brookfield investment fund ucits plc 31.12.2015 - draft 5/media/files/b/brookfield-bi… · for the...

2015For the Financial Year Ended 31 December 2015

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS

Brookfield Investment Management

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC

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

Registration Number 503109


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TABLE OF CONTENTS

Page

Directors and Other Information 2

Directors’ Report and Statement of Directors’ Responsibilities 3 – 5

Report of the Custodian to the Shareholders 6

Investment Manager Report 7 – 22

Independent Auditor’s Report 23

Statements of Financial Position 24 – 28

Statements of Comprehensive Income 29 – 31

Statements of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 32 – 34

Statements of Cash Flows 35 – 40

Notes to the Financial Statements 41 – 66

Brookfield Global Listed Infrastructure UCITS Fund

Schedule of Investments 67 – 70

Schedule of Significant Portfolio Changes (unaudited) 71 – 72

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




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

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

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

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

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

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

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

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


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DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 The Board of Directors (“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 2015. 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. 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 th e 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 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.


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DIRECTORS’ REPORT (continued) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 Principal activities (continued) 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. 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.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

For the fiscal year ended December 31, 2015, the Brookfield Global Listed Infrastructure UCITS Fund – Class E (USD) had a total return -19.69%. The Dow Jones Brookfield Global Infrastructure Composite Index1 (“the Benchmark”) returned -14.5% during the period. By sector, Master Limited Partnerships (MLPs) were the leading detractor relative to the Dow Jones Brookfield Global Infrastructure Composite Index2 due to an overweight allocation and stock selection, as the space traded with sensitivity to oil prices throughout the year.3 Our underweight position and stock selection in the Electricity Transmission & Distribution sector also detracted as defensive stocks outperformed during a volatile period. Our allocation to the non-benchmark Rail sector underperformed mainly due to poorer than expected carload data, which was driven by a softer industrial economy and a strong U.S. Dollar. The Fund’s strongest relative contributor was an overweight allocation to the Toll Roads sector. Traffic on toll roads has been better than expected, which is indicative of the positive macroeconomic trends in countries where we are invested.

An underweight position in Pipelines contributed to relative performance during the year, as the sector declined alongside oil. An overweight allocation in Communications also contributed, due to strong fundamentals in the sector that are uncorrelated to overall macro environment.

By region, the U.S. and Asia Pacific were the largest detractors from relative performance as a result of stock selection. An overweight allocation in Continental Europe was the leading contributor by region. Stock selection in Latin America also contributed during the year. In terms of individual securities, an overweight position in Crestwood Equity Partners (CEQP, MLP, U.S.) was the Fund’s worst detractor as the company was unable to find a strategic or new financial sponsor and “rolled-up” its MLP into its general partner. Overweight positions in SemGroup Corporation (SEMG, Pipelines, U.S.) and Targa Resources Corp (TRGP, Midstream, U.S.) also detracted from relative performance, as both underperformed on crude oil weakness. In contrast, underweight positions in underperforming Kinder Morgan Inc. (KMI, Pipelines, U.S.) and Energy Transfer Equity, LP (ETE, MLP, U.S.) were the leading contributors to relative performance. KMI was forced to cut its distribution to both fund new projects and retain its investment-grade ratings. ETE performed poorly on investor concerns about funding needs and overall leverage. Not owning underperforming Cheniere Energy, Inc. (LNG, Midstream, U.S.) also contributed to relative performance as liquefied natural gas prices fell and the company’s efforts to contract new capacity stalled.

INFRASTRUCTURE MARKET OVERVIEW

Global equity markets were flat in 2015, as the MSCI World Index3 returned -0.3% for the period. Returns in Asia Pacific were positive (+3.2%), while Europe (-2.3%) and North America (-0.3%) declined. During the first half of the year, investors focused largely on a strengthening U.S. dollar, central bank activity around the world and geopolitical events (notably, the possibility of a Greek exit from the euro and the potential for a Puerto Rico debt default). The main investment themes during the second half of the year revolved around economic and market concerns in China, continued declines in commodity prices and the long-awaited announcement in December that the federal funds rate would increase for the first time since 2006.

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. 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. 1 Attribution reflects returns in local currencies. 3 The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity performance of developed markets.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND (continued) While the Federal Reserve’s move was highly anticipated and the initial intraday market reaction was muted, equities began to selloff in the days after the announcement, before recovering some losses the following week. The trading year ended on concerns that stress in some areas of the high-yield fixed income market would spread to equities. The yield on the 10-Year U.S. Treasury note rose 10 basis points during the period, ending the year at 2.27%. Challenging year for infrastructure securities Global infrastructure securities underperformed the MSCI World Index in 2015, with the Dow Jones Brookfield Global Infrastructure Composite Index returning -14.5%.1 Regional returns were mixed, as Asia Pacific (+2.4%) generated positive performance, returns in Europe were flat (+0.5%) and the Americas (-22.6%) weighed on overall benchmark results. Four of eight sectors generated positive returns in the period, led by Airports (+17.9%), Toll Roads (4.4%), Water (4.2%) and Electricity Transmission & Distribution (0.1%); while Oil & Gas Storage & Transportation (-30.3%), Ports (-19.9%), Diversified (-3.9%) and Communications (-0.4%) declined. The Alerian MLP Index4 had a total return of -32.6% in 2015, the worst performance for the index since 2008. For much of 2015, the macro environment proved to be very challenging for investors in global infrastructure securities. Oil prices declined by 30.5% as the price of West Texas Intermediate Crude fell to $37.13 per barrel. The selloff accelerated in December after the Dec. 4 meeting of the Organization of the Petroleum Exporting Countries (OPEC), when the group abandoned its target output of 30 million barrels per day. Even though cash flows of most energy infrastructure companies haven’t been affected by declines in oil yet, growth fundamentals going forward have taken a step down, which has led to a change in valuation. This valuation has served as a negative feedback loop for the energy infrastructure space given its reliance on access to capital markets to fund growth. However, if we look at other parts of infrastructure, fundamentals remained largely intact. In the Electricity Transmission & Distribution, Gas Utilities and Water sectors regulated growth was consistently strong; and valuations were supported by low bond yields. OUTLOOK We enter 2016 with a more cautious outlook on the global macroeconomic environment. While the employment numbers remain strong in the U.S., and consumer spending has been solid, both corporate profits and industrial production have been declining. We are also concerned about the continued decline in oil prices; notably, West Texas Intermediate Crude, which closed the year at $37.13 per barrel, well below its average price of ~$49 per barrel over the course of the year. Should prices remain below $40 for a protracted period of time or decline further, the ability for energy & production companies to invest in new drilling, service debt and return capital to investors could be severely impacted. That said, we continue to see attractive opportunities across the diverse industry groups that comprise infrastructure equities as an asset class. In this environment of potentially slower economic growth, we see more attractive opportunities for infrastructure investment in Communications, which continues to benefit from growing data usage. We also see opportunities in Utilities, which tend to offer more defensive characteristics in an environment of slower growth. We are also positive on European transportation assets. Toll Roads continue to enjoy favorable traffic growth amid the region’s gradual recovery, and the region’s Airports offer attractive prospects for growth—more so than assets in markets with greater exposure to the travel patterns of the Chinese consumer, such as airports in Australia. Although our stance on the global economy has become more cautious, there are inherently defensive characteristics in the business models of many infrastructure-related companies, as defined by relatively stable cash flows derived from contracted or regulated revenue streams. In our view, fundamentally based, bottom-up security selection is the best way to identify the most attractive opportunities for investment.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND (continued) Disclosure Performance data quoted represents past performance results and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. All returns shown in USD. The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security. There is no assurance that the Brookfield Global Listed Infrastructure UCITS Fund currently holds these securities. Please refer to the Schedule of Investments contained in this report for a full listing of fund holdings. References to MLPs refer to energy infrastructure companies that operate in a structure called a Master Limited Partnership. Investing involves risk. Principal loss is possible. A Basis Point is one hundredth of one percent (0.01%). Cash flow refers to the amount of cash generated and used by a company over a given period. Earnings growth is not a measure of the Fund’s futu re performance. These views represent the opinions of Brookfield Investment Management Inc. and are not intended to predict or depict the performance of any investment. These views are as of the close of business on December 31, 2015 and subject to change based on subsequent developments.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND MANAGEMENT DISCUSSION OF FUND PERFORMANCE For the fiscal year ended December 31, 2015, the Brookfield Global Listed Real Estate UCITS Fund – Class E (USD) had a total return -2.57%. The FTSE EPRA/NAREIT Developed Index2 (the “Benchmark”) returned 0.05% for the period. Over the 12 months ending December 31, 2015, Self Storage was the largest detractor as the portfolio maintained zero exposure to the outperforming sector, having viewed the sector as overvalued. Stock selection in the “Other” and Retail sectors also detracted from relative performance during the period. In contrast, an underweight allocation in the underperforming Healthcare sector was the leading contributor to relative performance during the year. Positive stock selection in the Office sector also contributed, as did an underweight allocation in the Diversified sector. By region, the U.S. was the largest detractor, driven by stock selection. The U.K. also detracted during the year, due to the combination of an underweight allocation to the outperforming region and negative stock selection. Japan was the leading contributor to relative performance, due to stock selection and an underweight position in the underperforming region. Stock selection in China/Hong Kong and Singapore also contributed performance during the year. By position, an overweight position in underperforming CBL & Associates Properties, Inc. (CBL, Retail, U.S.) detracted from relative performance as secondary retail underperformed prime retail. In addition, zero exposure to Public Storage (PSA, Self Storage, U.S.) also detracted from relative performance as the sector was a top performer. A position in non-benchmark OUTFRONT Media Corp. (OUT, Other, U.S.) also detracted from performance during the year. The largest individual contributor to performance by security was a position in Sun Hung Kai Properties Limited (16.HK, Diversified, Hong Kong). An overweight position in Mid-America Apartment Communities, Inc. (MAA, Residential, U.S.) also contributed as the company outperformed on strong earnings growth. An overweight position in Keppel Land Ltd (KPLD.SP, Diversified, Singapore) was also a contributor during the year. GLOBAL REAL ESTATE MARKET OVERVIEW Global equity markets were flat in 2015, as the MSCI World Index1 returned -0.3% for the period. Returns in Asia Pacific were positive (+3.2%), while Europe (-2.3%) and North America (-0.3%) declined. During the first half of the year, investors focused largely on a strengthening U.S. dollar, central bank activity and geopolitical events (notably, the possibility of a Greek exit from the euro and the potential for a Puerto Rico debt default). The main investment themes during the second half of the year revolved around economic and market concerns in China, major declines in commodity prices (driven by oil) and the long-awaited announcement in December that the federal funds rate would increase for the first time since 2006. The Federal Reserve’s move was highly anticipated and thus the yield on the 10-Year U.S. Treasury note rose only 10 basis points during the period, ending the year at 2.27%. Real estate securities were flat in 2015 with the FTSE EPRA/NAREIT Developed Index2 returning 0.05% for the year, outperforming the broader equity market.1 Europe led the way, up 6.7%, followed by North America, up 1.8%, while Asia Pacific was down 7.3%. ________________ 1 The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity performance of developed markets. 2 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 2015 BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND (co ntinued)

Over the course of 2015, the main focus for REIT investors was on the direction of interest rates and the timing of the Federal Open Market Committee’s (FOMC) decision to raise them. In addition to the focus on interest rates, we saw a flight to quality throughout the year, which led to owners of secondary assets in the U.S. significantly underperforming the market. By the end of the year, many of these companies were trading at discounts to Net Asset Value (NAV) of greater than 30%. We see similar valuation gaps between public and private market pricing among Hong Kong landlords, as well as Japanese developers. OUTLOOK

Valuation gaps of this magnitude – as noted in the section above, are rare. If history is a guide, they tend to persist in the short-to-medium term but are not sustainable over long periods of time. With the liftoff in U.S. rates now behind us, buyers can have greater confidence in the direction of interest rates, and this may lead to an increase in mergers and acquisitions (M&A) activity this year. An increase in M&A could be one catalyst which would help to narrow the disparity between public and private market valuations. Another potential catalyst is the increase we are seeing in the number of REITs selling assets in order to de-lever their balance sheets or to buy back shares.

A portion of the portfolio is focused on secondary assets, which will benefit from a decrease in the valuation discount that the market currently ascribes to them. Additionally, the portfolio maintains exposure to many high-quality companies, which we expect to experience outsized revenue growth from the ownership of prime assets. Disclosure Performance data quoted represents past performance results and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. All returns shown in USD. The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security. There is no assurance that the Brookfield Global Listed Real Estate Fund currently holds these securities. Please refer to the Schedule of Investments contained in this report for a full listing of fund holdings. Investing involves risk. Principal loss is possible. The FTSE EPRA/NAREIT Developed Index is calculated by the FTSE Group. Performance is calculated by price, total return and net total return and the Index is calculated daily. Constituents must meet minimum market capitalization, liquidity requirements, and real estate activity requirements in order to be included within the Index. North American and Asian companies must be of a minimum of US$200 million in market capitalization with liquidity of US$100 million. European companies are bound by 50 million market cap minimum and liquidity of 25 million. The Index is unmanaged and, unlike the Fund, is not affected by cash flows or trading and other expenses. It is not possible to invest directly in an index. Index performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund. A basis point (bps) is a unit that is equal to 1/100th of 1% and is used to denote a change in a financial statement. A capitalization rate is a rate of return on a real estate investment property which is based on the anticipated income that the property will generate. Earnings growth is not a measure of the Fund’s futu re performance These views represent the opinions of Brookfield Investment Management Inc. and are not intended to predict or depict the performance of any investment. These views are as of the close of business on December 31, 2015 and subject to change based on subsequent developments.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 BROOKFIELD U.S. LISTED REAL ESTATE UCITS FUND MANAGEMENT DISCUSSION OF FUND PERFORMANCE For the fiscal year ended December 31, 2015, the Brookfield U.S. Listed Real Estate UCITS Fund – Class E (USD) had a total return -6.62%.1 The MSCI U.S. REIT Total Return Index2 (the “Benchmark”) returned 2.5% for the period. During the 12-month period ending December 31, 2015, the Retail sector was the largest detractor from relative performance due to stock selection. A zero allocation to Self Storage was the second largest detractor as the sector outperformed during the year. The Office sector also detracted, due to stock selection and an overweight position. Overweight allocations to CBL & Associates Properties, Inc. (NYSE: CBL) (Retail) and WP Glimcher, Inc. (NYSE: WPG) (Retail) were among the largest detractors during the period. CBL and WPG underperformed as the risk-off environment this year led to secondary regional malls meaningfully underperforming the market. An underweight allocation to Public Storage (NYSE: PSA) (Self Storage) also detracted from relative performance. The Residential sector was the largest contributor to relative performance, driven by an underweight allocation. Stock selection in the Healthcare and Industrial sectors also contributed during the period. The largest contributor to relative performance during the period was an overweight position in Mid-America Apartment Communities, Inc. (NYSE: MAA) (Residential), as the company outperformed on strong earnings growth. An underweight allocation to Welltower, Inc. (NYSE: HCN) (Healthcare) also contributed to relative performance as the company underperformed substantially in the months of October and November, following a poor earnings report by peer Ventas (NYSE: VTR). An overweight allocation to Douglas Emmett, Inc. (NYSE: DEI) (Office) also contributed during the period. U.S. REAL ESTATE MARKET OVERVIEW For the period from January 1, 2015 through December 31, 2015 (the “Period”), the S&P 500 Total Return Index3 was up 1.4%. During the first half of the year, investors focused largely on a strengthening U.S. dollar, central bank activity and geopolitical events (notably, the possibility of a Greek exit from the euro and the potential for a Puerto Rico debt default). The main investment themes during the second half of the year revolved around economic and market concerns in China, major declines in commodity prices (driven by oil) and the long-awaited announcement in December that the federal funds rate would increase for the first time since 2006. The U.S. Federal Reserve’s move was highly anticipated and thus the yield on the 10-Year U.S. Treasury note rose only 10 basis points during the period, ending the year at 2.27%. U.S. real estate securities were up 2.5% for the 12 months as measured by the MSCI U.S. REIT Total Return Index2. By sector, Self Storage led the way with a return of (+40.6%), followed by Residential (+16.6%), Retail (+4.7%), Industrial (2.7%) and Office (+0.3%); while the Hotels (-24.5%), Healthcare (-7.6%), Diversified (-2.5%) and Industrial/Office (-0.6%) sectors posted negative returns for the year.4 Over the course of 2015, the main focus for REIT investors was on the direction of interest rates and the timing of the FOMC’s decision to raise them. In addition to the focus on interest rates, we saw a flight to quality throughout the year, which led to owners of secondary assets in the significantly underperforming the market. By the end of the year, many of these companies were trading at discounts to Net Asset Value (NAV) of greater than 30%. _____________ 1 The total return stated assumes the reinvestment of dividends and is exclusive of brokerage commissions. 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 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. 4 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 2015 BROOKFIELD U.S. LISTED REAL ESTATE UCITS FUND (cont inued) Over the course of 2015, the main focus for REIT investors was on the direction of interest rates and the timing of the FOMC’s decision to raise them. In addition to the focus on interest rates, we saw a flight to quality throughout the year, which led to owners of secondary assets in the significantly underperforming the market. By the end of the year, many of these companies were trading at discounts to Net Asset Value (NAV) of greater than 30%. OUTLOOK Valuation gaps of this magnitude – as noted in the section above, are rare. If history is a guide, they tend to persist in the short-to-medium term but are not sustainable over long periods of time. With the liftoff in U.S. rates now behind us, buyers can have greater confidence in the direction of interest rates, and this may lead to an increase in mergers and acquisitions (M&A) activity this year. An increase in M&A could be one catalyst which would help to narrow the disparity between public and private market valuations. Another potential catalyst is the increase we are seeing in the number of REITs selling assets in order to de-lever their balance sheets or to buy back shares. A portion of the portfolio is focused on secondary assets, which should benefit from a decrease in the valuation discount that the market currently ascribes to them. Additionally, the portfolio maintains exposure to many high-quality companies, which we expect to experience outsized revenue growth from the ownership of prime assets. Disclosure Performance data quoted represents past performance results and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. All returns shown in USD. The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security. There is no assurance that the Brookfield U.S. Listed Real Estate Fund currently holds these securities. Please refer to the Schedule of Investments contained in this report for a full listing of fund holdings. Investing involves risk. Principal loss is possible. A basis point (bps) is a unit that is equal to 1/100th of 1% and is used to denote a change in a financial statement. A capitalization rate is a rate of return on a real estate investment property which is based on the anticipated income that the property will generate. Earnings growth is not a measure of the Fund’s futu re performance These views represent the opinions of Brookfield Investment Management Inc. and are not intended to predict or depict the performance of any investment. These views are as of the close of business on December 31, 2015 and subject to change based on subsequent developments.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 BROOKFIELD GLOBAL LISTED INFRASTRUCTURE LONG SHORT FUND MANAGEMENT DISCUSSION OF FUND PERFORMANCE For the fiscal year ended December 31, 2015, the Brookfield Global Listed Infrastructure Long Short UCITS Fund – Class E (USD) had a total return -7.26%. By sector, Master Limited Partnerships (MLPs) were the largest detractor, as the sector traded with sensitivity to oil prices throughout the year. The Rail sector also detracted mainly due to poorer than expected carload data, which was driven by a softer industrial economy and a strong U.S. Dollar. The Pipelines sector was also a detractor, also driven by the decline in oil. The Fund’s strongest contributor during the year was Gas Utilities. Airports and Toll Roads also contributed positively as traffic has been better than expected, which is indicative of the positive macroeconomic trends in countries where we are invested. By region, the U.S. was the largest detractor, largely driven by exposure to MLPs. Continental Europe was the leading contributor by region. In terms of individual securities, a long position in Teekay Offshore Partners LP (TOO, MLP, U.S.) was the largest detractor as the company cut its distribution amid declining capital availability. A long position in Energy Transfer Equity, L.P. (ETE, MLP, U.S.) also detracted as the company underperformed on concerns about funding needs and the company’s leverage position. Long exposure to Veresen Inc. (VSN.CN, Pipelines, Canada) was a detractor as well during the period. In contrast, short positions in TransCanada Corporation (TRP, Pipelines, Canada), TAV Havalimanlari Holding A.S. (TAVHL.IS, Airports, Turkey) and Spectra Energy Partners, LP (SEP, MLP, U.S.) were the three leading positive contributors during the year.

INFRASTRUCTURE MARKET OVERVIEW

Global equity markets were flat in 2015, as the MSCI World Index1 returned -0.3% for the period. Returns in Asia Pacific were positive (+3.2%), while Europe (-2.3%) and North America (-0.3%) declined. During the first half of the year, investors focused largely on a strengthening U.S. dollar, central bank activity around the world and geopolitical events (notably, the possibility of a Greek exit from the euro and the potential for a Puerto Rico debt default). The main investment themes during the second half of the year revolved around economic and market concerns in China, continued declines in commodity prices and the long-awaited announcement in December that the federal funds rate would increase for the first time since 2006. While the Federal Reserve’s move was highly anticipated and the initial intraday market reaction was muted, equities began to selloff in the days after the announcement, before recovering some losses the following week. The trading year ended on concerns that stress in some areas of the high-yield fixed income market would spread to equities. The yield on the 10-Year U.S. Treasury note rose 10 basis points during the period, ending the year at 2.27%. Challenging year for infrastructure securities

Global infrastructure securities underperformed the MSCI World Index in 2015, with the Dow Jones Brookfield Global Infrastructure Composite Index returning -14.5%.2 Regional returns were mixed, as Asia Pacific (+2.4%) generated positive performance, returns in Europe were flat (+0.5%) and the Americas (-22.6%) weighed on overall benchmark results. Four of eight sectors generated positive returns in the period, led by Airports (+17.9%), Toll Roads (4.4%), Water (4.2%) and Electricity Transmission & Distribution (0.1%); while Oil & Gas Storage & Transportation (-30.3%), Ports (-19.9%), Diversified (-3.9%) and Communications (-0.4%) declined. The Alerian MLP Index3 had a total return of -32.6% in 2015, the worst performance for the index since 2008.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 BROOKFIELD GLOBAL LISTED INFRASTRUCTURE LONG SHORT FUND (continued) For much of 2015, the macro environment proved to be very challenging for investors in global infrastructure securities. Oil prices declined by 30.5% as the price of West Texas Intermediate Crude fell to $37.13 per barrel. The selloff accelerated in December after the Dec. 4 meeting of the Organization of the Petroleum Exporting Countries (OPEC), when the group abandoned its target output of 30 million barrels per day. Even though cash flows of most energy infrastructure companies haven’t been affected by declines in oil yet, growth fundamentals going forward have taken a step down, which has led to a change in valuation. This valuation has served as a negative feedback loop for the energy infrastructure space given its reliance on access to capital markets to fund growth. However, if we look at other parts of infrastructure, fundamentals remained largely intact. In the Electricity Transmission & Distribution, Gas Utilities and Water sectors regulated growth was consistently strong; and valuations were supported by low bond yields. OUTLOOK We enter 2016 with a more cautious outlook on the global macroeconomic environment. While the employment numbers remain strong in the U.S., and consumer spending has been solid, both corporate profits and industrial production have been declining. We are also concerned about the continued decline in oil prices; notably, West Texas Intermediate Crude, which closed the year at $37.13 per barrel, well below its average price of ~$49 per barrel over the course of the year. Should prices remain below $40 for a protracted period of time or decline further, the ability for energy & production companies to invest in new drilling, service debt and return capital to investors could be severely impacted. We have reduced our net and gross exposures as a result of the rapidly deteriorating picture for energy and energy infrastructure assets in the near-to-medium term. As access to capital is reduced from both the equity and credit markets, we must focus on names that have limited needs to access the market and have strong balance sheets. We now have the majority of our net exposure outside of U.S. energy-related names, as we believe this market may take time to see a price recovery. That said, we continue to see attractive opportunities across the diverse industry groups that comprise infrastructure equities as an asset class. In this environment of potentially slower economic growth, we see more attractive opportunities for infrastructure investment in Communications, which continues to benefit from growing data usage. We also see opportunities in Utilities, which tend to offer more defensive characteristics in an environment of slower growth. We are also positive on European transportation assets. Toll Roads continue to enjoy favorable traffic growth amid the region’s gradual recovery, and the region’s Airports offer attractive prospects for growth—more so than assets in markets with greater exposure to the travel patterns of the Chinese consumer, such as airports in Australia. Although our stance on the global economy has become more cautious, there are inherently defensive characteristics in the business models of many infrastructure-related companies, as defined by relatively stable cash flows derived from contracted or regulated revenue streams. In our view, fundamentally based, bottom-up security selection is the best way to identify the most attractive opportunities for investment. ______ _________ 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. 2 The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity performance of developed markets. 3 The Alerian MLP Index is a composite of the 50 most prominent energy master limited partnerships calculated by Standard & Poor’s using a float-adjusted market capitalization methodology.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 BROOKFIELD GLOBAL LISTED INFRASTRUCTURE LONG SHORT FUND (continued) Disclosure Performance data quoted represents past performance results and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. All returns shown in USD. The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security. There is no assurance that the Brookfield Global Listed Infrastructure Long Short UCITS Fund currently holds these securities. Please refer to the Schedule of Investments contained in this report for a full listing of fund holdings. References to MLPs refer to energy infrastructure companies that operate in a structure called a Master Limited Partnership. Investing involves risk. Principal loss is possible. A Basis Point is one hundredth of one percent (0.01%). Cash flow refers to the amount of cash generated and used by a company over a given period. Earnings growth is not a measure of the Fund’s futu re performance. These views represent the opinions of Brookfield Investment Management Inc. and are not intended to predict or depict the performance of any investment. These views are as of the close of business on December 31, 2015 and subject to change based on subsequent developments.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 BROOKFIELD REAL ASSETS SECURITIES UCITS FUND MANAGEMENT DISCUSSION OF FUND PERFORMANCE Since the commencement of investment operations on September 1, 2015 through ended December 31, 2015, the Brookfield Real Assets Securities UCITS Fund had a total return -2.36%. Real Estate Equities contributed positively to Fund performance, while investments in Infrastructure Equities, Natural Resource Equities, Commodities and Fixed Income detracted from Fund performance. By region, investments in Asia Pacific and Continental Europe contributed to performance; while those in the following regions detracted from performance: the United States, Canada, Latin America and the United Kingdom. The three largest contributors to Fund performance were Simon Property Group, Inc. (SPG, Core Real Estate—Retail, U.S.), Prologis, Inc. (PLD, Core Real Estate—Industrial, U.S.) and Syngenta AG Sponsored ADR (SYT.US, Natural Resource Equities—Basic Materials, Switzerland). The three largest detractors from Fund performance were all in sectors impacted by the substantial decline in energy prices: Kinder Morgan Inc. (KMI, Core Infrastructure—Pipelines, U.S.), Williams Companies, Inc. (WMB, Core Infrastructure—Midstream, U.S.) and the Fund’s investment in a total-return swap on the Bloomberg Commodity Index.2 The Fund’s diversification by geography and sector as of December 31, 2015 is summarized in the tables below.

In the next section, we provide further detail on the positioning and performance of each asset class, along with our outlook for investing in real asset-related securities. Note that the Fund’s investments in the above sectors are grouped by Real Estate Equities, Infrastructure Equities, Natural Resource Equities & Commodities and Fixed Income. Total returns from these segments of the portfolio are shown after the deduction of fees and expenses. REAL ESTATE EQUITIES Since the commencement of investment operations on September 1, 2015 through ended December 31, 2015, the Fund’s allocation to Real Estate Equities—Core delivered a return of 6.6% and the allocation to Real Estate Equities—Preferreds had a 4.4% total return.

Sector Diversification

Real Estate Equities 32.1%

—Real Estate - Core 27.1%

—Real Estate - Preferreds 5.0%

Infrastructure Equities 27.5%

—Infrastructure - Core 18.9%

—Infrastructure - MLPs 5.1%

—Infrastructure - Renewable Energy 3.5%

Natural Resource Equities & Commodities 15.1%

Natural Resource Equities

—Agriculture & Timber 3.6%

—Energy 3.8%

—Metals & Mining 4.1%

Commodities 3.6%

Fixed Income 24.7%

—Real Asset Debt 24.7%

Cash 0.6%

Geographic Diversification United States 65.7% Canada 4.2% Australia 3.8% United Kingdom 3.1% Japan 2.9% Hong Kong 2.9% Germany 2.8% France 2.2% Other 8.2% Commodities 3.6% Cash 0.6%


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 BROOKFIELD REAL ASSETS SECURITIES UCITS FUND (conti nued) Within the Real Estate Equities—Core allocation, by sector, Self Storage was the largest detractor as the portfolio maintained zero exposure to the outperforming sector, having viewed the sector as overvalued. Stock selection in the “Other” and Retail sectors also detracted from relative performance during the period. In contrast, an underweight allocation in the underperforming Healthcare sector was the leading contributor to relative performance during the year. Positive stock selection in the Office sector also contributed, as did an underweight allocation in the Diversified sector. By region, the U.S. was the largest detractor, driven by stock selection. The U.K. also detracted during the year, due to the combination of an underweight allocation to the outperforming region and negative stock selection. Japan was the leading contributor to relative performance, due to stock selection and an underweight position in the underperforming region. Stock selection in China/Hong Kong and Singapore also contributed performance during the year. By position, an overweight position in underperforming CBL & Associates Properties, Inc. (CBL, Retail, U.S.) detracted from relative performance as secondary retail underperformed prime retail. In addition, zero exposure to Public Storage (PSA, Self Storage, U.S.) also detracted from relative performance as the sector was a top performer. A position in non-benchmark OUTFRONT Media Corp. (OUT, Other, U.S.) also detracted from performance during the year. The largest individual contributor to performance by security was a position in Sun Hung Kai Properties Limited (16.HK, Diversified, Hong Kong). An overweight position in Mid-America Apartment Communities, Inc. (MAA, Residential, U.S.) also contributed as the company outperformed on strong earnings growth. An overweight position in Keppel Land Ltd (KPLD.SP, Diversified, Singapore) was also a contributor during the year. At year end, global real estate common equity, as a group, was trading at a discount to private-market valuations. The gap in valuations was driven by investor concerns over the direction of U.S. interest rates, magnified by a flight to quality during the period. Many owners of non-prime and secondary assets underperformed significantly in this environment, and as a result, several companies closed the year trading at discounts to net asset value (NAV) of 30% or more. We believe that this unusually wide gap will narrow in 2016, now that the liftoff in U.S. interest rates is behind us. One reason is that buyers can have greater confidence in the direction of interest rates, which should help to narrow the disparity between public and private market valuations. Another catalyst is the increase we are seeing in the number of REITs selling assets in order to buy back shares or improve the quality of their balance sheets. A portion of the Fund’s allocation to global real estate common equity is focused on secondary assets, which we expect should benefit from a decrease in the valuation discount that the market currently ascribes to these assets. Additionally, the portfolio maintains exposure to many high-quality companies, in prime assets with the potential to deliver outsized revenue growth. From a regional perspective, property-market fundamentals are particularly robust in the U.S., where economic growth appears sufficient to drive a modest increase in the demand for space. At the same time, construction has remained relatively low, and this has served to limit new supply. These dynamics should be positive for growth in property occupancies, rents and cash flows. We continue to limit exposure to the U.K. office market as we see meaningful new supply on the horizon, while both rents and property values are near all-time highs. Our views on continental Europe are more positive, based on muted supply growth and the expectation that GDP growth will pick up gradually, while property values receive a boost from the ECB's easy monetary policy. In the Asia Pacific region, we believe that valuations in the Japanese REIT sector are stretched, as they trade at sizeable premiums to NAV; accordingly, we are more positive on Japanese developers. We have a positive outlook on the Australian property market as the spread between property yields and local debt costs is attractive, but we are somewhat cautious on the Australian office market. We acknowledge that there are a number of risks to the Hong Kong market; however, we still view the market as attractively priced despite these risks.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 BROOKFIELD REAL ASSETS SECURITIES UCITS FUND (conti nued) INFRASTRUCTURE EQUITIES Since the commencement of investment operations on September 1, 2015 through ended December 31, 2015, the Fund’s allocation to Infrastructure Equities—Core had a total return of -6.7% during the period. The allocation to Infrastructure Equities—MLPs had a total return of -18.4% and the allocation to Infrastructure Equities—Renewable Energy had a total return of 3.2%. The macro environment in 2015 proved to be very challenging for investors in global infrastructure securities. Particularly hard hit were energy-related sectors impacted by the year’s 30.5% decline in oil prices, as measured by West Texas Intermediate crude oil, which closed the year at $37.13 per barrel. This selloff accelerated at year end, following the December OPEC meeting when the group abandoned its target output of 30 million barrels per day. By sector, Master Limited Partnerships (MLPs) were the leading detractor due to an overweight allocation and stock selection, as the space traded with sensitivity to oil prices throughout the year. Our underweight position and stock selection in the Electricity Transmission & Distribution sector also detracted as defensive stocks outperformed during a volatile period. Our allocation to the non-benchmark Rail sector underperformed mainly due to poorer than expected carload data, which was driven by a softer industrial economy and a strong U.S. Dollar. The Fund’s strongest relative contributor was an overweight allocation to the Toll Roads sector. Traffic on toll roads has been better than expected, which is indicative of the positive macroeconomic trends in countries where we are invested. An underweight position in Pipelines contributed to relative performance during the year, as the sector declined alongside oil. An overweight allocation in Communications also contributed, due to strong fundamentals in the sector that are uncorrelated to overall macro environment. By region, the U.S. and Asia Pacific were the largest detractors from relative performance as a result of stock selection. An overweight allocation in Continental Europe was the leading contributor by region. Stock selection in Latin America also contributed during the year. In terms of individual securities, an overweight position in Crestwood Equity Partners (CEQP, MLP, U.S.) was the Fund’s worst detractor as the company was unable to find a strategic or new financial sponsor and “rolled-up” its MLP into its general partner. Overweight positions in SemGroup Corporation (SEMG, Pipelines, U.S.) and Targa Resources Corp (TRGP, Midstream, U.S.) also detracted from relative performance, as both underperformed on crude oil weakness. In contrast, underweight positions in underperforming Kinder Morgan Inc. (KMI, Pipelines, U.S.) and Energy Transfer Equity, LP (ETE, MLP, U.S.) were the leading contributors to relative performance. KMI was forced to cut its distribution to both fund new projects and retain its investment-grade ratings. ETE performed poorly on investor concerns about funding needs and overall leverage. Not owning underperforming Cheniere Energy, Inc. (LNG, Midstream, U.S.) also contributed to relative performance as liquefied natural gas prices fell and the company’s efforts to contract new capacity stalled. Despite a more cautious outlook on the global macroeconomic environment, we continue to see attractive opportunities across the diverse industry groups that comprise infrastructure equities. For example, there are inherently defensive characteristics in the business models of many infrastructure-related companies, as defined by relatively stable cash flows derived from contracted or regulated revenue streams. We are also positive on European transportation assets; Toll Roads continue to enjoy favorable traffic growth amid the region's gradual recovery, and European Airports offer attractive prospects for growth—more so than assets in markets with greater exposure to the travel patterns of the Chinese consumer, such as airports in Australia. We also have a favorable view of the Communications sector, which continues to benefit from growing data usage and the proliferation of tablets and cell phones.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 BROOKFIELD REAL ASSETS SECURITIES UCITS FUND (conti nued) NATURAL RESOURCE EQUITIES & COMMODITIES Since the commencement of investment operations on September 1, 2015 through ended December 31, 2015, the Fund's allocation to Natural Resource Equities - Agriculture & Timber returned -5.8% during the period. Natural Resource Equities – Energy returned -11.1% and Natural Resource Equities – Metals and Mining returned -14.7%. The Fund’s total return swap on the Bloomberg Commodity Index delivered a total return of -11.3% during the period. The sections below provides highlights of the three sectors that comprise Natural Resource Equities. Natural Resource Equities—Agriculture & Timber : The past year’s crops for U.S. corn and soybeans proved to be fairly robust, dragging down corn and soybean prices. Planting progress for the current Latin American crop season points to ample production out of Brazil and Argentina; this should continue to weigh on corn and soybean prices. In our view, the Argentinian government’s move to devalue the peso and lower export taxes for major crops has dampened the backdrop for corn and soybean prices. Moreover, the weaker Brazilian real has provided an incentive for Brazilian farmers to export, which should also depress prices. With the likelihood that corn prices will remain subdued, the demand for discretionary items like fertilizers and tractors/combines will be lower. The potential impact of a robust El Nino season also bears watching, as it could affect the yields of soybeans, sugar and palm oil, among other crops. During 2015, investments in the timber sector were impacted by a number of factors. For much of the year, timber REIT investors were focused on the prospects for U.S. interest rates to move higher, which finally took place in December. In addition, even though log demand has been buoyed by the slow U.S. housing recovery, these benefits have been more than offset by the combined effects of likely peaking prices in the timberlands transaction cycle and U.S.-dollar strength, which has made U.S. log exports less competitive. The strong U.S. dollar and ensuing increase in imports have also hurt U.S.-based paper product and paper packaging names. More attractive are the group’s European competitors, which have benefited from the region’s nascent demand recovery. Natural Resource Equities—Energy : Exploration & Production (E&P) and integrated oil companies comprised more than half of the portfolio’s exposure to energy, with the remainder invested primarily in oilfield services and refiners. U.S. production declined after peaking in 2015, while the U.S. rig count moved sharply lower as crude oil prices fell to levels not seen in more than a decade. West Texas Crude Oil closed the year at just over $37 per barrel, which represents a 30%+ decline over the course of the year. In our view, the path towards the rebalancing of global energy supply and demand will prove to be much slower than anticipated. Despite robust demand for crude and refined products, concerns have mounted over the visibility of longer-term demand growth, given signs of economic slowdown in emerging markets (China in particular). Natural Resource Equities—Metals & Mining : Key investing themes in these groups have been focused on China’s slowdown in metals demand, general oversupply conditions in most commodity metals and the relative strength of the U.S. dollar. Accordingly, the Fund’s portfolio has been focused on producers with less exposure to China’s reduced demand growth and those with the best supply-demand fundamentals—palladium, copper and aggregates. At the same time, we have been avoiding those with the least favorable fundamentals; namely, steel, nickel and silver. Furthermore, we have invested in mining companies that have compelling company-specific cost-cutting, productivity-enhancing and portfolio improvement initiatives underway. The fund’s performance benefited from investments in aggregates, which are not strongly correlated to the broader metal commodity complex. The performance of this group has been driven by a construction recovery in the U.S., and to a lesser extent, in the Eurozone. Due to persistently low metal prices, balance-sheet concerns have dominated trading, and further balance-sheet actions could be required should commodity-market malaise continue. Conversely, a turnaround for this beaten-up sector could be driven by a reversal in U.S. dollar strength, global growth acceleration and/or a pick-up in inflation.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015

BROOKFIELD REAL ASSETS SECURITIES UCITS FUND (conti nued)

FIXED INCOME Since the commencement of investment operations on September 1, 2015 through ended December 31, the Fund’s allocation to Fixed Income—Real Asset Debt generated a total return of -6.3%. Within Fixed Income—Real Asset Debt, the largest industry allocation was to energy–primarily natural gas distribution, but with some exposure to energy Exploration & Production. While energy infrastructure results typically are relatively insensitive to oil and gas prices, investors took all energy-related securities lower in the year-end selloff. Looking forward, we expect that continued weakness in commodity prices will lead to higher default rates in related sectors of the high-yield market, although overall, defaults are likely to remain in line with the long-term average. In our view, credit spreads are very attractive given current credit conditions, as the market seems to have more than discounted for the expected level of loss. Investment-grade companies, in general, have taken on more debt over the current cycle to make acquisitions and return capital to shareholders, which in turn has increased the level of credit risk in the investment-grade corporate bond market. By contrast, high-yield companies have taken on only modest levels of debt over the past five years, and this has helped to keep risk relatively low for companies in the high-yield universe. While there have been some signs that high-yield companies are issuing more debt for acquisitions than in the previous 12-month period, the increase is not significant enough, in our view, to raise investor concerns. We believe that the performance of this year’s credit markets will be driven by the risk appetite of global investors, which can vary according to sentiment about central bank policy and global economic growth. Nevertheless, we continue to see upside potential, with limited increases in interest rates amid heighted volatility globally. OUTLOOK FOR THE FUND We enter 2016 with a somewhat cautious outlook on the global macroeconomic environment. In the U.S, employment data and consumer spending have been solid; however, both corporate profits and industrial production have been declining. The recent leg downward of energy prices is also of concern, given the impact on producers and the indirect impact on companies involved in energy gathering, processing and transportation. The Eurozone continues to recover gradually, buoyed by continuing quantitative easing initiatives. The outlook for Asia is mixed. While we currently are cautious on investment in China, given the deceleration in growth, our view is positive over the long term, as the nation transforms from an investment-led to consumer-based economy. This global slow-growth environment provides a favorable backdrop for real asset investments in real estate and infrastructure but is less favorable for natural resources. The industry groups that comprise the global real assets universe offer broad sector and regional diversification, along with the potential for attractive income, capital appreciation and inflation protection. While volatility may be with us until global macro headwinds have abated, we believe that the patience of the long-term real assets investor should be rewarded.


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INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 BROOKFIELD REAL ASSETS SECURITIES UCITS FUND (conti nued) As we continually monitor the investment landscape across these asset classes, we will dynamically shift the overall asset allocation to take advantage of opportunities, based on our market views. Use of Derivatives : During 2015, the Fund invested in derivatives through a total return swap on the Bloomberg Commodities Index. This investment had a materially negative impact on the Fund’s performance. Currency Impact : Although the Fund reports its NAV and pays dividends in U.S. dollars, the Fund’s investments denominated in foreign currencies are subject to foreign currency risk. The currency impact of the Fund’s investments in foreign securities, mainly a result of continued U.S.-dollar strength, significantly detracted from the Fund’s 2015 performance. 1 The total return stated assumes the reinvestment of dividends and is exclusive of brokerage commissions. 2 The Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index that tracks prices of futures contracts on physical commodities in the commodity markets. 3 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. 4 As measured by the MSCI World Index. 5 The Dow Jones Brookfield Global Infrastructure Index is calculated and maintained by S&P Dow Jones Indices and comprises infrastructure companies with at least 70% of its annual cash flows derived from owning and operating infrastructure assets, including Master Limited Partnerships (“MLPs”). 6 The Alerian MLP Index is a composite of the 50 most prominent energy master limited partnerships calculated by Standard & Poor’s using a float-adjusted market capitalization methodology. 7 The S&P Global Natural Resources Index includes 90 of the largest publicly-traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across 3 primary commodity-related sectors: agribusiness, energy, and metals & mining. 8 The BofA ML Global High-Yield Index tracks the performance of below investment-grade, U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market, and includes issues with a credit rating of BBB or below, as rated by Moody's and S&P. 9 The BofA ML Global Broad Market Index tracks the performance of investment- grade public debt issued in the major domestic and eurobond markets, including global bonds.

Disclosure Performance data quoted represents past performance results and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. All returns shown in USD. The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security. There is no assurance that the Brookfield Real Assets Securities UCITS Fund currently holds these securities. Please refer to the Schedule of Investments contained in this report for a full listing of fund holdings. References to MLPs refer to energy infrastructure companies that operate in a structure called a Master Limited Partnership. Investing involves risk. Principal loss is possible. A Basis Point is one hundredth of one percent (0.01%). Cash flow refers to the amount of cash generated and used by a company over a given period. Earnings growth is not a measure of the Fund’s futu re performance. These views represent the opinions of Brookfield Investment Management Inc. and are not intended to predict or depict the performance of any investment. These views are as of the close of business on December 31, 2015 and subject to change based on subsequent developments.


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STATEMENTS OF FINANCIAL POSITION As at 31 December 2015 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 2015 31 Dec 2014 31 Dec 2015 31 Dec 2014 Notes USD USD USD USDAssets Financial Assets at fair value through profit or loss: Investment in transferable securities 8 561,386,050 543,465,095 192,091,292 175,023,203Cash at bank 5 637,248 14,963,959 2,639,091 8,970,559Amount receivable on sale of securities 2 12,499,741 - 7,114,820 1,978,665Amount receivable on subscriptions 2 8,338 657,758 1,041,373 10,679,386Interest and dividends receivable 2 2,007,345 1,031,035 769,296 1,018,071Receivable from Investment Manager 3 182,035 49,413 34,231 24,967Prepaid expenses 4,835 13,603 7,001 13,833Total assets 576,725,592 560,180,863 203,697,104 197,708,684 Liabilities Amount payable on purchase of securities 2 4,417,421 1,098,969 280,908 810,977Amount payable on redemptions 2 4,884,722 10,893,479 11,000,000 -Investment management fees payable 3 485,125 504,536 152,713 149,559Administration fees payable 3 13,912 13,222 8,425 8,422Transfer agency fees payable 3 1,380 1,568 1,380 1,568Directors’ fees payable 3 13,960 5,947 5,596 5,947Custodian and trustee fees payable 3 15,593 16,739 6,385 5,691Audit and tax fees payable 3 11,501 13,637 11,500 13,637Dividend payable 4 - 4,172,430 - 10,066,918Other accrued expenses and liabilities 45,280 24,591 23,761 27,946Total liabilities (excluding amounts attributable to holders of redeemable participating shares) 9,888,894 16,745,118 11,490,668 11,090,665 Net assets attributable to holders of redeemable participating shares 14 566,836,698 543,435,745 192,206,436 186,618,019 The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial year from 1 January 2014 to 31 December 2014 as disclosed in note 18.


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STATEMENTS OF FINANCIAL POSITION (continued) As at 31 December 2015 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 2015 31 Dec 2014 31 Dec 2015 31 Dec 2014Number of shares in issue Shares In Issue B Class 10,485,518.05 7,462,160.65 116,404.20 97,204.80Net Asset Value Per Share B Class EUR 31.23 EUR 34.91 EUR 40.05 EUR 36.91 Shares In Issue E Class 4,890,828.80 5,335,236.30 3,816,426.87 2,673,999.32Net Asset Value Per Share E Class USD 25.20 USD 31.38 USD 32.33 USD 33.19 Shares In Issue F Class 5,221,853.95 2,780,679.66 3,096,341.38 4,295,479.90Net Asset Value Per Share F Class USD 16.65 USD 21.36 USD 20.59 USD 21.78 Shares In Issue M Class 62,109.39 74,001.36 - -Net Asset Value Per Share M Class USD 14.85 USD 18.65 - - The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial year from 1 January 2014 to 31 December 2014 as disclosed in note 18.


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STATEMENTS OF FINANCIAL POSITION (continued) As at 31 December 2015

Brookfield Brookfield Brookfield Brookfield US Listed US Listed Global Listed Real Assets Real Estate Real Estate Infrastructure Long Securities UCITS Fund UCITS Fund Short UCITS Fund* UCITS Fund* * 31 Dec 2015 31 Dec 2014 31 Dec 2015 31 Dec 2015 Notes USD USD USD USD Assets Financial Assets at fair value through profit or loss: Investment in transferable securities 8 68,315,352 58,241,931 8,747,642 58,379,473 Investment in Financial Derivative Instruments

9 & 10 - - 74,411 27,487 Cash at bank 5 298,661 2,581,676 5,394,570 5,013,158 Amount receivable on sale of securities 2 4,123,990 960,821 109,519 124,129 Amount receivable on subscriptions 2 264,969 - - - Interest and dividends receivable 2 379,137 549,753 4,955 393,702 Receivable from Investment Manager 3 - 17,722 42,716 25,124 Prepaid expenses 4,835 13,603 27,289 20,974 Total assets 73,386,944

62,365,506 14,401,102

63,984,047

Liabilities Financial Liabilities at fair value through profit or loss: Investment in Financial Derivative Instruments Liabilities 9 & 10 - - 329,959 - Amount payable on purchase of securities 2 94,133 346,454 48,241 757,114 Amount payable on redemptions 2 3,148,268 - - - Investment management fees payable 3 75,756 67,277 - 62,123 Administration fees payable 3 8,423 8,423 5,017 5,714 Transfer agency fees payable 3 1,380 1,568 1,025 828 Directors’ fees payable 3 1,885 5,947 - - Custodian and trustee fees payable 3 1,830 1,347 6,880 1,170 Audit and tax fees payable 3 11,500 13,637 8,449 8,450 Dividend payable 4 - - - - Other accrued expenses and liabilities 12,005 26,125 91,133 5,723 Total liabilities (excluding amounts attributable to holders of redeemable participating shares) 3,355,180 470,778 490,704 841,122 Net assets attributable to holders of redeemable participating shares 14 70,031,764 61,894,728 13,910,398 63,142,925 The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial year from 1 January 2014 to 31 December 2014 as disclosed in note 18. * Launched on 26 August 2015 and therefore no comparatives are available. ** Launched on 1 September 2015 and therefore no comparatives are available.


27

STATEMENTS OF FINANCIAL POSITION (continued) As at 31 December 2015

Brookfield Brookfield Brookfield Brookfield US Listed US Listed Global Listed Real Assets Real Estate Real Estate Infrastructure Long Securities UCITS Fund UCITS Fund Short UCITS Fund* UCITS Fund** 31 Dec 2015 31 Dec 2014 31 Dec 2015 31 Dec 2015 Number of shares in issue Shares In Issue E Class 549,648.31 1,762,346.61 750,000.00 3,287,217.83 Net Asset Value Per Share E Class USD 32.80 USD 35.12 USD 18.55 USD 19.21 Shares In Issue Q Class 7,161,994.60 - - - Net Asset Value Per Share Q Class JPY 873.34 - - - The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial year from 1 January 2014 to 31 December 2014 as disclosed in note 18. * Launched on 26 August 2015 and therefore no comparatives are available. ** Launched on 1 September 2015 and therefore no comparatives are available.


29

STATEMENTS OF COMPREHENSIVE INCOME

For the financial year ended 31 December 2015 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 2015 31 Dec 2014 31 Dec 2015 31 Dec 2014 Notes USD USD USD USDIncome Dividend income 2 21,033,210 13,517,677 6,862,260 5,251,424Bank interest 2 845 221 - -Interest income 2 - - - -Net realised and unrealised gain/(loss) on financial assets and liabilities at fair value through profit or loss 6 (141,777,570) 13,492,247 (9,322,960) 15,285,318Total income/(loss) (120,743,515) 27,010,145 (2,460,700) 20,536,742 Expenses Investment management fees 3 5,834,175 4,235,017 1,819,213 999,554Administration fees 3 84,850 70,607 50,941 51,033Directors’ fees 3 37,572 23,562 21,657 23,562Custodian and trustee fees 3 179,374 113,436 114,191 40,780Audit and tax fees 3 8,546 26,048 8,545 16,323Transfer agency fees 3 40,158 22,058 23,508 13,631Transaction costs 2 1,233,651 778,273 392,307 310,413Other expenses 284,905 83,060 115,526 78,282Total expenses 7,703,231 5,352,061 2,545,888 1,533,578 Investment Manager Subsidy 3 (324,082) - (123,500) (21,855)Net Expenses 7,379,149 5,352,061 2,422,388 1,511,723 Profit/(loss) before taxation (128,122,664) 21,658,084 (4,883,088) 19,025,019 Taxation Withholding taxes 2 4,783,355 2,950,811 1,757,015 1,188,149 Increase/(decrease) in net assets attributable to holders

redeemable

of participating shares from operations after tax (132,906,019) 18,707,273 (6,640,103) 17,836,870

Dividends to holders of redeemable participating shares 4 2,456,666 4,172,430 2,523,978 10,066,918 Increase/(decrease) in net assets attributable to holders

redeemable

of participating shares from operations (135,362,685) 14,534,843 (9,164,081) 7,769,952

There were no gains and losses other than those reflected above. All results above relate to continuing operations. The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial year from 1 January 2014 to 31 December 2014 as disclosed in note 18.


30

STATEMENTS OF COMPREHENSIVE INCOME (continued)

For the financial year ended 31 December 2015

Brookfield Brookfield Brookfield Brookfield US Listed US Listed Global Listed Real Assets Real Estate Real Estate Infrastructure Securities

UCITS Fund UCITS Fund Long Short UCITS

Fund* UCITS Fund**

31 Dec 2015 31 Dec 2014 31 Dec 2015 31 Dec 2015 Notes USD USD USD USD Income Dividend income 2 2,931,274 2,670,408 89,583 375,192 Bank interest 2 36 - 427 122 Interest income 2 - - - 215,913 Net realised and unrealised (loss)/gain on financial assets and liabilities at fair value through profit or loss 6 (9,580,250) 10,694,571 (959,853) (3,162,678) Total (loss)/income (6,648,940) 13,364,979 (869,843) (2,571,451) Expenses Investment management fees 3 652,420 439,114 76,268 111,806 Administration fees 3 50,400 50,503 10,662 11,004 Directors’ fees 3 14,772 23,562 239 380 Custodian and trustee fees 3 26,522 13,712 11,355 16,486 Audit and tax fees 3 8,545 16,323 8,427 8,450 Transfer agency fees 3 23,694 9,065 2,845 1,948 Transaction costs 2 135,088 93,197 40,151 50,170 Other expenses 97,461 81,888 86,188 17,393 Total expenses 1,008,902 727,364 236,135 217,637 Investment Manager Subsidy 3 (57,584) (89,405) (58,861) (31,710) Net Expenses 951,318 637,959 177,274 185,927 (Loss)/profit before taxation (7,600,258) 12,727,020 (1,047,117) (2,757,378) Taxation Withholding taxes 2 1,072,093 785,522 42,485 99,697 (Decrease)/increase in net assets attributable to h olders of participating shares from operations after tax (8,672,351) 11,941,498 (1,089,602) (2,857,075) Dividends to holders of redeemable participating shares 4 1,934,849 - - - (Decrease)/increase in net assets attributable to h olders of participating shares from operations (10,607,200) 11,941,498 (1,089,602) (2,857,075)

There were no gains and losses other than those reflected above. All results above relate to continuing operations. The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial year from 1 January 2014 to 31 December 2014 as disclosed in note 18. * Launched on 26 August 2015 and therefore no comparatives are available. ** Launched on 1 September 2015 and therefore no comparatives are available.


31

STATEMENTS OF COMPREHENSIVE INCOME (continued)


Brookfield Brookfield North America Global High High Yield Yield UCITS Fund* UCITS Fund* Total Total 31 Dec 2014 31 Dec 2014 31 Dec 2015 31 Dec 2014 Notes USD USD USD USDIncome Dividend income 2 - - 31,291,519 21,439,509Bank interest 2 25,930 5,891 1,430 32,042Interest income 2 1,852,087 341,773 215,913 2,193,860Net realised and unrealised (loss)/gain on financial assets and liabilities at fair value through profit or loss 6 1,170,937 241,904 (164,803,311) 40,884,977Total (loss)/income 3,048,954 589,568 (133,294,449) 64,550,388 Expenses Investment management fees 3 195,866 46,117 8,493,882 5,915,668Administration fees 3 21,069 24,901 207,857 218,113Directors’ fees 3 10,903 10,903 74,620 92,492Custodian and trustee fees 3 4,289 5,233 347,928 177,450Audit and tax fees 3 6,000 7,039 42,513 71,733Transfer agency fees 3 4,028 4,028 92,153 52,810Transaction costs 2 - - 1,851,367 1,181,883Other expenses 28,070 43,843 601,473 315,143Total expenses 270,225 142,064 11,711,793 8,025,292 Investment Manager Subsidy 3 (10,499) (83,508) (595,737) (205,267)Net Expenses 259,726 58,556 11,116,056 7,820,025 (Loss)/profit before taxation 2,789,228 531,012 (144,410,505) 56,730,363 Taxation Withholding taxes 2 - - 7,754,645 4,924,482 (Decrease)/increase in net assets attributable to h olders of participating shares from operations after tax 2,789,228 531,012 (152,165,150) 51,805,881 Dividends to holders of redeemable participating shares 4 - - 6,915,493 14,239,348 (Decrease)/increase in net assets attributable to h olders of participating shares from operations 2,789,228 531,012 (159,080,643) 37,566,533

There were no gains and losses other than those reflected above. All results above relate to discontinued operations. The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial year from 1 January 2014 to 31 December 2014 as disclosed in note 18. *Terminated on 30 June 2014.


32

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


Brookfield Brookfield Brookfield Brookfield Global Listed Global Listed Global Listed Global Listed Infrastructure Infrastructure Real Estate Real Estate UCITS Fund UCITS Fund UCITS Fund UCITS Fund 31 Dec 2015 31 Dec 2014 31 Dec 2015 31 Dec 2014 USD USD USD USDNet assets attributable to holders of redeemable participating shares at the begin ning of the financial year 543,435,745 352,242,703 186,618,019 85,363,850 Profit/(loss) attributable to holders of redeemable participating shares from operations (135,362,685) 14,534,843 (9,164,081) 7,769,952 Capital Transactions Issue of redeemable participating shares during the financial year EUR B class 170,045,425 76,681,039 2,628,556 4,037,056USD E class 124,238,061 126,404,829 66,469,523 88,795,602USD F class 52,470,189 38,823,574 3,025,663 17,066,918USD M class 50,000 12,568,841 - -JPY Q class - - - -Redemption of redeemable participating shares during the financial year EUR B class (51,168,182) (2,795,034) (1,725,574) (639,101)USD E class (131,363,595) (64,440,472) (28,145,670) (12,776,258)USD F class (5,285,790) (9,304) (27,500,000) (3,000,000)USD M class (222,470) (10,575,274) - -JPY Q class Net assets attributable to holders of redeemable participating shares at the end of the financial year 566,836,698 543,435,745 192,206,436 186,618,019 Redeemable participating shares in issue at beginning of the financial year 15,652,078 10,366,966 7,066,684 4,003,535Shares issued during the financial year EUR B class 4,346,795 1,794,990 56,714 92,205USD E class 4,099,662 3,765,995 1,988,156 2,762,020USD F class 2,716,447 1,688,114 143,855 753,778USD M class 2,927 629,734 - -JPY Q class - - - -Shares redeemed during the financial year EUR B class (1,323,438) (66,845) (37,515) (15,745)USD D class - - - -USD E class (4,544,069) (1,970,743) (845,728) (404,317)USD F class (275,273) (400) (1,342,994) (124,792)USD M class (14,819) (555,733) - -JPY Q class - - - - Redeemable participating shares in issue at the end of the financial year 20,660,310 15,652,078 7,029,172 7,066,684

The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial year from 1 January 2014 to 31 December 2014 as disclosed in note 18.


33

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


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

Fund** UCITS Fund**

31 Dec 2015 31 Dec 2014 31 Dec 2015 31 Dec 2015 USD USD USD USDNet assets attributable to holders of redeemable participating shares at the beginning of the financial year 61,894,728 43,687,228 - - (Loss)/profit attributable to holders of redeemable participating shares from operations (10,607,200) 11,941,498 (1,089,602) (2,857,075) Capital Transactions Issue of redeemable participating shares during the financial year EUR A class - - - -USD E class 29,866,964 8,025,963 15,000,000 66,000,000JPY Q class 66,055,920 - - -Redemption of redeemable participating shares during the financial year EUR A class - - - -EUR B class - - - -USD E class (71,622,438) (1,759,961) - -USD M class - - - -JPY Q class (5,556,210) - - - Net assets attributable to holders of redeemable participating shares at the end of the financial year 70,031,764 61,894,728 13,910,398 63,142,925 Redeemable participating shares in issue at beginning of the financial year 1,762,347 1,572,194 - -Shares issued during the financial year EUR A class - - -USD E class 862,834 242,241 750,000 3,287,218JPY Q class 7,921,732 - - -Shares redeemed during the financial year EUR A class - - - -EUR B class - - - -USD D class - - - -USD E class (2,075,533) (52,088) - -USD M class - - -JPY Q class (759,737) - - - Redeemable participating shares in issue at the end of the financial year 7,711,643 1,762,347 750,000 3,287,218 The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial year from 1 January 2014 to 31 December 2014 as disclosed in note 18. * Launched on 26 August 2015 and therefore no comparatives are available. ** Launched on 1 September 2015 and therefore no comparatives are available.


34

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


*Terminated on 30 June 2014.

Brookfield Brookfield North America Global High High Yield Yield UCITS Fund* UCITS Fund* Total Total 31 Dec 2014 31 Dec 2014 31 Dec 2015 31 Dec 2014 USD USD USD USD Net asset s attributable to holders of redeemable participating shares at the beginning of the financial year 79,848,391 15,009,143 791,948,492 576,151,315 (Loss)/Profit attributable to holders of redeemable participating shares from operations 2,789,228 531,012 (159,080,643) 37,566,533 Capital Transactions Issue of redeemable participating shares during the financial year EUR A class 5,688,200 - - 5,688,200 EUR B class - - 172,673,981 80,718,095 USD E class - 500,000 301,574,548 223,726,394 USD F class - - 55,495,852 55,890,492 USD M class - - 50,000 12,568,841 JPY Q class - - 66,055,920 - Redemption of redeemable participating shares during the financial year EUR A class (27,900,047) - - (27,900,047) EUR B class - (164,250) (52,893,756) (3,598,385) USD E class (60,425,772) (14,135,125) (231,131,703) (153,537,588) USD F class - (32,785,790) (3,009,304) USD M class - (1,740,780) (222,470) - JPY Q class - - (5,556,210) (12,316,054) Net assets attributable t o holders of redeemable participating shares at the end of the financial year - - 906,128,221 791,948,492 Redeemable participating shares in issue at beginning of the financial year 3,416,346 624,669 Shares issued during the financial year EUR A class 191,255 - USD E class - 19,904 JPY Q class - - Shares redeemed during the financial year EUR A class (915,254) - EUR B class - (5,000) USD D class - (557,073) USD E class (2,692,347) - USD M class - (82,500) JPY Q class - - Redeemable participating shares in issue at the end of the financial year - -


35

STATEMENTS OF CASH FLOWS For the financial year ended 31 December 2015

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

31 Dec 2015 31 Dec 2014 31 Dec 2015 31 Dec 2014 USD USD USD USD

Cash flows from operating activities Increase/(decrease) in net assets attributable to h olders of redeemable participating shares from operations (13 2,906,019) 18,707,273 (6,640,103) 17,836,870 Adjustment to reconcile increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations to cash provided by/(used in) operating activities Interest income (845) (221) - - Dividend income (21,033,210) (13,517,677) (6,862,260) (5,251,424) Tax expense 4,783,355 2,950,811 1,757,015 1,188,149 Operating profit/(loss) before working capital chan ges (149,156,719) 8,140,186 (11,745,348) 13,773,595 Changes in operating assets and liabilities Net (increase)/decrease in investments in securities (17,920,955) (195,278,002) (17,068,089) (90,637,479) (Increase)/decrease in receivable from sale of securities (12,499,741) 440,029 (5,136,155) (1,913,424) Decrease/(increase) in receivable from investment manager (132,622) (49,413) (9,264) (24,967) Decrease in prepaid expenses 8,768 10,179 6,832 3,672 Increase/(decrease) in amount payable on purchase of securities 3,318,452 (368,961) (530,069) (54,860) (Decrease)/increase in investment manager fees payable (19,411) 221,875 3,154 86,876 (Decrease)/increase in administration fees payable 690 4,434 3 100 Decrease in transfer agency fees payable (188) (2,652) (188) (259) (Decrease)/increase in directors’ fees payable 8,013 (1,454) (351) (1,453) (Decrease)/increase in custodian and trustee fees payable (1,146) (5) 694 (675) (Decrease)/increase in audit and tax fees payable (2,136) 2,637 (2,137) 2,635 Increase in dividend payable - 3,387,545 - 6,623,831 (Decrease)/increase in other accrued expenses and liabilities 20,689 3,637 (4,185) 8,910 Cash provided by/(used in) operating activities (17 6,376,306) (186,877,510) (34,485,103) (78,757,329)


36

STATEMENTS OF CASH FLOWS (continued) For the financial year ended 31 December 2015

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

31 Dec 2015 31 Dec 2014 31 Dec 2015 31 Dec 2014 USD USD USD USD Cash provided by/(used in) operating activities (co ntinued) Interest received 11 221 - - Dividend received 20,057,734 13,326,406 7,111,035 4,551,645 Taxation (4,783,355) (2,950,811) (1,757,015) (1,188,149) Net cash provided by/(used in) operating activities (161,101,916) (176,501,694) (29,131,083) (75,393,833) Cash flows from financing activities Proceeds from issue of redeemable participating shares 347,453,095 253,964,434 81,761,755 102,663,277 Payment on redemptions of redeemable participating shares (194,048,794) (67,124,804) (46,371,244) (16,415,359) Distribution to holders of redeemable participating shares (6,629,096) (784,885) (12,590,896) (3,443,087) Net cash (used in)/provided by financing activitie s 146,775,205 186,054,745 22,799,615 82,804,831 Net (decrease)/increase in cash (14,326,711) 9,553,051 (6,331,468) 7,410,998 Cash at the start of the financial year 14,963,959 5,410,908 8,970,559 1,559,561 Cash at the end of the financial year 637,248 14,963,959 2,639,091 8,970,559 The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial year from 1 January 2014 to 31 December 2014 as disclosed in note 18.


37


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

31 Dec 2015 31 Dec 2014 31 Dec 2015 31 Dec 2015 USD USD USD USD

Cash flows from operating activities (Decrease)/increase in net assets attributable to h olders of redeemable participating shares from operations (8, 672,351) 11,941,498 (1,089,602) (2,857,075) 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 (36) - (427) (216,035) Dividend income (2,931,274) (2,670,408) (89,583) (375,192) Tax expense 1,072,093 785,522 42,485 99,697 Operating (loss)/profit before working capital chan ges (10,531,568) 10,056,612 (1,137,127) (3,348,605) Changes in operating assets and liabilities Net (increase)/decrease in investments in securities (10,073,421) (15,347,689) (8,492,094) (58,406,960) Increase in receivable from sale of securities (3,163,169) (759,753) (109,519) (124,129) Decrease/(increase) in receivable from investment manager 17,722 (13,750) (42,716) (25,124) Decrease/(increase) in prepaid expenses 8,768 2,909 (27,289) (20,974) (Decrease)/increase in amount payable on purchase of securities (252,321) (211,043) 48,241 757,114 Increase in investment manager fees payable 8,479 35,367 - 62,123 Increase/(decrease) in administration fees payable - 103 5,017 5,714 (Decrease)/increase in transfer agency fees payable (188) 118 1,025 828 Decrease in directors’ fees payable (4,062) (1,453) - - Increase/(decrease) in custodian and trustee fees payable 483 (219) 6,880 1,170 (Decrease)/increase in audit and tax fees payable (2,137) 2,637 8,449 8,450 (Decrease)/increase in other accrued expenses and liabilities (14,120) 8,098 91,133 5,723 Cash (used in)/provided by operating activities (24 ,005,534) (6,228,063) (9,648,000) (61,084,670) The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial year from 1 January 2014 to 31 December 2014 as disclosed in note 18. ** Launched on 26 August 2015 and therefore no comparatives are available. *** Launched on 1 September 2015 and therefore no comparatives are available.


38


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

31 Dec 2015 31 Dec 2014 31 Dec 2015 31 Dec 2015 USD USD USD USD Cash (used in)/provided by operating activities (co ntinued) Interest received - - (1,483) 215,924 Dividend received 3,101,926 2,310,828 86,538 (18,399) Taxation (1,072,093) (785,522) (42,485) (99,697) Net cash (used in)/provided by operating activities (21,975,701) (4,702,757) (9,605,430) (60,986,842) Cash flows from financing activities Proceeds from issue of redeemable participating shares 95,657,915 8,025,963 15,000,000 66,000,000 Payment on redemptions of redeemable participating shares (74,030,380) (1,759,961) - - Distribution to holders of redeemable participating shares (1,934,849) - - - Net cash provided by/(used in) financing activities 19,692,686 6,266,002 15,018,899 66,000,000 Net (decrease)/increase in cash (2,283,015) 1,563,245 5,394,570 5,013,158 Cash at the start of the financial year 2,581,676 1,018,431 - - Cash at the end of the financial year 298,661 2,581,676 5,394,570 5,013,158 The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial year from 1 January 2014 to 31 December 2014 as disclosed in note 18. ** Launched on 26 August 2015 and therefore no comparatives are available. *** Launched on 1 September 2015 and therefore no comparatives are available.


39


The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial year from 1 January 2014 to 31 December 2014 as disclosed in note 18. *Terminated on 30 June 2014.

Brookfield Brookfield North America Global High High Yield Yield UCITS Fund* UCITS Fund* Total Total

31 Dec 2014 31 Dec 2014 31 Dec 2015 31 Dec 2014 USD USD USD USD Cash flows from operating activities (Decrease)/increase in net assets attributable to h olders of redeemable participating shares from operations 2,7 89,228 531,012 (152,165,150) 51,805,881 Adjustment to reconcile (decrease)/increase in net assets attributable to

holders of redeemable participating shares from operations to cash (used in)/provided by operating activities Interest income (1,878,017) (347,664) (217,343) (2,225,903) Dividend income - - (31,291,519) (21,439,509) Tax expense - - 7,754,645 4,924,482 Operating (loss)/profit before working capital chan ges 911,211 183,348 (175,919,367) 33,064,951 Changes in operating assets and liabilities Net decrease/(increase) in investments in securities 73,761,973 14,706,759 (111,961,519) (212,794,438) Increase in receivable from sale of securities - - (21,032,713) (2,233,148) Increase in receivable from investment manager - 8,841 (192,004) (79,289) (Increase)/decrease in prepaid expenses 8,760 15,746 (23,895) 41,266 Increase/(decrease) in amount payable on purchase of securities (74,547) - 3,341,417 (709,411) (Decrease)/Increase in investment manager fees payable (44,160) (10,966) 54,345 288,992 Increase/(decrease) in administration fees payable (5,383) (8,320) 11,424 (9,066) Increase/(decrease) in transfer agency fees payable (1,592) (1,292) 1,289 (5,677) Increase/(decrease) in directors’ fees payable (7,401) (7,400) 3,600 (19,161) Increase/(decrease) in custodian and trustee fees payable (2,250) (2,735) 8,081 (5,884) Increase/(decrease) in audit and tax fees payable (11,601) (11,600) 10,489 (15,292) Increase in dividend payable - - 10,011,376 Increase/(decrease) in other accrued expenses and liabilities (18,152) (18,088) 99,240 (15,595) Cash used in operating activities 74,516,858 14,854,293 (305,599,613) (182,491,752)


40


Brookfield Brookfield North America Global High High Yield Yield UCITS Fund* UCITS Fund * Tota l Total

31 Dec 2014 31 Dec 2014 31 Dec 2015 31 Dec 2014 USD USD USD USDCash used in operating activities (continued) Interest received 3,069,695 600,938 214,452 3,670,855Dividend received - - 30,338,834 20,188,879Taxation - - (7,754,645) (4,924,482) Net cash used in operating activities 77,586,553 15,455,231 (282,800,972) (163,556,500) Cash flows from financing activities Proceeds from issue of redeemable participating shares 5,688,200 500,000 605,872,765 370,841,874Payment on redemptions of redeemable participating shares (88,325,819) (16,093,135) (314,450,418) (189,719,078)Distribution to holders of redeemable participating shares - - (21,154,841) (4,227,972) Net cash provided by financing activities (82,637,6 19) (15,593,135) 270,267,506 176,894,824

Net (decrease)/increase in cash (5,051,066) (137,904) (12,533,466) 13,338,324 Cash at the start of the financial year 5,051,066 137,904 26,516,194 13,177,870 Cash at the end of the financial year - - 13,982,728 26,516,194 The accompanying notes form an integral part of these financial statements. The comparative amounts relate to the financial year from 1 January 2014 to 31 December 2014 as disclosed in note 18. *Terminated on 30 June 2014.

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC Notes to the financial statements for the financial year ended 31 December 2015

41

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 2015 the Company had five active sub-funds (one in-active sub-fund), all denominated in USD:

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

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

BROOKFIELD INVESTMENT FUNDS (UCITS) PLC Notes to the financial statements for the financial year ended 31 December 2015 (continued)

42

2. Significant Accounting Policies

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

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

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

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

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

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

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

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

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 Custodian. The fair value of financial instruments traded in active markets (e.g. bonds, debt securities, equities and similar assets) were recorded based on quoted market prices as at 31 December 2015.


43

2. Significant Accounting Policies (continued)

Valuation Principles (continued) 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 Custodian. For each relevant sub-fund, gains or losses on contracts for difference are included in investments in financial derivative instruments in the Statements of Financial Position.

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

Realised and Unrealised Gains/(Losses) on Investmen ts Realised gains and losses on disposal of investments during the financial 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 2015 this was USD.

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

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


44

2. Significant Accounting Policies (continued)

Taxation (continued)

(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 year of the payable using the effective interest method.

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

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

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

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


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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 8,493,882 (31 December 2014: USD 5,915,668). Fees of USD 775,717 (31 December 2014: USD 721,372) 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, interests, taxes and extraordinary expenses, such as litigation; and other expenses not incurred in the ordinary course of each sub-fund’s business) at no more than the expense caps listed in the table below. This fee waiver and expense reimbursement arrangement is voluntary which the Investment Manager may terminate in its sole discretion at any time. Please refer to the Company’s prospectus, supplementary prospectus and Key Investor Information Document (KIID) available at www.brookfieldim.com for further details of any charges that may be applied to an investment in each sub-fund.

Fund Name Investment

Management Fees Expense

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

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

The Investment Manager subsidy for the financial year amounted to USD 595,737 (31 December 2014: USD 205,267). Fees of USD 284,106 (31 December 2014: USD 92,102) 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.


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3. Fees (continued) Administration and Transfer Agency Fee (continued) The Administration and Transfer Agency fees charged for the financial year amounted to USD 207,857 (31 December 2014: USD 218,113) and USD 92,153 (31 December 2014: USD 52,810) respectively. Fees of USD 41,491 (31 December 2014: USD 30,067) and USD 5,993 (31 December 2014: USD 4,704) respectively were outstanding at financial year end.

Custodian and Trustee Fee Under the provisions of the Custodian Agreement, the Custodian 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 custodian and trustee fee will accrue daily and will be payable monthly in arrears out of the assets of the relevant sub-fund. The Custodian 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 Custodian 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 Custodian, the Custodian 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 custody fees due to such additional work before such increase takes effect.

The Custodian and Trustee fees charged for the financial year amounted to USD 347,928 (31 December 2014: USD 177,450). The Custodian and Trustee fees outstanding at financial year end were USD 31,858 (31 December 2014: USD 23,777).

Directors’ fees The Directors’ fees charged during the financial year were USD 74,620 (31 December 2014: USD 92,492) of which USD 21,441 (31 December 2014: USD 17,841) was payable at financial year end.

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

31 December 31 December 2015 2014 EUR EUR Audit (ex-VAT and applicable out-of-pocket expenses) 39,750 30,000 Other assurance - - Tax advisory - - Other non-audit - - 39,750 30,000

Audit fees of EUR 39,750 (31 December 2014: EUR 30,000) were payable at financial year end.


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3. Fees (continued)

Performance fees

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

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

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

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

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

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

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

The performance fee will be verified by the Custodian.

There were no performance fees paid during the financial year ended 31 December 2015 (31 December 2014: nil).


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4. Dividends

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

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

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

31 December 2015 31 December 2014 Ex-date Rate Ex-date Rate

19 June 2015 USD 0.204200 30 December 2014 USD 1.500743 21 September 2015 USD 0.179600 - - 21 December 2015 USD 0.161400 - -

Brookfield Global Listed Real Estate UCITS Fund - Cla ss F

31 December 2015 31 December 2014 Ex-date Rate Ex-date Rate

19 June 2015 USD 0.217300 30 December 2014 USD 2.623175 21 September 2015 USD 0.203000 - - 21 December 2015 USD 0.203500 - -

Brookfield US Listed Real Estate UCITS Fund - Class Q

31 December 2015 Ex-date Rate

9 February 2015 USD 0.028400 9 March 2015 USD 0.027600 9 April 2015 USD 0.027800 8 May 2015 USD 0.026100 9 June 2015 USD 0.025400 9 July 2015 USD 0.024700

7 August 2015 USD 0.025300 9 September 2015 USD 0.022700

9 October 2015 USD 0.024300 9 November 2015 USD 0.024900 9 December 2015 USD 0.023500

Dividends of USD 2,456,666 (31 December 2014: USD 4,172,430) on the Brookfield Global Listed Infrastructure UCITS Fund – Class F and USD 2,523,978 (31 December 2014: USD 10,066,918) on the Brookfield Global Listed Real Estate UCITS Fund – Class F were paid for the financial year ended 31 December 2015.

Dividends of USD 1,934,849 (31 December 2014: Nil) on the Brookfield US Listed Real Estate UCITS Fund – Class Q were paid for the financial year ended 31 December 2015. There were no dividends payable as at 31 December 2015 (31 December 2014: USD 4,172,430 for Brookfield Global Listed Infrastructure UCITS Fund and USD 10,066,918 for Brookfield Global Listed Real Estate UCITS Fund).


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5. Cash

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

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

Brookfield Global Listed Infrastructure

Long Short UCITS Fund

Brookfield Real Assets Securities UCITS Fund

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

As at 31 December 2014 the Company’s cash balance was USD 26,516,194 held at RBC Investor Services Bank S.A., Dublin Branch.

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

Realised Unrealised For the financial year ended 31 December 2015 gains /(losses) gains/(losses) Total USD USD USD Brookfield Global Listed Infrastructure UCITS Fund Common stocks (46,610,538) (94,402,957) (141,013,495) Forward currency contracts 71,369 - 71,369 Foreign exchange - (835,444) (835,444) (46,539,169) (95,238,401) (141,777,570)

Brookfield Global Listed Real Estate UCITS Fund Common stocks 7,647,346 (16,878,544) (9,231,198) Forward currency contracts 22,879 - 22,879 Foreign exchange - (114,641) (114,641) 7,670,225 (16,993,185) (9,322,960) Brookfield US Listed Real Estate UCITS Fund Common stocks 1,323,207 (10,713,007) (9,389,800) Foreign exchange - (190,450) (190,450) 1,323,207 (10,903,457) (9,580,250)

Brookfield Global Listed Infrastructure Long Short U CITS Fund* Common stocks (651,434) (132,650) (784,084) Swaps 105,092 (255,572) (150,480) Forward currency contracts 13,563 24 13,587 Investment funds (21,435) - (21,435) Foreign exchange - (17,441) (17,441) (554,214) (405,639) (959,853)

* Launched on 26 August 2015 and therefore no comparatives are available.


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

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

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) Swaps (120,521) 27,487 (93,034) Investment Funds (4,695) - (4,695) Foreign exchange - (29,735) (29,735) (667,790) (2,494,888) (3,162,678)

* Launched on 1 September 2015 and therefore no comparatives are available.

Realised Unrealised For the financial year ended 31 December 2014 gains /(losses) gains/(losses) Total USD USD USD Brookfield Global High Yield UCITS Fund* Corporate bonds 799,356 (557,576) 241,780 Mortgage backed securities 20,404 - 20,404 Forward currency contracts (15,899) 7,990 (7,909) Foreign exchange - (12,371) (12,371) 803,861 (561,957) 241,904 Brookfield Global Listed Infrastructure UCITS Fund Common stocks 19,176,378 (5,073,456) 14,102,922 Foreign exchange - (610,675) (610,675) 19,176,378 (5,684,131) 13,492,247 Brookfield Global Listed Real Estate UCITS Fund Common stocks 11,402,366 4,090,046 15,492,412 Forward currency contracts 6,788 - 6,788 Foreign exchange - (213,882) (213,882) 11,409,154 3,876,164 15,285,318

Brookfield US Listed Real Estate UCITS Fund Common stocks 4,975,877 5,719,158 10,695,035 Foreign exchange - (464) (464) 4,975,877 5,718,694 10,694,571

Brookfield North America High Yield UCITS Fund* Corporate bonds 1,553,151 (244,360) 1,308,791 Forward currency contracts 71,875 (309,555) (237,680) Foreign exchange - 99,826 99,826 1,625,026 (454,089) 1,170,937

*Terminated on 30 June 2014.

7. Related Party Transactions Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions, or if the party is a member of the key management personnel of the entity or its parent. Brookfield Investment Management Inc., as Investment Manager, earned a fee of USD 8,493,882 (31 December 2014: USD 5,915,668) of which USD 775,717 (31 December 2014: USD 721,372) was payable at financial year end.


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7. Related Party Transactions (continued)

The Investment Manager Subsidy (capped fees) for the financial year amounted to USD 595,737 (31 December 2014: USD 205,267). Fees of USD 284,106 (31 December 2014: USD 92,102) were receivable from the Investment Manager at financial year end. Jonathan Tyras is the General Counsel, Chief Financial Officer and Managing Director of the Investment Manager. Brookfield Asset Management Inc., Brookfield Investment Management (UK) Inc. and Century Property are affiliates of the Investment Manager and are deemed to be related parties. As at 31 December 2015 and 31 December 2014, 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 2015

Quantity of Shares Held

31 December 2014 Brookfield Global Listed Real Estate UCITS Fund

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

Brookfield US Listed Real Estate UCITS Fund Century Property USD E - 918,068 Brookfield Global Listed Infrastructure Long Short UCITS Fund Century Property USD E 750,000 - Brookfield Real Assets Securities UCITS Fund Brookfield Asset Management Inc USD E 500,000 - Brookfield Real Assets Securities UCITS Fund Century Property USD E 750,000 -

8. Risk Associated with Financial Instruments

The sub-funds utilise various methods to value investments measured at fair value on a recurring and non recurring basis. The fair value hierarchy is categorised into three levels based on the inputs as follows:

Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities;

Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly (as prices) or indirectly (derived from prices); and

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes ‘observable’ requires significant judgment by Company management. Company management considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

The categorisation of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to Company management’s perceived risk of that instrument.

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, Company management’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. Company management uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy.


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8. Risk Associated with Financial Instruments (cont inued)

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 2015 and 31 December 2014: Brookfield Global Listed Infrastructure UCITS Fund 31 December 2015 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 561,386,050 561,386,050 - - 561,386,050 561,386,050 - -

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

Brookfield Global Listed Infrastructure Long Short U CITS Fund* 31 December 2015 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value

- Common stocks 7,621,165 7,621,165 - - - Investment funds 1,126,477 - 1,126,477 -

Investments in financial derivative instruments - Forwards currency contracts 33 - 33 - - Swaps 74,378 - 74,378 - 8,822,053 7,621,165 1,200,888 -

Financial liabilities at fair value through profit or loss Investments in financial derivative instruments

- Forwards currency contracts (9) - (9) - - Swaps (329,950) - (329,950) - (329,959) - (329,959) -

Brookfield Real Assets Securities UCITS Fund** Total (Level 1) (Level 2) (Level 3) 31 December 2015 USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value

- Common stocks 43,647,704 43,647,704 - - - Corporate bonds 14,141,234 14,141,234 - - - Term loans 590,535 - 590,535 - Investments in financial derivative instruments - Swaps 27,487 - 27,487 - 58,406,960 57,788,938 618,022 -

* Launched on 26 August 2015 and therefore no comparatives are available. ** Launched on 1 September 2015 and therefore no comparatives are available.


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Brookfield Global Listed Infrastructure UCITS Fund 31 December 2014 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 543,465,095 543,465,095 - - 543,465,095 543,465,095 - - Brookfield Global Listed Real Estate UCITS Fund 31 December 2014 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 175,023,203 175,023,203 - - 175,023,203 175,023,203 - - Brookfield US Listed Real Estate UCITS Fund 31 December 2014 Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or lo ss Investments in transferable securities, at fair value - Common stocks 58,241,931 58,241,931 - - 58,241,931 58,241,931 - -

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. Valuation Techniques

When fair values of listed equity and debt securities as well as publicly traded derivatives at the reporting date are based on quoted market prices or binding dealer price quotations, without any deduction for transaction costs, the instruments are included within Level 1 of the hierarchy.

The Company uses widely recognised valuation models for determining fair values of over-the-counter derivatives. For these financial instruments, inputs into models are market observable and are therefore included within Level 2.

The fair values of currency exchange contracts (forward currency contracts and swaps) are calculated by reference to current exchange rates for contracts with similar maturity and risk profiles.

The Company is exposed to market risk, (which includes the risk of market fluctuations, currency risk, interest rate risk and portfolio management risk), liquidity risk and credit risk arising from the financial instruments it holds. The Company may use derivatives and other instruments in connection with its risk management activities.

The Company has investment guidelines that set out its overall business strategies, its tolerance for risk and its general risk management philosophy and has established processes to monitor and control economic hedging transactions in a timely and accurate manner. The Company’s accounting policies in relation to derivatives are set out in note 2 to the financial statements and the Company has a Risk Management Process in place for the use of financial derivative investments which has been approved by the Board and the Central Bank of Ireland.


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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.

As at 31 December 2015, 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 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

31 December 2014 USD Brookfield Global Listed Infrastructure UCITS Fund 27,173,255 Brookfield Global Listed Real Estate UCITS Fund 8,751,160 Brookfield US Listed Real Estate UCITS Fund 2,912,097

Interest Rate Risk

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

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


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Interest Rate Risk (continued) The table below summarises the maturity periods for interest-bearing securities held by Brookfield Real Assets Securities UCITS Fund* as at 31 December 2015. Non- Up to 1 1 - 5 Over interest year years 5 years bearing Total USD USD USD USD USD Corporate bonds - 1,545,688 12,595,546 - 14,141,234 Term loans - 590,535 - - 590,535 Common stocks - - - 43,647,704 43,647,704 Financial Derivative Instruments - - - 27,487 27,487 Other assets - - - 5,577,087 5,577,087 Total assets - 2,136,223 12,595,546 49,252,278 63,984,047 Other liabilities - - - 841,122 841,122 Total liabilities - - - 841,122 841,122 Total Net Assets 63,142,925 * Launched on 1 September 2015 and therefore no comparatives are available.

As at 31 December 2015, 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 147,318 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 2015 and 31 December 2014.


31 December 2015 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD AUD 24,455,500 - 455,677 - 24,911,177 CAD 56,406,880 18 177,491 - 56,584,389 CHF 7,662,967 - - - 7,662,967 EUR 93,912,599 - (4,903,899) - 89,008,700 GBP 48,625,749 9 816,287 - 49,442,045 HKD 28,130,280 - (1,852,137) - 26,278,143 JPY 6,177,358 - - - 6,177,358 MXN 7,135,371 - 30,979 - 7,166,350


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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 1,245,559 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

31 December 2014 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD AUD 22,006,841 206 280,258 - 22,287,305 BRL 4,924,679 - - - 4,924,679 CAD 73,900,246 56 145,607 - 74,045,909 CHF 5,560,597 - - - 5,560,597 EUR 63,404,939 1,364,388 600,653 - 65,369,980 GBP 47,412,272 - 183,818 - 47,596,090 HKD 21,041,947 - - - 21,041,947 JPY 11,340,158 - - - 11,340,158 MXN 1,976,218 - - - 1,976,218 A strengthening of the USD against the currencies in the previous table would have resulted in losses to the amounts shown overleaf. A weakening of the USD against these currencies would have resulted in an equal but opposite effect.

Sensitivity analysis of Net Exposure (5% movement) USD AUD 1,114,365 BRL 246,234 CAD 3,702,295 CHF 278,030 EUR 3,268,499 GBP 2,379,805 HKD 1,052,097 JPY 567,008 MXN 98,811


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


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

31 December 2014 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD AUD 16,325,957 - 136,152 - 16,462,109 BRL 1,552,658 - 12,561 - 1,565,219 EUR 23,765,499 213,391 (51,173) - 23,927,717 GBP 4,343,166 - 2,862 - 4,346,028 HKD 9,984,732 - - - 9,984,732 JPY 14,642,670 - 21,325 - 14,663,995 NZD 1,907,178 - - - 1,907,178 SGD 7,022,295 - - - 7,022,295


Sensitivity analysis of Net Exposure (5% movement) USD AUD 823,105 BRL 78,261 EUR 1,196,386 GBP 217,301 HKD 499,237 JPY 733,200 NZD 95,359 SGD 351,115


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Foreign Currency Risk (continued)

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

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

31 December 2014 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD EUR - 3,109 - - 3,109 A strengthening of the USD against the currencies in the previous table would have resulted in losses to the amounts shown below. A weakening of the USD against these currencies would have resulted in an equal but opposite effect.

Sensitivity analysis of Net Exposure (5% movement) USD EUR 155

Brookfield Global Listed Infrastructure Long Short UCITS Fund* 31 December 2015 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabilit ies) Derivatives Exposure USD USD USD USD USD AUD 440,984 - 32,159 (32,153) 440,990 BRL 9,475 - (1,483) - 7,992 CAD 590,758 - 3,053 - 593,811 CHF 301,099 - - - 301,099 EUR 1,015,691 - (118) - 1,015,573 HKD 271,488 - (42,945) 37,041 265,584 MXN 343,260 - 58,555 - 401,815 NZD (14,093) - 148 - (13,945) TRY 15,540 - 1,711 - 17,251 * Launched on 26 August 2015 and therefore no comparatives are available.


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Foreign Currency Risk (continued) 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.

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

Brookfield Real Assets Securities UCITS Fund* 31 December 2015 Net Other Net Foreign Total Monetary Net Currency Net Investments Assets/(Liabilities) Assets/(Liabiliti es) Derivatives Exposure USD USD USD USD USD AUD 2,038,625 - 23,796 - 2,062,421 CAD 1,911,901 - 4,480 - 1,916,381 CHF 195,714 - - - 195,714 EUR 6,052,661 - (16,786) - 6,035,875 GBP 2,110,098 9 11,169 - 2,121,276 HKD 1,467,633 - - - 1,467,633 JPY 1,845,707 - 2,493 - 1,848,200 MXN 106,081 - (1,457) - 104,624 NOK 82,192 - - - 82,192 NZD 168,718 - - - 168,718 SGD 423,283 - (12,980) - 410,303 * Launched on 1 September 2015 and therefore no comparatives are available.


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


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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 2015 and 31 December 2014 to the contractual maturity date. However, as all liabilities mature in less than one year from the balance sheet date for both 31 December 2015 and 31 December 2014, this analysis is not required in this instance. In accordance with the Company’s policy, the Investment Manager monitors the Company’s overall liquidity risk on a continuous basis. Operational Risk Operational risk comprises the risk that deficiencies in the effectiveness and accuracy of information systems or internal controls will result in a material loss. The risk arises from human error, systems failures, inadequate procedures or internal management controls and these are mitigated by the following controls:

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

• Valuation/pricing of all financial derivative instruments are sourced and reported independently,

using appropriate methodologies as appropriate for the instrument.

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

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

• Independent reconciliations of portfolio holdings and frequent broker confirmations are carried

out by both the Investment Manager and the Administrator on a monthly basis and signed off by senior personnel;

• New types of derivative instruments must be approved for use by the Board after consideration

of the investment and operational risks and requirements and documented business continuity/disaster recovery plans are in place for both the Investment Manager and the Administrator.

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


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

Rating 31 December 2015 BBB 2% BB 11% B 11% CCC 0% CC 2% Other 11%

* Launched on 26 August 2015 and therefore no comparatives are available. The counterparty for the swaps held as at 31 December 2015 is JP Morgan. Details of the swaps held can be found in note 10.

The Company is exposed to credit risk on cash held with the Custodian. Bankruptcy or insolvency of the Custodian 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 2015 RBC Investor Services Bank S.A., Dublin Branch has a credit rating of AA- with Standard & Poor’s (as at 31 December 2014: AA- for Standard & Poor’s). The Investment Manager regularly reviews concentrations of credit risk.

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


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Efficient Portfolio Management (continued) ‘Efficient Portfolio Management’, for these purposes, means an investment decision involving transactions that are entered into for one or more of the following specific aims: • a reduction of risk;

• a reduction of cost;

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

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

The realised and unrealised gains/(losses) arising from the derivative transactions were presented in the Statements of Comprehensive Income under the position 'Net realised and unrealised gain/(loss) on financial assets and liabilities at fair value through profit or loss' and in the corresponding note 6. As further detailed in note 9 and note 10, in seeking to hedge part of the currency risk exposure in the core portfolio for Brookfield Global Listed Infrastructure Long Short UCITS Fund, forward currency contracts and swaps were utilised as at the financial 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 swaps held as at the year end. The counterparty in relation to the forward currency contracts is RBC IS Bank Luxembourg. The counterparty in relation to the swaps is JP Morgan. Cash collateral details are shown in note 5.

There were no netting agreements in place for financial year ended 31 December 2015 (none for 31 December 2014). 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.

9. Forward Currency Contracts

Brookfield Global Listed Infrastructure Long Short UCITS Fund*

Settlement/ Counterparty Bought Amount Sold Amount Un realised Maturity Date Gain/(Loss) USD

4 January 2016 RBC IS Bank Luxembourg HKD 161,973 USD (20,906) (6) 4 January 2016 RBC IS Bank Luxembourg USD 14,693 AUD (20,156) 31 5 January 2016 RBC IS Bank Luxembourg HKD 125,090 USD (16,144) (3) 5 January 2016 RBC IS Bank Luxembourg USD 17,493 AUD (24,046) 2 24

* Launched on 26 August 2015 and therefore no comparatives are available.


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10. Swaps


Description Maturity Quantity Swaps Issuer Fair Value Date Currency in USD

American States Water Co 31 January 2016 (10,200) USD JP Morgan (13,974) Antero Mid /Lp 31 January 2016 (14,900) USD JP Morgan (58,557) Auck Int 31 January 2016 (43,800) NZD JP Morgan (14,093) Beijing Enterprises Water Gp 31 January 2016 (299,700) HKD JP Morgan 2,770 Frankfurt Airport Serv.Worldw. 31 January 2016 (3,600) EUR JP Morgan (5,619) Genesis Energy Lp 31 January 2016 (8,400) USD JP Morgan (39,648) Grupo Aeroport.Del Sures/Sadr 31 January 2016 (1,500) USD JP Morgan 2,080 Hamburger Hafen Und Logistik Ag 31 January 2016 (9,300) EUR JP Morgan (2,233) Ishares/Msci Brazil/Cap.Ind.Fd 31 January 2016 (26,400) USD JP Morgan 43,850 Ishs Msci Australia - Shs 31 January 2016 (7,500) USD JP Morgan (8,239) Ishs Us Real Estate - Shs 31 January 2016 (2,300) USD JP Morgan (3,078) Keyera 31 January 2016 (2,600) CAD JP Morgan 663 Ngl Energy Partners Lp /Lp 31 January 2016 (26,500) USD JP Morgan (55,120) Northwest Natural Gas Co 31 January 2016 (8,700) USD JP Morgan (17,661) Oneok Partners Lp 31 January 2016 (6,100) USD JP Morgan (43,845) Plains All-Am.Pipel./Partn 31 January 2016 (7,300) USD JP Morgan (23,579) Rumo Logist 31 January 2016 197,300 BRL JP Morgan 9,475 Spdr S&P500 Etf Trust S.1 31 January 2016 (2,600) USD JP Morgan (2,321) Tallgrass Energy Partners Lp 31 January 2016 (3,400) USD JP Morgan (22,780) Tav Havalimalari Holding As 31 January 2016 (63,000) TRY JP Morgan 15,540 Valero Energy Partners Lp /Lp 31 January 2016 (2,500) USD JP Morgan (15,975) Zhejiang Expressway Co Ltd H 31 January 2016 (149,800) HKD JP Morgan (3,228) Total as at 31 December 2015 (255,572)

Brookfield Real Assets Securities UCITS Fund **

Description Maturity Quantity Swaps Issuer Fair Value Date Currency in USD

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

Total as at 31 December 2015 27,487 * Launched on 26 August 2015 and therefore no comparatives are available. ** Launched on 1 September 2015 and therefore no comparatives are available.


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11. Exchange Rates

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

Currency 31 December 2015 Currency 31 December 201 5 AUD - Australian Dollar 0.727550 HKD - Hong Kong Dollar 0.129030 BRL - Brazilian Real 0.252765 JPY - Japanese Yen 0.831290 CAD - Canadian Dollar 0.719891 MXN - New Mexican Peso 0.057900 CHF - Swiss Franc 0.999001 NOK - Norwegian Krone 0.112977 CNY - Chin Yuan Ren-Min-Bicny 0.153998 NZD - New Zealand Dollar 0.684600 EUR - Euro 1.086300 SGD - Singapore Dollar 0.704895 GBP - Great British Pound 0.678472 TRY - New Turkisch Lira 0.342601

Currency 31 December 2014 Currency 31 December 201 4 AUD - Australian Dollar 0.818350 HKD - Hong Kong Dollar 0.128952 BRL - Brazilian Real 0.376194 JPY - Japanese Yen 0.008341 CAD - Canadian Dollar 0.863371 MXN - New Mexican Peso 0.067844 CHF - Swiss Franc 1.006391 NOK – Norwegian Krone 0.133377

CNY - Chin Yuan Ren-Min-Bicny 0.161186 NZD –New Zealand Dollar 0.781600 EUR - Euro 1.210050 SGD – Singapore Dollar 0.754660 GBP - Great British Pound 0.641334

12. Share Capital and Redeemable Participating Shar es

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

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


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13. Soft Commission Arrangements

For the financial year ended 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. Net Asset Value

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


31 December 2015 31 December 2014 31 December 2013

Net Assets USD 566,836,698 USD 543,435,745 USD 352,242,703

Net Asset Value per Share:

Net Asset Value Per Share B Class EUR 31.23 EUR 34.91 EUR 28.54

Net Asset Value Per Share E Class USD 25.20 USD 31.38 USD 29.22

Net Asset Value Per Share F Class USD 16.65 USD 21.36 USD 21.28

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

Brookfield Global Listed Real Estate UCITS Fund




Net Asset Value Per Share B Class EUR 40.05 EUR 36.91 EUR 27.45


Net Asset Value Per Share F Class USD 20.59 USD 21.78 USD 20.64

Brookfield US Listed Real Estate UCITS Fund





Net Asset Value Per Share Q Class JPY 873.34 - -



Net Assets USD 13,910,398 - -


Net Asset Value Per Share E Class USD 18.55 - -

Brookfield Real Assets Securities UCITS Fund**


Net Assets USD 63,142,925 - -


Net Asset Value Per Share E Class USD 19.21 - -

* Launched on 26 August 2015 and therefore no comparatives are available. ** Launched on 1 September 2015 and therefore no comparatives are available.


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15. Events during the Financial Year

A new share class, the Class Q in the Brookfield US Listed Real Estate UCITS Fund, launched on 13 January 2015. On 29 July 2015, the Central Bank approved the documentation to add three additional sub-funds to the Umbrella. These sub-funds are outlined below. Brookfield Global Listed Infrastructure Long Short UCITS Fund launched on 26 August 2015. Brookfield Real Assets Securities UCITS Fund launched on 1 September 2015. Brookfield Real Assets Debt Fund is not currently available for purchase.

16. Events after the Financial Year End There were no significant events after the financial year end.

17. Contingent Assets As of 31 December 2015 the Company had lodged a withholding tax reclaim for a refund for withholding taxed which had been paid in 2014. The Board of Directors believe the inflow of economic benefits will be probable.

Brookfield Global Listed Infrastructure UCITS Fund 31 December 2015 31 December 2014 USD USD Refund on withholding taxes 1,051,138 -

18. Changes to the Prospectus

There were no material changes to the Prospectus, other than the additions of the new sub-funds during the financial year.

19. Accounting Financial Year

The financial statements relate to the financial year ended 31 December 2015. The comparative amounts relate to the financial year from 1 January 2014 to 31 December 2014.

20. Approval of Financial Statements The Board approved the financial statements on 20 April 2016.


67

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND STATEMENT OF INVESTMENTS AS AT 31 DECEMBER 2015

Value % net Shares USD assets INVESTMENTS TRANSFERABLE SECURITIES COMMON STOCKS AUSTRALIA Diversified Macquarie Atlas Roads Group 1,098,000 3,251,319 0.6

Total Diversified 3,251,319 0.6

Toll Roads Transurban Group 2,783,633 21,204,181 3.7

Total Toll Roads 21,204,181 3.7 TOTAL AUSTRALIA 24,455,500 4.3

BERMUDA ISLANDS Gas Utilities China Gas Holdings Ltd 2,015,600 2,912,816 0.5

Total Gas Utilities 2,912,816 0.5 TOTAL BERMUDA ISLANDS 2,912,816 0.5

CANADA Electricity Transmission & Distribution Hydro One Ltd 165,400 2,654,070 0.5

Total Electricity Transmission & Distribution 2,654,070 0.5 Pipelines Enbridge Inc 664,000 21,988,351 3.9 Inter Pipeline Ltd 548,900 8,776,241 1.5 Pembina Pipeline Corp 375,300 8,145,779 1.4 TransCanada Corp 166,700 5,423,063 1.0 Veresen Inc 1,476,800 9,419,376 1.7

Total Pipelines 53,752,810 9.5

TOTAL CANADA 56,406,880 10.0

CAYMAN ISLANDS Gas Utilities ENN Energy Holdings Ltd 1,360,400 7,258,265 1.3

Total Gas Utilities 7,258,265 1.3

TOTAL CAYMAN ISLANDS 7,258,265 1.3

CHINA Pipelines Beijing Capital International Airport Co Ltd 3,251,300 3,511,343 0.6


TOTAL CHINA 3,511,343 0.6

FRANCE Airport Aeroports de Paris 74,900 8,722,207 1.5

Total Airport 8,722,207 1.5

Communications Eutelsat Communications SA 51,721 1,550,693 0.3

Total Communications 1,550,693 0.3


68

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND STATEMENT OF INVESTMENTS AS AT 31 DECEMBER 2015 (co ntinued)

Value % net Shares USD assets Toll Roads Groupe Eurotunnel SE 1,461,000 18,187,986 3.2 Total Toll Roads 18,187,986 3.2

TOTAL FRANCE 28,460,886 5.0

GREAT BRITAIN Electricity Transmission & Distribution National Grid PLC 2,242,307 30,983,778 5.5 Total Electricity Transmission & Distribution 30,983,778 5.5

Water Severn Trent PLC 136,000 4,363,805 0.8 United Utilities Group PLC 963,000 13,278,166 2.3

Total Water 17,641,971 3.1 TOTAL GREAT BRITAIN 48,625,749 8.6

HONG KONG Ports China Merchants Holdings International Co Ltd 1,767,402 5,621,380 1.0

Total Ports 5,621,380 1.0

Gas Utilities Hong Kong & China Gas Co Ltd 4,500,420 8,826,476 1.6

Total Gas Utilities 8,826,476 1.6

TOTAL HONG KONG 14,447,856 2.6

ITALY Pipelines Snam SpA 1,954,845 10,256,737 1.8


Toll Roads Atlantia SpA 479,300 12,756,258 2.3

Total Toll Roads 12,756,258 2.3

TOTAL ITALY 23,012,995 4.1

JAPAN Rail East Japan Railway Co 64,900 6,177,358 1.1

Total Rail 6,177,358 1.1

TOTAL JAPAN 6,177,358 1.1

LUXEMBOURG Communications SES SA 289,800 8,051,259 1.4


TOTAL LUXEMBOURG 8,051,259 1.4

MEXICO Airport Grupo Aeroportuario del Centro Norte SAB de CV 493,400 2,388,559 0.4 Grupo Aeroportuario del Pacifico SAB de CV 239,500 2,108,485 0.4

Total Airport 4,497,044 0.8


69


Value % net Shares USD assets Pipelines Infraestructura Energetica Nova SAB de CV 629,900 2,638,327 0.5 Total Pipelines 2,638,327 0.5

TOTAL MEXICO 7,135,371 1.3 NETHERLANDS Midstream Koninklijke Vopak NV 154,200 6,645,021 1.2 Total Midstream 6,645,021 1.2

TOTAL NETHERLANDS 6,645,021 1.2 SINGAPORE Ports Hutchison Port Holdings Trust 5,194,300 2,752,979 0.5 Total Ports 2,752,979 0.5

TOTAL SINGAPORE 2,752,979 0.5 SPAIN Airports Aena SA 22,100 2,530,362 0.4

Total Airports 2,530,362 0.4 Toll Roads Ferrovial SA 759,406 17,204,181 3.0 Total Toll Roads 17,204,181 3.0 Electricity Transmission & Distribution Red Electrica Corp SA 95,600 8,007,895 1.4

Total Electricity Transmission & Distribution 8,007,895 1.4

TOTAL SPAIN 27,742,438 4.8 SWITZERLAND Airports Flughafen Zuerich AG 10,180 7,662,967 1.4

Total Airports 7,662,967 1.4

TOTAL SWITZERLAND 7,662,967 1.4 UNITED STATES Communications SBA Communications Corp 167,300 17,578,211 3.0

Total Communications 17,578,211 3.0 Electricity Transmission Eversource Energy 362,400 18,507,768 3.3 ITC Holdings Corp 141,200 5,542,100 1.0

Total Electricity Transmission 24,049,868 4.3 Electricity Transmission & Distribution PG&E Corp 417,800 22,222,782 3.9

Total Electricity Transmission & Distribution 22,222,782 3.9 Gas Utilities Columbia Pipeline Partners LP 181,900 3,179,612 0.6 NiSource Inc 386,800 7,546,468 1.3 ONE Gas Inc 90,100 4,520,317 0.8 Southwest Gas Corp 49,000 2,702,840 0.5 Total Gas Utilities 17,949,237 3.2


70


Value % net Shares USD assets Midstream Crestwood Equity Partners LP 69,493 1,444,065 0.3 Enable Midstream Partners LP 72,100 663,320 0.1 EQT Midstream Partners LP 97,700 7,372,442 1.3 Rice Midstream Partners LP 360,911 4,633,220 0.8 Sunoco Logistics Partners LP 251,000 6,450,700 1.1 Targa Resources Corp 83,000 2,245,980 0.4 Williams Cos Inc 437,000 11,230,900 2.0

Total Midstream 34,040,627 6.0

Pipelines Boardwalk Pipeline Partners LP 389,400 5,054,412 0.9 Columbia Pipeline Group Inc 277,900 5,558,000 1.0 Energy Transfer Partners LP 750,700 20,397,574 3.6 Enterprise Products Partners LP 1,175,000 30,056,500 5.2 MPLX LP 112,356 4,418,961 0.8 SemGroup Corp 181,600 5,240,976 0.9 Sempra Energy 59,600 5,602,996 1.0 Williams Partners LP 227,588 6,338,326 1.1 Total Pipelines 82,667,745 14.5

Rail CSX Corp 109,600 2,844,120 0.5 Union Pacific Corp 183,500 14,349,700 2.5 Total Rail 17,193,820 3.0

Telecommunications American Tower Corp 304,518 29,523,020 5.2 Crown Castle International Corp 243,500 21,050,575 3.7 Total Telecommunications 50,573,595 8.9

Water American Water Works Co Inc 236,600 14,136,850 2.5

Total Water 14,136,850 2.5

Infrastructure - Diversified CenterPoint Energy Inc 311,200 5,713,632 1.0

Total Infrastructure - Diversified 5,713,632 1.0

TOTAL UNITED STATES 286,126,367 50.3

Total COMMON STOCKS 561,386,050 99.0 (Cost $618,513,204)

TOTAL TRANSFERABLE SECURITIES 561,386,050 99.0

TOTAL INVESTMENT 561,386,050 99.0 (Cost $618,513,204) Other Assets in Excess of Liabilities 5,450,648 1.0

TOTAL NET ASSETS 566,836,698 100.0


71

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITE D) AS AT 31 DECEMBER 2015

Significant Purchases Cost Security name Quantity (USD) Energy Transfer Partners LP 616,200 33,625,289 National Grid PLC 2,179,007 28,316,539 Enterprise Products Partners LP 936,200 27,491,442 PG&E Corp 432,500 22,971,614 Kinder Morgan Inc/DE 635,700 22,460,739 American Tower Corp 206,500 19,825,955 Enbridge Inc 449,100 19,307,422 SES SA 552,800 19,008,951 Groupe Eurotunnel SE 1,151,400 15,809,023 Williams Partners LP 326,000 14,899,748 Eversource Energy 280,400 14,052,750 Abertis Infraestructuras SA 849,800 13,804,002 Targa Resources Partners LP 314,600 13,558,652 SBA Communications Corp 107,100 12,493,808 Aeroports de Paris 102,800 12,423,346 ITC Holdings Corp 317,800 12,462,062 Sunoco Logistics Partners LP 319,200 12,092,768 Williams Cos Inc 247,700 11,829,998 SemGroup Corp 181,600 11,678,959 Union Pacific Corp 117,500 11,281,345 American Water Works Co Inc 196,900 10,572,991 Veresen Inc 1,208,100 10,177,425 Hong Kong & China Gas Co Ltd 5,054,320 10,195,941 Snam SpA 1,914,200 9,813,338 Ferrovial SA 410,600 9,759,529 United Utilities Group PLC 681,700 9,730,297 TransCanada Corp 272,800 9,605,342 Energy Transfer Equity LP 313,900 9,515,621 Atlantia SpA 344,800 9,236,617 Koninklijke Vopak NV 182,600 9,064,828 Transurban Group 1,213,100 8,978,583 Red Electrica Corp SA 106,400 8,888,665 Plains GP Holdings LP 355,200 8,854,857 Crown Castle International Corp 91,500 7,679,536 Central Japan Railway Co 41,600 7,509,874 China Merchants Holdings International Co Ltd 2,158,402 7,354,424 Targa Resources Corp 101,400 7,301,980 Kansas City Southern 75,800 7,181,913 CSX Corp 234,100 7,146,392 Hutchison Port Holdings Trust 11,383,500 7,015,850 Keyera Corp 193,500 6,949,578 Buckeye Partners LP 90,400 6,893,028 ONE Gas Inc 153,900 6,814,772


72

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITE D) AS AT 31 DECEMBER 2015 (continued)

Significant Sales Proceeds Security name Quantity (USD) Kinder Morgan Inc/DE 976,800 27,003,850 National Grid PLC 1,820,200 24,250,720 Enbridge Inc 474,100 21,608,330 American Tower Corp 221,600 21,581,434 Energy Transfer Equity LP 259,900 15,826,252 Tokyo Gas Co Ltd 2,783,700 14,424,766 Abertis Infraestructuras SA 871,310 13,763,701 TransCanada Corp 336,400 13,316,696 Sempra Energy 121,000 12,125,300 Atlantia SpA 449,300 11,687,615 Kansas City Southern 132,855 11,609,560 ITC Holdings Corp 322,100 10,871,877 Snam SpA 2,045,900 10,484,644 Origin Energy Ltd 1,021,400 8,745,751 SES SA 263,000 8,687,867 Spectra Energy Corp 246,700 8,600,721 Williams Partners LP 205,200 8,468,832 Teekay Corp 174,500 7,986,415 Pennon Group PLC 581,300 7,967,435 American Water Works Co Inc 150,100 7,917,851 Beijing Enterprises Holdings Ltd 1,194,600 7,739,262 Central Japan Railway Co 41,600 7,559,260 Targa Resources Partners LP 314,600 7,491,528 Williams Cos Inc 151,600 7,346,226 SBA Communications Corp 63,900 7,265,834 Koninklijke Vopak NV 134,600 7,212,677 Severn Trent PLC 215,600 7,101,487 CenterPoint Energy Inc 394,100 7,008,748 Ferrovial SA 317,300 6,889,912 Crown Castle International Corp 82,600 6,843,211 Engie SA 378,700 6,818,091 COSCO Pacific Ltd 5,015,400 6,730,105 Buckeye Partners LP 90,400 6,652,638 MarkWest Energy Partners LP 118,000 6,545,708 AGL Resources Inc 124,100 6,419,795 PG&E Corp 123,600 6,341,266 CCR SA 1,112,300 6,298,659 ENN Energy Holdings Ltd 944,800 6,231,032 Eutelsat Communications SA 186,100 5,952,876 Enterprise Products Partners LP 201,500 5,665,158 Keyera Corp 193,500 5,654,362 Cia de Saneamento Basico do Estado de Sao Paulo 940,900 5,643,971 Groupe Eurotunnel SE 377,900 5,489,056 Boardwalk Pipeline Partners LP 384,500 5,314,877 ONEOK Inc 118,700 5,314,284


73

BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND STATEMENT OF INVESTMENTS AS AT 31 DECEMBER 2015

Value % net Shares USD assets INVESTMENTS TRANSFERABLE SECURITIES COMMON STOCKS AUSTRALIA Real Estate - Diversified Dexus Property Group 1,222,883 6,672,814 3.5

Total Real Estate - Diversified 6,672,814 3.5

Retail Scentre Group 1,610,567 4,909,708 2.5 Westfield Corp 560,100 3,875,332 2.0

Total Retail 8,785,040 4.5

TOTAL AUSTRALIA 15,457,854 8.0

AUSTRIA Office CA Immobilien Anlagen AG 208,600 3,813,715 2.0

Total Office 3,813,715 2.0

TOTAL AUSTRIA 3,813,715 2.0

BERMUDA ISLANDS Office Hongkong Land Holdings Ltd 923,500 6,464,500 3.4


TOTAL BERMUDA ISLANDS 6,464,500 3.4

CAYMAN ISLANDS Real Estate - Diversified Cheung Kong Property Holdings Ltd 301,900 1,963,290 1.0


TOTAL CAYMAN ISLANDS 1,963,290 1.0

FRANCE Office Gecina SA 31,800 3,872,421 2.0


Real Estate - Diversified Unibail-Rodamco SE 19,000 4,837,946 2.5


TOTAL FRANCE 8,710,367 4.5

GERMANY Office Alstria office REIT-AG 435,600 5,835,880 3.0



74

BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND

STATEMENT OF INVESTMENTS AS AT 31 DECEMBER 2015 (co ntinued)

Value % net

Shares USD assets

Real Estate Management/Service

Vonovia SE 221,630 6,891,419 3.6

Total Real Estate Management/Service 6,891,419 3.6

TOTAL GERMANY 12,727,299 6.6

GREAT BRITAIN

Industrial

Hansteen Holdings PLC 1,123,400 1,905,802 1.0

Total Industrial 1,905,802 1.0

Retail

Hammerson PLC 651,500 5,761,475 3.0


TOTAL GREAT BRITAIN 7,667,277 4.0

HONG KONG

Real Estate - Diversified

Swire Properties Ltd 685,500 1,981,281 1.0


Retail

Hang Lung Properties Ltd 636,500 1,448,731 0.8

Wharf Holdings Ltd 874,200 4,850,313 2.5


TOTAL HONG KONG 8,280,325 4.3

JAPAN

Office

Mitsubishi Estate Co Ltd 304,545 6,388,624 3.3

Nippon Building Fund Inc 472 2,263,968 1.2



GLP J-Reit 2,086 2,025,395 1.1

Mitsui Fudosan Co Ltd 154,600 3,927,493 2.0


TOTAL JAPAN 14,605,480 7.6

JERSEY

Retail

Atrium European Real Estate Ltd 741,687 2,876,330 1.5


TOTAL JERSEY 2,876,330 1.5

NEW ZEALAND

Real Estate Operator/Developer

Precinct Properties New Zealand Ltd 1,767,472 1,512,514 0.8

Total Real Estate Operator/Developer 1,512,514 0.8

TOTAL NEW ZEALAND 1,512,514 0.8


75



Value % net

Shares USD assets

SINGAPORE

Industrial

Global Logistic Properties Ltd 2,253,100 3,414,628 1.8


TOTAL SINGAPORE 3,414,628 1.8

UNITED STATES

Communications

SBA Communications Corp 9,600 1,008,672 0.5


Healthcare

Care Capital Properties Inc 94,125 2,877,401 1.5

HCP Inc 74,800 2,860,352 1.5

Ventas Inc 100,400 5,665,572 3.0

Welltower Inc 70,500 4,796,115 2.5

Total Healthcare 16,199,440 8.5

Hotel

Hersha Hospitality Trust 88,300 1,921,408 1.0

Host Hotels & Resorts Inc 335,700 5,149,638 2.7

Sunstone Hotel Investors Inc 146,000 1,823,540 1.0

Total Hotel 8,894,586 4.7

Industrial

Prologis Inc 201,200 8,635,504 4.5


Mixed

Kilroy Realty Corp 37,700 2,385,656 1.2

Total Mixed 2,385,656 1.2

Office

Brandywine Realty Trust 245,500 3,353,530 1.7

Corporate Office Properties Trust 152,100 3,320,343 1.7

Digital Realty Trust Inc 19,300 1,459,466 0.8

Highwoods Properties Inc 55,500 2,419,800 1.3

Hudson Pacific Properties Inc 120,200 3,382,428 1.8

SL Green Realty Corp 50,700 5,728,086 3.0

Total Office 19,663,653 10.3

Other

CyrusOne Inc 38,100 1,426,845 0.7

Total Other 1,426,845 0.7


NorthStar Realty Finance Corp 114,750 1,954,193 1.0

Vornado Realty Trust 52,400 5,237,904 2.7



76



Value % net

Shares USD assets

Regional Malls

CBL & Associates Properties Inc 268,100 3,316,397 1.7

Simon Property Group Inc 69,150 13,445,526 7.0

Total Regional Malls 16,761,923 8.7

Residential

AvalonBay Communities Inc 26,000 4,787,380 2.5

Camden Property Trust 43,600 3,346,736 1.7

Equity Residential 50,200 4,095,818 2.1

Mid-America Apartment Communities Inc 36,900 3,350,889 1.7

Total Residential 15,580,823 8.0

Retail

WP Glimcher Inc 154,150 1,635,532 0.9


Specialty

Outfront Media Inc 238,799 5,212,982 2.7

Total Specialty 5,212,982 2.7


TOTAL COMMON STOCKS 192,091,292 99.9

(Cost $203,091,679)

TOTAL TRANSFERABLE SECURITIES 192,091,292 99.9

TOTAL INVESTMENTS 192,091,292 99.9

(Cost $203,091,676)

Other Assets in Excess of Liabilities 115,144 0.1



77

BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITE D) AS AT 31 DECEMBER 2015

Significant Purchases Cost Security name Quantity (USD) Prologis Inc 308,800 13,687,139 Simon Property Group Inc 58,850 10,697,290 Ventas Inc 129,000 8,963,784 Vonovia SE 261,030 8,037,988 Global Logistic Properties Ltd 3,838,900 6,792,525 HCP Inc 165,200 6,731,126 Gecina SA 46,800 6,047,632 Welltower Inc 85,000 5,364,224 Host Hotels & Resorts Inc 261,800 5,102,099 Corporate Office Properties Trust 185,200 5,097,653 Hongkong Land Holdings Ltd 637,000 4,891,531 Cheung Kong Property Holdings Ltd 578,100 4,827,910 CA Immobilien Anlagen AG 256,700 4,874,084 Dexus Property Group 764,000 4,493,352 Equity Residential 62,100 4,467,420 SL Green Realty Corp 38,300 4,346,721 Hudson Pacific Properties Inc 140,100 4,250,416 Nippon Building Fund Inc 844 4,138,863 NorthStar Realty Finance Corp 219,300 3,771,393 Scentre Group 1,296,600 3,595,037 Alstria office REIT-AG 256,700 3,474,937 Outfront Media Inc 131,000 3,403,999 Wharf Holdings Ltd 492,300 2,995,385 Brandywine Realty Trust 203,900 2,943,713 Mitsui Fudosan Co Ltd 109,500 2,892,493 Hilton Worldwide Holdings Inc 110,200 2,857,428 Mid-America Apartment Communities Inc 37,100 2,828,631 Kilroy Realty Corp 42,700 2,745,827 Home Properties Inc 39,300 2,689,810 Hersha Hospitality Trust 96,700 2,610,569 Hang Lung Properties Ltd 1,052,300 2,604,169 Sunstone Hotel Investors Inc 171,700 2,587,059 Mitsubishi Estate Co Ltd 119,900 2,552,587 Care Capital Properties Inc 109,025 2,525,086 Hammerson PLC 249,400 2,481,471 Swire Properties Ltd 793,400 2,396,357 Unibail-Rodamco SE 8,900 2,272,102 Hansteen Holdings PLC 1,241,000 2,238,234 GLP J-Reit 2,286 2,198,164 LEG Immobilien AG 26,100 2,138,305 Camden Property Trust 28,200 2,127,065 Brixmor Property Group Inc 88,000 2,126,265 CBL & Associates Properties Inc 126,500 2,113,686 AvalonBay Communities Inc 12,400 2,074,759


78

BROOKFIELD GLOBAL LISTED REAL ESTATE UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITE D) AS AT 31 DECEMBER 2015 (continued)

Significant Sales Proceeds Security name Quantity (USD) Ventas Inc 112,800 8,183,296 Simon Property Group Inc 36,900 7,178,390 Unibail-Rodamco SE 24,600 6,921,922 Douglas Emmett Inc 205,000 6,024,860 American Tower Corp 61,600 5,855,226 Vonovia SE 165,200 5,788,416 Brixmor Property Group Inc 237,200 5,783,950 HCP Inc 132,604 5,326,823 Keppel Land Ltd 1,484,300 4,979,698 Mid-America Apartment Communities Inc 59,500 4,748,786 Sun Hung Kai Properties Ltd 282,949 4,496,857 Prologis Inc 107,600 4,483,388 Hang Lung Properties Ltd 1,381,300 4,170,941 CapitaLand Ltd 1,824,000 4,069,550 Nippon Building Fund Inc 772 3,828,793 Liberty Property Trust 107,200 3,805,460 Vornado Realty Trust 34,900 3,668,713 Sekisui House Ltd 223,900 3,354,026 Outfront Media Inc 124,300 3,284,770 Parkway Properties Inc 194,600 3,275,577 Scentre Group 1,055,600 3,122,107 SL Green Realty Corp 25,400 3,118,674 Hilton Worldwide Holdings Inc 110,200 3,094,694 Brookdale Senior Living Inc 80,900 3,073,278 Home Properties Inc 39,300 2,890,141 Mitsubishi Estate Co Ltd 124,800 2,791,393 Global Logistic Properties Ltd 1,585,800 2,784,076 Hongkong Land Holdings Ltd 366,500 2,777,581 Westfield Corp 391,100 2,700,684 AvalonBay Communities Inc 13,700 2,440,982 CBL & Associates Properties Inc 140,600 2,305,847 Mitsui Fudosan Co Ltd 80,300 2,199,839 Highwoods Properties Inc 51,000 2,178,030 DIC Asset AG 221,379 2,152,148 Goodman Group 440,600 2,143,345 LEG Immobilien AG 26,100 2,126,475 DCT Industrial Trust Inc 63,275 2,124,245 Multiplan Empreendimentos Imobiliarios SA 118,900 2,070,059 Cheung Kong Property Holdings Ltd 276,200 2,009,404 Iron Mountain Inc 48,658 1,968,530 Camden Property Trust 25,800 1,958,773 Gecina SA 15,000 1,869,025 Dexus Property Group 320,300 1,774,342


79

BROOKFIELD US LISTED REAL ESTATE UCIT FUNDS STATEMENT OF INVESTMENTS AS AT 31 DECEMBER 2015 Value % net Shares USD assets INVESTMENTS TRANSFERABLE SECURITIES COMMON STOCKS UNITED STATES Communications SBA Communications Corp 7,200 756,504 1.1

Total Communications 756,504 1.1

Healthcare Care Capital Properties Inc 91,350 2,792,570 4.0 HCP Inc 55,300 2,114,672 3.0 Ventas Inc 65,900 3,718,737 5.3 Welltower Inc 52,000 3,537,560 5.1


Hotel Hersha Hospitality Trust 62,200 1,353,472 1.9 Host Hotels & Resorts Inc 163,900 2,514,226 3.6 Sunstone Hotel Investors Inc 100,188 1,251,348 1.8

Total Hotel 5,119,046 7.3

Industrial Prologis Inc 119,400 5,124,648 7.3


Mixed Kilroy Realty Corp 33,100 2,094,568 3.0

Total Mixed 2,094,568 3.0

Office Brandywine Realty Trust 181,550 2,479,973 3.5 Corporate Office Properties Trust 103,500 2,259,405 3.2 Digital Realty Trust Inc 13,800 1,043,556 1.5 Highwoods Properties Inc 39,700 1,730,920 2.5 Hudson Pacific Properties Inc 62,800 1,767,192 2.5 SL Green Realty Corp 27,750 3,135,195 4.5

Total Office 12,416,241 17.7 Other CyrusOne Inc 27,300 1,022,385 1.5

Total Other 1,022,385 1.5 Real Estate - Diversified NorthStar Realty Finance Corp 82,200 1,399,866 2.0 Vornado Realty Trust 26,550 2,653,938 3.8

Total Real Estate - Diversified 4,053,804 5.8 Regional Malls CBL & Associates Properties Inc 246,850 3,053,535 4.4 Simon Property Group Inc 31,350 6,095,694 8.7

Total Regional Malls 9,149,229 13.1 Residential AvalonBay Communities Inc 19,100 3,516,883 5.0 Camden Property Trust 34,200 2,625,192 3.7 Equity Residential 37,200 3,035,148 4.3 Mid-America Apartment Communities Inc 28,700 2,606,247 3.7



80

BROOKFIELD US LISTED REAL ESTATE UCIT FUNDS STATEMENT OF INVESTMENTS AS AT 31 DECEMBER 2015 (co ntinued)

Value % net Shares USD assets

Retail WP Glimcher Inc 180,700 1,917,227 2.7


Specialty Outfront Media Inc 124,356 2,714,691 3.9

Total Specialty 2,714,691 3.9


TOTAL COMMON STOCKS 68,315,352 97.5 (Cost $73,861,113)

TOTAL TRANSFERABLE SECURITIES 68,315,352 97.5 TOTAL INVESTMENTS 68,315,352 97.5 (Cost $73,861,115) Other Assets in Excess of Liabilities 1,716,412 2.5



81

BROOKFIELD US LISTED REAL ESTATE UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITE D) AS AT 31 DECEMBER 2015

Significant Purchases Cost Security name Quantity (USD) Ventas Inc 183,300 13,143,170 Prologis Inc 264,300 11,759,547 Simon Property Group Inc 31,700 6,193,482 HCP Inc 126,800 5,219,653 American Tower Corp 49,600 4,838,286 Brixmor Property Group Inc 177,100 4,524,229 AvalonBay Communities Inc 24,500 4,192,308 Corporate Office Properties Trust 146,600 4,169,069 CBL & Associates Properties Inc 215,700 4,093,759 NorthStar Realty Finance Corp 227,400 3,904,872 Welltower Inc 60,900 3,845,216 Outfront Media Inc 137,000 3,784,335 Equity Residential 47,100 3,408,109 Camden Property Trust 44,100 3,392,657 Mid-America Apartment Communities Inc 41,700 3,281,874 Host Hotels & Resorts Inc 148,000 3,133,133 Hilton Worldwide Holdings Inc 117,600 3,064,661 Brandywine Realty Trust 186,800 2,841,388 Care Capital Properties Inc 107,050 2,834,872 SL Green Realty Corp 22,800 2,826,325 Douglas Emmett Inc 86,400 2,512,233 Kilroy Realty Corp 38,200 2,455,409 WP Glimcher Inc 151,300 2,451,026 Highwoods Properties Inc 52,600 2,418,495 Vornado Realty Trust 21,800 2,382,949 Hudson Pacific Properties Inc 74,600 2,258,836 Home Properties Inc 31,700 2,177,001 Hersha Hospitality Trust 71,700 1,935,330 Liberty Property Trust 47,300 1,858,160 Sunstone Hotel Investors Inc 120,088 1,814,239 National Health Investors Inc 23,200 1,684,152 DCT Industrial Trust Inc 45,300 1,658,500 Parkway Properties Inc 78,500 1,432,336 Crown Castle International Corp 16,000 1,353,523


82

BROOKFIELD US LISTED REAL ESTATE UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITE D) AS AT 31 DECEMBER 2015 (continued)

Significant Sales Proceeds Security name Quantity (USD) Ventas Inc 167,100 12,040,535 Brixmor Property Group Inc 264,900 6,556,033 American Tower Corp 68,300 6,538,373 Simon Property Group Inc 32,100 6,032,712 Prologis Inc 144,900 5,906,714 Douglas Emmett Inc 185,000 5,429,480 Outfront Media Inc 155,700 4,375,902 Liberty Property Trust 113,200 4,024,787 HCP Inc 99,658 3,982,061 AvalonBay Communities Inc 20,300 3,483,146 Mid-America Apartment Communities Inc 44,000 3,428,651 Hilton Worldwide Holdings Inc 117,600 3,318,527 DCT Industrial Trust Inc 98,350 3,302,398 Crown Castle International Corp 36,200 3,123,829 Camden Property Trust 40,700 3,042,710 Highwoods Properties Inc 68,900 2,924,479 CBL & Associates Properties Inc 160,600 2,796,074 National Health Investors Inc 41,900 2,585,611 SL Green Realty Corp 20,600 2,524,675 Home Properties Inc 31,700 2,329,888 Brookdale Senior Living Inc 60,250 2,264,495 Parkway Properties Inc 132,300 2,232,426 Vornado Realty Trust 21,000 2,173,178 Lexington Realty Trust 224,750 1,992,979 WP Glimcher Inc 129,100 1,931,744 Iron Mountain Inc 44,553 1,802,395 Host Hotels & Resorts Inc 61,000 1,178,962 Brandywine Realty Trust 83,400 1,164,231 Corporate Office Properties Trust 43,100 1,094,886


83

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE LONG SHORT UCITS FUND

STATEMENT OF INVESTMENTS AS AT 31 DECEMBER 2015

Value % net Shares USD assets INVESTMENTS TRANSFERABLE SECURITIES COMMON STOCKS AUSTRALIA Electric Utilities and Generation Origin Energy Ltd 85,300 291,682 2.1

Total Electric Utilities and Generation 291,682 2.1

Toll Roads Transurban Group 19,600 149,302 1.1

Total Toll Roads 149,302 1.1

TOTAL AUSTRALIA 440,984 3.2

BERMUDA ISLANDS Gas Utilities Cosan Ltd 84,600 312,173 2.2

Total Gas Utilities 312,173 2.2

TOTAL BERMUDA ISLANDS 312,173 2.2

CANADA Pipelines Inter Pipeline Ltd 9,900 158,289 1.1 Veresen Inc 67,700 431,806 3.1

Total Pipelines 590,095 4.2

TOTAL CANADA 590,095 4.2

CAYMAN ISLANDS Gas Utilities ENN Energy Holdings Ltd 24,200 129,116 0.9


TOTAL CAYMAN ISLANDS 129,116 0.9

CHINA Toll Roads Jiangsu Expressway Co Ltd 51,800 69,912 0.5 Shenzhen Expressway Co Ltd 82,500 72,918 0.5

Total Toll Roads 142,830 1.0 TOTAL CHINA 142,830 1.0

FRANCE Building & Construction Eiffage SA 2,500 161,669 1.2

Total Building & Construction 161,669 1.2

Toll Roads Groupe Eurotunnel SE 44,400 552,736 4.0


TOTAL FRANCE 714,405 5.2

MEXICO Airports Grupo Aeroportuario del Centro Norte SAB de CV 1,100 5,325 -

Total Airports 5,325 -


84



Value % net Shares USD assets Toll Roads OHL Mexico SAB de CV 123,500 128,998 0.9 Promotora y Operadora de Infraestructura SAB de CV 17,800 208,938 1.5


TOTAL MEXICO 343,261 2.4

SPAIN Airports Aena SA 2,700 309,139 2.2

Total Airports 309,139 2.2

TOTAL SPAIN 309,139 2.2

SWITZERLAND Airports Flughafen Zuerich AG 400 301,099 2.2


TOTAL SWITZERLAND 301,099 2.2

UNITED STATES Communications SBA Communications Corp 3,700 388,759 2.8


Gas Utilities NiSource Inc 18,200 355,082 2.6 ONE Gas Inc 8,300 416,411 3.0


Infrastructure - Diversified CenterPoint Energy Inc 12,000 220,320 1.6 Total Infrastructure - Diversified 220,320 1.6

Midstream Rice Midstream Partners LP 28,059 378,516 2.7 Sunoco Logistics Partners LP 5,300 136,210 1.0

Total Midstream 514,726 3.7

Pipelines Energy Transfer Partners LP 8,000 269,840 1.9 Enterprise Products Partners LP 5,300 135,574 1.0 Summit Midstream Partners LP 20,700 387,711 2.8 Williams Partners LP 6,200 172,670 1.2


Rail CSX Corp 5,500 142,725 1.0 Union Pacific Corp 3,900 304,980 2.2

Total Rail 447,705 3.2

Telecommunications American Tower Corp 4,700 455,665 3.3

Total Telecommunications 455,665 3.3


85



Value % net Shares USD assets

Water American Water Works Co Inc 9,600 573,600 4.1 Total Water 573,600 4.1


Total COMMON STOCKS 7,621,165 54.7 (Cost $7,775,670)

INVESTMENT FUNDS IRELAND Money Market Institutional Cash Series PLC - Institutional US Dollar Liquidity Fund 1,126,477 1,126,477 8.1

Total Money Market 1,126,477 8.1

TOTAL IRELAND 1,126,477 8.1

Total INVESTMENT FUNDS 1,126,477 8.1 (Cost $1,126,477)

TOTAL TRANSFERABLE SECURITIES 8,747,642 62.8 NON-TRANSFERABLE SECURITIES Forward currency contracts (see note 9 for other details) 24 - Swaps (see note 10 for other details) (255,572) (1.8) TOTAL NON-TRANSFERABLE SECURITIES (255,548) (1.8) TOTAL INVESTMENTS 8,492,094 61.0 (Cost $8,902,147) Other Assets in Excess of Liabilities 5,418,304 39.0



86

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE LONG SHORT UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITE D) AS AT 31 DECEMBER 2015

Significant Purchases Cost Security name Quantity (USD) Institutional Cash Series PLC - Institutional US Dollar Liquidity Fund 17,242,045 17,242,045 Crestwood Equity Partners LP 378,600 989,760 Veresen Inc 83,100 754,964 Crestwood Midstream Partners LP 121,400 752,389 Groupe Eurotunnel SE 51,900 719,233 Union Pacific Corp 7,500 658,112 CenterPoint Energy Inc 32,800 597,546 Edison International 10,200 588,540 Rice Midstream Partners LP 39,059 526,935 American Tower Corp 5,800 521,014 Macquarie Atlas Roads Group 205,000 502,375 American Water Works Co Inc 9,600 497,014 Energy Transfer Equity LP 21,700 494,689 Southwest Gas Corp 8,200 444,051 SBA Communications Corp 3,700 423,642 Teekay Offshore Partners LP 24,500 402,920 SemGroup Corp 7,300 379,114 Promotora y Operadora de Infraestructura SAB de CV 34,300 375,586 Energy Transfer Partners LP 8,000 373,515 Hydro One Ltd 23,400 364,223 Abertis Infraestructuras SA 24,800 362,538


87

BROOKFIELD GLOBAL LISTED INFRASTRUCTURE LONG SHORT UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITE D) AS AT 31 DECEMBER 2015 (continued)

Significant Sales Proceeds Security name Quantity (USD) Institutional Cash Series PLC - Institutional US Dollar Liquidity Fund 16,115,570 16,115,570 Crestwood Equity Partners LP 563,200 1,361,310 Edison International 10,200 654,137 Macquarie Atlas Roads Group 205,000 587,966 Southwest Gas Corp 8,200 510,457 Hydro One Ltd 23,400 381,934 Abertis Infraestructuras SA 24,800 373,632 CenterPoint Energy Inc 20,800 363,182 Union Pacific Corp 3,600 337,138 Energy Transfer Equity LP 21,700 311,540 Aeroports de Paris 2,600 298,411 Archrock Inc 25,300 293,475 Aurizon Holdings Ltd 93,700 286,263 Norfolk Southern Corp 3,100 267,903 Kansas City Southern 3,400 267,786


88

BROOKFIELD REAL ASSETS SECURITIES UCITS FUND STATEMENT OF INVESTMENTS AS AT 31 DECEMBER 2015

Value % net Shares USD assetsINVESTMENTS TRANSFERABLE SECURITIES COMMON STOCKS AUSTRALIA Diversified Macquarie Atlas Roads Group 23,900 70,771 0.1

Total Diversified 70,771 0.1

Electricity Transmission & Distribution Spark Infrastructure Group 47,561 66,438 0.1Total Electricity Transmission & Distribution 66,438 0.1

Exploration & Production BHP Billiton Ltd 14,503 373,597 0.6Karoon Gas Australia Ltd 54,390 70,041 0.1Senex Energy Ltd 117,020 11,919 -

Total Exploration & Production 455,557 0.7

Real Estate - Diversified Dexus Property Group 103,100 562,578 0.9Total Real Estate - Diversified 562,578 0.9

Refineries Caltex Australia Ltd 2,480 68,023 0.1

Total Refineries 68,023 0.1

Retail Scentre Group 137,300 418,550 0.7Westfield Corp 48,100 332,804 0.5

Total Retail 751,354 1.2

Toll Roads Transurban Group 57,434 437,501 0.7


TOTAL AUSTRALIA 2,412,222 3.8

AUSTRIA Metals & Mining Voestalpine AG 2,864 88,185 0.1

Total Metals & Mining 88,185 0.1

Office CA Immobilien Anlagen AG 13,700 250,469 0.4

Total Office 250,469 0.4TOTAL AUSTRIA 338,654 0.5

BELGIUM Shipping Euronav NV 4,460 61,147 0.1Total Shipping 61,147 0.1

TOTAL BELGIUM 61,147 0.1


89

BROOKFIELD REAL ASSETS SECURITIES UCITS FUND STATEMENT OF INVESTMENTS AS AT 31 DECEMBER 2015 (co ntinued)

Value % net Shares USD assets BERMUDA ISLANDS Consumer Non-Cyclical Bunge Ltd 494 33,730 0.1Total Consumer Non-Cyclical 33,730 0.1

Electric Utilities & Generation United Photovoltaics Group Ltd 179,700 17,622 -

Total Electric Utilities & Generation 17,622 -

Gas Utilities China Gas Holdings Ltd 43,800 63,297 0.1


Office Hongkong Land Holdings Ltd 76,900 538,300 0.8Total Office 538,300 0.8

Oilfield Services & Equipment C&J Energy Services Ltd 6,640 31,606 0.1

Total Oilfield Services & Equipment 31,606 0.1

TOTAL BERMUDA ISLANDS 684,555 1.1

BRAZIL Basic Materials Vale SA 17,595 57,888 0.1

Total Basic Materials 57,888 0.1

Paper & Forest Products Fibria Celulose SA 7,752 98,373 0.1

Total Paper & Forest Products 98,373 0.1

TOTAL BRAZIL 156,261 0.2

CANADA Basic Materials Agrium Inc 2,740 244,792 0.4Barrick Gold Corp 14,259 105,231 0.1Potash Corp of Saskatchewan Inc 9,501 162,657 0.3Total Basic Materials 512,680 0.8

Electric Utilities & Generation Algonquin Power & Utilities Corp 22,210 174,438 0.2Boralex Inc 10,170 105,866 0.2

Total Electric Utilities & Generation 280,304 0.4

Electricity Transmission & Distribution Hydro One Ltd 3,000 48,139 0.1

Total Electricity Transmission & Distribution 48,139 0.1

Exploration & Production Advantage Oil & Gas Ltd 27,240 137,857 0.2Cenovus Energy Inc 13,160 165,791 0.2Pengrowth Energy Corp 14,300 10,500 -Peyto Exploration & Development Corp 2,260 40,462 0.1Seven Generations Energy Ltd 4,890 47,453 0.1



90


Value % net Shares USD assets Metals & Mining First Quantum Minerals Ltd 8,729 32,551 0.1


Oilfield Services & Equipment Xtreme Drilling & Coil Services Corp 114,790 141,308 0.2


Pipelines Enbridge Inc 14,190 469,902 0.7Inter Pipeline Ltd 12,550 200,659 0.3Pembina Pipeline Corp 10,480 228,045 0.4TransCanada Corp 4,400 143,140 0.2Veresen Inc 30,390 193,834 0.3


TOTAL CANADA 2,652,625 4.1

CAYMAN ISLANDS Gas Utilities ENN Energy Holdings Ltd 33,100 176,601 0.3


Real Estate - Diversified Cheung Kong Property Holdings Ltd 24,800 161,277 0.3

Total Real Estate - Diversified 161,277 0.3TOTAL CAYMAN ISLANDS 337,878 0.6

CHINA - 0.1% Pipelines - 0.1% Beijing Capital International Airport Co Ltd 55,100 59,507 0.1

Total Pipelines 59,507 0.1TOTAL CHINA 59,507 0.1

CURACAO Oilfield Services & Equipment Schlumberger Ltd 690 48,128 0.1

Total Oilfield Services & Equipment 48,128 0.1TOTAL CURACAO 48,128 0.1

FINLAND Basic Materials UPM-Kymmene OYJ 13,681 256,067 0.4

Total Basic Materials 256,067 0.4TOTAL FINLAND 256,067 0.4

FRANCE Airports Aeroports de Paris 1,520 177,006 0.3


Office Gecina SA 2,600 316,613 0.5

Total Office 316,613 0.5


91


Value % net Shares USD assets Real Estate - Diversified Unibail-Rodamco SE 1,600 407,406 0.6Total Real Estate - Diversified 407,406 0.6 Toll Roads Groupe Eurotunnel SE 28,220 351,311 0.6


TOTAL FRANCE 1,252,336 2.0 GERMANY Metals & Mining ThyssenKrupp AG 7,993 159,295 0.3

Total Metals & Mining 159,295 0.3 Office Alstria office REIT-AG 38,600 517,137 0.8

Total Office 517,137 0.8 Real Estate Management/Service Vonovia SE 19,100 593,900 0.9

Total Real Estate Management/Service 593,900 0.9 Residential Deutsche Wohnen AG 9,400 261,203 0.4Total Residential 261,203 0.4 Retail Deutsche EuroShop AG 5,900 260,315 0.4


TOTAL GERMANY 1,791,850 2.8 GREAT BRITAIN Basic Materials Antofagasta PLC 9,411 65,096 0.1Mondi PLC 9,591 188,577 0.3Total Basic Materials 253,673 0.4 Electricity Transmission & Distribution National Grid PLC 41,810 577,723 0.9

Total Electricity Transmission & Distribution 577,723 0.9 Exploration & Production Tullow Oil PLC 36,060 88,068 0.1

Total Exploration & Production 88,068 0.1 Industrial Hansteen Holdings PLC 97,000 164,557 0.3

Total Industrial 164,557 0.3 Metals & Mining Anglo American PLC 12,224 53,952 0.1Rio Tinto PLC 6,928 201,743 0.3

Total Metals & Mining 255,695 0.4 Retail Hammerson PLC 54,000 477,544 0.8



92


Value % net Shares USD assets Water Severn Trent PLC 2,760 88,560 0.1United Utilities Group PLC 16,590 228,748 0.4

Total Water 317,308 0.5

TOTAL GREAT BRITAIN 2,134,568 3.4 HONG KONG Gas Utilities Hong Kong & China Gas Co Ltd 101,700 199,460 0.3

Total Gas Utilities 199,460 0.3 Ports China Merchants Holdings International Co Ltd 37,300 118,636 0.2Total Ports 118,636 0.2 Real Estate - Diversified Swire Properties Ltd 56,800 164,167 0.3

Total Real Estate - Diversified 164,167 0.3 Retail Hang Lung Properties Ltd 40,200 91,499 0.1Wharf Holdings Ltd 74,900 415,567 0.7


TOTAL HONG KONG 989,329 1.6 IRELAND Basic Materials CRH PLC 3,996 115,165 0.2

Total Basic Materials 115,165 0.2 Containers & Packaging Smurfit Kappa Group PLC 3,800 97,172 0.2

Total Containers & Packaging 97,172 0.2

TOTAL IRELAND 212,337 0.4 ITALY Electric Utilities & Generation Enel Green Power SpA 87,180 178,327 0.3ERG SpA 7,123 96,489 0.2Total Electric Utilities & Generation 274,816 0.5 Pipelines Snam SpA 44,790 235,005 0.3

Total Pipelines 235,005 0.3 Toll Roads Atlantia SpA 9,070 241,392 0.4


TOTAL ITALY 751,213 1.2 JAPAN Basic Materials JFE Holdings Inc 9,736 155,394 0.3

Total Basic Materials 155,394 0.3 Metals & Mining Nippon Steel & Sumitomo Metal Corp 13,299 267,097 0.4



93


Value % net Shares USD assets Office Mitsubishi Estate Co Ltd 24,000 503,462 0.8Nippon Building Fund Inc 45 215,844 0.3Total Office 719,306 1.1

Paper & Forest Products Oji Holdings Corp 21,408 87,024 0.1

Total Paper & Forest Products 87,024 0.1

Rail East Japan Railway Co 1,300 123,738 0.2


Real Estate - Diversified GLP J-Reit 173 167,974 0.3Mitsui Fudosan Co Ltd 12,800 325,174 0.5

Total Real Estate - Diversified 493,148 0.8

TOTAL JAPAN 1,845,707 2.9

JERSEY Exploration & Production Genel Energy Plc 5,110 12,804 -

Total Exploration & Production 12,804 -

Metals & Mining Glencore PLC 123,330 164,471 0.3Total Metals & Mining 164,471 0.3

Retail Atrium European Real Estate Ltd 37,400 145,041 0.2


TOTAL JERSEY 322,316 0.5

LUXEMBOURG Communications SES SA 5,930 164,748 0.3


TOTAL LUXEMBOURG 164,748 0.3

MARSHALL ISLANDS Gas Utilities Ardmore Shipping Corp 4,490 57,113 0.1


Midstream Gener8 Maritime Inc 3,600 34,020 0.1


Shipping DHT Holdings Inc 11,180 90,446 0.1Scorpio Tankers Inc 7,850 62,957 0.1

Total Shipping 153,403 0.2

TOTAL MARSHALL ISLANDS 244,536 0.4


94


Value % net Shares USD assets MAURITIUS ISLANDS Real Estate - Diversified Golden Agri-Resources Ltd 221,301 53,038 0.1


TOTAL MAURITIUS ISLANDS 53,038 0.1 MEXICO Airports Grupo Aeroportuario del Centro Norte SAB de CV 9,800 47,442 0.1Grupo Aeroportuario del Pacifico SAB de CV 490 43,257 0.1

Total Airports 90,699 0.2 Pipelines Infraestructura Energetica Nova SAB de CV 14,000 58,639 0.1


TOTAL MEXICO 149,338 0.3 NETHERLANDS Midstream Koninklijke Vopak NV 3,170 136,606 0.2


TOTAL NETHERLANDS 136,606 0.2 NEW ZEALAND Electric Utilities & Generation Mighty River Power Ltd 51,330 97,691 0.2

Total Electric Utilities & Generation 97,691 0.2 Real Estate Operator/Developer Precinct Properties New Zealand Ltd 83,000 71,027 0.1

Total Real Estate Operator/Developer 71,027 0.1

TOTAL NEW ZEALAND 168,718 0.3 NORWAY Chemicals Yara International ASA 1,900 82,192 0.1

Total Chemicals 82,192 0.1

TOTAL NORWAY 82,192 0.1 SINGAPORE Food Products Wilmar International Ltd 36,200 75,021 0.1

Total Food Products 75,021 0.1 Industrial Global Logistic Properties Ltd 194,800 295,224 0.5Total Industrial 295,224 0.5 Ports Hutchison Port Holdings Trust 115,300 61,109 0.1

Total Ports 61,109 0.1TOTAL SINGAPORE 431,354 0.7 SPAIN Airports Aena SA 500 57,248 0.1Total Airports 57,248 0.1


95


Value % net Shares USD assets Electric Utilities & Generation EDP Renovaveis SA 31,875 251,037 0.4Iberdrola SA 20,180 143,586 0.2Saeta Yield SA 15,942 148,933 0.2


Electricity Transmission & Distribution Red Electrica Corp SA 2,590 216,950 0.3Total Electricity Transmission & Distribution 216,950 0.3

Toll Roads Ferrovial SA 13,296 301,218 0.5


TOTAL SPAIN 1,118,972 1.7

SWITZERLAND Airports Flughafen Zuerich AG 260 195,714 0.3


Basic Materials Syngenta AG 7,347 578,429 0.9


TOTAL SWITZERLAND 774,143 1.2

UNITED STATES Basic Materials Freeport-McMoRan Inc 13,094 88,646 0.1International Paper Co 3,927 148,048 0.2Monsanto Co 3,547 349,450 0.5Newmont Mining Corp 6,056 108,947 0.2Stillwater Mining Co 11,594 99,361 0.2


Chemicals Axiall Corp 4,940 76,076 0.1CF Industries Holdings Inc 3,547 144,753 0.2

Total Chemicals 220,829 0.3

Communications SBA Communications Corp 4,340 456,004 0.7Total Communications 456,004 0.7

Containers & Packaging WestRock Co 2,042 93,156 0.2

Total Containers & Packaging 93,156 0.2

Electric Utilities & Generation NextEra Energy Inc 1,870 194,274 0.3Pattern Energy Group Inc 11,020 230,428 0.4



96


Value % net Shares USD assets Electricity Transmission & Distribution Avangrid Inc 3,010 115,584 0.2Eversource Energy 9,030 461,162 0.7ITC Holdings Corp 6,370 250,023 0.4NorthWestern Corp 1,960 106,330 0.2PS Business Parks Inc 5.7% 4,200 105,042 0.2PS Business Parks Inc 5.75% 5,410 135,791 0.1PS Business Parks Inc 6% 11,290 288,347 0.5

Total Electricity Transmission & Distribution 1,462,279 2.3

Energy Tesoro Logistics LP 2,680 134,858 0.2Total Energy 134,858 0.2

Exploration & Production Anadarko Petroleum Corp 950 46,151 0.1Cabot Oil & Gas Corp 2,760 48,824 0.1Cimarex Energy Co 200 17,876 -Concho Resources Inc 760 70,574 0.1SM Energy Co 7,910 155,511 0.3


Food Products Archer-Daniels-Midland Co 3,040 111,507 0.2

Total Food Products 111,507 0.2

Gas Utilities NiSource Inc 13,430 262,019 0.4ONE Gas Inc 2,850 142,985 0.2Southwest Gas Corp 1,100 60,676 0.1


Healthcare Care Capital Properties Inc 7,900 241,503 0.4Ventas Inc 7,800 440,154 0.7Welltower Inc 6,300 428,589 0.7


Hotel Hersha Hospitality Trust 7,100 154,496 0.2Host Hotels & Resorts Inc 27,800 426,452 0.7Sunstone Hotel Investors Inc 11,600 144,884 0.2

Total Hotel 725,832 1.1

Industrial Prologis Inc 17,600 755,387 1.2

Total Industrial 755,387 1.2

Infrastructure - Diversified CenterPoint Energy Inc 6,380 117,137 0.2

Total Infrastructure - Diversified 117,137 0.2

Machinery AGCO Corp 660 29,957 0.1

Total Machinery 29,957 0.1


97


Value % net Shares USD assets Metals & Mining Alcoa Inc 17,322 170,968 0.3 Southern Copper Corp 5,173 135,119 0.2 Total Metals & Mining 306,087 0.5

Midstream Crestwood Equity Partners LP 3,699 76,865 0.1 EQT Midstream Partners LP 1,470 110,926 0.2 Kinder Morgan Inc/DE 14,380 214,550 0.3 Rice Midstream Partners LP 11,915 159,399 0.3 Sunoco Logistics Partners LP 6,350 163,195 0.3 Targa Resources Corp 2,300 62,238 0.1 Targa Resources Partners LP 4,600 76,038 0.1 Taubman Centers Inc 6.5% 11,850 302,412 0.5 Williams Cos Inc 15,780 405,546 0.6

Total Midstream 1,571,169 2.5

Mixed Kilroy Realty Corp 3,200 202,496 0.3 Kilroy Realty Corp 6.375% 9,690 246,320 0.4

Total Mixed 448,816 0.7

Office Brandywine Realty Trust 21,500 293,690 0.4 CoreSite Realty Corp 7.25% 4,200 111,258 0.2 Corporate Office Properties Trust 13,300 290,339 0.5 Digital Realty Trust Inc 1,700 128,554 0.2 Digital Realty Trust Inc 5.875% 7,465 186,177 0.3 Equity Commonwealth 6.5% 9,530 235,772 0.4 Highwoods Properties Inc 4,900 213,640 0.3 Hudson Pacific Properties Inc 10,400 292,656 0.5 SL Green Realty Corp 5,300 598,794 1.0 Vornado Realty Trust 5.4% 4,000 97,200 0.1 Vornado Realty Trust 5.7% 6,040 152,570 0.2


Oil, Gas & Consumable Fuels Exxon Mobil Corp 1,350 105,233 0.2 Gulfport Energy Corp 4,040 99,263 0.2

Total Oil, Gas & Consumable Fuels 204,496 0.4

Oilfield Services & Equipment Aspen Technology Inc 2,430 91,757 0.1 National Oilwell Varco Inc 4,110 137,644 0.2


Other Alliance Resource Partners LP 1,690 22,798 - CyrusOne Inc 3,500 131,075 0.2 Lowe's Cos Inc 500 38,020 0.1 Rice Energy Inc 5,360 58,424 0.1 Vulcan Materials Co 289 27,446 -

Total Other 277,763 0.4

Paper & Forest Products Louisiana-Pacific Corp 1,822 32,814 0.1 Total Paper & Forest Products 32,814 0.1


98


Value % net Shares USD assets Pipelines Boardwalk Pipeline Partners LP 17,170 222,867 0.4Columbia Pipeline Group Inc 9,070 181,400 0.3Energy Transfer Partners LP 18,590 566,471 0.9Enterprise Products Partners LP 31,470 805,003 1.2Kimco Realty Corp 6% 3,610 93,391 0.2MPLX LP 8,126 319,596 0.4NuStar Energy LP 1,470 58,947 0.1NuStar GP Holdings LLC 2,510 53,087 0.1SemGroup Corp 6,290 181,529 0.3Sempra Energy 2,460 231,265 0.4Spectra Energy Corp 4,920 117,785 0.2Williams Partners LP 5,410 150,669 0.2


Rail CSX Corp 3,310 85,895 0.1Union Pacific Corp 3,980 311,236 0.5


Real Estate - Diversified NorthStar Realty Finance Corp 10,200 173,706 0.3Vornado Realty Trust 4,700 469,812 0.7


Refineries Valero Energy Corp 2,140 151,319 0.2Total Refineries 151,319 0.2

Regional Malls CBL & Associates Properties Inc 13,000 160,810 0.2Simon Property Group Inc 6,100 1,186,084 1.9Total Regional Malls 1,346,894 2.1

Residential American Homes 4 Rent 5.5% 7,990 205,343 0.3AvalonBay Communities Inc 2,300 423,499 0.7Camden Property Trust 3,800 291,688 0.5Equity Residential 4,200 342,678 0.5Mid-America Apartment Communities Inc 3,200 290,592 0.5


Retail WP Glimcher Inc 8,000 84,880 0.1


Self Storage Public Storage 5.2% 2,600 65,390 0.1Public Storage 5.2% 2,600 64,974 0.1Public Storage 5.375% 4,850 123,433 0.2Public Storage 5.9% 10,050 260,094 0.4

Total Self Storage 513,891 0.8

Specialty Outfront Media Inc 20,200 440,966 0.7

Total Specialty 440,966 0.7


99


Value % net Shares USD assets Strip Centers DDR Corp 9,900 166,716 0.3DDR Corp 6.25% 2,800 70,000 0.1Total Strip Centers 236,716 0.4 Telecommunications American Tower Corp 7,970 772,692 1.2Crown Castle International Corp 5,880 508,326 0.8Total Telecommunications 1,281,018 2.0 Timber Plum Creek Timber Co Inc 1,100 52,492 0.1Weyerhaeuser Co 3,800 113,924 0.2Total Timber 166,416 0.3 Transmission & Distribution PG&E Corp 10,880 578,707 0.9Total Transmission & Distribution 578,707 0.9 Triple Net Lease EPR Properties 5.75% 10,952 262,848 0.4

Total Triple Net Lease 262,848 0.4 Utility NRG Yield Inc 3,920 54,527 0.1NRG Yield Inc 3,770 55,645 0.1

Total Utility 110,172 0.2 Water American Water Works Co Inc 5,940 354,915 0.6Total Water 354,915 0.6

TOTAL UNITED STATES 24,017,359 38.0 Total COMMON STOCKS 43,647,704 69.1(Cost $44,609,739) Principal Interest Amount Value % net Rate Maturity (000s) USD assets INVESTMENTS TRANSFERABLE SECURITIES BONDS LUXEMBOURG Financial Services Puma International Financing SA 6.75 % 02/01/21 $ 405 $ 393,400 0.6

Total Financial Services 393,400 0.6

Telecommunications Intelsat Luxembourg SA 7.75 06/01/21 586 502,563 0.8

Total Telecommunications 502,563 0.8

TOTAL LUXEMBOURG 895,963 1.4

MARSHALL ISLANDS Services Dynagas LNG Partners LP / Dynagas Finance Inc 6.25 10/30/19 149 121,625 0.2

Total Services 121,625 0.2


100

BROOKFIELD REAL ASSETS SECURITIES UCITS FUND STATEMENT OF INVESTMENTS AS AT 31 DECEMBER 2015 (co ntinued) Principal Interest Amount Value % net Rate Maturity (000s) USD assets Transportation Teekay Offshore Partners LP/Teekay Offshore Finance Corp 6.00 % 07/30/19 $ 85 $ 64,000 0.1

Total Transportation 64,000 0.1

TOTAL MARSHALL ISLANDS 185,625 0.3

NETHERLANDS Energy LBC Tank Terminals Holding Netherlands BV 6.88 05/15/23 208 198,000 0.3

Total Energy 198,000 0.3

TOTAL NETHERLANDS 198,000 0.3

UNITED STATES Capital Goods Terex Corp 6.00 05/15/21 501 460,000 0.7

Total Capital Goods 460,000 0.7

Electric Utilities & Generation TerraForm Power Operating LLC 5.88 02/01/23 382 331,000 0.5


Energy Blue Racer Midstream LLC / Blue Racer Finance Corp 6.13 11/15/22 520 379,500 0.6 Chesapeake Energy Corp 8.00 12/15/22 148 55,370 0.1 EP Energy LLC / Everest Acquisition Finance Inc 6.38 06/15/23 193 112,500 0.2 Ferrellgas LP / Ferrellgas Finance Corp 6.75 01/15/22 333 294,875 0.5 Global Partners LP / GLP Finance Corp 6.25 07/15/22 482 420,000 0.6 Holly Energy Partners LP / Holly Energy Finance Corp 6.50 03/01/20 423 420,750 0.7 Suburban Propane Partners LP/Suburban Energy Finance Corp 5.50 06/01/24 335 281,750 0.5 Tesoro Logistics LP / Tesoro Logistics Finance Corp 6.25 10/15/22 358 331,625 0.5

Total Energy 2,296,370 3.7

Healthcare CHS/Community Health Systems Inc 6.88 02/01/22 473 450,656 0.7 HCA Inc 5.88 05/01/23 636 615,000 1.0


Media CCO Holdings LLC / CCO Holdings Capital Corp 5.75 01/15/24 607 616,500 0.9 Lamar Media Corp 5.38 01/15/24 492 489,250 0.8 Mediacom Broadband LLC / Mediacom Broadband Corp 6.38 04/01/23 491 488,750 0.8 Neptune Finco Corp 10.88 10/15/25 365 366,625 0.6

Total Media 1,961,125 3.1

Pipelines MPLX LP 4.88 12/01/24 476 448,750 0.7


Services Casella Waste Systems Inc 7.75 02/15/19 482 471,438 0.7 United Rentals North America Inc 5.75 11/15/24 632 618,750 1.0

Total Services 1,090,188 1.7


101

BROOKFIELD REAL ASSETS SECURITIES UCITS FUND STATEMENT OF INVESTMENTS AS AT 31 DECEMBER 2015 (co ntinued) Principal Interest Amount Value % net Rate Maturity (000s) USD assets Telecommunications CenturyLink Inc 5.80 % 03/15/22 $ 498 $ 481,163 0.8 Crown Castle International Corp 5.25 01/15/23 504 499,344 0.8 CyrusOne LP / CyrusOne Finance Corp 6.38 11/15/22 492 489,250 0.8 FairPoint Communications Inc 8.75 08/15/19 489 467,875 0.7 Frontier Communications Corp 7.63 04/15/24 135 126,000 0.2 Frontier Communications Corp 11.00 09/15/25 492 495,000 0.8 Level 3 Financing Inc 5.38 05/01/25 624 621,875 0.9 Zayo Group LLC / Zayo Capital Inc 6.00 04/01/23 500 472,500 0.8

Total Telecommunications 3,653,007 5.8

Transportation Watco Cos LLC / Watco Finance Corp 6.38 04/01/23 300 295,500 0.5

Total Transportation 295,500 0.5

Utility AES Corp/VA 4.88 05/15/23 511 481,250 0.8 NRG Energy Inc 6.25 07/15/22 499 447,300 0.7 NRG Yield Operating LLC 5.38 08/15/24 379 331,500 0.5

Total Utility 1,260,050 2.0


Total BONDS 14,141,234 22.4 (Cost $15,081,926)

TERM LOANS AUSTRALIA Term Loans FMG Resources August 2006 Pty Ltd 0.00 06/30/19 297 294,786 0.5

Total Term Loans 294,786 0.5

TOTAL AUSTRALIA 294,786 0.5

CANADA Term Loans Four Seasons Holdings Inc 0.00 12/28/20 299 295,749 0.5

Total Term Loans 295,749 0.5

TOTAL CANADA 295,749 0.5

Total TERM LOANS 590,535 1.0 (Cost $698,980)

TOTAL TRANSFERABLE SECURITIES 58,379,473 92.5 NON-TRANSFERABLE SECURITIES Swaps (see note 10 for other details) 27,487 - TOTAL NON-TRANSFERABLE SECURITIES 27,487 - TOTAL INVESTMENTS 58,406,960 92.5 (Cost $60,871,372) Other Assets in Excess of Liabilities 4,735,965 7.5 TOTAL NET ASSETS 63,142,925 100.0


102

BROOKFIELD REAL ASSETS SECURITIES UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITE D) AS AT 31 DECEMBER 2015

Significant Purchases Cost Security name Quantity (USD) Simon Property Group Inc 7,100 1,317,136 Enterprise Products Partners LP 31,470 826,974 Williams Cos Inc 20,680 800,218 American Tower Corp 8,170 785,283 Kinder Morgan Inc/DE 28,680 759,687 Enbridge Inc 18,790 723,063 Prologis Inc 17,900 718,494


103

BROOKFIELD REAL ASSETS SECURITIES UCITS FUND SCHEDULE OF SIGNIFICANT PORTFOLIO CHANGES (UNAUDITE D) AS AT 31 DECEMBER 2015 (continued)

Significant Sales Proceeds Security name Quantity (USD) HCP Inc 10,800 396,281 Douglas Emmett Inc 10,500 314,910 Kinder Morgan Inc 14,300 256,004 Puma International Financing SA 6.75% 01/02/2021 225,000 230,991 Plains All American Pipeline LP 8,030 217,835 Brixmor Property Group Inc 8,000 198,653 Simon Property Group Inc 1,000 195,595 Enbridge Inc 4,600 152,978 Abertis Infraestructuras SA 9,640 149,742 CenterPoint Energy Inc 8,100 143,637 Scentre Group 46,900 137,202 Targa Resources Corp 4,900 129,996 Eutelsat Communications SA 4,080 125,297 Williams Cos Inc 4,900 125,108 Sempra Energy 1,200 114,748 Teucrium Corn Fund 4,774 103,933 Mid-America Apartment Communities Inc 1,300 102,167 AGCO Corp 2,000 100,538 Kansas City Southern 1,320 99,637 Gecina SA 800 98,804 Mediacom Broadband LLC / Mediacom Broadband Corp 6.375% 01/04/2023 100,000 93,624 Bill Barrett Corp 18,410 92,963 Central Japan Railway Co 500 90,769 Severn Trent PLC 2,700 88,449 CRH PLC 3,100 85,314 Camden Property Trust 1,100 82,884 Highwoods Properties Inc 1,900 80,535 Boise Cascade Co 2,800 76,202 Packaging Corp of America 1,100 75,380 BHP Billiton Ltd 2,500 71,464 Hang Lung Properties Ltd 30,900 70,380 CapitaLand Ltd 31,700 69,914 Cheung Kong Property Holdings Ltd 9,400 68,395 Frontier Communications Corp 7.625% 15/04/2024 75,000 68,078 DCT Industrial Trust Inc 2,000 67,130 Atlantia SpA 2,500 64,951

Brookfield Investment Management Inc.Brookfield Place 250 Vesey Street, 15th Floor New York, New York 10281-10231-855-777-8001www.brookfieldim.com

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