# EDGAR Filing Document

**Accession Number:** 0001912938
**File Stem:** 0001104659-25-118821
**Filing Date:** 2025-12
**Character Count:** 105909
**Document Hash:** 28fc7b19237709ea88bbbf047c60d1b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-118821.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001104659-25-118821

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Trust Private Assets Fund
- **CENTRAL INDEX KEY:** 0001912938

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23791
- **FILM NUMBER:** 251552609

**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

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 811-23791

First Trust Private Assets Fund

(Exact name of registrant as specified in charter)

c/o UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

(Address of principal executive offices) (Zip code)

Ann Maurer

235 West Galena Street

Milwaukee, WI 53212

(Name and address of agent for service)

registrant's telephone number, including area code: (414) 299-2270

Date of fiscal year end: March 31

Date of reporting period: September 30, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Stockholders is attached herewith.

[**TABLE OF CONTENTS**](#TOC)

![[MISSING IMAGE: cv_ifcfirst-4c.jpg]](cv_ifcfirst-4c.jpg)

------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Assets Fund

#### **Table of Contents**

---

| | |
|:---|:---|
| [Consolidated Schedule of Investments (Unaudited)](#tCSOI)  | [1](#tCSOI) |
| [Consolidated Portfolio Composition (Unaudited)](#tCPC)  | [6](#tCPC) |
| [Consolidated Summary of Investments (Unaudited)](#tCSOI1)  | [7](#tCSOI1) |
| [Consolidated Statement of Assets and Liabilities (Unaudited)](#tCSOA)  | [8](#tCSOA) |
| [Consolidated Statement of Operations (Unaudited)](#tCSOO)  | [9](#tCSOO) |
| [Consolidated Statement of Changes in Net Assets](#tCSOC)  | [10](#tCSOC) |
| [Consolidated Statement of Cash Flows (Unaudited)](#tCON)  | [11](#tCON) |
| [Consolidated Financial Highlights](#tCFH)  | [12](#tCFH) |
| [Notes to Consolidated Financial Statements (Unaudited)](#tNTCF)  | [14](#tNTCF) |
| [Fund Information (Unaudited)](#tFUIN)  | [27](#tFUIN) |
| [Privacy Policy](#tPRPO)  | [28](#tPRPO) |

---

*This report and the Consolidated Financial Statements contained herein are provided for the general information of the shareholders of the First Trust Private Assets Fund (the "Fund"). This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

<br> ------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Assets Fund <br> CONSOLIDATED SCHEDULE OF INVESTMENTS <br> As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Number <br> of Shares**  | | **Value**  |
|  | **COMMON STOCKS – 7.3%** | **COMMON STOCKS – 7.3%** |
|  | **CONSUMER STAPLES – 0.3%** |  |
| 5615 | Misfits Market, Inc.<sup>1</sup> | $**171314** |
|  | **FINANCIALS – 1.5%** |  |
| 44050 | Airwallex ESOP Ltd.<sup>1</sup> | **725944** |
|  | **TECHNOLOGY – 5.3%** |  |
| 42727 | Chime Financial, Inc. – Class A\* | 861803 |
| 1873 | Epic Games, Inc.<sup>1</sup> | 1219529 |
| 562 | Olinda SAS<sup>1</sup> | 88945 |
| 3570 | Workrise Technologies, Inc.<sup>1</sup> | 456889 |
|  |  | **2627166** |
|  | **TOTAL COMMON STOCKS** <br> (Cost $3,350,427)  | **3524424** |
|  | **PREFERRED STOCKS – 4.5%** |  |
|  | **CONSUMER STAPLES – 0.3%** |  |
|  | Misfits Market, Inc. |  |
| 4243 | &nbsp;&nbsp;&nbsp; Series A-1, 0.000%<sup>1,2</sup>  | **130981** |
|  | **FINANCIALS – 2.4%** |  |
|  | Empower Finance, Inc. |  |
| 140481 | &nbsp;&nbsp;&nbsp; Series C , 0.000%<sup>1,2</sup>  | **1137896** |
|  | **TECHNOLOGY – 1.8%** |  |
|  | Olinda SAS |  |
| 2248 | &nbsp;&nbsp;&nbsp; Series D, 0.000%<sup>1,2</sup>  | 365201 |
|  | Route App, Inc. |  |
| 130209 | &nbsp;&nbsp;&nbsp; Series A1, 0.000%<sup>1,2</sup>  | 497399 |
|  |  | **862600** |
|  | **TOTAL PREFERRED STOCKS** <br> (Cost $2,012,487)  | **2131477** |
|  | **PRIVATE INVESTMENT VEHICLES – 87.6%** |  |
|  | **INVESTMENT PARTNERSHIPS – 87.6%** |  |
| N/A<sup>3</sup> | 137 Direct Fund LP, LLC\*<sup>,4</sup> | 738606 |
| N/A<sup>3</sup> | 137 Holdings AI II, LLC\*<sup>,4</sup> | 1481261 |
| N/A<sup>3</sup> | 137 Holdings AP, LLC\*<sup>,4</sup> | 1250000 |
| N/A<sup>3</sup> | 137 Holdings MS, LLC\*<sup>,4</sup> | 481722 |
| N/A<sup>3</sup> | 137 Holdings RBC, LLC\*<sup>,4</sup> | 2174809 |
| N/A<sup>3</sup> | 137 Holdings SXVII, LLC\*<sup>,4</sup> | 53191 |
| N/A<sup>3</sup> | 137 Holdings SXX, LLC\*<sup>,4</sup> | 933079 |
| N/A<sup>3</sup> | 137 Opportunity Fund LP\*<sup>,4</sup> | 411660 |
| N/A<sup>3</sup> | 137 Ventures VI LP\*<sup>,4</sup> | 1122808 |
| N/A<sup>3</sup> | Arlington Capital Partners VI LP\*<sup>,4</sup> | 1006974 |
| N/A<sup>3</sup> | Bain Capital Fund XI LP\*<sup>,4</sup> | 321978 |

---

------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Assets Fund <br> CONSOLIDATED SCHEDULE OF INVESTMENTS — Continued <br> As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Number <br> of Shares**  | | **Value**  |
|  | **PRIVATE INVESTMENT VEHICLES (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Bain Capital Fund XII LP\*<sup>,4</sup> | $333294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Carlyle Europe Partners V, S.C.Sp.\*<sup>,4</sup> | 946702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Carlyle U.S. Equity Opportunity Fund II LP\*<sup>,4</sup> | 895552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Fund C-1, A Series of Riot Ventures Opportunity Fund LP\*<sup>,4</sup> | 37552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | GHO Capital IV LP\*<sup>,4</sup> | 21283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | GPS IV LP\*<sup>,4</sup> | 162037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Hedosophia Investments VI E LP\*<sup>,4</sup> | 1188159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Hedosophia Investments VI G LP\*<sup>,4</sup> | 1013402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Hedosophia Investments VI H LP\*<sup>,4</sup> | 758571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Hedosophia Investments VI I LP\*<sup>,4</sup> | 309000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Hedosophia Investments VI J LP\*<sup>,4</sup> | 767308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Hedosophia Partners III LP\*<sup>,4</sup> | 631763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Hedosophia Partners V LP\*<sup>,4</sup> | 202072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Hedosophia Partners V Parallel LP\*<sup>,4</sup> | 83463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Hedosophia Partners VI LP\*<sup>,4</sup> | 1097492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | HS Investments EU21 LP\*<sup>,4</sup> | 39261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | HS Investments EU23 LP\*<sup>,4</sup> | 1173408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | HS Investments IV M LP\*<sup>,4</sup> | 392542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | HS Investments NA18 LP\*<sup>,4</sup> | 2010545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | HS Investments V F LP\*<sup>,4</sup> | 904773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | HS Investments VI A LP\*<sup>,4</sup> | 1002814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | HS Investments VI B LP\*<sup>,4</sup> | 1060604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Kern River Capital, LLC\*<sup>,4</sup> | 289029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | KQ Partners LP\*<sup>,4</sup> | 1239413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | L Catterton Europe IV, SLP\*<sup>,4</sup> | 523090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Point72 Hyperscale LP\*<sup>,4,5</sup> | 108446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Quiet ML LP\*<sup>,4</sup> | 30118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Quiet OA Access LP\*<sup>,4</sup> | 1262610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Quiet Select FT LP – Class B\*<sup>,4</sup> | 757250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Quiet Select FT LP – Class C\*<sup>,4</sup> | 1261873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Quiet Select FT LP – Class D\*<sup>,4</sup> | 504967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Quiet Select FT LP – Class E\*<sup>,4</sup> | 758083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Quiet Select FT LP – Class F\*<sup>,4</sup> | 353234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Quiet T1 LP – Class A\*<sup>,4</sup> | 579804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Quiet T1 LP – Class B\*<sup>,4</sup> | 496815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Quiet Venture I LP\*<sup>,4</sup> | 2010257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Quiet Venture II LP\*<sup>,4</sup> | 338329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | Quiet Venture III LP\*<sup>,4</sup> | 1435132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | RA Capital Nexus Fund II LP\*<sup>,4</sup> | 159837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | RA Capital Nexus Fund III LP\*<sup>,4</sup> | 155424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A<sup>3</sup> | RA Capital Nexus Fund LP\*<sup>,4</sup> | 468321 |

---

------

[**TABLE OF CONTENTS**](#TOC)

---

| | | |
|:---|:---|:---|
| **Number <br> of Shares**  | | **Value**  |
|  | **PRIVATE INVESTMENT VEHICLES (Continued)** |  |
| N/A<sup>3</sup> | Reverence Capital Partners Opportunities Fund I LP\*<sup>,4</sup> | $475664 |
| N/A<sup>3</sup> | Savory Fund III Blocked LP\*<sup>,4</sup> | 468844 |
| N/A<sup>3</sup> | Savory Fund III Coinvest I LLC\*<sup>,4,5</sup> | 505020 |
| N/A<sup>3</sup> | Seer Capital Partners Fund LP\*<sup>,4</sup> | 200893 |
| N/A<sup>3</sup> | TPG Tech Adjacencies II Interface\*<sup>,4,5</sup> | 554018 |
| N/A<sup>3</sup> | TPG Tech Adjacencies II Interface II\*<sup>,4</sup> | 268115 |
| N/A<sup>3</sup> | TPG Tech Adjacencies II Vega LP\*<sup>,4</sup> | 1037694 |
| N/A<sup>3</sup> | TPG Tech Adjacencies II Vital CI LP\*<sup>,4</sup> | 838287 |
|  |  | **42088252** |
|  | **TOTAL PRIVATE INVESTMENT VEHICLES** <br> (Cost $33,925,354)  | **42088252** |
|  | **SHORT-TERM INVESTMENTS – 9.7%** | **SHORT-TERM INVESTMENTS – 9.7%** |
| 4677480 | UMB Bank, Money Market Special II Deposit Investment, 3.94%<sup>6</sup> | **4677480** |
|  | **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost $4,677,480)  | **4677480** |
|  | **TOTAL INVESTMENTS – 109.1% <br> (Cost $43,965,748)**  | **52421633** |
|  | Liabilities in Excess of Other Assets – (9.1)% | (4377785) |
|  | **TOTAL NET ASSETS – 100.0%** | $**48043848** |

---

LLC – Limited Liability Company

LP – Limited Partnership

\* Non-income producing security.

<sup>1</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

<sup>2</sup> Perpetual security. Maturity date is not applicable.

<sup>3</sup> Investment does not issue shares.

<sup>4</sup> Investment valued using net asset value per share as practical expedient.

<sup>5</sup> All or a portion of this investment is a holding of FT Investments Sub I LLC.

<sup>6</sup> The rate is the annualized seven-day yield at period end.

------

[**TABLE OF CONTENTS**](#TOC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Securities With Restrictions On <br> Redemptions** | **Redemptions <br> Permitted**  | **Redemption <br> Notice Period**  | **Cost**  | **Fair Value**  | **Original <br> Acquisition Date**  |
| 137 Direct Fund LP, LLC<sup>1</sup>  | Not permitted  | N/A  | $744456 | $738606 | 4/28/2025  |
| 137 Holdings AI II, LLC<sup>1</sup>  | Not permitted  | N/A  | 640301 | 1481261 | 2/21/2024  |
| 137 Holdings AP, LLC<sup>1</sup>  | Not permitted  | N/A  | 1250000 | 1250000 | 8/13/2025  |
| 137 Holdings MS, LLC<sup>1</sup>  | Not permitted  | N/A  | 270595 | 481722 | 8/20/2024  |
| 137 Holdings RBC, LLC<sup>1</sup>  | Not permitted  | N/A  | 1003984 | 2174809 | 4/24/2024  |
| 137 Holdings SXVII, LLC<sup>1</sup>  | Not permitted  | N/A  | 20531 | 53191 | 4/1/2022  |
| 137 Holdings SXX, LLC<sup>1</sup>  | Not permitted  | N/A  | 380050 | 933079 | 7/31/2023  |
| 137 Opportunity Fund LP<sup>1</sup>  | Not permitted  | N/A  | 304631 | 411660 | 4/1/2022  |
| 137 Ventures VI LP<sup>1</sup>  | Not permitted  | N/A  | 836703 | 1122808 | 11/28/2023  |
| Arlington Capital Partners VI LP<sup>1</sup>  | Not permitted  | N/A  | 717136 | 1006974 | 12/21/2023  |
| Bain Capital Fund XI LP<sup>1</sup>  | Not permitted  | N/A  | 489323 | 321978 | 9/30/2024  |
| Bain Capital Fund XII LP<sup>1</sup>  | Not permitted  | N/A  | 285909 | 333294 | 9/30/2024  |
| Carlyle Europe Partners V, S.C.Sp.<sup>1</sup>  | Not permitted  | N/A  | 1142182 | 946702 | 2/3/2025  |
|  Carlyle U.S. Equity Opportunity Fund II LP<sup>1</sup>  | Not permitted  | N/A  | 761599 | 895552 | 6/6/2025  |
|  Fund C-1, A Series of Riot Ventures Opportunity Fund LP<sup>1</sup>  | Not permitted  | N/A  | 36879 | 37552 | 4/1/2022  |
| GHO Capital IV LP<sup>1</sup>  | Not permitted  | N/A  | 21283 | 21283 | 8/20/2025  |
| GPS IV LP<sup>1</sup>  | Not permitted  | N/A  | 168783 | 162037 | 3/10/2025  |
| Hedosophia Investments VI E LP<sup>1</sup>  | Not permitted  | N/A  | 1071617 | 1188159 | 12/24/2024  |
| Hedosophia Investments VI G LP<sup>1</sup>  | Not permitted  | N/A  | 1013402 | 1013402 | 7/28/2025  |
| Hedosophia Investments VI H LP<sup>1</sup>  | Not permitted  | N/A  | 758571 | 758571 | 6/27/2025  |
| Hedosophia Investments VI I LP<sup>1</sup>  | Not permitted  | N/A  | 309000 | 309000 | 6/23/2025  |
| Hedosophia Investments VI J LP<sup>1</sup>  | Not permitted  | N/A  | 767308 | 767308 | 6/27/2025  |
| Hedosophia Partners III LP<sup>1</sup>  | Not permitted  | N/A  | 611692 | 631763 | 4/1/2022  |
| Hedosophia Partners V LP<sup>1</sup>  | Not permitted  | N/A  | 219040 | 202072 | 4/1/2022  |
| Hedosophia Partners V Parallel LP<sup>1</sup>  | Not permitted  | N/A  | 88063 | 83463 | 4/1/2022  |
| Hedosophia Partners VI LP<sup>1</sup>  | Not permitted  | N/A  | 816904 | 1097492 | 5/23/2024  |
| HS Investments EU21 LP<sup>1</sup>  | Not permitted  | N/A  | 35898 | 39261 | 4/1/2022  |
| HS Investments EU23 LP<sup>1</sup>  | Not permitted  | N/A  | 610294 | 1173408 | 8/23/2023  |
| HS Investments IV M LP<sup>1</sup>  | Not permitted  | N/A  | 361306 | 392542 | 3/25/2022  |
| HS Investments NA18 LP<sup>1</sup>  | Not permitted  | N/A  | 1264285 | 2010545 | 8/30/2024  |
| HS Investments V F LP<sup>1</sup>  | Not permitted  | N/A  | 607725 | 904773 | 7/28/2023  |
| HS Investments VI A LP<sup>1</sup>  | Not permitted  | N/A  | 1001474 | 1002814 | 7/11/2024  |
| HS Investments VI B LP<sup>1</sup>  | Not permitted  | N/A  | 1017634 | 1060604 | 10/15/2024  |
| Kern River Capital, LLC<sup>1</sup>  | Not permitted  | N/A  | 250000 | 289029 | 3/26/2025  |
| KQ Partners LP<sup>1</sup>  | Not permitted  | N/A  | 457931 | 1239413 | 5/9/2024  |
| L Catterton Europe IV, SLP<sup>1</sup>  | Not permitted  | N/A  | 538592 | 523090 | 3/12/2025  |
| Point72 Hyperscale LP<sup>1</sup>  | Not permitted  | N/A  | 103329 | 108446 | 4/1/2022  |
| Quiet ML LP<sup>1</sup>  | Not permitted  | N/A  | 33920 | 30118 | 4/1/2022  |
| Quiet OA Access LP<sup>1</sup>  | Not permitted  | N/A  | 1269502 | 1262610 | 9/27/2024  |
| Quiet Select FT LP – Class B<sup>1</sup>  | Not permitted  | N/A  | 753260 | 757250 | 1/13/2025  |
| Quiet Select FT LP – Class C<sup>1</sup>  | Not permitted  | N/A  | 1254308 | 1261873 | 1/13/2025  |
| Quiet Select FT LP – Class D<sup>1</sup>  | Not permitted  | N/A  | 500000 | 504967 | 2/20/2025  |
| Quiet Select FT LP – Class E<sup>1</sup>  | Not permitted  | N/A  | 756753 | 758083 | 3/19/2025  |

---

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[**TABLE OF CONTENTS**](#TOC)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Securities With Restrictions On <br> Redemptions** | **Redemptions <br> Permitted**  | **Redemption <br> Notice Period**  | **Cost**  | **Fair Value**  | **Original <br> Acquisition Date**  |
| Quiet Select FT LP – Class F<sup>1</sup>  | Not permitted  | N/A  | $350000 | $353234 | 6/3/2025  |
| Quiet T1 LP – Class A<sup>1</sup>  | Not permitted  | N/A  | 206684 | 579804 | 1/29/2024  |
| Quiet T1 LP – Class B<sup>1</sup>  | Not permitted  | N/A  | 500000 | 496815 | 1/29/2024  |
| Quiet Venture I LP<sup>1</sup>  | Not permitted  | N/A  | 1500213 | 2010257 | 4/25/2025  |
| Quiet Venture II LP<sup>1</sup>  | Not permitted  | N/A  | 346392 | 338329 | 4/1/2022  |
| Quiet Venture III LP<sup>1</sup>  | Not permitted  | N/A  | 1203355 | 1435132 | 9/8/2023  |
| RA Capital Nexus Fund II LP<sup>1</sup>  | Not permitted  | N/A  | 87785 | 159837 | 4/1/2022  |
| RA Capital Nexus Fund III LP<sup>1</sup>  | Not permitted  | N/A  | 139536 | 155424 | 4/1/2022  |
| RA Capital Nexus Fund LP<sup>1</sup>  | Not permitted  | N/A  | 814146 | 468321 | 4/1/2022  |
|  Reverence Capital Partners Opportunities Fund I LP<sup>1</sup>  | Not permitted  | N/A  | 351496 | 475664 | 7/3/2024  |
| Savory Fund III Blocked LP<sup>1</sup>  | Not permitted  | N/A  | 350000 | 468844 | 3/11/2024  |
| Savory Fund III Coinvest I LLC<sup>1</sup>  | Not permitted  | N/A  | 500000 | 505020 | 6/9/2025  |
| Seer Capital Partners Fund LP<sup>1</sup>  | Not permitted  | N/A  | 137063 | 200893 | 4/1/2022  |
| TPG Tech Adjacencies II Interface<sup>1</sup>  | Not permitted  | N/A  | 17944 | 554018 | 12/28/2023  |
| TPG Tech Adjacencies II Interface II<sup>1</sup>  | Not permitted  | N/A  | 374587 | 268115 | 12/29/2023  |
| TPG Tech Adjacencies II Vega LP<sup>1</sup>  | Not permitted  | N/A  | 750000 | 1037694 | 5/16/2024  |
| TPG Tech Adjacencies II Vital CI LP<sup>1</sup>  | Not permitted  | N/A  | 750000 | 838287 | 3/31/2025  |
| **Totals** |  |  | $**33925354** | $**42088252** |  |

---

<sup>1</sup> Securities generally offered in private placement transactions and as such are illiquid and generally restricted as to resale.

See accompanying Notes to Consolidated Financial Statements.

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[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Assets Fund <br> CONSOLIDATED PORTFOLIO COMPOSITION <br> As of September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Country of Investment**  | **Value**  | **Percent of <br> Total Net <br> Assets**  |
| European Union  | $5622081 | 11.8% |
| United States  | 46799552 | 97.3% |
| **Total Investments**  | **52421633** | **109.1%** |
| Liabilities in Excess of Other Assets  | (4377785) | (9.1)% |
| **Total Net Assets**  | $**48043848** | **100.0%** |

---

See accompanying Notes to Consolidated Financial Statements.

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[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Assets Fund <br> CONSOLIDATED SUMMARY OF INVESTMENTS <br> As of September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Security Type/Sector**  | **Percent of Total <br> Net Assets**  |
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp; Consumer Non-Cyclical  | 0.2% |
| &nbsp;&nbsp;&nbsp; Consumer Staples  | 0.3% |
| &nbsp;&nbsp;&nbsp; Financials  | 1.5% |
| &nbsp;&nbsp;&nbsp; Technology  | 5.3% |
| **Total Common Stocks**  | **7.3%** |
| Preferred Stocks |  |
| &nbsp;&nbsp;&nbsp; Consumer Staples  | 0.3% |
| &nbsp;&nbsp;&nbsp; Financials  | 2.4% |
| &nbsp;&nbsp;&nbsp; Technology  | 1.8% |
| **Total Preferred Stocks**  | **4.5%** |
| Private Investment Vehicles |  |
| &nbsp;&nbsp;&nbsp; Investment Partnerships  | 87.6% |
| Short-Term Investments  | 9.7% |
| **Total Investments**  | **109.1%** |
| Liabilities in Excess of Other Assets  | (9.1)% |
| **Total Net Assets**  | **100.0%** |

---

See accompanying Notes to Consolidated Financial Statements.

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[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Assets Fund <br> CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES <br> As of September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (cost $43,965,748)  | $52421633 |
| &nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $35,117)  | 35525 |
| &nbsp;&nbsp;&nbsp; Cash  | 125421 |
| &nbsp;&nbsp;&nbsp; Receivables:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  | 2390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 15058 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses  | 23313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 52623340 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp; Payables:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed  | 2378242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscriptions received in advance  | 1450000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management Fees  | 379486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incentive Fees  | 185470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liability  | 82971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees  | 58778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund services expense  | 17760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unused line of credit fees (Note 9)  | 5585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 7715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing and research expense  | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitment fees (Note 9)  | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees  | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees  | 461 |
| &nbsp;&nbsp;&nbsp; Accrued other expenses  | 9245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 4579492 |
| &nbsp;&nbsp;&nbsp; Commitments and contingenices (Note 3 and Note 9)  |  |
| **Net Assets**  | $**48043848** |
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | $38947881 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated deficit)  | 9095967 |
| **Net Assets**  | $**48043848** |
| &nbsp;&nbsp;&nbsp; Number of Shares Outstanding  | 3638156 |
| &nbsp;&nbsp;&nbsp; **Net Asset Value per Share**  | $**13.21** |

---

See accompanying Notes to Consolidated Financial Statements.

------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Assets Fund <br> CONSOLIDATED STATEMENT OF OPERATIONS <br> For the Six Month Ended September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp; Dividends  | $87430 |
| &nbsp;&nbsp;&nbsp; Interest  | 62028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 149458 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp; Investment Management Fees  | 172761 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 49506 |
| &nbsp;&nbsp;&nbsp; Incentive Fees  | 43855 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses  | 39144 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting fees  | 27139 |
| &nbsp;&nbsp;&nbsp; Tax services fees  | 23983 |
| &nbsp;&nbsp;&nbsp; Registration fees  | 17548 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer fees  | 13384 |
| &nbsp;&nbsp;&nbsp; Fund services expense  | 13016 |
| &nbsp;&nbsp;&nbsp; Pricing and research expense  | 12579 |
| &nbsp;&nbsp;&nbsp; Miscellaneous  | 10969 |
| &nbsp;&nbsp;&nbsp; Unused line of credit fees (Note 9)  | 4766 |
| &nbsp;&nbsp;&nbsp; Interest expense (Note 9)  | 4076 |
| &nbsp;&nbsp;&nbsp; Audit fees  | 2932 |
| &nbsp;&nbsp;&nbsp; Insurance fees  | 2413 |
| &nbsp;&nbsp;&nbsp; Commitment fees (Note 9)  | 1303 |
| &nbsp;&nbsp;&nbsp; Registration fees  | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 440043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management Fees waived  | (40171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 399872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)**  | (250414) |
| **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 523311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 523310 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 2417643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations  | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation  | 2418051 |
| &nbsp;&nbsp;&nbsp; Net change on deferred tax  | (1080) |
| **Net realized and unrealized gain (loss)**  | 2940281 |
| **Net Increase (Decrease) in Net Assets from Operations**  | $**2689867** |

---

See accompanying Notes to Consolidated Financial Statements.

------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Assets Fund <br> CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **For the <br> Six Months Ended <br> September 30, 2025 <br> (Unaudited)**  | **For the <br> Year Ended <br> March 31, 2025**  |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (income)  | $(250414) | $(496637) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | 523310 | 978591 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments  | 2416971 | 5053391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations**  | 2689867 | 5535345 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp; Distributions  |  | (410378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions to shareholders**  |  | (410378) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Sale of fund shares  | 12347000 | 16299000 |
| &nbsp;&nbsp;&nbsp; Reinvested distributions  |  | 204133 |
| &nbsp;&nbsp;&nbsp; Fund shares repurchased  | (3826612) | (369086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions**  | 8520388 | 16134047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets**  | 11210255 | 21259014 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 36833593 | 15574579 |
| &nbsp;&nbsp;&nbsp; End of period  | $48043848 | $36833593 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 965103 | 1482028 |
| &nbsp;&nbsp;&nbsp; Shares reinvested  |  | 18524 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (292747) | (31619) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in capital share transactions**  | 672356 | 1468933 |

---

See accompanying Notes to Consolidated Financial Statements.

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[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Assets Fund <br> CONSOLIDATED STATEMENT OF CASH FLOWS <br> For the Six Month Ended September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Increase (Decrease) in Cash:** |  |
| &nbsp;&nbsp;&nbsp; **Cash flows provided by (used in) operating activities:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations  | $2689867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase (decrease in net assets from operations net cash provided by (used in) operating activities:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments  | (7398110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of investments  | 2032908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in short-term investments, net  | (2737977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net amortization on investments  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (501199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation  | (2417643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in deferred tax liability  | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital dividends received  | (1065165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Increase)/Decrease in operating assets:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses  | 2488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | (15058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments securities sold  | (2390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from investment partnerships  | 125361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase/(Decrease) in operating liabilities:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management Fees  | 132590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incentive Fees  | 43855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees  | (55568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund services expense  | (3432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses  | 9245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | (67398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unused line of credit fees (Note 13)  | 2188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitment fees (Note 13)  | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees  | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing and research expense  | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees  | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian  | (22112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities  | (9242230) |
| &nbsp;&nbsp;&nbsp; Cash flows provided by (used in) financing activities:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 11898000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for fund shares repurchased  | (1585123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to shareholders, net of reinvestments  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Draws on line of credit  | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paydowns on line of credit  | (2000000) |
| &nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities  | 9312877 |
| &nbsp;&nbsp;&nbsp; Net Increase (Decrease) in cash  | 70647 |
| Cash, cash deposited with broker and foreign currency: |  |
| &nbsp;&nbsp;&nbsp; Beginning of period balances:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash  | 90299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currency, at value  |  |
| &nbsp;&nbsp;&nbsp; Total beginning of period balances  | 90299 |
| &nbsp;&nbsp;&nbsp; End of period balances:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash  | 125421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currency, at value  | 35525 |
| &nbsp;&nbsp;&nbsp; Total end of period balances  | $160946 |
| Supplemental disclosure of cash flow information: |  |
| &nbsp;&nbsp;&nbsp; Interest paid  | $1888 |

---

See accompanying Notes to Consolidated Financial Statements.

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[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Assets Fund <br> CONSOLIDATED FINANCIAL HIGHLIGHTS
*Per share operating performance.<br>For a capital share outstanding throughout the period.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the <br> Six Months Ended <br> September 30, 2025 <br> (Unaudited)**  | **For the <br> Year Ended <br> March 31, 2025**  | **For the <br> Year Ended <br> March 31, 2024**  | **For the Period <br> January 3, 2023\* <br> Through <br> March 31, 2023**  |
|  **Net asset value, beginning of <br> period**  | $12.42 | $10.40 | $9.97 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | (0.07) | (0.25) |  | (0.03) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain  | 0.86 | 2.42 | 0.43 | —2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total from investment <br> operations**  | 0.79 | 2.17 | 0.43 | (0.03) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income  |  | —2 |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gain  |  | (0.15) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions  |  | (0.15) |  |  |
| **Net asset value, end of period**  | $13.21 | $12.42 | $10.40 | $9.97 |
| **Total return<sup>3</sup>**  | 6.36% | 21.07% | 4.31% | (0.30)%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
|  Net assets, end of period <br> (in thousands)  | $48044 | $36834 | $15575 | $3526 |
|  Ratio of expenses to average net assets:<sup>5,6,7</sup> (including commitment fees, interest expense, unused line of credit fees, defered tax expense and Incentive Fees)  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed  | 1.98%<sup>8</sup> | 3.37% | 7.10% | 14.49%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed  | 1.80%<sup>8</sup> | 2.75% | 1.97% | 1.76%<sup>8</sup> |
|  Ratio of net investment income to <br> average net assets:<sup>5,9</sup> (including <br> commitment fees, interest expense, <br> unused line of credit fees, defered tax <br> expense and Incentive Fees)  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed  | (1.31)%<sup>8</sup> | (2.67)% | (5.13)% | (13.91)%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed  | (1.13)%<sup>8</sup> | (2.05)% | 0.00% | (1.18)%<sup>8</sup> |

---

See accompanying Notes to Consolidated Financial Statements.

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[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Assets Fund <br> CONSOLIDATED FINANCIAL HIGHLIGHTS — Continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the <br> Six Months Ended <br> September 30, 2025 <br> (Unaudited)**  | **For the <br> Year Ended <br> March 31, 2025**  | **For the <br> Year Ended <br> March 31, 2024**  | **For the Period <br> January 3, 2023\* <br> Through <br> March 31, 2023**  |
|  Ratio of expenses to average net <br> assets: (excluding Incentive Fees)<sup>5,6,7</sup> <br> (including commitment fees, interest <br> expense, unused line of credit fees, <br> defered tax expense and Incentive <br> Fees)  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed  | 1.78%<sup>8</sup> | 3.37% | 7.10% | 14.49%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed  | 1.60%<sup>8</sup> | 2.75% | 1.97% | 1.76%<sup>8</sup> |
|  Ratio of net investment income to <br> average net assets: (excluding <br> Incentive Fees)<sup>5,9</sup> (including <br> commitment fees, interest expense, <br> unused line of credit fees, defered tax <br> expense and Incentive Fees)  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed  | (1.11)%<sup>8</sup> | (2.67)% | (5.13)% | (13.91)%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed  | (0.93)%<sup>8</sup> | (2.05)% | 0.00% | (1.18)%<sup>8</sup> |
| Portfolio turnover rate  | 9%<sup>4</sup> | 15% | 3% | 0%<sup>4,10</sup> |
| **Senior Securities** |  |  |  |  |
| Total borrowings (000's) omitted)  | $— | $1000 | $— | $— |
|  Asset coverage per $1,000 unit of senior <br> indebtedness<sup>11</sup>  | $— | $37834 | $— | $— |

---

\* Commencement of operations.

<sup>1</sup> Based on average shares outstanding during the period.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> Total returns would have been lower had expenses not been waived or absorbed by the Investment Adviser.

<sup>4</sup> Not annualized.

<sup>5</sup> If commitment fees, interest expense and deferred tax expense had been excluded, the expense ratios would have been lowered by 0.05% for the six months ended September 30, 2025. The expense ratios would have been lowered by 0.95%, 0% and 0%, for the years ended March 31, 2025, March 31, 2024 and the period ended March 31, 2023.

<sup>6</sup> Ratios do not reflect the Fund's proportionate of underlying investment partnerships.

<sup>7</sup> Ratios do not reflect the Fund's proportionate share of the expenses of the investment funds.

<sup>8</sup> Annualized.

<sup>9</sup> Ratios do not reflect the Fund's proportionate share of the income and expenses of the investment funds.

<sup>10</sup> Amount represents less than 1%.

<sup>11</sup> Calculated by subtracting the Fund's total liabilities (not including borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

See accompanying Notes to Consolidated Financial Statements.

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#### First Trust Private Assets Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS <br> September 30, 2025 (Unaudited)

#### Note 1 — Organization
First Trust Private Assets Fund (the "Fund") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Investment Company Act") as a non-diversified, closed-end management investment company. The Fund was organized as a Delaware trust on February 14, 2022.

Simultaneous with the commencement of the Fund's operations on January 3, 2023 ("Commencement of Operations"), a private fund managed by First Trust Capital Management L.P. (the "Investment Adviser"), FT Investments I LLC (the "Predecessor Fund"), reorganized with and transferred substantially all its portfolio securities into the Fund in exchange for newly issued shares of the Fund. The exchange was accomplished by the following tax-free exchange in which each shareholder of the Predecessor Fund received the same aggregate share net assets value as noted below:

---

| | |
|:---|:---|
| **Shares Issued**  | **Net Assets**  |
| 343654  | $3336535  |

---

The Predecessor Fund was a private fund that maintained an investment objective, strategies and investment policies, guidelines and restrictions that were, in all material respects, equivalent to those of the Fund. The Fund and the Predecessor Fund share the same Investment Adviser and portfolio managers. The Investment Adviser is registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended. The Fund has elected to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). The Fund currently offers shares of beneficial interest of the Fund (the "Shares"), that are generally offered as of the first business day of each month.

The Fund's investment objective is to generate capital appreciation over the medium- and long-term through investments in private assets globally. The Fund seeks to achieve its objective by investing at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in "private assets". For purposes of this policy, private assets include direct investments in the equity or debt of a company; investments in general or limited partnerships, funds, corporations, trusts, closed-end private funds (including, without limitation, funds-of-funds) or other investment vehicles (collectively, "Investment Funds") that are managed by independent investment managers (each an "Underlying Manager" and collectively, the "Underlying Managers"); secondary investments in Investment Funds managed by Underlying Managers; and co-investment vehicles. The Fund's investments will include direct investments in equity or debt alongside private equity funds and firms. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946, *Financial Services — Investment Companies.* 

(a) Consolidation

The Fund may invest through its wholly-owned and controlled subsidiary, FT Investments Sub I LLC (the "Subsidiary"), a Delaware limited liability company. The Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statements of Changes in Net Assets, Consolidated Statement of Cash Flows and Consolidated Financial Highlights of the Fund include the accounts of FT Investments Sub I LLC. All inter-company accounts and transactions have been eliminated in consolidation. FT Investments Sub I LLC is advised by the Investment Adviser and acts as an investment vehicle in order to effect certain investments consistent with the Fund's investment objectives and policies specified in the Fund's Prospectus and Statement of Additional Information. As of September 30, 2025, net assets of FT Investments Sub I LLC were $1,224,501, representing 2.6% of the Fund's consolidated net assets.

#### Note 2 — Accounting Policies
The following is a summary of the significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with

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[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Assets Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> September 30, 2025 (Unaudited)
generally accepted accounting principles in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

(a) Valuation of Investments

UMB Fund Services, Inc., the Fund's administrator ("UMBFS" or the "Administrator"), calculates the Fund's net asset value ("NAV") as of the close of business on the last business day of each month and at such other times as the Board of Trustees (the "Board" and the members thereof, "Trustees") may determine, including in connection with repurchases of Shares, in accordance with the procedures described below or as may be determined from time to time in accordance with policies established by the Board (each, a "Determination Date").

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated the Investment Adviser as the valuation designee (in such capacity, the "Valuation Designee") for the Fund to perform in good faith the fair value determination relating to all Fund investments, under the Board's oversight. The Investment Adviser carries out its designated responsibilities as Valuation Designee through its Valuation Committee. The fair values of one or more assets may not be the prices at which those assets are ultimately sold and the differences may be significant.

The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources.

Securities traded on one or more of the U.S. national securities exchanges, the Nasdaq Stock Market or any foreign stock exchange will be valued at the last sale price or the official closing price on the exchange or system where such securities are principally traded for the business day as of the relevant Determination Date. If no sale or official closing price of particular securities is reported on a particular day, the securities will be valued at the closing bid price for securities held long, or the closing ask price for securities held short, or if a closing bid or ask price, as applicable, is not available, at either the exchange or system-defined closing price on the exchange or system in which such securities are principally traded. Over-the-counter securities not quoted on the Nasdaq Stock Market will be valued at the last sale price on the relevant Determination Date or, if no sale occurs, at the last bid price, in the case of securities held long, or the last ask price, in the case of securities held short, at the time net asset value is determined. Equity securities for which no prices are obtained under the foregoing procedures, including those for which a pricing service supplies no exchange quotation or a quotation that is believed by the Valuation Designee not to reflect the fair value, will be valued at the bid price, in the case of securities held long, or the ask price, in the case of securities held short, supplied by one or more dealers making a market in those securities or one or more brokers. Futures index options will be valued at the mid-point between the last bid price and the last ask price on the relevant Determination Date at the time net asset value is determined.

The Valuation Designee will determine the fair value of its shares of a private company based on numerous factors, including but not limited to market activity or events in the market. Absent such a transaction or event within a year, or as deemed necessary by the Valuation Designee, but in no

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instance greater than one year from the quarter end in which such event occurred, the Valuation Designee will engage qualified external valuation consultants to provide an independent valuation.

As a general matter, the fair value of the Fund's interest in a Private Investment Vehicles will represent the amount that the Fund could reasonably expect to receive from the Private Investment Vehicles if the Fund's interest was redeemed at the time of valuation, based on information reasonably available at the time the valuation is made and that Valuation Designee believes to be reliable. The Valuation Designee will determine the fair value of such Private Investment Vehicles based on the most recent final or estimated value reported by the Private Investment Vehicles, as well as any other relevant information available at the time the Valuation Designee values the portfolio. A substantial amount of time may elapse between the occurrence of an event necessitating the pricing of Fund assets and the receipt of valuation information from the underlying manager of a Private Investment Vehicle.

The Valuation Designee will consider whether it is appropriate, in light of all relevant circumstances, to value such interests at the NAV as reported by the Underlying Manager at the time of valuation, or whether to adjust such value to reflect a premium or discount to NAV. In accordance with GAAP and industry practice, the Fund may not always apply a discount in cases where there is no contemporaneous redemption activity in a particular Investment Fund. In other cases, as when an Investment Fund imposes extraordinary restrictions on redemptions, when other extraordinary circumstances exist, or when there have been no recent transactions in Investment Fund interests, the Fund may determine that it is appropriate to apply a discount to the NAV of the Investment Fund. Any such decision will be made in good faith by the Valuation Designee, under oversight by the Board.

Where deemed appropriate by the Valuation Designee and consistent with the Investment Company Act, investments in Investment Funds may be valued at cost. Cost will be used only when cost is determined to best approximate the fair value of the particular Investment Fund under consideration.

Debt securities will generally be valued using a third-party pricing system, agent, or dealer selected by the Valuation Designee, which may include the use of valuations furnished by a pricing service that employs a matrix to determine valuations for normal institutional size trading units. Debt securities with remaining maturities of 60 days or less, absent unusual circumstances, will be valued at amortized cost, so long as such valuations are determined by the Valuation Designee to represent fair value.

Assets and liabilities initially expressed in foreign currencies will be converted into U.S. dollars using foreign exchange rates provided by a pricing service. Trading in foreign securities generally is completed, and the values of such securities are determined, prior to the close of securities markets in the U.S. Foreign exchange rates are also determined prior to such close. On occasion, the values of securities and exchange rates may be affected by events occurring between the time as of which determination of such values or exchange rates are made and the time as of which the NAV of the Fund is determined. When such events materially affect the values of securities held by the Fund or its liabilities, such securities and liabilities will be valued at fair value as determined in good faith by the Valuation Designee.

Investors should be aware that situations involving uncertainties as to the value of portfolio positions could have an adverse effect on the Fund's NAV if the judgments regarding appropriate valuations should prove incorrect.

(b) Investment Transactions

Interest income is recorded on an accrual basis. Investment transactions are accounted for on a trade date basis. The Fund determines the gain or loss realized from the investment transactions by comparing the net sale proceeds with the weighted average cost of the investment.

(c) Fund Expenses

The Fund pays all of its expenses or reimburses the Investment Adviser or its affiliates to the extent they have previously paid such expenses on behalf of the Fund. The expenses of the Fund include,

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but are not limited to, any fees and expenses in connection with the offering and issuance of Shares; all fees and expenses reasonably incurred in connection with the operation of the Fund; all fees and expenses directly related to portfolio transactions and positions for the Fund's account such as direct and indirect expenses associated with the Fund's investments, and enforcing the Fund's rights in respect of such investments; quotation or valuation expenses; all fees and expenses reasonably incurred in connection with the operation of the Fund, such as investment management fee, legal fees, audit fees, accounting, administration, tax preparation fees, custodial fees, costs of insurance, registration expenses, Trustees' fees, and expenses of meetings of the Board.

(d) Federal Income Taxes

The Fund intends to continue to comply with the requirements of Subchapter M of the Code applicable to RICs and to distribute substantially all of its net investment income and any net realized gains to its shareholders ("Shareholders"). Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund. For financial reporting purposes, dividends and distributions to Shareholders are recorded on the ex-date.

ASC 740, *Income Taxes* ("ASC 740") requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing the Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations.

ASC 740 requires management of the Fund to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund's current tax year, as defined by the Internal Revenue Service statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of September 30, 2025, and during the prior three open tax years, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(e) Distributions to Shareholders

Distributions will be paid at least annually on the Shares in amounts representing substantially all of the net investment income and net capital gains, if any, earned each year. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income expense and gain (loss) items for financial statement and tax purposes. For financial reporting purposes, dividends and distributions to Shareholders are recorded on the ex-date.

A Shareholder whose Shares are registered in its own name will automatically be a participant under the Fund's dividend reinvestment program and have all income dividends and/or capital gains distributions automatically reinvested in Shares unless such Shareholder, at any time, specifically elects to receive income dividends and/or capital gains distributions in cash.

(f) Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Fund's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and

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disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases from operations during the reporting period. Actual results could differ from those estimates.

(g) Segments

The Fund has adopted Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segments Disclosures ("ASU 2023-07"). An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's President acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of the Fund's single investment objective which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets, which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's Consolidated Financial Statements. The total return and performance is reflected within the accompanying Consolidated Financial Highlights. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

#### Note 3 — Investment Advisory and Other Agreements and Activity with Affiliates
The Fund has entered into an investment management agreement (the "Investment Management Agreement") with the Investment Adviser, and in consideration of the advisory and other services provided by the Investment Adviser to the Fund, the Investment Adviser is entitled to a fee from the Fund consisting of two components — a base management fee (the "Investment Management Fee") and an incentive fee (the "Incentive Fee"). Pursuant to the Investment Management Agreement, the Fund pays the Investment Adviser a quarterly Investment Management Fee equal to 0.75% on an annualized basis of the Fund's net assets as of each quarter-end, subject to certain adjustments.

The Incentive Fee is calculated and payable quarterly in arrears based upon the Fund's net profits for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund's net assets equal to 1.75% per quarter (or an annualized hurdle rate of 7.00%). The Incentive Fee is equal to 3.75% per quarter (or an annualized rate of 15.00%) of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account (defined below). For the purposes of the Incentive Fee, the term "net profits" means the amount by which the NAV of the Fund on the last day of the relevant period exceeds the NAV of the Fund as of the commencement of the same period, including any net change in unrealized appreciation or depreciation of investments and realized gains or losses and income and expenses (which, for this purpose shall not include any distribution and/or shareholder servicing fees, litigation, any extraordinary expenses or Incentive Fee). The Fund will maintain a memorandum account (the "Loss Recovery Account"), which will have an initial balance of zero and will be (i) increased upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreased (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter.

The Investment Adviser has also entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Adviser has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses

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#### First Trust Private Assets Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> September 30, 2025 (Unaudited)
of the Fund, in the amount necessary to ensure that Total Annual Expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, Incentive Fees, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization and extraordinary expenses, (such as litigation expenses) do not exceed 1.50% of the average daily net assets of the Fund (the "Expense Limit") through April 1, 2026. Thereafter, the Expense Limitation and Reimbursement Agreement will automatically renew for consecutive one-year terms unless terminated by the Fund or the Investment Adviser upon 30 days' advanced written notice. Because taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, Incentive Fees, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) are expected to exceed 1.50% for the Fund.

For the six months ended September 30, 2025, the Investment Adviser had waived $40,171 in Investment Management Fees. For a period not to exceed three years from the date on which advisory fees are waived or Fund expenses absorbed by the Investment Adviser, the Investment Adviser may recoup amounts waived or absorbed, provided it is able to effect such recoupment and remain in compliance with (a) the Expense Limit on Fund expenses in effect at the time of the relevant reduction in advisory fees or payment of the Fund's expenses, and (b) the Expense Limit on Fund expenses at the time of the recoupment. At September 30, 2025 the amount of these potentially recoverable expenses was $692,809. The Investment Adviser may recapture all or a portion of this amount no later than March 31<sup>st</sup> of the year stated below:

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| | |
|:---|:---|
| 2026  | $108153 |
| 2027  | 393618 |
| 2028  | 150867 |
| 2029  | 40171 |
|  | $692809 |

---

The Fund is relying on an exemptive order from the SEC and has adopted a shareholder service plan with respect to its Shares in compliance with Rule 12b-1 under the Investment Company Act. The shareholder services plan allows the Fund to pay shareholder servicing fees for the servicing of its Shares. Under the shareholder service plan, the Fund will be permitted to pay a shareholder servicing fee up to 0.25% on an annualized basis of the net assets (collectively, the "Shareholder Servicing Fee") to the Fund's distributor and/or other qualified recipients. The Fund or the distributor may pay all or a portion of these fees to any registered securities dealer, financial institution or any other person who provides certain shareholder services, pursuant to a written agreement. The Shareholder Servicing Fee is paid out of the Fund's assets attributable to the Shares and decreases the net profits or increases the net losses of such Shares.

First Trust Portfolios L.P., an affiliate of the Investment Adviser, currently serves as the Fund's distributor. UMBFS serves as the Fund's fund accountant, transfer agent and administrator; and UMB Bank, n.a., an affiliate of UMBFS, serves as the Fund's custodian.

A Trustee and certain officers of the Fund are employees of UMBFS. The Fund does not compensate Trustees and officers affiliated with UMBFS or the Investment Adviser. For the six months ended September 30, 2025, the Fund's fees incurred for Trustees are reported on the Consolidated Statement of Operations.

Vigilant Compliance, LLC provides Chief Compliance Officer ("CCO") services to the Fund. The Fund's fees incurred for CCO services for the six months ended September 30, 2025, are reported on the Consolidated Statement of Operations.

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#### Note 4 — Federal Income Taxes
The Fund has elected to be treated and intends to continue to qualify as a RIC for federal income tax purposes. As a RIC, the Fund will generally not be subject to federal corporate income tax, provided that when it is a RIC, it distributes out all of its income and gains each year.

At September 30, 2025, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes, were as follows:

---

| | |
|:---|:---|
| Cost of investments  | $43031450 |
| Gross unrealized appreciation  | $10663292 |
| Gross unrealized depreciation  | (1273109) |
| Net unrealized appreciation (depreciation) on investments  | $9390183 |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in securities transactions.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the tax period ended September 30, 2025, permanent differences in book and tax accounting have been reclassified to paid-in capital, undistributed net investment income (loss) and accumulated realized gain (loss) as follows:

---

| | |
|:---|:---|
| Increase (Decrease)  | Increase (Decrease)  |
| Paid-in Capital  | Total Distributable <br> Earnings  |
| $(299088)  | $299088  |

---

As of September 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income  | $— |
| Undistributed long-term capital gains  | 283371 |
| Tax accumulated earnings  | 283371 |
| Accumulated capital and other losses  | (476354) |
| Deferred Tax Expense  | (100562) |
| Net unrealized appreciation on investments  | 9390183 |
| Other temporary differences  |  |
| Total accumulated earnings  | $9096638 |

---

The tax character of the distributions paid during the fiscal year ended September 30, 2025 and September 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **Distributions paid from:**  | **2025**  | **2024**  |
| &nbsp;&nbsp;&nbsp; Ordinary Income  | $303660 | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Net long term capital gains  | 106719 |  |
| &nbsp;&nbsp;&nbsp; Return of Capital  |  |  |
| Total accumulated earnings  | $410379 | $— |

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#### First Trust Private Assets Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> September 30, 2025 (Unaudited)
As of September 30, 2025, the Fund had no short-term or long-term net capital loss carryover. As of September 30, 2025, the Fund had qualified late-year ordinary losses of $476,354, which are deferred until fiscal year 2026 for tax purposes. Net late-year losses that are deferred are deemed to arise on the first day of the next taxable year.

#### Domestic Blocker Income Tax
FT Investments Sub I LLC is a blocker taxed as a corporation. The current taxes reflect the estimated tax liability of the Fund as of September 30, 2025, based on taxable income of the Subsidiary. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities of the Subsidiary for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is recognized if, based on the weight of the available evidence, it is more likely than not that all of the deferred income tax asset will not be realized.

Currently the federal income tax rate for a corporation is 21% and blended state tax rate net of federal benefit is 6.123%. As of September 30, 2025, the Fund recorded a net deferred tax liability for the investments of the Subsidiary. Should a net deferred tax asset exist in the future, the Fund will assess whether a valuation allowance should be booked to reserve against that asset.

The Fund's current and deferred tax (expense)/benefit as of September 30, 2025 consist of the following:

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| | |
|:---|:---|
| Current Tax (Expense) Benefit |  |
| &nbsp;&nbsp;&nbsp; Federal  | $— |
| &nbsp;&nbsp;&nbsp; State  | $— |
| Deferred Tax (Expense) Benefit |  |
| &nbsp;&nbsp;&nbsp; Federal  | $(693) |
| &nbsp;&nbsp;&nbsp; State  | (277) |
|  | (970) |
| **Total Income Tax (Expense) Benefit**  | $**(970)** |

---

Components of the Fund's deferred tax assets and liabilities are as follows:

---

| | |
|:---|:---|
| **Deferred tax assets:** |  |
| Capital loss carryforward  |  |
| Net operating loss carryforward  |  |
| Valuation allowance  |  |
| Other deferred tax assets  |  |
| **Deferred tax liability** |  |
| Net unrealized gain on investments  | (82861) |
| Other deferred tax liabilities  |  |
| **Net Deferred Tax Asset/(Liability)**  | (82861) |

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#### First Trust Private Assets Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> September 30, 2025 (Unaudited)
Total income tax (expense)/benefit (current and deferred) differs from the amount computed by applying the federal and state statutory income tax rates to net investment income and realized and unrealized gain/(losses) on investment before taxes as follows:

---

| | |
|:---|:---|
| Federal Income tax expense at statutory rate  | $(3940) |
| State Income taxes (net of federal benefit)  | (1149) |
| Prior Period Adjustment  | 4120 |
| Permanent differences  |  |
| Valuation allowance  |  |
| **Net income tax (expense) benefit**  | $(970) |

---

#### Note 5 — Investment Transactions
For the six months ended September 30, 2025, purchases and sales of investments, excluding short-term investments, were $7,398,110 and $2,032,908, respectively.

#### Note 6 — Indemnifications
In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund's maximum exposure under these agreements cannot be known; however, the Fund expects any risk of loss from such claims to be remote.

#### Note 7 — Repurchase of Shares
At the sole discretion of the Board and provided that it is in the best interests of the Fund and the Shareholders to do so, the Fund intends to provide a limited degree of liquidity to the Shareholders by conducting tender offers generally quarterly with a Valuation Date (as defined below) on or about March 31, June 30, September 30 and December 31 of each year. In each repurchase offer, the Fund may offer to repurchase its Shares at their NAV as determined as of approximately March 31, June 30, September 30 and December 31, of each year, as applicable (each, a "Valuation Date"). Each repurchase ordinarily will be limited to the repurchase of approximately 5% of the Shares outstanding, but if the value of Shares tendered for repurchase exceeds the value the Fund intended to repurchase, the Fund may determine to repurchase less than the full number of Shares tendered. In such event, Shareholders will have their Shares repurchased on a pro-rata basis, and tendering Shareholders will not have all of their tendered Shares repurchased by the Fund.

The results of the tender offers conducted during the six months ended September 30, 2025, are as follows:

---

| | | |
|:---|:---|:---|
| | **Tender Offer**  | **Tender Offer**  |
| Commencement Date  | May 30, 2025  | August 29, 2025  |
| Repurchase Request Date  | June 30, 2025  | September 30, 2025  |
| Repurchase Pricing Date  | June 30, 2025  | September 30, 2025  |
| Net Asset Value as of Repurchase Pricing Date  | $12.85  | $13.21  |
| Amount Repurchased  | $1448371  | $2378241  |
| Percentage of Outstanding Shares Repurchased  | 3.49%  | 4.72%  |

---

#### Note 8 — Fair Value Measurements and Disclosure
ASC 820, *Fair Value Measurement* ("ASC 820") defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly and how that information must be incorporated into a fair value measurement.

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#### First Trust Private Assets Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> September 30, 2025 (Unaudited)
Under ASC 820, various inputs are used in determining the value of the Fund's investments. These inputs are summarized into three broad levels as described below:

• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

• Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

• Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

In accordance with ASU 2015-7, Disclos*ures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent),* investments valued at the NAV as a practical expedient are not included in the fair value hierarchy. As such, investments in Investment Funds with a fair value of $42,088,252 are excluded from the fair value hierarchy as of September 30, 2025.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following table summarizes the Fund's investments that are measured at fair value by level within the fair value hierarchy as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets** |  |  |  |  |
| Investments |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Consumer Staples  | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $171314 | $171314 |
| &nbsp;&nbsp;&nbsp; Financial  |  |  | 725944 | 725944 |
| &nbsp;&nbsp;&nbsp; Technology  | 861803 |  | 1765363 | 2627166 |
| Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Consumer Staples  |  |  | 130981 | 130981 |
| &nbsp;&nbsp;&nbsp; Financials  |  |  | 1137896 | 1137896 |
| &nbsp;&nbsp;&nbsp; Technology  |  |  | 862600 | 862600 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Short-Term Investments  | 4677480 |  |  | 4677480 |
| Subtotal  | $5539283 | $— | $4794098 | $10333381 |
| Private Investment Vehicles  |  |  |  | 42088252 |
| **Total Investments**  |  |  |  | $52421633 |

---

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:

---

| | | |
|:---|:---|:---|
| | **Common <br> Stocks**  | **Preferred <br> Securities**  |
| Balance as of March 31, 2025  | $3506167 | $2456790 |
| Transfers into Level 3  |  |  |
| Transfers out of Level 3  | (1148803) |  |
| Total gains (losses) for the period:  | 305257 | (325313) |
| Purchases  |  |  |
| Sales  |  |  |
| Balance as of September 30, 2025  | $2662621 | $2131477 |
|  Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period  | $305257 | $(325313) |

---

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments**  | **Fair Value**  | **Valuation <br> Technique**  | **Unobservable <br> Inputs**  | **Range of Input**  | **Weighted <br> average**  | **Impact on <br> Valuation <br> from an <br> Increase <br> in Input**  |
| Common Stocks  | $1219529 | Market Comparable  | Enterprise Value  | .1 – 172.4x  | 86.25x  | Increase  |
|  | $1271778 | Transaction Price  | Transaction Price  | N/A  | N/A  | Increase  |
|  | $171314 | Enterprise Value <br> Approach  | GPC Method  | 1.9 – 2.2x  | 2.1x  | Increase  |
| Preferred Stocks  | $1268877 | Enterprise Value <br> Approach  | GPC Method  | 1.9 – 2.2x  | 2.1x  | Increase  |
|  | $862600 | Transaction Price  | Transaction Price  | N/A  | N/A  | Increase  |

---

#### Note 9 — Commitments
Private Investment Vehicles may be structured to be fully funded at the time of investment or include unfunded investment commitments, which are contractual obligations for future funding. The potential investment commitments are noted as "Commitments and contingencies" as reported on the Consolidated Statement of Assets and Liabilities. The unfunded investment commitments outstanding as of September 30, 2025, are as follows:

---

| | |
|:---|:---|
| **Investment Partnerships**  | **Unfunded <br> Commitment**  |
| 137 Direct Fund LP, LLC  | $250000 |
| 137 Ventures VI LP  | 13297 |
| Arlington Capital Partners VI, LP  | 286899 |

---

------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Assets Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Partnerships**  | **Unfunded <br> Commitment**  |
| Bain Capital Fund XII LP  | 52848 |
| Carlyle Europe Partners V, S.C.Sp.  | 248156 |
| Carlyle U.S. Equity Opportunity Fund II LP  | 990772 |
| GHO Capital IV LP  | 1978717 |
| GPS IV LP  | 143493 |
| Hedosophia Investments VI K L.P. (PolyAI)  | 1000000 |
| Hedosophia Partners III LP  | 3062 |
| Hedosophia Partners V LP  | 2725 |
| Hedosophia Partners V Parallel LP  | 2575 |
| Hedosophia Partners VI LP  | 698219 |
| HS Investments EU23 LP  | 305 |
| L Catterton Europe IV, SLP  | 35068 |
| Quiet Venture II LP  | 7091 |
| Quiet Venture III LP  | 296645 |
| RA Capital Nexus Fund II LP  | 25109 |
| RA Capital Nexus Fund III LP  | 73919 |
| RA Capital Nexus Fund LP  | 159120 |
| Reverence Capital Partners Opportunities Fund I LP  | 838 |
| Sapphire Ventures Fund VII LP  | 1250000 |
| Savory Fund III Blocked LP  | 650000 |
| TPG Tech Adjacencies III LP  | 1250000 |
| Ufenau VIII Asset Light, SLP  | 1100000 |
|  | $10518858 |

---

#### Note 10 — Credit Agreement
The Fund, as the borrower, has entered into a credit agreement (the "Credit Agreement"), with TriState Capital Bank as the lender. The Credit Agreement establishes a commitment by the lender to make revolving loans to the Fund in an aggregate principal amount not in excess of $1,650,000, which may be increased from time to time upon mutual agreement by the parties. The expiration date of the Credit Agreement is September 23, 2026. In connection with the Credit Agreement, the Fund has made certain customary representations and warranties and is required to comply with various customary covenants, reporting requirements and other requirements including maintaining a loan to value ratio of 3 to 1 at any time. The Credit Agreement contains events of default customary for similar financing transactions, including: (i) the failure to make principal, interest or other payments when due after the applicable grace period; (ii) the insolvency or bankruptcy of the Fund; or (iii) a change of management of the Fund. Upon the occurrence and during the continuation of an event of default, the lender may declare the outstanding advances and all other obligations under the Credit Agreement immediately due and payable. The Fund's obligations to the lender under the Credit Agreement are secured by a first-priority security interest in substantially all of the assets of the Fund.

For the six months ended September 30, 2025, the Fund incurred a cost related to the setup and maintenance of the Credit Agreement ("Commitment fees") as reported on the Consolidated Statement of Operations. The average interest rate, average daily loan balance, maximum outstanding and amount recorded as interest expense for the 40 days the Fund had outstanding borrowings were 8.44%, $862,500, $1,000,000, and $4,076, respectively. As of September 30, 2025 the Fund had no outstanding borrowings.

------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Assets Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> September 30, 2025 (Unaudited)

#### Note 11 — Risk Factors
An investment in the Fund involves various risks. The Fund invests in and actively trades securities and other financial instruments using a variety of strategies and investment techniques with significant risk characteristics, including the risks arising from the volatility of the Investment Funds.

No guarantee or representation is made that the investment program will be successful.

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and others like them are collectively referred to as "Market Disruptions and Geopolitical Risks" and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include, but are not limited to, embargos, political actions, supply chain disruptions, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Fund's performance, the performance of the securities in which the Fund invests and may lead to losses. The ultimate impact of Market Disruptions and Geopolitical Risks on the financial performance of the Fund's investments is not reasonably estimable at this time. Management is actively monitoring these events.

#### Note 12 — Events Subsequent to the Period End
In preparing these financial statements, management has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure or would be required to be recognized in the financial statements.

------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Assets Fund <br> FUND INFORMATION <br> September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TICKER**  | **TICKER**  | **CUSIP**  | **CUSIP**  |
| **First Trust Private Assets Fund** |  | **FTPAX**  |  | **33741D106**  |

---

#### Proxy Voting Policies and Procedures
A description of the Fund's proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Fund at (877) 779-1999 or on the SEC website at www.sec.gov.

#### Proxy Voting Record
Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling the Fund at (877) 779-1999 or by accessing the Fund's Form N-PX on the SEC's website at www.sec.gov.

#### Availability of Quarterly Portfolio Schedules
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT is available on the SEC website at www.sec.gov or without charge and upon request by calling the Fund at (877) 779-1999.

First Trust Private Assets Fund <br> 235 West Galena Street <br> Milwaukee, WI 53212 <br> Toll Free: (877) 779-1999

------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Assets Fund <br> PRIVACY POLICY <br> (Unaudited)

---

| | |
|:---|:---|
| **FACTS**  | **WHAT DOES THE FUND DO WITH YOUR PERSONAL INFORMATION?**  |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.  |
| What? | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br> • Social Security number <br>• account balances <br>• account transactions <br>• transaction history <br>• wire transfer instructions <br>• checking account information <br>Even when you are *no longer* our customer, we continue to share your information as described in this notice.  |
| How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons funds choose to share; and whether you can limit this sharing.  |

---

---

| | | |
|:---|:---|:---|
| **Reasons we can share your personal information**  | **Does the Fund share?**  | **Can you limit this <br> sharing?** |
| **For our everyday business purposes –** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes –** to offer our products and services to you | No | We don't share |
| **For joint marketing with other financial companies**  | No | We don't share |
| **For our affiliates' everyday business purposes –** information about your transactions and experiences | Yes | No |
| **For our affiliates' everyday business purposes –** information about your creditworthiness | No | We don't share |
| **For our affiliates to market to you**  | No | We don't share |
| **For nonaffiliates to market to you**  | No | We don't share |

---

------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Assets Fund <br> PRIVACY POLICY — Continued <br> (Unaudited)

---

| | |
|:---|:---|
| **What we do**  | |
| **How does the Fund protect my personal information?**  | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.  |
| **How does the Fund collect my personal information?**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We collect your personal information, for example, when you <br> • open an account <br>• provide account information <br>• give us your contact information <br>• make a wire transfer <br>• tell us where to send money <br>We also collect your information from others, such as credit bureaus, affiliates, or other companies.  |
| **Why can't I limit all sharing?**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal law gives you the right to limit only <br> • sharing for affiliates' everyday business purposes-information about your creditworthiness <br>• sharing for affiliates from using your information to market to you <br>• sharing for nonaffiliates to market to you <br>State laws and individual companies may give you additional rights to limit sharing.  |

---

---

| | |
|:---|:---|
| **Definitions**  | |
| **Affiliates**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Companies related by common ownership or control. They can be financial and nonfinancial companies. <br> • *Our affiliates include companies such as First Trust Capital Management L.P.* <br>|
| **Nonaffiliates**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Companies not related by common ownership or control. They can be financial and nonfinancial companies. <br> • *The Fund doesn't share with nonaffiliates so they can market to you.* <br>|
| **Joint marketing**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A formal agreement between nonaffiliated financial companies that together market financial products or services to you. <br> • *The Fund doesn't jointly market.* <br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(b) Registrant has included in its Rule 30e-3(c) notice only the disclosures specified by Rule 30e-3(c)(1) and
(2). Therefore, registrant has not included a copy of the notice herewith.

ITEM 2. CODE OF ETHICS.

Not applicable to semi-annual reports.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to semi-annual reports.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to semi-annual reports.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to semi-annual reports.

ITEM 6. INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period
is included as part of the report to shareholders filed under Item 1(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to semi-annual reports.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to semi-annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no changes to the Portfolio Managers identified
in response to paragraph (a)(1) of this Item in the registrant's most recent annual report on form N-CSR.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, where those changes 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), or this Item.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions,
have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date
of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required
by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under
the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT COMPANIES.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Not applicable to semi-annual reports.

(a)(2) Not applicable to semi-annual reports.

[(a)(3) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2531902d2_ex99-cert.htm)

(a)(4) There were no written solicitations.

(a)(5) There is no change to the registrant's independent public accountant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2531902d2_ex99-906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) First Trust Private Assets Fund

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Michael Peck |
|  | Michael Peck, President |
|  | (Principal Executive Officer) |

---

Date <u>December 5, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Michael Peck |
|  | Michael Peck, President |
|  | (Principal Executive Officer) |

---

Date <u>December 5, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Chad Eisenberg |
|  | Chad Eisenberg, Treasurer |
|  | (Principal Financial Officer) |

---

Date <u>December 5, 2025</u>

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Exhibit 99.CERT**

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT

I, Michael Peck, certify that:

1. I have reviewed this report on Form N-CSR of First Trust Private Assets Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | December 5, 2025 | /s/ Michael Peck |
| | | Michael Peck, President |
| | | (Principal Executive Officer) |

---

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT

I, Chad Eisenberg, certify that:

1. I have reviewed this report on Form N-CSR of First Trust Private Assets Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | December 5, 2025 | /s/ Chad Eisenberg |
| | | Chad Eisenberg, Treasurer |
| | | (Principal Financial Officer) |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Peck, President of First Trust Private Assets Fund, certify that to my knowledge:

1. The Form N-CSR of the registrant for the period ended September 30, 2025 (the "Report") fully complies with the
requirements of Section 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the registrant.

---

| |
|:---|
| /s/ Michael Peck |
| Michael Peck |
| President and Principal Executive Officer |
| December 5, 2025 |

---

I, Chad Eisenberg, Treasurer of First Trust Private Assets Fund, certify that to my knowledge:

1. The Form N-CSR of the registrant for the period ended September 30, 2025 (the "Report") fully complies with the
requirements of Section 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the registrant.

---

| |
|:---|
| /s/ Chad Eisenberg |
| Chad Eisenberg |
| Treasurer and Principal Financial Officer |
| December 5, 2025 |

---

These certifications are being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. (S) 1350 and are not being filed as part of the Form N-CSR with the Commission.