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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 811-23157

___________________________________________

BROOKFIELD REAL ASSETS INCOME FUND INC.
(Exact name of registrant as specified in charter)

___________________________________________

Brookfield Place
225 Liberty Street, 35th Floor
New York, New York 10281
(Address of principal executive offices) (Zip code)

Brian F. Hurley, Esq.
Brookfield Real Assets Income Fund Inc.
Brookfield Place
225 Liberty Street, 35th Floor
New York, New York 10281
(Name and address of agent for service)

___________________________________________

(855) 777-8001
Registrant’s telephone number, including area code

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

 

Item 1. Reports to Stockholders.

(a)

 

 

  

 
   

IN PROFILE

Brookfield Public Securities Group LLC (the “Firm”) is an SEC-registered investment adviser and represents the Public Securities platform of Brookfield Asset Management (as defined below). The Firm provides global listed real assets strategies including real estate equities, infrastructure and energy infrastructure equities, multi-real-asset-class strategies and real asset debt. With approximately $56 billion of assets under management as of June 30, 2025, the Firm 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 Firm is an indirect wholly-owned subsidiary of Brookfield Asset Management Ltd. (NYSE: BAM; TSX: BAMA) (“Brookfield Asset Management” or “BAM”), with $1 trillion of assets under management as of June 30, 2025. Brookfield Corporation, a publicly traded company (NYSE: BN; TSX: BN), holds a 73% interest in BAM. For more information, go to https://publicsecurities.brookfield.com.

Brookfield Real Assets Income Fund Inc. (the “Fund”) is managed by Brookfield Public Securities Group LLC. 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 https://www.brookfieldoaktree.com/fund/brookfield-real-assets-income-fund-inc.
     

 

  

 
     

 

TABLE OF CONTENTS

Letter to Shareholders

  

1

Fund Performance

  

3

Portfolio Characteristics

  

5

Schedule of Investments

  

6

Statement of Assets and Liabilities

  

32

Statement of Operations

  

33

Statements of Changes in Net Assets

  

34

Statement of Cash Flows

  

35

Financial Highlights

  

36

Notes to Financial Statements

  

38

Compliance Certification

  

51

Proxy Results

  

52

Board Considerations Relating to the Approval of the Renewal of the Investment Advisory and Sub-Advisory Agreements

  

53

Dividend Reinvestment Plan

  

58

Joint Notice of Privacy Policy

  

59

This report is for shareholder 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]

 

LETTER TO SHAREHOLDERS

Dear Shareholders,

We are pleased to provide the Semi-Annual Report for Brookfield Real Assets Income Fund Inc. (the “Fund”) for the six months ended June 30, 2025.

Global equities traded higher in the first half of 2025 amidst considerable bouts of macroeconomic volatility and economic uncertainty. The MSCI World Index rose 9.75% outpacing U.S. stocks, which returned +6.20%, as measured by the S&P 500. Investor enthusiasm for international stocks grew amid fears of the potential decline of US exceptionalism, U.S. dollar dominance, and globalization, prompting investors to seek opportunities in Asia, Europe, and emerging markets. Bond performance was also resilient during the period, with the Barclays Global Aggregate Index rising 7.27% on the back of the 10-year U.S. Treasury yield decreasing to 4.23% from 4.57% at December 31, 2025. Within commodities, the Bloomberg Commodity Index rose 5.53%, aided by the rising price of gold.

Real asset equities performed in line with their broad market counterparts during the period. Compared to broader equities, real asset equities have long-lived assets, with consistent cash flows, revenue streams tied to inflation, and primarily serve domestic markets. These characteristics were in favor during the period as U.S. tariff policy induced fears of slowing global economic growth. Returns within the real asset universe were led by global infrastructure equities, which advanced 9.79% and were helped by the communication and utilities sectors. Global real estate equities, as measured by FTSE EPRA, rose 6.66%, with the FTSE EPRA Asia and Europe indices outperforming their U.S. counterparts by 17.65% and 24.40%, respectively. On a sector basis, healthcare outperformed while lodging underperformed due to slowing consumer travel and fears of a global economic slowdown.

In debt markets, both real asset investment-grade and real asset high-yield securities slightly underperformed their broad-market counterparts, the former due to sector-specific drivers, such as California wildfires impacting certain utility bonds, and the latter due to weakness within energy. In securitized credit, attractive absolute yields and ample liquidity led to robust CMBS and RMBS issuance, which helped drive strong performance during the period.

We believe heightened levels of economic and policy uncertainty may persist over the coming quarters as economic data adjusts to the pull forward of demand from U.S. tariff implementation and trade agreements are negotiated between the U.S. and its partners. Counterbalancing these concerns are better-than-expected U.S. economic growth and a rebound in business investment. Additionally, investors have responded with a strong appetite for risk assets across equity and credit markets, with enthusiasm over the buildout of artificial intelligence (AI) infrastructure bolstering equity markets and healthy issuer fundamentals keeping credit spreads near all-time lows. The confluence of the above factors, along with the possibility of interest rate cuts by the Federal Reserve in the second half of the year, has us constructive heading into the second half of the year.

At Brookfield, the assets owned by the companies in which we invest live at the epicenter of several decades-long megatrends, namely: Decarbonization, Deglobalization and Digitization. Trillions of dollars will be deployed as these trends play out; and across our funds we seek to uncover the highest quality listed equity and debt investment opportunities that stand to benefit from these secular shifts as well as the more favorable macro backdrop. Moreover, active security selection focused on fundamentals — namely earnings growth and valuations — is key to producing attractive investment returns in any environment.

We welcome your questions and comments and encourage you to contact our Investor Relations team at 1-855-777-8001 or visit us at https://www.brookfieldoaktree.com/ for more information.

Thank you for your support.

2025 Semi-Annual Report

1

 

LETTER TO SHAREHOLDERS (continued)

Sincerely,

  

Brian F. Hurley

  

Paula Horn

President
Brookfield Real Assets Income Fund Inc.

  

President and Chief Investment Officer
Brookfield Public Securities Group LLC

These views represent the opinions of Brookfield Public Securities Group LLC and are not intended to predict or depict the performance of any investment. These views are primarily as of the close of business on June 30, 2025, and subject to change based on subsequent developments.

Past performance is no guarantee of future results.

Investing involves risk. Principal loss is possible. Real assets include real estate securities, infrastructure securities and natural resources securities. Property values may fall due to increasing vacancies or declining rents resulting from unanticipated economic, legal, cultural or technological developments. Infrastructure companies may be subject to a variety of factors that may adversely affect their business, including high interest costs, high leverage, regulation costs, economic slowdown, surplus capacity, increased competition, lack of fuel availability and energy conservation policies. Natural resources securities may be affected by numerous factors, including events occurring in nature, inflationary pressures and international politics.

2

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Fund Performance (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS

As of June 30, 2025

6 Months†

1 Year

5 Years

Since Inception*

Brookfield Real Assets Income Fund Inc. - Based on Net Asset Value

4.23%

9.96%

7.21%

5.13%

Brookfield Real Assets Income Fund Inc. - Based on Market Price

5.87%

16.47%

8.38%

6.02%

ICE BofA U.S. High Yield Index

4.59%

10.31%

6.05%

5.36%

† Returns for less than one year are not annualized.

* Inception date of December 2, 2016.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Disclosure

Past performance is no guarantee of future results.

All returns shown in USD.

ICE BofA U.S. High Yield Index tracks the performance of U.S.-dollar-denominated below-investment-grade corporate debt publicly issued in the U.S. domestic market.

An index does not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. Index performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund.

The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security. There is no assurance that the Fund currently holds these securities. Please refer to the Schedule of Investments contained in this report for a full listing of Fund holdings.

The Fund may utilize leverage to seek to enhance the yield and net asset value of its common stock, as described in the Fund’s Prospectus. These objectives will not necessarily be achieved in all interest rate environments. The leverage strategy of the Fund assumes a positive slope to the yield curve (short-term interest rates lower than long-term rates). Otherwise, the benefits of leverage will be reduced or eliminated completely. The use of leverage involves risk, including the potential for higher volatility and greater declines of the Fund’s net asset value, fluctuations of dividends and other distributions paid by the Fund and the market price of the Fund’s common stock, among others.

This report may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor’s. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the case, of the results obtained from the use of such content.

THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.

2025 Semi-Annual Report

3

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Fund Performance (Unaudited) (continued)

Performance data quoted represents past performance results and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.

Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates or an expectation of rising interest rates in the near future will cause the values of the Fund’s investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at or near historic lows. When interest rates rise, bond prices generally fall, and the value of the portfolio can fall. Below-investment-grade (“high yield” or “junk”) bonds are more at risk of default and are subject to liquidity risk. Mortgage-backed securities are subject to prepayment risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments.

4

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Portfolio Characteristics (Unaudited)

June 30, 2025

PORTFOLIO STATISTICS

Annualized distribution rate1

10.59%

  

Weighted average coupon

5.43%

  

Duration

3.10 years

  

Percentage of leveraged assets

23.70%

  

Total number of holdings

576

  

ASSET BY COUPON TYPE DISTRIBUTION2

Corporate Credit

  

 

— Infrastructure

38.0%

  

— Real Estate

12.7%

  

— Natural Resources

6.6%

  

— Other

0.3%

  

Total Corporate Credit

57.6%

  

Securitized Credit

    

— Residential Mortgage-Backed Securities

21.9%

  

— Commercial Mortgage-Backed Securities

6.1%

  

— Real Estate

2.5%

  

Total Securitized Credit

30.5%

  

Equities

    

— Infrastructure

6.4%

  

— Real Estate

0.7%

  

Total Equities

7.1%

  

Cash & Other

4.8%

  

Total

100.0%

  

FIXED INCOME ASSETS BY CREDIT RATING3

    

BBB and Above

17.7%

  

BB

39.1%

  

B

16.3%

  

CCC and Below

8.6%

  

Unrated

18.3%

  

Total

100.0%

  

____________

​1 The distribution rate referenced above is calculated as the annualized amount of the most recent monthly distribution declared divided by the June 30, 2025 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, 2025, 37.80% of the Fund’s distributions are estimated to be a return of capital.

​2 Percentages are based on total market value of investments.

​3 Percentages are based on total market value of fixed income securities.

2025 Semi-Annual Report

5

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited)

June 30, 2025
 

Par

  


Value

CORPORATE CREDIT – 68.3%

  

 

    

 

  

Basic Industrial – 1.3%

  

 

    

 

  

Clearwater Paper Corp.,
4.75%, 08/15/2028 (a)(b)

  

 

3,000,000

  

$

2,836,188

Methanex Corp.,
5.25%, 12/15/2029 (b)

  

 

1,490,000

  

 

1,471,940

Methanex US Operations, Inc.,
6.25%, 03/15/2032 (a)(b)

  

 

1,450,000

  

 

1,443,716

NOVA Chemicals Corp.,
8.50%, 11/15/2028 (a)(b)

  

 

1,405,000

  

 

1,483,931

Tronox, Inc.,
4.63%, 03/15/2029 (a)(c)

  

 

4,245,000

  

 

3,663,460
   

 

    

 

10,899,235

Capital Goods – 0.4%

  

 

    

 

  

Cascades, Inc.,
6.75%, 07/15/2030 (a)

  

 

3,252,000

  

 

3,272,325

Diversified – 1.9%

  

 

    

 

  

Five Point Operating Co. LP,
10.50%, 01/15/2028 (a)(b)(d)

  

 

4,098,966

  

 

4,170,448

Forestar Group, Inc.,
5.00%, 03/01/2028 (a)(b)

  

 

1,440,000

  

 

1,417,802

Howard Hughes Corp.
5.38%, 08/01/2028 (a)(b)

  

 

4,275,000

  

 

4,251,305

4.38%, 02/01/2031 (a)

  

 

1,610,000

  

 

1,485,662

Kennedy Wilson Europe Real Estate Ltd.,
3.25%, 11/12/2025

  

EUR

631,579

  

 

739,060

Kennedy-Wilson, Inc.
4.75%, 02/01/2030 (b)

  

 

1,700,000

  

 

1,556,894

5.00%, 03/01/2031

  

 

1,715,000

  

 

1,545,644

Zayo Group Holdings, Inc., First Lien,
8.58% (1 mo. Term SOFR + 4.25%), 03/09/2027

  

 

20,487

  

 

19,637
   

 

    

 

15,186,452

Energy – 6.1%

  

 

    

 

  

Antero Resources Corp.,
5.38%, 03/01/2030 (a)(b)

  

 

2,840,000

  

 

2,857,290

Ascent Resources Utica Holdings LLC,
6.63%, 10/15/2032 (a)(b)

  

 

2,895,000

  

 

2,946,033

Baytex Energy Corp.,
8.50%, 04/30/2030 (a)(b)

  

 

1,362,000

  

 

1,365,917

Civitas Resources, Inc.,
8.38%, 07/01/2028 (a)(b)

  

 

5,295,000

  

 

5,421,404

CNX Resources Corp.,
7.38%, 01/15/2031 (a)(c)

  

 

2,533,000

  

 

2,641,856

Comstock Resources, Inc.,
6.75%, 03/01/2029 (a)(c)

  

 

2,883,000

  

 

2,887,884

Crescent Energy Finance LLC
9.25%, 02/15/2028 (a)(b)

  

 

2,130,000

  

 

2,217,064

7.63%, 04/01/2032 (a)(c)

  

 

2,700,000

  

 

2,636,435

____________

See Notes to Financial Statements.

6

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025
 

Par

  


Value

CORPORATE CREDIT (continued)

      

 

  

EQT Corp.,
4.50%, 01/15/2029 (a)(b)

  

3,228,000

  

$

3,187,521

Hilcorp Energy I LP
6.25%, 11/01/2028 (a)(b)

  

4,300,000

  

 

4,310,930

7.25%, 02/15/2035 (a)(b)

  

1,400,000

  

 

1,368,893

MEG Energy Corp.,
5.88%, 02/01/2029 (a)(b)(c)

  

4,650,000

  

 

4,640,511

Moss Creek Resources Holdings, Inc.,
8.25%, 09/01/2031 (a)

  

1,865,000

  

 

1,813,881

Permian Resources Operating LLC
5.88%, 07/01/2029 (a)(b)

  

2,825,000

  

 

2,835,879

6.25%, 02/01/2033 (a)

  

2,830,000

  

 

2,856,042

Transocean Titan Financing Ltd.,
8.38%, 02/01/2028 (Acquired 2/22/2023 – 3/1/2023, Cost $2,349,551) (a)(b)(e)

  

2,334,286

  

 

2,379,083

Transocean, Inc.,
8.75%, 02/15/2030 (a)(c)

  

2,480,000

  

 

2,550,293
       

 

48,916,916

Health Facilities – 2.5%

      

 

  

Community Health Systems, Inc.,
10.88%, 01/15/2032 (a)(c)

  

9,573,000

  

 

10,147,811

LifePoint Health, Inc.,
8.38%, 02/15/2032 (a)(b)

  

2,835,000

  

 

3,021,676

Tenet Healthcare Corp.,
6.13%, 10/01/2028 (b)

  

6,770,000

  

 

6,778,415

Toledo Hospital,
4.98%, 11/15/2045

  

250,000

  

 

201,563
       

 

20,149,465

Infrastructure Services – 1.0%

      

 

  

Cemex SAB de CV,
7.20% to 09/10/2030 then 5 yr. CMT Rate + 3.52%, Perpetual (a)

  

3,000,000

  

 

3,030,750

Quikrete Holdings, Inc.,
6.38%, 03/01/2032 (a)(b)

  

1,610,000

  

 

1,658,021

Wrangler Holdco Corp.,
6.63%, 04/01/2032 (a)(b)

  

3,000,000

  

 

3,117,921
       

 

7,806,692

Leisure – 3.9%

      

 

  

Caesars Entertainment, Inc.
7.00%, 02/15/2030 (a)(b)

  

5,250,000

  

 

5,435,339

6.50%, 02/15/2032 (a)(b)

  

2,850,000

  

 

2,923,506

Hilton Domestic Operating Co., Inc.
4.00%, 05/01/2031 (a)

  

3,085,000

  

 

2,903,380

5.88%, 03/15/2033 (a)

  

1,400,000

  

 

1,426,354

MGM Resorts International,
6.13%, 09/15/2029

  

2,785,000

  

 

2,832,161

NCL Corp. Ltd.,
6.75%, 02/01/2032 (a)(c)

  

2,862,000

  

 

2,929,898

____________

See Notes to Financial Statements.

2025 Semi-Annual Report

7

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025
 

Par

  


Value

CORPORATE CREDIT (continued)

      

 

  

RHP Hotel Properties LP
4.50%, 02/15/2029 (a)(b)(c)

  

4,010,000

  

$

3,919,306

6.50%, 06/15/2033 (a)

  

1,957,000

  

 

2,013,256

Six Flags Entertainment Corp.,
7.25%, 05/15/2031 (a)(c)

  

1,370,000

  

 

1,409,316

Station Casinos LLC,
6.63%, 03/15/2032 (a)

  

1,490,000

  

 

1,527,539

Wyndham Hotels & Resorts, Inc.,
4.38%, 08/15/2028 (a)

  

1,475,000

  

 

1,443,356

Wynn Resorts Finance LLC,
7.13%, 02/15/2031 (a)(c)

  

2,700,000

  

 

2,878,978
       

 

31,642,389

Media – 8.2%

      

 

  

Cable One, Inc.,
4.00%, 11/15/2030 (Acquired 12/4/2020 – 5/20/2025, Cost $5,708,479) (a)(b)(e)

  

6,640,000

  

 

5,229,266

CCO Holdings LLC
6.38%, 09/01/2029 (a)(c)

  

5,170,000

  

 

5,275,675

4.75%, 03/01/2030 (a)(b)

  

9,475,000

  

 

9,178,287

CSC Holdings LLC
3.38%, 02/15/2031 (a)(b)

  

10,093,000

  

 

6,967,157

4.50%, 11/15/2031 (a)(b)(c)

  

18,284,000

  

 

12,872,479

Directv Financing LLC,
10.00%, 02/15/2031 (a)(b)

  

5,850,000

  

 

5,672,384

DISH Network Corp.,
11.75%, 11/15/2027 (a)(b)

  

10,358,000

  

 

10,676,731

Midcontinent Communications,
8.00%, 08/15/2032 (a)(b)

  

2,665,000

  

 

2,820,415

Virgin Media Secured Finance PLC,
4.50%, 08/15/2030 (a)(b)

  

4,675,000

  

 

4,357,509

VZ Secured Financing BV,
5.00%, 01/15/2032 (a)

  

3,223,000

  

 

2,866,350
       

 

65,916,253

Metals & Mining – 0.8%

      

 

  

Champion Iron Canada, Inc.,
7.88%, 07/15/2032 (a)

  

1,640,000

  

 

1,661,983

Cleveland-Cliffs, Inc.
5.88%, 06/01/2027 (b)(c)

  

3,000,000

  

 

2,997,679

7.00%, 03/15/2032 (a)

  

1,530,000

  

 

1,442,249
       

 

6,101,911

Oil Gas Transportation & Distribution – 14.5%

      

 

  

AltaGas Ltd.,
7.20% to 10/15/2034 then 5 yr. CMT Rate + 3.57%, 10/15/2054 (a)(b)

  

7,197,000

  

 

7,198,591

Antero Midstream Partners LP,
5.38%, 06/15/2029 (a)(b)

  

5,400,000

  

 

5,355,503

Beazer Homes USA, Inc.,
7.50%, 03/15/2031 (a)(b)

  

3,125,000

  

 

3,168,275

Buckeye Partners LP,
4.13%, 12/01/2027 (b)

  

3,655,000

  

 

3,589,137

____________

See Notes to Financial Statements.

8

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025
 

Par

  


Value

CORPORATE CREDIT (continued)

      

 

  

Enbridge, Inc.
7.38% to 01/15/2028 then 5 yr. CMT Rate + 3.71%, 01/15/2083

  

825,000

  

$

848,777

7.63% to 01/15/2033 then 5 yr. CMT Rate + 4.42%, 01/15/2083 (b)

  

8,790,000

  

 

9,269,160

Energy Transfer LP
7.13% to 05/15/2030 then 5 yr. CMT Rate + 5.31%, Perpetual (b)

  

4,597,000

  

 

4,682,339

7.56% (3 mo. Term SOFR + 3.28%), 11/01/2066 (b)

  

4,770,000

  

 

4,749,348

Enterprise Products Operating LLC
5.25% to 08/16/2027 then 3 mo. Term SOFR + 3.29%, 08/16/2077

  

1,460,000

  

 

1,443,519

5.38% to 02/15/2028 then 3 mo. Term SOFR + 2.83%, 02/15/2078 (c)

  

8,516,000

  

 

8,374,600

Excelerate Energy LP,
8.00%, 05/15/2030 (a)

  

1,097,000

  

 

1,158,437

Genesis Energy LP,
7.88%, 05/15/2032

  

1,430,000

  

 

1,486,820

Hess Midstream LP,
6.50%, 06/01/2029 (a)(b)

  

2,750,000

  

 

2,827,674

Kinetik Holdings LP,
5.88%, 06/15/2030 (a)(b)(c)

  

4,440,000

  

 

4,479,076

Parkland Corp.,
4.50%, 10/01/2029 (a)(b)

  

3,247,000

  

 

3,121,674

Plains All American Pipeline LP,
8.70% (3 mo. Term SOFR + 4.37%), Perpetual (b)

  

13,765,000

  

 

13,794,099

South Bow Canadian Infrastructure Holdings Ltd.,
7.50% to 03/01/2035 then 5 yr. CMT Rate + 3.67%, 03/01/2055 (a)(b)

  

6,750,000

  

 

6,964,292

Suburban Propane Partners LP,
5.00%, 06/01/2031 (a)(b)(c)

  

4,389,000

  

 

4,151,527

Summit Midstream Holdings LLC,
8.63%, 10/31/2029 (a)(b)

  

2,688,000

  

 

2,744,257

Sunoco LP,
4.50%, 05/15/2029 (b)

  

1,981,000

  

 

1,922,859

Tallgrass Energy Partners LP,
6.00%, 12/31/2030 (a)(b)

  

4,339,000

  

 

4,257,641

Transcanada Trust,
5.60% to 03/07/2032 then 5 yr. CMT Rate + 3.99%, 03/07/2082 (b)

  

6,755,000

  

 

6,561,068

Venture Global Calcasieu Pass LLC,
6.25%, 01/15/2030 (a)(b)

  

4,005,000

  

 

4,127,601

Venture Global LNG, Inc.
7.00%, 01/15/2030 (a)

  

2,750,000

  

 

2,778,605

8.38%, 06/01/2031 (a)(c)

  

1,885,000

  

 

1,958,083

Venture Global Plaquemines LNG LLC
7.50%, 05/01/2033 (a)

  

1,094,000

  

 

1,171,478

6.50%, 01/15/2034 (a)

  

1,636,000

  

 

1,636,000

Whistler Pipeline LLC,
5.95%, 09/30/2034 (a)(b)

  

2,950,000

  

 

2,987,908
       

 

116,808,348

Real Estate – 6.7%

      

 

  

American Assets Trust LP,
6.15%, 10/01/2034 (b)(c)

  

4,262,000

  

 

4,258,944

Brandywine Operating Partnership LP,
8.88%, 04/12/2029 (b)(c)

  

4,288,000

  

 

4,645,106

____________

See Notes to Financial Statements.

2025 Semi-Annual Report

9

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025
 

Par

  


Value

CORPORATE CREDIT (continued)

      

 

  

EPR Properties,
3.60%, 11/15/2031

  

3,100,000

  

$

2,815,416

Global Net Lease, Inc.,
3.75%, 12/15/2027 (a)(b)

  

1,510,000

  

 

1,442,248

Iron Mountain, Inc.
4.88%, 09/15/2029 (Acquired 2/10/2021 – 2/11/2021, Cost $3,001,198) (a)(b)(e)

  

2,950,000

  

 

2,898,506

6.25%, 01/15/2033 (a)(b)

  

3,380,000

  

 

3,475,286

Ladder Capital Finance Holdings LLLP,
7.00%, 07/15/2031 (a)

  

2,620,000

  

 

2,742,111

Lamar Media Corp.,
4.00%, 02/15/2030 (b)(c)

  

3,050,000

  

 

2,913,653

MPT Operating Partnership LP,
8.50%, 02/15/2032 (a)(b)

  

2,675,000

  

 

2,797,456

Park Intermediate Holdings LLC,
7.00%, 02/01/2030 (a)(b)

  

1,344,000

  

 

1,381,711

Piedmont Operating Partnership LP
9.25%, 07/20/2028

  

2,543,000

  

 

2,831,831

6.88%, 07/15/2029 (b)

  

3,456,000

  

 

3,639,868

Service Properties Trust
4.95%, 10/01/2029

  

5,315,000

  

 

4,636,972

4.38%, 02/15/2030 (b)(c)

  

9,179,000

  

 

7,720,264

Starwood Property Trust, Inc.
7.25%, 04/01/2029 (a)(c)

  

2,735,000

  

 

2,875,812

6.50%, 10/15/2030 (a)

  

1,700,000

  

 

1,755,153

XHR LP,
4.88%, 06/01/2029 (a)(c)

  

1,488,000

  

 

1,441,881
       

 

54,272,218

Support-Services – 0.4%

      

 

  

Grand Canyon University,
5.13%, 10/01/2028

  

3,250,000

  

 

3,136,609

Telecommunication Services – 9.3%

      

 

  

Altice France SA,
5.50%, 01/15/2028 (a)(b)

  

5,161,000

  

 

4,343,446

Bell Telephone Co. of Canada,
6.88% to 09/15/2030 then 5 yr. CMT Rate + 2.39%, 09/15/2055 (b)(c)

  

4,073,000

  

 

4,156,639

C&W Senior Finance Ltd.,
9.00%, 01/15/2033 (a)(c)

  

2,066,000

  

 

2,115,842

Cable One, Inc.,
0.00%, 03/15/2026 (b)(f)

  

5,000,000

  

 

4,730,500

Cablevision Lightpath LLC,
5.63%, 09/15/2028 (a)

  

1,000,000

  

 

966,027

EchoStar Corp.,
6.75%, 11/30/2030 (c)

  

10,405,475

  

 

9,495,355

Frontier Communications Holdings LLC,
8.63%, 03/15/2031 (a)(b)

  

4,235,000

  

 

4,499,720

Iliad Holding SASU,
8.50%, 04/15/2031 (a)(b)

  

1,500,000

  

 

1,604,554

____________

See Notes to Financial Statements.

10

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025
 

Par

  


Value

CORPORATE CREDIT (continued)

      

 

  

LCPR Senior Secured Financing DAC
6.75%, 10/15/2027 (a)(b)

  

1,531,000

  

$

1,029,598

5.13%, 07/15/2029 (a)

  

7,129,000

  

 

4,197,287

Level 3 Financing, Inc.
3.75%, 07/15/2029 (a)

  

5,600,000

  

 

4,711,000

4.50%, 04/01/2030 (a)(b)

  

4,400,000

  

 

3,982,000

6.88%, 06/30/2033 (a)

  

274,000

  

 

278,746

Liberty Costa Rica Senior Secured Finance,
10.88%, 01/15/2031 (a)(b)

  

1,800,000

  

 

1,917,000

Optics Bidco SpA,
6.38%, 11/15/2033 (a)(b)

  

1,826,000

  

 

1,773,210

Rogers Communications, Inc.,
5.25% to 03/15/2027 then 5 yr. CMT Rate + 3.59%, 03/15/2082 (Acquired 2/21/2023 – 9/11/2023, Cost $3,919,395) (a)(b)(e)

  

4,335,000

  

 

4,302,471

Telecom Italia Capital SA,
6.38%, 11/15/2033 (b)

  

2,860,000

  

 

2,982,019

TELUS Corp.,
7.00% to 10/15/2035 then 5 yr. CMT Rate + 2.71%, 10/15/2055

  

3,283,000

  

 

3,308,709

Uniti Group LP
10.50%, 02/15/2028 (a)

  

3,635,000

  

 

3,855,899

6.50%, 02/15/2029 (a)(c)

  

10,760,000

  

 

10,400,928

8.63%, 06/15/2032 (a)

  

450,000

  

 

454,840
       

 

75,105,790

Transportation – 0.6%

      

 

  

BNSF Funding Trust I,
6.61% to 01/15/2026 then 3 mo. LIBOR US + 2.35%, 12/15/2055 (b)(g)

  

675,000

  

 

677,234

Brightline East LLC,
11.00%, 01/31/2030 (a)(c)

  

5,720,000

  

 

4,232,800

LBJ Infrastructure Group LLC,
3.80%, 12/31/2057 (a)

  

150,000

  

 

102,030
       

 

5,012,064

Utility – 10.7%

      

 

  

AES Corp.,
6.95% to 07/15/2030 then 5 yr. CMT Rate + 2.89%, 07/15/2055 (b)(c)

  

8,760,000

  

 

8,515,786

AES Panama Generation Holdings SRL,
4.38%, 05/31/2030 (a)

  

1,606,951

  

 

1,467,147

American Electric Power Co., Inc.
6.95% to 12/15/2034 then 5 yr. CMT Rate + 2.68%, 12/15/2054 (b)

  

3,387,000

  

 

3,538,352

7.05% to 12/15/2029 then 5 yr. CMT Rate + 2.75%, 12/15/2054 (b)

  

1,380,000

  

 

1,433,794

Atlantica Sustainable Infrastructure Ltd.,
4.13%, 06/15/2028 (a)(b)

  

2,596,000

  

 

2,482,194

Calpine Corp.,
5.13%, 03/15/2028 (a)(c)

  

4,605,000

  

 

4,599,175

CenterPoint Energy, Inc.,
6.85% to 02/15/2035 then 5 yr. CMT Rate + 2.95%, 02/15/2055 (b)

  

7,225,000

  

 

7,474,226

Clearway Energy Operating LLC,
3.75%, 02/15/2031 (a)(b)

  

1,897,000

  

 

1,741,773

____________

See Notes to Financial Statements.

2025 Semi-Annual Report

11

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025
 

Par

  


Value

CORPORATE CREDIT (continued)

      

 

  

Emera, Inc.,
6.75% to 06/15/2026 then 3 mo. LIBOR US + 5.44%, 06/15/2076 (b)(g)

  

7,600,000

  

$

7,644,475

Entergy Corp.,
7.13% to 12/01/2029 then 5 yr. CMT Rate + 2.67%, 12/01/2054

  

5,620,000

  

 

5,816,144

Evergy, Inc.,
6.65% to 06/01/2030 then 5 yr. CMT Rate + 2.56%, 06/01/2055 (b)

  

2,995,000

  

 

3,029,322

Ferrellgas LP,
5.88%, 04/01/2029 (a)

  

5,315,000

  

 

4,920,124

NiSource, Inc.,
6.38% to 03/31/2035 then 5 yr. CMT Rate + 2.53%, 03/31/2055

  

640,000

  

 

643,607

NRG Energy, Inc.,
6.00%, 02/01/2033 (a)(b)

  

3,000,000

  

 

3,029,892

PG&E Corp.,
7.38% to 03/15/2030 then 5 yr. CMT Rate + 3.88%, 03/15/2055 (b)

  

11,355,000

  

 

10,744,882

Sempra
6.88% to 10/01/2029 then 5 yr. CMT Rate + 2.79%, 10/01/2054 (b)

  

1,535,000

  

 

1,544,644

6.55% to 04/01/2035 then 5 yr. CMT Rate + 2.14%, 04/01/2055 (b)

  

7,895,000

  

 

7,485,678

Vistra Operations Company, LLC
5.63%, 02/15/2027 (a)(b)

  

4,075,000

  

 

4,077,865

7.75%, 10/15/2031 (a)(b)

  

1,300,000

  

 

1,382,719

XPLR Infrastructure Operating Partners LP,
7.25%, 01/15/2029 (a)(b)

  

4,206,000

  

 

4,316,103
   

 

  

 

85,887,902

TOTAL CORPORATE CREDIT
(Cost $542,343,291)

  

 

  

 

550,114,569

SECURITIZED CREDIT – 39.9%

      

 

  

Commercial Mortgage-Backed Securities – 7.5%

      

 

  

ACAM Ltd.
Series 2019-FL1, Class D, 7.18% (1 mo. Term SOFR + 2.86%), 11/17/2034, (2.75% Floor) (a)

  

1,902,000

  

 

1,897,100

Series 2019-FL1, Class E, 7.43% (1 mo. Term SOFR + 3.11%), 11/17/2034, (3.00% Floor) (a)

  

2,098,000

  

 

2,041,702

ACREC Trust
Series 2025-FL3, Class D, 7.36% (1 mo. Term SOFR + 3.04%), 08/18/2042, (3.04% Floor) (a)

  

500,000

  

 

494,329

Series 2025-FL3, Class E, 8.11% (1 mo. Term SOFR + 3.79%), 08/18/2042, (3.79% Floor) (a)

  

250,000

  

 

248,063

BAMLL Commercial Mortgage Securities Trust,
Series 2021-JACX, Class F, 9.43% (1 mo. Term SOFR + 5.11%), 09/15/2038, (5.00% Floor) (a)

  

5,000,000

  

 

4,272,152

BBCMS Mortgage Trust,
Series 2021-AGW, Class G, 9.23% (1 mo. Term SOFR + 4.91%), 06/15/2036, (4.80% Floor) (a)

  

4,000,000

  

 

3,139,195

Beast Mortgage Trust,
Series 2021-1818, Class F, 8.88% (1 mo. Term SOFR + 4.56%), 03/15/2036, (4.70% Floor) (a)

  

1,250,000

  

 

663,672

BX Trust,
Series 2025-VLT6, Class E, 7.50% (1 mo. Term SOFR + 3.19%), 03/15/2042, (3.19% Floor) (a)

  

1,000,000

  

 

975,522

____________

See Notes to Financial Statements.

12

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025
 

Par

  


Value

SECURITIZED CREDIT (continued)

  

 

    

 

  

Citigroup Commercial Mortgage Trust,
Series 2021-KEYS, Class G, 9.08% (1 mo. Term SOFR + 4.76%), 10/15/2036, (4.65% Floor) (a)

  

 

3,500,000

  

$

3,448,951

Federal Home Loan Mortgage Corp.,
Series K-152, Class X3, 4.48%, 11/25/2055 (h)(i)

  

 

5,250,000

  

 

1,307,915

GS Mortgage Securities Corp. II,
Series 2020-GC47, Class F, 2.57%, 05/12/2053 (a)(i)

  

 

3,500,000

  

 

1,917,397

Hilton USA Trust
Series 2016-HHV, Class E, 4.33%, 11/05/2038 (a)(i)

  

 

11,000,000

  

 

10,662,273

Series 2016-SFP, Class C, 4.12%, 11/05/2035 (a)

  

 

581,000

  

 

145,250

Series 2016-SFP, Class D, 4.93%, 11/05/2035 (a)

  

 

1,929,000

  

 

194,106

Series 2016-SFP, Class E, 5.52%, 11/05/2035 (a)

  

 

1,300,000

  

 

104,812

JP Morgan Chase Commercial Mortgage Securities Trust
Series 2007-LD12, Class AJ, 6.56%, 02/15/2051 (i)

  

 

17,980

  

 

18,098

Series 2021-1440, Class F, 9.28% (1 mo. Term SOFR + 4.96%), 03/15/2036, (4.85% Floor) (a)(j)

  

 

2,586,000

  

 

705,461

KIND Trust
Series 2021-KIND, Class E, 7.68% (1 mo. Term SOFR + 3.36%), 08/15/2038, (3.25% Floor) (a)

  

 

1,487,782

  

 

1,462,929

Series 2021-KIND, Class F, 8.38% (1 mo. Term SOFR + 4.06%), 08/15/2038, (3.95% Floor) (a)

  

 

3,331,912

  

 

3,293,685

Last Mile Logistics Pan Euro Finance,
Series 1A, Class E, 4.83% (3 mo. EURIBOR + 2.70%), 08/17/2033, (2.70% Floor) (a)

  

EUR

1,192,955

  

 

1,388,053

Last Mile Securities,
Series 2021-1A, Class F, 7.13% (3 mo. EURIBOR + 5.00%), 08/17/2031, (5.00% Floor), (9.00% Cap) (a)

  

EUR

2,037,581

  

 

2,381,355

Morgan Stanley ABS Capital I, Inc.,
Series 2024-NSTB, Class D, 4.25%, 09/24/2057 (a)(i)

  

 

1,000,000

  

 

945,542

Morgan Stanley Capital I Trust,
Series 2017-HR2, Class D, 2.73%, 12/15/2050

  

 

3,000,000

  

 

2,609,912

Taurus CMBS,
Series 2021-UK4X, Class E, 7.34% (SONIA + 3.10%), 08/17/2031, (3.10% Floor)

  

GBP 

644,923

  

 

885,737

TPG Real Estate Finance Issuer Ltd.,
Series 2021-FL4, Class E, 8.78% (1 mo. Term SOFR + 4.46%), 03/15/2038, (4.35% Floor) (a)

  

 

4,000,000

  

 

3,960,106

TTAN,
Series 2021-MHC, Class G, 8.63% (1 mo. Term SOFR + 4.31%), 03/15/2038, (4.20% Floor) (a)

  

 

3,845,223

  

 

3,842,872

UK Logistics
Series 2024-1A, Class D, 8.24% (SONIA + 4.00%), 05/17/2034, (4.00% Floor) (a)

  

GBP 

504,000

  

 

696,553

Series 2024-1A, Class E, 9.24% (SONIA + 5.00%), 05/17/2034, (5.00% Floor) (a)

  

GBP 

1,874,000

  

 

2,578,540

VMC Finance LLC
Series 2021-FL4, Class D, 7.93% (1 mo. Term SOFR + 3.61%), 06/16/2036, (3.06% Floor) (a)

  

 

893,000

  

 

821,560

Series 2021-FL4, Class E, 8.38% (1 mo. Term SOFR + 4.06%), 06/16/2036, (3.61% Floor) (a)

  

 

3,107,000

  

 

2,765,230

Wachovia Bank Commercial Mortgage Trust,
Series 2006-C28, Class E, 5.79%, 10/15/2048 (i)

  

 

533,238

  

 

531,920
   

 

    

 

60,399,992

____________

See Notes to Financial Statements.

2025 Semi-Annual Report

13

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025
 

Par

  


Value

SECURITIZED CREDIT (continued)

      

 

  

Commercial Real Estate – 2.7%

      

 

  

111 Wall Street,
5.00%, 01/31/2026 (Acquired 11/1/2024, Cost $9,397,135) (e)(j)

  

9,549,981

  

$

9,473,581

125 West End Office Mezz LLC,
14.83% (1 mo. Term SOFR + 10.50%), 03/12/2026 (Acquired 3/11/2021 – 4/4/2025, Cost $3,645,323) (e)(f)(j)

  

3,654,003

  

 

1,439,677

575 LEXINGTON JUNIOR MEZZ,
29.33%, 06/18/2026 (Acquired 3/17/2021 – 6/5/2025, Cost $5,575,866) (e)(f)(j)

  

6,583,217

  

 

2,883,449

575 LEXINGTON SENIOR MEZZ,
10.75%, 06/18/2026 (Acquired 9/20/2023 – 6/26/2025, Cost $3,073,393) (e)(j)

  

3,256,707

  

 

3,256,707

Hyatt Lost Pines,
9.41% (1 mo. Term SOFR + 6.70%), 09/09/2025 (Acquired 9/17/2021, Cost  $4,997,453) (e)(j)

  

5,000,000

  

 

5,000,000
       

 

22,053,414

Interest-Only Securities – 0.1%

      

 

  

Government National Mortgage Association,
Series 2010-132, Class IO, 0.41%, 11/16/2052 (h)(i)

  

180,108

  

 

449

JP Morgan Mortgage Trust
Series 2014-5, Class AX4, 0.12%, 10/25/2029 (a)(h)(i)

  

869,080

  

 

1,202

Series 2015-4, Class 2X1, 0.24%, 06/25/2045 (a)(h)(i)

  

32,320,648

  

 

248,543

Series 2021-INV1, Class AX1, 0.22%, 10/25/2051 (a)(h)(i)

  

40,661,994

  

 

412,683

Mello Mortgage Capital Acceptance,
Series 2021-INV1, Class AX1, 0.10%, 06/25/2051 (a)(h)(i)

  

44,879,370

  

 

219,249

Morgan Stanley Capital I, Inc.,
Series 2016-UBS9, Class XE, 1.25%, 03/15/2049 (a)(h)(i)

  

14,999,000

  

 

108,456

Vendee Mortgage Trust,
Series 1997-2, Class IO, 0.00%, 06/15/2027 (f)(h)(i)

  

786,918

  

 

1
       

 

990,583

Other – 1.0%

      

 

  

FIGRE Trust
Series 2024-HE3, Class D, 6.53%, 07/25/2054 (a)(i)

  

1,000,000

  

 

1,016,590

Series 2024-HE3, Class E, 7.55%, 07/25/2054 (a)(i)

  

500,000

  

 

490,894

Series 2024-HE3, Class F, 9.26%, 07/25/2054 (a)(i)

  

500,000

  

 

522,880

Series 2024-HE4, Class E, 6.81%, 09/25/2054 (a)(i)

  

500,000

  

 

477,057

Series 2024-HE4, Class F, 8.48%, 09/25/2054 (a)(i)

  

500,000

  

 

510,657

FIGRE Trust 2023-HE1,
Series 2025-PF1, Class E, 8.80%, 06/25/2055 (a)(i)

  

1,000,000

  

 

1,036,972

Lehman ABS Manufactured Housing Contract Trust,
Series 2001-B, Class M1, 6.63%, 04/15/2040 (i)

  

1,282,653

  

 

1,281,514

Mid-State Trust X,
Series 10, Class B, 7.54%, 02/15/2036

  

693,276

  

 

694,179

Oakwood Mortgage Investors, Inc.
Series 2001-D, Class A4, 6.93%, 09/15/2031 (i)

  

417,820

  

 

176,625

Series 2001-E, Class A4, 6.81%, 12/15/2031

  

1,770,292

  

 

1,733,539
       

 

7,940,907

____________

See Notes to Financial Statements.

14

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025
 

Par

  


Value

SECURITIZED CREDIT (continued)

      

 

  

Residential Mortgage-Backed Securities – 28.6% (k)

      

 

  

ACRA Trust,
Series 2024-NQM1, Class B1, 8.20%, 10/25/2064 (a)(i)

  

1,500,000

  

$

1,506,919

Alternative Loan Trust
Series 2006-19CB, Class A9, 5.13% (1 mo. Term SOFR + 0.81%), 08/25/2036, (0.70% Floor), (6.00% Cap)

  

1,717,725

  

 

745,616

Series 2006-23CB, Class 2A7, 10.67% (-4 x 1 mo. Term SOFR + 27.94%), 08/25/2036, (0.00% Floor), (28.40% Cap) (l)

  

1,191,559

  

 

647,198

Series 2006-29T1, Class 2A5, 6.00%, 10/25/2036

  

1,056,207

  

 

541,144

Series 2006-29T1, Class 2A6, 6.50%, 10/25/2036

  

1,657,437

  

 

901,737

Series 2006-29T1, Class 3A3, 33.55% (-10 x 1 mo. Term SOFR + 77.24%), 10/25/2036, (0.00% Floor), (78.40% Cap) (l)

  

633,563

  

 

910,697

Series 2006-41CB, Class 1A14, 0.92% (-1 x 1 mo. Term SOFR + 5.24%), 01/25/2037, (0.00% Floor), (5.35% Cap) (h)(l)

  

6,022,619

  

 

604,038

Series 2006-41CB, Class 1A7, 6.00%, 01/25/2037

  

968,453

  

 

464,073

Series 2006-41CB, Class 2A12, 6.00%, 01/25/2037

  

8,881,586

  

 

4,236,995

Series 2006-41CB, Class 2A14, 6.00%, 01/25/2037

  

1,082,446

  

 

516,385

Series 2006-41CB, Class 2A17, 6.00%, 01/25/2037

  

1,058,550

  

 

504,985

Series 2006-45T1, Class 2A5, 6.00%, 02/25/2037

  

2,030,603

  

 

1,041,020

Series 2007-12T1, Class A22, 5.75%, 06/25/2037

  

1,653,813

  

 

671,232

Series 2007-15CB, Class A2, 5.75%, 07/25/2037

  

801,546

  

 

441,694

Series 2007-15CB, Class A5, 5.75%, 07/25/2037

  

737,808

  

 

406,571

Series 2007-16CB, Class 4A5, 4.93% (1 mo. Term SOFR + 0.61%), 08/25/2037, (0.50% Floor), (7.00% Cap)

  

3,359,062

  

 

2,042,633

Series 2007-2CB, Class 2A11, 4.83% (1 mo. Term SOFR + 0.51%), 03/25/2037, (0.40% Floor), (5.75% Cap)

  

2,204,321

  

 

784,359

Series 2007-HY6, Class A1, 4.85% (1 mo. Term SOFR + 0.53%), 08/25/2047, (0.42% Floor)

  

1,796,833

  

 

1,509,409

Series 2007-OA3, Class 1A1, 4.71% (1 mo. Term SOFR + 0.39%), 04/25/2047, (0.28% Floor)

  

5,178,285

  

 

4,490,880

Bellemeade Re Ltd.
Series 2021-3A, Class M2, 7.46% (30 day avg SOFR US + 3.15%), 09/25/2031, (3.15% Floor) (a)

  

1,389,000

  

 

1,425,803

Series 2024-1, Class M1C, 8.26% (30 day avg SOFR US + 3.95%), 08/25/2034, (3.90% Floor) (a)

  

1,000,000

  

 

1,021,473

BRAVO Residential Funding Trust
Series 2022-NQM3, Class A3, 5.50%, 07/25/2062 (a)(i)

  

1,341,810

  

 

1,354,904

Series 2023-NQM5, Class B1, 7.36%, 06/25/2063 (a)(i)

  

1,000,000

  

 

995,622

BVRT LLC,
Series 2021-6F, Class A1, 2.75%, 12/30/2027 (a)

  

1,005,090

  

 

957,331

Cascade Funding Mortgage Trust,
Series 2024-HB13, Class M2, 3.00%, 05/25/2034 (a)(i)

  

1,100,000

  

 

1,023,000

Cascade MH Asset Trust
Series 2021-MH1, Class B2, 5.57%, 02/25/2046 (a)

  

500,000

  

 

431,288

Series 2024-MH1, Class B1, 7.50%, 11/25/2056 (a)(i)

  

147,000

  

 

147,829

Series 2024-MH1, Class B2, 8.35%, 11/25/2056 (a)(i)

  

154,000

  

 

148,695

Chase Mortgage Finance Corp.
Series 2005-A2, Class 3A2, 4.64%, 01/25/2036 (i)

  

561,842

  

 

489,279

Series 2007-A1, Class 11M1, 4.67%, 03/25/2037 (i)

  

1,511,459

  

 

1,388,333

____________

See Notes to Financial Statements.

2025 Semi-Annual Report

15

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025
 

Par

  


Value

SECURITIZED CREDIT (continued)

      

 

  

CHNGE Mortgage Trust
Series 2022-1, Class B1, 4.55%, 01/25/2067 (a)(i)

  

2,500,000

  

$

2,192,942

Series 2022-1, Class M1, 3.99%, 01/25/2067 (a)(i)

  

2,700,000

  

 

2,238,240

Series 2022-2, Class B1, 4.60%, 03/25/2067 (a)(i)

  

3,000,000

  

 

2,546,152

Series 2023-2, Class M1, 8.06%, 06/25/2058 (a)(i)

  

3,500,000

  

 

3,506,522

Series 2023-4, Class B1, 8.42%, 09/25/2058 (a)(i)

  

891,000

  

 

891,090

Series 2023-4, Class M1, 8.42%, 09/25/2058 (a)(i)

  

750,000

  

 

757,382

Citicorp Mortgage Securities, Inc.,
Series 2006-5, Class 1A11, 5.33% (1 mo. Term SOFR + 1.01%), 10/25/2036, (0.90% Floor), (7.00% Cap)

  

263,020

  

 

213,403

Citigroup Mortgage Loan Trust, Inc.
Series 2007-AR5, Class 1A2A, 5.06%, 04/25/2037 (i)

  

288,132

  

 

269,092

Series 2009-8, Class 2A2, 6.10%, 04/25/2037 (a)(i)

  

4,115,202

  

 

1,882,379

Countrywide Alternative Loan Trust
Series 2005-10CB, Class 1A1, 4.93% (1 mo. Term SOFR + 0.61%), 05/25/2035, (0.50% Floor), (5.50% Cap)

  

1,045,419

  

 

768,891

Series 2005-84, Class 2A1, 5.14%, 02/25/2036 (i)

  

7,182,602

  

 

6,815,694

Countrywide Home Loan Mortgage Pass Through Trust
Series 2004-21, Class A10, 6.00%, 11/25/2034

  

28,010

  

 

28,305

Series 2006-20, Class 1A18, 5.08% (1 mo. Term SOFR + 0.76%), 02/25/2037, (0.65% Floor), (6.00% Cap)

  

3,500,207

  

 

1,206,936

Series 2007-18, Class 1A1, 6.00%, 11/25/2037

  

149,749

  

 

61,877

Series 2007-5, Class A29, 5.50%, 05/25/2037

  

148,700

  

 

63,617

Credit Suisse Mortgage Capital Certificates
Series 2021-NQM1, Class B2, 3.83%, 05/25/2065 (a)(i)

  

1,100,000

  

 

823,227

Series 2021-NQM2, Class B2, 4.34%, 02/25/2066 (a)(i)

  

1,600,000

  

 

1,208,219

CRIBS Mortgage Trust,
Series 2025-RTL1, Class M1, 7.92%, 05/25/2040 (a)(i)

  

1,000,000

  

 

1,009,552

CWABS Asset-Backed Certificates,
Series 2006-13, Class 1AF4, 3.96%, 01/25/2037 (i)

  

338,366

  

 

329,784

Deephaven Residential Mortgage Trust,
Series 2022-2, Class B1, 4.31%, 03/25/2067 (a)(i)

  

3,000,000

  

 

2,469,596

Eagle Re Ltd.,
Series 2023-1, Class M1B, 8.26% (30 day avg SOFR US + 3.95%), 09/26/2033, (3.95% Floor) (a)

  

5,000,000

  

 

5,118,536

EASY Trust,
Series 2025-RTL1, Class A2, 8.30%, 05/25/2040 (a)(d)

  

1,000,000

  

 

1,003,838

Ellington Financial Mortgage Trust,
Series 2024-INV2, Class B1, 7.17%, 10/25/2069 (a)(i)

  

1,000,000

  

 

989,868

Fidelis Mortgage Trust,
Series 2025-RTL1, Class B, 8.95%, 02/27/2040 (a)(i)

  

900,000

  

 

890,091

FIGRE Trust
Series 2024-HE2, Class B, 6.63%, 05/25/2054 (a)(i)

  

773,495

  

 

794,740

Series 2024-HE2, Class C, 6.72%, 05/25/2054 (a)(i)

  

386,748

  

 

395,400

Series 2024-HE2, Class D, 7.20%, 05/25/2054 (a)(i)

  

500,000

  

 

528,521

Series 2024-HE2, Class E, 8.20%, 05/25/2054 (a)(i)

  

500,000

  

 

508,944

Series 2024-HE2, Class F, 9.79%, 05/25/2054 (a)(i)

  

500,000

  

 

538,645

Series 2024-HE5, Class E, 7.01%, 10/25/2054 (a)(i)

  

1,000,000

  

 

959,974

Series 2025-HE1, Class E, 7.36%, 01/25/2055 (a)(i)

  

2,000,000

  

 

2,006,364

Series 2025-HE1, Class F, 8.53%, 01/25/2055 (a)(i)

  

500,000

  

 

500,766

____________

See Notes to Financial Statements.

16

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025
 

Par

  


Value

SECURITIZED CREDIT (continued)

      

 

  

First Horizon Alternative Mortgage Securities,
Series 2005-FA8, Class 1A6, 5.08% (1 mo. Term SOFR + 0.76%), 11/25/2035, (0.65% Floor), (5.50% Cap)

  

1,023,139

  

$

377,958

Freddie Mac Seasoned Credit Risk Transfer Trust
Series 2019-4, Class M, 4.50%, 02/25/2059 (a)(i)

  

4,108,000

  

 

3,930,164

Series 2021-1, Class M, 4.25%, 09/25/2060 (a)

  

2,497,269

  

 

2,397,078

Series 2022-1, Class M, 4.50%, 11/25/2061 (a)(i)

  

3,000,000

  

 

2,607,612

FREED Mortgage Trust,
Series 2024-HE1, Class C, 6.55%, 05/25/2039 (a)

  

1,223,960

  

 

1,223,618

GCAT,
Series 2023-NQM2, Class B1, 6.95%, 11/25/2067 (a)(i)

  

2,258,000

  

 

2,219,950

GCAT Trust
Series 2022-NQM4, Class A2, 5.73%, 08/25/2067 (a)(d)

  

759,719

  

 

758,699

Series 2022-NQM4, Class A3, 5.73%, 08/25/2067 (a)(d)

  

379,860

  

 

378,740

Series 2022-NQM4, Class M1, 5.74%, 08/25/2067 (a)(i)

  

250,000

  

 

248,459

GMACM Home Equity Loan Trust
Series 2005-HE3, Class A1VN, 4.93% (1 mo. Term SOFR + 0.61%), 02/25/2036, (0.50% Floor)

  

311,512

  

 

297,576

Series 2005-HE3, Class A2, 4.93% (1 mo. Term SOFR + 0.61%), 02/25/2036, (0.50% Floor), (14.00% Cap)

  

347,759

  

 

332,202

Series 2007-HE2, Class A2, 6.05%, 12/25/2037 (i)

  

221,289

  

 

218,240

Series 2007-HE2, Class A3, 6.19%, 12/25/2037 (i)

  

426,295

  

 

421,971

GS Mortgage-Backed Securities Trust,
Series 2022-NQM1, Class B4, 4.08%, 05/25/2062 (a)(i)

  

1,544,013

  

 

1,244,471

GSAMP Trust,
Series 2006-NC2, Class A2C, 4.73% (1 mo. Term SOFR + 0.41%), 06/25/2036, (0.30% Floor)

  

416,605

  

 

226,204

GSR Mortgage Loan Trust
Series 2006-AR1, Class 2A4, 4.73%, 01/25/2036 (i)

  

1,723,249

  

 

1,524,696

Series 2007-1F, Class 4A1, 4.73% (1 mo. Term SOFR + 0.41%), 01/25/2037, (0.30% Floor), (7.00% Cap)

  

5,542,550

  

 

1,156,142

Home Equity Asset Trust,
Series 2006-7, Class 2A3, 4.73% (1 mo. Term SOFR + 0.41%), 01/25/2037, (0.30% Floor)

  

3,219,671

  

 

2,805,483

Home RE Ltd.,
Series 2021-2, Class M2, 7.56% (30 day avg SOFR US + 3.25%), 01/25/2034, (0.00% Floor) (a)

  

5,331,000

  

 

5,395,099

Imperial Fund Mortgage Trust
Series 2022-NQM5, Class A1, 5.39%, 08/25/2067 (a)(d)

  

521,480

  

 

519,978

Series 2022-NQM5, Class A2, 6.12%, 08/25/2067 (a)(d)

  

347,654

  

 

348,074

Series 2022-NQM5, Class M1, 6.25%, 08/25/2067 (a)(d)

  

1,026,000

  

 

1,020,341

Indymac INDA Mortgage Loan Trust
Series 2007-AR1, Class 1A1, 4.12%, 03/25/2037 (i)

  

591,390

  

 

442,682

Series 2007-AR3, Class 1A1, 5.21%, 07/25/2037 (i)

  

1,354,085

  

 

1,141,927

Irwin Home Equity Loan Trust,
Series 2006-1, Class 2A3, 6.27%, 09/25/2035 (a)(d)

  

98,609

  

 

97,155

JP Morgan Mortgage Trust
Series 2003-A1, Class B4, 5.62%, 10/25/2033 (i)

  

82,607

  

 

82,416

Series 2003-A2, Class B4, 6.32%, 11/25/2033 (i)

  

73,196

  

 

1

Series 2007-A2, Class 3A2, 4.87%, 04/25/2037 (i)

  

3,388,987

  

 

2,750,926

____________

See Notes to Financial Statements.

2025 Semi-Annual Report

17

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025
 

Par

  


Value

SECURITIZED CREDIT (continued)

      

 

  

Series 2021-INV1, Class B5, 2.97%, 10/25/2051 (a)(i)

  

254,000

  

$

116,282

Series 2021-INV1, Class B6, 2.76%, 10/25/2051 (a)(i)

  

573,000

  

 

208,805

Series 2022-DSC1, Class B2, 4.93%, 01/25/2063 (a)(i)

  

2,690,000

  

 

2,155,160

Series 2023-HE3, Class M2, 6.80% (30 day avg SOFR US + 2.50%), 05/20/2054, (0.00% Floor) (a)

  

1,695,000

  

 

1,711,938

Series 2024-CES1, Class B2, 9.22%, 06/25/2054 (a)(i)

  

1,101,000

  

 

1,099,372

Series 2025-CES1, Class B1, 6.86%, 05/25/2055 (a)(i)

  

1,000,000

  

 

1,003,998

Series 2025-NQM2, Class M1B, 6.90%, 09/25/2065 (a)(i)

  

1,750,000

  

 

1,756,805

JPMorgan Chase Bank NA
Series 2019-CL1, Class M3, 6.53% (1 mo. Term SOFR + 2.21%), 04/25/2047, (2.10% Floor) (a)

  

144,090

  

 

144,607

Series 2020-CL1, Class M3, 7.78% (1 mo. Term SOFR + 3.46%), 10/25/2057, (0.00% Floor) (a)

  

133,107

  

 

138,019

Series 2020-CL1, Class M4, 8.78% (1 mo. Term SOFR + 4.46%), 10/25/2057, (0.00% Floor) (a)

  

152,997

  

 

161,499

Series 2020-CL1, Class M5, 10.03% (1 mo. Term SOFR + 5.71%), 10/25/2057, (0.00% Floor) (a)

  

881,511

  

 

914,400

Series 2021-CL1, Class M2, 5.86% (30 day avg SOFR US + 1.55%), 03/25/2051, (0.00% Floor) (a)

  

135,424

  

 

134,535

MASTR Asset Backed Securities Trust
Series 2006-NC2, Class A5, 4.91% (1 mo. Term SOFR + 0.59%), 08/25/2036, (0.48% Floor)

  

348,424

  

 

120,990

Series 2006-NC3, Class A3, 4.63% (1 mo. Term SOFR + 0.31%), 10/25/2036, (0.20% Floor)

  

2,419,420

  

 

1,135,496

Series 2006-NC3, Class A4, 4.75% (1 mo. Term SOFR + 0.43%), 10/25/2036, (0.32% Floor)

  

4,081,860

  

 

1,915,722

Mello Mortgage Capital Acceptance
Series 2021-INV1, Class B4, 2.95%, 06/25/2051 (a)(i)

  

462,781

  

 

327,272

Series 2021-INV1, Class B5, 2.95%, 06/25/2051 (a)(i)

  

128,000

  

 

56,322

Series 2021-INV1, Class B6, 2.75%, 06/25/2051 (a)(i)

  

352,021

  

 

126,415

MFA Trust,
Series 2021-INV1, Class B1, 3.29%, 01/25/2056 (a)(i)

  

700,000

  

 

647,175

Morgan Stanley Residential Mortgage Loan Trust,
Series 2024-NQM3, Class B1A, 6.51%, 07/25/2069 (a)(i)

  

1,000,000

  

 

983,958

New York Mortgage Trust, Inc.
Series 2024-BPL2, Class M, 8.41%, 05/25/2039 (a)

  

1,919,000

  

 

1,928,840

Series 2024-BPL3, Class M1, 6.90%, 09/25/2039 (a)(i)

  

1,500,000

  

 

1,485,673

Nomura Resecuritization Trust
Series 2014-1R, Class 2A11, 2.49% (1 mo. Term SOFR + 0.24%), 02/26/2037, (0.13% Floor) (a)

  

19,500,788

  

 

15,909,693

Series 2015-11R, Class 4A5, 4.02%, 06/26/2037 (a)(i)

  

2,815,750

  

 

2,448,872

Series 2015-1R, Class 3A7, 4.50%, 03/26/2037 (a)(i)

  

3,842,063

  

 

2,113,486

Series 2015-1R, Class 4A7, 6.50%, 12/26/2037 (a)(i)

  

942,732

  

 

871,637

NRZ Excess Spread-Collateralized Notes
Series 2020-FHT1, Class A, 4.21%, 11/25/2025 (a)

  

602,314

  

 

595,907

Series 2021-FHT1, Class A, 3.10%, 07/25/2026 (a)

  

552,722

  

 

535,870

Oaktown Re Ltd.,
Series 2021-2, Class M1C, 7.66% (30 day avg SOFR US + 3.35%), 04/25/2034, (3.35% Floor) (a)

  

3,769,000

  

 

3,822,600

____________

See Notes to Financial Statements.

18

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025
 

Par

  


Value

SECURITIZED CREDIT (continued)

      

 

  

Option One Mortgage Loan Trust,
Series 2007-FXD1, Class 3A6, 5.66%, 01/25/2037 (d)

  

106,656

  

$

98,711

PRKCM Trust
Series 2021-AFC1, Class B2, 3.95%, 08/25/2056 (a)(i)

  

350,000

  

 

221,427

Series 2022-AFC2, Class B1, 6.14%, 08/25/2057 (a)(i)

  

3,000,000

  

 

2,960,571

Series 2023-AFC1, Class B1, 7.44%, 02/25/2058 (a)(i)

  

1,000,000

  

 

995,642

Series 2023-AFC1, Class B2, 7.44%, 02/25/2058 (a)(i)

  

1,000,000

  

 

987,410

Series 2023-AFC2, Class B1, 8.05%, 06/25/2058 (a)(i)

  

3,000,000

  

 

2,986,234

Series 2023-AFC2, Class M1, 7.88%, 06/25/2058 (a)

  

750,000

  

 

753,405

Series 2023-AFC3, Class B1, 7.77%, 09/25/2058 (a)(i)

  

4,248,000

  

 

4,220,436

Series 2023-AFC3, Class B2, 7.77%, 09/25/2058 (a)(i)

  

1,005,000

  

 

996,149

Series 2024-AFC1, Class B1, 8.06%, 03/25/2059 (a)(i)

  

1,638,000

  

 

1,640,395

Series 2024-HOME1, Class B1, 7.67%, 05/25/2059 (a)(i)

  

1,623,000

  

 

1,621,758

Progress Residential Trust,
Series 2024-SFR2, Class E1, 3.40%, 04/17/2041 (a)(i)

  

2,100,000

  

 

1,924,936

PRPM LLC
Series 2023-NQM1, Class B2, 6.27%, 01/25/2068 (a)(i)

  

1,000,000

  

 

970,172

Series 2024-NQM1, Class B1, 7.48%, 12/25/2068 (a)(i)

  

2,000,000

  

 

1,975,841

Series 2024-NQM2, Class B1, 7.86%, 06/25/2069 (a)(i)

  

1,500,000

  

 

1,516,797

Series 2024-RCF1, Class M1, 4.00%, 01/25/2054 (a)(d)

  

1,000,000

  

 

933,786

Radnor RE Ltd.,
Series 2021-1, Class M2, 7.46% (30 day avg SOFR US + 3.15%), 12/27/2033, (3.15% Floor) (a)

  

1,443,000

  

 

1,444,481

RALI Trust
Series 2006-QO7, Class 2A1, 5.25% (MTA + 0.85%), 09/25/2046, (0.85% Floor)

  

4,793,158

  

 

4,312,141

Series 2006-QS14, Class A30, 23.61% (-13 x 1 mo. Term SOFR + 79.76%), 11/25/2036, (0.00% Floor), (81.25% Cap) (l)

  

40,887

  

 

70,490

Series 2006-QS3, Class 1A10, 6.00%, 03/25/2036

  

1,260,227

  

 

1,101,874

Series 2007-QO3, Class A1, 4.75% (1 mo. Term SOFR + 0.43%), 03/25/2047, (0.32% Floor)

  

998,087

  

 

898,107

RCKT Mortgage Trust,
Series 2024-CES3, Class M2, 7.01%, 05/25/2044 (a)(i)

  

2,000,000

  

 

2,051,260

RFMSI Trust,
Series 2007-S3, Class 1A5, 5.50%, 03/25/2037

  

1,048,859

  

 

744,356

Rithm Capital Corp.
Series 2024-NQM2, Class B1, 6.61%, 09/25/2064 (a)(i)

  

500,000

  

 

482,035

Series 2024-RTL1, Class M1, 9.30%, 03/25/2039 (a)(i)

  

2,500,000

  

 

2,501,813

Santander Holdings USA, Inc.,
Series 2023-MTG1, Class M1, 8.46% (30 day avg SOFR US + 4.15%), 02/26/2052, (2.50% Floor) (a)

  

4,723,323

  

 

5,133,077

Securitized Asset Backed Receivables LLC Trust
Series 2006-NC3, Class A2B, 4.73% (1 mo. Term SOFR + 0.41%), 09/25/2036, (0.30% Floor)

  

4,951,307

  

 

1,598,637

Series 2007-NC1, Class A2B, 4.73% (1 mo. Term SOFR + 0.41%), 12/25/2036, (0.30% Floor)

  

3,043,288

  

 

1,479,723

STAR Trust,
Series 2022-SFR3, Class E2, 8.01% (1 mo. Term SOFR + 3.70%), 05/17/2039, (3.70% Floor) (a)

  

3,750,000

  

 

3,749,300

Toorak Mortgage Trust,
Series 2024-RRTL1, Class M1, 9.16%, 02/25/2039 (a)(i)

  

1,500,000

  

 

1,515,627

____________

See Notes to Financial Statements.

2025 Semi-Annual Report

19

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025
 

Par

  


Value

SECURITIZED CREDIT (continued)

      

 

  

Towd Point Mortgage Trust,
Series 2024-CES1, Class M2, 6.86%, 01/25/2064 (a)(i)

  

1,000,000

  

$

1,002,000

Verus Securitization Trust
Series 2022-1, Class B2, 3.97%, 01/25/2067 (a)(i)

  

2,199,000

  

 

1,603,041

Series 2022-2, Class B2, 4.27%, 02/25/2067 (a)(i)

  

1,500,000

  

 

1,159,465

Series 2022-INV1, Class A3, 5.83%, 08/25/2067 (a)(d)

  

357,440

  

 

356,938

Series 2023-2, Class B1, 7.47%, 03/25/2068 (a)(i)

  

1,000,000

  

 

992,085

Series 2023-4, Class B1, 8.08%, 05/25/2068 (a)(i)

  

2,000,000

  

 

1,995,778

Series 2023-INV2, Class A3, 7.08%, 08/25/2068 (a)(d)

  

78,385

  

 

78,828

Series 2023-INV2, Class B1, 8.07%, 08/25/2068 (a)(i)

  

100,000

  

 

100,275

Series 2023-INV2, Class M1, 7.35%, 08/25/2068 (a)(i)

  

121,000

  

 

121,571

Series 2024-1, Class B1, 7.91%, 01/25/2069 (a)(i)

  

500,000

  

 

504,006

Series 2024-2, Class B1, 7.86%, 02/25/2069 (a)(i)

  

1,000,000

  

 

1,013,644

Series 2024-INV1, Class B1, 8.09%, 03/25/2069 (a)(i)

  

1,000,000

  

 

1,018,628

Vista Point Securitization Trust,
Series 2024-CES3, Class B1, 7.83%, 01/25/2055 (a)(i)

  

500,000

  

 

506,700

Washington Mutual Mortgage Pass-Through Certificates Trust
Series 2007-HY1, Class 4A1, 4.26%, 02/25/2037 (i)

  

4,410,223

  

 

4,080,210

Series 2007-HY3, Class 4A1, 5.10%, 03/25/2037 (i)

  

4,151,737

  

 

3,716,242

Series 2007-HY5, Class 1A1, 4.16%, 05/25/2037 (i)

  

1,497,918

  

 

1,336,556

Series 2007-HY5, Class 3A1, 3.88%, 05/25/2037 (i)

  

520,715

  

 

462,303

Wells Fargo Mortgage Backed Securities Trust
Series 2006-AR1, Class 2A5, 6.33%, 03/25/2036 (i)

  

733,657

  

 

708,761

Series 2006-AR12, Class 2A1, 6.80%, 09/25/2036 (i)

  

572,720

  

 

546,762

Western Alliance Bancorp
Series 2021-CL2, Class M3, 8.41% (30 day avg SOFR US + 4.10%), 07/25/2059, (0.00% Floor) (a)

  

872,376

  

 

895,690

Series 2021-CL2, Class M4, 9.66% (30 day avg SOFR US + 5.35%), 07/25/2059, (0.00% Floor) (a)

  

1,500,200

  

 

1,624,083

 

  

 

  

 

230,319,096

TOTAL SECURITIZED CREDIT
(Cost $372,507,458)

  

 

  

 

321,703,992

 

Shares

  


Value

COMMON STOCKS – 8.2%

        

Airports – 0.3%

        

Auckland International Airport Ltd.

  

146,644

  

692,303

Grupo Aeroportuario del Pacifico SAB de CV – Class B

  

47,916

  

1,096,901

Japan Airport Terminal Co. Ltd. (b)

  

23,398

  

747,148
       

2,536,352

Circular Economy – 0.1%

        

American Water Works Co., Inc. (b)

  

5,942

  

826,592

Hera SpA

  

14,091

  

68,065

Orizon Valorizacao de Residuos SA (m)

  

6,426

  

64,034

Waste Management, Inc. (b)

  

307

  

70,248
       

1,028,939

____________

See Notes to Financial Statements.

20

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025

 

Shares

  


Value

COMMON STOCKS (continued)

      

 

  

Clean Technology – 0.0% (n)

      

 

  

Carrier Global Corp. (b)

  

718

  

$

52,550

Itron, Inc. (b)(m)

  

520

  

 

68,448

Trane Technologies PLC (b)

  

177

  

 

77,421
       

 

198,419

Data Centers – 0.0% (n)

      

 

  

Digital Realty Trust, Inc. (b)

  

186

  

 

32,426

Equinix, Inc. (b)

  

81

  

 

64,433

Keppel DC REIT

  

1

  

 

1
       

 

96,860

Diversified – 0.0% (n)

      

 

  

British Land Co. PLC (b)

  

6,492

  

 

33,694

CapitaLand Integrated Commercial Trust

  

12,884

  

 

22,000

Stockland (b)

  

4,566

  

 

16,137

Sun Hung Kai Properties Ltd.

  

1,324

  

 

15,257
       

 

87,088

Electricity Transmission & Distribution – 0.3%

      

 

  

CenterPoint Energy, Inc. (b)

  

26,544

  

 

975,226

PG&E Corp. (b)

  

84,434

  

 

1,177,010
       

 

2,152,236

Gas Utilities – 0.2%

      

 

  

Italgas SpA (b)

  

70,160

  

 

595,145

NiSource, Inc. (b)

  

28,332

  

 

1,142,913
       

 

1,738,058

Gathering & Processing – 0.5%

      

 

  

MPLX LP (b)

  

40,780

  

 

2,100,578

ONEOK, Inc. (b)

  

24,999

  

 

2,040,668
       

 

4,141,246

Health Care – 0.0% (n)

      

 

  

American Healthcare REIT, Inc. (b)

  

670

  

 

24,616

Omega Healthcare Investors, Inc.

  

422

  

 

15,466

Parkway Life Real Estate Investment Trust

  

3,349

  

 

10,809

Welltower, Inc. (b)

  

473

  

 

72,714
       

 

123,605

Hotel – 0.0% (n)

      

 

  

Invincible Investment Corp.

  

24

  

 

10,335

Industrial – 0.0% (n)

      

 

  

CTP NV (a)(b)

  

447

  

 

9,417

EastGroup Properties, Inc. (b)

  

211

  

 

35,262

Goodman Group

  

782

  

 

17,630

LaSalle Logiport REIT (b)

  

11

  

 

10,632

____________

See Notes to Financial Statements.

2025 Semi-Annual Report

21

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025

 

Shares

  


Value

COMMON STOCKS (continued)

      

 

  

LXP Industrial Trust

  

1,213

  

$

10,020

Plymouth Industrial REIT, Inc. (b)

  

297

  

 

4,770

Prologis, Inc. (b)

  

252

  

 

26,490

Warehouses De Pauw CVA

  

929

  

 

22,758
       

 

136,979

Integrated Utilities/Renewables – 0.9%

      

 

  

Chubu Electric Power Co., Inc.

  

40,946

  

 

506,684

Duke Energy Corp. (b)

  

13,653

  

 

1,611,054

Entergy Corp. (b)

  

12,999

  

 

1,080,477

Evergy, Inc. (b)

  

19,291

  

 

1,329,729

IDACORP, Inc.

  

4,076

  

 

470,574

NextEra Energy, Inc. (b)

  

34,413

  

 

2,388,950
       

 

7,387,468

Midstream – 1.9%

      

 

  

APA Group (b)

  

122,255

  

 

657,337

Cheniere Energy, Inc. (b)

  

14,518

  

 

3,535,423

Koninklijke Vopak NV (b)

  

17,244

  

 

856,500

Targa Resources Corp. (b)

  

17,165

  

 

2,988,083

TC Energy Corp.

  

41,028

  

 

2,001,756

TC Energy Corp. (b)

  

20,687

  

 

1,009,930

Williams Cos., Inc. (b)

  

62,136

  

 

3,902,762
       

 

14,951,791

Net Lease – 0.0% (n)

      

 

  

Agree Realty Corp. (b)

  

118

  

 

8,621

Essential Properties Realty Trust, Inc. (b)

  

973

  

 

31,048

VICI Properties, Inc. (b)

  

946

  

 

30,840
       

 

70,509

Office – 0.0% (n)

      

 

  

Covivio SA (b)

  

91

  

 

5,770

Highwoods Properties, Inc.

  

337

  

 

10,477

Hongkong Land Holdings Ltd.

  

2,255

  

 

13,019

KDX Realty Investment Corp. (b)

  

10

  

 

10,851

Mitsui Fudosan Co. Ltd. (b)

  

3,793

  

 

36,720

Nippon Building Fund, Inc.

  

6

  

 

5,540

Sumitomo Realty & Development Co. Ltd. (b)

  

225

  

 

8,690
       

 

91,067

Pipeline Transportation/Natural Gas – 0.8%

      

 

  

Energy Transfer LP (b)

  

117,160

  

 

2,124,111

Enterprise Products Partners LP (b)

  

67,221

  

 

2,084,523

Kinder Morgan, Inc. (b)

  

74,992

  

 

2,204,765
       

 

6,413,399

____________

See Notes to Financial Statements.

22

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025

 

Shares

  


Value

COMMON STOCKS (continued)

      

 

  

Pipeline Transportation/Petroleum – 0.5%

      

 

  

Enbridge, Inc.

  

42,849

  

$

1,941,917

Plains All American Pipeline LP (b)

  

116,600

  

 

2,136,112
       

 

4,078,029

Ports – 0.1%

      

 

  

International Container Terminal Services, Inc.

  

38,550

  

 

281,043

Rail – 0.6%

      

 

  

Canadian Pacific Kansas City Ltd. (b)

  

18,277

  

 

1,451,960

East Japan Railway Co. (b)

  

35,128

  

 

755,636

Union Pacific Corp. (b)

  

9,439

  

 

2,171,725
       

 

4,379,321

Real Estate – 0.1%

      

 

  

RLJ Lodging Trust

  

14,000

  

 

331,240

Service Properties Trust

  

106,426

  

 

254,358

SL Green Realty Corp.

  

417

  

 

25,812
       

 

611,410

Renewable Power & Infrastructure – 0.7%

      

 

  

Boralex, Inc. – Class A (b)

  

1,785

  

 

41,474

Clearway Energy, Inc. – Class C (b)

  

1,432

  

 

45,824

CMS Energy Corp. (b)

  

12,101

  

 

838,357

E.ON SE (b)

  

4,283

  

 

78,917

Enel SpA (b)

  

10,413

  

 

98,827

Equatorial Energia SA

  

151,817

  

 

1,014,612

First Solar, Inc. (m)

  

309

  

 

51,152

Fortis, Inc. (b)

  

922

  

 

44,023

Iberdrola SA (b)

  

6,489

  

 

124,836

National Grid PLC (b)

  

112,121

  

 

1,645,782

Public Service Enterprise Group, Inc. (b)

  

1,096

  

 

92,261

Xcel Energy, Inc. (b)

  

24,300

  

 

1,654,830
       

 

5,730,895

Residential – 0.0% (n)

      

 

  

AvalonBay Communities, Inc. (b)

  

242

  

 

49,247

Camden Property Trust (b)

  

246

  

 

27,722

Canadian Apartment Properties REIT (b)

  

346

  

 

11,284

Comforia Residential REIT, Inc. (b)

  

3

  

 

5,970

Fastighets AB Balder (m)

  

1,807

  

 

13,470

Kojamo Oyj (m)

  

1,226

  

 

15,927

Sun Communities, Inc. (b)

  

71

  

 

8,981

Vonovia SE (b)

  

436

  

 

15,457
       

 

148,058

____________

See Notes to Financial Statements.

2025 Semi-Annual Report

23

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025

 

Shares

  


Value

COMMON STOCKS (continued)

      

 

  

Retail – 0.0% (n)

      

 

  

Brixmor Property Group, Inc. (b)

  

977

  

$

25,441

Curbline Properties Corp. (b)

  

417

  

 

9,520

Eurocommercial Properties NV (b)

  

470

  

 

14,864

Hang Lung Properties Ltd.

  

11,732

  

 

11,230

Link REIT

  

2,351

  

 

12,593

Macerich Co.

  

624

  

 

10,096

Regency Centers Corp. (b)

  

227

  

 

16,169

Scentre Group

  

11,131

  

 

26,144

Simon Property Group, Inc. (b)

  

73

  

 

11,736
       

 

137,793

Self Storage – 0.0% (n)

      

 

  

Big Yellow Group PLC (b)

  

814

  

 

11,316

CubeSmart (b)

  

302

  

 

12,835

Extra Space Storage, Inc. (b)

  

363

  

 

53,521

Smartstop Self Storage REIT, Inc. (b)

  

453

  

 

16,412
       

 

94,084

Sustainable Solutions – 0.0% (n)

      

 

  

GE Vernova, Inc. (b)

  

165

  

 

87,310

Schneider Electric SE (b)

  

334

  

 

89,674
       

 

176,984

Toll Roads – 0.2%

      

 

  

Getlink SE (b)

  

46,250

  

 

892,814

Transurban Group (b)

  

99,611

  

 

916,517
       

 

1,809,331

Towers – 0.5%

      

 

  

American Tower Corp. (b)

  

1,803

  

 

398,499

Cellnex Telecom SA (a)(b)

  

30,635

  

 

1,192,876

Crown Castle, Inc. (b)

  

8,905

  

 

914,811

SBA Communications Corp. (b)

  

6,070

  

 

1,425,479

Uniti Group, Inc.

  

53,200

  

 

229,824
       

 

4,161,489

Utility – 0.4%

      

 

  

Bloom Energy Corp. – Class A (b)(m)

  

1,013

  

 

24,231

Pennon Group PLC (b)

  

270,330

  

 

1,865,067

SSE PLC (b)

  

30,755

  

 

774,413

TXNM Energy, Inc. (b)

  

1,616

  

 

91,013
       

 

2,754,724

____________

See Notes to Financial Statements.

24

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025

 

Shares

  


Value

COMMON STOCKS (continued)

      

 

  

Water & Waste Infrastructure – 0.1%

      

 

  

Republic Services, Inc. (b)

  

263

  

$

64,858

Severn Trent PLC (b)

  

1,989

  

 

74,731

Waste Connections, Inc. (b)

  

368

  

 

68,744

Xylem, Inc. (b)

  

339

  

 

43,853

 

  

 

  

 

252,186

TOTAL COMMON STOCKS
(Cost $59,314,669)

      

 

65,779,698
 


Par

  


Value

TERM LOANS – 6.0%

        

Apro LLC,
First Lien, 8.06% (3 mo. Term SOFR + 3.75%), 07/09/2031

  

1,985,000

  

1,975,909

Cablevision Lightpath LLC,
7.31% (1 mo. Term SOFR + 3.00%), 11/30/2027

  

3,457,847

  

3,466,076

Cogeco Communications USA II LP,
First Lien, 7.58% (1 mo. Term SOFR + 3.25%), 09/30/2030

  

1,858,871

  

1,853,071

Cornerstone Generation LLC,
First Lien Tranche B Term Loan, 7.95% (1 mo. Term SOFR + 3.25%), 10/28/2031

  

1,500,000

  

1,506,870

Directv Financing LLC,
9.83% (1 mo. Term SOFR + 5.50%), 02/18/2031

  

7,275,000

  

6,922,163

Edgewater Generation LLC,
First Lien, 7.32% (1 mo. Term SOFR + 3.00%), 08/01/2030

  

992,143

  

994,980

EPIC Crude Services LP,
First Lien, 7.30% (3 mo. Term SOFR + 3.00%), 10/15/2031

  

3,990,000

  

3,999,137

Greystar Real Estate Partners LLC,
First Lien, 7.08% (3 mo. Term SOFR + 2.75%), 08/21/2030

  

3,410,500

  

3,414,763

Herschend Entertainment Co. LLC,
First Lien, 7.57% (1 mo. Term SOFR + 3.25%), 05/27/2032

  

500,000

  

503,020

Jack Ohio Finance LLC,
First Lien, 8.32% (1 mo. Term SOFR + 4.00%), 01/30/2032

  

5,987,500

  

5,935,109

Kestrel Acquisition LLC,
7.80% (3 mo. Term SOFR + 3.50%), 11/06/2031

  

1,481,269

  

1,478,069

Lumen Technologies, Inc.
First Lien 6.79% (1 mo. Term SOFR + 2.35%), 04/16/2029

  

1,250,685

  

1,233,963

6.79% (1 mo. Term SOFR + 2.35%), 04/15/2030

  

1,250,685

  

1,233,688

OEG Borrower LLC,
7.81% (3 mo. Term SOFR + 3.50%), 06/30/2031

  

1,492,500

  

1,483,172

Station Casinos LLC,
First Lien, 6.33% (1 mo. Term SOFR + 2.25%), 03/14/2031

  

15,075

  

15,094

Sunrise Financing Partnership,
6.69% (1 mo. Term SOFR + 2.25%), 04/30/2028

  

4,250,000

  

4,242,053

Third Coast Infrastructure LLC,
8.58% (1 mo. Term SOFR + 4.25%), 09/25/2030

  

2,962,500

  

2,975,476

Thunder Generation Funding LLC,
First Lien, 7.61% (3 mo. Term SOFR + 3.00%), 10/03/2031

  

17,578

  

17,578

____________

See Notes to Financial Statements.

2025 Semi-Annual Report

25

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025
 


Par

  


Value

TERM LOANS (continued)

      

 

  

Vistra Energy Corp.,
0.00%, 10/31/2025 (f)(o)

  

25,848

  

$

317

WideOpenWest Finance LLC,
First Lien, 11.55% (3 mo. Term SOFR + 7.00%), 12/11/2028

  

5,000,000

  

 

5,112,500

TOTAL TERM LOANS
(Cost $48,007,715)

      

 

48,363,008

 


Shares

  

Value

EXCHANGE TRADED FUNDS – 3.1%

        

Goldman Sachs Access Treasury 0-1 Year ETF

  

35,269

  

3,532,190

iShares 0-3 Month Treasury Bond ETF

  

70,200

  

7,068,438

iShares Short Treasury Bond ETF

  

63,969

  

7,063,457

Janus Henderson AAA CLO ETF

  

136,369

  

6,920,727

TOTAL EXCHANGE TRADED FUNDS
(Cost $24,573,525)

  

 

  

24,584,812

PREFERRED STOCKS – 1.3%

        

Oil Gas Transportation & Distribution – 0.1%

        

Global Partners LP,
Series B, 9.50%, Perpetual

  

32,100

  

829,823

Real Estate – 0.8%

        

EPR Properties,
Series E, 9.00%, Perpetual

  

138,604

  

4,321,673

Kimco Realty Corp.,
Series N, 7.25%, Perpetual

  

32,735

  

1,981,777
       

6,303,450

Telecommunication Services – 0.1%

        

DigitalBridge Group, Inc.,
Series H, 7.13%, Perpetual

  

779

  

16,305

Liberty Broadband Corp.,
Series A, 7.00%, Perpetual

  

41,071

  

1,024,721
       

1,041,026

Utility – 0.3%

        

SCE Trust V,
Series K, 5.45% to 03/15/2026 then 3 mo. Term SOFR + 4.05%, Perpetual (b)

  

92,789

  

2,115,589

TOTAL PREFERRED STOCKS
(Cost $9,804,954)

      

10,289,888

 


Par

  

Value

MUNICIPAL BONDS – 0.6%

        

Alabama – 0.0% (n)

        

Homewood Educational Building Authority,
7.42%, 10/01/2044 (Obligor: CHF Horizons II LLC)

  

150,000

  

154,529

Troy Industrial Development Board,
5.00%, 11/01/2041

  

125,000

  

106,141
       

260,670

____________

See Notes to Financial Statements.

26

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025

 


Par

  

Value

MUNICIPAL BONDS (continued)

      

 

  

Arizona – 0.0% (n)

      

 

  

Maricopa County Industrial Development Authority,
7.38%, 10/01/2029 (Obligor: Grand Canyon University) (a)

  

100,000

  

$

103,510

California – 0.2%

      

 

  

California Infrastructure & Economic Development Bank,
9.50%, 01/01/2065 (Obligor: Desertxpress Enterprises) (a)(p)

  

1,000,000

  

 

947,603

Golden State Tobacco Securitization Corp.,
3.85%, 06/01/2050

  

180,000

  

 

163,789
       

 

1,111,392

Colorado – 0.0% (n)

      

 

  

Colorado Health Facilities Authority,
4.48%, 12/01/2040 (Obligor: Covenant Living Comunity)

  

120,000

  

 

101,376

Delaware – 0.0% (n)

      

 

  

Delaware State Economic Development Authority,
8.00%, 07/01/2030 (Obligor: Academia Antonia Alonso I) (a)

  

100,000

  

 

100,716

Florida – 0.1%

      

 

  

Capital Projects Finance Authority,
7.00%, 06/01/2033 (Obligor: Prg Unionwest Properties) (a)

  

125,000

  

 

120,575

Capital Trust Authority,
6.70%, 06/15/2028 (Obligor: St Johns Classical Academy) (a)

  

105,000

  

 

105,761

City of Miami Gardens FL,
7.00%, 06/01/2040

  

50,000

  

 

56,710
       

 

283,046

Illinois – 0.1%

      

 

  

Illinois Finance Authority,
8.25%, 09/01/2039 (Obligor: Illinois Inst Of Tech) (a)

  

200,000

  

 

199,177

Northern Illinois Municipal Power Agency
6.86%, 01/01/2039

  

100,000

  

 

107,613

7.82%, 01/01/2040

  

30,000

  

 

34,990

Village of Oak Lawn IL,
5.43%, 12/01/2025

  

100,000

  

 

99,652
       

 

441,432

Indiana – 0.0% (n)

      

 

  

Indiana Finance Authority,
5.93%, 07/01/2053 (Obligor: BPIU Partners LLC)

  

125,000

  

 

120,002

Kentucky – 0.0% (n)

      

 

  

Louisville/Jefferson County Metropolitan Government,
4.29%, 05/01/2045 (Obligor: Louisville/Jefferson Med)

  

200,000

  

 

154,250

Nebraska – 0.0% (n)

      

 

  

Public Power Generation Agency,
7.24%, 01/01/2041

  

140,000

  

 

153,388

New Hampshire – 0.0% (n)

      

 

  

New Hampshire Business Finance Authority,
6.89%, 04/01/2034 (Obligor: Wheeling Power Company) (a)

  

275,000

  

 

282,997

____________

See Notes to Financial Statements.

2025 Semi-Annual Report

27

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025

 


Par

  

Value

MUNICIPAL BONDS (continued)

      

 

  

New Jersey – 0.0% (n)

      

 

  

South Jersey Transportation Authority,
7.00%, 11/01/2038

  

75,000

  

$

82,178

New York – 0.1%

      

 

  

New York City Industrial Development Agency,
5.90%, 03/01/2046 (Obligor: NY Yankees Partnership) (a)

  

125,000

  

 

123,947

New York Transportation Development Corp.,
6.97%, 06/30/2051 (Obligor: Elevated Accessibility)

  

255,000

  

 

251,261
       

 

375,208

Oklahoma – 0.1%

      

 

  

Oklahoma Development Finance Authority,
5.45%, 08/15/2028 (Obligor: OU Medicine Obligated Group)

  

500,000

  

 

486,484

Sallisaw Economic Authority,
6.26%, 02/01/2053

  

125,000

  

 

125,153
       

 

611,637

Oregon – 0.0% (n)

      

 

  

Port of Morrow OR,
3.25%, 12/01/2036

  

150,000

  

 

123,718

Texas – 0.0% (n)

      

 

  

City of San Antonio TX Customer Facility Charge Revenue,
5.87%, 07/01/2045

  

100,000

  

 

95,798

Virginia – 0.0% (n)

      

 

  

Farmville Industrial Development Authority,
5.00%, 01/01/2034 (Obligor: Longwood Housing Foundation LLC)

  

200,000

  

 

183,530

West Virginia – 0.0% (n)

      

 

  

County of Ohio WV Special District Excise Tax Revenue,
8.25%, 03/01/2035

  

110,000

  

 

118,022

Tobacco Settlement Finance Authority,
4.01%, 06/01/2040

  

125,000

  

 

102,169
       

 

220,191

Wisconsin – 0.0% (n)

      

 

  

Public Finance Authority,
6.00%, 06/01/2027 (Obligor: Lindenwood Education Sys) (a)

  

200,000

  

 

200,304

TOTAL MUNICIPAL BONDS
(Cost $5,053,818)

  

 

  

 

5,005,343

U.S. GOVERNMENT AGENCY ISSUES – 0.1%

      

 

  

U.S. Government Agency Collateralized Mortgage Obligations – 0.0% (n)

      

 

  

Federal National Mortgage Association,
Series 1997-79, Class PL, 6.85%, 12/18/2027

  

10,071

  

 

10,230

U.S. Government Agency Pass-Through Certificates – 0.1%

      

 

  

Federal Home Loan Mortgage Corporation

      

 

  

Pool C55167, 8.50%, 07/01/2031

  

21,276

  

 

21,845

Pool C55169, 8.50%, 07/01/2031

  

31,258

  

 

32,667

Pool C56878, 8.00%, 08/01/2031

  

26,659

  

 

27,709

____________

See Notes to Financial Statements.

28

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025

 


Par

  

Value

U.S. GOVERNMENT AGENCY ISSUES (continued)

      

 

  

Pool C59641, 8.00%, 10/01/2031

  

22,001

  

$

22,861

Pool C69047, 7.00%, 06/01/2032

  

100,674

  

 

106,391

Federal National Mortgage Association

      

 

  

Pool 255053, 7.50%, 12/01/2033

  

30,498

  

 

32,835

Pool 458132, 8.00%, 03/15/2031

  

18

  

 

18

Pool 545436, 9.00%, 10/01/2031

  

30,292

  

 

32,932

Pool 545990, 7.50%, 04/01/2031

  

41,380

  

 

42,708

Pool 636449, 8.50%, 04/01/2032

  

71,279

  

 

76,269

Pool 645912, 7.00%, 06/01/2032

  

79,560

  

 

84,090

Pool 645913, 7.00%, 06/01/2032

  

85,458

  

 

89,675

Pool 650131, 7.00%, 07/01/2032

  

98,825

  

 

104,627

Pool 735576, 7.50%, 11/01/2034

  

52,098

  

 

55,340

Pool 735800, 8.00%, 01/01/2035

  

86,245

  

 

93,724
   

  

  

 

823,691

TOTAL U.S. GOVERNMENT AGENCY ISSUES
(Cost $793,945)

      

 

833,921

 


Shares

  


Value

SHORT-TERM INVESTMENTS – 4.1%

        

Money Market Funds – 2.9%

        

First American Treasury Obligations Fund – Class X, 4.24% (q)

  

23,232,303

  

23,232,303

 


Par

  


Value

U.S. Treasury Bills – 1.2%

      

 

  

 

4.27%, 08/21/2025 (r)

  

5,000,000

  

 

4,970,098

 

4.30%, 09/11/2025 (r)

  

5,000,000

  

 

4,957,550

 

  

  

  

  

 

9,927,648

 

TOTAL SHORT-TERM INVESTMENTS
(Cost $33,159,801)

  

  

  

 

33,159,951

 

TOTAL INVESTMENTS – 131.6%
(Cost $1,095,559,176)

      

 

1,059,835,182

 

Liabilities in Excess of Liabilities – (31.6)%

  

  

  

 

(254,362,367

)

TOTAL NET ASSETS – 100.0%

  

 

  

$

805,472,815

 

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

CMBS

—

Commercial Mortgage-Backed Security

CMT

—

Constant Maturity Treasury

EURIBOR

—

Euro Interbank Offered Rate

LIBOR

—

London Interbank Offered Rate

LLC

—

Limited Liability Company

LP

—

Limited Partnership

PIK

—

Payment in Kind

PLC

—

Public Limited Company

____________

See Notes to Financial Statements.

2025 Semi-Annual Report

29

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025

REIT

—

Real Estate Investment Trust

SOFR

—

Secured Overnight Financing Rate

SONIA

—

Sterling Overnight Index Average

EUR

—

Euro

GBP

—

British Pound

(a)

  

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $580,026,011 or 72.0% of the Fund’s net assets.

(b)

  

All or a portion of security has been pledged as collateral for the Fund’s credit facilities. The fair value of assets committed as collateral as of June 30, 2025 is $320,524,112.

(c)

  

All or a portion of security has been pledged as collateral for reverse repurchase agreements. The fair value of assets committed as collateral as of June 30, 2025 is $98,186,089.

(d)

  

Step coupon bond. The rate disclosed is as of June 30, 2025.

(e)

  

Restricted security purchased in a private placement transaction in which resale to the public may require registration. As of June 30, 2025, the value of these securities total $36,862,740 or 4.6% of the Fund’s net assets.

(f)

  

Zero coupon bonds make no periodic interest payments.

(g)

  

Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

(h)

  

Interest only security.

(i)

  

Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2025.

(j)

  

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $22,758,875 or 2.8% of net assets as of June 30, 2025.

(k)

  

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(l)

  

Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

(m)

  

Non-income producing security.

(n)

  

Represents less than 0.05% of net assets.

(o)

  

Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2025.

(p)

  

Security subject to the Alternative Minimum Tax (“AMT”). As of June 30, 2025, the total value of securities subject to the AMT was $947,603 or 0.1% of net assets.

(q)

  

The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

(r)

  

The rate shown is the annualized effective yield as of June 30, 2025.

____________

See Notes to Financial Statements.

30

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Schedule of Investments (Unaudited) (continued)

June 30, 2025

Forward Currency Contracts:

As of June 30, 2025, the following forward currency contracts were outstanding:

Counterparty

  

Settlement Date

  

Currency
Purchased

  

Currency Sold

  

Unrealized
Appreciation
(Depreciation)

State Street Bank & Trust Co.

  

08/07/2025

  

EUR

55,667

  

USD

63,810

  

$

1,940

 

State Street Bank & Trust Co.

  

08/07/2025

  

GBP 

67,210

  

USD

90,731

  

 

1,544

 

State Street Bank & Trust Co.

  

08/07/2025

  

USD

3,529,733

  

EUR

3,103,873

  

 

(136,324

)

State Street Bank & Trust Co.

  

08/07/2025

  

USD

4,079,565

  

GBP 

3,071,209

  

 

(137,017

)

Net Unrealized Appreciation (Depreciation)

      

 

    

 

    

$

(269,857

)

EUR

—

Euro

GBP

—

British Pound

USD

—

United States Dollar

____________

See Notes to Financial Statements.

2025 Semi-Annual Report

31

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Statement of Assets and Liabilities (Unaudited)

June 30, 2025

Assets:

  

 

  

 

Investments in securities, at value (Cost $1,095,559,176)

  

$

1,059,835,182

 

Interest and dividends receivable

  

 

12,305,477

 

Receivable for investments sold

  

 

10,436,560

 

Unrealized appreciation on forward currency contracts (Note 3)

  

 

3,484

 

Foreign currency, at value (Cost $22)

  

 

30

 

Prepaid expenses

  

 

501,777

 

Total assets

  

 

1,083,082,510

 

Liabilities:

  

 

  

 

Payable for credit facility (Note 7)

  

 

182,000,000

 

Reverse repurchase agreements (Note 7)

  

 

74,704,184

 

Payable for investments purchased

  

 

18,269,257

 

Interest payable for credit facility and reverse repurchase agreements (Note 7)

  

 

1,116,345

 

Investment advisory fees payable (Note 5)

  

 

866,825

 

Payable for open forward currency contracts (Note 3)

  

 

273,341

 

Administration fees payable (Note 5)

  

 

129,984

 

Accrued expenses

  

 

249,759

 

Total liabilities

  

 

277,609,695

 

Net Assets

  

$

805,472,815

 

Composition of Net Assets:

  

 

  

 

Paid-in capital

  

 

988,444,018

 

Accumulated losses

  

 

(182,971,203

)

Net Assets

  

$

805,472,815

 

Shares Outstanding and Net Asset Value Per Share:

  

 

  

 

Common shares outstanding

  

 

55,254,696

 

Net asset value per share

  

$

14.58

 

____________

See Notes to Financial Statements.

32

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Statement of Operations (Unaudited)

For the Six Months Ended June 30, 2025

Investment Income (Note 2):

  

 

  

 

Interest (net of foreign withholding tax of $30,538)

  

$

35,647,291

 

Dividends and distributions (net of foreign withholding tax of $42,109)

  

 

2,943,617

 

Less return of capital distributions

  

 

(367,039

)

Total investment income

  

 

38,223,869

 

Expenses:

  

 

  

 

Investment advisory fees (Note 5)

  

 

5,252,276

 

Administration fees (Note 5)

  

 

787,841

 

Directors’ fees

  

 

149,819

 

Fund accounting fees

  

 

111,060

 

Reports to shareholders

  

 

101,506

 

Legal fees

  

 

80,769

 

Miscellaneous

  

 

65,406

 

Audit and tax services

  

 

61,092

 

Custodian fees

  

 

55,300

 

Transfer agent fees

  

 

31,024

 

Registration fees

  

 

28,159

 

Insurance

  

 

24,259

 

Total operating expenses

  

 

6,748,511

 

Interest expense on credit facility and reverse repurchase agreements (Note 7)

  

 

6,623,311

 

Total expenses

  

 

13,371,822

 

Net Investment income

  

 

24,852,047

 

Net realized gain (loss) on:

  

 

  

 

Investments

  

 

1,034,464

 

Foreign currency transactions

  

 

280

 

Forward currency contracts

  

 

(263,261

)

Futures contracts

  

 

64,656

 

Net realized gain

  

 

836,139

 

Net change in unrealized appreciation/depreciation on:

  

 

  

 

Investments

  

 

7,966,967

 

Foreign currency

  

 

(828

)

Foreign currency translations

  

 

12,998

 

Forward currency contracts

  

 

(577,041

)

Net change in unrealized appreciation

  

 

7,402,096

 

Net realized and unrealized gain

  

 

8,238,235

 

Net increase in net assets resulting from operations

  

$

33,090,282

 

____________

See Notes to Financial Statements.

2025 Semi-Annual Report

33

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Statements of Changes in Net Assets
 

For the Six
Months Ended
June 30,
2025
(Unaudited)

  

For the
Year Ended
December 31,
2024

Increase (Decrease) in Net Assets Resulting from Operations:

  

 

  

 

  

 

  

 

Net investment income

  

$

24,852,047

 

  

$

49,413,899

 

Net realized gain (loss)

  

 

836,139

 

  

 

(1,820,764

)

Net change in unrealized appreciation

  

 

7,402,096

 

  

 

16,800,477

 

Net increase in net assets resulting from operations

  

 

33,090,282

 

  

 

64,393,612

 

Distributions to Shareholders:

  

 

  

 

  

 

  

 

Distributable earnings

  

 

(24,332,842

)

  

 

(57,007,588

)

Return of capital

  

 

(14,787,483)

 

  

 

(21,339,942

)

Total distributions to shareholders

  

 

(39,120,325

)

  

 

(78,347,530

)

Capital Share Transactions:

  

 

  

 

  

 

  

 

Cost of shares repurchased (Note 8)

  

 

—

 

  

 

(2,542,114

)

Net decrease in net assets from capital share transactions

  

 

—

 

  

 

(2,542,114

)

Total decrease in net assets

  

 

(6,030,043

)

  

 

(16,496,032

)

Net Assets:

  

 

  

 

  

 

  

 

Beginning of period

  

 

811,502,858

 

  

 

827,998,890

 

End of period

  

$

805,472,815

 

  

$

811,502,858

 

Share Transactions:

  

 

  

 

  

 

  

 

Shares repurchased (Note 8)

  

 

—

 

  

 

(204,377

)

Net decrease in shares outstanding

  

 

—

 

  

 

(204,377

)

____________

See Notes to Financial Statements.

34

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Statement of Cash Flows (Unaudited)

For the Six Months Ended June 30, 2025

Increase (Decrease) in Cash:

  

 

  

 

Cash flows provided by (used for) operating activities

  

 

  

 

Net Increase in net assets resulting from operations

  

$

33,090,282

 

Adjustments to reconcile net Increase in net assets resulting from operations to net cash provided by operating expenses

  

 

  

 

Purchases of long-term portfolio investments and principal payups

  

 

(271,704,829

)

Proceeds from disposition of long-term portfolio investments and principal paydowns

  

 

293,379,251

 

Net purchases and sales of short-term portfolio investments

  

 

(942,263

)

Return of capital distributions from portfolio investments

  

 

367,039

 

Amortization of deferred debt issuance costs

  

 

—

 

Increase in interest and dividends receivable

  

 

(2,311,446

)

Increase in receivable for investments sold

  

 

(8,491,968

)

Decrease in deferred offering costs

  

 

359,215

 

Increase in prepaid expenses

  

 

(480,412

)

Increase in interest payable for credit facility and reverse repurchase agreements

  

 

187,652

 

Decrease in payable for investments purchased

  

 

(1,121,790

)

Decrease in investment advisory fees payable

  

 

(38,985

)

Decrease in administration fees payable

  

 

(5,887

)

Increase in accrued expenses

  

 

58,098

 

Net accretion of discount on investments and other adjustments to cost

  

 

1,976,772

 

Net change in unrealized appreciation/depreciation on investments

  

 

(7,966,967

)

Net change in unrealized appreciation/depreciation on foreign currency

  

 

828

 

Net change in unrealized appreciation on forward currency contracts

  

 

577,041

 

Net realized gain on investment transactions

  

 

(1,034,464

)

Net cash provided by operating activities

  

 

35,897,167

 

Cash flows used for financing activities:

  

 

  

 

Cash provided by reverse repurchase agreements

  

 

11,043,684

 

Repayments of credit facility

  

 

(10,000,000

)

Distributions paid to shareholders

  

 

(39,120,325

)

Net cash used for financing activities

  

 

(38,076,641

)

Effect of exchange rate changes on cash

  

 

(828

)

Net decrease in cash

  

 

(2,180,302

)

Cash at beginning of period

  

 

2,180,332

 

Cash at end of period

  

$

30

 

Supplemental Disclosure of Cash Flow Information:

 

Interest payments on the credit facility and reverse repurchase agreements for the six months ended June 30, 2025 totaled $6,435,659.

 

Reconciliation of Cash at the End of Period to the Statement of Assets and Liabilities:

  

 

  

 

Foreign currency

  

$

30

 

Cash at end of period

  

$

30

 

____________

See Notes to Financial Statements.

2025 Semi-Annual Report

35

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Financial Highlights

NAV

  

For the
Six Months
Ended
June 30,
2025
(Unaudited)

  






For the Year Ended December 31,

  

For the
Period
December 5,
20161 –
December 31,
2016

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

2018

  

2017

  

Per Share Operating Performance:

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

Net asset value, beginning of period

  

$

14.69

 

  

$

    14.93

 

  

$

    15.58

 

  

$

    20.12

 

  

$

       20.02

 

  

$

    23.21

 

  

$

    22.07

 

  

$

    25.15

 

  

$

    25.14

 

  

$

    25.00

 

Net investment income2

  

 

0.45

 

  

 

0.89

 

  

 

0.75

 

  

 

0.76

 

  

 

0.78

 

  

 

0.80

 

  

 

1.10

 

  

 

1.52

 

  

 

1.74

 

  

 

0.15

 

Net realized and change in unrealized gain (loss)2

  

 

0.15

 

  

 

0.29

 

  

 

0.75

 

  

 

(2.91

)

  

 

1.71

 

  

 

(1.60

)

  

 

2.43

 

  

 

(2.21

)

  

 

0.66

 

  

 

0.19

 

Net increase (decrease) in net asset value resulting from operations

  

 

0.60

 

  

 

1.18

 

  

 

1.50

 

  

 

(2.15

)

  

 

2.49

 

  

 

(0.80

)

  

 

3.53

 

  

 

(0.69

)

  

 

2.40

 

  

 

0.34

 

Distributions from net investment income

  

 

(0.44

)

  

 

(1.03

)

  

 

(0.76

)

  

 

(0.74

)

  

 

(0.92

)

  

 

(0.68

)

  

 

(1.30

)

  

 

(1.53

)

  

 

(1.84

)

  

 

(0.15

)

Return of capital distributions

  

 

(0.27

)

  

 

(0.39

)

  

 

(1.39

)

  

 

(1.65

)

  

 

(1.47

)

  

 

(1.71

)

  

 

(1.09

)

  

 

(0.86

)

  

 

(0.55

)

  

 

(0.05

)

Total distributions paid*

  

 

(0.71

)

  

 

(1.42

)

  

 

(2.15

)

  

 

(2.39

)

  

 

(2.39

)

  

 

(2.39

)

  

 

(2.39

)

  

 

(2.39

)

  

 

(2.39

)

  

 

(0.20

)

Net asset value, end of
period

  

$

14.58

 

  

$

    14.69

 

  

$

    14.93

 

  

$

    15.58

 

  

$

       20.12

 

  

$

    20.02

 

  

$

    23.21

 

  

$

    22.07

 

  

$

    25.15

 

  

$

    25.14

 

Market price, end of period

  

$

13.37

 

  

$

    13.32

 

  

$

    12.81

 

  

$

    16.15

 

  

$

       21.11

 

  

$

    17.83

 

  

$

    21.35

 

  

$

    19.07

 

  

$

    23.37

 

  

$

    22.31

 

Total Investment Return based on Net Asset Value#,3

  

 

4.23

%

  

 

8.25

%

  

 

10.52

%

  

 

(11.13

)%

  

 

13.08%

 

  

 

(2.51

)%

  

 

16.42

%

  

 

(3.08

)%

  

 

9.88

%

  

 

1.36

%

Total Investment Return based on Market Price†,3

  

 

5.87

%

  

 

15.76

%

  

 

(8.48

)%

  

 

(12.66

)%

  

 

33.06

%

  

 

(4.16

)%

  

 

24.79

%

  

 

(9.12

)%

  

 

15.94

%

  

 

0.50

%4

Ratios to Average Net Assets/
Supplementary Data:

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

Net assets, end of period
(000s)

  

$

805,473

 

  

$

811,503

 

  

$

827,999

 

  

$

867,731

 

  

$

1,008,191

 

  

$

878,588

 

  

$

846,429

 

  

$

805,294

 

  

$

917,653

 

  

$

917,593

 

Operating expenses excluding interest expense5

  

 

1.69

%

  

 

1.63

%

  

 

1.65

%

  

 

1.76

%

  

 

1.80

%

  

 

1.77

%

  

 

1.61

%

  

 

1.63

%

  

 

1.60

%

  

 

1.70

%

Interest expense5

  

 

1.67

%

  

 

1.47

%

  

 

1.58

%

  

 

1.00

%

  

 

0.33

%

  

 

0.47

%

  

 

0.93

%

  

 

0.93

%

  

 

0.58

%

  

 

0.60

%

Total expenses5

  

 

3.36

%

  

 

3.10

%

  

 

3.23

%

  

 

2.76

%

  

 

2.13

%

  

 

2.24

%

  

 

2.54

%

  

 

2.56

%

  

 

2.18

%

  

 

2.30

%

Net expenses, including fee waivers and reimbursement and excluding interest expense5,6

  

 

1.69

%

  

 

1.63

%

  

 

1.65

%

  

 

1.76

%

  

 

1.80

%

  

 

1.77

%

  

 

1.61

%

  

 

1.08

%

  

 

1.03

%

  

 

1.03

%

Net expenses, including fee waivers and reimbursement and excluding interest expense5,6

  

 

3.36

%

  

 

3.10

%

  

 

3.23

%

  

 

2.76

%

  

 

2.13

%

  

 

2.24

%

  

 

2.54

%

  

 

2.00

%

  

 

1.61

%

  

 

1.63

%

Net investment income5

  

 

6.25

%

  

 

6.05

%

  

 

4.99

%

  

 

4.38

%

  

 

3.88

%

  

 

4.08

%

  

 

4.69

%

  

 

6.31

%

  

 

6.84

%

  

 

8.13

%

Net investment income, excluding the effect of
fee waivers and reimbursement5,6

  

 

6.25

%

  

 

6.05

%

  

 

4.99

%

  

 

4.38

%

  

 

3.88

%

  

 

4.08

%

  

 

4.69

%

  

 

5.76

%

  

 

6.27

%

  

 

7.46

%

Portfolio turnover rate3

  

 

26

%

  

 

58

%

  

 

35

%

  

 

43

%

  

 

65

%

  

 

87

%

  

 

46

%

  

 

35

%

  

 

43

%

  

 

15

%7

____________

See Notes to Financial Statements.

36

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Financial Highlights (continued)

The following table sets forth information regarding the Fund’s outstanding senior securities as of the end of each of the Fund’s last ten fiscal years, as applicable.

Fiscal or Period End

Total Amount
Outstanding
Exclusive
of Treasury
Securities

Asset
Coverage
Per Unit8

Involuntary
Liquidating
Preference
Per Unit

Average Market
Value Per Unit
(Exclude Bank
Loans)

Type of Senior Securities

June 30, 20259

$256,704,186

$4,138

N/A

N/A

Credit Facility, Reverse Repurchase Agreement

December 31, 2024

255,660,500

4,174

N/A

N/A

Credit Facility, Reverse Repurchase Agreement

December 31, 2023

169,198,000

5,894

N/A

N/A

Credit Facility, Reverse Repurchase Agreement

December 31, 2022

315,567,000

3,750

N/A

N/A

Credit Facility, Reverse Repurchase Agreement

December 31, 2021

404,957,190

3,490

N/A

N/A

Credit Facility, Reverse Repurchase Agreement

December 31, 2020

317,580,941

3,767

N/A

N/A

Credit Facility, Reverse Repurchase Agreement

December 31, 2019

242,192,000

4,495

N/A

N/A

Credit Facility, Reverse Repurchase Agreement

December 31, 2018

280,799,762

3,868

N/A

N/A

Credit Facility, Reverse Repurchase Agreement

December 31, 2017

259,395,471

4,538

N/A

N/A

Credit Facility, Reverse Repurchase Agreement

December 31, 20161

302,682,176

4,032

N/A

N/A

Credit Facility, Reverse Repurchase Agreement

____________

*      Distributions for annual periods determined in accordance with federal income tax regulations.

#           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 reinvestment price for dividends 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 (“NYSE”) 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 dividends 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. Total investment return excludes the effect of broker commissions.

​1           Commencement of operations was December 5, 2016.

​2           Per share amounts presented are based on average shares outstanding throughout the period indicated.

​3           Not annualized for periods less than one year.

​4           Total investment return based on market price is calculated based on first trade price of $22.40 on December 5, 2016.

​5           Annualized for periods less than one year.

​6           The operating expenses limitation agreement expired pursuant to its terms on December 4, 2018.

​7           For the portfolio turnover calculation, portfolio purchases and sales of the Brookfield Mortgage Opportunity Income Fund Inc., Brookfield High Income Fund Inc. and Brookfield Total Return Fund Inc. made prior to the Reorganizations into the Brookfield Real Assets Income Fund Inc. have been excluded from the numerator and the monthly average value of securities used in the denominator reflects the combined market value after the Reorganizations.

​8           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.

​9           For the six months ended June 30, 2025 (Unaudited).

____________

See Notes to Financial Statements.

2025 Semi-Annual Report

37

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Notes to Financial Statements (Unaudited)

June 30, 2025

1.  Organization

Brookfield Real Assets Income Fund Inc. (the “Fund”) is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s shares are listed on the New York Stock Exchange (“NYSE”) and trade under the ticker symbol “RA.” The Fund was incorporated under the laws of the State of Maryland on October 6, 2015.

Brookfield Public Securities Group LLC (“PSG” or the “Adviser”), an indirect wholly-owned subsidiary of Brookfield Asset Management Ltd. (NYSE: BAM; TSX: BAMA) (“BAM”), 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 seek high total return, primarily through high current income and secondarily, through growth of capital. The investment objective is not fundamental and may be changed by the Fund’s Board of Directors (the “Board”) without shareholder approval, upon not less than 60 days prior written notice to shareholders. No assurances can be given that the Fund’s investment objective will be achieved.

The Fund seeks to achieve its investment objective by investing primarily in the real asset class, which includes the following: Real Estate Securities; Infrastructure Securities; and Natural Resources Securities (collectively, “Real Asset Companies and Issuers”).

Under normal market conditions, the Fund will invest at least 80% of its average daily net assets plus the amount of borrowing for investment purposes (“Managed Assets”) in the securities and other instruments of Real Asset Companies and Issuers (the “80% Policy”). The Fund may change the 80% Policy without shareholder approval, upon at least 60 days’ prior written notice to shareholders. The Fund normally expects to invest at least 65% of its Managed Assets (defined below) in fixed income securities of Real Asset Companies and Issuers and in derivatives and other instruments that have economic characteristics similar to such securities.

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 and follows accounting and reporting guidance under Financial Accounting Standards Board (“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.

The Board has designated the Adviser as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determination relating to any or all Fund investments. The Board oversees the Adviser in its role as the valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act.

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. If the NYSE closes early, then the equity security will be valued at the last traded price before the NYSE close. 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 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 value (“NAV”) may differ from quoted or official closing prices. Investments in open-end registered investment companies, if any, are valued at the NAV as reported by those investment companies.

38

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Notes to Financial Statements (Unaudited) (continued)

June 30, 2025

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. Valuations from broker-dealers or pricing services consider appropriate factors such as market activity, market activity of comparable securities, yield, estimated default rates, timing of payments, underlying collateral, coupon rate, maturity date, and other factors. 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.

Over-the-counter financial derivative instruments, such as forward currency contracts, options contracts, or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of evaluations provided by independent pricing services or broker dealer quotations. Depending on the instrument and the terms of the transaction, the value of the derivative instruments can be estimated by a pricing service provider using a series of techniques, such as simulation pricing models. The pricing models use issuer details and other inputs that are observed from actively quoted markets such as indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are normally categorized as Level 2 of the fair value hierarchy.

Securities for which market prices are not readily available, cannot be determined using the sources described above, or the Adviser’s Valuation Committee determines that the quotation or price for a portfolio security provided by a broker-dealer or an independent pricing service is inaccurate will be valued at a fair value determined by the Adviser’s Valuation Committee following the procedures adopted by the Adviser under the supervision of the Board. The Adviser’s valuation policy establishes parameters for the sources, methodologies, and inputs the Adviser’s Valuation Committee uses in determining fair value.

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; and (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 fair value may be difficult to determine and thus judgment plays a greater role in the valuation process. 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. 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. 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.

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.

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.

2025 Semi-Annual Report

39

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Notes to Financial Statements (Unaudited) (continued)

June 30, 2025

The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

 

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 following table summarizes the Fund’s investments valuation inputs categorized in the disclosure hierarchy as of June 30, 2025:

 

Level 1

  

Level 2

  

Level 3

  

Total

Assets:

        

 

        

 

Investments:

        

 

        

 

Corporate Credit

  

               —

  

550,114,569

 

  

             —

  

   550,114,569

 

Securitized Credit

  

—

  

298,945,117

 

  

22,758,875

  

321,703,992

 

Common Stocks

  

53,181,456

  

12,598,242

 

  

—

  

65,779,698

 

Term Loans

  

—

  

48,363,008

 

  

—

  

48,363,008

 

Exchange Traded Funds

  

24,584,812

  

—

 

  

—

  

24,584,812

 

Preferred Stocks

  

10,289,888

  

—

 

  

—

  

10,289,888

 

Municipal Bonds

  

—

  

5,005,343

 

  

—

  

5,005,343

 

U.S. Government Agency Issues

  

—

  

833,921

 

  

—

  

833,921

 

Money Market Funds

  

23,232,303

  

—

 

  

—

  

23,232,303

 

U.S. Treasury Bills

  

—

  

9,927,648

 

  

—

  

9,927,648

 

Total Investments

  

111,288,459

  

925,787,848

 

  

22,758,875

  

1,059,835,182

 
         

 

        

 

Other Financial Instruments:

        

 

        

 

Forwards*

  

—

  

3,484

 

  

—

  

3,484

 

Total Other Financial Instruments

  

—

  

3,484

 

  

—

  

3,484

 
         

 

        

 

Liabilities:

        

 

        

 

Other Financial Instruments:

        

 

        

 

Reverse Repurchase Agreements

  

—

  

(74,704,184

)

  

—

  

(74,704,184

)

Forwards*

  

—

  

(273,341

)

  

—

  

(273,341

)

Total Other Financial Instruments

  

—

  

(74,977,525

)

  

—

  

(74,977,525

)

____________

* The fair value of the Fund’s investment represents the unrealized appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.

The fair value of the Fund’s credit facility and reverse repurchase agreements, which qualify as financial instruments under ASC Topic 825, Disclosures about Fair Values of Financial Instruments, approximates the carrying amounts of $182,000,000 for the credit facility and $74,704,184 for the reverse repurchase agreements presented in the Statement of Assets and Liabilities. As of June 30, 2025, these financial instruments are categorized as Level 2 within the disclosure hierarchy.

40

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Notes to Financial Statements (Unaudited) (continued)

June 30, 2025

The table below shows the significant unobservable valuation inputs that were used by the Adviser’s Valuation Committee to fair value the Level 3 investments as of June 30, 2025.

 

Quantitative Information about Level 3 Fair Value Measurements
   

Value as of
June 30,
2025

  

Valuation
Approach

  

Valuation
Methodology

  

Unobservable
Input

  

Amount
or Range/
(Weighted
Average)

  

Impact of
Valuation
from an
Increase in
Input(1)

Securitized Credit

  

 

                      

Commercial Real
Estate

  

$

 22,053,414

  

Income Approach

  

Discounted Cash Flow

  

Yield (Discount Rate of Cash Flows)

  

10.0% – 30.0% (11.4)%

  

Decrease
   

 

                      

Commercial Mortgage-Backed Securities

  

 

705,461

  

Income Approach

  

Discounted Cash Flow

  

Yield (Discount Rate of Cash Flows)

  

36.0% – 38.0% (37.0)%

  

Decrease
   

 

 

                    

Total

  

$

 22,758,875

                    

____________

​(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 the assets in which significant unobservable inputs (Level 3) were used in determining fair value:

 

Securitized
Credit

Balance as of December 31, 2024

  

$

24,485,500

 

Accrued discounts (premiums)

  

 

555,088

 

Realized gain (loss)

  

 

(2,967,029

)

Change in unrealized appreciation (depreciation)

  

 

(3,045,527

)

Purchases at cost

  

 

867,034

 

Sales proceeds

  

 

2,863,809

 

Transfers into Level 3

  

 

—

 

Balance as of June 30, 2025

  

$

22,758,875

 

Change in unrealized appreciation (depreciation) for Level 3 assets still held at the reporting date

  

$

(3,045,527

)

For further information regarding the security characteristics of the Fund, see the Schedule of Investments.

Investment Transactions and Investment Income: Securities transactions are recorded on 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 on a daily basis using the effective yield to maturity and yield to next methods, respectively, and might be 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. Distributions from REITs are recorded as ordinary income, net realized capital gain or return of capital based on information reported by the REITs and management’s estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions are disclosed by the REITs and actual amounts may differ from the estimated

2025 Semi-Annual Report

41

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Notes to Financial Statements (Unaudited) (continued)

June 30, 2025

amounts. A distribution received from the Fund’s investments in master limited partnerships (“MLP”) generally are comprised of return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded.

Master Limited Partnerships: A MLP is an entity receiving partnership taxation treatment under the U.S. Internal Revenue Code of 1986 (the “Code”), the partnership interests or “units” of which are traded on securities exchanges like shares of corporate stock. Holders of MLP units generally have limited control and voting rights on matters affecting the partnership.

The Fund invests in MLPs, which generally are treated as partnerships for federal income tax purposes. If an MLP does not meet current legal requirements to maintain partnership status, or if it is unable to do so because of tax law changes, it would be taxed as a corporation or other form of taxable entity and there could be a material decrease in the value of its securities. Additionally, if tax law changes to eliminate or reduce tax deductions such as depletion, depreciation and amortization expense deductions that MLPs have been able to use to offset a significant portion of their taxable income, it could significantly reduce the value of the MLPs held by the Fund and could cause a greater portion of the income and gain allocated to the Fund to be subject to U.S. federal, state and local corporate income taxes, which would reduce the amount the Fund can distribute to shareholders and could increase the percentage of Fund distributions treated as dividends instead of tax-deferred return of capital.

Depreciation or other cost recovery deductions passed through to the Fund from investments in MLPs in a given year will generally reduce the Fund’s taxable income (and earnings and profits), but those deductions may be recaptured in the Fund’s taxable income (and earnings and profits) in subsequent years when the MLPs dispose of their assets or when the Fund disposes of its interests in the MLPs. When deductions are recaptured, distributions to the Fund’s shareholders may be taxable.

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 does not isolate the portion of gains or losses resulting from changes in foreign exchange rates on securities from the fluctuations arising from changes in market prices.

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.

Expenses: Expenses directly attributable to the Fund are charged directly to the Fund, while expenses that are attributable to the Fund and other investment companies advised by the Adviser are allocated among the respective investment companies, including the Fund, based either upon relative average net assets, evenly, or a combination of average net assets and evenly.

Distributions to Shareholders: 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.

This notice is available on the Adviser’s website at https://publicsecurities.brookfield.com. 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.

42

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Notes to Financial Statements (Unaudited) (continued)

June 30, 2025

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.

When Issued, Delayed Delivery Securities and Forward Commitments: The Fund may enter into forward commitments for the purchase or sale of securities, including on a “when issued” or “delayed delivery” basis, in excess of customary settlement periods for the type of security involved. In some cases, a forward commitment may be conditioned upon the occurrence of a subsequent event, such as approval and consummation of a merger, corporate reorganization or debt restructuring (i.e., a when, as and if issued security). When such transactions are negotiated, the price is fixed at the time of the commitment, with payment and delivery taking place in the future, generally a month or more after the date of the commitment. While it will only enter into a forward commitment with the intention of actually acquiring the security, the Fund may sell the security before the settlement date if it is deemed advisable. Securities purchased under a forward commitment are subject to market fluctuation, and no interest (or dividends) accrues to the Fund prior to the settlement date. The Fund will segregate with its custodian cash or liquid securities in an aggregate amount at least equal to the amount of its outstanding forward commitments.

The Fund operates as a single operating segment. The Fund’s income, expenses, assets, and performance are regularly monitored and assessed as a whole by the President of the Fund, who is responsible for the oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

3.  Derivative Financial Instruments

The Fund may purchase and sell derivative instruments such as exchange-listed and over-the counter put and call options on securities, financial futures, equity, fixed-income and interest rate indices, and other financial instruments. It may purchase and sell financial futures contracts and options thereon. Moreover, the Fund may enter into various interest rate transactions such as swaps, caps, floors or collars and enter into various currency transactions such as forward currency contracts, currency futures contracts, currency swaps or options on currency or currency futures or credit transactions and credit default swaps. The Fund may also purchase derivative instruments that combine features of several of these instruments. The Fund may invest in, or enter into, derivatives for a variety of reasons, including to hedge certain market risks, to provide a substitute for purchasing or selling particular securities or to increase potential income gain.

Financial Futures Contracts: A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract.

The Fund invests in financial futures contracts to hedge against fluctuations in the value of portfolio securities caused by changes in prevailing market interest rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. The Fund is at risk that it may not be able to close out a transaction because of an illiquid market.

There were no futures contracts outstanding as of June 30, 2025.

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.

2025 Semi-Annual Report

43

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Notes to Financial Statements (Unaudited) (continued)

June 30, 2025

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 average quarterly U.S. dollar value of forward currency contracts to be delivered or received during the six months ended June 30, 2025 was $8,154,038, which represents the volume of activity during the period.

The following table sets forth the fair value of the Fund’s derivative instruments:

Derivatives

  

Statement of Assets and Liabilities

  

Value as of
June 30,
2025

Forward currency contracts

  

Unrealized appreciation on forward currency contracts (assets)

  

3,484

Forward currency contracts

  

Unrealized depreciation on forward currency contracts (liabilities)

  

(273,341)   

The following table sets forth the effect of derivative instruments on the Statement of Operations for the six months ended June 30th, 2025:

Derivatives

Location of Gains (Losses) on
Derivatives Recognized in Income

Net Realized Loss

Net Change in Unrealized
Depreciation

Forward currency contracts

Forward currency contracts

$ (263,261)

$ (577,041)

The Fund has elected to not offset derivative assets and liabilities or financial assets, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides the Fund, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.

Below is the gross and net information about instruments and transactions eligible for offset in the Statement of Assets and Liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement as of June 30, 2025:

     

Collateral

  
 

Gross
Amounts

Gross
Amounts
Offset in the
Statement of
Assets and
Liabilities

Net Amounts
Presented
in the
Statement of
Assets and
Liabilities

Non-Cash
Collateral
Pledged
(Received)

Collateral
Pledged
(Received)

Net Amount

Assets:

            

Forward currency contracts

$    3,484

$—

$      3,484  

$—

$—

$      3,484

Liabilities:

            

Forward currency contracts

$273,341

$—

$ (273,341)

$—

$—

$  273,341

4.  Risks of Investing in Asset-Backed Securities and Below-Investment Grade Securities

The value of asset-backed securities may be affected by, among other factors, changes in: interest rates, the market’s assessment of the quality of the underlying assets, the creditworthiness of the servicer for the underlying assets, information concerning the originator of the underlying assets, or the creditworthiness or rating of the entities that provide any supporting letters of credit, surety bonds, derivative instruments or other credit enhancement.

44

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Notes to Financial Statements (Unaudited) (continued)

June 30, 2025

The value of asset-backed securities also will be affected by the exhaustion, termination or expiration of any credit enhancement. The Fund has investments in below-investment grade debt securities, including mortgage-backed and asset-backed securities. Below-investment grade securities involve a higher degree of credit risk than investment grade debt securities. In the event of an unanticipated default, the Fund would experience a reduction in its income, a decline in the market value of the securities so affected and a decline in the NAV of its shares. During an economic downturn or period of rising interest rates, highly leveraged and other below-investment grade issuers frequently experience financial stress that could adversely affect its ability to service principal and interest payment obligations, to meet projected business goals and to obtain additional financing.

The market prices of below-investment grade debt securities are generally less sensitive to interest rate changes than higher-rated investments but are more sensitive to adverse economic or political changes or individual developments specific to the issuer than higher-rated investments. Periods of economic or political uncertainty and change can be expected to result in significant volatility of prices for these securities. Rating services consider these securities to be speculative in nature.

Below-investment grade securities may be subject to market conditions, events of default or other circumstances which cause them to be considered “distressed securities.” Distressed securities frequently do not produce income while they are outstanding. The Fund may be required to bear certain extraordinary expenses in order to protect and recover its investments in certain distressed securities. Therefore, to the extent the Fund seeks capital growth through investment in such securities, the Fund’s ability to achieve current income for its shareholders may be diminished. The Fund is also subject to significant uncertainty as to when and in what manner and for what value the obligations evidenced by distressed securities will eventually be satisfied (e.g., through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the securities or a payment of some amount in satisfaction of the obligation). In addition, even if an exchange offer is made or a plan of reorganization is adopted with respect to distressed securities held by the Fund, there can be no assurance that the securities or other assets received by the Fund in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made. Moreover, any securities received by the Fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale. As a result of the Fund’s participation in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of such securities, the Fund may be restricted from disposing of distressed securities.

5.  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 operations of the Fund. The Advisory Agreement provides that the Fund shall pay the Adviser a monthly fee for its services 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”).

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, doing business as U.S. Bank Global Fund Services (“Sub-Administrator”), on behalf of the Fund. The Adviser and the 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 services, the Fund pays to the Adviser a monthly fee at an annual rate of 0.15% of the Fund’s Managed Assets. The Adviser is responsible for any fees due to the Sub-Administrator.

The Adviser has entered into a Sub-Advisory Agreement with Oaktree Fund Advisors, LLC (the “Sub-Adviser”). The Sub-Adviser is an affiliate of Oaktree Capital Management, L.P. (“OCM”), a leading global investment management firm headquartered in Los Angeles, California focused on less efficient markets and alternative investments, and is a subsidiary of Oaktree Capital Group, LLC (“OCG,” together with OCM and the Sub-Adviser, “Oaktree”). The Sub-Adviser is responsible for the management of the securitized credit allocation with a focus on its investments in

2025 Semi-Annual Report

45

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Notes to Financial Statements (Unaudited) (continued)

June 30, 2025

commercial mortgage-backed securities, residential mortgage-backed securities, and related assets. In 2019, BAM acquired a majority interest in Oaktree. As the Adviser, PSG determines, and has oversight responsibility for, the Fund’s securitized credit allocations managed by the Sub-Adviser.

Certain officers and/or trustees of the Fund are officers and/or employees of the Adviser.

6.  Purchases and Sales of Investments

For the six months ended June 30, 2025, purchases and sales of investments (including principal payups and paydowns), excluding short-term securities, reverse repurchase agreements and U.S. government securities, were $271,704,829 and $293,379,251, respectively.

For the six months ended June 30, 2025, there were no purchases and sales of long-term U.S. Government securities.

7.  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 maximum line of credit as of June 30, 2025 for the Fund is $300,000,000. The Fund pays interest in the amount of 0.90% plus the Overnight Bank Funding Rate (“OBFR”) on the amount of eligible equity securities outstanding and 1.00% plus the OBFR on the amount of other eligible securities outstanding. As of June 30, 2025, the Fund had outstanding borrowings of $182,000,000. For the six months ended June 30, 2025, the Fund borrowed an average daily balance of $188,187,845 at a weighted average borrowing cost of 5.39% and the interest expense amounted to $5,027,520. As of June 30, 2025, the total value of the collateral was $320,524,112.

Reverse Repurchase Agreements: The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Statement of Operations. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

Reverse repurchase agreements involve the risk that the market value of the securities retained in lieu of sale by the Fund may decline below the price of the securities the Fund has sold but is obligated to repurchase. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund’s obligation to repurchase the securities, and the Fund’s use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision. Also, the Fund would bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the value of the securities subject to such agreements.

46

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Notes to Financial Statements (Unaudited) (continued)

June 30, 2025

At June 30, 2025, the Fund the following reverse repurchase agreements outstanding:

Counterparty

  

Borrowing
Rate

  

Borrowing
Date

  

Maturity
Date

  

Amount
Borrowed(1)

  

Payable For
Reverse
Repurchase
Agreements

JPMorgan Chase

  

4.25%

  

6/3/2025

  

7/22/2025

  

$

2,537,063

  

$

2,545,449

JPMorgan Chase

  

4.25%

  

5/20/2025

  

7/22/2025

  

 

842,325

  

 

846,502

JPMorgan Chase

  

4.45%

  

5/20/2025

  

7/22/2025

  

 

3,464,111

  

 

3,482,096

JPMorgan Chase

  

4.50%

  

5/20/2025

  

7/22/2025

  

 

9,053,226

  

 

9,100,755

JPMorgan Chase

  

4.50%

  

5/28/2025

  

7/22/2025

  

 

2,191,845

  

 

2,201,160

JPMorgan Chase

  

4.55%

  

6/11/2025

  

7/22/2025

  

 

5,835,078

  

 

5,849,828

JPMorgan Chase

  

4.60%

  

5/20/2025

  

7/22/2025

  

 

21,941,767

  

 

22,059,521

JPMorgan Chase

  

4.60%

  

6/3/2025

  

7/22/2025

  

 

6,428,153

  

 

6,451,152

JPMorgan Chase

  

4.60%

  

6/11/2025

  

7/22/2025

  

 

6,282,000

  

 

6,298,054

JPMorgan Chase

  

4.60%

  

6/20/2025

  

7/22/2025

  

 

6,187,165

  

 

6,195,861

JPMorgan Chase

  

4.65%

  

5/20/2025

  

7/22/2025

  

 

8,598,951

  

 

8,645,601

RBC

  

4.30%

  

4/15/2025

  

Open(2)

  

 

1,342,500

  

 

1,354,847

Total

              

$

74,704,184

  

$

75,030,826

____________

​(1) The average daily balance of reverse repurchase agreements outstanding for the Fund during the six months ended June 30, 2025, was $69,193,168 at a weighted average daily interest rate of 5.51% and the interest expense amounted to $1,901,999. As of June 30, 2025, the total value of the collateral was $98,186,089.

​(2) A reverse repurchase agreement without a fixed maturity date.

The following is a summary of the reverse repurchase agreements by the type of collateral and the remaining contractual maturity of the agreements:

 

Overnight
and
Continuous

  

Up to 30
Days

  

30 to 90
Days

  

Greater Than
90 Days

  

Total

Corporate Credit

  

$

1,342,500

  

$

73,361,684

  

$

            —

  

$

            —

  

$

74,704,184

Total

  

$

1,342,500

  

$

73,361,684

  

$

            —

  

$

            —

  

$

74,704,184

The Fund has elected to not offset derivative assets and liabilities or financial assets, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides the Fund, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.

Below is the gross and net information about instruments and transactions eligible for offset in the Statement of Assets and Liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement:

     

Collateral

  
 

Gross
Amounts of
Recognized
Liabilities

Gross
Amounts
Offset in the
Statement of
Assets and
Liabilities

Net Amounts
Presented in
the Statement
of Assets and
Liabilities

Non-Cash
Collateral
(Pledged)
Received*

Collateral
Pledged
(Received)*

Net Amount

Reverse Repurchase
Agreements

$74,704,184

$—

$74,704,184

$(74,704,184)

$—

$—

____________

* Excess of collateral pledged to the individual counterparty is not shown for financial statement purposes.

2025 Semi-Annual Report

47

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Notes to Financial Statements (Unaudited) (continued)

June 30, 2025

Reverse repurchase transactions are entered into by the Fund under Master Repurchase Agreements (“MRA”) which permit the Fund, under certain circumstances, including an event of default of the Fund (such as bankruptcy or insolvency), to offset payables under the MRA with collateral held with the counterparty and create one single net payment from the Fund. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed. In the event the buyer of securities (i.e., the MRA counterparty) under a MRA files for bankruptcy or becomes insolvent, the Fund’s use of the proceeds of the agreement may be restricted while the other party, or its trustee or receiver, determines whether or not to enforce the Fund’s obligation to repurchase the securities.

8.  Capital Shares

The Fund has 1,000,000,000 shares of $0.001 par value common shares authorized. Of the shares outstanding at June 30, 2025 for the Fund, the Adviser owns 100,051 shares. The Fund’s Board is authorized to classify and reclassify any unissued common shares. The common shares have no preemptive, conversion, exchange or redemption rights. All common shares have equal voting, dividend, distribution and liquidation rights. The common shares are fully paid and non-assessable. Common shareholders are entitled to one vote per share and all voting rights for the election of directors are non-cumulative.

The Fund has filed a registration statement using the “shelf” registration process (the “Shelf Registration Statement”), which became effective on April 12, 2024. The Shelf Registration Statement permits the Fund to offer, from time to time, in one or more offerings, common shares or preferred shares, or subscription rights to purchase the Fund’s common shares or preferred shares. As of June 30, 2025, the Fund has not offered common shares or preferred shares, or subscription rights to purchase the Fund’s common shares or preferred shares, pursuant to the Shelf Registration Statement.

The Fund did not issue any shares during the year ended December 31, 2024 or the period ended June 30, 2025.

The Board has approved a share repurchase plan. Under the current share repurchase plan, as of June 30, 2025, the Fund may purchase in the open market up to 10% of its outstanding common shares. The current share repurchase plan will remain in effect until December 5, 2025. 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 shareholder value and reduce any potential discount between the market price of the Fund’s shares and the net asset value per share. During the six months ended June 30, 2025, no shares were repurchased by the Fund. During the year ended December 31, 2024, 204,377 shares were repurchased by the Fund at a weighted average price of $12.418, an aggregate cost, including brokerage commissions, of $2,542,114 and at a weighted average discount of 14.35% to net asset value. All shares repurchased have been reclassified as authorized but unissued.

9.  Federal Income Tax Information

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 shareholders. 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.

48

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Notes to Financial Statements (Unaudited) (continued)

June 30, 2025

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, 2025, 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 December 31, 2024, open taxable years consisted of the taxable years ended December 31, 2021 through December 31, 2024. No examination of the Fund’s tax returns is currently in progress.

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, 2024.

The tax character of the distributions paid for the year ended December 31, 2024 were as follows:

 

Year Ended
December 31, 2024

Ordinary Income

  

$

57,007,588

Return of Capital

  

 

21,339,942

Total

  

$

78,347,530

At December 31, 2024, the Fund’s most recently completed tax year-end, the components of net assets (excluding paid-in capital) on a tax basis were as follows:

Capital loss carryforwards(1)

  

$

(132,764,029

)

Late year ordinary losses

  

 

—

 

Other accumulated gains

  

 

(91,779

)

Tax basis unrealized depreciation on investments and foreign currency

  

 

(44,085,352

)

Total tax basis net accumulated losses

  

$

(176,941,160

)

____________

​(1) To the extent that future capital gains are offset by capital loss carryforwards, such gains will not be distributed.

Federal Income Tax Basis: The federal income tax basis of the Fund’s investments at December 31, 2024 was as follows:

Cost of Investments

Gross Unrealized Appreciation

Gross Unrealized Depreciation

Net Unrealized Depreciation

$1,117,996,219

$29,074,971

$(73,160,323)

$(44,085,352)

The Fund did not have any late year ordinary losses. As of December 31, 2024, the Fund’s capital loss carryforwards were as follows:

Capital Loss Carryforwards:

Expires:

Limitation:

$93,543,479 (Short-Term)

N/A

Unlimited

$39,220,550 (Long-Term)

N/A

Unlimited

2025 Semi-Annual Report

49

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Notes to Financial Statements (Unaudited) (continued)

June 30, 2025

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 paydown losses, Section 988 currency, sales of PFICs, partnership income/expense and return of capital. Permanent book and tax differences, if any, will result in reclassifications to paid-in capital or to undistributed capital gains. These reclassifications have no effect on net assets or NAV per share. Any undistributed net income and realized gain remaining at fiscal year end is distributed in the following year.

10.Indemnifications

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.

11.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.

Distributions: The Fund’s Board declared the following monthly distributions:

Distribution Per Share

Record Date

Payable Date

$0.1180

July 10, 2025

July 24, 2025

$0.1180

August 7, 2025

August 21, 2025

Management has evaluated subsequent events in the preparation of the Fund’s financial statements and has determined that there are no additional events that require recognition or disclosure in the financial statements.

50

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Compliance Certification (Unaudited)

On July 16, 2025, 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 semi-annual certifications, included in filings with the SEC on Form N-CSR relating to, among other things, the Fund’s disclosure controls and procedures and internal control over financial reporting, as applicable.

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51

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Proxy Results (Unaudited)

The shareholders of the Fund voted on the following proposals at a shareholder meeting held on Thursday, May 15, 2025, at 8:30 a.m., Eastern Time. The description of the proposals and number of shares voted are as follows:

Proposal 1

Shares 
Voted For

Shares 
Voted Against

Shares 
Voted Abstain

1.1 To elect to the Fund’s Board of Directors Edward Kuczmarski, Class III Independent Director Nominee

38,451,950

2,177,394

560,389

1.2 To elect to the Fund’s Board of Directors Stuart McFarland, Class III Independent Director Nominee

38,454,127

2,173,191

562,415

1.3 To elect to the Fund’s Board of Directors Susan Schauffert-Tam, Class III Independent Director Nominee

38,779,103

1,873,402

537,228

52

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Board Considerations Relating to the Approval of the Renewal of the Investment Advisory and Sub-Advisory Agreements (Unaudited)

The Board of Directors (the “Board,” the members of which are referred to as “Directors”) of Brookfield Real Assets Income Fund Inc. (the “Fund”), including the Directors who are not “interested persons” of the Fund (the “Independent Directors”), as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”), considered and approved the continuation of the Investment Advisory Agreement (the “Advisory Agreement”) between the Fund and Brookfield Public Securities Group LLC (the “Adviser” or “Brookfield”), and the Sub-Advisory Agreement between Brookfield and Oaktree Fund Advisors, LLC (the “Sub-Adviser” or “Oaktree”) with respect to the Fund (the “Sub-Advisory Agreement,” and together with the Advisory Agreement, the “Agreements”), each for a successive one-year period at an in-person meeting held on May 14-15, 2025 (the “Meeting”).

In accordance with Section 15(c) of the 1940 Act, the Board requested, and Brookfield and Oaktree provided, materials relating to the Board’s consideration of whether to approve the continuation of the Agreements. These materials included, among other things: (a) a summary of the services provided to the Fund by Brookfield and Oaktree; (b) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third-party provider of mutual fund data, on fees and expenses of the Fund, and the investment performance of the Fund as compared with a peer group and/or peer universe of funds, as applicable, as well as supplemental data prepared by Brookfield; (c) information on the profitability of Brookfield; (d) information relating to economies of scale; (e) information about Brookfield’s general compliance policies and procedures and the services that it provides in connection with its oversight of Oaktree; (f) information on Brookfield’s and Oaktree’s risk management processes; (g) information regarding brokerage and soft dollar practices; and (h) information about the key personnel of Brookfield and Oaktree who are involved in the investment management, administration, compliance and risk management activities with respect to the Fund, as well as current and projected staffing levels and compensation practices.

In determining whether to approve the continuation of the Agreements, the Board, including the Independent Directors, considered at the Meeting, and from time to time, as appropriate, factors that it deemed relevant. The following discusses the primary factors relevant to the Board’s decision.

THE NATURE, EXTENT AND QUALITY OF THE SERVICES TO BE PROVIDED BY THE ADVISER AND SUB-ADVISER. The Board, including the Independent Directors, considered the nature, extent and quality of services provided by Brookfield. The Board noted that such services include acting as investment manager and adviser to the Fund, managing the daily business affairs of the Fund, and obtaining and evaluating economic, statistical and financial information to formulate and implement investment policies. Additionally, the Board observed that Brookfield provides office space, bookkeeping, accounting, legal and compliance services, clerical and administrative services and has authorized its officers and employees, if elected, to serve as officers or Directors of the Fund without compensation. The Board also noted that Brookfield is also responsible for the coordination and oversight of the Fund’s third-party service providers, including Oaktree. In addition to the quality of the advisory services provided by Brookfield, the Board considered the quality of the administrative and other services provided by Brookfield to the Fund pursuant to the Advisory Agreement.

In connection with the services provided by Brookfield, the Board analyzed the structure and duties of Brookfield’s fund administration and accounting, operations and its legal and compliance departments to determine whether they are adequate to meet the needs of the Fund. The Board also considered the personnel responsible for providing advisory services to the Fund and other key personnel of Brookfield, in addition to the current and projected staffing levels and compensation practices. The Board concluded, based on the Directors’ experience and interaction with Brookfield, that: (i) Brookfield would continue to be able to retain high-quality personnel; (ii) Brookfield has exhibited a high level of diligence and attention to detail in carrying out its advisory and other responsibilities under the Advisory Agreement; (iii) Brookfield has been responsive to requests of the Board; and (iv) Brookfield has kept the Board apprised of developments relating to the Fund and the industry in general.

The Board’s conclusion was based, in part, upon the following: (i) a comprehensive description of the investment advisory and other services provided to the Fund; (ii) a list of personnel who furnish such services and a description of their duties and qualifications; (iii) performance data with respect to the Fund, including comparable investment companies and accounts managed by Brookfield; (iv) standardized industry performance data with respect to comparable investment companies and the performance of appropriate recognized indices; (v) recent financial statements of Brookfield Asset Management ULC and Brookfield Asset Management Ltd., the parent companies of the Adviser; (vi) Brookfield’s culture of compliance and its commitment to compliance generally, as well as its risk management processes and attention to regulatory matters; and (vii) Brookfield’s reputation and its experience

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BROOKFIELD REAL ASSETS INCOME FUND INC.
Board Considerations Relating to the Approval of the Renewal of the Investment Advisory and Sub-Advisory Agreements (Unaudited) (continued)

serving as an investment adviser and the experience of the teams of portfolio managers that manage the Fund, as well as its experience serving as an investment adviser to other investment fund and institutional clients. The Board also reviewed Brookfield’s compliance and regulatory history and noted that there were no material regulatory or compliance issues that would potentially impact Brookfield from effectively serving as the investment adviser to the Fund. The Board concluded that the nature, extent and quality of the overall services provided under the Advisory Agreement were reasonable and appropriate in relation to the management fees and that the quality of services continues to be high.

The Board also considered the nature, extent and quality of subadvisory services provided by Oaktree to the Fund. The Board observed the Sub-Adviser’s responsibilities in relation to the Fund, including the provision of investment advisory services to the Fund, compliance with the Fund’s policies and investment objective, review of brokerage matters (including with respect to trade allocation and best execution), oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Fund. The Board also considered the Sub-Adviser’s risk assessment and monitoring processes. The Board considered the Sub-Adviser’s current level of staffing and its overall resources, which are needed to attract and retain highly qualified investment professionals. The Board reviewed the Sub-Adviser’s history and investment experience, as well as information regarding the investment personnel who provide services to the Fund. The Board also evaluated the expertise and performance of the personnel who oversee compliance with the Fund’s investment restrictions and other requirements. Additionally, the Board considered certain information in relation to the Sub-Adviser’s portfolio managers. The Board also recognized the Sub-Adviser’s reputation and experience in serving as an investment adviser to other fund and accounts, and considered its investment processes and philosophy. The Board took into account that the Sub-Adviser’s responsibilities include the development and maintenance of investment programs for a sleeve of the Fund that is consistent with the Fund’s investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also reviewed Oaktree’s compliance and regulatory history and noted that there were no material regulatory or compliance issues that would potentially impact Oaktree from effectively serving as the investment subadviser to the Fund. Based on its consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of the overall services provided by the Adviser and the Sub-Adviser were satisfactory and that it was reasonable to conclude that the Adviser and the Sub-Adviser would continue to provide high-quality investment services to the Fund.

THE PERFORMANCE OF THE FUND, THE ADVISER, AND THE SUB-ADVISER. The Board, including the Independent Directors, also considered the investment performance of the Fund. The Board noted that it regularly reviews the performance of the Fund throughout the year. The Board further noted that, while it monitors performance of the Fund closely, it generally attaches more importance to performance over relatively long periods of time, typically three to five years. The Board considered the investment performance of the Fund in view of its importance to shareholders. In connection with this review, the Board received information regarding the investment performance of the Fund as compared to a group of funds with investment classifications and/or objectives comparable to those of the Fund (“Peer Universe”) and to an appropriate index or combination of indices (the “Benchmark Index”), as well as a focused peer group identified by Brookfield (“Peer Group”). In addition, the Board considered supplemental performance information that provided strategy level performance returns over longer periods as compared to the Fund’s performance information since inception. At the Meeting, management also discussed the methodologies used by Broadridge and Brookfield to select the funds included in the Peer Universe and the Peer Group, respectively. The performance information was presented for the periods ended March 31, 2025. The Fund’s performance relative to the median of the Peer Universe and Peer Group is described below, and if the Fund’s performance ranked below the median for its Peer Universe, the specific quintile rankings are also noted below with respect to the relevant periods of underperformance.

Brookfield Real Assets Income Fund Inc. The Board noted that the Fund’s performance was above the median of its Peer Universe for the one-year period and below the median of its Peer Universe for the three- and five-year period (fifth and third quintiles, respectively), and for the since inception period (fourth quintile). The Board also considered that the Fund outperformed its Benchmark Index for the one- and five-year periods, and underperformed its Benchmark Index for the three-year period and the since inception period. In addition, the Board noted that the Fund’s performance was at the median of its Peer Group for the quarter ended March 31, 2025.

54

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Board Considerations Relating to the Approval of the Renewal of the Investment Advisory and Sub-Advisory Agreements (Unaudited) (continued)

THE COST OF THE ADVISORY SERVICES, AND THE PROFITABILITY TO THE ADVISER AND ITS AFFILIATES FROM THEIR RELATIONSHIP WITH THE FUND. The Board also received information regarding the management fees to be paid by the Fund to Brookfield pursuant to the Advisory Agreement and the fees paid by Brookfield to Oaktree pursuant to the Sub-Advisory Agreement. The Board examined this information in order to determine the reasonableness of the fees in light of the nature and quality of services to be provided and any potential additional benefits to be received by Brookfield, Oaktree or their affiliates in connection with providing such services to the Fund.

To assist in analyzing the reasonableness of the management fees for the Fund, the Board received reports independently prepared by Broadridge. The reports showed comparative fee and expense information for the Fund’s expense group (“Expense Group”) and expense universe (“Expense Universe”), including rankings within each category, as determined by Broadridge in collaboration with Brookfield. In considering the reasonableness of the management fees to be paid by the Fund to Brookfield, the Board was presented with a number of expense comparisons, including: (i) contractual and actual management fees; and (ii) actual total operating expenses. The Board acknowledged that it was difficult to make precise comparisons with other funds in the Expense Group and Expense Universe since the exact nature of services provided under the various fund agreements is often not apparent. The Board noted, however, that the comparative fee information provided by Broadridge as a whole was useful in assessing whether Brookfield was providing services at a cost that was competitive with other, similar funds. In reviewing the expense rankings, the Board noted that a fund with fees and expenses that were below the median had fees and expenses that were less than the median fees and expenses of its peer group, while a fund with fees and expenses that were above the median had fees and expenses that were higher than the median fees and expenses of its peer group. The fund with the lowest expenses is ranked first and the fund with the highest expenses is ranked last within the applicable expense grouping.

Brookfield Real Assets Income Fund Inc. The Board considered and took note of the following with respect to the Fund: (i) the Fund’s contractual management fees at common asset levels ($825 million) were above the median of its Expense Group (in the fifth quintile); (ii) the Fund’s actual total expenses for common and leveraged assets were at the median of its Expense Group (ranked 5/9) and below the median of its Expense Universe (ranked 39/91); (iii) the Fund’s actual total expenses for only common assets were below the median of the Expense Group (ranked 2/9) and the Expense Universe (ranked 25/91); (iv) the Fund’s actual total expenses (excluding investment related expenses and taxes) for common and leveraged assets were above the median of the Expense Group (ranked 8/9) and Expense Universe (ranked 76/91); (v) the Fund’s actual total expenses (excluding investment related expenses and taxes) for only common assets were at the median of its Expense Group (ranked 5/9) and above the median of its Expense Universe (ranked 51/91); (vi) the Fund’s actual management fees for common and leveraged assets were above the median of its Expense Group (ranked 9/9) and Expense Universe (ranked 80/91); (vii) the Fund’s actual management fees for only common assets were above the median of its Expense Group (ranked 7/9) and Expense Universe (ranked 60/91); (viii) the Fund’s actual non-management expenses for common and leveraged assets were at the median of its Expense Group (ranked 5/9) and above the median of its Expense Universe (ranked 47/91); (ix) the Fund’s actual non-management expenses for only common assets were at the median of its Expense Group (ranked 5/9) and below the median of the Expense Universe (ranked 43/91); (x) the Fund’s investment related expenses and taxes for common and leveraged assets were below the median of its Expense Group (ranked 3/9) and below the median of its Expense Universe (ranked 22/91); and (xi) the Fund’s investment related expenses and taxes for only common assets were below the median of its Expense Group (ranked 2/9) and below the median of its Expense Universe (ranked 23/91).

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BROOKFIELD REAL ASSETS INCOME FUND INC.
Board Considerations Relating to the Approval of the Renewal of the Investment Advisory and Sub-Advisory Agreements (Unaudited) (continued)

The Board was also asked to consider the management fees received by Brookfield with respect to other funds and accounts with similar investment strategies to the Fund, which include institutional and separately managed accounts. In comparing these fees, the Board considered certain differences between these accounts and the Fund, as applicable, including the broader and more extensive scope of services provided to the Fund in comparison to institutional or separately managed accounts; the higher demands placed on Brookfield’s investment personnel, the greater entrepreneurial risk in managing the Fund; and the impact on Brookfield and expenses associated with the more extensive regulatory regime to which the Fund is subject in comparison to institutional or separately managed accounts.

The Board also considered Brookfield’s profitability and the benefits Brookfield and its affiliates received from their relationship with the Fund. The Board received a memorandum and reviewed financial information relating to the financial condition of Brookfield Asset Management ULC and Brookfield Asset Management Ltd., the parent companies of the Adviser. The Board also considered and reviewed financial information relating to the profitability of Brookfield with respect to the services provided to the Fund, including in view of its management of the Brookfield Fund Complex,1 and considered whether Brookfield had the financial resources necessary to continue to attract and retain high-quality investment professionals and other key personnel. In analyzing Brookfield’s profitability, particular attention was given to the allocation of the direct and indirect costs of the resources and expenses in managing the Fund, as well as the non-Fund and non-advisory business activities across Brookfield’s key business lines. 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 profitability to the Adviser from the Fund was reasonable.

With respect to Oaktree in relation to the Fund, the Board then reviewed financial information relating to Oaktree and its affiliates, including their financial condition and profitability. The Board also considered whether Oaktree had the financial resources necessary to continue to attract and retain high-quality investment management personnel and to provide high-quality services. Additionally, the Board considered the reasonableness of the management fee payable by the Adviser to Oaktree under the Sub-Advisory Agreement and took into account that the fee was consistent with management fees that Oaktree charged to comparable funds. In considering the profitability to Oaktree in connection with its relationship to the Fund, the Board noted that the fees under the Sub-Advisory Agreement are paid by Brookfield out of the management fees that it receives under the Advisory Agreement. As a result, the Board noted that Fund stockholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by Brookfield to Oaktree, the Board noted that, because Oaktree is an affiliate of Brookfield, such profitability might be directly or indirectly shared by the Adviser. For these reasons, the Board concluded that the profitability to Oaktree from its relationship with the Fund was not a material factor in its consideration of the renewal of the Sub-Advisory Agreement.

The Board concluded that Brookfield and Oaktree had the financial resources necessary to perform their obligations under the Agreements and to continue to provide the Fund with the high-quality services provided in the past. The Board also concluded that the management fees and subadvisory fees were reasonable in light of the factors discussed above.

THE EXTENT TO WHICH ECONOMIES OF SCALE WILL BE REALIZED AS THE FUND GROWS AND WHETHER FEE LEVELS REFLECT THOSE ECONOMIES OF SCALE. The Board, including the Independent Directors, considered whether shareholders would benefit from economies of scale and whether there was potential for future realization of economies of scale with respect to the Fund. The Board considered that, as a result of being part of the Brookfield Fund Complex, the constituent funds, including the Fund, share common resources and may share certain expenses, and if the size of the complex increases, the Fund could incur lower expenses than it otherwise would achieve as a stand-alone entity. The Board did not review specific information regarding whether there have been economies of scale with respect to Oaktree’s management of the Fund because it did not consider this as a relevant and material factor at the subadviser level. Rather, the Board considered information regarding economies of scale in the context of the renewal of the Advisory Agreement and concluded that the management fee structure, including the amount of management fees retained by Brookfield, was reasonable in light of the factors discussed above.

____________

​1 The Brookfield Fund Complex is comprised of Brookfield Investment Funds (5 series of underlying portfolios), Brookfield Real Assets Income Fund, Inc. (NYSE: RA), Brookfield Infrastructure Income Fund Inc., Oaktree Diversified Income Fund Inc., Oaktree Asset-Backed Income Fund Inc. and Oaktree Asset-Backed Income Private Placement Fund Inc. (the “Brookfield Fund Complex”).

56

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Board Considerations Relating to the Approval of the Renewal of the Investment Advisory and Sub-Advisory Agreements (Unaudited) (continued)

OTHER FACTORS. In consideration of the Advisory Agreement, the Board also received information regarding Brookfield’s brokerage and soft dollar practices. The Board considered that Brookfield is responsible for decisions to buy and sell securities for the Fund, selection of broker-dealers and negotiation of commission rates. The Board noted that it receives reports from Brookfield that include information on brokerage commissions and execution throughout the year. The Board also considered the benefits Brookfield derives from its soft dollar arrangements, including arrangements under which brokers provide brokerage and/or research services to Brookfield in return for allocating brokerage. The Board then considered other benefits that may be realized by Brookfield and its affiliates, including Oaktree, from their relationship with the Fund. Among them, the Board recognized the opportunity to provide advisory services to additional funds and accounts and reputational benefits. The Board also considered that Oaktree and Brookfield manage their investment operations independently of each other subject to an information barrier between the firms. The Board concluded that the benefits that may accrue to Brookfield, Oaktree and their affiliates by virtue of their advisory relationship to the Fund were fair and reasonable in light of the costs of providing investment advisory services to the Fund and the ongoing commitment of Brookfield and Oaktree to the Fund.

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BROOKFIELD REAL ASSETS INCOME FUND INC.
Dividend Reinvestment Plan (Unaudited)

A Dividend Reinvestment Plan (the “Plan”) is available to shareholders 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. Shareholders who do not participate in the Plan will receive all distributions in cash paid by check mailed directly to the shareholder 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 shareholders 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. Shareholders 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 shareholders may participate only if permitted by the brokerage firm, bank or other nominee to which their shares are transferred.

58

Brookfield Public Securities Group LLC

 

BROOKFIELD REAL ASSETS INCOME FUND INC.
Joint Notice of Privacy Policy (Unaudited)

Brookfield Public Securities Group LLC (“PSG”), on its own behalf and on behalf of the funds managed by PSG 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 the 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.

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CORPORATE INFORMATION

Investment Adviser

Brookfield Public Securities Group LLC

Brookfield Place

225 Liberty Street, 35th Floor

New York, New York 10281

www.brookfield.com

Administrator

Brookfield Public Securities Group LLC

Brookfield Place

225 Liberty Street, 35th Floor

New York, New York 10281

www.brookfield.com

Please direct your inquiries to:

Investor Relations

Phone: 1-855-777-8001

E-mail: info@brookfieldoaktree.com

Sub-Adviser

Oaktree Fund Advisors, LLC

333 South Grand Avenue, 28th Floor

Los Angeles, California 90071

Transfer Agent

Shareholder inquiries relating to distributions, address changes and shareholder 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 & Sub-Administrator

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

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 RiverCenter Drive, Suite 302

Milwaukee, Wisconsin 53212

Fund Distributor

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

Directors of the Fund

    

Edward A. Kuczmarski

William H. Wright II

Heather S. Goldman

Stuart A. McFarland

Betty Whelchel

Susan Schauffert-Tam

Brian F. Hurley

  

Chair of Board of Directors

Chair of Audit Committee

Chair of Governance Committee

Director

Director

Director

Director (Interested)

Officers of the Fund

    

Brian F. Hurley

Casey P. Tushaus

Craig A. Ruckman

Adam R. Sachs

Mohamed S. Rasul

  

President

Treasurer

Secretary

Chief Compliance Officer

Assistant Treasurer

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov.

You may obtain a description of the Fund’s proxy voting policies and procedures and information regarding how the Fund 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.

 

 

(b)    Not applicable.

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 Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

(a)     Schedule of Investments is included as part of the report to shareholders filed under Item 1(a) of this Form.

(b)    Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 9. Proxy Disclosure for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the report to shareholders filed under Item 1(a) of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable for semi-annual reports.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable for semi-annual reports.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

No purchases were made during the reporting period by or on behalf of the Registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of shares or other units of any class of the Registrant’s equity securities that are registered by the Registrant pursuant to Section 12 of the Exchange Act.

 

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.

Item 16. Controls and Procedures.

(a)     The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)    There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

The Registrant did not engage in securities lending activities during the period covered by this report.

Item 18. Recovery of Erroneously Awarded Compensation.

(a)     Not Applicable.

(b)    Not Applicable.

Item 19. Exhibits.

(a)     (1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not Applicable.

(3) 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 (17 CFR 270.30a-2(a)). Filed herewith.

(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not Applicable.

(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not Applicable.

(b)    Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.

 

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.

(Registrant)

 

Brookfield Real Assets Income Fund Inc.

By (Signature and Title)*

  

/s/ Brian F. Hurley
   

Brian F. Hurley, Principal Executive Officer

Date:

  

September 3, 2025

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 (Signature and Title)*

  

/s/ Brian F. Hurley
   

Brian F. Hurley, Principal Executive Officer

Date:

  

September 3, 2025

By (Signature and Title)*

  

/s/ Casey P. Tushaus
   

Casey P. Tushaus, Principal Financial Officer

Date:

 

September 3, 2025

____________

*        Print the name and title of each signing officer under his or her signature.

 

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