Brascan SoundVest Diversified Income Fund
TSX : BSI.UN

Brascan SoundVest Diversified Income Fund
BRASCAN SOUNDVEST FOCUSED BUSINESS TRUST
TSX : BSF.UN

BRASCAN SOUNDVEST FOCUSED BUSINESS TRUST
Brascan SoundVest Total Return Fund
TSX : BST.UN

Brascan SoundVest Total Return Fund

December 15, 2009 16:55 ET

Unitholders Approve Proposed Combination of Brascan SoundVest Diversified Income Fund, Brascan SoundVest Total Return Fund, and Brascan SoundVest Focused Business Trust

TORONTO, ONTARIO--(Marketwire - Dec. 15, 2009) - Brookfield Investment Funds Management Inc., today announced that its previously announced proposal to combine three of its existing Funds into one Fund, to be named the Brookfield Soundvest Equity Fund, has been approved by the unitholders of each of the Funds at a joint meeting held today. The Funds to be combined are Brascan SoundVest Focused Business Trust (TSX:BSF.UN), Brascan SoundVest Total Return Fund (TSX:BST.UN), and Brascan SoundVest Diversified Income Fund (TSX:BSI.UN). The combination will also include amendments to the existing investment strategy and a change in Fund manager. The combination, amendments and change of manager are expected to occur on or about January 1, 2010.

At the joint meeting of unitholders held today, unitholders showed strong support for the proposed combination with unitholders of Brascan SoundVest Diversified Income Fund, Brascan SoundVest Total Return Fund, and Brascan SoundVest Focused Business Trust each voting in excess of 95% of votes cast in favour.

The combination will result in unitholders in each of Brascan SoundVest Total Return Fund and Brascan SoundVest Diversified Income Fund becoming unitholders in Brascan SoundVest Focused Business Trust, which will be renamed "Brookfield Soundvest Equity Fund" and its management fee will be reduced from 1.10% to 0.95%. The continuing Fund's investment mandate will be expanded to allow investment in a broader set of primarily high yielding equity securities. The Fund's investment objectives will remain the same: to provide unitholders with a stable stream of monthly distributions and to maximize long-term total return to unitholders. The new manager of the continuing Fund will be Brookfield Soundvest Capital Management Ltd., which will also continue to be the Investment Advisor to Brookfield Soundvest Equity Fund.

"We are pleased with the strong endorsement from unitholders. We believe that the combination of these Funds will result in several benefits to unitholders, including greater market capitalization and liquidity, lower administrative and regulatory costs, and an updated investment mandate. Expanding the investment flexibility of the continuing Fund will permit it to invest in a broader range of securities to off-set the reduction in the number of income trust investments resulting from the Canadian Federal Government's decision announced on October 31, 2006 to change the way that income trusts are to be taxed, effective January 1, 2011," commented Kevin Charlebois, President of Brookfield Soundvest Capital Management Ltd.

Brookfield Soundvest Funds are dedicated to providing high-quality investment funds to retail investors. The investment advisor and portfolio manager for the Funds is Brookfield Soundvest Capital Management Ltd., which is 50% owned by Brookfield Asset Management Inc. Brookfield Soundvest is an established investment advisor, providing investment management services to insurance companies, trusts, foundations and high net worth individuals.


For further information please visit our website at www.brookfieldfunds.com.

About Forward-looking Information

Note: This news release contains forward-looking information within the meaning of Canadian provincial securities laws. The words "proposed", "will", "believes", and other expressions, which are predictions of, or indicate, future events, trends or prospects and which do not relate to historical matters, identify the above mentioned and other forward-looking statements. Forward-looking statements in this news release include statements regarding the proposed combination of the Funds and other statements with respect the Manager's beliefs, outlooks, plans, expectations and intentions. Although the Manager believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward-looking statements or information in this news release. The future performance and prospects of the Funds, on a stand alone or on a combined basis, are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of the Funds to differ materially from those contemplated or implied by the statements in this news release include whether unitholders of the respective Funds vote to approve the proposed combination, changes in legislation including tax laws and regulations and other risks and factors described in the documents filed by the Manager with the securities regulators in Canada including under the heading "Risk Factors" in the applicable Fund's prospectus and most recently filed Management Report of Fund Performance and Annual Information Form and other risks and factors described in the continuous disclosure documents of the Funds available at www.sedar.com or www.brookfieldfunds.com. Except as required by law, the Manager undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

Contact Information