BROOKFIELD INFRASTRUCTURE INCOME FUND INC.
Consolidated Schedule of Investments (unaudited)
March 31, 2024DATE
ACQUIREDFOOTNOTE

LOCATION

COST1

FAIR
VALUE

PRIVATE INVESTMENTS - 86.4%
PRIVATE EQUITY INVESTMENTS - 75.6%
Renewable Power & Transition 34.7%
Canadian Wind Portfolio (Ontario Wind)

November 2022

2,3,4,5

North America

Colombian Renewable Power (Isagen)December 2022

2,4,5,6

Latin America

Nuclear Services (Westinghouse)

November 2023

2,4,5,6

Terraform Renewable Power (TERP)

November 2022

2,4,5,6

U.K. Renewables (OnPath)

December 2023

U.S. Hydro (Smoky Mountain)

March 2023

107,792,812 $

113,732,543

102,221,233

103,733,700

North America

115,000,000

125,956,556

Global

195,081,059

198,831,710

2,4,5,6Europe18,647,461

19,610,172

2,3,4,5

North America

142,417,324

145,630,764

681,159,889

707,495,445

Total Renewable Power & Transition$

Utilities 21.3%
Australian Utility (AusNet Services)

November 2022

2,3,4,5Asia Pacific

92,214,111

97,033,620

North American Residential Infrastructure (Enercare)

November 2022

2,3,4,5

North America

111,821,390

125,832,211

North American Residential Infrastructure (Homeserve)

January 2023

2,4,5,6

North America

94,949,535

98,944,869

U.K. Utility (SGN)

November 2022

2,3,4,5Europe51,268,087

54,823,912

U.S. Utility (FirstEnergy Transmission)

November 2022

2,4,5,6

North America

56,033,140

57,797,112

406,286,263

434,431,724

164,782,277

173,970,483

164,782,277

173,970,483
37,710,049

Total Utilities
Midstream 8.5%
Canadian Midstream (Inter Pipeline)

November 2022

2,3,4,5

North America

Total Midstream
Transport 6.4%
European LNG Vessels (Knutsen LNG)

March 2023

2,4,5Europe37,420,208

Global Container Network (Triton International)

April 2023

2,4,5,6

North America

91,275,740

93,332,431

128,695,948

131,042,480

90,091,508

95,481,480

Total Transport
Data 4.7%
European Telecom Towers (GD Towers)

February 2023

2,4,5,6EuropeU.S. Semiconductor Foundry (Intel Partnership)

January 2023

2,3,4,5

North America

Total Data
Total PRIVATE EQUITY INVESTMENTS––

90,091,508

95,481,480

1,471,015,885

1,542,421,612

133,920,961

PRIVATE DEBT INVESTMENTS - 10.8%
BII BID Aggregator A L.P.

December 2023

2,4,5,7

North America

131,962,318

BII BID Aggregator B L.P.

December 2023

2,4,5,7

North America

82,705,448

86,092,715

214,667,766

220,013,676

1,685,683,651

1,762,435,288

PRINCIPALAMOUNT

FAIR
VALUE

Total PRIVATE DEBT INVESTMENTS
Total PRIVATE INVESTMENTS

FOOTNOTE

LOCATION

8

PUBLIC SECURITIES 17.8%
Corporate Bonds 13.0%
Infrastructure Services 1.1%
GFL Environmental, Inc., 3.75%, 08/01/2025

North America

830,000

808,106

Republic Services, Inc., 2.50%, 08/15/2024

North America

14,571,000

14,399,652

Republic Services, Inc., 2.90%, 07/01/2026

North America

1,050,000

1,006,334

Waste Connections, Inc., 4.25%, 12/01/2028

North America

2,640,000

2,575,157

Waste Management, Inc., 3.15%, 11/15/2027

North America

2,160,000

2,048,546

Waste Management, Inc., 3.50%, 05/15/2024

North America

150,000

149,601

Xylem, Inc., 1.95%, 01/30/2028
Total Infrastructure Services

North America

1,780,000
23,181,000

1,598,974
22,586,370

Media 0.6%
CCO Holdings LLC, 6.38%, 09/01/2029

North America

855,000

811,069

Charter Communications Operating LLC, 4.91%, 07/23/2025

8North America

4,195,000

4,144,530

Comcast Corp., 2.35%, 01/15/2027

North America

4,825,000

4,515,322

See Notes to Consolidated Schedule of Investments.
1

BROOKFIELD INFRASTRUCTURE INCOME FUND INC.
Consolidated Schedule of Investments (unaudited) (continued)
March 31, 2024
FOOTNOTE

LOCATION

8

North America

8

PRINCIPALAMOUNT

FAIR
VALUE

PUBLIC SECURITIES 17.8% (continued)
Corporate Bonds 13.0% (continued)
Media 0.6% (continued)
Cox Communications, Inc., 3.50%, 08/15/2027
Total Media

$

1,780,000 $
11,655,000

1,691,830
11,162,751

Oil Gas Transportation & Distribution 3.5%
Antero Midstream Partners LP, 5.75%, 03/01/2027

North America

830,000

819,572

Boardwalk Pipelines LP, 4.45%, 07/15/2027

North America

4,180,000

4,080,663

Buckeye Partners LP, 4.13%, 12/01/2027

North America

1,225,000

1,152,928

Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027

North America

3,040,000

3,034,648

Cheniere Energy, Inc., 4.63%, 10/15/2028

North America

2,630,000

2,546,079

DCP Midstream Operating LP, 5.63%, 07/15/2027

North America

2,040,000

2,056,275

North America

885,000

813,614

Enbridge, Inc., 3.70%, 07/15/2027

North America

3,385,000

3,254,913

Energy Transfer LP, 2.90%, 05/15/2025

North America

1,090,000

1,058,144

Energy Transfer LP, 3.90%, 05/15/2024

North America

5,000,000

4,988,729

EnLink Midstream LLC, 5.38%, 06/01/2029

North America

1,705,000

1,673,038

Enterprise Products Operating LLC, 3.70%, 02/15/2026

North America

2,120,000

2,071,845

DT Midstream, Inc., 4.13%, 06/15/2029

8

EQM Midstream Partners LP, 7.50%, 06/01/2027

8North America

800,000

820,011

Gulfstream Natural Gas System LLC, 4.60%, 09/15/2025

8North America

550,000

540,757

Gulfstream Natural Gas System LLC, 6.19%, 11/01/2025

8North America

840,000

843,170

Hess Midstream Operations LP, 5.13%, 06/15/2028

8North America

1,705,000

1,648,479

Kinder Morgan, Inc., 4.30%, 06/01/2025

North America

3,130,000

3,086,107

MPLX LP, 4.00%, 02/15/2025

North America

3,040,000

2,996,574

MPLX LP, 4.00%, 03/15/2028

North America

1,780,000

1,714,763

NuStar Logistics LP, 6.00%, 06/01/2026

North America

815,000

811,289

ONEOK, Inc., 2.75%, 09/01/2024

North America

1,570,000

1,551,798

North America

1,245,000

1,213,836

North America

830,000

822,849

North America

4,050,000

3,995,538

ONEOK, Inc., 3.20%, 03/15/2025
Parkland Corp., 5.88%, 07/15/2027

8

Plains All American Pipeline LP, 4.65%, 10/15/2025
Rockies Express Pipeline LLC, 3.60%, 05/15/2025

North America

835,000

815,063

Sabine Pass Liquefaction LLC, 5.63%, 03/01/2025

North America

1,985,000

1,982,794

Sabine Pass Liquefaction LLC, 5.75%, 05/15/2024

North America

1,459,000

1,458,564

Targa Resources Partners LP, 6.88%, 01/15/2029

North America

4,655,000

4,785,354

TransCanada PipeLines Ltd., 4.88%, 01/15/2026

North America

4,050,000

4,023,333

Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/2028

North America

3,280,000

3,161,224

North America

900,000

810,004

Western Midstream Operating LP, 4.75%, 08/15/2028

North America

2,120,000

2,062,284

Williams Cos., Inc. (The), 4.55%, 06/24/2024
Total Oil Gas Transportation & Distribution

North America

5,624,000
73,393,000

5,609,878
72,304,117

North America

529,000

523,461

American Tower Corp., 3.38%, 05/15/2024

North America

1,165,000

1,161,493

American Tower Corp., 3.65%, 03/15/2027

North America

1,780,000

1,707,179

American Tower Corp., 5.25%, 07/15/2028

North America

1,600,000

1,600,589

AT&T, Inc., 1.70%, 03/25/2026

North America

3,730,000

3,488,254

North America

660,000

628,370

Crown Castle, Inc., 4.45%, 02/15/2026

North America

2,835,000

2,788,540

Digital Realty Trust LP, 3.70%, 08/15/2027

North America

2,145,000

2,048,962

Equinix, Inc., 1.80%, 07/15/2027

North America

1,390,000

1,244,708

Equinix, Inc., 2.63%, 11/18/2024

North America

4,056,000

3,974,340

Rogers Communications, Inc., 3.20%, 03/15/2027

North America

2,635,000

2,501,502

SBA Communications Corp., 3.88%, 02/15/2027

North America

1,770,000

1,684,879

Sprint Capital Corp., 6.88%, 11/15/2028

North America

1,200,000

1,277,209

Venture Global Calcasieu Pass LLC, 3.88%, 08/15/2029

88Real Estate 0.0%
Crown Castle, Inc., 5.00%, 01/11/2028
Telecommunication Services 1.7%

Cogent Communications Group, Inc., 3.50%, 05/01/2026

See Notes to Consolidated Schedule of Investments.
2

Brookfield

8

BROOKFIELD INFRASTRUCTURE INCOME FUND INC.
Consolidated Schedule of Investments (unaudited) (continued)
March 31, 2024
FOOTNOTE

PRINCIPALAMOUNT

LOCATION

FAIR
VALUE

PUBLIC SECURITIES 17.8% (continued)
Corporate Bonds 13.0% (continued)
Telecommunication Services 1.7% (continued)
TELUS Corp., 3.70%, 09/15/2027

North America

1,780,000 $

1,703,372

T-Mobile USA, Inc., 3.50%, 04/15/2025

North America$

5,350,000

5,246,224

Verizon Communications, Inc., 2.63%, 08/15/2026
Total Telecommunication Services

North America

4,655,000
36,751,000

4,411,929
35,467,550

Canadian National Railway Co., 2.75%, 03/01/2026

North America

1,780,000

1,710,812

Canadian Pacific Railway Co., 1.35%, 12/02/2024

North America

765,000

743,956

Canadian Pacific Railway Co., 1.75%, 12/02/2026

North America

1,780,000

1,635,353

Canadian Pacific Railway Co., 2.90%, 02/01/2025

North America

2,520,000

2,462,952

CSX Corp., 2.60%, 11/01/2026

North America

3,160,000

2,989,617

Union Pacific Corp., 4.75%, 02/21/2026
Total Transportation

North America

4,025,000
14,030,000

4,020,107
13,562,797

Transportation 0.7%

Utility 5.1%
AEP Texas, Inc., 3.85%, 10/01/2025

8North America

2,079,000

2,016,115

AES Corp. (The), 3.30%, 07/15/2025

8North America

3,185,000

3,085,670

Ameren Corp., 1.75%, 03/15/2028

North America

2,545,000

2,247,817

Ameren Corp., 2.50%, 09/15/2024

North America

4,337,000

4,273,796

Black Hills Corp., 5.95%, 03/15/2028

North America

2,040,000

2,106,748

CenterPoint Energy Resources Corp., 5.25%, 03/01/2028

North America

2,660,000

2,688,471

North America

875,000

831,799

Cleveland Electric Illuminating Co. (The), 5.50%, 08/15/2024

North America

5,606,000

5,600,593

CMS Energy Corp., 3.45%, 08/15/2027

North America

2,130,000

2,023,074

Consolidated Edison Co. of New York, Inc., 4.00%, 12/01/2028

North America

3,155,000

3,073,470

Constellation Energy Generation LLC, 3.25%, 06/01/2025

North America

2,120,000

2,072,307

Dominion Energy, Inc., 2.85%, 08/15/2026

North America

1,780,000

1,683,821

Dominion Energy, Inc., 3.07%, 08/15/2024

North America

1,165,000

1,152,249

DTE Energy Co., 1.05%, 06/01/2025

North America

2,160,000

2,051,142

Duke Energy Corp., 2.65%, 09/01/2026

North America

2,175,000

2,052,718

Duke Energy Corp., 3.75%, 04/15/2024

North America

5,088,000

5,083,931

Edison International, 3.55%, 11/15/2024

North America

10,260,000

10,121,562

Edison International, 4.95%, 04/15/2025

North America

1,440,000

1,428,207

Entergy Corp., 0.90%, 09/15/2025

North America

3,270,000

3,065,744

Evergy, Inc., 2.45%, 09/15/2024

North America

3,418,000

3,364,750

Eversource Energy, 2.90%, 10/01/2024

North America

5,808,000

5,720,698

Eversource Energy, 4.20%, 06/27/2024

North America

760,000

757,435

Eversource Energy, 5.45%, 03/01/2028

North America

890,000

901,183

Exelon Corp., 3.40%, 04/15/2026

North America

2,120,000

2,049,724

FirstEnergy Corp., 4.15%, 07/15/2027

North America

1,255,000

1,203,597

Fortis, Inc., 3.06%, 10/04/2026

North America

3,160,000

2,991,796

NextEra Energy Capital Holdings, Inc., 1.90%, 06/15/2028

North America

1,800,000

1,593,175

NextEra Energy Capital Holdings, Inc., 4.26%, 09/01/2024

North America

765,000

759,904

NiSource, Inc., 3.49%, 05/15/2027

North America

2,130,000

2,032,490

NRG Energy, Inc., 6.63%, 01/15/2027

North America

805,000

805,625

Pacific Gas and Electric Co., 3.15%, 01/01/2026

North America

2,130,000

2,047,007

PPL Capital Funding, Inc., 3.10%, 05/15/2026

North America

1,780,000

1,703,100

Public Service Electric and Gas Co., 3.00%, 05/15/2027

North America

2,900,000

2,742,423

Sempra, 3.30%, 04/01/2025

North America

2,135,000

2,088,945

North America

1,015,000

838,342

North America

11,576,000

11,518,336

Clearway Energy Operating LLC, 4.75%, 03/15/2028

Sempra Global, 3.25%, 01/15/2032

88Southern Co. (The), 4.48%, 08/01/2024
Vistra Operations Co. LLC, 5.13%, 05/13/2025

North America

900,000

892,040WEC Energy Group, Inc., 4.75%, 01/15/2028

8North America

1,780,000

1,768,056

Xcel Energy, Inc., 3.30%, 06/01/2025
Total Utility

North America

2,040,000
107,237,000

1,985,732
104,423,592

See Notes to Consolidated Schedule of Investments.
3

BROOKFIELD INFRASTRUCTURE INCOME FUND INC.
Consolidated Schedule of Investments (unaudited) (continued)
March 31, 2024
FOOTNOTE

PRINCIPALAMOUNT

LOCATION

FAIR
VALUE

PUBLIC SECURITIES 17.8% (continued)
Corporate Bonds 13.0% (continued)
Media 0.0%
Sunrise FinCo I BV, 4.88%, 07/15/2031

8Europe$540,000 $481,938

Telecommunication Services 0.2%
British Telecommunications plc, 5.13%, 12/04/2028
Virgin Media Secured Finance plc, 5.50%, 05/15/2029

8

Vodafone Group plc, 4.38%, 05/30/2028
Total Telecommunication Services

Europe1,780,000

Europe505,000

1,791,131
467,047

Europe1,780,000
4,065,000

1,753,595
4,011,773

Europe805,000

Utility 0.1%
Atlantica Sustainable Infrastructure plc, 4.13%, 06/15/2028

8739,480

Total Corporate Bonds (Cost $263,906,376)

265,263,829

Short-Term Investments
U.S. Treasury Securities - 2.7%
U.S. Treasury Bills, 5.28%, 04/23/2024

9North America

56,000,000

55,819,649

SHARESFAIR
VALUE

Money Market Funds - 2.1%
Fidelity Institutional Money Market Treasury Portfolio, Institutional Class, 5.21%

10North America

21,592,682

21,592,682

Invesco Government & Agency Portfolio, Institutional Class, 5.26%
Total Money Market Funds

10

North America

21,592,682

21,592,682
43,185,364

Total Short-Term Investments (Cost $99,005,133)

99,005,013

Total PUBLIC SECURITIES 17.8%
Total Investments (Cost $2,048,595,160) 104.2%

364,268,842
2,126,704,130

Liabilities in Excess of Other Assets (4.2)%
TOTAL NET ASSETS 100.0%(85,759,049)$

2,040,945,081

The following notes should be read in conjunction with the accompanying Consolidated Schedule of Investments.
1
2
3
4
5
6
7

Cost initially reflects the market value as of the date of Reorganization, where applicable, and is adjusted for subsequent purchases and sales
activity.
Affiliated security (refer to Note 6, Investments in Affiliated Issuers, for further details).
Held through wholly-owned subsidiaries (refer to Note 2, Significant Accounting Policies, for further details).
These securities are characterized as Level 3 securities within the disclosure hierarchy. Level 3 security values are determined using significant
unobservable inputs. As of March 31, 2024, the total value of all such securities was $1,762,435,288 or 86.4% of net assets.
Reflects the date at which the Predecessor Fund initially acquired the investment, where applicable. Certain investments held by the Predecessor
Fund were purchased from affiliates.
Indirectly held through an affiliated unconsolidated special purpose vehicle.
The Fund’s investments in BII BID Aggregator A L.P. (“Aggregator A”) and BII BID Aggregator B L.P. (“Aggregator B”) represent equity interests
in entities that provide debt loans to infrastructure borrowers, either by committing and funding these loans entirely with their own capital, or
alongside affiliates. Brookfield Infrastructure Debt Fund III, LP, an affiliate of the Fund, is also an investor in Aggregator A and Aggregator B (i.e.
a co-investor). Aggregator A and Aggregator B do not charge management fees and redemption provisions are limited to the liquidity of theirinvestments, which may be limited. The infrastructure debt loans are made across multiple sectors, including transport, data and renewable power& transition.
The Fund may use certain derivative instruments, in order to hedge its currency or interest rate risk, in accordance with its investment program.
Aggregator A:
Aggregator A has made loan commitments of $189 million of which $128 million was funded as of March 31, 2024. The coupons for these loans
are fixed and, as of March 31, 2024, range from 8% to 9%. The maturities range from April 2027 to March 2031.
Aggregator B:
Aggregator B has made loan commitments of $93 million, all of which were fully funded as of March 31, 2024. The coupons for these loans arecomprised of fixed and variable rates and, as of March 31, 2024, range from 9% to 12% (on a swapped to fixed basis). The maturities range from
August 2027 to April 2028.

See Notes to Consolidated Schedule of Investments.
4

BrookfieldBROOKFIELD INFRASTRUCTURE INCOME FUND INC.
Consolidated Schedule of Investments (unaudited) (continued)
March 31, 2024
8

Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt fromregistration to qualified institutional buyers. As of March 31, 2024, the total value of such security was $21,225,325 or 1.0% of net assets.
9 The rate shown represents current yield to maturity.
10 The rate shown represents the seven-day yield as of March 31, 2024.

Interest Rate Swap Contracts
At March 31, 2024, the Fund had the following interest rate swap contracts outstanding:
Notional
AmountPayment Counter- Maturity(LocalFrequency party
Date
Currency)

Description

Currency

Upfront Unrealized
Payments Gain/(Loss)(Receipts)
(USD)

Value
aa

aa

aa

aa

OTC Interest Swap Contracts
Receive 4.236% Pay 3-month BBSY
Receive 4.921% Pay 1-day SONIA

AnnualAnnualMacquarie
Macquarie

4/17/26
4/17/26

34,000,000
17,316,472

AUD
GBP

$ 1,499,813 $
2,294,269—$—

249,144
270,836

Total Interest Rate Swap Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,794,082 $—$

519,980

Foreign currency forward contracts
At March 31, 2024, the Fund had the following forward exchange contracts outstanding:Counterparty
Goldman Sachs & Co.
Goldman Sachs & Co.
Mizuho Financial Group
Macquarie Group
Macquarie Group
Mizuho Financial Group
Mizuho Financial Group
Mizuho Financial Group
Mizuho Financial Group
Mizuho Financial Group
Mizuho Financial Group
Mizuho Financial Group
Mizuho Financial Group
Mizuho Financial Group
Mizuho Financial Group

Value /
Unrealized
Appreciation(Depreciation)
$
2,897
2,499
162,481
72,213
464,594
477,190
24,14077,212
298,015
11,3235,310
140,058
108,088
1,989
227,147

Total unrealized appreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,075,156

Settlement Date
04/22/24
04/22/24
05/02/24
01/07/25
01/07/25
02/28/25
06/06/25
06/06/25
08/29/25
02/02/26
02/02/26
02/27/26
03/31/26
03/31/26
12/21/26

04/04/24
04/04/24
04/22/24
04/22/24
05/17/24
07/22/24
07/22/24
10/03/24

Currency to be received
651,680
USD
681,707USD
20,361,495
USD
14,505,000,000
COP
31,264,000,000
COP
28,977,000
USD
2,854,770
USD
2,282,600
USD
29,040,050
USD
3,812,372
USD
4,315,960
USD
31,005,995
USD
102,569,366
USD
1,229,085
USD
25,110,840
USD

137,405,000
100,512,052
596,526
614,974
6,397,000
421,868
614,873
124,187,304

CAD
USD
USD
USD
USD
USD
USD
USD

Currency to be delivered
994,460
AUD
538,019
GBP
18,700,000
EUR3,530,915
USD
7,289,345
USD
26,000,000
EUR
4,300,000
AUD
2,000,000
EUR
26,000,000
EUR
5,100,000
CAD
3,400,000
GBP
27,700,000
EUR
137,405,000
CAD
1,100,000
EUR
37,689,816
AUD

101,781,481
137,405,000
932,947
504,739
10,000,000
658,551
504,739
170,000,000

USD
CAD
AUD
GBP
AUD
AUD
GBP
CAD

Mizuho Financial Group
Mizuho Financial Group
Goldman Sachs & Co.
Goldman Sachs & Co.
Goldman Sachs & Co.
Goldman Sachs & Co.
Goldman Sachs & Co.
Macquarie Group(300,506)(968,174)(12,078)(22,142)(130,784)(8,694)(22,260)(1,648,596)

See Notes to Consolidated Schedule of Investments.
5

BROOKFIELD INFRASTRUCTURE INCOME FUND INC.
Consolidated Schedule of Investments (unaudited) (continued)
March 31, 2024

Counterparty
Mizuho Financial Group
Mizuho Financial Group
Goldman Sachs & Co.
Goldman Sachs & Co.
Macquarie Group
Macquarie Group
Macquarie Group
Macquarie Group
Goldman Sachs & Co.
Goldman Sachs & Co.
Mizuho Financial Group
Macquarie Group
Goldman Sachs & Co.
Goldman Sachs & Co.
Macquarie Group
Mizuho Financial Group
Mizuho Financial Group
Mizuho Financial Group
Mizuho Financial Group
Goldman Sachs & Co.
Goldman Sachs & Co.
Mizuho Financial Group
Mizuho Financial Group
Mizuho Financial Group
Mizuho Financial Group
Macquarie Group
Goldman Sachs & Co.
Goldman Sachs & Co.
Mizuho Financial Group
Goldman Sachs & Co.
Goldman Sachs & Co.
Mizuho Financial Group
Goldman Sachs & Co.
Goldman Sachs & Co.
Goldman Sachs & Co.
Goldman Sachs & Co.
Mizuho Financial Group
Mizuho Financial Group

Value /
Unrealized
Appreciation(Depreciation)$(6,509,719)(1,227,458)(9,059)(22,877)(10,324,571)(17,897)(9,952,784)(10,067,659)(9,472)(23,428)(43,852)(2,041,468)(9,763)(23,527)(219,182)(1,624,527)(74,356)(55,641)(11,565)(10,276)(24,422)(20,362)(60,080)(168)(27,726)(495,845)(10,977)(25,264)(59,253)(11,350)(25,752)(18,113)(437,977)(10,607)(24,102)(915,340)(16,358)(217,987)

Total unrealized depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(47,793,998)

Settlement Date
10/04/24
10/08/24
10/22/24
10/22/24
01/07/25
01/07/25
01/07/25
01/07/25
01/22/25
01/22/25
02/28/25
04/03/25
04/24/25
04/24/25
06/06/25
06/06/25
06/06/25
06/06/25
06/12/25
07/22/25
07/22/25
09/15/25
09/15/25
09/15/25
09/15/25
09/22/25
10/22/25
10/22/25
12/15/25
01/22/26
01/22/26
03/31/26
04/17/26
04/17/26
04/17/26
04/17/26
09/30/26
12/08/26

Currency to be received
42,182,079
USD
63,445,792
USD
427,036USD
621,375
USD
25,195,955
USD
43,297
USD
24,662,872
USD
24,655,323
USD
427,302
USD
621,069
USD
1,582,020
EUR
126,684,626
USD
418,013USD
607,068
USD
2,235,468
USD
38,500,000
EUR
56,593,350
USD
2,220,138
USD
2,152,933
USD
422,592
USD
613,258
USD
1,493,045
USD
9,457,662
USD
2,653,080
USD
1,363,780
USD
3,084,897
USD
426,836
USD
619,385
USD
5,074,276
USD
426,570USD
618,926
USD
3,111,803
USD
15,345,600
USD
393,991
USD
571,456
USD
20,956,394
USD
4,816,731
USD
16,200,279
USD

Currency to be delivered
38,669,000
GBP
98,756,000
AUD
665,788
AUD
510,286
GBP
144,524,000,000
COP
249,000,000
COP
140,825,000,000
COP
141,275,000,000
COP665,788
AUD
510,286
GBP
1,778,665
USD
173,525,000
CAD
651,314
AUD
499,193
GBP
11,326,000,000
COP
44,086,350
USD
51,500,000
EUR
1,800,000
GBP
1,710,000
GBP
658,551
AUD
504,739
GBP
2,300,000
AUD
12,800,000
CAD
2,400,000
EUR
1,100,000
GBP
13,808,000,000
COP665,788
AUD
510,286
GBP
6,900,000
CAD
665,788
AUD
510,286
GBP
4,200,000
CAD
24,000,000
AUD
615,130
AUD
471,460
GBP
17,316,472
GBP
4,300,000
EUR
12,945,000
GBP

Net unrealized depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

See Notes to Consolidated Schedule of Investments.
6

Brookfield$(45,718,842)

BROOKFIELD INFRASTRUCTURE INCOME FUND INC.
Consolidated Schedule of Investments (unaudited) (continued)
March 31, 2024

Abbreviations
AUD — Australian Dollar
CAD — Canadian Dollar
COP — Colombian Peso
EUR — Euro
GBP — British Pound
USD — U.S. Dollar
BBSY — Bank Bill Swap Rate
SONIA — Sterling Over Night Indexed Average

See Notes to Consolidated Schedule of Investments.
7

BROOKFIELD INFRASTRUCTURE INCOME FUND INC.
Notes to Consolidated Schedule of Investments (unaudited)
March 31, 2024​​1. ORGANIZATION & INVESTMENT OBJECTIVES
Brookfield Infrastructure Income Fund Inc. (the “Fund”) is a newly organized Maryland corporation registered under theInvestment Company Act of 1940, as amended (the “1940 Act” or the “Investment Company Act”), as a non-diversified,closed-end management investment company with no operating history. The Fund continuously offers its shares ofcommon stock, as well as periodic liquidity to investors. The Fund's Class I Shares, Class S Shares and Class D Sharescommenced operations on November 1, 2023, December 1, 2023 and March 1, 2024, respectively.
The Fund currently offers shares of four classes of common stock on a continuous basis: Class I Common Shares (“ClassI Shares”), Class D Common Shares (“Class D Shares”), Class S Common Shares (“Class S Shares”), and Class T
Common Shares (“Class T Shares” and, together with the Class I Shares, the Class D Shares, and the Class S Shares,
the “Shares”). The Fund was granted exemptive relief (the “Multi-Class Exemptive Relief”) by the U.S. Securities andExchange Commission (the “SEC”) that permits the Fund to issue multiple classes of shares and to impose asset-based
distribution fees and early-withdrawal fees. In addition to the Class I Shares, Class D Shares, Class S Shares, and ClassT Shares, the Fund may offer additional classes of shares in the future.
Brookfield Asset Management Private Institutional Capital Adviser (Canada), L.P. (the “Adviser”) serves as the investment
adviser to the Fund pursuant to the terms of an investment advisory agreement with the Fund (the “Advisory Agreement”).
The Adviser is an indirect wholly-owned subsidiary of Brookfield Asset Management ULC (“BAM ULC”). Brookfield
Public Securities Group LLC (the “Administrator”), an indirect-wholly-owned subsidiary of BAM ULC, is registered as aninvestment adviser under the Investment Advisers Act of 1940, as amended, and serves as Administrator to the Fund.
Brookfield Corporation, a publicly traded company (NYSE: BN; TSX: BN), holds a 75% interest in BAM ULC, while
Brookfield Asset Management Ltd. (NYSE: BAM; TSX: BAMA) (“Brookfield Asset Management”) holds a 25% interest in
BAM ULC. Brookfield Asset Management is a leading global alternative asset manager.
The Fund’s investment objective is to maximize total returns through growth of capital and current income. There can be
no assurance that the Fund will achieve its investment objective.
BII launched on November 1, 2023, as a regulated investment company, structured as a "tender offer fund." At the timeof launch, a predecessor fund based in Luxembourg, Brookfield Infrastructure Income Fund SCSp (the "Predecessor
Fund"), was reorganized into the Fund (the "Reorganization") and as a result, the Fund adopted all of the assets andliabilities of the Predecessor Fund, including its portfolio of private infrastructure investments. The Fund maintains aninvestment objective and investment strategies, policies, guidelines and restrictions that are, in all material respects,
equivalent to those of the Predecessor Fund. Further, the Reorganization did not result in (1) a material change in thePredecessor Fund’s investment portfolio due to investment restrictions; or (2) a change in accounting policies. Additionally,
the investment advisers and portfolio managers did not change as a result of the Reorganization. The net asset value ofthe Fund’s shares as of close of business on October 31, 2023, after the Reorganization, was $10.00 for Class I Sharesand the Fund received in-kind capital contributions of net assets valued at $1,548,637,987 in exchange for 154,863,799
Class I Shares.
​​2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESReporting entity and principles of consolidation
The entities listed below are wholly-owned subsidiaries (each a “Subsidiary”, or together “Subsidiaries”) of the Fund. All
investments held by the Subsidiaries are disclosed in the Consolidated Schedule of Investments.
Subsidiaries
Enercare BII ULC, an Alberta corporation formed on September 23, 2022.
IPL BII ULC, an Alberta corporation formed on September 23, 2022.

8

BrookfieldBROOKFIELD INFRASTRUCTURE INCOME FUND INC.
Notes to Consolidated Schedule of Investments (unaudited) (continued)
March 31, 2024​​2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Ontario Wind BII ULC, an Alberta corporation formed on September 23, 2022.
Intermediate Holdings US LLC, formed as a limited liability company under the Delaware Limited Liability Company Act
on September 30, 2022.
BII Foundry Holdings LLC, formed as a limited liability company under the Delaware Limited Liability Company Act on
December 22, 2022.
BII Smoky Holdings LLC, formed as a limited liability company under the Delaware Limited Liability Company Act on
February 16, 2023.
BII Finco (Cayman) 2 LP formed as an Exempted Limited Partnership registered in the Cayman Islands on October 10th,2023.
BII Finco GP LLC, formed in Delaware on October 10th, 2023 and is the sole general partner of BII Finco (Cayman) 2 LP.
Valuation of investments
The Board of Directors (the "Board") has designated the Adviser as the valuation designee pursuant to Rule 2a-5 underthe 1940 Act to perform fair value determination relating to any or all fund investments. The Board oversees the Adviser in
its role as the valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act.
The Fund values its Private Investments on at least a monthly basis. The Fund carries its private investments at theirestimated fair value as determined by the Adviser. A number of valuation methodologies are considered in arriving at
the fair value of unquoted investments, including internal or external valuation models, which may include discounted
cash flow analysis. The most appropriate methodology to determine fair value is chosen on an investment by investment
basis. Any control, size, liquidity or other discounts or premiums on the investment are considered by the Adviser in theirdetermination of fair value. During the initial period after an investment has been made, cost may represent the most
reasonable estimate of fair value. Intra-quarter month-end values will reflect the latest quarterly valuation, as adjusted
based on the total return that the investment is expected to generate, the impact of foreign exchange rates, and any
adjustments the Adviser deems appropriate.
Investments in equity securities listed or traded on any securities exchange or traded in the over-the-counter market arevalued at the last trade price as of the close of business on the valuation date. If the relevant exchange closes early, thenthe equity security will be valued at the last traded price before the relevant exchange close. Prices of foreign equities thatare principally traded on certain foreign markets will generally be adjusted daily pursuant to a fair value pricing service
approved by the Board in order to reflect an adjustment for the factors occurring after the close of certain foreign markets
but before the NYSE close. When fair value pricing is employed, the value of the portfolio securities used to calculate
the Fund’s net asset value (“NAV”) may differ from quoted or official closing prices. Investments in open-end registeredinvestment 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 anindependent pricing service or, if not valued by an independent pricing service, using bid prices obtained from active andreliable 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, timingof 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, inthe judgment of the Adviser’s Valuation Committee, does not represent fair value.

2024 Quarterly Report

9

BROOKFIELD INFRASTRUCTURE INCOME FUND INC.
Notes to Consolidated Schedule of Investments (unaudited) (continued)
March 31, 2024​​2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Over-the-counter financial derivative instruments, such as forward currency contracts, options contracts, or swap
agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination ofthese factors. These instruments are normally valued on the basis of evaluations provided by independent pricing services
or broker dealer quotations. Depending on the instrument and the terms of the transaction, the value of the derivative
instruments can be estimated by a pricing service provider using a series of techniques, such as simulation pricing models.
The pricing models use issuer details and other inputs that are observed from actively quoted markets such as indices,
spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs
as described above are normally categorized as Level 2 of the fair value hierarchy.
The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference
to quoted market prices or dealer price quotation, without any deduction for transaction costs. For financial instruments
not traded in an active market, the fair value is determined using appropriate valuation techniques. Such techniques may
include using recent arm’s length market transactions, reference to the current fair value or another instrument that is
substantially the same, a discounted cash flow analysis, or other valuation models.
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 brokerdealer 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. Non-publicly traded debt and equity securities and other securities or instruments
for which reliable market quotations are not available are valued by the Adviser using valuation methodologies applied ona consistent basis. These securities may initially be valued at the acquisition price as the best indicator of fair value. The
Adviser reviews the significant unobservable inputs, valuations of comparable investments and other similar transactions
for investments valued at acquisition price to determine whether another valuation methodology should be utilized.
Subsequent valuations will depend on facts and circumstances known as of the valuation date and the application ofvaluation methodologies further described below. The fair value may also be based on a pending transaction expected
to close after the valuation date. These valuation methodologies involve a significant degree of management judgment.
Accordingly, valuations do not necessarily represent the amounts which may eventually be realized from sales or otherdispositions of investments in the future. Fair values may differ from the values that would have been used had a readymarket for the investment existed, and the differences could be material.
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) knowledgeof 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 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.

10

BrookfieldBROOKFIELD INFRASTRUCTURE INCOME FUND INC.
Notes to Consolidated Schedule of Investments (unaudited) (continued)
March 31, 2024

3. FAIR VALUE MEASUREMENTS
A three-tier hierarchy has been established to maximize the use of observable market data and minimize the use ofunobservable 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 executedtransactions, 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 ofMarch 31, 2024:
FAIR VALUE MEASUREMENTSLEVEL 2LEVEL 3

LEVEL 1
Investments accounted for at fair value:
Private investments.. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Public securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Short-Term Investments. . . . . . . . . . . . . . . . . . . . . . . . .
Total Investments at Fair Value.. . . . . . . . . . . . . . . . . . .

$——43,185,364
43,185,364

$

$

$

—
—
—

$
$

—
—

$

$ 1,762,435,288——$ 1,762,435,288$ 1,762,435,288
265,263,829
99,005,013$ 2,126,704,130

$
$

—
—
—

$

$

2,075,156
519,980
2,595,136$

2,075,156
519,980
2,595,136$$

47,793,998
47,793,998

$
$

—
—

$
$

47,793,998
47,793,998$—
265,263,829
55,819,649
321,083,478

TOTAL

Other Financial Instruments (Assets)
Foreign currency forward contracts. . . . . . . . . . . . . . . .
Interest rate swaps. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Other Financial Instruments (Assets).. . . . . . . . . .

$Other Financial Instruments (Liabilities)
Foreign currency forward contracts. . . . . . . . . . . . . . . .
Total Other Financial Instruments (Liabilities).. . . . . . . .

2024 Quarterly Report

11

BROOKFIELD INFRASTRUCTURE INCOME FUND INC.
Notes to Consolidated Schedule of Investments (unaudited) (continued)
March 31, 2024

3. FAIR VALUE MEASUREMENTS (continued)
The table below shows the significant unobservable valuation inputs that were used by the Adviser to fair value the Level
3 investments as of March 31, 2024.
Quantitative Information about Level 3 Fair Value Measurements

Private equity
Investments

Private debt
Investments

1

Impact to
Valuationfrom anIncreasein Input(1)Value as of March
31, 2024

Valuation
Approach

Valuation Technique

Unobservable
Input

Amount or
Range$1,542,421,612

IncomeApproach

Discounted
Cash Flow

Discount
Rate

6.5% to 17.3%(10.9%)

Decrease

Terminal Value
Multiple

4.2x to 23.5x(11.9x)Increase

Discount
Rate

8% to 12%
(9.3%)

Decrease$220,013,676

IncomeApproach

Discounted
Cash Flow

The impact represents the expected directional change in the fair value of Level 3 investments that would result from an increase in thecorresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result insignificantly higher or lower fair value measurements.

The following is a reconciliation of the assets in which significant unobservable inputs (Level 3) were used in determining
fair value:
Private Equity
1,521,538,907 $
403,581————
20,479,124

Private Debt
207,450,302 $
18,983,803(6,829,000)———
408,571

Total
1,728,989,209
19,387,384(6,829,000)———
20,887,695$

1,542,421,612 $

220,013,676 $

1,762,435,288$

20,479,124 $408,571 $

20,887,695

Balance as of December 31, 2023
Purchases of investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Return of capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sales proceeds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued discounts (premiums). . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Realized gain (loss).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net change in unrealized appreciation. . . . . . . . . . . . . . . . . . . . . . .

$Balance as of March 31, 2024. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Change in unrealized appreciation for Level 3 assets still held at
the reporting date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

​​4. BORROWINGS
Related party: On December 8, 2023, the Fund established a $300 million loan facility with BII BIG Holdings L.P., an
indirect wholly-owned subsidiary of BAM ULC. Each loan advanced under the facility incurs interest at a rate of 8% perannum and is repayable no later than two years following the date of advance. As of December 31, 2023, $174 million wasadvanced on the facility and $762,740 of interest was incurred. During the three-month period ended March 31, 2024, theFund converted $25,000,000 of the $174,000,000 brought forward balance to equity and repaid the residual balance in
cash, including interest of $1,324,276.
Credit facility: The Predecessor Fund established a line of credit with Mizuho Bank, Ltd. on April 19, 2023. This facility
was transferred to the Fund as part of the Reorganization that occurred on October 31, 2023. The Fund pays interest in
the amount of SOFR plus 2.65% on the amount borrowed; 0.30% on the amount unused if the aggregate outstanding
amount of the loan is less than 50% of the commitment (0.25% on the amount unused if otherwise). The Fund incurredcommitment fees of $89,483 during the three-month period ended March 31, 2024.

12

BrookfieldBROOKFIELD INFRASTRUCTURE INCOME FUND INC.
Notes to Consolidated Schedule of Investments (unaudited) (continued)
March 31, 2024​​4. BORROWINGS (continued)
During the three-month period ended March 31, 2024, the Fund borrowed an additional $4,000,000 and subsequently
repaid the total outstanding amount on the facility of $101,902,000, including accrued interest of $788,636. During theperiod, the Fund borrowed an average daily balance of $3,798,967 at a weighted average borrowing cost of 8.11%.
The Fund amortized $157,069 in deferred financing costs. As of March 31, 2024, the Fund had $661,068 in unamortizeddeferred financing costs. The remaining portion is being amortized over the life of the agreement which matures on April
18, 2025.
Reverse Repurchase Agreements: In a reverse repurchase agreement, the Fund delivers a security to a financial institution,
the counterparty, in exchange for cash 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. The Fund will segregate assets delivered ascollateral under reverse repurchase agreements.
Reverse repurchase agreements involve the risk that the market value of the securities retained in lieu of sale by theFund may decline below the price of the securities the Fund has sold but is obligated to repurchase. In the event thebuyer 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 repurchasethe securities, and the Fund’s use of the proceeds of the reverse repurchase agreement may effectively be restrictedpending such decision. Also, the Fund would bear the risk of loss to the extent that the proceeds of the reverse repurchaseagreement are less than the value of the securities subject to such agreements.
During the three-month period ended March 31, 2024, the Fund settled all outstanding reverse repurchase positions
totaling $84,537,000. The average daily balance of positions outstanding during the period was $62,481,091 at a weighted
average interest rate of 6.39%. Interest expense amounted to $840,492.
​​5. INVESTMENTS IN AFFILIATED ISSUERS
The table below reflects transactions during the period with entities that are affiliates as of March 31, 2024.

aa
Australian Utility (AusNet Services)

Opening Value

Sales

99,067,180 $—

173,857,590

—

—

— $

Canadian Wind Portfolio (Ontario Wind)

113,599,103——

Colombian Renewable Power (Isagen)100,976,332——

European LNG Vessels (Knutsen LNG)

37,245,008——

European Telecom Towers (GD Towers)

95,643,837—

Global Container Network (Triton International)

93,810,489

North American Residential Infrastructure (Enercare)
North American Residential Infrastructure (Homeserve)(2,033,560) $Dividend andDistributions
Income1

End Value
97,033,620 $——

133,440

113,732,543

363,177

2,757,368

103,733,700

882,646

465,041

37,710,049

708,840—(162,357)

95,481,480

355,963——(478,058)

93,332,431

4,240,911

124,458,070

262,454—

1,111,687

125,832,211—

96,484,198——

2,460,671

98,944,869—

Nuclear Services (Westinghouse)

117,835,993——

8,120,563

125,956,556—

Terraform Renewable Power (TERP)

197,610,275——

1,221,435

198,831,710

4,516,060

U.K. Renewables (OnPath)

18,679,996

141,127—

789,049

19,610,172—

U.K. Utility (SGN)

53,945,067——

878,845

54,823,912—

U.S. Hydro (Smoky Mountain)

141,351,434——

4,279,330

145,630,764

—

—

—

—

—

—

—

U.S. Utility (FirstEnergy Transmission)

56,974,335——

822,777

57,797,112

31,200

BII BID Aggregator A L.P.

114,729,450

18,983,803—

207,708

133,920,961

2,735,806

U.S. Semiconductor Foundry (Intel Partnership)$

Unrealized
Appreciation(Depreciation)

173,970,483

Canadian Midstream (Inter Pipeline)$

Purchases, netof returns ofcapital112,8932024 Quarterly Report

13

BROOKFIELD INFRASTRUCTURE INCOME FUND INC.
Notes to Consolidated Schedule of Investments (unaudited) (continued)
March 31, 2024​​5. INVESTMENTS IN AFFILIATED ISSUERS (continued)aa
BII BID Aggregator B L.P.

1

14Opening Value

Purchases, netof returns ofcapitalEnd Value

Dividend andDistributions
Income1$

92,720,852 $(6,829,000)$— $200,863 $

86,092,715 $

1,254,223$

1,728,989,209 $

12,558,384$— $20,887,695 $

1,762,435,288 $

15,088,826

Dividend and distributions income is shown gross of foreign withholding taxes.

Brookfield

Sales

Unrealized
Appreciation(Depreciation)