Brookfield Global Listed Infrastructure Fund March 31, 2018 QUARTERLY REPORT

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1 Brookfield Global Listed Infrastructure Fund March 31, 2018 Investment Objective The Fund's investment objective is to seek total return through growth of capital and current income. There can be no assurance that the Fund will achieve its investment objective. QUARTERLY REPORT Fund Basics Minimum Investment $1,000 Annualized Standard Deviation % Dividend Frequency Quarterly Annualized Tracking Error % Total Net Assets (in millions) 1 $ Portfolio Beta Net Asset Value (NAV) Per Share $11.88 Sharpe Ratio Number of Holdings 57 Average Annual Total Returns - As of March 31, 2018 Inception Date Q Year-To-Date 1 Year 3 Years 5 Years Since Inception Class A (Excluding Sales Charge) 12/29/ % -5.79% -2.94% -0.73% 2.60% 6.21% Class A (Including Sales Charge) 12/29/ % % -7.53% -2.33% 1.60% 5.38% Class C (Excluding Sales Charge) 4/30/ % -6.02% -3.73% -1.47% 1.81% 4.27% Class C (Including Sales Charge) 4/30/ % -6.95% -4.67% -1.47% 1.81% 4.27% Class Y 11/30/ % -5.78% -2.74% -0.48% 2.85% 6.60% Dow Jones Brookfield Global Infrastructure Composite Index (USD) -6.20% -6.20% -1.36% 0.89% 4.67% 7.61% 3 3 The Dow Jones Brookfield Global Infrastructure Composite Index (USD) references Class A s inception date. 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 Performance shown including sales charge reflects the Class A maximum sales charge of 4.75% and the Class C Contingent Deferred Sales Charge (CDSC) of 1.00%. 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. Investment performance reflects fee waivers, expenses and reimbursements in effect. In the absence of such waivers, total return and NAV would be reduced. The Dow Jones Brookfield Global Infrastructure Composite Index was created on July 1, 2008 and is comprised of infrastructure companies with at least 70% of its annual cash flows derived from owning and operating infrastructure assets. The Index is maintained by S&P Dow Jones Indexes. The Index is not affiliated with Brookfield and as such, Brookfield does not select securities for inclusion in the index.the Index is unmanaged and, unlike the Fund, is not affected by cash flows or trading and other expenses. It is not possible to invest directly in an index. Index performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund. General Information Distribution Rate Expense Ratios Distribution 30 Day SEC Yield 30 Day SEC Yield Share Class Symbol CUSIP Rate 4 (Subsidized) 5 (Unsubsidized) 5 Gross 6 Net 7 Class A BGLAX % 1.67% 1.54% 1.43% 1.35% Class C BGLCX % 1.00% 0.86% 2.18% 2.10% Class Y BGLYX % 2.01% 1.87% 1.18% 1.10% 1 Based on total net assets of all share classes in Fund. 2 Standard deviation measures the degree to which an investment s return varies from its mean return. Tracking error measures the difference between a portfolio s returns and its benchmark. Beta measures the sensitivity of rates of return on a fund to general market movements, as represented by an index (or its benchmark). Sharpe ratio is a measure of the excess return to the risk-free rate (or risk premium) per unit of risk (measured by standard deviation) in an investment asset or a trading strategy. 4 The distribution rate referenced above is calculated as the annualized amount of the most recent quarterly distribution declared divided by March 31, 2018 Net Asset Value per share. This calculation does not include any non-income items such as loan proceeds or borrowings. The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. Year-to-date through December 31, 2017, the Fund estimates approximately 36.85% of its distributions is a return of capital. 5 As of March 31, 2018, 30 Day SEC Yield does not include income that is determined to be from return of capital. 6 As reflected in the Fund s current prospectus and assuming a full year of fund operations. 7 The advisor has contractually agreed to waive fees and/or reimburse fund expenses through May 1, There is no guarantee that such waiver/reimbursement will be continued after that date. The net expense ratio represents what investors have paid as of the prospectus dated May 1, 2017.

2 Assets By Sector Sector Portfolio Weight (%) Index Weight (%) Pipelines 15.7% 16.2% MLP 15.5% 14.2% Toll Roads 14.3% 12.3% Electricity Transmission & Distribution 12.9% 19.1% Communications 10.7% 12.5% Renewables/Electric 8.8% 0.0% Midstream 7.6% 6.4% Gas Utilities 4.2% 8.2% Water 4.1% 4.4% Airports 3.6% 5.1% Rail 0.5% 0.0% Ports 0.0% 0.7% Diversified 0.0% 1.0% Cash 2.1% 0.0% Total 100.0% 100.0% Assets By Region Region Portfolio Weight (%) Index Weight (%) U.S. 51.3% 50.4% Continental Europe 17.9% 18.1% Canada 11.5% 13.5% U.K. 8.5% 5.9% Asia Pacific 6.3% 10.9% Latin America 2.4% 1.2% Cash 2.1% 0.0% Total 100.0% 100.0% Source: Brookfield Investment Management. Sector and country allocations are expressed as a percentage of total investments (by market value) and will vary over time. Top 10 Holdings Ticker Security Sector Geography Weight AMT US American Tower Corp Communications U.S. 6.4% NG/ LN National Grid PLC Electricity Transmission & Distribution U.K. 5.6% EPD US Enterprise Products Partners LP MLP U.S. 4.4% TRP CN TransCanada Corp Pipelines Canada 4.4% DG FP Vinci SA Toll Roads Continental Europe 4.3% ENB CN Enbridge Inc Pipelines Canada 4.3% KMI US Kinder Morgan Inc/DE Pipelines U.S. 3.5% SBAC US SBA Communications Corp Communications U.S. 3.5% ETP US Energy Transfer Partners LP MLP U.S. 3.5% WMB US Williams Cos Inc/The Midstream U.S. 2.9% Total 42.8% Source: Brookfield Investment Management. The top ten holdings are as of March 31, 2018 and will vary over time. 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. Top/Bottom Sector Contribution Sector Relative Attribution Renewables/Electric 71 bps 13 bps 9.5% MLP 57 bps -115 bps 0.6% Water 24 bps -36 bps 0.1% Pipelines -29 bps -269 bps 2.0% Midstream -50 bps -88 bps 0.6% Gas Utilities -64 bps -5 bps -3.8% Top/Bottom Geography Contribution Geography Relative Attribution Continental Europe 40 bps -47 bps 0.6% U.S. 34 bps -268 bps 0.9% Latin America -1 bps -17 bps 1.7% U.K. -13 bps -77 bps 1.6% Canada -14 bps -180 bps -0.9% Asia Pacific -42 bps -26 bps -4.0% Top/Bottom Security Contribution Ticker Security Geography Sector Relative Attribution ORSTED DC Orsted A/S Continental Europe Renewables/Electric 45 bps 34 bps 2.0% SBAC US SBA Communications Corp. U.S. Communications 18 bps 14 bps 1.8% FE US FirstEnergy Corp. U.S. Renewables/Electric 15 bps 10 bps 0.8% CCI US Crown Castle International Corp U.S. Communications -21 bps 0 bps -3.7% 384 HK China Gas Holdings Limited Asia Pacific Gas Utilities -22 bps 0 bps -0.6% OKE US ONEOK, Inc. U.S. Midstream -27 bps -2 bps -1.8% Calculated by Brookfield Investment Management Inc. using FactSet. Total Contribution refers to the change in the Fund s value (excluding cash) over the period. Relative Attribution refers to the difference between the change in the Fund s value (excluding cash) relative to the change in the Dow Jones Brookfield Global Infrastructure Composite Index (USD) value over the period. Attribution is expressed in local currency. Due to rounded numbers presented, amounts may not add up precisely to the totals provided and may not reflect the absolute figures. Page 2

3 Market Commentary Global equities decline in Q1 The MSCI World Index declined 1.2% during the first quarter, snapping a quarterly winning streak which began in Q All regions of the index declined Europe was down 1.9%, North America declined 1.0% and Asia Pacific slid 0.6%. In the U.S., the S&P 500 Total Return Index fell 0.8% ending nine straight quarters of positive returns back to Q Market uncertainty during the quarter appeared to be driven largely by expectations of higher inflation and interest rates. Fears of trade wars also heated up as President Donald Trump imposed tariffs on steel and aluminum imports from select countries. The U.S. administration also announced tariffs on up to $60 billion in Chinese imports. Subsequent to quarter end, the Chinese government responded with their own set of tariffs on U.S. products, focusing on soybeans, automobiles and chemical products. The yield on 10-Year U.S. Treasuries rose 33 basis points over the quarter to 2.74%. At its March meeting, the U.S. Federal Open Market Committee increased the federal funds rate 25 basis points, to a target range of 1.5% to 1.75%. The committee also raised its GDP forecast, calling for 2018 growth of 2.7% (from 2.5% previously); and 2019 expected growth of 2.4% (from 2.1% previously). The spot price of West Texas Intermediate Crude Oil rose 7.3% during the quarter, closing at $64.87 per barrel. Infrastructure equities down in the quarter The Dow Jones Brookfield Global Infrastructure Index declined 5.3% and the FTSE Global Core Infrastructure 50/50 Index fell 4.3% during the first quarter. By region, the Americas declined 7.0%, Europe fell 6.0% and Asia Pacific was down 1.4%. By sector, Ports declined ( 21.3%), followed by Water ( 12.1%), Oil & Gas Storage & Transportation ( 8.4%), Diversified ( 6.4%), Electricity Transmission & Distribution ( 4.8%), Airports ( 4.2%) and Toll Roads ( 4.0%). Only the Communications sector posted positive returns in the quarter, up 0.8%. * Outlook The fundamental picture for the North American energy infrastructure sector continues to be strong, in our view. Monthly crude oil production in the U.S. eclipsed 10 million barrels a day for the first time in more than four decades. U.S. natural gas gross monthly production is also at record highs. We maintain our view that market sentiment has the potential to catch up with a strong fundamental backdrop. In general, we believe the impact of the FERC ruling on midstream company cash flows will be modest for most companies. At present, this only applies to FERC-regulated natural gas pipelines (not every midstream asset); and most companies operate their pipelines under a negotiated-rate framework, which falls outside of FERC-mandated returns or regulations. Utility price-to-earnings ratios have declined from their five-year high and the sector now trades closer to its long-term P/E ratio. However, headwinds of continued rising interest rates continue to weigh on the sector outlook, in our view. We maintain our preference for utilities exposed to low-cost renewables generation. That said, we are seeing select value opportunities emerge around the world among transmission and distribution and gas utilities and adding exposure opportunistically. Within transports, traffic growth in Continental Europe and Latin America remain strong as consumer confidence increases; and real interest rates remain low across the eurozone. We see opportunities among undervalued assets in Latin America, but continue to monitor the political situation in Mexico, specifically as it pertains to NAFTA negotiations. Our long-term outlook for the communications sector is unchanged as we continue to see growth prospects. However, despite the strong growth story, we are mindful of valuations. If infrastructure stocks trade more in-line with our estimation of appropriate risk-adjusted cost of capital (which varies by sector), we see the potential for double-digit upside in some groups. However, we also see equal downside risk among sectors most exposed to certain factors, notably rising real interest rates or adverse regulatory changes. We are being particularly selective within ratesensitive sectors, as we do not believe the prospect for higher interest rates is appropriately discounted at current levels. As rates have moved higher, however, we have seen opportunities emerge to add quality assets at more attractive valuations. Important Disclosures Must be preceded or accompanied by a current prospectus. Mutual fund investing involves risk. Principal loss is possible. 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. 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, * Region and sector returns of the Dow Jones Brookfield Global Infrastructure Index presented in local currency. Infrastructure returns begin on 1/2/18 to account for the timing of the conversion of Dow Jones Brookfield Global Infrastructure Index returns into local currencies Page 3

4 particularly during times of market turmoil. If the Fund is forced to sell an illiquid asset to meet redemption, it may be forced to sell at a loss. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. The risk of owning an ETF generally reflects the risks of owning the underlying securities the ETF holds. An ETN may be influenced by time to maturity, level of supply & demand for the ETN, volatility and lack of liquidity in the underlying securities' markets, changes in the applicable interest rates, changes in the issuer's credit rating and economic, legal, political or geographic events. 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 25% of its total assets in securities in the infrastructure industry, 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 Global Listed Infrastructure Fund is managed by Brookfield Investment Management Inc. Brookfield Investment Funds are distributed by Quasar Distributors, LLC. 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 strategy'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. Definitions The Indexes referenced in the preceding market commentary are not the benchmarks of the Fund and are provided for illustrative purposes only and may not reflect Fund performance. 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 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"). The Dow Jones Brookfield Index is not affiliated with Brookfield and as such, Brookfield does not select securities for inclusion in the index. The Dow Jones Brookfield Global Infrastructure Index is calculated and maintained by S&P Dow Jones Indices and comprises infrastructure companies with at least 70% of its annual cash flows derived from owning and operating infrastructure assets. The Dow Jones Brookfield Index is not affiliated with Brookfield and as such, Brookfield does not select securities for inclusion in the index. Brookfield has selected the aforementioned sectors of the Dow Jones Brookfield Global Infrastructure Index to illustrate performance of the primary sectors within the global listed infrastructure universe. 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 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 S&P 500 Index is an equity index of 500 widely held, large-capitalization U.S. companies. 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. The price-earnings ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its per-share earnings. 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. USD refers to U.S. Dollar. The quoted benchmarks within this report do not reflect deductions for fees, expenses or taxes. These benchmarks are unmanaged and cannot be purchased directly by investors. Benchmark performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. There may be material factors relevant to any such comparison such as differences in the volatility, and regulatory and legal restrictions between the indices shown and the Fund. Page 4

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