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            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>147306.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MORGAN STANLEY</principalName>
            <principalFileNo>8-68191</principalFileNo>
            <principalCrdNo>000149777</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>100000.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>ODEON CAPITAL GROUP LLC</principalName>
            <principalFileNo>8-68033</principalFileNo>
            <principalCrdNo>000148493</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>92988.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>2113934.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>14890808.720000000000</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>First Trust Real Assets Fund - Class I</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="N/A" commonStockTickerSymbol="FTREX"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>First Trust Real Asset Fund - Class A </securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="N/A" commonStockTickerSymbol="FTRDX"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <repurchaseSecurities isRepurchaseSecurity="Y">
        <repurchaseSecurityType>Common stock</repurchaseSecurityType>
      </repurchaseSecurities>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>1.350000000000</managementFee>
      <netOperatingExpenses>1.840000000000</netOperatingExpenses>
      <marketPricePerShare>N/A</marketPricePerShare>
      <netAssetValuePerShare>8.900000000000</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <exchangeSeriesInfo/>
    <attachmentsTab>
      <isProvisionFinancialSupport>true</isProvisionFinancialSupport>
    </attachmentsTab>
    <signature registrantSignedName="First Trust Real Assets Fund" signedDate="2026-06-12" signature="/s/ Michael Peck" title="President"/>
  </formData>
</edgarSubmission>
