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2015Brookfield Global Infrastructure SecuritiesIncome FundBGI.UNAnnual Financial StatementsFor the period from January 1, 2015 to December 31, 2015

Brookfield Investment Management

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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.

Gail CecilPresident

Jonathan TyrasChief Financial Officer

Brookfield Global Infrastructure Securities Income Fund

2015 Annual Financial Statements | 1

INDEPENDENT AUDITOR'S REPORT

To the Unitholders of Brookfield Global Infrastructure Securities Income Fund

We have audited the accompanying financial statements of Brookfield Global Infrastructure SecuritiesIncome Fund, which comprise the statements of financial position as at December 31, 2015 andDecember 31, 2014, and the statements of comprehensive income (loss), statements of changes in netassets attributable to holders of redeemable units and statements of cash flows for the years endedDecember 31, 2015 and December 31, 2014, and a summary of significant accounting policies and otherexplanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements inaccordance with International Financial Reporting Standards, and for such internal control asmanagement determines is necessary to enable the preparation of financial statements that are freefrom material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. Weconducted our audits in accordance with Canadian generally accepted auditing standards. Thosestandards require that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial statements. The procedures selected depend on the auditor's judgment, including theassessment of the risks of material misstatement of the financial statements, whether due to fraud orerror. In making those risk assessments, the auditor considers internal control relevant to the entity'spreparation and fair presentation of the financial statements in order to design audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of accounting estimates made by management, aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained in our audits is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position ofBrookfield Global Infrastructure Securities Income Fund as at December 31, 2015 and December 31,2014, and its financial performance, its changes in net assets attributable to holders of redeemableunits and its cash flows for the years ended December 31, 2015 and December 31, 2014 in accordancewith International Financial Reporting Standards.

Chartered Professional Accountants, Chartered AccountantsLicensed Public AccountantsMarch 29, 2016



STATEMENTS OF FINANCIAL POSITIONAs at December 31, 2015, and December 31, 2014(Expressed in Canadian Dollars)

As at As atDecember 31, 2015 December 31, 2014

$ $Assets:

Current assetsFinancial assets at fair value through profit or loss (Note 7) 219,630,034 434,656,837Cash and cash equivalents 25,663,014 115,025,296Due from broker 2,673,305 13,758,499Accrued investment income 1,112,499 1,452,269

Total assets 249,078,852 564,892,901Liabilities

Current liabilitiesFinancial liabilities at fair value through profit or loss - 61,954,972Margin payable (Note 7) 73,509,373 139,071,594Distributions payable (Note 12) 3,893,874 5,143,553Due to broker 661,771 2,257,580Accounts payable and accrued liabilities 271,192 1,012,851

Total liabilities (excluding net assets attributable to holdersof redeemable units) 78,336,210 209,440,550

Net assets attributable to holders of redeemable units 170,742,642 355,452,351

Number of redeemable units outstanding (Note 11) 25,959,163 34,290,350

Net assets attributable to holders of redeemable units perunit 6.58 10.37

See accompanying notes to financial statements.

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

Gail CecilPresident

Jonathan TyrasChief Financial Officer



STATEMENTS OF COMPREHENSIVE INCOME (LOSS)For the twelve months ended December 31,(Expressed in Canadian Dollars)

2015 2014$ $

Investment income (loss)Interest income for distribution purposes 1,655,900 78,419Dividend income 16,422,627 15,587,282Net realized gain (loss) on sale of investments (36,852,829) 33,255,004Net realized gain on forward currency contracts - 2,153,597Net realized foreign exchange loss (17,665,205) (4,867,975)Net change in unrealized depreciation of investments (47,963,772) (3,161,193)Net change in unrealized depreciation on foreign exchange (6,560,226) (7,205,070)

Total investment income (loss) (90,963,505) 35,840,064

Expenses (Note 9)Management fees 4,229,800 5,367,873Performance fees - 395,274Interest expense 1,441,285 1,176,740Dividend expense 1,916,609 1,020,065Brokerage commissions and other charges 887,970 1,741,476Audit fees 31,969 42,800Legal fees 23,687 22,058Other expenses 879,043 680,625

Total expenses 9,410,363 10,446,911

Comprehensive income (loss) (100,373,868) 25,393,153

Withholding taxes (1,934,383) (2,887,212)

Increase (decrease) in net assets attributable to holders of redeemableunits (102,308,251) 22,505,941

Increase (decrease) in net assets attributable to holders of redeemableunits per unit (3.18) 0.66




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

2015 2014$ $

Net assets attributable to holders of redeemable units, beginning ofperiod 355,452,351 354,642,640

Increase (decrease) in net assets attributable to holders of redeemable units (102,308,251) 22,505,941

Redeemable unit transactionsAmounts received from reinvestment of distributions of units - 7,498,215Amounts paid for redemption of units (63,080,121) (1,105,542)

Net increase (decrease) from redeemable unit transactions (63,080,121) 6,392,673

Distributions to holders of redeemable unitsReturn of net investment income (3,588,042) (20,590,688)Return of capital gains - (7,498,215)Return of capital (15,733,295) -

Total distributions to holders of redeemable units (19,321,337) (28,088,903)

Net increase (decrease) in net assets attributable to holders of redeemableunits (184,709,709) 809,711

Net assets attributable to holders of redeemable units, end of period 170,742,642 355,452,351




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

2015 2014$ $

Cash flows provided by (used for):

Cash flows from operating activitiesIncrease (decrease) in net assets attributable to holders of redeemableunits (102,308,251) 22,505,941

Adjustments for:Interest income for distribution purposes (1,655,900) (78,419)Dividend income, net of withholding taxes (14,488,244) (12,700,070)Net realized (gain) loss on investments 36,852,829 (33,255,004)Net change in unrealized depreciation of investments 47,963,772 3,161,193Decrease in accounts receivable - 272,782Decrease in accounts payable and accrued liabilities (741,659) (3,369,907)

Interest received (paid) 2,022,390 (412,794)Dividends received, net of witholding taxes 14,461,525 12,825,580Proceeds from sale of investments 261,391,495 201,528,669Amounts paid for purchase of investments (183,646,881) (124,250,070)

Net cash provided by operating activities 59,851,076 66,227,861

Cash flows from financing activitiesMargin payable, net (repayments) borrowings and foreign exchange (65,562,221) 11,216,714Distrubutions paid to unit holders (20,571,016) (20,607,135)Amounts paid for redemptions of units (63,080,121) (1,105,542)

Net cash used for financing activities (149,213,358) (10,495,963)

Net increase (decrease) in cash and cash equivalents (89,362,282) 55,731,938Cash and cash equivalents, beginning of period 115,025,296 59,293,358Cash and cash equivalents, end of period 25,663,014 115,025,296




SCHEDULE OF INVESTMENTSAs at December 31, 2015(Expressed in Canadian Dollars)

QuantitySecurity

Average Cost$

Fair Value$

% of NetAssets

BondsUnited States Dollar Denominated

1,794,600 Approach Resources Inc. 7.000% 06/15/2021 1,497,831 884,973 0.524,837,000 EV Energy Partners, L.P. 8.000% 04/15/2019 4,646,371 3,359,541 1.96

6,144,202 4,244,514 2.48Equities

United States Dollar Denominated127,500 American Tower Corp. 11,540,993 17,170,853 10.0662,840 Crestwood Equity Partners LP 5,485,670 1,813,909 1.0671,200 Crown Castle International Corp. 7,398,150 8,550,251 5.01

168,800 CSX Corp. 7,496,180 6,084,763 3.56324,400 Energy Transfer Partners LP 22,518,672 15,199,561 8.90251,700 NiSource Inc. 5,817,344 6,821,413 3.99179,143 Rice Midstream Partners LP 3,077,613 3,356,956 1.9788,800 SBA Communications Corp. 7,363,822 12,960,613 7.59

286,900 Sunoco Logistics Partners LP 14,993,674 10,242,301 6.00181,200 Targa Resources Partners LP 10,177,326 4,160,686 2.44107,700 Union Pacific Corp. 12,720,586 11,699,204 6.85207,100 Williams Cos Inc. 7,396,622 7,393,449 4.33285,931 Williams Partners LP 18,090,508 11,061,660 6.48

134,077,160 116,515,619 68.24Euro Denominated

284,100 Atlantia SpA 6,649,506 10,503,169 6.15273,100 E.ON SE 5,201,343 3,680,483 2.16106,573 Eutelsat Communications SA 3,543,551 4,438,531 2.60356,237 Ferrovial SA 6,035,272 11,210,688 6.57523,800 Groupe Eurotunnel SA 9,731,679 9,058,017 5.3013,600 SES SA 532,324 524,853 0.31

31,693,675 39,415,741 23.09Canadian Dollar Denominated

290,200 Inter Pipeline Ltd. 9,164,047 6,445,342 3.771,468,055 Veresen, Inc. 21,374,215 13,006,967 7.62

30,538,262 19,452,309 11.39Mexican Peso

294,400 Grupo Aeroportuario del Centro Norte SAB deCV

1,925,451 1,987,556 1.16

430,089 Grupo Aeroportuario del Pacifico SAB de CV 3,580,781 5,266,228 3.09350,000 Promotora y Operadora de Infraestructura SAB

de CV4,943,236 5,706,878 3.34

10,449,468 12,960,662 7.59



Australian Dollar2,696,100 Aurizon Holdings Ltd. 12,652,320 11,934,589 6.99223,160 Macquarie Atlas Roads Group 721,721 917,927 0.54

13,374,041 12,852,516 7.53Swiss Franc Denominated

11,900 Flughafen Zuerich AG 6,451,297 12,443,138 7.296,451,297 12,443,138 7.29

Brazilian Real Denominated1,073,681 Rumo Logistica Operadora Multimodal SA 5,116,559 1,745,535 1.02

5,116,559 1,745,535 1.02Transaction costs (278,372)Total Investments 237,566,292 219,630,034 128.63Due to broker 2,673,305 1.57Accrued investment income 1,112,499 0.65Cash and cash equivalents 25,663,014 15.03Liabilities, net of other assets (78,336,210) (45.88)Net assets attributable to holders of redeemable units 170,742,642 100.00




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 Investment Management Inc. (“BIM”) is the investment manager(the “Investment Manager”) of the Fund. The Investment Manager makes all of the investment andtrading decisions on behalf of the Fund. The Fund’s registered office is Brookfield Place, 181 Bay Street,Suite 300 Toronto, Ontario Canada M5J 2T3. These financial statements were authorized for issue bythe Manager on March 29, 2016.

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

Financial InstrumentsThe Fund's investments in equity and fixed income securities are designated at fair value through profitor loss (“FVTPL”) at inception. The Fund's derivatives are categorized as held for trading. As a result ofsuch designation and categorization, the Fund's investments and derivatives are measured at FVTPL.The Fund's accounting policies for measuring the fair value of its investments and derivatives areidentical to those used in measuring its published net asset value (NAV).



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 period.

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 cost or amortized cost.Similarly, margin payable, payables for securities purchased, distributions payable and accountspayable and accrued liabilities are deemed to be other financial liabilities and reported at amortizedcost. All other financial assets and liabilities are measured at amortized cost. Under this method,financial assets and liabilities reflect the amounts required to be received or paid, discounted whenappropriate, at the financial instrument’s effective interest rate. The fair values of the Fund's financialassets and liabilities that are not carried at FVTPL approximate their carrying amounts due to theirshort-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 (Loss) in foreign currencies are translated at the period-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.

New standards and interpretations not yet adopted:In July 2014, the IASB finalized the reform of financial instruments accounting and issued IFRS 9Financial Instruments (“IFRS 9”) (as revised in 2014), which contains the requirements for a) theclassification and measurement of financial assets and financial liabilities, b) impairment methodologyand c) general hedge accounting. IFRS 9 (as revised in 2014) will supersede IAS 39 FinancialInstruments: Recognition and Measurement in its entirety upon its effective date.

The new standard becomes effective for annual periods beginning on or after January 1, 2018. Theimpact of IFRS 9 on the Fund has not yet been determined.

In December 2014, Disclosure Initiative was issued, which amends IAS 1 Presentation of FinancialStatements. The amendments are designed to encourage entities to use professional judgment todetermine what information to disclose in the financial statements and accompanying notes byclarifying the guidance on materiality, presentation, and note structure. These amendments areeffective for annual periods beginning on or after January 1, 2016. The Fund will amend disclosures ifrequired in the 2016 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 period in which the estimates are revised and in any future period affected.

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 Fund's overall risk managementprogramme seeks to minimize potentially adverse effects of those risks on the Fund's financialperformance by employing experienced portfolio managers and by continuous monitoring of the Fund'ssecurities positions and markets. The Manager maintains a corporate governance structure thatoversees the Fund's investment activities. The Fund may use derivative financial instruments tomitigate certain risk exposures and is currently engaged in a series of foreign exchange contracts asdescribed below.

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, 2015 and December 31, 2014, 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, 2015and December 31, 2014:

December 31, 2015 Investments$

Cash$

Other Net Assets/(Liabilities)*

$

DerivativeInstruments

$Total

$Net Asset

%

U.S. Dollar 120,760,133 109,825 (72,655,480) - 48,214,478 28.24Euro 39,415,741 61 1,168,687 - 40,584,489 23.77Mexican Peso 12,960,662 - 141,359 - 13,102,021 7.67Australian Dollar 12,852,516 - 800,078 - 13,652,594 8.00Swiss Franc 12,443,138 - - - 12,443,138 7.29Brazilian Real 1,745,535 - - - 1,745,535 1.02British Pound - 82 - - 82 -Total 200,177,725 109,968 (70,545,356) - 129,742,337 75.99

*Other Net Assets/(Liabilities) includes borrowings of $73,509,373.

December 31, 2014 Investments$

Cash$

Other Net Assets/(Liabilities)*

$

DerivativeInstruments

$Total

$Net Asset

%

U.S. Dollar 208,219,144 39,298 (125,772,520) - 82,485,922 23.21Euro 52,348,285 615 504,939 - 52,853,839 14.87Hong Kong Dollar 17,502,018 - (1,099,385) - 16,402,633 4.61Australian Dollar 13,478,446 - 53,041 - 13,531,487 3.81Swiss Franc 11,187,448 - - - 11,187,448 3.15British Pound 8,317,602 - - - 8,317,602 2.34Brazilian Real 4,212,048 - - - 4,212,048 1.18Total 315,264,991 39,913 (126,313,925) - 188,990,979 53.17

*Other Net Assets/(Liabilities) includes borrowings of $139,071,594.

As at December 31, 2015, 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 haveincreased or decreased by $1,297,423 (December 31, 2014 - $1,889,910). From time to time, between0% 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 its holdings of fixed-rate debt instruments, the values ofwhich fluctuate due to changes in prevailing levels of market interest rates.



As at December 31, 2015 the Fund's debt instruments’ remaining terms were as follows:

Debt Instruments $% of

Net Assets

Less than 1 year - -1 to 3 years - -3 to 5 years 3,359,541 1.96Greater than 5 years 884,973 0.52Total 4,244,514 2.48

As at December 31, 2014 the Fund debt instruments' remaining terms were as follows:

Debt Instruments $% of

Net Assets

Less than 1 year - -1 to 3 years - -3 to 5 years 8,858,218 2.49Greater than 5 years 23,528,490 6.61Total 32,386,708 9.10

Interest rate risk of the Fund is currently mitigated by the relatively short duration and high creditspread of the high yield bonds and loans in the Portfolio. These characteristics make the Portfolio’ssensitivity to interest rate risk relatively less than what would be experienced by a portfolio with longerduration investments that trade at tighter spreads to government-backed fixed income securities. Itwould also be possible to hedge interest rate risk by short selling government-backed fixed incomesecurities or engaging in various interest rate derivatives. As at December 31, 2015 and December 31,2014, the Fund had no such hedges in place.

At December 31, 2015, if the prevailing interest rates had risen or declined by 0.25%, assuming aparallel shift in the yield curve, with all other variables held constant, the Fund's net assets would havedecreased or increased, respectively, by approximately $27,710 (December 31, 2014 - $384,592). TheFund's sensitivity to interest rate changes was estimated using the weighted average duration of thebonds. In practice, the actual results may differ from this sensitivity analysis and the differences couldbe material.

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, 2015, hadthe market increased or decreased by 5% with all other variables remaining constant, the net assets ofthe Fund would have increased or decreased by $10,981,502 (December 31, 2014 $18,635,093).



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. As at December 31, 2015, the maximumexposure to any one debt issuer in the Portfolio was $3,359,541 (December 31, 2014 - $8,207,895)representing 1.96% (December 31, 2014 - 2.31%) of net assets attributable to redeemable units.

The performance of the Fund is also subject to general economic and specific industry conditions thatcould impact the fair value of one or more debt securities in the Portfolio. Securities with lower ratingstend to be more sensitive to these kinds of risks.

As at December 31, 2015 and December 31, 2014 the Fund was invested in debt securities with thefollowing credit ratings.

December 31, 2015 December 31, 2014

Debt Instruments by S&P Rating% of NetAssets Total $

% of NetAssets Total $

BB - - 0.81 2,897,279B 2.48 4,244,514 8.29 29,489,429Total 2.48 4,244,514 9.10 32,386,708

The Investment Manager seeks to mitigate the above credit risk through the careful selection ofinvestments, through the employment of experienced portfolio managers and through continuousmonitoring of the Fund's investments.

Another type of credit risk is exposure to the creditworthiness of the Fund's trading counterparties. Allsecurities transactions executed by the Fund are settled upon delivery using approved brokers. The riskof payment default is considered negligible, as delivery of securities sold is only made once the brokerhas received payment on behalf of the Fund. Payment is not made on a purchase until the securitieshave been received by the broker on behalf of the Fund. The trade will fail if either party fails to meetits obligation.

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.

Liquidity riskLiquidity risk is the risk that the Fund may not be able to settle or meet its obligation 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, 2015, 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 31,2014), are due in less than one year, this analysis is not required in this instance. In accordance with theFund’s policy, the Investment Manager monitors the Fund’s overall liquidity risk on a 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);• Level 3 - and 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, 2015 and December 31,2014, respectively, in valuing the Fund's investments carried at fair value:

As at December 31, 2015Level 1

$Level 2

$Level 3

$Total

$

Investments, at fair value:Bonds - 4,244,514 - 4,244,514Common Stock 215,385,520 - - 215,385,520

Total Investments, at fair value 215,385,520 4,244,514 - 219,630,034Total Investments, at fair value 215,385,520 4,244,514 - 219,630,034



As at December 31, 2014Level 1

$Level 2

$Level 3

$Total

$

Investments, at fair value:Bonds - 32,386,708 - 32,386,708Common Stock 402,270,129 - - 402,270,129Common Stock Sold Short (61,954,972) - - (61,954,972)

Total Investments, at fair value 340,315,157 32,386,708 - 372,701,865

The carrying values of cash, subscriptions receivable, accrued investment income, due to and due frombroker, redemptions payable, distributions payable, accounts payable and accrued liabilities and theFund’s obligations for Net Assets attributable to holders of redeemable units approximates their fairvalues due to their short-term nature.

During the Period, there were no Level 3 assets held by the Fund, nor were there significant transfersbetween 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.

b) Fixed incomeFixed income includes primarily corporate bonds which are valued at the bid price provided byrecognized investment dealers. These prices are observable and therefore the Fund's corporate bondsand term loans have been classified as Level 2.

c) Derivative assets and liabilitiesDerivative assets and liabilities consist of forward currency contracts which are valued based primarilyon the contract notional amount, the difference between the contract rate and the forward marketrate for the same currency, interest rates and credit spreads. Contracts for which counterparty creditspreads are observable and reliable, or for which credit-related inputs are determined not to besignificant to fair value are classified as Level 2.

7. BORROWINGS

The Fund uses leverage to finance the purchase of certain investments. Leverage is restricted to 33%of the total assets for the Fund. Accordingly, at the time of borrowing, the maximum amount ofleverage that the Fund could employ is 1.50:1 (total long positions (including leveraged positions)divided by net assets of the Fund). Derivatives and short selling used solely for purposes of hedging arenot included in the leverage threshold calculation. As at December 31, 2015, the Fund had employedleverage equal to 29.5% of total assets (December 31, 2014 - 24.6%) equating to $73.5 million(December 31, 2014 - $139.0 million) of total net assets. This minimum and maximum amount ofborrowings outstanding during the twelve months ended December 31, 2015 was $72.7 million and$153.6 million, respectively, and twelve months ended December 31, 2014 was $77.6 million and139.9 million, respectively. The Fund has certain securities pledged as collateral against the marginpayable balance. The borrowings may be used to grow the Fund's investments and for working capitalneeds. Adding a controlled amount of leverage to the Fund is 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, 2015, the Fund had $51,775,652 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 $4,229,800 and $5,367,873 for the year ended December 31, 2015 and December 31, 2014,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 $395,274 for the twelve months ended December 31, 2015 and the period endedDecember 31, 2014, 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, 2015 and December 31, 2014, Brookfield and its affiliates did not own any interestin the Fund. There were no other transactions conducted with related parties during the presentedperiods.

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.

Commencing in September 2015 to and including September 2017, Units must be surrendered by 5:00p.m (Toronto time) on the 15th day in September of each year (the "Notice Period"), if and only if theannual redemption condition (the “Annual Redemption Condition”), described below, has been met insuch year. Units properly surrendered during the Notice Period for redemption will be redeemed on thelast business day in September of each year (the "Annual Redemption Date") and the Unitholder willreceive a redemption price per Unit equal to 100% of the net asset value per Unit as determined on theAnnual Redemption Date less any costs associated with the redemption.

The Annual Redemption Condition states that Units may only be redeemed on an Annual RedemptionDate if the simple average of the Net Asset Values of the Units on each business day occurring in themonth ofAugust preceding theAnnual Redemption Date is less than $10.00. Notwithstanding theAnnualRedemption Condition, Units may be redeemed at the option of Unitholders on the last business day ofSeptember 2018 and on the last business day of September each year thereafter, subject to the NoticePeriod.

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

For the period ended

December 31, 2015

For the period ended

December 31, 2014

Beginning Units 34,290,350 34,400,000

Subscription of Units - -

Redemption of Units (8,331,187) (109,650)

Number of Units outstanding, end of period 25,959,163 34,290,350

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 period. The Fund manages its capital inaccordance with its investment objectives and strategies and the risk management practices outlinedin Note 5 while 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 adistribution 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 initial quarterly distributions aretargeted 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 period ended December 31, 2015, the Fund declared fourquarterly cash distributions of $0.15 per Unit each. Distributions payable as at December 31, 2015totalled $3,893,874 (December 31, 2014; $5,143,553). The distribution was subsequently paid toUnitholders in early January 2016. 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. FINANCIAL INSTRUMENTS BY CATEGORY

The following table presents the carrying amounts of the Fund's financial assets and liabilities bycategory as at December 31, 2015 and December 31, 2014, respectively.

At FVTPL At Amortized Cost

Financial Assets as at December 31, 2015Held forTrading

$

Designatedat Inception

$Total

$Total

$

Financial assets at fair value through profit or loss - 219,630,034 219,630,034 -

Cash and cash equivalents - - - 25,663,014

Due from broker - - - 2,673,305

Accrued investment income - - - 1,112,499

Total - 219,630,034 219,630,034 29,448,818

Financial Liabilities as at December 31, 2015Held forTrading

$


$Total

$Total

$

Distributions payable - - - 3,893,874

Margin payable - - - 73,509,373

Due to broker - - - 661,771

Accounts payable and accrued liabilities - - - 271,192

Total - - - 78,336,210



At FVTPL At Amortized Cost

Financial Assets as at December 31, 2014Held forTrading

$


$Total

$Total

$

Financial assets at fair value through profit or loss - 434,656,837 434,656,837 -

Cash and cash equivalents - - - 115,025,296

Due from broker - - - 13,758,499

Accrued investment income - - - 1,452,269

Total - 434,656,837 434,656,837 130,236,064

Financial Liabilities as at December 31, 2014Held forTrading

$


$Total

$Total

$

Financial liabilities at FVTPL - 61,954,972 61,954,972 -

Distributions payable - - - 5,143,553

Margin payable - - - 139,071,594

Due to broker - - - 2,257,580

Accounts payable and accrued liabilities - - - 1,012,851

Total - 61,954,972 61,954,972 147,485,578

The following table presents the net gains (losses) on financial instruments at FVTPL by category for theperiod ended December 31, 2015 and December 31, 2014:

Net losses Net gains

Category2015

$2014

$

Net gains (losses) on financial instruments at FVTPLHeld for Trading - 2,153,597Designated at Inception (84,816,601) 30,093,811

Total net gains (losses) on financial instruments at FVTPL (84,816,601) 32,247,408

14. 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.

Gail CecilDirector, President & Chief Executive Officer

Jonathan TyrasDirector, Chief Financial Officer, Treasurer, andSecretary

Craig NobleDirector

INDEPENDENT REVIEW COMMITTEE

John P. Barratt (Chair)Corporate Director

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 Investment Management Inc.Brookfield 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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