RA Brookfield Real Assets Income Fund Inc

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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. 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 over $17 billion of assets under management as of December 31, 2020, 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 a wholly owned subsidiary of Brookfield Asset Management, a leading global alternative asset manager with over $600 billion of assets under management as of December 31, 2020. For more information, go to https://publicsecurities.brookfield.com/en.

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://publicsecurities.brookfield.com/en.

Table of Contents

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Letter to Shareholders

Dear Shareholders,

We hope this letter finds you and your loved ones healthy and safe during these challenging times. Attached please find the Annual Report for Brookfield Real Assets Income Fund Inc. (the “Fund”) for the year ended December 31, 2020.

The longest-running equity bull market quickly came to a close in the first quarter of 2020 as the COVID-19 pandemic unleashed an extraordinary amount of economic and market uncertainty across the globe. In response to the health crisis, governments announced drastic fiscal and monetary policy measures to help mitigate the economic downturn.

From when they bottomed in late March, equity markets grounded higher throughout the year on easing of lockdowns, early signs of an economic recovery and accommodative central bank policies. Stocks received a meaningful boost in early November when data out of late-stage clinical trials showed several vaccines were able to prevent symptomatic COVID-19 effectively and safely. A number of vaccines were approved for use shortly thereafter, and the very first vaccinations were administered in December. By the end of the year, a number of major equity indexes closed at all-time highs.

Certain real asset sectors were hit particularly hard due to economic shutdowns and social distancing requirements. As a result, returns among listed real assets lagged those of broader markets. However, there was a dispersion of returns among real asset types, with a select few benefitting from the unprecedented period, while others were hindered by short-term disruptions.

On the positive side, asset types supporting the digital and e-commerce economies benefitted from the pandemic. Communications and data infrastructure stocks rallied on increased demand related to remote work and schooling. Industrial real estate also benefitted as stay-at-home restrictions resulted in a significant increase in e-commerce. Renewables and sustainable infrastructure—a key theme within global infrastructure—enjoyed a banner year in 2020. Robust underlying fundamentals, global policy initiatives and the increasing importance of environmental, social and governance (ESG) and sustainable investing considerations were key drivers of positive performance.

Conversely, within the infrastructure sector, transports suffered as global movement ground to a halt. Within energy infrastructure, the dual supply and demand shocks stemming from the health crisis and OPEC+¹ activity in March were too much to overcome, despite a rebound later in the year. Within real estate, laggards included property types whose cash flows are most sensitive to social distancing requirements, (notably, retail, hotels and office assets).

Despite a challenging 2020 for listed real assets, our outlook is bright. Certain binary events have been decided (namely the U.S. election and the emergence of a vaccine). We believe a full reopening of the global economy—and a subsequent economic rebound—is on the horizon; and that real assets are poised to benefit as the recovery gets underway.

In addition to performance information, this report provides the Fund’s audited financial statements as of December 31, 2020.

2020 Annual Report1

Letter to Shareholders (continued)

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://publicsecurities.brookfield.com/en for more information on this report or our recent webinar. Thank you for your support.

Sincerely,

2Brookfield Public Securities Group LLC

Brookfield Real Assets Income Fund Inc. 

Brookfield Real Assets Income Fund Inc. 

GLOBAL REAL ESTATE EQUITIES

The Fund’s allocation to global real estate equities returned -9.85% in 2020.

Data centers, industrial and self-storage stocks posted the strongest gains by property type. Data centers and industrial benefited from near-term tailwinds directly related to the pandemic and social distancing requirements, while self storage was boosted by its perceived defensive nature during downturns. Laggards in 2020 were sectors whose cash flows are most sensitive to social distancing requirements, namely retail, hotels and office stocks. In the fourth quarter, however, the Index rallied meaningfully following the positive news related to vaccine developments. Hotels, retail and office stocks posted strong gains on investor optimism that life will begin to return to normal in 2021.

Although near-term uncertainty remains, we are optimistic on the prospects of normalcy returning and economic activity accelerating as vaccinations are deployed around the world. Fundamentals in many densely populated markets are likely to remain soft in the near term, but we think such weakness has the potential to create long-term investment opportunities. Sunbelt markets in the U.S. remain favorable, but we always monitor valuations and fundamentals closely when sentiment and momentum move sharply higher in markets.

The real estate attributes that have been the most out of favor since the pandemic began, including high population density and footfall, are the ones that we believe may create the most value over the long term. Investing in companies whose portfolios maintain these attributes at current valuations may result in positive returns as economies begin to reopen, in our view.

Particularly attractive, in our view, are valuations among hotels, office, apartment and select retail stocks. These sectors trade at wider discounts to NAVs compared with their long-term averages. We currently maintain a preference for those securities that are undervalued relative to where we believe NAVs will be revised as life returns to normal.

INFRASTRUCTURE EQUITIES

The Fund’s allocation to infrastructure equities returned -3.82% in 2020.

It was a volatile 2020 for infrastructure equities. The first part of the year was dominated by the COVID-19 pandemic. Transports and energy infrastructure were directly and adversely impacted by global shutdowns. Meanwhile communications was a rare beneficiary of global containment measures and was a standout performer across equities during this time of market turmoil. Infrastructure, on the whole, rebounded during the second half of the year, although it underperformed broader markets. For the year, the FTSE Global Core Infrastructure 50/50 Index⁴ and Dow Jones Brookfield Global Infrastructure Composite Index⁵ returned -3.34% and -9.51%, respectively. The performance dispersion sheds a light on the significant differentiations in sector weightings for both indexes.

The communications sector posted the strongest gains within the infrastructure universe. Data needs increased as a result of COVD-19, given remote working, online learning and streaming activities. Sentiment related to the rollout of 5G and historically low interest rates were also likely drivers of strong performance during the first half. Sector performance paused during the second half of the year. Although fundamentals remained favorable, the rise in rates likely weighed on the sector given its long-duration cash flow profile.

Within utilities, companies exposed to low-cost renewables generation were among the strongest performers during the year. Global policy initiatives, the increasing importance of ESG and sustainable investing, and robust underlying fundamentals were key drivers of outperformance. Water utilities also strongly performed.

Transports and energy infrastructure equity performance followed a similar pattern, with severe losses in the first half followed by strong gains later in the year. As the pandemic hit, sector performance was harshly impacted by global lockdowns. Traffic across airports, toll roads and ports virtually grounded to a halt, resulting in an unprecedented drop in global crude oil and refined products demand. Energy infrastructure performance was

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further exacerbated by the fallout from the OPEC/Russia negotiations. A new OPEC+ agreement was subsequently reached, alleviating some pressure, but the demand destruction from COVID-19 weighed on fundamentals. As lockdowns were lifted, we began to see recoveries in both traffic levels and crude oil/refined products demand. Both sectors rallied significantly during the fourth quarter as promising vaccine data were released, but the rallies were not enough to reverse the losses from earlier in the year.

There are two prominent items on our watch list for 2021: vaccine rollouts and the legislative priorities of the U.S. Democratic-controlled government.

1. Vaccine Rollouts: The speed and effectiveness of vaccine rollouts will have direct impacts on both transports and energy infrastructure; to the extent there is a return to normalcy, we could see both sectors perform well. We will be closely monitoring vaccine-related progress, new case data and government responses to the ongoing pandemic.

2. A U.S. Democratic-Controlled Government: We will be closely monitoring the legislative agenda of the Democratic-controlled Congress and White House. We expect federal policy around clean energy to be a priority, which may further benefit the utility industry as it undergoes its renewables buildout.

Utility fundamentals are strong given the industry’s commitment to ESG and renewable investment—a theme we have been prominently focused on for years. There are several value-oriented opportunities we are also focused on. Further, we are looking to see if there will be a market rotation into value-oriented sectors as we believe this may be a tailwind for performance.

We are seeing a recovery in toll road and airport traffic levels. We believe the timing of a full recovery is likely tied to the speed of vaccine rollouts, a key area of focus for us, as we mention above. We favor European transport companies over those in Asia/Pacific region given we feel there is better value to be had in Europe at this time.

Within communications, operationally nothing significant has changed; we believe fundamentals are strong, the 5G rollout is underway and data use is growing. We favor U.S. towers due to their strong counterparties and business models, which provide for a stable and growing cash flow base. The long-duration cash flow profile of the industry may contribute to some underperformance to the extent interest rates significantly rise.

We are constructive on the current macroeconomic environment for energy infrastructure. We expect crude oil demand will improve and return to more normalized levels, and OPEC+ has signaled that it will support prices for the foreseeable future. We believe there is potential for demand improvement as vaccines are rolled out and the subsequent reopening gets underway. We also see value in natural gas and natural gas liquid assets, both of which we expect will remain valuable as the world transitions toward a lower-carbon economy.

¹Distribution rate is calculated by dividing the last distribution per share (annualized) by the market price. Distributions are subject to recharacterization for tax purposes after the end of the fiscal year. Total returns do not reflect the deduction of management fees and other fund expenses. If management fees and other expenses had been included, returns would be reduced. 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 December 31, 2020, 71.54% of the Fund’s distributions are a return of capital.

² As measured by the ICE BofA US High Yield Index. The ICE BofA US High Yield Index is an unmanaged, commonly accepted measure of the performance of global high yield corporate securities.

³ S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated monthly.

⁴ The FTSE Global Core Infrastructure 50/50 Index gives participants an industry-defined interpretation of infrastructure and adjusts the exposure to certain infrastructure sub-sectors. The constituent weights are adjusted as part of the semi-annual review according to three broad industry sectors - 50% Utilities, 30% Transportation including capping of 7.5% for railroads/railways and a 20% mix of other sectors including pipelines, satellites and telecommunication towers. Company weights within each group are adjusted in proportion to their investable market capitalization.

⁵ The Dow Jones Brookfield Global Infrastructure Composite Index is calculated and maintained by S&P Dow Jones Indexes and comprises infrastructure companies with at least 70% of their annual cash flows derived from owning and operating infrastructure assets, including MLPs. Brookfield has no direct role in the day-to-day management of any Brookfield co-branded indexes.

Indices are not managed and an investor cannot invest directly in an index.

2020 Annual Report5

Brookfield Real Assets Income Fund Inc. 

Forward-Looking Information

This management discussion contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements that are based on various assumptions (some of which are beyond our control) may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “anticipate,” “continue,” “should,” “intend,” or similar terms or variations on those terms or the negative of those terms. Although we believe that the expectations contained in any forward-looking statement are based on reasonable assumptions, we can give no assurance that our expectations will be attained. We do not undertake, and specifically disclaim any obligation, to publicly release any update or supplement to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Disclosure

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

Spreads refers to the option-adjusted spread, which measures the differences in yields for fixed income securities after adjusting for embedded options.

Credit ratings are grades given to bonds that indicate their credit quality as determined by private independent rating services such as Standard Poor's, Moody's and Fitch. These firms evaluate a bond issuer's financial strength or its ability to pay a bond's principal and interest in a timely fashion. Ratings are expressed as letters ranging from 'AAA' which is the highest grade, to 'D' which is the lowest grade.

Par value is the dollar amount due to bondholders at the maturity date of a bond.

The distribution rate is subject to change and is not an indication of Fund performance. Distributions include all distribution payments regardless of source and may include net income, capital gains, and/or return of capital (ROC). ROC should not be confused with yield or income. The Fund's Section 19a-1 Notice, if applicable, contains additional distribution composition information and may be obtained by visiting https://publicsecurities.brookfield.com/. Final determination of a distribution's tax character will be made on Form 1099-DIV and sent to shareholders. A ROC is not taxable and results in a reduction in the tax basis of a shareholder's investment. The Fund invests in master limited partnerships ("MLPs"), which are generally treated as partnerships for federal income tax purposes. Distributions from MLPs are estimated as income and return of capital based on information reported by the MLPs and management's estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by the MLPs and the actual amounts may differ from the estimated amounts. In setting the Fund's distribution policy, the Adviser and the Fund's Board of Directors consider a number of factors, including both expected income and distributions received by the Fund and our expectations regarding potential capital appreciation. From time to time the Fund may be over- or under- distributed when taking into account actual income, distributions and net unrealized gains or losses since actual capital appreciation is variable over time. However, the goal is to have a distribution rate that is stable over the long term.

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

This report may contain information obtained from third parties, including ratings from credit ratings agencies such

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

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

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

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

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 as of the close of business on December 31, 2020 and subject to change based on subsequent developments.

2020 Annual Report7

Brookfield Real Assets Income Fund Inc.
Schedule of Investments (continued)    

December 31, 2020

			Principal Amount (000s)	Value
SECURITIZED CREDIT (continued)
Series 2007-T27, Class AJ, 6.01%, 06/11/42 (v)			$ 2,142	$ 2,144,641
Total Commercial Mortgage-Backed Securities				33,278,929
Interest-Only Securities – 0.4%
Government National Mortgage Association
Series 2010-132, Class IO, 0.41%, 11/16/52 (v)			976	40,888
JP Morgan Mortgage Trust
Series 2015-4, Class 2X1, 0.28%, 06/25/45 (e),(v)			63,130	519,747
Series 2014-5, Class AX4, 0.44%, 10/25/29 (e),(v)			5,841	34,031
Vendee Mortgage Trust
Series 1997-2, Class IO, 0.00%, 06/15/27 (v)			3,858	4
Voyager CNTYW Delaware Trust
Series 2009-1, Class 3QB1, 26.42%, 03/16/30 (e),(v)			2,660	2,474,140
Total Interest-Only Securities				3,068,810
Other – 3.0%
GMACM Home Equity Loan Trust
Series 2005-HE3, Class A2, 0.65% (1 Month LIBOR USD + 0.50%), 02/25/36 (s),(v)			1,084	1,054,355
Series 2005-HE3, Class A1VN, 0.65% (1 Month LIBOR USD + 0.50%), 02/25/36 (s),(v)			971	944,204
Series 2007-HE2, Class A2, 6.05%, 12/25/37 (v)			794	824,565
Series 2007-HE2, Class A3, 6.19%, 12/25/37 (v)			1,530	1,593,163
Irwin Home Equity Loan Trust
Series 2006-1, Class 2A3, 6.27%, 09/25/35 (e),(s),(v)			1,103	1,145,414
Lehman ABS Manufactured Housing Contract Trust
Series 2001-B, Class M1, 6.63%, 04/15/40 (v)			7,162	7,627,842
Mid-State Capital Corporation Trust
Series 2004-1, Class M1, 6.50%, 08/15/37			1,680	1,750,912
Series 2004-1, Class M2, 8.11%, 08/15/37			1,385	1,522,598
Series 2004-1, Class B, 8.90%, 08/15/37			420	463,606
Mid-State Trust X
Series 10, Class B, 7.54%, 02/15/36			2,694	2,928,125
Oakwood Mortgage Investors, Inc.
Series 2001-E, Class A4, 6.81%, 12/15/31			4,180	4,393,437
Series 2001-D, Class A4, 6.93%, 09/15/31 (v)			630	507,943
Tricon American Homes
Series 2020-SFR1, Class F, 4.88%, 07/17/38 (e)			1,539	1,648,541
Total Other				26,404,705
Residential Mortgage-Backed Securities – 26.6%
Alternative Loan Trust
Series 2007-OA3, Class 1A1, 0.29% (1 Month LIBOR USD + 0.14%), 04/25/47 (s),(v)			9,310	8,468,038
Series 2007-HY6, Class A1, 0.36% (1 Month LIBOR USD + 0.21%), 08/25/47 (s),(v)			2,982	2,716,947
Series 2007-2CB, Class 2A11, 0.55% (1 Month LIBOR USD + 0.40%), 03/25/37 (v)			3,205	1,430,958
Series 2005-10CB, Class 1A1, 0.65% (1 Month LIBOR USD + 0.50%), 05/25/35 (v)			1,977	1,543,595
Series 2007-16CB, Class 4A5, 0.65% (1 Month LIBOR USD + 0.50%), 08/25/37 (v)			5,528	4,046,703
Series 2005-59, Class 1A1, 0.80% (1 Month LIBOR USD + 0.66%), 11/20/35 (s),(v)			5,080	4,687,336
Series 2006-19CB, Class A9, 0.85% (1 Month LIBOR USD + 0.70%), 08/25/36 (v)			2,479	1,325,681
Series 2005-84, Class 2A1, 3.44%, 02/25/36 (v)			16,792	15,800,089
Series 2007-12T1, Class A22, 5.75%, 06/25/37			2,089	1,462,895
Series 2007-15CB, Class A5, 5.75%, 07/25/37			1,071	883,563

^{See Notes to Financial Statements.}

Brookfield Real Assets Income Fund Inc.
Schedule of Investments (continued)    

December 31, 2020

			Principal Amount (000s)	Value
SECURITIZED CREDIT (continued)
Series 2007-15CB, Class A2, 5.75%, 07/25/37			$ 1,163	$ 959,004
Series 2006-29T1, Class 2A5, 6.00%, 10/25/36 (s),(v)			1,511	1,221,443
Series 2006-41CB, Class 1A7, 6.00%, 01/25/37			1,342	1,071,287
Series 2006-45T1, Class 2A5, 6.00%, 02/25/37			2,424	1,777,899
Series 2006-29T1, Class 2A6, 6.50%, 10/25/36			2,371	2,000,435
Series 2006-23CB, Class 2A7, 27.81% (1 Month LIBOR USD + 28.40%), 08/25/36 (i),(v)			1,350	1,991,545
Series 2006-29T1, Class 3A3, 76.90% (1 Month LIBOR USD + 78.40%), 10/25/36 (i),(v)			670	2,341,151
BCAP LLC Trust
Series 2010-RR5, Class 5A10, 0.81% (1 Month LIBOR USD + 0.33%), 11/26/35 (e),(v)			4,029	3,767,254
Series 2012-RR4, Class 5A6, 3.53%, 05/26/36 (e),(v)			7,270	6,817,866
Bellemeade Re Ltd.
Series 2018-3A, Class M2, 2.90% (1 Month LIBOR USD + 2.75%), 10/25/28 (e),(u),(v)			1,202	1,200,077
Series 2018-1A, Class M2, 3.05% (1 Month LIBOR USD + 2.90%), 04/25/28 (e),(u),(v)			5,948	5,951,601
Chase Mortgage Finance Trust
Series 2005-A2, Class 3A2, 3.18%, 01/25/36 (v)			1,301	1,169,331
Series 2007-A1, Class 11M1, 3.65%, 03/25/37 (v)			3,030	2,983,755
CHL Mortgage Pass-Through Trust
Series 2006-20, Class 1A18, 0.80% (1 Month LIBOR USD + 0.65%), 02/25/37 (v)			4,784	2,106,393
Series 2007-5, Class A29, 5.50%, 05/25/37			226	169,802
Series 2004-21, Class A10, 6.00%, 11/25/34			73	76,139
Series 2007-18, Class 1A1, 6.00%, 11/25/37			328	260,046
Citicorp Mortgage Securities Trust
Series 2006-5, Class 1A11, 1.05% (1 Month LIBOR USD + 0.90%), 10/25/36 (v)			565	473,406
Citigroup Mortgage Loan Trust
Series 2007-AR5, Class 1A2A, 3.55%, 04/25/37 (v)			819	780,892
Series 2009-6, Class 19A2, 6.00%, 03/25/36 (e),(v)			2,654	2,688,112
Series 2009-8, Class 2A2, 6.10%, 04/25/37 (e),(v)			5,921	4,474,376
Countrywide Asset-Backed Certificates
Series 2006-13, Class 1AF4, 4.22%, 01/25/37 (v)			3,357	3,390,660
Eagle RE Ltd.
Series 2018-1, Class M2, 3.15% (1 Month LIBOR USD + 3.00%), 11/25/28 (e),(u),(s),(v)			3,000	3,010,578
First Horizon Alternative Mortgage Securities Trust
Series 2005-FA8, Class 1A6, 0.80% (1 Month LIBOR USD + 0.65%), 11/25/35 (v)			1,699	786,035
GSAMP Trust
Series 2006-NC2, Class A2C, 0.30% (1 Month LIBOR USD + 0.15%), 06/25/36 (s),(v)			590	413,286
GSR Mortgage Loan Trust
Series 2007-1F, Class 4A1, 0.45% (1 Month LIBOR USD + 0.30%), 01/25/37 (v)			7,012	1,791,093
Home Equity Asset Trust
Series 2006-7, Class 2A3, 0.30% (1 Month LIBOR USD + 0.15%), 01/25/37 (s),(v)			6,371	5,684,401
Home Re Ltd.
Series 2018-1, Class M2, 3.15% (1 Month LIBOR USD + 3.00%), 10/25/28 (e),(u)			1,579	1,584,186
IndyMac INDA Mortgage Loan Trust
Series 2007-AR1, Class 1A1, 3.57%, 03/25/37 (v)			1,056	1,009,388
Series 2007-AR3, Class 1A1, 3.58%, 07/25/37 (v)			2,216	2,030,155
JP Morgan Mortgage Trust
Series 2003-A2, Class B4, 2.36%, 11/25/33 (v)			73	1
Series 2003-A1, Class B4, 2.45%, 10/25/33 (v)			104	97,918
Series 2007-A2, Class 3A2, 3.29%, 04/25/37 (v)			6,926	5,868,264

^{See Notes to Financial Statements.}

Brookfield Real Assets Income Fund Inc.
Schedule of Investments (continued)    

December 31, 2020

			Principal Amount (000s)	Value
SECURITIZED CREDIT (continued)
MASTR Asset Backed Securities Trust
Series 2006-NC3, Class A3, 0.25% (1 Month LIBOR USD + 0.10%), 10/25/36 (s),(v)			$ 3,297	$ 2,139,289
Series 2006-NC3, Class A4, 0.31% (1 Month LIBOR USD + 0.16%), 10/25/36 (s),(v)			5,562	3,657,694
Series 2006-NC2, Class A4, 0.45% (1 Month LIBOR USD + 0.30%), 08/25/36 (s),(v)			8,985	4,803,646
Series 2006-NC2, Class A5, 0.63% (1 Month LIBOR USD + 0.48%), 08/25/36 (s),(v)			444	243,534
Nomura Resecuritization Trust
Series 2014-1R, Class 2A11, 0.41% (1 Month LIBOR USD + 0.13%), 02/26/37 (e),(v)			30,116	25,352,845
Series 2015-11R, Class 4A5, 2.00%, 06/26/37 (e),(v)			2,881	2,199,804
Series 2015-1R, Class 3A7, 2.92%, 03/26/37 (e),(v)			5,641	4,484,647
Series 2014-2R, Class 1A7, 3.07%, 01/26/36 (e),(v)			3,038	3,087,015
Series 2015-1R, Class 4A7, 3.15%, 12/27/37 (e),(v)			2,306	2,192,890
Series 2015-6R, Class 2A4, 6.00%, 01/26/37 (e),(v)			13,597	10,343,366
Oaktown Re Ltd.
Series 2018-1A, Class M2, 3.00% (1 Month LIBOR USD + 2.85%), 07/25/28 (e),(u)			5,156	5,106,639
Series 2020-1A, Class M2, 7.15% (1 Month LIBOR USD + 7.00%), 07/25/30 (e),(u)			2,800	2,884,686
Option One Mortgage Loan Trust
Series 2007-FXD1, Class 3A6, 5.66%, 01/25/37 (s),(v)			373	374,185
PRPM LLC
Series 2020-6, Class A1, 2.36%, 11/25/25 (e),(s)			1,017	1,017,295
Series 2020-3, Class A1, 2.86%, 09/25/25 (e),(s)			3,512	3,540,233
Series 2020-5, Class A1, 3.10%, 10/25/25 (e),(s)			2,114	2,126,827
Series 2019-3A, Class A1, 3.35%, 07/25/24 (e),(s)			2,507	2,511,772
Series 2019-4A, Class A1, 3.35%, 11/25/24 (e),(s)			2,213	2,220,992
Series 2020-2, Class A1, 3.67%, 08/25/25 (e),(s)			1,974	1,993,001
RALI Trust
Series 2007-QO3, Class A1, 0.31% (1 Month LIBOR USD + 0.16%), 03/25/47 (s),(v)			1,764	1,651,798
Series 2006-QO7, Class 2A1, 1.46% (12 Month U.S. Treasury Average + 0.85%), 09/25/46 (v)			7,890	7,386,758
Series 2006-QS14, Class A30, 79.33% (1 Month LIBOR USD + 81.25%), 11/25/36 (i),(v)			74	241,676
Residential Asset Securitization Trust
Series 2005-A13, Class 1A1, 0.85% (1 Month LIBOR USD + 0.70%), 10/25/35 (v)			3,573	2,562,457
RFMSI Trust
Series 2007-S3, Class 1A5, 5.50%, 03/25/37			1,699	1,483,003
Securitized Asset Backed Receivables LLC Trust
Series 2007-NC1, Class A2B, 0.30% (1 Month LIBOR USD + 0.15%), 12/25/36 (s),(v)			4,184	2,853,345
Series 2006-NC3, Class A2B, 0.45% (1 Month LIBOR USD + 0.30%), 09/25/36 (s),(v)			6,218	3,039,795
Thornburg Mortgage Securities Trust
Series 2005-1, Class A2, 3.22%, 04/25/45 (v)			2,888	2,907,651
Washington Mutual Mortgage Pass-Through Certificates Trust
Series 2007-HY5, Class 1A1, 3.26%, 05/25/37 (v)			2,525	2,412,449
Series 2007-HY3, Class 4A1, 3.41%, 03/25/36 (v)			9,220	9,215,544
Series 2007-HY5, Class 3A1, 3.52%, 05/25/37 (v)			1,137	1,096,466
Wells Fargo Mortgage Backed Securities Trust
Series 2006-AR12, Class 2A1, 3.17%, 09/25/36 (v)			1,731	1,668,197
Series 2006-AR5, Class 1A1, 3.94%, 04/25/36 (v)			2,698	2,650,017

^{See Notes to Financial Statements.}

Brookfield Real Assets Income Fund Inc.
Schedule of Investments (continued)    

December 31, 2020

			Principal Amount (000s)	Value
SECURITIZED CREDIT (continued)
Series 2006-AR1, Class 2A5, 4.05%, 03/25/36 (v)			$ 2,316	$ 2,273,608
Total Residential Mortgage-Backed Securities				234,036,708
Total SECURITIZED CREDIT (Cost $316,020,312)				296,789,152
CORPORATE CREDIT – 54.8%
Automotive – 0.0%
Motors Liquidation Co., 0.00%, 07/15/33 (f)			8,250	825
Basic Industrial – 1.6%
Cascades, Inc., 5.38%, 01/15/28 (e),(c),(u)			4,400	4,676,375
Hexion, Inc., 7.88%, 07/15/27 (e),(r)			2,475	2,648,250
INEOS Group Holdings SA, 5.63%, 08/01/24 (e),(r),(u)			6,450	6,538,687
Total Basic Industrial				13,863,312
Construction & Building Materials – 6.0%
Ashton Woods USA LLC, 6.63%, 01/15/28 (e)			2,920	3,073,300
Beazer Homes USA, Inc., 5.88%, 10/15/27			1,265	1,331,413
Forestar Group, Inc., 5.00%, 03/01/28 (e)			2,415	2,493,487
Lennar Corp., 4.75%, 11/29/27 (c),(r)			6,175	7,297,615
M/I Homes, Inc., 4.95%, 02/01/28 (c)			7,025	7,436,314
Meritage Homes Corp., 5.13%, 06/06/27 (c)			6,500	7,263,750
PulteGroup, Inc., 5.00%, 01/15/27 (c)			6,225	7,345,500
Taylor Morrison Communities, Inc., 5.13%, 08/01/30 (e)			2,850	3,192,000
Taylor Morrison Communities, Inc., 5.88%, 06/15/27 (e),(c)			4,625	5,241,605
Toll Brothers Finance Corp., 4.35%, 02/15/28 (c)			7,375	8,186,250
Total Construction & Building Materials				52,861,234
Diversified – 1.2%
Five Point Operating Company LP, 7.88%, 11/15/25 (e),(c)			4,750	5,028,113
The Howard Hughes Corp., 5.38%, 08/01/28 (e)			4,725	5,081,737
Total Diversified				10,109,850
Energy – 4.9%
Apache Corp., 4.25%, 01/15/30 (r)			1,430	1,501,500
Ascent Resources Utica Holdings LLC, 8.25%, 12/31/28 (e)			387	386,033
Cenovus Energy, Inc., 4.25%, 04/15/27 (u)			750	819,017
Comstock Resources, Inc., 7.50%, 05/15/25 (e)			1,200	1,229,508
Comstock Resources, Inc., 9.75%, 08/15/26			100	107,750
Continental Resources, Inc., 5.75%, 01/15/31 (e)			2,494	2,768,290
Devon Energy Corp., 7.95%, 04/15/32 (c)			1,850	2,593,145
Endeavor Energy Resources LP, 6.63%, 07/15/25 (e)			1,265	1,353,550
EQT Corp., 8.75%, 02/01/30			2,981	3,651,725
Indigo Natural Resources LLC, 6.88%, 02/15/26 (e)			677	692,452
Laredo Petroleum, Inc., 10.13%, 01/15/28			813	691,050
MEG Energy Corp., 6.50%, 01/15/25 (e),(u)			1,450	1,493,572
Moss Creek Resources Holdings, Inc., 10.50%, 05/15/27 (e)			1,640	1,312,000
Occidental Petroleum Corp., 3.50%, 08/15/29 (r)			11,300	10,341,421
Occidental Petroleum Corp., 8.88%, 07/15/30 (r)			4,395	5,158,631
Ovintiv Exploration, Inc., 5.75%, 01/30/22			4,855	5,042,654
Southwestern Energy Co., 6.45%, 01/23/25			2,625	2,730,000

^{See Notes to Financial Statements.}

Brookfield Real Assets Income Fund Inc.
Schedule of Investments (continued)    

December 31, 2020

			Principal Amount (000s)	Value
CORPORATE CREDIT (continued)
WPX Energy, Inc., 4.50%, 01/15/30 (r)			$ 1,500	$ 1,590,000
Total Energy				43,462,298
Financial Services – 0.8%
Ambac LSNI LLC, 6.00% (3 Month LIBOR USD + 5.00%), 02/12/23 (e),(u),(v)			7,412	7,365,899
Health Facilities – 1.7%
HCA, Inc., 5.25%, 06/15/26			6,075	7,189,772
Tenet Healthcare Corp., 4.88%, 01/01/26 (e),(c),(r)			6,975	7,296,617
Total Health Facilities				14,486,389
Infrastructure Services – 1.7%
Ashtead Capital, Inc., 4.25%, 11/01/29 (e),(c),(u)			4,600	5,036,264
Terex Corp., 5.63%, 02/01/25 (e),(r)			5,125	5,279,391
United Rentals North America, Inc., 5.50%, 05/15/27 (r)			4,450	4,761,500
Total Infrastructure Services				15,077,155
Leisure – 3.0%
Boyd Gaming Corp., 6.38%, 04/01/26 (c)			4,600	4,778,526
Cedar Fair LP, 5.25%, 07/15/29 (r)			4,415	4,545,463
GLP Capital LP, 5.38%, 04/15/26 (c)			4,125	4,734,139
MGM Growth Properties Operating Partnership LP, 4.50%, 01/15/28 (c)			4,800	5,106,624
VICI Properties LP, 4.63%, 12/01/29 (e),(c)			6,950	7,436,500
Total Leisure				26,601,252
Media – 4.1%
Cable One, Inc., 4.00%, 11/15/30 (e)			6,275	6,518,156
CCO Holdings LLC, 4.75%, 03/01/30 (e),(c)			14,100	15,213,900
CSC Holdings LLC, 5.50%, 04/15/27 (e),(c)			9,800	10,388,000
Radiate Holdco LLC, 4.50%, 09/15/26 (e),(r)			3,865	3,985,781
Total Media				36,105,837
Metals & Mining – 3.4%
Alcoa Nederland Holding BV, 7.00%, 09/30/26 (e),(c)			9,225	9,824,625
ArcelorMittal SA, 7.00%, 03/01/41 (c),(u)			3,475	4,788,823
Cleveland-Cliffs, Inc., 6.75%, 03/15/26 (e)			2,000	2,160,000
Freeport-McMoRan, Inc., 4.38%, 08/01/28			4,500	4,781,250
Industrias Penoles SAB de CV, 4.15%, 09/12/29 (e),(u)			500	562,500
Kinross Gold Corp., 4.50%, 07/15/27 (u)			6,500	7,517,494
Total Metals & Mining				29,634,692
Oil Gas Transportation & Distribution – 11.9%
Antero Midstream Partners LP, 5.38%, 09/15/24 (c)			5,825	5,679,375
Boardwalk Pipelines LP, 3.40%, 02/15/31 (r)			5,600	5,843,219
Buckeye Partners LP, 4.13%, 12/01/27 (c)			2,750	2,805,000
Buckeye Partners LP, 6.38%, 01/22/78 (v)			1,345	1,008,750
Cheniere Energy, Inc., 4.63%, 10/15/28 (e)			2,351	2,468,550
Crestwood Midstream Partners LP, 6.25%, 04/01/23 (c)			2,500	2,506,250
DCP Midstream LP, 7.38%, 06/15/23			450	373,500
Enable Midstream Partners LP, 4.15%, 09/15/29 (c),(r)			5,278	5,236,893
Energy Transfer Operating LP, 3.23%, 11/01/66			6,225	4,341,938
Energy Transfer Operating LP, 6.75%, 05/15/70			5,349	4,880,962

^{See Notes to Financial Statements.}

Brookfield Real Assets Income Fund Inc.
Schedule of Investments (continued)    

December 31, 2020

			Principal Amount (000s)	Value
CORPORATE CREDIT (continued)
Energy Transfer Operating LP, 7.13%, 11/15/65			$ 3,437	$ 3,265,150
EnLink Midstream LLC, 5.38%, 06/01/29 (c)			4,555	4,429,738
EnLink Midstream Partners LP, 5.45%, 06/01/47			4,690	3,776,716
EQM Midstream Partners LP, 4.00%, 08/01/24			1,442	1,485,577
Genesis Energy LP, 6.50%, 10/01/25 (c)			5,325	5,178,562
Genesis Energy LP, 8.00%, 01/15/27			674	667,395
Global Partners LP, 7.00%, 08/01/27 (c)			2,750	2,942,500
Holly Energy Partners LP, 5.00%, 02/01/28 (e),(c)			6,252	6,298,890
NuStar Logistics LP, 5.75%, 10/01/25			2,052	2,185,380
ONEOK, Inc., 3.10%, 03/15/30 (r)			5,006	5,332,829
Parkland Corp., 6.00%, 04/01/26 (e),(c),(u)			3,842	4,034,100
Plains All American Pipeline LP, 6.13%, 05/15/23			6,550	5,321,875
Tallgrass Energy Partners LP, 6.00%, 12/31/30 (e)			3,842	3,953,610
Targa Pipeline Partners LP, 5.88%, 08/01/23 (c)			5,725	5,725,000
Targa Resources Partners LP, 5.38%, 02/01/27 (c)			2,300	2,415,851
TransCanada PipeLines Ltd, 2.43%, 05/15/67 (u)			4,965	3,883,335
Western Midstream Operating LP, 4.10%, 02/01/25			4,900	5,049,793
Western Midstream Operating LP, 5.05%, 02/01/30 (r)			2,850	3,191,459
Total Oil Gas Transportation & Distribution				104,282,197
Real Estate – 3.2%
American Homes 4 Rent LP, 4.25%, 02/15/28 (r)			7,375	8,479,940
iStar, Inc., 5.50%, 02/15/26			6,875	7,012,500
Lexington Realty Trust, 2.70%, 09/15/30			3,514	3,658,002
Starwood Property Trust, Inc., 4.75%, 03/15/25 (c),(r)			8,700	8,917,500
Total Real Estate				28,067,942
Telecommunication Services – 5.4%
American Tower Corp., 3.60%, 01/15/28			4,334	4,922,825
Cablevision Lightpath LLC, 5.63%, 09/15/28 (e)			5,025	5,257,406
Crown Castle International Corp., 3.80%, 02/15/28 (c)			4,480	5,163,320
Level 3 Financing, Inc., 4.63%, 09/15/27 (e),(c),(r)			9,500	9,922,132
SBA Communications Corp., 3.88%, 02/15/27 (e),(r)			4,875	5,120,213
T-Mobile USA, Inc., 4.75%, 02/01/28 (c)			14,110	15,166,698
Zayo Group Holdings, Inc., 4.00%, 03/01/27 (e)			2,300	2,305,750
Total Telecommunication Services				47,858,344
Utility – 5.9%
CMS Energy Corp, 4.75%, 06/01/50 (r)			825	929,397
Dominion Energy, Inc., 4.65%, 06/15/25			875	922,720
Duke Energy Corp., 4.88%, 03/16/25			850	920,406
Emera, Inc., 6.75%, 06/15/76 (c),(u)			10,425	12,184,219
FirstEnergy Corp., 2.25%, 09/01/30			9,500	9,189,377
NextEra Energy Capital Holdings, Inc., 2.34%, 06/15/67			5,900	5,150,998
NRG Energy, Inc., 3.63%, 02/15/31 (e)			5,093	5,239,678
NRG Energy, Inc., 6.63%, 01/15/27			3,335	3,521,893
Pacific Gas and Electric Co., 2.50%, 02/01/31 (r)			5,000	5,018,257
Pattern Energy Operations LP, 4.50%, 08/15/28 (e)			3,500	3,692,500
Sempra Energy, 4.88%, 04/15/26			875	935,156
Talen Energy Supply LLC, 6.63%, 01/15/28 (e)			1,325	1,384,625

^{See Notes to Financial Statements.}

Brookfield Real Assets Income Fund Inc.
Schedule of Investments (continued)    

December 31, 2020

			Principal Amount (000s)	Value
CORPORATE CREDIT (continued)
The AES Corp., 2.45%, 01/15/31 (e)			$ 2,350	$ 2,381,697
Total Utility				51,470,923
Total CORPORATE CREDIT (Cost $447,820,813)				481,248,149
TERM LOANS – 1.8%
Buckeye Partners LP, 2.89% (1 Month LIBOR USD + 2.75%), 11/01/26 (Acquired 10/16/19, Cost $1,975,075) (p),(t),(v)			1,985	1,980,970
Crestwood Holdings LLC, 7.73% (3 Month LIBOR USD + 7.50%), 03/05/23 (Acquired 02/20/18-03/20/18, Cost $3,514,451) (p),(t),(v)			3,556	2,666,674
Frontier Communications Corp., 5.75% (1 Month LIBOR USD + 4.75%), 10/01/27 (Acquired 11/20/20, Cost $5,006,067) (p),(t),(v)			5,000	5,015,650
MTN Infrastructure TopCo, Inc., 4.00% (3 Month LIBOR USD + 3.00%), 10/28/24 (Acquired 07/08/20, Cost $1,935,712) (p),(t),(v)			1,990	1,982,806
Vistra Energy Corp., 0.00%, 10/31/25 (Acquired 10/17/16, Cost $0) (p),(t),(v)			26	258
Zayo Group Holdings, Inc. 3.15% (1 Month LIBOR USD + 3.00%), 03/09/27 (Acquired 02/21/20-02/24/20, Cost $4,450,197) (p),(t),(v)			4,454	4,420,543
Total TERM LOANS (Cost $16,881,519)				16,066,901

    

			Shares	Value
PREFERRED STOCKS – 0.3%
Oil Gas Transportation & Distribution – 0.1%
NuStar Energy LP, Series B, 7.63% (v)			18,200	$ 327,236
Pipelines – 0.1%
Enbridge, Inc., Series B, 6.38% (u),(v)			35,600	957,640
Telecommunication Services – 0.1%
AT&T, Inc., Series C, 4.75%			34,500	923,220
Total PREFERRED STOCKS (Cost $2,095,138)				2,208,096
COMMON STOCKS – 43.5%
Airports – 2.8%
Flughafen Zurich AG (c),(u),(n)			44,900	7,922,222
Fraport AG Frankfurt Airport Services Worldwide (u)			47,400	2,859,771
Grupo Aeroportuario del Pacifico SAB de CV (u),(n)			635,926	7,094,428
Sydney Airport (u),(n)			1,336,873	6,617,289
Total Airports				24,493,710
Communications – 2.9%
American Tower Corp. (c)			58,939	13,229,448
Cellnex Telecom SA (e),(u)			66,672	4,003,827
China Tower Corporation Ltd. (e),(u)			17,476,200	2,571,472
Infrastrutture Wireless Italiane SpA (e),(u)			238,869	2,895,667
SBA Communications Corp. (c)			10,700	3,018,791
Total Communications				25,719,205
Datacenters – 0.3%
CyrusOne, Inc. (c)			34,380	2,514,897

^{See Notes to Financial Statements.}

Brookfield Real Assets Income Fund Inc.
Schedule of Investments (continued)    

December 31, 2020

			Shares	Value
COMMON STOCKS (continued)
Diversified – 1.4%
City Developments Ltd. (u)			374,081	$ 2,255,017
CK Asset Holdings Ltd. (u)			267,093	1,366,688
Hufvudstaden AB (u)			128,178	2,120,406
Merlin Properties Socimi SA (u)			215,700	2,056,716
Sun Hung Kai Properties Ltd. (u)			172,512	2,206,253
Swire Properties Ltd. (u)			756,940	2,200,751
Total Diversified				12,205,831
Electricity Transmission & Distribution – 3.3%
National Grid PLC (c),(u)			898,885	10,622,529
PG&E Corp. (c),(n)			815,224	10,157,691
Sempra Energy (c)			60,483	7,706,139
Total Electricity Transmission & Distribution				28,486,359
Gas Utilities – 1.0%
China Gas Holdings Ltd. (u)			743,660	2,946,903
NiSource, Inc. (c)			268,300	6,154,802
Total Gas Utilities				9,101,705
Healthcare – 0.9%
Ventas, Inc. (c)			65,006	3,187,894
Welltower, Inc. (c)			77,535	5,010,312
Total Healthcare				8,198,206
Hotel – 1.1%
Host Hotels & Resorts, Inc. (c)			246,206	3,601,994
Invincible Investment Corp. (u)			2,956	951,631
Japan Hotel REIT Investment Corp. (u)			4,461	2,293,980
Melia Hotels International SA (u),(n)			129,039	898,708
Pebblebrook Hotel Trust (c)			113,747	2,138,444
Total Hotel				9,884,757
Industrial – 1.4%
LaSalle Logiport REIT (u)			743	1,198,968
Prologis, Inc. (c)			93,075	9,275,854
Rexford Industrial Realty, Inc. (c)			24,362	1,196,418
Tritax Big Box REIT PLC (c),(u)			415,367	954,314
Total Industrial				12,625,554
Manufactured Homes – 0.2%
Sun Communities, Inc. (c)			12,396	1,883,572
Midstream – 1.1%
Cheniere Energy, Inc. (c),(n)			78,100	4,688,343
ONEOK, Inc. (c)			122,500	4,701,550
Total Midstream				9,389,893
Net Lease – 0.8%
Essential Properties Realty Trust, Inc. (c)			71,100	1,507,320
Four Corners Property Trust, Inc. (c)			39,970	1,189,907
National Retail Properties, Inc. (c)			53,902	2,205,670

^{See Notes to Financial Statements.}

Brookfield Real Assets Income Fund Inc.
Schedule of Investments (continued)    

December 31, 2020

			Shares	Value
COMMON STOCKS (continued)
VICI Properties, Inc. (c)			90,410	$ 2,305,455
Total Net Lease				7,208,352
Office – 3.3%
Allied Properties Real Estate Investment Trust (u)			71,241	2,117,250
alstria office REIT-AG (u)			69,290	1,260,638
Cousins Properties, Inc. (c)			77,963	2,611,760
Covivio (u)			28,623	2,626,487
Daiwa Office Investment Corp. (u)			324	2,059,856
Derwent London PLC (u)			48,690	2,069,286
Dexus (u)			545,150	3,953,938
Gecina SA (u)			7,661	1,191,279
Highwoods Properties, Inc. (c)			44,900	1,779,387
Invesco Office J-Reit, Inc. (u)			11,097	1,628,739
Keppel REIT (u)			1,472,590	1,247,387
MCUBS MidCity Investment Corp. (u)			278	253,469
Mitsui Fudosan Company Ltd. (u)			142,413	2,982,067
Nippon Building Fund, Inc. (u)			337	1,954,499
SL Green Realty Corp.			20,900	1,245,222
Total Office				28,981,264
Pipeline (MLP) – 0.0%
Thunderbird Resources Equity, Inc. (f),(n)			11	11
Pipelines – 2.5%
Enbridge, Inc. (c),(u)			400,900	12,821,619
Kinder Morgan, Inc.			386,600	5,284,822
Pembina Pipeline Corp. (c),(u)			154,100	3,643,971
Total Pipelines				21,750,412
Ports – 0.1%
Hidrovias do Brasil SA (u),(n)			366,786	487,713
Rail – 3.1%
Canadian Pacific Railway Ltd. (c),(u)			17,700	6,139,587
CSX Corp. (c)			85,200	7,731,900
East Japan Railway Co. (u)			84,400	5,630,779
MTR Corporation Ltd. (u)			556,976	3,114,966
Rumo SA (u),(n)			1,235,707	4,570,081
Total Rail				27,187,313
Renewables/Electric Generation – 9.2%
Ameren Corp. (c)			101,800	7,946,508
American Electric Power Company, Inc.			77,800	6,478,406
CLP Holdings Ltd. (u)			415,583	3,842,748
CMS Energy Corp. (c)			101,273	6,178,666
Duke Energy Corp. (c)			112,600	10,309,656
Enel SpA (u)			429,477	4,369,788
Engie SA (u),(n)			274,500	4,208,063
Entergy Corp. (c)			70,255	7,014,259
FirstEnergy Corp. (c)			236,600	7,242,326
NextEra Energy, Inc. (c)			229,400	17,698,210
RWE AG (u)			111,285	4,708,135

^{See Notes to Financial Statements.}

Brookfield Real Assets Income Fund Inc.
Schedule of Investments (continued)    

December 31, 2020

			Shares	Value
COMMON STOCKS (continued)
Vistra Energy Corp. (c)			25,848	$ 508,172
Total Renewables/Electric Generation				80,504,937
Residential – 2.2%
American Homes 4 Rent (c)			119,601	3,588,030
Camden Property Trust (c)			32,600	3,257,392
Deutsche Wohnen SE (u)			31,209	1,665,139
Equity Residential			28,300	1,677,624
Essex Property Trust, Inc. (c)			12,158	2,886,552
InterRent Real Estate Investment Trust (u)			196,736	2,115,890
Mid-America Apartment Communities, Inc. (c)			21,031	2,664,418
Vonovia SE (u)			18,342	1,339,583
Total Residential				19,194,628
Retail – 1.8%
Capital & Counties Properties PLC (u)			1,246,662	2,478,051
Hang Lung Properties Ltd. (u)			444,381	1,171,060
Regency Centers Corp. (c)			36,200	1,650,358
Shaftesbury PLC (u)			158,600	1,236,757
Simon Property Group, Inc. (c)			60,037	5,119,955
Unibail-Rodamco-Westfield (u)			16,709	1,301,370
Wharf Real Estate Investment Company Ltd. (u)			474,909	2,468,154
Total Retail				15,425,705
Specialty – 0.1%
Outfront Media, Inc.			59,200	1,157,952
Toll Roads – 2.5%
Atlantia SpA (c),(u),(n)			213,333	3,852,335
Ferrovial SA (c),(u)			182,676	5,051,049
Getlink SE (u),(n)			171,000	2,958,489
Promotora y Operadora de Infraestructura SAB de CV (u)			235,152	2,084,988
Transurban Group (c),(u)			793,295	8,359,598
Total Toll Roads				22,306,459
Water – 1.5%
American Water Works Company, Inc. (c)			43,900	6,737,333
Guangdong Investment Ltd. (u)			1,562,500	2,816,701
United Utilities Group PLC (u)			326,200	3,989,751
Total Water				13,543,785
Total COMMON STOCKS (Cost $336,831,882)				382,252,220
SHORT-TERM INVESTMENT – 0.3%
First American Treasury Obligations Fund, Class X, 0.04% (y)			2,713,086	2,713,086
Total SHORT-TERM INVESTMENT (Cost $2,713,086)				2,713,086
Total Investments – 134.8% (Cost $1,124,754,361)				1,183,935,500
Liabilities in Excess of Other Assets – (34.8)%				(305,347,329)
TOTAL NET ASSETS – 100.0%				$ 878,588,171

^{See Notes to Financial Statements.}

2020 Annual Report19

Brookfield Real Assets Income Fund Inc.
Schedule of Investments (continued)    

December 31, 2020

The following notes should be read in conjunction with the accompanying Schedule of Investments.

LIBOR — London Interbank Offered Rate

USD — United States Dollar

LLC — Limited Liability Company

LP — Limited Partnership

MLP — Master Limited Partnership

    

(c)	— All or a portion of this security is pledged as collateral for credit facility. As of December 31, 2020, the total value of the collateral was $372,351,263.
(e)	— Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2020, the total value of all such securities was $313,790,396 or 35.7% of net assets.
(f)	— Security fair valued in good faith pursuant to the fair value procedures adopted by the Board of Directors. As of December 31, 2020, the total value of all such securities was $2,960,687 or 0.3% of net assets. These securities are characterized as a Level 3 securities within the disclosure hierarchy. Level 3 security values are determined using significant unobservable inputs.
(i)	— Security is an inverse floating rate bond. Reference interest rates are typically based on a negative multiplier or slope.
(n)	— Non-income producing security.
(p)	— Restricted security. Purchased in a private placement transaction; resale to the public may require registration. As of December 31, 2020, the total value of all such securities was $19,026,752 or 2.2% of net assets.
(r)	— Portion or entire principal amount delivered as collateral for reverse repurchase agreements. As of December 31, 2020, the total value of the collateral was $86,836,678.
(s)	— Security is a “step up” bond where the coupon increases or steps up at a predetermined date. Interest rate shown is the rate in effect as of December 31, 2020.
(t)	— Term loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of term loans may be substantially less than the stated maturities shown.
(v)	— Variable rate security –Interest rate is based on reference rate and spread or based on the underlying assets. Interest rate may also be subject to a cap or floor.
(u)	— Foreign security or a U.S. security of a foreign company.
(y)	— The rate quoted is the annualized seven-day yield as of December 31, 2020.

^{See Notes to Financial Statements.}

20Brookfield Public Securities Group LLC

BROOKFIELD REAL ASSETS INCOME FUND INC.
Notes to Financial Statements     

December 31, 2020

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 “Adviser”), a wholly-owned subsidiary of Brookfield Asset Management Inc., is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and serves as investment adviser to the Fund.

On October 28, 2019, the Board of Directors of each of Brookfield Global Listed Infrastructure Income Fund Inc. (NYSE: INF) and Brookfield Real Assets Income Fund Inc. (NYSE: RA) approved the proposed reorganization (the “Reorganization”) of INF into RA. At a joint special meeting of stockholders (the “Special Meeting”) held on January 24, 2020, the stockholders of RA approved the issuance of additional shares of common stock to effect the proposed Reorganization. The Special Meeting was adjourned with respect to the proposal to reorganize INF into RA until February 7, 2020. At the Special Meeting that reconvened on February 7, 2020, the stockholders of INF approved the Reorganization. As a result of the Reorganization, common stockholders of INF received the number of RA common shares corresponding to his or her proportionate interest in the common shares of INF, less the costs of the Reorganization, as of the close of trading of the New York Stock Exchange on March 6, 2020. Details of the Reorganization are further described in Note 9 – Fund Reorganization.

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 Managed Assets (average daily net assets plus the amount of any borrowings for investment purposes) 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 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 within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2013-08 and follows accounting and reporting guidance under FASB Accounting Standards Codification (“ASC”) Topic 946 Financial Services-Investment Companies.

26Brookfield Public Securities Group LLC

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

December 31, 2020

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.

Investments in equity securities listed or traded on any securities exchange or traded in the over-the-counter market are valued at the last trade price as of the close of business on the valuation date. If the NYSE closes early, then the equity security will be valued at the last traded price before the NYSE close. Prices of foreign equities that are principally traded on certain foreign markets will generally be adjusted daily pursuant to a fair value pricing service approved by the Board in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE close. When fair value pricing is employed, the value of the portfolio securities used to calculate the Fund’s 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.

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; (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.

2020 Annual Report27

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

December 31, 2020

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. 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 December 31, 2020:

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 $251,000,000 for the credit facility and $66,580,941 for the reverse repurchase agreements presented in the Statement of Assets and Liabilities. As of December 31, 2020, these financial instruments are categorized as Level 2 within the disclosure hierarchy.

28Brookfield Public Securities Group LLC

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

December 31, 2020

REITs and actual amounts may differ from the estimated amounts. A distribution received from the Fund’s investments in master limited partnerships 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 master limited partnership (“MLP”) and other industry sources. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded.

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

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

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

Foreign Currency Transactions: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not isolate the portion of gains or losses resulting from changes in foreign exchange rates on securities from the fluctuations arising from changes in market prices.

Reported net realized foreign exchange gains or losses arise from sales of securities, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid.

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

Distributions: The Fund declares and pays dividends monthly from net investment income. To the extent these distributions exceed net investment income, they may be classified as return of capital. The Fund also pays distributions at least annually from its net realized capital gains, if any. Dividends and distributions are recorded on the ex-dividend date. All common shares have equal dividend and other distribution rights. A notice disclosing the source(s) of a distribution is provided after a payment is made from any source other than net investment income. This notice is available on the Adviser's website at https://publicsecurities.brookfield.com/en. 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.

30Brookfield Public Securities Group LLC

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

December 31, 2020

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

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

New Accounting Pronouncements: In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform. The amendments in ASU No. 2020-04 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Fund’s financial statements and disclosures. The Fund did not utilize the optional expedients and exceptions provided by ASU No. 2020-04 during the period ended December 31, 2020.

Other Matters: The outbreak of an infectious respiratory illness caused by a novel coronavirus known as "COVID-19" is causing materially reduced consumer demand and economic output, disrupting supply chains, resulting in market closures, travel restrictions and quarantines, and adversely impacting local and global economies. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes, including by providing direct capital infusions into companies, introducing new monetary programs and considerably lowering interest rates, which in some cases resulted in negative interest rates. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, heighten investor uncertainty and adversely affect the value of the Fund’s investments and the performance of the Fund. Markets generally and the energy sector specifically, including MLPs and energy infrastructure companies in which the Fund invests, have also been adversely impacted by reduced demand for oil and other energy commodities as a result of the slowdown in economic activity resulting from the spread of COVID-19 and by price competition among key oil-producing countries. These developments have and may continue to adversely impact the Fund's NAV and the market price of the Fund's common shares.

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.

2020 Annual Report31

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

December 31, 2020

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, a 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.

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.

As of December 31, 2020, the Fund did not have any derivative financial instruments outstanding.

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 stockholders 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

32Brookfield Public Securities Group LLC

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

December 31, 2020

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”). The Adviser and Sub-Administrator perform administrative services necessary for the operation of the Fund, including maintaining certain books and records of the Fund and preparing reports and other documents required by federal, state, and other applicable laws and regulations, and providing the Fund with administrative office facilities. For these 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 Schroder Investment Management North America Inc. (the “Sub-Adviser”). The Sub-Adviser is responsible for the management of the Securitized Credit investments. The Adviser is responsible for any fees due to 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 year ended December 31, 2020, purchases and sales of investments (including principal payups and paydowns), excluding short-term securities, reverse repurchase agreements and U.S. government securities were $942,064,996 and $963,622,169, respectively.

For the year ended December 31, 2020, purchases and sales of long-term U.S. Government securities were $0 and $394,287 respectively.

The investments received by the Acquiring Fund were excluded from the portfolio turnover rate calculation.

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 Fund pays interest in the amount of 0.70% plus the 3-month London Interbank Offered Rate (“LIBOR”) on the amount of eligible equity securities outstanding, and 0.80% plus the 3-month LIBOR on the amount of other eligible securities outstanding. As of December 31, 2020, the Fund had outstanding borrowings of $251,000,000. For the year ended December 31, 2020, the Fund borrowed an average daily balance of $237,808,743 at a weighted average borrowing cost of 1.38% and the interest expense amounted to $3,274,258. As of December 31, 2020, the total value of the collateral was $372,351,263.

2020 Annual Report33

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

December 31, 2020

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.

At December 31, 2020, the Fund the following reverse repurchase agreements outstanding:

⁽¹⁾ The average daily balance of reverse repurchase agreements outstanding for the Fund during the year ended December 31, 2020 was $50,195,044 at a weighted average daily interest rate of 1.35% and the interest expense amounted to $678,769. As of December 31, 2020, the total value of the collateral was $86,836,678.

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

34Brookfield Public Securities Group LLC

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

December 31, 2020

9.Fund Reorganization

The Reorganization as described in “Note 1 — Organization” was structured to qualify as tax-free merger under the Internal Revenue Code for federal income tax purposes, and INF’s stockholders recognized no gain or loss for federal income tax purposes as a result. For financial reporting purposes, assets received and shares issued by RA were recorded at market value; however, the cost basis of the investments received from INF was carried forward to align ongoing reporting of RA’s realized and unrealized gains and losses with amounts distributable to stockholders for tax purposes.

Investments

The cost, fair value and net unrealized depreciation of the investments of INF as of the date of the Reorganization, was as follows:

⁽¹⁾ The total number of shares issued in the Reorganizations was 8,425,476. Fractional Fund shares were not issued in the Reorganizations and consequently cash was distributed for any such fractional amounts. $41 was distributed in cash for 2 shares.

Pro Forma Results of Operations

Assuming the acquisition of INF had been completed on January 1, 2020, the combined Fund’s pro forma results in the Statement of Operations during the year ended December 31, 2020 would be as follows:

36Brookfield Public Securities Group LLC

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

December 31, 2020

Because the combined Funds have been managed as a single integrated Fund since the Reorganization was completed, it is not practicable to separate the amounts of income and expenses of INF that have been included in the Statement of Operations for RA since the Reorganization was consummated.

Cost and Expenses

RA and INF assumed expenses incurred in connection with the Reorganization on a pro rata basis, including, but not limited to, costs related to the preparation and distribution of materials distributed to each Fund’s Board, expenses incurred in connection with the preparation of the Agreement and Plan of Reorganization and the registration statement on Form N-14, the printing and distribution of the Joint Proxy Statement/Prospectus and any other materials required to be distributed to stockholders, SEC and state securities commission filing fees and legal and audit fees in connection with the Reorganization, legal fees incurred preparing each Fund’s Board materials, attending each Fund’s Board meetings and preparing the minutes, auditing fees associated with each Fund’s financial statements, stock exchange fees, transfer agency fees, portfolio transfer taxes (if any) and any similar expenses incurred in connection with the Reorganization. The Fund's expenses were allocated to their respective expense types on the Statement of Operations.

10.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 December 31, 2020, 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, 2020, open taxable years consisted of the taxable years ended December 31, 2017 through December 31, 2020. No examination of the Fund’s tax returns is currently in progress.

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

The tax character of the distributions paid for the years ended December 31 were as follows:

2020 Annual Report37

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

December 31, 2020

12.Subsequent Events

GAAP requires recognition in the financial statements of the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made.

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

Distribution Per Share	Record Date	Payable Date
$0.1990	January 20, 2021	January 28, 2021
$0.1990	February 10, 2021	February 18, 2021

At the Special Meeting of Stockholders held on January 8, 2021, stockholders of the Fund voted to approve a new investment sub-advisory agreement among the Adviser, Oaktree Capital Management, L.P. and the Fund.

Management has evaluated subsequent events in the preparation of the Fund’s financial statements and has determined that other than the items listed herein, there are no events that require recognition or disclosure in the financial statements.

13.Recent Regulatory Developments

In 2017, the United Kingdom’s Financial Conduct Authority, which regulates London Interbank Offered Rate (“LIBOR”), announced that it will no longer compel the banks to continue to submit the daily rates for the calculation of LIBOR after 2021 and warned that LIBOR may cease to be available or appropriate for use beyond 2021. After the global financial crisis, regulators globally determined that existing interest rate benchmarks should be reformed based on concerns that LIBOR and other Interbank Offered Rates (“IBOR”) were susceptible to manipulation. Replacement rates for various IBORs have been identified and include the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities. Management does not anticipate a material impact to the Fund.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule will become effective 60 days after publication in the Federal Register, and will have a compliance date 18 months following the effective date. The Fund is currently evaluating the Rule and its potential impact.

2020 Annual Report39

BROOKFIELD REAL ASSETS INCOME FUND INC.
Report of Independent Registered Public Accounting Firm

December 31, 2020

To the shareholders and the Board of Directors of Brookfield Real Assets Income Fund Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Brookfield Real Assets Income Fund Inc. (the "Fund"), including the schedule of investments, as of December 31, 2020, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from December 5, 2016 (commencement of operations) through December 31, 2016, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, and the results of its operations and its cash flows for the year then ended, and the changes in its net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Chicago, Illinois

February 26, 2021

We have served as the auditor of one or more Brookfield Public Securities Group LLC’s investment companies since 2011.

40Brookfield Public Securities Group LLC

BROOKFIELD REAL ASSETS INCOME FUND INC.
Tax Information

December 31, 2020

The Fund is required by subchapter M of the Internal Revenue Code of 1986, as amended, to advise you within 60 days of the Fund’s fiscal year end (December 31, 2020) as to the federal tax status of distributions received by shareholders during such fiscal year. Accordingly, we are advising you that 71.54% of the distributions paid from net investment income for the Fund was reclassified as return of capital and is reflected as such in the Fund’s Statement of Changes in Net Assets and Financial Highlights.

For the year ended December 31, 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 21.05%.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended December 31, 2020 was 8.05%.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) was 0.00%.

2020 Annual Report41

BROOKFIELD REAL ASSETS INCOME FUND INC.
Compliance Certification

December 31, 2020

On July 8, 2020, 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 Forms N-CSR relating to, among other things, the Fund’s disclosure controls and procedures and internal control over financial reporting, as applicable.

42Brookfield Public Securities Group LLC

BROOKFIELD REAL ASSETS INCOME FUND INC.
Information Concerning Directors and Officers

The following tables provide information concerning the directors and officers of the Fund.

Directors of the Fund

BROOKFIELD REAL ASSETS INCOME FUND INC.

Information Concerning Directors and Officers (continued)

Directors of the Fund  (continued)

Name, Address and Year of Birth	Position(s) Held with Fund	Principal Occupation(s) During Past 5 Years and Other Directorships Held by Director	Number of Portfolios in Fund Complex
Independent Directors Class III Directors to serve until 2022 Annual Meeting of Shareholders:
Edward A. Kuczmarski c/o Brookfield Place, 250 Vesey Street, New York, New York 10281-1023   Born: 1949	Director and Independent Chairman of the Board, Member of the Audit Committee, Chairman of the Nominating and Compensation Committee   Served Since 2016	Director/Trustee of several investment companies advised by Brookfield Public Securities Group LLC (the “Adviser”) (2011- Present); Director of ISI Funds (2007-2015); Trustee of the Daily Income Fund (2006-2015); Director of the California Daily Tax Free Income Fund, Inc. (2006-2015); Trustee of the Stralem Funds (2014-2016).	7
Stuart A. McFarland c/o Brookfield Place, 250 Vesey Street, New York, New York 10281-1023   Born: 1947	Director, Member of the Audit Committee, Member of the Nominating and Compensation Committee   Served Since 2016	Director/Trustee of several investment companies advised by the Adviser (2006-Present); Director of United Guaranty Corporation (2011-2016); Director of Drive Shack Inc. (formerly, New Castle Investment Corp.) (2000- Present); Managing Partner of Federal City Capital Advisors (1997- Present); Director of New America High Income Fund (2013-Present); Director of New Senior Investment Group, Inc. (2014-Present); Director of Steward Partners (2017- Present).	7

BROOKFIELD REAL ASSETS INCOME FUND INC.

Information Concerning Directors and Officers (continued)

Officers of the Fund

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Brian F. Hurley* c/o Brookfield Place, 250 Vesey Street, New York, New York 10281-1023   Born: 1977	President	Served since 2016	President of several investment companies advised by the Adviser (2014-Present); Managing Director (2014-Present), Assistant General Counsel (2010-2017) and General Counsel (2017-Present) of the Adviser; Managing Partner of Brookfield Asset Management Inc. (2016-Present); Director of Brookfield Soundvest Capital Management (2015-2018).
Casey P. Tushaus* c/o Brookfield Place, 250 Vesey Street, New York, New York 10281-1023   Born: 1982	Treasurer	Served since February 25, 2021**	Treasurer of several investment companies advised by the Adviser (2021-Present); Assistant Treasurer of several investment companies advised by the Adviser (2016-2021); Vice President of the Adviser (2014-Present).
Thomas D. Peeney* c/o Brookfield Place, 250 Vesey Street, New York, New York 10281-1023   Born: 1973	Secretary	Served since 2018	Secretary of several investment companies advised by the Adviser (2018-Present); Director of the Adviser (2018-Present); Vice President of the Adviser (2017-2018); Vice President and Assistant General Counsel of SunAmerica Asset Management, LLC (2013-2017).
Adam R. Sachs* c/o Brookfield Place, 250 Vesey Street, New York, New York 10281-1023   Born: 1984	Chief Compliance Officer (“CCO”)	Served since 2017	Chief Compliance Officer of several investment companies advised by the Adviser (2017-Present); Director of Adviser (2017-Present); Chief Compliance Officer of Brookfield Investment Management (Canada) Inc. (2017-Present); Senior Compliance Officer of Corporate Legal and Compliance at the Adviser (2011-2017).
Mohamed S. Rasul* c/o Brookfield Place, 250 Vesey Street, New York, New York 10281-1023   Born: 1981	Assistant Treasurer	Served since 2016	Assistant Treasurer of several investment companies advised by the Adviser (2016-Present); Vice President of the Adviser (2019-Present); Assitant Vice President of the Adviser (2014-2019).