SODITIC FUNDS PLC - Brookfield/media/Files/B... · 2017-04-28 · BROOKFIELD INVESTMENT FUNDS...

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC

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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 – 18

Independent Auditor’s Report 19 – 20

Statements of Financial Position 21 – 26

Statements of Comprehensive Income 27 – 29

Statements of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 30 – 32

Statements of Cash Flows 33 – 38

Notes to the Financial Statements 39 – 68

Brookfield Global Listed Infrastructure UCITS Fund

Schedule of Investments 69 – 73

Schedule of Significant Portfolio Changes (unaudited) 74 – 75

Brookfield Global Listed Real Estate UCITS Fund



Brookfield US Listed Real Estate UCITS Fund



Brookfield Global Listed Infrastructure Long Short UCITS Fund



Brookfield Real Assets Securities UCITS Fund



Appendix 105 – 106


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DIRECTORS AND OTHER INFORMATION

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

Registered Office RBC Investor Services Ireland Limited, 4

th Floor

One George’s Quay Plaza George’s Quay Dublin 2 Ireland

Investment Manager Brookfield Investment Management Inc. Brookfield Place 250 Vesey Street, 15

th Floor

New York, NY 10281-1023 U.S.A.

Depositary RBC Investor Services S.A. Dublin Branch 4

th Floor


Company Secretary Chartered Corporate Services 4

th Floor

76 Baggot Street Lower Dublin 2 Ireland

Administrator and Transfer Agent RBC Investor Services Ireland Limited, 4

th Floor


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

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

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


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DIRECTORS’ REPORT AND STATEMENT OF DIRECTORS’ RESPONSIBILITIES FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 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 2016. Statement of Directors’ Responsibilities The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with the Companies Act 2014 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). 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. 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, enable to ensure that the financial statements and Directors’ Report comply with the Companies Act 2014 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 the Companies Act 2014 The measures taken by the Directors to ensure compliance with the requirements of Section 281 to 285 of the Companies Act 2014 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 end 31 December 2016: 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’ RESPONSIBILITIES (continued) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016

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 five 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. Brookfield Global Listed Real Estate UCITS Fund The sub-fund seeks total return through growth of capital and current income. The sub-fund seeks to achieve its investment objective by investing primarily in real estate investment trusts (REITs) and other related securities issued by U.S. and non-U.S. real estate companies.

Brookfield US Listed Real Estate UCITS Fund The sub-fund seeks total return through growth of capital and current income. The sub-fund seeks to achieve its investment objective by investing primarily in real estate investment trusts (REITs) and other related securities issued by U.S. real estate companies.

Brookfield Global Listed Infrastructure Long Short UCITS Fund The sub-fund seeks to generate high risk-adjusted absolute returns with low correlation to the broad equity and fixed income markets. The sub-fund seeks to achieve its investment objective by taking long and short positions primarily in equity securities of publicly traded infrastructure companies throughout the world. These include publicly traded securities of infrastructure companies whose primary operations or principal trading market are in non-U.S. markets.

Brookfield Real Assets Securities UCITS Fund The sub-fund seeks total return, which is targeted to be in excess of inflation, through growth of capital and current income. The sub-fund seeks to achieve its investment objective by investing at least 80% of its net assets in both equity and fixed income securities of “real assets” asset classes, in the following categories, all of which will be listed or traded on a recognised market: real estate securities, infrastructure securities; and natural resources securities. 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. Brookfield Real Assets Debt UCITS Fund is not currently available for purchase.


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DIRECTORS’ REPORT AND STATEMENT OF DIRECTORS’ RESPONSIBILITIES (continued) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 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. 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 the 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 21 to 38. Dividends of USD 3,728,839 (31 December 2015: USD 2,456,666) on the Brookfield Global Listed Infrastructure UCITS Fund – Class F and USD 24,225 (31 December 2015: USD 2,523,978) on the Brookfield Global Listed Real Estate UCITS Fund – Class F were paid for the financial year ended 31 December 2016. Dividends of USD 1,866,662 (31 December 2015: USD 1,934,849) on the Brookfield US Listed Real Estate UCITS Fund – Class Q were paid for the financial year ended 31 December 2016. For further details of dividends declared during the financial year please refer to note 4. Significant Events during the Financial Year The new UCITS V depositary liability provisions came into effect from 18 March 2016. The Custodian is now termed Depositary. Significant Events Since Financial Year End There have been no significant events that took place since the financial year end. 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 and Des Quigley. Directors' and Secretary's Interests Jonathan Tyras was the General Counsel, Chief Financial Officer and Managing Director of the Investment Manager as at 31 December 2016 (31 December 2015). None of the Directors or Secretary held any redeemable participating shares as at 31 December 2016 (31 December 2015: none).

Connected Person Transactions

The Central Bank UCITS Regulations states that any transaction carried out with a UCITS by a management company or depositary to a UCITS; and the delegates or sub-delegates of such a management company or depositary (excluding any non-group company sub-custodians appointed by a depositary); and any associated or group company of such a management company, depositary, delegate or sub-delegate (“connected person”) must be carried out as if conducted at arm’s length. Transactions must be in the best interests of the shareholders.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND MANAGEMENT DISCUSSION OF FUND PERFORMANCE By sector, Gas Utilities was the leading contributor relative to the Dow Jones Brookfield Global Infrastructure Composite Index

1 (“Benchmark”) due to stock selection. Midstream also contributed due to stock selection and

overweight exposure, as did a combination of stock selection and overweight exposure within Airports. Conversely, stock selection and underweight exposure within the Pipelines sector was the leading detractor during the year. Stock selection in the Water sector also detracted, as did overweight exposure to Toll Roads. By region, Latin America and Canada were the leading contributors to relative performance due to stock selection. Conversely, the U.K. was the leading regional detractor due to stock selection. Continental Europe slightly detracted, driven by overweight exposure to the underperforming region. In terms of individual securities, the leading contributors to relative performance were energy infrastructure stocks, which benefitted from the rebound in energy prices. Overweight positions in Targa Resources Corp. (TRGP US, Midstream, United States) and Williams Companies, Inc. (WMB US, Midstream, United States) were the leading contributors. Overweight exposure to Eutelsat Communications SA (ETL FP, Communications, France) as the stock rallied also meaningfully contributed to relative performance. Conversely, zero allocation to Spectra Energy Corp (SE US, Pipelines, United States) was the leading detractor from relative performance as the stock rallied meaningfully following the announcement that Canada's Enbridge Inc. (ENB, Pipelines, Canada) would buy the company in an all-stock deal. Zero exposure to ONEOK, Inc. (OKE US, Midstream, United States) was also a leading detractor as the stock rallied along with energy prices. Overweight exposure to Groupe Eurotunnel SE (GET FP, Toll Roads, France) detracted as well—the stock underperformed following the U.K. referendum to exit the European Union. INFRASTRUCTURE MARKET OVERVIEW Global equity markets, as measured by the MSCI World Index, gained 8.2% in 2016. North America led all regions (+12.3%) and Asia Pacific and Europe gained 4.5% and 0.2%, respectively. The year began in a volatile fashion as plunging oil prices and concerns about a slowing Chinese economy exerted pressure on global markets through the first six weeks of the year. As energy prices began to stabilize and a more positive narrative around global growth emerged, stocks began to rally off their 11 February lows. Heightened geopolitical risks emerged in 2016 amid a series of unexpected populist movements—most notably, the surprising June 23 U.K. referendum in which voters elected to leave the European Union, as well as the equally unexpected outcome of the U.S. election. Donald J. Trump’s campaign promised to fuel U.S. economic growth through a combination of tax reforms, decreased regulations and increased infrastructure spending. The Trump victory resulted in a boost for broader equity markets, but interest rate-sensitive sectors were negatively impacted by the accompanying increase in interest rates. On a year-over-year basis, the 18 basis-point increase in 10-Year U.S. Treasury yields (to 2.45%) might appear relatively muted. However, during the fourth quarter, yields spiked 85 basis points; on a percentage-change basis, it was the largest quarterly increase in history and the largest absolute increase in yields since the first quarter of 1994. 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 Master Limited Partnerships. You cannot invest directly in an index.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND (continued) Infrastructure securities outperform in 2016 Global infrastructure securities outperformed the MSCI World Index in 2016, with the Dow Jones Brookfield Global Infrastructure Composite Index gaining 11.7%.

2 Regional returns were mixed, as the Americas rose 25.3%, while

Europe and Asia Pacific declined 8.6% and 0.6%, respectively. Six of eight sectors generated positive returns, led by Oil & Gas Storage & Transportation (27.5%), Diversified (7.5%), Airports (4.2%), Electricity Transmission & Distribution (3.6%), Water (3.6%) and Communications (1.7%); while Toll Roads (−6.1%) and Ports (−4.3%) declined in the period. The Dow Jones Brookfield Infrastructure MLP Index rose 20.8% during the year as energy prices rebounded. The macro environment for investors in global infrastructure securities proved to be more conducive in 2016 than the previous year. Despite a precipitous decline through the first six weeks of 2016, West Texas Intermediate Crude gained nearly 45% in 2016, ending the year at $53.75 per barrel. Anticipation throughout the year of deal among members of the Organization of the Petroleum Exporting Countries (OPEC) to cut production came to fruition in November. The cartel’s production cut, its first since 2008, helped stabilize the outlook for energy prices moving forward. Although the rapid increase in interest rates in the fourth quarter exerted pressure on many bond-like sectors within listed infrastructure, the majority of these sectors still produced positive returns for the full year. OUTLOOK The outlook within energy infrastructure continues to improve as a strengthening commodity price environment should translate to healthier exploration and production customers. This should reduce counterparty risk and improve the outlook for volume growth as rigs are added. Balance sheets generally remain healthy as much of the needed restructuring in terms of dividend policy has already taken place and the pace of capital expenditures growth has slowed. Despite the pullback in U.S. utility stocks, overall valuations remain elevated. We continue to be selective and are adding exposure where we see value. We have begun to see attractive valuations emerge in European utilities and have added exposure opportunistically. We remain cautious around political risks and continue to monitor elections in the region; underlying macroeconomic trends, however, appear to remain stable. Within transports, traffic growth among European Toll Roads remains healthy and is accelerating, which has translated to healthy organic cash flow growth. We remain positive on the long-term growth prospects in the communications sector and the potential for the next phase of network growth to happen sooner than previously expected. However, near-term market sentiment may be affected by the renewed prospect of proposed mergers among carriers, the changing interest rate environment and headline risk around network operators attempting to eliminate contract escalators. In the near term, sectors within listed infrastructure could endure headwinds if interest rates experience rapid moves higher, like those we witnessed during the fourth quarter. Nevertheless, return expectations for the asset class continue to be positive over the long term. Continued increases in rates would likely be a result of higher growth expectations and inflation expectations, which is good for infrastructure stocks over the longer term. Some volatility is likely to persist, but given our longer-term investment horizon, we view volatility as a very good buying opportunity. Brookfield Investment Management Inc. April 2017 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 their annual cash flows derived from owning and operating infrastructure assets, including Master Limited Partnerships (“MLPs”).


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND MANAGEMENT DISCUSSION OF FUND PERFORMANCE During the 12-month period ending 31 December 2016, the Diversified sector was the leading contributor to relative performance, driven by stock selection and underweight exposure to the underperforming sector. Residential was the second largest contributor, driven by stock selection. Underweight exposure to the underperforming Self Storage sector also contributed. Conversely, the Healthcare and Industrial sectors were the leading detractors, both driven by stock selection. The U.S. was the top contributing region, driven by stock selection. Overweight exposure and stock selection in the U.K. contributed as well. Conversely, underweight exposure within Canada was the sole regional detractor from relative performance during the period. By security, overweight exposure to Wharf (Holdings) Ltd. (4 HK, Diversified, Hong Kong) was the leading contributor to relative performance during the year. An overweight allocation to Dexus Property Group (DXS AU, Diversified, Australia) also contributed as the stock performed well on an improving outlook for the Sydney office market and strong performance overall in the region. Non-index holding CyrusOne, Inc. (CONE, Other) was also a leading contributor. The stock outperformed amid improving fundamentals and strong demand within the data center sector. Non-index holding Brookdale Senior Living Inc. (BKD, Healthcare) was the leading detractor from relative performance. The company announced a new joint venture with Blackstone in November. We viewed the news as generally positive, but the company also announced they were reducing earnings guidance and were seeing an "unprecedented" level of new supply in mid-market cities, in which the company has meaningful exposure. The company expects the heightened supply to persist through mid-2017. This new supply should not have been a surprise to management and we believe that it was management’s apparent lack of preparedness for this supply which was a major contributor to the selloff. Overweight exposure to Hongkong Land Holdings Limited (HKL.SP, Office, Hong Kong) was the second largest detractor as stocks in the region sold off meaningfully following the increase in interest rates after the U.S. presidential election. Overweight exposure to SL Green Realty Corp. (SLG, Office) was the third largest detractor. The company underperformed early in the year due to worries around its higher leverage position and fears that banks would cut back on space. GLOBAL REAL ESTATE MARKET OVERVIEW Global equity markets, as measured by the MSCI World Index, gained 8.2% in 2016. North America led all regions (+12.3%) and Asia Pacific and Europe gained 4.5% and 0.2%, respectively. Global real estate securities, as measured by the FTSE EPRA/NAREIT Developed Index (the “Benchmark”)

1 gained

5.0% for the year. North America led all regions (up 8.2%), followed by Asia Pacific (6.1%), while Europe declined 7.3%. The year began with precipitously declining oil prices, deflationary pressures across developed economies and the prospect that a slowing Chinese economy could exert pressure on global economic growth. As the year wore on, however, oil staged a meaningful rebound, inflation expectations increased and concerns about China’s growth trajectory abated. A series of unexpected populist movements also emerged in 2016—most notably, the surprising 23 June U.K. referendum in which voters elected to leave the European Union, as well as the equally unexpected outcome of the U.S. election. Donald J. Trump’s campaign promised to fuel U.S. economic growth through a combination of tax reforms, decreased regulations and increased infrastructure spending. 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.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND (continued) The outcome of the Brexit vote resulted in a meaningful decline in the price of real estate securities in the U.K. The Trump victory resulted in a boost for broader equity markets, but interest rate-sensitive sectors were negatively impacted by the accompanying increase in interest rates. On a year-over-year basis, the 18 basis-point increase in 10-Year U.S. Treasury yields (to 2.45%) might appear relatively muted. However, during the fourth quarter, yields spiked 85 basis points; on a percentage-change basis, it was the largest quarterly increase in history and the largest absolute increase in yields since the first quarter of 1994. Despite a fourth quarter decline as interest rates moved sharply higher, 2016 was largely a positive year for global REITs. As expectations for growth, inflation and interest rates shifted during the fourth quarter, many opportunities to capitalize on dislocations across sectors and regions have emerged. OUTLOOK We are cautiously optimistic about current REIT pricing in the U.S. We find pricing to be attractive if interest rates stay near current levels, but would become less optimistic if there were another sharp move higher for long-term rates. Although real estate provides a hedge against inflation over the medium-to-long term, it is adversely affected by rising rates in the short term. This has led us to be cautious about exposure to interest rate-sensitive sectors where pricing has been elevated for quite some time. Some of our caution also stems from uncertainties around government policy and the effect those outcomes will have on the U.S. economy. We are also cautious that we are many years into the current U.S. real-estate cycle. However, we remain optimistic that limited levels of new construction during this cycle, combined with a potential boost in economic activity could help extend the length of this cycle for several more years. In our view, some of the most appealing opportunities today are found in the U.K. and Hong Kong. The sharp drop in equity prices in the U.K. post Brexit has created an attractive opportunity to meaningfully increase exposure to this market at prices and valuations which we have not seen in many years. We believe the risks associated with Brexit are priced in at current levels. We also see opportunity in Hong Kong as we believe the concerns of a slowdown in China are fully priced in at this point. Recent transactions suggest that NAV estimates for many companies may be meaningfully below actual private market values. We continue to see attractive spreads in relative value across sectors and regions and will continue to adjust the portfolio to take advantage of market dislocations. Brookfield Investment Management Inc. April 2017


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 BROOKFIELD US LISTED REAL ESTATE UCITS FUND MANAGEMENT DISCUSSION OF FUND PERFORMANCE During the 12-month period ending 31 December 2016, Healthcare was the leading sector detractor from relative performance, driven by stock selection. The Diversified sector also detracted due to stock selection and underweight exposure during the period. Stock selection within other sectors detracted as well. Conversely, underweight exposure to Self Storage was the leading contributor as it was the worst performing sector in 2016. The Hotel and Office sectors were also among top contributors, both driven by stock selection and overweight exposure. Non-index holding Brookdale Senior Living Inc. (BKD, Healthcare) was the leading detractor from relative performance. The company announced a new joint venture with Blackstone in November. We viewed the news as generally positive, but the company also announced they were reducing earnings guidance and were seeing an "unprecedented" level of new supply in mid-market cities, in which the company has meaningful exposure. The company expects the heightened supply to persist through mid-2017. This new supply should not have been a surprise to management and we believe that it was management’s apparent lack of preparedness for this supply which was a major contributor to the selloff. Overweight allocation to Care Capital Properties, Inc. (CCP, Healthcare) was the second largest detractor during the year. Overweight exposure to SL Green Realty Corp. (SLG, Office) also detracted. The company underperformed early in the year due to worries around its higher leverage position and fears that banks would cut back on space. Conversely, overweight exposure to LaSalle Hotel Properties (LHO, Hotel) was the leading contributor to relative performance. The Hotel sector was a top performer in 2016 amid improving growth prospects for the U.S. economy following the election. An overweight position in CyrusOne, Inc. (CONE, Other) was also a leading contributor. The stock outperformed amid improving fundamentals and strong demand within the data center sector. Underweight exposure to Public Storage (PSA, Self Storage) was also a leading contributor as the stock declined nearly 7% during the year. US REAL ESTATE MARKET OVERVIEW For the period from 1 January 2016 through 31 December 2016 (the “Period”), the S&P 500 Total Return Index

1

advanced 12.0%. U.S. real estate securities were up 8.6% for the 12 months as measured by the MSCI U.S. REIT Total Return Index

2 (the “Benchmark”). By sector, Industrial/Office gained 31.1%, followed by Industrial (30.1%), Hotels (24.6%),

Diversified (15.8%), Office (12.3%), Healthcare (6.1%), Residential (3.9%) and Retail (0.9%). Self Storage was the only sector to post negative returns (down 8.5%) for the year.

3

The year began with precipitously declining oil prices, deflationary pressures across developed economies and the prospect that a slowing Chinese economy could exert pressure on global economic growth. As the year wore on, however, oil staged a meaningful rebound, inflation expectations increased and concerns about China’s growth trajectory abated. A series of unexpected populist movements also emerged in 2016—most notably, the surprising June 23 U.K. referendum in which voters elected to leave the European Union, as well as the equally unexpected outcome of the U.S. election. Donald J. Trump’s campaign promised to fuel U.S. economic growth through a combination of tax reforms, decreased regulations and increased infrastructure spending. 1 The S&P 500 Total Return Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the U.S. equity market in

general. You cannot invest directly in an index. 2 The MSCI U.S. REIT Total Return 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. 3 Source: The FTSE EPRA/NAREIT Developed Sector Index, a free-float adjusted, liquidity, size and revenue screened index designed to track the performance of

listed real estate companies and REITs worldwide.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 BROOKFIELD US LISTED REAL ESTATE UCITS FUND (continued) The Trump victory resulted in a boost for broader equity markets, but interest rate-sensitive sectors were negatively impacted by the accompanying increase in interest rates. On a year-over-year basis, the 18 basis-point increase in 10-Year U.S. Treasury yields (to 2.45%) might appear relatively muted. However, during the fourth quarter, yields spiked 85 basis points; on a percentage-change basis, it was the largest quarterly increase in history and the largest absolute increase in yields since the first quarter of 1994. Despite a fourth quarter decline as interest rates moved sharply higher, 2016 was largely a positive year for the U.S. REIT market. As expectations for growth, inflation and interest rates shifted during the fourth quarter, many opportunities to capitalize on market dislocations have emerged. OUTLOOK We are cautiously optimistic about current REIT pricing in the U.S. We find pricing to be attractive if interest rates stay near current levels, but would become less optimistic if there were another sharp move higher for long-term rates. Although real estate provides a hedge against inflation over the medium-to-long term, it is adversely affected by rising rates in the short term. This has led us to be cautious about exposure to interest rate-sensitive sectors where pricing has been elevated for quite some time. Some of our caution also stems from uncertainties around government policy and the effect those outcomes will have on the U.S. economy. We are also cautious that we are many years into the current U.S. real-estate cycle. However, we remain optimistic that limited levels of new construction during this cycle, combined with a potential boost in economic activity could help extend the length of this cycle for several more years. We continue to see attractive spreads in relative value across companies and sectors and will continue to adjust the portfolio to take advantage of market dislocations. Brookfield Investment Management Inc. April 2017


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 BROOKFIELD GLOBAL LISTED INFRASTRUCTURE LONG SHORT FUND MANAGEMENT DISCUSSION OF FUND PERFORMANCE For the fiscal year ended 31 December 2016, the Brookfield Global Listed Infrastructure Long Short UCITS Fund – Class E (USD) had a total return of 11.3%. Master Limited Partnerships (MLP), Midstream and Pipelines were among the largest sector contributors to returns for the year, benefitting from the rebound in energy prices throughout 2016. The water and airports sectors also contributed during the period. Conversely, Electricity Transmission & Distribution was the leading sector detractor. By region, the U.S. was the largest contributor, followed by Canada and Asia Pacific. In terms of individual securities, long positions in Targa Resources Corp. (TRGP, Midstream, U.S.), Rice Midstream Partners (RMP, MLP, U.S.) and Williams Partners, L.P. (WPZ, MLP, U.S.) were the top contributors as oil prices rebounded. In contrast, a short position in Plains All American Pipeline, L.P. (PAA, MLP, U.S.) was the leading detractor. Long positions in Long Rumo Logistica Operadora Multimodal SA (RUMO3.BZ, Rail, Latin America) and Cosan Limited (CZZ, Gas Utilities, Latin America) also detracted. INFRASTRUCTURE MARKET OVERVIEW Global equity markets, as measured by the MSCI World Index, gained 8.2% in 2016. North America led all regions (+12.3%) and Asia Pacific and Europe gained 4.5% and 0.2%, respectively. The year began in a volatile fashion as plunging oil prices and concerns about a slowing Chinese economy exerted pressure on global markets through the first six weeks of the year. As energy prices began to stabilize and a more positive narrative around global growth emerged, stocks began to rally off their 11 February lows. Heightened geopolitical risks emerged in 2016 amid a series of unexpected populist movements—most notably, the surprising June 23 U.K. referendum in which voters elected to leave the European Union, as well as the equally unexpected outcome of the U.S. election. Donald J. Trump’s campaign promised to fuel U.S. economic growth through a combination of tax reforms, decreased regulations and increased infrastructure spending. The Trump victory resulted in a boost for broader equity markets, but interest rate-sensitive sectors were negatively impacted by the accompanying increase in interest rates. On a year-over-year basis, the 18 basis-point increase in 10-Year U.S. Treasury yields (to 2.45%) might appear relatively muted. However, during the fourth quarter, yields spiked 85 basis points; on a percentage-change basis, it was the largest quarterly increase in history and the largest absolute increase in yields since the first quarter of 1994. Infrastructure securities outperform in 2016 Global infrastructure securities outperformed the MSCI World Index in 2016, with the Dow Jones Brookfield Global Infrastructure Composite Index gaining 11.7%. Regional returns were mixed, as the Americas rose 25.3%, while Europe and Asia Pacific declined 8.6% and 0.6%, respectively. Six of eight sectors generated positive returns, led by Oil & Gas Storage & Transportation (27.5%), Diversified (7.5%), Airports (4.2%), Electricity Transmission & Distribution (3.6%), Water (3.6%) and Communications (1.7%); while Toll Roads (−6.1%) and Ports (−4.3%) declined in the period. The Dow Jones Brookfield Infrastructure MLP Index rose 20.8% during the year as energy prices rebounded. The macro environment for investors in global infrastructure securities proved to be more conducive in 2016 than the previous year. Despite a precipitous decline through the first six weeks of 2016, West Texas Intermediate Crude gained nearly 45% in 2016, ending the year at $53.75 per barrel. Anticipation throughout the year of deal among members of the Organization of the Petroleum Exporting Countries (OPEC) to cut production came to fruition in November. The cartel’s production cut, its first since 2008, helped stabilize the outlook for energy prices moving forward. Although the rapid increase in interest rates in the fourth quarter exerted pressure on many bond-like sectors within listed infrastructure, the majority of these sectors still produced positive returns for the full year.


15

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 BROOKFIELD GLOBAL LISTED INFRASTRUCTURE LONG SHORT FUND (continued) OUTLOOK The outlook within energy infrastructure continues to improve as a strengthening commodity price environment should translate to healthier exploration and production customers. This should reduce counterparty risk and improve the outlook for volume growth as rigs are added. Balance sheets generally remain healthy as much of the needed restructuring in terms of dividend policy has already taken place and the pace of capital expenditures growth has slowed. Despite the pullback in U.S. utility stocks, overall valuations remain elevated. We continue to be selective and are adding exposure where we see value. We have begun to see attractive valuations emerge in European utilities and have added exposure opportunistically. We remain cautious around political risks and continue to monitor elections in the region; underlying macroeconomic trends, however, appear to remain stable. Within transports, traffic growth among European Toll Roads remains healthy and is accelerating, which has translated to healthy organic cash flow growth. We remain positive on the long-term growth prospects in the communications sector and the potential for the next phase of network growth to happen sooner than previously expected. However, near-term market sentiment may be affected by the renewed prospect of proposed mergers among carriers, the changing interest-rate environment and headline risk around network operators attempting to eliminate contract escalators. In the near term, sectors within listed infrastructure could endure headwinds if interest rates experience rapid moves higher, like those we witnessed during the fourth quarter. Nevertheless, return expectations for the asset class continue to be positive over the long term. Continued increases in rates would likely be a result of higher growth expectations and inflation expectations, which is good for infrastructure stocks over the longer term. Some volatility is likely to persist, but given our longer-term investment horizon, we view volatility as a very good buying opportunity. Brookfield Investment Management Inc. April 2017


16

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 BROOKFIELD REAL ASSETS SECURITIES UCITS FUND For the fiscal year ended 31 December 2016, the Brookfield Real Assets Securities UCITS Fund had a total return of 10.15%, which assumes the reinvestment of dividends and is exclusive of brokerage commissions. All asset class components of the Fund contributed positively to performance on an absolute basis. On a relative to the benchmark performance basis, Core Real Estate was the leading contributor, driven by security selection within the sector. Real Asset Debt was the second largest contributor to relative performance, driven by security selection within the sector which was partially offset by an overweight allocation to the underperforming sector. Conversely, Core Infrastructure was the leading detractor on a relative basis, driven by security selection and an underweight allocation to the outperforming asset class. The Fund’s diversification by geography and sector as of 31 December 2016, is summarized in the tables below.

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 Global infrastructure securities outperformed the MSCI World Index in 2016, with the Dow Jones Brookfield Global Infrastructure Composite Index gaining 11.7%. Regional returns were mixed, as the Americas rose 25.3%, while Europe and Asia Pacific declined 8.6% and 0.6%, respectively. Six of eight sectors generated positive returns, led by Oil & Gas Storage & Transportation (27.5%), Diversified (7.5%), Airports (4.2%), Electricity Transmission & Distribution (3.6%), Water (3.6%) and Communications (1.7%); while Toll Roads (−6.1%) and Ports (−4.3%) declined in the period. The Alerian MLP Index Index rose 18.3% during the year as energy prices rebounded. The macro environment for investors in global infrastructure securities proved to be more conducive in 2016 than the previous year. Despite a precipitous decline through the first six weeks of 2016, West Texas Intermediate Crude gained nearly 45% in 2016, ending the year at $53.75 per barrel. Although the rapid increase in interest rates in the fourth quarter exerted pressure on many bond-like sectors within listed infrastructure, the majority of these sectors still produced positive returns for the full year. The outlook within energy infrastructure continues to improve as a strengthening commodity price environment should translate to healthier exploration and production customers. This should reduce counterparty risk and improve the outlook for volume growth as rigs are added. In the near term, sectors within listed infrastructure could endure headwinds if interest rates experience rapid moves higher, like those we witnessed during the fourth quarter. Nevertheless, return expectations for the asset class continue to be positive over the long term. Continued increases in rates would likely be a result of higher growth expectations and inflation expectations, which is good for infrastructure stocks over the longer term. Some volatility is likely to persist, but given our longer-term investment horizon, we view volatility as a very good buying opportunity.

Geographic Diversification United States 62.1% Continental Europe 9.8% United Kingdom 7.8% Canada 7.0% China/Hong Kong 3.7% Australia/New Zealand 3.1% Japan 2.8% Other Asia 1.4% Latin America 1.1% Other 0.1% Bermuda 0.1% Cash 1.0%

Sector Diversification Real Estate Equities 36.5% Core Real Estate 31.6% REIT Preferreds 4.9% Infrastructure Equities 48.0% Core Infrastructure 39.9% MLPs 8.1% Real Asset Debt 14.4%

Cash & Other 0.6%


17

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 BROOKFIELD REAL ASSETS SECURITIES UCITS FUND (continued) GLOBAL REAL ESTATE SECURITIES Global real estate securities, as measured by the FTSE EPRA/NAREIT Developed Index (the “Benchmark”) gained 5.0% for the year. North America led all regions (up 8.2%), followed by Asia Pacific (6.1%), while Europe declined 7.3%. Despite a fourth quarter decline as interest rates moved sharply higher, 2016 was largely a positive year for global REITs. As expectations for growth, inflation and interest rates shifted during the fourth quarter, many opportunities to capitalize on dislocations across sectors and regions have emerged. We are cautiously optimistic about current REIT pricing in the U.S. We find current pricing to be attractive if interest rates stay near current levels, but would become less optimistic if there were another sharp move higher for long-term rates. Although real estate can provide a hedge against inflation over the medium-to-long term, it can be adversely affected by rising rates in the short term. This has led us to be cautious about exposure to the more interest rate-sensitive real estate sectors where pricing has been elevated for quite some time. Some of our caution also stems from uncertainties around government policy and the effect those outcomes will have on the U.S. economy. Outside of the U.S. select markets are attractive. As we look at individual markets there are varying outlooks for real estate fundamentals across countries, as well as wide dispersions in valuations. Taken together, we believe these create attractive opportunities for active management. FIXED INCOME The BofA Merrill Lynch Global High Yield Index rose 14.8% in 2016. Investment grade securities advanced 4.3%, as measured by the BofA Merrill Lynch Global Corporate Index. Following the U.S. presidential election, we witnessed an increase in inflation expectations, which resulted in higher bond yields. We also witnessed a spike in volatility following the election, but it has since returned to more muted levels. In broad high-yield credit, yields have declined in a strong post-election rally, as have spreads. Rising interest rates have weighed more heavily on investment grade securities. We continue to favor B/BB quality bonds as representing the "sweet spot" between the interest-rate risk of investment-grade securities and credit risk of CCC-rated issues. OPPORTUNISTIC During the year we made important changes to the fund’s long-term, strategic asset allocations. We reduced our long-term strategic allocations to the inflation-sensitive Natural Resource Equities, Commodities and Treasury Inflation Protected securities (TIPs) sectors. These sectors have historically performed well in times of inflation, but have generally been average to disappointing performers in many other market environments. Accordingly, we reduced our long-term strategic allocation to these sectors to zero. Going forward, we will allocate to these sectors on an opportunistic basis, generally in times of rising inflation. Offsetting these reductions, we increased our long-term strategic allocations to Real Estate Equities and Infrastructure Equities. Natural Resources Equities gained 32.3% during the year, as measured by the S&P Global Natural Resources Index. The Metals & Mining component of the index gained 56.4%, the Energy component was up 28.4% and the Agribusiness component rose 11.2%. The Bloomberg Commodity Index advanced 11.8% in 2016, driven largely by gains in energy prices. The Bloomberg Barclays US Treasury Inflation Notes Index rose 4.7% during the year. Despite the strong performance for many opportunistic assets in 2016, fundamentals have not changed dramatically yet. The strong returns within Natural Resources Equities and Commodities during the fourth quarter reflected expectations of significant improvement due to the new administration’s proposed policies. We continue to monitor those policies for signs that tactical allocations to these sectors are attractive from a risk/reward standpoint.


18

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 BROOKFIELD REAL ASSETS SECURITIES UCITS FUND (continued) OUTLOOK FOR THE FUND Recent uncertainty around interest rates and the rapid increase in bond yields has led to weakness in some rate-sensitive real asset industries. Portfolio managers of our underlying sleeves therefore remain even more focused on stock selection and strong balance sheets amid uncertainty around the incoming U.S. administration and the Fed’s next steps. From an asset allocation perspective, we have a keen eye on economic trends, political uncertainty and central bank actions around the globe. While these uncertainties can increase volatility, they afford allocators, like ourselves, the opportunity to add value by adjusting allocations across the real asset landscape where we see particular opportunities. Brookfield Investment Management Inc. April 2017


21

STATEMENTS OF FINANCIAL POSITION As at 31 December 2016

Brookfield Brookfield Brookfield Brookfield

Global Listed Global Listed Global Listed Global Listed

Infrastructure Infrastructure Real Estate Real Estate

UCITS Fund UCITS Fund UCITS Fund UCITS Fund

31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015

Notes USD USD USD USD

Assets

Financial assets at fair value through profit or loss:

Investment in transferable securities 8 629,055,748 561,386,050 196,662,384 192,091,292

Investment in financial derivative instruments 9 & 10 - - 303,553 -

Cash at bank 5 2,178,987 637,248 6,003,042 2,639,091

Amount receivable on sale of securities 2 - 12,499,741 746,990 7,114,820

Amount receivable on subscriptions 2 815,618 8,338 3,147,841 1,041,373

Interest and dividends receivable 2 1,919,619 2,007,345 697,065 769,296

Receivable from investment manager 3 - 182,035 - 34,231

Prepaid expenses 8 4,835 57,179 7,001

Total assets 633,969,980 576,725,592 207,618,054 203,697,104

Liabilities

Financial liabilities at fair value through profit or loss:

Investment in financial derivative instruments liabilities 9 & 10 - - 5 -

Amount payable on purchase of securities 2 - 4,417,421 5,664,400 280,908

Amount payable on redemptions 2 270,360 4,884,722 1,304,841 11,000,000

Investment management fees payable 3 485,387 485,125 136,072 152,713

Administration fees payable 3 14,968 13,912 8,161 8,425

Transfer agency fees payable 3 3,294 1,380 3,318 1,380

Directors’ fees payable 3 13,621 13,960 3,813 5,596

Depositary and depositary oversight fees payable 3 26,092 15,593 8,390 6,385

Audit and tax fees payable 3 10,891 11,501 10,891 11,500

Other accrued expenses and liabilities 99,469 45,280 20,268 23,761

Total liabilities (excluding amounts attributable

to holders of redeemable participating shares) 924,082 9,888,894 7,160,159 11,490,668

Net assets attributable to holders of redeemable

participating shares 14 633,045,898 566,836,698 200,457,895 192,206,436

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


22

STATEMENTS OF FINANCIAL POSITION (continued) As at 31 December 2016

The accompanying notes form an integral part of these financial statements. All results above relate to continuing operations. * Launched on 25 May 2016.





31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015

Number of shares in issue

Shares In Issue B Class 11,128,139.77 10,485,518.05 143,423.21 116,404.20

Net Asset Value Per Share B Class EUR 35.79 EUR 31.23 EUR 43.71 EUR 40.05

Shares In Issue E Class 4,339,331.59 4,890,828.80 4,437,225.17 3,816,426.87

Net Asset Value Per Share E Class USD 28.04 USD 25.20 USD 34.25 USD 32.33

Shares In Issue F Class 5,089,240.18 5,221,853.95 122,363.86 3,096,341.38

Net Asset Value Per Share F Class USD 17.81 USD 16.65 USD 20.97 USD 20.59

Shares In Issue M Class 39,820.10 62,109.39 - -

Net Asset Value Per Share M Class USD 16.39 USD 14.85 - -

Shares In Issue I Class* - - 1,832,182.00 -

Net Asset Value Per Share I Class - - EUR 20.34 -


23



US Listed US Listed Global Listed Global Listed

Real Estate Real Estate Infrastructure Long Infrastructure Long

UCITS Fund UCITS Fund Short UCITS Fund Short UCITS Fund*

31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015


Assets


Investment in transferable securities 8 65,172,090 68,315,352 9,404,746 8,747,642

Investment in financial derivative instruments 9 & 10 - - 11,610 74,411

Cash at bank 5 1,723,207 298,661 7,135,444 5,394,570

Amount receivable on sale of securities 2 21,757 4,123,990 10,537 109,519

Amount receivable on subscriptions 2 - 264,969 - -

Interest and dividends receivable 2 340,174 379,137 6,619 4,955

Receivable from investment manager 3 17,358 - 29,349 42,716

Prepaid expenses 412 4,835 729 27,289

Total assets 67,274,998 73,386,944 16,599,034 14,401,102

Liabilities


Investment in financial derivative instruments liabilities 9 & 10 - - 99,260 329,959

Amount payable on purchase of securities 2 939,700 94,133 598,203 48,241

Amount payable on redemptions 2 185,543 3,148,268 - -

Investment management fees payable 3 43,231 75,756 8,059 -

Performance fees payable 3 - - 123,445 -


Transfer agency fees payable 3 3,894 1,380 815 1,025

Directors’ fees payable 3 1,820 1,885 331 -





to holders of redeemable participating shares) 1,213,489 3,355,180 887,765 490,704




* Launched on 26 August 2015.


24






31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015

Number of shares in issue

Shares In Issue E Class 814,330.76 549,648.31 762,007.69 750,000.00

Net Asset Value Per Share E Class USD 34.96 USD 32.80 USD 20.64 USD 18.55

Shares In Issue Q Class 5,050,528.15 7,161,994.60 - -

Net Asset Value Per Share Q Class JPY 867.76 JPY 873.34 - -




25

STATEMENTS OF FINANCIAL POSITION (continued)

As at 31 December 2016

Brookfield Brookfield

Real Assets Real Assets

Securities Securities

UCITS Fund UCITS Fund* Total Total

31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015


Assets


Investment in transferable securities 8 67,916,230 58,379,473 968,211,198 888,919,809 Investment in financial derivative instruments

9 & 10 - 27,487 315,163 101,898

Cash at bank 5 2,148,146 5,013,158 19,188,826 13,982,728

Amount receivable on sale of securities 2 200,933 124,129 980,217 23,972,199 Amount receivable on subscriptions

2 - - 3,963,459 1,314,680

Interest and dividends receivable 2 334,070 393,702 3,297,547 3,554,435

Receivable from investment manager 3 38,166 25,124 84,873 284,106

Prepaid expenses - 20,974 58,328 64,934

Total assets 70,637,545 63,984,047 996,099,611 932,194,789

Liabilities


Investment in financial derivative instruments liabilities 9 & 10 - - 99,265 329,959

Amount payable on purchase of securities 2 211,793 757,114 7,414,096 5,597,817

Amount payable on redemptions 2 509,411 - 2,270,155 19,032,990

Investment management fees payable 3 48,268 62,123 721,017 775,717

Performance fees payable 3 - - 123,445 -


Transfer agency fees payable 3 872 828 12,193 5,993

Directors’ fees payable 3 1,509 - 21,094 21,441





to holders of redeemable participating shares) 823,617 841,122 11,009,112 26,066,568




* Launched on 1 September 2015.


27

STATEMENTS OF COMPREHENSIVE INCOME

For the financial year ended 31 December 2016 Brookfield Brookfield Brookfield Brookfield




31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015


Income

Dividend income 2 24,540,781 21,033,210 6,417,902 6,862,260

Bank interest 2 26,821 845 4,517 -

Interest income 2 - - - -

Net realised and unrealised gain/(loss) on financial

assets and liabilities at fair value through profit or loss 6 54,117,532 (141,777,570) (3,438,852) (9,322,960)

Other income 9 - 1,068 -

Total income/(loss) 78,685,143 (120,743,515) 2,984,635 (2,460,700) Expenses

Investment management fees 3 5,867,933 5,834,175 1,439,506 1,819,213

Administration fees 3 86,727 84,850 50,926 50,941

Directors’ fees 3 56,387 37,572 14,222 21,657

Depositary and depositary oversight fees 3 168,009 179,374 92,751 114,191

Audit and tax fees 3 10,891 8,546 10,859 8,545

Transfer agency fees 3 34,873 40,158 30,369 23,508

Transaction costs 2 1,280,705 1,233,651 442,966 392,307

Other expenses 390,305 284,905 78,982 115,526

Total expenses 7,895,830 7,703,231 2,160,581 2,545,888

Investment manager subsidy 3 - (324,082) - (123,500)

Net Expenses 7,895,830 7,379,149 2,160,581 2,422,388

Profit/(loss) before taxation 70,789,313 (128,122,664) 824,054 (4,883,088)

Taxation

Withholding taxes 2 4,662,461 4,783,355 892,869 1,757,015

Increase/(decrease) in net assets attributable to holders

redeemable

of participating shares from operations after tax 66,126,852 66,126,852

(132,906,019) (68,815) (6,640,103)

Dividends to holders of redeemable participating shares 4 3,728,839 2,456,666 24,225 2,523,978 Increase/(decrease) in net assets attributable to holders

redeemable

of participating shares from operations 62,398,013 (135,362,685) (93,040) (9,164,081)

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.


28

STATEMENTS OF COMPREHENSIVE INCOME (continued) For the financial year ended 31 December 2016



Real Estate Real Estate Infrastructure Infrastructure

UCITS Fund UCITS Fund Long Short UCITS Fund

Long Short UCITS Fund*

31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015


Income

Dividend income 2 3,648,740 2,931,274 318,818 89,583

Bank interest 2 1,620 36 10,134 427

Interest income 2 - - 9,881 -


assets and liabilities at fair value through profit or loss 6 3,622,355 (9,580,250) 1,955,737 (959,853)

Other income 70 - 6,584 -

Total income/(loss) 7,272,785 (6,648,940) 2,301,154 (869,843) Expenses

Investment management fees 3 648,204 652,420 224,000 76,268

Performance fees 3 - - 123,445 -


Directors’ fees 3 7,018 14,772 4,348 239




Transaction costs 2 223,136 135,088 42,374 40,151

Other expenses 56,045 97,461 298,878 86,188

Total expenses 1,063,202 1,008,902 780,086 236,135 Investment manager subsidy 3 (25,000) (57,584) (114,517) (58,861)

Net Expenses 1,038,202 951,318 665,569 177,274

Profit/(loss) before taxation 6,234,583 (7,600,258) 1,635,585 (1,047,117)

Taxation

Withholding taxes 2 703,319 1,072,093 84,714 42,485

Increase/(decrease) in net assets attributable to holders of participating shares from operations after tax 5,531,264 (8,672,351) 1,550,871 (1,089,602)

Dividends to holders of redeemable participating shares 4 1,866,662 1,934,849 - - Increase/(decrease) in net assets attributable to holders

of participating shares from operations 3,664,602 (10,607,200) 1,550,871 (1,089,602)

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 26 August 2015.


29

STATEMENTS OF COMPREHENSIVE INCOME (continued) For the financial year ended 31 December 2016





31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015


Income

Dividend income 2 2,004,929 375,192 36,931,170 31,291,519

Bank interest 2 6,601 122 49,693 1,430

Interest income 2 742,829 215,913 752,710 215,913


assets and liabilities at fair value through profit or loss 6 4,938,626 (3,162,678) 61,195,398 (164,803,311)

Other income - - 7,731 -

Total income/(loss) 7,692,985 (2,571,451) 98,936,702 (133,294,449) Expenses

Investment management fees 3 574,002 111,806 8,753,645 8,493,882

Performance fees 3 - - 123,445 -


Directors’ fees 3 7,410 380 89,385 74,620




Transaction costs 2 134,262 50,170 2,123,443 1,851,367

Other expenses 87,671 17,393 911,881 601,473

Total expenses 1,002,564 217,637 12,902,263 11,711,793 Investment manager subsidy 3 (141,169) (31,710) (280,686) (595,737)

Net Expenses 861,395 185,927 12,621,577 11,116,056

Profit/(loss) before taxation 6,831,590 (2,757,378) 86,315,125 (144,410,505)

Taxation

Withholding taxes 2 461,018 99,697 6,804,381 7,754,645

Increase/(decrease) in net assets attributable to holders of participating shares from operations after tax 6,370,572 (2,857,075) 79,510,744 (152,165,150)

Dividends to holders of redeemable participating shares 4 - - 5,619,726 6,915,493 Increase/(decrease) in net assets attributable to holders

of participating shares from operations 6,370,572 (2,857,075) 73,891,018 (159,080,643)

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 1 September 2015.


30

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

For the financial year ended 31 December 2016





31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015

USD USD USD USD

Net assets attributable to holders of redeemable participating shares at the beginning of the financial year 566,836,698 543,435,745 192,206,436 186,618,019

Profit/(loss) attributable to holders of redeemable participating shares from operations 62,398,013 (135,362,685) (93,040) (9,164,081) Capital Transactions Issue of redeemable participating shares during the financial year EUR B class 62,827,752 170,045,425 2,547,955 2,628,556 USD E class 582,633 124,238,061 63,340,096 66,469,523 USD F class 18,211,567 52,470,189 2,290,438 3,025,663 USD M class 78,543 50,000 - - EUR I class* - - 44,331,901 - Redemption of redeemable participating shares during the financial year EUR B class (39,721,280) (51,168,182) (1,230,795) (1,725,574) USD E class (16,380,815) (131,363,595) (41,554,373) (28,145,670) USD F class (21,385,068) (5,285,790) (58,033,284) (27,500,000) USD M class (402,145) (222,470) - - EUR I class* - - (3,347,439) - Net assets attributable to holders of redeemable participating shares at the end of the financial year 633,045,898 566,836,698 200,457,895 192,206,436

Redeemable participating shares in issue at beginning of the financial year 20,660,310 15,652,078 7,029,172 7,066,684

Shares issued during the financial year EUR B class 1,724,894 4,346,795 55,181 56,714 USD E class 21,324 4,099,662 1,928,073 1,988,156 USD F class 1,043,653 2,716,447 109,539 143,855 USD M class 5,523 2,927 - - EUR I class* - - 1,979,905 - Shares redeemed during the financial year EUR B class (1,082,271) (1,323,438) (28,162) (37,515) USD E class (572,821) (4,544,069) (1,307,275) (845,728) USD F class (1,176,267) (275,273) (3,083,516) (1,342,994) USD M class (27,813) (14,819) - - EUR I class* - - (147,723) - Redeemable participating shares in issue at the end of the financial year 20,596,532 20,660,310 6,535,194 7,029,172

The accompanying notes form an integral part of these financial statements. All results above relate to continuing operations. * Launched on 25 May 2016.


31

STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (continued) For the financial year ended 31 December 2016



Real Estate Real Estate Infrastructure Infrastructure

UCITS Fund UCITS Fund Long Short UCITS Fund

Long Short UCITS Fund*

31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015

USD USD USD USD


participating shares at the beginning of the financial year 70,031,764 61,894,728 13,910,398 -

Profit/(loss) attributable to holders of redeemable

participating shares from operations 3,664,602 (10,607,200) 1,550,871 (1,089,602) Capital Transactions

Issue of redeemable participating shares during the financial year

USD E class 71,414,139 29,866,964 250,000 15,000,000

JPY Q class 2,698,304 66,055,920 - -

Redemption of redeemable participating shares during the financial year

USD E class (63,219,348) (71,622,438) - -

JPY Q class (18,527,952) (5,556,210) - - Net assets attributable to holders of redeemable

participating shares at the end of the financial year 66,061,509 70,031,764 15,711,269 13,910,398

Redeemable participating shares in issue at

beginning of the financial year 7,711,643 1,762,347 750,000 -

Shares issued during the financial year

USD E class 2,048,117 862,834 12,008 750,000

JPY Q class 370,659 7,921,732 - -

Shares redeemed during the financial year

USD E class (1,783,435) (2,075,533) - -

JPY Q class (2,482,125) (759,737) - - Redeemable participating shares in issue at the

end of the financial year 5,864,859 7,711,643 762,008 750,000

The accompanying notes form an integral part of these financial statements. All results above relate to continuing operations. * Launched on 26 August 2015.


32

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


The accompanying notes form an integral part of these financial statements. All results above relate to continuing operations. * Launched on 1 September 2015. ** Launched on 25 May 2016.





31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015 USD USD USD USD


participating shares at the beginning of the financial year 63,142,925 - 906,128,221 791,948,492

Profit/(loss) attributable to holders of redeemable

participating shares from operations 6,370,572 (2,857,075) 73,891,018 (159,080,643) Capital Transactions

Issue of redeemable participating shares during the financial year

EUR B class - - 65,375,707 172,673,981

USD E class 1,156,141 66,000,000 136,743,009 301,574,548

USD F class - - 20,502,005 55,495,852

USD M class - - 78,543 50,000

JPY Q class - - 2,698,304 66,055,920

EUR I class** - - 44,331,901 -

Redemption of redeemable participating shares during the financial year

EUR B class - - (40,952,075) (52,893,756)

USD E class (855,710) - (122,010,246) (231,131,703)

USD F class - - (79,418,352) (32,785,790)

USD M class - - (402,145) (222,470)

JPY Q class - - (18,527,952) (5,556,210)

EUR I class** - - (3,347,439) - Net assets attributable to holders of redeemable

participating shares at the end of the financial year 69,813,928 63,142,925 985,090,499 906,128,221

Redeemable participating shares in issue at

beginning of the financial year 3,287,218 -

Shares issued during the financial year

USD E class 54,012 3,287,218

Shares redeemed during the financial year

USD E class (40,761) - Redeemable participating shares in issue at the

end of the financial year 3,300,469 3,287,218


33

STATEMENTS OF CASH FLOWS

For the financial year ended 31 December 2016 Brookfield Brookfield Brookfield Brookfield




31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015

USD USD USD USD

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

redeemable participating shares from operations 66,126,852 (132,906,019) (68,815) (6,640,103)

Adjustment to reconcile increase/(decrease) in net assets attributable to holders of redeemable participating shares from

operations to cash (used in)/provided by operating activities

Interest income (26,821) (845) (4,517) -

Dividend income (24,540,781) (21,033,210) (6,417,902) (6,862,260)

Tax expense 4,662,461 4,783,355 892,869 1,757,015

Operating profit/(loss) before working capital changes 46,221,711 (149,156,719) (5,598,365) (11,745,348)

Changes in operating assets and liabilities Net increase in investments in securities (67,669,698) (17,920,955) (4,874,640) (17,068,089)

Decrease/(increase) in receivable from sale of securities 12,499,741 (12,499,741) 6,367,830 (5,136,155)

Decrease/(increase) in receivable from investment manager 182,035 (132,622) 34,231 (9,264)

Decrease/(increase) in prepaid expenses 4,827 8,768 (50,178) 6,832

(Decrease)/increase in amount payable on purchase of securities (4,417,421) 3,318,452 5,383,492 (530,069)

Increase/(decrease) in investment manager fees payable 262 (19,411) (16,641) 3,154

Increase/(decrease) in administration fees payable 1,056 690 (264) 3

Increase/(decrease) in transfer agency fees payable 1,914 (188) 1,938 (188)

(Decrease)/increase in directors’ fees payable (339) 8,013 (1,783) (351) Increase/(decrease) in depositary and depositary oversight fees payable 10,499 (1,146) 2,005 694

Decrease in audit and tax fees payable (610) (2,136) (609) (2,137)

Increase/(decrease) other accrued expenses and liabilities 54,189 20,689 (3,493) (4,185) Cash (used in)/provided by operating activities (13,111,834) (176,376,306) 1,243,523 (34,485,103)



34

STATEMENTS OF CASH FLOWS (continued) For the financial year ended 31 December 2016





31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015

USD USD USD USD

Cash (used in)/provided by operating activities (continued)

Interest received 26,412 11 9,981 -

Dividend received 24,628,916 20,057,734 6,484,669 7,111,035

Taxation (4,662,461) (4,783,355) (892,869) (1,757,015)

Net cash provided by/(used in) operating activities 6,881,033 (161,101,916) 6,845,304 (29,131,083)

Cash flows from financing activities

Proceeds from issue of redeemable participating shares 80,893,215 347,453,095 110,403,922 81,761,755

Payment on redemptions of redeemable participating shares (82,503,670) (194,048,794) (113,861,050) (46,371,244)

Distribution to holders of redeemable participating shares (3,728,839) (6,629,096) (24,225) (12,590,896)

Net cash (used in)/provided by financing activities (5,339,294) 146,775,205 (3,481,353) 22,799,615

Net increase/(decrease) in cash 1,541,739 (14,326,711) 3,363,951 (6,331,468)

Cash at the start of the financial year 637,248 14,963,959 2,639,091 8,970,559

Cash at the end of the financial year 2,178,987 637,248 6,003,042 2,639,091



35






31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015

USD USD USD USD

Cash flows from operating activities

Increase/(decrease) in net assets attributable to holders of

redeemable participating shares from operations 5,531,264 (8,672,351) 1,550,871 (1,089,602)

Adjustment to reconcile increase/(decrease) in net assets attributable to holders of redeemable participating shares from

operations to cash provided/(used in) by operating activities

Interest income (1,620) (36) (20,015) (427)

Dividend income (3,648,740) (2,931,274) (318,818) (89,583)

Tax expense 703,319 1,072,093 84,714 42,485

Operating profit/(loss) before working capital changes 2,584,223 (10,531,568) 1,296,752 (1,137,127)

Changes in operating assets and liabilities Net decrease/(increase) in investments in securities 3,143,262 (10,073,421) (825,002) (8,492,094)

Decrease/(increase) in receivable from sale of securities 4,102,233 (3,163,169) 98,982 (109,519)

(Increase)/decrease in receivable from investment manager (17,358) 17,722 13,367 (42,716)

Decrease/(increase) in prepaid expenses 4,423 8,768 26,560 (27,289)

Increase/(decrease) in amount payable on purchase of securities 845,567 (252,321) 549,962 48,241

(Decrease)/increase in investment manager fees payable (32,525) 8,479 8,059 -

Increase in performance fees payable - - 123,445 -

(Decrease)/increase in administration fees payable (350) - 32 5,017

Increase/(decrease) in transfer agency fees payable 2,514 (188) (210) 1,025

(Decrease)/increase in directors’ fees payable (65) (4,062) 331 - Increase/(decrease) in depositary and depositary oversight fees payable 3,173 483 (2,458) 6,880

(Decrease)/increase in audit and tax fees payable (609) (2,137) 2,442 8,449

Increase/(decrease) in other accrued expenses and liabilities 3,329 (14,120) (53,843) 91,133 Cash provided by/(used in) operating activities 10,637,817 (24,005,534) 1,238,419 (9,648,000) The accompanying notes form an integral part of these financial statements. All results above relate to continuing operations. * Launched on 26 August 2015.


36






31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015

USD USD USD USD

Cash provided by/(used in) operating activities (continued)

Interest received 1,503 - 21,016 (1,483)

Dividend received 3,687,820 3,101,926 316,153 86,538

Taxation (703,319) (1,072,093) (84,714) (42,485)

Net cash provided by/(used in) operating activities 13,623,821 (21,975,701) 1,490,874 (9,605,430)


Proceeds from issue of redeemable participating shares 74,377,412 95,657,915 250,000 15,000,000

Payment on redemptions of redeemable participating shares (84,710,025) (74,030,380) - -

Distribution to holders of redeemable participating shares (1,866,662) (1,934,849) - -

Net cash (used in)/provided by financing activities (12,199,275) 19,692,686 250,000 15,000,000

Net increase/(decrease) in cash 1,424,546 (2,283,015) 1,740,874 5,394,570

Cash at the start of the financial year 298,661 2,581,676 5,394,570 -

Cash at the end of the financial year 1,723,207 298,661 7,135,444 5,394,570

The accompanying notes form an integral part of these financial statements. All results above relate to continuing operations. * Launched on 26 August 2015.


37


The accompanying notes form an integral part of these financial statements. All results above relate to continuing operations. * Launched on 1 September 2015.





31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015

USD USD USD USD

Cash flows from operating activities

Increase/(decrease) in net assets attributable to holders of

redeemable participating shares from operations 6,370,572 (2,857,075) 79,510,744 (152,165,150)

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

holders of redeemable participating shares from operations to cash

used in by operating activities

Interest income (749,430) (216,035) (802,403) (217,343)

Dividend income (2,004,929) (375,192) (36,931,170) (31,291,519)

Tax expense 461,018 99,697 6,804,381 7,754,645

Operating profit/(loss) before working capital changes 4,077,231 (3,348,605) 48,581,552 (175,919,367)

Changes in operating assets and liabilities

Net increase in investments in securities (9,509,270) (58,406,960) (79,735,348) (111,961,519)

(Increase)/decrease in receivable from sale of securities (76,804) (124,129) 22,991,982 (21,032,713)

(Increase)/decrease in receivable from investment manager (13,042) (25,124) 199,233 (192,004)

Decrease/(increase) in prepaid expenses 20,974 (20,974) 6,606 (23,895)

(Decrease)/increase in amount payable on purchase of securities (545,321) 757,114 1,816,279 3,341,417

(Decrease)/increase in investment manager fees payable (13,855) 62,123 (54,700) 54,345

Increase in performance fees payable - - 123,445 -

(Decrease)/increase in administration fees payable (337) 5,714 137 11,424

Increase/(decrease) in transfer agency fees payable 44 828 6,200 1,289

Increase/(decrease) in directors’ fees payable 1,509 - (347) 3,600

Increase in depositary and depositary oversight fees payable 20,571 1,170 33,790 8,081

Increase in audit and tax fees payable 2,441 8,450 3,055 10,489

Increase in other accrued expenses and liabilities 8,032 5,723 8,214 99,240 Cash used in operating activities (6,027,827) (61,084,670) (6,019,902) (305,599,613)


38






31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015

USD USD USD USD

Cash used in operating activities (continued)

Interest received 606,191 215,924 665,103 214,452

Dividend received 2,207,800 (18,399) 37,325,358 30,338,834

Taxation (461,018) (99,697) (6,804,381) (7,754,645)

Net cash (used in)/provided by operating activities (3,674,854) (60,986,842) 25,166,178 (282,800,972)


Proceeds from issue of redeemable participating shares 1,156,141 66,000,000 267,080,690 605,872,765

Payment on redemptions of redeemable participating shares (346,299) - (281,421,044) (314,450,418)

Distribution to holders of redeemable participating shares - - (5,619,726) (21,154,841)

Net cash provided by/(used in) financing activities 809,842 66,000,000 (19,960,080) 270,267,506

Net (decrease)/increase in cash (2,865,012) 5,013,158 5,206,098 (12,533,466)

Cash at the start of the financial year 5,013,158 - 13,982,728 26,516,194

Cash at the end of the financial year 2,148,146 5,013,158 19,188,826 13,982,728

The accompanying notes form an integral part of these financial statements. All results above relate to continuing operations. * Launched on 1 September 2015.


Notes to the financial statements for the financial year ended 31 December 2016

39

1. The Company

Brookfield Investment Funds (UCITS) plc (the “Company”) is an open-ended investment company with variable capital organised under the laws of Ireland as a public limited company authorised in Ireland by the Central Bank as a UCITS pursuant to the Regulations. It was incorporated on 1 September 2011 with registration number 503109.

The Company is structured as an umbrella fund with segregated liability between sub-funds. The Company is an umbrella type collective investment vehicle comprising distinct sub-funds. The assets of a sub-fund are invested separately in accordance with the investment objectives and policies of that sub-fund which are set out in a supplement to the Prospectus. As at 31 December 2016 the Company had five active sub-funds (one inactive sub-fund), all denominated in USD:






Brookfield Real Assets Debt UCITS Fund

Brookfield Global Listed Infrastructure Long Short UCITS Fund and Brookfield Real Assets Securities UCITS Fund launched on 26 August 2015 and 1 September 2015 respectively. Brookfield Real Assets Debt UCITS Fund is not currently available for purchase.

With the prior approval of the Central Bank, the Company may from time to time create such additional sub-funds as the Directors may deem appropriate. Details of any such sub-fund or sub-funds created in the future shall be as set out in the applicable Supplement in accordance with the requirements of the Central Bank.

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 2016 was a weekend day, the last Business Day was 30 December 2016. 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 seeks to generate high risk-adjusted absolute returns with low correlation to the broad equity and fixed income markets. The sub-fund seeks to achieve its investment objective by taking long and short positions primarily in equity securities of publicly traded infrastructure companies throughout the world. These include publicly traded securities of infrastructure companies whose primary operations or principal trading market are in non-U.S. markets.


Notes to the financial statements for the financial year ended 31 December 2016 (continued)

40

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 launched as of 31 December 2016.

2. Significant Accounting Policies

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

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

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

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

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

(iii) Subsequent Measurement

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

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



41

2. Significant Accounting Policies (continued)

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

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 2016.

For all other financial instruments not traded in an active market, the fair value is determined by using appropriate valuation techniques. Valuation techniques include: using recent arm’s length market transactions; reference to the current market value of another instrument that is substantially the same; discounted cash flow analysis and option pricing models making as much use of available and supportable market data as possible.

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

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

Term Loans Each sub-fund may borrow amounts by way of short term loans not exceeding 10% of its net assets provided that such borrowing is on a temporary basis. Term loans are valued by an external third party. For each relevant sub-fund, gains or losses on term loans are included in investments in transferable securities 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 Investments Realised gains and losses on disposal of investments during the financial year and the change in unrealised gains and losses on valuation of investments held at financial year ended are dealt with in the Statements of Comprehensive Income.

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

Foreign Currency Items included in the Company’s financial statements are measured using the currency of the primary economic environment in which it operates (the functional currency). As at 31 December 2016 this was USD.



42


Foreign Currency (continued) Transactions in foreign currencies were translated at the foreign currency exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies were translated to USD at the foreign currency closing exchange rate at the dates that the values were determined. Income and expenses were translated at the daily average exchange rates. Foreign currency exchange differences relating to investments at fair value through profit or loss were included in the net realised and unrealised gain on financial assets and liabilities at fair value through profit or loss in the Statements of Comprehensive Income. All other foreign currency exchange differences relating to monetary items, including cash, are presented in the Statements of Comprehensive Income. Taxation Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act of 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains.

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

No Irish tax will arise on the Company in respect of chargeable events in respect of: (a) a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the

time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act of 1997, as amended, are held by the Company; and

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

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

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

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

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

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

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

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



43


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

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

3. Fees

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

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

The Investment Management fees charged for the financial year amounted to USD 8,753,645 (31 December 2015: USD 8,493,882). Fees of USD 721,017 (31 December 2015: USD 775,717) 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. Please refer to the Company’s prospectus, supplementary prospectus 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


- Share B Class, E Class and F Class 0.95% 1.15%

- Share M Class 1.80% 2.00%

Brookfield Global Listed Real Estate UCITS Fund 0.85% 1.05%


- Share E Class 0.85% 1.05%

- Share Q Class 0.75% 0.95%

Brookfield Global Listed Infrastructure Long Short UCITS Fund* 1.50% 1.70%

Brookfield Real Assets Securities UCITS Fund 0.85% 1.05%

http://www.brookfield.com/



44

3. Fees (continued)

Investment Management Fee (continued)

* 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.

The Investment Manager fee for the financial year amounted to USD 280,686 (31 December 2015: USD 595,737). Fees reimbursements of USD 84,873 (31 December 2015: USD 284,106) were receivable from the Investment Manager at financial year end.

Administration and Transfer Agency Fee Under the provisions of the Administration Agreement, the Administrator is entitled to a fee for the provision of fund accounting and administrative services at a rate which will be set out in the Supplement for each sub-fund. The administration fee will accrue daily and will be paid monthly in arrears out of the assets of the sub-fund.

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

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

The Administration and Transfer Agency fees charged for the financial year amounted to USD 269,020 (31 December 2015: USD 207,857) and USD 113,259 (31 December 2015: USD 92,153), respectively. Fees of USD 41,628 (31 December 2015: USD 41,491) and USD 12,193 (31 December 2015: USD 5,993), 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 459,923 (31 December 2015: USD 347,928). The Depositary and Depositary Oversight fees outstanding at financial year end were USD 65,648 (31 December 2015: USD 31,858).

Directors’ fees The Directors’ fees charged during the financial year were USD 89,385 (31 December 2015: USD 74,620) of which USD 21,094 (31 December 2015: USD 21,441) was payable at financial year end.



45

3. Fees (continued)

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

31 December 31 December

2016 2015

USD USD Audit (ex-VAT and applicable out-of-pocket expenses) 44,800 43,200

Other assurance - -

Tax advisory - -

Other non-audit - -

44,800 43,200

Audit fees of EUR 42,500 (31 December 2015: EUR 39,750) were payable at financial year end. Performance fees

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

The high water mark in respect of the first performance period shall be the Net Asset Value per Share of the relevant Class as at the relevant Closing Date (the “Initial Net Asset Value”) and, for each subsequent performance period, shall be the higher of (i) the Initial Net Asset Value per Share; and (ii) the Net Asset Value per Share of the relevant Class at the end of the first performance period or any performance period thereafter in respect of which a performance fee was charged. The performance fee shall be deemed to accrue on each Valuation Date. If a Shareholder redeems Shares from the Company other than at the end of the calendar year, such Shareholder will bear a pro-rata proportion of the performance fee accrued at the Valuation Date in respect of the relevant Redemption Date because the pro-rata performance fee will be included as an accrual in the Net Asset Value per Share of the Shares being redeemed by such Shareholder. Because the Fund’s assets are generally recorded in its financial accounts at their market value, the performance fee will reflect any net changes in unrealised appreciation or depreciation in the value of the Fund’s assets as of the close of each fiscal 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 Fund as at the end of the calendar year and, as a result, performance fees may be paid on unrealised profits which may subsequently never be realised. The Directors may in the future establish new Classes of Shares, which may be charged higher or lower investment management and/or performance fees by the Investment Manager. For the avoidance of doubt, the first performance period will commence on the Business Day immediately following the relevant Closing Date and will end on the last Business Day of December 2016.



46

3. Fees (continued)

The Administrator will keep a record to ensure that the appropriate amount of the performance fee is borne by each Shareholder. Performance fees will be verified by the Depositary. Performance fees charged for the financial year amounted to USD 123,445 (31 December 2015: USD Nil). Fees of USD 123,445 were outstanding at financial year end (31 December 2015: USD Nil).

4. Dividends

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

Any dividend unclaimed after a financial year 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 2016 31 December 2015 Ex-date Rate Ex-date Rate

21 March 2016 USD 0.1663 19 June 2015 USD 0.2042 20 June 2016 USD 0.1825 21 September 2015 USD 0.1796

21 September 2016 USD 0.1867 21 December 2015 USD 0.1614 21 December 2016 USD 0.1776

Brookfield Global Listed Real Estate UCITS Fund - Class F


21 March 2016 USD 0.2043 19 June 2015 USD 0.2173 20 June 2016 USD 0.2133 21 September 2015 USD 0.2030

21 September 2016 USD 0.2204 21 December 2015 USD 0.2035 21 December 2016 USD 0.2080

Brookfield US Listed Real Estate UCITS Fund - Class Q


11 January 2016 USD 0.0244 9 February 2015 USD 0.0284 9 February 2016 USD 0.0220 9 March 2015 USD 0.0276

9 March 2016 USD 0.0235 9 April 2015 USD 0.0278 8 April 2016 USD 0.0244

8 May 2015 USD 0.0261

9 May 2016 USD 0.0251 9 June 2015 USD 0.0254 9 June 2016 USD 0.0248 9 July 2015 USD 0.0247 8 July 2016 USD 0.0263 7 August 2015 USD 0.0253

11 August 2016 USD 0.0272 9 September 2015 USD 0.0227 8 September 2016 USD 0.0271 9 October 2015 USD 0.0243 10 October 2016 USD 0.0250 9 November 2015 USD 0.0249 9 November 2016 USD 0.0235 9 December 2015 USD 0.0235 9 December 2016 USD 0.0242

Dividends of USD 3,728,839 (31 December 2015: USD 2,456,666) on the Brookfield Global Listed Infrastructure UCITS Fund – Class F and USD 24,225 (31 December 2015: USD 2,523,978) on the Brookfield Global Listed Real Estate UCITS Fund – Class F were paid for the financial year ended 31 December 2016. Dividends of USD 1,866,662 (31 December 2015: USD 1,934,849) on the Brookfield US Listed Real Estate UCITS Fund – Class Q were paid for the financial year ended 31 December 2016. There were no dividends payable as at 31 December 2016 (31 December 2015: USD Nil).



47

5. Cash

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

As at 31 December 2016, the following were the cash balances and cash balances held as collateral:

Brookfield Global Listed Infrastructure

UCITS Fund

Brookfield Global Listed Real Estate

UCITS Fund

Brookfield US Listed Real Estate

UCITS Fund

31 December 2016 31 December 2016 31 December 2016

USD USD USD Cash 2,178,987 6,003,042 1,723,207

Total Cash at bank 2,178,987 6,003,042 1,723,207


Long Short UCITS Fund

Brookfield Real Assets Securities

UCITS Fund

31 December 2016 31 December 2016

USD USD Cash 2,985,444 2,148,146 Cash balances held as collateral

BNP Paribas 2,950,000 -

JP Morgan 1,200,000 -

Total Cash at bank 7,135,444 2,148,146

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


UCITS Fund

Brookfield Global Listed Real Estate

UCITS Fund

Brookfield US Listed Real Estate

UCITS Fund


USD USD USD Cash 637,248 2,639,091 298,661

Total Cash at bank 637,248 2,639,091 298,661


Long Short UCITS Fund

Brookfield Real Assets Securities

UCITS Fund


USD USD Cash 3,554,570 4,753,158 Cash balances held as collateral

JP Morgan 1,840,000 260,000

Total Cash at bank 5,394,570 5,013,158



48

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

Realised Unrealised

For the financial year ended 31 December 2016 gains/(losses) gains/(losses) Total

USD USD USD


Common stocks (19,324,436) 74,020,202 54,695,766

Forward currency contracts (403,076) - (403,076)

Foreign exchange - (175,158) (175,158)

(19,727,512) 73,845,044 54,117,532


Common stocks (5,583,904) 4,921,020 (662,884)

Corporate bonds 8 - 8

Forward currency contracts (3,046,968) 303,548 (2,743,420)


(8,630,864) 5,192,012 (3,438,852)


Common stocks 370,725 3,302,702 3,673,427

Corporate bonds 2 - 2


370,727 3,251,628 3,622,355


Common stocks 851,329 1,231,702 2,083,031

CFD - Equities (287,552) 167,922 (119,630)

Forward currency contracts (7,689) (24) (7,713)

Foreign exchange - 49 49

556,088 1,399,649 1,955,737


Common stocks 2,462,358 1,209,934 3,672,292

Corporate bonds (50,834) 1,080,138 1,029,304

Term loans 67,821 72,536 140,357

CFD - Equities 157,399 (27,487) 129,912

Forward currency contracts (14,099) - (14,099)


2,622,645 2,315,981 4,938,626



Common stocks (46,610,538) (94,402,957) (141,013,495)

Forward currency contracts 71,369 - 71,369


(46,539,169) (95,238,401) (141,777,570)


Common stocks 7,647,346 (16,878,544) (9,231,198)

Forward currency contracts 22,879 - 22,879


7,670,225 (16,993,185) (9,322,960)


Common stocks 1,323,207 (10,713,007) (9,389,800)


1,323,207 (10,903,457) (9,580,250)



49

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

Realised Unrealised

For the financial year ended 31 December 2015 gains/(losses) gains/(losses) Total

(continued) USD USD USD

Brookfield Global Listed Infrastructure Long Short UCITS Fund*

Common stocks (651,434) (132,650) (784,084)

CFD - Equities 105,092 (255,572) (150,480)

Forward currency contracts 13,563 24 13,587

Investment funds (21,435) - (21,435)


(554,214) (405,639) (959,853)

Brookfield Real Assets Securities UCITS Fund**

Common stocks (534,020) (1,399,411) (1,933,431)

Corporate bonds (8,554) (1,093,229) (1,101,783)

CFD - Equities (120,521) 27,487 (93,034)

Investment Funds (4,695) - (4,695)


(667,790) (2,494,888) (3,162,678)


** Launched on 1 September 2015. 7. Related Party Transactions

Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions, or if the party is a member of the key management personnel of the entity or its parent. Brookfield Investment Management Inc., as the Investment Manager, earned a fee of USD 8,753,645 (31 December 2015: USD 8,493,882) of which USD 721,017 (31 December 2015: USD 775,717) was payable at financial year end. Performance fees earned by the Investment Manager for the financial year amounted to USD 123,445 (31 December 2015: USD Nil) of which USD 123,445 (31 December 2015: USD Nil) was payable at financial year end.

The Investment Manager Subsidy (capped fees) for the financial year amounted to USD 280,686 (31 December 2015: USD 595,737). Fees of USD 84,873 (31 December 2015: USD 284,106) were receivable from the Investment Manager at financial year end. Jonathan Tyras was the General Counsel, Chief Financial Officer and Managing Director of the Investment Manager as at 31 December 2016 (31 December 2015). Brookfield Asset Management Inc., Brookfield Investment Management (UK) Inc. and Century Property and Casualty Insurance Corporation are affiliates of the Investment Manager and are deemed to be related parties. As at 31 December 2016 and 31 December 2015, these entities held the following redeemable participating shares in each of the sub-funds:

Fund name Related Party Share Class

Quantity of Shares Held

31 December 2016

Quantity of Shares Held

31 December 2015


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


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

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

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



50

8. Risk Associated with Financial Instruments

The sub-funds utilise various methods to value investments measured at fair value on a recurring and non recurring basis. The fair value hierarchy is categorised into three levels based on the inputs as follows: Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities; Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly (as prices) or indirectly (derived from prices); and Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes ‘observable’ requires significant judgment by Company management. Company management considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorisation of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to Company management’s perceived risk of that instrument. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, Company management’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. Company management uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy. The following tables summarise the inputs used to value the sub-funds’ financial instruments measured at fair value on a recurring and non-recurring basis as at 31 December 2016 and 31 December 2015: Brookfield Global Listed Infrastructure UCITS Fund

31 December 2016 Total (Level 1) (Level 2) (Level 3)

USD USD USD USD

Financial assets at fair value through profit or loss

Investments in transferable securities, at fair value

- Common stocks 629,055,748 629,055,748 - -

629,055,748 629,055,748 - -



51

8. Risk Associated with Financial Instruments (continued)

Brookfield Global Listed Real Estate UCITS Fund 31 December 2016 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or loss

Investments in transferable securities, at fair value - Common stocks 196,662,384 196,662,384 - -

Investments in financial derivative instruments

- Forward currency contracts 303,553 - 303,553 -

196,965,937 196,662,384 303,553 -

Financial liabilities at fair value through profit or loss

Investments in financial derivative instruments

- Forward currency contracts (5) - (5) -

(5) - (5) -

Brookfield US Listed Real Estate UCITS Fund 31 December 2016 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or loss


65,172,090 65,172,090 - -

Brookfield Global Listed Infrastructure Long Short UCITS Fund 31 December 2016 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or loss


- Common stocks 9,404,746 9,404,746 - -

Investments in financial derivative instruments - CFD - Equities 11,610 - 11,610 -

9,416,356 9,404,746 11,610 -

Financial liabilities at fair value through profit or loss Investments in financial derivative instruments - CFD - Equities (99,260) - (99,260) -

(99,260) - (99,260) -

Brookfield Real Assets Securities UCITS Fund Total (Level 1) (Level 2) (Level 3) 31 December 2016 USD USD USD USD Financial assets at fair value through profit or loss


- Common stocks 58,012,872 58,012,872 - - - Corporate bonds 9,270,030 9,270,030 - - - Term loans 633,328 - 633,328 -

67,916,230 67,282,902 633,328 -



52



31 December 2015 Total (Level 1) (Level 2) (Level 3)

USD USD USD USD

Financial assets at fair value through profit or loss


- Common stocks 561,386,050 561,386,050 - -

561,386,050 561,386,050 - -

Brookfield Global Listed Real Estate UCITS Fund 31 December 2015 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or loss


192,091,292 192,091,292 - -

Brookfield US Listed Real Estate UCITS Fund 31 December 2015 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or loss


68,315,352 68,315,352 - -

Brookfield Global Listed Infrastructure Long Short UCITS Fund 31 December 2015 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or loss


- Common stocks 7,621,165 7,621,165 - - - Investment funds 1,126,477 - 1,126,477 - Investments in financial derivative instruments - Forward currency contracts 33 - 33 - - CFD - Equities 74,378 - 74,378 -

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

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

(329,959) - (329,959) -

Brookfield Real Assets Securities UCITS Fund Total (Level 1) (Level 2) (Level 3) 31 December 2015 USD USD USD USD Financial assets at fair value through profit or loss


- Common stocks 43,647,704 43,647,704 - - - Corporate bonds 14,141,234 14,141,234 - - - Term loans 590,535 - 590,535 - Investments in financial derivative instruments

- CFD - Equities 27,487 - 27,487 -

58,406,960 57,788,938 618,022 -

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



53


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. The Company is exposed to market risk, (which includes the risk of market fluctuations, currency risk, interest rate risk and portfolio management risk), liquidity risk and credit risk arising from the financial instruments it holds. The Company may use derivatives and other instruments in connection with its risk management activities. The Company has investment guidelines that set out its overall business strategies, its tolerance for risk and its general risk management philosophy and has established processes to monitor and control economic hedging transactions in a timely and accurate manner. The Company’s accounting policies in relation to derivatives are set out in note 2 to the financial statements and the Company has a Risk Management Process in place for the use of financial derivative investments which has been approved by the Board and the Central Bank of Ireland.

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

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

Consideration is given to basis risk (the risk that the financial derivative instrument will not move in line with the physical position) where appropriate;

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

Net exposures of a sub-fund to an asset class, including the delta weighted exposure of derivative instruments are restricted by the Company’s investment guidelines;

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



54


Market Price Risk (continued) As at 31 December 2016, a 5% increase or decrease in the market prices of the underlying instruments would have increased or decreased the net assets attributable to holders of redeemable shares by the amounts shown below, on the basis that all other variables remained constant. The Investment Manager considers this movement to be a reasonable size of movement to use as an indicator of the size of market price move a sub-fund might experience. 31 December 2016

USD

Brookfield Global Listed Infrastructure UCITS Fund 31,452,787

Brookfield Global Listed Real Estate UCITS Fund 9,833,119

Brookfield US Listed Real Estate UCITS Fund 3,258,605

Brookfield Global Listed Infrastructure Long Short Fund 465,855

Brookfield Real Assets Securities UCITS Fund 3,395,812

31 December 2015

USD

Brookfield Global Listed Infrastructure UCITS Fund 28,069,303

Brookfield Global Listed Real Estate UCITS Fund 9,604,565

Brookfield US Listed Real Estate UCITS Fund 3,415,768

Brookfield Global Listed Infrastructure Long Short Fund 424,605

Brookfield Real Assets Securities UCITS Fund 2,920,348

Interest Rate Risk Interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates. The majority of the Company’s financial assets and liabilities and financial derivatives are non-interest bearing and therefore are not exposed to interest rate risk. The Company has investments in corporate bonds which are subject to interest 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 2016.

Non- Up to 1 1 - 5 Over interest year years 5 years bearing Total USD USD USD USD USD Corporate bonds - 1,557,594 7,712,436 - 9,270,030 Term loans - 356,092 277,236 - 633,328 Common stocks

- - - 58,012,872 58,012,872 Financial Derivative Instruments - - - - - Other assets - - - 2,721,315 2,721,315 Total assets - 1,913,686 7,989,672 60,734,187 70,637,545 Financial Derivative Instruments - - - - - Other liabilities - - - 823,617 823,617 Total liabilities - - - 823,617 823,617 Total Net Assets 69,813,928



55


Interest Rate Risk (continued)

The table below summarises the maturity periods for interest-bearing securities held by Brookfield Real Assets Securities UCITS Fund as at 31 December 2015.

Non- Up to 1 1 - 5 Over interest year years 5 years bearing Total USD USD USD USD USD Corporate bonds - 1,545,688 12,595,546 - 14,141,234 Term loans - 590,535 - - 590,535 Common stocks

- - - 43,647,704 43,647,704 Financial Derivative Instruments - - - 27,487 27,487 Other assets - - - 5,577,087 5,577,087 Total assets - 2,136,223 12,595,546 49,252,278 63,984,047 Other liabilities - - - 841,122 841,122 Total liabilities - - - 841,122 841,122 Total Net Assets 63,142,925

As at 31 December 2016, a 100 basis points change in interest rates would have an impact on net assets attributable to holders of redeemable shares and cause an increase/decrease in net assets attributable to holders of redeemable shares of USD 99,034 for Brookfield Real Assets Securities UCITS Fund.

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

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

Foreign Currency Risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The income and capital value of the Company’s investments can be significantly affected by currency translation movements as the majority of the Company’s assets could be denominated in currencies other than base currency. The fluctuations in the rate of exchange between the currency in which the asset or liability is denominated and the functional currency could result in an appreciation or depreciation in the fair value of that asset.

The tables below and overleaf analyse the net amount of monetary assets and liabilities held by each sub-fund at the balance sheet date denominated in currencies other than USD, the functional currency as at 31 December 2016 and 31 December 2015.


31 December 2016 Net Other Net Foreign

Total Monetary Net Currency Net

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

USD USD USD USD USD

AUD 24,030,445 - 580,289 - 24,610,734

BRL 3,485,044 - - - 3,485,044

CAD 82,291,710 60 294,091 - 82,585,861

CHF 8,707,596 - - - 8,707,596

DKK 2,991,237 - - - 2,991,237

EUR 77,424,259 - 594,579 - 78,018,838

GBP 62,718,580 - 451,484 - 63,170,064

HKD 9,612,955 - - - 9,612,955

JPY 8,621,752 - - - 8,621,752

MXN 6,996,503 - - - 6,996,503

NZD 6,810,878 2 - - 6,810,880



56


Foreign Currency Risk (continued)

Brookfield Global Listed Infrastructure UCITS Fund (continued)

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

Sensitivity analysis of Net Exposure

(5% movement)

USD

AUD 1,230,537

BRL 174,252

CAD 4,129,293

CHF 435,380

DKK 149,562

EUR 3,900,942

GBP 3,158,503

HKD 480,648

JPY 431,088

MXN 349,825

NZD 340,544




USD USD USD USD USD

AUD 24,455,500 - 455,677 - 24,911,177

CAD 56,406,880 18 177,491 - 56,584,389

CHF 7,662,967 - - - 7,662,967

EUR 93,912,599 - (4,903,899) - 89,008,700

GBP 48,625,749 9 816,287 - 49,442,045

HKD 28,130,280 - (1,852,137) - 26,278,143

JPY 6,177,358 - - - 6,177,358

MXN 7,135,371 - 30,979 - 7,166,350

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


(5% movement)

USD

AUD 1,245,559

CAD 2,829,219

CHF 383,148

EUR 4,450,435

GBP 2,472,102

HKD 1,313,907

JPY 308,868

MXN 358,318



57


Foreign Currency Risk (continued) Brookfield Global Listed Real Estate UCITS Fund 31 December 2016 Net Other Net Foreign



USD USD USD USD USD

AUD 10,956,423 - (110,602) - 10,845,821

EUR 18,409,157 766,375 (1,145,383) (39,317,636) (21,287,487)

GBP 23,518,025 - 44,445 - 23,562,470

HKD 14,707,407 - (1,329,655) - 13,377,752

JPY 13,628,803 - (373,969) - 13,254,834

NZD - - 2 - 2

SGD 9,179,182 - (153,363) - 9,025,819



(5% movement)

USD

AUD 542,291

EUR (1,064,374)

GBP 1,178,124

HKD 668,888

JPY 662,742

NZD -

SGD 451,291

31 December 2015

Net Other Net Foreign



USD USD USD USD USD

AUD 15,457,854 - 180,488 - 15,638,342

EUR 28,127,710 - - - 28,127,710

GBP 7,667,277 - - - 7,667,277

HKD 10,243,617 - 171,166 - 10,414,783

JPY 14,605,480 - 31,687 - 14,637,167

NZD 1,512,514 - - - 1,512,514

SGD 3,414,628 - (160,433) - 3,254,195



58



Brookfield Global Listed Real Estate UCITS Fund (continued)



(5% movement)

USD

AUD 781,917

EUR 1,406,386

GBP 383,364

HKD 520,739

JPY 731,858

NZD 75,626

SGD 162,710

Brookfield US Listed Real Estate UCITS Fund 31 December 2016 Net Other Net Foreign



USD USD USD USD USD

JPY - - (11,638) - (11,638)



(5% movement)

USD

JPY (582)




USD USD USD USD USD

JPY - - 264,969 - 264,969



(5% movement)

USD

EUR 13,248



59



Brookfield Global Listed Infrastructure Long Short UCITS Fund 31 December 2016 Net Other Net Foreign



USD USD USD USD USD

BRL 432,585 - 366 (11,056) 421,895

CAD 728,338 - (7,454) (9,481) 711,403

CHF 371,722 - - - 371,722

EUR 1,680,691 - (47,559) (10,387) 1,622,745

GBP 238,295 - - - 238,295

HKD - 16 - - 16

MXN 580,154 - - - 580,154



(5% movement)

USD

BRL 21,095

CAD 35,570

CHF 18,586

EUR 81,137

GBP 11,915

HKD 1

MXN 29,008




USD USD USD USD USD

AUD 440,984 - 32,159 (32,153) 440,990

BRL 9,475 - (1,483) - 7,992

CAD 590,758 - 3,053 - 593,811

CHF 301,099 - - - 301,099

EUR 1,015,691 - (118) - 1,015,573

HKD 271,488 - (42,945) 37,041 265,584

MXN 343,260 - 58,555 - 401,815

NZD (14,093) - 148 - (13,945)

TRY 15,540 - 1,711 - 17,251



60



Brookfield Global Listed Infrastructure Long Short 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.


(5% movement)

USD

AUD 22,050

BRL 400

CAD 29,691

CHF 15,055

EUR 50,779

HKD 13,729

MXN 20,091

NZD (697)

TRY 863





USD USD USD USD USD

AUD 2,275,454 - 40,656 - 2,316,110

BRL 153,975 - - - 153,975

CAD 3,852,733 - 15,208 - 3,867,941

CHF 315,964 - - - 315,964

DKK 129,064 - - - 129,064

EUR 5,537,851 - (33) - 5,537,818

GBP 5,365,330 8 27,343 - 5,392,681

HKD 1,955,629 - - - 1,955,629

JPY 1,898,391 - (23,481) - 1,874,910

MXN 305,683 - - - 305,683

NZD 290,687 - - - 290,687

SGD 928,728 - 22,154 - 950,882



(5% movement)

USD

AUD 115,806

BRL 7,699

CAD 193,397

CHF 15,798

DKK 6,453

EUR 276,891

GBP 269,634

HKD 97,781

JPY 93,746

MXN 15,284

NZD 14,534

SGD 47,544



61


Foreign Currency Risk (continued) Brookfield Real Assets Securities UCITS Fund 31 December 2015 Net Other Net Foreign



USD USD USD USD USD

AUD 2,038,625 - 23,796 - 2,062,421

CAD 1,911,901 - 4,480 - 1,916,381

CHF 195,714 - - - 195,714

EUR 6,052,661 - (16,786) - 6,035,875

GBP 2,110,098 9 11,169 - 2,121,276

HKD 1,467,633 - - - 1,467,633

JPY 1,845,707 - 2,493 - 1,848,200

MXN 106,081 - (1,457) - 104,624

NOK 82,192 - - - 82,192

NZD 168,718 - - - 168,718

SGD 423,283 - (12,980) - 410,303



(5% movement)

USD

AUD 103,121

CAD 95,819

CHF 9,786

EUR 301,794

GBP 106,064

HKD 73,382

JPY 92,410

MXN 5,231

NOK 4,110

NZD 8,436

SGD 20,515

Liquidity Risk

Liquidity risk is the risk that an entity will encounter difficulty in realising assets or in meeting obligations associated with financial liabilities as they fall due. As required by IFRS 7 the sub-fund’s financial liabilities should be categorised into relevant maturity groupings based on the remaining period as at 31 December 2016 and 31 December 2015 to the contractual maturity date. However, as all liabilities mature in less than one year from the balance sheet date for both 31 December 2016 and 31 December 2015, this analysis is not required in this instance. In accordance with the Company’s policy, the Investment Manager monitors the Company’s overall liquidity risk on a continuous basis.

.



62


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:


Rating 31 December 2016

AA 0%

BBB 1%

BB 6%

B 4%

CCC 1%

CC 0%

Other 1%

Brookfield Real Assets Securities UCITS Fund*

Rating 31 December 2015

AA 0%

BBB 2%

BB 11%

B 11%

CCC 0%

CC 2%

Other 11%

*Launched on 1 September 2015.

The counterparty for the CFD - Equities held as at 31 December 2016 is JP Morgan. Details of the CFD - Equities held can be found in note 10.

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

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



63


Financial Derivative Instruments The Investment Manager has assessed the risk profile of the Company and the related sub-funds on the basis of the investment policy, strategy and the use of financial derivative instruments. Based on the risk profile, the Investment Manager has determined that the method for the calculation of the global exposure to financial derivative instruments for all sub-funds will be the commitment approach, where the sub-fund holds financial derivative instruments. Efficient Portfolio Management The Company may, within the conditions and limits laid down by the Central Bank 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 and note 10, in seeking to hedge part of the currency risk exposure in the core portfolio for Brookfield Global Listed Real Estate UCITS Fund and Brookfield Global Listed Infrastructure Long Short UCITS Fund, forward currency contracts and CFD - Equities 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 the efficient portfolio management is equivalent to the value of the forward currency contracts and CFD - Equities held as at the financial year end. The counterparty in relation to the forward currency contracts is RBC IS Bank Luxembourg. The counterparty in relation to the CFD - Equities is JP Morgan. Cash collateral details are shown in note 5.

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



64

9. Forward Currency Contracts

Brookfield Global Listed Real Estate UCITS Fund 31 December 2016

Settlement/ Counterparty Bought Amount Sold Amount Unrealised

Maturity Date Gain/(Loss)

USD

3 January 2017 RBC IS Bank Luxembourg EUR 173,897 USD (181,994) 1,477

3 January 2017 RBC IS Bank Luxembourg USD 542 EUR (519) (5)

4 January 2017 RBC IS Bank Luxembourg EUR 82,607 USD (86,685) 477

31 January 2017 RBC IS Bank Luxembourg EUR 37,243,639 USD (39,049,471) 301,599

303,548

Brookfield Global Listed Infrastructure Long Short UCITS Fund 31 December 2015

Settlement/ Counterparty Bought Amount Sold Amount Unrealised

Maturity Date Gain/(Loss)

USD

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

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

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

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

24

10. CFD - Equities

Brookfield Global Listed Infrastructure Long Short UCITS Fund 31 December 2016 Description Maturity Quantity Currency Issuer Fair Value

Date in USD

Aeroports De Paris Adp 19 July 2017 (1,000) EUR JP Morgan (4,419)

Consolidated Edison Inc 10 February 2017 (4,200) USD JP Morgan (8,106)

Dlek Lgst Prtns /Lp 10 August 2017 (1,900) USD JP Morgan 1,615

Ecorodovias 12 January 2018 (34,600) BRL JP Morgan (11,056)

Genesis Energy Lp 18 May 2017 (3,300) USD JP Morgan (7,062)

Hamburger Hafen Und Logistik Ag 11 December 2017 (9,300) EUR JP Morgan 589

Holly En-Partnership Units 2 June 2017 (8,300) USD JP Morgan 5,976

Hydro One Ltd 1 February 2018 (4,500) CAD JP Morgan (19)

Ishares/Msci Brazil/Cap.Ind.Fd 1 February 2018 (7,100) USD JP Morgan (689)

Ishs Us Real Estate - Shs 15 November 2017 (2,300) USD JP Morgan (1,013)

Keyera 26 January 2017 (10,400) CAD JP Morgan (9,461)

Magellan Midstream Partners 9 May 2017 (5,400) USD JP Morgan (15,716)

Oneok Partners Lp 31 August 2017 (3,800) USD JP Morgan 2,508

Sector Spdr Tr./Util.Sel.Spdr 1 February 2018 (3,300) USD JP Morgan 922

Semgroup -A- 17 October 2017 (4,600) USD JP Morgan (9,200)

Shell Midst /Lp 14 September 2017 (7,500) USD JP Morgan (14,925)

Spdr S&P500 Etf Trust S.1 1 February 2018 (1,300) USD JP Morgan (13)

Tallgrass Energy Partners Lp 13 December 2017 (4,900) USD JP Morgan (11,025)

Terna- Rete Elettrica Nazional 5 April 2017 (44,400) EUR JP Morgan (6,556)

Total as at 31 December 2016 (87,650)



65

10. CFD - Equities (continued)

Brookfield Global Listed Infrastructure Long Short UCITS Fund (continued) 31 December 2015

Description Maturity Quantity Currency Issuer Fair Value

Date in USD

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Total as at 31 December 2015 (255,572)


Description Maturity Quantity Currency Issuer Fair Value

Date in USD

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

Total as at 31 December 2015 27,487

11. Exchange Rates

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

Currency 31 December 2016 Currency 31 December 2016

AUD - Australian Dollar 0.724100 JPY - Japanese Yen 0.008574

BRL - Brazilian Real 0.307248 MXN - New Mexican Peso 0.048540

CAD - Canadian Dollar 0.745684 NOK - Norwegian Krone 0.116175

CHF - Swiss Franc 0.983913 NZD - New Zealand Dollar 0.697300

DKK – Danish Krone 0.141853 SEK - Swedish Krona 0.110076

EUR - Euro 1.054750 SGD - Singapore Dollar 0.692185

GBP - Great British Pound 1.235650 TRY - New Turkish Lira 0.284285

HKD - Hong Kong Dollar 0.128980



66

11. Exchange Rates (continued)

Currency 31 December 2015 Currency 31 December 2015

AUD - Australian Dollar 0.727550 HKD - Hong Kong Dollar 0.129030

BRL - Brazilian Real 0.252765 JPY - Japanese Yen 0.831290

CAD - Canadian Dollar 0.719891 MXN - New Mexican Peso 0.057900

CHF - Swiss Franc 0.999001 NOK - Norwegian Krone 0.112977

CNY - Chinese Yuan - Renminbi 0.153998 NZD - New Zealand Dollar 0.684600

EUR - Euro 1.086300 SGD - Singapore Dollar 0.704895

GBP - Great British Pound 1.473900 TRY - New Turkish Lira 0.342601

12. Share Capital and Redeemable Participating Shares

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.

13. Soft Commission Arrangements

For the financial years ended 31 December 2016 and 31 December 2015, the Investment Manager received soft commissions from brokers/dealers in consideration for directing dealings in the investments of the Sub-Funds. These soft commissions were in the form of goods and services such as subscriptions to research services which are of demonstrable benefits to shareholders.

14. Statement of Net Assets for Prior Years



Net Assets for Shareholder dealing/prospectus USD 633,045,898 USD 566,836,698 USD 543,435,745

Net Asset Value per Share:

Net Asset Value Per Share B Class EUR 35.79 EUR 31.23 EUR 34.91

Net Asset Value Per Share E Class USD 28.04 USD 25.20 USD 31.38

Net Asset Value Per Share F Class USD 17.81 USD 16.65 USD 21.36

Net Asset Value Per Share M Class USD 16.39 USD 14.85 USD 18.65



67

14. Statement of Net Assets for Prior Years (continued)





Net Asset Value Per Share B Class EUR 43.71 EUR 40.05 EUR 36.91


Net Asset Value Per Share F Class USD 20.97 USD 20.59 USD 21.78

Net Asset Value Per Share I Class* EUR 20.34 - -






Net Asset Value Per Share Q Class JPY 867.76 JPY 873.34 -

Brookfield Global Listed Infrastructure Long Short UCITS Fund**


Net Assets for Shareholder dealing/prospectus USD 15,730,767 USD 13,910,398

-


Net Asset Value Per Share E Class USD 20.64 USD 18.55 -

Brookfield Real Assets Securities UCITS Fund***


Net Assets for Shareholder dealing/prospectus USD 69,829,612 USD 63,142,925 -


Net Asset Value Per Share E Class USD 21.16 USD 19.21 -

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

15. Net Asset Value

The net assets value in the financial statements as at 31 December 2016 differs from that included in the published valuations as at 31 December 2016. 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.

Brookfield Global Listed Infrastructure Long Short UCITS Fund*


Total Net Assets for financial statement purposes USD 15,711,269 USD 13,910,398

Adjustment for unamortised organisation costs USD 19,498 -

Total Net Assets for unitholder dealing/prospectus USD 15,730,767 USD 13,910,398




68

15. Net Asset Value (continued)

Brookfield Real Assets Securities UCITS Fund*


Total Net Assets for financial statement purposes USD 69,813,928 USD 63,142,925

Adjustment for unamortised organisation costs USD 15,684 -

Total Net Assets for unitholder dealing/prospectus USD 69,829,612 USD 63,142,925

* Launched on 1 September 2015.

16. Events during the Financial Year There were no material events during the financial year.

17. Events after the Financial Year End There were no material events after the financial year end.

18. Contingent Assets As of 31 December 2016 the Company had lodged a withholding tax reclaim for a refund for withholding taxes which had been paid in 2015. The Board of Directors believe the inflow of economic benefits will be probable.


31 December 2016 31 December 2015 USD USD

Refund on withholding taxes 2,048,288 1,051,138

19. Changes to the Prospectus A revised Prospectus and Supplements dated 16 March 2016 for the Brookfield Investment Fund (UCITS) plc was filed with the CBI which updated certain addresses and the “Taxation” section, removed reference to two old sub-funds and inserted a cyber-security risk factor. In relation to the Supplements, the existing share classes were renamed and new share classes were added to cater for the UK Retail Distribution Review (RDR). Minor amendments were made to the investment policies of the Brookfield Real Assets Debt UCITS Fund, the Brookfield Real Assets Securities UCITS Fund and the Brookfield Global Listed Infrastructure Long Short UCITS Fund.

20. Approval of Financial Statements The Board approved the financial statements on 24 April 2017.


69

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND SCHEDULE OF INVESTMENTS AS AT 31 December 2016

Value % Net

Shares USD Assets

INVESTMENTS

A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

1) LISTED SECURITIES : COMMON STOCKS

AUSTRALIA Pipelines APA Group 977,000 6,062,810 1.0

Total Pipelines

6,062,810 1.0

Toll Roads Transurban Group 2,404,433 17,967,635 2.8

Total Toll Roads

17,967,635 2.8

TOTAL AUSTRALIA

24,030,445 3.8

BRAZIL Toll Roads

CCR SA 710,700 3,485,044 0.5

Total Toll Roads

3,485,044 0.5

Water Cia de Saneamento Basico do Estado de Sao Paulo 759,100 6,588,988 1.0

Total Water

6,588,988 1.0

TOTAL BRAZIL

10,074,032 1.5

CANADA Pipelines Enbridge Inc 600,200 25,287,114 4.0

Pembina Pipeline Corp 566,400 17,722,033 2.8

TransCanada Corp 712,700 32,173,922 5.1

Veresen Inc 390,807 3,820,497 0.6

Total Pipelines

79,003,566 12.5

Rail Canadian National Railway Co 48,800 3,288,144 0.5

Total Rail

3,288,144 0.5

TOTAL CANADA

82,291,710 13.0

DENMARK Other DONG Energy A/S 78,800 2,991,237 0.5

Total Other

2,991,237 0.5

TOTAL DENMARK 2,991,237 0.5

FRANCE Communications Eutelsat Communications SA 557,200 10,810,865 1.7

Total Communications

10,810,865 1.7

Toll Roads Groupe Eurotunnel SE 786,400 7,493,300 1.2

Total Toll Roads

7,493,300 1.2

TOTAL FRANCE

18,304,165 2.9


70

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND SCHEDULE OF INVESTMENTS AS AT 31 December 2016 (continued)

Value % Net

Shares USD Assets

GERMANY Electricity Transmission & Distribution Innogy SE 187,700 6,566,883 1.0

Total Electricity Transmission & Distribution

6,566,883 1.0

TOTAL GERMANY

6,566,883 1.0

GREAT BRITAIN Electricity Transmission & Distribution National Grid Plc 3,267,353 38,418,992 6.1


38,418,992 6.1

Water Pennon Group Plc 851,300 8,699,286 1.4

Severn Trent Plc 307,500 8,442,764 1.3

United Utilities Group Plc 642,900 7,157,538 1.1

Total Water

24,299,588 3.8

TOTAL GREAT BRITAIN

62,718,580 9.9

HONG KONG Gas Utilities Hong Kong & China Gas Co Ltd 3,802,842 6,739,340 1.1

Total Gas Utilities

6,739,340 1.1

Pipelines Beijing Enterprises Holdings Ltd 607,900 2,873,614 0.5

Total Pipelines

2,873,614 0.5

TOTAL HONG KONG

9,612,954 1.6

ITALY Electric Utilities & Generation

Enel SpA 1,459,400 6,446,597 1.0

Total Electric Utilities & Generation

6,446,597 1.0

Pipelines Italgas SpA 506,229 1,995,887 0.3

Snam SpA 2,531,146 10,449,309 1.6

Total Pipelines

12,445,196 1.9

Toll Roads Atlantia SpA 402,100 9,440,799 1.5

Total Toll Roads

9,440,799 1.5

TOTAL ITALY 28,332,592 4.4

JAPAN Gas Utilities Tokyo Gas Co Ltd 1,901,300 8,621,752 1.4

Total Gas Utilities

8,621,752 1.4

TOTAL JAPAN

8,621,752 1.4

MEXICO Airports Grupo Aeroportuario del Centro Norte SAB de CV 884,200 3,829,668 0.6

Total Airports

3,829,668 0.6


71


Value % Net

Shares USD Assets

Pipelines Infraestructura Energetica Nova SAB de CV 722,500 3,166,835 0.5

Total Pipelines

3,166,835 0.5

TOTAL MEXICO

6,996,503 1.1

NEW ZEALAND Airports Auckland International Airport Ltd 1,562,800 6,810,878 1.1

Total Airports

6,810,878 1.1

TOTAL NEW ZEALAND

6,810,878 1.1

SPAIN Communications Cellnex Telecom SAU 552,000 7,956,064 1.3


7,956,064 1.3

Toll Roads Ferrovial SA 907,343 16,264,555 2.6

Total Toll Roads

16,264,555 2.6

TOTAL SPAIN

24,220,619 3.9

SWITZERLAND Airports Flughafen Zuerich AG 46,850 8,707,596 1.4

Total Airports

8,707,596 1.4

TOTAL SWITZERLAND

8,707,596 1.4

UNITED ARAB EMIRATES Ports DP World Ltd 182,800 3,200,828 0.5

Total Ports

3,200,828 0.5

TOTAL UNITED ARAB EMIRATES

3,200,828 0.5

UNITED STATES Communications SBA Communications Corp 206,300 21,302,538 3.4


21,302,538 3.4

Electric Utlities & Generation Ameren Corp 196,100 10,287,406 1.6

Edison International 122,700 8,833,173 1.4

Total Electric Utlities & Generation

19,120,579 3.0

Gas Utilities NiSource Inc 313,200 6,934,248 1.1

ONE Gas Inc 49,200 3,146,832 0.5

Southwest Gas Corp 65,700 5,033,934 0.8

Total Gas Utilities

15,115,014 2.4


72


Value % Net

Shares USD Assets

Midstream Cheniere Energy Inc 199,000 8,244,570 1.3

Enable Midstream Partners LP 142,000 2,233,660 0.3

EQT Midstream Partners LP 73,200 5,612,976 0.9

Kinder Morgan Inc 1,226,300 25,396,673 4.0

Phillips 66 Partners LP 68,400 3,326,976 0.5

Rice Midstream Partners LP 94,800 2,330,184 0.4

Sunoco Logistics Partners LP 225,300 5,411,706 0.8

Targa Resources Corp 167,600 9,397,332 1.5

Western Gas Partners LP 127,600 7,497,776 1.2

Williams Cos Inc 564,200 17,569,188 2.8

Total Midstream

87,021,041 13.7

Pipelines Boardwalk Pipeline Partners LP 389,400 6,759,984 1.1

Enbridge Energy Partners LP 335,900 8,558,732 1.3

Energy Transfer Partners LP 720,900 20,207,079 3.2

Enterprise Products Partners LP 864,800 23,384,192 3.7

MPLX LP 296,856 10,277,155 1.6

Plains All American Pipeline LP 291,200 9,402,848 1.5

Sempra Energy 89,600 9,017,344 1.4

Total Pipelines

87,607,334 13.8

Rail Union Pacific Corp 32,100 3,328,128 0.5

Total Rail

3,328,128 0.5

Telecommunications American Tower Corp 368,418 38,934,414 6.2

Total Telecommunications

38,934,414 6.2

Transmission & Distribution PG&E Corp 565,200 34,347,204 5.4

Total Transmission & Distribution

34,347,204 5.4

Water American Water Works Co Inc 184,500 13,350,420 2.1

Total Water

13,350,420 2.1

TOTAL UNITED STATES

320,126,672 50.5

TOTAL LISTED SECURITIES : COMMON STOCKS

623,607,446 98.5

(Cost $609,678,378)

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 623,607,446 98.5

B) OTHER TRANSFERABLE SECURITIES

1) OTHER TRANSFERABLE SECURITIES : COMMON STOCKS

UNITED STATES Midstream Rice Midstream Partners LP 239,111 5,448,302 0.9

Total Midstream

5,448,302 0.9

TOTAL UNITED STATES

5,448,302 0.9


73


Value % Net

USD Assets

TOTAL OTHER TRANSFERABLE SECURITIES : COMMON STOCKS

5,448,302 0.9

(Cost $3,120,399)

TOTAL OTHER TRANSFERABLE SECURITIES 5,448,302 0.9

TOTAL INVESTMENTS

629,055,748 99.4

(Cost $612,798,777)

Other Assets in Excess of Liabilities

3,990,150 0.6

TOTAL NET ASSETS 633,045,898 100.0

ANALYSIS OF TOTAL ASSETS (unaudited)

% Total

Description Assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

98.4

OTHER TRANSFERABLE SECURITIES

0.8

OTHER ASSETS

0.8

TOTAL 100.0


74

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND

SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITED) AS AT 31 DECEMBER 2016

Significant Purchases Cost

Security name Quantity (USD)

National Grid Plc 2,822,700 34,262,438

Kinder Morgan Inc 1,759,800 31,256,494

TransCanada Corp 703,000 26,980,874

Ferrovial SA 1,158,800 22,219,918

Innogy SE 495,000 19,916,523

SBA Communications Corp 153,200 16,470,491

Enbridge Inc 336,100 14,955,932

Edison International 222,100 14,211,230

Williams Cos Inc 706,500 12,634,043

Aena SA 106,400 12,498,543

Pennon Group Plc 984,000 12,164,821

Cellnex Telecom SAU 726,600 12,043,797

Eutelsat Communications SA 588,100 11,667,092

Ameren Corp 233,800 11,560,575

Abertis Infraestructuras SA 745,900 11,383,278

Pembina Pipeline Corp 401,200 11,371,168

PG&E Corp 186,500 11,022,617

Atlantia SpA 435,500 10,834,313

Targa Resources Corp 329,400 10,687,369

Severn Trent Plc 307,500 9,958,673

American Tower Corp 96,600 9,915,540

Plains All American Pipeline LP 303,600 9,557,929

Western Gas Partners LP 209,500 9,528,604

Tokyo Gas Co Ltd 1,901,300 8,818,574

NiSource Inc 413,600 8,723,556

Buckeye Partners LP 119,300 8,601,939

Enbridge Energy Partners LP 335,900 7,991,514

Cheniere Energy Inc 199,000 7,946,258

Auckland International Airport Ltd 1,562,800 7,520,147

Cia de Saneamento Basico do Estado de Sao Paulo 793,800 7,097,109

Eiffage SA 94,100 6,851,705

Spire Inc 99,800 6,808,886

APA Group 977,000 6,739,753

Energy Transfer Partners LP 201,900 6,603,382

Enel SpA 1,459,400 6,341,280

Phillips 66 Partners LP 127,700 6,225,871

MPLX LP 184,500 6,007,724



75

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND

SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITED) AS AT 31 DECEMBER 2016 (continued)

Significant Sales Proceeds


Crown Castle International Corp 248,100 23,724,091

National Grid Plc 1,797,654 23,293,141

Eversource Energy 405,300 22,293,900

Ferrovial SA 1,027,282 21,676,784

Aena SA 128,500 18,278,805

Enbridge Inc 399,900 14,387,153

Columbia Pipeline Group Inc 553,700 13,997,877

Union Pacific Corp 183,500 13,944,676


Atlantia SpA 512,700 12,475,541

NiSource Inc 487,200 12,040,377


Abertis Infraestructuras SA 745,900 11,156,717

Kinder Morgan Inc 533,500 11,018,572

Energy Transfer Partners LP 325,300 10,971,834

Groupe Eurotunnel SE 934,800 10,865,591

Targa Resources Corp 244,800 10,547,695

Red Electrica Corp SA 119,400 10,503,016

SES SA 455,900 10,404,261

Innogy SE 307,300 10,262,731

Enterprise Products Partners LP 400,400 10,215,477

Inter Pipeline Ltd 548,900 9,746,387

Koninklijke Vopak NV 184,300 8,784,314

ENN Energy Holdings Ltd 1,774,400 8,576,322

Aeroports de Paris 74,900 8,572,463

Veresen Inc 1,196,293 8,173,830

Buckeye Partners LP 119,300 7,746,564

Williams Partners LP 243,588 7,656,869

Edison International 99,400 7,638,272

CenterPoint Energy Inc 372,600 7,565,816

American Water Works Co Inc 99,400 7,352,429

Transurban Group 830,900 7,335,033



Spire Inc 99,800 6,385,603

Eiffage SA 94,100 6,320,752

China Merchants Holdings International Co Ltd 2,298,002 6,296,575

Rumo Logistica Operadora Multimodal SA 4,756,200 6,126,473

Pembina Pipeline Corp 210,100 6,065,758

East Japan Railway Co 64,900 5,790,629


76

BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2016

Value % Net

Shares USD Assets

INVESTMENTS



AUSTRALIA Real Estate - Diversified Dexus Property Group 438,083 3,051,617 1.5

Total Real Estate - Diversified

3,051,617 1.5

Retail Vicinity Centres 1,366,000 2,957,471 1.5

Westfield Corp 728,400 4,947,335 2.5

Total Retail

7,904,806 4.0

TOTAL AUSTRALIA

10,956,423 5.5

BERMUDA ISLANDS Office Hongkong Land Holdings Ltd 862,900 5,462,157 2.7

Total Office

5,462,157 2.7

TOTAL BERMUDA ISLANDS

5,462,157 2.7

CAYMAN ISLANDS Real Estate - Diversified Cheung Kong Property Holdings Ltd 970,782 5,953,805 3.0

SOHO China Ltd 3,767,800 1,856,409 0.9


7,810,214 3.9

TOTAL CAYMAN ISLANDS

7,810,214 3.9

FRANCE Real Estate - Diversified Unibail-Rodamco SE 22,361 5,347,959 2.7


5,347,959 2.7

TOTAL FRANCE

5,347,959 2.7

GERMANY Office Alstria office REIT-AG 344,300 4,310,596 2.1

Total Office

4,310,596 2.1

Real Estate Management/Service Vonovia SE 153,930 5,006,623 2.5

Total Real Estate Management/Service

5,006,623 2.5

TOTAL GERMANY

9,317,219 4.6

GREAT BRITAIN Diversified - Real Estate Land Securities Group Plc 462,864 6,096,858 3.0

Total Diversified - Real Estate

6,096,858 3.0

Office Great Portland Estates Plc 626,839 5,177,891 2.6

Total Office

5,177,891 2.6

Residential UNITE Group Plc 93,800 702,378 0.3

Total Residential

702,378 0.3


77

BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2016 (continued)

Value % Net

Shares USD Assets

Retail Hammerson Plc 786,061 5,565,528 2.8

Intu Properties Plc 1,719,094 5,975,370 3.0

Total Retail

11,540,898 5.8

TOTAL GREAT BRITAIN

23,518,025 11.7

HONG KONG Real Estate - Diversified Swire Properties Ltd 695,500 1,919,700 1.0


1,919,700 1.0

Retail Wharf Holdings Ltd 748,617 4,977,494 2.5

Total Retail

4,977,494 2.5

TOTAL HONG KONG

6,897,194 3.5

JAPAN Office Mitsubishi Estate Co Ltd 294,745 5,881,762 2.9

Total Office

5,881,762 2.9

Other Leopalace21 Corp 39,200 217,115 0.1

Total Other

217,115 0.1

Real Estate - Diversified Mitsui Fudosan Co Ltd 208,900 4,844,813 2.4


4,844,813 2.4

Retail Kenedix Retail REIT Corp 205 468,230 0.2

Total Retail

468,230 0.2

Residential Nippon Accommodations Fund Inc 506 2,216,883 1.1

Total Residential

2,216,883 1.1

TOTAL JAPAN

13,628,803 6.7

LUXEMBOURG Residential Grand City Properties SA 205,300 3,743,980 1.9

Total Residential

3,743,980 1.9

TOTAL LUXEMBOURG

3,743,980 1.9

SINGAPORE Industrial Global Logistic Properties Ltd 2,889,900 4,400,760 2.2

Total Industrial

4,400,760 2.2

Diversified - Real Estate CapitaLand Ltd 868,146 1,814,771 0.9

City Developments Ltd 517,100 2,963,651 1.5


4,778,422 2.4

TOTAL SINGAPORE

9,179,182 4.6


78


Value % Net

Shares USD Assets


Uniti Group Inc 73,700 1,872,717 0.9


3,814,005 1.9

Healthcare Brookdale Senior Living Inc 343,900 4,271,238 2.1

Care Capital Properties Inc 81,925 2,048,125 1.0

Medical Properties Trust Inc 190,200 2,339,460 1.1

Omega Healthcare Investors Inc 82,220 2,570,197 1.3

Welltower Inc 60,500 4,049,264 2.0

Total Healthcare

15,278,284 7.5

Hotel Hersha Hospitality Trust 72,400 1,556,600 0.8

Hilton Worldwide Holdings Inc 109,744 2,985,037 1.5

LaSalle Hotel Properties 127,000 3,869,690 1.9

Total Hotel

8,411,327 4.2

Mixed Kilroy Realty Corp 70,900 5,191,298 2.6

Total Mixed

5,191,298 2.6

Office Boston Properties Inc 19,100 2,402,398 1.2

Equity Commonwealth 3,957 119,660 0.1

Highwoods Properties Inc 57,800 2,948,378 1.5

Hudson Pacific Properties Inc 58,900 2,048,542 1.0

Total Office

7,518,978 3.8

Other CyrusOne Inc 90,700 4,057,011 2.0

QTS Realty Trust Inc 4,700 233,355 0.1

Total Other

4,290,366 2.1

Real Estate - Diversified Vornado Realty Trust 63,400 6,617,058 3.3


6,617,058 3.3

Regional Malls CBL & Associates Properties Inc 399,100 4,589,650 2.3

Simon Property Group Inc 69,225 12,299,205 6.1

Total Regional Malls

16,888,855 8.4

Residential American Campus Communities Inc 63,900 3,180,303 1.6

American Homes 4 Rent 194,300 4,076,414 2.0

AvalonBay Communities Inc 31,385 5,559,853 2.8

Essex Property Trust Inc 17,200 3,999,000 2.0

Total Residential

16,815,570 8.4

Retail Brixmor Property Group Inc 204,500 4,993,889 2.5

Washington Prime Group Inc 148,950 1,550,570 0.8

Total Retail

6,544,459 3.3


79


Value % Net

Shares USD Assets

Self Storage Life Storage Inc 6,600 562,716 0.3

Public Storage 13,400 2,994,900 1.5

Total Self Storage

3,557,616 1.8

Triple Net Lease Gramercy Property Trust 365,200 3,352,536 1.7

MGM Growth Properties LLC 99,600 2,520,876 1.3

Total Triple Net Lease

5,873,412 3.0

TOTAL UNITED STATES

100,801,228 50.3


196,662,384 98.1

(Cost $202,970,556)


NON-TRANSFERABLE SECURITIES Forward currency contracts (see note 9 for other details)

303,548 0.2

TOTAL NON-TRANSFERABLE SECURITIES 303,548 0.2

TOTAL INVESTMENTS

196,965,932 98.3

(Cost $202,970,556)


3,491,963 1.7



% Total

Description Assets


94.7

NON-TRANSFERABLE SECURITIES

0.2

OTHER ASSETS

5.1

TOTAL 100.0


80

BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND




Simon Property Group Inc 59,600 11,588,334

Land Securities Group Plc 558,464 8,109,752

CyrusOne Inc 181,800 8,025,737

Kilroy Realty Corp 108,500 7,239,868

Cheung Kong Property Holdings Ltd 1,028,000 6,917,013

Intu Properties Plc 1,719,094 6,673,394

Brookdale Senior Living Inc 379,400 6,137,144

Brixmor Property Group Inc 204,500 5,544,940

Great Portland Estates Plc 626,839 5,379,144

Equity Residential 78,900 5,294,207

Gramercy Property Trust 647,000 5,265,969

Unibail-Rodamco SE 18,161 4,818,297

Vornado Realty Trust 50,200 4,805,535

Deutsche EuroShop AG 105,400 4,689,519

American Homes 4 Rent 229,000 4,420,720


LaSalle Hotel Properties 158,300 4,032,615

Highwoods Properties Inc 82,000 4,016,483

Mitsui Fudosan Co Ltd 174,200 3,975,342

AvalonBay Communities Inc 21,685 3,938,814

Essex Property Trust Inc 17,200 3,856,593

Welltower Inc 57,700 3,787,327

Wharf Holdings Ltd 649,900 3,735,063

Grand City Properties SA 205,300 3,452,006

Mitsubishi Estate Co Ltd 177,500 3,377,152

Global Logistic Properties Ltd 2,401,000 3,295,460

Westfield Corp 446,600 3,293,137

City Developments Ltd 517,100 3,285,693

Vonovia SE 94,900 3,269,428

Medical Properties Trust Inc 228,300 3,254,127

Vicinity Centres 1,403,900 3,224,808

Hilton Worldwide Holdings Inc 133,844 3,193,742

Hongkong Land Holdings Ltd 521,300 3,171,032

CBL & Associates Properties Inc 285,200 3,164,417

Hammerson Plc 409,861 3,137,256

American Campus Communities Inc 63,900 3,083,189

Public Storage 13,400 2,888,447

Physicians Realty Trust 170,302 2,851,745

Omega Healthcare Investors Inc 82,220 2,811,934

Alstria office REIT-AG 208,600 2,763,961

Boston Properties Inc 21,300 2,488,983


81

BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND





Prologis Inc 243,000 11,105,923


Ventas Inc 119,800 7,622,338

Host Hotels & Resorts Inc 452,500 7,205,069

Outfront Media Inc 320,599 7,043,173

Scentre Group 1,974,167 6,982,348

SL Green Realty Corp 68,100 6,949,779

Dexus Property Group 1,108,700 6,518,610

CyrusOne Inc 129,200 5,888,426

Gecina SA 38,300 5,229,048

Vonovia SE 162,600 5,010,068


Camden Property Trust 60,000 4,909,226

Deutsche EuroShop AG 105,400 4,855,418

Brandywine Realty Trust 335,100 4,723,412

Wharf Holdings Ltd 775,483 4,660,150

CA Immobilien Anlagen AG 248,800 4,504,031

Corporate Office Properties Trust 178,500 4,448,929


Mid-America Apartment Communities Inc 43,200 4,076,270

Alstria office REIT-AG 299,900 3,858,965

Unibail-Rodamco SE 14,800 3,785,733

Hudson Pacific Properties Inc 135,500 3,725,180

Atrium European Real Estate Ltd 950,927 3,692,730



Mitsubishi Estate Co Ltd 187,300 3,587,643

Hongkong Land Holdings Ltd 581,900 3,532,741


Nippon Building Fund Inc 596 3,352,070


GLP J-Reit 2,586 2,929,866


Mitsui Fudosan Co Ltd 119,900 2,808,936

HCP Inc 79,700 2,683,407

Spirit Realty Capital Inc 186,400 2,464,017

Global Logistic Properties Ltd 1,764,200 2,398,910

Care Capital Properties Inc 89,300 2,385,104


82

BROOKFIELD US LISTED REAL ESTATE UCITS FUND SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2016

Value % Net

Shares USD Assets

INVESTMENTS




Uniti Group Inc 52,500 1,334,025 2.0


2,697,057 4.1

Healthcare Brookdale Senior Living Inc 207,700 2,579,634 3.9

Care Capital Properties Inc 81,050 2,026,250 3.1

Medical Properties Trust Inc 121,400 1,493,220 2.3

Omega Healthcare Investors Inc 54,282 1,696,855 2.6

Welltower Inc 47,900 3,205,947 4.8

Total Healthcare

11,001,906 16.7

Hotel Hersha Hospitality Trust 47,706 1,025,679 1.6

Hilton Worldwide Holdings Inc 71,600 1,947,520 2.9

LaSalle Hotel Properties 65,600 1,998,832 3.0

Total Hotel

4,972,031 7.5

Mixed Kilroy Realty Corp 39,700 2,906,834 4.4

Total Mixed

2,906,834 4.4

Office Boston Properties Inc 16,100 2,025,058 3.1

Equity Commonwealth 23,100 698,544 1.1

Highwoods Properties Inc 25,600 1,305,856 2.0

Hudson Pacific Properties Inc 38,700 1,345,986 2.0

Total Office

5,375,444 8.2

Other CyrusOne Inc 59,300 2,652,489 4.0

QTS Realty Trust Inc 4,800 238,320 0.4

Total Other

2,890,809 4.4

Real Estate - Diversified Vornado Realty Trust 31,750 3,313,748 5.0


3,313,748 5.0

Regional Malls CBL & Associates Properties Inc 273,750 3,148,125 4.8

Simon Property Group Inc 35,450 6,298,402 9.5


9,446,527 14.3

Residential American Campus Communities Inc 43,000 2,140,110 3.2

American Homes 4 Rent 128,400 2,693,832 4.1

AvalonBay Communities Inc 14,400 2,550,960 3.8

Essex Property Trust Inc 11,600 2,697,000 4.1

Total Residential

10,081,902 15.2


83

BROOKFIELD US LISTED REAL ESTATE UCITS FUND SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2016 (continued)

Value % Net

Shares USD Assets

Retail Acadia Realty Trust 19,990 653,273 1.0

Brixmor Property Group Inc 107,700 2,630,034 4.0

Washington Prime Group Inc 96,100 1,000,401 1.5

Total Retail

4,283,708 6.5

Self Storage Life Storage Inc 4,400 375,144 0.6

Public Storage 10,500 2,346,750 3.5

Total Self Storage

2,721,894 4.1

Strip Centers DDR Corp 86,100 1,314,747 2.0

Total Strip Centers

1,314,747 2.0

Triple Net Lease Gramercy Property Trust 227,400 2,087,532 3.2

MGM Growth Properties LLC 82,100 2,077,951 3.1


4,165,483 6.3

TOTAL UNITED STATES

65,172,090 98.7


65,172,090 98.7

(Cost $67,521,443)


TOTAL INVESTMENTS

65,172,090 98.7

(Cost $67,521,443)


889,419 1.3


ANALYSIS OF TOTAL ASSETS (unaudited) % Total

Description Assets


96.9

OTHER ASSETS

3.1

TOTAL 100.0


84

BROOKFIELD US LISTED REAL ESTATE UCITS FUND








CyrusOne Inc 125,300 5,518,448




Brookdale Senior Living Inc 249,500 4,274,641


MGM Growth Properties LLC 165,000 3,876,753

Acadia Realty Trust 102,790 3,631,282




Prologis Inc 74,300 3,363,027

Essex Property Trust Inc 14,200 3,181,744





Omega Healthcare Investors Inc 83,282 2,899,605





Sunstone Hotel Investors Inc 199,082 2,519,832

Public Storage 11,000 2,371,612



DiamondRock Hospitality Co 226,400 2,219,385

Urban Edge Properties 82,200 2,217,899

Hilton Worldwide Holdings Inc 93,600 2,174,056

Sabra Health Care REIT Inc 91,700 2,167,853

Equity Commonwealth 75,200 2,141,694

Boston Properties Inc 17,800 2,079,554

Ventas Inc 32,200 2,075,711

American Campus Communities Inc 43,000 2,073,648

Medical Properties Trust Inc 144,800 2,049,863

Liberty Property Trust 50,700 1,874,609

Uniti Group Inc 59,300 1,822,712

WP Glimcher Inc 163,600 1,723,866

DDR Corp 97,000 1,629,901


85

BROOKFIELD US LISTED REAL ESTATE UCITS FUND




Prologis Inc 193,700 9,410,819



Ventas Inc 98,100 6,513,025








CyrusOne Inc 93,300 4,599,279


Host Hotels & Resorts Inc 249,100 4,114,305


Sunstone Hotel Investors Inc 302,383 3,822,127

Corporate Office Properties Trust 143,300 3,798,267


Mid-America Apartment Communities Inc 37,000 3,592,170






Acadia Realty Trust 82,800 2,857,996


Urban Edge Properties 82,200 2,398,943

DiamondRock Hospitality Co 226,400 2,344,355

Sabra Health Care REIT Inc 91,700 2,156,485

WP Glimcher Inc 209,400 2,131,994

MGM Growth Properties LLC 82,900 2,099,609

HCP Inc 61,600 2,045,914

Liberty Property Trust 50,700 2,029,918




Equity Commonwealth 52,100 1,574,331


86

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE LONG SHORT UCITS FUND SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2016

Value % Net

Shares USD Assets

INVESTMENTS



BRAZIL Electricity Transmission & Distribution

Transmissora Alianca de Energia Eletrica SA 20,100 128,084 0.8


128,084 0.8

Toll Roads CCR SA 26,600 130,438 0.8

Total Toll Roads

130,438 0.8

Water Cia de Saneamento Basico do Estado de Sao Paulo 14,200 123,256 0.8

Cia de Saneamento do Parana 52,700 174,064 1.1

Total Water

297,320 1.9

TOTAL BRAZIL

555,842 3.5

CANADA Pipelines Pembina Pipeline Corp 10,700 334,791 2.1

TransCanada Corp 4,300 194,118 1.2

Veresen Inc 20,400 199,429 1.3

Total Pipelines

728,338 4.6

TOTAL CANADA

728,338 4.6

FRANCE Toll Roads Groupe Eurotunnel SE 14,100 134,220 0.9

Total Toll Roads

134,220 0.9

TOTAL FRANCE

134,220 0.9

GERMANY Electricity Transmission & Distribution Innogy SE 9,300 325,370 2.1


325,370 2.1

TOTAL GERMANY

325,370 2.1

GREAT BRITAIN Electricity Transmission & Distribution National Grid Plc 20,300 238,295 1.5


238,295 1.5

TOTAL GREAT BRITAIN

238,295 1.5

ITALY Electric Utilities & Generation Enel SpA 55,100 243,393 1.6


243,393 1.6

Toll Roads Atlantia SpA 13,600 319,311 2.0

Total Toll Roads

319,311 2.0

TOTAL ITALY

562,704 3.6


87

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE LONG SHORT UCITS FUND SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2016 (continued)

Value % Net

Shares USD Assets

MEXICO Pipelines Infraestructura Energetica Nova SAB de CV 37,500 164,369 1.1

Total Pipelines

164,369 1.1

Toll Roads OHL Mexico SAB de CV 420,100 415,786 2.6

Total Toll Roads

415,786 2.6

TOTAL MEXICO

580,155 3.7

SPAIN Communications Cellnex Telecom SAU 21,800 314,207 2.0


314,207 2.0

Electric Utilities & Generation EDP Renovaveis SA 8,100 51,432 0.3


51,432 0.3

Toll Roads Ferrovial SA 16,332 292,759 1.9

Total Toll Roads

292,759 1.9

TOTAL SPAIN

658,398 4.2

SWITZERLAND Airports Flughafen Zuerich AG 2,000 371,722 2.4

Total Airports

371,722 2.4

TOTAL SWITZERLAND

371,722 2.4

UNITED STATES Communications SBA Communications Corp 3,200 330,432 2.1


330,432 2.1

Gas Utilities Southwest Gas Corp 2,500 191,550 1.2

Total Gas Utilities

191,550 1.2

Midstream Cone Midstream Partners LP 17,300 407,415 2.6

Enable Midstream Partners LP 14,300 224,939 1.4

Targa Resources Corp 7,126 399,555 2.5

Western Gas Partners LP 5,800 340,808 2.2

Williams Cos Inc 11,100 345,654 2.2

Total Midstream

1,718,371 10.9

Pipelines Boardwalk Pipeline Partners LP 19,300 335,048 2.1

Energy Transfer Partners LP 7,500 268,575 1.7

Enterprise Products Partners LP 14,100 381,263 2.5

MPLX LP 7,200 249,264 1.6

Plains All American Pipeline LP 7,200 232,488 1.5

Williams Partners LP 8,800 334,664 2.1

Total Pipelines

1,801,302 11.5


88

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE LONG SHORT UCITS FUND SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2016 (continued)

Value % Net

Shares USD Assets

Telecommunications American Tower Corp 4,200 443,856 2.8


443,856 2.8

TOTAL UNITED STATES

4,485,511 28.5


8,640,555 55.0

(Cost $7,795,228)


B) OTHER TRANSFERABLE SECURITIES

1) OTHER TRANSFERABLE SECURITIES : COMMON STOCK

UNITED STATES

Midstream

Rice Midstream Partners LP 31,090 764,191 4.9

Total Midstream 764,191 4.9

TOTAL UNITED STATES 764,191 4.9

TOTAL OTHER TRANSFERABLE SECURITIES : COMMON STOCK

(Cost $551,273) 764,191 4.9

NON-TRANSFERABLE SECURITIES CFD - Equities (see note 10 for other details)

(87,650) (0.6)

TOTAL NON-TRANSFERABLE SECURITIES (87,650) (0.6)

TOTAL INVESTMENTS

9,317,096 59.3

(Cost $8,346,501)


6,394,173 40.7



% Total

Description Assets


52.0

OTHER TRANSFERABLE SECURITIES 4.6

DERIVATIVES INSTRUMENTS

0.1

OTHER ASSETS

43.3

TOTAL 100.0


89

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE LONG SHORT UCITS FUND





OHL Mexico SAB de CV 1,326,508 1,614,815

Ferrovial SA 43,277 864,543

Rice Midstream Partners LP 42,831 817,576

Energy Transfer Partners LP 21,700 757,132

Enterprise Products Partners LP 28,300 734,600

Canadian Pacific Railway Ltd 5,100 726,750

Enav SpA 190,500 690,101

Williams Partners LP 21,800 540,195

Pembina Pipeline Corp 20,100 522,997

Infrastrutture Wireless Italiane SpA 101,700 516,140

Innogy SE 12,000 482,825

MPLX LP 16,400 482,725

DONG Energy A/S 13,300 476,064

EQT Midstream Partners LP 5,900 454,633

Sunoco Logistics Partners LP 15,800 450,748

Targa Resources Corp 19,082 429,153

SemGroup Corp 16,000 406,308

NextEra Energy Partners LP 15,300 397,800

Cone Midstream Partners LP 17,300 372,231

Atlantia SpA 13,600 321,877

Boardwalk Pipeline Partners LP 19,300 318,659

Western Gas Partners LP 5,800 311,630

Cellnex Telecom SAU 21,800 307,169

SBA Communications Corp 3,000 291,653

Tokyo Gas Co Ltd 65,400 282,879

Abertis Infraestructuras SA 17,700 270,122

California Water Service Group 10,900 261,971

National Grid Plc 20,300 239,413

Plains All American Pipeline LP 7,200 230,777

Enel SpA 55,100 230,022

Enbridge Energy Partners LP 13,000 206,987


90

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE LONG SHORT UCITS FUND





OHL Mexico SAB de CV 1,029,908 1,317,916

Institutional Cash Series Plc - Institutional US Dollar Liquidity Fund 1,126,477 1,126,477

Rice Midstream Partners LP 39,800 837,108

Energy Transfer Partners LP 22,200 776,855

Enav SpA 190,500 761,555

Canadian Pacific Railway Ltd 5,100 742,377

American Water Works Co Inc 9,600 642,815

Williams Partners LP 19,200 597,035

Sunoco Logistics Partners LP 21,100 555,768


Veresen Inc 67,700 512,880

DONG Energy A/S 13,300 512,362

Groupe Eurotunnel SE 44,400 508,159



NiSource Inc 18,200 470,549

SemGroup Corp 16,000 453,186

EQT Midstream Partners LP 5,900 448,569

Infrastrutture Wireless Italiane SpA 101,700 439,482

Grupo Aeroportuario del Centro Norte SAB de CV 76,400 420,582

ONE Gas Inc 8,300 415,119

NextEra Energy Partners LP 15,300 394,207

Summit Midstream Partners LP 20,700 367,150

Aena SA 2,700 367,102

California Water Service Group 10,900 362,745

SBA Communications Corp 3,500 323,448

Union Pacific Corp 3,900 308,599

MPLX LP 9,200 283,360

Tokyo Gas Co Ltd 65,400 272,062

Origin Energy Ltd 85,300 270,854

Abertis Infraestructuras SA 17,700 264,643


Cosan Ltd 84,600 241,776

Enbridge Energy Partners LP 13,000 240,986

Noble Midstream Partners LP 8,800 229,591

Promotora y Operadora de Infraestructura SAB de CV 17,800 226,676


91

BROOKFIELD REAL ASSETS SECURITIES UCITS FUND

SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2016

Value % Net

Shares USD Assets

INVESTMENTS



AUSTRALIA Pipelines APA Group

45,900

284,834 0.4

Total Pipelines

284,834 0.4

Real Estate - Diversified Dexus Property Group

48,100

335,057 0.5


335,057 0.5

Retail Vicinity Centres

151,500

328,006 0.5

Westfield Corp

78,137

530,711 0.8

Total Retail

858,717 1.3

Toll Roads Transurban Group

106,634

796,845 1.1

Total Toll Roads

796,845 1.1

TOTAL AUSTRALIA 2,275,453 3.3

BERMUDA ISLANDS Office Hongkong Land Holdings Ltd

91,708

580,512 0.8

Total Office

580,512 0.8

TOTAL BERMUDA ISLANDS 580,512 0.8

BRAZIL Toll Roads CCR SA

31,400

153,975 0.2

Total Toll Roads

153,975 0.2

Water Cia de Saneamento Basico do Estado de Sao Paulo

33,500

290,780 0.4

Total Water

290,780 0.4

TOTAL BRAZIL 444,755 0.6

CANADA Pipelines Enbridge Inc

33,290

1,402,546 2.0

Pembina Pipeline Corp

27,280

853,981 1.2

TransCanada Corp

37,900

1,710,947 2.5

Veresen Inc

16,976

165,956 0.2

Total Pipelines

4,133,430 5.9

Rail Canadian National Railway Co

2,100

141,498 0.2

Total Rail

141,498 0.2

TOTAL CANADA 4,274,928 6.1


92


SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2016 (continued)

Value % Net

Shares USD Assets

CAYMAN ISLANDS Office SOHO China Ltd

382,100

188,262 0.3

Total Office

188,262 0.3

Real Estate - Diversified Cheung Kong Property Holdings Ltd

96,005

588,799 0.8


588,799 0.8

TOTAL CAYMAN ISLANDS 777,061 1.1

DENMARK Other DONG Energy A/S

3,400

129,064 0.2

Total Other

129,064 0.2

TOTAL DENMARK 129,064 0.2

FRANCE Communications Eutelsat Communications SA

24,300

471,472 0.7


471,472 0.7

Real Estate - Diversified Unibail-Rodamco SE

2,264

541,468 0.8


541,468 0.8

Toll Roads Groupe Eurotunnel SE

34,820

331,786 0.5

Total Toll Roads

331,786 0.5

TOTAL FRANCE 1,344,726 2.0

GERMANY Electricity Transmission & Distribution Innogy SE

8,300

290,384 0.4


290,384 0.4

Office Alstria office REIT-AG

37,000

463,236 0.7

Total Office

463,236 0.7

Real Estate Management/Service Vonovia SE

17,500

569,193 0.8

Total Real Estate Management/Service

569,193 0.8

TOTAL GERMANY 1,322,813 1.9

GREAT BRITAIN Electricity Transmission & Distribution National Grid Plc

132,229

1,554,807 2.2


1,554,807 2.2

Diversified - Real Estate Land Securities Group Plc

52,808

695,589 1.0


695,589 1.0


93



Value % Net

Shares USD Assets

Office Great Portland Estates Plc

69,126

571,003 0.8

Total Office

571,003 0.8

Retail Hammerson Plc

85,553

605,739 0.9

Intu Properties Plc

190,603

662,514 0.9

Total Retail

1,268,253 1.8

Residential UNITE Group Plc

30,800

230,632 0.3

Total Residential

230,632 0.3

Water Pennon Group Plc

37,200

380,140 0.5

Severn Trent Plc

13,800

378,895 0.5

United Utilities Group Plc

25,690

286,012 0.4

Total Water

1,045,047 1.4

TOTAL GREAT BRITAIN 5,365,331 7.5

HONG KONG Gas Utilities Hong Kong & China Gas Co Ltd

195,000

345,576 0.5

Total Gas Utilities

345,576 0.5

Pipelines Beijing Enterprises Holdings Ltd

26,800

126,687 0.2

Total Pipelines

126,687 0.2

Real Estate - Diversified Swire Properties Ltd

77,100

212,809 0.3


212,809 0.3

Retail Wharf Holdings Ltd

74,222

493,496 0.7

Total Retail

493,496 0.7

TOTAL HONG KONG 1,178,568 1.7

ITALY Electric Utilities & Generation Enel SpA

64,500

284,915 0.4


284,915 0.4

Pipelines Italgas SpA

28,635

112,898 0.2

Snam SpA

143,179

591,085 0.8

Total Pipelines

703,983 1.0

Toll Roads Atlantia SpA

17,500

410,878 0.6

Total Toll Roads

410,878 0.6

TOTAL ITALY 1,399,776 2.0


94



Value % Net

Shares USD Assets

JAPAN Gas Utilities Tokyo Gas Co Ltd

102,000

462,535 0.7

Total Gas Utilities

462,535 0.7

Office Mitsubishi Estate Co Ltd

29,165

582,000 0.8

Total Office

582,000 0.8

Other Leopalace21 Corp

4,300

23,816 -

Total Other

23,816 -

Real Estate - Diversified Mitsui Fudosan Co Ltd

22,200

514,863 0.7


514,863 0.7

Residential Nippon Accommodations Fund Inc

49

214,678 0.3

Total Residential

214,678 0.3

Retail Kenedix Retail REIT Corp

44

100,498 0.1

Total Retail

100,498 0.1

TOTAL JAPAN 1,898,390 2.6

LUXEMBOURG Residential Grand City Properties SA

22,792

415,649 0.6

Total Residential

415,649 0.6

TOTAL LUXEMBOURG 415,649 0.6

MEXICO Airports Grupo Aeroportuario del Centro Norte SAB de CV

38,800

168,052 0.2

Total Airports

168,052 0.2

Pipelines Infraestructura Energetica Nova SAB de CV

31,400

137,631 0.2

Total Pipelines

137,631 0.2

TOTAL MEXICO 305,683 0.4

NEW ZEALAND Airports Auckland International Airport Ltd

66,700

290,687 0.4

Total Airports

290,687 0.4

TOTAL NEW ZEALAND 290,687 0.4

SINGAPORE Diversified - Real Estate CapitaLand Ltd

96,512

201,749 0.3

City Developments Ltd

54,600

312,929 0.4


514,678 0.7


95



Value % Net

Shares USD Assets

Industrial Global Logistic Properties Ltd

271,900

414,051 0.6

Total Industrial

414,051 0.6

TOTAL SINGAPORE 928,729 1.3

SPAIN Communications Cellnex Telecom SAU

24,000

345,916 0.5


345,916 0.5

Toll Roads Ferrovial SA

39,551

708,971 1.0

Total Toll Roads

708,971 1.0

TOTAL SPAIN 1,054,887 1.5

SWITZERLAND Airports Flughafen Zuerich AG

1,700

315,964 0.5

Total Airports

315,964 0.5

TOTAL SWITZERLAND 315,964 0.5

UNITED ARAB EMIRATES Ports DP World Ltd

4,900

85,799 0.1

Total Ports

85,799 0.1

TOTAL UNITED ARAB EMIRATES 85,799 0.1

UNITED STATES Communications SBA Communications Corp

12,040

1,243,250 1.8

Uniti Group Inc

8,300

210,903 0.3


1,454,153 2.1

Electric Utilities & Generation NextEra Energy Inc

4,500

537,570 0.8

Ameren Corp

9,000

472,140 0.7

Edison International

5,400

388,746 0.6


1,398,456 2.1

Electricity Transmission & Distribution PS Business Parks Inc 5.7%

2,532

58,970 0.1

PS Business Parks Inc 5.75%

3,262

75,939 0.1


134,909 0.2

Energy Tesoro Logistics LP

3,400

172,754 0.2

Total Energy

172,754 0.2

Gas Utilities NiSource Inc

22,030

487,744 0.7

ONE Gas Inc

3,250

207,870 0.3

Southwest Gas Corp

4,500

344,790 0.5

Total Gas Utilities

1,040,404 1.5


96



Value % Net

Shares USD Assets

Healthcare Brookdale Senior Living Inc

39,100

485,622 0.7

Care Capital Properties Inc

8,483

212,075 0.3

Medical Properties Trust Inc

20,300

249,690 0.4

Omega Healthcare Investors Inc

12,395

387,468 0.6

Welltower Inc

5,884

393,816 0.6

Welltower Inc 6.5%

7,000

175,980 0.3

Total Healthcare

1,904,651 2.9

Hotel Hilton Worldwide Holdings Inc

12,567

341,822 0.5

Hersha Hospitality Trust

7,800

167,700 0.2

LaSalle Hotel Properties

14,000

426,580 0.6

Total Hotel

936,102 1.3

Midstream Cheniere Energy Inc

12,600

522,018 0.7

CorEnergy Infrastructure Trust Inc 7.375%

5,900

145,199 0.2

Enable Midstream Partners LP

7,100

111,683 0.2

EQT Midstream Partners LP

5,170

396,436 0.6

Kinder Morgan Inc

88,900

1,841,119 2.6

Phillips 66 Partners LP

3,600

175,104 0.3

Rice Midstream Partners LP

15,800

388,364 0.5

Sunoco Logistics Partners LP

16,020

384,800 0.6

Targa Resources Corp

15,060

844,414 1.2

Taubman Centers Inc 6.5%

7,144

175,742 0.3

Western Gas Partners LP

7,290

428,360 0.6

Williams Cos Inc

33,280

1,036,339 1.5

Total Midstream

6,449,578 9.3

Mixed Kilroy Realty Corp

6,800

497,896 0.7

Kilroy Realty Corp 6.375%

5,842

146,225 0.2

Total Mixed

644,121 0.9

Office Boston Properties Inc

2,200

276,716 0.4

CoreSite Realty Corp 7.25%

14,200

358,976 0.5

Digital Realty Trust Inc 5.875%

2,100

50,253 0.1

Equity Commonwealth

409

12,368 -

Equity Commonwealth 5.75% 01/08/2042

3,800

91,124 0.1

Equity Commonwealth 6.5%

11,022

279,408 0.4

Highwoods Properties Inc

6,300

321,363 0.5

Hudson Pacific Properties Inc

6,300

219,114 0.3

Vornado Realty Trust 5.4%

3,811

85,557 0.1

Total Office

1,694,879 2.4

Other CyrusOne Inc

9,320

416,884 0.6

QTS Realty Trust Inc

600

29,790 0.0

Total Other

446,674 0.6


97



Value % Net

Shares USD Assets

Pipelines Boardwalk Pipeline Partners LP

28,590

496,322 0.7

Buckeye Partners LP

1,760

116,442 0.2

Enbridge Energy Management LLC

7,430

192,437 0.3

Enbridge Energy Partners LP

13,800

351,624 0.5

Energy Transfer Partners LP

17,220

616,648 0.9

Enterprise Products Partners LP

32,390

875,826 1.3

MPLX LP

11,466

396,953 0.6

NuStar GP Holdings LLC

4,200

121,380 0.2

Plains All American Pipeline LP

8,700

280,923 0.4

Sempra Energy

6,660

670,262 1.0

Spectra Energy Corp

7,020

288,452 0.4

Williams Partners LP

4,660

177,220 0.3

Total Pipelines

4,584,489 6.8

Rail Union Pacific Corp

1,400

145,152 0.2

Total Rail

145,152 0.2

Real Estate - Diversified Vornado Realty Trust

6,495

677,883 1.0


677,883 1.0

Regional Malls CBL & Associates Properties Inc

40,600

466,900 0.7

Simon Property Group Inc

8,664

1,539,333 2.2


2,006,233 2.9

Residential American Campus Communities Inc

7,100

353,367 0.5

American Homes 4 Rent

21,600

453,168 0.6

American Homes 4 Rent 5%

11,174

308,179 0.4

American Homes 4 Rent 5.5%

8,717

236,667 0.3

American Homes 4 Rent 6.35%

4,300

105,393 0.2

AvalonBay Communities Inc

3,664

649,078 0.9

Essex Property Trust Inc

1,878

436,635 0.6

Total Residential

2,542,487 3.5

Retail Brixmor Property Group Inc

21,500

525,030 0.8

Washington Prime Group Inc

16,000

166,560 0.2

Total Retail

691,590 1.0

Self Storage Life Storage Inc

700

59,682 0.1

Public Storage

1,500

335,250 0.5

Public Storage 4.95%

21,600

457,920 0.7

Total Self Storage

852,852 1.3

Strip Centers DDR Corp

12,700

193,929 0.3

DDR Corp 6.25%

2,800

66,724 0.1

Total Strip Centers

260,653 0.4


98



Value % Net

Shares USD Assets

Telecommunications American Tower Corp

19,670

2,078,726 3.0


2,078,726 3.0

Transmission & Distribution PG&E Corp

26,480

1,609,190 2.3

Total Transmission & Distribution

1,609,190 2.3

Triple Net Lease EPR Properties 5.75%

3,403

96,985 0.1

Gramercy Property Trust

35,512

326,000 0.5

Gramercy Property Trust 7.125%

5,900

155,170 0.2

Lexington Realty Trust 6.5%

3,500

174,650 0.2

MGM Growth Properties LLC

10,981

277,929 0.4

National Retail Properties Inc 5.2%

5,100

110,058 0.2


1,140,792 1.6

Water American Water Works Co Inc

10,040

726,494 1.0

Total Water

726,494 1.0

TOTAL UNITED STATES

33,593,222 48.5


57,981,997 83.1

(Cost $58,303,638)

Interest Principal Value % Net

Rate Maturity Amount USD Assets

INVESTMENTS

2) LISTED SECURITIES : BONDS

CANADA Energy Precision Drilling Corp 6.63

11/15/20

100,000

60,688 0.1

Total Energy

60,688 0.1

TOTAL CANADA

60,688 0.1

LUXEMBOURG Telecommunications Intelsat Luxembourg SA 7.75

06/01/21

800,000

262,000 0.4


262,000 0.4

TOTAL LUXEMBOURG

262,000 0.4

MARSHALL ISLANDS Transportation Teekay Offshore Partners LP/Teekay Offshore Finance Corp 6.00

07/30/19

100,000

84,000 0.1

Total Transportation

84,000 0.1

TOTAL MARSHALL ISLANDS

84,000 0.1

UNITED STATES Basic Industry AK Steel Corp 7.63

05/15/20

125,000

127,500 0.2

Toll Brothers Finance Corp 4.88

11/15/25

225,000

221,062 0.3

Total Basic Industry

348,562 0.5


99





Capital Goods Terex Corp 6.00

05/15/21

125,000

127,812 0.2

Total Capital Goods

127,812 0.2

Energy Concho Resources Inc 5.50

04/01/23

350,000

362,705 0.5

Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp 6.25

04/01/23

175,000

178,500 0.3

Suburban Propane Partners LP/Suburban Energy Finance Corp 5.50

06/01/24

175,000

177,188 0.3

Total Energy

718,393 1.1

Healthcare CHS/Community Health Systems Inc 6.88

02/01/22

425,000

295,375 0.4

Tenet Healthcare Corp 8.13

04/01/22

325,000

306,638 0.4

Total Healthcare

602,013 0.8

Media CCO Holdings LLC / CCO Holdings Capital Corp 5.75

01/15/24

275,000

287,375 0.4

Total Media

287,375 0.4

Telecommunications CenturyLink Inc 7.65

03/15/42

250,000

218,750 0.3

Crown Castle International Corp 5.25

01/15/23

175,000

188,344 0.3

Frontier Communications Corp 11.00

09/15/25

200,000

206,500 0.3


613,594 0.9

Utility AES Corp/VA 4.88

05/15/23

200,000

197,540 0.3

NRG Energy Inc 6.25

07/15/22

225,000

225,562 0.3

Total Utility

423,102 0.6

TOTAL UNITED STATES

3,120,851 4.5

TOTAL LISTED SECURITIES : BONDS

3,527,539 5.1

(Cost $3,776,522)


B) OTHER TRANSFERABLE SECURITIES DEALT ON AN OTHER REGULATED MARKET

1) OTHER ORGANISED MARKET : BONDS

CANADA Basic Industry Hudbay Minerals Inc 7.63

01/15/25

200,000

207,876 0.3


207,876 0.3

TOTAL CANADA

207,876 0.3

LUXEMBOURG Basic Industry INEOS Group Holdings SA 5.63

08/01/24

350,000

347,375 0.5


347,375 0.5

TOTAL LUXEMBOURG

347,375 0.5


100





MARSHALL ISLANDS Services Dynagas LNG Partners LP / Dynagas Finance Inc 6.25

10/30/19

175,000

167,125 0.2

Total Services

167,125 0.2

TOTAL MARSHALL ISLANDS

167,125 0.2

UNITED STATES Energy Blue Racer Midstream LLC / Blue Racer Finance Corp 6.13

11/15/22

200,000

200,000 0.3

EP Energy LLC / Everest Acquisition Finance Inc 6.38

06/15/23

225,000

177,750 0.3

Global Partners LP / GLP Finance Corp 6.25

07/15/22

175,000

167,671 0.2

MPLX LP 4.88

12/01/24

325,000

334,651 0.5

Range Resources Corp 5.75

06/01/21

300,000

314,250 0.5 Targa Resources Partners LP / Targa Resources Partners Finance Corp 5.25

05/01/23

325,000

328,250 0.5

Total Energy

1,522,572 2.3

Healthcare HCA Inc 5.25

06/15/26

350,000

361,812 0.5

Quorum Health Corp 11.63

04/15/23

75,000

62,813 0.1

Total Healthcare

424,625 0.6

Media Lamar Media Corp 5.38

01/15/24

200,000

207,000 0.3

Mediacom Broadband LLC / Mediacom Broadband Corp 6.38

04/01/23

275,000

288,750 0.4

Total Media

495,750 0.7

Services Boyd Gaming Corp 6.38

04/01/26

225,000

242,325 0.3

MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc 5.63

05/01/24

225,000

235,687 0.3

United Rentals North America Inc 5.75

11/15/24

225,000

236,250 0.3

Total Services

714,262 0.9

Telecommunications CyrusOne LP / CyrusOne Finance Corp 6.38

11/15/22

175,000

184,188 0.3

FairPoint Communications Inc 8.75

08/15/19

275,000

287,031 0.4

Level 3 Financing Inc 5.38

05/01/25

225,000

229,500 0.3

Windstream Services LLC 7.50

06/01/22

325,000

318,500 0.5

Zayo Group LLC / Zayo Capital Inc 6.00

04/01/23

200,000

208,000 0.3


1,227,219 1.8

Transportation Watco Cos LLC / Watco Finance Corp 6.38

04/01/23

200,000

207,000 0.3

Total Transportation

207,000 0.3

Utility Dynegy Inc 6.75

11/01/19

125,000

127,187 0.2

NRG Yield Operating LLC 5.38

08/15/24

300,000

301,500 0.4

Total Utility

428,687 0.6

TOTAL UNITED STATES

5,020,115 7.2

TOTAL OTHER ORGANISED MARKET : BONDS

5,742,491 8.2

(Cost $5,610,099)

TOTAL OTHER TRANSFERABLE SECURITIES DEALT ON AN OTHER REGULATED MARKET

5,742,491 8.2


101



Value % Net

Shares USD Assets

C) OTHER TRANSFERABLE SECURITIES

1) OTHER TRANSFERABLE SECURITIES : COMMON STOCK

UNITED STATES Midstream Rice Midstream Partners LP

1,355

30,875 -

Total Midstream

30,875 -

TOTAL UNITED STATES

30,875 -

TOTAL OTHER TRANSFERABLE SECURITIES : COMMON STOCK

30,875 -

(Cost $17,683)

Interest Principal Value % net

Rate Maturity Amount USD assets

2) OTHER TRANSFERABLE SECURITIES : TERM LOANS

AUSTRALIA Term Loans FMG Resources August 2006 Pty Ltd 3.79

06/30/19

115,635

115,866 0.2

Total Term Loans

115,866 0.2

TOTAL AUSTRALIA 115,866 0.2

CANADA Term Loans MEG Energy Corp 3.80

03/31/20

247,656

240,226 0.3

Total Term Loans

240,226 0.3

TOTAL CANADA 240,226 0.3

UNITED STATES Term Loans Cwst Frn 0.00

10/07/23

275,000

277,236 0.4

Total Term Loans

277,236 0.4

TOTAL UNITED STATES 277,236 0.4

TOTAL OTHER TRANSFERABLE SECURITIES : TERM LOANS 633,328 0.9

(Cost $566,747)

TOTAL OTHER TRANSFERABLE SECURITIES 664,203 0.9

TOTAL INVESTMENTS

67,916,230 97.3

(Cost $68,274,689)


1,897,698 2.7



102



ANALYSIS OF TOTAL ASSETS (unaudited) % Total

Description Assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 87.1

OTHER TRANSFERABLE SECURITIES DEALT ON AN OTHER REGULATED MARKET

8.1

OTHER TRANSFERABLE SECURITIES

0.9

OTHER ASSETS

3.9

TOTAL 100.0


103





Kinder Morgan Inc 112,900 2,174,382

National Grid Plc 150,500 1,941,654


American Tower Corp 14,100 1,540,329



Enbridge Inc 31,500 1,350,672

PG&E Corp 20,700 1,284,548

Land Securities Group Plc 65,300 919,511




Innogy SE 21,500 865,061

Williams Cos Inc 35,500 831,893

Cheung Kong Property Holdings Ltd 119,700 790,609

Intu Properties Plc 201,000 784,817

Kilroy Realty Corp 11,500 750,553

Great Portland Estates Plc 86,826 726,572


Brookdale Senior Living Inc 42,200 694,453


104





Prologis Inc 24,000 1,174,274

Crown Castle International Corp 11,680 1,081,041

Simon Property Group Inc 4,436 902,274

SL Green Realty Corp 8,200 875,754

Equity Residential 12,900 861,178


National Grid Plc 60,081 776,987

Host Hotels & Resorts Inc 44,500 750,231

Syngenta AG 8,249 699,333

Aena SA 4,900 695,330

Kinder Morgan Inc 38,380 679,932

Columbia Pipeline Group Inc 26,560 676,377

Eversource Energy 12,130 674,379

Ventas Inc 9,800 661,956

Scentre Group 174,500 650,271

Deutsche EuroShop AG 13,700 636,287

HCA Inc 5.875% 01/05/2023 600,000 634,525

Outfront Media Inc 26,900 613,056


Wharf Holdings Ltd 80,078 541,419


105

APPENDIX

Remuneration Policy In line with the requirements of the UCITS Regulations, the Company is required to adopt a remuneration policy which is consistent with the principles outlined in the European Communities (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2016. The remuneration policies are designed to ensure that any relevant conflicts of interest can be managed appropriately at all times and that the remuneration of its senior staff is in line with the risk policies and objectives of the sub-funds the Company manages. As this report is made before the completion of the first full calendar year after the requirements became effective, the Company does not consider that the quantitative remuneration data available to it is sufficiently relevant or that it provides a proper basis for comparison and it has therefore elected not to make any quantitative disclosures in accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2016. 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. Securities Financing Transactions

As the Company undertakes securities lending it is required to report on Securities Financing Transactions

(as defined in Article 3 of Regulation (EU) 2015/2365, securities financing transactions include repurchase

transactions, securities on commodities lending and securities on commodities borrowing and margin lending

transactions).

Concentration Data

Top 10 Issuers

Issuer Name Country Name Amount of Collateral USD

Rice Midstream Partners LP United States 1,200,000


106

APPENDIX (continued)

Securities Financing Transactions (continued)

Top 10 Counterparties

Counterparty Name Country Name Amount of Collateral USD

JPMorgan Chase Bank United States 1,200,000

Aggregate Transaction Data

Type of Collateral

Collateral Amount of Collateral USD

Cash 1,200,000

Maturity Tenure of Collateral

Maturity Amount of Collateral USD

Not Applicable 1,200,000

Currencies of Securities Collateral

Countries of Counterparties

Countries Amount of Collateral USD

United States 1,200,000

Safe Keeping of Collateral Received

Custodians Amount of Collateral Asset Safe-Kept USD

RBC IS Trust 1,200,000

Currencies Amount of Collateral USD

USD 1,200,000

SODITIC FUNDS PLC - Brookfield/media/Files/B... · 2017-04-28 · BROOKFIELD INVESTMENT FUNDS...

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