Brookfield Real Assets Income Fund Inc.

09/03/2026 | Press release | Distributed by Public on 09/03/2026 12:28

Semi-Annual Report by Investment Company (Form N-CSRS)

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, 2026

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 $66 billion of assets under management as of June 30, 2026, 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: BAM) ("BAM Ltd."), with over $1 trillion of assets under management as of June 30, 2026. Brookfield Corporation, a publicly traded company (NYSE: BN; TSX: BN), holds a 73% interest in BAM Ltd. 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://privatewealth.brookfield.com/fund/brookfield-real-assets-income-fund-inc.

TABLE OF CONTENTS

Letter to Shareholders

1

Portfolio Characteristics

3

Schedule of Investments

4

Statement of Assets and Liabilities

31

Statement of Operations

32

Statements of Changes in Net Assets

33

Statement of Cash Flows

34

Financial Highlights

35

Notes to Financial Statements

37

Compliance Certification

50

Proxy Results

51

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

52

Dividend Reinvestment Plan

56

Joint Notice of Privacy Policy

57

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, 2026.

The Fund had a total return based on net asset value (NAV) of 3.17% and a total return based on market price of 4.94% (total returns assume the reinvestment of dividends and are exclusive of brokerage commissions) for the six-month period ended June 30, 2026. Risk assets were generally positive in the first half of 2026, led by a strong rally in equities alongside modest gains in bonds. The MSCI World Index rose 9.94% and slightly underperformed U.S. stocks, which returned +10.21%, as measured by the S&P 500. The single largest market-moving event of the half was the escalating conflict with Iran, which temporarily closed the Strait of Hormuz and pushed WTI oil above $100 a barrel. Despite the resulting volatility, global equities remained resilient. As U.S.-Iran tensions eventually eased, strong corporate earnings and sustained enthusiasm for artificial intelligence continued to support capital flows into risk assets.

Within fixed income, U.S. bonds generated modestly positive returns, as persistent inflation concerns and uncertainty surrounding the Federal Reserve's policy path kept Treasury yields elevated. The U.S. yield curve flattened over the period, while interest-rate volatility remained pronounced. Against this backdrop, fixed income provided portfolio stability but limited capital appreciation, with the Bloomberg U.S. Aggregate Bond Index returning just 0.69%. Commodity markets performed well, supported by the oil supply shock and associated rise in energy prices. The Bloomberg Commodity Index returned 14.36% during the period.

Real asset equities performed inline with their broad market counterparts during the period. Real asset sectors were especially in favor during the first quarter as growing enthusiasm over AI led traditional software and consumer services sectors to sell off significantly. As such, capital flowed to "hard asset" sectors that have a low risk of obsolescence, such as real estate and infrastructure. Returns within the real asset universe were led by global infrastructure equities, which advanced 11.11% and were helped by the midstream energy and utility sectors. Global real estate equities, as measured by FTSE EPRA, rose 10.24%, with the FTSE EPRA US index outperforming Asia and Europe. On a sector basis, data centers led gains, outperforming due to rising earnings growth expectations from enterprise AI adoption and exceptionally strong leasing trends.

In debt markets, both real asset investment-grade and real asset high-yield securities outperformed their broad-market counterparts. Their defensive business models and intrinsic connection to inflation were rewarded as investors rotated away from more cyclical sectors amid a challenging market environment. In securitized credit, CMBS & RMBS issuance remained resilient despite uncertainty from the Iran & U.S. conflict. Investors were attracted to high absolute yields and ample liquidity, which helped drive performance during the period. Within CMBS, delinquency rates declined, led by an improvement in fundamentals within office and lodging properties.

Upside risks to inflation, including an energy shock prompting a more hawkish position from the Fed, remain a worry for markets. GDP growth forecasts have continued to soften despite the perceived improving situation in Iran. The housing market remains soft in many markets and the labor market shows weak labor demand offset by weak labor supply. Within credit markets, spreads are near historically tight levels, driven in part by strong flows, partially offset by hyperscaler/data center supply. The high yield upgrade/downgrade ratio has been 1.5x year-to-date, up from 1.0x in 2025, while the investment grade ratio has been 2.2x over the same period, down from a recent high of 4.7x in 2024.

In addition, wartime-level budget deficits are pressuring term premiums, and the forward curve has swung to pricing in nearly two hikes over the next 12 months. Following an upward shift and flattening in the yield curve year-to-date, base rates continue to support attractive all-in yields across both U.S. investment grade and high yield. We expect yield to play a key role in driving total returns in the coming quarters, as credit spreads are only modestly above historic lows.

We also believe public investment grade and high-yield bonds offer an attractive combination of liquidity and credit quality relative to certain segments of the leveraged loan and private credit markets. From a sector perspective, we favor companies operating in resilient industries with strong cash flow visibility. We see particular opportunity in midstream energy, where we favor debt issued by integrated natural gas infrastructure companies. These businesses typically benefit from strong balance sheets, scale advantages, and stable, fee-based cash flows, while also being well positioned to capture growing international demand for U.S. natural gas (especially via LNG).

2026 Semi-Annual Report

1

LETTER TO SHAREHOLDERS (continued)

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://privatewealth.brookfield.com/ for more information.

Thank you for your support.

Sincerely,

Brian F. Hurley

President
Brookfield Real Assets Income Fund Inc.

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, 2026, 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.
Portfolio Characteristics (Unaudited)

June 30, 2026

PORTFOLIO STATISTICS

Annualized distribution rate1

10.02%

Weighted average coupon

5.27%

Weighted average life

3.04 years

Percentage of leveraged assets

24.30%

Total number of holdings

585

ASSET BY COUPON TYPE DISTRIBUTION2

Corporate Credit

- Infrastructure

39.9%

- Real Estate

13.4%

- Natural Resources

5.9%

Total Corporate Credit

59.2%

Securitized Credit

- Residential Mortgage-Backed Securities

23.9%

- Commercial Mortgage-Backed Securities

4.4%

Total Securitized Credit

28.3%

Equities

- Infrastructure

6.3%

- Real Estate

1.7%

Total Equities

8.0%

Cash & Other

4.5%

Total

100.0%

FIXED INCOME ASSETS BY CREDIT RATING3

BBB and Above

23.0%

BB

39.7%

B

13.7%

CCC and Below

8.7%

Unrated

14.9%

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, 2026 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, 2026, 38.60% of its 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.

2026 Semi-Annual Report

3

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

June 30, 2026

Par


Value

CORPORATE CREDIT - 68.1%

Basic Industrial - 1.0%

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

$

1,490,000

$

1,481,819

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

1,450,000

1,468,298

NOVA Chemicals Corp.

8.50%, 11/15/2028 (b)(c)

1,405,000

1,452,954

4.25%, 05/15/2029 (b)(c)

3,342,000

3,249,989

7,653,060

Capital Goods - 0.4%

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

3,252,000

3,317,040

Chemicals - 0.4%

Celanese US Holdings LLC,
7.00%, 02/15/2031

2,889,000

2,973,463

Construction & Building Materials - 0.2%

Installed Building Products, Inc.,
5.63%, 02/01/2034 (b)

1,365,000

1,343,929

Diversified - 1.5%

Five Point Operating Co. LP,
8.00%, 10/01/2030 (b)

3,291,000

3,369,244

Howard Hughes Corp.

4.38%, 02/01/2031 (b)

1,610,000

1,522,621

5.88%, 03/01/2032 (b)

3,853,000

3,827,646

Kennedy-Wilson, Inc.,
7.00%, 06/01/2031 (b)

2,719,000

2,779,354

11,498,865

Energy - 5.0%

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

2,840,000

2,860,556

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

2,895,000

2,929,323

BKV Upstream Midstream LLC,
7.50%, 10/15/2030 (b)

1,887,000

1,893,767

Bristow Group, Inc.,
6.75%, 02/01/2033 (b)

2,171,000

2,178,129

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

2,533,000

2,592,095

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

1,457,000

1,434,575

Crescent Energy Finance LLC,
7.63%, 04/01/2032 (b)

1,467,000

1,480,105

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

1,236,000

1,227,529

Gulfport Energy Operating Corp.,
6.75%, 09/01/2029 (b)(c)

1,387,000

1,414,772

____________

See Notes to Financial Statements.

4

Brookfield Public Securities Group LLC

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

June 30, 2026

Par


Value

CORPORATE CREDIT (continued)

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

$

2,862,000

$

2,869,527

Matador Resources Co.,
6.50%, 04/15/2032 (b)

2,819,000

2,834,358

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

1,865,000

1,848,410

Permian Resources Operating LLC

5.88%, 07/01/2029 (b)(c)

2,825,000

2,824,630

6.25%, 02/01/2033 (a)(b)

2,830,000

2,891,431

SM Energy Co.,
6.63%, 04/15/2034 (b)

2,842,000

2,798,590

TGNR Intermediate Holdings LLC,
5.50%, 10/15/2029 (b)(c)

2,941,000

2,892,989

Transocean International Ltd.,
8.75%, 02/15/2030 (b)

2,170,000

2,254,599

39,225,385

Health Facilities - 2.4%

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

4,952,000

5,332,348

LifePoint Health, Inc., First Lien,
7.42% (3 mo. Term SOFR + 3.75%), 05/19/2031

4,466,080

4,393,507

LifePoint Health, Inc.,
10.00%, 06/01/2032 (b)

815,000

813,484

Prime Healthcare Services, Inc.,
9.38%, 09/01/2029 (b)

3,068,000

3,205,106

Tenet Healthcare Corp.,
5.50%, 11/15/2032 (a)(b)

5,000,000

4,971,360

Toledo Hospital,
4.98%, 11/15/2045

250,000

206,117

18,921,922

Infrastructure Services - 0.6%

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

1,610,000

1,644,116

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

3,000,000

3,075,516

4,719,632

Leisure - 4.2%

Caesars Entertainment, Inc.,
6.50%, 02/15/2032 (b)(c)

2,850,000

2,782,985

Hilton Domestic Operating Co., Inc.

4.00%, 05/01/2031 (b)(c)

3,085,000

2,916,919

5.88%, 03/15/2033 (b)

2,800,000

2,826,275

MGM Resorts International,
6.13%, 09/15/2029 (a)

2,785,000

2,810,965

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

4,272,000

4,261,722

____________

See Notes to Financial Statements.

2026 Semi-Annual Report

5

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

June 30, 2026

Par


Value

CORPORATE CREDIT (continued)

RHP Hotel Properties LP

4.50%, 02/15/2029 (b)(c)

$

4,010,000

$

3,932,919

6.50%, 06/15/2033 (b)

1,957,000

2,009,375

Six Flags Entertainment Corp.

5.25%, 07/15/2029

479,000

466,685

7.25%, 05/15/2031 (b)(c)

5,020,000

4,991,630

8.63%, 01/15/2032 (b)

2,908,000

2,995,345

Station Casinos LLC,
4.50%, 02/15/2028 (b)

3,000,000

2,965,790

32,960,610

Media - 6.1%

Block Communications, Inc.,
10.25%, 03/01/2031 (b)

2,858,000

2,614,441

Cable One, Inc.,
4.00%, 11/15/2030 (Acquired 5/20/2025, Cost $833,212) (b)(c)(d)

1,014,000

546,675

CCO Holdings LLC

6.38%, 09/01/2029 (b)(c)

5,170,000

5,165,519

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

6,419,000

6,087,102

CSC Holdings LLC,
4.50%, 11/15/2031 (b)(c)

11,178,000

6,596,892

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

5,850,000

6,069,952

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

13,401,000

13,770,406

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

8,135,000

7,128,458

47,979,445

Media Content - 0.5%

Discovery Communications LLC,
4.13%, 05/15/2029 (c)

3,000,000

2,970,000

Discovery Global Holdings, Inc.,
4.28%, 03/15/2032

1,500,000

1,346,025

4,316,025

Metals & Mining - 0.8%

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

1,640,000

1,697,341

Cleveland-Cliffs, Inc.,
7.00%, 03/15/2032 (b)

4,384,000

4,351,088

6,048,429

Oil Gas Transportation & Distribution - 16.1%

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

7,197,000

7,543,334

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

5,400,000

5,382,877

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

3,655,000

3,607,606

Delek Logistics Partners LP/Delek Logistics Finance Corp.,
6.88%, 06/01/2034 (b)

1,652,000

1,644,118

____________

See Notes to Financial Statements.

6

Brookfield Public Securities Group LLC

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

June 30, 2026

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

$

844,682

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

8,790,000

9,515,245

Energy Transfer LP,
6.94% (3 mo. Term SOFR + 3.28%), 11/01/2066 (c)

9,500,000

9,483,544

Enterprise Products Operating LLC

6.70% (3 mo. Term SOFR + 3.04%), 06/01/2067

2,886,000

2,871,544

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

1,460,000

1,454,350

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

5,000,000

4,982,851

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

2,782,000

2,933,625

Ferrellgas LP,
5.88%, 04/01/2029 (b)(c)

3,365,000

3,273,581

Genesis Energy LP,
7.88%, 05/15/2032 (c)

4,783,000

4,931,775

Harvest Midstream I LP,
6.75%, 05/15/2034 (b)

2,887,000

2,927,640

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

4,440,000

4,466,897

Plains All American Pipeline LP,
8.02% (3 mo. Term SOFR + 4.37%), Perpetual (c)

13,765,000

13,764,920

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

6,750,000

7,209,061

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

4,389,000

4,160,832

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

1,406,000

1,465,192

Sunoco LP

4.50%, 05/15/2029

1,981,000

1,940,627

4.50%, 10/01/2029 (b)(c)

3,247,000

3,155,122

5.63%, 03/15/2031 (b)

274,000

272,001

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

4,339,000

4,340,931

TransCanada PipeLines Ltd.,
6.13% to 10/17/2031 then 5 yr. CMT Rate + 2.25%, 10/17/2056

10,068,000

10,178,839

USA Compression Partners LP,
6.25%, 10/01/2033 (b)

2,889,000

2,863,741

Venture Global Calcasieu Pass LLC,
3.88%, 11/01/2033 (b)

1,975,000

1,760,947

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

1,360,000

1,387,090

Venture Global Plaquemines LNG LLC

7.50%, 05/01/2033 (b)

1,094,000

1,200,723

6.50%, 01/15/2034 (b)

1,636,000

1,704,761

6.50%, 06/15/2034 (b)

1,093,000

1,138,878

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

2,950,000

3,025,148

125,432,482

____________

See Notes to Financial Statements.

2026 Semi-Annual Report

7

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

June 30, 2026

Par


Value

CORPORATE CREDIT (continued)

Real Estate - 7.2%

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

$

2,762,000

$

2,812,870

Arbor Realty SR, Inc.,
7.88%, 07/15/2030 (b)(c)

1,568,000

1,476,307

Brandywine Operating Partnership LP

8.88%, 04/12/2029 (a)

3,038,000

3,209,933

6.13%, 01/15/2031 (c)

1,320,000

1,261,847

Diversified Healthcare Trust,
7.25%, 10/15/2030 (b)

4,260,000

4,385,120

EPR Properties,
3.60%, 11/15/2031 (a)

4,100,000

3,758,469

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

1,510,000

1,479,749

Iron Mountain, Inc.

4.88%, 09/15/2029 (Acquired 2/10/2021 - 2/11/2021, Cost $2,978,523) (b)(c)(d)

2,950,000

2,894,942

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

3,380,000

3,412,708

Ladder Capital Finance Corp.,
7.00%, 07/15/2031 (b)

2,620,000

2,717,087

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

3,050,000

2,916,115

Millrose Properties, Inc.,
6.38%, 08/01/2030 (b)

1,973,000

1,999,734

MPT Operating Partnership LP

0.99%, 10/15/2026

EUR

5,000,000

5,586,380

8.50%, 02/15/2032 (b)(c)

2,675,000

2,738,242

Pacific Beacon LLC,
5.51%, 07/15/2036 (b)

100,000

98,161

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

1,344,000

1,376,049

Service Properties Trust

4.95%, 10/01/2029

740,000

697,110

4.38%, 02/15/2030 (c)

6,951,000

6,273,137

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

1,380,000

1,424,978

Vornado Realty LP

3.40%, 06/01/2031

2,370,000

2,178,728

5.75%, 02/01/2033

2,030,000

2,039,323

XHR LP,
4.88%, 06/01/2029 (b)

1,488,000

1,461,193

56,198,182

Specialty Retail - 0.6%

Kohl's Corp.,
10.00%, 06/01/2030 (b)(c)

4,000,000

4,326,860

____________

See Notes to Financial Statements.

8

Brookfield Public Securities Group LLC

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

June 30, 2026

Par


Value

CORPORATE CREDIT (continued)

Support-Services - 0.4%

Grand Canyon University,
5.13%, 10/01/2028 (c)

$

3,250,000

$

3,211,783

Telecommunication Services - 8.3%

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

7,698,000

7,868,565

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

10,405,475

10,578,216

Iliad Holding SAS,
7.00%, 04/15/2032 (b)

1,389,000

1,415,415

LCPR Senior Secured Financing DAC,
5.13%, 07/15/2029 (b)(c)

5,128,000

2,833,036

Level 3 Financing, Inc.

3.75%, 07/15/2029 (b)(c)

416,000

401,440

6.88%, 06/30/2033 (b)(c)

8,474,000

8,706,111

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

1,400,000

1,463,308

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

1,826,000

1,827,057

Rogers Communications, Inc.,
7.13% to 04/15/2035 then 5 yr. CMT Rate + 2.62%, 04/15/2055 (a)

5,505,000

5,657,474

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

2,860,000

2,991,466

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

7,007,000

7,245,988

Uniti Group LP,
8.63%, 06/15/2032 (b)(c)

5,199,000

5,447,167

Windstream Services LLC,
8.25%, 10/01/2031 (b)(c)

8,266,000

8,717,257

65,152,500

Utility - 12.4%

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

5,966,000

5,890,482

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

3,115,876

2,947,058

American Electric Power Co., Inc.

6.95% to 12/15/2034 then 5 yr. CMT Rate + 2.68%, 12/15/2054 (a)(c)

3,387,000

3,617,699

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

1,380,000

1,434,680

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

1,983,000

1,948,019

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

7,225,000

7,594,494

Clearway Energy Operating LLC

3.75%, 02/15/2031 (b)(c)

1,897,000

1,759,493

5.75%, 01/15/2034 (b)

2,925,000

2,868,318

____________

See Notes to Financial Statements.

2026 Semi-Annual Report

9

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

June 30, 2026

Par


Value

CORPORATE CREDIT (continued)

DTE Energy Co.,
6.20% to 07/01/2033 then 5 yr. CMT Rate + 1.81%, 07/01/2058

$

2,197,000

$

2,215,652

Edison International,
7.88% to 06/15/2029 then 5 yr. CMT Rate + 3.66%, 06/15/2054 (c)

1,616,000

1,662,175

Emera US Finance LLC,
6.65% to 10/01/2031 then 5 yr. CMT Rate + 2.87%, 10/01/2056

9,847,000

9,970,393

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

5,620,000

5,806,438

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

4,626,000

4,730,247

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

640,000

659,761

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

6,969,000

7,006,732

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

11,355,000

11,571,824

Sempra

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

1,535,000

1,565,945

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

7,895,000

7,958,841

Sierra Pacific Power Co.,
6.20% to 12/15/2030 then 5 yr. CMT Rate + 2.55%, 12/15/2055

1,089,000

1,079,454

Spire, Inc.,
6.45% to 06/01/2036 then 5 yr. CMT Rate + 2.33%, 06/01/2056 (c)

6,340,000

6,381,096

Vistra Operations Company, LLC,
7.75%, 10/15/2031 (b)(c)

3,300,000

3,452,924

Xcel Energy, Inc.,
5.75% to 12/03/2031 then 5 yr. CMT Rate + 2.17%, 12/03/2056

2,915,000

2,880,680

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

1,474,000

1,525,258

96,527,663

TOTAL CORPORATE CREDIT
(Cost $524,969,665)

531,807,275

SECURITIZED CREDIT - 37.1%

Commercial Mortgage-Backed Securities - 4.9%

ACREC Trust

Series 2025-FL3, Class D, 6.68% (1 mo. Term SOFR + 3.04%),
08/18/2042, (3.04% Floor) (b)

500,000

499,477

Series 2025-FL3, Class E, 7.43% (1 mo. Term SOFR + 3.79%),
08/18/2042, (3.79% Floor) (b)

250,000

247,897

BAMLL Commercial Mortgage Securities Trust,
Series 2021-JACX, Class F, 8.74% (1 mo. Term SOFR + 5.11%),
09/15/2038, (5.00% Floor) (b)

5,000,000

4,518,131

Beast Mortgage Trust,
Series 2021-1818, Class F, 8.19% (1 mo. Term SOFR + 4.56%),
03/15/2036, (4.70% Floor) (b)

1,250,000

110,156

____________

See Notes to Financial Statements.

10

Brookfield Public Securities Group LLC

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

June 30, 2026

Par


Value

SECURITIZED CREDIT (continued)

CSTL Commercial Mortgage Trust,
Series 2026-GATE3, Class E, 6.55%, 02/10/2043 (b)(e)

$

2,000,000

$

2,001,690

ESTN Trust, Series 2026-TOWN,
Class D, 6.69%, 05/12/2046 (b)(e)

1,000,000

1,019,112

Extended Stay America Trust

Series 2026-ESH2, Class E, 6.53% (1 mo. Term SOFR + 2.90%), 02/15/2043, (2.90% Floor) (b)

468,460

471,112

Series 2026-ESH2, Class F, 7.38% (1 mo. Term SOFR + 3.75%), 02/15/2043, (3.75% Floor) (b)

468,460

471,061

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

5,250,000

1,142,681

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

3,500,000

2,165,577

Hilton USA Trust

Series 2016-HHV, Class E, 4.33%, 11/05/2038 (b)(e)

11,000,000

10,946,148

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

581,000

144,524

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

1,929,000

193,504

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

1,300,000

104,407

JP Morgan Chase Commercial Mortgage Securities,
Series 2021-1440, Class F, 8.59% (1 mo. Term SOFR + 4.96%), 03/15/2036, (4.85% Floor) (b)(g)

2,586,000

636,673

JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2007-LD12, Class AJ, 6.58%, 02/15/2051 (e)

3,284

3,286

KIND Trust

Series 2021-KIND, Class E, 6.99% (1 mo. Term SOFR + 3.36%), 08/15/2038, (3.25% Floor) (b)

1,487,782

1,482,004

Series 2021-KIND, Class F, 7.69% (1 mo. Term SOFR + 4.06%), 08/15/2038, (3.95% Floor) (b)

3,331,912

3,303,228

Morgan Stanley ABS Capital I, Inc.,
Series 2024-NSTB, Class D, 4.50%, 09/24/2057 (b)(e)

1,000,000

930,626

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

3,000,000

2,761,306

UK Logistics

Series 2024-1A, Class D, 7.75% (SONIA + 4.00%),
05/17/2034, (4.00% Floor) (b)

GBP

284,189

379,094

Series 2024-1A, Class E, 8.75% (SONIA + 5.00%),
05/17/2034, (5.00% Floor) (b)

GBP

1,056,685

1,410,245

VMC Finance LLC

Series 2021-FL4, Class D, 6.70% (1 mo. Term SOFR + 3.06%), 06/16/2036, (3.06% Floor) (b)

893,000

879,605

Series 2021-FL4, Class E, 7.25% (1 mo. Term SOFR + 3.61%), 06/16/2036, (3.61% Floor) (b)

3,107,000

2,747,753

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

97,403

97,184

38,666,481

____________

See Notes to Financial Statements.

2026 Semi-Annual Report

11

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

June 30, 2026

Par


Value

SECURITIZED CREDIT (continued)

Commercial Real Estate - 0.9%

125 West End Office Mezz LLC,
14.83% (1 mo. Term SOFR + 10.50%), 09/30/2026 (Acquired 3/11/2021 - 4/4/2025, Cost $3,654,003) (d)(g)

$

3,654,003

$

175,392

575 Lexington Junior Mezz,
29.33%, 09/30/2026 (Acquired 3/17/2021 - 3/15/2026, Cost $5,713,187) (d)(g)

11,239,720

708,102

575 Lexington Senior Mezz,
10.75%, 09/30/2026 (Acquired 9/20/2023 - 6/25/2026, Cost $5,847,332) (d)(g)

5,847,332

5,847,332

6,730,826

Interest-Only Securities - 0.1%

Government National Mortgage Association,
Series 2010-132, Class IO, 0.40%, 11/16/2052 (e)(f)

177,264

442

JP Morgan Mortgage Trust

Series 2014-5, Class AX4, 0.00%, 10/25/2029 (b)(e)(f)

295,146

148

Series 2015-4, Class 2X1, 0.23%, 06/25/2045 (b)(e)(f)

28,137,839

180,054

Series 2021-INV1, Class AX1, 0.22%, 10/25/2051 (b)(e)(f)

38,598,168

415,536

Mello Mortgage Capital Acceptance,
Series 2021-INV1, Class AX1, 0.10%, 06/25/2051 (b)(e)(f)

42,439,970

207,031

Morgan Stanley Capital I, Inc.,
Series 2016-UBS9, Class XE, 1.25%, 03/15/2049 (b)(e)(f)

14,999,000

465

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

382,913

0

(h)

803,676

Other - 1.5%

FIGRE Trust

Series 2024-HE2, Class C, 6.72%, 05/25/2054 (b)(e)

283,942

288,054

Series 2024-HE2, Class D, 7.20%, 05/25/2054 (b)(e)

500,000

525,993

Series 2024-HE2, Class E, 8.20%, 05/25/2054 (b)(e)

500,000

529,067

Series 2024-HE2, Class F, 9.79%, 05/25/2054 (b)(e)

500,000

527,715

Series 2024-HE3, Class D, 6.53%, 07/25/2054 (b)(e)

1,000,000

1,020,770

Series 2024-HE3, Class E, 7.55%, 07/25/2054 (b)(e)

500,000

513,803

Series 2024-HE3, Class F, 9.26%, 07/25/2054 (b)(e)

500,000

527,889

Series 2024-HE4, Class E, 6.81%, 09/25/2054 (b)(e)

500,000

498,584

Series 2024-HE4, Class F, 8.48%, 09/25/2054 (b)(e)

500,000

509,042

Series 2024-HE5, Class E, 7.01%, 10/25/2054 (b)(e)

1,000,000

998,433

Series 2025-HE1, Class E, 7.36%, 01/25/2055 (b)(e)

2,000,000

2,027,678

Series 2025-HE1, Class F, 8.53%, 01/25/2055 (b)(e)

500,000

505,717

Series 2025-PF1, Class E, 8.80%, 06/25/2055 (b)(e)

1,000,000

1,099,513

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

329,957

328,366

Oakwood Mortgage Investors, Inc.

Series 2001-D, Class A4, 6.93%, 09/15/2031 (e)

390,233

135,186

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

1,308,039

1,299,406

11,335,216

____________

See Notes to Financial Statements.

12

Brookfield Public Securities Group LLC

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

June 30, 2026

Par


Value

SECURITIZED CREDIT (continued)

Residential Mortgage-Backed Securities - 29.7% (i)

ACRA Trust,
Series 2024-NQM1, Class B1, 8.16%, 10/25/2064 (b)(e)

$

1,500,000

$

1,506,626

Adamas Trust, Inc.

Series 2024-BPL3, Class M1, 6.90%, 09/25/2039 (b)(e)

1,500,000

1,492,648

Series 2026-INV1, Class A3, 5.20%, 02/25/2061 (b)(j)

982,800

973,095

Alternative Loan Trust

Series 2006-19CB, Class A9, 4.46% (1 mo. Term SOFR + 0.81%),
08/25/2036, (0.70% Floor), (6.00% Cap)

1,669,289

676,780

Series 2006-23CB, Class 2A7, 13.35% (-4 x 1 mo. Term SOFR + 27.94%),
08/25/2036, (0.00% Floor), (28.40% Cap) (k)

1,185,817

561,376

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

1,056,169

541,694

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

1,657,377

903,587

Series 2006-29T1, Class 3A3, 40.33% (-10 x 1 mo. Term SOFR + 77.24%), 10/25/2036, (0.00% Floor), (78.40% Cap) (k)

635,891

760,321

Series 2006-41CB, Class 1A14, 1.59% (-1 x 1 mo. Term SOFR + 5.24%),
01/25/2037, (0.00% Floor), (5.35% Cap) (f)(k)

5,889,089

435,892

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

946,989

419,713

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

8,739,813

3,956,506

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

1,065,168

482,200

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

1,041,653

471,555

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

2,030,616

1,022,430

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

1,657,257

625,174

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

782,311

395,182

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

720,102

363,758

Series 2007-16CB, Class 4A5, 4.26% (1 mo. Term SOFR + 0.61%),
08/25/2037, (0.50% Floor), (7.00% Cap)

3,133,268

1,853,074

Series 2007-2CB, Class 2A11, 4.16% (1 mo. Term SOFR + 0.51%),
03/25/2037, (0.40% Floor), (5.75% Cap)

2,172,036

749,608

Series 2007-HY6, Class A1, 4.18% (1 mo. Term SOFR + 0.53%), 08/25/2047, (0.42% Floor)

1,605,647

1,326,338

Series 2007-OA3, Class 1A1, 4.04% (1 mo. Term SOFR + 0.39%), 04/25/2047, (0.28% Floor)

4,565,210

4,053,913

Arixa Mortgage Trust,
Series 2026-RTL1, Class A2, 7.56%, 05/25/2031 (b)(j)

1,500,000

1,498,255

Arroyo Mortgage Trust,
Series 2022-1, Class B1, 3.65%, 12/25/2056 (b)

1,500,000

1,081,899

Bellemeade Re Ltd.,
Series 2024-1, Class M1C, 7.58% (30 day avg SOFR US + 3.95%), 08/25/2034, (3.90% Floor) (b)

1,000,000

1,009,053

BRAVO Residential Funding Trust

Series 2023-NQM5, Class B1, 7.27%, 06/25/2063 (b)(e)

1,000,000

996,486

Series 2025-HE1, Class B1, 6.32%, 09/25/2072 (b)(e)

1,241,000

1,204,123

Builder Circle Mortgage Trust

Series 2026-RTL1, Class A2, 7.43%, 05/25/2031 (b)(j)

1,500,000

1,492,241

Series 2026-RTL1, Class M, 9.36%, 05/25/2031 (b)(j)

500,000

497,497

____________

See Notes to Financial Statements.

2026 Semi-Annual Report

13

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

June 30, 2026

Par


Value

SECURITIZED CREDIT (continued)

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

$

1,291,183

$

1,269,615

Caister Finance DAC

Series 1A, Class D, 7.65% (SONIA + 3.90%), 08/17/2035, (0.00% Floor) (b)

GBP

1,134,000

1,495,354

Series 1A, Class E, 9.50% (SONIA + 5.75%), 08/17/2035, (0.00% Floor) (b)

GBP

1,140,000

1,495,927

Cascade MH Asset Trust

Series 2021-MH1, Class B2, 5.57%, 02/25/2046 (b)

500,000

433,093

Series 2024-MH1, Class B1, 7.50%, 11/25/2056 (b)(e)

147,000

147,013

Series 2024-MH1, Class B2, 8.34%, 11/25/2056 (b)(e)

154,000

148,187

Chase Mortgage Finance Corp.

Series 2005-A2, Class 3A2, 4.04%, 01/25/2036 (e)

486,504

419,304

Series 2007-A1, Class 11M1, 4.35%, 03/25/2037 (e)

1,268,683

1,143,571

CHNGE Mortgage Trust

Series 2022-1, Class B1, 4.55%, 01/25/2067 (b)(e)

2,500,000

2,241,957

Series 2022-1, Class M1, 3.99%, 01/25/2067 (b)(e)

2,700,000

2,306,065

Series 2022-2, Class B1, 4.58%, 03/25/2067 (b)(e)

3,000,000

2,877,000

Series 2023-2, Class M1, 7.90%, 06/25/2058 (b)(e)

3,500,000

3,492,230

Series 2023-4, Class B1, 8.37%, 09/25/2058 (b)(e)

891,000

883,303

Series 2023-4, Class M1, 8.37%, 09/25/2058 (b)(e)

750,000

744,109

Citicorp Mortgage Securities, Inc.,
Series 2006-5, Class 1A11, 4.66% (1 mo. Term SOFR + 1.01%),
10/25/2036, (0.90% Floor), (7.00% Cap)

252,412

205,382

Citigroup Mortgage Loan Trust, Inc.

Series 2007-AR5, Class 1A2A, 4.80%, 04/25/2037 (e)

260,912

253,879

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

3,956,415

1,660,861

Series 2026-HE1, Class B1, 6.73% (30 day avg SOFR US + 3.10%), 10/25/2056, (0.00% Floor) (b)

2,500,000

2,499,986

Countrywide Alternative Loan Trust

Series 2005-10CB, Class 1A1, 4.26% (1 mo. Term SOFR + 0.61%), 05/25/2035, (0.50% Floor), (5.50% Cap)

942,565

671,117

Series 2005-84, Class 2A1, 4.82%, 02/25/2036 (e)

6,520,361

6,103,117

Countrywide Home Loan Mortgage Pass Through Trust

Series 2004-21, Class A10, 6.00%, 11/25/2034

25,063

25,235

Series 2006-20, Class 1A18, 4.41% (1 mo. Term SOFR + 0.76%),
02/25/2037, (0.65% Floor), (6.00% Cap)

3,395,684

1,097,166

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

147,181

55,044

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

146,055

58,496

Credit Suisse Mortgage Capital Certificates

Series 2021-NQM1, Class B2, 3.83%, 05/25/2065 (b)(e)

1,100,000

786,953

Series 2021-NQM2, Class B2, 4.34%, 02/25/2066 (b)(e)

1,600,000

1,196,167

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

1,199,000

1,204,083

Deephaven Residential Mortgage Trust

Series 2022-2, Class B1, 4.30%, 03/25/2067 (b)(e)

3,000,000

2,489,008

Series 2026-INV1, Class A3, 5.20%, 12/25/2070 (b)(j)

1,435,289

1,421,044

Series 2026-INV3, Class B1, 6.65%, 06/25/2071 (b)(e)

2,000,000

1,959,412

____________

See Notes to Financial Statements.

14

Brookfield Public Securities Group LLC

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

June 30, 2026

Par


Value

SECURITIZED CREDIT (continued)

Eagle Re Ltd.,
Series 2023-1, Class M1B, 7.58% (30 day avg SOFR US + 3.95%), 09/26/2033, (3.95% Floor) (b)

$

4,902,880

$

4,996,190

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

1,000,000

1,008,350

Ellington Financial Mortgage Trust

Series 2024-INV2, Class B1, 7.17%, 10/25/2069 (b)(e)

1,000,000

994,554

Series 2025-CES4, Class B1, 7.05%, 06/25/2060 (b)(e)

500,000

495,452

Series 2025-CES4, Class B2, 8.14%, 06/25/2060 (b)(e)

500,000

496,722

Series 2026-CES1, Class B1, 6.46%, 12/25/2060 (b)(e)

1,550,000

1,529,307

Series 2026-NQM6, Class A3, 5.82%, 06/25/2071 (b)(j)

2,500,000

2,499,880

FCC Home Improvement Trust,
Series 2026-HI1, Class A1, 5.71%, 04/25/2036 (b)

5,003,659

5,003,658

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

900,000

902,124

First Horizon Alternative Mortgage Securities,
Series 2005-FA8, Class 1A6, 4.41% (1 mo. Term SOFR + 0.76%), 11/25/2035, (0.65% Floor), (5.50% Cap)

983,383

339,605

Freddie Mac Seasoned Credit Risk Transfer Trust

Series 2019-4, Class M, 4.50%, 02/25/2059 (b)(e)

3,761,712

3,619,534

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

1,886,719

1,843,351

Series 2022-1, Class M, 4.50%, 11/25/2061 (b)(e)

3,000,000

2,709,310

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

908,428

902,750

GCAT,
Series 2023-NQM2, Class B1, 6.87%, 11/25/2067 (b)(e)

2,258,000

2,223,936

GMACM Home Equity Loan Trust

Series 2005-HE3, Class A1VN, 4.26% (1 mo. Term SOFR + 0.61%), 02/25/2036, (0.50% Floor)

235,682

227,644

Series 2005-HE3, Class A2, 4.26% (1 mo. Term SOFR + 0.61%), 02/25/2036, (0.50% Floor), (14.00% Cap)

263,106

254,133

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

182,976

178,290

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

352,488

343,598

GS Mortgage-Backed Securities Trust

Series 2022-NQM1, Class B4, 4.06%, 05/25/2062 (b)(e)

2,104,451

1,839,582

Series 2022-NQM1, Class B5, 4.06%, 05/25/2062 (b)(e)

468,000

343,141

Series 2026-CES1, Class B2, 7.66%, 05/25/2056 (b)(e)

400,000

391,707

GSAMP Trust,
Series 2006-NC2, Class A2C, 4.06% (1 mo. Term SOFR + 0.41%), 06/25/2036, (0.30% Floor)

390,968

202,106

GSR Mortgage Loan Trust

Series 2006-AR1, Class 2A4, 4.48%, 01/25/2036 (e)

1,544,538

1,351,262

Series 2007-1F, Class 4A1, 4.06% (1 mo. Term SOFR + 0.41%), 01/25/2037, (0.30% Floor), (7.00% Cap)

5,494,791

1,246,789

Home Equity Asset Trust,
Series 2006-7, Class 2A3, 4.06% (1 mo. Term SOFR + 0.41%), 01/25/2037, (0.30% Floor)

2,920,684

2,541,220

____________

See Notes to Financial Statements.

2026 Semi-Annual Report

15

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

June 30, 2026

Par


Value

SECURITIZED CREDIT (continued)

Home RE Ltd.,
Series 2021-2, Class M2, 6.88% (30 day avg SOFR US + 3.25%), 01/25/2034, (0.00% Floor) (b)

$

2,512,037

$

2,508,521

HOMES Trust,
Series 2026-NQM1, Class A3, 5.16%, 09/25/2070 (b)(j)

898,446

887,648

Homeward Opportunities Fund I Trust,
Series 2025-RRTL2, Class M1, 6.54%, 09/25/2040 (b)(e)

3,000,000

2,985,458

Imperial Fund Mortgage Trust

Series 2022-NQM5, Class A1, 5.39%, 08/25/2067 (b)(j)

439,788

438,968

Series 2022-NQM5, Class A2, 6.12%, 08/25/2067 (b)(j)

293,192

292,716

Series 2022-NQM5, Class M1, 6.25%, 08/25/2067 (b)(j)

1,026,000

1,023,145

Indymac INDA Mortgage Loan Trust

Series 2007-AR1, Class 1A1, 3.88%, 03/25/2037 (e)

573,437

437,052

Series 2007-AR3, Class 1A1, 4.64%, 07/25/2037 (e)

1,272,170

1,092,123

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

12,314

12,087

JP Morgan Mortgage Trust

Series 2003-A1, Class B4, 5.29%, 10/25/2033 (e)

82,607

62,722

Series 2003-A2, Class B4, 5.64%, 11/25/2033 (e)

73,194

1

Series 2007-A2, Class 3A2, 4.55%, 04/25/2037 (e)

3,103,147

2,465,632

Series 2021-INV1, Class B5, 2.97%, 10/25/2051 (b)(e)

254,000

127,010

Series 2021-INV1, Class B6, 2.97%, 10/25/2051 (b)(e)

573,000

241,625

Series 2022-DSC1, Class B2, 4.92%, 01/25/2063 (b)(e)

2,690,000

2,259,773

Series 2024-CES1, Class B2, 9.22%, 06/25/2054 (b)(e)

1,101,000

1,121,895

Series 2025-CES1, Class B1, 6.86%, 05/25/2055 (b)(e)

1,000,000

990,838

Series 2025-NQM2, Class M1B, 6.90%, 09/25/2065 (b)(e)

1,750,000

1,761,333

Series 2025-VIS3, Class A3, 5.57%, 02/25/2066 (b)(j)

939,708

938,542

Series 2026-CES1, Class B2, 7.52%, 06/25/2056 (b)(e)

1,000,000

988,617

JPMorgan Chase Bank NA

Series 2019-CL1, Class M3, 5.86% (1 mo. Term SOFR + 2.21%), 04/25/2047, (2.10% Floor) (b)

135,310

135,972

Series 2020-CL1, Class M3, 7.11% (1 mo. Term SOFR + 3.46%),
10/25/2057, (0.00% Floor) (b)

115,972

121,107

Series 2020-CL1, Class M4, 8.11% (1 mo. Term SOFR + 4.46%),
10/25/2057, (0.00% Floor) (b)

133,301

141,793

Series 2020-CL1, Class M5, 9.36% (1 mo. Term SOFR + 5.71%),
10/25/2057, (0.00% Floor) (b)

768,033

800,770

Series 2021-CL1, Class M2, 5.18% (30 day avg SOFR US + 1.55%),
03/25/2051, (0.00% Floor) (b)

124,236

123,286

MASTR Asset Backed Securities Trust

Series 2006-NC2, Class A5, 4.24% (1 mo. Term SOFR + 0.59%),
08/25/2036, (0.48% Floor)

333,703

110,702

Series 2006-NC3, Class A3, 3.96% (1 mo. Term SOFR + 0.31%),
10/25/2036, (0.20% Floor)

2,320,405

1,035,710

Series 2006-NC3, Class A4, 4.08% (1 mo. Term SOFR + 0.43%),
10/25/2036, (0.32% Floor)

3,914,810

1,747,370

____________

See Notes to Financial Statements.

16

Brookfield Public Securities Group LLC

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

June 30, 2026

Par


Value

SECURITIZED CREDIT (continued)

Mello Mortgage Capital Acceptance

Series 2021-INV1, Class B4, 2.95%, 06/25/2051 (b)(e)

$

449,032

$

352,578

Series 2021-INV1, Class B5, 2.95%, 06/25/2051 (b)(e)

128,000

63,064

Series 2021-INV1, Class B6, 2.92%, 06/25/2051 (b)(e)

353,000

146,757

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

700,000

660,676

MFRA Trust,
Series 2026-INVR1, Class B1A, 6.22%, 12/25/2059 (b)(e)

1,500,000

1,462,841

Morgan Stanley Residential Mortgage Loan Trust

Series 2024-NQM3, Class B1A, 6.51%, 07/25/2069 (b)(e)

1,000,000

984,485

Series 2026-NQM2, Class A3, 5.14%, 01/26/2071 (b)(j)

937,812

927,570

Nomura Resecuritization Trust

Series 2014-1R, Class 2A11, 1.87% (1 mo. Term SOFR + 0.24%),
02/26/2037, (0.13% Floor) (b)

18,243,651

14,997,000

Series 2015-11R, Class 4A5, 4.37%, 06/26/2037 (b)(e)

2,837,978

2,494,233

Series 2015-1R, Class 3A7, 3.82%, 03/26/2037 (b)(e)

3,511,231

1,702,953

Series 2015-1R, Class 4A7, 5.80%, 12/26/2037 (b)(e)

685,059

620,401

NRZ Excess Spread-Collateralized Notes,
Series 2021-GNT1, Class A, 3.47%, 11/25/2026 (b)

1,467,453

1,448,895

Oaktown Re Ltd.,
Series 2021-2, Class M1C, 6.98% (30 day avg SOFR US + 3.35%), 04/25/2034, (3.35% Floor) (b)

3,769,000

3,776,641

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

88,686

81,341

PRKCM Trust

Series 2021-AFC1, Class B2, 3.95%, 08/25/2056 (b)(e)

350,000

238,496

Series 2022-AFC2, Class B1, 6.10%, 08/25/2057 (b)(e)

3,000,000

2,971,912

Series 2023-AFC1, Class B1, 7.31%, 02/25/2058 (b)(e)

1,000,000

997,530

Series 2023-AFC1, Class B2, 7.31%, 02/25/2058 (b)(e)

1,000,000

990,379

Series 2023-AFC2, Class B1, 7.95%, 06/25/2058 (b)(e)

3,000,000

3,004,608

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

750,000

756,591

Series 2023-AFC3, Class B1, 7.77%, 09/25/2058 (b)(e)

4,248,000

4,213,980

Series 2023-AFC3, Class B2, 7.77%, 09/25/2058 (b)(e)

1,005,000

995,006

Series 2024-AFC1, Class B1, 8.06%, 03/25/2059 (b)(e)

1,638,000

1,635,515

Series 2024-HOME1, Class B1, 7.61%, 05/25/2059 (b)(e)

1,623,000

1,620,251

Series 2026-AFC1, Class B1, 6.53%, 02/25/2061 (b)(e)

500,000

488,533

Series 2026-AFC1, Class B2, 6.53%, 02/25/2061 (b)(e)

500,000

470,102

PRPM LLC

Series 2023-NQM1, Class B2, 6.12%, 01/25/2068 (b)(e)

1,000,000

980,839

Series 2024-NQM1, Class B1, 7.35%, 12/25/2068 (b)(e)

2,000,000

1,986,957

Series 2024-NQM2, Class B1, 7.77%, 06/25/2069 (b)(e)

1,500,000

1,510,155

RALI Trust

Series 2006-QO7, Class 2A1, 4.59% (MTA + 0.85%), 09/25/2046, (0.85% Floor)

4,316,302

3,959,349

Series 2006-QS14, Class A30, 32.33% (-13 x 1 mo. Term SOFR + 79.76%), 11/25/2036, (0.00% Floor), (81.25% Cap) (k)

35,646

59,999

____________

See Notes to Financial Statements.

2026 Semi-Annual Report

17

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

June 30, 2026

Par


Value

SECURITIZED CREDIT (continued)

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

$

1,121,374

$

984,081

Series 2007-QO3, Class A1, 4.08% (1 mo. Term SOFR + 0.43%), 03/25/2047, (0.32% Floor)

944,861

845,194

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

2,000,000

2,003,185

Reneu Redi Q-1 Trust,
Series 2026-RTL1, Class A1, 5.89%, 06/25/2041 (b)(j)

1,500,000

1,499,358

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

963,349

661,573

Rithm Capital Corp.

Series 2024-NQM2, Class B1, 6.61%, 09/25/2064 (b)(e)

500,000

500,091

Series 2024-RTL1, Class M1, 9.30%, 03/25/2039 (b)(e)

2,500,000

2,505,816

Series 2026-NQM6, Class B1, 6.49%, 05/25/2066 (b)(e)

1,500,000

1,481,650

Santander Holdings USA, Inc.,
Series 2023-MTG1, Class M1, 7.78% (30 day avg SOFR US + 4.15%), 02/26/2052, (2.50% Floor) (b)

4,231,295

4,671,488

Securitized Asset Backed Receivables LLC Trust

Series 2006-NC3, Class A2B, 4.06% (1 mo. Term SOFR + 0.41%),
09/25/2036, (0.30% Floor)

4,752,410

1,412,476

Series 2007-NC1, Class A2B, 4.06% (1 mo. Term SOFR + 0.41%),
12/25/2036, (0.30% Floor)

2,972,758

1,382,258

SGR Residential Mortgage Trust,
Series 2026-1, Class A3, 5.14%, 01/25/2066 (b)(j)

954,140

943,634

Starwood Mortgage Residential Trust,
Series 2020-INV1, Class B2, 4.26%, 11/25/2055 (b)

400,000

351,396

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

1,500,000

1,500,642

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

1,000,000

999,570

Verus Securitization Trust

Series 2022-1, Class B2, 3.96%, 01/25/2067 (b)(e)

2,199,000

1,612,413

Series 2022-2, Class B2, 4.25%, 02/25/2067 (b)(e)

1,500,000

1,158,129

Series 2023-INV2, Class A3, 7.08%, 08/25/2068 (b)(j)

54,798

54,602

Series 2023-INV2, Class B1, 7.99%, 08/25/2068 (b)(e)

100,000

99,498

Series 2023-INV2, Class M1, 7.35%, 08/25/2068 (b)(e)

121,000

120,547

Series 2024-1, Class B1, 7.91%, 01/25/2069 (b)(e)

500,000

499,929

Series 2024-2, Class B1, 7.86%, 02/25/2069 (b)(e)

1,000,000

998,246

Series 2024-INV1, Class B1, 8.09%, 03/25/2069 (b)(e)

1,000,000

1,000,443

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

500,000

504,461

Washington Mutual Mortgage Pass-Through Certificates Trust

Series 2007-HY1, Class 4A1, 3.98%, 02/25/2037 (e)

4,030,776

3,729,631

Series 2007-HY3, Class 4A1, 4.70%, 03/25/2037 (e)

3,752,121

3,367,767

Series 2007-HY5, Class 1A1, 3.78%, 05/25/2037 (e)

1,245,814

1,119,288

Series 2007-HY5, Class 3A1, 3.78%, 05/25/2037 (e)

491,678

439,815

____________

See Notes to Financial Statements.

18

Brookfield Public Securities Group LLC

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

June 30, 2026

Par


Value

SECURITIZED CREDIT (continued)

Wells Fargo Mortgage Backed Securities Trust

Series 2006-AR1, Class 2A5, 5.79%, 03/25/2036 (e)

$

688,113

$

664,810

Series 2006-AR12, Class 2A1, 6.16%, 09/25/2036 (e)

459,610

431,075

Western Alliance Bancorp

Series 2021-CL2, Class M3, 7.73% (30 day avg SOFR US + 4.10%),
07/25/2059, (0.00% Floor) (b)

803,617

847,068

Series 2021-CL2, Class M4, 8.98% (30 day avg SOFR US + 5.35%),
07/25/2059, (0.00% Floor) (b)

1,381,958

1,509,164

231,970,248

TOTAL SECURITIZED CREDIT
 (Cost $344,603,356)

289,506,447

TERM LOANS - 8.8%

Apro LLC, First Lien,
7.38% (3 mo. Term SOFR + 3.75%), 07/09/2031

1,965,000

1,964,587

Blackfin Pipeline LLC, First Lien,
6.69% (1 mo. Term SOFR + 3.00%), 09/29/2032

1,990,000

1,994,975

Calcasieu Pass Funding LLC, First Lien,
6.95% (1 mo. Term SOFR + 3.25%), 04/11/2033

3,000,000

3,005,430

Cogeco Communications USA II LP, First Lien,
6.87% (1 mo. Term SOFR + 3.25%), 09/30/2030

1,554,567

1,387,451

Coral-US Co.-Borrower LLC, First Lien,
6.92% (1 mo. Term SOFR + 3.25%), 01/30/2032

3,000,000

2,899,770

Crescent Midstream Intermediate Holdings LLC,
7.41% (1 mo. Term SOFR + 3.75%), 02/18/2033

2,000,000

2,010,620

Directv Financing LLC, First Lien,
9.17% (3 mo. Term SOFR + 5.50%), 02/18/2031

7,894,681

7,904,549

Discovery Global Holdings, Inc., First Lien,
6.12% (1 mo. Term SOFR + 2.50%), 05/27/2033

2,942,308

2,942,043

Eagle Broadband Investments LLC,
6.96% (3 mo. Term SOFR + 3.00%), 11/12/2027

5,960,588

4,515,146

Jack Ohio Finance LLC, First Lien,
7.62% (1 mo. Term SOFR + 4.00%), 01/30/2032

6,425,000

6,327,019

Numericable US LLC, First Lien,
10.55% (1 mo. Term SOFR + 6.88%), 05/15/2031

11,797,947

12,022,108

OEG Borrower LLC, 7.19%
(3 mo. Term SOFR + 3.50%), 06/30/2031

1,473,750

1,478,127

Third Coast Infrastructure LLC,
6.87% (1 mo. Term SOFR + 3.25%), 09/25/2030

2,888,785

2,902,333

WideOpenWest Finance LLC, First Lien,
10.93% (3 mo. Term SOFR + 7.00%), 12/11/2028

17,333,854

17,514,473

TOTAL TERM LOANS
(Cost $69,909,941)

68,868,631

____________

See Notes to Financial Statements.

2026 Semi-Annual Report

19

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

June 30, 2026

Shares


Value

COMMON STOCKS - 8.7%

Airports - 0.6%

Aena SME SA (b)

60,288

$

1,837,128

Grupo Aeroportuario del Pacifico SAB de CV - Class B

67,917

1,716,227

Japan Airport Terminal Co. Ltd.

27,838

868,505

4,421,860

Building & Construction - 0.0% (l)

Quanta Services, Inc.

120

86,405

Circular Economy - 0.1%

Cia de Saneamento Basico do Estado de Sao Paulo SABESP

3

16

Hera SpA

18,262

76,172

Orizon Valorizacao de Residuos SA (m)

5,720

87,900

Republic Services, Inc. (c)

615

131,044

Severn Trent PLC (c)

1,914

74,932

Waste Management, Inc. (c)

741

165,154

535,218

Clean Technology - 0.0% (l)

Carrier Global Corp. (c)

834

61,174

Trane Technologies PLC (c)

147

72,200

133,374

Data Centers - 0.2%

Digital Core REIT Management Pte Ltd.

275,412

139,212

DigitalBridge Group, Inc.

1,906

30,077

Equinix, Inc. (c)

1,153

1,201,875

1,371,164

Diversified - 0.0% (l)

American Assets Trust, Inc. (c)

1,602

39,553

Electricity Infrastructure - 0.3%

Cia Paranaense de Energia - Copel

24,145

70,392

Constellation Energy Corp. (c)

322

79,975

EDP Renewables SA

3,899

62,986

Elia Group SA/NV

4,869

775,332

Enel Americas SA

775,309

69,461

Fervo Energy Co. - Class A (m)

2,978

87,047

Grenergy Renovables SA (m)

670

87,641

SSE PLC (c)

43,529

1,404,359

2,637,193

Electricity Transmission & Distribution - 0.6%

CenterPoint Energy, Inc. (c)

31,110

1,370,084

PG&E Corp. (c)

76,514

1,286,966

Sempra (c)

18,430

1,708,645

4,365,695

____________

See Notes to Financial Statements.

20

Brookfield Public Securities Group LLC

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

June 30, 2026

Shares


Value

COMMON STOCKS (continued)

Gas Utilities - 0.4%

Italgas SpA (c)

62,983

$

729,356

NiSource, Inc. (c)

28,088

1,335,584

Southwest Gas Holdings, Inc. (c)

13,951

1,237,175

3,302,115

Gathering & Processing - 0.2%

MPLX LP (c)

14,507

817,179

ONEOK, Inc.

9,292

807,847

1,625,026

Health Care - 0.0% (l)

Healthcare Realty Trust, Inc. (c)

430

8,673

Merlin Properties Socimi SA

7,970

139,842

148,515

Integrated Utilities/Renewables - 1.1%

Alliant Energy Corp.

18,281

1,394,657

American Electric Power Company, Inc. (c)

828

113,279

Engie SA

3,903

122,845

Entergy Corp. (c)

2,322

266,705

FirstEnergy Corp. (c)

20,318

965,918

IDACORP, Inc. (c)

6,184

935,639

Nexans SA

523

87,049

NextEra Energy, Inc. (c)

39,506

3,467,442

Pinnacle West Capital Corp. (c)

12,175

1,302,725

RWE AG

2,491

161,092

Verbund AG - Class A

1,667

105,643

8,922,994

Leisure - 0.1%

Six Flags Entertainment Corp. (m)

25,753

548,539

Media - 0.0% (l)

Comcast Corp. - Class A

10,575

259,616

Midstream - 1.5%

Cheniere Energy, Inc. (c)

10,207

2,439,575

Targa Resources Corp. (c)

10,021

2,687,031

TC Energy Corp. (c)

18,284

1,212,046

TC Energy Corp.

30,678

2,031,573

Williams Cos., Inc. (c)

46,032

3,422,019

11,792,244

Office - 0.0% (l)

COPT Defense Properties (c)

992

36,099

Cousins Properties, Inc. (c)

1,114

33,398

Highwoods Properties, Inc. (c)

1,103

33,266

____________

See Notes to Financial Statements.

2026 Semi-Annual Report

21

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

June 30, 2026

Shares


Value

COMMON STOCKS (continued)

Kilroy Realty Corp. (c)

192

$

7,194

Piedmont Realty Trust, Inc. - Class A (c)(m)

3,465

31,705

Vornado Realty Trust (c)

882

34,663

176,325

Other - 0.2%

Infratil Ltd.

20,894

183,287

MasTec, Inc. (c)(m)

297

123,570

nVent Electric PLC

584

99,052

Prysmian SpA

1,030

173,393

Siemens Energy AG

1,078

205,511

Talen Energy Corp. (c)(m)

1,535

589,839

Telecom Italia SpA/Milano (m)

0

(h)

2

Vertiv Holdings Co. - Class A (c)

401

134,263

1,508,917

Other Real Estate - 0.0% (l)

CBRE Group, Inc. - Class A (c)(m)

52

7,004

Pipeline Transportation/Natural Gas - 0.4%

DT Midstream, Inc. (c)

5,500

807,070

Energy Transfer LP (c)

60,922

1,164,829

Enterprise Products Partners LP (c)

21,123

776,481

2,748,380

Pipeline Transportation/Petroleum - 0.2%

Enbridge, Inc. (c)

14,804

802,525

Plains All American Pipeline LP (c)

36,597

814,649

1,617,174

Ports - 0.2%

International Container Terminal Services, Inc.

93,591

1,361,861

Rail - 0.6%

CSX Corp. (c)

37,015

1,759,323

Rumo SA

195,493

507,449

Union Pacific Corp. (c)

9,113

2,478,736

4,745,508

Real Estate - 0.4%

Arbor Realty Trust, Inc. (c)

3,757

20,363

Five Point Holdings LLC - Class A (c)(m)

1,306

6,883

Global Net Lease, Inc.

75,719

1,634,773

Ladder Capital Corp. (c)

5,414

53,869

RLJ Lodging Trust

26,934

660,422

Service Properties Trust (c)(m)

554,784

937,585

SL Green Realty Corp. (c)

617

31,942

Starwood Property Trust, Inc. (c)

8,280

135,626

3,481,463

____________

See Notes to Financial Statements.

22

Brookfield Public Securities Group LLC

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

June 30, 2026

Shares


Value

COMMON STOCKS (continued)

Renewable Power & Infrastructure - 0.6%

E.ON SE (c)

11,292

$

232,207

Equatorial SA

158,490

1,197,359

Fortis, Inc. (c)

958

54,883

Iberdrola SA (c)

9,442

235,006

National Grid PLC (c)

106,252

1,752,496

Xcel Energy, Inc.

19,484

1,564,565

5,036,516

Specialty - 0.0% (l)

Jones Lang LaSalle, Inc. (c)(m)

27

8,369

Lamar Advertising Co. - Class A (c)

228

35,563

Weyerhaeuser Co. (c)

287

6,871

50,803

Sustainable Solutions - 0.1%

Arteche Lantegi Elkartea SA

1,426

55,074

GE Vernova, Inc. (c)

29

34,071

Innio NV (m)

428

16,928

Nextpower, Inc. - Class A (c)(m)

1,394

166,081

Schneider Electric SE (c)

235

76,898

Sunrun, Inc. (c)(m)

2,113

28,272

Vestas Wind Systems AS

2,492

70,557

447,881

Toll Roads - 0.1%

Getlink SE (c)

44,317

942,021

Towers - 0.4%

Cellnex Telecom SA (b)(c)

30,163

901,740

Crown Castle, Inc. (c)

19,942

1,510,208

Uniti Group, Inc. (c)(m)

32,074

367,889

2,779,837

Utility - 0.2%

Bloom Energy Corp. - Class A (c)(m)

368

111,394

Pennon Group PLC

167,600

1,035,281

1,146,675

Waste - 0.1%

Cleanaway Waste Management Ltd.

399,289

650,064

Water - 0.1%

Guangdong Investment Ltd.

954,138

945,390

TOTAL COMMON STOCKS
(Cost $55,926,851)

67,835,330

____________

See Notes to Financial Statements.

2026 Semi-Annual Report

23

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

June 30, 2026

Shares


Value

PREFERRED STOCKS - 1.8%

Health Care - 0.0% (l)

Chiron Real Estate, Inc.,
Series A, 7.50%, Perpetual

1,196

$

29,099

Hotel - 0.0% (l)

Chatham Lodging Trust,
Series A, 6.63%, Perpetual

2,877

56,533

Media - 0.1%

Liberty Broadband Corp.,
Series A, 7.00%, Perpetual (m)

41,071

888,366

Office - 0.0% (l)

SL Green Realty Corp.,
Series I, 6.50%, Perpetual

12,967

273,344

Oil Gas Transportation & Distribution - 0.1%

Global Partners LP,
Series B, 9.50%, Perpetual (m)

32,100

814,698

Real Estate - 1.4%

Alpine Income Property Trust, Inc.,
Series A, 8.00%, Perpetual

1,193

29,909

Arbor Realty Trust, Inc.,
Series F, 6.25% to 10/12/2026 then 3 mo. Term SOFR + 5.44%, Perpetual

5,324

118,778

Diversified Healthcare Trust,
5.63%, 08/01/2042

95,518

1,702,131

EPR Properties,
Series E, 9.00%, Perpetual (m)

222,385

7,065,171

Gladstone Land Corp.,
Series B, 6.00%, Perpetual

1,518

30,603

Global Net Lease, Inc.,
Series A, 7.25%, Perpetual

2,505

57,390

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

23,000

1,410,303

Pebblebrook Hotel Trust,
Series F, 6.30%, Perpetual

1,536

29,829

Summit Hotel Properties, Inc.,
Series F, 5.88%, Perpetual

1,573

25,876

Vornado Realty Trust,
Series O, 4.45%, Perpetual

19,955

289,347

10,759,337

Retail - 0.0% (l)

AH Realty Trust, Inc.,
Series A, 6.75%, Perpetual

4,123

89,180

CTO Realty Growth, Inc.,
Series A, 6.38%, Perpetual

2,792

58,353

147,533

____________

See Notes to Financial Statements.

24

Brookfield Public Securities Group LLC

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

June 30, 2026

Shares


Value

PREFERRED STOCKS (continued)

Telecommunication Services - 0.2%

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

9,535

$

142,167

Qwest Corp.,
6.50%, 09/01/2051 (m)

67,823

1,138,070

1,280,237

TOTAL PREFERRED STOCKS
(Cost $13,766,043)

14,249,147

Par


Value

MUNICIPAL BONDS - 1.3%

Alabama - 0.1%

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

$

150,000

157,262

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

125,000

109,074

266,336

Alaska - 0.0% (l)

Alaska Industrial Development & Export Authority,
5.25%, 03/01/2030

100,000

100,048

Arizona - 0.0% (l)

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

100,000

104,416

California - 0.1%

California Statewide Communities Development Authority,
7.14%, 08/15/2047 (Obligor: Enloe Medical Center Obligated Group)

100,000

104,733

City & County of San Francisco CA Community Facilities District No 2014-1,
5.69%, 09/01/2032

65,000

68,257

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

150,000

137,687

310,677

Colorado - 0.0% (l)

Colorado Health Facilities Authority

2.80%, 12/01/2026 (Obligor: Covenant Living Community)

65,000

64,357

4.48%, 12/01/2040 (Obligor: Covenant Living Community)

120,000

105,416

169,773

Delaware - 0.0% (l)

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

100,000

99,672

____________

See Notes to Financial Statements.

2026 Semi-Annual Report

25

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

June 30, 2026

Par


Value

MUNICIPAL BONDS (continued)

Florida - 0.1%

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

$

225,000

$

209,375

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

105,000

105,096

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

50,000

56,424

370,895

Illinois - 0.1%

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

300,000

287,991

Illinois Municipal Electric Agency

6.83%, 02/01/2035

35,000

36,767

7.29%, 02/01/2035

60,000

64,352

Northern Illinois Municipal Power Agency

6.86%, 01/01/2039

230,000

243,586

7.82%, 01/01/2040

30,000

34,491

State of Illinois,
6.73%, 04/01/2035

41,538

43,586

710,773

Indiana - 0.0% (l)

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

125,000

125,049

Kentucky - 0.1%

Kentucky Bond Development Corp.,
5.88%, 07/01/2032 (Obligor: Collegiate Housing Foundation)

100,000

99,998

Louisville/Jefferson County Metropolitan Government

3.85%, 05/01/2035 (Obligor: Louisville/Jefferson Med)

100,000

86,445

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

200,000

151,018

337,461

Massachusetts - 0.0% (l)

Massachusetts Development Finance Agency

6.63%, 10/01/2030 (Obligor: Wellforce Obligated Group)

100,000

102,557

6.75%, 10/01/2030 (Obligor: Wellforce Obligated Group)

100,000

101,362

203,919

Missouri - 0.0% (l)

Kansas City Land Clearance Redevelopment Authority,
6.63%, 04/15/2049 (Obligor: Kc Hotel Property Owner) (b)

100,000

98,856

Montana - 0.0% (l)

City of Kalispell MT,
6.75%, 05/15/2029 (Obligor: Immanuel Living Obligated Group)

200,000

200,040

____________

See Notes to Financial Statements.

26

Brookfield Public Securities Group LLC

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

June 30, 2026

Par


Value

MUNICIPAL BONDS (continued)

Nebraska - 0.0% (l)

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

$

130,000

$

142,046

New Hampshire - 0.1%

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

275,000

289,880

New Jersey - 0.0% (l)

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

120,000

130,444

New York - 0.1%

Dutchess County Local Development Corp.,
5.92%, 07/01/2039 (Obligor: Bard College)

250,000

249,708

New York City Industrial Development Agency

6.03%, 01/01/2046 (Obligor: Queens Ballpark Co. LLC) (b)

150,000

150,387

5.90%, 03/01/2046 (Obligor: NY Yankees Partnership) (b)

125,000

124,474

New York State Dormitory Authority,
5.10%, 08/01/2034 (Obligor: Montefiore Obligated Group)

150,000

141,406

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

255,000

256,049

922,024

Ohio - 0.0% (l)

Cleveland-Cuyahoga County Port Authority,
5.63%, 11/15/2039

100,000

97,833

County of Lucas OH,
4.00%, 11/15/2045 (Obligor: Promedica Healthcare Obligated)

55,000

48,499

Summit County Development Finance Authority,
5.13%, 07/01/2030 (Obligor: Prg - Akron Properties)

25,000

24,535

170,867

Oklahoma - 0.3%

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

2,500,000

2,475,580

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

125,000

127,762

2,603,342

Oregon - 0.0% (l)

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

150,000

127,809

Tennessee - 0.0% (l)

Metropolitan Government of Nashville & Davidson County Convention Center Auth, 7.43%, 07/01/2043

50,000

55,588

____________

See Notes to Financial Statements.

2026 Semi-Annual Report

27

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

June 30, 2026

Par


Value

MUNICIPAL BONDS (continued)

Texas - 0.3%

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

$

100,000

$

99,988

Colony Community Development Corp.,
7.25%, 10/01/2042

2,050,000

2,004,924

Gainesville Hospital District,
5.71%, 08/15/2033

100,000

100,844

2,205,756

Virginia - 0.0% (l)

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

195,000

177,920

West Virginia - 0.0% (l)

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

125,000

100,831

Wisconsin - 0.0% (l)

Public Finance Authority,
5.45%, 07/01/2033 (Obligor: Prg - Oxford Properties)

150,000

147,374

TOTAL MUNICIPAL BONDS
 (Cost $10,188,692)

10,171,796

Shares


Value

EXCHANGE TRADED FUNDS - 0.5%

Goldman Sachs Access Treasury 0-1 Year ETF

1,390

139,222

iShares 0-1 Year Treasury Bond ETF

33,591

3,706,767

TOTAL EXCHANGE TRADED FUNDS
(Cost $3,843,469)

3,845,989


Par


Value

U.S. GOVERNMENT AGENCY ISSUES - 0.1%

U.S. Government Agency Collateralized Mortgage Obligations - 0.0% (l)

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

$

4,520

4,552

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

Federal Home Loan Mortgage Corporation

Pool C55167, 8.50%, 07/01/2031

14,528

14,746

Pool C55169, 8.50%, 07/01/2031

26,341

27,172

Pool C56878, 8.00%, 08/01/2031

23,196

23,828

Pool C59641, 8.00%, 10/01/2031

18,831

19,328

Pool C69047, 7.00%, 06/01/2032

85,652

89,264

____________

See Notes to Financial Statements.

28

Brookfield Public Securities Group LLC

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

June 30, 2026


Par


Value

U.S. GOVERNMENT AGENCY ISSUES (continued)

Federal National Mortgage Association

Pool 255053, 7.50%, 12/01/2033

$

27,012

$

28,620

Pool 545436, 9.00%, 10/01/2031

26,254

27,992

Pool 545990, 7.50%, 04/01/2031

23,552

24,038

Pool 636449, 8.50%, 04/01/2032

52,969

55,808

Pool 645912, 7.00%, 06/01/2032

68,969

71,902

Pool 645913, 7.00%, 06/01/2032

68,001

70,303

Pool 650131, 7.00%, 07/01/2032

86,666

90,520

Pool 735576, 7.50%, 11/01/2034

41,568

43,580

Pool 735800, 8.00%, 01/01/2035

74,214

79,743

666,844

TOTAL U.S. GOVERNMENT AGENCY ISSUES
(Cost $646,106)

671,396

Shares

Value

SHORT-TERM INVESTMENTS - 4.4%

MONEY MARKET FUNDS - 2.9%

First American Treasury Obligations Fund - Class X, 3.58% (n)

22,821,237

22,821,237

TOTAL MONEY MARKET FUNDS
(Cost $22,821,237)

22,821,237


Par


Value

U.S. TREASURY BILLS - 1.5%

3.61%, 11/27/2026 (o)

$

4,000,000

3,937,632

3.74%, 03/18/2027 (o)

8,000,000

7,782,617

TOTAL U.S. TREASURY BILLS
(Cost $11,733,509)

11,720,249

TOTAL INVESTMENTS - 130.8%
(Cost $1,058,408,869)

1,021,497,497

Liabilities in Excess of Other Assets - (30.8)%

(240,496,054

)

TOTAL NET ASSETS - 100.0%

$

781,001,443

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT

-

Constant Maturity Treasury

LLC

-

Limited Liability Company

LP

-

Limited Partnership

PLC

-

Public Limited Company

REIT

-

Real Estate Investment Trust

SOFR

-

Secured Overnight Financing Rate

SONIA

-

Sterling Overnight Index Average

EUR

-

Euro

GBP

-

British Pound

____________

See Notes to Financial Statements.

2026 Semi-Annual Report

29

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

June 30, 2026

(a)

All or a portion of the security has been pledged as collateral for reverse repurchase agreements. The fair value of assets committed as collateral as of June 30, 2026 was $64,605,432.

(b)

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, 2026, the value of these securities total $518,649,607 or 66.4% of the Fund's net assets.

(c)

All or a portion of the security has been pledged as collateral for the Fund's credit facilities. The fair value of assets committed as collateral as of June 30, 2026 was $295,581,253.

(d)

Restricted security purchased in a private placement transaction in which resale to the public may require registration. As of June 30, 2026, the value of these securities total $10,172,443 or 1.3% of the Fund's net assets.

(e)

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, 2026.

(f)

Interest only security.

(g)

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 $7,367,499 or 0.9% of net assets as of June 30, 2026.

(h)

Rounds to zero.

(i)

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 that industry or sector.

(j)

Step coupon bond. The rate disclosed is as of June 30, 2026.

(k)

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.

(l)

Represents less than 0.05% of net assets.

(m)

Non-income producing security.

(n)

The rate shown represents the 7-day annualized yield as of June 30, 2026.

(o)

The rate shown is the annualized yield as of June 30, 2026.

Forward Currency Contracts:

As of June 30, 2026, the following forward currency contracts were outstanding:

Counterparty

Settlement Date

Currency
Purchased

Currency Sold

Unrealized
Appreciation
(Depreciation)

Canadian Imperial Bank of Commerce

07/23/2026

USD

4,947,448

GBP

3,646,583

$

110,534

J.P. Morgan Securities, Inc.

07/29/2026

USD

5,591,225

EUR

4,750,000

157,057

State Street Bank & Trust Co.

07/23/2026

USD

3,761,890

EUR

3,175,032

130,505

Canadian Imperial Bank of Commerce

07/23/2026

EUR

415,044

USD

483,150

(8,453

)

State Street Bank & Trust Co.

07/23/2026

EUR

2,748,665

USD

3,198,696

(54,959

)

Net Unrealized Appreciation

$

334,684

EUR

-

Euro

GBP

-

British Pound

USD

-

United States Dollar

____________

See Notes to Financial Statements.

30

Brookfield Public Securities Group LLC

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

June 30, 2026

Assets:

Investments in securities, at value (Cost $1,058,408,869)

$

1,021,497,497

Interest and dividends receivable

11,438,502

Receivable for investments sold

659,323

Unrealized appreciation on forward currency contracts (Note 3)

398,096

Deferred offering costs (Note 8)

359,215

Foreign currency, at value (Cost $265,863)

264,380

Cash

154

Prepaid expenses

57,144

Total assets

1,034,674,311

Liabilities:

Payable for credit facility (Note 7)

197,000,000

Reverse repurchase agreements (Note 7)

51,911,519

Investment advisory fees payable (Note 5)

847,192

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

806,021

Administration fees payable (Note 5)

127,039

Payable for investments purchased

2,659,543

Unrealized depreciation on forward currency contracts (Note 3)

63,412

Accrued expenses

258,142

Total liabilities

253,672,868

Net Assets

$

781,001,443

Composition of Net Assets:

Paid-in capital

957,724,007

Accumulated losses

(176,722,564

)

Net Assets

$

781,001,443

Shares Outstanding and Net Asset Value Per Share:

Common shares outstanding

55,254,696

Net asset value per share

$

14.13

____________

See Notes to Financial Statements.

2026 Semi-Annual Report

31

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

For the Six Months Ended June 30, 2026

Investment Income:

Interest (net of foreign withholding tax of $40,474)

$

34,076,911

Dividends and distributions (net of foreign withholding tax of $64,996)

2,354,817

Less return of capital distributions

(201,470

)

Total investment income

36,230,258

Expenses:

Investment advisory fees (Note 5)

5,179,492

Administration fees (Note 5)

776,924

Directors' fees

129,773

Fund accounting fees

100,063

Reports to shareholders

84,774

Custodian fees

51,803

Legal fees

48,322

Audit and tax services

45,626

Miscellaneous

38,398

Transfer agent fees

35,870

Registration fees

28,086

Insurance

19,329

Total operating expenses

6,538,460

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

5,724,657

Total expenses

12,263,117

Net Investment income

23,967,141

Net realized gain (loss) on:

Investments

5,153,941

Foreign currency transactions

92,319

Forward currency contracts

(109,663

)

Net realized gain

5,136,597

Net change in unrealized appreciation (depreciation) on:

Investments

(4,638,734

)

Foreign currency

(40,868

)

Foreign currency translations

(3,770

)

Forward currency contracts

560,147

Net change in unrealized depreciation

(4,123,225

)

Net realized and unrealized gain

1,013,372

Net increase in net assets resulting from operations

$

24,980,513

____________

See Notes to Financial Statements.

32

Brookfield Public Securities Group LLC

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

For the
Six Months
Ended
June 30,
2026
(Unaudited)

For the
Year Ended
December 31,
2025

Increase (Decrease) in Net Assets Resulting from Operations:

Net investment income

$

23,967,141

$

47,871,410

Net realized gain

5,136,597

3,073,437

Net change in unrealized appreciation (depreciation)

(4,123,225

)

10,934,200

Net increase in net assets resulting from operations

24,980,513

61,879,047

Distributions to Shareholders:

Distributable earnings

(39,120,325

)

(47,562,706

)

Return of capital

-

(30,677,944

)

Total distributions to shareholders

(39,120,325

)

(78,240,650

)

Capital Share Transactions:

Proceeds from shares sold, net of offering costs (Note 8)

-

-

Reinvestment of distributions

-

-

Cost of shares repurchased (Note 8)

-

-

Net increase in net assets from capital share transactions

-

-

Total decrease in net assets

(14,139,812

)

(16,361,603

)

Net Assets:

Beginning of period

795,141,255

811,502,858

End of period

$

781,001,443

$

795,141,255

Share Transactions:

Shares sold (Note 8)

-

-

Shares reinvested

-

-

Shares repurchased (Note 8)

-

-

Net increase in shares outstanding

-

-

____________

See Notes to Financial Statements.

2026 Semi-Annual Report

33

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

For the Six Months Ended June 30, 2026

Increase (Decrease) in Cash:

Cash flows provided by (used for) operating activities

Net Increase in net assets resulting from operations

$

24,980,513

Adjustments to reconcile net Increase in net assets resulting from operations to net cash used for operating expenses

Purchases of long-term portfolio investments and principal payups

(202,170,823

)

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

241,754,459

Net purchases and sales of short-term portfolio investments

(11,698,530

)

Return of capital distributions from portfolio investments

201,470

Decrease in interest and dividends receivable

402,641

Increase in prepaid expenses

(34,500

)

Decrease in interest payable for credit facility and reverse repurchase agreements

(116,047

)

Decrease in investment advisory fees payable

(48,203

)

Decrease in administration fees payable

(7,230

)

Decrease in accrued expenses

(141,362

)

Net accretion of discount on investments and other adjustments to cost

(3,259,067

)

Net change in unrealized depreciation on investments

4,638,734

Net change in unrealized depreciation on foreign currency

40,868

Net change in unrealized appreciation on forward currency contracts

(560,147

)

Net realized gain on investment transactions

(5,153,941

)

Net cash used in operating activities

48,828,835

Cash flows provided by (used for) financing activities:

Cash used for reverse repurchase agreements

(11,103,787

)

Distributions paid to shareholders, net of reinvestments

(39,120,325

)

Net cash provided by financing activities

(50,224,112

)

Effect of exchange rate changes on cash

(40,868

)

Net decrease in cash

(1,436,145

)

Cash at beginning of period

1,700,679

Cash at end of period

$

264,534

Supplemental Disclosure of Cash Flow Information:

Interest payments on the credit facility and reverse repurchase agreements for the six months ended June 30, 2026 totaled $5,840,705.

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

Cash

$

154

Foreign currency

264,380

Cash at end of period

$

264,534

____________

See Notes to Financial Statements.

34

Brookfield Public Securities Group LLC

BROOKFIELD REAL ASSETS INCOME FUND INC.
Financial Highlights

NAV

For the
Six Months
Ended
June 30,
2026
(Unaudited)



For the Year Ended December 31,

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

2025

2024

2023

2022

2021

2020

2019

2018

2017

Per Share Operating Performance:

Net asset value, beginning of period

$

14.39

$

14.69

$

14.93

$

15.58

$

20.12

$

20.02

$

23.21

$

22.07

$

25.15

$

25.14

$

25.00

Net investment income2

0.43

0.87

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

0.02

0.25

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

0.45

1.12

1.18

1.50

(2.15

)

2.49

(0.80

)

3.53

(0.69

)

2.40

0.34

Distributions from net investment income

(0.71

)

(0.86

)

(1.03

)

(0.76

)

(0.74

)

(0.92

)

(0.68

)

(1.30

)

(1.53

)

(1.84

)

(0.15

)

Return of capital
distributions

-

(0.56

)

(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

)

(1.42

)

(2.15

)

(2.39

)

(2.39

)

(2.39

)

(2.39

)

(2.39

)

(2.39

)

(0.20

)

Net asset value, end of
period

$

14.13

$

14.39

$

14.69

$

14.93

$

15.58

$

20.12

$

20.02

$

23.21

$

22.07

$

25.15

$

25.14

Market price, end of period

$

12.88

$

12.96

$

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

3.17

%

8.04

%

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

4.94

%

8.24

%

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)

$

781,001

$

795,141

$

811,503

$

827,999

$

867,731

$

1,008,191

$

878,588

$

846,429

$

805,294

$

917,653

$

917,593

Operating expenses excluding interest expense5

1.67

%

1.70

%

1.63

%

1.65

%

1.76

%

1.80

%

1.77

%

1.61

%

1.63

%

1.60

%

1.70

%

Interest expense5

1.46

%

1.64

%

1.47

%

1.58

%

1.00

%

0.33

%

0.47

%

0.93

%

0.93

%

0.58

%

0.60

%

Total expenses5

3.13

%

3.34

%

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

1.67

%

1.70

%

1.63

%

1.65

%

1.76

%

1.80

%

1.77

%

1.61

%

1.08

%

1.03

%

1.03

%

Net expenses, including fee waivers and reimbursement5,6

3.13

%

3.34

%

3.10

%

3.23

%

2.76

%

2.13

%

2.24

%

2.54

%

2.00

%

1.61

%

1.63

%

Net investment income5

6.11

%

5.98

%

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

6.11

%

5.98

%

6.05

%

4.99

%

4.38

%

3.88

%

4.08

%

4.69

%

5.76

%

6.27

%

7.46

%

Portfolio turnover rate3

20

%

47

%

58

%

35

%

43

%

65

%

87

%

46

%

35

%

43

%

15

%7

____________

# 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.

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

† 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.

____________

See Notes to Financial Statements.

2026 Semi-Annual Report

35

BROOKFIELD REAL ASSETS INCOME FUND INC.
Senior Security Table

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 Unit1

Involuntary
Liquidating
Preference
Per Unit

Average Market
Value Per Unit
(Exclude Bank
Loans)

Type of Senior Securities

June 30, 20262

$248,911,519

$4,138

N/A

N/A

Credit Facility, Reverse Repurchase Agreement

December 31, 2025

260,015,306

4,058

N/A

N/A

Credit Facility, Reverse Repurchase Agreement

December 31, 2024

255,660,500

4,178

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

____________

​1 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.

​2 For the six months ended June 30, 2026 (Unaudited).

____________

See Notes to Financial Statements.

36

Brookfield Public Securities Group LLC

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

June 30, 2026

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: BAM) ("BAM Ltd."), 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

2026 Semi-Annual Report

37

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

June 30, 2026

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.

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.

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.

38

Brookfield Public Securities Group LLC

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

June 30, 2026

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, 2026:

Level 1

Level 2

Level 3

Total

Assets:

Investments:

Corporate Credit

$

-

$

531,807,275

$

-

$

531,807,275

Securitized Credit

-

282,138,948

7,367,499

289,506,447

Term Loans

-

68,868,631

-

68,868,631

Common Stocks

53,071,804

14,763,526

-

67,835,330

Preferred Stocks

12,838,844

1,410,303

-

14,249,147

Municipal Bonds

-

10,171,796

-

10,171,796

Exchange Traded Funds

3,845,989

-

-

3,845,989

U.S. Government Agency Issues

-

671,396

-

671,396

Money Market Funds

22,821,237

-

-

22,821,237

U.S. Treasury Bills

-

11,720,249

-

11,720,249

Total Investments

$

92,577,874

$

921,552,124

$

7,367,499

$

1,021,497,497

Other Financial Instruments:

Forward Currency Contracts*

$

-

$

398,096

$

-

$

398,096

Total Other Financial Instruments

$

-

$

398,096

$

-

$

398,096

Liabilities:

Other Financial Instruments:

Forward Currency Contracts*

$

-

$

(63,412

)

$

-

$

(63,412

)

Total Other Financial Instruments

$

-

$

(63,412

)

$

-

$

(63,412

)

____________

* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2026.

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 $197,000,000 for the credit facility and $51,911,519 for the reverse repurchase agreements presented in the Statement of Assets and Liabilities. As of June 30, 2026, these financial instruments are categorized as Level 2 within the disclosure hierarchy.

2026 Semi-Annual Report

39

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

June 30, 2026

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, 2026.

Quantitative Information about Level 3 Fair Value Measurements

Value as of
 June 30,
2026

Valuation
Approach

Valuation
Methodology

Unobservable
Input

Amount
or Range/
(Weighted
Average)

Impact to
Valuation
from an
Increase in
Input(1)

Securitized Credit

Commercial Real Estate

$

6,730,826

Income Approach

Discounted Cash Flow

Yield (Discount Rate of Cash Flows)

10.0% - 13.0% (11.1)%

Decrease

Asset-Based

Approach

Residual Value Analysis

Anticipated Residual Value

4.0% - 6.0% (5.0)%

Increase

Commercial Mortgage-Backed Securities

$

636,673

Income Approach

Discounted Cash Flow

Yield (Discount Rate of Cash Flows)

45.0% - 47.0% (46.0)%

Decrease

Total

$

7,367,499

____________

​(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, 2025

$7,626,539

Accrued discounts (premiums)

895,618

Realized gain (loss)

-

Change in unrealized appreciation (depreciation)

(2,626,962)

Purchases at cost/corporate actions

1,472,304

Sales proceeds

-

Transfers into Level 3

-

Balance as of June 30, 2026

$7,367,499

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

$(2,626,962)

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 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.

40

Brookfield Public Securities Group LLC

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

June 30, 2026

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 Fund's website at https://privatewealth.brookfield.com/fund/brookfield-real-assets- income-fund-inc. Any such notice is provided only for informational purposes in order to comply with the requirements of Section 19(a) of the 1940 Act and not for tax reporting purposes. The tax composition of the Fund's distributions for each calendar year is reported on IRS Form 1099-DIV.

Dividends from net investment income and distributions from realized gains from investment transactions have been determined in accordance with Federal income tax regulations and may differ from net investment income and realized gains recorded by the Fund for financial reporting purposes. These differences, which could be temporary or permanent in nature, may result in reclassification of distributions; however, net investment income, net realized gains and losses and net assets are not affected.

2026 Semi-Annual Report

41

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

June 30, 2026

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.

The Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the period ended June 30, 2026, the Fund did not pay any foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

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, 2026.

42

Brookfield Public Securities Group LLC

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

June 30, 2026

Forward Currency Contracts: A forward currency contract ("forward contract") is an agreement between two parties to buy or sell a currency at an agreed upon price for settlement at a future date. During the period the forward contract is in existence, changes in the value of the forward contract will fluctuate with changes in the currency exchange rates. The forward contract is marked to market daily and these changes are recorded as an unrealized gain or loss. Gain or loss on the purchase or sale of a forward contract is realized on the settlement date.

The Fund invests in forward contracts to hedge against fluctuations in the value of foreign currencies caused by changes in the prevailing currency exchange rates. The use of forward contracts involves the risk that the counterparties may be unable to meet the terms of their contracts and may be negatively impacted from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

The average quarterly U.S. dollar value of forward currency contracts to be delivered or received during the six months ended June 30, 2026 was $13,875,066, 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,
2026

Assets:

Forward currency contracts

Unrealized appreciation on forward currency contracts

$ 398,096

Liabilities:

Forward currency contracts

Unrealized depreciation on forward currency contracts

(63,412)

The following table sets forth the effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2026:

Derivatives

Location of Gains (Losses) on
Derivatives Recognized in Income

Net Realized Loss

Net Change in Unrealized
Appreciation

Forward currency contracts

Forward currency contracts

$ (109,663)

$ 560,147

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, 2026:

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

$398,096

$-

$398,096

$-

$-

$398,096

Liabilities:

Forward currency contracts

63,412

-

(63,412)

-

-

(63,412)

2026 Semi-Annual Report

43

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

June 30, 2026

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.

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

44

Brookfield Public Securities Group LLC

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

June 30, 2026

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 Brookfield Oaktree Holdings, LLC (formerly, Oaktree Capital Group, LLC) (collectively with OCM and the Sub-Adviser, "Oaktree"). As of July 31, 2026, the Sub-Adviser is a subsidiary of each of Brookfield Corporation and BAM Ltd. The Sub-Adviser is responsible for the management of the securitized credit allocation with a focus on its investments in commercial mortgage-backed securities, residential mortgage-backed securities, and related assets. As the Adviser, PSG determines, and has oversight responsibility for, the Fund's securitized credit allocation 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, 2026, purchases and sales of investments (including principal payups and paydowns), excluding short-term securities, reverse repurchase agreements and U.S. government securities, were $201,454,911 and $241,904,600, respectively.

For the six months ended June 30, 2026, 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, 2026 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, 2026, the Fund had outstanding borrowings of $197,000,000. For the six months ended June 30, 2026, the Fund borrowed an average daily balance of $196,392,265 at a weighted average borrowing cost of 4.66% and the interest expense amounted to $4,537,328. As of June 30, 2026, the total value of the collateral was $295,581,253.

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.

2026 Semi-Annual Report

45

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

June 30, 2026

At June 30, 2026, the Fund has the following reverse repurchase agreements outstanding:

Counterparty

Borrowing
Rate

Borrowing
Date

Maturity
Date

Amount
Borrowed(1)

Payable For
Reverse
Repurchase
Agreements

JPMorgan Chase

4.16%

6/22/2026

7/22/2026

$

2,558,106

$

2,560,767

JPMorgan Chase

3.85%

6/22/2026

7/31/2026

21,972,296

21,993,444

JPMorgan Chase

3.90%

6/22/2026

7/31/2026

4,037,495

4,041,431

JPMorgan Chase

4.21%

6/22/2026

7/22/2026

9,648,517

9,658,672

JPMorgan Chase

4.26%

6/22/2026

7/22/2026

4,574,078

4,578,950

JPMorgan Chase

3.75%

6/22/2026

7/31/2026

3,618,722

3,622,115

JPMorgan Chase

3.80%

6/22/2026

7/31/2026

5,502,305

5,507,532

Total

$

51,911,519

$

51,962,911

____________

​(1) The average daily balance of reverse repurchase agreements outstanding for the Fund during the six months ended June 30, 2026, was $56,696,935 at a weighted average daily interest rate of 4.22% and the interest expense amounted to $1,187,329. As of June 30, 2026 the total value of the collateral was $64,605,432.

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

$

-

$

16,780,701

$

35,130,818

$

-

$

51,911,519

Total

$

-

$

16,780,701

$

35,130,818

$

-

$

51,911,519

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

$51,911,519

$-

$51,911,519

$(51,911,519)

$-

$-

____________

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

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.

46

Brookfield Public Securities Group LLC

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

June 30, 2026

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, 2026 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, 2026, 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 and no deferred offering costs were amortized during the year ended December 31, 2025 and period ended June 30, 2026.

The Board has approved a share repurchase plan. Under the current share repurchase plan, as of June 30, 2026, 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, 2026. 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 period ended June 30, 2026 and year ended December 31, 2025, no shares were repurchased by the Fund.

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. 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, 2026, 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, 2025, open taxable years consisted of the taxable years ended December 31, 2022 through December 31, 2025. No examination of the Fund's tax returns is currently in progress.

2026 Semi-Annual Report

47

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

June 30, 2026

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

The federal income tax information as of the Fund's most recently completed tax year-end of December 31, 2025 were as follows:

Year Ended
December 31, 2025

Ordinary Income

$

47,562,706

Return of Capital

30,677,944

Total

$

78,240,650

At December 31, 2025, 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)

$

(129,580,863

)

Late year ordinary losses

(296,313

)

Other accumulated losses

(109,794

)

Tax basis unrealized depreciation on investments and foreign currency

(32,595,782

)

Total tax basis net accumulated losses

$

(162,582,752

)

____________

​(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, 2025 was as follows:

Cost of Investments

Gross Unrealized Appreciation

Gross Unrealized Depreciation

Net Unrealized Depreciation

$1,079,271,634

$35,025,609

$(67,621,391)

$(32,595,782)

As of December 31, 2025, the Fund's capital loss carryforwards were as follows:

Capital Loss Carryforwards:

Expires:

Limitation:

$89,066,247 (Short-Term)

N/A

Unlimited

$40,514,616 (Long-Term)

N/A

Unlimited

During the taxable year ended December 31, 2025, the Fund utilized short-term capital loss carryforwards of $4,474,869 and did not utilize any long-term capital loss carryforwards.

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.

48

Brookfield Public Securities Group LLC

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

June 30, 2026

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.

Management has evaluated subsequent events in the preparation of the Fund's financial statements through the date the financial statements were issued and has determined that there are no events that require recognition or disclosure in the financial statements.

2026 Semi-Annual Report

49

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

On June 3, 2026, 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.

50

Brookfield Public Securities Group LLC

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

The shareholders of the Brookfield Real Assets Income Fund Inc. voted on the following proposals at a shareholder meeting held on Thursday, May 21, 2026, 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 Betty Whelchel, Class I Independent Director Nominee

40,145,212

1,589,511

512,628

1.2 To elect to the Fund's Board of Directors Brian Hurley, Class I Interested Director Nominee

40,278,591

1,451,127

517,633

2026 Semi-Annual Report

51

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 20-21, 2026 (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: (i) a summary of the services provided to the Fund by Brookfield and Oaktree; (ii) 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; (iii) information on the profitability of Brookfield; (iv) information relating to economies of scale; (v) information about Brookfield's general compliance policies and procedures and the services that it provides in connection with its oversight of Oaktree; (vi) information on Brookfield's and Oaktree's risk management processes; (vii) information regarding brokerage and soft dollar practices; and (viii) 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

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) (continued)

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 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 prevent 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 prevent Oaktree from effectively serving as the investment sub-adviser 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, 2026. The Fund's performance relative to the median of the Peer Universe and Peer Group is described below.

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- and five-year periods and below the median of its Peer Universe for the three-year and since inception periods. The Board also considered that the Fund outperformed its Benchmark Index for the one-, three- and five-year periods, and underperformed its Benchmark Index for the since inception period. In addition, the Board noted that the Fund's performance was above the median of its Peer Group for the quarter ended March 31, 2026.

2026 Semi-Annual Report

53

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 actual total expenses for common and leveraged assets were above the median of its Expense Group and its Expense Universe; (ii) the Fund's actual total expenses for only common assets were below the median of its Expense Group and its Expense Universe; (iii) the Fund's actual management fees for common and leveraged assets were above the median of its Expense Group and its Expense Universe; and (iv) the Fund's actual management fees for only common assets were above the median of its Expense Group and its Expense Universe.

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 with respect to 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

____________

​1 As of the date of the Meeting, the Brookfield Fund Complex was 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. and Oaktree Asset-Backed Income Fund Inc. (the "Brookfield Fund Complex"). Following the close of business on June 30, 2026, Brookfield Global Listed Real Estate Fund and Brookfield Next Generation Infrastructure Fund, each a series of Brookfield Investment Funds, were liquidated.

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)

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 sub-adviser 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.

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.

2026 Semi-Annual Report

55

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.

56

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.

2026 Semi-Annual Report

57

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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: [email protected]

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:

Equiniti Trust Company LLC

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 to registrants that are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act")).

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.

(a) Not applicable for semi-annual reports.

(b) Since the date of the Registrant's most recently filed annual report on Form N-CSR, the following changes have occurred to the portfolio managers identified in response to paragraph (a)(1) of this Item: (i) Paula Horn and Justin Guichard no longer serve as the Portfolio Managers of the Fund, and (ii) Aaron Greenberg has been added as a Portfolio Manager of the Fund. The information required by Item 13(a)(1) through (4) with respect to the newly identified portfolio manager is provided below.

Sub-Adviser

Oaktree Fund Advisors, LLC

Aaron Greenberg - Managing Director and Portfolio Manager

Mr. Greenberg is a Managing Director at Oaktree Fund Advisors, LLC ("Oaktree"), the sub-adviser responsible for managing the Fund's securitized credit allocation. He has served as a Portfolio Manager of the Fund since June 2026. He serves as Portfolio Manager for Oaktree's Real Estate Debt strategy and Co-Portfolio Manager for Oaktree's Structured Credit business. Prior to joining Oaktree in 2018, Mr. Greenberg was at Deutsche Bank, where he headed the secondary trading desk. Prior to Deutsche Bank, he began his career as a CMBS trader at Morgan Stanley. Mr. Greenberg received a B.A. in economics and psychology summa cum laude from Yale University, where he was elected to Phi Beta Kappa. He also holds a certificate from New York University's Schack Institute of Real Estate.

Management of Other Accounts

Mr. Greenberg manages other investment companies and/or investment vehicles and accounts in addition to the Registrant. The table below shows the number of other accounts managed by Mr. Greenberg as of June 30, 2026, and the total assets in each of the following categories: (a) registered investment companies; (b) other pooled investment vehicles; and (c) other accounts. For each category, the table also shows the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on account performance.

Registered
Investment
Companies

Other Pooled
Investment
Companies

Other
Accounts

Number of Accounts Managed

1

7

25

Number of Accounts Managed with Performance-Based Fees

-

6

-

Assets Managed (assets in millions)

$

424

$

5,026

$

6,446

Assets Managed with Performance-Based Fees (assets in millions)

$

-

$

4,963

$

-

Potential Conflicts of Interest

Actual or apparent conflicts of interest may arise when the portfolio managers also have day-to-day management responsibilities with respect to one or more other accounts. The Registrant's investment adviser, Brookfield Public Securities Group LLC (the "Adviser"), has adopted policies and procedures that are reasonably designed to identify and minimize the effects of these potential conflicts, however, there can be no guarantee that these policies and procedures will be effective in detecting potential conflicts, or in eliminating the effects of any such conflicts. These potential conflicts include:

Allocation of Limited Time and Attention. As indicated above, each portfolio manager manages multiple accounts. As a result, a portfolio manager will not be able to devote all of his time to management of the Fund. A portfolio manager, therefore, may not be able to formulate as complete a strategy or identify equally attractive investment opportunities for the Fund as might be the case if he were to devote all of his attention to the management of only the Fund.

Allocation of Limited Investment Opportunities. As indicated above, each portfolio manager manages accounts with investment strategies and/or policies that are similar to the Fund. If a portfolio manager identifies an investment opportunity that may be suitable for multiple accounts, the Fund may not be able to take full advantage of that opportunity because the opportunity may be allocated among these accounts or other accounts managed primarily by other portfolio managers of the Adviser and

its affiliates. In addition, in the event a portfolio manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions.

Pursuit of Differing Strategies. At times, a portfolio manager may determine that an investment opportunity may be appropriate for only some of the accounts for which the manager exercises investment responsibility, or may decide that certain of these funds or accounts should take differing positions with respect to a particular security. In these cases, a portfolio manager may execute differing or opposite transactions for one or more accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment of one or more other accounts. For example, the sale of a long position or establishment of a short position by an account may impair the price of the same security sold short by (and therefore benefit) the Adviser and its affiliates, or other accounts, and the purchase of a security or covering of a short position in a security by an account may increase the price of the same security held by (and therefore benefit) the Adviser and its affiliates, or other accounts.

Selection of Broker/Dealers. A portfolio manager may be able to select or influence the selection of the brokers and dealers that are used to execute securities transactions for the funds or accounts that he supervises. In addition to providing execution of trades, some brokers and dealers provide portfolio managers with brokerage and research services which may result in the payment of higher brokerage fees than might otherwise be available. These services may be more beneficial to certain funds or accounts of the Adviser and its affiliates than to others. Although the payment of brokerage commissions is subject to the requirement that the Adviser determines in good faith that the commissions are reasonable in relation to the value of the brokerage and research services provided to the fund, a portfolio manager's decision as to the selection of brokers and dealers could yield disproportionate costs and benefits among the funds or other accounts that the Adviser and its affiliates manage. In addition, with respect to certain types of accounts (such as pooled investment vehicles and other accounts managed for organizations and individuals) the Adviser may be limited by the client concerning the selection of brokers or may be instructed to direct trades to particular brokers. In these cases, the Adviser or its affiliates may place separate, non-simultaneous transactions in the same security for the Fund and another account that may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Variation in Compensation. A conflict of interest may arise where the financial or other benefits available to a portfolio manager differ among the accounts that he manages. If the structure of the Adviser's management fee or a portfolio manager's compensation differs among accounts (such as where certain accounts pay higher management fees or performance-based management fees), the portfolio manager may be motivated to favor certain accounts over others. A portfolio manager also may be motivated to favor accounts in which he has investment interests, or in which the Adviser or its affiliates have investment interests. Similarly, the desire to maintain assets under management or to enhance a portfolio manager's performance record or to derive other rewards, financial or otherwise, could influence a portfolio manager in affording preferential treatment to those accounts that could most significantly benefit the portfolio manager. For example, as reflected above, if a portfolio manager manages accounts which have performance fee arrangements, certain portions of his compensation will depend on the achievement of performance milestones on those accounts. A portfolio manager could be incented to afford preferential treatment to those accounts and thereby be subject to a potential conflict of interest.

Portfolio Manager Compensation

The portfolio managers are compensated based on the scale and complexity of their portfolio responsibilities, the total return performance of funds and accounts managed by the portfolio manager on an absolute basis and when compared to appropriate peer groups of similar size and strategy, as well as the management skills displayed in managing their portfolio teams and the teamwork displayed in working with other members of the firm. Since the portfolio managers are responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis almost equally weighted among performance, management and teamwork. Base compensation for the portfolio managers varies in line with a portfolio manager's seniority and position. The compensation of portfolio managers with other job responsibilities (such as acting as an executive officer of their firm or supervising various departments) includes consideration of the scope of such responsibilities and the portfolio manager's performance in meeting them. The Adviser seeks to compensate portfolio managers commensurate with their responsibilities and performance, and in a manner that is competitive with other firms within the investment management industry. Salaries, bonuses and stock-based compensation in the industry also are influenced by the operating performance of their respective firms and their parent companies. While the salaries of the portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year. Bonuses are determined on a discretionary basis by the senior executives of the firm and measured by individual and team-oriented performance guidelines. Awards under the Long-Term Incentive Plan (LTIP) are approved annually and there is a rolling vesting schedule to aid in

retention of key people. A key component of this program is achievement of client objectives in order to properly align interests with our clients. Further, the incentive compensation of all investment personnel who work on each strategy is directly tied to the relative performance of the strategy and its clients.

The compensation structure of the portfolio managers and other investment professionals has four primary components:

• A base salary;

• An annual cash bonus;

• If applicable, long-term compensation consisting of restricted stock or stock options of the Adviser's ultimate parent company, Brookfield Asset Management Inc.; and

• If applicable, long-term compensation consisting generally of restricted share units tied to the performance of funds managed by Brookfield.

The portfolio managers also receive certain retirement, insurance and other benefits that are broadly available to all employees. Compensation of the portfolio managers is reviewed on an annual basis by senior management.

Share Ownership

The following table indicates the dollar range of the securities of the Registrant owned by the newly identified portfolio manager as of June 30, 2026.

Portfolio Manager

Dollar Range of Securities Owned

Aaron Greenberg

None

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 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-OxleyAct of 2002. Filled 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, 2026

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, 2026

By (Signature and Title)

/s/ Casey P. Tushaus

Casey P. Tushaus, Principal Financial Officer

Date

September 3, 2026

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