industrial Tritax EuroBox Plc 1,887,400 2,229,901 0.5


Office Derwent London Plc 89,400 3,251,609 0.7 Great Portland Estates Plc 550,737 4,627,588 1.1 Total Office 7,879,197 1.8 TOTAL UNITED KINGDOM 39,903,889 9.2


78


Value % Net

Shares USD assets

UNITED STATES Datacenters Digital Realty Trust Inc. 62,900 6,701,995 1.5 Equinix Inc. 12,200 4,301,232 1.0 Total Datacenters 11,003,227 2.5

Healthcare Real Estate HCP Inc. 336,400 9,395,652 2.2 Physicians Realty Trust 699,500 11,212,985 2.6 Ventas Inc. 125,900 7,376,482 1.7 Welltower Inc. 98,300 6,823,003 1.6 Total Healthcare Real Estate 34,808,122 8.1

Hotel Extended Stay America Inc. 282,300 4,368,593 1.0 Park Hotels & Resorts Inc. 153,501 3,987,956 0.9 RLJ Lodging Trust 319,900 5,246,360 1.2

Total Hotel 13,602,909 3.1

Industrial Prologis Inc. 216,200 12,695,264 2.9


Net Lease EPR Properties 68,100 4,360,443 1.0 MGM Growth Properties LLC 413,310 10,915,517 2.5 VEREIT Inc. 646,500 4,622,475 1.1

Total Net Lease 19,898,435 4.6

Office Boston Properties Inc. 94,400 10,624,720 2.4 Cousins Properties Inc. 679,500 5,368,050 1.2 Highwoods Properties Inc. 152,600 5,904,094 1.4 Hudson Pacific Properties Inc. 315,290 9,162,327 2.1 Kilroy Realty Corp. 169,700 10,670,736 2.4


Residential AvalonBay Communities Inc. 78,200 13,610,710 3.1 Essex Property Trust Inc. 37,810 9,271,390 2.1 Mid-America Apartment Communities Inc. 199,400 19,082,580 4.4 Total Residential 41,964,680 9.6

Retail Federal Realty Investment Trust 38,100 4,497,324 1.0 Simon Property Group Inc. 116,525 19,575,035 4.5 Total Retail 24,072,359 5.5

Self Storage CubeSmart 233,100 6,687,640 1.5 Public Storage 80,100 16,213,041 3.7 Total Self Storage 22,900,681 5.2 TOTAL UNITED STATES 222,675,604 51.0


79


Value % Net

USD assets



NON-TRANSFERABLE SECURITIES Forward currency contracts (see note 9 for other details) 433,275 0.1 TOTAL NON-TRANSFERABLE SECURITIES 433,275 0.1


Other Assets of Excess of Liabilities 1,953,303 0.4 TOTAL NET ASSETS 436,011,846 100.0

ANALYSIS OF TOTAL ASSETS % Total Description Assets


DERIVATE INSTRUMENTS 0.1

OTHER ASSETS 1.1

TOTAL 100.0


80

BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITED) AS AT 31 December 2018 Significant Purchases Cost Security Name Quantity (USD) AvalonBay Communities Inc. 122,300 20,346,552 Prologis Inc. 291,500 19,358,048 Vonovia SE 383,300 18,699,124 Boston Properties Inc. 140,200 18,207,423 Simon Property Group Inc. 105,700 17,206,677 Public Storage 75,800 15,686,390 British Land Co. Plc 1,659,600 15,256,324 Mid-America Apartment Communities Inc. 157,700 14,710,767 Mitsui Fudosan Co. Ltd. 588,800 14,286,596 Wharf Real Estate Investment Co. Ltd. 2,157,873 14,142,010 GPT Group 3,659,695 14,115,437 Land Securities Group Plc 1,022,412 14,033,672 Accor SA 231,100 13,074,854 MGM Growth Properties LLC 464,683 13,070,212 Physicians Realty Trust 805,400 13,019,422 Gecina SA 78,407 12,961,342 Welltower Inc. 227,400 12,672,254 HCP Inc. 474,000 11,150,124 Kilroy Realty Corp. 151,900 10,745,492 Highwoods Properties Inc. 215,400 10,015,110 RLJ Lodging Trust 419,000 9,370,307 Invincible Investment Corp. 22,000 9,355,192 Hudson Pacific Properties Inc. 288,590 9,254,940 Park Hotels & Resorts Inc. 329,500 8,810,456 Ventas Inc. 166,100 8,772,477 Mitsubishi Estate Co. Ltd. 512,900 8,754,736 Extended Stay America Inc. 421,000 8,603,154 CubeSmart 286,900 8,546,060 Digital Realty Trust Inc. 69,700 8,327,313 Cousins Properties Inc. 844,900 8,178,506 Granite Real Estate Investment Trust 189,776 8,133,784 American Homes 4 Rent 364,400 7,533,257 Leopalace21 Corp. 918,400 7,349,721 Equinix Inc. 17,500 7,271,582 Piedmont Office Realty Trust Inc. 358,300 6,925,741 EPR Properties 112,500 6,663,745 Nippon Accommodations Fund Inc. 1,453 6,610,905 Empire State Realty Trust Inc. 365,400 6,283,353 Weyerhaeuser Co. 166,200 6,227,768 VEREIT Inc. 779,900 6,129,487 Equity Residential 101,600 6,110,756 Inmobiliaria Colonial Socimi SA 552,200 6,031,689 Japan Hotel REIT Investment Corp. 7,920 5,895,027



81

BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITED) AS AT 31 December 2018

Significant Sales Proceeds Security Name Quantity (USD) Simon Property Group Inc. 228,200 39,883,367 American Homes 4 Rent 937,700 19,960,758 Hammerson Plc 2,340,181 17,441,218 Mitsui Fudosan Co. Ltd. 675,358 16,153,454 Duke Realty Corp. 545,300 15,501,214 Great Portland Estates Plc 1,636,001 14,861,023 Park Hotels & Resorts Inc. 476,900 14,518,835 Gramercy Property Trust 504,490 13,868,327 Crown Castle International Corp. 132,500 13,592,641 Equinix Inc. 30,100 13,044,172 HCP Inc. 523,300 12,967,815 Ventas Inc. 227,100 12,485,240 Mitsubishi Estate Co. Ltd. 727,988 12,342,477 SL Green Realty Corp. 125,400 12,179,664 Accor SA 231,100 11,340,434 QTS Realty Trust Inc. 279,700 11,282,601 Wharf Real Estate Investment Co. Ltd. 1,762,095 11,040,679 Prologis Inc. 172,200 11,008,083 Merlin Properties Socimi SA 765,988 10,315,198 Public Storage 49,500 10,053,664 Vonovia SE 200,000 9,356,233 Leopalace21 Corp. 1,574,951 9,171,413 MGM Growth Properties LLC 307,900 9,025,601 Grand City Properties SA 343,500 9,023,008 American Campus Communities Inc. 232,500 8,665,848 Gecina SA 48,500 8,655,454 Tritax Big Box REIT Plc 4,508,359 8,609,341 Welltower Inc. 129,100 8,366,359 Mid-America Apartment Communities Inc. 83,100 8,323,556 AvalonBay Communities Inc. 44,100 7,918,848 Hudson Pacific Properties Inc. 230,100 7,429,010 Capital & Counties Properties Plc 1,688,400 6,803,582 Piedmont Office Realty Trust Inc. 358,300 6,705,572 Essex Property Trust Inc. 27,600 6,658,743 Physicians Realty Trust 383,900 6,513,581 Equity Residential 101,600 6,464,919 Inmobiliaria Colonial Socimi SA 552,200 6,309,240 SITE Centers Corp. 522,100 6,228,490 Derwent London Plc 149,900 6,221,044 Brixmor Property Group Inc. 439,000 6,219,799 CapitaLand Mall Trust 3,950,500 6,169,792 LaSalle Hotel Properties 239,400 6,167,407 Weyerhaeuser Co. 166,200 6,004,982 Taubman Centers Inc. 109,200 5,971,980 Kilroy Realty Corp. 83,000 5,955,467 Empire State Realty Trust Inc. 365,400 5,918,167 The tables above show a breakdown of material sales of the Portfolios in accordance with Central Bank UCITS Regulations 79(2) requirements. All sales of investments exceeding 1% of the total value of each sales, a minimum of 20 of each such sales , are disclosed.


82

BROOKFIELD US LISTED REAL ESTATE UCITS FUND SCHEDULE OF INVESTMENTS AS AT 31 December 2018

Value % Net

Shares USD assets

1) INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL ST OCK EXCHANGE LISTING


UNITED STATES Datacenters Digital Realty Trust Inc. 7,000 745,850 3.0 Equinix Inc. 3,900 1,374,984 5.6 Total Datacenters 2,120,834 8.6

Healthcare Real Estate HCP Inc. 39,300 1,097,649 4.4 Physicians Realty Trust 84,087 1,347,915 5.5 Ventas Inc. 13,200 773,388 3.1 Welltower Inc. 9,700 673,277 2.7

Total Healthcare Real Estate 3,892,229 15.7

Hotel Extended Stay America Inc. 33,000 510,675 2.1 Park Hotels & Resorts Inc. 17,567 456,390 1.8 RLJ Lodging Trust 42,200 692,080 2.8

Total Hotel 1,659,145 6.7

Industrial Prologis Inc. 18,300 1,074,576 4.3


Net Lease EPR Properties 7,900 505,837 2.0 MGM Growth Properties LLC 42,465 1,121,500 4.6 VEREIT Inc. 73,600 526,240 2.1

Total Net Lease 2,153,577 8.7

Office Boston Properties Inc. 8,700 979,185 4.0 Cousins Properties Inc. 89,100 703,890 2.8 Highwoods Properties Inc. 20,800 804,752 3.3 Hudson Pacific Properties Inc. 27,300 793,338 3.2 Kilroy Realty Corp. 16,000 1,006,080 4.1


Residential AvalonBay Communities Inc. 8,300 1,444,615 5.8 Essex Property Trust Inc. 2,900 711,109 3.0 Mid-America Apartment Communities Inc. 19,200 1,837,440 7.4


Retail Federal Realty Investment Trust 5,500 649,220 2.6 Macerich Co. 5,100 220,728 0.9 Simon Property Group Inc. 8,150 1,369,119 5.5 Total Retail 2,239,067 9.0


83

BROOKFIELD US LISTED REAL ESTATE UCITS FUND SCHEDULE OF INVESTMENTS AS AT 31 December 2018 (con tinued)

Value % Net

Shares USD assets

Self Storage CubeSmart 26,700 766,023 3.1 Public Storage 8,000 1,619,280 6.5 Total Self Storage 2,385,303 9.6





Other Assets of Excess of Liabilities 946,545 3.8 TOTAL NET ASSETS 24,751,685 100.0

ANALYSIS OF TOTAL ASSETS % Total Description Assets


OTHER ASSETS 4.7

TOTAL 100.0


84

BROOKFIELD US LISTED REAL ESTATE UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITED) AS AT 31 December 2018 Significant Purchases Cost Security Name Quantity (USD) AvalonBay Communities Inc. 12,000 1,984,370 Physicians Realty Trust 102,287 1,629,062 Prologis Inc. 24,000 1,599,499 Boston Properties Inc. 11,800 1,530,035 Mid-America Apartment Communities Inc. 15,500 1,433,967 Public Storage 6,000 1,263,165 Welltower Inc. 22,000 1,231,864 RLJ Lodging Trust 54,800 1,223,577 MGM Growth Properties LLC 41,665 1,175,602 Cousins Properties Inc. 127,400 1,153,220 Extended Stay America Inc. 50,200 1,023,519 Highwoods Properties Inc. 21,900 1,021,225 HCP Inc. 40,200 933,075 Empire State Realty Trust Inc. 52,700 900,772 Digital Realty Trust Inc. 7,600 898,639 Equinix Inc. 2,100 871,357 Ventas Inc. 16,400 866,160 Hudson Pacific Properties Inc. 26,400 847,210 CubeSmart 28,000 834,334 Weyerhaeuser Co. 20,200 756,498 Piedmont Office Realty Trust Inc. 38,600 751,617 Kilroy Realty Corp. 10,600 746,977 Park Hotels & Resorts Inc. 27,300 720,820 Equity Residential 11,300 679,648 VEREIT Inc. 80,200 630,529 EPR Properties 10,400 616,338 American Homes 4 Rent 21,800 446,759 QTS Realty Trust Inc. 9,400 364,479 DCT Industrial Trust Inc. 6,200 356,224



85

BROOKFIELD US LISTED REAL ESTATE UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITED) AS AT 31 December 2018 (continued) Significant Sales Proceeds Security Name Quantity (USD) Simon Property Group Inc. 15,300 2,568,414 American Homes 4 Rent 111,600 2,291,476 SL Green Realty Corp. 22,500 2,181,037 Prologis Inc. 33,300 2,090,908 Park Hotels & Resorts Inc. 63,100 1,877,991 QTS Realty Trust Inc. 45,100 1,803,451 Ventas Inc. 32,800 1,746,729 Crown Castle International Corp. 16,700 1,738,986 HCP Inc. 68,400 1,635,981 Gramercy Property Trust 56,500 1,496,594 Duke Realty Corp. 46,100 1,279,824 MGM Growth Properties LLC 39,800 1,141,662 Public Storage 5,500 1,098,175 Hudson Pacific Properties Inc. 34,200 1,091,195 Equinix Inc. 2,300 969,876 Mid-America Apartment Communities Inc. 9,900 935,344 Physicians Realty Trust 55,600 924,390 Essex Property Trust Inc. 3,800 902,725 Empire State Realty Trust Inc. 52,700 863,232 LaSalle Hotel Properties 32,200 848,884 Brixmor Property Group Inc. 57,700 816,986 Welltower Inc. 12,300 797,185 American Tower Corp. 5,600 771,556 Weyerhaeuser Co. 20,200 729,941 Tanger Factory Outlet Centers Inc. 32,500 723,592 American Campus Communities Inc. 19,300 718,432 Piedmont Office Realty Trust Inc. 38,600 717,948 Equity Residential 11,300 715,010 Federal Realty Investment Trust 6,000 702,315 Taubman Centers Inc. 12,600 700,951 STAG Industrial Inc. 28,700 684,330 AvalonBay Communities Inc. 3,700 649,248 Kilroy Realty Corp. 7,900 556,894 SITE Centers Corp. 38,500 459,293

The tables above show a breakdown of material sales of the Portfolios in accordance with Central Bank UCITS Regulations 79(2) requirements. All sales of investments exceeding 1% of the total value of each sales, a minimum of 20 of each such sales , are disclosed.


86

BROOKFIELD REAL ASSETS SECURITIES UCITS FUND SCHEDULE OF INVESTMENTS AS AT 31 December 2018

Value % Net

Shares USD assets

1) INVESTMENTS



ARGENTINA Airports Corp. America Airports SA 5,275 34,973 0.1

Total Airports

34,973 0.1

TOTAL ARGENTINA 34,973 0.1

AUSTRALIA Diversified Rental Dexus 40,000 299,208 0.7

GPT Group 95,700 359,950 0.9 Total Diversified Rental

659,158 1.6

Pipelines APA Group 39,446 236,162 0.6

Total Pipelines

236,162 0.6

Toll Roads Transurban Group 61,320 503,172 1.2

Total Toll Roads

503,172 1.2 TOTAL AUSTRALIA 1,398,492 3.4

BRAZIL Toll Roads CCR SA 33,244 95,932 0.2

EcoRodovias Infraestrutura e Logistica SA 45,428 109,789 0.3

Total Toll Roads

205,721 0.5 TOTAL BRAZIL 205,721 0.5

CANADA Industrial Granite Real Estate Investment Trust 4,819 187,866 0.4

Total Industrial

187,866 0.4

Pipelines Enbridge Inc. 57,977 1,801,595 4.3

Pembina Pipeline Corp. 18,280 542,547 1.3 TransCanada Corp. 13,850 494,679 1.2

Total Pipelines

2,838,821 6.8

Renewables/Electric Generation Emera Inc. 5,567 178,279 0.4

Total Renewables/Electric Generation

178,279 0.4

TOTAL CANADA 3,204,966 7.6


87

BROOKFIELD REAL ASSETS SECURITIES UCITS FUND SCHEDULE OF INVESTMENTS AS AT 31 December 2018 (con tinued)

Value % Net

Shares USD assets

CHINA Communications China Tower Corp. Ltd. 469,700 88,776 0.2

Total Communications

88,776 0.2

Gas Utilities ENN Energy Holdings Ltd. 35,339 313,428 0.7

Total Gas Utilities

313,428 0.7

Office SOHO China Ltd. 379,900 135,358 0.3

Total Office

135,358 0.3

Pipelines Kunlun Energy Co. Ltd. 93,111 98,694 0.2

Total Pipelines

98,694 0.2

Ports China Merchants Port Holdings Co Ltd. 55,160 99,324 0.2

Total Ports

99,324 0.2

TOTAL CHINA 735,580 1.6

DENMARK Renewables/Electric Generation Orsted A/S 6,007 401,612 1.0


401,612 1.0 TOTAL DENMARK 401,612 1.0

FRANCE Airports Aeroports de Paris 717 135,941 0.3

Total Airports

135,941 0.3

Communications Eutelsat Communications SA 6,561 129,318 0.3

Total Communications

129,318 0.3

Office Gecina SA 2,300 297,741 0.7

Total Office

297,741 0.7

Renewables/Electric Generation Engie SA 18,747 268,994 0.6


268,994 0.6

Toll Roads Vinci SA 12,246 1,010,370 2.4

Total Toll Roads

1,010,370 2.4

TOTAL FRANCE 1,842,364 4.3

GERMANY Office Alstria Office REIT-AG 19,772 276,340 0.7

Total Office

276,340 0.7


88


Value % Net

Shares USD assets

Residential

Vonovia SE 11,013 502,389 1.2 Total Residential

502,389 1.2

TOTAL GERMANY 778,729 1.9

HONG KONG Diversified Real Estate CK Asset Holdings Ltd. 17,533 128,299 0.3

Total Diversified Real Estate

128,299 0.3

Diversified Rental Wharf Real Estate Investment Co. Ltd. 41,522 248,427 0.6

Total Diversified Rental

248,427 0.6

Gas Utilities Hong Kong & China Gas Co. Ltd. 76,679 158,636 0.4

Total Gas Utilities

158,636 0.4

Office Hongkong Land Holdings Ltd. 38,608 243,230 0.6

Total Office

243,230 0.6

TOTAL HONG KONG 778,592 1.9

ITALY Toll Roads Atlantia SpA 26,349 545,450 1.3

Total Toll Roads

545,450 1.3

TOTAL ITALY 545,450 1.3

JAPAN Airports Japan Airport Terminal Co. Ltd. 5,385 187,223 0.4 Total Airports 187,223 0.4

Diversified Real Estate Invincible Investment Corp. 278 114,665 0.3 Total Diversified Real Estate 114,665 0.3

Diversified Rental Activia Properties Inc. 27 109,518 0.3 Total Diversified Rental 109,518 0.3

Office Daiwa Office Investment Corp. 14 88,279 0.2 Hulic Reit Inc. 43 66,863 0.2 Kenedix Office Investment Corp. 11 70,265 0.2 Mitsubishi Estate Co. Ltd. 31,334 494,522 1.2 Mitsui Fudosan Co. Ltd. 21,294 475,100 1.1 Total Office 1,195,029 2.9

Rail East Japan Railway Co. 529 46,878 0.1 Total Rail 46,878 0.1


89


Value % Net

Shares USD assets

Residential Advance Residence Investment Corp. 53 146,302 0.3 Nippon Accommodations Fund Inc. 30 145,093 0.3 Total Residential 291,395 0.6

TOTAL JAPAN 1,944,708 4.6 MEXICO

Toll Roads Promotora y Operadora de Infraestructura SAB de CV 12,165 116,485 0.3

Total Toll Roads

116,485 0.3 TOTAL MEXICO 116,485 0.3

NEW ZEALAND Airports Auckland International Airport Ltd. 58,155 280,262 0.7

Total Airports

280,262 0.7 TOTAL NEW ZEALAND 280,262 0.7

SINGAPORE Diversified Real Estate City Developments Ltd. 32,127 191,402 0.5

Total Diversified Real Estate

191,402 0.5

TOTAL SINGAPORE 191,402 0.5

SPAIN Diversified Rental Merlin Properties Socimi SA 15,397 190,235 0.5


190,235 0.5

Toll Roads Ferrovial SA 24,016 486,837 1.2

Total Toll Roads 486,837 1.2 TOTAL SPAIN 677,072 1.7

UNITED KINGDOM Diversified Rental British Land Co. Plc 42,100 286,175 0.7 Land Securities Group Plc 58,213 596,968 1.4 Total Diversified Rental 883,143 2.1

Electricity Transmission & Distribution National Grid Plc 104,121 1,014,389 2.4 Total Electricity Transmission & Distribution 1,014,389 2.4

Industrial Tritax EuroBox Plc 53,700 63,445 0.2

Total Industrial 63,445 0.2


90


Value % Net

Shares USD assets

Office Derwent London Plc 2,624 95,439 0.2 Great Portland Estates Plc 15,025 126,248 0.3 Total Office 221,687 0.5

Water Severn Trent Plc 10,918 252,696 0.6 Total Water 252,696 0.6 TOTAL UNITED KINGDOM 2,435,360 5.8

UNITED STATES

Communications American Tower Corp. 9,714 1,536,658 3.6

Crown Castle International Corp. 6,449 700,555 1.7 Total Communications

2,237,213 5.3

Datacenters Digital Realty Trust Inc. 1,700 181,135 0.4

Equinix Inc. 300 105,768 0.3

Total Datacenters

286,903 0.7

Electricity Transmission & Distribution Edison International 5,579 316,720 0.8

PG&E Corp. 10,313 244,934 0.5 Sempra Energy 4,251 459,916 1.1 Total Electricity Transmission & Distribution

1,021,570 2.4

Gas Utilities Atmos Energy Corp. 4,070 377,370 0.9

NiSource Inc. 16,445 416,881 1.0

Total Gas Utilities

794,251 1.9

Healthcare Real Estate HCP Inc. 9,900 276,507 0.7

Physicians Realty Trust 19,800 317,394 0.7 Ventas Inc. 3,600 210,924 0.5 Welltower Inc. 2,900 201,289 0.5

Total Healthcare Real Estate

1,006,114 2.4

Hotel Extended Stay America Inc. 8,700 134,633 0.3

Park Hotels & Resorts Inc. 4,460 115,871 0.3 RLJ Lodging Trust 9,700 159,080 0.4 Total Hotel

409,584 1.0

Industrial Prologis Inc. 6,100 358,192 0.9

Total Industrial

358,192 0.9

Midstream Cheniere Energy Inc. 7,644 452,448 1.1

ONEOK Inc. 8,725 470,714 1.1 Targa Resources Corp. 13,495 486,090 1.1 Williams Cos Inc. 54,312 1,197,580 2.9 Total Midstream

2,606,832 6.2


91


Value % Net

Shares USD assets

Master Limited Partnership Energy Transfer Equity LP 26,069 344,371 0.8

Enterprise Products Partners LP 13,392 329,309 0.8 Magellan Midstream Partners LP 5,588 318,851 0.8 MPLX LP 10,932 331,240 0.8 Phillips 66 Partners LP 7,333 308,793 0.7 Plains All American Pipeline LP 15,745 315,530 0.8 Western Gas Partners LP 7,539 318,372 0.8

Total Master Limited Partnership

2,266,466 5.5

Net Lease EPR Properties 1,800 115,254 0.3

MGM Growth Properties LLC 11,725 309,657 0.6 VEREIT Inc. 18,600 132,990 0.3 Total Net Lease

557,901 1.2

Office Boston Properties Inc. 2,600 292,630 0.7

Cousins Properties Inc. 19,500 154,050 0.4 Highwoods Properties Inc. 4,700 181,843 0.4 Hudson Pacific Properties Inc. 8,800 255,728 0.6 Kilroy Realty Corp. 5,100 320,688 0.8

Total Office

1,204,939 2.9

Pipelines Kinder Morgan Inc. 79,802 1,227,355 2.9

Total Pipelines

1,227,355 2.9

Renewables/Electric Generation American Electric Power Co. Inc. 4,078 304,790 0.7

CMS Energy Corp. 7,522 373,467 0.8 Entergy Corp. 4,818 414,685 1.0 FirstEnergy Corp. 10,658 400,208 1.0 NRG Energy Inc. 2,419 95,792 0.2


1,588,942 3.7

Residential AvalonBay Communities Inc. 2,300 400,315 1.0

Essex Property Trust Inc. 965 236,628 0.5 Mid-America Apartment Communities Inc. 5,500 526,350 1.3 Total Residential

1,163,293 2.8

Retail Federal Realty Investment Trust 1,100 129,844 0.3

Simon Property Group Inc. 3,264 548,319 1.3

Total Retail

678,163 1.6

Self Storage CubeSmart 6,200 177,878 0.4

Public Storage 2,200 445,302 1.1 Total Self Storage

623,180 1.5


TOTAL LISTED SECURITIES : COMMON STOCKS

33,699,036 80.4 (Cost $36,712,575)


92


Interest

Value % Net

Rate Maturity Shares USD assets 2) LISTED SECURITIES : BONDS

CANADA

Metals & Mining Kinross Gold Corp. 5.95 15/03/2024 75,000 74,625 0.2

Total Metals & Mining

74,625 0.2

TOTAL CANADA 74,625 0.2

LUXEMBOURG Metals & Mining ArcelorMittal 6.13 01/06/2025 100,000 104,251 0.3


104,251 0.3 TOTAL LUXEMBOURG 104,251 0.3

UNITED STATES Basic Industrial Olin Corp. 5.00 01/02/2030 175,000 153,344 0.4

Total Basic Industrial

153,344 0.4

Construction & Building Materials PulteGroup Inc. 6.38 15/05/2033 175,000 159,687 0.4

Toll Brothers Finance Corp. 4.88 15/11/2025 200,000 187,000 0.4

Total Construction & Building Materials

346,687 0.8

Health Facilities HCA Inc. 5.25 15/06/2026 175,000 173,688 0.4

Total Health Facilities

173,688 0.4

Leisure Boyd Gaming Corp. 6.38 01/04/2026 200,000 193,500 0.5

Total Leisure

193,500 0.5

Media CSC Holdings LLC 5.25 01/06/2024 150,000 137,438 0.3

Total Media

137,438 0.3

Metals & Mining AK Steel Corp. 7.63 01/10/2021 100,000 90,250 0.2


90,250 0.2

Oil Gas Transportation & Distribution AmeriGas Partners LP 5.50 20/05/2025 100,000 91,500 0.2

Genesis Energy LP 6.50 01/10/2025 175,000 154,000 0.4 Total Oil Gas Transportation & Distribution

245,500 0.6

Telecommunication Services American Tower Corp. 3.60 15/01/2028 175,000 163,509 0.4

Crown Castle International Corp. 3.80 15/02/2028 100,000 94,629 0.2 Digital Realty Trust LP 3.70 15/08/2027 149,400 141,006 0.3 Equinix Inc. 5.38 15/05/2027 200,000 195,500 0.4 Sprint Capital Corp. 6.88 15/11/2028 100,000 94,500 0.2 T-Mobile USA Inc. 6.50 15/01/2026 125,000 127,500 0.3 Total Telecommunication Services

816,644 1.8


93


Interest

Value % Net

Rate Maturity Shares USD assets

Utility AES Corp. 4.88 15/05/2023 125,000 122,188 0.3

Ameren Corp. 2.70 15/11/2020 75,000 73,997 0.2 Calpine Corp. 5.75 15/01/2025 100,000 91,500 0.2 NRG Yield Operating LLC. 5.38 15/08/2024 150,000 142,500 0.3 Xcel Energy Inc. 2.40 15/03/2021 75,000 73,853 0.2 Total Utility

504,038 1.2


TOTAL LISTED SECURITIES : BONDS

2,839,965 6.7 (Cost $2,987,884)

3) LISTED SECURITIES : PREFERRED STOCKS

Datacenters Digital Realty Trust Inc. 5.25% 4,600 96,370 0.2

Total Datacenters 96,370 0.2 Diversified Rental

PS Business Parks Inc. 5.2% - Class Y 3,200 65,760 0.2 PS Business Parks Inc. 5.2% 2,200 45,518 0.1 PS Business Parks Inc. 5.25% - Class X 2,300 47,610 0.1


158,888 0.4

Healthcare Real Estate Welltower Inc. 6.5% 1,100 69,465 0.2

Total Healthcare Real Estate

69,465 0.2

Industrial Rexford Industrial Realty Inc. 5.875% 3,800 83,562 0.2

Rexford Industrial Realty Inc. 5.875% - Class A 4,000 89,440 0.2 Total Industrial

173,002 0.4

Net Lease National Retail Properties Inc. 5.2% 1,700 35,530 0.1

Spirit Realty Capital Inc. 6% 1,300 26,000 0.1 Total Net Lease

61,530 0.2

Office Equity Commonwealth 6.5% 4,822 121,755 0.3

Vornado Realty Trust 5.25% 4,700 96,585 0.2

Total Office

218,340 0.5

Residential American Homes 4 Rent 5.875% 2,600 53,326 0.1

American Homes 4 Rent 6.35%

1,400 31,010 0.1 Total Residential

84,336 0.2

Retail Federal Realty Investment Trust 5% 4,100 85,485 0.2

SITE Centers Corp. 6.25% 1,300 28,561 0.1 Total Retail

114,046 0.3


94


Interest

Value % Net

Rate Maturity Shares USD assets Self Storage Public Storage 4.95% 6,800 143,004 0.3 Public Storage 5.05% 3,600 76,788 0.2 Public Storage 5.15% 4,600 99,176 0.2 Total Self Storage 318,968 0.7


TOTAL LISTED SECURITIES : PREFERRED STOCKS

1,198,575 2.9 (Cost $1,351,946)

TOTAL TRANSFERABLE SECU RITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 37,737,576 90 .0

B) OTHER TRANSFERABLE SECURITIES DEALT ON ANOTHER R EGULATED MARKET

1) OTHER ORGANISED MARKET : BONDS

CANADA Metals & Mining Hudbay Minerals Inc. 7.63 15/01/2025 75,000 73,313 0.2


73,313 0.2

TOTAL CANADA 73,313 0.2

UNITED STATES Energy EP Energy LLC 8.00 29/11/2024 225,000 167,624 0.4

Parsley Energy LLC 5.25 15/08/2025 100,000 90,500 0.2 Pattern Energy Group Inc. 5.88 01/02/2024 175,000 168,875 0.4 Range Resources Corp. 5.75 01/06/2021 225,000 217,688 0.4

Total Energy

644,687 1.4

Infrastructure Services Terex Corp. 5.63 01/02/2025 100,000 93,125 0.2

United Rentals North America Inc. 5.75 15/11/2024 200,000 192,500 0.5

Total Infrastructure Services

285,625 0.7

Leisure MGM Growth Properties Operating Partnership LP 5.63 01/05/2024 200,000 198,000 0.5

Total Leisure

198,000 0.5

Media CCO Holdings LLC 5.88 01/05/2027 150,000 145,500 0.4

Total Media

145,500 0.4

Oil Gas Transportation & Distribution Antero Midstream Partners LP 5.38 15/09/2024 125,000 116,563 0.3

Blue Racer Midstream LLC 6.13 15/11/2022 175,000 168,874 0.4 Holly Energy Partners LP 6.00 01/08/2024 150,000 147,000 0.3 Targa Resources Partners LP 5.25 01/05/2023 150,000 147,000 0.4 Total Oil Gas Transportation & Distribution

579,437 1.4

Real Estate Hospitality Properties Trust 4.95 15/02/2027 150,000 146,981 0.4

Lamar Media Corp. 5.38 15/01/2024 175,000 175,000 0.4 Total Real Estate

321,981 0.8


95


Interest

Value % Net

Rate Maturity Shares USD assets

Telecommunication Services CyrusOne LP 5.38 15/03/2027 225,000 218,250 0.5 SBA Communications Corp. 4.88 01/09/2024 225,000 211,500 0.5 Zayo Group LLC 5.75 15/01/2027 200,000 178,500 0.4 Total Telecommunication Services 608,250 1.4

Utility

NRG Energy Inc 6.63 15/01/2027 150,000 151,125 0.3 Southwestern Electric Power Co. 3.55 15/02/2022 75,000 75,145 0.2 WEC Energy Group Inc. 2.45 15/06/2020 75,000 74,115 0.2 Total Utility

300,385 0.7

Transportation Watco Cos LLC 6.38 01/04/2023 100,000 100,250 0.2

Total Transportation

100,250 0.2 TOTAL UNITED STATES 3,184,115 7.5

TOTAL OTHER ORGANISED MARKET : BONDS

3,257,428 7.7 (Cost $3,479,812)

TOTAL OTHER TRANSFERABLE SECURITIES DEALT ON ANOTHER REGULATED MARKET 3,257,428 7.7

TOTAL INVESTMENTS

40,995,004 97.7 (Cost $44,532,217)

Other Assets of Excess of Liabilities 951,664 2.3

TOTAL NET ASSETS 41,946,668 100.0

ANALYSIS OF TOTAL ASSETS

Description


OTHER ASSETS

3.3

TOTAL 100.0


96

BROOKFIELD REAL ASSETS SECURITIES UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITED) AS AT 31 December 2018 Significant Purchases Cost Security Name Quantity (USD) Transurban Group 203,276 1,690,846 Enbridge Inc. 51,020 1,672,530 Williams Cos Inc. 42,201 1,148,063 Atlantia SpA 42,300 1,015,527 Crown Castle International Corp. 8,900 971,702 Vinci SA 9,000 884,808 National Grid Plc 81,700 880,964 Cheniere Energy Inc. 13,400 831,924 Kinder Morgan Inc. 44,933 749,446 NiSource Inc. 27,000 715,619 Targa Resources Corp. 16,317 698,441 Aena SME SA 3,400 677,165 Boston Properties Inc. 5,200 675,245 AvalonBay Communities Inc. 3,900 650,004 Prologis Inc. 9,700 646,386 ONEOK Inc. 11,274 641,120 Vonovia SE 12,400 603,895 Mitsui Fudosan Co. Ltd. 23,300 560,494 FirstEnergy Corp. 15,400 557,873 PG&E Corp. 12,100 547,461 British Land Co. Plc 58,900 535,720



97

BROOKFIELD REAL ASSETS SECURITIES UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITED) AS AT 31 December 2018 Significant Sales Proceeds Security Name Quantity (USD) American Tower Corp. 9,856 1,516,571 Simon Property Group Inc. 7,700 1,382,672 SBA Communications Corp. 8,040 1,325,950 Transurban Group 141,956 1,179,977 TransCanada Corp. 24,650 1,012,804 Mitsui Fudosan Co. Ltd. 40,806 1,002,115 Targa Resources Corp. 20,082 977,875 Enbridge Inc. 29,535 964,008 National Grid Plc 81,963 870,025 American Homes 4 Rent 41,004 861,968 Enterprise Products Partners LP 31,698 840,450 Mitsubishi Estate Co. Ltd. 43,631 756,743 Enel SpA 137,000 748,403 Crown Castle International Corp. 6,951 744,134 Kinder Morgan Inc. 41,731 704,370 Vinci SA 7,954 690,441 Getlink SE 53,720 685,741 Plains All American Pipeline LP 27,955 645,769 Cheniere Energy Inc. 10,656 634,212 Hammerson Plc 81,953 608,713

The tables above show a breakdown of material sales of the Portfolios in accordance with Central Bank UCITS Regulations 79(2) requirements. All sales of investments exceeding 1% of the total value of each sales, a minimum of 20 of each such sales , are disclosed.


98

APPENDIX

Remuneration Policy The UCITS Regulations require the Company to establish and apply remuneration policies and practices that promote sound and effective risk management, and do not encourage risk taking which is inconsistent with the risk profile of the UCITS. To that effect, the Company has implemented a Remuneration Policy. The purpose of the Company’s remuneration policy is to seek to ensure that the remuneration arrangements of “identified staff”: (i) are consistent and promote sound and effective risk management and do not encourage risk-taking which is inconsistent with the risk profile, rules or instruments of incorporation of the Company; and (ii) are consistent with the Company’s business strategy, objectives, values and interests and include measures to avoid conflicts of interest. The only categories of the Company's staff, including senior management, risk takers and control functions, whose professional activities may have a material impact on the risk profile of the Company (the “Identified Staff”) are the Directors and designated person. The Company has a business model, policies and procedures which by their nature do not promote excessive risk taking and take account of the nature, scale and complexity of the Company. The independent directors receive fixed remuneration (for the financial year ended 31 December 2018: EUR 96,000 in aggregate) in respect of their services which is set at a level determined by the board as a whole and which is not performance related. None of the directors are currently in receipt of variable remuneration in respect of their services as directors of the Company and none of the directors is currently in receipt of a pension from the Company. The designated persons receive fixed remuneration (for the financial year ended 31 December 2018: EUR 32,500 + VAT in aggregate) in respect of their services and which is not performance related. None of the designated persons are currently in receipt of variable remuneration in respect of their services as designated persons of the Company and none of the designated persons are currently in receipt of a pension from the Company. An annual review has been undertaken and no material changes have been made to the remuneration policy.


99

APPENDIX (continued)

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.

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


100

APPENDIX (continued)

Additional Provisions for Investors in Switzerland

The state of the origin of the Company is Ireland. The Representative in Switzerland is ACOLIN Fund

Services AG, Leutschenbachstrasse 50, CH-8050 Zurich, whilst the Paying Agent is Aquila & Co. AG, Bahnhofstrasse 28a, CH-8001 Zurich. In respect of the units distributed in or from Switzerland, the place of

performance and jurisdiction is at the registered office of the Swiss representative. The prospectus, the Key

Investor Information Documents, the articles, the list of purchases and sales as well as the annual and semi-annual reports may be obtained free of charge from the representative. Total Expense Ratios

The annualised total expense ratios for the financial year are calculated by the Administrator and are set out in the table below.

Sub-Fund Total Expense Ratio Total Expense Ratio Financial Year Financial Year

Ended 31 December 2018 31 December 2017

% %


Class B 1.10 1.07

Class E 1.11 1.07

Class F 1.11 1.07

Class M 1.96 1.92


Class A* 1.00 0.98

Class AA** 1.00 1.04

Class B 0.98 1.00

Class E 0.99 0.99

Class F 0.99 1.00

Class I 0.99 1.00

Class V*** 1.85 1.87

Class Z**** 0.98 0.99


Class E 1.05 1.05

Class Q 0.95 0.95

Brookfield Global Listed Infrastructure Long Short UCITS Fund1

Class E - 1.70


Class E 1.05 1.05 1

Terminated on 28 December 2017.

* Launched on 17 November 2017. ** Launched on 21 November 2017. *** Launched on 28 August 2017. **** Launched on 30 November 2017.

Brookfield Public Securities Group LLC

Brookfield Place

250 Vesey Street, 15th Floor

New York, New York 10281-1023

1-855-777-8001

www.brookfield.com

Registration Number 503109 2018 - Brookfield/media/Files/B...David Levi (American)* Registered...

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