# EDGAR Filing Document

**Accession Number:** 0001898303
**File Stem:** 0001193125-26-250668
**Filing Date:** 2026-6
**Character Count:** 20172
**Document Hash:** 4d8c87f270c78e1a2380ad1324c81933
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-250668.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001193125-26-250668

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23763
- **FILM NUMBER:** 261049048

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $13567410.40

**Total Liabilities:** $312260.83

**Net Assets:** $13255149.57

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 172.099398865174 | **30-Year:** 964.081148879826

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 3.034241123068 | **1-Year:** 4.938826876932 | **5-Year:** 5.591733193666 | **10-Year:** 91.034756800740 | **30-Year:** 254.883078952594

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.45%                | 0.67%                | -0.20%               |
| Class ID N/A | 0.45%                | 0.67%                | -0.32%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-196403.29              | $210117.48                                 |
| Month 2  | $174.14                  | $79623.35                                  |
| Month 3  | $-5111.68                | $-41624.26                                 |

### Schedule of Portfolio Investments

| Name                                                                                | Title                                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CIRE REAL ESTATE INVESTMENT TRUST, Inc.   /                                         | CIRE REAL ESTATE INVESTMENT TRUST, Inc.   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1268612.97   | 9.57%             |  |  |  | No            | N/A                | On Loan: No      |
| CORE SPACES FUND IV LP   /                                                          | CORE SPACES FUND IV LP   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $85232.00     | 0.64%             |  |  |  | No            | N/A                | On Loan: No      |
| FCP REALTY FUND VI-A LP   /                                                         | FCP REALTY FUND VI-A LP   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $75968.22     | 0.57%             |  |  |  | No            | N/A                | On Loan: No      |
| HILLPOINTE WORKFORCE PARTNERSHIP IV, LP   /                                         | HILLPOINTE WORKFORCE PARTNERSHIP IV, LP   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $635994.00    | 4.80%             |  |  |  | No            | N/A                | On Loan: No      |
| BAILARD REAL ESTATE LP   /                                                          | BAILARD REAL ESTATE LP   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19889 | NS      | $620342.28    | 4.68%             |  |  |  | No            | N/A                | On Loan: No      |
| CBRE U.S. CORE PARTNERS LP   /                                                      | CBRE U.S. CORE PARTNERS LP   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    196442 | NS      | $292348.92    | 2.21%             |  |  |  | No            | N/A                | On Loan: No      |
| CIRE ALTO OpCo LLC TL 11/29/2024   /                                                | CIRE ALTO OpCo LLC TL 11/29/2024   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     36100 | PA      | $35410.31     | 0.27%             | 2026-06-30      | Variable      | 24.09%                | No            | 3                  | On Loan: No      |
| CIRE OpCo I LLC Class B Shares   /                                                  | CIRE OpCo I LLC Class B Shares   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $354723.00    | 2.68%             |  |  |  | No            | N/A                | On Loan: No      |
| CEDR Trust                                                                          | CEDR Commercial Mortgage Trust 2022-SNAI                                            | CUSIP: 12524AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120000 | PA      | $118643.04    | 0.90%             | 2039-02-15      | Floating      | 4.66%                 | Yes           | 2                  | On Loan: No      |
| CEDR Trust                                                                          | CEDR Commercial Mortgage Trust 2022-SNAI                                            | CUSIP: 12524AAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $147322.50    | 1.11%             | 2039-02-15      | Floating      | 5.50%                 | Yes           | 2                  | On Loan: No      |
| GCAT                                                                                | GCAT 2021-NQM6 Trust                                                                | CUSIP: 36167KAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $196608.50    | 1.48%             | 2066-08-25      | Variable      | 3.41%                 | Yes           | 2                  | On Loan: No      |
| GS Mortgage-Backed Securities                                                       | GS Mortgage-Backed Securities Trust 2023-CCM1                                       | CUSIP: 362918AE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    227000 | PA      | $226308.33    | 1.71%             | 2053-08-25      | Variable      | 7.36%                 | Yes           | 2                  | On Loan: No      |
| Home Partners of America Trust                                                      | Home Partners of America 2021-2 Trust                                               | CUSIP: 43732VAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    118959 | PA      | $117251.00    | 0.88%             | 2026-12-17      | Fixed         | 3.80%                 | Yes           | 2                  | On Loan: No      |
| JP Morgan Chase Commercial Mor                                                      | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP                     | CUSIP: 466317AG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     93927 | PA      | $92352.89     | 0.70%             | 2037-04-15      | Floating      | 5.03%                 | Yes           | 2                  | On Loan: No      |
| JP Morgan Mortgage Trust                                                            | JP Morgan Mortgage Trust 2016-4                                                     | CUSIP: 46647JBB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    133877 | PA      | $126024.11    | 0.95%             | 2046-10-25      | Variable      | 3.77%                 | Yes           | 2                  | On Loan: No      |
| JP Morgan Mortgage Trust                                                            | JP Morgan Mortgage Trust 2016-4                                                     | CUSIP: 46647JBC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120700 | PA      | $86393.80     | 0.65%             | 2046-10-25      | Variable      | 3.77%                 | Yes           | 2                  | On Loan: No      |
| JP Morgan Mortgage Trust                                                            | JP Morgan Mortgage Trust 2016-4                                                     | CUSIP: 46647JBD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    162258 | PA      | $104483.49    | 0.79%             | 2046-10-25      | Variable      | 3.77%                 | Yes           | 2                  | On Loan: No      |
| Legacy Mortgage Asset Trust                                                         | Legacy Mortgage Asset Trust 2019-SL2                                                | CUSIP: 52473FAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    234434 | PA      | $190666.05    | 1.44%             | 2059-02-25      | Variable      | 4.25%                 | Yes           | 2                  | On Loan: No      |
| New Residential Mortgage Loan                                                       | New Residential Mortgage Loan Trust 2022-NQM1                                       | CUSIP: 64830JAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $185429.00    | 1.40%             | 2061-04-25      | Variable      | 3.60%                 | Yes           | 2                  | On Loan: No      |
| Preston Ridge Partners Mortgag                                                      | PRPM 2025-RCF4 LLC                                                                  | CUSIP: 69382WAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $193996.80    | 1.46%             | 2055-08-25      | Variable      | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Woodward Capital Management                                                         | RCKT Mortgage Trust 2024-CES3                                                       | CUSIP: 74942AAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $709407.30    | 5.35%             | 2044-05-25      | Variable      | 6.87%                 | Yes           | 2                  | On Loan: No      |
| Radnor Re LTD                                                                       | Radnor RE 2022-1 Ltd.                                                               | CUSIP: 75049XAB8<br>LEI: 254900E0VCENS5C16U77 | Long             | ABS-MBS          | CORP              | US        |    126392 | PA      | $131829.43    | 0.99%             | 2032-09-25      | Floating      | 10.41%                | Yes           | 2                  | On Loan: No      |
| Saluda Grade Alternative Mortg                                                      | Saluda Grade Alternative Mortgage Trust 2023-FIG3                                   | CUSIP: 79582AAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    147655 | PA      | $151217.30    | 1.14%             | 2053-08-25      | Variable      | 7.07%                 | Yes           | 2                  | On Loan: No      |
| Saluda Grade Alternative Mortg                                                      | Saluda Grade Alternative Mortgage Trust 2023-FIG3                                   | CUSIP: 79582AAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    147655 | PA      | $151596.63    | 1.14%             | 2053-08-25      | Fixed         | 7.71%                 | Yes           | 2                  | On Loan: No      |
| UPX HIL 2025-1 Issuer Trust                                                         | UPX HIL 2025-1 Issuer Trust                                                         | CUSIP: 916925AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $249434.75    | 1.88%             | 2047-01-25      | Fixed         | 7.67%                 | Yes           | 2                  | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust 2021-7                                                   | CUSIP: 92538QAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $162101.60    | 1.22%             | 2066-10-25      | Variable      | 4.14%                 | Yes           | 2                  | On Loan: No      |
| WB Commercial Mortgage Trust                                                        | WB Commercial Mortgage Trust 2024-HQ                                                | CUSIP: 92943PAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99495.70     | 0.75%             | 2040-03-15      | Variable      | 7.48%                 | Yes           | 2                  | On Loan: No      |
| HILLPOINTE WORKFORCE HOUSING PARTNER V LP   /                                       | HILLPOINTE WORKFORCE HOUSING PARTNER V LP   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $209773.00    | 1.58%             |  |  |  | No            | N/A                | On Loan: No      |
| INVESCO REAL ESTATE INCOME TRUST, Inc.   /                                          | INVESCO REAL ESTATE INCOME TRUST, Inc.   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23239 | NS      | $607173.75    | 4.58%             |  |  |  | No            | 3                  | On Loan: No      |
| NUVEEN REAL ESTATE U.S. Cities Industr Fd   /                                       | NUVEEN REAL ESTATE U.S. Cities Industr Fd   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $637157.92    | 4.81%             |  |  |  | No            | 3                  | On Loan: No      |
| NUVEEN REAL ESTATE U.S. CITIES MULTI LP   /                                         | NUVEEN REAL ESTATE U.S. CITIES MULTI LP   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $101103.70    | 0.76%             |  |  |  | No            | 3                  | On Loan: No      |
| OAK St (*** Please punctuate:  St. or State ***) REAL EST LP BLUE OWL NET LEASE   / | OAK St (*** Please punctuate:  St. or State ***) REAL EST LP BLUE OWL NET LEASE   / | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $949959.00    | 7.17%             |  |  |  | No            | N/A                | On Loan: No      |
| UMB MONEY MARKET II SPECIAL   /                                                     | UMB MONEY MARKET II SPECIAL   /                                                     | CUSIP: SF8888628<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1963013 | PA      | $1963013.46   | 14.81%            |  |  |  | No            | 1                  | On Loan: No      |
| Stepstone Private Infrastructu                                                      | Stepstone Private Infrastructure Fund/United States - Class I                       | CUSIP: 85914R403<br>LEI: 5493000L3ZVBTL5H9619 | Long             |  | RF                | US        |     43328 | NS      | $660311.95    | 4.98%             |  |  |  | No            | 1                  | On Loan: No      |
| STARWOOD REAL ESTATE INCOME TRUST, Inc.   /                                         | STARWOOD REAL ESTATE INCOME TRUST, Inc.   /                                         | CUSIP: 85570X405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20423 | NS      | $406048.16    | 3.06%             |  |  |  | No            | 3                  | On Loan: No      |
| Jones Lang LaSalle Income Prop                                                      | Jones Lang LaSalle Income Property Trust, Inc. - Class M-I                          | CUSIP: 48021R401<br>LEI: 549300XETD49ZVNAAQ35 | Long             |  | RF                | US        |     45744 | NS      | $514160.55    | 3.88%             |  |  |  | No            | 1                  | On Loan: No      |
| RREEF Property Trust Inc                                                            | RREEF Property Trust, Inc. - Class D                                                | CUSIP: 74972X304<br>LEI: 549300UPJ5PPW5K8VB96 | Long             |  | RF                | US        |     47169 | NS      | $624984.69    | 4.72%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2026-04-07

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

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

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

**Title:** President