MANAGEMENT DISCUSSION OF FUND PERFORMANCE

For the year ended December 31, 2021, the Real Assets Securities Fund—Class I Shares had a total return 18.19%, which assumes the reinvestment of dividends and is exclusive of brokerage commissions, underperforming the Fund's Real Assets Custom Index Blend Benchmark,¹ which returned 18.26%.

On an absolute performance basis, all major components of the strategy contributed positively during the period as real asset equities and debt broadly had positive performance during the year.

Relative to the benchmark, overall positive security selection and positive asset allocation effect both contributed to relative performance. Real asset debt was the leading contributor to relative performance, driven by underweight allocation to the underperforming fixed income sector. Infrastructure equities also contributed to relative performance due to positive security selection (partially offset by overweight allocation to the underperforming sector), followed by REIT preferreds (underweight allocation to the underperforming sector). Conversely, an opportunistic allocation to commodities was the leading detractor from relative performance as the sector underperformed real asset equities during the partial period. Allocations to renewables equities and energy infrastructure equities also detracted from relative performance. Finally, real estate equities ended the year as a detractor from relative performance, due to negative security selection.

In the next section, we provide further detail on the performance of each asset class, along with our outlook for investing in real asset-related securities.

INFRASTRUCTURE EQUITIES

Infrastructure equities rallied in 2021, participating in the overall rebound trade seen across the market. Discussions around President Biden's infrastructure bill, which ultimately passed, may have also been helpful for investor sentiment. For the year, the FTSE Global Core Infrastructure 50/50 Index and Dow Jones Brookfield Global Infrastructure Composite Index returned +15.71% and +20.23%, respectively. The performance dispersion, once again, sheds a light on the significant differentiations in sector weightings for both indexes.

Transports and energy infrastructure were the clear beneficiaries from the 'risk-on' mindset. However, fundamentals also significantly improved throughout the period. Within transports, toll road traffic levels normalized, and by the end of the 2021 were nearly back to pre-COVID levels in several parts of the world. Air traffic levels have more room to improve, but there is plenty of anecdotal evidence that people are increasingly returning to air travel. While the new normal may be awhile off, we do expect COVID-19 to transfer to an endemic state where travel plans are not disrupted, and air traffic levels can begin to normalize.

Within energy infrastructure, supply and demand dynamics turned progressively more favorable throughout the period. Demand is normalizing and supply is tight, which likely sets up a strong commodity price environment. Supply is tight across commodities given the restraint of U.S. producers and the OPEC (Organization of the Petroleum Exporting Countries)+ agreement to gradually increase production. Gasoline demand was at, or near, pre-pandemic levels; meanwhile natural gas demand skyrocketed towards the end of the year, particularly in Europe over supply shortages.

Communications enjoyed another strong year, driven by strong fundamentals and broader sentiment around data and technology. The sub-sector further rallied into the end of the year as markets favored defensive assets given the surge in the Omicron variant.

Utilities underperformed until the end of 2021. Broadly speaking, fundamentals were strong given the industry's key role in the global move to net zero, commitment to ESG and renewables investment. Yet, fear of rising interest rates, inflation concerns, and commodity prices pressured the sector throughout the period. The beginning of the year brought the Texas Power Crisis and many companies in our universe sold off over potential exposure. Summer and fall brought high power prices, notably in Europe, putting additional pressure on European utilities. However, the sector rallied significantly into the end of year, given the 'flight to quality' over the Omicron variant.

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REAL ESTATE EQUITIES

Global real estate securities, as measured by the FTSE EPRA Nareit Developed Index, gained 26.09% in 2021. By comparison, global equities, as measured by the MSCI World Index, returned 22.35%. U.S. property types were strongest, in our view, among those sectors perceived to be more defensive in nature amid uncertainty around COVID-19 cases. Self storage, industrial and residential stocks posted the strongest gains in 2021. The retail sector also posted relatively strong returns, despite uncertainty around economic reopenings. Conversely, health care, hotel and office stocks lagged during the year, driven by weakness in the third and fourth quarters.

Over the past year, Japan was the leading regional contributor to relative performance, driven by positive security selection. Select overweight positions in office J-REITs (real estate investment trust established in Japan) outperformed, while underweight positions in underperforming developers contributed to relative performance.

The U.S. was the second largest regional contributor. Select overweight positions in the retail sector contributed positively, as it was one of the strongest performing property types during the year. Security selection within the health care sector contributed as well. Outperformance within the residential sector was driven by overweight positions in multifamily companies focused on U.S. Sunbelt markets, as well as single-family rental companies.

Australia was a regional contributor to relative performance as well. Outperformance was driven by underweight exposure to the underperforming retail sector, as well as positive stock selection among select diversified landlords.

Conversely, the U.K. was the leading regional detractor from relative returns, driven by overweight exposure to property types that stood to benefit from a global economic reopening. These sectors, including retail, office and student housing, underperformed in the latter half of the year amid the uptick in COVID-19 cases. The Fund also experienced regional underperformance in Continental Europe and Hong Kong in light of a postponed reopening. Overweight exposure to hotels, retail and office in Continental Europe; and positions in retail-focused Hong Kong landlords detracted during the period.

Although the U.S. was a net contributor on a regional basis, property types that detracted from relative returns included self storage (underweight exposure to the outperforming sector), industrial (overweight exposure to specialty landlords) and hotels (which underperformed in the second half of the year).

REAL ASSET DEBT

Within credit markets, U.S. high-yield fixed income gained approximately 5.4% during the year, outperforming U.S. investment-grade (-0.95%).² Real asset sectors as a whole outperformed the broader market, led by natural resources, while more defensive sectors lagged.

We expect that Federal Reserve policy will be the primary driver of U.S. credit markets in 2022. At its December meeting, the Fed announced that the speed of tapering asset purchases would be doubled to $30 billion per month, effectively ending purchases by March. Additionally, the Fed announced forward guidance of three rate hikes in 2022, followed by another three hikes in 2023. Markets appear to be pricing three hikes in almost exactly.

We believe that elevated inflation data will begin to subside after the first quarter, allowing Fed normalization to be slower and more measured than expectations. This would result in continued support for risk assets (including high yield) and a steepening yield curve driven by real rates. If the Fed does move more quickly on rate hikes, history shows that risk assets can still perform well in the beginning of a hiking cycle. Against this backdrop, we favor high yield and modest duration within investment grade.

Downside risks to our outlook include: 1) additional COVID-19 variants, which could hamper growth and put further pressure on supply chains and inflation, 2) greater-than-expected fiscal drag, as stimulus programs expire and if President Biden's spending programs do not get passed, 3) a policy mistake by the Federal Reserve being too hawkish, which would significantly put growth into question, 4) China's restructuring of multiple sectors, most notably

BROOKFIELD REAL ASSETS SECURITIES FUND

the troubled property sector, spilling over into broader markets, 5) a worsening Russia/Ukraine conflict, and 5) excessive risk taking and leverage within blockchain related sectors (cryptocurrencies, NFTs, etc.). Any of these developments would likely prompt us to reduce exposure to high yield and potentially increase investment-grade duration.

OUTLOOK

Last year was characteristic of a true economic recovery, with both stocks and bond yields moving higher. Yet under the surface, markets experienced sharp rotations, large divergences, and narrow breadth.

2022 may be a year of two distinct halves, given the near-term certainty of the U.S. Federal Reserve increasing its target interest rate. During the first half, we expect to see a very favorable backdrop for risk assets. Strong corporate earnings are likely to continue, as productivity gains driven by increased capital spending offset ongoing price pressures from rising wages and material costs. And even with the ongoing uncertainty around the pandemic, healthy savings, increased employment and higher wages should support consumer spending.

The second half is more uncertain—and may look very different. Our base case is for slowing but above-trend economic growth, moderating but above-trend inflationary pressures, higher real rates and steepening yield curves. This backdrop may prove supportive of real asset sectors specifically, albeit with more muted return potential and more elevated volatility than in 2021.

To start the year, we favor real asset equities given attractive valuations and the potential for strong earnings growth. We are positioned to take advantage of market rotation into pro-cyclical sectors and are focused on segments poised to benefit from inflation and rising rates over the medium-term. We hold an overweight view of infrastructure equity, including renewables and sustainable infrastructure, and are neutral energy infrastructure. We hold underweight views of real estate equity, real asset debt and REIT preferreds, which currently trade at relatively full valuations with meaningful interest rate sensitivity. We continue to see opportunity to benefit from rising inflation via commodities.

¹ The Real Assets Custom Index Blend Benchmark, beginning 1/1/20, has consisted of 35% FTSE EPRA Nareit Developed Index, 5% ICE BofA Preferred Stock REITs 7% Constrained Index, 40% FTSE Global Core Infrastructure 50/50 Index, 5% Alerian Midstream Energy Index, and 15% ICE BofA USD Real Asset High Yield and Corporate Custom Index. For the period from 10/1/16 through 12/31/19, this Benchmark consisted of 35% FTSE EPRA Nareit Developed Index, 5% ICE BofA Preferred Stock REITs 7% Constrained Index, 40% Dow Jones Brookfield Global Infrastructure Index, 5% Alerian MLP Index, and 15% ICE BofA Global High Yield Index and ICE BofA Global Corporate Index, weighted 70% and 30%. For the period from 11/19/14 through 9/30/16, this Benchmark consisted of 33.33% DJ Brookfield Global Infrastructure Composite Index, 33.33% FTSE EPRA Nareit Developed Index, 13.33% ICE BofA Global High Yield Index and ICE BofA Global Corporate Index, weighted 70% and 30%, respectively, 10% S&P Global Natural Resources Index, 6.67% Bloomberg Commodity Index and 3.34% Barclays Global Inflation-Linked Index.

² High-yield refers to the ICE BofAML U.S. High Yield Index which tracks the performance of U.S. dollar-denominated below-investment-grade corporate debt publicly issued in the U.S. domestic market. Investment-grade refers to the ICE BofAML U.S. Corporate Index which tracks the performance of U.S.-dollar-denominated investment-grade corporate debt publicly issued in the U.S. domestic market.

*  Classes A, C and I were incepted on November 19, 2014. All returns shown in USD. The MSCI World Index and Real Assets Custom Index Blend Benchmark returns reference Class I's inception date.

**  Data for the S&P Real Assets Index is unavailable prior to its inception date of December 31, 2015.

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The table and graphs do not reflect the deductions of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

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 1-855-244-4859. Performance shown including sales charge reflects the Class A maximum sales charge of 4.75%. A 1.00% Contingent Deferred Sales Charge (CDSC) would apply to redemptions made within 12 months of purchase of Class C shares. Performance data excluding sales charge does not reflect the deduction of the sales charge or CDSC and if reflected, the sales charge or fee would reduce the performance quoted.

On March 25, 2021, the Board of Trustees of Brookfield Investment Funds, on behalf of the Fund, approved a proposal to close the Fund's Class I Shares (the "Legacy Class I Shares"). Following the close of business on April 30, 2021, shareholders holding the Legacy Class I Shares had their shares automatically converted (the "Conversion") into the Fund's Class Y Shares (the "Legacy Class Y Shares"). Following the Conversion, the Fund's Legacy Class Y Shares were renamed "Class I Shares" (the "Class I Shares"). As a result of the Conversion, the Fund's new Class I Shares adopted the Legacy Class Y Shares' performance and accounting history.

The Fund's gross and net expense ratios in the prospectus dated April 30, 2021, for Class A is 1.78% and 1.15%, Class C is 2.47% and 1.90% and Class I is 1.42% and 0.90%, respectively for the year ended December 31, 2020.

The Adviser has contractually agreed to reimburse the Fund's expenses through May 1, 2022. There is no guarantee that such reimbursement will be continued after that date.

The graphs below illustrate a hypothetical investment of $10,000 in the Real Assets Securities Fund—Class I Shares from the commencement of investment operations on November 19, 2014 to December 31, 2021 compared to the MSCI World Index.

BROOKFIELD REAL ASSETS SECURITIES FUND

Disclosure

Indices are not managed and an investor cannot invest directly in an index.

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 Fund currently holds these securities. Please refer to the Schedule of Investments contained in this report for a full listing of fund holdings.

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. The Fund invests in MLPs, which involves additional risks as compared to the risks of investing in common stock, including risks related to cash flow, dilution and voting rights. 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 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 redemptions, 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. Past performance is no guarantee of future results.

BROOKFIELD REAL ASSETS SECURITIES FUND

The global pandemic outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 has resulted in substantial market volatility and global business disruption, impacting the global economy and the financial health of individual companies in significant and unforeseen ways. The duration and future impact of COVID-19 are currently unknown, which may exacerbate other types of risks that apply to a Fund and negatively impact Fund performance and the value of an investment in a Fund.

These views represent the opinions of Brookfield Public Securities Group LLC 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, 2021 and subject to change based on subsequent developments.

Credit ratings are grades given to bonds that indicate their credit quality as determined by private independent rating services such as Standard Poor's, Moody's and Fitch. These firms evaluate a bond issuer's financial strength or its ability to pay a bond's principal and interest in a timely fashion. Ratings are expressed as letters ranging from 'AAA' which is the highest grade, to 'D' which is the lowest grade.

Spreads refers to the option-adjusted spread, which measures the differences in yields for fixed income securities after adjusting for embedded options.

Par value is the dollar amount due to bondholders at the maturity date of a bond.

The Alerian Midstream Energy Index is a broad-based composite of North American energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMNA) and on a total-return basis (AMNAX).

The Alerian MLP Index is the leading gauge of energy infrastructure Master Limited Partnerships (MLPs). The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis (AMZX).

The Bloomberg Barclays Global Inflation Linked Index (Series-L) measures the performance of investment-grade, government inflation-linked debt from 12 different developed market countries. Investability is a key criterion for inclusion of markets in this index, and it is designed to include only those markets in which a global government linker fund is likely and able to invest.

The Bloomberg Commodity Index is a broadly diversified index that tracks the commodities markets through commodity futures contracts.

The Dow Jones Brookfield Global Infrastructure Composite Index is calculated and maintained by S&P Dow Jones Indexes and comprises infrastructure companies with at least 70% of their annual cash flows derived from owning and operating infrastructure assets, including MLPs. Brookfield has no direct role in the day-to-day management of any Brookfield co-branded indexes.

The Dow Jones Brookfield Global Infrastructure Index is calculated and maintained by S&P Dow Jones Indexes and comprises infrastructure companies with at least 70% of their annual cash flows derived from owning and operating infrastructure assets. Brookfield has no direct role in the day-to-day management of any Brookfield cobranded indexes.

The FTSE EPRA Nareit Developed Index is an unmanaged market-capitalization-weighted total-return index, which consists of publicly traded equity REITs and listed property companies from developed markets.

The FTSE Global Core Infrastructure 50/50 Index gives participants an industry-defined interpretation of infrastructure and adjusts the exposure to certain infrastructure sub-sectors. The constituent weights are adjusted as part of the semi-annual review according to three broad industry sectors—50% Utilities, 30% Transportation

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including capping of 7.5% for railroads/railways and a 20% mix of other sectors including pipelines, satellites and telecommunication towers. Company weights within each group are adjusted in proportion to their investable market capitalization.

The ICE BofA Global Corporate Index tracks the performance of investment- grade public debt issued in the major domestic and Eurobond markets, including global bonds.

The ICE BofA 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.

The ICE BofA Preferred Stock REITs 7% Constrained Index is a subset of the ICE BofA Fixed-Rate Preferred Securities Index including all real estate investment trust issued preferred securities. The ICE BofA Fixed-Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar denominated preferred securities issued in the U.S. domestic market.

The ICE BofA USD Real Asset High Yield & Corporate Custom Index is a custom index blend of sectors of ICE BofA U.S. High Yield Index (70%) and ICE BofA U.S. Corporate Index (30%) that correspond to equity sectors in Brookfield's real asset universe. Such real-asset-related sectors include Cable, Infrastructure Services, Oil Gas T&D, Telecommunications, Transportation, Utilities, Agriculture, Timber, Basic Materials, Energy Exploration & Production, Metals & Mining, Real Estate, RE Ownership & Development and REITs.

The ICE BofA U.S. High Yield Index tracks the performance of U.S.-dollar-denominated below-investment-grade corporate debt publicly issued in the U.S. domestic market.

The ICE BofA U.S. Corporate Index tracks the performance of U.S.-dollar-denominated investment-grade corporate debt publicly issued in the U.S. domestic market.

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

The Real Assets Custom Index Blend Benchmark, beginning 1/1/20, has consisted of 35% FTSE EPRA Nareit Developed Index, 5% ICE BofA Preferred Stock REITs 7% Constrained Index, 40% FTSE Global Core Infrastructure 50/50 Index, 5% Alerian Midstream Energy Index, and 15% ICE BofA USD Real Asset High Yield and Corporate Custom Index. For the period from 10/1/16 through 12/31/19, this Benchmark consisted of 35% FTSE EPRA Nareit Developed Index, 5% ICE BofA Preferred Stock REITs 7% Constrained Index, 40% Dow Jones Brookfield Global Infrastructure Index, 5% Alerian MLP Index, and 15% ICE BofA Global High Yield Index and ICE BofA Global Corporate Index, weighted 70% and 30%. For the period from 11/19/14 through 9/30/16, this Benchmark consisted of 33.33% DJ Brookfield Global Infrastructure Composite Index, 33.33% FTSE EPRA Nareit Developed Index, 13.33% ICE BofA Global High Yield Index and ICE BofA Global Corporate Index, weighted 70% and 30%, respectively, 10% S&P Global Natural Resources Index, 6.67% Bloomberg Commodity Index and 3.34% Barclays Global Inflation-Linked Index.

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, liquid and investable equity exposure across three primary commodity related sectors: Agribusiness, Energy and Metals & Mining.

The S&P Real Assets Index measures global property, infrastructure, commodities and inflation-linked bonds using liquid component indexes that track equities (representing 50% of the index), fixed income (representing 40% of the index) and futures (representing 10% of the index).

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.