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Brookfield Real Assets Securities Fund | Data as of June 30, 2016

AT A GLANCESymbol CUSIP Expense Ratio (Gross)2 Expense Ratio (Net)2

Class I RASIX 112740733 1.87% 1.10%

INVESTMENT OBJECTIVE The Fund’s investment objective is to seek total return, which is targeted to be in excess of inflation, through growth of capital and current income.

AVERAGE ANNUAL TOTAL RETURNS – AS OF JUNE 30, 2016 Q2 2016 Year-To-Date 1 Year Inception

Class I 7.90% 12.16% -0.70% -2.65%Blended Index 6.29% 12.09% 3.84% -0.20%MSCI World Index 1.21% 1.02% -2.19% -0.12%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 855.244.4859. The Fund imposes a 2.00% redemption fee on shares redeemed within 60 days. Performance data does not reflect the imposition of the redemption fee and if it had, performance would have been lower. Investment performance reflects fee waivers, expenses and reimbursements in effect. In the absence of such waivers, total return and NAV would be reduced. The Fund was launched on November 19, 2014. The Blended Index comprises 33.33% FTSE EPRA/NAREIT Developed Index, 33.33% Dow Jones Brookfield Global Infrastructure Composite Index, 13.34% Fixed Income Blend: BAML Global High Yield Index 70%/BAML Global Corporate Index 30%, 10.00% S&P Global Natural Resources Index, 6.67% Bloomberg Commodity Index and 3.34% Barclays Global Inflation Linked Bond Index. Please refer to the additional disclosures regarding the Blended Index on page 6. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity performance of developed markets.

QUARTERLY REPORT

FUND DATA

Total Net Assets (in millions)1 $60.84

Net Asset Value (NAV) Per Share $9.08

ASSETS BY COUNTRY5

Country Portfolio Weight

United States 63.6%Canada 5.7%United Kingdom 4.7%Australia 3.7%Japan 3.2%Germany 2.5%Hong Kong 2.5%France 1.6%Other 6.3%Commodities 2.9%Cash 0.3%Total 100.0%

ASSETS BY SECTOR5

Real Estate Equities 30.1%Real Estate - Core 26.6%Real Estate - Preferreds 3.5%

Infrastructure Equities 35.5%Infrastructure - Core 28.0%Infrastructure - MLPs 7.5%

Natural Resource Equities & Commodities 17.1%Natural Resource Equities

Agriculture & Timber 3.3%Metals & Mining 4.0%Energy 3.9%

CommoditiesCommodities 5.9%

Fixed Income 17.0%Real Asset Debt 17.0%

Cash & Other 0.3%Cash 0.3%

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Brookfield Real Assets Securities Fund | Data as of June 30, 2016

QUARTERLY REPORT

TOP FIVE HOLDINGS (%)*

Real Estate Equities

Ticker Name Country (%)

SPG US Simon Property Group Inc United States 1.7%

VNO US Vornado Realty Trust United States 0.9%

VNA GY Vonovia SE Continental Europe 0.8%

4 HK Wharf Holdings Ltd Asia Pacific 0.8%

LAND LN Land Securities Group PLC United Kingdom 0.8%

5.0%

Infrastructure Equities

Ticker Name Country (%)

AMT US American Tower Corp United States 2.1%

KMI US Kinder Morgan Inc United States 1.7%

PCG US PG&E Corp United States 1.6%

TRP CN TransCanada Corp Canada 1.5%

NG/ LN National Grid PLC United Kingdom 1.5%

8.4%

Natural Resource Equities & Commodities

Ticker Name Country (%)

BCOMMOD US Bloomberg Commodity Index - Swap N/A 6.0%

BHP US BHP Billiton Ltd Asia Pacific 0.5%

MON US Monsanto Co United States 0.4%

ABX US Barrick Gold Corp Canada 0.4%

SYT US Syngenta AG Continental Europe 0.4%

7.7%

Fixed Income

Ticker Name Country (%)

911365BB9 United Rentals North America United States 0.6%

62943WAB5 NRG Yield Operating LLC United States 0.6%

1248EPBE2 CCO Holdings LLC United States 0.6%

55336VAF7 MPLX LP United States 0.6%

629377BW1 NRG Energy Inc United States 0.6%

3.0%

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

QUARTERLY PERFORMANCE BY SECTOR6

Top Contributing Sleeve

Contribution to Relative Performance

(bps)

Contribution to Absolute Performance

(bps)Infrastructure Equities – Core 48.2 240.23

Bottom Contributing Sleeve

Contribution to Relative Performance

(bps)

Contribution to Absolute Performance

(bps)Real Estate Equities – Preferreds 15.8 17.4

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Brookfield Real Assets Securities Fund | Data as of June 30, 2016

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

Global equities, as measured by the MSCI World Index,4 returned 1.2% during the second quarter. By region, North America and Asia Pacific gained 2.7% and 0.9%, respectively; while Europe fell 2.3%. In the U.S., large cap stocks, as measured by the S&P 500 Total Return Index7 rose 2.5%. The Barclays Global Aggregate Index8 gained 2.2% in the second quarter.

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

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

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

Real Estate EquitiesThe FTSE EPRA/NAREIT Developed Index14 outperformed both the MSCI World and S&P 500 Indexes in the second quarter, returning 3.7%. By region, North America and Asia Pacific rose 6.5% and 3.4%, respectively; while Europe was down 5.0%. Within the U.S., the Mixed sector led, (up 17.2%), followed by Industrial (14.0%), Diversified (13.9%), Healthcare (12.0%), Office (8.6%), Retail (7.3%) and Residential (0.5%); while Self Storage ( 5.8%) and Hotels (-3.0%) declined.

Infrastructure EquitiesInfrastructure equities significantly outperformed broader developed equity markets. During the quarter, the Dow Jones Brookfield Global Infrastructure Index15 returned 7.4%. During the quarter, six of eight subsectors within the index were positive, led by Water (13.5%), Oil & Gas Storage & Transportation (10.5%), Communications (6.3%), Electricity Transmission & Distribution (6%), Diversified (3.6%), Airports (2.2%); while Ports (-7.0%) and Toll Roads (-2.7%) were negative. The Alerian MLP Index16 was up 19.7% in the second quarter.

Natural Resource Equities & CommoditiesThe S&P Global Natural Resources Index17 returned 7.0% in the quarter outperforming both the MSCI World4 and S&P 500 Indexes.7 The Metals & Mining and Energy components of the index both gained 9.9% and Agribusiness was up 0.5%. The Bloomberg Commodity Index18 was up 12.8% during the quarter.

Fixed IncomeThe BofA Merrill Lynch Global High Yield Index19 and BofA Merrill Lynch Global Broad Market (investment grade) Index20 had total returns of 4.4% and 2.2%, respectively in the second quarter. The Barclays Global Inflation-Linked Index21 gained 1.7% in the quarter.

ASSET CLASS OUTLOOKReal Estate EquitiesTo date, in our view, the U.S. REIT market has been fairly shielded from the Brexit fallout, with the exception of a handful of firms with international exposure. Overall we remain positive on U.S. REIT valuations. On average they trade at a premium to NAV, but this is driven partially by a small group of companies which trade at substantial premiums. There are many high-quality companies which currently trade at sizeable discounts to net asset value (NAV).22

We continue to hold an overweight position in the U.S. Office sector as we see attractive pricing relative to private market valuations; we expect to experience continued revenue growth as in-place rents are generally well below market rent levels. Within Retail, we favor regional shopping malls as we see attractive valuations in the space and expect stronger income growth compared to the shopping center sector. Within the Residential sector, we see a risk of a slowdown in apartment rent growth, given new supply in select markets and therefore have reduced exposure to apartments, while adding exposure to single-family housing. Across the Triple Net Lease sector we see a wide range of premiums and discounts to NAV and expect the gap to close. We believe that the current uncertainty in the U.K. can provide the opportunity to capitalize on the dislocation in security prices. Real estate equity prices have fallen drastically, even accounting for downward revisions in the net asset values of underlying properties. We are approaching this situation opportunistically as we feel that capital will continue to flow into the U.K. over the long term. In Continental Europe, we maintain our focus on major markets and stronger economies. Our largest exposures are in Germany and France.

QUARTERLY REPORT

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Brookfield Real Assets Securities Fund | Data as of June 30, 2016

In Asia, we continue to see attractive valuations. Many Hong Kong companies trade at deeply discounted valuations – levels that we have previously seen only three times, all periods defined by extreme financial or geopolitical stress. Our view is that even though there are risks of a slowdown in China, such crisis-level pricing is not appropriate. Japan REITs continue to trade at a substantial premium to NAV, which we view as unsustainable.

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

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

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

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

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

Natural Resource Equities & CommoditiesAgriculture & Timber With our supply and demand analysis indicating a likelihood that corn prices will remain subdued, farmers’ cash flow is projected to decline again this year. This decline will likely result in weakening demand for discretionary items like fertilizer. If pending mergers in the seeds space are completed, resulting consolidation should afford seeds producers more pricing power. With the Brazilian safrinha corn crop largely harvested, the focus now turns to the key U.S. growing season. A key upside risk is the possibility of a La Niña weather pattern (which follows El Niño roughly half the time) developing during the key summer growing season, which could put pressure on corn yields and drive corn prices higher. At this moment, that risk is diminishing as the key pollination period is well underway with largely favorable weather conditions.

In Timber, we believe log demand from the slow recovery in U.S. housing is not yet enough to work down the oversupply accumulated during the downturn, particularly in the U.S. Southeast. In paper products and packaging, pulp and containerboard markets are facing capacity increases that should negatively impact pricing. Paper markets remain reasonably rational as producers have shuttered production to match the secular demand decline.

Energy With regard to oil, the oversupply conditions we’ve witnessed since 2014 continue to persist, but are slowly receding. Rig counts in the U.S. appear to have bottomed and are starting to rise again. Natural production declines are taking hold as oil-focused producers continue to maintain capital investment below levels required to keep production steady. We feel the focus has shifted back to the demand side of the equation in the global oil market. We are wary of mixed consumption demand data out of China and continue to monitor trends for a clear picture of actual demand. Signs of a floor in many exploration & production companies have emerged, as they react the fastest to commodity prices, but we remain cautious of oil’s rebound given such a dramatic, V-shaped recovery.

Natural gas liquids prices have rebounded somewhat but remain depressed. We continue to see increased demand for petrochemical feedstocks as more cracker plants come online. As such, we remain positive on Natural Gas Liquids (NGLs). The market is currently oversupplied and faces transportation bottlenecks, but as transportation capacity increases out of the northeast U.S., we believe there will be profitable growth opportunities for liquids-rich gas producers in Ohio and Pennsylvania’s Marcellus and Utica shale basins.

We also see opportunities within the seaborne crude oil transportation services space. The VLCC (very large crude carrier) orderbook has experienced limited growth amid increased cancellations and financing difficulties. We believe there are opportunities among companies in this space as global imports from OPEC nations continue to increase.

Metals & Mining Although the group has outperformed year to date, we continue to view sentiment as somewhat bearish. Any signs of global growth acceleration or increase in inflation expectations are likely to result in a further tactical bounce, despite the structural and fundamental drivers for the group remaining generally negative. We continue to focus on supply and demand fundamentals for individual commodities. Accordingly, the portfolio has been focused on producers with exposure to metals with the best supply and demand fundamentals—zinc, palladium, gold and steel (U.S. only); while avoiding those with the least favorable fundamentals—namely, nickel and iron ore.

QUARTERLY REPORT

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Brookfield Real Assets Securities Fund | Data as of June 30, 2016

QUARTERLY REPORT

IMPORTANT DISCLOSURES A fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectus contain this and other important information about the investment company, and may be obtained by calling 855.244.4859 or visiting www.brookfieldim.com. Please read the prospectus carefully before investing.

Mutual fund investing involves risk. Principal loss is possible. Mutual fund investing involves risk. Principal loss is possible. The Fund will be closely linked to the real assets market. Real assets includes real estate securities, infrastructure securities and natural resources securities. Property values may fall due to increasing vacancies or declining rents resulting from unanticipated economic, legal, cultural or technological developments. REITs are dependent upon management skills and generally may not be diversified. REITs are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. Infrastructure companies may be subject to a variety of factors that may adversely affect their business, including high interest costs, high leverage, regulation costs, economic slowdown, surplus capacity, increased competition, lack of fuel availability and energy conversation policies. The Fund invests in small and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. Investing in emerging markets may entail special risks relating to potential economic, political or social instability and the risks of nationalization, confiscation or the imposition of restrictions on foreign investment. Investing in MLPs involves additional risks as compared to the risks of investing in common stock, including risks related to cash flow, dilution and voting rights. The Fund’s investments are concentrated in the energy infrastructure industry with an emphasis on securities issued by MLPs, which may increase volatility. Energy infrastructure companies are subject to risks specific to the industry such as fluctuations in commodity prices, reduced volumes of natural gas or other energy commodities, environmental hazards, changes in the macroeconomic or the regulatory environment or extreme weather. MLPs may trade less frequently than larger companies due to their smaller capitalizations which may result in erratic price movement or difficulty in buying or selling. Additional management fees and other expenses are associated with investing in MLPs. Additionally, investing in MLPs involves material income tax risks and certain other risks. Actual results, performance or events may be affected by, without limitation, (1) general economic conditions, (2) performance of financial markets, (3) interest rate levels, (4) changes in laws and regulations and (5) changes in the policies of governments and/or regulatory authorities. Investing in MLPs may generate unrelated business taxable income (UBTI) for tax-exempt investors both during the holding period and at time of sale. This material is provided for general and educational purposes only, and is not intended to provide legal, tax or investment advice or to avoid legal penalties that may be imposed under U.S. federal tax laws. Investors should contact their own legal or tax advisors to learn more about the rules that may affect individual situations. Natural Resources Securities may be affected by numerous factors, including events occurring in nature, inflationary pressures and international politics. Because the Fund invests significantly in Natural Resources Securities, there is the risk that the Fund will perform poorly during a downturn in the natural resource sector. For example, events occurring in nature (such as earthquakes or fires in prime natural resource areas) and political events (such as coups, military confrontations or acts of terrorism) can affect the overall supply of a natural resource and the value of companies involved in such natural resource. Political risks and the other risks to which foreign securities are subject may also affect domestic natural resource companies if they have significant operations or investments in foreign countries. Rising interest rates and general economic conditions may also affect the demand for natural resources. Debt securities rated below investment grade are commonly referred to as “junk bonds” and are considered speculative. Increases in interest rates can cause the prices of Fixed Income securities to decline, and the level of current income from a portfolio of Fixed Income securities may decline in certain interest rate environments. Investment by the Fund in lower-rated and non-rated securities

We are focused on mining companies with low cost, long-lived assets. Furthermore, we have invested in mining companies that have compelling cost-cutting, productivity-enhancing and portfolio-improving initiatives underway. Due to persistently low commodity prices, many miners face balance sheet issues. We have concentrated our positions on those companies whose low leverage suggests that they can survive an extended period of metals price weakness.

Fixed IncomeIn light of an even lower projected worldwide interest rate environment post-Brexit, we believe the yields available in infrastructure and real estate bonds remain attractive, favoring them. We continue to favor these sectors over the more volatile natural resources sector. The portfolio remains tilted toward North America, which experienced less downside than European fixed income in the wake of the Brexit vote. We favor the economic growth prospects in the U.S. over other parts of the world. We believe our underweight in natural resource sectors remains appropriate in light of the potential for slower worldwide economic growth environment following the British vote.

OVERALL OUTLOOKIn the near term, there are a number of themes that have the potential to spur short-term volatility, but also can allow us to add value by adjusting our allocations across the real asset landscape. These themes include uncertainty surrounding the impact of Brexit on regional and global growth, the potential impact of such a growth slowdown on energy-related assets, and the tailwinds of sovereign debt yields moving lower, for longer. We believe the overall environment is generally positive for investors in real assets, especially for allocators such as us, who have the ability to move tactically across the universe where we see particular opportunities.

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Brookfield Real Assets Securities Fund | Data as of June 30, 2016

QUARTERLY REPORT

presents a greater risk of loss to principal and interest than higher-rated securities. Some securities held may be difficult to sell, particularly during times of market turmoil. If the Fund is forced to sell an illiquid asset to meet redemption, the Fund may be forced to sell at a loss. Using derivatives exposes the Fund to additional risks, may increase the volatility of the Fund’s net asset value and may not provide the result intended. Since the Fund will invest more than 80% of its total assets in securities in Real Assets securities, the Fund may be subject to greater volatility than a fund that is more broadly diversified. The Fund is new with limited operating history and there can be no assurance that the Fund will grow or maintain an economically viable size, in which case the Board of Trustees of the Fund may determine to liquidate the Fund. Past performance is no guarantee of future results.

Brookfield Investment Funds are distributed by Quasar Distributors, LLC.1. Based on total net assets of all share classes in Fund. 2. As reflected in the Fund’s current prospectus and assuming a full year of Fund operations. The advisor has contractually agreed to waive fees and/or

reimburse fund expenses through May 1, 2017. There is no guarantee that such waiver/reimbursement will be continued after that date. 3. The Blended Index comprises 33.33% FTSE EPRA/NAREIT Developed Index, 33.33% Dow Jones Brookfield Global Infrastructure Composite Index, 13.34%

Fixed Income Blend: BAML Global High Yield Index 70%/BAML Global Corporate Index 30%, 10.00% S&P Global Natural Resources Index, 6.67% Bloomberg Commodity Index and 3.34% Barclays Global Inflation Linked Bond Index. Please refer to the additional disclosures regarding the Blended Index in this section of the report.

4. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity performance of developed markets.

5. Sector and country allocations are expressed as a percentage of total investments (by market value), not total assets, and will vary over time. 6. Calculated by Brookfield Investment Management Inc. using FactSet. Absolute Performance refers to the change in the Fund’s value (excluding cash) over

the period. Relative Performance refers to the difference between the change in Fund value (excluding cash) relative to the change in the Blended Index value over the period. Attribution is expressed in US Dollars.

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

8. The Barclays Global Aggregate Index is a measure of global investment grade debt from twenty-four local currency markets. The multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

9. http://www.cnbc.com/2016/06/14/brexit-news-uncertainty-around-eu-vote-causing-volatility-in-markets.html 10. http://quotes.wsj.com/bond/BX/TMBMKDE-10Y/historical-prices 11. https://www.fitchratings.com/site/pressrelease?id=1008156 12. The U.S. 10-Year Treasury Note is a debt obligation issued by the United States government that matures in 10 years and pays interest at a fixed rate once

every six months and pays the face value to the holder at maturity.13. http://www.bloomberg.com/news/articles/2016-07-06/u-s-service-industries-expand-at-fastest-pace-in-seven-months 14. 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 (approximately $60 million) market cap minimum and liquidity of €25 million (approximately $30 million).

15. The Dow Jones Brookfield Global Infrastructure Composite Index is calculated and maintained by S&P Dow Jones Indices and comprises infrastructure companies with at least 70% of its annual cash flows derived from owning and operating infrastructure assets, including Master Limited Partnerships (MLPs).

16. The Alerian MLP Index is a composite of the 50 most prominent energy master limited partnerships (“MLPs”) calculated by Standard & Poor’s using a float-adjusted market-capitalization methodology. The index is disseminated by the New York Stock Exchange real-time on a price return basis (NYSE: AMZ) and on a total-return basis (NYSE: AMZX).

17. The S&P Global Natural Resources Energy 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 three primary commodity-related sectors: agribusiness, energy and metals & mining.

18. 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.

19. The BAML Global High Yield Index is an unmanaged, commonly accepted measure of the performance of global high yield corporate securities. 20. The BAML Global Corporate Index is an unmanaged, commonly accepted measure of the performance of global investment grade corporate securities. 21. The Barclays Global Inflation-Linked Index includes securities which offer the potential for protection against inflation as their cash flows are linked to an

underlying inflation index. All securities included in the index have to be issued by an investment-grade rated sovereign in its local currency. These indices do not reflect any fees, expenses or sales charges. 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.

22. Source: UBS Global Real Estate Research; Brookfield Investment Management research and estimates. Canada data sourced from BMO Capital Markets.

A basis point (bps) is a unit that is equal to 1/100 of 1%, and is used to denote the change in a financial instrument. Cash flows refer to the amount of cash generated and used by a company over a given period. Diversification does not assure a profit nor protect against loss in a declining market. It is not possible to invest directly in an index.