| BROOKFIELD GLOBAL LISTED INFRASTRUCTURE FUND | | | |
| Schedule of Investments (Unaudited) | | | |
| March 31, 2022 | | | |
| | | | |
| | Shares | | Value |
| COMMON STOCKS - 97.4% | | | |
| AUSTRALIA - 4.1% | | | |
| Toll Roads - 4.1% | | | |
| Transurban Group | 1,847,669 | | $18,668,797 |
| Total AUSTRALIA | | | 18,668,797 |
| BRAZIL - 3.2% | | | |
| Rail - 1.5% | | | |
| Rumo SA (n) | 1,780,006 | | 6,946,474 |
| Toll Roads - 1.7% | | | |
| CCR SA | 2,698,340 | | 7,781,521 |
| Total BRAZIL | | | 14,727,995 |
| CANADA - 7.6% | | | |
| Pipelines - 4.6% | | | |
| Enbridge, Inc. | 454,664 | | 20,930,219 |
| Rail - 3.0% | | | |
| Canadian Pacific Railway Ltd. | 164,700 | | 13,593,366 |
| Total CANADA | | | 34,523,585 |
| CHILE - 0.8% | | | |
| Water - 0.8% | | | |
| Aguas Andinas SA | 16,118,410 | | 3,427,317 |
| Total CHILE | | | 3,427,317 |
| CHINA - 3.6% | | | |
| Airports - 0.4% | | | |
| Hainan Meilan International Airport Company Ltd. (n) | 792,008 | | 1,804,894 |
| Communications - 0.6% | | | |
| China Tower Corporation Ltd. (e) | 24,937,253 | | 2,791,535 |
| Gas Utilities - 1.6% | | | |
| China Resources Gas Group Ltd. | 942,239 | | 3,965,767 |
| ENN Energy Holdings Ltd. | 224,047 | | 3,346,351 |
| Total Gas Utilities | | | 7,312,118 |
| Water - 1.0% | | | |
| Guangdong Investment Ltd. | 3,191,200 | | 4,347,823 |
| Total CHINA | | | 16,256,370 |
| FRANCE - 4.0% | | | |
| Renewables/Electric Generation - 2.6% | | | |
| Engie SA | 353,000 | | 4,640,916 |
| Veolia Environnement SA | 230,312 | | 7,384,645 |
| Total Renewables/Electric Generation | | | 12,025,561 |
| Toll Roads - 1.4% | | | |
| Getlink SE | 355,500 | | 6,402,468 |
| Total FRANCE | | | 18,428,029 |
| GERMANY - 0.4% | | | |
| Airports - 0.4% | | | |
| Fraport AG Frankfurt Airport Services Worldwide (n) | 30,568 | | 1,694,498 |
| Total GERMANY | | | 1,694,498 |
| HONG KONG - 0.7% | | | |
| Rail - 0.7% | | | |
| MTR Corporation Ltd. | 603,910 | | 3,252,217 |
| Total HONG KONG | | | 3,252,217 |
| ITALY - 4.4% | | | |
| Renewables/Electric Generation - 1.1% | | | |
| Hera SpA | 1,333,000 | | 4,911,003 |
| Toll Roads - 3.3% | | | |
| Atlantia SpA | 730,277 | | 15,184,410 |
| Total ITALY | | | 20,095,413 |
| JAPAN - 3.7% | | | |
| Gas Utilities - 0.8% | | | |
| Tokyo Gas Company Ltd. | 213,797 | | 3,914,026 |
| Rail - 2.9% | | | |
| East Japan Railway Co. | 158,500 | | 9,173,588 |
| West Japan Railway Co. | 93,843 | | 3,888,462 |
| Total Rail | | | 13,062,050 |
| Total JAPAN | | | 16,976,076 |
| MEXICO - 2.2% | | | |
| Airports - 2.2% | | | |
| Grupo Aeroportuario del Pacifico SAB de CV | 632,352 | | 10,193,616 |
| Total MEXICO | | | 10,193,616 |
| SPAIN - 6.3% | | | |
| Airports - 2.1% | | | |
| Aena SME SA (e) (n) | 58,972 | | 9,830,704 |
| Communications - 2.6% | | | |
| Cellnex Telecom SA (e) | 250,100 | | 12,035,978 |
| Toll Roads - 1.6% | | | |
| Ferrovial SA | 267,463 | | 7,113,180 |
| Total SPAIN | | | 28,979,862 |
| UNITED KINGDOM - 5.3% | | | |
| Electricity Transmission & Distribution - 3.1% | | | |
| National Grid PLC | 935,360 | | 14,374,774 |
| Renewables/Electric Generation - 2.2% | | | |
| Drax Group PLC | 228,800 | | 2,352,891 |
| SSE PLC | 330,404 | | 7,549,393 |
| Total Renewables/Electric Generation | | | 9,902,284 |
| Total UNITED KINGDOM | | | 24,277,058 |
| UNITED STATES - 51.1% | | | |
| Communications - 6.1% | | | |
| Crown Castle International Corp. | 106,400 | | 19,641,440 |
| SBA Communications Corp. | 23,800 | | 8,189,580 |
| Total Communications | | | 27,831,020 |
| Electricity Transmission & Distribution - 8.0% | | | |
| CenterPoint Energy, Inc. | 364,700 | | 11,174,408 |
| PG&E Corp. (n) | 752,467 | | 8,984,456 |
| Sempra Energy | 97,905 | | 16,459,789 |
| Total Electricity Transmission & Distribution | | | 36,618,653 |
| Gas Utilities - 4.7% | | | |
| Atmos Energy Corp. | 81,100 | | 9,690,639 |
| NiSource, Inc. | 369,280 | | 11,743,104 |
| Total Gas Utilities | | | 21,433,743 |
| Midstream - 5.5% | | | |
| Cheniere Energy, Inc. | 76,943 | | 10,668,147 |
| Equitrans Midstream Corp. | 492,695 | | 4,158,346 |
| Targa Resources Corp. | 137,091 | | 10,346,257 |
| Total Midstream | | | 25,172,750 |
| Pipelines - 1.6% | | | |
| Plains GP Holdings LP | 640,500 | | 7,397,775 |
| Rail - 3.1% | | | |
| CSX Corp. | 375,600 | | 14,066,220 |
| Renewables/Electric Generation - 22.1% | | | |
| Ameren Corp. | 62,213 | | 5,833,091 |
| CMS Energy Corp. | 49,501 | | 3,462,100 |
| Dominion Energy, Inc. | 256,600 | | 21,803,302 |
| Entergy Corp. | 120,834 | | 14,107,369 |
| FirstEnergy Corp. | 359,800 | | 16,500,428 |
| NextEra Energy, Inc. | 312,500 | | 26,471,875 |
| Xcel Energy, Inc. | 179,300 | | 12,940,081 |
| Total Renewables/Electric Generation | | | 101,118,246 |
| Total UNITED STATES | | | 233,638,407 |
| Total COMMON STOCKS | | | |
| (Cost $370,165,323) | | | 445,139,240 |
| Total Investments - 97.4% | | | |
| (Cost $370,165,323) | | | 445,139,240 |
| Other Assets in Excess of Liabilities - 2.6% | | | 11,865,672 |
| TOTAL NET ASSETS - 100.0% | | | $ 457,004,912 |
| The following notes should be read in conjunction with the accompanying Schedule of Investments. | | |
| (e) - Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2022, the total value of all such securities was $24,658,217 or 5.4% of net assets. |
| (n) - Non-income producing security. | | | |
Notes to Schedule of Investments (Unaudited)
Valuation of Investments: The Fund’s 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.
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.
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)
The following table summarizes the Fund’s investments valuation inputs categorized in the disclosure hierarchy as of March 31, 2022:
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks: | | | | | | | | | | | | |
| Australia | | $ | - | | | $ | 18,668,797 | | | $ | - | | | $ | 18,668,797 | |
| Brazil | | | 14,727,995 | | | | - | | | | - | | | | 14,727,995 | |
| Canada | | | 34,523,585 | | | | - | | | | - | | | | 34,523,585 | |
| Chile | | | - | | | | 3,427,317 | | | | - | | | | 3,427,317 | |
| China | | | - | | | | 16,256,370 | | | | - | | | | 16,256,370 | |
| France | | | - | | | | 18,428,029 | | | | - | | | | 18,428,029 | |
| Germany | | | - | | | | 1,694,498 | | | | - | | | | 1,694,498 | |
| Hong Kong | | | - | | | | 3,252,217 | | | | - | | | | 3,252,217 | |
| Italy | | | - | | | | 20,095,413 | | | | - | | | | 20,095,413 | |
| Japan | | | - | | | | 16,976,076 | | | | - | | | | 16,976,076 | |
| Mexico | | | 10,193,616 | | | | - | | | | - | | | | 10,193,616 | |
| Spain | | | - | | | | 28,979,862 | | | | - | | | | 28,979,862 | |
| United Kingdom | | | - | | | | 24,277,058 | | | | - | | | | 24,277,058 | |
| United States | | | 233,638,407 | | | | - | | | | - | | | | 233,638,407 | |
| Total Common Stocks | | | 293,083,603 | | | | 152,055,637 | | | | - | | | | 445,139,240 | |
| Total | | $ | 293,083,603 | | | $ | 152,055,637 | | | $ | - | | | $ | 445,139,240 | |
