Brookfield Public Securities Group LLC (“PSG”) is an investment adviser that has been registered under the Investment Advisers Act of 1940, as amended (“Advisers Act”) since 1989. On December 9, 2022, Brookfield Corporation (formerly known as Brookfield Asset Management Inc.) (the “Corporation”) and Brookfield Asset Management Ltd. (the “Manager”) jointly announced the completion of the public listing and distribution of a 25% interest in the Corporation’s asset management business (the “Asset Management Business”), through the Manager (the “Transaction”). Prior to the Transaction, PSG was a wholly‐owned subsidiary of the Corporation. In connection with the Transaction, the Corporation distributed to its existing shareholders shares of the Manager, a newly incorporated Canadian entity, which as a result owns 25% of the Asset Management Business (including PSG). As a result of the Transaction: (A) Brookfield Asset Management Inc. was renamed Brookfield Corporation and (i) continues to be listed on the New York Stock Exchange (the “NYSE”) and the Toronto Stock Exchange (the “TSX”) under the new ticker “BN;” (ii) owns 75% of the Asset Management Business; and (iii) has a right to nominate half of the directors to be elected to the board of directors of Brookfield Asset Management ULC (“BAM ULC”), through which the Corporation and the Manager own their interests in the Asset Management Business; and (B) The Manager was named Brookfield Asset Management Ltd. and (i) is newly listed on the NYSE and TSX under the ticker “BAM;” (ii) owns 25% of the Asset Management Business; and (iii) has a right to nominate half of the directors to be elected to the board of directors of BAM ULC. The Corporation, the Manager and their affiliates, other than PSG, Brookfield BHS Advisors LLC (“BHS”) and Oaktree Entities (as defined below), are collectively referred to herein as “Brookfield.” The Manager is a leading global alternative asset manager with approximately $800 billion of assets under management as of March 2023 across real estate, infrastructure, renewable power and transition, private equity and credit. The Manager draws on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for its clients, across economic cycles.
Headquartered in New York, NY, PSG maintains offices and investment teams in Chicago, IL, and Houston, TX, and offices in Hong Kong, Singapore, Malaysia, Toronto, Canada, and London, United Kingdom. PSG provides investment advisory services on a discretionary and non‐discretionary basis to: financial institutions; public and private pension plans; insurance companies; endowments and foundations; sovereign wealth funds; retail, high net worth and institutional investors; separate accounts; separately managed accounts (“SMAs”) and uniform model accounts (“UMAs)” also known as wrap fee programs; investment companies with variable capital authorized as an undertakings for collective investment in transferable securities (“UCITS”); open‐end and closed‐end investment companies registered with the SEC under the Investment Company Act of 1940, as amended (“1940 Act”); and investment companies exempted from the definition of investment company by Sections 3(c)(1) and 3(c)(7) of the 1940 Act, as amended (“Private Funds”). In this Brochure, the separate accounts, SMAs, UCITS, 1940 Act registered investment companies (“RICs”) and Private Funds that are managed or advised by PSG are collectively referred to as “Client Accounts.” (Herein, the term “Clients” includes individuals as well as the “Client Accounts” that PSG manages). PSG provides global alternative investment management strategies focused on specialized equity and fixed income real assets securities investments. Brookfield’s Energy Infrastructure Securities Group (“Energy Infrastructure Team”), located in Houston, TX primarily allocates Clients’ investment management assets among the marketable

securities of issuers of energy‐ related master limited partnerships (“MLPs”), MLP affiliates, C‐Corps, and other midstream or infrastructure energy companies, particularly those participating in the business of operating oil and gas pipelines, terminals and storage facilities and other infrastructure assets. The Energy Infrastructure Team may also invest Clients’ assets in exchange traded funds (“ETFs”) and options and derivatives including total return swaps. PSG manages each Client’s portfolio in accordance with the specified guidelines and objectives of the Client. PSG’s discretionary authority to make investments for a portfolio is generally limited by written investment restrictions and guidelines provided by the Client. PSG’s Energy Infrastructure Team manages SMAs under wrap programs sponsored by several major broker‐dealer firms. PSG is not a sponsor of any wrap fee programs. In exchange for providing portfolio management services to wrap programs, PSG receives a portion of the wrap fees paid by the wrap program participants to the wrap program sponsors. The Energy Infrastructure Team manages the SMAs under the wrap programs and “non wrap” accounts which are similar in size in a substantially similar manner. As of December 31, 2022, PSG had over (i) $21 billion of discretionary assets; and (ii) $30 million of non‐discretionary assets under management. On September 30, 2019, affiliates of Brookfield completed the acquisition of all of the previously outstanding Class A common units of Oaktree Capital Group, LLC (“OCG”), an indirect controlling parent of Oaktree Capital Management, L.P. (“Oaktree,” and together with its “advisory affiliates” and “related persons” (as defined in Form ADV), the “Oaktree Entities”), which together with certain related transactions has resulted in affiliates of Brookfield owning an approximate 61.2% economic interest in Oaktree’s business (the “Acquisition”). Since the Acquisition both Brookfield and the Oaktree Entities operate their respective investment businesses largely independently, with each remaining under its current brand and led by its existing management and investment teams. The Oaktree Entities, Brookfield and PSG manage their investment operations independently of each other pursuant to an information barrier (the “OAK‐BAM‐PSG Information Barrier”). Accordingly, PSG does not consider the Oaktree Entities or their affiliates to be its “advisory affiliates” or “related persons” for purposes of Form ADV. For more information regarding the Oaktree Entities and their affiliates, please refer to the Form ADV of Oaktree Capital Management LLP (CRD# 106793). For additional information related to Brookfield and Oaktree, please see “Conflicts Relating to Acquisition of the Oaktree Entities by Brookfield.” In 2021 Brookfield and Oaktree formed Brookfield Oaktree Wealth Solutions LLC (“BOWS”), a registered broker‐dealer and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). More about Brookfield Oaktree Wealth Solutions LLC can be found under Item 10, “Other Financial Industry Activities and Affiliations.” PSG has entered into a sub‐advisory agreement with Crystal River Capital Advisors, LLC (“Crystal River Advisors”), a Delaware Limited Liability Company formed to provide investment management advice to a real estate investment trust. Clients can invest in Brookfield strategies via three main channels: public securities, Private Funds and listed partnerships. PSG leverages Brookfield’s core real asset expertise via global listed strategies, including energy infrastructure, real estate, infrastructure, real asset debt, real asset solutions and opportunistic strategies through a variety of flexible and scalable mandates including separate accounts, SMAs (which may be part of a wrap program), collective investment trusts (“CITs”), open‐end and closed‐end registered funds and Private Funds.