Brookfield Investment Funds NPORTP Brookfield Real Assets Securities Fund (Mar 2024 report)

BROOKFIELD REAL ASSETS SECURITIES FUND
Schedule of Investments (Unaudited)
March 31, 2024
	Shares		Value
COMMON STOCKS – 72.4%
AUSTRALIA – 3.2%
Diversified – 1.3%
Charter Hall Group		28,300	$	253,441
Stockland		82,300		260,057
The GPT Group		37,900		112,791
Total Diversified				626,289
Industrial – 0.3%
Goodman Group		7,600		167,407
Toll Roads – 1.6%
Transurban Group		93,609		812,068
Total AUSTRALIA				1,605,764
BRAZIL – 1.0%
Electricity Transmission & Distribution – 0.5%
Equatorial Energia SA		42,304		275,819
Rail – 0.5%
Rumo SA		52,033		230,213
Total BRAZIL				506,032
CANADA – 4.1%
Midstream – 0.6%
AltaGas Ltd.		13,152		290,508
Pipeline Transportation/Petroleum – 0.5%
Pembina Pipeline Corp.		6,835		241,549
Pipelines – 1.3%
TC Energy Corp.		16,153		649,252
Rail – 0.7%
Canadian Pacific Kansas City Ltd.		3,615		318,733
Residential – 1.0%
Boardwalk Real Estate Investment Trust		4,458		256,971
InterRent Real Estate Investment Trust		24,999		250,258
Total Residential				507,229
Total CANADA				2,007,271
CHINA – 0.8%
Gas Utilities – 0.8%
China Resources Gas Group Ltd.		85,718		273,531
ENN Energy Holdings Ltd.		17,060		132,743
Total Gas Utilities				406,274
Total CHINA				406,274
DENMARK – 0.3%
Renewables/Electric Generation – 0.3%
Orsted A/S(a)(b)		2,938		164,172
Total DENMARK				164,172
FRANCE – 1.1%
Office – 0.4%
Gecina SA		2,183		222,981
Retail – 0.7%
Unibail-Rodamco-Westfield(a)		4,260		342,703
Total FRANCE				565,684
GERMANY – 1.6%
Renewables/Electric Generation – 0.7%
RWE AG		9,347		317,679
Residential – 0.9%
TAG Immobilien AG(a)		10,448		142,795
Vonovia SE		10,568		312,304
Total Residential				455,099
Total GERMANY				772,778
GREECE – 0.3%
Airports – 0.3%
Athens International Airport SA(a)		17,201		157,737
Total GREECE				157,737
HONG KONG – 1.7%
Diversified – 0.7%
CK Asset Holdings Ltd.		19,700		81,177
Sun Hung Kai Properties Ltd.		25,160		243,038
Total Diversified				324,215
Renewables/Electric Generation – 0.7%
CLP Holdings Ltd.		42,668		340,330
Retail – 0.3%
Wharf Real Estate Investment Company Ltd.		47,888		155,919
Total HONG KONG				820,464
JAPAN – 4.2%
Airports – 0.3%
Japan Airport Terminal Co. Ltd.		4,118		162,727
Diversified – 0.1%
Tokyu Fudosan Holdings Corp.		9,300		75,139
Industrial – 0.6%
Daiwa House REIT Investment Corp.		81		138,558
GLP J-Reit		183		153,354
Total Industrial				291,912
Office – 2.2%
Daiwa Office Investment Corp.		34		132,388
Japan Real Estate Investment Corp.		82		292,317
Mitsubishi Estate Co. Ltd.		16,558		302,117
Mitsui Fudosan Company Ltd.		33,717		363,519
Total Office				1,090,341
Rail – 1.0%
East Japan Railway Co.		17,781		341,131
West Japan Railway Co.		6,282		130,918
Total Rail				472,049
Total JAPAN				2,092,168
MEXICO – 0.8%
Airports – 0.8%
Grupo Aeroportuario del Pacifico SAB de CV		25,296		410,786
Total MEXICO				410,786
NETHERLANDS – 1.0%
Industrial – 0.3%
CTP NV(b)		9,016		160,835
Toll Roads – 0.7%
Ferrovial SE		8,867		351,062
Total NETHERLANDS				511,897
NEW ZEALAND – 0.7%
Airports – 0.7%
Auckland International Airport Ltd.		70,632		352,362
Total NEW ZEALAND				352,362
SINGAPORE – 0.5%
Data Centers – 0.3%
Keppel DC REIT		101,100		129,489
Diversified – 0.2%
CapitaLand Integrated Commercial Trust		76,100		111,582
Total SINGAPORE				241,071
SPAIN – 1.8%
Airports – 0.7%
Aena SME SA(b)		1,801		354,714
Communications Infrastructure – 0.8%
Cellnex Telecom SA(b)		10,445		369,490
Electricity Transmission & Distribution – 0.3%
Redeia Corp. SA		9,873		168,642
Total SPAIN				892,846
SWEDEN – 0.5%
Diversified – 0.3%
Fastighets AB Balder(a)		20,800		152,786
Office – 0.2%
Castellum AB(a)		5,540		72,860
Total SWEDEN				225,646
UNITED KINGDOM – 3.1%
Electricity Transmission & Distribution – 0.9%
National Grid PLC		31,225		420,725
Industrial – 0.3%
Tritax Big Box REIT PLC		83,512		166,034
Residential – 0.5%
The UNITE Group PLC		21,224		262,547
Retail – 0.5%
Capital & Counties Properties PLC		128,532		233,303
Water – 0.9%
Pennon Group PLC		23,257		189,925
Severn Trent PLC		7,734		241,325
Total Water				431,250
Total UNITED KINGDOM				1,513,859
UNITED STATES – 45.7%
Communications – 2.2%
American Tower Corp.		395		78,048
Crown Castle, Inc.		5,600		592,648
SBA Communications Corp.		1,874		406,096
Total Communications				1,076,792
Data Centers – 2.1%
Digital Realty Trust, Inc.		1,294		186,388
Equinix, Inc.		1,059		874,024
Total Data Centers				1,060,412
Electricity Transmission & Distribution – 5.2%
CenterPoint Energy, Inc.		23,326		664,558
Eversource Energy		6,257		373,981
PG&E Corp.		40,285		675,176
Sempra		11,835		850,108
Total Electricity Transmission & Distribution				2,563,823
Gas Utilities – 1.4%
NiSource, Inc.		24,234		670,313
Gathering & Processing – 1.5%
Hess Midstream LP		6,812		246,118
MPLX LP		5,858		243,458
Western Midstream Partners LP		7,483		266,021
Total Gathering & Processing				755,597
Health Care – 2.4%
CareTrust REIT, Inc.		12,067		294,073
Omega Healthcare Investors, Inc.		5,900		186,853
Ventas, Inc.		5,724		249,223
Welltower, Inc.		4,830		451,315
Total Health Care				1,181,464
Hotel – 0.9%
DiamondRock Hospitality Co.		17,820		171,250
Pebblebrook Hotel Trust		8,400		129,444
RLJ Lodging Trust		10,420		123,165
Total Hotel				423,859
Industrial – 2.3%
First Industrial Realty Trust, Inc.		5,400		283,716
Prologis, Inc.		6,596		858,931
Total Industrial				1,142,647
Midstream – 4.5%
Cheniere Energy, Inc.		4,520		728,986
ONEOK, Inc.		4,472		358,520
Targa Resources Corp.		5,545		620,984
The Williams Companies, Inc.		13,805		537,981
Total Midstream				2,246,471
Net Lease – 3.1%
Agree Realty Corp.		3,849		219,855
Essential Properties Realty Trust, Inc.		12,917		344,367
Realty Income Corp.		11,159		603,702
VICI Properties, Inc.		12,930		385,185
Total Net Lease				1,553,109
Office – 0.8%
Cousins Properties, Inc.		10,831		260,377
Kilroy Realty Corp.		4,300		156,649
Total Office				417,026
Pipeline Transportation/Natural Gas – 1.0%
Energy Transfer LP		15,774		248,125
Enterprise Products Partners LP		8,257		240,939
Total Pipeline Transportation/Natural Gas				489,064
Pipeline Transportation/Petroleum – 0.5%
Plains All American Pipeline LP		14,143		248,351
Rail – 0.8%
CSX Corp.		10,171		377,039
Renewables/Electric Generation – 10.1%
Ameren Corp.		7,361		544,419
CMS Energy Corp.		10,264		619,330
DTE Energy Co.		4,341		486,800
Duke Energy Corp.		7,287		704,726
Entergy Corp.		4,453		470,593
NextEra Energy, Inc.		17,823		1,139,068
PPL Corp.		5,848		160,995
Public Service Enterprise Group, Inc.		9,223		615,912
Xcel Energy, Inc.		4,644		249,615
Total Renewables/Electric Generation				4,991,458
Residential – 3.2%
American Homes 4 Rent		10,135		372,765
Equity Residential		9,356		590,457
Sun Communities, Inc.		2,110		271,304
UDR, Inc.		8,951		334,857
Total Residential				1,569,383
Retail – 2.3%
Kite Realty Group Trust		13,771		298,555
Regency Centers Corp.		6,050		366,388
Simon Property Group, Inc.		2,350		367,752
Tanger, Inc.		3,800		112,214
Total Retail				1,144,909
Self Storage – 1.4%
Extra Space Storage, Inc.		3,610		530,670
Public Storage		488		141,549
Total Self Storage				672,219
Total UNITED STATES				22,583,936
TOTAL COMMON STOCKS (Cost $33,649,394)				35,830,747
CONVERTIBLE PREFERRED STOCKS – 0.6%
UNITED STATES – 0.6%
Net Lease – 0.3%
Lexington Realty Trust, Series C, 6.50%		2,033		94,270
EPR Properties, Series E, 9.00%		2,773		75,038
Total Net Lease				169,308
Office – 0.3%
Equity Commonwealth, Series D, 6.50%		5,003		125,075
Total UNITED STATES				294,383
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $317,256)				294,383
PREFERRED STOCKS – 3.2%
UNITED STATES – 3.2%
Data Centers – 0.2%
Digital Realty Trust, Inc., Series L, 5.20%		4,567		100,109
Diversified – 0.1%
Centerspace, Series C, 6.63%		1,513		36,524
Hotel – 0.1%
RLJ Lodging Trust, Series A, 1.95%		2,264		55,445
Industrial – 0.2%
Rexford Industrial Realty, Inc., Series C, 5.63%		4,568		98,577
Net Lease – 0.6%
Agree Realty Corp., Series A, 4.25%		10,876		192,940
Realty Income Corp., Series A, 6.00%		3,983		98,500
Total Net Lease				291,440
Residential – 0.5%
American Homes 4 Rent, Series H, 6.25%		3,110		75,604
American Homes 4 Rent, Series G, 5.88%		3,279		75,384
UMH Properties, Inc., Series D, 6.38%		4,369		98,827
Total Residential				249,815
Retail – 1.0%
Kimco Realty Corp., Series L, 5.13%		6,451		147,599
Regency Centers Corp., Series B, 5.88%		5,755		135,012
Kimco Realty Corp., Series N, 7.25%		2,086		117,567
Federal Realty Investment Trust, Series C, 5.00%		4,409		96,778
Total Retail				496,956
Self Storage – 0.5%
Public Storage, Series P, 4.00%		8,468		156,658
Public Storage, Series L, 4.63%		5,253		112,362
Total Self Storage				269,020
Total UNITED STATES				1,597,886
TOTAL PREFERRED STOCKS (Cost $1,575,713)				1,597,886
EXCHANGE TRADED FUNDS — 2.8%
UNITED STATES – 2.8%
iShares GSCI Commodity Dynamic Roll Strategy ETF		51,006		1,377,162
Total UNITED STATES				1,377,162
TOTAL EXCHANGE TRADED FUNDS (Cost $1,406,555)				1,377,162
	Principal Amount
REAL ASSET DEBT – 19.3%
AUSTRALIA – 0.1%
Metals & Mining – 0.1%
Glencore Funding LLC, 2.63%, 09/23/31(b)		55,000		45,887
Total AUSTRALIA				45,887
CANADA – 1.8%
Basic Industrial – 0.2%
Cascades, Inc., 5.38%, 01/15/28(b)		28,000		26,884
Methanex Corp., 5.25%, 12/15/29		17,000		16,274
NOVA Chemicals Corp., 4.25%, 05/15/29(b)		11,000		9,414
NOVA Chemicals Corp., 8.50%, 11/15/28(b)		9,000		9,578
Nutrien Ltd., 4.20%, 04/01/29		45,000		43,476
Total Basic Industrial				105,626
Energy – 0.2%
Baytex Energy Corp., 8.50%, 04/30/30(b)		15,000		15,642
Baytex Energy Corp., 8.75%, 04/01/27(b)		16,000		16,700
Cenovus Energy, Inc., 2.65%, 01/15/32		55,000		45,659
MEG Energy Corp., 5.88%, 02/01/29(b)		35,000		34,409
Total Energy				112,410
Metals & Mining – 0.2%
Barrick North America Finance LLC, 5.75%, 05/01/43		45,000		46,528
Teck Resources Ltd., 3.90%, 07/15/30		50,000		46,090
Total Metals & Mining				92,618
Oil Gas Transportation & Distribution – 0.4%
Enbridge, Inc., 3.50%, 06/10/24		35,000		34,859
Enbridge, Inc., 5.50% (CME Term SOFR 3 Month + 3.68%), 07/15/77(c)		53,000		50,238
Enbridge, Inc., 5.70%, 03/08/33		20,000		20,476
Parkland Corp., 4.50%, 10/01/29(b)		54,000		49,953
TransCanada PipeLines Ltd., 4.25%, 05/15/28		35,000		33,941
Total Oil Gas Transportation & Distribution				189,467
Telecommunication Services – 0.4%
Bell Telephone Co. of Canada, 2.15%, 02/15/32		55,000		44,454
Rogers Communications, Inc., 3.20%, 03/15/27		15,000		14,240
Rogers Communications, Inc., 3.80%, 03/15/32		50,000		44,966
Rogers Communications, Inc., 5.25% (5 Year CMT Rate + 3.59%), 03/15/82(b)(c)		45,000		43,174
TELUS Corp., 3.40%, 05/13/32		55,000		48,241
Total Telecommunication Services				195,075
Transportation – 0.3%
Canadian National Railway Co., 3.20%, 08/02/46		100,000		74,921
Canadian Pacific Railway Co., 1.75%, 12/02/26		70,000		64,311
Total Transportation				139,232
Utility – 0.1%
Emera, Inc., 6.75% (3 Month LIBOR USD + 5.44%), 06/15/76(c)		41,000		40,493
Total CANADA				874,921
FRANCE – 0.1%
Telecommunication Services – 0.1%
Altice France SA, 5.50%, 01/15/28(b)		46,000		32,758
Iliad Holding SASU, 7.00%, 10/15/28(b)		15,000		14,843
Total Telecommunication Services				47,601
Total FRANCE				47,601
ITALY – 0.0%
Telecommunication Services – 0.0%
Telecom Italia Capital SA, 6.38%, 11/15/33		15,000		14,171
Total ITALY				14,171
LUXEMBOURG – 0.0%
Telecommunication Services – 0.0%
Altice Financing SA, 5.75%, 08/15/29(b)		10,000		8,011
Total LUXEMBOURG				8,011
NETHERLANDS – 0.3%
Energy – 0.1%
Shell International Finance BV, 3.00%, 11/26/51		55,000		37,591
Shell International Finance BV, 6.38%, 12/15/38		20,000		22,672
Total Energy				60,263
Media – 0.2%
Sunrise FinCo I BV, 4.88%, 07/15/31(b)		48,000		42,839
VZ Secured Financing BV, 5.00%, 01/15/32(b)		41,000		35,197
Ziggo Bond Co. BV, 5.13%, 02/28/30(b)		20,000		17,141
Total Media				95,177
Total NETHERLANDS				155,440
SPAIN – 0.1%
Utility – 0.1%
Atlantica Sustainable Infrastructure PLC, 4.13%, 06/15/28(b)		48,000		44,093
Total SPAIN				44,093
UNITED KINGDOM – 0.2%
Media – 0.1%
Virgin Media Secured Finance PLC, 4.50%, 08/15/30(b)		67,000		57,996
Telecommunication Services – 0.1%
Vodafone Group PLC, 4.13% (5 Year CMT Rate + 2.77%), 06/04/81(c)		18,000		15,517
Total UNITED KINGDOM				73,513
UNITED STATES – 16.7%
Basic Industrial – 0.4%
Albemarle Corp., 4.65%, 06/01/27		25,000		24,549
Cabot Corp., 3.40%, 09/15/26		20,000		19,019
Cabot Corp., 5.00%, 06/30/32		25,000		24,380
Clearwater Paper Corp., 4.75%, 08/15/28(b)		20,000		18,545
Eastman Chemical Co., 3.80%, 03/15/25		15,000		14,736
Georgia-Pacific LLC, 8.88%, 05/15/31		35,000		43,115
Tronox, Inc., 4.63%, 03/15/29(b)		30,000		26,912
Weyerhaeuser Co., 4.00%, 04/15/30		25,000		23,630
Total Basic Industrial				194,886
Construction & Building Materials – 0.5%
Beazer Homes USA, Inc., 7.25%, 10/15/29		7,000		7,093
KB Home, 4.00%, 06/15/31		27,000		23,941
Lennar Corp., 4.75%, 11/29/27		20,000		19,756
M/I Homes, Inc., 4.95%, 02/01/28		18,000		17,169
NVR, Inc., 3.00%, 05/15/30		25,000		22,212
PulteGroup, Inc., 5.50%, 03/01/26		25,000		25,016
STL Holding Co. LLC, 8.75%, 02/15/29(b)		10,000		10,257
Summit Materials LLC, 7.25%, 01/15/31(b)		15,000		15,594
Taylor Morrison Communities, Inc., 5.88%, 06/15/27(b)		18,000		17,995
Toll Brothers Finance Corp., 4.88%, 03/15/27		20,000		19,756
Vulcan Materials Co., 3.90%, 04/01/27		25,000		24,236
Vulcan Materials Co., 4.50%, 06/15/47		55,000		47,863
Total Construction & Building Materials				250,888
Diversified – 0.4%
CBRE Services, Inc., 5.50%, 04/01/29		7,000		7,046
CBRE Services, Inc., 5.95%, 08/15/34		25,000		25,669
Cushman & Wakefield LLC, 8.88%, 09/01/31(b)		14,000		14,799
Forestar Group, Inc., 5.00%, 03/01/28(b)		35,000		33,651
Greystar Real Estate Partners LLC, 7.75%, 09/01/30(b)		31,000		32,101
Kennedy-Wilson, Inc., 4.75%, 02/01/30		10,000		7,983
The Howard Hughes Corp., 5.38%, 08/01/28(b)		70,000		67,137
Total Diversified				188,386
Energy – 2.0%
Antero Resources Corp., 5.38%, 03/01/30(b)		24,000		23,049
Baker Hughes Holdings LLC, 5.13%, 09/15/40		50,000		49,286
BP Capital Markets America, Inc., 2.94%, 06/04/51		110,000		73,398
California Resources Corp., 7.13%, 02/01/26(b)		34,000		34,195
Chevron Corp., 2.95%, 05/16/26		20,000		19,260
Civitas Resources, Inc., 8.38%, 07/01/28(b)		35,000		36,852
CNX Resources Corp., 7.38%, 01/15/31(b)		14,000		14,271
Comstock Resources, Inc., 6.75%, 03/01/29(b)		20,000		19,075
ConocoPhillips, 6.50%, 02/01/39		40,000		45,248
ConocoPhillips Co., 2.40%, 03/07/25		20,000		19,467
ConocoPhillips Co., 3.35%, 05/15/25		10,000		9,736
Continental Resources, Inc., 2.27%, 11/15/26(b)		25,000		23,025
Continental Resources, Inc., 4.38%, 01/15/28		15,000		14,503
Crescent Energy Finance LLC, 7.63%, 04/01/32(b)		15,000		15,117
Crescent Energy Finance LLC, 9.25%, 02/15/28(b)		5,000		5,280
Devon Energy Corp., 5.25%, 10/15/27		20,000		20,022
Devon Energy Corp., 5.60%, 07/15/41		50,000		48,218
Diamondback Energy, Inc., 3.25%, 12/01/26		25,000		23,974
Diamondback Energy, Inc., 4.40%, 03/24/51		60,000		49,784
EQT Corp., 7.00%, 02/01/30		23,000		24,419
Exxon Mobil Corp., 4.23%, 03/19/40		75,000		68,483
Halliburton Co., 5.00%, 11/15/45		25,000		23,507
Moss Creek Resources Holdings, Inc., 10.50%, 05/15/27(b)		15,000		15,470
Occidental Petroleum Corp., 5.55%, 03/15/26		55,000		55,207
Occidental Petroleum Corp., 8.88%, 07/15/30		30,000		34,855
Ovintiv, Inc., 6.25%, 07/15/33		45,000		46,766
Pioneer Natural Resources Co., 2.15%, 01/15/31		55,000		46,307
Range Resources Corp., 8.25%, 01/15/29		22,000		22,882
Southwestern Energy Co., 5.38%, 02/01/29		44,000		42,733
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b)(d)		30,000		31,197
Valero Energy Corp., 4.00%, 04/01/29		45,000		43,185
Total Energy				998,771
Health Facilities – 0.4%
CHS/Community Health Systems, Inc., 4.75%, 02/15/31(b)		34,000		26,268
CHS/Community Health Systems, Inc., 8.00%, 03/15/26(b)		9,000		8,986
HCA, Inc., 5.38%, 02/01/25		35,000		34,903
HCA, Inc., 5.88%, 02/15/26		45,000		45,199
HCA, Inc., 5.90%, 06/01/53		25,000		25,160
Tenet Healthcare Corp., 6.13%, 10/01/28		74,000		73,823
Total Health Facilities				214,339
Hotel – 0.1%
Hilton Domestic Operating Co., Inc., 3.75%, 05/01/29(b)		35,000		32,107
Infrastructure Services – 0.4%
GFL Environmental, Inc., 3.50%, 09/01/28(b)		35,000		32,023
GFL Environmental, Inc., 6.75%, 01/15/31(b)		2,000		2,050
Parker-Hannifin Corp., 3.65%, 06/15/24		25,000		24,893
Republic Services, Inc., 2.90%, 07/01/26		25,000		23,960
Waste Connections, Inc., 4.20%, 01/15/33		50,000		47,038
Waste Management, Inc., 1.50%, 03/15/31		30,000		24,159
Waste Management, Inc., 3.13%, 03/01/25		15,000		14,699
Xylem, Inc., 2.25%, 01/30/31		25,000		21,088
Xylem, Inc., 3.25%, 11/01/26		25,000		23,889
Total Infrastructure Services				213,799
Leisure – 1.0%
Boyd Gaming Corp., 4.75%, 06/15/31(b)		27,000		24,817
Caesars Entertainment, Inc., 6.50%, 02/15/32(b)		20,000		20,186
Caesars Entertainment, Inc., 7.00%, 02/15/30(b)		35,000		35,920
Carnival Corp., 4.00%, 08/01/28(b)		20,000		18,627
Cedar Fair LP, 6.50%, 10/01/28		15,000		15,032
Cheplapharm Arzneimittel GmbH, 7.25%, 05/15/31(b)		35,000		35,507
GLP Capital LP, 4.00%, 01/15/30		51,000		46,553
GLP Capital LP, 5.38%, 04/15/26		35,000		34,698
Host Hotels & Resorts LP, 3.50%, 09/15/30		25,000		22,246
Host Hotels & Resorts LP, 4.00%, 06/15/25		15,000		14,686
MGM Resorts International, 4.75%, 10/15/28		36,000		34,232
Park Intermediate Holdings LLC, 5.88%, 10/01/28(b)		34,000		33,314
RHP Hotel Properties LP, 4.50%, 02/15/29(b)		47,000		43,867
Royal Caribbean Cruises Ltd., 5.50%, 04/01/28(b)		25,000		24,708
Station Casinos LLC, 4.50%, 02/15/28(b)		38,000		35,798
VICI Properties LP, 4.50%, 09/01/26(b)		20,000		19,399
Wynn Resorts Finance LLC, 7.13%, 02/15/31(b)		35,000		36,224
Total Leisure				495,814
Media – 1.2%
Cable One, Inc., 4.00%, 11/15/30(b)(d)		11,000		8,584
CCO Holdings LLC, 4.75%, 03/01/30(b)		82,000		70,575
CCO Holdings LLC, 6.38%, 09/01/29(b)		60,000		56,917
Charter Communications Operating LLC, 3.90%, 06/01/52		35,000		22,291
Charter Communications Operating LLC, 4.20%, 03/15/28		45,000		42,405
Charter Communications Operating LLC, 4.91%, 07/23/25		30,000		29,639
Comcast Corp., 2.35%, 01/15/27		25,000		23,395
Comcast Corp., 3.25%, 11/01/39		60,000		46,990
Comcast Corp., 4.15%, 10/15/28		25,000		24,420
Comcast Corp., 4.70%, 10/15/48		50,000		45,847
CSC Holdings LLC, 4.50%, 11/15/31(b)		62,000		43,888
CSC Holdings LLC, 4.63%, 12/01/30(b)		45,000		22,851
Directv Financing LLC, 5.88%, 08/15/27(b)		36,000		34,071
DISH Network Corp., 11.75%, 11/15/27(b)		75,000		76,392
GCI LLC, 4.75%, 10/15/28(b)		27,000		24,758
Total Media				573,023
Media Content – 0.1%
Discovery Communications LLC, 3.95%, 03/20/28		25,000		23,676
Paramount Global, 4.20%, 05/19/32		20,000		16,631
Total Media Content				40,307
Metals & Mining – 0.0%
Freeport-McMoRan, Inc., 4.25%, 03/01/30		25,000		23,686
Oil Gas Transportation & Distribution – 3.0%
Antero Midstream Partners LP, 5.38%, 06/15/29(b)		41,000		39,425
Beazer Homes USA, Inc., 7.50%, 03/15/31(b)		20,000		20,204
Boardwalk Pipelines LP, 4.95%, 12/15/24		25,000		24,851
Buckeye Partners LP, 4.13%, 12/01/27		28,000		26,353
Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29		50,000		46,531
DCP Midstream Operating LP, 5.60%, 04/01/44		51,000		49,836
DT Midstream, Inc., 4.13%, 06/15/29(b)		17,000		15,629
DT Midstream, Inc., 4.30%, 04/15/32(b)		50,000		45,338
Energy Transfer LP, 2.90%, 05/15/25		30,000		29,123
Energy Transfer LP, 5.75%, 02/15/33		70,000		71,198
Energy Transfer LP, 8.59% (CME Term SOFR 3 Month + 3.28%), 11/01/66(c)		80,000		72,665
EnLink Midstream LLC, 5.38%, 06/01/29		52,000		51,025
Enterprise Products Operating LLC, 3.75%, 02/15/25		25,000		24,661
Enterprise Products Operating LLC, 4.85%, 03/15/44		50,000		46,803
Enterprise Products Operating LLC, 5.38% (CME Term SOFR 3 Month + 2.83%), 02/15/78(c)		55,000		51,261
EQM Midstream Partners LP, 4.50%, 01/15/29(b)		35,000		32,812
Ferrellgas LP, 5.38%, 04/01/26(b)		15,000		14,673
Genesis Energy LP, 7.75%, 02/01/28		10,000		10,055
Global Partners LP, 7.00%, 08/01/27		36,000		36,028
Global Partners LP, 8.25%, 01/15/32(b)		4,000		4,147
Hess Midstream Operations LP, 5.50%, 10/15/30(b)		27,000		26,155
Kinder Morgan Energy Partners LP, 4.30%, 05/01/24		25,000		24,968
Kinder Morgan, Inc., 2.00%, 02/15/31		55,000		45,182
Kinetik Holdings LP, 5.88%, 06/15/30(b)		53,000		51,868
MPLX LP, 1.75%, 03/01/26		70,000		65,431
NuStar Logistics LP, 5.63%, 04/28/27		25,000		24,728
NuStar Logistics LP, 5.75%, 10/01/25		23,000		22,886
ONEOK, Inc., 2.75%, 09/01/24		25,000		24,710
ONEOK, Inc., 5.00%, 03/01/26		20,000		19,880
ONEOK, Inc., 6.05%, 09/01/33		45,000		46,971
Plains All American Pipeline LP, 4.50%, 12/15/26		15,000		14,733
Plains All American Pipeline LP, 4.65%, 10/15/25		55,000		54,260
Suburban Propane Partners LP, 5.00%, 06/01/31(b)		28,000		25,525
Sunoco LP, 4.50%, 05/15/29		25,000		23,239
Tallgrass Energy Partners LP, 6.00%, 12/31/30(b)		47,000		44,652
Targa Resources Corp., 4.20%, 02/01/33		50,000		45,632
Targa Resources Partners LP, 6.50%, 07/15/27		15,000		15,166
Venture Global Calcasieu Pass LLC, 6.25%, 01/15/30(b)		25,000		25,151
Venture Global LNG, Inc., 8.38%, 06/01/31(b)		25,000		25,783
Western Midstream Operating LP, 4.75%, 08/15/28		60,000		58,367
Williams Cos., Inc., 2.60%, 03/15/31		55,000		46,863
Williams Cos., Inc., 4.55%, 06/24/24		20,000		19,950
Total Oil Gas Transportation & Distribution				1,464,718
Real Estate – 2.1%
American Homes 4 Rent LP, 4.25%, 02/15/28		80,000		76,828
AvalonBay Communities, Inc., 3.45%, 06/01/25		25,000		24,495
Boston Properties LP, 3.20%, 01/15/25		20,000		19,597
EPR Properties, 3.60%, 11/15/31		12,000		10,040
EPR Properties, 3.75%, 08/15/29		40,000		35,340
ERP Operating LP, 2.85%, 11/01/26		25,000		23,681
ERP Operating LP, 3.38%, 06/01/25		45,000		43,948
Essential Properties LP, 2.95%, 07/15/31		40,000		32,470
Global Net Lease, Inc., 3.75%, 12/15/27(b)		20,000		17,131
Highwoods Realty LP, 4.20%, 04/15/29		20,000		18,214
Iron Mountain, Inc., 4.88%, 09/15/29(b)(d)		25,000		23,482
Kite Realty Group Trust, 4.75%, 09/15/30		25,000		23,909
LXP Industrial Trust, 2.70%, 09/15/30		58,000		48,457
LXP Industrial Trust, 4.40%, 06/15/24		15,000		14,870
Mid-America Apartments LP, 1.10%, 09/15/26		25,000		22,675
Mid-America Apartments LP, 2.88%, 09/15/51		37,000		23,730
Mid-America Apartments LP, 3.60%, 06/01/27		20,000		19,219
NNN REIT, Inc., 3.90%, 06/15/24		20,000		19,913
Piedmont Operating Partnership LP, 2.75%, 04/01/32		48,000		34,537
Piedmont Operating Partnership LP, 9.25%, 07/20/28		15,000		15,977
Prologis LP, 2.13%, 04/15/27		25,000		23,031
Prologis Targeted US Logistics Fund LP, 5.25%, 04/01/29(b)		45,000		44,873
Public Storage Operating Co., 5.35%, 08/01/53		25,000		25,159
Realty Income Corp., 4.63%, 11/01/25		25,000		24,762
Realty Income Corp., 4.90%, 07/15/33		25,000		24,162
Regency Centers LP, 3.70%, 06/15/30		25,000		23,048
RLJ Lodging Trust LP, 3.75%, 07/01/26(b)		26,000		24,758
Safehold GL Holdings LLC, 2.80%, 06/15/31		30,000		24,770
Safehold GL Holdings LLC, 6.10%, 04/01/34		20,000		19,889
Service Properties Trust, 4.50%, 03/15/25		25,000		24,428
Simon Property Group LP, 1.75%, 02/01/28		25,000		22,282
SITE Centers Corp., 4.70%, 06/01/27		15,000		14,789
Starwood Property Trust, Inc., 7.25%, 04/01/29(b)		15,000		15,121
Store Capital LLC, 2.70%, 12/01/31		15,000		11,807
Sun Communities Operating LP, 2.70%, 07/15/31		30,000		24,729
Ventas Realty LP, 3.50%, 02/01/25		20,000		19,603
VICI Properties LP, 4.75%, 02/15/28		45,000		43,870
Welltower OP LLC, 4.25%, 04/15/28		25,000		24,249
WP Carey, Inc., 4.00%, 02/01/25		45,000		44,358
Total Real Estate				1,028,201
Telecommunication Services – 1.3%
American Tower Corp., 3.38%, 10/15/26		45,000		42,993
American Tower Corp., 4.00%, 06/01/25		35,000		34,394
AT&T, Inc., 2.75%, 06/01/31		25,000		21,545
AT&T, Inc., 3.50%, 09/15/53		70,000		49,464
Cablevision Lightpath LLC, 3.88%, 09/15/27(b)		30,000		26,937
Cogent Communications Group, Inc., 3.50%, 05/01/26(b)		25,000		23,802
Consolidated Communications, Inc., 6.50%, 10/01/28(b)		19,000		16,597
Crown Castle, Inc., 3.70%, 06/15/26		25,000		24,149
Crown Castle, Inc., 5.20%, 02/15/49		55,000		50,957
Equinix, Inc., 3.20%, 11/18/29		50,000		44,789
Frontier Communications Holdings LLC, 5.00%, 05/01/28(b)		47,000		43,629
Level 3 Financing, Inc., 10.50%, 05/15/30(b)		35,000		35,788
T-Mobile USA, Inc., 3.40%, 10/15/52		70,000		49,595
T-Mobile USA, Inc., 3.50%, 04/15/25		35,000		34,321
T-Mobile USA, Inc., 4.75%, 02/01/28		42,000		41,454
Uniti Group LP, 10.50%, 02/15/28(b)		10,000		10,367
Verizon Communications, Inc., 1.45%, 03/20/26		25,000		23,320
Verizon Communications, Inc., 2.36%, 03/15/32		30,000		24,657
Verizon Communications, Inc., 3.55%, 03/22/51		65,000		48,350
Windstream Escrow LLC, 7.75%, 08/15/28(b)		10,000		9,251
Total Telecommunication Services				656,359
Transportation – 0.2%
CSX Corp., 2.60%, 11/01/26		20,000		18,922
Union Pacific Corp., 2.75%, 03/01/26		20,000		19,205
Union Pacific Corp., 3.20%, 05/20/41		90,000		70,163
Total Transportation				108,290
Utility – 3.6%
AEP Transmission Co. LLC, 5.40%, 03/15/53		60,000		59,762
Ameren Corp., 3.50%, 01/15/31		50,000		45,203
American Electric Power Co., Inc., 3.20%, 11/13/27		35,000		32,882
Black Hills Corp., 1.04%, 08/23/24		20,000		19,647
Calpine Corp., 5.13%, 03/15/28(b)		33,000		31,674
CenterPoint Energy Resources Corp., 5.25%, 03/01/28		45,000		45,482
Clearway Energy Operating LLC, 3.75%, 02/15/31(b)		29,000		24,886
Clearway Energy Operating LLC, 4.75%, 03/15/28(b)		20,000		19,013
CMS Energy Corp., 2.95%, 02/15/27		25,000		23,446
CMS Energy Corp., 4.75% (5 Year CMT Rate + 4.12%), 06/01/50(c)		8,000		7,365
Consolidated Edison Co. of New York, Inc., 3.95%, 04/01/50		90,000		73,122
Constellation Energy Generation LLC, 3.25%, 06/01/25		25,000		24,438
Dominion Energy, Inc., 3.90%, 10/01/25		68,000		66,510
DTE Energy Co., 1.05%, 06/01/25		25,000		23,740
Duke Energy Corp., 2.65%, 09/01/26		30,000		28,313
Duke Energy Corp., 4.30%, 03/15/28		45,000		43,976
Duke Energy Florida LLC, 6.40%, 06/15/38		40,000		43,587
Entergy Corp., 2.95%, 09/01/26		45,000		42,762
Evergy, Inc., 2.90%, 09/15/29		50,000		44,644
Eversource Energy, 4.20%, 06/27/24		80,000		79,730
Exelon Corp., 3.40%, 04/15/26		25,000		24,171
Exelon Corp., 5.15%, 03/15/28		85,000		85,214
Ferrellgas LP, 5.88%, 04/01/29(b)		20,000		19,088
FirstEnergy Corp., 4.15%, 07/15/27		45,000		43,157
FirstEnergy Transmission LLC, 4.35%, 01/15/25(b)		40,000		39,514
Florida Power & Light Co., 2.88%, 12/04/51		90,000		59,249
Florida Power & Light Co., 3.13%, 12/01/25		20,000		19,425
Monongahela Power Co., 3.55%, 05/15/27(b)		20,000		19,029
Monongahela Power Co., 5.40%, 12/15/43(b)		75,000		71,592
NextEra Energy Capital Holdings, Inc., 4.45%, 06/20/25		25,000		24,687
NiSource, Inc., 0.95%, 08/15/25		25,000		23,530
NiSource, Inc., 4.38%, 05/15/47		60,000		50,356
NRG Energy, Inc., 3.63%, 02/15/31(b)		23,000		19,826
NRG Energy, Inc., 5.25%, 06/15/29(b)		25,000		23,942
NSTAR Electric Co., 2.70%, 06/01/26		20,000		18,948
Pacific Gas and Electric Co., 4.50%, 12/15/41		30,000		23,710
Public Service Co. of Colorado, 5.25%, 04/01/53		50,000		47,477
Public Service Electric and Gas Co., 3.00%, 05/15/27		55,000		52,011
San Diego Gas & Electric Co., 4.50%, 08/15/40		50,000		44,853
Sempra, 3.25%, 06/15/27		20,000		18,845
Sempra, 6.88% (5 Year CMT Rate + 2.79%), 10/01/54(c)		20,000		20,241
Southern California Edison Co., 4.00%, 04/01/47		60,000		47,521
Southern Co., 4.40%, 07/01/46		55,000		47,436
The Southern Co., 3.25%, 07/01/26		40,000		38,453
Virginia Electric and Power Co., 4.45%, 02/15/44		55,000		48,087
Vistra Operations Company, LLC, 7.75%, 10/15/31(b)		30,000		31,416
WEC Energy Group, Inc., 1.38%, 10/15/27		20,000		17,634
Xcel Energy, Inc., 3.30%, 06/01/25		25,000		24,335
Total Utility				1,783,929
Total UNITED STATES				8,267,503
TOTAL REAL ASSET DEBT (Cost $9,146,390)				9,531,140
	Shares
MONEY MARKET FUND – 1.3%
UNITED STATES – 1.3%
First American Treasury Obligations Fund - Class X, 5.28%(e)		623,949		623,949
TOTAL MONEY MARKET FUND (Cost $623,949)				623,949
Total Investments – 99.6% (Cost $46,719,257)				49,255,267
Other Assets in Excess of Liabilities – 0.4%				191,754
TOTAL NET ASSETS – 100.0%			$	49,447,021
The following notes should be read in conjunction with the accompanying Schedule of Investments.

(a)	—	Non-income producing security.
(b)	—	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of March 31, 2024, the total value of all such securities was $3,739,167 or 7.6% of net assets.
(c)	—	Variable rate security - Interest rate is based on reference rate and spread or based on the underlying assets. Interest rate may also be subject to a cap or floor. Securities that reference SOFR may be subject to a credit spread adjustment, particularly to legacy holdings that reference LIBOR that have transitioned to SOFR as the base lending rate.
(d)	—	Restricted security. Purchased in a private placement transaction; resale to the public may require registration. As of March 31, 2024, the total value of all such securities was $63,263 or 0.1% of net assets.
(e)	—	The rate shown represents the seven-day yield as of March 31, 2024.

Abbreviations:
CME	Chicago Mercantile Exchange
CMT	Constant Maturity Treasury Rate
ETF	Exchange Traded Fund
LIBOR	London Interbank Offered Rates
LLC	Limited Liability Corporation
LP	Limited Partnership
PLC	Public Limited Company
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financial Rate
USD	United States Dollar

Notes to Schedule of Investments (Unaudited)

Valuation of Investments: The Board of Trustees (the “Board”) has adopted procedures for the valuation of each Fund’s securities. The Adviser oversees the day to day responsibilities for valuation determinations under these procedures. The Board regularly reviews the application of these procedures to the securities in the Fund’s portfolio. The Adviser’s Valuation Committee is comprised of senior members of the Adviser’s management team.

The Board has designated the Adviser as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determination relating to any or all Fund investments. The Board oversees the Adviser in its role as the valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act.

Investments in equity securities listed or traded on any securities exchange or traded in the over-the-counter market are valued at the last trade price as of the close of business on the valuation date. If the NYSE closes early, then the equity security will be valued at the last traded price before the NYSE close. Prices of foreign equities that are principally traded on certain foreign markets will generally be adjusted daily pursuant to a fair value pricing service approved by the Board in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE close. When fair value pricing is employed, the value of the portfolio securities used to calculate the Fund’s net asset value (“NAV”) may differ from quoted or official closing prices. Investments in open-end registered investment companies, if any, are valued at the NAV as reported by those investment companies.

Debt securities, including U.S. government securities, listed corporate bonds, other fixed income and asset-backed securities, and unlisted securities and private placement securities, are generally valued at the bid prices furnished by an independent pricing service or, if not valued by an independent pricing service, using bid prices obtained from active and reliable market makers in any such security or a broker-dealer. Valuations from broker-dealers or pricing services consider appropriate factors such as market activity, market activity of comparable securities, yield, estimated default rates, timing of payments, underlying collateral, coupon rate, maturity date, and other factors. Short-term debt securities with remaining maturities of sixty days or less are valued at amortized cost of discount or premium to maturity, unless such valuation, in the judgment of the Adviser’s Valuation Committee, does not represent fair value.

Over-the-counter financial derivative instruments, such as forward currency contracts, options contracts, or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of evaluations provided by independent pricing services or broker dealer quotations. Depending on the instrument and the terms of the transaction, the value of the derivative instruments can be estimated by a pricing service provider using a series of techniques, such as simulation pricing models. The pricing models use issuer details and other inputs that are observed from actively quoted markets such as indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are normally categorized as Level 2 of the fair value hierarchy.

Securities for which market prices are not readily available, cannot be determined using the sources described above, or the Adviser’s Valuation Committee determines that the quotation or price for a portfolio security provided by a broker-dealer or an independent pricing service is inaccurate will be valued at a fair value determined by the Adviser’s Valuation Committee following the procedures adopted by the Adviser under the supervision of the Board. The Adviser’s valuation policy establishes parameters for the sources, methodologies, and inputs the Adviser’s Valuation Committee uses in determining fair value.

The fair valuation methodology may include or consider the following guidelines, as appropriate: (1) evaluation of all relevant factors, including but not limited to, pricing history, current market level, supply and demand of the respective security; (2) comparison to the values and current pricing of securities that have comparable characteristics; (3) knowledge of historical market information with respect to the security; (4) other factors relevant to the security which would include, but not be limited to, duration, yield, fundamental analytical data, the Treasury yield curve, and credit quality. The fair value may be difficult to determine and thus judgment plays a greater role in the valuation process. Imprecision in estimating fair value can also impact the amount of unrealized appreciation or depreciation recorded for a particular portfolio security and differences in the assumptions used could result in a different determination of fair value, and those differences could be material. For those securities valued by fair valuations, the Adviser’s Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s NAV.

A three-tier hierarchy has been established to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1 - quoted prices in active markets for identical assets or liabilities

Level 2 - quoted prices in markets that are not active or other significant observable inputs (including, but not limited to: quoted prices for similar assets or liabilities, quoted prices based on recently executed

transactions, interest rates, credit risk, etc.)

Level 3 - significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of assets or liabilities)

Brookfield Real Assets Securities Fund
The following table summarizes the Fund’s investments valuation inputs categorized in the disclosure hierarchy as of March 31, 2024:
	Level 1		Level 2		Level 3		Total
Common Stocks:
Australia	$	–	$	1,605,764	$	–	$	1,605,764
Brazil		506,032		–		–		506,032
Canada		2,007,271		–		–		2,007,271
China		–		406,274		–		406,274
Denmark		–		164,172		–		164,172
France		–		565,684		–		565,684
Germany		–		772,778		–		772,778
Greece		157,737		–		–		157,737
Hong Kong		–		820,464		–		820,464
Japan		–		2,092,168		–		2,092,168
Mexico		–		410,786		–		410,786
Netherlands		–		511,897		–		511,897
New Zealand		352,362		–		–		352,362
Singapore		–		241,071		–		241,071
Spain		–		892,846		–		892,846
Sweden		–		225,646		–		225,646
United Kingdom		–		1,513,859		–		1,513,859
United States		22,583,936		–		–		22,583,936
Total Common Stocks		25,607,338		10,223,409		–		35,830,747
Convertible Preferred Stocks:
United States		294,383		–		–		294,383
Preferred Stocks:
United States		1,597,886		–		–		1,597,886
Exchange Traded Funds:
United States		1,377,162		–		–		1,377,162
Real Asset Debt:
Australia		–		45,887		–		45,887
Canada		–		874,921		–		874,921
France		–		47,601		–		47,601
Italy		–		14,171		–		14,171
Luxembourg		–		8,011		–		8,011
Netherlands		–		155,440		–		155,440
Spain		–		44,093		–		44,093
United Kingdom		–		73,513		–		73,513
United States		–		8,267,503		–		8,267,503
Total Real Asset Debt		–		9,531,140		–		9,531,140
Money Market Fund:
United States		623,949		–		–		623,949
Total	$	29,500,718	$	19,754,549	$	–	$	49,255,267
For further information regarding security characteristics, see the Schedule of Investments.

Brookfield Investment Funds NPORT-PBrookfield Real Assets Securities Fund (Mar 2024 report)