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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Brookfield Real Assets Income Fund Inc | NYSE:RA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.08 | 0.63% | 12.70 | 12.72 | 12.6412 | 12.70 | 209,638 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23157
BROOKFIELD REAL ASSETS INCOME FUND INC.
(Exact name of registrant as specified in charter)
BROOKFIELD PLACE
250 VESEY STREET, 15th Floor
NEW YORK, NEW YORK 10281-1023
(Address of principal executive offices) (Zip code)
BRIAN F. HURLEY, PRESIDENT
BROOKFIELD REAL ASSETS INCOME FUND INC.
BROOKFIELD PLACE
250 VESEY STREET 15th Floor
NEW YORK, NEW YORK 10281-1023
(Name and address of agent for service)
Registrants telephone number, including area code: (855) 777-8001
Date of fiscal year end: December 31
Date of reporting period: June 30, 2020
Item 1. Reports to Shareholders.
PORTFOLIO STATISTICS | |
Annualized distribution rate1 | 14.33% |
Weighted average coupon | 4.11% |
Weighted average life | 5.51 years |
Percentage of leveraged assets | 25.63% |
Total number of holdings | 329 |
ASSET ALLOCATION2 | |
Corporate Credit | |
— Real Estate | 13.1% |
— Infrastructure | 20.9% |
— Natural Resources | 5.8% |
Total Corporate Credit | 39.8% |
Securitized Credit | |
— Residential Mortgage-Backed Securities | 21.4% |
— Commercial Mortgage-Backed Securities | 3.7% |
— Other | 3.5% |
Total Securitized Credit | 28.6% |
Real Asset Equities | |
— Real Estate | 9.1% |
— Infrastructure | 19.3% |
Total Real Asset Equities | 28.4% |
Term Loans | 1.2% |
Money Market Fund | 2.0% |
Total | 100.0% |
FIXED INCOME ASSETS BY CREDIT RATING3 | |
BBB and Above | 23.3% |
BB | 34.6% |
B | 8.1% |
CCC and Below | 15.1% |
Unrated | 18.9% |
Total | 100.0% |
Principal
Amount (000s) |
Value | |||||
U.S. GOVERNMENT & AGENCY OBLIGATIONS – 0.3% | ||||||
U.S. Government Agency Collateralized Mortgage Obligations – 0.0% | ||||||
Federal National Mortgage Association | ||||||
Series 1997-79, Class PL, 6.85%, 12/18/27
|
$ 71 | $ 81,050 | ||||
Total U.S. Government Agency Collateralized Mortgage Obligations | 81,050 | |||||
U.S. Government Agency Pass-Through Certificates – 0.3% | ||||||
Federal Home Loan Mortgage Corporation | ||||||
Pool C69047, 7.00%, 06/01/32
|
155 | 180,204 | ||||
Pool C56878, 8.00%, 08/01/31
|
40 | 40,554 | ||||
Pool C58516, 8.00%, 09/01/31
|
32 | 32,605 | ||||
Pool C59641, 8.00%, 10/01/31
|
60 | 63,273 | ||||
Pool C55166, 8.50%, 07/01/31
|
82 | 86,700 | ||||
Pool C55167, 8.50%, 07/01/31
|
49 | 50,014 | ||||
Pool C55169, 8.50%, 07/01/31
|
50 | 51,138 | ||||
Pool G01466, 9.50%, 12/01/22
|
1 | 1,210 | ||||
Federal National Mortgage Association | ||||||
Pool 761836, 6.00%, 06/01/33
|
183 | 203,169 | ||||
Pool 948362, 6.50%, 08/01/37
|
20 | 22,762 | ||||
Pool 645912, 7.00%, 06/01/32
|
167 | 192,317 | ||||
Pool 645913, 7.00%, 06/01/32
|
230 | 267,489 | ||||
Pool 650131, 7.00%, 07/01/32
|
221 | 257,095 | ||||
Pool 827853, 7.50%, 10/01/29
|
19 | 19,029 | ||||
Pool 545990, 7.50%, 04/01/31
|
221 | 251,914 | ||||
Pool 255053, 7.50%, 12/01/33
|
48 | 55,327 | ||||
Pool 735576, 7.50%, 11/01/34
|
215 | 253,727 | ||||
Pool 896391, 7.50%, 06/01/36
|
80 | 84,057 | ||||
Pool 735800, 8.00%, 01/01/35
|
189 | 228,758 | ||||
Pool 636449, 8.50%, 04/01/32
|
201 | 232,425 | ||||
Pool 458132, 8.78%, 03/15/31
|
47 | 49,625 | ||||
Pool 545436, 9.00%, 10/01/31
|
149 | 180,525 | ||||
Total U.S. Government Agency Pass-Through Certificates | 2,803,917 | |||||
Total U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost
$2,585,672)
|
2,884,967 | |||||
SECURITIZED CREDIT – 38.1% | ||||||
Commercial Mortgage-Backed Securities – 5.0% | ||||||
Class B Notes | ||||||
Moreland Avenue, 9.23%, 11/01/20 (Acquired 11/16/15, Cost $218,049)
(f),(l),(p)
|
218 | 217,115 | ||||
Browns Bridge, 9.50%, 11/01/20 (Acquired 10/28/15, Cost $118,000)
(f),(l),(p)
|
118 | 117,677 | ||||
Fayetteville, 9.50%, 11/01/20 (Acquired 10/28/15, Cost $28,444)
(f),(l),(p)
|
28 | 28,505 | ||||
Marshalls, 9.50%, 11/01/20 (Acquired 10/28/15, Cost $364,298)
(f),(l),(p)
|
364 | 365,022 | ||||
North River, 9.50%, 11/01/20 (Acquired 10/28/15, Cost $186,154)
(f),(l),(p)
|
186 | 186,871 | ||||
Town and Country, 9.50%, 11/01/20 (Acquired 10/28/15, Cost $483,175)
(f),(l),(p)
|
483 | 482,457 | ||||
St. Louis Holiday Inn, 10.08%, 12/31/21 (Acquired 06/25/15, Cost $1,940,398)
(f),(l),(p)
|
1,940 | 1,770,900 | ||||
Hilton USA Trust | ||||||
Series 2016-HHV, Class E, 4.33%, 11/05/38
(e),(v)
|
20,000 | 17,401,440 | ||||
JP Morgan Chase Commercial Mortgage Securities Trust | ||||||
Series 2008-C2, Class AM, 7.02%, 02/12/51
(v)
|
6,503 | 4,220,967 |
Principal
Amount (000s) |
Value | |||||
SECURITIZED CREDIT (continued) | ||||||
Morgan Stanley Capital I Trust | ||||||
Series 2007-T25, Class AJ, 5.57%, 11/12/49
(v)
|
$ 5,820 | $ 5,874,984 | ||||
Series 2007-T27, Class AJ, 6.21%, 06/11/42
(v)
|
2,189 | 2,193,230 | ||||
Soundview Home Equity Loan Trust | ||||||
Series 2006-EQ1, Class A3, 0.34% (1 Month LIBOR USD + 0.16%), 10/25/36
(r),(s),(v)
|
8,414 | 8,330,733 | ||||
Total Commercial Mortgage-Backed Securities | 41,189,901 | |||||
Interest-Only Securities – 0.5% | ||||||
Government National Mortgage Association | ||||||
Series 2010-132, Class IO, 0.41%, 11/16/52
(v)
|
989 | 43,480 | ||||
JP Morgan Mortgage Trust | ||||||
Series 2015-4, Class 2X1, 0.28%, 06/25/45
(e),(v)
|
74,800 | 723,543 | ||||
Series 2014-5, Class AX4, 0.46%, 10/25/29
(e),(v)
|
7,144 | 51,232 | ||||
Vendee Mortgage Trust | ||||||
Series 1997-2, Class IO, 0.00%, 06/15/27
(v)
|
4,290 | 4 | ||||
Voyager CNTYW Delaware Trust | ||||||
Series 2009-1, Class 3QB1, 16.43%, 03/16/30
(e),(v)
|
3,143 | 2,875,209 | ||||
Total Interest-Only Securities | 3,693,468 | |||||
Other – 3.9% | ||||||
GMACM Home Equity Loan Trust | ||||||
Series 2005-HE3, Class A2, 0.68% (1 Month LIBOR USD + 0.50%), 02/25/36
(s),(v)
|
1,300 | 1,243,103 | ||||
Series 2005-HE3, Class A1VN, 0.68% (1 Month LIBOR USD + 0.50%), 02/25/36
(s),(v)
|
1,165 | 1,092,760 | ||||
Series 2007-HE2, Class A2, 6.05%, 12/25/37
(v)
|
939 | 951,478 | ||||
Series 2007-HE2, Class A3, 6.19%, 12/25/37
(v)
|
1,809 | 1,838,847 | ||||
GMACM Home Loan Trust | ||||||
Series 2006-HLTV, Class A5, 6.51%, 10/25/29
(s)
|
305 | 305,807 | ||||
Irwin Home Equity Loan Trust | ||||||
Series 2006-1, Class 2A3, 6.27%, 09/25/35
(e),(s)
|
1,336 | 1,383,063 | ||||
Lehman ABS Manufactured Housing Contract Trust | ||||||
Series 2001-B, Class M1, 6.63%, 04/15/40
(v)
|
7,979 | 8,428,972 | ||||
Mid-State Capital Corporation Trust | ||||||
Series 2004-1, Class M1, 6.50%, 08/15/37
|
1,924 | 2,004,696 | ||||
Series 2004-1, Class M2, 8.11%, 08/15/37
|
1,586 | 1,749,597 | ||||
Series 2004-1, Class B, 8.90%, 08/15/37
|
481 | 533,023 | ||||
Mid-State Trust X | ||||||
Series 10, Class B, 7.54%, 02/15/36
|
2,956 | 3,207,711 | ||||
Oakwood Mortgage Investors, Inc. | ||||||
Series 2001-E, Class A4, 6.81%, 12/15/31
|
4,536 | 4,655,648 | ||||
Series 2001-D, Class A4, 6.93%, 09/15/31
(v)
|
675 | 531,457 | ||||
SFAVE Commercial Mortgage Securities Trust | ||||||
Series 2015-5AVE, Class D, 4.53%, 01/05/43
(e),(v)
|
4,750 | 3,456,863 | ||||
VOLT LXIV LLC | ||||||
Series 2017-NP11, Class A1, 3.38%, 10/25/47
(e),(s)
|
1,322 | 1,321,344 | ||||
Total Other | 32,704,369 | |||||
Residential Mortgage-Backed Securities – 28.7% | ||||||
Alternative Loan Trust | ||||||
Series 2007-OA3, Class 1A1, 0.32% (1 Month LIBOR USD + 0.14%), 04/25/47
(s),(v)
|
10,251 | 9,016,083 | ||||
Series 2007-HY6, Class A1, 0.39% (1 Month LIBOR USD + 0.21%), 08/25/47
(s),(v)
|
3,247 | 2,831,250 |
Principal
Amount (000s) |
Value | |||||
SECURITIZED CREDIT (continued) | ||||||
Series 2007-2CB, Class 2A11, 0.58% (1 Month LIBOR USD + 0.40%), 03/25/37
(v)
|
$ 3,470 | $ 1,642,780 | ||||
Series 2005-10CB, Class 1A1, 0.68% (1 Month LIBOR USD + 0.50%), 05/25/35
(v)
|
2,143 | 1,685,290 | ||||
Series 2007-16CB, Class 4A5, 0.68% (1 Month LIBOR USD + 0.50%), 08/25/37
(v)
|
6,179 | 4,498,772 | ||||
Series 2005-51, Class 4A1, 0.83% (1 Month LIBOR USD + 0.64%), 11/20/35
(s),(v)
|
2,167 | 1,896,001 | ||||
Series 2006-19CB, Class A9, 0.88% (1 Month LIBOR USD + 0.70%), 08/25/36
(v)
|
2,705 | 1,508,659 | ||||
Series 2005-84, Class 2A1, 3.68%, 02/25/36
(v)
|
18,723 | 16,918,167 | ||||
Series 2007-12T1, Class A22, 5.75%, 06/25/37
|
2,223 | 1,563,635 | ||||
Series 2007-15CB, Class A5, 5.75%, 07/25/37
|
1,157 | 959,456 | ||||
Series 2007-15CB, Class A2, 5.75%, 07/25/37
|
1,257 | 1,042,342 | ||||
Series 2006-29T1, Class 2A5, 6.00%, 10/25/36
|
1,618 | 1,307,262 | ||||
Series 2006-41CB, Class 1A7, 6.00%, 01/25/37
|
1,417 | 1,133,078 | ||||
Series 2006-45T1, Class 2A5, 6.00%, 02/25/37
|
2,691 | 2,040,872 | ||||
Series 2006-29T1, Class 2A6, 6.50%, 10/25/36
|
2,539 | 2,140,548 | ||||
Series 2006-23CB, Class 2A7, 27.66% (1 Month LIBOR USD + 28.40%), 08/25/36
(i),(v)
|
1,390 | 2,210,806 | ||||
Series 2006-29T1, Class 3A3, 76.53% (1 Month LIBOR USD + 78.40%), 10/25/36
(i),(v)
|
671 | 2,512,932 | ||||
BCAP LLC Trust | ||||||
Series 2010-RR5, Class 5A10, 0.83% (1 Month LIBOR USD + 0.33%), 11/26/35
(e),(v)
|
4,374 | 3,895,272 | ||||
Series 2010-RR6, Class 1910, 0.88% (1 Month LIBOR USD + 0.33%), 11/26/35
(e),(s),(v)
|
5,516 | 4,889,234 | ||||
Series 2012-RR4, Class 5A6, 3.59%, 05/26/36
(e),(v)
|
7,799 | 6,726,718 | ||||
Series 2013-RR2, Class 3A2, 4.07%, 03/26/36
(e),(v)
|
2,811 | 2,551,121 | ||||
Chase Mortgage Finance Trust | ||||||
Series 2005-A2, Class 3A2, 3.60%, 01/25/36
(v)
|
1,487 | 1,290,772 | ||||
Series 2007-A1, Class 11M1, 3.65%, 03/25/37
(v)
|
3,444 | 3,249,995 | ||||
CHL Mortgage Pass-Through Trust | ||||||
Series 2006-20, Class 1A18, 0.83% (1 Month LIBOR USD + 0.65%), 02/25/37
(v)
|
5,352 | 2,457,823 | ||||
Series 2007-5, Class A29, 5.50%, 05/25/37
|
255 | 187,303 | ||||
Series 2004-21, Class A10, 6.00%, 11/25/34
|
84 | 88,167 | ||||
Series 2007-18, Class 1A1, 6.00%, 11/25/37
|
352 | 280,528 | ||||
Citicorp Mortgage Securities Trust | ||||||
Series 2006-5, Class IA11, 1.08% (1 Month LIBOR USD + 0.90%), 10/25/36
(v)
|
645 | 530,759 | ||||
Citigroup Mortgage Loan Trust | ||||||
Series 2009-11, Class 8A2, 3.52%, 04/25/45
(e),(v)
|
3,244 | 3,009,520 | ||||
Series 2012-6, Class 2A2, 3.60%, 08/25/36
(e),(v)
|
10,268 | 9,722,966 | ||||
Series 2007-AR5, Class 1A2A, 4.00%, 04/25/37
(v)
|
1,053 | 964,168 | ||||
Series 2009-6, Class 19A2, 6.00%, 03/25/36
(e),(v)
|
2,936 | 2,741,625 | ||||
Series 2009-8, Class 2A2, 6.10%, 04/25/37
(e),(v)
|
5,921 | 4,470,369 | ||||
Countrywide Asset-Backed Certificates | ||||||
Series 2006-13, Class 1AF4, 4.24%, 01/25/37
(v)
|
3,555 | 3,562,041 | ||||
Credit Suisse Mortgage Trust | ||||||
Series 2011-10R, Class 3A2, 4.77%, 09/27/36
(e),(v)
|
2,521 | 2,276,051 | ||||
First Horizon Alternative Mortgage Securities Trust | ||||||
Series 2005-FA8, Class 1A6, 0.83% (1 Month LIBOR USD + 0.65%), 11/25/35
(v)
|
1,834 | 875,324 | ||||
GSAMP Trust | ||||||
Series 2006-NC2, Class A2C, 0.33% (1 Month LIBOR USD + 0.15%), 06/25/36
(s),(v)
|
617 | 395,093 | ||||
GSR Mortgage Loan Trust | ||||||
Series 2007-1F, Class 4A1, 0.48% (1 Month LIBOR USD + 0.30%), 01/25/37
(v)
|
7,696 | 2,131,252 | ||||
Home Equity Asset Trust | ||||||
Series 2006-7, Class 2A3, 0.33% (1 Month LIBOR USD + 0.15%), 01/25/37
(s),(v)
|
6,838 | 5,933,644 |
Principal
Amount (000s) |
Value | |||||
SECURITIZED CREDIT (continued) | ||||||
IndyMac INDA Mortgage Loan Trust | ||||||
Series 2007-AR1, Class 1A1, 3.68%, 03/25/37
(v)
|
$ 1,217 | $ 1,098,227 | ||||
Series 2007-AR3, Class 1A1, 3.74%, 07/25/37
(v)
|
2,438 | 2,162,629 | ||||
IXIS Real Estate Capital Trust | ||||||
Series 2007-HE1, Class A1, 0.24% (1 Month LIBOR USD + 0.06%), 05/25/37
(s),(v)
|
2,785 | 835,641 | ||||
Series 2006-HE3, Class A2, 0.28% (1 Month LIBOR USD + 0.10%), 01/25/37
(s),(v)
|
767 | 342,740 | ||||
Series 2007-HE1, Class A2, 0.29% (1 Month LIBOR USD + 0.11%), 05/25/37
(s),(v)
|
4,433 | 1,350,337 | ||||
Series 2006-HE2, Class A3, 0.34% (1 Month LIBOR USD + 0.16%), 08/25/36
(s),(v)
|
14,520 | 5,052,826 | ||||
Series 2007-HE1, Class A3, 0.34% (1 Month LIBOR USD + 0.16%), 05/25/37
(s),(v)
|
1,367 | 422,451 | ||||
Series 2007-HE1, Class A4, 0.41% (1 Month LIBOR USD + 0.23%), 05/25/37
(s),(v)
|
2,592 | 817,283 | ||||
Series 2006-HE1, Class A4, 0.78% (1 Month LIBOR USD + 0.60%), 03/25/36
(s),(v)
|
505 | 281,575 | ||||
JP Morgan Mortgage Trust | ||||||
Series 2007-A2, Class 3A2, 3.53%, 04/25/37
(v)
|
7,912 | 6,550,267 | ||||
Series 2003-A2, Class B4, 3.54%, 11/25/33
(v)
|
73 | 1 | ||||
Series 2003-A1, Class B4, 3.60%, 10/25/33
(v)
|
104 | 92,329 | ||||
MASTR Asset Backed Securities Trust | ||||||
Series 2006-NC3, Class A3, 0.28% (1 Month LIBOR USD + 0.10%), 10/25/36
(s),(v)
|
3,399 | 1,876,136 | ||||
Series 2006-NC2, Class A4, 0.33% (1 Month LIBOR USD + 0.15%), 08/25/36
(s),(v)
|
9,277 | 4,681,785 | ||||
Series 2006-NC3, Class A4, 0.34% (1 Month LIBOR USD + 0.16%), 10/25/36
(s),(v)
|
5,734 | 3,211,898 | ||||
Series 2006-HE5, Class A3, 0.34% (1 Month LIBOR USD + 0.16%), 11/25/36
(s),(v)
|
13,567 | 9,503,416 | ||||
Series 2006-NC2, Class A5, 0.42% (1 Month LIBOR USD + 0.24%), 08/25/36
(s),(v)
|
458 | 237,307 | ||||
Series 2005-NC2, Class A4, 0.88% (1 Month LIBOR USD + 0.70%), 11/25/35
(s),(v)
|
9,152 | 6,525,235 | ||||
Nomura Resecuritization Trust | ||||||
Series 2014-1R, Class 2A11, 0.43% (1 Month LIBOR USD + 0.13%), 02/26/37
(e),(v)
|
31,682 | 23,572,362 | ||||
Series 2015-11R, Class 4A5, 3.15%, 06/26/37
(e),(v)
|
2,938 | 2,053,242 | ||||
Series 2015-1R, Class 3A7, 3.75%, 03/26/37
(e),(v)
|
5,627 | 4,256,365 | ||||
Series 2014-2R, Class 1A7, 3.87%, 01/26/36
(e),(v)
|
3,069 | 2,967,364 | ||||
Series 2015-1R, Class 4A7, 4.39%, 12/26/37
(e),(v)
|
2,334 | 2,085,830 | ||||
Series 2015-6R, Class 2A4, 6.00%, 01/26/37
(e),(v)
|
14,642 | 11,566,221 | ||||
Option One Mortgage Loan Trust | ||||||
Series 2007-FXD1, Class 3A6, 5.66%, 01/25/37
(s)
|
432 | 427,817 | ||||
RALI Trust | ||||||
Series 2007-QO3, Class A1, 0.34% (1 Month LIBOR USD + 0.16%), 03/25/47
(s),(v)
|
2,073 | 1,853,252 | ||||
Series 2006-QO7, Class 2A1, 2.35% (12 Month U.S. Treasury Average + 0.85%), 09/25/46
(v)
|
8,665 | 7,577,293 | ||||
Series 2006-QS14, Class A30, 78.85% (1 Month LIBOR USD + 81.25%), 11/25/36
(i),(v)
|
84 | 289,125 | ||||
Residential Asset Securitization Trust | ||||||
Series 2005-A13, Class 1A1, 0.88% (1 Month LIBOR USD + 0.70%), 10/25/35
(v)
|
4,231 | 3,144,459 | ||||
RFMSI Trust | ||||||
Series 2007-S3, Class 1A5, 5.50%, 03/25/37
|
1,922 | 1,660,533 | ||||
Securitized Asset Backed Receivables LLC Trust | ||||||
Series 2006-NC3, Class A2B, 0.33% (1 Month LIBOR USD + 0.15%), 09/25/36
(s),(v)
|
6,392 | 2,785,156 | ||||
Series 2007-NC1, Class A2B, 0.33% (1 Month LIBOR USD + 0.15%), 12/25/36
(s),(v)
|
4,294 | 2,702,208 | ||||
Washington Mutual Mortgage Pass-Through Certificates Trust | ||||||
Series 2007-OA1, Class A1A, 2.20% (12 Month U.S. Treasury Average + 0.70%), 02/25/47
(v)
|
2,645 | 2,346,357 | ||||
Series 2007-HY5, Class 1A1, 3.21%, 05/25/37
(v)
|
2,778 | 2,544,985 | ||||
Series 2007-HY5, Class 3A1, 3.57%, 05/25/37
(v)
|
1,475 | 1,368,331 |
Principal
Amount (000s) |
Value | |||||
SECURITIZED CREDIT (continued) | ||||||
Wells Fargo Mortgage Backed Securities Trust | ||||||
Series 2006-AR5, Class 1A1, 4.03%, 04/25/36
(v)
|
$ 3,206 | $ 3,037,831 | ||||
Total Residential Mortgage-Backed Securities | 238,418,492 | |||||
Total SECURITIZED CREDIT
(Cost
$358,715,087)
|
316,006,230 | |||||
CORPORATE CREDIT – 53.3% | ||||||
Automotive – 0.0% | ||||||
Motors Liquidation Co., 0.00%, 07/15/33
(f),(l),(n)
|
8,250 | 825 | ||||
Basic Industrial – 1.3% | ||||||
Cascades, Inc., 5.38%, 01/15/28
(e),(c),(u)
|
4,400 | 4,466,000 | ||||
INEOS Group Holdings SA, 5.63%, 08/01/24
(e),(r),(u)
|
6,450 | 6,238,569 | ||||
Total Basic Industrial | 10,704,569 | |||||
Construction & Building Materials – 5.8% | ||||||
Boise Cascade Co., 5.63%, 09/01/24
(e),(c)
|
4,350 | 4,382,625 | ||||
Lennar Corp., 4.75%, 11/29/27
(c)
|
6,675 | 7,242,375 | ||||
M/I Homes, Inc., 4.95%, 02/01/28
(c)
|
7,025 | 6,981,094 | ||||
Meritage Homes Corp., 5.13%, 06/06/27
(c)
|
6,500 | 6,695,000 | ||||
PulteGroup, Inc., 5.00%, 01/15/27
(c)
|
7,100 | 7,597,000 | ||||
Taylor Morrison Communities, Inc., 5.63%, 03/01/24
(e)
|
2,832 | 2,902,800 | ||||
Taylor Morrison Communities, Inc., 5.88%, 06/15/27
(e),(c),(r)
|
4,625 | 4,790,298 | ||||
Toll Brothers Finance Corp., 4.35%, 02/15/28
(c)
|
7,375 | 7,651,562 | ||||
Total Construction & Building Materials | 48,242,754 | |||||
Diversified – 0.5% | ||||||
Five Point Operating Company LP, 7.88%, 11/15/25
(e),(c)
|
4,750 | 4,488,750 | ||||
Energy – 2.9% | ||||||
Cenovus Energy, Inc., 4.25%, 04/15/27
(u)
|
750 | 679,267 | ||||
EP Energy LLC, 6.38%, 06/15/23
(d)
|
2,385 | 239 | ||||
EQT Corp., 7.00%, 02/01/30
(r)
|
3,357 | 3,457,516 | ||||
Indigo Natural Resources LLC, 6.88%, 02/15/26
(e)
|
677 | 629,810 | ||||
MEG Energy Corp., 6.50%, 01/15/25
(e),(u)
|
1,450 | 1,353,024 | ||||
Occidental Petroleum Corp., 3.50%, 08/15/29
(r)
|
11,300 | 8,267,080 | ||||
Occidental Petroleum Corp., 8.88%, 07/15/30
|
2,052 | 2,049,435 | ||||
Parsley Energy LLC, 4.13%, 02/15/28
(e)
|
1,475 | 1,334,875 | ||||
Parsley Energy LLC, 5.63%, 10/15/27
(e),(c)
|
4,975 | 4,900,375 | ||||
WPX Energy, Inc., 4.50%, 01/15/30
|
1,500 | 1,320,000 | ||||
Total Energy | 23,991,621 | |||||
Financial Services – 0.9% | ||||||
Ambac LSNI LLC, 6.00%, 02/12/23 (3 Month LIBOR USD + 5.00%)
(e),(u),(v)
|
7,465 | 7,371,634 | ||||
Health Facilities – 2.4% | ||||||
HCA, Inc., 5.25%, 06/15/26
(c)
|
11,000 | 12,708,549 | ||||
Tenet Healthcare Corp., 4.88%, 01/01/26
(e),(c)
|
6,975 | 6,791,906 | ||||
Total Health Facilities | 19,500,455 | |||||
Infrastructure Services – 2.1% | ||||||
Ashtead Capital, Inc., 4.25%, 11/01/29
(e),(c),(u)
|
4,600 | 4,600,000 |
Principal
Amount (000s) |
Value | |||||
CORPORATE CREDIT (continued) | ||||||
Terex Corp., 5.63%, 02/01/25
(e),(c),(r)
|
$ 5,125 | $ 4,663,750 | ||||
United Rentals North America, Inc., 5.50%, 05/15/27
(r)
|
7,950 | 8,188,500 | ||||
Total Infrastructure Services | 17,452,250 | |||||
Leisure – 3.9% | ||||||
Boyd Gaming Corp., 6.38%, 04/01/26
(c)
|
4,600 | 4,370,000 | ||||
Cedar Fair LP, 5.25%, 07/15/29
(e),(r)
|
4,415 | 3,995,575 | ||||
GLP Capital LP, 5.38%, 04/15/26
(c)
|
7,400 | 8,085,166 | ||||
GLP Capital LP, 5.75%, 06/01/28
|
475 | 523,307 | ||||
MGM Growth Properties Operating Partnership LP, 4.50%, 01/15/28
(c)
|
9,000 | 8,550,000 | ||||
VICI Properties LP, 4.63%, 12/01/29
(e),(c)
|
6,950 | 6,776,250 | ||||
Total Leisure | 32,300,298 | |||||
Media – 3.6% | ||||||
CCO Holdings LLC, 4.75%, 03/01/30
(e),(c)
|
14,100 | 14,426,979 | ||||
CSC Holdings LLC, 5.50%, 04/15/27
(e),(c)
|
9,800 | 10,196,900 | ||||
CSC Holdings LLC, 10.88%, 10/15/25
(e),(c)
|
5,128 | 5,512,600 | ||||
Total Media | 30,136,479 | |||||
Metals & Mining – 3.5% | ||||||
Alcoa Nederland Holding BV, 7.00%, 09/30/26
(e),(c),(r)
|
8,625 | 8,840,625 | ||||
ArcelorMittal SA, 6.13%, 06/01/25
(u)
|
6,075 | 6,592,814 | ||||
ArcelorMittal SA, 7.00%, 03/01/41
(c),(u)
|
3,475 | 4,064,186 | ||||
Kinross Gold Corp., 4.50%, 07/15/27
(u)
|
9,000 | 9,816,671 | ||||
Total Metals & Mining | 29,314,296 | |||||
Oil Gas Transportation & Distribution – 10.8% | ||||||
Antero Midstream Partners LP, 5.38%, 09/15/24
(c)
|
5,825 | 4,962,842 | ||||
Buckeye Partners LP, 4.13%, 12/01/27
(c)
|
2,750 | 2,619,375 | ||||
Crestwood Midstream Partners LP, 6.25%, 04/01/23
(c)
|
5,000 | 4,450,000 | ||||
Enable Midstream Partners LP, 4.15%, 09/15/29
|
14,508 | 12,723,764 | ||||
Energy Transfer Operating LP, 3.75%, 05/15/30
|
875 | 869,097 | ||||
Energy Transfer Operating LP, 4.75%, 01/15/26
|
4,762 | 5,169,905 | ||||
EnLink Midstream LLC, 5.38%, 06/01/29
(c)
|
8,245 | 6,183,750 | ||||
Genesis Energy LP, 6.50%, 10/01/25
(c)
|
8,825 | 7,545,375 | ||||
Global Partners LP, 7.00%, 08/01/27
(c)
|
2,750 | 2,543,750 | ||||
Holly Energy Partners LP, 5.00%, 02/01/28
(e),(c)
|
5,327 | 5,073,967 | ||||
ONEOK, Inc., 3.10%, 03/15/30
|
5,006 | 4,789,522 | ||||
Parkland Corp., 6.00%, 04/01/26
(e),(c),(u)
|
3,842 | 3,938,050 | ||||
Phillips 66 Partners LP, 3.15%, 12/15/29
(r)
|
2,193 | 2,245,230 | ||||
Phillips 66 Partners LP, 3.75%, 03/01/28
(c)
|
648 | 691,670 | ||||
Plains All American Pipeline LP, 3.55%, 12/15/29
|
5,500 | 5,358,403 | ||||
Targa Pipeline Partners LP, 5.88%, 08/01/23
(c)
|
5,725 | 5,309,937 | ||||
Targa Resources Partners LP, 5.25%, 05/01/23
(r)
|
5,000 | 4,875,000 | ||||
Targa Resources Partners LP, 5.38%, 02/01/27
(c)
|
2,300 | 2,219,500 | ||||
The Williams Companies, Inc., 3.75%, 06/15/27
|
648 | 693,758 | ||||
Western Midstream Operating LP, 3.10%, 02/01/25
|
4,900 | 4,642,750 | ||||
Western Midstream Operating LP, 4.05%, 02/01/30
|
2,850 | 2,743,381 | ||||
Total Oil Gas Transportation & Distribution | 89,649,026 |
Principal
Amount (000s) |
Value | |||||
CORPORATE CREDIT (continued) | ||||||
Real Estate – 4.1% | ||||||
American Homes 4 Rent LP, 4.25%, 02/15/28
|
$ 7,375 | $ 7,887,190 | ||||
iStar, Inc., 4.25%, 08/01/25
(c)
|
2,981 | 2,697,839 | ||||
iStar, Inc., 4.75%, 10/01/24
(c)
|
1,000 | 933,750 | ||||
iStar, Inc., 5.25%, 09/15/22
(c)
|
3,601 | 3,493,273 | ||||
Lamar Media Corp., 5.75%, 02/01/26
(c)
|
6,375 | 6,576,577 | ||||
Service Properties Trust, 4.95%, 02/15/27
(c)
|
4,927 | 4,323,999 | ||||
Starwood Property Trust, Inc., 4.75%, 03/15/25
(c)
|
8,700 | 7,917,000 | ||||
Total Real Estate | 33,829,628 | |||||
Telecommunication Services – 7.3% | ||||||
American Tower Corp., 3.60%, 01/15/28
(c)
|
7,529 | 8,400,009 | ||||
Crown Castle International Corp., 3.80%, 02/15/28
(c)
|
8,975 | 10,087,869 | ||||
Digital Realty Trust LP, 3.60%, 07/01/29
(c)
|
1,125 | 1,291,605 | ||||
Digital Realty Trust LP, 3.70%, 08/15/27
(r)
|
6,809 | 7,767,765 | ||||
Equinix, Inc., 5.38%, 05/15/27
(c)
|
8,900 | 9,709,900 | ||||
Level 3 Financing, Inc., 4.63%, 09/15/27
(e),(c)
|
9,000 | 9,067,500 | ||||
SBA Communications Corp., 4.88%, 09/01/24
(c)
|
7,025 | 7,191,844 | ||||
T-Mobile USA, Inc., 4.75%, 02/01/28
(c)
|
4,575 | 4,833,030 | ||||
Zayo Group Holdings, Inc., 4.00%, 03/01/27
(e)
|
2,300 | 2,188,588 | ||||
Total Telecommunication Services | 60,538,110 | |||||
Transportation – 0.3% | ||||||
Watco Companies LLC, 6.50%, 06/15/27
(e)
|
2,464 | 2,524,565 | ||||
Utility – 3.9% | ||||||
AES Corp., 6.00%, 05/15/26
(r)
|
2,275 | 2,363,156 | ||||
Calpine Corp., 5.75%, 01/15/25
(c)
|
2,119 | 2,139,745 | ||||
Emera, Inc., 6.75%, 06/15/76
(c),(u),(v)
|
9,600 | 10,382,496 | ||||
NRG Energy, Inc., 6.63%, 01/15/27
(c)
|
6,875 | 7,175,781 | ||||
Pattern Energy Group, Inc., 5.88%, 02/01/24
(e),(c)
|
7,550 | 7,587,750 | ||||
Southwestern Energy Co., 6.20%, 01/23/25
|
1,525 | 1,305,781 | ||||
Talen Energy Supply LLC, 6.63%, 01/15/28
(e),(r)
|
1,325 | 1,296,844 | ||||
Total Utility | 32,251,553 | |||||
Total CORPORATE CREDIT
(Cost
$439,265,934)
|
442,296,813 | |||||
TERM LOANS – 1.7% | ||||||
Buckeye Partners LP, 3.05% (1 Month LIBOR USD + 0.55%), 11/01/26 (Acquired 10/16/19, Cost $1,990,000) (p),(v)
|
2,000 | 1,913,000 | ||||
Crestwood Holdings LLC, 7.81% (3 Month LIBOR USD + 0.75%), 03/05/23 (Acquired 02/20/18-03/20/18, Cost $3,568,161) (p),(v)
|
3,616 | 2,365,012 | ||||
Level 3 Financing, Inc. 1.93% (1 Month LIBOR USD + 0.55%), 03/01/27 (Acquired 02/05/20, Cost $4,993,750) (p),(v)
|
5,000 | 4,719,650 | ||||
Vistra Energy Corp., 0.00%, 10/31/25 (Acquired 10/17/16, Cost $0) (p),(v)
|
26 | 213 | ||||
Zayo Group Holdings, Inc. 3.18% (1 Month LIBOR USD + 0.55%), 03/09/27 (Acquired 02/21/20-02/24/20, Cost $4,983,750) (p),(v)
|
4,988 | 4,722,764 | ||||
Total TERM LOANS
(Cost
$15,535,661)
|
13,720,639 |
Shares | Value | |||||
COMMON STOCKS – 38.1% | ||||||
Airports – 2.3% | ||||||
Aena SME SA (e),(u),(n)
|
44,190 | $ 5,910,015 | ||||
Auckland International Airport Ltd. (u)
|
1,074,900 | 4,571,286 | ||||
Grupo Aeroportuario del Pacifico SAB de CV (u)
|
475,426 | 3,431,995 | ||||
Japan Airport Terminal Company Ltd. (u)
|
24,549 | 1,047,555 | ||||
Sydney Airport (u)
|
935,100 | 3,690,444 | ||||
Total Airports | 18,651,295 | |||||
Communications – 3.2% | ||||||
American Tower Corp. (c)
|
58,739 | 15,186,381 | ||||
China Tower Corporation Ltd. (e),(u)
|
15,957,784 | 2,835,794 | ||||
Infrastrutture Wireless Italiane SpA (e),(u)
|
229,300 | 2,301,767 | ||||
SBA Communications Corp. (c)
|
21,600 | 6,435,072 | ||||
Total Communications | 26,759,014 | |||||
Datacenters – 0.6% | ||||||
CyrusOne, Inc. (c)
|
19,580 | 1,424,445 | ||||
Digital Realty Trust, Inc. (c)
|
15,800 | 2,245,338 | ||||
Equinix, Inc. (c)
|
1,417 | 995,159 | ||||
Keppel DC REIT (u)
|
327,960 | 600,602 | ||||
Total Datacenters | 5,265,544 | |||||
Diversified – 1.4% | ||||||
City Developments Ltd. (u)
|
257,181 | 1,571,652 | ||||
CK Asset Holdings Ltd. (u)
|
154,093 | 924,064 | ||||
Dexus (u)
|
393,650 | 2,526,565 | ||||
Hufvudstaden AB (u)
|
92,678 | 1,155,350 | ||||
Merlin Properties Socimi SA (u)
|
88,800 | 739,990 | ||||
Mirvac Group (u)
|
498,049 | 752,352 | ||||
Sun Hung Kai Properties Ltd. (u)
|
156,112 | 1,994,368 | ||||
Swire Properties Ltd. (u)
|
440,202 | 1,123,910 | ||||
Wharf Real Estate Investment Company Ltd. (u)
|
212,881 | 1,021,958 | ||||
Total Diversified | 11,810,209 | |||||
Electricity Transmission & Distribution – 2.4% | ||||||
National Grid PLC (c),(u)
|
604,985 | 7,381,032 | ||||
PG&E Corp. (n)
|
664,924 | 5,897,876 | ||||
Sempra Energy (c)
|
59,083 | 6,926,300 | ||||
Total Electricity Transmission & Distribution | 20,205,208 | |||||
Gas Utilities – 1.0% | ||||||
China Gas Holdings Ltd. (u)
|
629,112 | 1,948,906 | ||||
NiSource, Inc. (c)
|
260,000 | 5,912,400 | ||||
Total Gas Utilities | 7,861,306 | |||||
Healthcare – 0.8% | ||||||
Healthpeak Properties, Inc. (c)
|
38,938 | 1,073,131 | ||||
Physicians Realty Trust (c)
|
101,315 | 1,775,039 | ||||
Ventas, Inc.
|
40,800 | 1,494,096 | ||||
Welltower, Inc. (c)
|
42,307 | 2,189,387 | ||||
Total Healthcare | 6,531,653 |
Shares | Value | |||||
COMMON STOCKS (continued) | ||||||
Hotel – 0.5% | ||||||
Apple Hospitality REIT, Inc.
|
72,553 | $ 700,862 | ||||
Host Hotels & Resorts, Inc.
|
152,006 | 1,640,145 | ||||
Japan Hotel REIT Investment Corp. (u)
|
1,899 | 787,733 | ||||
Pebblebrook Hotel Trust (c)
|
54,447 | 743,746 | ||||
Total Hotel | 3,872,486 | |||||
Industrial – 1.6% | ||||||
Duke Realty Corp.
|
46,620 | 1,649,882 | ||||
GLP J-REIT (u)
|
934 | 1,349,677 | ||||
Granite Real Estate Investment Trust (u)
|
12,943 | 667,933 | ||||
LaSalle Logiport REIT (u)
|
570 | 877,912 | ||||
Prologis, Inc. (c)
|
60,982 | 5,691,450 | ||||
Rexford Industrial Realty, Inc.
|
23,962 | 992,746 | ||||
Tritax Big Box REIT PLC (c),(u)
|
924,922 | 1,661,656 | ||||
Total Industrial | 12,891,256 | |||||
Manufactured Homes – 0.1% | ||||||
Sun Communities, Inc.
|
7,098 | 963,057 | ||||
Midstream – 1.0% | ||||||
Cheniere Energy, Inc. (c),(n)
|
78,100 | 3,773,792 | ||||
The Williams Companies, Inc. (c)
|
231,553 | 4,404,138 | ||||
Total Midstream | 8,177,930 | |||||
Net Lease – 0.6% | ||||||
Four Corners Property Trust, Inc. (c)
|
35,670 | 870,348 | ||||
MGM Growth Properties LLC (c)
|
57,102 | 1,553,745 | ||||
National Retail Properties, Inc. (c)
|
36,102 | 1,280,899 | ||||
VICI Properties, Inc. (c)
|
78,710 | 1,589,155 | ||||
Total Net Lease | 5,294,147 | |||||
Office – 1.9% | ||||||
Allied Properties Real Estate Investment Trust (u)
|
42,941 | 1,295,568 | ||||
alstria office REIT-AG (u),(n)
|
41,490 | 617,501 | ||||
Boston Properties, Inc. (c)
|
18,300 | 1,653,954 | ||||
Cousins Properties, Inc. (c)
|
50,263 | 1,499,345 | ||||
Daiwa Office Investment Corp. (u)
|
109 | 602,007 | ||||
Derwent London PLC (u)
|
44,590 | 1,533,838 | ||||
Douglas Emmett, Inc. (c)
|
26,227 | 804,120 | ||||
Gecina SA (u)
|
6,361 | 785,625 | ||||
Hudson Pacific Properties, Inc.
|
33,100 | 832,796 | ||||
Invesco Office J-Reit, Inc. (u)
|
6,237 | 810,843 | ||||
Keppel REIT (u)
|
951,690 | 756,576 | ||||
Kilroy Realty Corp. (c)
|
13,507 | 792,861 | ||||
MCUBS MidCity Investment Corp. (u)
|
1,853 | 1,350,089 | ||||
Mitsui Fudosan Company Ltd. (u)
|
126,913 | 2,254,575 | ||||
Total Office | 15,589,698 | |||||
Pipeline (MLP) – 0.0% | ||||||
Thunderbird Resources Equity, Inc. (f),(l),(n)
|
11 | 11 | ||||
Pipelines – 1.8% | ||||||
Enbridge, Inc. (u)
|
306,300 | 9,313,541 |
Shares | Value | |||||
COMMON STOCKS (continued) | ||||||
Infraestructura Energetica Nova SAB de CV (u)
|
748,706 | $ 2,153,493 | ||||
Pembina Pipeline Corp. (u)
|
135,400 | 3,385,000 | ||||
Total Pipelines | 14,852,034 | |||||
Rail – 2.6% | ||||||
Canadian Pacific Railway Ltd. (c),(u)
|
21,500 | 5,468,754 | ||||
CSX Corp. (c)
|
86,600 | 6,039,484 | ||||
East Japan Railway Co. (u)
|
47,800 | 3,312,314 | ||||
MTR Corporation Ltd. (u)
|
494,554 | 2,572,051 | ||||
Rumo SA (u),(n)
|
1,020,638 | 4,230,371 | ||||
Total Rail | 21,622,974 | |||||
Renewables/Electric Generation – 9.7% | ||||||
Ameren Corp. (c)
|
104,000 | 7,317,440 | ||||
American Electric Power Company, Inc. (c)
|
77,000 | 6,132,280 | ||||
Chubu Electric Power Company. Inc. (u)
|
289,900 | 3,635,909 | ||||
CLP Holdings Ltd. (u)
|
365,191 | 3,586,629 | ||||
CMS Energy Corp. (c)
|
65,473 | 3,824,933 | ||||
Enel SpA (u)
|
665,900 | 5,758,973 | ||||
Engie SA (u),(n)
|
305,900 | 3,793,734 | ||||
Entergy Corp. (c)
|
54,155 | 5,080,280 | ||||
FirstEnergy Corp. (c)
|
166,400 | 6,452,992 | ||||
NextEra Energy, Inc. (c)
|
78,900 | 18,949,413 | ||||
Orsted A/S (e),(u)
|
16,000 | 1,846,423 | ||||
RWE AG (u)
|
90,800 | 3,178,627 | ||||
Vistra Energy Corp.
|
25,848 | 481,290 | ||||
Xcel Energy, Inc. (c)
|
171,700 | 10,731,250 | ||||
Total Renewables/Electric Generation | 80,770,173 | |||||
Residential – 1.5% | ||||||
AvalonBay Communities, Inc. (c)
|
14,842 | 2,295,167 | ||||
Boardwalk Real Estate Investment Trust (u)
|
28,369 | 620,833 | ||||
Camden Property Trust (c)
|
19,400 | 1,769,668 | ||||
Deutsche Wohnen AG (u)
|
36,609 | 1,645,040 | ||||
Essex Property Trust, Inc. (c)
|
6,458 | 1,479,980 | ||||
Mid-America Apartment Communities, Inc. (c)
|
16,031 | 1,838,275 | ||||
Vonovia SE (c),(u)
|
43,342 | 2,649,183 | ||||
Total Residential | 12,298,146 | |||||
Retail – 0.6% | ||||||
Capital & Counties Properties PLC (u)
|
560,621 | 1,016,654 | ||||
Hang Lung Properties Ltd. (u)
|
373,481 | 887,868 | ||||
Regency Centers Corp.
|
21,900 | 1,004,991 | ||||
Simon Property Group, Inc.
|
17,037 | 1,164,990 | ||||
Unibail-Rodamco-Westfield (u)
|
19,838 | 1,118,200 | ||||
Total Retail | 5,192,703 | |||||
Toll Roads – 2.8% | ||||||
Atlantia SpA (c),(u),(n)
|
224,028 | 3,623,709 | ||||
Ferrovial SA (c),(u)
|
97,757 | 2,613,031 | ||||
Getlink SE (u),(n)
|
197,200 | 2,851,642 | ||||
Promotora y Operadora de Infraestructura SAB de CV (u),(n)
|
449,685 | 3,247,546 |
Shares | Value | |||||
COMMON STOCKS (continued) | ||||||
Transurban Group (u)
|
832,095 | $ 8,160,099 | ||||
Vinci SA (c),(u)
|
28,200 | 2,614,784 | ||||
Total Toll Roads | 23,110,811 | |||||
Water – 1.7% | ||||||
American Water Works Company, Inc. (c)
|
65,800 | 8,465,828 | ||||
China Water Affairs Group Ltd. (u)
|
3,071,926 | 2,222,142 | ||||
Pennon Group PLC (c),(u)
|
256,000 | 3,545,000 | ||||
Total Water | 14,232,970 | |||||
Total COMMON STOCKS
(Cost
$303,227,706)
|
315,952,625 |
SHORT-TERM INVESTMENT – 2.6% | ||||||
First American Treasury Obligations Fund, Class X, 0.08%
(y)
|
22,010,837 | 22,010,837 | ||||
Total SHORT-TERM INVESTMENT
(Cost
$22,010,837)
|
22,010,837 | |||||
Total Investments – 134.1%
(Cost $1,141,340,897)
|
1,112,872,111
|
|||||
Liabilities in Excess of Other Assets – (34.1)%
|
(282,975,736) | |||||
TOTAL NET ASSETS – 100.0%
|
$ 829,896,375 |
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 June 30, 2020, the total value of the collateral was $419,936,383. |
(d) | — Issuer is currently in default on its regularly scheduled interest payment. |
(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 June 30, 2020, the total value of all such securities was $267,231,562 or 32.2% of net assets. |
(f) | — Security fair valued in good faith pursuant to the fair value procedures adopted by the Board of Directors. As of June 30, 2020, the total value of all such securities was $3,169,383 or 0.4% of net assets. |
(i) | — Security is an inverse floating rate bond. Reference interest rates are typically based on a negative multiplier or slope. |
(l) | — Level 3 security - Value determined using significant unobservable inputs. |
(n) | — Non-income producing security. |
(p) | — Restricted security. Purchased in a private placement transaction; resale to the public may require registration. As of June 30, 2020, the total value of all such securities was $16,889,186 or 2.0% of net assets. |
(r) | — Portion or entire principal amount delivered as collateral for reverse repurchase agreements. As of June 30, 2020, the total value of the collateral was $52,602,654. |
(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 June 30, 2020. |
(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 June 30, 2020. |
Assets: | |
Investments in securities, at value (cost
$1,141,340,897)
|
$1,112,872,111 |
Cash
|
441,185 |
Cash on deposit with brokers for reverse repurchase
agreements
|
3,843,295 |
Interest and dividends
receivable
|
8,858,813 |
Receivable for investments
sold
|
3,818,014 |
Prepaid
expenses
|
37,975 |
Total
assets
|
1,129,871,393 |
Liabilities: | |
Payable for credit facility (Note
7)
|
251,000,000 |
Reverse repurchase agreements (Note
7)
|
38,611,557 |
Interest payable for credit facility and reverse repurchase agreements (Note
7)
|
245,140 |
Payable for investments
purchased
|
8,368,778 |
Payable for shares repurchased (Note
8)
|
224,084 |
Investment advisory fee payable (Note
5)
|
931,747 |
Administration fee payable (Note
5)
|
139,762 |
Directors' fee
payable
|
18,439 |
Accrued
expenses
|
435,511 |
Total
liabilities
|
299,975,018 |
Commitments and contingencies (Note
11)
|
|
Net
Assets
|
$ 829,896,375 |
Composition of Net Assets: | |
Paid-in
capital
|
1,068,813,613 |
Accumulated
losses
|
(238,917,238) |
Net
Assets
|
$ 829,896,375 |
Shares Outstanding and Net Asset Value Per Share: | |
Common shares
outstanding
|
44,070,942 |
Net asset value per
share
|
$ 18.83 |
Investment Income (Note 2): | |
Interest
|
$ 23,417,574 |
Dividends and distributions (net of foreign withholding tax of
$312,647)
|
4,987,089 |
Less return of capital
distributions
|
(981,000) |
Total investment
income
|
27,423,663 |
Expenses: | |
Investment advisory fees (Note
5)
|
5,487,525 |
Administration fees (Note
5)
|
823,129 |
Reports to
shareholders
|
252,454 |
Legal
fees
|
191,792 |
Custodian
fees
|
109,520 |
Directors'
fees
|
104,281 |
Fund accounting
fees
|
77,479 |
Audit and tax
services
|
70,140 |
Registration
fees
|
41,543 |
Transfer agent
fees
|
35,486 |
Miscellaneous
|
31,465 |
Insurance
|
26,041 |
Total operating
expenses
|
7,250,855 |
Interest expense on credit facility and reverse repurchase agreements (Note
7)
|
2,529,397 |
Total
expenses
|
9,780,252 |
Net investment
income
|
17,643,411 |
Net realized loss on: | |
Investment
transactions
|
(77,401,935) |
Foreign currency and foreign currency
transactions
|
(232,061) |
Net realized
loss
|
(77,633,996) |
Net change in unrealized depreciation on: | |
Investments
|
(81,293,784) |
Foreign currency
translations
|
4,603 |
Net change in unrealized
depreciation
|
(81,289,181) |
Net realized and unrealized
loss
|
(158,923,177) |
Net decrease in net assets resulting from
operations
|
$(141,279,766) |
For
the
Six Months Ended June 30, 2020 (Unaudited) |
For
the Year
Ended December 31, 2019 |
||
Increase (Decrease) in Net Assets Resulting from Operations: | |||
Net investment
income
|
$ 17,643,411 | $ 39,973,597 | |
Net realized gain
(loss)
|
(77,633,996) | 7,551,807 | |
Net change in unrealized appreciation
(depreciation)
|
(81,289,181) | 81,163,815 | |
Net increase (decrease) in net assets resulting from
operations
|
(141,279,766) | 128,689,219 | |
Distributions to Shareholders: | |||
Distributable
earnings
|
(50,101,392) 1 | (47,352,126) | |
Return of
capital
|
— | (39,751,489) | |
Total distributions
paid
|
(50,101,392) | (87,103,615) | |
Capital Share Transactions: | |||
Shares issued in the Reorganization (Note
9)
|
188,069,932 | — | |
Shares repurchased (Note
8)
|
(13,221,777) | (450,390) | |
Net increase (decrease) in net assets from capital share
transactions
|
174,848,155 | (450,390) | |
Total increase (decrease) in net
assets
|
(16,533,003) | 41,135,214 | |
Net Assets: | |||
Beginning of
period
|
846,429,378 | 805,294,164 | |
End of
period
|
$ 829,896,375 | $846,429,378 | |
Share Transactions: | |||
Shares issued in the Reorganization (Note
9)
|
8,425,476 | — | |
Shares repurchased (Note
8)
|
(821,591) | (20,880) | |
Net increase in shares
outstanding
|
7,603,885 | (20,880) |
1 | The tax character of the distributions paid will be determined during the Fund’s fiscal year end. |
Increase (Decrease) in Cash: | |
Cash flows provided by (used for) operating activities: | |
Net increase in net assets resulting from
operations
|
$(141,279,766) |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: | |
Purchases of long-term portfolio investments and principal
payups
|
(504,021,275) |
Proceeds from disposition of long-term portfolio investments and principal
paydowns
|
533,075,306 |
Net purchases and sales of short-term portfolio
investments
|
45,047,329 |
Return of capital distributions from portfolio
investments
|
981,000 |
Acquired from
Reorganization(1)
|
533,761 |
Increase in interest and dividends
receivable
|
(773,155) |
Increase in prepaid
expenses
|
(28,499) |
Decrease in interest payable for credit facility and reverse repurchase
agreements
|
(317,475) |
Increase in payable for shares
repurchased
|
224,084 |
Increase in investment advisory fee payable,
net
|
15,301 |
Increase in administration fee payable,
net
|
2,295 |
Increase in directors' fee
payable
|
4,235 |
Increase in accrued
expenses
|
322,514 |
Net amortization on investments and paydown gains or losses on
investments
|
(8,199,198) |
Unrealized depreciation on
investments
|
81,293,784 |
Net realized loss on investment
transactions
|
77,401,935 |
Net cash provided by operating
activities
|
84,282,176 |
Cash flows used for financing activities: | |
Net cash provided by credit
facility
|
71,000,000 |
Net cash provided by reverse repurchase
agreements
|
(23,580,443) |
Distributions paid to
stockholders
|
(50,101,392) |
Net cash used for shares
repurchased
|
(13,221,777) |
Cash acquired from the
Reorganization
|
719,038 |
Cash paid for fractional shares during the
Reorganization
|
(41) |
Acquired from
Reorganization(1)
|
(71,000,000) |
Net cash provided by financing
activities
|
(86,184,615) |
Net decrease in
cash
|
(1,902,439) |
Cash at beginning of
period(2)
|
6,186,919 |
Cash at end of
period(2)
|
$ 4,284,480 |
Supplemental Disclosure of Cash Flow Information: | |
Interest payments on the credit facility and reverse repurchase agreements for the six months ended June 30, 2020, totaled $2,846,872. | |
(1) Capital received due to the Reorganization was $188,069,932. The Acquired from Reorganization amount included in the operating activities is the other assets and liabilities from the Brookfield Global Listed Infrastructure Income Fund Inc. The Acquired from Reorganization amount included in the financing activities is the credit facility from the Brookfield Global Listed Infrastructure Income Fund Inc. | |
(2) Includes cash on deposit with brokers for reverse repurchase agreements. |
For
the
Six Months Ended June 30, 2020 |
For the Year Ended December 31, |
For the
Period
from December 5, 20161 to December 31, |
|||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | |||||
Per Share Operating Performance: | |||||||||
Net asset value, beginning of
period
|
$ 23.21 | $ 22.07 | $ 25.15 | $ 25.14 | $ 25.00 | ||||
Net investment
income2
|
0.42 | 1.10 | 1.52 | 1.74 | 0.15 | ||||
Net realized and change in unrealized gain (loss) on investment
transactions
|
(3.61) | 2.43 | (2.21) | 0.66 | 0.19 | ||||
Net increase (decrease) in net asset value resulting from
operations
|
(3.19) | 3.53 | (0.69) | 2.40 | 0.34 | ||||
Distributions from net investment
income
|
(1.19) | (1.30) | (1.53) | (1.84) | (0.15) | ||||
Return of capital
distributions
|
— | (1.09) | (0.86) | (0.55) | (0.05) | ||||
Total distributions
paid*
|
(1.19) | (2.39) | (2.39) | (2.39) | (0.20) | ||||
Net asset value, end of
period
|
$ 18.83 | $ 23.21 | $ 22.07 | $ 25.15 | $ 25.14 | ||||
Market price, end of
period
|
$ 16.66 | $ 21.35 | $ 19.07 | $ 23.37 | $ 22.31 | ||||
Total Investment Return based on Net Asset Value# | -13.75% 5 | 16.42% | -3.08% | 9.88% | 1.36% 5 | ||||
Total Investment Return based on Market Price† | -16.46%% 5 | 24.79% | -9.12% | 15.94% | 0.50% 3,5 | ||||
Ratios to Average Net Assets/Supplementary Data: | |||||||||
Net assets, end of period
(000s)
|
$829,896 | $846,429 | $805,294 | $917,653 | $917,593 | ||||
Operating expenses excluding interest
expense
|
1.76% 6 | 1.61% | 1.63% | 1.60% | 1.70% 6 | ||||
Interest
expense
|
0.61% 6 | 0.93% | 0.93% | 0.58% | 0.60% 6 | ||||
Total
expenses8
|
2.37% 6 | 2.54% | 2.56% | 2.18% | 2.30% 6 | ||||
Net expenses, including fee waivers and reimbursement and excluding interest
expense8
|
1.76% 6 | 1.61% | 1.08% | 1.03% | 1.03% 6 | ||||
Net expenses including waivers and
reimbursement8
|
1.76% 6 | 2.54% | 2.00% | 1.61% | 1.63% 6 | ||||
Net investment
income
|
4.29% 6 | 4.69% | 6.31% | 6.84% | 8.13% 6 | ||||
Net investment income, excluding the effect of fee waivers and
reimbursement
|
4.29% 6 | 4.69% | 5.76% | 6.27% | 7.46% 6 | ||||
Portfolio turnover
rate
|
49% 5 | 46% | 35% | 43% | 15% 4,5 | ||||
Credit facility and reverse repurchase agreements, end of period
(000s)
|
$289,612 | $242,192 | $280,800 | $259,395 | $302,682 | ||||
Asset coverage per $1,000 unit of senior
indebtedness7
|
$ 3,866 | $ 4,495 | $ 3,868 | $ 4,538 | $ 4,032 |
* | Distributions for annual periods determined in accordance with federal income tax regulations. |
# | Total investment return based on net asset value (“NAV”) is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The actual reinvestment price for dividends declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total investment return excludes the effects of sales charges or contingent deferred sales charges, if applicable. |
† | Total investment return based on market price is the combination of changes in the New York Stock Exchange ("NYSE") market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The actual reinvestment for dividends declared in the period may take place over several days as described in the Fund’s dividend reinvestment plan, and in some instances may not be based on the market price. Total investment return excludes the effect of broker commissions. |
1 | Commencement of operations. |
2 | Per share amounts presented are based on average shares outstanding throughout the period indicated. |
3 | Total investment return based on market price is calculated based on first trade price of $22.40 on December 5, 2016. |
4 | For the portfolio turnover calculation, portfolio purchases and sales of the Brookfield Mortgage Opportunity Income Fund Inc., Brookfield High Income Fund Inc. and Brookfield Total Return Fund Inc. made prior to the Reorganizations into the Brookfield Real Assets Income Fund Inc. have been excluded from the numerator and the monthly average value of securities used in the denominator reflects the combined market value after the Reorganizations. |
5 | Not annualized. |
6 | Annualized. |
7 | Calculated by subtracting the Fund's total liabilities (not including borrowings) from the Fund's total assets and dividing by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. |
8 | The operating expenses limitation agreement expired pursuant to its terms on December 4, 2018. |
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) |
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total | |||
U.S. Government & Agency
Obligations
|
$ — | $ 2,884,967 | $ — | $ 2,884,967 | |||
Securitized
Credit
|
— | 312,837,683 | 3,168,547 | 316,006,230 | |||
Corporate
Credit
|
— | 442,295,988 | 825 | 442,296,813 | |||
Term
Loans
|
— | 13,720,639 | — | 13,720,639 | |||
Common
Stocks
|
201,681,383 | 114,271,231 | 11 | 315,952,625 | |||
Money Market
Fund
|
22,010,837 | — | — | 22,010,837 | |||
Total
Investments
|
$ 223,692,220 | $ 886,010,508 | $ 3,169,383 | $1,112,872,111 |
Investments in Securities | Securitized Credit | Corporate Credit | Common Stocks | Total | |||
Balance as of December 31,
2019
|
$3,353,491 | $825 | $11 | $3,354,327 | |||
Change in unrealized appreciation
(depreciation)
|
(160,445) | — | — | (160,445) | |||
Sales
proceeds
|
(24,499) | — | — | (24,499) | |||
Balance as of June 30,
2020
|
$3,168,547 | $825 | $11 | $3,169,383 | |||
Change in unrealized gains or losses relating to assets still held at the reporting
date
|
$ (160,445) | $ — | $ — | $ (160,445) |
Counterparty |
Borrowing
Rate |
Borrowing
Date |
Maturity
Date |
Amount
Borrowed(1) |
Payable
For
Reverse Repurchase Agreements |
|
JPMorgan
Chase
|
0.25% | 05/21/20 | 07/15/20 | $ 1,396,500 | $ 1,396,898 | |
JPMorgan
Chase
|
0.25 | 05/28/20 | 07/15/20 | 2,806,169 | 2,806,831 | |
JPMorgan
Chase
|
0.50 | 05/21/20 | 07/15/20 | 2,302,988 | 2,304,299 | |
JPMorgan
Chase
|
0.50 | 06/08/20 | 09/08/20 | 1,026,047 | 1,026,375 | |
JPMorgan
Chase
|
0.50 | 06/12/20 | 09/08/20 | 1,970,430 | 1,970,950 | |
JPMorgan
Chase
|
0.75 | 06/08/20 | 09/08/20 | 14,003,826 | 14,010,536 | |
JPMorgan
Chase
|
0.75 | 06/12/20 | 09/08/20 | 3,693,750 | 3,695,212 | |
JPMorgan
Chase
|
0.85 | 06/08/20 | 09/08/20 | 3,302,972 | 3,304,766 | |
JPMorgan
Chase
|
0.88 | 06/08/20 | 09/08/20 | 2,131,875 | 2,133,067 | |
RBC Capital
Markets
|
1.12 | 05/21/20 | 08/21/20 | 5,977,000 | 5,984,652 | |
Total
|
$38,611,557 | $38,633,586 |
Overnight and Continuous | Up to 30 Days | 30 to 90 Days | Greater Than 90 Days | Total | |||||
Corporate
Credit
|
$— | $6,505,657 | $32,105,900 | $— | $38,611,557 | ||||
Total
|
$— | $6,505,657 | $32,105,900 | $— | $38,611,557 |
INF | |
Cost of
Investments
|
$233,782,953 |
Market value of
investments
|
257,818,799 |
Net unrealized appreciation of
investments
|
$ 24,035,846 |
Target Fund - Prior to Reorganization | INF |
Shares
outstanding
|
13,483,223 |
Net
assets
|
188,069,973 |
NAV per
shares
|
13.9484 |
Acquiring Fund - Prior to Reorganization | RA |
Shares
outstanding
|
36,467,057 |
Net
assets
|
813,999,050 |
NAV per
shares
|
22.3215 |
Acquiring Fund - Post Reorganization | RA |
Shares
outstanding(1)
|
44,892,533 |
Net
assets(1)
|
1,002,068,982 |
NAV per
shares
|
22.3215 |
Acquiring Fund - Pro Forma Results from Operations | RA |
Net investment
income
|
$ 17,565,886 |
Net realized loss | (76,194,171) |
Net change in unrealized
depreciation
|
(101,985,544) |
Change in net assets resulting from
operations
|
$(160,613,829) |
Ordinary
income
|
$47,352,126 |
Return of
capital
|
39,751,489 |
Total
|
$87,103,615 |
Post-October
loss
|
$ (132,118) |
Capital loss
carryforwards(1)
|
(86,439,632) |
Other accumulated
losses
|
(14,380,749) |
Tax basis unrealized appreciation on investments and foreign
currency
|
29,392,023 |
Total tax basis net accumulated
losses
|
$(71,560,476) |
Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation |
$1,047,459,888 | $71,161,337 | $(41,769,314) | $29,392,023 |
Distribution Per Share | Record Date | Payable Date |
$0.1990 | July 15, 2020 | July 23, 2020 |
$0.1990 | August 12, 2020 | August 20, 2020 |
Shares Voted For | Shares Voted Against | Shares Voted Abstain | ||
1. | To elect to the Fund's Board of Directors Louis P. Salvatore | 32,592,730 | 4,060,744 | 856,440 |
2. | To elect to the Fund's Board of Directors David W. Levi | 34,081,289 | 2,510,844 | 917,781 |
Shares Voted For | Shares Voted Against | Shares Voted Abstain | ||
1. | Issuance of Common Shares by RA | 9,724,307 | 1,096,009 | 230,513 |
2. | Ratification of Selection of Independent Registered Public Accounting Firm | 28,183,992 | 565,771 | 318,047 |
Shares Voted For | Shares Voted Against | Shares Voted Abstain | ||
1. | Reorganization of INF into RA | 6,890,246 | 204,459 | 63,030 |
• | Information we receive from you in applications or other forms, correspondence or conversations, including but not limited to name, address, phone number, social security number, assets, income and date of birth. |
• | Information about transactions with us, our affiliates, or others, including but not limited to account number, balance and payment history, parties to transactions, cost basis information, and other financial information. |
• | Information we may receive from our due diligence, such as your creditworthiness and your credit history. |
• | Unaffiliated service providers (e.g. transfer agents, securities broker-dealers, administrators, investment advisors or other firms that assist us in maintaining and supporting financial products and services provided to you); |
• | Government agencies, other regulatory bodies and law enforcement officials (e.g. for reporting suspicious transactions); |
• | Other organizations, with your consent or as directed by you; and |
• | Other organizations, as permitted or required by law (e.g. for fraud protection) |
Directors of the Fund | |
Edward A. Kuczmarski | Chairman |
Louis P. Salvatore | Audit Committee Chairman |
Heather S. Goldman | Director |
Stuart A. McFarland | Director |
David W. Levi | Director (Interested) |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
Schedule of Investments is included as part of the report to stockholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
None.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which stockholders may recommend nominees to the Registrants Board of Directors that were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(16)) of Schedule 14A (17 CFR 240.14a- 101), or this Item 10.
Item 11. Controls and Procedures.
(a) The Registrants principal executive officer and principal financial officer have concluded that the Registrants Disclosure Controls and Procedures are effective, based on their evaluation of such Disclosure Controls and Procedures as of a date within 90 days of the filing of this report on Form N-CSR.
(b) As of the date of filing this Form N-CSR, the Registrants principal executive officer and principal financial officer are aware of no changes in the Registrants internal control over financial reporting that occurred during the Registrants second fiscal quarter of the period covered by this report that has materially affected or is reasonably likely to materially affect the Registrants internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
(a)(1) None.
(3) Not applicable.
(4) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BROOKFIELD REAL ASSETS INCOME FUND INC. | ||
By: | /s/ Brian F. Hurley | |
Brian F. Hurley President and Principal Executive Officer |
Date: August 28, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Brian F. Hurley | |
Brian F. Hurley President and Principal Executive Officer |
Date: August 28, 2020
By: | /s/ Angela W. Ghantous | |
Angela W. Ghantous Treasurer and Principal Financial Officer |
Date: August 28, 2020
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