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2018Brookfield Global Infrastructure SecuritiesIncome FundBGI.UNAnnual Financial StatementsFor the period from January 1, 2018 to December 31, 2018

Brookfield Public Securities Group LLC

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MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The accompanying financial statements of Brookfield Global Infrastructure Securities Income Fund (the“Fund”) are the responsibility of the management of the Fund. Brookfield Investment Management(Canada) Inc., is the manager (the “Manager”) of the Fund. To fulfill these responsibilities, the Managermaintains policies, procedures and systems of internal control to ensure that it’s reporting practicesand accounting and administrative procedures are appropriate. These policies and procedures aredesigned to provide a high degree of assurance that relevant and reliable financial information isproduced.

These financial statements have been prepared in accordance with International Financial ReportingStandards, and where appropriate, reflect the Manager’s best estimates and judgments.

The Manager is responsible for the information and representations contained in theseAnnual FinancialStatements and the Annual Management Report of Fund Performance. The Manager is also responsiblefor the selection of the accounting principles that are most appropriate for the Fund’s circumstances.

The Manager, on behalf of the unitholders, has appointed the external firm Deloitte LLP as theindependent auditor of the Fund. The auditors have examined the financial statements in accordancewith auditing standards generally accepted in Canada to enable them to express to the unitholderstheir opinion on the financial statements. The auditor’s report outlines the scope of their audit andtheir opinion of the financial statements.

David LeviPresident

Gail CecilDirector

Brookfield Global Infrastructure Securities Income Fund

2018 Annual Financial Statements | 1

INDEPENDENT AUDITOR'S REPORT

To the Unitholders of Brookfield Global Infrastructure Securities Income Fund

Opinion

We have audited the financial statements of the Fund, which comprise the statements of financialposition as at December 31, 2018 and 2017, and the statements of comprehensive income, statementsof changes in net assets attributable to holders of redeemable units and statements of cash flows forthe years then ended, and notes to the financial statements, including a summary of significantaccounting policies (collectively referred to as the “financial statements”).

In our opinion, the accompanying financial statements present fairly, in all material respects, thefinancial position of the Fund as at December 31, 2018 and 2017, and its financial performance and itscash flows for the years then ended in accordance with International Financial Reporting Standards(“IFRS”).

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards(“Canadian GAAS”). Our responsibilities under those standards are further described in the Auditor’sResponsibilities for the Audit of the Financial Statements section of our report. We are independent ofthe Fund in accordance with the ethical requirements that are relevant to our audit of the financialstatements in Canada, and we have fulfilled our other ethical responsibilities in accordance with theserequirements. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our opinion.

Other Information

Management is responsible for the other information. The other information comprises:

• Management Report of Fund Performance.

Our opinion on the financial statements does not cover the other information and we do not and will notexpress any form of assurance conclusion thereon. In connection with our audit of the financialstatements, our responsibility is to read the other information identified above and, in doing so,consider whether the other information is materially inconsistent with the financial statements or ourknowledge obtained in the audit, or otherwise appears to be materially misstated.

We obtained the Management Report of Fund Performance prior to the date of this auditor’s report. If,based on the work we have performed on this other information, we conclude that there is a materialmisstatement of this other information, we are required to report that fact in this auditor’s report. Wehave nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements inaccordance with IFRS, and for such internal control as management determines is necessary to enablethe preparation of financial statements that are free from material misstatement, whether due tofraud or error.

In preparing the financial statements, management is responsible for assessing the Fund’s ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using thegoing concern basis of accounting unless management either intends to liquidate the Fund or to ceaseoperations, or has no realistic alternative but to do so.



Those charged with governance are responsible for overseeing the Fund’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a wholeare free from material misstatement, whether due to fraud or error, and to issue an auditor’s reportthat includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee thatan audit conducted in accordance with Canadian GAAS will always detect a material misstatementwhen it exists. Misstatements can arise from fraud or error and are considered material if, individuallyor in the aggregate, they could reasonably be expected to influence the economic decisions of userstaken on the basis of these financial statements.

As part of an audit in accordance with Canadian GAAS, we exercise professional judgment and maintainprofessional skepticism throughout the audit. We also:

● Identify and assess the risks of material misstatement of the financial statements, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detectinga material misstatement resulting from fraud is higher than for one resulting from error, as fraud mayinvolve collusion, forgery, intentional omissions, misrepresentations, or the override of internalcontrol.

● Obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Fund’s internal control.

● Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by management.

● Conclude on the appropriateness of management’s use of the going concern basis of accounting and,based on the audit evidence obtained, whether a material uncertainty exists related to events orconditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If weconclude that a material uncertainty exists, we are required to draw attention in our auditor’s reportto the related disclosures in the financial statements or, if such disclosures are inadequate, to modifyour opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’sreport. However, future events or conditions may cause the Fund to cease to continue as a goingconcern.

● Evaluate the overall presentation, structure and content of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and events ina manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the plannedscope and timing of the audit and significant audit findings, including any significant deficiencies ininternal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence, and to communicate with them all relationships andother matters that may reasonably be thought to bear on our independence, and where applicable,related safeguards.



The engagement partner on the audit resulting in this independent auditor’s report is Erez Seiler.

Chartered Professional AccountantsLicensed Public AccountantsToronto, CanadaMarch 22, 2019



STATEMENTS OF FINANCIAL POSITIONAs at December 31, 2018 and December 31, 2017(Expressed in Canadian Dollars)

As at As atDecember 31, 2018 December 31, 2017

$ $Assets:

Current assetsFinancial assets at fair value through profit or loss (Note 6) 147,187,114 185,426,147Cash and cash equivalents 3,624,152 1,631,782Due from broker - 42,308Accrued investment income 808,552 819,481

Total assets 151,619,818 187,919,718Liabilities:

Current liabilitiesMargin payable (Note 7) 48,107,774 48,649,117Distributions payable (Note 12) 2,626,388 3,044,273Due to broker 2,529 -Accounts payable and accrued liabilities 304,455 275,828

Total liabilities (excluding net assets attributable to holdersof redeemable units) 51,041,146 51,969,218

Net assets attributable to holders of redeemable units 100,578,672 135,950,500

Number of redeemable units outstanding (Note 11) 17,509,255 20,295,152

Net assets attributable to holders of redeemable units perunit 5.74 6.70

See accompanying notes to financial statements.

Approved on behalf of the Manager, Brookfield Investment Management (Canada) Inc.

David LeviPresident

Gail CecilDirector



STATEMENTS OF COMPREHENSIVE INCOMEFor the years ended December 31,(Expressed in Canadian Dollars)

2018 2017$ $

Investment income (loss)Interest income for distribution purposes 17,603 1,686Dividend income 9,886,898 11,305,434Net realized gain on sale of investments 7,314,453 13,001,048Net realized foreign exchange loss (1,091,726) (63,865)Net change in unrealized depreciation of investments (13,572,174) (11,527,073)Net change in unrealized appreciation (depreciation) on foreignexchange (3,334,758) 3,264,976

Total investment income (loss) (779,704) 15,982,206

Expenses (Note 9)Management fees 1,806,663 2,156,363Interest expense 1,574,138 1,081,306Brokerage commissions and other charges 203,571 327,192Audit fees 34,689 36,606Legal fees 14,753 10,751Other expenses 169,617 251,481

Total expenses 3,803,431 3,863,699

Comprehensive income (loss) (4,583,135) 12,118,507

Withholding taxes (1,116,932) (1,618,743)

Increase (decrease) in net assets attributable to holders of redeemableunits (5,700,067) 10,499,764

Increase (decrease) in net assets attributable to holders of redeemableunits per unit (0.29) 0.49




STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLEUNITSFor the years ended December 31,(Expressed in Canadian Dollars)

2018 2017$ $

Net assets attributable to holders of redeemable Units, beginning of year 135,950,500 149,665,757

Increase (decrease) in net assets attributable to holders of redeemable units (5,700,067) 10,499,764

Redeemable unit transactionsAmounts received from reinvestment of distributions 69,499 192,705Amounts paid for redemption of units (17,980,486) (11,482,773)

Net decrease from redeemable unit transactions (17,910,987) (11,290,068)

Distributions to holders of redeemable unitsNet investment income (5,268,559) (5,871,108)Return of capital (6,492,215) (7,053,845)

Total distributions to holders of redeemable units (11,760,774) (12,924,953)

Net decrease in net assets attributable to holders of redeemable units (35,371,828) (13,715,257)

Net assets attributable to holders of redeemable Units, end of year 100,578,672 135,950,500




STATEMENTS OF CASH FLOWSFor the years ended December 31,(Expressed in Canadian Dollars)

2018 2017$ $

Cash flows provided by (used for):

Cash flows from operating activitiesIncrease (decrease) in net assets attributable to holders of redeemableunits (5,700,067) 10,499,764

Adjustments for:Interest income for distribution purposes (17,603) (1,686)Dividend income, net of withholding taxes (8,769,966) (9,686,691)Net realized gain on investments (7,314,453) (13,001,048)Net change in unrealized depreciation on investments 13,572,174 11,527,073Decrease in collateral cash - 6,000,133Increase in accounts payable and accrued liabilities 28,627 21,410

Interest received 17,603 1,686Dividends received, net of witholding taxes 8,780,895 9,923,832Proceeds from sale of investments 96,318,531 138,101,064Amounts paid for purchase of investments (64,292,382) (126,847,880)

Net cash provided by operating activities 32,623,359 26,537,657

Cash flows from financing activitiesMargin payable, net repayments and foreign exchange (541,343) (3,377,830)Distributions paid to unit holders (12,178,659) (13,173,351)Amounts paid for redemptions of units (17,980,486) (11,482,773)Amounts received from reinvestment of distributions of Units 69,499 192,705

Net cash used for financing activities (30,630,989) (27,841,249)

Net increase (decrease) in cash and cash equivalents 1,992,370 (1,303,592)Cash and cash equivalents, beginning of year 1,631,782 2,935,374Cash and cash equivalents, end of year 3,624,152 1,631,782




SCHEDULE OF INVESTMENTSAs at December 31, 2018(Expressed in Canadian Dollars)

Quantity Security Average Cost$

Fair Value$

% of NetAssets

EquitiesUnited States Dollar Denominated

45,600 American Electric Power Co. Inc. 4,016,506 4,654,852 4.6342,693 American Tower Corp. 3,864,468 9,224,095 9.17

107,400 Clearway Energy Inc 1,984,030 2,481,948 2.4758,100 CNX Midstream Partners LP 1,341,898 1,291,869 1.2842,600 Dominion Energy Inc. 3,717,247 4,157,772 4.1358,900 Edison International 5,129,650 4,566,908 4.54

414,173 Energy Transfer Equity LP 9,185,276 7,472,616 7.43125,000 EnLink Midstream Partners LP 2,404,962 1,879,686 1.8743,900 Entergy Corp. 4,550,512 5,160,650 5.13

142,200 Enterprise Products Partners LP 4,932,829 4,775,801 4.7556,400 FirstEnergy Corp. 2,559,215 2,892,525 2.88

297,400 Kinder Morgan Inc. 6,365,064 6,247,199 6.2192,500 MPLX LP 4,136,388 3,828,005 3.81

162,000 NiSource Inc. 5,646,474 5,608,943 5.5855,967 Pattern Energy Group Inc. 1,528,371 1,423,311 1.41

128,100 Plains All American Pipeline LP 3,311,608 3,506,186 3.4933,734 Sempra Energy 4,721,519 4,984,746 4.96

114,744 Targa Resources Corp. 3,991,294 5,644,972 5.6167,640 Teekay Offshore Partners LP 287,362 111,783 0.11

173,728 Teekay Offshore Partners LP Class A Warrants 0 23,728 0.0286,864 Teekay Offshore Partners LP Class B Warrants 0 11,864 0.01

170,200 Williams Cos Inc. 4,628,512 5,125,736 5.1078,303,185 85,075,195 84.59

Euro Denominated160,600 Atlantia SpA 5,760,733 4,531,042 4.50141,900 Engie SA 2,666,992 2,774,946 2.7660,500 Eutelsat Communications SA 1,928,161 1,625,191 1.61

135,664 Ferrovial SA 3,247,555 3,748,087 3.73112,500 Getlink SE 2,056,617 2,060,369 2.0582,000 Vinci SA 9,014,106 9,220,647 9.17

24,674,164 23,960,282 23.82Canadian Dollar Denominated

71,900 Emera, Inc. 3,226,513 3,142,749 3.1364,300 Enbridge, Inc. 2,721,883 2,726,963 2.71

201,900 Pembina Pipeline Corp. 6,722,866 8,178,969 8.1312,671,262 14,048,681 13.97



British Pound Denominated551,633 National Grid PLC 10,466,771 7,332,973 7.29299,400 Pennon Group PLC 4,119,879 3,608,132 3.5957,100 Severn Trent PLC 2,101,911 1,803,247 1.79

16,688,561 12,744,352 12.67Australian Dollar Denominated

194,300 APA Group 1,657,728 1,588,014 1.58338,211 Transurban Group 3,704,012 3,788,577 3.76

5,361,740 5,376,591 5.34New Zealand Dollar Denominated

647,080 Auckland International Airport Ltd. 3,973,129 4,255,039 4.233,973,129 4,255,039 4.23

Mexican Peso Denominated74,464 Promotora y Operadora de Infraestructura SAB

de CV899,473 971,548 0.97

899,473 971,548 0.97Brazilian Real Denominated

191,400 CCR SA 534,789 755,426 0.75534,789 755,426 0.75

Transaction costs (247,440)Total Investments 142,858,863 147,187,114 146.34Accrued investment income 808,552 0.80Cash and cash equivalents 3,624,152 3.60Liabilities, net of other assets (51,041,146) (50.74)Net assets attributable to holders of redeemable units 100,578,672 100.00



NOTES TO THE ANNUAL FINANCIAL STATEMENTS

1. THE FUND

Brookfield Global Infrastructure Securities Income Fund (the “Fund”) is an investment fund establishedunder the laws of the Province of Ontario pursuant to a Declaration of Trust dated June 24, 2013. TheFund effectively began operations on July 18, 2013 when it completed an initial public offering of32,500,000 units of the Fund (the “Units”) and subsequently issued 1,900,000 Units pursuant to anover-allotment option on July 30, 2013 at $10.00 per Unit (the “Offering”), for gross proceeds of$344.0 million and net proceeds of $325.1 million after deducting issuance costs of approximately$18.9 million.

The investment objectives of the Fund are to (i) provide holders of units (“Unitholders”) with quarterlycash distributions; (ii) maximize total return for Unitholders through distributions and capitalappreciation; and (iii) preserve capital of the Fund by investing in a portfolio (the "Portfolio")comprised primarily of equity securities of publicly-traded global infrastructure companies that ownand operate infrastructure assets.

Brookfield Investment Management (Canada) Inc. (“BIM Canada”) is the manager (the “Manager”) andthe trustee of the Fund. Brookfield Public Securities Group LLC, formerly Brookfield InvestmentManagement Inc., is the investment manager (the “Investment Manager”) of the Fund. The InvestmentManager makes all of the investment and trading decisions on behalf of the Fund. The Fund’s registeredoffice is Brookfield Place, 181 Bay Street, Suite 300, Toronto, Ontario, Canada, M5J 2T3. Thesefinancial statements were authorized for issue by the Manager on March 22, 2019.

2. BASIS OF PRESENTATION

These financial statements have been prepared in compliance with International Financial ReportingStandards ("IFRS").

The financial statements have been prepared on the historical cost basis, except for the revaluation ofcertain financial instruments. Historical cost is generally based on the fair value of the considerationgiven in exchange for assets.

In applying IFRS, management makes estimates and assumptions that may affect the amounts of assets,liabilities, income and expenses reported in these financial statements. The most significant estimatesrelate to the valuation of investments. Actual results may differ from the estimates.

3. SIGNIFICANT ACCOUNTING POLICIES

New Standards and InterpretationsEffective January 1, 2018 the Fund adopted IFRS 9, Financial Instruments - Classification andMeasurement (“IFRS 9”). The new standard requires financial assets to be classified as amortized cost,fair value through profit or loss (“FVTPL”), or fair value through other comprehensive income(“FVOCI”) based on the entity’s business model for managing the financial assets and the contractualcash flow characteristics of these assets. Assessment and decision on the business model approach usedis an accounting judgement.

The classification and measurement of financial liabilities remain generally unchanged with theexception of liabilities recorded at FVTPL. For these liabilities, changes in fair value that areattributable to changes in the entity’s own credit risk are to be presented in other comprehensiveincome unless they affect amounts recorded in income.



Upon transition to IFRS 9, the Fund’s financial assets and financial liabilities previously classified asFVTPL under IAS 39, Financial Instruments – Recognition and Measurement (“IAS 39”) continue to beclassified in the same category and there were no changes in the measurement attributes. Theadoption of IFRS 9 has also been applied retrospectively and did not result in any changes in the priorperiod

Financial InstrumentsThe Fund classifies and measures financial instruments in accordance with IFRS 9. The Fund’sinvestments and derivative assets and liabilities are measured at FVTPL.

OffsettingFinancial assets and liabilities are offset and the net amount presented in the Statements of FinancialPosition only when the Fund has a legal right to offset the amounts and intends either to settle on a netbasis or to realize the asset and settle the liability simultaneously. In the normal course of business, theFund enters into various master netting agreements or similar agreements that do not meet the criteriafor offsetting in the Statements of Financial Position but still allow for the related amounts to be offsetin certain circumstances, such as bankruptcy or termination of contracts.

Fair Value MeasurementFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderlytransaction between market participants at the measurement date. The fair value of financial assetsand liabilities traded in active markets (such as publicly traded marketable securities) are based onquoted market prices at the close of trading on the reporting date. However, if (i) a fair value or priceis not readily available, (ii) the available quotations are not believed to be reflective of fair value bythe Investment Manager, or (iii) a significant event has occurred that would materially affect the valueof the security, the security is fair valued, as determined in good faith, by the Fund’s ValuationCommittee. The Fund’s Valuation Committee is comprised of senior members of the InvestmentManager's management team. The price determined by the Valuation Committee is an estimate andmay differ from the actual price used in a purchase or sale transaction. The Fund’s policy is to recognizetransfers into and out of the fair value hierarchy levels as of the last day of the reporting year-end date.

The fair value of financial assets and liabilities that are not traded in an active market, includingover-the-counter derivatives, is determined using established valuation procedures. The Fund uses avariety of valuation methods and makes assumptions that are based on market conditions existing ateach measurement date. Valuation techniques include the use of comparable recent arm’s lengthtransactions, reference to other instruments that are substantially the same and others commonly usedby market participants and which make the maximum use of observable inputs. Refer to Note 6 forfurther information about the Fund’s fair value measurements.

All investment transactions are accounted for on the trade date. Realized gains and losses frominvestment transactions and unrealized appreciation or depreciation in the value of investments arecalculated on an average cost basis, excluding transaction costs and the effect of foreign exchangefluctuations, which are disclosed separately.

Other assets and liabilitiesFor the purpose of categorization, accrued investment income is recorded at amortized cost. Similarly,margin payable, payables for due to broker, distributions payable and accounts payable and accruedliabilities are deemed to be other financial liabilities and reported at amortized cost.All other financialassets and liabilities are measured at amortized cost. Under this method, financial assets and liabilitiesreflect the amounts required to be received or paid, discounted when appropriate, at the financialinstrument’s effective interest rate. The fair values of the Fund's financial assets and liabilities that arenot carried at FVTPL approximate their carrying amounts due to their short-term nature.



Revenue recognitionDividend income is recognized on the ex-dividend date and the interest for distribution purposes shownon the Statements of Comprehensive Income represents the coupon interest received by the Fundaccounted for on an accrual basis.

Transaction costsTransaction costs, such as brokerage commissions incurred in the purchase and sale of securities by theFund, are expensed and are included in operating expenses in the Statements of ComprehensiveIncome. Transaction costs are incremental costs that are directly attributable to the acquisition, issueor disposal of an investment, which include fees and commissions paid to agents, advisors, brokers anddealers, levies by regulatory agencies and securities exchanges, and transfer taxes and duties.

Functional and presentation currencyThe performance of the Fund is measured and reported to investors in Canadian dollars. The Managerconsiders the Canadian dollar as the currency that most faithfully represents the economic effects ofthe underlying transactions, event and conditions. These financial statements are presented inCanadian dollars, which is the Fund’s functional currency.

Foreign currency translationInvestments and other assets denominated in foreign currencies are translated into Canadian dollarsusing the rate of exchange prevailing on the trade date. Investment transactions and income andexpenses are translated at the rate of exchange on the date of such transactions. The fair values ofinvestments, other assets and liabilities, and any adjustments included in the Statements ofComprehensive Income in foreign currencies are translated at the year-end exchange rates.

Forward currency contractsForward currency contracts, if applicable, are valued at current market value on each valuation date.The value is determined as the gain or loss that would be realized, if on the valuation date, the positionof the forward currency contracts were closed out.

Redeemable UnitsThe Fund's redeemable units are classified as financial liabilities. Distributions to holders ofredeemable units are recognized in Statements of Changes in Net Assets Attributable to Holders ofRedeemable Units when they are authorized. The characteristics of the units are not identical andtherefore do not meet the criteria in IAS 32 - Financial Instruments - Presentation, for classification asequity.

ImpairmentIFRS 9 requires that an entity recognize a loss allowance for expected credit losses on financial assetswhich are measured at amortized costs or FVOCI. Financial assets held by the Fund which are measuredat FVTPL will not be subject to the new impairment requirements.

With respect to loans and receivables, the Fund considers both historical analysis and forward lookinginformation in determining any expected credit loss. As at the period end date, all loans andreceivables are due to be settled within the short term. The Fund considers the probability of defaultto be close to zero as these instruments have a low risk of default and the counterparties have a strongcapacity to meet their contractual obligation in the near term. Given the limited exposure of the Fundto credit risk, no loss allowance has been recognized as any such impairment will not have a significantimpact on the financial statements.

New standards and interpretations not yet adoptedThe Fund has determined there are no IFRS standards that are issued, but not yet effective, that couldmaterially impact the Fund’s financial statements.



4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

The preparation of financial statements in conformity with IFRS requires the Manager to makejudgments, estimates and assumptions that affect the application of accounting policies and thereported amounts of assets, liabilities, income and expenses. Actual results may differ from theseestimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates arerecognized in the year in which the estimates are revised and in any future year affected.

In classifying and measuring financial instruments held by the Fund, the Manager is required to makesignificant judgments in determining the most appropriate classification in accordance with IFRS 9. TheManager has assessed the Fund’s business models, the manner in which all financial assets and financialliabilities are managed and performance evaluates as a group on a fair value basis, and concluded thatfair value through profit or loss (“FVTPL”) in accordance with IFRS 9 provides the most appropriateclassification of the Fund’s financial instruments.

Fair Value Measurement of Derivatives and Securities Not Quoted in an Active MarketThe Fund may hold financial instruments that are not quoted in active markets. Fair values of suchinstruments are determined using valuation techniques and may be determined using reputable pricingsources (such as pricing agencies) or indicative prices from market makers. Broker quotes as obtainedfrom the pricing sources may be indicative and not executable or binding.

5. MANAGEMENT OF FINANCIAL RISKS

The Fund is exposed to various financial risks, including market risk (consisting of currency risk,interest rate risk, and other price risk), and liquidity risk. The Trust is also indirectly exposed to thefinancial risks of the Fund. The Fund's overall risk management programme seeks to minimizepotentially adverse effects of those risks on the Fund's financial performance by employingexperienced portfolio managers and by continuous monitoring of the Fund's securities positions andmarkets. The Investment Manager maintains a corporate governance structure that oversees the Fund'sinvestment activities. The Fund may use derivative financial instruments to mitigate certain riskexposures.

Currency RiskCurrency risk is the risk that the value of an investment will change due to fluctuations in foreignexchange rates.

The Fund's net assets attributable to holders of redeemable Units are measured in Canadian dollars andpayments to Unitholders are made in Canadian dollars. The Fund is exposed to currency risks as it mayhold assets or have liabilities denominated in currencies other than in Canadian dollars. As atDecember 31, 2018 and December 31, 2017, the Fund was exposed to currency risk as the value of anyassets or liabilities denominated in currencies other than the Canadian dollar will vary due to changesin foreign exchange rates.



The following tables summarize the Fund's net exposure to foreign currency as at December 31, 2018and December 31, 2017:

December 31, 2018 Investments$

Cash$

Other Net Assets/(Liabilities)*

$

DerivativeInstruments

$Total

$Net Assets

%

U.S. Dollar 85,075,195 (222) (47,961,788) - 37,113,185 36.90Euro 23,960,282 - 294,354 - 24,254,636 24.12British Pound 12,744,352 70 191,395 - 12,935,817 12.86Australian Dollar 5,376,591 - 114,303 - 5,490,894 5.46New Zealand Dollar 4,255,039 - - - 4,255,039 4.23Mexican Peso 971,548 - - - 971,548 0.97Brazilian Real 755,426 - - - 755,426 0.75Swiss Franc - - 24,151 - 24,151 0.02Total 133,138,433 (152) (47,337,585) - 85,800,696 85.31

*Other Net Assets/(Liabilities) includes borrowings of $48,107,774.

December 31, 2017 Investments$

Cash$

Other Net Assets/(Liabilities)*

$

DerivativeInstruments

$Total

$Net Assets

%

U.S. Dollar 99,005,438 475 (48,493,098) - 50,512,815 37.16Euro 28,485,068 - 338,930 - 28,823,998 21.20British Pound 14,501,939 68 - - 14,502,007 10.67Swiss Franc 4,212,852 - 12,096 - 4,224,948 3.11New Zealand Dollar 3,736,414 - - - 3,736,414 2.75Australian Dollar 3,611,797 - - - 3,611,797 2.66Hong Kong Dollar 1,840,811 - - - 1,840,811 1.35Mexican Peso 1,445,875 - - - 1,445,875 1.06Brazilian Real - - 181,251 - 181,251 0.13Total 156,840,194 543 (47,960,821) - 108,879,916 80.09

*Other Net Assets (Liabilities) includes borrowings of $48,649,117.

As at December 31, 2018, had the Canadian dollar strengthened or weakened by 1% against each of theother currencies with all other variables remaining constant, the net assets of the Fund would havedecreased or increased by $858,007 (December 31, 2017 - $1,088,799). From time to time, between 0%and 100% of the value of the Portfolio’s non-Canadian currency may be hedged back to the Canadiandollar.

Interest rate riskInterest rate risk arises from the possibility that changes in interest rates will affect future cash flowsor fair values of financial instruments.

The Fund is exposed to interest rate risk from time to time, from its holdings of fixed-rate debtinstruments, the values of which fluctuate due to changes in prevailing levels of market interest rates.

As at December 31, 2018 and December 31, 2017 the Fund held no debt instruments.



Other price riskOther price risk is the risk that the value of financial instruments will fluctuate as a result of changesin market prices (other than those arising from interest rate risk or currency risk). Such changes maybe the result of factors affecting multiple instruments traded in a market, market segment or assetclass. The Fund is exposed to other price risk of securities held in the Portfolio. The Fund may takeoutright long or short positions in any of its investments, which may include derivative instruments forpurposes consistent with its investment objectives and investment strategy and subject to itsinvestment restrictions.

All investments present a risk of capital loss. The Investment Manager seeks to mitigate this riskthrough careful selection of securities and other financial instruments. As at December 31, 2018, hadthe investments in the portfolio increased or decreased by 5% with all other variables remainingconstant, the net assets of the Fund would have increased or decreased by $7,359,356 (December 31,2017 $9,271,307).

As at December 31, 2018 and December 31, 2017, the Fund had no direct exposure to derivatives andhad no securities sold short.

Credit riskCredit risk is the risk of non-payment of scheduled interest and/or principal payments.

The Fund is exposed to several types of credit risks including the risk that one or more investments inthe Portfolio will decline in price, or fail to pay interest or principal when due, because the issuer ofthe security experiences a decline in its financial status.

The Fund may enter into forward foreign currency exchange contracts primarily to hedge againstforeign currency exchange rate risks on its non-Canadian dollar denominated investment securities. Inaddition to currency and market risk, forward foreign currency exchange contracts involve risks arisingfrom the possible inability of counterparties to meet the terms of their contracts from movement incurrency, security values, and interest rates. The Fund seeks to mitigate this risk through the carefulselection of its derivative counterparties. As at December 31, 2018, the Fund had no derivativesoutstanding.

Liquidity riskLiquidity risk is the risk that the Fund may not be able to settle or meet its obligations on time or at areasonable price.

The Fund has current financial liabilities outstanding, including but not limited to, margin loans andinterest payable on its margin loans, accounts payable and accrued liabilities. The Investment Managerseeks to mitigate this liquidity risk by ensuring that a reasonable portion of the Fund's investmentstrade in active markets and can be sold readily. There can be no assurance that an adequate market forthe investments will exist at all times, or that the prices at which the investments trade, accuratelyreflect their fair value. Low trading volumes of the investments could also make it difficult to liquidateholdings quickly.

As required by IFRS 7 – Financial Instruments, the Fund’s financial liabilities should be categorized intorelevant maturity groupings based on the remaining year as at December 31, 2018, to the contractualmaturity date. However, as all liabilities, including liabilities for redeemable units tendered forredemption as of the applicable balance sheet date (of which there were none as at December 31, 2018and December 31, 2017), are due in less than one year, this analysis is not required in this instance. Inaccordance with the Fund’s policy, the Investment Manager monitors the Fund’s overall liquidity risk ona continuous basis.



6. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Fund uses a three-tier hierarchy as a framework for disclosing fair value which reflects thesignificance of the inputs used in making the measurements. The hierarchy has the following levels:

• Level 1 - quoted prices in an active market (Level 1—unadjusted inputs);• Level 2 - inputs other than quoted prices (Level 2—directly or indirectly derived from

observational market data); and• Level 3 - inputs not based on observable market data (Level 3—unobservable inputs).

In addition to the above disclosure requirements, IFRS 13 – Fair Value Measurement, requires disclosureof significant transfers between Levels 1 and 2 since the prior reporting period, as well as reconciliationof Level 3 assets, disclosing separately changes during the reporting period attributable to:(i) total gains or losses recognized in net income, and a description of where they are presented

in the income statement;(ii) purchases, sales, issues and settlements; and(iii) transfers into or out of Level 3 and the reasons for those transfers. Any significant transfers

between Level 1 and Level 2 are disclosed. Further, for fair value measurements in Level 3,if changing one or more type of the inputs to reasonably possible alternative assumptionswould change fair value significantly, the entity shall state this fact and disclose both theeffect of those changes and how the effect was calculated.

The following table provides a summary of the inputs used as at December 31, 2018 and December 31,2017, respectively, in valuing the Fund's investments carried at fair value:

As at December 31, 2018Level 1

$Level 2

$Level 3

$Total

$

Investments, at fair value:Equities 147,151,522 35,592 - 147,187,114

Total Investments, at fair value 147,151,522 35,592 - 147,187,114Total Investments, at fair value 147,151,522 35,592 - 147,187,114

As at December 31, 2017Level 1

$Level 2

$Level 3

$Total

$

Investments, at fair value:Equities 185,390,231 35,916 - 185,426,147

Total Investments, at fair value 185,390,231 35,916 - 185,426,147Total Investments, at fair value 185,390,231 35,916 - 185,426,147



The following table provides a summary of the Level 3 investmenst held during the year endedDecember 31, 2017:

Twelve months ended December 31, 2017Level 3

$

Beginning balance, December 31, 2017 5,240,574Proceeds from sale (4,543,769)Total lossNet realized loss (530,059)Net realized appreciation (depreciation) (103,493)

Net transfers into (out of) Level 3* (63,253)Total Investments, at fair value –

*Transfer from Level 3 to Level 1 due to the security being traded and a reliable price beingobserved.

The carrying values of cash, accrued investment income, due to and due from broker, distributionspayable, accounts payable and accrued liabilities and the Fund’s obligations for Net Assets attributableto holders of redeemable units approximates their fair values due to their short-term nature.

During the year ended December 31, 2018, there were no Level 3 assets held by the Fund, nor werethere significant transfers between levels.

The following provides details of the categorization in the fair value hierarchy by asset classes:

a) EquitiesThe Fund's equity positions are classified as Level 1 when the security is actively traded and a reliableprice is observable. In circumstances where a security is not actively traded or a price is notobservable, the security is leveled using the Fund's three-tiered leveling hierarchy.

7. BORROWINGS

Leverage is restricted to 33% of the total assets for 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). Derivatives and short selling used solely forpurposes of hedging are not included in the leverage threshold calculation. As at December 31, 2018,the Fund had employed leverage equal to 31.7% of total assets (December 31, 2017 - 25.9%) equatingto $48.1 million (December 31, 2017 - $48.6 million). The minimum and maximum amount ofborrowings outstanding during the year ended December 31, 2018 was $47.5 million and $52.7 million,respectively, and during the year ended December 31, 2017 was $47.0 million and $53.2 million,respectively. The Fund has certain securities and cash pledged as collateral against the margin payablebalance. As at December 31, 2018, the total fair value of securities pledged as collateral was$95.6 million (as at December 31, 2017 - $116.4 million). The borrowings may be used to grow theFund's investments and for working capital needs. Adding a controlled amount of leverage to the Fundis consistent with the Fund's objectives.



8. INCOME TAXES

The Fund qualifies as a mutual fund trust under the Income Tax Act (Canada) and, accordingly, is notsubject to tax on the portion of its income, including net realized capital gains for its taxation year thatis paid or payable to Unitholders. Income tax on net realized capital gains not paid or payable will begenerally recoverable by virtue of refunding provisions contained in the Income Tax Act (Canada) andprovincial income tax legislation, as redemptions occur. It is the intention of the Fund to pay all nettaxable income and sufficient net taxable gains so that the Fund will not be subject to income taxes.The Fund may distribute more than it earns, in which case the excess distribution is a return of capitaland is not taxable to Unitholders.

No provision for income taxes has been recorded in the accompanying financial statements as allincome and net realized capital gains are to be distributed to the Unitholders. Capital losses realizedin excess of those utilized to offset realized capital gains in the current taxation year can be carriedforward indefinitely and may be applied against future years’ capital gains. Non-capital losses may becarried forward for a period of 20 years and applied against future years’ taxable income. As atDecember 31, 2018, the Fund had $71,907,481 in capital losses and had no non-capital losses.

9. EXPENSES OF THE FUND

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 years ended December 31, 2018 and December 31, 2017,respectively.

The Fund pays for all ordinary expenses incurred in connection with its operation and administration,including, but not limited to, all costs of Portfolio transactions, fees payable to the Manager,administrator and other third party service providers, custodial fees, legal, accounting, audit andvaluation fees, other administrative expenses and extraordinary expenses that the Fund may incur.

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 sum of the net asset value per Unit(calculated without taking into account any Performance Fee) plus distributions paid on such Unitsduring the year exceeds 106.0% of the Threshold Amount plus applicable taxes. The Threshold Amountwill be the greater of: (i) $10.00; and (ii) the net asset value per Unit at the end of the last fiscal yearin which a Performance Fee was paid (after payment of such Performance Fee). Please refer to theFund's Prospectus for additional information on the Performance Fee. The Performance Fee accrualtotalled $0 and $0 for the years ended December 31, 2018 and December 31, 2017, respectively.

10. RELATED PARTY DISCLOSURE

The Manager and Investment Manager are a wholly-owned subsidiaries of Brookfield AssetManagement Inc. (“Brookfield”) and the Investment Manager manages the investment and tradingactivities of the Fund pursuant to a portfolio management agreement. Due to Brookfield’s ability tocontrol the Fund, Brookfield, and its affiliates over which it has the ability to exercise control orsignificant influence, are related parties of the Fund by virtue of common control or commonsignificant 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 Note 9, which outlines the fees paid to the Manager by the Fund.



As at December 31, 2018 and December 31, 2017, Brookfield and its affiliates did not own any interestin the Fund. There were no other transactions conducted with related parties during the presentedyears.

11. REDEEMABLE UNITS AND NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS

The Fund is authorized to issue an unlimited number of redeemable and transferable Units of a singleclass, each of which represents an equal, undivided interest in the net assets of the Fund.

The Declaration of Trust provides that the Fund may not issue additional Units except: (i) for netproceeds not less than 100% of the net asset value per Unit calculated as of the close of business on thebusiness day immediately prior to the pricing of such offering; (ii) by way of Unit distributions; or (iii)with the approval of Unitholders.

Units may be redeemed at the option of Unitholders on the last business day of September ("AnnualRedemption Date"), subject to Units being surrendered by 5:00 p.m (Toronto time), 15 days prior to theAnnual Redemption Date of each year.

Changes in the number of issued redeemable Units outstanding for the Fund for the year endedconsisted of the following:

For the year ended

December 31, 2018

For the year ended

December 31, 2017

Beginning Units 20,295,152 21,951,140

Subscription of Units - -

Reinvestment of distributions 10,446 27,703

Redemption of Units (2,796,343) (1,683,691)

Number of Units outstanding, end of year 17,509,255 20,295,152

The average number of units outstanding during the period ended December 31, 2018 was 19,594,957(December 31, 2017 – 21,548,228). This number was used to calculate the decrease in net assetsattributed to holders of redeemable units per unit on the Statements of Comprehensive Income.

Capital managementUnits issued and outstanding represent the capital for the Fund. The Fund has no restrictions or specificcapital requirements and is authorized to issue an unlimited number of transferable Units. Restrictionsand specific requirements on the redemption of Units are described above.

The Statements of Changes in Net Assets Attributable to Holders of Redeemable Units and the abovetable outline the relevant changes of the Units for the year. The Fund manages its capital in accordancewith its investment objectives and strategies and the risk management practices outlined in Note 5while maintaining sufficient liquidity to meet Unitholder redemptions.

12. DISTRIBUTIONS

In accordance with the Fund's investment objective to provide Unitholders with quarterly cashdistributions, the Fund intends to make quarterly distributions to Unitholders of record on the lastbusiness day of March, June, September and December (each, a “Distribution Record Date”).Distributions will be paid on a business day designated by the Manager that will be no later than the15th business day of the month following the Distribution Record Date. The Fund has adopted a



distribution reinvestment plan which shall provide that all quarterly cash distributions made by theFund shall, at the election of each Unitholder, be automatically reinvested in additional Units on eachUnitholder’s behalf in accordance with the terms of the plan. The quarterly distributions are currentlytargeted to be $0.15 per Unit ($0.60 per annum representing an annual cash distribution of 6.0% basedon the $10.00 per Unit issue price). During the year ended December 31, 2018, the Fund declared fourquarterly cash distributions of $0.15 per Unit each. Distributions payable as at December 31, 2018totalled $2,626,388 (December 31, 2017; $3,044,273). The distribution was subsequently paid toUnitholders in early January 2019. The Fund does not have a fixed quarterly distribution.

In any year after such distributions, there would otherwise remain in the Fund additional operatingprofit or net realized capital gains, the Fund intends to make, on or before December 31 of that year,a special distribution of such portion of the remaining net income and net realized capital gains as isnecessary to ensure the Fund will not be liable for income tax under the Income Tax Act (Canada).

13. EVENTS AFTER STATEMENT OF FINANCIAL POSITION DATE

Management has evaluated subsequent events in the preparation of the Fund's financial statements andhas determined that other than the items listed herein, there are no events that require recognition ordisclosure in the annual financial statements.



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



http://www.brookfieldim.com

http://www.computershare.com

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