| BROOKFIELD U.S. LISTED REAL ESTATE FUND | | | | |
| Schedule of Investments (Unaudited) | | | | | | |
| September 30, 2019 | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS - 97.9% | | | | | | |
| Datacenters - 7.4% | | | | | | |
| CyrusOne, Inc. | | | 1,359 | | | $ | 107,497 | |
| Digital Realty Trust, Inc. | | | 3,400 | | | | 441,354 | |
| Equinix, Inc. | | | 650 | | | | 374,920 | |
| Total Datacenters | | | | | | | 923,771 | |
| Healthcare - 20.2% | | | | | | | | |
| HCP, Inc. | | | 12,200 | | | | 434,686 | |
| Healthcare Trust of America, Inc. | | | 8,500 | | | | 249,730 | |
| Omega Healthcare Investors, Inc. | | | 8,857 | | | | 370,134 | |
| Physicians Realty Trust | | | 20,569 | | | | 365,100 | |
| Ventas, Inc. | | | 8,746 | | | | 638,720 | |
| Welltower, Inc. | | | 5,200 | | | | 471,380 | |
| Total Healthcare | | | | | | | 2,529,750 | |
| Hotel - 3.9% | | | | | | | | |
| Park Hotels & Resorts, Inc. | | | 12,336 | | | | 308,030 | |
| Ryman Hospitality Properties, Inc. | | | 2,245 | | | | 183,663 | |
| Total Hotel | | | | | | | 491,693 | |
| Industrial - 6.5% | | | | | | | | |
| Americold Realty Trust | | | 12,009 | | | | 445,174 | |
| Prologis, Inc. | | | 4,300 | | | | 366,446 | |
| Total Industrial | | | | | | | 811,620 | |
| Net Lease - 11.9% | | | | | | | | |
| MGM Growth Properties LLC | | | 13,178 | | | | 395,999 | |
| Spirit Realty Capital, Inc. | | | 2,600 | | | | 124,436 | |
| VEREIT, Inc. | | | 49,903 | | | | 488,051 | |
| VICI Properties, Inc. | | | 21,653 | | | | 490,441 | |
| Total Net Lease | | | | | | | 1,498,927 | |
| Office - 16.1% | | | | | | | | |
| Alexandria Real Estate Equities, Inc. | | | 2,010 | | | | 309,620 | |
| Cousins Properties, Inc. | | | 7,525 | | | | 282,865 | |
| Douglas Emmett, Inc. | | | 4,215 | | | | 180,529 | |
| Highwoods Properties, Inc. | | | 11,000 | | | | 494,340 | |
| Hudson Pacific Properties, Inc. | | | 1,618 | | | | 54,138 | |
| Kilroy Realty Corp. | | | 8,900 | | | | 693,221 | |
| Total Office | | | | | | | 2,014,713 | |
| Residential - 18.3% | | | | | | | | |
| AvalonBay Communities, Inc. | | | 3,500 | | | | 753,655 | |
| Equity Residential | | | 5,451 | | | | 470,203 | |
| Essex Property Trust, Inc. | | | 1,350 | | | | 440,977 | |
| Mid-America Apartment Communities, Inc. | | | 4,882 | | | | 634,709 | |
| Total Residential | | | | | | | 2,299,544 | |
| Retail - 6.2% | | | | | | | | |
| Regency Centers Corp. | | | 4,500 | | | | 312,705 | |
| Simon Property Group, Inc. | | | 1,549 | | | | 241,102 | |
| Weingarten Realty Investors | | | 7,600 | | | | 221,388 | |
| Total Retail | | | | | | | 775,195 | |
| Self Storage - 7.4% | | | | | | | | |
| CubeSmart | | | 8,568 | | | | 299,023 | |
| Public Storage | | | 2,565 | | | | 629,118 | |
| Total Self Storage | | | | | | | 928,141 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $10,286,887) | | | | | | | 12,273,354 | |
| Total Investments - 97.9% | | | | | | | | |
| (Cost $10,286,887) | | | | | | | 12,273,354 | |
| Other Assets in Excess of Liabilities - 2.1% | | | | | | | 257,866 | |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 12,531,220 | |
Notes to Schedule of Investments (Unaudited)
Valuation of Investments: The Fund’s Board of Trustees (the “Board”) has adopted procedures for the valuation of the 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. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s net asset value (“NAV”).
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. The broker-dealers or pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the broker-dealers or pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the broker-dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon-rates, anticipated timing of principal repayments, underlying collateral, and other unique
security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. 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.
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. 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 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.
Securities for which market prices are not readily available or which cannot be valued using the sources described above will be valued using an internal proprietary fair value methodology. For any security warranting such fair value measurement, a memorandum, including the specific methodology and supporting information, will be provided to the Valuation Committee by a portfolio manager or analyst looking to fair value a particular security utilizing the internal proprietary fair value methodology. A portfolio manager or analyst shall use their best efforts to maximize the use of relevant observable inputs and minimize the use of unobservable inputs within their valuation technique. The Valuation Committee shall review the memorandum and supporting information provided by a portfolio manager or analyst and consider all relevant factors as it deems appropriate before approving the fair value recommendation.
The Fund may use the fair value of a security to calculate its NAV when, for example, (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and not resumed prior to the normal market close, (3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Adviser determines that the quotation or price for a portfolio security provided by a broker-dealer or an independent pricing service is inaccurate.
The fair value of securities may be difficult to determine and thus judgment plays a greater role in the valuation process. 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 values assigned to fair valued investments are based on available information and do not necessarily represent amounts that might ultimately be realized, since such amounts depend on future developments inherent in investments. Changes in the fair valuation of portfolio securities may be less frequent and of greater magnitude than changes in the price of portfolio securities valued at their last sale price, by an independent pricing service, or based on market quotations. 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.
The Fund has established methods of fair value measurements in accordance with GAAP. Fair value denotes the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. 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. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. 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 the Fund’s own assumptions in determining the fair value of assets or liabilities) |
| | | |
The Adviser’s valuation policy, as previously stated, establishes parameters for the sources and types of valuation analysis, as well as, the methodologies and inputs the Adviser’s Valuation Committee uses in determining fair value. If the Adviser’s Valuation Committee determines that additional techniques, sources or inputs are appropriate or necessary in a given situation, such additional work will be undertaken.
Significant increases or decreases in any of the unobservable inputs in isolation may result in a lower or higher fair value measurement.
To assess the continuing appropriateness of security valuations, the Adviser (or its third party service providers who are subject to oversight by the Adviser), regularly compares its prior day prices, prices on comparable securities and sale prices to the current day prices and challenges those prices that exceed certain tolerance levels with the third party pricing service or broker source. 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.
The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the Fund’s investments valuation inputs categorized in the disclosure hierarchy as of September 30, 2019:
Brookfield U.S. Listed Real Estate Fund
| Description | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | $ | 12,273,354 | | | $ | - | | | $ | - | | | $ | 12,273,354 | |
| Total | | $ | 12,273,354 | | | $ | - | | | $ | - | | | $ | 12,273,354 | |
For further information regarding security characteristics of the Fund, see the Schedule of Investments.
