# EDGAR Filing Document

**Accession Number:** 0001898303
**File Stem:** 0001193125-25-303758
**Filing Date:** 2025-12
**Character Count:** 17656
**Document Hash:** 3c92e83be6de73018eeccd15642d6021
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-303758.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001193125-25-303758

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Trust Real Assets Fund
- **CENTRAL INDEX KEY:** 0001898303

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23763
- **FILM NUMBER:** 251539288

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2270

**MAIL ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** First Trust Real Assets Fund

- **b. Investment Company Act file number:** 811-23763

- **c. CIK number of Registrant:** 0001898303

- **d. LEI of Registrant:** 549300V1K6P4FHAJDN92

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 West Galena Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 414-299-2270

**Item A.2. Information about the Series.**

- **a. Name of Series:** First Trust Real Assets Fund

- **c. LEI of Series:** 549300V1K6P4FHAJDN92

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $15232623.10

**Total Liabilities:** $235308.19

**Net Assets:** $14997314.91

**Cash Not Reported:** $3443.21

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.26%                | 0.78%                | 0.00%                |
| Class ID N/A | 0.15%                | 0.78%                | 0.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5518.93                | $-18938.84                                 |
| Month 2  | $-1003.87                | $96573.74                                  |
| Month 3  | $22585.81                | $-54650.94                                 |

### Schedule of Portfolio Investments

| Name                                                              | Title                                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CEDR Trust                                                        | CEDR Commercial Mortgage Trust 2022-SNAI                          | CUSIP: 12524AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120000 | PA      | $118310.64    | 0.79%             | 2039-02-15      | Floating      | 5.14%                 | Yes           | 2                  | On Loan: No      |
| CEDR Trust                                                        | CEDR Commercial Mortgage Trust 2022-SNAI                          | CUSIP: 12524AAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $143833.80    | 0.96%             | 2039-02-15      | Floating      | 5.98%                 | Yes           | 2                  | On Loan: No      |
| GCAT                                                              | GCAT 2021-NQM6 Trust                                              | CUSIP: 36167KAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $198135.00    | 1.32%             | 2066-08-25      | Variable      | 3.41%                 | Yes           | 2                  | On Loan: No      |
| GS Mortgage-Backed Securities                                     | GS Mortgage-Backed Securities Trust 2023-CCM1                     | CUSIP: 362918AE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    227000 | PA      | $227179.10    | 1.51%             | 2053-08-25      | Variable      | 7.39%                 | Yes           | 2                  | On Loan: No      |
| Home Partners of America Trust                                    | Home Partners of America 2021-2 Trust                             | CUSIP: 43732VAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    118977 | PA      | $116009.33    | 0.77%             | 2026-12-17      | Fixed         | 3.80%                 | Yes           | 2                  | On Loan: No      |
| JP Morgan Mortgage Trust                                          | JP Morgan Mortgage Trust 2016-4                                   | CUSIP: 46647JBB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    142983 | PA      | $134989.45    | 0.90%             | 2046-10-25      | Variable      | 3.78%                 | Yes           | 2                  | On Loan: No      |
| JP Morgan Mortgage Trust                                          | JP Morgan Mortgage Trust 2016-4                                   | CUSIP: 46647JBC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120700 | PA      | $85279.62     | 0.57%             | 2046-10-25      | Variable      | 3.78%                 | Yes           | 2                  | On Loan: No      |
| JP Morgan Mortgage Trust                                          | JP Morgan Mortgage Trust 2016-4                                   | CUSIP: 46647JBD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    161997 | PA      | $98827.29     | 0.66%             | 2046-10-25      | Variable      | 3.78%                 | Yes           | 2                  | On Loan: No      |
| Legacy Mortgage Asset Trust                                       | Legacy Mortgage Asset Trust 2019-SL2                              | CUSIP: 52473FAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    229514 | PA      | $180868.94    | 1.21%             | 2059-02-25      | Variable      | 4.25%                 | Yes           | 2                  | On Loan: No      |
| New Residential Mortgage Loan                                     | New Residential Mortgage Loan Trust 2022-NQM1                     | CUSIP: 64830JAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $187959.75    | 1.25%             | 2061-04-25      | Variable      | 3.60%                 | Yes           | 2                  | On Loan: No      |
| PRP Advisors, LLC                                                 | PRPM 2025-RCF4 LLC                                                | CUSIP: 69382WAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $192839.60    | 1.29%             | 2055-08-25      | Variable      | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Woodward Capital Management                                       | RCKT Mortgage Trust 2024-CES3                                     | CUSIP: 74942AAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $713946.10    | 4.76%             | 2044-05-25      | Variable      | 6.87%                 | Yes           | 2                  | On Loan: No      |
| Radnor Re LTD                                                     | Radnor RE 2022-1 Ltd.                                             | CUSIP: 75049XAB8<br>LEI: 254900E0VCENS5C16U77 | Long             | ABS-MBS          | CORP              | US        |    169787 | PA      | $177452.82    | 1.18%             | 2032-09-25      | Floating      | 11.11%                | Yes           | 2                  | On Loan: No      |
| Saluda Grade Alternative Mortg                                    | Saluda Grade Alternative Mortgage Trust 2023-FIG3                 | CUSIP: 79582AAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    165178 | PA      | $170610.43    | 1.14%             | 2053-08-25      | Variable      | 7.07%                 | Yes           | 2                  | On Loan: No      |
| Saluda Grade Alternative Mortg                                    | Saluda Grade Alternative Mortgage Trust 2023-FIG3                 | CUSIP: 79582AAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    165178 | PA      | $171043.20    | 1.14%             | 2053-08-25      | Fixed         | 7.71%                 | Yes           | 2                  | On Loan: No      |
| UPX HIL 2025-1 Issuer Trust                                       | UPX HIL 2025-1 Issuer Trust                                       | CUSIP: 916925AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $252006.50    | 1.68%             | 2047-01-25      | Fixed         | 7.67%                 | Yes           | 2                  | On Loan: No      |
| Verus Securitization Trust                                        | Verus Securitization Trust 2021-7                                 | CUSIP: 92538QAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $154535.80    | 1.03%             | 2066-10-25      | Variable      | 4.14%                 | Yes           | 2                  | On Loan: No      |
| BAILARD REAL ESTATE LP   /                                        | BAILARD REAL ESTATE LP   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |     26324 | NS      | $816838.25    | 5.45%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CBRE U.S. CORE PARTNERS LP   /                                    | CBRE U.S. CORE PARTNERS LP   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    465543 | NS      | $694911.59    | 4.63%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CIRE ALTO OpCo LLC TL 11/29/2024   /                              | CIRE ALTO OpCo LLC TL 11/29/2024   /                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     66051 | PA      | $66050.82     | 0.44%             | 2025-10-31      | Variable      | 24.09%                | Yes           | 3                  | On Loan: No      |
| CIRE OpCo I LLC Class B Shares   /                                | CIRE OpCo I LLC Class B Shares   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |         1 | NS      | $355656.00    | 2.37%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CIRE REAL ESTATE INVESTMENT TRUST, Inc.   /                       | CIRE REAL ESTATE INVESTMENT TRUST, Inc.   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1746233.17   | 11.64%            |  |  |  | Yes           | N/A                | On Loan: No      |
| CORE SPACES FUND IV LP   /                                        | CORE SPACES FUND IV LP   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |         1 | NS      | $70836.00     | 0.47%             |  |  |  | Yes           | N/A                | On Loan: No      |
| FCP REALTY FUND VI-A LP   /                                       | FCP REALTY FUND VI-A LP   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |         1 | NS      | $61320.76     | 0.41%             |  |  |  | Yes           | N/A                | On Loan: No      |
| HILLPOINTE WORKFORCE PARTNERSHIP IV, LP   /                       | HILLPOINTE WORKFORCE PARTNERSHIP IV, LP   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |         1 | NS      | $607129.00    | 4.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| HILLPOINTE WORKFORCE HOUSING PARTNER V LP   /                     | HILLPOINTE WORKFORCE HOUSING PARTNER V LP   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |         1 | NS      | $124248.00    | 0.83%             |  |  |  | Yes           | N/A                | On Loan: No      |
| INVESCO REAL ESTATE INCOME TRUST, Inc.   /                        | INVESCO REAL ESTATE INCOME TRUST, Inc.   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36640 | NS      | $960710.82    | 6.41%             |  |  |  | Yes           | 3                  | On Loan: No      |
| NUVEEN REAL ESTATE U.S. Cities Industr Fd   /                     | NUVEEN REAL ESTATE U.S. Cities Industr Fd   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |         1 | NS      | $702505.68    | 4.68%             |  |  |  | Yes           | 3                  | On Loan: No      |
| NUVEEN REAL ESTATE U.S. CITIES MULTI LP   /                       | NUVEEN REAL ESTATE U.S. CITIES MULTI LP   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |         1 | NS      | $124740.08    | 0.83%             |  |  |  | Yes           | 3                  | On Loan: No      |
| OAK St (*** Please punctuate:  St. or State ***) REAL EST LP    / | OAK St (*** Please punctuate:  St. or State ***) REAL EST LP    / | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |         1 | NS      | $1177039.00   | 7.85%             |  |  |  | Yes           | N/A                | On Loan: No      |
| UMB MONEY MARKET II SPECIAL   /                                   | UMB MONEY MARKET II SPECIAL   /                                   | CUSIP: SF8888628<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1817090 | PA      | $1817090.24   | 12.12%            |  |  |  | No            | 1                  | On Loan: No      |
| Stepstone Private Infrastructu                                    | Stepstone Private Infrastructure Fund/United States - Class I     | CUSIP: 85914R403<br>LEI: 5493000L3ZVBTL5H9619 | Long             |  | RF                | US        |     43328 | NS      | $620883.88    | 4.14%             |  |  |  | No            | 1                  | On Loan: No      |
| STARWOOD REAL ESTATE INCOME TRUST, Inc.   /                       | STARWOOD REAL ESTATE INCOME TRUST, Inc.   /                       | CUSIP: 85570X405<br>LEI: N/A                  | Long             | EC               | RF                | US        |     24503 | NS      | $504704.14    | 3.37%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Jones Lang LaSalle Income Prop                                    | Jones Lang LaSalle Income Property Trust, Inc. - Class M-I        | CUSIP: 48021R401<br>LEI: 549300XETD49ZVNAAQ35 | Long             |  | RF                | US        |     45744 | NS      | $516447.74    | 3.44%             |  |  |  | No            | 1                  | On Loan: No      |
| RREEF Property Trust Inc                                          | RREEF Property Trust, Inc. - Class D                              | CUSIP: 74972X304<br>LEI: 549300UPJ5PPW5K8VB96 | Long             |  | RF                | US        |     55985 | NS      | $752438.20    | 5.02%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-10-17

**Name of Applicant:** First Trust Real Assets Fund

**Signature:** /s/ Michael D. Peck

**Name of Signer:** Michael D. Peck

**Title:** President