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2018 Brookfield Global Infrastructure Securities Income Fund BGI.UN Annual Management Report of Fund Performance For the period from January 1, 2018 to December 31, 2018 Brookfield Public Securities Group LLC

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Page 1: Public Securities Group LLC/media... · pension plans, insurance companies, endowments and foundations, sovereign wealth funds and high net worth investors. The Firm is a wholly owned

2018Brookfield Global Infrastructure SecuritiesIncome FundBGI.UNAnnual Management Report of Fund PerformanceFor the period from January 1, 2018 to December 31, 2018

Brookfield Public Securities Group LLC

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Page 3: Public Securities Group LLC/media... · pension plans, insurance companies, endowments and foundations, sovereign wealth funds and high net worth investors. The Firm is a wholly owned

IN PROFILE

Brookfield Public Securities Group LLC, formerly Brookfield Investment Management Inc., andBrookfield Investment Management (Canada) Inc., an affiliate of Brookfield Public SecuritiesGroup LLC (together, the “Firm”), are the investment manager and manager, respectively, of theBrookfield Global Infrastructure Securities Income Fund (the “Fund”). Brookfield Public SecuritiesGroup LLC is an SEC-registered investment adviser and represents the Public Securities platform ofBrookfield Asset Management Inc. ("Brookfield"). The Firm provides global listed real assets strategiesincluding real estate equities, infrastructure equities, energy infrastructure equities, real asset debtand diversified real assets. With approximately USD$16.5 billion of assets under management as ofDecember 31, 2018, the Firm manages separate accounts, registered funds and opportunisticstrategies for institutional and individual clients, including financial institutions, public and privatepension plans, insurance companies, endowments and foundations, sovereign wealth funds and highnet worth investors. The Firm is a wholly owned subsidiary of Brookfield, a leading global alternativeasset manager with over USD$350 billion of assets under management as of December 31, 2018. Formore information, go to www.brookfield.com.

BGI.UN (TSX LISTED) UNIT INFORMATION

Units Outstanding (December 31, 2018): 17,509,255 Units

Targeted Quarterly Distributions: The quarterly distributions are currently targeted tobe $0.15 per Unit ($0.60 per annum representing anannual cash distribution of 6.0% based on the $10.00per Unit issue price). The Fund does not have a fixeddistribution.

Record Date: The last business day of each of March, June,September and December.

Payment Date: No later than the 15th business day of the monthfollowing the distribution Record Date.

Brookfield Global Infrastructure Securities Income Fund

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LETTER TO UNITHOLDERS

Dear Unitholders,

We are pleased to provide this Annual Management Report of Fund Performance for the BrookfieldGlobal Infrastructure Securities Income Fund (the “Fund”) for the year ended December 31, 2018 (the“Period”).

The Fund was created with the objectives to (i) provide holders of Units (“Unitholders”) with quarterlycash distributions; (ii) maximize total return for Unitholders through distributions and capitalappreciation; and (iii) preserve capital. The quarterly distributions are currently targeted at $0.15 perUnit or $0.60 per annum, representing a targeted annual cash distribution of 6.0% based on the $10.00per Unit issue price. To achieve this high income return, the Fund is comprised primarily ofpublicly-traded global infrastructure equity securities.

PERFORMANCE

As at December 31, 2018, the net asset value per Unit of the Fund was $5.74 compared to a net assetvalue per Unit of $6.70 as at December 31, 2017. For the year ended December 31, 2018, the Fund hada total return of -5.62%, including four payments of quarterly distributions to Unitholders of $0.15 perUnit.

2018 proved to be a challenging year for global equity markets. The MSCI World Index was down 8.2%,with the majority of losses occurring in the fourth quarter, when the index sold off 13.3%. The declinelate in the year was largely driven by concerns around global trade disputes, geopolitical uncertaintyand tightening of monetary policies in the U.S.

Global infrastructure equities were not immune to the downturn, with the Dow Jones Brookfield GlobalInfrastructure Index declining 7.9% for the year and 5.9% in the fourth quarter. The group meaningfullyunderperformed broader equities early in the year amid concerns that U.S. interest rates and inflationcould rise at a more rapid and less predictable pace. Those fears appeared to subside withinfrastructure stocks rallying before selling off in the fourth quarter.

Except for communications, all sectors within the Dow Jones Brookfield Global Infrastructure Indexdeclined during the year. Energy infrastructure stocks, as measured by the Alerian MLP Index weredown 12.4% for the year. Energy infrastructure continued on its recovery path during the first half of theyear, driven by improved sentiment amid strong fundamentals and higher commodity prices. Within theMLP universe, however, returns varied as some companies were more adversely impacted by thesurprise announcement in March from the Federal Energy Regulatory Commission (“FERC”) thatdisallowed an MLP to recover an income tax allowance in its cost of service rates.

The FERCmade another surprise announcement on July 18, 2018 with a modified proposal that clarifiedthe original March ruling. The modified proposal, in our view, substantially mitigates the potential ratereductions through the removal of Accumulated Deferred Income Taxes (ADIT) from the rate base byallowing consolidated MLPs to include a federal income tax allowance in certain instances. At aminimum, the additional clarity provided by the modified proposal should ameliorate the uncertaintysurrounding those names most impacted by the previous FERC actions.

After posting positive returns through the first three quarters, energy infrastructure stocks declined inthe fourth quarter as the price of West Texas Intermediate Crude Oil fell more than 35%.

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Utilities generally outperformed global equities on a relative basis, especially during the fourth quarterin a flight to quality amid heightened volatility. Overall performance within the group, however, washindered by California utilities, which underperformed following wildfires in the state. Select U.K.utilities also lagged amid regulatory uncertainty.

Within the transports sector, ports were hit particularly hard amid global trade disputes. This smallgroup of stocks declined roughly 27% during the year. Airports declined on a clouded outlook for globaleconomic growth, as well as political uncertainty in certain regions. Toll roads fared the best amongtransports during the year.

Despite uncertainty with regard to wireless carrier consolidation following the announcement of theT-Mobile and Sprint merger, several larger U.S. communication infrastructure companies postedpositive returns during the Period. Certain satellite operators also performed well on speculationrelated to the C-band spectrum, where the U.S. Federal Communications Commission is consideringrepurposing a portion of that spectrum for next-generation 5G services.

Given the recent volatility across global equity markets, we believe infrastructure assets are wellpositioned to generate attractive relative returns. These long-lived assets, which are naturalmonopolies with significant barriers to entry, tend to be highly cash generative with stable and visiblecash flows. As such, they have historically been shown to exhibit positive relative performance whenvolatility is present and broader equities decline.

OUTLOOK

Our outlook for the energy infrastructure sector remains largely unchanged. We remain optimisticbased on several factors: we believe volume growth is strong, valuations remain compelling and wethink capital markets are recognizing the right projects. New projects continue to be announced toaddress takeaway constraints for crude oil and natural gas in key U.S. basins. As such, we believe theseconstraints should be short lived. Additionally, we are encouraged by the way corporate governancestructures are improving and the shift toward models that are less reliant on equity markets to fundgrowth.

We maintain our preference for utilities exposed to low-cost renewables generation, as well as thoselocated in favorable regulatory environments. We continue to monitor the regulatory impacts from thewildfires in California as new information comes to light. Regulatory risk also remains a concern for usamong Chinese utilities, where regulatory changes can be swift and unexpected. We have seen selectopportunities emerge, however, as these stocks have sold off in recent months. We have also begun tosee some attractive relative valuations emerge among select European utilities.

Overall traffic trends in Europe remain favorable, where we prefer toll roads over airports. We recentlytook a more positive view on select toll roads in Brazil after meeting with management teams, inaddition to the greater clarity in the market amid the election outcome. Conversely, we reduced ourexposure to Mexico after the election of President Andrés Manuel López Obrador, who announced thecancellation of the partially completed $13 billion airport in Mexico City.

We have shifted our holdings among U.S. communication tower companies toward those we view to bemore defensive in nature. Among satellite operators, we are monitoring developments around theC-band spectrum. The U.S. Federal Communications Commission (FCC) is considering repurposing aportion of that spectrum for next-generation 5G services; and we continue to evaluate the value ofthese spectrum rights.

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We are saddened to report the passing of John Barratt. As Chairman of our Independent ReviewCommittee, John was committed to our funds and unitholders and we are extremely grateful for hisservice. John was a great person and friend. He will be dearly missed.

We welcome your questions and comments, and encourage you to contact our Investor Relations teamat (855) 777-8001 or visit us at www.brookfield.com for more information. Thank you for your support.

Craig Noble, Managing DirectorOn behalf of the Investment Manager,Brookfield Public Securities Group LLC

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MANAGEMENT REPORT OF FUND PERFORMANCE

This Annual Management Report of Fund Performance contains financial highlights but does not containthe complete annual financial statements of the Brookfield Global Infrastructure Securities IncomeFund (the “Fund”). The annual financial statements may contain information not included in thismanagement report of fund performance. You can get a copy of the annual financial statements at yourrequest, and at no cost, by contacting us (see contact information at end of this report) or by visitingour website at www.brookfield.com or by viewing our filings on SEDAR at www.sedar.com. Unitholdersmay also contact us to request a free copy of the Fund's interim financial report, proxy voting policiesand procedures, proxy voting disclosure record, or quarterly portfolio disclosure.

This report may contain forward-looking statements. The use of any of the words such as anticipate,may, will, expect, estimate, should, believe and similar expressions are intended to identifyforward-looking statements. Such statements reflect the opinion of Brookfield Public SecuritiesGroup LLC, formerly Brookfield Investment Management Inc., (“Investment Manager” or “PSG”)regarding factors that might be reasonably expected to affect the performance and the distribution onunits of the Fund and are based on information available at the time of writing. The InvestmentManager believes that the expectations reflected in these forward-looking statements and in thisreport are reasonable but no assurance can be given that these expectations or the report will proveto be correct and accordingly, they should not be unduly relied upon. These statements speak only asat the date of this report. Actual events and outcomes may differ materially from those described inthese forward-looking statements or report.

Unless otherwise indicated, all information is presented as at December 31, 2018, and expressed inCanadian dollars. Index returns are calculated in the currency of the underlying index.

INVESTMENT OBJECTIVES AND STRATEGIES

The Fund endeavours to (i) provide holders of units (“Unitholders”) with quarterly cash distributionscurrently targeted at $0.15 per Unit ($0.60 per annum representing an annual cash distribution of 6.0%based on the $10.00 per unit issue price); (ii) maximize total return for Unitholders throughdistributions and capital appreciation; and (iii) preserve capital.

The Fund invests in a portfolio (the “Portfolio”) comprised primarily of publicly-traded globalinfrastructure companies that own and operate infrastructure assets. Brookfield InvestmentManagement (Canada) Inc. is the manager (the “Manager”) of the Fund and PSG is the investmentmanager of the Fund.

RISK

As at December 31, 2018, the Fund was primarily invested in publicly-traded global infrastructureequity securities of companies domiciled in the United States and to a lesser extent, ContinentalEurope, Canada, United Kingdom, Asia Pacific, and Latin America. To fund the cash distributioncurrently targeted at $0.60 per Unit per annum, while preserving the net asset value, the Fund isexposed to various risks including risks related to the credit quality of the issuers of the securities, thetrading liquidity of the securities and the currency in which the securities are denominated. The Fundseeks to minimize potentially adverse effects of these risks on performance by employing experiencedportfolio managers, and by continuously monitoring the Fund’s securities positions and markets. Duringthe period from January 1, 2018 to December 31, 2018 (the "Period"), there has been no materialchange in the overall level of risk created by the credit quality and trading liquidity in the Portfolio. Atthe end of the Period, the Fund had higher net exposure to foreign currency than at the end of the prioryear. As at December 31, 2018, the Fund’s net exposure to foreign currency was 85.31% of Net Assets(80.09% as at December 31, 2017).

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For discussion of the Fund’s use of leverage, please see “Results of Operations”.

RESULTS OF OPERATIONS

The Fund began operations on July 18, 2013 when it completed an initial public offering of 32,500,000units (the “Units”) and subsequently issued 1,900,000 Units pursuant to an over-allotment option onJuly 31, 2013 at $10.00 per Unit, for gross proceeds of $344.0 million and net proceeds of $325.1 millionafter deducting issuance costs of approximately $18.9 million.

The Fund’s net asset value was $100.6 million as at December 31, 2018, a decrease of $35.4 millionfrom $136.0 million as at December 31, 2017. The decrease in net asset value was largely comprised ofthe redemption of 2,796,343 units for $18.0 million, $11.7 million through distributions paid toUnitholders and operating loss of $4.6 million less $1.1 million of withholding taxes.

The net asset value per Unit was $5.74 on December 31, 2018 compared to $6.70 on December 31,2017. The Fund’s total return was -5.62% for the Period.

The Renewables/Electric Generation, Communications and Water sectors were the leadingcontributors to the Fund’s positive returns during the Period. Conversely, the Midstream, MLP andPipelines sectors were leading sector detractors.

By security, Energy Transfer Operating, L.P. (ETP, MLP, U.S.), American Tower Corporation (AMT,Communications, U.S.) and FirstEnergy Corp. (FE, Renewables/Electric Generation, U.S.) were leadingcontributors to positive returns. Conversely, Targa Resources Corp. (TRGP, Midstream, U.S.), WilliamsCompanies, Inc. (WMB, Midstream, U.S.) and Energy Transfer, L.P. (ET, MLP, U.S.) were leadingdetractors from returns.

Leverage is restricted to 33% of the total assets of the Fund. Accordingly, at the time of borrowing, themaximum amount of leverage that the Fund could employ is 1.50:1 (total long positions, includingleveraged positions, divided by net assets of the Fund). As at December 31, 2018, the Fund hademployed leverage equal to 31.7% (December 31, 2017 – 25.9%) of the total assets of the Fund, whichequates to $48.1 million (December 31, 2017 - $48.6 million). The minimum and maximum amount ofborrowings outstanding during the Period were $47.5 million and $52.7 million, respectively, and$47.0 million and $53.2 million, respectively, for the year ended December 31, 2017. The borrowingswere used to grow the Fund’s investments and for working capital needs. Adding a controlled amountof leverage to the Fund is consistent with the Fund’s objectives.

RECENT DEVELOPMENTS

On January 4, 2019, the Investment Manager changes its name from Brookfield InvestmentManagement Inc. to Brookfield Public Securities Group LLC.

On March 13, 2019, it was announced that effective by the end of the 3rd quarter of 2019, Mr. Noble willno longer serve as a Co-Portfolio Manager of the Fund as Mr. Noble will assume additionalresponsibilities at Brookfield Asset Management Inc. (“Brookfield”). Mr. Noble will remain a portfoliomanager on PSG’s real assets solutions products, a member of the PSG investment committee and in hisrole as a member of the global listed infrastructure investment committee will continue to work withthe Fund’s portfolio management team. In the meantime, Tom Miller, CFA, and Andrew Alexander willjoin Mr. Noble and Leonardo Anguiano as Co-Portfolio Manages of the Fund upon satisfying applicableregistration requirements.

Other than the aforementioned event, there have been no recent developments in the market,outlook, or operations of the Fund that represent a material change for investors.

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RELATED PARTY TRANSACTIONS

The Manager and the Investment Manager are wholly owned subsidiaries of Brookfield and theInvestment Manager manages the investment and trading activities of the Fund pursuant to a portfoliomanagement agreement. Due to Brookfield’s ability to control the Fund, Brookfield, and its affiliatesover which it has the ability to exercise control or significant influence, are related parties of the Fundby virtue of common control or common significant influence.

Transactions with related parties, including investment transactions, are conducted in the normalcourse of operations and are recorded at exchange amounts, which are equivalent to normal marketterms. Please refer to the section titled “Management Fees”, which outlines the fees paid to theManager by the Fund.

As at December 31, 2018 , Brookfield and its affiliates did not own any interest in the Fund. There wereno other transactions conducted with related parties during the Period.

FINANCIAL HIGHLIGHTS

The following tables provide selected key financial information about the Fund and are intended tohelp you understand the Fund's financial performance since inception:

For the twelve months ended

Net assets attributable to holders of redeemable units

per unit(1)December 31,

2018

December 31,

2017

December 31,

2016

December 31,

2015

December 31,

2014

Net assets, beginning of year $6.70 $6.82 $6.58 $10.37 $10.31Increase (decrease) from operations

Total revenue 0.45 0.45 0.40 0.50 0.37Total expenses (0.19) (0.18) (0.18) (0.29) (0.30)Realized gains (losses) for the period 0.32 0.60 (1.53) (1.69) 0.89Unrealized gains (losses) for the period (0.86) (0.38) 2.23 (1.70) (0.30)

Total increase (decrease) from operations(2) (0.28) 0.49 0.92 (3.18) 0.66Distributions

Due to net investment income (0.27) (0.27) (0.24) (0.11) (0.60)Due to return of capital (0.33) (0.33) (0.36) (0.49) -

Total distributions(3) (0.60) (0.60) (0.60) (0.60) (0.60)Net assets attributable to holders of

redeemable units per unit, end of year(4) $5.74 $6.70 $6.82 $6.58 $10.37Notes:(1) This information is derived from the Fund's audited financial statements as at December 31 of the stated year. The

information was prepared in accordance with IFRS.(2) Net assets and distributions are based on the actual number of Units outstanding at the relevant time. The

increase/decrease from operations is based on the weighted average number of Units outstanding over the financialperiod. Accordingly, totals may not sum in the above table due to the different basis for computing the per Unitamounts.

(3) Distributions were recorded as equal payments of $0.15 per Unit. Cash payment of distributions occurs within 15 businessdays of the record date.

(4) This is not a reconciliation of the beginning and ending net assets per Unit.

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For the twelve months ended

Ratios and Supplemental Data

December 31,

2018

December 31,

2017

December 31,

2016

December 31,

2015

December 31,

2014

Total net asset value $100,578,672 $135,950,500 $149,665,757 $170,742,642 $355,452,351Number of Units outstanding 17,509,255 20,295,152 21,951,140 25,959,163 34,290,350Management expense ratio(1) 2.83% 2.31% 2.24% 2.21% 2.29%Management expense ratio before waivers and

absorptions(1) 2.83% 2.31% 2.24% 2.21% 2.29%Trading expense ratio(2) 0.16% 0.21% 0.50% 0.94% 0.46%Portfolio turnover rate(3) 37.07% 63.23% 135.99% 54.04% 29.65%Net assets attributable to holders of

redeemable units per unit $5.74 $6.70 $6.82 $6.58 $10.37Closing market price $5.68 $6.74 $6.77 $6.17 $9.30Notes:(1) Management expense ratio (“MER”) is based on total expenses (excluding distributions, commissions and other portfolio

transaction costs but including interest expense) for the stated period, and is expressed as an annualized percentage ofdaily average net asset value during the Period.

(2) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualizedpercentage of daily average net asset value during the Period.

(3) The Fund's portfolio turnover rate indicates how actively the Fund's portfolio adviser manages its portfolio investments.A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once inthe course of the year. The higher a fund's portfolio turn-over rate in a year, the greater the trading costs payable by thefund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is notnecessarily a relationship between a high turnover rate and the performance of a fund.

MANAGEMENT FEES

The Manager is responsible for providing or arranging for all investment advisory and managementservices required by the Fund including, without limitation, managing in a manner consistent with theinvestment objectives, guidelines and restrictions of the Fund and for arranging for the execution of alltransactions. The Manager is also responsible for the operational and administrative functions of theFund.

An annual management fee equal to 1.25% per annum of the net asset value of the Fund, calculateddaily and payable monthly in arrears plus applicable taxes, is paid to the Manager. The management feetotalled $1,806,663 and $2,156,363 for the Fund for the years ended December 31, 2018 andDecember 31, 2017, respectively.

The Manager is also eligible in each fiscal year to receive from the Fund a performance fee (the"Performance Fee") that shall be calculated and accrued monthly and be paid annually, if applicable.The Performance Fee for a given year will, subject to some exceptions regarding redemptions andissuances of Units, be equal to 20% of the amount by which the net asset value per Unit (calculatedwithout taking into account any Performance Fee) exceeds 106.0% of the Threshold Amount. TheThreshold Amount is the greater of: (i) $10.00; and (ii) the net asset value per Unit at the end of thelast fiscal year in which a Performance Fee was paid (after payment of such Performance Fee). Pleaserefer to the Fund’s declaration of trust for additional information on the Performance Fee. ThePerformance Fee accrual totalled $0 and $0 for the years ended December 31, 2018 and December 31,2017, respectively.

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PAST PERFORMANCE

Note that the performance information shown in this section assumes that all distributions made by theFund in the period shown were reinvested in additional Units. Also note that the performanceinformation does not take into account sales, redemption, distribution or other optional charges thatwould have reduced returns on performance. The past performance of the Fund does not necessarilyindicate how it will perform in the future.

Year-by-Year Returns

The following bar chart shows the Fund's performance for the periods stated. The bar chart shows, inpercentage terms, how much an investment made on the first day of the relevant period would haveincreased or decreased by the last day of such period.

6.12%

7.78%

-31.78%

13.43%

6.97%

-5.62%

-35.00%

-30.00%

-25.00%

-20.00%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

2013(1) 2014(2) 2015(2) 2016(2) 2017(2) 2018(2)

(1) Represents the period from July 18, 2013 (the inception date) to December 31, 2013.(2) Represents the twelve month period ended December 31 of the stated year.

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Annual Compound Returns

The following table shows the Fund’s compound returns, based on published net asset values, for theperiods noted and the annual compounded returns, based on net asset values, since inception, inCanadian dollar terms. These returns are compared to the returns of an index that the Managerbelieves reflects the market sectors in which the Fund invests. The returns of the index are presentedfor the same periods as the Fund.

1 Year(1)

%3 Year(2)

%Since Inception(3)

%

Brookfield Global Infrastructure Securities Income Fund -5.62 4.62 -2.30Dow Jones Brookfield Global Infrastructure Composite TotalReturn Index(4) -8.54 4.81 3.66

Notes:(1) For the period from December 31, 2017 to December 31, 2018.(2) For the period from December 31, 2015 to December 31, 2018, annualized.(3) For the period from July 18, 2013 to December 31, 2018, annualized.(4) Index is in U.S. dollars

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SUMMARY OF INVESTMENT PORTFOLIO

The following is a summary of the Fund as at December 31, 2018. This is a summary only and will changedue to ongoing portfolio transactions of the Fund. Quarterly updates will be posted towww.brookfield.com.

As at December 31, 2018Top 25 Positions

% of Net Asset Valueof the Fund

American Tower Corp. Equity 9.17Vinci SA Equity 9.17Pembina Pipeline Corp. Equity 8.13Energy Transfer Equity LP Equity 7.43National Grid PLC Equity 7.29Kinder Morgan Inc. Equity 6.21Targa Resources Corp. Equity 5.61NiSource Inc. Equity 5.58Entergy Corp. Equity 5.13Williams Cos Inc. Equity 5.10Sempra Energy Equity 4.96Enterprise Products Partners LP Equity 4.75American Electric Power Co. Inc. Equity 4.63Edison International Equity 4.54Atlantia SpA Equity 4.50Auckland International Airport Ltd. Equity 4.23Dominion Energy Inc. Equity 4.13MPLX LP Equity 3.81Transurban Group Equity 3.77Ferrovial SA Equity 3.73Cash and cash equivalents 3.60Pennon Group PLC Equity 3.59Plains All American Pipeline LP Equity 3.49Emera, Inc. Equity 3.12FirstEnergy Corp. Equity 2.88Total Long Positions 128.55

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As at December 31, 2018 % of Net Asset ValueSector Allocation of the Fund

Renewables/Electric Generation 26.53Toll Roads 24.93Master Limited Partnerships 22.62Pipelines 18.63Electricity Transmission & Distribution 16.79Communications 10.79Midstream 10.71Gas Utilities 5.58Water 5.38Airports 4.23Other 0.15Cash and Cash Equivalents 3.60Other Liabilities and Accrued Investment Income (49.94)Total 100.00

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FUND INFORMATION

MANAGER AND TRUSTEE

Brookfield Investment Management(Canada) Inc.

David LeviDirector, President & Chief Executive Officer

Gail CecilDirector

Adam SachsDirector

INDEPENDENT REVIEW COMMITTEE

James L. R. KellyPresidentEarth Power Inc.

Frank LochanCorporate Director

CONTACT INFORMATION

Brookfield Global Infrastructure Securities Income Fund welcomes inquiries from Unitholders,analysts, media representatives or other interested parties.

Investment Manager

Brookfield Public Securities Group LLCBrookfield Place250 Vesey Street, 15th FloorNew York, New York10281-1023t. 855.777.8001w. www.brookfieldim.com

Transfer Agent and Registrar

Unitholder inquiries relating to distributions,address changes and Unitholder accountinformation should be directed to the Fund’sTransfer Agent:Computershare Trust Company of Canada100 University Avenue, 8th FloorToronto, ON M5J 2Y1, Canadat. 1-800-564-6253 (U.S. & Canada)t. 1-514-982-7555 (International)f. 1-888-453-0330w. www.computershare.com

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