OBJECTIVE AND STRATEGY
The Fund’s investment objective is to provide a high
level of total return, with an emphasis on income. The Fund seeks to achieve its investment objective by investing primarily in securities of publicly traded infrastructure companies.
Investment Risks: All
investment strategies and the investments made pursuant to such strategies involve the risk of loss, including the potential loss of the entire investment. The investment performance and the success of any investment strategy or particular
investment can never be predicted or guaranteed, and the value of an investment will fluctuate due to market conditions and other factors. The Fund is a diversified, closed-end management investment company. Shares of closed-end management
investment companies frequently trade at a discount to their net asset value, and the Fund’s common shares may likewise trade at a discount to their net asset value.
Investing in the Fund will be subject to risks incidental
to the ownership and operation of infrastructure assets. Such risks include risks associated with general economic climates; fluctuations in interest rates and currency; availability and attractiveness of secured and unsecured financing; compliance
with relevant government regulations; environmental liabilities; various uninsured or uninsurable unforeseen events; infrastructure development and construction and the ability of the relevant operating company to manage the relevant infrastructure
business. These risks, either individually or in combination, may cause, among other things, a reduction in income, an increase in operating costs and an increase in costs associated with investments in infrastructure assets, which may materially
affect the financial position and returns of specific investments generally. For additional information about the risks associated with investing in the Fund, investors should review the Fund’s Prospectus and Statement of Additional
Information.
Management Discussion of Fund
Performance
For the year ended December 31, 2019,
Brookfield Global Listed Infrastructure Income Fund Inc. (NYSE: INF) had a total return based on net asset value of 36.54% and a total return based on market price of 48.52%, which assumes the reinvestment of dividends and is exclusive of brokerage
commissions. Based on the NYSE closing price of $13.95 on December 31, 2019, the Fund’s shares had a distribution rate of 7.03%.1
With the exception of ports, all sectors contributed
positively to the Fund’s returns during the year. By sector type, toll roads, renewables/electric generation and pipelines contributed the most during the year.
By security, American Tower Corp. (AMT, Communications,
U.S.),Vinci SA (DG.FP, Toll Roads, Continental Europe) and Sempra Energy (SRE, Electricity Transmission & Distribution, U.S.) were the leading contributors to the Fund’s positive returns. Conversely, Clearway Energy, Inc. (CWEN.A,
Renewables/Electric Generation, U.S.), DP World PLC (DPW.DU, Ports, Middle East) and Eutelsat Communications SA (ETL.FP, Communications, Continental Europe) detracted the most from returns.2
INFRASTRUCTURE MARKET OVERVIEW
For the year, global infrastructure equities performed in
line with broader equities. The Dow Jones Brookfield Global Infrastructure Composite Index3 returned 26.5%. Regional returns were strongest in the
Americas and Europe, while Asia Pacific lagged amid weakness in Hong Kong markets.
For the year, the communications sector posted the
strongest gains within the infrastructure universe. U.S. tower communication stocks continued to perform well driven by strong earnings and steady organic growth expectations, which have been driven by rising forecasts for data traffic as well as
increasing capex among carriers. Sentiment related to the rollout of 5G networks and increased flows from real estate managers also contributed to performance.
Within utilities, the water sector was the strongest
performer. Water stocks in the U.K. rallied in the aftermath of the outcome of the U.K. election as the nationalization threat was removed. Returns in the U.S. were buoyed by