Brookfield Global Listed Infrastructure Income Fund, Inc.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22570
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
(Exact name of registrant as specified in charter)
BROOKFIELD PLACE
250 VESEY
STREET, 15th Floor
NEW YORK, NEW YORK 10281-1023
(Address of principal executive offices) (Zip code)
BRIAN F. HURLEY, PRESIDENT
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
BROOKFIELD PLACE
250 VESEY STREET,
15th Floor
NEW YORK, NEW YORK 10281-1023
(Name and address of agent for service)
Registrants telephone number, including area code: (855) 777-8001
Date of fiscal year end: December 31, 2017
Date of
reporting period: June 30, 2017
Item 1. Reports to Stockholders.
Brookfield Investment
Management
SEMI-ANNUAL REPORT
June 30, 2017
Brookfield Global Listed Infrastructure
Income Fund Inc.
Brookfield Investment Management Inc. (the
“Adviser”) is an SEC-registered investment adviser and represents the Public Securities platform of Brookfield Asset Management. The Adviser provides global listed real assets strategies including real estate equities, infrastructure
equities, real asset debt and diversified real assets. With over $15 billion of assets under management as of June 30, 2017, the Adviser manages separate accounts, registered funds and opportunistic strategies for institutional and individual
clients, including financial institutions, public and private pension plans, insurance companies, endowments and foundations, sovereign wealth funds and high net worth investors. The Adviser is a wholly owned subsidiary of Brookfield Asset
Management, a leading global alternative asset manager with approximately $250 billion of assets under management as of June 30, 2017. For more information, go to www.brookfield.com.
Brookfield Global Listed Infrastructure Income Fund Inc. is
managed by Brookfield Investment Management Inc. The Fund uses its website as a channel of distribution of material company information. Financial and other material information regarding the Fund is routinely posted on and accessible at
www.brookfield.com.
This report is for stockholder information. This is not a
prospectus intended for use in the purchase or sale of Fund shares.
NOT
FDIC INSURED |
MAY
LOSE VALUE |
NOT
BANK GUARANTEED |
[THIS PAGE IS INTENTIONALLY LEFT BLANK]
Dear Stockholders,
We are pleased to provide the Semi-Annual Report for
Brookfield Global Listed Infrastructure Income Fund Inc. (the “Fund”) for the six-month period ended June 30, 2017.
Global equities continued their post-U.S. election rally
during the first half of 2017 as the MSCI World Index1 returned 11.0%. Regional gains were led by Europe, which gained 15.9% amid an improving political
and economic backdrop; followed by Asia Pacific (up 11.3%) and North America (up 9.2%).
Global fixed-income markets, as measured by the Bloomberg
Barclays Global Aggregate Total Return Index1, rose 4.4% in the first half of 2017. Following the dramatic increase in interest rates during the fourth
quarter of 2016, the yield on 10-Year U.S. Treasuries declined 14 basis points during the period, closing at 2.30%.
Uncertainty returned to oil markets as the spot price of
West Texas Intermediate Crude Oil declined more than 14% during the period on continued concerns about oversupply and elevated inventory levels, closing at $46.02 per barrel.
The U.S. Federal Reserve (the “Fed”) increased
the target for the federal funds rate twice during the first half of 2017 (25 basis points each) to a range of 1.0% to 1.25%. At its June meeting the Federal Open Market Committee cited a strengthening labor market and moderately rising economic
activity in its June statement on monetary policy; but also noted that inflation measures have recently declined and are likely to remain below the Fed’s two percent target. Also in June, Fed officials indicated they could begin unwinding its
$4.5 trillion balance sheet this year. In Europe, European Central Bank (the “ECB”) president Mario Draghi called for “prudence” in the ECB’s policy; while in the U.K., Bank of England governor Mark Carney hinted at the
prospect for higher interest rates.
In Europe,
political uncertainty abated during the period, notably following the outcome of France’s presidential runoff, when the independent pro-European centrist Emmanuel Macron defeated far-right populist candidate Marine Le Pen.
Overall, we believe we will continue to be in an
attractive environment for infrastructure assets. We expect economic growth, inflation and interest rates to all move modestly higher. In such an environment, infrastructure asset companies should have a modest tailwind from earnings growth,
somewhat offset by a modest headwind from rising interest rates. We remain mindful of potential headwinds, but are focused on security selection.
In addition to performance information, this report provides
the Fund’s unaudited financial statements as of June 30, 2017.
We welcome your questions and comments, and encourage you to
contact our Investor Relations team at (855) 777-8001 or visit us at www.brookfield.com for more information. Thank you for your support.
Sincerely,
Brian F. Hurley
President
Brookfield Global Listed Infrastructure Income Fund Inc.
Craig Noble
CEO, Chief Investment Officer and Portfolio Manager
Brookfield Investment Management Inc.
Letter to Stockholders (continued)
1 The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to
measure the equity market performance of developed markets.
2 The Bloomberg Barclays Global Aggregate Total Return Index is a measure of global investment grade debt from
24 local currency markets. The multi-currency benchmark includes treasury, government-related, corporate and securitized fixed rate bonds from both developed and emerging market issuers.
Past performance is no guarantee of future results.
2Brookfield Investment Management Inc.
Brookfield Global Listed Infrastructure Income Fund Inc.
Portfolio Characteristics (Unaudited)
June 30, 2017
PORTFOLIO
STATISTICS |
|
Annualized
distribution rate1 |
7.13%
|
Percentage
of leveraged assets |
27.07%
|
Total
number of holdings |
48
|
ASSET
ALLOCATION BY GEOGRAPHY |
Percent
of Net Assets |
United
States |
74.4%
|
Canada
|
13.0%
|
United
Kingdom |
11.5%
|
Italy
|
10.1%
|
France
|
7.9%
|
Spain
|
5.8%
|
Australia
|
4.0%
|
Switzerland
|
3.7%
|
Mexico
|
2.9%
|
New
Zealand |
2.9%
|
Brazil
|
0.8%
|
Liabilities
in Excess of Other Assets |
(37.0)%
|
Total
|
100.0%
|
ASSET
ALLOCATION BY SECTOR |
|
Pipelines
|
31.3%
|
Toll
Roads |
21.5%
|
Electricity
Transmission & Distribution |
19.7%
|
Electric
Utilities & Generation |
13.3%
|
Telecommunication
Services |
11.9%
|
Midstream
|
9.7%
|
Airports
|
6.6%
|
Water
|
6.5%
|
Energy
|
6.2%
|
Gas
Utilities |
4.2%
|
Oil
Gas Transportation & Distribution |
3.1%
|
Other
|
3.0%
|
Liabilities
in Excess of Other Assets |
(37.0)%
|
Total
|
100.0%
|
TOP
TEN HOLDINGS |
|
American
Tower Corp. |
9.2%
|
TransCanada
Corp. |
7.4%
|
Vinci
SA |
6.3%
|
Enterprise
Products Partners LP |
6.2%
|
Energy
Transfer Partners LP |
6.2%
|
Ferrovial
SA |
5.8%
|
National
Grid PLC |
5.8%
|
Atlantia
SpA |
5.7%
|
PG&E
Corp. |
4.8%
|
Pembina
Pipeline Corp. |
4.3%
|
1 The distribution rate referenced above is calculated as the annualized amount of the most recent monthly
distribution declared divided by June 30, 2017 stock price. This calculation does not include any non-income items such as loan proceeds or borrowings. The Fund estimates that it has distributed more than its net investment income and net realized
capital gains; therefore, a portion of your distribution may be a return of capital. Year-to-date through June 30, 2017, the Fund estimates approximately 64.29% of its distributions is a return of capital.
Brookfield Global Listed Infrastructure Income Fund Inc.
Schedule of
Investments (Unaudited)
June 30, 2017
|
|
|
Shares
|
Value
|
COMMON
STOCKS – 133.0% |
|
|
|
AUSTRALIA
– 2.9% |
|
|
|
Pipelines
– 2.9% |
|
|
|
APA Group
|
|
|
850,100
|
$
5,989,978 |
Total
AUSTRALIA |
|
|
|
5,989,978
|
BRAZIL
– 0.8% |
|
|
|
Water
– 0.8% |
|
|
|
Cia de Saneamento Basico do Estado de Sao Paulo (ADR)
|
|
|
173,900
|
1,655,528
|
Total
BRAZIL |
|
|
|
1,655,528
|
CANADA
– 13.0% |
|
|
|
Pipelines
– 13.0% |
|
|
|
Kinder Morgan Canada Ltd.
1,2
|
|
|
230,800
|
2,817,369
|
Pembina Pipeline Corp.
3
|
|
|
266,100
|
8,813,229
|
TransCanada Corp.
3
|
|
|
322,100
|
15,354,890
|
Total
Pipelines |
|
|
|
26,985,488
|
Total
CANADA |
|
|
|
26,985,488
|
FRANCE
– 7.9% |
|
|
|
Toll
Roads – 7.9% |
|
|
|
Groupe Eurotunnel SE
|
|
|
327,000
|
3,488,941
|
Vinci SA
3
|
|
|
151,600
|
12,931,732
|
Total
Toll Roads |
|
|
|
16,420,673
|
Total
FRANCE |
|
|
|
16,420,673
|
ITALY
– 10.1% |
|
|
|
Electric
Utilities & Generation – 3.3% |
|
|
|
ACEA SpA
|
|
|
160,360
|
2,430,474
|
Enel SpA
|
|
|
818,600
|
4,390,568
|
Total
Electric Utilities & Generation |
|
|
|
6,821,042
|
Pipelines
– 1.1% |
|
|
|
Italgas SpA
3
|
|
|
439,980
|
2,222,162
|
Toll
Roads – 5.7% |
|
|
|
Atlantia SpA
|
|
|
422,500
|
11,884,706
|
Total
ITALY |
|
|
|
20,927,910
|
MEXICO
– 2.9% |
|
|
|
Pipelines
– 0.8% |
|
|
|
Infraestructura Energetica Nova SAB de CV
|
|
|
308,000
|
1,641,592
|
Toll
Roads – 2.1% |
|
|
|
OHL Mexico SAB de CV
|
|
|
1,127,800
|
1,626,878
|
Promotora y Operadora de Infraestructura SAB de CV
|
|
|
236,800
|
2,828,748
|
Total
Toll Roads |
|
|
|
4,455,626
|
Total
MEXICO |
|
|
|
6,097,218
|
NEW
ZEALAND – 2.9% |
|
|
|
Airports
– 2.9% |
|
|
|
Auckland International Airport Ltd.
3
|
|
|
1,140,800
|
5,960,901
|
Total
NEW ZEALAND |
|
|
|
5,960,901
|
See Notes to Financial Statements.
4Brookfield
Investment Management Inc.
Brookfield Global Listed Infrastructure Income Fund Inc.
Schedule of Investments (Unaudited) (continued)
June 30, 2017
|
|
|
Shares
|
Value
|
COMMON
STOCKS (continued) |
|
|
|
SPAIN
– 5.8% |
|
|
|
Toll
Roads – 5.8% |
|
|
|
Ferrovial SA
3
|
|
|
544,883
|
$
12,103,620 |
Total
SPAIN |
|
|
|
12,103,620
|
SWITZERLAND
– 3.7% |
|
|
|
Airports
– 3.7% |
|
|
|
Flughafen Zurich AG
3
|
|
|
30,800
|
7,564,487
|
Total
SWITZERLAND |
|
|
|
7,564,487
|
UNITED
KINGDOM – 11.5% |
|
|
|
Electricity
Transmission & Distribution – 5.8% |
|
|
|
National Grid PLC
|
|
|
965,092
|
11,958,015
|
Water
– 5.7% |
|
|
|
Pennon Group PLC
3
|
|
|
582,700
|
6,262,241
|
Severn Trent PLC
|
|
|
192,800
|
5,481,023
|
Total
Water |
|
|
|
11,743,264
|
Total
UNITED KINGDOM |
|
|
|
23,701,279
|
UNITED
STATES – 71.5% |
|
|
|
Electric
Utilities & Generation – 10.0% |
|
|
|
American Electric Power Company, Inc.
3
|
|
|
76,700
|
5,328,349
|
FirstEnergy Corp.
|
|
|
200,300
|
5,840,748
|
NRG Yield, Inc. - Class A
|
|
|
280,600
|
4,787,036
|
Pattern Energy Group, Inc.
3
|
|
|
197,100
|
4,698,864
|
Total
Electric Utilities & Generation |
|
|
|
20,654,997
|
Electricity
Transmission & Distribution – 13.9% |
|
|
|
Avangrid, Inc.
|
|
|
65,900
|
2,909,485
|
Edison International
3
|
|
|
111,400
|
8,710,366
|
PG&E Corp.
3
|
|
|
151,100
|
10,028,507
|
Sempra Energy
3
|
|
|
63,900
|
7,204,725
|
Total
Electricity Transmission & Distribution |
|
|
|
28,853,083
|
Energy
– 6.2% |
|
|
|
Energy Transfer Partners LP
3
|
|
|
624,650
|
12,736,614
|
Gas
Utilities – 4.2% |
|
|
|
NiSource, Inc.
3
|
|
|
340,300
|
8,630,008
|
Midstream
– 12.8% |
|
|
|
Cheniere Energy Partners LP
|
|
|
177,600
|
5,754,240
|
Enable Midstream Partners LP
|
|
|
61,500
|
980,310
|
Phillips 66 Partners LP
|
|
|
50,400
|
2,490,768
|
Rice Midstream Partners LP
|
|
|
249,600
|
4,977,024
|
Targa Resources Corp.
3
|
|
|
142,201
|
6,427,485
|
The Williams Companies, Inc.
3
|
|
|
192,900
|
5,841,012
|
Total
Midstream |
|
|
|
26,470,839
|
Other
– 0.1% |
|
|
|
Teekay Offshore Partners LP
|
|
|
107,567
|
308,717
|
Pipelines
– 12.4% |
|
|
|
Enbridge Energy Management LLC
2,3
|
|
|
2
|
28
|
See Notes to Financial Statements.
Brookfield Global Listed Infrastructure Income Fund Inc.
Schedule of Investments (Unaudited) (continued)
June 30, 2017
|
|
|
Shares
|
Value
|
COMMON
STOCKS (continued) |
|
|
|
Enbridge Energy Partners LP
|
|
|
207,200
|
$
3,315,200 |
Energy Transfer Equity LP
|
|
|
151,100
|
2,713,756
|
Enterprise Products Partners LP
3
|
|
|
474,400
|
12,846,752
|
Williams Partners LP
3
|
|
|
166,700
|
6,686,337
|
Total
Pipelines |
|
|
|
25,562,073
|
Telecommunication
Services – 11.9% |
|
|
|
American Tower Corp.
3
|
|
|
144,000
|
19,054,080
|
Crown Castle International Corp.
|
|
|
55,500
|
5,559,990
|
Total
Telecommunication Services |
|
|
|
24,614,070
|
Total
UNITED STATES |
|
|
|
147,830,401
|
Total COMMON STOCKS (Cost $247,941,501)
|
|
|
|
275,237,483
|
CONVERTIBLE
PREFERRED STOCK – 2.8% |
|
|
|
UNITED
STATES – 2.8% |
|
|
|
Other
– 2.8% |
|
|
|
Teekay Offshore Partners LP, Series D, 10.5%
4,5
|
|
|
245,575
|
5,869,242
|
Total
UNITED STATES |
|
|
|
5,869,242
|
Total CONVERTIBLE PREFERRED STOCK (Cost $5,573,497)
|
|
|
|
5,869,242
|
|
|
|
Principal
Amount (000s) |
Value
|
CORPORATE
BOND – 1.1% |
|
|
|
AUSTRALIA
– 1.1% |
|
|
|
Pipelines
– 1.1% |
|
|
|
APT Pipelines Ltd., 6.21%, 09/30/72
6
|
|
|
AUD2,919
|
$
2,306,145 |
Total
AUSTRALIA |
|
|
|
2,306,145
|
Total CORPORATE BOND (Cost $3,053,458)
|
|
|
|
2,306,145
|
|
|
|
Shares
|
Value
|
WARRANTS –
0.1% |
|
|
|
UNITED
STATES – 0.1% |
|
|
|
Other
– 0.1% |
|
|
|
Teekay Offshore Partners LP, Series A 2,4,5 Expiration: June 2023
Exercise Price:
$4.55
|
|
|
276,272
|
$
60,780 |
See Notes to Financial Statements.
6Brookfield
Investment Management Inc.
Brookfield Global Listed Infrastructure Income Fund Inc.
Schedule of Investments (Unaudited) (continued)
June 30, 2017
|
|
|
Shares
|
Value
|
WARRANTS (continued)
|
|
|
|
Teekay Offshore Partners LP, Series B 2,4,5 Expiration: June 2023
Exercise Price:
$6.05
|
|
|
138,136
|
$
17,958 |
Total
Other |
|
|
|
78,738
|
Total
UNITED STATES |
|
|
|
78,738
|
Total WARRANTS (Cost – $0)
|
|
|
|
78,738
|
Total Investments – 137.0% (Cost $256,568,456)
|
|
|
|
283,491,608
|
Liabilities in Excess of Other Assets – (37.0)%
|
|
|
|
(76,597,617)
|
TOTAL NET ASSETS – 100.0%
|
|
|
|
$206,893,991
|
The following
notes should be read in conjunction with the accompanying Schedule of Investments. |
AUD—
Australian Dollar |
ADR—
American Depositary Receipt. |
1
|
—
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2017, the total value of all
such securities was $2,817,369 or 1.4% of net assets. |
2
|
—
Non-income producing security. |
3
|
— All
or a portion of this security is pledged as collateral for credit facility. |
4
|
—
Security fair valued in good faith pursuant to the fair value procedures adopted by the Board of Directors. As of June 30, 2017, the total value of all such securities was $5,947,980 or 2.9% of net assets. |
5
|
—
Private Placement. |
6
|
—
Variable rate security – Interest rate shown is the rate in effect as of June 30, 2017. |
See Notes to Financial Statements.
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Statement of
Assets and Liabilities (Unaudited)
June 30, 2017
Assets:
|
|
Investments in securities, at value (cost
$256,568,456)
|
$283,491,608
|
Cash
|
529,885
|
Dividends
receivable
|
1,441,798
|
Receivable for investments
sold
|
2,609,979
|
Prepaid
expenses
|
25,888
|
Total
assets
|
288,099,158
|
Liabilities:
|
|
Payable for credit facility (Note
6)
|
78,000,000
|
Payable for credit facility
interest
|
8,807
|
Payable for investments
purchased
|
2,852,236
|
Investment advisory fee
payable
|
236,574
|
Administration fee
payable
|
35,486
|
Directors' fee
payable
|
11,390
|
Accrued
expenses
|
60,674
|
Total
liabilities
|
81,205,167
|
Commitments and contingencies (Note
9)
|
|
Net
Assets
|
$206,893,991
|
Composition
of Net Assets: |
|
Capital stock, at par value ($0.001 par value, 1,000,000,000 shares
authorized)
|
$
13,799 |
Additional paid-in
capital
|
211,523,944
|
Distributions in excess of net investment
income
|
(6,461,050)
|
Accumulated net realized loss on investments, written options contracts, foreign currency and foreign currency transactions, and forward currency
contracts
|
(25,102,151)
|
Net unrealized appreciation on investments and foreign currency
translations
|
26,919,449
|
Net assets applicable to capital stock
outstanding
|
$206,893,991
|
Shares
Outstanding and Net Asset Value Per Share: |
|
Shares
outstanding
|
13,799,240
|
Net asset value per
share
|
$
14.99 |
See Notes to Financial Statements.
8Brookfield
Investment Management Inc.
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Statement of
Operations (Unaudited)
For the Six Months Ended June 30, 2017
Investment
Income: |
|
Dividends (net of foreign withholding tax of
$240,054)
|
$
5,318,354 |
Interest
|
66,738
|
Total investment
income
|
5,385,092
|
Expenses:
|
|
Investment advisory fees (Note
4)
|
1,405,932
|
Administration fees (Note
4)
|
210,890
|
Directors'
fees
|
67,444
|
Legal
fees
|
48,196
|
Fund accounting
fees
|
29,519
|
Reports to
stockholders
|
28,081
|
Custodian
fees
|
25,313
|
Audit and tax
services
|
25,076
|
Registration
fees
|
12,398
|
Miscellaneous
|
10,908
|
Transfer agent
fees
|
7,597
|
Insurance
|
5,568
|
Total expenses before interest
expense
|
1,876,922
|
Interest expense on credit facility (Note
6)
|
758,936
|
Total
expenses
|
2,635,858
|
Net investment
income
|
2,749,234
|
Realized
and Unrealized Gain (Loss): |
|
Net
realized gain (loss) on: |
|
Investments
|
4,339,822
|
Written option
contracts
|
128,660
|
Foreign currency and foreign currency
transactions
|
(317,468)
|
Net realized
gain
|
4,151,014
|
Net
change in unrealized appreciation (depreciation) on: |
|
Investments
|
15,382,630
|
Written option
contracts
|
(25,940)
|
Foreign currency
translations
|
19,353
|
Net change in unrealized
appreciation
|
15,376,043
|
Net realized and unrealized
gain
|
19,527,057
|
Net increase in net assets resulting from
operations
|
$22,276,291
|
See Notes to Financial Statements.
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Statements of
Changes in Net Assets
|
For
the Six Months Ended June 30, 2017 (Unaudited) |
|
For
the Year Ended December 31, 2016 |
Increase
in Net Assets Resulting from Operations: |
|
|
|
Net investment
income
|
$
2,749,234 |
|
$
2,552,952 |
Net realized gain (loss) on investments, written options contracts, foreign currency and foreign currency transactions, and forward currency
contracts
|
4,151,014
|
|
(21,013,249)
|
Net change in unrealized appreciation on investments, written options contracts, foreign currency translations and forward currency
contracts
|
15,376,043
|
|
34,250,009
|
Net increase in net assets resulting from
operations
|
22,276,291
|
|
15,789,712
|
Distributions
to Stockholders: |
|
|
|
Net investment
income
|
(7,730,334)
|
|
—
|
Return of
capital
|
—
|
|
(19,324,456)
|
Total
distributions
|
(7,730,334)
|
|
(19,324,456)
|
Total increase (decrease) in net
assets
|
14,545,957
|
|
(3,534,744)
|
Net
Assets: |
|
|
|
Beginning of
period
|
192,348,034
|
|
195,882,778
|
End of
period
|
$206,893,991
|
|
$192,348,034
|
Distributions in excess of net investment
income
|
$
(6,461,050) |
|
$
(1,479,950) |
See Notes to Financial Statements.
10Brookfield
Investment Management Inc.
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Statement of Cash
Flows (Unaudited)
For the Six Months Ended June 30, 2017
Increase
(Decrease) in Cash: |
Cash
flows provided by (used for) operating activities: |
Net increase in net assets resulting from
operations
|
$
22,276,291 |
Adjustments
to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |
Purchases of portfolio
investments
|
(111,564,378)
|
Proceeds from disposition of portfolio
investments
|
114,676,807
|
Return of capital distributions from portfolio
investments
|
2,628,811
|
Increase in dividends
receivable
|
(465,035)
|
Increase in prepaid
expenses
|
(25,888)
|
Decrease in payable for credit facility
interest
|
(4,681)
|
Increase in investment advisory fee
payable
|
10,875
|
Increase in administration fee
payable
|
1,631
|
Decrease in directors' fee
payable
|
(98)
|
Decrease in accrued
expenses
|
(50,143)
|
Net amortization on
investments
|
1,487
|
Net change in unrealized appreciation on
investments
|
(15,382,630)
|
Net change in unrealized depreciation on written option
contracts
|
25,940
|
Net realized gain on
investments
|
(4,339,822)
|
Net cash provided by operating
activities
|
7,789,167
|
Cash
flows used for financing activities: |
Distributions paid to
stockholders
|
(7,730,334)
|
Net cash used for financing
activities
|
(7,730,334)
|
Net increase in
cash
|
58,833
|
Cash at the beginning of
period
|
471,052
|
Cash at the end of
period
|
$
529,885 |
Interest
payments for the six months ended June 30, 2017 totaled $763,617. |
See Notes to Financial Statements.
2017 Semi-Annual Report11
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Financial Highlights
|
For
the Six Months ended June 30, 2017 |
|
For
the Year Ended December 31, |
|
(Unaudited)
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
Per
Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of
period
|
$
13.94 |
|
$
14.20 |
|
$
22.95 |
|
$
22.35 |
|
$
21.39 |
|
$
20.12 |
Net investment
income1
|
0.20
|
|
0.18
|
|
0.28
|
|
0.38
|
|
0.69
|
|
0.65
|
Net realized and unrealized gain (loss) on investment
transactions
|
1.41
|
|
0.96
|
|
(6.18)
|
|
2.28
|
|
3.71
|
|
2.02
|
Net increase (decrease) in net asset value resulting from
operations
|
1.61
|
|
1.14
|
|
(5.90)
|
|
2.66
|
|
4.40
|
|
2.67
|
Distributions from net investment
income
|
(0.56)
|
|
—
|
|
(0.22)
|
|
(1.16)
|
|
(1.40)
|
|
(0.48)
|
Distributions from net realized
gains
|
—
|
|
—
|
|
—
|
|
(0.78)
|
|
(0.95)
|
|
(0.89)
|
Return of capital
distributions
|
—
|
|
(1.40)
|
|
(1.18)
|
|
(0.12)
|
|
—
|
|
(0.03)
|
Total distributions
paid
|
(0.56)
|
|
(1.40)
|
|
(1.40)
|
|
(2.06)
|
|
(2.35)
|
|
(1.40)
|
Dilution due to rights
offering
|
—
|
|
—
|
|
(1.45)
3 |
|
—
|
|
(1.09)
2 |
|
—
|
Net asset value, end of
period
|
$
14.99 |
|
$
13.94 |
|
$
14.20 |
|
$
22.95 |
|
$
22.35 |
|
$
21.39 |
Market price, end of
period
|
$
13.75 |
|
$
12.83 |
|
$
11.75 |
|
$
20.89 |
|
$
19.77 |
|
$
20.15 |
Total
Investment Return based on Net asset value# |
11.55%
5 |
|
8.35%
|
|
-33.26%
|
|
11.57%
|
|
15.79%
|
|
13.71%
|
Total
Investment Return based on Market price† |
11.63%
5 |
|
22.45%
|
|
-38.62%
|
|
15.91%
|
|
9.76%
|
|
23.06%
|
Ratios
to Average Net Assets/Supplementary Data: |
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period
(000s)
|
$206,894
|
|
$192,348
|
|
$195,883
|
|
$237,399
|
|
$231,188
|
|
$165,881
|
Operating expenses excluding interest
expense
|
1.84%
6 |
|
1.85%
|
|
1.85%
|
|
1.71%
|
|
1.69%
|
|
1.83%
|
Interest
expense
|
0.75%
6 |
|
0.73%
|
|
0.46%
|
|
0.32%
|
|
0.32%
|
|
0.42%
|
Total
expenses
|
2.59%
6 |
|
2.58%
|
|
2.31%
|
|
2.03%
|
|
2.01%
|
|
2.25%
|
Net investment
income
|
2.70%
6 |
|
1.30%
|
|
1.47%
|
|
1.51%
|
|
3.00%
|
|
3.12%
|
Portfolio turnover
rate
|
41%
5 |
|
93%
|
|
46%
|
|
19%
|
|
57%
|
|
76%
|
Credit facility, end of period
(000s)
|
$
78,000 |
|
$
78,000 |
|
$
82,000 |
|
$
90,000 |
|
$
80,000 |
|
$
53,000 |
Asset coverage per $1,000 unit of senior
indebtedness4
|
$
3,652 |
|
$
3,466 |
|
$
3,389 |
|
$
3,638 |
|
$
3,890 |
|
$4,130 |
# |
Total
investment return based on net asset value (“NAV”) is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The actual reinvest price for the last dividend
declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total investment return excludes the effects of sales charges or contingent deferred
sales charges, if applicable. |
† |
Total
investment return based on market price is the combination of changes in the New York Stock Exchange market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The actual reinvestment for the last dividend declared in the period may take place over several days as described in the Fund’s dividend reinvestment plan, and in some instances may not be based on the
market price, so the actual reinvestment price may be different from the price used in the calculation. Total investment return excludes the effect of broker commissions. |
1 |
Per share
amounts presented are based on average shares outstanding throughout the period indicated. |
2 |
Effective as
of the close of business on September 19, 2013, the Fund issued transferrable rights to its stockholders to subscribe for up to 2,590,000 shares of common stock at a rate of one share for every 3 rights held. The subscription price was initially
set at 90% of the average closing price for the last 5 trading days of the offering period. However as the subscription price was less than 80% of the Net Asset Value ("NAV") of the Fund's common shares at the close of trading on the New York Stock
Exchange ("NYSE") on the expiration date, the subscription price was 80% of the Fund's NAV at the close of trading on that day. The shares were subscribed at a price of $19.29 which was less than the October 18, 2013 NAV of $24.11 thus creating a
dilutive effect on the NAV. |
3 |
Effective as
of the close of business on April 21, 2015, the Fund issued transferrable rights to its stockholders to subscribe for up to 3,454,000 shares of common stock at a rate of one share for every 3 rights held. The subscription price was initially set at
90% of the average closing price for the last 5 trading days of the offering period. However as the subscription price was less than 78% of the NAV of the Fund's common shares at the close of trading on the NYSE on the expiration date, the
subscription price was 78% of the Fund's NAV at the close of trading on that day. The shares were subscribed at a price of $17.20 which was less than the May 22, 2015 NAV of $22.05 thus creating a dilutive effect on the NAV. |
4 |
Calculated
by subtracting the Fund's total liabilities (not including borrowings) from the Fund's total assets and dividing by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. |
5 |
Not
annualized. |
6 |
Annualized.
|
See Notes to Financial Statements.
12Brookfield
Investment Management Inc.
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Notes to Financial
Statements (Unaudited)
June 30, 2017
1.Organization
Brookfield Global Listed Infrastructure Income Fund Inc.
(the “Fund”) was incorporated under the laws of the State of Maryland on June 8, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a non-diversified, closed-end management
investment company, which invests primarily in publicly traded infrastructure companies. The Fund commenced operations on August 26, 2011.
Brookfield Investment Management Inc. (“BIM”
or “Adviser”), a wholly-owned subsidiary of Brookfield Asset Management Inc., is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and serves as investment adviser to the Fund.
The investment objective of the Fund is to provide a high
level of total return, with an emphasis on income. The investment objective is not fundamental and may be changed by the Fund's Board of Directors (the “Board”) without stockholder approval, upon not less than 60 days prior written
notice to stockholders. No assurance can be given that the Fund’s investment objective will be achieved.
2.Significant Accounting
Policies
The preparation of financial statements in
conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is an
investment company within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2013-08 and follows accounting and reporting guidance under FASB Accounting Standards Codification
(“ASC”) Topic 946 Financial Services-Investment Companies.
Valuation of Investments:
The Board has adopted procedures for the valuation of the Fund’s securities. The Adviser oversees the day to day responsibilities for valuation determinations under these procedures. The Board regularly reviews
the application of these procedures to the securities in the Fund’s portfolio. The Adviser’s Valuation Committee is comprised of senior members of the Adviser’s management team. There can be no assurance that the Fund could
purchase or sell a portfolio security at the price used to calculate the Fund’s NAV.
Debt securities, including U.S. government securities,
listed corporate bonds, other fixed income and asset-backed securities, and unlisted securities and private placement securities, are generally valued at the bid prices furnished by an independent pricing service or, if not valued by an independent
pricing service, using bid prices obtained from active and reliable market makers in any such security or a broker-dealer. The broker-dealers or pricing services use multiple valuation techniques to determine fair value. In instances where
sufficient market activity exists, the broker-dealers or pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is
limited, the broker-dealers or pricing services may also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market
characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon-rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to
estimate the relevant cash flows, which are then discounted to calculate the fair values. Short-term debt securities with remaining maturities of sixty days or less are valued at amortized cost of discount or premium to maturity, unless such
valuation, in the judgment of the Adviser’s Valuation Committee, does not represent fair value.
Investments in equity securities listed or traded on any
securities exchange or traded in the over-the-counter market are valued at the last trade price as of the close of business on the valuation date. Prices of foreign equities that are principally traded on certain foreign markets will generally be
adjusted daily pursuant to a fair value pricing service approved by the Board in order to reflect an adjustment for the factors occurring after the
2017 Semi-Annual Report13
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Notes to Financial
Statements (Unaudited) (continued)
June 30, 2017
close of certain foreign markets but before the NYSE Close. When fair
value pricing is employed, the value of the portfolio securities used to calculate the Fund’s net asset values may differ from quoted or official closing prices. Investments in open-end registered investment companies, if any, are valued at
the net asset value (“NAV”) as reported by those investment companies.
Securities for which market prices are not readily
available or which cannot be valued using the sources described above will be valued using an internal proprietary fair value methodology. For any security warranting such fair value measurement, a memorandum, including the specific methodology and
supporting information, will be provided to the Valuation Committee by a portfolio manager or analyst looking to fair value a particular security utilizing the internal proprietary fair value methodology. A portfolio manager or analyst shall use
their best efforts to maximize the use of relevant observable inputs and minimize the use of unobservable inputs within their valuation technique. The Valuation Committee shall review the memorandum and supporting information provided by a portfolio
manager or analyst and consider all relevant factors as it deems appropriate before approving the fair value recommendation.
The Fund may use the fair value of a security to calculate
its NAV when, for example, (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and not resumed prior to the normal market close,
(3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Adviser determines that the quotation or price for a portfolio security provided by a broker-dealer or an independent pricing service is
inaccurate.
The fair value of securities may be
difficult to determine and thus judgment plays a greater role in the valuation process. The fair valuation methodology may include or consider the following guidelines, as appropriate: (1) evaluation of all relevant factors, including but not
limited to, pricing history, current market level, supply and demand of the respective security; (2) comparison to the values and current pricing of securities that have comparable characteristics; (3) knowledge of historical market information with
respect to the security; (4) other factors relevant to the security which would include, but not be limited to, duration, yield, fundamental analytical data, the Treasury yield curve, and credit quality.
The values assigned to fair valued investments are based
on available information and do not necessarily represent amounts that might ultimately be realized, since such amounts depend on future developments inherent in investments. Changes in the fair valuation of portfolio securities may be less frequent
and of greater magnitude than changes in the price of portfolio securities valued at their last sale price, by an independent pricing service, or based on market quotations. Imprecision in estimating fair value can also impact the amount of
unrealized appreciation or depreciation recorded for a particular portfolio security and differences in the assumptions used could result in a different determination of fair value, and those differences could be material.
The Fund has established methods of fair value
measurements in accordance with GAAP. Fair value denotes the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier
hierarchy has been established to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that
market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent
in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained
from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the
best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
14Brookfield
Investment Management Inc.
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Notes to Financial
Statements (Unaudited) (continued)
June 30, 2017
Level 1
- |
quoted prices in active
markets for identical assets or liabilities |
Level 2
- |
quoted prices in markets
that are not active or other significant observable inputs (including, but not limited to: quoted prices for similar assets or liabilities, quoted prices based on recently executed transactions, interest rates, credit risk, etc.) |
Level 3
- |
significant
unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets or liabilities) |
The Adviser’s valuation policy, as previously
stated, establishes parameters for the sources and types of valuation analysis, as well as, the methodologies and inputs the Valuation Committee uses in determining fair value. If the Valuation Committee determines that additional techniques,
sources or inputs are appropriate or necessary in a given situation, such additional work will be undertaken.
Significant increases or decreases in any of the unobservable
inputs in isolation may result in a lower or higher fair value measurement.
To assess the continuing appropriateness of security
valuations, the Adviser (or its third party service provider, who is subject to oversight by the Adviser), regularly compares its prior day prices, prices on comparable securities and sale prices to the current day prices and challenges those prices
that exceed certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, the Adviser’s Valuation Committee reviews and affirms the reasonableness of the valuations based on
such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.
The inputs or methodology used for valuing investments are
not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the Fund’s investments
valuation inputs categorized in the disclosure hierarchy as of June 30, 2017:
Description
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Total
|
Common
Stocks: |
|
|
|
|
|
|
|
Australia
|
$
— |
|
$
5,989,978 |
|
$
— |
|
$
5,989,978 |
Brazil
|
1,655,528
|
|
—
|
|
—
|
|
1,655,528
|
Canada
|
26,985,488
|
|
—
|
|
—
|
|
26,985,488
|
France
|
—
|
|
16,420,673
|
|
—
|
|
16,420,673
|
Italy
|
4,652,636
|
|
16,275,274
|
|
—
|
|
20,927,910
|
Mexico
|
6,097,218
|
|
—
|
|
—
|
|
6,097,218
|
New
Zealand
|
—
|
|
5,960,901
|
|
—
|
|
5,960,901
|
Spain
|
—
|
|
12,103,620
|
|
—
|
|
12,103,620
|
Switzerland
|
—
|
|
7,564,487
|
|
—
|
|
7,564,487
|
United
Kingdom
|
—
|
|
23,701,279
|
|
—
|
|
23,701,279
|
United
States
|
147,830,401
|
|
—
|
|
—
|
|
147,830,401
|
Total Common
Stocks
|
187,221,271
|
|
88,016,212
|
|
—
|
|
275,237,483
|
Convertible
Preferred Stock: |
|
|
|
|
|
|
|
United
States
|
—
|
|
—
|
|
5,869,242
|
|
5,869,242
|
Corporate
Bond: |
|
|
|
|
|
|
|
Australia
|
—
|
|
2,306,145
|
|
—
|
|
2,306,145
|
Warrants:
|
|
|
|
|
|
|
|
United
States
|
—
|
|
78,738
|
|
—
|
|
78,738
|
Total
|
$
187,221,271 |
|
$
90,401,095 |
|
$
5,869,242 |
|
$
283,491,608 |
2017 Semi-Annual Report15
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Notes to Financial
Statements (Unaudited) (continued)
June 30, 2017
The table below shows the significant unobservable valuation
inputs that were used by the Adviser’s Valuation Committee to fair value these Level 3 investments as of June 30, 2017.
|
Quantitative
Information about Level 3 Fair Value Measurements |
Asset
Type |
Value
as of June 30, 2017 |
Valuation
Approach |
Valuation
Technique |
Unobservable
Input |
Amount
or Range/(Weighted Average) |
Impact
to Valuation from an Increase in Input(1) |
Convertible
Preferred Stock: |
|
|
|
|
|
|
Teekay
Offshore Partners LP, Series D, 10.5% |
$5,869,242
|
Income
Approach |
Discounted
Cash Flow |
Discount
Rate |
10.91%-11.23%
(11.07%) |
Decrease
|
(1) The impact represents the expected directional change in the fair value of the Level 3 investments that
would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
The following is a reconciliation of assets in which
significant unobservable inputs (Level 3) were used in determining fair value:
Investments
in Securities |
Common
Stock |
|
Convertible
Preferred Stock |
|
Total
|
Balance at December 31,
2016
|
213,452
|
|
6,139,375
|
|
6,352,827
|
Accrued discounts
(premiums)
|
—
|
|
—
|
|
—
|
Realized gain
(loss)
|
—
|
|
—
|
|
—
|
Change in unrealized appreciation
(depreciation)
|
28,315
|
|
52,209
|
|
80,524
|
Purchases at
cost
|
—
|
|
—
|
|
—
|
Sales
proceeds
|
(231,701)
(1) |
|
—
|
|
(231,701)
|
Return of capital
distributions
|
(10,066)
|
|
(322,342)
|
|
(332,408)
|
Balance at June 30,
2017
|
$
— |
|
5,869,242
|
|
5,869,242
|
Change in unrealized gains or losses relating to assets still held at the reporting
date
|
$
— |
|
52,209
|
|
52,209
|
(1) Delivered through corporate action.
The fair value of the Fund’s credit facility, which
qualifies as a financial instrument under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820 Disclosures about Fair Values of Financial Instruments, approximates the carrying
amounts presented in the Statement of Assets and Liabilities. As of June 30, 2017, this financial instrument is categorized as a Level 2 within the disclosure hierarchy.
During the six months ended June 30, 2017, there were
transfers from Level 2 to Level 1 of $2,430,474, which represent common stocks that were previously priced using the factor adjusted prices and currently priced using the market close prices. The basis for recognizing and valuing transfers is as of
the end of the period in which transfers occur.
Investment Transactions and Investment Income: Securities transactions are recorded on the trade date. Realized gains and losses from securities transactions are calculated on the identified cost basis. Interest income is recorded on the accrual basis. Discounts and
premiums on securities are accreted and amortized, respectively, on a daily basis, using the effective yield to maturity method adjusted based on management’s assessment of the collectability of such interest. Dividend income is recorded on
the ex-dividend date. Net realized gain (loss) on the Statement Of Operations may also include realized gain distributions received from real estate investment trusts (“REITs”). Distributions of net realized gains are recorded on the
REIT's ex-dividend date.
16Brookfield
Investment Management Inc.
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Notes to Financial
Statements (Unaudited) (continued)
June 30, 2017
Foreign Currency Transactions: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of securities and income and expense items denominated
in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund isolates the portion of realized gains or losses resulting from changes in foreign exchange rates on securities from the
fluctuations arising from changes in market prices of securities held. The Fund does not isolate the portion of unrealized gains or losses resulting from changes in foreign exchange rates on securities from the fluctuations arising from changes in
market prices of securities held.
Reported
net realized foreign exchange gains or losses arise from sales of securities, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and
foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid.
Taxes: The Fund intends
to continue to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of its taxable income to its stockholders. Therefore, no federal income or excise
tax provision is required. The Fund may incur an excise tax to the extent it has not distributed all of its taxable income on a calendar year basis.
GAAP provides guidance for how uncertain tax positions
should be recognized, measured, presented and disclosed in the financial statements. An evaluation of tax positions taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are
“more-likely-than-not” of being sustained by the taxing authority is required. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be booked as a tax expense in the current year and recognized as: a
liability for unrecognized tax benefits; a reduction of an income tax refund receivable; a reduction of a deferred tax asset; an increase in a deferred tax liability; or a combination thereof. As of June 30, 2017, the Fund has determined that there
are no uncertain tax positions or tax liabilities required to be accrued.
The Fund has reviewed all taxable years that are open for
examination (i.e., not barred by the applicable statute of limitations) by taxing authorities of all major jurisdictions, including the Internal Revenue Service. As of June 30, 2017, open taxable years consisted of the taxable years ended December
31, 2014 through December 31, 2016. No examination of the Fund’s tax returns is currently in progress.
Expenses: Expenses
directly attributable to the Fund are charged directly to the Fund, while expenses which are attributable to the Fund and other investment companies advised by the Adviser are allocated among the respective investment companies, including the Fund,
based upon relative average net assets, evenly or a combination of average net assets and evenly.
Distributions: The Fund
declares and pays dividends monthly from net investment income. To the extent these distributions exceed net investment income, they may be classified as return of capital. The Fund also pays distributions at least annually from its net realized
capital gains, if any. Dividends and distributions are recorded on the ex-dividend date. All common shares have equal dividend and other distribution rights. A notice disclosing the source(s) of a distribution is provided after a payment is made
from any source other than net investment income. Any such notice is provided only for informational purposes in order to comply with the requirements of Section 19(a) of the 1940 Act and not for tax reporting purposes. The tax composition of the
Fund’s distributions for each calendar year is reported on IRS Form 1099-DIV.
Dividends from net investment income and distributions
from realized gains from investment transactions have been determined in accordance with federal income tax regulations and may differ from net investment income and realized gains recorded by the Fund for financial reporting purposes. These
differences which could be temporary or permanent in nature, may result in reclassification of distributions; however, net investment income, net realized gains and losses and net assets are not affected.
2017 Semi-Annual
Report17
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Notes to Financial
Statements (Unaudited) (continued)
June 30, 2017
New Accounting Pronouncements and Upcoming Regulatory
Changes: In August 2016, the FASB issued ASU 2016-15 Classification of Certain Cash Receipts and Cash Payments which amends ASC 230
Statement of Cash Flows to clarify guidance on the classification of certain cash receipts and cash payments in the Statement Of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those
annual periods. Management is currently evaluating the impact, if any, of these changes on the financial statements.
In October 2016, the U.S. Securities and Exchange
Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require
standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The amendments to Regulation S-X take effect on August 1,
2017. Management is currently evaluating the impact, if any, of these regulatory developments.
In March 2017, the FASB issued ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable
debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU is effective for fiscal years and
interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.
3.Derivative Financial
Instruments
Forward Currency Contracts
A forward currency contract (“forward
contract”) is an agreement between two parties to buy or sell a currency at an agreed upon price for settlement at a future date. During the period the forward contract is in existence, changes in the value of the forward contract will
fluctuate with changes in the currency exchange rates. The forward contract is marked to market daily and these changes are recorded as an unrealized gain or loss. Gain or loss on the purchase or sale of a forward contract is realized on the
settlement date.
The Fund invests in forward
contracts to hedge against fluctuations in the value of foreign currencies caused by changes in the prevailing currency exchange rates. The use of forward contracts involves the risk that the counterparties may be unable to meet the terms of their
contracts and may be negatively impacted from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.
The Fund did not have any forward contracts outstanding
during the six months ended June 30, 2017.
Equity
Option Contracts
When the Fund purchases a put or
call option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current fair value of the option purchased, which is based on the last quoted sales price, or if no sale occurred, the last
quoted bid price on the reporting date. Premiums paid for purchasing options that expire unexercised are treated by the Fund on the expiration date as realized losses from investments. The difference between the premium and the amount received on
writing an option to effect a closing transaction, including brokerage commissions, is also treated as a realized loss or, if the premium is less than the amount received from the closing transaction, as a realized gain. If a call option is
exercised, the premium is added to the cost of the purchase of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the proceeds of the securities sold by the
Fund.
When the Fund writes a put or call option, an
amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written which is based on the last quoted price, or if no transaction occurred, the last quoted asked
price on the reporting date. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from
18Brookfield
Investment Management Inc.
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Notes to Financial
Statements (Unaudited) (continued)
June 30, 2017
investments. The difference between the premium and the amount paid on
effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised,
the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the
Fund.
In the normal course of its business, the Fund
buys and sells financial instruments, including equity options, subscription rights, forward currency contracts, and warrants. Generally, these financial instruments represent future commitments to purchase or sell other financial instruments at
specific terms at future dates. The derivative financial instruments may be traded on an exchange or negotiated between contracting parties over-the-counter (or “OTC”).
The premium amount and the number of written option contracts
during the six months ended June 30, 2017 were as follows:
|
Number
of Contracts |
|
Premium
Amount |
Outstanding at December 31,
2016
|
642
|
|
$
128,660 |
Options
written
|
642
|
|
93,349
|
Options
expired
|
(642)
|
|
(128,660)
|
Options
exercised
|
(642)
|
|
(93,349)
|
Outstanding at June 30,
2017
|
—
|
|
$
— |
The Fund did not have any written options contracts
outstanding as of June 30, 2017.
The monthly average
notional value of written option contracts outstanding during the six months ended June 30, 2017 was $2,499,214.
The following table sets forth the effect of derivative
instruments on the Statement of Operations for the six months ended June 30, 2017:
Derivatives
|
Location
of Gains (Losses) on Derivatives Recognized in Income |
Net
Realized Gain |
Net
Change in Unrealized Depreciation |
Option
contracts
|
Written
option contracts |
$128,660
|
$(25,940)
|
4.Investment Advisory
Agreement and Transactions with Related Parties
The
Fund has entered into an investment advisory agreement (the “Advisory Agreement”) with the Adviser under which the Adviser is responsible for the management of the Fund’s portfolio and provides the necessary personnel, facilities,
equipment and certain other services necessary to the operation of the Fund. The Advisory Agreement provides that the Fund shall pay the Adviser a fee, computed daily and payable monthly, at an annual rate of 1.00% of the Fund’s average daily
net assets plus the amount of borrowing for investment purposes (“Managed Assets”). Pursuant to the Advisory Agreement, the Adviser may delegate any or all of its responsibilities to one or more investment sub-advisers, which may be
affiliates of the Adviser, subject to the approval of the Board and stockholders of the Fund.
The Fund has entered into an Administration Agreement with
the Adviser and the Adviser has entered into a sub-administration agreement with U.S. Bancorp Fund Services, LLC (the “Sub-Administrator”). The Adviser and Sub-Administrator perform administrative services necessary for the operation of
the Fund, including maintaining certain books and records of the Fund and preparing reports and other documents required by federal, state, and other applicable laws and regulations, and providing the Fund with administrative office facilities. For
these
2017 Semi-Annual Report19
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Notes to Financial
Statements (Unaudited) (continued)
June 30, 2017
services, the Fund pays to the Adviser a monthly fee at an annual rate of
0.15% of the Fund’s average daily Managed Assets. The Adviser is responsible for any fees due to the Sub-Administrator.
Certain officers and/or directors of the Fund are officers
and/or employees of the Adviser.
5.Purchases and Sales of Investments
For the six months ended June 30, 2017, purchases and sales
of investments, excluding short-term securities, the credit facility and U.S. Government securities, were $114,416,614 and $117,286,786, respectively.
The Fund did not have any purchases or sales of U.S.
Government securities for the six months ended June 30, 2017.
6.Borrowings
Credit facility: The Fund
has established a line of credit with BNP Paribas for investment purposes subject to the limitations of the 1940 Act for borrowings by registered investment companies. The Fund pays interest in the amount of 0.70% plus the 3-month London Interbank
Offered Rate on the amount outstanding and 0.70% on the line of credit that is unused. For the six months ended June 30, 2017, the average interest rate paid on the line of credit was 1.72% of the average total line of credit amount available to the
Fund.
Total line of credit amount
available
|
$82,000,000
|
Line of credit outstanding at June 30,
2017
|
78,000,000
|
Line of credit amount unused at June 30,
2017
|
4,000,000
|
Average balance outstanding during the
period
|
78,000,000
|
Interest expense incurred on line of credit during the
period
|
758,936
|
As of February 3, 2017, the total
line of credit amount available was reduced from $120,000,000 to $82,000,000.
7.Capital Stock
The Fund has 1,000,000,000 shares of $0.001 par value
common stock authorized. Of the 13,799,240 shares outstanding at June 30, 2017 for the Fund, the Adviser owns 38,609 shares. The Fund’s Board is authorized to classify and reclassify any unissued shares of capital stock into other classes or
series of stock and authorize the issuance of shares of stock without obtaining stockholder approval. The Board, without any action by the stockholders, may amend the charter from time to time to increase or decrease the aggregate number of shares
of stock or the number of shares of stock of any class or series that the Fund has authority to issue.
The common shares have no preemptive, conversion, exchange
or redemption rights. All shares of the Fund’s common stock have equal voting, dividend, distribution and liquidation rights. The common shares are fully paid and non-assessable. Common stockholders are entitled to one vote per share and all
voting rights for the election of directors are non-cumulative.
The Board approved a share repurchase plan. Under the
current share repurchase plan, the Fund may purchase in the open market up to 10% of its outstanding common shares as of June 30, 2017. The current share repurchase plan will remain in effect between December 5, 2016 and December 5, 2017. The amount
and timing of the repurchases will be at the discretion of the Fund’s management, subject to market conditions and investment considerations. There is no assurance that the Fund will purchase shares at any particular discount level or in any
particular amounts. The Board authorized the share repurchase program as a result of its review of the options available to enhance stockholder value and reduce any potential discount between the market price of the Fund's shares and the net asset
value per share.
20Brookfield
Investment Management Inc.
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Notes to Financial
Statements (Unaudited) (continued)
June 30, 2017
8.Federal Income Tax
Information
Income and capital gain distributions are
determined in accordance with federal income tax regulations, which may differ from GAAP.
The federal income tax information referenced below is as of
the Fund's most recently completed tax year-end of December 31, 2016.
The tax character of the distributions paid for the year
ended December 31, 2016 was as follows:
Ordinary income (including short-term capital
gains)
|
$
— |
Return of
capital
|
19,324,456
|
Total
|
$19,324,456
|
At December 31, 2016, the
Fund’s most recently completed tax year-end, the components of distributable earnings on a tax basis were as follows:
Capital loss
carryforward(1)
|
$(34,108,798)
|
Other accumulated
losses
|
(1,469,833)
|
Post-October
loss
|
(7,233)
|
Tax basis unrealized appreciation on
investments
|
16,396,155
|
Total tax basis accumulated
losses
|
$(19,189,709)
|
(1) To the extent that future capital gains are offset by capital loss carryforwards, such gains will not be
distributed.
As of December 31, 2016, the Fund's
capital loss carryforwards were $21,172,192 from short-term capital gains and $12,936,606 from long-term capital gains which will not expire.
Federal Income Tax Basis:
The federal income tax basis of the Fund's investments, not including foreign currency translations, at June 30, 2017 was as follows:
Cost
of Investments |
Gross
Unrealized Appreciation |
Gross
Unrealized Depreciation |
Net
Unrealized Appreciation |
$256,568,456
|
$39,398,334
|
$(12,475,182)
|
$26,923,152
|
Capital Account
Reclassifications: Because federal income tax regulations differ in certain respects from GAAP, income and capital gain distributions, if any, determined in accordance with tax regulations may differ from net
investment income and realized gains recognized for financial reporting purposes. These differences are primarily due to differing treatments for wash sales and return of capital. Permanent book and tax differences, if any, relating to stockholder
distributions will result in reclassifications to paid-in-capital or to undistributed capital gains. These reclassifications have no effect on net assets or net asset value per share.
9.Indemnification
Under the Fund’s organizational documents, its
officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for
indemnification. The Fund’s maximum exposure under these arrangements is unknown, since this would involve the resolution of certain claims, as well as future claims that may be made, against the Fund. Thus, an estimate of the financial
impact, if any, of these arrangements cannot be made at this time. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be unlikely.
2017 Semi-Annual
Report21
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Notes to Financial
Statements (Unaudited) (continued)
June 30, 2017
10.Subsequent
Events
GAAP requires recognition in the financial
statements of the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the
financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made.
Dividends: The Fund’s
Board declared the following monthly dividends:
Dividend
Per Share |
Record
Date |
Payable
Date |
$0.0817
|
July
20, 2017 |
July
27, 2017 |
$0.0817
|
August
17, 2017 |
August
24, 2017 |
Management has
evaluated subsequent events in the preparation of the Fund’s financial statements and has determined that other than the items listed herein, there are no events that require recognition or disclosure in the financial statements.
22Brookfield Investment Management Inc.
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Compliance
Certification (Unaudited)
June 30, 2017
On May 25, 2017, the Fund submitted a CEO annual
certification to the New York Stock Exchange (“NYSE”) on which the Fund’s principal executive officer certified that he was not aware, as of that date, of any violation by the Fund of the NYSE’s Corporate Governance listing
standards. In addition, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and related SEC rules, the Fund’s principal executive and principal financial officers have made quarterly certifications, included in filings with the SEC on
Forms N-CSR and N-Q relating to, among other things, the Fund’s disclosure controls and procedures and internal control over financial reporting, as applicable.
2017 Semi-Annual Report23
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Proxy Results (Unaudited)
June
30, 2017
The stockholders of the Brookfield Global Listed
Infrastructure Income Fund Inc. voted on the following proposals at a stockholder meeting on May 25, 2017. The description of the proposal and number of shares voted are as follows:
|
|
Shares
Voted For |
Shares
Voted Against |
Shares
Voted Abstain |
1.
|
To
elect to the Fund's Board of Directors Louis P. Salvatore |
10,985,304
|
90,533
|
56,067
|
2.
|
To
elect to the Fund's Board of Directors David Levi |
10,977,951
|
89,828
|
64,127
|
24Brookfield
Investment Management Inc.
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Board
Considerations Relating to the Investment Advisory Agreements (Unaudited)
June 30, 2017
At a meeting held on May 25, 2017, the Board, including a
majority of the Independent Directors, considered and approved the continuation of the investment advisory agreement (the "Advisory Agreement") between Brookfield Investment Management Inc. (the "Adviser") and the Fund. In approving the Advisory
Agreement, the Board, including a majority of the Independent Directors, determined that the fee structure was fair and reasonable and that approval of the Advisory Agreement was in the best interests of the Fund and its stockholders. The Board of
Directors considered a wide range of information, including information regularly received from the Adviser at the quarterly Board meetings. While attention was given to all information furnished, the following discusses the primary factors relevant
to the Board's decision.
NATURE, EXTENT AND QUALITY OF
SERVICES. The Board considered the level and depth of knowledge of the Adviser. In evaluating the quality of services provided by the Adviser, the Board took into account its familiarity with the Adviser’s
management through Board meetings, conversations and reports. The Board noted that the Adviser is responsible for managing the Fund's investment program, the general operations and the day-to-day management of the Fund and for compliance with
applicable laws, regulations, policies and procedures. The Board concluded that the nature, extent and quality of the overall services provided by the Adviser and its affiliates are satisfactory. The Board's conclusion was based, in part, upon
services provided to the Fund such as quarterly reports provided by the Adviser: 1) comparing the performance of the Fund with a peer group, 2) showing that the investment policies and restrictions for the Fund were followed, and 3) covering matters
such as the compliance of investment personnel and other access persons with the Adviser's and the Fund's codes of ethics, the adherence to fair value pricing procedures established by the Board, the monitoring of portfolio compliance and
presentations regarding the economic environment. The Board also considered the experience of the Adviser as an investment adviser and the experience of the team of portfolio managers that manages the Fund, and its current experience in acting as
investment adviser to other investment funds and institutional clients.
INVESTMENT PERFORMANCE. The
Board placed significant emphasis on the investment performance of the Fund in view of its importance to stockholders. While consideration was given to performance reports and discussions at Board meetings throughout the year and a comparative and
risk-adjusted performance report prepared by management, particular attention in assessing the performance was given to a report (the “Broadridge Report”) for the Fund prepared by Broadridge, an independent third party provider of
investment company data, furnished in connection with the contract renewal process. The Broadridge Report compared the Fund’s performance with a peer group of other funds (the “Performance Universe”), as selected by Broadridge, for
the one-, two-, three-, four- and five-year periods ending April 30, 2017. The Board noted that the Fund performed above the median of its Performance Universe for the one-year period and below the median of its Performance Universe for the two-,
three-, four- and five-year periods. Based on the Adviser’s explanation of the Fund’s performance in the current market and its recent improved performance, the Board concluded that the Fund's performance was satisfactory.
PROFITABILITY. The Board
also considered the level of profits expected to be realized by the Adviser and its affiliates in connection with the operation of the Fund. In this regard, the Board reviewed the Fund profitability analysis addressing the overall profitability of
the Adviser for its management of the Brookfield fund family, as well as its expected profits and that of its affiliates for providing administrative support for the Fund. The Board further noted that the methodology followed in allocating costs to
the Fund appeared reasonable, while also recognizing that allocation methodologies are inherently subjective. The Board concluded that the expected profitability to the Adviser from the Fund was reasonable.
MANAGEMENT FEES AND TOTAL EXPENSES. The Board also placed significant emphasis on the review of the Fund’s expenses. The Board compared the advisory fees and total expense ratio of the Fund with various comparative data that it had been provided,
including comparisons of the Fund’s management fee and total expense level to those of a peer group selected by management (the “Expense Group”). The Board noted that the Fund’s total expenses and the Fund’s total
advisory and administrative fee were higher than the respective medians of its Expense Group. The Board also noted that the fees and expenses payable by the Fund were comparable to those payable by other client accounts managed by the Adviser and
concluded that the Fund's management fee and total expenses were reasonable.
2017 Semi-Annual Report25
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Board
Considerations Relating to the Investment Advisory Agreements (Unaudited) (continued)
June 30, 2017
ECONOMIES OF SCALE. The
Board considered the potential economies of scale that may be realized if the assets of the Fund grow. The Board noted that if the Fund’s assets increase proportionally more than certain other fixed expenses over time, the stockholders might
benefit from lower operating expenses as a result of an increasing amount of assets being spread over the fixed expenses of the Fund, but noted that, as a closed-end fund, the Fund was unlikely to grow significantly.
In considering the approval of the Advisory Agreement, the
Board, including the Independent Directors, did not identify any single factor as controlling. Based on the Board’s evaluation of all factors that it deemed to be relevant, the Board, including the Independent Directors, concluded that the
Adviser has demonstrated that it possesses the capability and resources necessary to perform the duties required of it under the Advisory Agreement; the Adviser was continuing to take steps to address the Fund’s performance; and the proposed
Advisory fees are fair and reasonable, given the nature, extent and quality of the services to be rendered by the Adviser.
After carefully reviewing all of these factors, the Board,
including the Independent Directors, unanimously approved the continuation of the Advisory Agreement.
26Brookfield
Investment Management Inc.
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Dividend
Reinvestment Plan (Unaudited)
June 30, 2017
A Dividend Reinvestment Plan (the “Plan”) is
available to stockholders of the Fund pursuant to which they may elect to have all distributions of dividends and capital gains automatically reinvested by American Stock Transfer & Trust Company (the “Plan Agent”) in additional Fund
shares. Stockholders who do not participate in the Plan will receive all distributions in cash paid by check mailed directly to the stockholder of record (or if the shares are held in street or other nominee name, then to the nominee) by the
Fund’s Custodian, as Dividend Disbursing Agent.
The Plan Agent serves as agent for the stockholders in
administering the Plan. After the Fund declares a dividend or determines to make a capital gain distribution, payable in cash, if (1) the market price is lower than the net asset value, the participants in the Plan will receive the equivalent in
Fund shares valued at the market price determined as of the time of purchase (generally, the payment date of the dividend or distribution); or if (2) the market price of the shares on the payment date of the dividend or distribution is equal to or
exceeds their net asset value, participants will be issued Fund shares at the higher of net asset value or 95% of the market price. This discount reflects savings in underwriting and other costs that the Fund otherwise will be required to incur to
raise additional capital. If the net asset value exceeds the market price of the Fund shares on the payment date or the Fund declares a dividend or other distribution payable only in cash (i.e., if the Board of Directors precludes reinvestment in
Fund shares for that purpose), the Plan Agent will, as agent for the participants, receive the cash payment and use it to buy Fund shares in the open market, on the New York Stock Exchange or elsewhere, for the participants’ accounts. If,
before the Plan Agent has completed its purchases, the market price exceeds the net asset value of the Fund’s shares, the average per share purchase price paid by the Plan Agent may exceed the net asset value of the Fund’s shares,
resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. The Fund will not issue shares under the Plan below net asset value.
Participants in the Plan may withdraw from the Plan upon
written notice to the Plan Agent. When a participant withdraws from the Plan or upon termination of the Plan by the Fund, certificates for whole shares credited to his or her account under the Plan will be issued and a cash payment will be made for
any fraction of a share credited to such account.
There is no charge to participants for reinvesting
dividends or capital gain distributions, except for certain brokerage commissions, as described below. The Plan Agent’s fees for handling the reinvestment of dividends and distributions are paid by the Fund. There are no brokerage commissions
charged with respect to shares issued directly by the Fund. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of
dividends and distributions.
The automatic reinvestment
of dividends and distributions will not relieve participants of any federal income tax that may be payable on such dividends or distributions.
A brochure describing the Plan is available from the Plan
Agent, by calling 1-800-937-5449.
If you wish to
participate in the Plan and your shares are held in your name, you may simply complete and mail the enrollment form in the brochure. If your shares are held in the name of your brokerage firm, bank or other nominee, you should ask them whether or
how you can participate in the Plan. Stockholders whose shares are held in the name of a brokerage firm, bank or other nominee and are participating in the Plan may not be able to continue participating in the Plan if they transfer their shares to a
different brokerage firm, bank or other nominee, since such stockholders may participate only if permitted by the brokerage firm, bank or other nominee to which their shares are transferred.
2017 Semi-Annual
Report27
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
Joint Notice of
Privacy Policy (Unaudited)
Brookfield Investment Management Inc. (“BIM”),
on its own behalf and on behalf of the funds managed by BIM and its affiliates, recognizes and appreciates the importance of respecting the privacy of our clients and shareholders. Our relationships are based on integrity and trust and we maintain
high standards to safeguard your non-public personal information (“Personal Information”) at all times. This privacy policy (“Policy”) describes the types of Personal Information we collect about you, the steps we take to
safeguard that information and the circumstances in which it may be disclosed.
If you hold shares of a Fund through a financial
intermediary, such as a broker, investment adviser, bank or trust company, the privacy policy of your financial intermediary will also govern how your Personal Information will be shared with other parties.
WHAT INFORMATION DO WE COLLECT?
We collect the following Personal Information about you:
•
|
Information
we receive from you in applications or other forms, correspondence or conversations, including but not limited to name, address, phone number, social security number, assets, income and date of birth. |
•
|
Information
about transactions with us, our affiliates, or others, including but not limited to account number, balance and payment history, parties to transactions, cost basis information, and other financial information. |
•
|
Information
we may receive from our due diligence, such as your creditworthiness and your credit history. |
WHAT IS OUR PRIVACY POLICY?
We may share your Personal Information with our affiliates
in order to provide products or services to you or to support our business needs. We will not disclose your Personal Information to nonaffiliated third parties unless 1) we have received proper consent from you; 2) we are legally permitted to do so;
or 3) we reasonably believe, in good faith, that we are legally required to do so. For example, we may disclose your Personal Information with the following in order to assist us with various aspects of conducting our business, to comply with laws
or industry regulations, and/or to effect any transaction on your behalf;
•
|
Unaffiliated
service providers (e.g. transfer agents, securities broker-dealers, administrators, investment advisors or other firms that assist us in maintaining and supporting financial products and services provided to
you); |
•
|
Government
agencies, other regulatory bodies and law enforcement officials (e.g. for reporting suspicious transactions); |
•
|
Other organizations, with
your consent or as directed by you; and |
•
|
Other
organizations, as permitted or required by law (e.g. for fraud protection) |
When we share your Personal Information, the information is
made available for limited purposes and under controlled circumstances designed to protect your privacy. We require third parties to comply with our standards for security and confidentiality.
HOW DO WE PROTECT CLIENT INFORMATION?
We restrict access to your Personal Information to those
persons who require such information to assist us with providing products or services to you. It is our practice to maintain and monitor physical, electronic, and procedural safeguards that comply with federal standards to guard client nonpublic
personal information. We regularly train our employees on privacy and information security and on their obligations to protect client information.
CONTACT INFORMATION
For questions concerning our Privacy Policy, please contact
our client services representative at 1-855-777-8001.
28Brookfield
Investment Management Inc.
[THIS PAGE IS INTENTIONALLY LEFT BLANK]
[THIS PAGE IS INTENTIONALLY LEFT BLANK]
Investment Adviser and Administrator
Brookfield Investment Management Inc.
Brookfield Place
250 Vesey Street, 15th Floor
New York, New York 10281-1023
www.brookfieldim.com
Please direct your inquiries to:
Investor Relations
Phone: 1-855-777-8001
E-mail: funds@brookfield.com
Transfer Agent
Stockholder inquiries relating to distributions, address
changes and stockholder account information should be directed to the Fund’s transfer agent:
American Stock Transfer & Trust Company
6201 15th Avenue
Brooklyn, New York 11219
1-800-937-5449
Fund Accounting Agent
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
Sub-Administrator
U.S. Bancorp Fund Services, LLC
1201 South Alma School Road, Suite 3000
Mesa, Arizona 85210
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
111 South Wacker Drive
Chicago, Illinois 60606
Legal Counsel
Paul Hastings LLP
200 Park Avenue
New York, New York 10166
Custodian
U.S. Bank National Association
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212
Directors
of the Fund |
|
Edward
A. Kuczmarksi |
Chairman
|
Louis
P. Salvatore |
Audit
Committee Chairman |
Heather
S. Goldman |
Director
|
Stuart
A. McFarland |
Director
|
David
Levi |
Director
(Interested) |
Officers
of the Fund |
|
Brian
F. Hurley |
President
|
Angela
W. Ghantous |
Treasurer
|
Casey
Tushaus |
Assistant Treasurer
|
Mohamed
Rasul |
Assistant Treasurer
|
Alexis
I. Rieger |
Secretary
|
Seth
A. Gelman |
Chief
Compliance Officer |
The Funds file their complete schedule of
portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds' Form N-Q will be available on the SEC's website at www.sec.gov. In addition, the Funds' Form N-Q may be reviewed and copied at the SEC's
Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
You may obtain a description of the Funds' proxy
voting policies and procedures, and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request by calling 1-855-777-8001, or go to the SEC's
website at www.sec.gov.
Brookfield Investment Management Inc.
Brookfield Place
250 Vesey Street, 15th Floor
New York, New York 10281-1023
1-855-777-8001
www.brookfieldim.com
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrant.
Not applicable for semi-annual reports.
Item 6. Investments.
Schedule of Investments is included as part of the report to stockholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
None.
Item 10.
Submission of Matters to a Vote of Security Holders.
The registrants nominating committee charter does not contain any
procedure by which shareholders may recommend nominees to the registrants board of directors.
Item 11. Controls and Procedures.
(a) The Registrants principal executive officer and principal financial officer have concluded that the
Registrants Disclosure Controls and Procedures are effective, based on their evaluation of such Disclosure Controls and Procedures as of a date within 90 days of the filing of this report on Form N-CSR.
(b) As of the date of filing this Form N-CSR, the Registrants principal executive officer and principal
financial officer are aware of no changes in the Registrants internal control over financial reporting that occurred during the Registrants second fiscal quarter of the period covered by this report that has materially affected or is
reasonably likely to materially affect the Registrants internal control over financial reporting.
Item 12. Exhibits.
(a)(1) None.
(2) A separate certification for each principal executive officer and principal financial officer of the Registrant as
required by
Rule 30a-2(a) under the Investment Company Act of 1940 is attached as an exhibit to this Form N-CSR.
(3) None.
(b) A separate certification for each principal executive officer and principal financial officer of the
Registrant as required by
Rule 30a-2(b) under the Investment Company Act of 1940 is attached as an exhibit to this Form N-CSR.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BROOKFIELD GLOBAL LISTED INFRASTRUCTURE INCOME FUND INC.
|
|
|
By: |
|
/s/ Brian F. Hurley |
|
|
Brian F. Hurley |
|
|
President and Principal Executive Officer |
Date: August 29, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below
by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
|
|
|
By: |
|
/s/ Brian F. Hurley |
|
|
Brian F. Hurley |
|
|
President and Principal Executive Officer |
Date: August 29, 2017
|
|
|
By: |
|
/s/ Angela W. Ghantous |
|
|
Angela W. Ghantous |
|
|
Treasurer and Principal Financial Officer |
Date: August 29, 2017