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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. 2)*

Brookfield Asset Management Inc. (f/k/a Brascan Corporation)
(Name of Issuer)
Class A Limited Voting Shares, no par value
(Title of Class of Securities)
112585 104
(CUSIP Number)
June 27, 2005
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

     o Rule 13d-1(b)

     þ Rule 13d-1(c)

     o Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

 
 

 

                     
CUSIP No.
  
112585 104 
   Page  
2 
   of   
6 

 

           
1   NAMES OF REPORTING PERSONS:
BNN Investments Ltd.
   
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 
   
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
  (a)   o
  (b)   þ
     
3   SEC USE ONLY:
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
  Ontario, Canada
       
  5   SOLE VOTING POWER:
     
NUMBER OF   0
       
SHARES 6   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   17,654,200
       
EACH 7   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   0
       
WITH: 8   SHARED DISPOSITIVE POWER:
     
    17,654,200
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  17,654,200
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
   
  6.9%
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
   
  CO

 

                     
CUSIP No.
  
112585 104 
   Page  
3 
   of   
6 

 

           
1   NAMES OF REPORTING PERSONS:
BNN Split Corp.
   
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 
   
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
  (a)   o
  (b)   þ
     
3   SEC USE ONLY:
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
  Ontario, Canada
       
  5   SOLE VOTING POWER:
     
NUMBER OF   0
       
SHARES 6   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   17,654,200
       
EACH 7   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   0
       
WITH: 8   SHARED DISPOSITIVE POWER:
     
    17,654,200
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  17,654,200
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
   
  6.9%
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
   
  CO

 

CUSIP No. 112585 104   Page 4 of 6 Pages
     
Item 1(a).
   Name of Issuer
 
    
 
   Brookfield Asset Management Inc.
 
    
Item 1(b).
   Address of Issuer's Principal Executive Offices
 
    
 
   181 Bay Street, Suite 300
 
   Toronto, Ontario M5J 2T3
 
   Canada
 
    
Item 2(a).
   Name of Persons Filing
 
    
 
   BNN Investments Ltd.
 
   BNN Split Corp.
 
    
Item 2(b).
   Address of Principal Business Office or, if none, Residence
 
    
 
   181 Bay Street, Suite 300
 
   Toronto, Ontario M5J 2T3
 
   Canada
 
    
Item 2(c).
   Citizenship
 
    
 
   Province of Ontario, Canada
 
    
Item 2(d).
   Title of Class of Securities
 
    
 
   Class A Limited Voting Shares, no par value
 
    
Item 2(e).
   CUSIP Number
 
   112585 104
 
    
Item 3.
   Not applicable
 
    
Item 4.
   Ownership
 
    
 
   (a)       Amount Beneficially Owned:
 
    
 
   See item 9 of cover pages.
 
    
 
   (b)       Percent of Class:
 
    
 
   See item 11 of cover pages.

 

 

CUSIP No. 112585 104   13G   Page 5 of 6 Pages
             
    (c)   Number of shares as to which such person has:
 
            
 
      (i)   sole power to vote or to direct the vote:
 
            
        See item 5 of cover pages.
 
            
 
      (ii)   shared power to vote or to direct the vote:
 
            
        See item 6 of cover pages.
 
            
 
      (iii)   sole power to dispose or to direct the disposition of:
 
            
        See item 7 of cover pages.
 
            
 
      (iv)   shared power to dispose or to direct the disposition of:
 
            
        See item 8 of cover pages.
 
            
Item 5.   Ownership of Five Percent or Less of a Class
 
            
    Not applicable
 
            
Item 6.   Ownership of More than Five Percent on Behalf of Another Person
 
            
    Not applicable
 
            
Item 7.   Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company
 
            
    Not applicable
 
            
Item 8.   Identification and Classification of Members of the Group
 
            
    Not applicable
 
            
Item 9.   Notice of Dissolution of Group
 
            
    Not applicable

 

 

CUSIP No. 112585 104   13G   Page 6 of 6 Pages
     
Item 10.
  Certifications
 
    
 
  By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
SIGNATURE
     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct as of February 14, 2006.
         
  BNN INVESTMENTS LTD.
 		  
  By:        /s/ Brian D. Lawson    
    Name:   Brian D. Lawson   
    Title:   President   
 
  BNN SPLIT CORP.
 		  
  By:        /s/ Loretta M. Corso    
    Name:   Loretta M. Corso   
    Title:   Corporate Secretary