# EDGAR Filing Document

**Accession Number:** 0002060415
**File Stem:** 0000930413-25-003168
**Filing Date:** 2025-10
**Character Count:** 938134
**Document Hash:** e1242e0fcefae3d02e907970c3e00a50
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-003168.hdr.sgml**: 20251001

**ACCESSION NUMBER**: 0000930413-25-003168

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 79

**FILED AS OF DATE**: 20251001

**DATE AS OF CHANGE**: 20250930

**EFFECTIVENESS DATE**: 20251001

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Eagle Completion Fund Trust
- **CENTRAL INDEX KEY:** 0002060415

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24076
- **FILM NUMBER:** 251362243

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** (212) 698-3300

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Eagle Completion Fund Trust
- **CENTRAL INDEX KEY:** 0002060415

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-286532
- **FILM NUMBER:** 251362242

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** (212) 698-3300

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

## Series and Classes Contracts Data

### First Eagle High Yield Municipal Completion Fund (Series ID: S000093420)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000261678 | First Eagle High Yield Municipal Completion Fund | FHCMX           |

?xml version='1.0' encoding='ASCII'?

As filed with the Securities and Exchange Commission on September 29, 2025

REGISTRATION NO. 333-286532 and 811-24076

**SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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**FORM N-1A**

**REGISTRATION STATEMENT UNDER**

**THE SECURITIES ACT OF 1933**

**PRE-EFFECTIVE AMENDMENT NO.** 

**POST-EFFECTIVE AMENDMENT NO. 1**

**AND/OR REGISTRATION STATEMENT UNDER**

**THE INVESTMENT COMPANY ACT OF 1940**

**AMENDMENT NO. 2**

(CHECK APPROPRIATE BOX OR BOXES)

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**FIRST EAGLE COMPLETION FUND TRUST**

(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)

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**1345 AVENUE OF THE AMERICAS NEW YORK, NY 10105**

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: **(212) 698-3300**

**SHEELYN MICHAEL**

**FIRST EAGLE COMPLETION FUND TRUST**

**1345 AVENUE OF THE AMERICAS NEW YORK, NY 10105**

(NAME AND ADDRESS OF AGENT FOR SERVICE)

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COPY TO:

 **NATHAN J. GREENE, ESQ. SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK, NY 10019**

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It is proposed that this filing will become effective (check appropriate box):

☒ Immediately upon filing pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)

☐ on (date) pursuant to paragraph (a)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on (date) pursuant to paragraph (a)(2) of rule 485

If appropriate, check the following box:

☐ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

![](x3_c113931x2x1.jpg)

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| | |
|:---|:---|
| Prospectus | **September 29, 2025** |

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**First Eagle High Yield Municipal Completion Fund – Ticker FHCMX**

Advised by First Eagle Investment Management, LLC

The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

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1 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

Thank you for your interest in First Eagle Completion Fund Trust (the "Trust" or "Funds"), managed by First Eagle Investment Management, LLC (the "Adviser").

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2 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

**Table of Contents**

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| | |
|:---|:---|
| **Summary Information about the Fund (Including Investment, Risk and Fee/Expense Information)** |  |
| [<u>First Eagle High Yield Municipal Completion Fund</u>](#x3_c113931a001) | 4 |
| [**<u>Information about Taxes and Financial Intermediaries</u>**](#x3_c113931a002) | 13 |
| [<u>More Information About the Fund's Investments</u>](#x3_c113931a003) | 14 |
| [<u>Investment Objectives and Strategies of the Fund</u>](#x3_c113931a004) | 14 |
| [<u>Principal Investment Risks</u>](#x3_c113931a005) | 15 |
| [<u>Defensive Investment Strategies</u>](#x3_c113931a006) | 24 |
| [<u>Disclosure of Portfolio Holdings</u>](#x3_c113931a007) | 24 |
| [<u>Fund Indices</u>](#x3_c113931a008) | 24 |
| [**<u>Fund Management</u>**](#x3_c113931a009) | 24 |
| [<u>The Adviser</u>](#x3_c113931a010) | 24 |
| [<u>Approval of Advisory Agreement</u>](#x3_c113931a011) | 25 |
| [**<u>About Your Investment</u>**](#x3_c113931a012) | 25 |
| [<u>How to Purchase Shares</u>](#x3_c113931a013) | 25 |
| [<u>Anti-Money Laundering Compliance</u>](#x3_c113931a014) | 26 |
| [<u>How Fund Share Prices Are Calculated</u>](#x3_c113931a015) | 26 |
| [<u>Shareholder Services Expenses</u>](#x3_c113931a016) | 27 |
| [<u>Contractual Arrangements</u>](#x3_c113931a017) | 27 |
| [**<u>Once You Become a Shareholder</u>**](#x3_c113931a018) | 29 |
| [<u>Dividend Direction Plan</u>](#x3_c113931a019) | 29 |
| [<u>Redemption of Shares</u>](#x3_c113931a020) | 29 |
| [<u>Short-Term Trading Policies</u>](#x3_c113931a021) | 29 |
| [<u>Information Regarding State Escheatment Laws</u>](#x3_c113931a022) | 30 |
| [**<u>Information on Dividends, Distributions and Taxes</u>**](#x3_c113931a023) | 30 |
| [**<u>Derivative Actions Brought on Behalf of the Trust</u>**](#x3_c113931a024) | 31 |
| [**<u>Privacy Notice for Individual Shareholders</u>**](#x3_c113931a025) | 33 |
| [**<u>How to Reach First Eagle Completion Fund Trust</u>**](#x3_c113931a026) | 37 |
| [**<u>Financial Highlights</u>**](#x3_c113931a027) | 38 |
| [<u>Useful Shareholder Information</u>](#x3_c113931a028) | Back Cover |

---

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3 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

First Eagle High Yield Municipal Completion Fund

**Summary Information**

**Investment Objective**

First Eagle High Yield Municipal Completion Fund ("High Yield Municipal Completion Fund" or the "Fund") seeks to provide high current income exempt from regular federal income taxes. Capital appreciation is a secondary objective when consistent with the Fund's primary objective.

**Fees and Expenses of the High Yield Municipal Completion Fund**

The following information describes the fees and expenses you may pay if you buy, hold and sell shares of the High Yield Municipal Completion Fund. Fund shares may be purchased and held only by or on behalf of separately managed account clients where First Eagle Separate Account Management LLC has an agreement to serve as investment adviser or sub-adviser to the account with the separately managed account program sponsor or directly with the client. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | |
|:---|:---|
| **Shareholder Fees (fees paid directly from your investment):** | **None** |

---

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment):** |  |
| Management Fees\* | 0.00% |
| Other Expenses\*\* |  |
| &nbsp;&nbsp;&nbsp;Interest and Related Expenses\*\*\* | 0.36% |
| &nbsp;&nbsp;&nbsp;Remainder of Other Expenses | 0.00% |
| **Total Annual Operating Expenses (%)** | **0.36%** |
| **Fee Waiver and/or Expense Reimbursement\*\*\*\*** | 0.00% |
| **Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement (%)** | **0.36%** |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not pay management fees to First Eagle Investment Management, LLC (the "Adviser") under the Investment Advisory Contract between First Eagle Completion Fund Trust (the "Trust") and the Adviser with respect to the Fund (the "Advisory Agreement"). However, you will generally incur the management fees for the amount invested in the Fund through the separately managed account associated with such investment. You should read carefully the separately managed account brochure provided to you by First Eagle Separate Account Management LLC or your investment adviser. The brochure is required to include information about the fees charged to you by First Eagle Separate Account Management LLC and the fees paid by the sponsor to the Adviser and its affiliates. You pay no additional fees or expenses to purchase shares of the Fund.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Other Expenses" are based on estimated expenses for the current fiscal year; actual expenses may vary.

\*\*\*&nbsp;&nbsp;&nbsp;&nbsp; Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.

\*\*\*\*&nbsp;&nbsp;&nbsp;&nbsp; Under the Advisory Agreement, the Adviser is contractually responsible for and assumes the obligation for payment of the Fund's expenses included as "Other Expenses" of the Fund (excluding interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses). This obligation will continue in effect for so long as the Adviser serves as the investment adviser to the Fund pursuant to the Advisory Agreement.

**Example**

The following example is intended to help you compare the cost of investing in the High Yield Municipal Completion Fund with the cost of investing in other mutual funds. This hypothetical example assumes you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem all shares at the end of those periods. The example also assumes the average annual return is 5% and operating expenses remain the same. Please keep in mind your actual costs may be higher or lower. The example does not reflect charges imposed by separately managed accounts and the costs shown in the example would be higher if those charges were reflected.

4 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

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| | | |
|:---|:---|:---|
|  | **1 Year** | **3 Years** |
| Sold or Held | $37&nbsp;&nbsp;&nbsp;&nbsp; | $115 |

---

**Portfolio Turnover Rate**

The High Yield Municipal Completion Fund pays transaction costs, such as commissions, when the Fund buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example above, affect the Fund's performance. There has been no portfolio turnover because the Fund had not commenced operations as of the date of this Prospectus.

**Principal Investment Strategies**

To pursue its investment objective, the First Eagle High Yield Municipal Completion Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal bonds that pay interest that is exempt from regular federal personal income tax. Such municipal bonds may include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories that pay interest that is exempt from regular federal personal income tax. The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest without limit in securities that generate income taxable to those shareholders subject to the federal alternative minimum tax. Assuming the position pays interest income that is exempt from regular federal personal income tax, the Fund can "count" relevant derivative positions towards its "80% of assets" allocation and, in doing so, values each position at the price at which it is held on the Fund's books (generally market price, but anticipates valuing each such position for purposes of assessing compliance with this test at notional value). While the Fund may invest in securities with any time to maturity, the Fund is a long-term bond fund and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 years. A debt instrument's "duration" is a way of measuring a debt instrument's sensitivity to a potential change in interest rates.

The Fund invests significantly in lower-quality municipal bonds and may employ effective leverage through investments in inverse floaters, tender option bonds, total return swaps, interest rate swaps, credit default swaps, credit default swap indices, a line of credit, repurchase agreements and reverse repurchase agreements. While the Fund may invest in securities with any investment rating, under normal market conditions, the Fund invests at least 65% of its net assets in low- to medium- quality bonds rated BBB/Baa or lower at the time of purchase by at least one independent rating agency or, if unrated, judged by the Adviser to be of comparable quality. In doing so, the Fund may invest in below investment grade municipal bonds (those rated BB+/Ba1 or lower), commonly referred to as "high yield" or "junk" bonds. The Fund may invest up to 10% of its net assets in defaulted municipal bonds. The Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates ("Inverse Floaters"). The Fund's investments in Inverse Floaters are designed to increase the Fund's income and returns through this leveraged exposure. The Fund may invest in Inverse Floaters that create effective leverage of up to 30% of the Fund's total investment exposure. Generally, the underlying bonds of the Inverse Floaters in which the Fund invests will be investment grade bonds, though the Fund may invest in Inverse Floaters without regard to the credit ratings of the underlying bonds of the Inverse Floaters.

The Adviser uses a bottom-up fundamental analysis to screen for issuers that meet its investment team's fundamental tests of creditworthiness. The Adviser's investment team favors those issuers with attractive return potential from a combination of price improvement and yield through solid coverage of debt service and a priority lien on hard assets, dedicated revenue streams or tax resources. Inputs into the investment team's analysis include credit analysis, security structure, sector analysis and yield curve positioning. Factors that the Adviser's investment team considers in constructing and assessing the Fund's portfolio and in analyzing the Fund's exposure to sectors is described further below.

In deciding whether to sell a security, the Adviser considers various factors related to the market and the portfolio, which may include whether: a security has become overvalued; the Adviser detects credit deterioration or modifies its portfolio strategy, such as sector and/or state allocations; or a security exceeds the portfolio's diversification targets.

5 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

While the municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies, as of the date of this prospectus, the Fund does not expect that it will have significant exposure to any particular geographic area or any particular type of project.

The Fund may invest in cash and cash equivalents, including U.S. treasuries, money market funds, variable rate demand notes or municipal bond-focused exchange-traded funds. The Fund may invest in zero coupon bonds. The Fund may also invest (typically for hedging purposes or to manage the effective maturity or duration of the Fund's portfolio or for speculative purposes in an effort to increase the Fund's yield or to enhance returns) in derivative instruments such as options, futures contracts and options on futures contracts, and interest rate swaps.

The Fund may purchase securities that have been privately placed but that are eligible for purchase and sale under Rule 144A under the Securities Act of 1933 (the "1933 Act") ("restricted securities"). That rule permits certain qualified institutional buyers, such as the Fund, to trade in privately placed securities that have not been registered for sale under the 1933 Act.

For more information about the High Yield Municipal Completion Fund's principal investment strategies, please see the *More Information about the Fund's Investments* section.

**Principal Investment Risks**

As with any mutual fund investment, you may lose money by investing in the High Yield Municipal Completion Fund. The likelihood of loss may be greater if you invest for a shorter period of time. An investment in the Fund is not intended to be a complete investment program.

Principal risks of investing in the High Yield Municipal Completion Fund, which could adversely affect its net asset value and total return, are:

• **Municipal Bond Risk -** The Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) under normal market conditions in municipal bonds that pay interest that is exempt from regular federal personal income tax. Like other bonds, municipal bonds are subject to credit risk, interest rate risk, liquidity risk, and call risk. However, the obligations of some municipal issuers may not be enforceable through the exercise of traditional creditors' rights. The reorganization under federal bankruptcy laws of a municipal bond issuer may result in the bonds being cancelled without payment or repaid only in part, or in delays in collecting principal and interest.

• **High Yield Risk -** Debt instruments that are below investment grade, commonly known as "high yield" or "junk" bonds, may be subject to greater levels of interest rate, credit (including issuer default) and liquidity risk than investment grade securities and may experience extreme price fluctuations. The securities of such issuers may be considered speculative and the ability of such issuers to pay their debts on schedule may be uncertain.

• **Credit and Interest Rate Risk -** The value of the Fund's portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. In addition, fluctuations in interest rates can affect the value of debt instruments held by the Fund. A debt instrument's "duration" is a way of measuring a debt instrument's sensitivity to a potential change in interest rates. An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. Generally, debt instruments with long maturities and low coupons have the longest durations. Longer-duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. Recent market conditions and events, including increases in interest rates, may exacerbate the risk that borrowers will not be able to make payments of interest and principal when due. During periods of decreasing or prolonged low interest rates, financial markets in which the Fund invests could be negatively affected by, for example, increased volatility, reduced value and liquidity of the Fund's investments, and perceptions of broader economic decline. In addition, there is risk of significant future rate moves and related economic and market impacts. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of an issuer's securities.

6 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

• **Market Risk -** The value and liquidity of the Fund's portfolio holdings may fluctuate in response to events specific to the issuers or markets in which the Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments, including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility. Rapid changes in prices or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in prices may be temporary or may last for extended periods.

• **Call Risk -** The Fund may be subject to the risk that an issuer will exercise its right to pay principal on a debt obligation (such as a convertible security) that is held by the Fund earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, the Fund may be unable to recoup all of its initial investment and may also suffer from having to reinvest in lower-yielding securities.

• **Derivatives Risk -** Futures contracts or other "derivatives," including hedging strategies, present risks related to their significant price volatility and risk of default by the counterparty to the contract. The Fund may at times also purchase derivatives linked to relevant market indices as either a hedge or for investment purposes. A futures contract is considered a derivative because it derives its value from the price of the underlying security or financial index. The prices of futures contracts can be volatile and futures contracts may lack liquidity. In addition, there may be imperfect or even negative correlation between the price of a futures contract and the price of the underlying securities or financial index.

• **Options Risk -** The Fund may engage in various options transactions in which the Fund typically seeks to limit investment risk by purchasing the right to buy or sell, or by selling the obligation to buy or sell, a security at a set price in the future. The Fund pays a premium when buying options and receives a premium when selling options. When trading options, the Fund may incur losses or forego otherwise realizable gains if market prices do not move as expected.

• **Swaps Risk -** Swap agreements (including interest rate, total return, credit default and index) are derivatives contracts where the parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. In addition to the risks generally applicable to derivatives, risks associated with swap agreements include adverse changes in the returns of the underlying instruments, failure of the counterparties to perform under the agreement's terms and the possible lack of liquidity with respect to the agreements. In addition, interest rate swaps may fail to perform as intended and may not offset adverse changes in interest rates fully or at all. Interest rate swaps may also reduce the Fund's gains due to favorable changes in interest rates and result in losses to the Fund. Counterparties to interest rate swaps are subject to manipulation in the marketplace of the floating rate benchmarks, which may affect the utility of interest rate swaps as a hedge.

• **Restricted and Illiquid Investment Risk -** Holding illiquid securities restricts or otherwise limits the ability for the Fund to freely dispose of its investments for specific periods of time. The Fund might not be able to sell illiquid securities at its desired price or time. Changes in the markets or in regulations governing the trading of illiquid instruments can cause rapid changes in the price or ability to sell an illiquid security. The market for lower-quality debt instruments, including junk bonds, is generally less liquid than the market for higher-quality debt instruments. In addition, brokers and dealers have decreased their inventories of municipal bonds in recent years. This could limit the Adviser's ability to buy or sell municipal bonds and increase price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal bonds, which may further decrease the Adviser's ability to buy or sell bonds. As a result, the Adviser may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance.

• **Defaulted Securities Risk -** The Fund may invest in securities of issuers that are experiencing significant financial or business difficulties, including issuers involved in bankruptcy or other reorganization and liquidation proceedings. Such investments involve a substantial degree of risk. In any reorganization or liquidation

7 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

proceeding relating to an issuer in which the Fund invests, the Fund may lose its entire investment, may be required to accept cash or securities with a value less than the Fund's original investment, and/or may be required to accept payment over an extended period of time.

• **Unrated Bond Risk -** The Adviser may internally assign ratings to securities that are not rated by any nationally recognized statistical rating organization, after assessing their credit quality and other factors, in categories similar to those of nationally recognized statistical rating organizations. There can be no assurance, nor is it intended, that the Adviser's credit analysis process is consistent or comparable with the credit analysis process used by a nationally recognized statistical rating organization. Unrated securities are considered "investment-grade" or "below-investment-grade" if judged by the Adviser to be comparable to rated investment-grade or below-investment-grade securities. The Adviser's rating does not constitute a guarantee of the credit quality. In addition, some unrated securities may not have an active trading market or may trade less actively than rated securities, which means that unrated securities may be difficult to sell promptly at an acceptable price.

• **Changes in Debt Ratings Risk -** If a rating agency gives a debt instrument a lower rating, the value of the instrument may decline because investors may demand a higher rate of return.

• **Reference Rate Transition Risk -** The Fund may be exposed to financial instruments that recently transitioned from the London Interbank Offered Rate ("LIBOR"). The effect of the transition away from LIBOR and the effectiveness of replacement rates remain uncertain. The Fund may be exposed to financial instruments linked to other reference rates that may also cease to be published in the future.

• **Alternative Minimum Tax Risk -** All or a portion of the Fund's otherwise tax-exempt income may be taxable to those shareholders subject to the federal alternative minimum tax.

• **Income Risk -** The Fund may experience a decline in its income due to falling interest rates, earnings declines, income decline within a security or default of an issuer of a security. During periods of increasing or prolonged high interest rates, among other things, borrowing costs may increase, fewer issuances of securities and decreased liquidity may occur and/or an issuer of a security may be unable to refinance existing debt obligations and/or make income payments. The amount and rate of distributions that the Fund's shareholders receive are affected by the income that the Fund receives from its portfolio holdings. If the income is reduced, distributions by the Fund to shareholders may be less.

• **Inverse Floaters Risk -** Inverse Floaters are issued in connection with municipal tender option bond ("TOB") financing transactions to generate leverage for the Fund. The price of Inverse Floaters is expected to decline when interest rates rise, and generally will decline more than the price of a bond with a similar maturity, because of the effect of leverage. The price of Inverse Floaters is typically more volatile than the price of bonds with similar maturities, especially if the relevant TOB Trust provides the holder of the Inverse Floaters relatively greater leveraged exposure to the underlying security (e.g., if the par amount of the Floaters, as a percentage of the par amount of the underlying security, is relatively greater). Further, as short-term interest rates rise, the interest payable on the Floaters issued by a TOB Trust also rises, leaving less residual interest cash flow from the underlying security available for payment on the Inverse Floaters. Additionally, Inverse Floaters may lose some or all of their principal and, in some cases, the Fund could lose money in excess of its investment in Inverse Floaters. Consequently, in a rising interest rate environment, the Fund's investments in Inverse Floaters could negatively impact the Fund's performance and yield, especially when those Inverse Floaters provide the Fund with relatively greater leveraged exposure to the relevant underlying securities. The leverage effect of Inverse Floaters also may increase the Fund's credit risk.

• **Municipal Issuer Focus Risk -** The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had invested across issuers that did not have similar characteristics.

**General Obligation and Revenue Bonds -** General obligation bonds are general obligations of a governmental entity that are secured by the entity's pledge of its faith, credit and taxing power for the payment of principal and interest. Revenue bonds, on the other hand, are not supported by an issuer's power to levy

8 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

taxes and are payable only from the revenues derived from specific projects, authorities or facilities or, in some cases, from the proceeds of a special excise tax or another specific revenue source.

**Education Revenue Bonds -** Education revenue bonds are payable from and secured by revenues derived from the operation of schools, colleges and universities and their revenues are derived mainly from ad valorem taxes, or for higher education systems, from tuition, dormitory revenues, grants and endowments. Payment on education revenue bonds may be adversely affected by litigation contesting the state constitutionality of financing public education in part from ad valorem taxes. Risks related to college and university obligations include the prospect of a declining percentage of the population consisting of "college" age individuals, possible inability to raise tuitions and fees sufficiently to cover increased operating costs, the uncertainty of continued receipt of Federal grants and state funding and new government legislation or regulations which may adversely affect the revenues or costs of such issuers.

**Industrial Revenue Bonds -** Industrial revenue bonds are issued by governmental entities to provide financing aid to community facilities such as hospitals, hotels, business or residential complexes, convention halls and sport complexes. The proceeds from the issuance of an industrial revenue bond are directed to a private, for-profit business and the industrial revenue bond is backed by the credit and security of the private, for-profit business. Payment on industrial revenue bonds may be adversely affected by the general state of the economy, intense competition, consolidation, domestic and international politics, excess capacity and consumer spending trends. In addition, they may also be significantly affected by overall capital spending levels, economic cycles, technical obsolescence, delays in modernization, labor relations, government regulations and e-commerce initiatives. Industrial issuers may also be affected by factors more specific to their individual industries.

**Special Tax Bonds -** Special tax bonds are payable from and secured by revenues received by a municipality from a particular tax. Examples of special taxes are a tax on the rental of a hotel room, on the purchase of food and beverages, on the purchase of fuel, on the rental of automobiles or on the consumption of liquor. Special tax bonds are not secured by the general tax revenues of the municipality, and they do not represent general obligations of the municipality. Payment on special tax bonds may be adversely affected by a reduction in revenues realized from the underlying special tax. In addition, if spending on the particular goods or services that are subject to the special tax decrease, the municipality may be under no obligation to increase the rate of the special tax to ensure that sufficient revenues are raised from the shrinking taxable base.

**Tax Allocation Revenue Securities -** Tax allocation bonds are typically secured by incremental tax revenues collected on property within the areas where redevelopment projects financed by bond proceeds are located. Tax allocation bond payments are expected to be made from projected increases in tax revenues derived from higher assessed values of property resulting from development in the particular project area and not from an increase in tax rates. Payment on tax allocation bonds may be adversely affected by variations in taxable values of property in a project area, successful appeals by property owners of assessed valuations, substantial delinquencies in the payment of property taxes, or imposition of any constitutional or legislative property tax rate decrease.

**Transportation Facility Revenue Bonds -** Transportation facility revenue bonds are obligations which are payable from and secured by revenues derived from the ownership and operation of facilities such as airports, bridges, turnpikes, port authorities, convention centers and arenas. Payment on bonds related to airports and other facilities is dependent on fees received from signatory airlines use agreements (which consist of annual payments for leases, occupancy of certain terminal space and service fees), user fees from ports, tolls on turnpikes and bridges and rents from buildings. The revenue earned from these fees may be reduced by increased cost of maintenance, decreased use of a facility, lower cost of alternative modes of transportation, scarcity of fuel and reduction or loss of rents.

• **Municipal Lease Obligation Risk -** In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property.

• **Tax-Exempt Status Risk -** The Fund's investments in municipal securities rely on the opinion of the issuer's bond counsel and, in the case of derivative securities, sponsors' counsel, that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued, and neither the Fund nor the Adviser will independently review the bases

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for those tax opinions. However, tax opinions are not binding on the Internal Revenue Service (the "IRS"), and if any of those tax opinions are ultimately determined to be incorrect or if events occur after the security is acquired that impact the security's tax-exempt status, the Fund and its shareholders could be subject to substantial tax liability for the current or past years and shareholders may have to file amended tax returns and pay additional taxes, interest and penalties. In addition, an IRS assertion of taxability may impair the liquidity and the fair market value of the securities.

• **Tax Risk -** The Fund may be adversely impacted by changes in tax rates and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives may be affected by changes in federal and state income tax rates or changes in the tax-exempt status of interest income from municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of the municipal securities. This could in turn affect the Fund's net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels.

• **U.S. Territory Risk -** The Fund may invest in obligations of the governments of U.S. territories, commonwealths and possessions such as Puerto Rico, the U.S. Virgin Islands, Guam and the Northern Mariana Islands to the extent such obligations are exempt from regular federal income taxes. Accordingly, the Fund may be adversely affected by local political, economic, social and environmental conditions and developments, including natural disasters, within these U.S. territories, commonwealths and possessions affecting the issuers of such obligations.

**New Fund Risk -** The Fund may not be successful in implementing its investment strategy, and its investment strategy may not be successful under all future market conditions, either of which could result in the Fund being liquidated at some future time without shareholder approval and/or at a time that may not be favorable for certain shareholders. New funds may not attract sufficient assets to achieve investment, trading or other efficiencies. In addition, the Fund may be subject to a "ramp-up" period, during which it may not be fully invested or able to meet its investment objective or principal investment strategies.

• **Valuation Risk -** The investments in which the Fund invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Fund will be able to sell a portfolio investment at the price established by the pricing service, which could result in a loss to the Fund. Pricing services generally price debt securities assuming orderly transactions of an institutional "round lot" size, but some trades may occur in smaller, "odd lot" sizes, often at lower prices than institutional round lot trades. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same investments. As a result, if the Fund were to change pricing services, or if the Fund's pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund's NAV.

• **Zero Coupon Bond Risk -** Zero coupon securities are debt obligations that do not entitle the holder to any periodic payment of interest prior to maturity or a specified date when the securities begin paying current interest. They are issued and traded at a discount from their face amount or par value, which discount varies depending on the time remaining until cash payments begin, prevailing interest rates, liquidity of the security and the perceived credit quality of the issuer. The market prices of zero coupon securities generally are more volatile than the prices of securities that pay interest periodically and in cash and are likely to respond to changes in interest rates to a greater degree than do other types of debt securities having similar maturities and credit quality. Original issue discount earned on zero coupon securities must be included in the Fund's income. Thus, to continue to qualify for tax treatment as a regulated investment company and to avoid a certain excise tax on undistributed income, the Fund may be required to distribute as a dividend an amount that is greater than the total amount of cash it actually receives. These distributions must be made from the Fund's cash assets or, if necessary, from the proceeds of sales of portfolio securities. The Fund will not be able to purchase additional income-producing securities with cash used to make such distributions, and its current income ultimately could be reduced as a result.

• **Other Investment Company Risk -** To the extent the Fund invests in other investment companies, including money market funds and exchange-traded funds ("ETFs"), its performance will be affected by the performance

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of those other investment companies. Investments in other investment companies are subject to the risks of the other investment companies' investments. In addition, the Fund will pay a proportional share of the fees and expenses of the other investment companies in addition to its own fees and expenses and, as a result, shareholders will be subject to two layers of fees and expenses.

• **Cybersecurity Risk -** The occurrence of a disaster such as a cyber-attack, a natural catastrophe, an industrial accident, a terrorist attack or war, events unanticipated in the disaster recovery systems of the Fund and Adviser, or a support failure from external providers, could have an adverse effect on the Fund's ability to conduct business and on its results of operations and financial condition, particularly if those events affect the Fund and/or the Adviser's computer-based data processing, transmission, storage, and retrieval systems or destroy data.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

For more information on the risks of investing in the High Yield Municipal Completion Fund, please see the *More Information about the Fund's Investments* section.

**Investment Results**

Performance history will be included for the Fund after the Fund has been in operation for one calendar year. As with all mutual funds, past performance is not an indication of future performance (before or after taxes). The returns will not reflect any charges that are imposed by the separately managed accounts.

**Our Management Team**

First Eagle Investment Management, LLC serves as the Adviser to the High Yield Municipal Completion Fund. John V. Miller and David Blair are jointly and primarily responsible for the day-to-day management of the High Yield Municipal Completion Fund.

John V. Miller has served as the High Yield Municipal Completion Fund's Portfolio Manager since September 2025. John V. Miller joined the Adviser as head and chief investment officer of the High Yield Municipal Credit team in January 2024. Previously, John V. Miller was a senior managing director and head of municipal bonds at Nuveen Asset Management, where he worked for 27 years.

David Blair is head of the Municipal Core SMA business. David Blair has served as the High Yield Municipal Completion Fund's Portfolio Manager since September 2025. Prior to joining First Eagle in January 2025, David was a managing director and portfolio manager at Nuveen where he managed municipal separate account portfolios. Since 1996, he has worked at PIMCO and Nuveen, primarily as a municipal credit analyst and portfolio manager. David began his career in 1991 as a Certified Public Accountant and auditor for Arthur Andersen. He earned a BA in economics from the University of California, Santa Barbara and an MBA in finance from the University of Chicago. David holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Orange County.

**How to Purchase and Redeem Shares**

Fund shares may be purchased and held only by or on behalf of separately managed account clients where First Eagle Separate Account Management LLC has an agreement to serve as investment adviser or sub-adviser to the account with the separately managed account program sponsor (typically a registered investment adviser or broker-dealer) or directly with the client. A client agreement to open an account typically may be obtained by contacting the separately managed account program sponsor. The Fund intends to redeem shares held by or on behalf of a shareholder who ceases to be an eligible investor, and each shareholder, by purchasing shares, agrees to any such redemption. The Fund does not impose any minimum investment requirements. However, the separately managed accounts through which the Fund is offered typically impose minimum investment requirements.

Fund shares may be purchased on any business day at their public offering price next computed after proper receipt of the order. Fund shares may be redeemed on any business day at their net asset value next computed after proper receipt of the order. Typically, the redemption request will be initiated either by you

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through the separately managed account program sponsor reducing or totally liquidating your separately managed account or by the portfolio manager for your separately managed account redeeming shares on your behalf in order to raise cash to fund the purchase of individual municipal bonds or other investments within your separately managed account. You will receive the share price next determined after the Fund has received your properly completed redemption request. Your direct or indirect redemption request must be received before the close of trading for you to receive that day's price. See the *Once You Become a Shareholder* section for more information.

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Summary Information about the Fund

**Information about Taxes and Financial Intermediaries**

**Tax Information**

The High Yield Municipal Completion Fund anticipates that most of its dividends will consist of "exempt-interest dividends," which are excludable from gross income for U.S. federal income tax purposes. All or a portion of these dividends, however, may be subject to state and local taxes or to the federal alternative minimum tax. Additionally, some distributions by the Fund and any gain on the redemption or exchange of Fund shares for shares of another fund will be subject to U.S. federal income tax. See the *Information on Dividends, Distributions and Taxes* section for more information.

**Payments to Broker-Dealers and Financial Intermediaries**

If shares of the Fund are purchased through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial adviser to recommend the Fund over another investment. Ask your individual financial adviser or review the separately managed account brochure provided to you by First Eagle Separate Account Management LLC for more information. See the *About Your Investment-Shareholder Services Expenses* section for more information.

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More Information about the Fund's Investments

**Investment Objectives and Strategies of the Fund**

**High Yield Municipal Completion Fund.** The High Yield Municipal Completion Fund seeks to provide investors with a high level of current income. The Fund will normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in municipal bonds that pay interest that is exempt from regular federal personal income tax. Such municipal bonds may include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal personal income tax. The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest without limit in securities that generate income taxable to those shareholders subject to the federal alternative minimum tax. Assuming the position pays interest income that is exempt from regular federal personal income tax, the Fund can "count" relevant derivative positions towards its "80% of assets" allocation and, in doing so, values each position at the price at which it is held on the Fund's books (generally market price, but anticipates valuing each such position for purposes of assessing compliance with this test at notional value). Maturity measures the time until the final payment on a bond is due. While the Fund may invest in securities with any time to maturity, the Fund is a long-term bond fund and, as such, in pursuit of its investment objective will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 years. A debt instrument's "duration" is a way of measuring a debt instrument's sensitivity to a potential change in interest rates. An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. Generally, debt instruments with long maturities and low coupons have the longest durations. Longer-duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. For example, if a debt instrument has a duration of five years and interest rates increase (decrease) by 1%, then the value of that debt instrument would be expected to decline (increase) by approximately 5%. Duration is a factor that the Adviser uses in its analysis of the Fund's portfolio, including to manage the Fund's interest rate sensitivity.

The Fund invests significantly in lower-quality municipal bonds and may employ effective leverage through investments in inverse floaters, tender option bonds, total return swaps, interest rate swaps, credit default swaps, credit default swap indices, a line of credit, repurchase agreements and reverse repurchase agreements. While the Fund may invest in securities with any investment rating, under normal market conditions, the Fund invests at least 65% of its net assets in low- to medium- quality bonds rated BBB/Baa or lower at the time of purchase by at least one independent rating agency or, if unrated, judged by the Adviser to be of comparable quality. In doing so, the Fund may invest in below investment grade municipal bonds (those rated BB+/Ba1 or lower), commonly referred to as "high yield" or "junk" bonds. The Fund may invest up to 10% of its net assets in defaulted municipal bonds (i.e., bonds on which the issuer has not paid principal or interest on time). The Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates ("Inverse Floaters"). The Fund's investments in Inverse Floaters are designed to increase the Fund's income and returns through this leveraged exposure. The Fund may invest in Inverse Floaters that create effective leverage of up to 30% of the Fund's total investment exposure. Generally, the underlying bonds of the Inverse Floaters in which the Fund invests will be investment grade bonds, though the Fund may invest in Inverse Floaters without regard to the credit ratings of the underlying bonds of the Inverse Floaters.

The Adviser uses a bottom-up fundamental analysis to screen for issuers that meet its investment team's fundamental tests of creditworthiness. The Adviser's investment team favors those issuers with attractive return potential from a combination of price improvement and yield through solid coverage of debt service and a priority lien on hard assets, dedicated revenue streams or tax resources. Strategic inputs into the investment team's analysis include credit analysis, security structure, sector analysis and yield curve positioning. In constructing the Fund's portfolio, the Adviser's investment team invests in various sectors, states and issuers to create a diversified portfolio and seeks to invest in a large number of sectors, states and specific issuers in order to help mitigate risk to the portfolio from events that may affect any individual industry, geographic

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location or credit. The Adviser's investment team seeks to limit exposure to individual credits, mitigate interest rate risk and maximize overall call protection. In assessing the Fund's portfolio, the Adviser's investment team considers position sizing, performance and attribution analysis, duration management and leverage analysis. In analyzing the Fund's exposure to sectors, the Adviser's investment team continuously assesses key issues and trends impacting each sector, evaluates factors within each sector, such as historical default rates and average credit spreads, provides top-down analysis that supports decisions to overweight or underweight a particular sector.

In deciding whether to sell a security, the Adviser considers various factors related to the market and the portfolio, which may include whether: a security has become overvalued; the Adviser detects credit deterioration or modifies its portfolio strategy, such as sector and/or state allocations; or a security exceeds the portfolio's diversification targets.

While the municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies, as of the date of this prospectus, the Fund does not expect that it will have significant exposure to any particular geographic area or any particular type of project.

The Fund may invest in cash and cash equivalents, including U.S. treasuries, money market funds, variable rate demand notes or municipal bond-focused exchange-traded funds. The Fund may invest in zero coupon bonds. The Fund may also invest (typically for hedging purposes or to manage the effective maturity or duration of the Fund's portfolio or for speculative purposes in an effort to increase the Fund's yield or to enhance returns) in derivative instruments such as options, futures contracts and options on futures contracts, and interest rate swaps.

The Fund may purchase securities that have been privately placed but that are eligible for purchase and sale under Rule 144A under the Securities Act of 1933 (the "1933 Act") ("restricted securities"). That rule permits certain qualified institutional buyers, such as the Fund, to trade in privately placed securities that have not been registered for sale under the 1933 Act.

**Changes in Investment Objective and Investment Policies.** Although no change is anticipated, the investment objective of the Fund can be changed without shareholder approval. Shareholders will be notified a minimum of 60 days in advance of any change in investment objective.

The High Yield Municipal Completion Fund has adopted a fundamental investment restriction pursuant to Rule 35d-1 under the 1940 Act (the "Names Rule Restriction"). Pursuant to the Names Rule Restriction, the Fund will normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in municipal bonds that pay interest that is exempt from regular federal personal income tax. The Fund will consider both direct investments and indirect investments (e.g., investments in other investment companies, derivatives and synthetic instruments with economic characteristics similar to the direct investments that meet the Names Rule Restriction) when determining compliance with the Name Rule Restriction. Assuming the position pays interest income that is exempt from regular federal personal income tax, the Fund can "count" relevant derivative positions towards its "80% of assets" allocation and, in doing so, values each position at the price at which it is held on the Fund's books (generally market price, but anticipates valuing each such position for purposes of assessing compliance with this test at notional value). The Names Rule Restriction may not be changed without shareholder approval.

Whether an investment continues to meet the criteria of the Fund's "80% of assets" investment policy (described above) is generally considered quarterly. To the extent the criteria are no longer met at the time of review, the Fund may be required to sell an investment to comply with applicable law.

**Principal Investment Risks**

**Alternative Minimum Tax Risk -** Although the interest received from municipal securities generally is exempt from federal income tax, the Fund may invest a portion of its total assets in municipal securities subject to the federal alternative minimum tax. Accordingly, investment in the Fund could cause shareholders to be subject to, or result in an increased liability under, the federal alternative minimum tax.

**Call Risk -** An issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest

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rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

**Changes in Debt Ratings Risk -** Investments can be subject to the risk of downgrade by a ratings agency. Ratings downgrades generally affect the value of the downgraded security and are likely to result in both decreased demand for the security and an investor expectation of a higher rate of return on the security.

**Credit and Interest Rate Risk -** All debt obligations, such as bonds, are subject to credit risk and interest rate risk. The value of the Fund's portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. The value of the debt securities held by the Fund fluctuates with the credit quality of the issuers of those securities. The Fund could lose money if the issuer of a security is unable to meet its financial obligations or goes bankrupt. The Fund may invest in debt instruments that are below investment grade, commonly known as "high yield" or "junk" bonds, which are considered speculative, and carry a higher risk of default. In addition, fluctuations in interest rates can affect the value of debt instruments held by the Fund. A debt instrument's "duration" is a way of measuring a debt instrument's sensitivity to a potential change in interest rates. An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. Generally, debt instruments with long maturities and low coupons have the longest durations. Longer-duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. For example, if a debt instrument has a duration of five years and interest rates increase (decrease) by 1%, then the value of that debt instrument would be expected to decline (increase) by approximately 5%.

The Fund may face a heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board ends a quantitative easing program and/or raises rates. A rising interest rate environment increases certain risks, including the potential for periods of volatility, increased redemptions and extended durations (i.e., extension risk). A low interest rate environment may prevent the Fund from providing a positive yield. Recent market conditions and events, including increases in interest rates, may exacerbate the risk that borrowers will not be able to make payments of interest and principal when due. During periods of decreasing or prolonged low interest rates, financial markets in which the Fund invests could be negatively affected by, for example, increased volatility, reduced value and liquidity of the Fund's investments, and perceptions of broader economic decline. When interest rates fall, the Fund may also face prepayment risk, meaning that an obligor will pay certain obligations more quickly than originally expected, and the Fund may have to invest the proceeds in securities with lower yields. In addition, there is risk of significant future rate moves and related economic and market impacts. The rapid development and fluidity of these or other events may affect the economies of many nations, individual issuers and the global markets, including liquidity and volatility, in ways that cannot necessarily be foreseen at the present time.

Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of an issuer's securities.

**Cybersecurity Risk -** The occurrence of a disaster such as a cyber-attack, a natural catastrophe, an industrial accident, a terrorist attack or war, events unanticipated in the disaster recovery systems of the Fund and the Adviser, or a support failure from external providers, could have an adverse effect on the Fund's ability to conduct business and on its results of operations and financial condition, particularly if those events affect the Fund and/or the Adviser's computer-based data processing, transmission, storage, and retrieval systems or destroy data. If the Adviser was unavailable in the event of a disaster, the Fund's ability to effectively conduct its business could be severely compromised. The Fund and the Adviser depend heavily upon computer systems to perform necessary business functions. Despite implementation of a variety of security measures, the computer systems of the Fund and/or Adviser could be subject to cyber-attacks and unauthorized access, such as physical and electronic break-ins, "phishing" attempts or unauthorized tampering. Like other companies, the Fund and the Adviser may experience threats to their data and systems, including malware and computer virus attacks, impersonation of authorized users, unauthorized access, system failures and disruptions. The Fund does not control the cyber security plans and systems put in place by third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund, the

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Adviser, shareholders and/or an issuer, each of which would be negatively impacted. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary and other information processed and stored in, and transmitted through, the computer systems and networks of the Fund or the Adviser, or otherwise cause interruptions or malfunctions in the Fund's operations, which could result in damage to the Fund's reputation, financial losses, litigation, increased costs, regulatory penalties and/or customer dissatisfaction or loss.

**Defaulted Securities Risk -** The Fund may invest in securities of issuers that are experiencing significant financial or business difficulties, including issuers involved in bankruptcy or other reorganization and liquidation proceedings. Such investments involve a substantial degree of risk. In any reorganization or liquidation proceeding relating to an issuer in which the Fund invests, the Fund may lose its entire investment, may be required to accept cash or securities with a value less than the Fund's original investment, and/or may be required to accept payment over an extended period of time. A wide variety of considerations render the outcome of any investment in a financially distressed issuer uncertain, and the level of analytical sophistication, both financial and legal, necessary for successful investment in issuers experiencing significant business and financial difficulties, is unusually high. There is no assurance that the Adviser will correctly evaluate the intrinsic values of the distressed issuers in which the Fund may invest.

**Derivatives Risk -** Futures contracts or other "derivatives," including hedging strategies, present risks related to their significant price volatility and risk of default by the counterparty to the contract. Derivatives are subject to counterparty risk, which is the risk that a loss may be sustained by the Fund as a result of the insolvency or bankruptcy of the other party to the transaction or the failure of the other party to make required payments or otherwise comply with the terms of the transaction. Changing conditions in a particular market area, such as those experienced in the subprime and non-agency mortgage market over recent years, whether or not directly related to the referenced assets that underlie the transaction, may have an adverse impact on the creditworthiness of the counterparty. If the Fund invests in derivatives at inopportune times or judges market conditions incorrectly, such investments may lower the Fund's return or result in a loss, which could also lead to an increase in redemptions of Fund shares. The Fund also could experience losses if its derivatives were poorly correlated with its other investments, or if the Fund was unable to liquidate its position because of an illiquid secondary market. The market for some derivatives is, or suddenly can become, illiquid, especially in times of financial stress. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. New rules governing derivatives could limit the Fund's use of derivatives in support of its investment strategy. These new rules may make derivatives more costly, or may otherwise adversely affect the Fund's liquidity, value or performance.

The price volatility of futures contracts has been historically greater than that of traditional securities such as stocks and bonds. The value of certain futures contracts may fluctuate in response to changes in interest rates, currency exchange rates, commodity prices or other changes. Therefore, the assets of the Fund, and the prices of Fund shares, may be subject to greater volatility. The risks associated with the Fund's use of futures contracts include: (i) market conditions that may not always create a liquid secondary market for a futures contract and, as a result, the Fund may be unable to close out its futures contracts at a time which is advantageous; (ii) the risk that losses caused by sudden, unanticipated market movements may be potentially unlimited; (iii) changes in the price of a futures contract may not always track the changes in market value of the underlying reference asset; (iv) trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts; and (v) if the Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund's distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). If such provisions are applicable, there could be an increase in the amount of taxable dividends paid by the Fund.

**High Yield Risk -** The Fund will invest in high yield debt instruments. Instruments with the lowest investment grade ratings are considered to have speculative characteristics. Certain debt instruments that have not been rated also are considered by the Adviser to be equivalent to below investment grade (often referred to as "high yield" or "junk" bonds). On balance, debt instruments that are below investment grade are considered

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predominately speculative with respect to the issuer's capacity to pay interest and repay principal according to the terms of the obligation and, therefore, carry greater investment risk, including the possibility of default and bankruptcy. In the event of a high yield issuer's bankruptcy, claims of other creditors may have priority over the claims of high yield bond holders, leaving few or no assets available to repay high yield bond holders. Prices of high yield instruments are subject to extreme price fluctuations and are likely to be less marketable and more adversely affected by economic downturns than higher-quality debt instruments. Adverse publicity and investors' perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of lower-rated debt instruments, especially in a thinly traded market. Analyses of the creditworthiness of issuers of lower-rated debt instruments may be more complex than for issuers of higher-rated instruments, and the ability of the Fund to achieve its investment objective may, to the extent of investment in lower-rated debt instruments, be more dependent upon such creditworthiness analyses than would be the case if the Fund were investing in higher-rated instruments.

**Restricted and Illiquid Investment Risk -** Holding illiquid securities restricts or otherwise limits the ability for the Fund to freely dispose of its investments for specific periods of time. The Fund might not be able to sell illiquid securities at its desired price or time. Changes in the markets or in regulations governing the trading of illiquid instruments can cause rapid changes in the price or ability to sell an illiquid security. The market for lower-quality debt instruments, including high yield or "junk" bonds and leveraged loans, is generally less liquid than the market for higher-quality debt instruments. In addition, brokers and dealers have decreased their inventories of municipal bonds in recent years. This could limit the Adviser's ability to buy or sell municipal bonds and increase price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal bonds, which may further decrease the Adviser's ability to buy or sell bonds. As a result, the Adviser may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance.

**Income Risk -** The Fund may experience a decline in its income due to falling interest rates, earnings declines, income decline within a security or default of an issuer of a security. During periods of increasing or prolonged high interest rates, among other things, borrowing costs may increase, fewer issuances of securities and decreased liquidity may occur and/or an issuer of a security may be unable to refinance existing debt obligations and/or make income payments. The amount and rate of distributions that the Fund's shareholders receive are affected by the income that the Fund receives from its portfolio holdings. If the income is reduced, distributions by the Fund to shareholders may be less.

18 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

greater). Upon the occurrence of certain adverse events (including a credit ratings downgrade of the underlying security or a substantial decrease in the market value of the underlying security), a TOB Trust may be collapsed by the remarketing agent or liquidity provider and the underlying security liquidated, and the Fund could lose the entire amount of its investment in the Inverse Floater and may, in some cases, be contractually required to pay the shortfall, if any, between the liquidation value of the underlying security and the principal amount of the Floaters. Consequently, in a rising interest rate environment, the Fund's investments in Inverse Floaters could negatively impact the Fund's performance and yield, especially when those Inverse Floaters provide the Fund with relatively greater leveraged exposure to the underlying securities held by the relevant TOB Trusts. The leverage effect of Inverse Floaters also may increase the Fund's credit risk.

**Market Risk -** All securities may be subject to adverse market trends. The value and liquidity of the Fund's portfolio holdings may fluctuate in response to events specific to the issuers or bond markets in which the Fund invests, as well as economic, political, or social events in the United States or abroad. Markets can be volatile, and prices of individual securities and other investments at times may decline significantly and rapidly. This may cause the Fund's portfolio to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer or the market as a whole. As a result, a portfolio of such securities may underperform the market as a whole. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility and may continue to negatively affect the price and liquidity of individual securities, national economies and global markets generally. Prices of individual securities and other investments, including those of a particular type, may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Rapid changes in value or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in price may be temporary or may last for extended periods. If the Fund sells a portfolio position before it reaches its market peak, it may miss out on opportunities for better performance.

**Municipal Bond Risk -** Like other bonds, municipal bonds are subject to credit risk, interest rate risk, liquidity risk, and call risk. However, the obligations of some municipal issuers may not be enforceable through the exercise of traditional creditors' rights. The reorganization under federal bankruptcy laws of a municipal bond issuer may result in the bonds being cancelled without payment or repaid only in part, or in delays in collecting principal and interest. In the event of a default in the payment of interest and/or repayment of principal, the Fund may enforce its rights by taking possession of, and managing, the assets securing the issuer's obligations on such securities. These actions may increase the Fund's operating expenses. In addition, lawmakers may seek to extend the time for payment of principal or interest, or both, or to impose other constraints upon enforcement of such obligations. State or federal regulation with respect to a specific sector could impact the revenue stream for a given subset of the market. Municipal bonds may have lower overall liquidity than other types of bonds, and there may be less publicly available and timely information about the financial condition of municipal issuers than for issuers of other securities.

**Municipal Issuer Focus Risk -** The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been invested across issuers that did not have similar characteristics. From time to time, the Fund's investments may include securities that alone or together with securities held by other funds or accounts managed by the Adviser, represents a major portion or all of an issue of municipal securities. Because there may be relatively few potential purchasers for such investments and, in some cases, there may be contractual restrictions on resales, the Fund may find it more difficult to sell such securities at a desirable time or price.

**General Obligation and Revenue Bonds -** General obligation bonds are general obligations of a governmental entity that are secured by the entity's pledge of its faith, credit and taxing power for the payment of principal and interest. Revenue bonds, on the other hand, are not supported by an issuer's power to levy taxes and are payable only from the revenues derived from specific projects, authorities or facilities or, in some cases, from the proceeds of a special excise tax or another specific revenue source.

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**Education Revenue Bonds -** Education revenue bonds are payable from and secured by revenues derived from the operation of schools, colleges and universities and their revenues are derived mainly from ad valorem taxes, or for higher education systems, from tuition, dormitory revenues, grants and endowments. Payment on education revenue bonds may be adversely affected by litigation contesting the state constitutionality of financing public education in part from ad valorem taxes. Risks related to college and university obligations include the prospect of a declining percentage of the population consisting of "college" age individuals, possible inability to raise tuitions and fees sufficiently to cover increased operating costs, the uncertainty of continued receipt of Federal grants and state funding and new government legislation or regulations which may adversely affect the revenues or costs of such issuers.

**Industrial Revenue Bonds -** Industrial revenue bonds are issued by governmental entities to provide financing aid to community facilities such as hospitals, hotels, business or residential complexes, convention halls and sport complexes. The proceeds from the issuance of an industrial revenue bond are directed to a private, for-profit business and the industrial revenue bond is backed by the credit and security of the private, for-profit business. Payment on industrial revenue bonds may be adversely affected by the general state of the economy, intense competition, consolidation, domestic and international politics, excess capacity and consumer spending trends. In addition, they may also be significantly affected by overall capital spending levels, economic cycles, technical obsolescence, delays in modernization, labor relations, government regulations and e-commerce initiatives. Industrial issuers may also be affected by factors more specific to their individual industries.

**Special Tax Bonds -** Special tax bonds are payable from and secured by revenues received by a municipality from a particular tax. Examples of special taxes are a tax on the rental of a hotel room, on the purchase of food and beverages, on the purchase of fuel, on the rental of automobiles or on the consumption of liquor. Special tax bonds are not secured by the general tax revenues of the municipality, and they do not represent general obligations of the municipality. Payment on special tax bonds may be adversely affected by a reduction in revenues realized from the underlying special tax. In addition, if spending on the particular goods or services that are subject to the special tax decrease, the municipality may be under no obligation to increase the rate of the special tax to ensure that sufficient revenues are raised from the shrinking taxable base.

**Tax Allocation Revenue Securities -** Tax allocation bonds are typically secured by incremental tax revenues collected on property within the areas where redevelopment projects financed by bond proceeds are located. Tax allocation bond payments are expected to be made from projected increases in tax revenues derived from higher assessed values of property resulting from development in the particular project area and not from an increase in tax rates. Payment on tax allocation bonds may be adversely affected by variations in taxable values of property in a project area, successful appeals by property owners of assessed valuations, substantial delinquencies in the payment of property taxes, or imposition of any constitutional or legislative property tax rate decrease.

**Transportation Facility Revenue Bonds -** Transportation facility revenue bonds are obligations which are payable from and secured by revenues derived from the ownership and operation of facilities such as airports, bridges, turnpikes, port authorities, convention centers and arenas. Payment on bonds related to airports and other facilities is dependent on fees received from signatory airlines use agreements (which consist of annual payments for leases, occupancy of certain terminal space and service fees), user fees from ports, tolls on turnpikes and bridges and rents from buildings. The revenue earned from these fees may be reduced by increased cost of maintenance, decreased use of a facility, lower cost of alternative modes of transportation, scarcity of fuel and reduction or loss of rents.

**Municipal Lease Obligation Risk -** In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. The issuer will generally appropriate municipal funds for that purpose, but is not obligated to do so. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. However, if the issuer does not fulfill its payment obligation it may be difficult to sell the property and the proceeds of a sale may not cover the Fund's loss.

**New Fund Risk -** The Fund may not be successful in implementing its investment strategy, and its investment strategy may not be successful under all future market conditions, either of which could result in the Fund

20 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

being liquidated at some future time without shareholder approval and/or at a time that may not be favorable for certain shareholders. New funds may not attract sufficient assets to achieve investment, trading or other efficiencies. In addition, the Fund may be subject to a "ramp-up" period, during which it may not be fully invested or able to meet its investment objective or principal investment strategies.

**Options Risk -** When trading options, the Fund may incur losses or forego otherwise realizable gains if market prices do not move as expected. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying asset (or settle for cash an amount based on an underlying asset, rate, or index) at a specified price (the "exercise price") during a period of time or on a specified date. Investments in options are considered speculative. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the implied volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events.

When the Fund purchases an option, it may lose the total premium paid for it if the price of the underlying security or other assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price (in the case of a put option). If a call or put option purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

By writing put options, the Fund takes on the risk of declines in the value of the underlying instrument, including the possibility of a loss up to the entire exercise price of each option it sells but without the corresponding opportunity to benefit from potential increases in the value of the underlying instrument. When the Fund writes a put option, it assumes the risk that it must purchase the underlying instrument at an exercise price that may be higher than the market price of the instrument. If there is a broad market decline and the Fund is not able to close out its written put options, it may result in substantial losses to the Fund. By writing a call option, the Fund may be obligated to deliver instruments underlying an option at less than the market price. In the case of an uncovered call option, there is a risk of unlimited loss. When an uncovered call is exercised, the Fund must purchase the underlying instrument to meet its call obligations and the necessary instruments may be unavailable for purchase. The Fund will receive a premium from writing options, but the premium received may not be sufficient to offset any losses sustained from exercised options.

By writing call and put options on underlying instruments, the returns of the options writing strategy will be determined by the performance of the underlying instrument.

If the underlying instrument appreciates or depreciates sufficiently over the period to offset the net premium received by the Fund, the Fund may incur losses. Increases in implied volatility of options may cause the value of an option to increase, even if the value of the underlying instrument does not change, which could result in a reduction in the Fund's net asset value. In unusual market circumstances where implied volatility sharply increases or decreases causing options spreads to be significantly correlated to the underlying instrument, the Fund's option writing strategy may not perform as anticipated. Prior to the exercise or expiration of the option, the Fund is exposed to implied volatility risk, meaning the value, as based on implied volatility, of an option may increase due to market and economic conditions or views based on the sector or industry in which issuers of the underlying instrument participate, including issuer-specific factors.

**Other Investment Company Risk -** To the extent the Fund invests in other investment companies, including money market funds and exchange-traded funds ("ETFs"), its performance will be affected by the performance of those other investment companies.

Investments in other investment companies are subject to the risks of the other investment companies' investments. In addition, the Fund will pay a proportional share of the fees and expenses of the other investment companies in addition to its own fees and expenses and, as a result, shareholders will be subject to two layers of fees and expenses.

An ETF may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed ETF's performance will reflect its adviser's ability to make investment decisions that are suited to achieving the ETF's investment objectives. A passively managed ETF may not replicate the performance of the index it intends to track.

21 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

**Reference Rate Transition Risk -** The London Interbank Offered Rate, or "LIBOR," which had historically been the principal floating rate benchmark in the financial markets, has been discontinued. Its discontinuation has affected and will continue to affect the financial markets generally and may also affect the Fund's operations, finances and investments specifically. The UK Financial Conduct Authority (the "FCA"), which is the regulator of the LIBOR administrator, has ceased publishing all LIBOR tenors. As an alternative to LIBOR, the market has generally coalesced around the use of the Secured Overnight Financing Rate ("SOFR") as a replacement for U.S. dollar LIBOR. SOFR is a risk-free overnight floating rate that is currently published in multiple formats, including as an overnight rate, as a compounded average and as an index. In addition to the SOFR rate variations, other alternative floating rates have been developed and various market participants have adopted these floating rates to various degrees, although market practice remains in flux. Uncertainty as to the nature of alternative reference rates and as to potential changes or other reforms to alternative reference rates, or any changes announced with respect to such reforms, may result in a sudden or prolonged increase or decrease in the reported reference rates and the value of reference rate-based loans and securities. The effects of these potential changes on us, issuers of instruments in which we invest and financial markets generally and the effectiveness of changes already made, remain uncertain.

**Swaps Risk -** The use of swaps is a highly specialized activity that involves investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions. These transactions can result in sizeable realized and unrealized capital gains and losses relative to the gains and losses from the Fund's direct investments in the reference assets.

Transactions in swaps can involve greater risks than if the Fund had invested directly in the reference asset. Because they are two-party contracts and because they may have terms of greater than seven days, certain swap transactions may be considered to be illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap in the event of the default or bankruptcy of a swap counterparty. Some swaps may be complex and difficult to value. Swaps may also be subject to pricing or "basis" risk, which exists when a particular swap becomes extraordinarily expensive relative to historical prices or the price of corresponding cash market instruments. Under certain market conditions it may not be economically feasible to initiate a transaction or liquidate a position in time to avoid a loss or take advantage of an opportunity. If a swap transaction is particularly large or if the relevant market is illiquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

The prices of swaps can be very volatile, and a variance in the degree of volatility or in the direction of the price of the reference asset from the Adviser's expectations may produce significant losses in the Fund's investments in swaps. In addition, a perfect correlation between a swap and an investment position may be impossible to achieve. As a result, the Fund's use of swaps may not be effective in fulfilling the Fund's investment strategies and may contribute to losses that would not have been incurred otherwise.

In addition, interest rate swaps may fail to perform as intended and may not offset adverse changes in interest rates fully or at all. Interest rate swaps may also reduce the Fund's gains due to favorable changes in interest rates and result in losses to the Fund. Counterparties to interest rate swaps are subject to manipulation in the marketplace of the floating rate benchmarks, which may affect the utility of interest rate swaps as a hedge.

**Tax-Exempt Status Risk -** The Fund's investments in municipal securities rely on the opinion of the issuer's bond counsel and, in the case of derivative securities, sponsors' counsel, that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued, and neither the Fund nor the Adviser will independently review the bases for those tax opinions. However, tax opinions are not binding on the IRS, and if any of those tax opinions are ultimately determined to be incorrect or if events occur after the security is acquired that impact the security's tax-exempt status, the Fund and its shareholders could be subject to substantial tax liability for the current or past years and shareholders may have to file amended tax returns and pay additional taxes, interest and penalties. In addition, an IRS assertion of taxability may impair the liquidity and the fair market value of the securities.

**Tax Risk -** The Fund may be adversely impacted by changes in tax rates and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives may be affected by changes in federal and state income tax rates or changes in the tax-exempt status of interest income from municipal securities. Any

22 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of the municipal securities. This could in turn affect the Fund's net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels.

**Unrated Bond Risk -** The Adviser may internally assign ratings to securities that are not rated by any nationally recognized statistical rating organization, after assessing their credit quality and other factors, in categories similar to those of nationally recognized statistical rating organizations. There can be no assurance, nor is it intended, that the Adviser's credit analysis process is consistent or comparable with the credit analysis process used by a nationally recognized statistical rating organization. Unrated securities are considered "investment-grade" or "below-investment-grade" if judged by the Adviser to be comparable to rated investment-grade or below-investment-grade securities. The Adviser's rating does not constitute a guarantee of the credit quality. In addition, some unrated securities may not have an active trading market or may trade less actively than rated securities, which means that the Fund might have difficulty selling them promptly at an acceptable price.

In evaluating the credit quality of a particular security, whether rated or unrated, the Adviser will normally take into consideration a number of factors including, but not limited to, the financial resources of the issuer, the underlying source of funds for debt service on a security, the issuer's sensitivity to economic conditions and trends, any operating history of the facility financed by the obligation, the degree of community support for the financed facility, the capabilities of the issuer's management, and regulatory factors affecting the issuer or the particular facility.

A reduction in the rating of a security after the Fund buys it will not require the Fund to dispose of the security. However, the Adviser will evaluate such downgraded securities to determine whether to keep them in the Fund's portfolio.

**U.S. Territory Risk -** The Fund may invest in obligations of the governments of U.S. territories, commonwealths and possessions such as Puerto Rico, the U.S. Virgin Islands, Guam and the Northern Mariana Islands to the extent such obligations are exempt from regular federal income taxes. Accordingly, the Fund may be adversely affected by local political, economic, social and environmental conditions and developments, including natural disasters, within these U.S. territories, commonwealths and possessions affecting the issuers of such obligations.

Certain municipalities in which the Fund may invest, currently experience significant financial difficulties, which may include default, insolvency or bankruptcy. As a result, securities issued by certain of these municipalities are currently considered below-investment-grade securities. A credit rating downgrade relating to, default by, or insolvency or bankruptcy of, one or several municipal security issuers of a state, territory, commonwealth or possession in which the Fund invests could affect the payment of principal and interest, the market values and marketability of many or all municipal obligations of such state, territory, commonwealth or possession.

**Valuation Risk -** The investments in which the Fund invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Fund will be able to sell a portfolio investment at the price established by the pricing service, which could result in a loss to the Fund. Pricing services generally price debt securities assuming orderly transactions of an institutional "round lot" size, but some trades may occur in smaller, "odd lot" sizes, often at lower prices than institutional round lot trades. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same investments. As a result, if the Fund were to change pricing services, or if the Fund's pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund's NAV.

**Zero Coupon Bond Risk -** Among the debt securities in which the Fund may invest are zero coupon securities. Zero coupon securities are debt obligations that do not entitle the holder to any periodic payment of interest prior to maturity or a specified date when the securities begin paying current interest. They are issued and traded at a discount from their face amount or par value, which discount varies depending on the time remaining until cash payments begin, prevailing interest rates, liquidity of the security and the perceived credit quality of the issuer. The market prices of zero coupon securities generally are more volatile than the prices of

23 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

securities that pay interest periodically and in cash and are likely to respond to changes in interest rates to a greater degree than do other types of debt securities having similar maturities and credit quality. Original issue discount earned on zero coupon securities must be included in the Fund's income. Thus, to continue to qualify for tax treatment as a regulated investment company and to avoid a certain excise tax on undistributed income, the Fund may be required to distribute as a dividend an amount that is greater than the total amount of cash it actually receives. These distributions must be made from the Fund's cash assets or, if necessary, from the proceeds of sales of portfolio securities. The Fund will not be able to purchase additional income-producing securities with cash used to make such distributions, and its current income ultimately could be reduced as a result.

**Defensive Investment Strategies**

The Fund has the flexibility to respond promptly to changes in market and economic conditions. For example, a defensive strategy may be warranted during periods of unfavorable market or economic conditions, including periods of market turbulence or periods when prevailing market valuations are higher than those deemed attractive under the investment criteria generally applied on behalf of the Fund. Under a defensive strategy, the Fund may hold cash and/or invest up to 100% of its assets in high quality debt securities or money market instruments of U.S. or foreign issuers. In such a case, the Fund may not be able to pursue, and may not achieve, its investment objective. It is impossible to predict whether, when or for how long the Fund will employ defensive strategies.

**Disclosure of Portfolio Holdings**

A description of the Fund's policies and procedures with respect to disclosure of its portfolio securities is available in the Fund's Statement of Additional Information, which is available on request (see back cover).

**Fund Indices**

Performance history, including as compared to one or more broad measures of market performance, for the Fund will be included after the Fund has been in operation for one calendar year. The broad-based index against which the Fund's performance will be measured will be the S&P Municipal Yield Index. Additional information on the index is set out below. The index is not available for purchase.

S&P Municipal Yield Index is a market value-weighted index that seeks to provide a measure of an investing strategy used in the municipal market that allocates a different percentage to bonds rated below investment grade and non-rated bonds than to bonds rated investment grade. The S&P Municipal Yield Index, whose constituents are derived from S&P Municipal Bond Index, incorporates a strategy of proportional investing in municipal bonds that typically have higher yields than other municipal bonds. Both tax-exempt bonds and bonds subject to the Alternative Minimum Tax (AMT) are included in the Index.

Fund Management

**The Adviser**

The Adviser of the Fund is First Eagle Investment Management, LLC, a subsidiary of First Eagle Holdings, Inc. ("FE Holdings"). Based in New York City since 1937, FE Holdings, formerly Arnhold and S. Bleichroeder Holdings, Inc., traces its heritage to the German banking house Gebr. Arnhold, founded in Dresden in 1864. A controlling interest in FE Holdings is owned by funds managed by Genstar Capital, LLC ("Genstar Capital"). The Adviser offers a variety of investment management services. In addition to the Fund, its clients include the First Eagle Funds, the First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Tactical Municipal Opportunities Fund, First Eagle Private Credit Fund, other pooled vehicles, corporations and major retirement plans. As of August 31, 2025, the Adviser had over $122.2 billion under management. The Adviser's address is 1345 Avenue of the Americas, New York, NY 10105.

John V. Miller and David Blair are jointly and primarily responsible for the day-to-day management of the High Yield Municipal Completion Fund. Their professional backgrounds are below.

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John V. Miller has served as the Fund's Portfolio Manager since September 2025. Mr. Miller joined the Adviser as a Portfolio Manager and head and chief investment officer of the High Yield Municipal Credit team in January 2024. Previously, Mr. Miller was a senior managing director and head of municipal bonds at Nuveen Asset Management, where he worked for 27 years.

David Blair is head of the Municipal Core SMA business. David Blair has served as the High Yield Municipal Completion Fund's Portfolio Manager since September 2025. Prior to joining First Eagle in January 2025, David was a managing director and portfolio manager at Nuveen where he managed municipal separate account portfolios. Since 1996, he has worked at PIMCO and Nuveen, primarily as a municipal credit analyst and portfolio manager. David began his career in 1991 as a Certified Public Accountant and auditor for Arthur Andersen. He earned a BA in economics from the University of California, Santa Barbara and an MBA in finance from the University of Chicago. David holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Orange County.

Additional information regarding these portfolio managers' compensation, other accounts managed and ownership of securities in the First Eagle Completion Fund Trust is available in the Statement of Additional Information. The portfolio managers are supported in their duties by a team of investment professionals employed by the Adviser. Also available in the Statement of Additional Information is certain background information regarding these investment professionals.

The Fund does not pay management fees to the Adviser under the Advisory Agreement. However, you will incur the management fees for the amount invested in the Fund through the separately managed account associated with such investment. You should read carefully the separately managed account brochure provided to you by First Eagle Separate Account Management LLC or your investment adviser for additional information on the separately managed account. The brochure is required to include information about the fees charged to you by First Eagle Separate Account Management LLC and the fees paid by the sponsor to the Adviser and its affiliates. You pay no additional fees or expenses to purchase shares of the Fund.

Under the Advisory Agreement, the Adviser is contractually responsible for and assumes the obligation for payment of the Fund's expenses included as "Other Expenses" of the Fund (excluding interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses). This obligation will continue in effect for so long as the Adviser serves as the investment adviser to the Fund pursuant to the Advisory Agreement.

**Approval of Advisory Agreement**

A discussion regarding the basis of the Fund's Board of Trustees' ("Board of Trustees") approval of the Advisory Agreement between the Fund and the Adviser will be available in the Financial Statements filed with the SEC on Form N-CSR for financial reporting periods in which the Advisory Agreement was acted upon by the Board of Trustees.

About Your Investment

Investing requires a plan. Whether you invest on your own or use the services of a financial professional, you should create a strategy designed to meet your short-term and long-term financial goals.

**How to Purchase Shares**

Shares of the Fund may be purchased and held only by or on behalf of separately managed account clients where First Eagle Separate Account Management LLC has an agreement to serve as investment adviser or sub-adviser to the account with the separately managed account program sponsor (typically a registered investment adviser, bank or broker-dealer) or directly with the client. A client agreement to open an account typically may be obtained by contacting the separately managed account program sponsor. The Fund intends to redeem shares held by or on behalf of a shareholder who ceases to be an eligible investor as described above and each investor, by purchasing shares, agrees to any such redemption.

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The Fund does not impose any minimum investment requirements. However, the separately managed accounts through which the Fund is offered typically impose minimum investment requirements.

The Trust typically does not offer or sell its shares to non-U.S. residents. For purposes of this policy, a U.S. resident is defined as an account with (i) a U.S. address of record (including Army Post Office (APO), Fleet Post Office (FPO) and Diplomatic Post Office (DPO) addresses) and (ii) all account owners residing in the United States at the time of sale. Any existing account that is updated to reflect a non-U.S. address may also be restricted from making additional investments.

FEF Distributors, LLC ("FEF Distributors" or the "Distributor"), the Fund's principal underwriter (and a subsidiary of the Adviser), reserves the right to limit the purchase of the Fund's shares when it is in the best interest of the Fund.

The Trust and the Distributor reserve the right to refuse any share purchase order for any reason they deem appropriate and may do so in consultation with First Eagle Separate Account Management LLC. For example, the Trust or Distributor may reject purchase orders due to nonpayment, and they may refuse orders from investors identified as money-laundering risks and those responsible for potentially disruptive trading practices, such as "market timing." Share purchases are not binding on the Trust or the Distributor (and accordingly may be rejected) until they are confirmed as paid by the Transfer Agent. All payments must be made in U.S. dollars, and all checks must be drawn on U.S. banks.

**Anti-Money Laundering Compliance**

The Trust and the Distributor are required to comply with various anti-money laundering laws and regulations. Consequently, the Trust or the Distributor may request additional information from you to verify your identity and source of funds. For individual investors, such information typically will include name, address, date of birth, and Social Security number. Such information also may include requests for documents such as driver's license or other government-issued identification. For entity investors, such information typically will include name, principal business address, taxpayer identification number, corporate documents such as articles of incorporation, trust or partnership agreements, by-laws and similar documents, and also may include requests for documents confirming the authority and identity of those having control over the entity or its trading.

If the Trust or Distributor believes the information submitted does not provide adequate identity verification, it reserves the right to reject the establishment of your account or close the account at its current net asset value. If, at any time, the Trust believes an investor may be involved in suspicious activity, or if certain account information matches data on government lists of suspicious persons, the Trust or Distributor may choose to prohibit the establishment of a new account for the purchase of Fund shares or may be required to "freeze" an account. They also may be required to provide a governmental agency or another financial institution with information about transactions that have occurred in a shareholder's account or to transfer monies received to establish a new account, transfer an existing account or transfer the proceeds of an existing account to a governmental agency. In some circumstances, the law may not permit the Trust or the Distributor to inform the investor it has taken the actions described above.

**How Fund Share Prices Are Calculated**

The Fund computes its net asset value once daily as of the close of trading on each day the New York Stock Exchange ("NYSE") is open for trading. Net asset value for purchase or sale orders which are received by the Fund on any business day before the close of regular trading on the NYSE will be calculated as of that same day. If the purchase or sale request is received on a business day after the close of regular trading on the NYSE, or on a non-business day (weekend or financial market holiday), net asset value will be calculated as of the close of regular trading on the next business day. The net asset value per share is computed by dividing the total current value of the assets of the Fund, less its liabilities, by the total number of shares outstanding at the time of such computation.

The Fund uses pricing services to identify the market prices of publicly traded securities in their portfolios. When market prices are determined to be "stale" as a result of limited market activity for a particular holding, or in other circumstances when market prices are unavailable, such as for private placements, or when market prices have been materially affected by events occurring after the close of trading on the exchange or market

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on which the security is principally traded but before the Fund's NAV is calculated, or determined to be unreliable for a particular holding, such holdings may be "fair valued" in accordance with procedures approved by the Board of Trustees. The fair value pricing utilizes factors provided by an independent pricing service. The values assigned to the Fund's foreign holdings therefore may differ on occasion from reported market values. The Board and the Adviser believe relying on the procedures as just described will result in prices that are more reflective of the actual market value of portfolio securities held by the Fund than relying solely on reported market values.

The Distributor may authorize certain dealers to receive on its behalf purchase and redemption orders ("authorized dealers"). In turn, these authorized dealers may designate other intermediaries to receive purchase and redemption orders on the Distributor's behalf ("designated intermediaries"). Orders for shares received by SS&C, authorized dealers, or designated intermediaries prior to the close of trading on the NYSE will be processed based on that day's net asset value determined as of the close of trading on the NYSE that day. If an order is received by SS&C, an authorized dealer, or a designated intermediary after the close of the NYSE, it will be priced the next day the NYSE is open for trading.

**Shareholder Services Expenses**

Certain broker-dealers or other intermediaries may perform services that otherwise could be handled by the Fund's Transfer Agent. Services, that may include preparing and distributing client statements, tax reporting, order-processing and client relations, will be handled by the separately managed account program. Please refer to the separately managed account brochure provided to you by First Eagle Separate Account Management LLC or your investment adviser for additional information on shareholder services.

**Revenue Sharing**

The Distributor, Adviser or an affiliate may make cash payments from their own resources to broker-dealers or financial intermediaries for various reasons. These payments, often referred to as "revenue sharing," may support the delivery of services to the Fund or shareholders in the Fund, including transaction processing and sub-accounting services.

Revenue sharing payments may include any other payment requirement of a broker-dealer or another third-party intermediary. The Distributor, Adviser or an affiliate pay all such payments out of its (or their) own resources. Such payments are in addition to any recordkeeping, sub-transfer agency/networking fees payable to others for performing such services. Revenue sharing payments may be structured, among other means, as: (i) a percentage of sales; (ii) a percentage of net assets; (iii) a flat fee per transaction; (iv) a fixed dollar amount; or (v) some combination of any of these. In many cases, revenue sharing arrangements may be viewed as encouraging sales activity or retention of assets in the Fund. Generally, any revenue sharing or similar payments are requested by the party receiving them, but they are subject to negotiation as to their structure and scope.

Please be aware that revenue sharing arrangements or other payments to intermediaries could create incentives on the part of the parties receiving the payments to more positively consider the Fund (and the separately managed accounts through which the Fund is offered) relative to mutual funds either not making payments of this nature or making smaller such payments. A shareholder or prospective investor with questions regarding revenue sharing or other such payments may obtain more details by contacting his or her broker representative or other financial intermediary directly. The Fund's Statement of Additional Information will include a listing of certain parties receiving revenue sharing payments in respect of the Fund.

**Contractual Arrangements**

The Fund is a party to contractual arrangements with various parties who provide services to the Fund, including the Adviser, the Distributor, the custodian, and the transfer agents, among others. Fund shareholders are not parties to, or intended ("third party") beneficiaries of, any such contractual arrangements, and such contractual arrangements are not intended to create in any individual investor or group of investors any right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the Fund.

27 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

Also, while this Prospectus and the Statement of Additional Information describe pertinent information about the Trust and the Fund, neither this Prospectus nor the Statement of Additional Information represents a contract between the Trust or the Fund and any shareholder or any other party.

28 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

Once You Become a Shareholder

**Dividend Direction Plan**

Unless you elect otherwise, your distributions will be reinvested in additional shares of the Fund at the net asset value calculated as of the date immediately preceding the payment date. All reinvested dividends and distributions remain taxable for U.S. federal income tax purposes as though received in cash. For further information about dividend reinvestment, contact SS&C by telephone at 1-800-334-2143.

**Redemption of Shares**

You have the right to redeem all or any part of your Fund shares for cash at their net asset value next computed after proper receipt of the redemption request. Typically, the redemption request will be initiated either by you through the separately managed account program sponsor reducing or totally liquidating your separately managed account or by the portfolio manager for your separately managed account redeeming shares on your behalf in order to raise cash to fund the purchase of individual bonds or other investments within your separately managed account. You will receive the share price next determined after a Portfolio has received your properly completed redemption request. Your direct or indirect redemption request must be received before the close of trading (normally, 4:00 p.m. New York time) for you to receive that day's price.

In most cases, purchase and redemption orders are made to the broker-dealer who executes trades for the applicable separately managed account based on instructions from the separately managed account adviser in its capacity as investment adviser or sub-adviser to the account.

**Redemption Proceeds**

Payment of the redemption proceeds will generally be made within three business days after receipt of the redemption request, but may take up to seven days. In times of extreme market stress, it may take longer to provide payment of redemption requests. Please refer to the separately managed account brochure provided to you by First Eagle Separate Account Management LLC or your investment adviser for additional information on redemption proceeds for your separately managed account.

**Redemptions in Kind**

The Fund normally pays redemption proceeds in cash up to $250,000 or 1% of the Fund's total value, whichever is less. The Trust reserves the right to make higher redemption payments in the form of marketable securities or, as needed, other traded assets, which is known as a "redemption in kind." If your shares are redeemed in kind, the securities distributed to you will as closely as practicable represent your pro rata share of the Fund's securities. You should expect to incur transaction costs upon the disposition of the securities received in the distribution. Such securities remain subject to market risk until they are sold. You may recognize capital gain or loss upon the disposition of such securities.

**Short-Term Trading Policies**

In general, the practice of "market timing," which includes short-term or excessive trading of mutual fund shares and other abusive trading practices, may have a detrimental effect on a mutual fund and its shareholders. Depending upon various factors such as the mutual fund's size and the amount of its assets maintained in cash, market timing by fund shareholders may interfere with the efficient management of the fund's portfolio, increase transaction costs and taxes, and harm the performance of the fund and its shareholders. Because the Fund is designed to be a component of a separately managed account that also invests in individual securities and other investments, the Fund's shares may be purchased and redeemed on a frequent basis for rebalancing purposes, to invest new monies, or to accommodate reductions in account size. Furthermore, because all purchase and redemption orders are initiated by the separately managed account program sponsor, separately managed account clients are not in a position to effect purchase or redemption orders and are, therefore, unable to directly trade in shares of the Fund. Accordingly, the Fund has

29 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

not adopted any policies and procedures that would limit frequent purchases and redemptions of the Fund's shares.

The Fund is not designed to serve as a vehicle for frequent trading. First Eagle Separate Account Management LLC reserves the right to satisfy purchase and redemption orders exclusively through the purchase and sale of individual securities in an account if it determines that such account is attempting to use the Fund as a vehicle for market timing.

**Information Regarding State Escheatment Laws**

Mutual fund accounts can be considered abandoned property. States increasingly are looking at inactive mutual fund accounts as possible abandoned or unclaimed property. Under certain circumstances, the Fund may be legally obligated to escheat (or transfer) an investor's account to the appropriate state's unclaimed property administrator. The Fund will not be liable to investors or their representatives for good faith compliance with state unclaimed or abandoned property (escheatment) laws. If you invest in the Fund through a financial intermediary, we encourage you to contact the financial intermediary regarding applicable state escheatment laws.

Escheatment laws vary by state, and states have different criteria for defining inactivity and abandoned property. Generally, a mutual fund account may be subject to "escheatment" (i.e., considered to be abandoned or unclaimed property) if the account owner has not initiated any activity in the account or contacted the fund for an "inactivity period" as specified in applicable state laws. If the Fund is unable to establish contact with an investor, the Fund will determine whether the investor's account must legally be considered abandoned and whether the assets in the account must be transferred to the appropriate state's unclaimed property administrator. Typically, an investor's last known address of record determines the state that has jurisdiction.

Information on Dividends, Distributions and Taxes

The tax treatment described below is intended to be the tax treatment of the Fund under Subchapter M of the Internal Revenue Code.

It is the Fund's policy to make periodic distributions of net tax-exempt income, net investment income and net realized capital gains, if any. Unless you elect otherwise, such distributions to you will be reinvested in additional shares of the Fund at net asset value calculated as of the payment date. The Fund makes distributions on a per-share basis. As a result, on the ex-dividend date of such a payment, the net asset value of the Fund will be reduced by the amount of the payment.

The Fund intends to elect and qualify to be treated as a "regulated investment company" under Subchapter M of the Internal Revenue Code. To qualify, the Fund must meet certain income, diversification and distribution requirements. As a regulated investment company, the Fund generally will not be subject to U.S. federal income or excise taxes on income and capital gains distributed to shareholders within applicable time limits.

The Fund anticipates that most of its dividends will consist of "exempt-interest dividends," which are excludable from gross income for U.S. federal income tax purposes. Exempt-interest dividends are dividends paid by the Fund that are attributable to interest on tax-exempt obligations and reported by the Fund as exempt-interest dividends. However, all or a portion of the exempt-interest dividends may be taken into account in determining the alternative minimum tax on shareholders who are individuals and may be subject to state and local taxes. Exempt-interest dividends are included in determining the portion, if any, of an individual's social security and railroad retirement benefits subject to U.S. federal income taxes. Additionally, a shareholder may not deduct interest on indebtedness incurred or continued to purchase or carry shares of stock in a regulated investment company, such as the Fund, to the extent that the regulated investment company distributes exempt-interest dividends to the shareholder during the taxable year of the shareholder.

The Fund may realize and distribute taxable ordinary income or capital gains from time to time because of the Fund's investment activities. Distributions, if any, of the Fund's net capital gains are generally taxable to shareholders as long-term capital gains, and distributions from short-term capital gains and net investment income are generally taxable to shareholders as ordinary income, regardless of whether received in cash or reinvested in additional shares.

30 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

The Fund's investments in municipal securities rely on the opinion of the issuer's bond counsel and, in the case of derivative securities, sponsors' counsel, that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued, and neither the Fund nor the Adviser will independently review the bases for those tax opinions. However, tax opinions are not binding on the IRS, and if any of those tax opinions are ultimately determined to be incorrect or if events occur after the security is acquired that impact the security's tax-exempt status, the Fund and its shareholders could be subject to substantial tax liability for the current or past years and shareholders may have to file amended tax returns and pay additional taxes, interest and penalties. In addition, an IRS assertion of taxability may impair the liquidity and the fair market value of the securities.

Shareholders that are generally exempt from U.S. federal income tax, such as shareholders investing through tax qualified accounts and nonresident aliens or foreign entities, will not gain additional tax benefit from the exempt-interest dividends that are expected to be paid by the Fund or gain any other tax benefit. Because the Fund's pre-tax returns generally will be lower than those of funds that own taxable debt instruments of comparable quality, an investment in the Fund may not be suitable investment for those kinds of investors.

If you redeem Fund shares or exchange them for shares of another First Eagle Fund, you generally will be treated as having sold your shares and any gain on the transaction will be subject to tax.

Non-corporate U.S. shareholders may be unable to deduct certain expenses, including any management fees incurred by the investor for the amount invested in the Fund through the separately managed accounts.

A distribution will be treated as paid on December 31 of the current calendar year if it is declared by the Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year.

An additional 3.8% Medicare tax will be imposed on certain net investment income (which includes ordinary dividends and capital gain dividends from the Fund, and gain recognized on a disposition of shares) of certain U.S. individuals, estates and trusts. Exempt-interest dividends from the Fund are generally not included in net investment income for purposes of this tax.

By February 15 of each year, the Fund will send you a statement showing the tax status of your dividends and distributions for the prior year.

There may be tax consequences for shareholders who are nonresident aliens or foreign entities. Please see the Statement of Additional Information for more information.

Tax issues can be complicated. Exchanges of Fund shares are treated as sales and purchases and are subject to taxes. Please consult your tax adviser about federal, state, or local tax consequences or with any other tax questions you may have.

Derivative Actions Brought on Behalf of the Trust

**General**

Except with respect to claims arising under the federal securities laws, in addition to the requirements set forth under Delaware law, a shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met: (a) the shareholder or shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed. For purposes of this requirement, a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any committee established to consider the merits of such action, has a personal financial interest in the transaction at issue, and a Trustee shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a shareholder demand by virtue of the fact that such Trustee receives remuneration for his service on the Board of Trustees of the Trust or on the boards of one or more trusts that are under common management with or otherwise affiliated with the Trust; (b) unless a demand is not required under paragraph (a), shareholders eligible to bring such derivative action under Delaware law who hold at least 10% of the outstanding shares of the Trust, or 10% of the outstanding shares of the series or class to which such action relates, shall join in the request for the Trustees to commence such action; and (c) unless a demand is not required under paragraph (a), the

31 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

Trustees must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim. The Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and shall require an undertaking by the shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action. The Board of Trustees may designate a committee of one Trustee to consider a shareholder demand if necessary to create a committee with a majority of Trustees who do not have a personal financial interest in the transaction at issue.

The provision requiring at least 10% of the outstanding voting securities of the Trust, applicable series or class to join in the request to bring the derivative action and the provision requiring an undertaking by the requesting shareholders to reimburse the Trust for the expense of any advisors retained by the Board of Trustees in the event that the Trustees determine not to bring such action, does not apply to claims brought under federal securities laws.

**Forum and Applicable Law**

The Trust's Amended and Restated Agreement and Declaration of Trust (the "Declaration of Trust") also places limitations on the forum in which claims against the Trust may be heard. To the fullest extent permitted by applicable law, unless the Trust consents in writing to the selection of an alternative forum, the sole and exclusive forum for any shareholder (including a beneficial owner) to bring (i) any derivative action or proceeding brought on behalf of the Trust, (ii) any action asserting a claim of breach of a fiduciary duty owed by any Trustee, officer or employee, if any, of the Trust to the Trust or the Trust's shareholders, (iii) any action asserting a claim against the Trust, its Trustees, officers or employees, if any, arising pursuant to any provision of laws of the State of Delaware or the Declaration of Trust or the Trust's Amended and Restated Bylaws, or (iv) to the maximum extent permitted by law, any other proceeding arising out of or relating to the Trust or the shareholder's interest in the Trust, shall be the courts located in the State of Delaware, and in all cases subject to the Delaware courts' having personal jurisdiction over the indispensable parties named as defendants. Any person purchasing or otherwise acquiring or holding any interest in shares of the Trust shall be (i) deemed to have notice of and consented to these provisions, and (ii) deemed to have waived any argument relating to the inconvenience of the forums referenced above in connection with any action or proceeding.

Accordingly, shareholders may have to bring suit in what they may consider to be an inconvenient and potentially less favorable forum. The limitations described above relating to derivative actions and choice of forum do not apply to claims asserted under the federal securities laws, to the extent that any such federal laws, rules or regulations do not permit such application.

The Declaration of Trust empowers the Trustees of the Trust with, among other things: (i) full power and authority to do any and all acts and to make and execute any and all contracts and instruments that they may consider necessary or appropriate in connection with the management of the Trust; and (ii) subject to the 1940 Act, the power to engage in any other lawful act or activity in which a statutory trust organized under the Delaware Act may engage. Notwithstanding that the Declaration of Trust is to be construed and enforced in accordance with the laws of the State of Delaware, the Declaration of Trust explicitly excludes the application of certain laws that might otherwise apply, including any provisions of laws (common or statutory) of the State of Delaware pertaining to trusts that relate to or regulate establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in the Declaration of Trust. Nothing in the Declaration of Trust modifying, restricting or eliminating the duties or liabilities of Trustees shall apply to, or in any way limit, the duties (including state law fiduciary duties of loyalty and care) or liabilities of such persons with respect to matters arising under the federal securities laws when and to the extent such terms are deemed inconsistent with the federal securities laws.

32 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

Privacy Notice for Individual Shareholders

The Trust is providing you with this privacy notice to inform you of how we process your personal information. If the Trust changes its information practices, we will provide you with notice of any material changes. This privacy notice supersedes any of our previous policies relating to the information you disclose to us.

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| **FACTS** | **WHAT DOES THE TRUST DO WITH YOUR PERSONAL INFORMATION?** |

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|:---|:---|:---|
| &nbsp;&nbsp;**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. | 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. |
| &nbsp;&nbsp;**What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include: | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
|  | ⏹ | Social Security number, income, and assets |
|  | ⏹ | account balances, payment history, and account activity |
|  | ⏹ | credit history and credit scores |
|  | ⏹ | name, address, telephone number, occupation |
|  | ⏹ | online information, such as your IP address and data gathered from your browsing activity and location |
| | ⏹ | information we encounter in public records in the ordinary course of business |
| &nbsp;&nbsp;**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 the Trust chooses to share; and whether you can limit this sharing. | 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 the Trust chooses to share; and whether you can limit this sharing. |

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|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your personal information** | **Does the Trust<br> share?** | **Can you limit this<br> sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes-**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| &nbsp;&nbsp;**For our marketing purposes-**<br> to offer our products and services to you | Yes | Yes |
| &nbsp;&nbsp;**For joint marketing with other financial companies** | No | N/A |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes-**<br> information about your transactions and experiences | Yes | No |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes-**<br> information about your creditworthiness | Yes | Yes |
| &nbsp;&nbsp;**For our affiliates to market to you** | Yes | Yes |
| &nbsp;&nbsp;**For nonaffiliates to market to you** | No | N/A |

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|:---|:---|:---|
| &nbsp;&nbsp;**To limit** | ⏹ | Call 800.334.2143 and indicate your desire to limit our sharing |
|  | ⏹ | Visit us online: <u>www.firsteagle.com/sma/core-plus-municipal-separately-managed-account-sma</u> or |
|  | ⏹ | Mail the form below |
|  | **Please note:** | **Please note:** |
|  | If you are a *new* customer, we can begin sharing your information 30 days from the date we sent this notice. When you are *no longer* our customer, we continue to share your information as described in this notice. | If you are a *new* customer, we can begin sharing your information 30 days from the date we sent this notice. When you are *no longer* our customer, we continue to share your information as described in this notice. |
|  | However, you can contact us at any time to limit our sharing. | However, you can contact us at any time to limit our sharing. |
| &nbsp;&nbsp;**Questions?** | Call 800.334.2143 or go to www.firsteagle.com/sma/core-plus-municipal-separately-managed-account-sma | Call 800.334.2143 or go to www.firsteagle.com/sma/core-plus-municipal-separately-managed-account-sma |

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33 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

✁

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mail-in Form** | &nbsp;&nbsp;**Mail-in Form** | &nbsp;&nbsp;**Mail-in Form** | &nbsp;&nbsp;**Mail-in Form** | &nbsp;&nbsp;**Mail-in Form** |
| &nbsp;&nbsp;&nbsp;If you have a joint account, your choice(s) will apply to everyone on your account unless you mark below. | &nbsp;&nbsp;&nbsp;If you have a joint account, your choice(s) will apply to everyone on your account unless you mark below. | Mark any/all you want to limit: | Mark any/all you want to limit: | Mark any/all you want to limit: |
|  |  | ❑ | Do not share information about my creditworthiness with your affiliates for their everyday business purposes. | Do not share information about my creditworthiness with your affiliates for their everyday business purposes. |
|  |  | ❑ | Do not allow your affiliates to use my personal information to market to me. | Do not allow your affiliates to use my personal information to market to me. |
|  |  | ❑ | Do not share my personal information with nonaffiliates to market their products and services to me. | Do not share my personal information with nonaffiliates to market their products and services to me. |
| &nbsp;&nbsp;&nbsp;❑ | Apply my | **Name** | **Name** |  |
|  | choices only to me | **Address** | **Address** |  |
|  |  | **City, State, Zip** | **City, State, Zip** |  |
|  |  | **Account #** | **Account #** | **Mail to:**<br> First Eagle Completion Fund Trust<br> P.O. Box 219324<br> Kansas City, MO<br> 64121-9324 |

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|:---|:---|:---|
| &nbsp;&nbsp;**What we do** | &nbsp;&nbsp;**What we do** | &nbsp;&nbsp;**What we do** |
| &nbsp;&nbsp;**How does the Trust protect my personal information?** | We maintain physical, electronic and procedural safeguards that comply with federal standards to guard consumer information. We permit only authorized individuals, who are trained in the proper handling of individual shareholder information and need to access this information to do their job, to have access to this information. | We maintain physical, electronic and procedural safeguards that comply with federal standards to guard consumer information. We permit only authorized individuals, who are trained in the proper handling of individual shareholder information and need to access this information to do their job, to have access to this information. |
| &nbsp;&nbsp;**How does the Trust collect my personal information?** | We collect your personal information, for example, when you | We collect your personal information, for example, when you |
|  | ⏹ | open an account, make transactions using your account, or deposit money |
|  | ⏹ | subscribe to receive information, submit an application, or otherwise submit a form containing personal information |
|  | ⏹ | use our services online |
|  | We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |

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34 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

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|:---|:---|:---|
| &nbsp;&nbsp;**Why can't I limit all sharing?** | Federal law gives you the right to limit only | Federal law gives you the right to limit only |
|  | ⏹ | sharing for affiliates' everyday business purposes-information about your creditworthiness |
|  | ⏹ | affiliates from using your information to market to you |
|  | ⏹ | sharing for nonaffiliates to market to you |
| | State laws and individual companies may give you additional rights to limit sharing. | State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;**What happens when I limit sharing for an account I hold jointly with someone else?** | Your choices will apply to everyone on your account. | Your choices will apply to everyone on your account. |
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies. | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| | ⏹ | Affiliated companies include First Eagle Investments; First Eagle Holdings, Inc.; First Eagle Investment Management, LLC; FEF Distributors, LLC; First Eagle Separate Account Management, LLC; First Eagle Alternative Credit, LLC; Napier Park Global Capital Ltd; Napier Park Global Capital GmbH, Napier Park Global Capital (US) LP; First Eagle Investment Management Ltd; First Eagle Investment Management GmbH; First Eagle Funds (Ireland) ICAV; First Eagle Amundi Sub-Funds (Luxembourg) SICAV; First Eagle Overseas Variable Fund, a portfolio of First Eagle Variable Funds, an open-end investment management company; First Eagle Credit Opportunities Fund, a closed-end interval fund; First Eagle Private Credit Fund, a business development company; portfolios of First Eagle Funds, open-end investment management companies; First Eagle Global Equity ETF (FEGE) and First Eagle Overseas Equity ETF (FEOE), exchange-traded funds; First Eagle Real Estate Debt Fund, a closed-end interval fund; First Eagle Tactical Municipal Opportunities Fund, a closed-end interval fund; and any other First Eagle Funds and any sub-funds, as applicable. |
| &nbsp;&nbsp;**Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies. | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
|  | ⏹ | Nonaffiliated third parties may include service providers such as the Trust's distributors, registrar and transfer agent for shareholder transactions, other parties providing individual shareholder servicing, accounting and recordkeeping services, attorneys, accountants, and auditors. |

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**Data Subject Rights**

Individuals in some jurisdictions may have certain data subject rights. These rights vary, but they may include the right for individuals to: (i) request access to and rectification or erasure of their personal data;(ii) restrict or object to the processing of their personal data; and (iii) obtain a copy of their personal data in a portable format. Individuals may also have the right to lodge a complaint about the processing of personal data with a data protection authority. If you have any questions about exercising these rights call 800.334.2143 or go to www.firsteagle.com/sma/core-plus-municipal-separately-managed-account-sma.

**Special Notice for Residents of California**

First Eagle does not sell non-public personal information or share non-public personal information for cross-context behavioral advertising. We will not share information we collect about you with nonaffiliates, except as permitted by California law and described above. While the law provides California residents with data rights in some circumstances, the state protections do not apply to personal information collected about current or former investors whose information is protected by federal financial privacy law under the Gramm Leach Bliley Act and the SEC's Reg S-P.

**Other Important Information**

<u>Sharing of Personal Information with Nonaffiliated Third Parties</u>

We will only share your personal information collected, as described above, with nonaffiliated third parties:

35 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

• At your request;

• When you authorize us to process or service a transaction or product (nonaffiliated third parties in this instance may include service providers such as the Trust's distributors, registrar and transfer agent for shareholder transactions, and other parties providing individual shareholder servicing, accounting and recordkeeping services);

• With companies that perform sales and marketing services on our behalf with whom we have agreements to protect the confidentiality of your information and to use the information only for the purposes for which we disclose the information to them; or

• When required by law to disclose such information to appropriate authorities.

We do not otherwise provide information about you to outside firms, organizations or individuals except as permitted by law.

<u>What We do with Personal Information about Our Former Customers</u>

If you decide to discontinue doing business with us, the Trust will continue to adhere to this privacy policy with respect to the information we have in our possession about you and your account following the termination of our shareholder relationship.

36 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

How to Reach First Eagle Completion Fund Trust

You can send all requests for information or transactions to:

**Regular Mail:**

First Eagle Completion Fund Trust

P.O. Box 219324

Kansas City, MO 64121-9324

**or**

**Overnight Mail:**

First Eagle Completion Fund Trust

c/o SS&C GIDS, Inc.

801 Pennsylvania Ave

Suite 219324

Kansas City, MO 64105-1307

You can contact us by telephone at 1-800-334-2143.

**Please visit us online at <u>www.firsteagle.com/sma/core-plus-municipal-separately-managed-account-sma</u>**

37 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

Financial Highlights

There are no financial highlights to report for the Fund because it has not been in operation for a full calendar year.

38 First Eagle Completion Fund Trust \| Prospectus \| September 29, 2025

<br> Useful Shareholder Information

**How to Obtain Our Shareholder Reports**

You will be sent copies of the Fund's annual and semi-annual reports on a regular basis, once you become a shareholder. Semi-annual and annual reports are also available upon request without charge by contacting First Eagle Completion Fund Trust. The annual reports discuss the market conditions and investment strategies that significantly affected the Fund's performance during the last fiscal year. The Fund's Financial Statements filed with the SEC on Form N-CSR also contain audited financial statements by the First Eagle Completion Fund Trust' independent accountants.

**How to Obtain Our Statement of Additional Information**

The Statement of Additional Information is incorporated by reference in this Prospectus and includes additional information about the Fund. The SAI is available to you without charge. To obtain a copy, please contact us via mail or phone, or visit the website (www.firsteagle.com/sma/core-plus-municipal-separately-managed-account-sma). In addition, you may visit the Securities and Exchange Commission's ("SEC's") website (www.sec.gov) to view the SAI and other information. Also, you can obtain copies of the SAI, after paying a duplicating fee, by e-mailing: publicinfo@sec.gov.

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| **Distributor**<br> FEF Distributors, LLC<br> 1345 Avenue of the Americas<br> New York, NY 10105 | **Investment Adviser**<br> First Eagle Investment Management, LLC<br> 1345 Avenue of the Americas<br> New York, NY 10105 |

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**How to Reach First Eagle Completion Fund Trust**<br> Send all shareholder inquiries and requests for other information or transactions to:<br> First Eagle Completion Fund Trust<br> P.O. Box 219324<br> Kansas City, MO 64121-9324<br> You may contact us by telephone at 1-800-334-2143

Investment Company Act File Number: 811-24076

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| ![](x3_c113931x34x1.jpg) | **First Eagle Investment Management, LLC**<br> 1345 Avenue of the Americas, New York, NY 10105-0048<br> 1-800-334-2143 www.firsteagle.com/sma/core-plus-municipal-separately-managed-account-sma |

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**STATEMENT OF ADDITIONAL INFORMATION**

**First Eagle Completion Fund Trust**

**First Eagle High Yield Municipal Completion Fund**

**Ticker FHCMX**

**September 29, 2025**

**1345 Avenue of the Americas New York, NY 10105 1-800-334-2143**

**Investment Adviser**

**First Eagle Investment Management, LLC 1345 Avenue of the Americas New York, NY 10105**

**Distributor**

**FEF Distributors, LLC 1345 Avenue of the Americas New York, NY 10105**

This Statement of Additional Information provides information about First Eagle High Yield Municipal Completion Fund, a portfolio of First Eagle Completion Fund Trust (the "Trust"), an open-end management investment company, which information is in addition to that contained in the Prospectus of the Trust dated September 29, 2025. This Statement of Additional Information is not a prospectus. It relates to and should be read in conjunction with the Prospectuses of the Trust, copies of which can be obtained by calling the Trust at 1-800-334-2143 or by visiting www.firsteagle.com/sma/core-plus-municipal-separately-managed-account-sma.

Certain disclosures, including the Fund's financial statements and the notes thereto have been incorporated by reference into this Statement of Additional Information from the Trust's annual reports. For a free copy of the annual reports, please call the Trust at 1-800-334-2143 or visit <u>www.firsteagle.com/sma/core-plus-municipal-separately-managed-account-sma</u>.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| | **Statement of Additional Information** |
| | **Page** |
| [Organization of the Fund](#x3_c113931b001) | 3 |
| [Investment Objectives, Policies and Restrictions](#x3_c113931b002) | 3 |
| [Management of the Trust](#x3_c113931b003) | 28 |
| [Investment Advisory and Other Services](#x3_c113931b004) | 38 |
| [Voting of Proxies](#x3_c113931b005) | 41 |
| [Distributor of the Fund's Shares](#x3_c113931b006) | 42 |
| [Fund Shares](#x3_c113931b007) | 43 |
| [Computation of Net Asset Value](#x3_c113931b008) | 44 |
| [Disclosure of Portfolio Holdings](#x3_c113931b009) | 46 |
| [How to Purchase Shares](#x3_c113931b010) | 47 |
| [Dividends and Distributions](#x3_c113931b011) | 47 |
| [Contractual Arrangements](#x3_c113931b012) | 47 |
| [Tax Status](#x3_c113931b013) | 47 |
| [Portfolio Transactions and Brokerage](#x3_c113931b014) | 52 |
| [Custody of Portfolio](#x3_c113931b015) | 55 |
| [Independent Registered Public Accounting Firm](#x3_c113931b016) | 55 |
| [Financial Statements](#x3_c113931b017) | 55 |
| [Appendix A](#x3_c113931b018) | A-1 |

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**ORGANIZATION OF THE FUND**

First Eagle High Yield Municipal Completion Fund (the "Fund" or, alternatively, the "High Yield Municipal Completion Fund") is a separate portfolio of First Eagle Completion Fund Trust (the "Trust") an open-end management investment company. The Fund is "diversified" within the meaning of Securities and Exchange Commission (the "SEC") regulations. This generally means that the Fund may not, with respect to 75% of the value of their total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, or securities issued by other investment companies) if, as a result, (i) more than 5% of the value of the Fund's total assets would be invested in the securities of that issuer or (ii) the Fund would hold more than 10% of the outstanding voting securities of that issuer. The Trust is a Delaware statutory trust organized in 2025. The Fund is a separate portfolio of assets and has a different investment objective, which it pursues through separate investment policies, as described below. The Trust's investment adviser is First Eagle Investment Management, LLC (the "Adviser"), a registered investment adviser. The Trust's principal underwriter is FEF Distributors, LLC ("FEF Distributors" or the "Distributor"), a registered broker-dealer located in New York. The Adviser is a subsidiary of First Eagle Holdings, Inc. ("FE Holdings"), a privately owned holding company organized under the laws of Delaware.

Pursuant to the laws of Delaware, the Trust's state of formation, the Board of Trustees of the Trust has adopted By-Laws of the Trust that do not require annual meetings of the Fund's shareholders. The absence of a requirement that the Trust hold annual meetings of the Fund's shareholders reduces its expenses. Meetings of shareholders will continue to be held when required by the Investment Company Act of 1940, as amended (the "Investment Company Act" or "1940 Act"), or Delaware law, or when called by the Chairman of the Board of Trustees, the President or shareholders owning 10% of the Fund's outstanding shares. The cost of any such notice and meeting will be borne by the Fund.

Under the provisions of the Investment Company Act, a vacancy on the Board of Trustees of the Trust may be filled between meetings of the shareholders of the Trust by vote of the Trustees then in office if, immediately after filling such vacancy, at least two-thirds of the Trustees then holding office have been elected to the office of Trustee by the shareholders of the Fund. In the event that at any time less than a majority of the Trustees of the Trust holding office at that time were elected by the shareholders of the Fund, the Board of Trustees or the Chairman of the Board shall, within sixty days, cause a meeting of shareholders to be held for the purpose of electing trustees to fill any vacancies in the Board of Trustees.

The staff of the SEC has advised the Fund that it interprets Section 16(c) of the Investment Company Act, which provides a means for dissident shareholders of common-law trusts to communicate with other shareholders of such trusts and to vote upon the removal of trustees upon the request in writing by the record holders of not less than 10% of the outstanding shares of the trust, to apply to investment companies, such as the Trust, that are incorporated under Delaware law.

**INVESTMENT OBJECTIVES, POLICIES AND RESTRICTIONS**

The following information supplements the discussion of the Fund's investment objectives, policies and restrictions in each Prospectus. Under normal circumstances, the Fund may, but will not necessarily, employ the investment policies and techniques described further below.

**Investment Objectives and Strategies of the Fund**

***High Yield Municipal Completion Fund.*** The High Yield Municipal Completion Fund seeks to provide investors with a high level of current income. The Fund will normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in municipal bonds that pay interest that is exempt from regular federal personal income tax. Such municipal bonds may include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal personal income tax. The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest without limit in securities that generate income taxable to those shareholders subject to the federal alternative minimum tax. Assuming the position pays interest income that is exempt from regular federal personal income tax, the Fund can "count" relevant derivative positions towards its "80% of assets" allocation and, in doing so, values each position at the price at which it is held on the Fund's books (generally market price, but anticipates valuing each such position for purposes of assessing compliance with this test at notional value). While the Fund may invest in securities with any time

to maturity, the Fund is a long-term bond fund and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 years.

***Defensive Strategy.*** Under a defensive strategy, the Fund may hold cash and/or invest up to 100% of their assets in high quality debt securities or money market instruments of U.S. or foreign issuers. In such a case, the Fund may not be able to pursue, and may not achieve, its investment objective. It is impossible to predict whether, when or for how long the Fund will employ defensive strategies.

There can be no assurance that the Fund's stated objective will be realized.

***Policies and Techniques Applicable to the Fund***

 ****

The investment objective of the Fund describes its principal investment strategies.

For ease of reference, while the discussions below often refer to investments in "securities," the Fund may invest in many types of assets that include commodities, bank loans, derivatives, etc. A discussion of the risks of particular types of "securities" therefore should be understood to refer to the risks of that type of investment more generally (e.g., foreign securities risks should be understood to describe risks of investing in non-U.S. markets generally, regardless of investment type, and illiquid securities should be understood to describe illiquid investments, as described in Rule 22e-4 under the 1940 Act). Moreover, while the discussions below often refer to investments in securities or debt of "a company" or "companies," references to "a company" or "companies" should be understood, as the context requires, to also refer to other types of issuers, including municipal issuers.

**Investment Policies, Techniques and Risks of the Fund**

*Arbitrage Transactions.* The Fund may engage in arbitrage transactions involving near contemporaneous purchase of securities on one market and sale of those securities on another market to take advantage of pricing differences between markets. The Fund will incur a gain to the extent that proceeds exceed costs and a loss to the extent that costs exceed proceeds. The risk of an arbitrage transaction, therefore, is that the Fund may not be able to sell securities subject to an arbitrage at prices exceeding the costs of purchasing those securities. The Fund will attempt to limit that risk by effecting arbitrage transactions only when the prices of the securities are confirmed in advance of the trade. Unanticipated delays in an arbitrage transaction could cause the Fund to lose money.

*Bank Obligations.* The Fund may invest in bank obligations, which may include bank certificates of deposit, time deposits or bankers' acceptances. Certificates of deposit and time deposits are negotiable certificates issued against funds deposited in a commercial bank for a definite period of time and earning a specified return. Bankers' acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are "accepted" by a bank, meaning in effect that the bank unconditionally agrees to pay the face value of the instrument on maturity. Additionally, the Fund may invest in bank loans. These investments potentially expose the Fund to the credit risk of the underlying borrower, and in certain cases, of the financial institution. The Fund's ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower. The market for bank loans may be illiquid and the Fund may have difficulty selling them, especially leveraged loans, which can be difficult to value. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. At times, the Fund may decline to receive non-public information relating to loans, which could disadvantage the Fund relative to other investors. (See "*Loans*" below.)

*Borrowing.* The Fund may from time to time increase its ownership of securities above the amounts otherwise possible by borrowing from banks (other than those affiliated with the Trust or any of its affiliates) and investing the borrowed funds. The Fund may borrow from those banks to facilitate the meeting of redemption requests or for temporary or emergency purposes and may pledge its assets to secure those borrowings. The Fund may borrow from such banks as a temporary measure in exceptional circumstances (e.g., to facilitate the meeting of redemption requests and prevent the Fund from being in an overdraft situation). In accord with the borrowing rules under the 1940 Act, any borrowings by the Fund will be made only to the extent that the value of its assets, less its liabilities other than borrowings, is equal to at least 300% of all of its borrowings (including reverse repurchase agreements and similar financing transactions) computed at the time a loan is made. If the value of the Fund's assets at any time should fail to meet this 300% asset coverage, described above, the Fund, within three days, is required to reduce its aggregate borrowings (which may include reverse repurchase agreements) to the extent necessary to meet such asset coverage and may have to sell a portion of its investments at a time when independent investment judgment would not indicate such action.

*Call Risk.* Some debt and convertible securities in which the Fund may invest are also subject to the risk that the issuer might repay them early ("call risk"). When market interest rates are low, issuers may call securities paying higher interest rates. For this reason, the Fund holding a callable security may not enjoy the increase in the security's market price that usually accompanies a decline in rates. Furthermore, the Fund would have to reinvest the proceeds from the called security at the current, lower rates or in securities with less favorable characteristics. In addition, the Fund may not benefit from any increase in value in the securities that might otherwise result from declining interest rates. The likelihood of a call also may impact the price of a security.

*Commercial Paper.* Commercial paper is issued by a corporation, bank, municipality, or other issuer, typically for purposes such as financing current operations. Issuers generally do not register their commercial paper with the SEC. The Fund may invest in commercial paper that cannot be resold to the public without an effective registration statement under the Securities Act of 1933 (the "1933 Act"). While some unregistered commercial paper normally is deemed illiquid, the Adviser may in certain cases determine that such paper is liquid. In some cases, the ratings of commercial paper issuers have been downgraded abruptly, leaving holders with little opportunity to avoid losses. The High Yield Municipal Completion Fund considers all municipal bond instruments, including shorter-duration commercial paper that might be considered a cash equivalent by the other Funds for this purpose, as eligible to count towards the High Yield Municipal Completion Fund's "80% of net assets" test, assuming in each case that the instrument pays interest that is exempt from regular federal personal income tax. Holding commercial paper of any maturity can have a material impact on the Fund's returns as commercial paper generally carries both lower risk and lower returns relative to equity securities and other types of debt instruments.

*Covered Option Writing.* The Fund may write "covered" call options on equity or debt securities and on stock indices in seeking to enhance investment return or to hedge against declines in the prices of portfolio securities or may write put options to hedge against increases in the prices of securities which it intends to purchase. Generally, a call option is covered if the Fund holds, on a share-for-share basis, either the underlying shares or a call on the same security as the call written where the exercise price of the call held is equal to or less than the exercise price of the call written (or greater than the exercise price of the call written if the difference is maintained by the Fund in cash, Treasury bills or other liquid short-term obligations in an account with its custodian). Generally, a put option is "covered" if the Fund maintains cash, Treasury bills or other high grade short-term obligations with a value equal to the exercise price in an account with its custodian, or holds on a share-for-share basis a put on the same equity or debt security as the put written where the exercise price of the put held is equal to or greater than the exercise price of the put written, or lower than the exercise price of the put written if the difference is maintained in an account with its custodian. One reason for writing options is to attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. In the case of a securities call, the writer receives the premium, but has given up the opportunity for profit from a price increase in the underlying security above the exercise price during the option period. In the case of a stock index call, the writer receives the premium, but is obligated to deliver cash if the underlying index rises sufficiently during the option period. Conversely, the put option writer has, in the form of the premium, gained a profit as long as the price of the underlying security or stock index remains above the exercise price, but has assumed an obligation to purchase the underlying security at the exercise price from or deliver cash to the buyer of the put option during the option period. Other "coverage" arrangements also may be used as permitted by applicable law.

Another reason for writing options is to hedge against a moderate decline in the value of securities owned by the Fund in the case of a call option, or a moderate increase in the value of securities the Fund intends to purchase in the case of a put option. If a covered option written by the Fund expires unexercised, it will realize income equal to the amount of the premium it received for the option. If an increase occurs in the underlying security or stock index sufficient to result in the exercise of a call written by the Fund, it may be required to deliver securities or cash and may thereby forego some or all of the gain that otherwise may have been realized on the securities underlying the call option. This "opportunity cost" may be partially or wholly offset by the premium received for the covered call written by the Fund.

*Credit Risk.* Credit risk is the risk that issuers, guarantors, or insurers may fail, or become less able or unwilling, to pay interest and/or principal when due, including default risk. The value of the debt securities and other instruments held by the Fund fluctuates with the credit quality, or perceived credit quality, of the issuers of those instruments. The Fund could lose money if the issuer of a security is unable to meet its financial obligations or goes bankrupt. Failure of an issuer to make timely payments of principal and interest or a decline or perception of decline in the credit quality of a debt security can cause the price of the debt security to fall, potentially lowering the respective Fund's share price. The credit quality of a security or instrument can deteriorate suddenly and rapidly, which may negatively impact its liquidity and

value. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk. Ratings represent a rating agency's opinion regarding the quality of the security and are not a guarantee of quality and do not protect against a decline of value of a security.

*Cyber Security and Information Technology Risk.* The Fund and its service providers depend on complex information technology and communications systems to conduct business functions, making them susceptible to operational and information security risks. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption, or lose operational capacity. The Fund, and its service providers, may be prone to operational and information security risks resulting from cyber attacks. Cyber attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches. Cyber attacks affecting the Fund or its Adviser, custodian, transfer agent, intermediaries and other third-party service providers may adversely impact the Fund. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate their net asset values, cause the release of private shareholder information or confidential business information, impede trading, subject the Fund to violations of applicable privacy and other laws, regulatory fines or financial losses and/or cause reputational damage. The Fund also may incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers or securities in which the Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund's investment in such companies to lose value.

The Fund and its service providers have administrative and technical safeguards in place with respect to information security. Nevertheless, the Fund and its service providers are potentially susceptible to operational and information security risks resulting from a cyber attack as the Fund is highly dependent upon the effective operation of their computer systems and those of their business partners. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or digitally, denial of service on websites and other operational disruption and unauthorized release of confidential customer information. Cyber attacks affecting the Fund's service providers may adversely affect the Fund and its shareholders. For instance, cyber attacks may interfere with the processing of Fund transactions, including the processing of orders, impact the Fund's ability to calculate net asset values, cause the release and possible destruction of confidential customer or business information, impede trading, subject the Fund and/or its service providers and intermediaries to regulatory fines and financial losses and/or cause reputational damage. Cyber security risks also may affect the issuers of securities in which the Fund invests, which may cause the Fund's investments to lose value. The Fund also may incur additional costs for cyber security risk management in the future. Although the Fund and its service providers have adopted security procedures to minimize the risk of a cyber attack, there can be no assurance that the Fund or its service providers will avoid losses affecting the Fund due to cyber attacks or information security breaches in the future.

Recent technological advances in artificial intelligence, robotics and machine learning technologies (collectively "AI Technologies") and their current and potential future applications including in the financial sectors, as well as the legal and regulatory frameworks within which they operate, continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto. Regulations related to AI Technologies also may impose certain obligations on organizations, and the costs of monitoring and responding to such regulations, as well as the consequences of non-compliance, could have an adverse effect on organizations connected to the Fund and its investments. In addition, the Fund and its investments could be exposed to risks to the extent third-party service providers or any counterparties use AI Technologies in their business activities.

*Defaulted Securities.* The Fund may invest up to 10% of its net assets in defaulted municipal bonds (i.e., bonds on which the issuer has not paid principal or interest on time). Such investments involve a substantial degree of risk, are speculative and are subject to many of the risks associated with investments in lower-rated debt instruments. In any reorganization or liquidation proceeding relating to an issuer in which the Fund invests, the Fund may lose its entire investment, may be required to accept cash or securities with a value less than the Fund's original investment, and/or may be required to accept payment over an extended period of time. Under such circumstances, the returns generated may not compensate the Fund adequately for the risks assumed. A wide variety of considerations render the outcome of any investment in a financially distressed issuer uncertain, and the level of analytical sophistication, both financial and legal, necessary for successful investment in issuers experiencing significant business and financial difficulties, is unusually high. The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer.

There is no assurance that the Adviser will correctly evaluate the intrinsic values of the distressed issuers in which the Fund may invest. There is also no assurance that the Adviser will correctly evaluate how such value will be distributed among the different classes of creditors, or that the Adviser will have properly assessed the steps and timing thereof in the bankruptcy or liquidation process. Any one or all of such issuers may be unsuccessful in their reorganization and their ability to improve their operating performance. Also, such issuers' securities may be considered speculative, and the ability of such issuers to pay their debts on schedule could be affected by adverse interest rate movements, changes in the general economic climate, economic factors affecting a particular industry, or specific developments within such issuers. The Fund may invest in the securities of issuers involved in bankruptcy proceedings, reorganizations and financial restructurings and may have a more active participation in the affairs of the issuer than is generally assumed by an investor.

This may subject the Fund to litigation risks or prevent the Fund from disposing of securities. In a bankruptcy or other proceeding, the Fund as a creditor may be unable to enforce its rights in any collateral or may have its security interest in any collateral challenged, disallowed or subordinated to the claims of other creditors. While the Fund will attempt to avoid taking the types of actions that would lead to equitable subordination or creditor liability, there can be no assurance that such claims will not be asserted or that the Fund will be able to successfully defend against them.

*Derivative Transactions.* The Fund may invest in options, futures and swaps and related products which are often referred to as "derivatives." The use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional investments such as stocks and bonds. Derivatives may have a return that is tied to a formula based upon an interest rate, index or other measurement which may differ from the return of a simple security of the same maturity. A formula may have a cap or other limitation on the rate of interest to be paid. Derivatives may have varying degrees of volatility at different times, or under different market conditions, and may perform in unanticipated ways. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the behavior of a derivative and that of the reference instrument underlying the derivative, and the reference asset may not perform as anticipated. An abrupt change in the price of a reference instrument could render a derivative worthless. Derivatives may involve risks different from, and possibly greater than, the risks associated with investing directly in the reference instrument. Derivatives may involve fees, commissions, or other costs that may reduce the Fund's gains or exacerbate losses from the derivatives. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund's distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the "Code"). If such provisions are applicable, there could be an increase in the amount of taxable dividends paid by the Fund.

The Fund may enter into interest rate, total return, credit default, currency, equity, fixed income and index swaps and the purchase or sale of related caps, floors and collars. The Fund may enter into these transactions to preserve a return or spread on a particular investment or portion of its portfolio, to protect against currency fluctuations, for investment purposes, to deploy cash or to protect against any increase in the price of securities it anticipates purchasing at a later date. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest, such as an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. Generally, a total return swap is an agreement between two parties, pursuant to which one pays (and the other receives) an amount equal to the total return of an underlying reference asset in exchange for a regular payment, at a fixed or floating rate or the total rate of return of another financial instrument. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential between them. An index swap is an agreement to swap cash flows on a notional amount based on changes in values of the reference indices. For example, the Fund may agree to swap the return generated from one fixed income index for the return generated by a second fixed income index. Swaps may be used in conjunction with other derivative instruments to offset interest rate, currency or other underlying risks. For example, interest rate swaps may be offset with "caps," "floors" or "collars." A "cap" is essentially a call option which places a limit on the amount of floating rate interest that must be paid on a certain principal amount. A "floor" is essentially a put option which places a limit on the minimum amount that would be paid on a certain principal amount. A "collar" is essentially a combination of a long cap and a short floor where the limits are set at different levels.

The Fund will typically enter into swaps on a net basis; that is, the two payment streams will be netted out in a cash settlement on the payment date or dates specified in the instrument, with the Fund receiving or paying, as the case may be, only the net amount of the two payments.

Rule 18f-4 under the 1940 Act permits the Fund to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Fund, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if the Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Unless the Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires the Fund to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and comply with a relative or absolute limit on Fund leverage risk calculated based on value-at-risk ("VaR"). The DRMP is administered by a "derivatives risk manager," who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board.

Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if the Fund's "derivatives exposure" (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception"). As of the date of this Statement of Additional Information, the Fund expects to rely on the Limited Derivatives User Exception.

*Unfunded Lending Commitments.* Certain loans made by the Fund represent advance commitments to extend credit as and when requested by the borrower. These commitments typically are subject to various contingencies and conditions. The Fund also must manage its available cash, cash equivalents and borrowings so as to have cash on hand to complete the loan when required. Rule 18f-4 adopted by the Securities and Exchange Commission (the "SEC") under the 1940 Act requires that the Fund reasonably believe, at the time it enters into an unfunded commitment agreement, that it will have sufficient cash and cash equivalents to meet its obligations on these commitments when due. The Fund will consider its overall circumstances when evaluating sufficiency of its cash and cash equivalents for this purpose. For example, the Fund will consider any conditions on its commitments, its reasonable expectations as to when each commitment will be due, other obligations of the Fund (such as the obligation to hold liquid assets during periods when the Fund has offered to repurchase its shares), and the Fund's ability to borrow.

*Direct Lending Risk.* The Fund may engage in direct lending. Direct loans between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide financing to borrowers directly or through companies affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions. Furthermore, a direct loan may be secured or unsecured. The Fund will rely primarily upon the creditworthiness of the borrower and/or any collateral for payment of interest and repayment of principal. Direct loans may subject the Fund to liquidity risk, interest rate risk, and borrower default or insolvency. Direct loans are not publicly traded and may not have a secondary market which may have an adverse impact on the ability of the Fund to dispose of a direct loan and/or value the direct loan. The Fund's performance may be impacted by the Fund's ability to lend on favorable terms as the Fund may be subject to increased competition or a reduced supply of qualifying loans which could lead to lower yields and reduce performance.

As part of its lending activities, the Fund may originate loans to borrowers that are experiencing significant financial or business difficulties, including borrowers involved in bankruptcy or other reorganization and liquidation proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve a substantial

degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful financing to borrowers experiencing significant financial difficulties is unusually high. Different types of assets may be used as collateral for the Fund's loans and, accordingly, the valuation of and risks associated with such collateral will vary by loan. There is no assurance that the Fund will correctly evaluate the value of the assets collateralizing the Municipal Fund's loans or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to a borrower that the Fund is lending money to, the Fund may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by the Fund to the borrower. Furthermore, in the event of a default by a borrower, the Fund may have difficulty disposing of the assets used as collateral for a loan. To the extent the Fund seeks to engage in direct lending, the Fund will be subject to enhanced risks of litigation, regulatory actions and other proceedings. As a result, the Fund may be required to pay legal fees, settlement costs, damages, penalties or other charges, any or all of which could materially adversely affect the Fund and its holdings.

*Exchange-Traded Funds.* The Fund may invest in ETFs. ETFs are investment companies or special purpose trusts that often pursue investment objectives to achieve the same rate of return as a particular market index or commodity while trading throughout the day on an exchange. Most ETF shares are sold initially in the primary market in units of 50,000 or more ("creation units"). A creation unit represents a bundle of securities (or other assets) that replicates, or is a representative sample of, the ETF's holdings and that is deposited with the ETF. Once owned, the individual shares comprising each creation unit are traded on an exchange in secondary market transactions for cash. The secondary market for ETF shares allows them to be readily converted into cash, like commonly traded stocks. The combination of primary and secondary markets permits ETF shares to be traded throughout the day close to the value of the ETF's underlying holdings. The Fund would purchase and sell individual shares of ETFs in the secondary market. These secondary market transactions require the payment of commissions.

ETF shares are subject to the same risks as investment companies, as described above. Furthermore, there may be times when the exchange halts trading, in which case the Fund owning ETF shares would be unable to sell them until trading is resumed. In addition, because ETFs often invest in a portfolio of common stocks and "track" a designated index, an overall decline in stocks comprising an ETF's benchmark index could have a greater impact on the ETF and investors than might be the case in an investment company with a more widely diversified portfolio. Losses could also occur if the ETF is unable to replicate the performance of the chosen benchmark index. ETFs tracking the return of a particular commodity (e.g., gold or oil) are exposed to the volatility and other financial risks relating to commodities investments.

Other risks associated with ETFs include the possibility that: (i) an ETF's distributions may decline if the issuers of the ETF's portfolio securities fail to continue to pay dividends; and (ii) under certain circumstances, an ETF could be terminated. Should termination occur, the ETF could have to liquidate its portfolio when the prices for those assets are falling. In addition, inadequate or irregularly provided information about an ETF or its investments, because many ETFs are passively managed, could expose investors in ETFs to unknown risks.

*Floating Rate and Variable Rate Demand Notes.* The Fund generally will purchase variable rate demand notes for short-term cash management purposes and floating rate demand notes for investment purposes. Floating rate and variable rate demand notes are debt instruments that provide for periodic adjustments in the interest rate. The interest rate on these instruments may be reset daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating rate instrument may be based on a known lending rate, such as a bank's prime rate, and is reset whenever such rate is adjusted. The interest rate on a variable rate demand note is reset at specified intervals at a market rate. Interest rate adjustments are designed to help stabilize the instrument's price or maintain a fixed spread to a predetermined benchmark. While this feature may protect against a decline in the instrument's market price when interest rates or benchmark rates rise, it may lower the Fund's income when interest rates or benchmark rates fall. The Fund's income from its floating rate and variable rate investments also may increase if interest rates rise. Floating rate and variable rate obligations are less effective than fixed rate instruments at locking in a particular yield. Nevertheless, such obligations may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons. The Fund's ability to receive payments of principal and interest and other amounts in connection with loans held by it will depend primarily on the financial condition of the issuer. The failure by the Fund to receive scheduled interest or principal payments on a loan would adversely affect the income of the Fund and may reduce the value of its assets. Floating rate and variable rate demand notes and bonds may have a stated maturity in excess of one year but may have features that permit a holder to demand

payment of principal plus accrued interest upon a specified number of days' notice. Such obligations may be secured by letters of credit or other credit support arrangements provided by banks. If these obligations are not secured by letters of credit or other credit support arrangements, the Fund's right to demand payment will be dependent on the ability of the issuer to pay principal and interest on demand. In addition, these may not be rated by credit rating agencies and may involve heightened risk of default by the issuer. The issuer of such obligations normally has a corresponding right, after a given period, to prepay in its discretion the outstanding principal of the obligation plus accrued interest upon a specific number of days' notice to the holders. There is no assurance that the Fund will be able to reinvest the proceeds of any prepayment at the same interest rate or on the same terms as those of the original instrument. The absence of an active secondary market for floating rate and variable rate demand notes could make it difficult for the Fund to dispose of the instruments, and the Fund could suffer a loss if the issuer defaults or during periods in which the Fund is not entitled to exercise its demand rights. When a reliable trading market for the floating rate and variable rate instruments held by the Fund does not exist and the Fund may not demand payment of the principal amount of such instruments within seven days, the instruments may be deemed illiquid and therefore subject to the Fund's limitation on investments in illiquid securities.

*Floating Rate Securities.* The Fund generally will invest in short-term floating rate securities issued by municipal tender option bond trusts ("TOB Trusts") (see also the discussion under *"Inverse Floaters"*). Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to other periods of up to one year. Since the tender option feature provides a shorter term than the final maturity or first call date of the underlying municipal bond deposited in the trust, the Fund, as the holder of the floating rate securities, relies upon the terms of the remarketing and liquidity agreements with the financial institution that acts as remarketing agent and/or liquidity provider as well as the credit strength of that institution. As further assurance of liquidity, the terms of the TOB Trust provide for a liquidation of the municipal bond deposited in the trust and the application of the proceeds to pay off the floating rate securities. TOB Trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate securities.

*Forward-Settled, When-Issued or Delayed-Delivery Securities.* The Fund may purchase securities on a "forward-settled," "when-issued" or "delayed-delivery" basis. Although the payment and interest terms of these securities are established at the time the Fund enters into the commitment, the securities may be delivered and paid for a month or more after the date of purchase, when their value may have changed. The Fund makes such commitments only with the intention of actually acquiring the securities, but may sell the securities before settlement date if the Adviser deems it advisable for investment reasons.

Any borrowing by the Fund, may increase net asset value fluctuation. Forward-settled, when-issued or delayed-delivery securities are subject to the risk that the security will not be issued or that a counterparty will fail to complete the sale or purchase of the security. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price and may forgo any gain in the security's price.

Securities purchased on a forward-settled, when-issued or delayed-delivery basis are recorded as assets on the day following the purchase and are marked-to-market daily. The Fund will not invest more than 25% of its assets in forward-settled, when-issued or delayed-delivery securities, does not intend to purchase such securities for speculative purposes and will make commitments to purchase securities on a forward-settled, when-issued or delayed-delivery basis with the intention of actually acquiring the securities. However, the Fund reserves the right to sell acquired forward-settled, when-issued or delayed-delivery securities before their settlement dates if deemed advisable.

*Futures and Options on Futures.* The Fund may utilize futures contracts and options on futures. These transactions may be effected on securities exchanges or in the over-the-counter market. When purchased over-the-counter, the Fund bears the risk that the counterparty to the contract will be unable or unwilling to perform its obligations. These contracts also may be illiquid and, in such cases, the Fund may have difficulty closing out its position. Engaging in these types of transactions is a specialized activity and involves risk of loss. In addition, engaging in these types of transactions may increase the volatility of returns, because they commonly involve significant "built in" leverage and can be entered into with relatively small "margin" commitments relative to the resulting investment exposure. Futures contracts and similar "derivative" instruments are also subject to the risk of default by the counterparties to the contracts. The Fund may engage in certain investment techniques which create market exposure, such as dollar rolls.

Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the trading day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, preventing prompt liquidation of futures positions and potentially subjecting the Fund to substantial losses. Successful use of futures also is subject to the investment adviser's ability to predict correctly movements in the direction of the relevant market, and, to the extent the transaction is entered into for hedging purposes, to determine the appropriate correlation between the transaction being hedged and the price movements of the futures contract.

Futures and related options transactions must constitute permissible transactions pursuant to regulations promulgated by the Commodity Futures Trading Commission ("CFTC"). As a general matter, the Adviser intends to conduct the operations of the Fund in compliance with CFTC Rule 4.5 under the Commodity Exchange Act of 1974, as amended (the "Commodity Exchange Act"), in order to avoid regulation by the CFTC as a commodity pool operator with respect to the Fund. The Rule 4.5 exemption limits (i) the ability of the Fund to trade in specified "commodity interests" (generally, futures, options on futures, certain foreign exchange transactions, and many swaps) beyond levels approved by the CFTC as de minimis and (ii) the ability of the Fund to market itself as providing investment exposure to such instruments. The regulatory requirements could change at any time and additional regulations could also be adopted, which may adversely affect the Fund.

*Hybrid Investments.* Hybrid securities may include preferred stock and convertible securities. Preferred stock generally does not exhibit as great a potential for appreciation or depreciation as common stock, although it ranks above common stock in its claim on income for dividend payments. Unlike interest payments on debt securities, dividends on preferred stock are generally payable at the discretion of the issuer's board of directors. Preferred shareholders may have certain rights if dividends are not paid but generally have no legal recourse against the issuer. Shareholders may suffer a loss of value if dividends are not paid. The market prices of preferred stocks are generally more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. Preferred stock of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

A convertible security is a bond, debenture, note, preferred stock, or other security or debt obligation that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. Convertible securities generally have features of, and risks associated with, both equity and fixed income instruments. As such, the value of most convertible securities will vary with changes in the price of, and will be subject to the risks associated with, the underlying common stock. Additionally, convertible securities are also subject to the risk that the issuer may not be able to pay principal or interest when due and the value of the convertible security may change based on the issuer's credit rating. Because their value can be influenced by many different factors, convertible securities generally have less potential for gain or loss than the underlying common stocks.

A convertible security entitles the holder to receive the interest paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, such securities ordinarily provide a stream of income with generally higher yields than common stocks of the same or similar issuers, but lower than the yield on non-convertible debt. Convertible securities are usually subordinated to comparable-tier non-convertible securities and other senior debt obligations of the issuer, but rank senior to common stock in a company's capital structure. The value of a convertible security is a function of its: (1) yield in comparison to the yields of other securities of comparable maturity and quality that do not have a conversion privilege; and (2) worth if converted into the underlying common stock. Securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities that are convertible only at the option of the holder.

The price of a convertible security often reflects variations in the price of the underlying common stock in a way that non-convertible debt may not. Convertible securities may be issued by smaller companies whose stock prices may be more volatile than larger companies. A convertible security may have a mandatory conversion feature or a call feature that subjects it to redemption at the option of the issuer at a price established in the security's governing instrument (see also the discussion under "*Call Risk*"). If a convertible security held by the Fund is called for redemption, the Fund will be required to convert it into the underlying common stock, sell it to a third party or permit the issuer to redeem the security. Any of these actions could have an adverse effect on the Fund's ability to achieve its investment objectives.

The market value of all securities, including equity and hybrid securities, is based upon the market's perception of value and not necessarily the book value of an issuer or other objective measure of a company's worth.

*Inflation/Deflation Risk.* Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund's assets and distributions may decline. This risk is more prevalent with respect to certain types of assets or investments held by the Fund. Inflation creates uncertainty over the future real value (after inflation) of an investment. Inflation rates may change frequently and drastically (and often at different rates in different countries) as a result of various factors, including unexpected shifts in the domestic or global economy, and the Fund's investments may not keep pace with inflation, which may result in losses to investors. Although certain types of assets in which the Fund may invest may to a certain extent provide a measure of protection against inflation, it is possible it will not do so to the extent intended. There is no guarantee that any asset class will perform better than, for example, a broader equity portfolio during times of rising or high inflation. The Fund's investments may be adversely affected during periods of deflation when asset prices decrease over time across the economy. Deflation may have an adverse effect on investment prices and creditworthiness and may make defaults on debt more likely. If a country's economy slips into an inflationary or deflationary pattern, it could last for a prolonged period and may be difficult to reverse.

*Inflation-Linked Fixed Income Securities.* The Fund may invest in inflation-linked fixed income securities. Inflation-linked fixed income securities are securities that have a principal value that is periodically adjusted according to the rate of inflation. If an index measuring inflation falls, the principal value of inflation-indexed fixed income securities will typically be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. In the case of Treasury Inflation-Protected Securities, also known as TIPS, repayment of original bond principal upon maturity (as adjusted for inflation) is guaranteed by the U.S. Treasury. The market for TIPS may be less developed or liquid, and more volatile, than certain other securities markets. There can be no assurance that the inflation index used in these securities (i.e., the Consumer Price Index) will accurately measure the real rate of inflation. For inflation-linked fixed income securities that do not provide a similar guarantee, the adjusted principal value of the inflation-linked bond repaid at maturity may be less than the original principal.

Such fixed income securities also may be issued by or related to sovereign governments of developed countries, by countries deemed to be emerging markets, and inflation-linked fixed income securities issued by or related to companies or other entities not affiliated with governments. Because of their inflation adjustment feature, inflation-linked fixed income securities typically have lower yields than conventional fixed-rate fixed income securities. In addition, inflation-linked fixed income securities also normally decline in price when real interest rates rise. In the event of deflation, in which prices decline over time, the principal and income of inflation-linked fixed income securities would likely decline, resulting in losses to the Fund.

*Interest Rate Risk.* Fluctuations in interest rates will affect the values of the Fund. An increase in interest rates tends to reduce the market value of debt securities, while a decline in interest rates tends to increase their values. Duration is a mathematical calculation of the average life of a fixed-income or preferred security that serves as a measure of the security's price risk to changes in interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. Thus, the Fund's sensitivity to interest rate risk will increase with any increase in the Fund's overall duration. Duration differs from maturity in that it considers potential changes to interest rates, and a security's coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. Various techniques may be used to shorten or lengthen the Fund's duration. The duration of a security will be expected to change over time with changes in market factors and time to maturity. The link between interest rates and debt securities tends to be weaker with lower-rated debt securities than with investment grade debt securities.

cash flow from the underlying security. Accordingly, the Inverse Floaters provide the Fund with leveraged exposure to the underlying security. When short-term interest rates rise or fall, the interest payable on the Floaters issued by a TOB Trust will, respectively, rise or fall, leaving less or more, respectively, residual interest cash flow from the underlying security available for payment on the Inverse Floaters. Thus, as short-term interest rates rise, Inverse Floaters produce less income for the Fund, and as short-term interest rates decline, Inverse Floaters produce more income for the Fund. The price of Inverse Floaters is expected to decline when interest rates rise and increase when interest rates decline, in either case generally more so than the price of a bond with a similar maturity, because of the effect of leverage. As a result, the price of Inverse Floaters is typically more volatile than the price of bonds with similar maturities, especially if the relevant TOB Trust is structured to provide the holder of the Inverse Floaters relatively greater leveraged exposure to the underlying security (e.g., if the par amount of the Floaters, as a percentage of the par amount of the underlying security, is relatively greater). Upon the occurrence of certain adverse events (including a credit ratings downgrade of the underlying security or a substantial decrease in the market value of the underlying security), a TOB Trust may be collapsed by the remarketing agent or liquidity provider and the underlying security liquidated, and the Fund could lose the entire amount of its investment in the Inverse Floater and may, in some cases, be contractually required to pay the shortfall, if any, between the liquidation value of the underlying security and the principal amount of the Floaters. Consequently, in a rising interest rate environment, the Fund's investments in Inverse Floaters could negatively impact the Fund's performance and yield, especially when those Inverse Floaters provide the Fund with relatively greater leveraged exposure to the underlying securities held by the relevant TOB Trusts.

The Fund may invest in Inverse Floaters on a non-recourse or recourse basis. If the Fund invests in an Inverse Floater on a recourse basis, the Fund will be required to reimburse the liquidity provider of a TOB Trust for any shortfall between the liquidation value of the underlying security and the principal amount of the Floaters in the event the Floaters cannot be successfully remarketed and the Fund could suffer losses in excess of the amount of its investment in the Inverse Floater.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule") prohibit banking entities and their affiliates from sponsoring and/or providing certain services to TOB Trusts, which constitute "covered funds" under the Volcker Rule. As a result of the Volcker Rule, the Fund, as holder of Inverse Floaters, is required to perform certain duties in connection with TOB financing transactions previously performed by banking entities. These duties may alternatively be performed by a non-bank third-party service provider. The Fund's expanded role in TOB financing transactions as a result of the Volcker Rule may increase its operational and regulatory risk.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"), which apply to TOB financing transactions and TOB Trusts. The Risk Retention Rules require the sponsor of a TOB Trust, which is deemed to be the Fund (as holder of the related Inverse Floaters), to retain at least 5% of the credit risk of the underlying security held by the TOB Trust. As applicable, the Fund will be subject to policies and procedures intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund's ability to engage in TOB financing transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that TOB financing transactions will continue to be a viable or cost-effective form of leverage. The unavailability of TOB financing transactions or an increase in the cost of financing provided by TOB transactions may adversely affect the Fund's net asset value, distribution rate and ability to achieve its investment objective.

*Investment in Other Investment Companies.* The Fund may invest in other registered investment companies. For example, certain markets are closed in whole or in part to equity investments by foreigners and may be available for investment solely or primarily through such an investment company. The Fund generally may invest up to 10% of its total assets in shares of other investment companies and up to 5% of its total assets in any one investment company (in each case measured at the time of investment), as long as no investment represents more than 3% of the outstanding voting stock of the acquired investment company at the time of investment. These restrictions do not apply to certain investment companies known as private investment companies and "qualified purchaser" investment companies (described below under *"Private Investment Funds and Other Unregistered Pooled Investment Vehicles"*), nor do these restrictions necessarily apply to affiliated fund of funds arrangements, to investments in money market funds, or to investments in certain ETFs (as described above), subject to specialized SEC "exemptive orders" applicable to certain ETFs or rules under the Investment Company Act. Subject to certain conditions, Rule 12d1-4 under the 1940 Act permits a fund relying on the rule to invest in other investment companies, including ETFs, in excess of the limits described above.

Investment in another investment company may involve the payment of a premium above the value of the issuer's portfolio securities, and is subject to market availability. In the case of a purchase of shares of such a company in a public offering, the purchase price may include an underwriting spread. The Fund does not intend to invest in such an investment company unless, in the judgment of the Fund's investment adviser, the potential benefits of such investment justify the payment of any applicable premium or sales charge. As a shareholder in an investment company, the Fund would bear its ratable share of that investment company's expenses, including its advisory and administration fees. At the same time, the Fund would continue to pay its own advisory fees and other expenses. To the extent the Fund invests in other registered investment companies, its performance will be affected by the performance of those other registered investment companies.

*Large Redemptions; New Fund Risks; Fund Liquidations.* If one or more investors in the Fund initiate significant redemptions, it may be necessary to dispose of assets to meet the redemption request. This can make ordinary portfolio management and rebalancing decisions more complicated to implement, can result in the Fund's current expenses being allocated over a smaller asset base, which generally results in an increase in the Fund's expense ratio, and can accelerate the realization of taxable income and cause the Fund to make taxable distributions to shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. The impact of these transactions is likely to be greater in highly volatile markets or less liquid markets or for smaller or newer funds or when a significant investor purchases, redeems or owns a substantial portion of the Fund's shares. Because large redemptions (for example, $250,000 or more) can adversely affect a portfolio manager's ability to implement a fund's investment strategy, the Fund also reserves the right to redeem in-kind, subject to certain conditions. Funds that are new or that do not have considerable operating history also face greater risks that their investment strategies may not be successful, because the Fund may launch at an inopportune time or for other reasons. New funds may not attract sufficient assets to achieve investment, trading or other efficiencies. In addition, the Fund may be subject to a "ramp-up" period, during which it may not be fully invested or able to meet its investment objective or principal investment strategies. In general, the Fund may be liquidated without shareholder approval and/or at a time that may not be favorable for all shareholders, which also may result in disposition of assets and acceleration of taxable capital gains or realization of losses. From time to time, the Adviser or its affiliates may invest "seed" capital in the Fund. These investments are generally intended to enable the Fund to commence investment operations and achieve sufficient scale and may be withdrawn, in whole or in part, at such time as the Adviser or its affiliates determine to be appropriate. The Adviser and its affiliates may, from time to time, hedge some or all of the investment exposure of the seed capital invested in the Fund.

*Lending of Securities.* The Fund may lend its portfolio securities to brokers, dealers and financial institutions, provided outstanding loans do not exceed in the aggregate 33⅓% of the value of its total assets and provided that such loans are callable at any time by the Fund and are at all times secured by cash or equivalent collateral that is equal to at least the market value, determined daily, of the loaned securities. The Fund, however, may not enter into portfolio lending arrangements with the Adviser or any of its affiliates absent appropriate regulatory relief from applicable prohibitions contained in the 1940 Act. The advantage of portfolio lending is that the Fund continues to receive payments in lieu of the interest and dividends of the loaned securities, while at the same time earning interest either directly from the borrower or on the collateral, which may be invested in short-term obligations. As voting or consent rights which accompany loaned securities pass to the borrower, the Fund will follow the policy of calling the loan, in whole or in part as may be appropriate, to permit the exercise of such rights if the matters involved would have a material effect on their investment in the securities which are subject to the loan. The Fund will pay reasonable finders', administrative and custodial fees in connection with a loan of securities or may share the interest earned on collateral with the borrower. The Fund has no current intention of lending its portfolio securities. If the Fund were to lend its portfolio securities, payments in lieu of interest made by the borrower to the Fund will not constitute "exempt interest" excluded from taxable income, even if the actual interest would have constituted qualified exempt interest had the Fund held the securities. Such payments in lieu of interest are taxable as ordinary income and such amounts cannot be distributed by the Fund to its shareholders in the form of exempt-interest dividends. (See "*Tax Status*").

*Litigation and Enforcement Risk.* Companies involved in significant restructuring tend to involve increased litigation risk, including for investors in these companies. This risk may be greater in the event the Fund takes a large position or is otherwise prominently involved. The expense of defending against (or asserting) claims and paying any amounts pursuant to settlements or judgments would be borne by the Fund (directly if it were directly involved or indirectly in the case claims by or against an underlying company or settlements or judgments paid by an underlying company). Further, ownership of companies over certain threshold levels involves additional filing requirements and substantive regulation

on such owners, and if the Fund fails to comply with all of these requirements, the Fund may be forced to disgorge profits, pay fines or otherwise bear losses or other costs from such failure to comply.

In addition, there have been a number of widely reported instances of violations of securities laws through the misuse of confidential information. Such violations may result in substantial liabilities for damages caused to others, for the disgorgement of profits realized and for penalties. Furthermore, if persons associated with a company in which the Fund invested engages in such violations, the Fund could be exposed to losses.

*Loans.* The Fund may purchase or sell and make loans or other direct debt instruments, including loan participations and interests in credit facilities of various types. Investing directly in loans or other direct debt instruments exposes the Fund to various risks similar to those borne by a creditor. Such risks include the risk of default, the risk of delayed repayment, and the risk of inadequate collateral. Investments in loans are also less liquid than investments in publicly traded securities and carry less legal protections in the event of fraud or misrepresentation. Unlike debt instruments that are securities, investments in loans are not regulated by federal securities laws or the SEC. In addition, loan participations involve a risk of insolvency by the lending bank or other financial intermediary. To the extent the Fund invests in a credit facility or other loan commitment under which the lender is obligated to lend monies to the borrower over time or on demand, the Fund could be subject to continuing calls on its assets by the borrower for the duration of the commitment period.

Corporate loans in which the Fund may invest are generally made to finance internal growth, mergers, acquisitions, stock repurchases, leveraged buy-outs and other corporate activities. A significant portion of the corporate loans purchased by the Fund may represent interests in loans made to finance highly leveraged corporate acquisitions, known as "leveraged buy-out" transactions, leveraged recapitalization loans and other types of acquisition financing. The highly leveraged capital structure of the borrowers in such transactions may make such loans especially vulnerable to adverse changes in economic or market conditions. In addition, loans generally are subject to restrictions on transfer, and only limited opportunities may exist to sell such participations in secondary markets. As a result, the Fund may be unable to sell loans at a time when it may otherwise be desirable to do so or may be able to sell them only at an unattractive price. The Fund may hold investments in loans for a very short period of time when opportunities to resell the investments that the Adviser believes are attractive arise.

Bank loans in which the Fund may invest include senior secured and unsecured floating rate loans of corporations, partnerships, or other entities. These investments potentially expose the Fund to the credit risk of the underlying borrower, and in certain cases, of the financial institution. The Fund's ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower. Even investments in secured loans present risk, as there is no assurance that the collateral securing the loan will be sufficient to satisfy the loan obligation. Transactions involving bank loans have significantly longer settlement periods (e.g., longer than seven days) than more traditional investments. While the Fund maintains access to a line of credit with a financial institution for short-term credit needs, the sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund's redemption obligations until potentially a substantial period after the sale of the loans. In some instances, other accounts managed by the Adviser or an affiliate may hold other securities issued by borrowers whose loans may be held in the Fund's portfolio.

With respect to its management of investments in bank loans, the Adviser may seek to avoid receiving material, non-public information ("Confidential Information") about the issuers of bank loans being considered for acquisition by the Fund or held in the Fund's portfolio. In many instances, borrowers may offer to furnish Confidential Information to prospective investors, and to holders, of the issuer's loans. The Adviser's decision not to receive Confidential Information may place the Adviser at a disadvantage relative to other investors in loans (which could have an adverse effect on the price the Fund pays or receives when buying or selling loans). Also, in instances where holders of loans are asked to grant amendments, waivers or consent, the Adviser's ability to assess their significance or desirability may be adversely affected. For these and other reasons, it is possible that the Adviser's decision not to receive Confidential Information could adversely affect the Fund's investment performance.

The Adviser may from time to time come into possession of material, non-public information about the issuers of loans that may be held in the Fund's portfolio. Possession of such information may in some instances occur despite the Adviser's efforts to avoid such possession, but in other instances the Adviser may choose to receive such information (for example, in connection with participation in a creditors' committee with respect to a financially distressed issuer). As, and to the extent, required by applicable law, the Adviser's ability to trade in these loans for the account of the Fund could

potentially be limited by its possession of such information. Such limitations on the Adviser's ability to trade could have an adverse effect on the Fund by, for example, preventing the Fund from selling a loan that is experiencing a material decline in value. In some instances, these trading restrictions could continue in effect for a substantial period of time.

In some instances, other accounts managed by the Adviser or an affiliate may hold other securities issued by borrowers whose loans may be held in the Fund's portfolio. These other securities may include, for example, debt securities that are subordinate to the loans held in the Fund's portfolio, convertible debt or common or preferred equity securities. In certain circumstances, such as if the credit quality of the issuer deteriorates, the interests of holders of these other securities may conflict with the interests of the holders of the issuer's loans. In such cases, the Adviser may owe conflicting fiduciary duties to the Fund and other client accounts. The Adviser will endeavor to carry out its obligations to all of its clients to the fullest extent possible, recognizing that in some cases certain clients may achieve a lower economic return, as a result of these conflicting client interests, than if the Adviser's client accounts collectively held only a single category of the issuer's securities.

*Lower-Rated Debt Instruments.* Under normal market conditions, the Fund will invest at least 65% of its net assets (plus any borrowings for investment purposes) in low- to medium- quality bonds (i.e., instruments rated BBB or lower by Standard & Poor's Corporation ("S&P") or Baa or lower by Moody's Investors Service, Inc. ("Moody's")) at the time of purchase by at least one independent rating agency or, if unrated, judged by the Adviser to be of comparable quality. In doing so, the Fund may invest in below investment grade municipal bonds (those rated BB+/Ba1 or lower), commonly referred to as "high yield" or "junk" bonds. There are no restrictions as to the ratings of debt securities or other instruments acquired by the Fund or the portion of the Fund's assets that may be invested in debt securities or other instruments in a particular rating category. The Adviser also may use internal ratings on unrated securities. A more complete description of the characteristics of bonds in each rating category is included in the appendix to this Statement of Additional Information.

Securities or other instruments rated BBB by S&P or Baa by Moody's (the lowest investment grade ratings) are considered to be of medium grade and to have speculative characteristics. Debt securities rated below investment grade are predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. Although lower-rated debt and comparable unrated debt securities may offer higher yields than do higher-rated securities, they generally involve greater volatility of price and risk of principal and income, including the possibility of default by, or bankruptcy of, the issuers of the securities. In addition, the markets in which lower-rated and unrated debt securities or other instruments are traded are more limited than those in which higher-rated securities are traded. Adverse publicity and investors' perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of lower-rated debt securities or other instruments, especially in a thinly traded market. During periods of thin trading in these markets, the spread between bid and asked prices is likely to increase significantly, and the Fund may have greater difficulty selling and valuing its portfolio securities. (See *"Computation of Net Asset Value"*). Analyses of the creditworthiness of issuers of lower-rated debt securities may be more complex than for issuers of higher-rated securities, and the ability of the Fund to achieve its investment objective may, to the extent of investment in lower-rated debt securities, be more dependent upon such creditworthiness analyses than would be the case if the Fund were investing in higher-rated securities. Prices of these securities may be subject to extreme price fluctuations.

Lower-rated debt instruments may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of lower-rated debt securities have been found in some circumstances to be less sensitive to interest rate changes than higher-rated investments, but are generally more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in lower-rated debt securities' prices because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities. These issuers may have a larger amount of outstanding debt relative to their assets than issuers of investment grade bonds. In the event of an issuer's bankruptcy, claims of other creditors may have priority over the claims of holders of lower rated bonds, leaving few or no assets available to repay those bond holders. Adverse changes to the issuer's industry and general economic conditions may have a greater impact on the prices of lower rated securities than on those of other higher rated fixed-income securities. If a rating agency gives a debt instrument a lower rating, the value of the instrument may decline because investors may demand a higher rate of return. Ratings represent a rating agency's opinion regarding the quality of the security and are not a guarantee of quality. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer's financial condition.

A more complete description of the characteristics of bonds in each rating category is included in the appendix to this Statement of Additional Information.

*Market Liquidity and Counterparty Credit Risks.* While the Fund is subject to limitations on its holdings of illiquid securities (see *"Restricted and Illiquid Securities"* above), the Fund may experience periods of limited liquidity, or a complete lack of liquidity, of certain of its investments, which may cause the Fund to retain investments longer than anticipated or to dispose of assets at a value that is less than anticipated. Recent years witnessed a liquidity and credit crisis of historic proportions that had a domino effect on financial markets and participants worldwide. While instruments correlated to the residential mortgage market were affected first, ultimately market participants holding a broad range of securities, other financial instruments and commodities and commodities contracts were forced to liquidate investments, often at deeply discounted prices, in order to satisfy margin calls (i.e., repay debt), shore up their cash reserves, or for other reasons. Among other effects, the turmoil led certain brokers and other lenders to at times be unwilling or less willing to finance new investments or to only offer financing for investments on less favorable terms than had been prevailing in the recent past. Although the U.S. Federal Reserve Bank, European Central Bank, and other countries' central banks injected significant liquidity into markets and otherwise made significant funds, guarantees, and other accommodations available to certain financial institutions, elevated levels of market stress and volatility and impaired liquidity, funding, and credit persist. Market shifts of this nature may cause unexpectedly rapid losses in the value of the Fund's positions. It is uncertain how long any liquidity or credit crisis will continue.

Credit risk includes the risk that a counterparty or an issuer of securities or other financial instruments will be unable to meet its contractual obligations and fail to deliver, pay for, or otherwise perform a transaction. Credit risk is incurred when the Fund engages in principal-to-principal transactions outside of regulated exchanges, as well as in transactions on certain exchanges that operate without a clearinghouse or similar credit risk-shifting structure. Recently, several prominent financial market participants have failed or nearly failed to perform their contractual obligations when due-creating a period of great uncertainty in the financial markets, government intervention in certain markets and in certain failing institutions, severe credit and liquidity contractions, early terminations of transactions and related arrangements, and suspended and failed payments and deliveries.

*Market Risk and Turmoil.* The Fund is subject to market risk. Market risk includes unexpected directional price movements, deviations from historical pricing relationships, changes in the regulatory environment, changes in market volatility, panicked or forced selling of assets and contraction of available credit or other financing sources. The success of the Fund's activities may be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws and national and international political circumstances. Although globally and among developed countries there has been a relatively stable political environment for decades, there is no guarantee that such stability will be maintained in the future. International policies, relationships and trade agreements, which have generally been perceived as stable or evolving, appear to be much more in flux. Adjustments in major trade relationships have already been met by retaliatory measures from other countries and could cause potential escalation in protectionist behavior leading to a drag on growth prospects as trade and investment and productivity growth are reinforcing and linked. Other drivers of geopolitical, economic and market risk also may come from, among other things, increased political tension on the domestic and international stages, substantial slowdown and outright recessions in certain markets, pressure on oil prices, rising corporate leverage, continuous abnormally low global interest rates, structural stresses in the European Union, international terrorist activity and armed conflict and risk of armed conflict in the Middle East, East Asia, Eurasia and elsewhere. Similarly, environmental and public health risks, such as natural disasters, pandemics or epidemics, or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In addition, the expanded influence of social media platforms on the market, combined with the access to low cost retail brokerage, can exacerbate the volatility of particular instruments.

Any of these developments, or the perception that any of these developments are likely to occur or worsen, could have a material adverse effect on economic growth or business activity, result in the relocation of businesses, cause business interruptions, lead to economic recession or depression, and impact the stability of financial markets or financial institutions and the financial and monetary system. The Fund may be affected by these developments in ways that are not foreseeable, and there is a possibility that such developments could have a significant adverse effect on the Fund and its ability to achieve its investment objective.

Market turmoil may negatively affect the Fund's performance. Such factors may affect the level and volatility of security prices and liquidity of the Fund's investments. Credit markets may become illiquid, credit spreads may widen and the equity markets may lose substantial value. Such market conditions may cause the Fund to suffer substantial losses

and/or implement measures that adversely affect the Fund. Changes in the value of securities may be temporary or may last for extended periods.

*Municipal Bonds.* The Fund will normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in municipal bonds that pay interest that is exempt from regular federal personal income tax. Government obligations in which the Fund may invest also include municipal securities, which are obligations, often bonds and notes, issued by or on behalf of states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies, authorities and instrumentalities, the interest on which is typically exempt from federal income tax. From time to time, proposals to restrict or eliminate the federal income tax exemption from interest on municipal securities are introduced before Congress. Proposals also may be introduced before state legislatures. If such proposals were enacted, the availability of municipal securities and their value would be affected.

Municipal bonds are generally considered riskier investments than Treasury securities. The prices and yields on municipal securities are subject to change from time to time and depend upon a variety of factors, including general money market conditions, the financial condition of the issuer (or other entities whose financial resources are supporting the municipal security), general conditions in the market for tax-exempt obligations, the size of a particular offering and the maturity of the obligation and the rating(s) of the issue. Contrary to historical trends, in recent years, the market has encountered downgrades, increased rates of default and lower yields on municipal bonds. This is a product of significant reductions in revenues for many states and municipalities as well as residual effects of a generally weakened economy.

The Fund's investments in municipal securities rely on the opinion of the issuer's bond counsel and, in the case of derivative securities, sponsors' counsel, that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued, and neither the Fund nor the Adviser will independently review the bases for those tax opinions. However, tax opinions are not binding on the Internal Revenue Service ("IRS"), and if any of those tax opinions are ultimately determined to be incorrect or if events occur after the security is acquired that impact the security's tax-exempt status, the Fund and its shareholders could be subject to substantial tax liability for the current or past years and shareholders may have to file amended tax returns and pay additional taxes, interest and penalties. In addition, an IRS assertion of taxability may impair the liquidity and the fair market value of the securities. The Fund also may be adversely impacted by changes in tax rates and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives may be affected by changes in federal and state income tax rates or changes in the tax-exempt status of interest income from municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of the municipal securities. This could in turn affect the Fund's net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels.

*Municipal Lease Obligations.* Municipal leases obligations are issued by state and local governments or authorities to finance the acquisition of land, equipment and facilities, such as state and municipal vehicles, telecommunications and computer equipment, and other capital assets. Municipal lease obligations, a type of municipal security, may take the form of a lease, an installment purchase contract or a conditional sales contract. Interest payments on qualifying municipal lease obligations are generally exempt from federal income taxes.

Municipal lease obligations are generally subject to greater risks than general obligation or revenue bonds. State laws set forth requirements that states or municipalities must meet in order to issue municipal obligations, and such obligations may contain a covenant by the issuer to budget for, appropriate, and make payments due under the obligation. However, certain municipal lease obligations may contain "non-appropriation" clauses which provide that the issuer is not obligated to make payments on the obligation in future years unless funds have been appropriated for this purpose each year. If not enough money is appropriated to make the lease payments, the leased property may be repossessed as security for holders of the municipal lease obligation. In such an event, there is no assurance that the property's private sector or re-leasing value will be enough to make all outstanding payments on the municipal lease obligation or that the payments will continue to be tax-free. Additionally, it may be difficult to dispose of the underlying capital asset in the event of non-appropriation or other default. Direct investments by the Fund in municipal lease obligations may be deemed illiquid and therefore subject to the Fund's percentage limitations for illiquid investments and the risks of holding illiquid investments.

*Municipal Market Data Rate Locks.* A Municipal Market Data Rate Lock ("MMD Rate Lock") permits the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to

be purchased at a later date. MMD Rate Locks may be used for hedging purposes. An MMD Rate Lock is an agreement between two parties, the Fund and an MMD Rate Lock provider, pursuant to which the parties agree to make payments to each other on a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or below a specified level on the expiration date of the contract.

MMD Rate Locks involve the risk that municipal yields will move in the direction opposite than the direction anticipated by the Fund. The risk of loss with respect to MMD Rate Locks is limited to the amount of payments the Fund is contractually obligated to make. If the other party to an MMD Rate Lock defaults, the Fund's risk of loss consists of the amount of payments that the Fund contractually is entitled to receive. If there is a default by the counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transaction, but they could be difficult to enforce. (See also the discussion in "*Derivatives Transactions*" above.)

*Options on Market Indices.* The Fund may write call options on broadly based stock and bond market indices only if at the time of writing it holds a portfolio of stocks or bonds listed on such index. When the Fund writes a call option on a broadly based market index, it will generally put into an account or in escrow with its custodian any combination of cash, cash equivalents or "qualified securities" with a market value at the time the option is written of not less than 100% of the current index value times the multiplier times the number of contracts. A "qualified security" is a security which is listed on a securities exchange or on the NASDAQ against which the Fund has not written a call option and which has not been hedged by the sale of market index futures. Other "coverage" arrangements also may be used as permitted by applicable law.

Index prices may be distorted if trading in certain securities included in the index is interrupted. Trading in the index options also may be interrupted in certain circumstances, such as if trading were halted in a substantial number of securities included in the index. If this occurred, the Fund would not be able to close out options which it had purchased or written and, if restrictions on exercise were imposed, might be unable to exercise an option it held, which could result in substantial losses to the Fund.

If the Fund were assigned an exercise notice on a call it has written, it would be required to liquidate portfolio securities in order to satisfy the exercise, unless it has other liquid assets that are sufficient to satisfy the exercise of the call. When the Fund has written a call, there is also a risk that the market may decline between the time the Fund has a call exercised against it, at a price which is fixed as of the closing level of the index on the date of exercise, and the time it is able to sell securities in its portfolio. The Fund will not learn that an index option has been exercised until the day following the exercise date but, unlike a call on a security where it would be able to deliver the underlying securities in settlement, the Fund may have to sell part of its securities portfolio in order to make settlement in cash, and the price of such securities might decline before they can be sold. For example, even if an index call which the Fund has written is "covered" by an index call held by the Fund with the same strike price, it will bear the risk that the level of the index may decline between the close of trading on the date the exercise notice is filed with the Options Clearing Corporation and the close of trading on the date the Fund exercises the call it holds or the time it sells the call, which in either case would occur no earlier than the day following the day the exercise notice was filed.

*Options Transactions.* Certain transactions in options on securities and on stock indices may be useful in limiting the Fund's investment risk and augmenting its investment return. However, the amount (if any) of the Fund's assets that will be involved in options transactions is anticipated to be small relative to the Fund's total assets. Accordingly, it is expected that only a relatively small portion of the Fund's investment return will be attributable to transactions in options on securities and on stock indices. The Fund may invest in options transactions involving options on treasuries, securities and on stock indices that are traded on U.S. and foreign exchanges or in the over-the-counter markets.

A call option is a contract pursuant to which the purchaser, in return for a premium paid, has the right to buy the equity or debt security underlying the option at a specified exercise price at any time during the term of the option. With respect to a call option on a stock index, the purchaser is entitled to receive cash if the underlying stock index rises sufficiently above its level at the time the option was purchased. The writer of the call option, who receives the premium, has the obligation, upon exercise of the option, to deliver the underlying equity or debt security against payment of the exercise price. With respect to a call option on a stock index, the writer has the obligation to deliver cash if the underlying index rises sufficiently above its level when the option was purchased.

A put option gives the purchaser, in return for a premium, the right to sell the underlying equity or debt security at a specified exercise price during the term of the option. With respect to a put option on a stock index, the purchaser is entitled to receive cash if the underlying index falls sufficiently below its level at the time the option was purchased. The

writer of the put, who receives the premium, has the obligation to buy the underlying equity or debt security upon exercise at the exercise price. With respect to a put option on a stock index, the writer has the obligation to deliver cash if the underlying index falls sufficiently below its level when the option was purchased. The price of an option will reflect, among other things, the relationship of the exercise price to the market price of the underlying financial instrument or index, the price volatility of the underlying financial instrument or index, the remaining term of the option, supply and demand of such options and interest rates.

One purpose of purchasing call options is to hedge against an increase in the price of securities that the Fund ultimately intends to buy. Hedge protection is provided during the life of the call because the Fund, as the holder of the call, is able to buy the underlying security at the exercise price, and, in the case of a call on a stock index, is entitled to receive cash if the underlying index rises sufficiently. However, if the value of a security underlying a call option or the general market or a market sector does not rise sufficiently when the Fund has purchased a call option on the underlying instrument, that option may result in a loss.

Securities and options exchanges have established limitations on the maximum number of options that an investor or group of investors acting in concert may write. It is possible that the Fund, other mutual funds advised by the Adviser and other clients of the Adviser may be considered such a group. Position limits may restrict the Fund's ability to purchase or sell options on particular securities and on stock indices.

*Private Investment Funds and Other Unregistered Pooled Investment Vehicles.* The Fund may invest in private investment funds or other unregistered pooled investment vehicles. Such vehicles are not registered under the Investment Company Act and are therefore not subject to the extensive regulatory requirements it imposes. Private investment funds or other unregistered pooled investment vehicles typically do not disclose the contents of their portfolios, which may make it difficult for the Fund to independently verify the value of an investment in a private investment fund or other unregistered pooled investment vehicle. In addition, the Fund may not be able to withdraw an investment in a private investment fund or other unregistered pooled investment vehicle except at certain designated times, presenting the risk that the Fund would not be able to withdraw from a private investment fund or other unregistered pooled investment vehicle as soon as desired, especially during periods of volatility in markets in which such a private investment fund or other unregistered pooled investment vehicle invests. Investments in private investment funds or other unregistered pooled investment vehicles may be subject to the Fund's limitations on investments in "illiquid securities," as described above. To the extent the Fund invests in private investment funds other unregistered pooled investment vehicles, its performance will be affected by the performance of those private investment funds other unregistered pooled investment vehicles.

*Recent Market Conditions and Events.* There have been multiple periods in recent decades of high levels of stress and volatility in financial markets. While stresses associated with the 2008 financial crisis in the United States and global economies peaked over a decade ago, periods of market volatility, restrictive credit conditions, lack of confidence in key market participants, and broadly negative sentiment, sometimes limited to a particular sector or a geography, continue to recur. Political changes, trade policies and trade disputes (including sanctions), tax and budget policies, debt disputes, geopolitical developments, environmental and public health events, and central bank actions (including withdrawals, or "tapering," of market support and changes in interest rate targets) have all at times represented sources of stress and instability in world economies and markets. For example, Russia's military campaign in Ukraine resulted in broad-based sanctions by the U.S. and other countries and rapid price movements in sectors (such as energy) where Russian companies are important market participants, with related impacts both globally and regionally. Also for example, the COVID-19 pandemic and related quarantines and restrictions resulted in high unemployment, disruptions to supply chains and customer activity, and general concern and uncertainty, with corresponding impacts on financial markets worldwide. COVID-19 remains a risk with the potential that new variants could lead to increased government restrictions and consumer caution. Additionally, COVID-19 remains a challenge for global supply chain normalization. More recently, a number of major economies, including the United States, adjusted to reduced levels of market and monetary support following periods of fiscal and monetary interventions, together with rising inflation and increases in interest rate targets by central banks. These circumstances generated significant market stress and volatility, with market sentiment changing rapidly in response to changes in inflation or interest rate expectations.

*Reference Rate Transition Risk.* The London Interbank Offered Rate, or "LIBOR," which had historically been the principal floating rate benchmark in the financial markets, has been discontinued. Its discontinuation has affected and will continue to affect the financial markets generally and may also affect the Fund's operations, finances and investments specifically. The UK Financial Conduct Authority, which is the regulator of the LIBOR administrator, has ceased publishing all LIBOR tenors. As an alternative to LIBOR, the market has generally coalesced around the use of the

Secured Overnight Financing Rate ("SOFR") as a replacement for U.S. dollar LIBOR. SOFR is a risk-free overnight floating rate that is currently published in multiple formats, including as an overnight rate, as a compounded average and as an index. In addition to the SOFR rate variations, other alternative floating rates have been developed and various market participants have adopted these floating rates to various degrees, although market practice remains in flux. Uncertainty as to the nature of alternative reference rates and as to potential changes or other reforms to alternative reference rates, or any changes announced with respect to such reforms, may result in a sudden or prolonged increase or decrease in the reported reference rates and the value of reference rate-based loans and securities. The effects of these potential changes on the Fund, issuers of instruments in which we invest and financial markets generally and the effectiveness of changes already made, remain uncertain.

The Fund's credit facility utilizes a SOFR-based reference rate. There is no assurance that SOFR-based rates, as modified by an applicable spread adjustment, will be the economic equivalent of U.S. dollar LIBOR. SOFR-based rates will differ from U.S. dollar LIBOR, and the differences may be material. SOFR-based rates or other alternative reference rates may be an ineffective substitute for LIBOR, resulting in prolonged adverse market conditions for the Fund. If the Fund invests in instruments that utilize an alternative reference rate that falls out of favor, the value of such instrument may decline due to a lack of liquidity or other factors.

*Repurchase Agreements.* The Fund may purchase securities and concurrently enter into "repurchase agreements." A repurchase agreement typically involves a purchase of an investment contract from a selling financial institution such as a bank or broker-dealer, which contract is fully secured by government obligations or other debt securities. The agreement provides that the purchaser will sell the underlying securities back to the institution at a specified price and at a fixed time in the future, usually not more than seven days from the date of purchase. The difference between the purchase price and the resale price represents the interest earned by the purchase, which is unrelated to the coupon rate or maturity of the purchased security. In the event of the bankruptcy or insolvency of the financial institution, the purchaser may be delayed in selling the collateral underlying the repurchase agreement. Further, the law is unsettled regarding the rights of the purchaser if the financial institution which is a party to the repurchase agreement petitions for bankruptcy or otherwise becomes subject to the U.S. Bankruptcy Code.

*Restricted and Illiquid Instruments.* The Fund may invest up to 15% of its net assets in illiquid securities, which generally includes any security that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security. A security may be "illiquid" for various reasons, including that it may be subject to legal or contractual restrictions on resale ("restricted securities"). Illiquid securities may be priced at fair value as determined in good faith by the Board of Trustees. Restricted securities that are not illiquid (generally as determined under the analysis in the next paragraph) will not be subject to the 15% limit. Generally, restricted securities may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the 1933 Act. Where registration is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than that which prevailed when it decided to sell. Unanticipated episodes of illiquidity, including due to market or political factors, instrument or issuer-specific factors and/or unanticipated outflows, may limit the Fund's ability to pay redemptions. To meet redemption requests during periods of illiquidity, the Fund may be forced to sell securities at an unfavorable time and/or unfavorable conditions.

The Fund may purchase securities that have been privately placed but that are eligible for purchase and sale under Rule 144A under the 1933 Act. That rule permits certain qualified institutional buyers, such as the Fund, to trade in privately placed securities that have not been registered for sale under the 1933 Act. The Adviser, under the supervision of the Board of Trustees of the Trust, will consider whether securities purchased under Rule 144A are illiquid and thus subject to the Fund's restriction on investing in illiquid securities. A determination as to whether a Rule 144A (or similarly restricted) security is liquid is a factual issue requiring an evaluation of a number of factors. In making this determination, which would be made only if consistent with the liquidity risk management program described above, the Adviser will consider the trading markets for the specific security, taking into account the unregistered nature of the security. Investing in Rule 144A (or similarly restricted) securities could have the effect of increasing the amount of the Fund's assets invested in illiquid securities if other qualified buyers are unwilling to purchase such securities.

The market for lower-quality debt instruments, including junk bonds, is generally less liquid than the market for higher-quality debt securities, and at times it may become difficult to sell lower-quality debt securities. The Fund will

invest significantly in debt securities that are rated below investment grade, will be subject to greater liquidity risk than would an investment fund investing in higher rated securities. While no risk management program can be fail-safe, in accordance with Rule 22e-4 under the Investment Company Act the Fund has adopted and implemented a written liquidity risk management program, under the supervision of the Board of Trustees of the Trust, that is believed to be reasonably designed to assess and manage the Fund's liquidity risk.

*Reverse Repurchase Agreements.* A reverse repurchase agreement involves the sale of a debt security owned by a fund coupled with an agreement by such fund to repurchase the instrument at a stated price, date and interest payment. The Fund will use the proceeds of a reverse repurchase agreement to purchase other debt securities or to enter into repurchase agreements maturing not later than the expiration of the prior reverse repurchase agreement. When the Fund enters into a reverse repurchase agreement, it will have securities designated to repurchase its securities.

The Fund will enter into a reverse repurchase agreement only when the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Under the Investment Company Act, reverse repurchase agreements will be considered to be borrowings by the Fund and, therefore, may be subject to the same risks involved in any borrowing. The Fund may not enter into a reverse repurchase agreement if, as a result, its current obligations under such agreements would exceed one-third the value of its net assets computed at the time the reverse repurchase agreement is entered into.

Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. These events could also trigger adverse tax consequences for the Fund.

*Securities Issued in PIPE Transactions.* The Fund may invest in securities that are purchased in private investment in public equity ("PIPE") transactions. Securities acquired by the Fund in such transactions are subject to resale restrictions under securities laws. While issuers in PIPE transactions typically agree that they will register the securities for resale by the Fund after the transaction closes (thereby removing resale restrictions), there is no guarantee that the securities will in fact be registered. In addition, a PIPE issuer may require the Fund to agree to other resale restrictions as a condition to the sale of such securities. Thus, the Fund's ability to resell securities acquired in PIPE transactions may be limited, and even though a public market may exist for such securities, the securities held by the Fund may be deemed illiquid.

*Short Sales.* The Fund may engage in short sales of derivative instruments (e.g., U.S. Treasury futures) (see also the discussion under *"Futures and Options on Futures"*). In doing so, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as borrowing costs, which may negatively impact the Fund's performance. Further, short positions introduce more risk than long positions, because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security, whereas there is no maximum attainable price of the shorted security (though shorting "against the box" effectively limits loss to the amount paid for the security). Thus, securities sold short may have unlimited risk. In addition, because U.S. market regulations prohibit "naked" short selling, the Fund must, at the time of the shorting transaction, be able to "locate" and have access to the security being shorted as what is referred to as "cover" for the transaction. Failure to complete or maintain a "locate" would mean that a desired shorting transaction could not be entered into or, if open, maintained. The prospect of such a forced close of the position can cause the Fund to incur expense or loss. Shorting of illiquid securities increases this risk.

*SOFR.* SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data.

SOFR is calculated and published by the Federal Reserve Bank of New York ("FRBNY"). If data from a given source required by the FRBNY to calculate SOFR is unavailable for any day, then the most recently available data for that segment will be used, with certain adjustments. If errors are discovered in the transaction data or the calculations underlying SOFR after its initial publication on a given day, SOFR may be republished at a later time that day. Rate revisions will be effected only on the day of initial publication and will be republished only if the change in the rate exceeds one basis point.

Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR was intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It was a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR was intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast,

SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR's history or otherwise. Levels of SOFR in the future, including following the discontinuation of LIBOR, may bear little or no relation to historical levels of SOFR, LIBOR or other rates.

*Special Risks of Over-the-Counter Derivative Transactions.* Over-the-Counter ("OTC") derivative transactions differ from exchange-traded derivative transactions in several respects. OTC derivatives are transacted directly with dealers and not with a clearing corporation. Without the availability of a clearing corporation, OTC derivative pricing is normally done by reference to information from market makers, which information is carefully monitored by the Adviser and verified in appropriate cases. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and related regulatory developments may ultimately require the clearing and exchange-trading of many OTC derivative instruments that the CFTC and SEC defined as "swaps" including non-deliverable foreign exchange forwards, OTC foreign exchange options and swaptions. To date, certain interest rate swaps and credit default swaps are already subject to such requirements. Mandatory exchange trading and clearing requirements have been phased-in based on type of market participant and CFTC approval of contracts for central clearing. The Adviser will continue to monitor developments in this area, particularly to the extent regulatory changes affect the Fund's ability to enter into swap agreements.

As OTC derivatives are transacted directly with dealers, there is a risk of nonperformance by the dealer as a result of the insolvency of such dealer or otherwise. An OTC derivative may only be terminated voluntarily by entering into a closing transaction with the dealer with whom the Fund originally dealt. Any such cancellation may require the Fund to pay a premium to that dealer. In those cases in which the Fund has entered into a covered derivative transaction and cannot voluntarily terminate the derivative, the Fund will not be able to sell the underlying security until the derivative expires or is exercised or different cover is substituted. There is also no assurance that the Fund will be able to liquidate an OTC derivative at any time prior to expiration.

*Structured Notes.* The Fund may invest in structured notes, the value of which is linked to currencies, interest rates, other commodities, indices or other financial indicators. Structured securities differ from other types of securities in which the Fund may invest in several respects. For example, the coupon dividend and/or redemption amount at maturity may be increased or decreased depending on changes in the value of the underlying instrument.

Investment in structured securities involves certain risks. In addition to the credit risk of the security's issuer and the normal risks of price changes in response to changes in interest rates, the redemption amount may decrease as a result of changes in the price of the underlying instrument. Further, in the case of certain structured securities, the coupon and/or dividend may be reduced to zero, and any further declines in the value of the underlying instrument may then reduce the redemption amount payable on maturity. Finally, structured securities may be more volatile than the price of the underlying instrument.

*Substantial Ownership Positions.* The Fund may accumulate substantial positions in the securities or even gain control of individual companies. At times, the Fund also may seek the right to designate one or more persons to serve on the boards of directors of companies in which they invest. The designation of directors and any other exercise of management or control could expose the assets of the Fund to claims by the underlying company, its security holders and its creditors. Under these circumstances, the Fund might be named as a defendant in a lawsuit or regulatory action. The outcome of such disputes, which may affect the value of the Fund's positions, may be difficult to anticipate and the possibility of successful claims against the Fund that would require the payout of Fund assets to the claimant(s) cannot be precluded. Substantial ownership positions also may be more difficult or expensive to liquidate. At times regulatory or company-specific requirements may limit or block trading in a company's securities by those deemed to be company "insiders" (officers, directors and certain large shareholders). These limitations may or may not be related to the possession of a company's material non-public information.

*Trade Claims.* The Fund may invest in trade claims. Trade claims are interests in amounts owed to suppliers of goods or services and are purchased from creditors of companies in financial difficulty and often involved in bankruptcy

proceedings. Trade claims offer investors the potential for profits since they are sometimes purchased at a significant discount from face value and, consequently, may generate capital appreciation in the event that the market value of the claim increases as the debtor's financial position improves or the claim is paid. Investing in trade claims exposes the Fund to various risks similar to those borne by a creditor. Investments in trade claims are also less liquid than investments in publicly traded securities, and there is no guarantee that the debtor will be able to satisfy the obligation on the trade claim. Additionally, there can be restrictions on the purchase, sale, and/or transferability of trade claims during all or part of a bankruptcy or reorganization proceeding. Trade claims are subject to risks not generally associated with standardized securities and instruments due to the nature of the claims purchased. Trade claims may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

*U.S. Government Securities.* Among the types of fixed income securities in which the Fund may invest are United States government obligations. United States government obligations include Treasury Notes, Bonds and Bills which are direct obligations of the United States government backed by the full faith and credit of the United States, and securities issued by agencies and instrumentalities of the United States government ("government-sponsored entities"), which may be (i) guaranteed by the United States Treasury, such as the securities of the Government National Mortgage Association, or (ii) supported by the issuer's right to borrow from the Treasury and backed by the credit of the federal agency or instrumentality itself, such as securities of the Federal Intermediate Land Banks, Federal Land Banks, Bank of Cooperatives, Federal Home Loan Banks, Tennessee Valley Authority and Farmers Home Administration. Although the Fund may hold securities that carry United States government guarantees, these guarantees do not extend to shares of the Fund itself and do not guarantee the market prices of the securities. In September of 2008, the U.S. Treasury placed under conservatorship two government-sponsored entities, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, and appointed the Federal Housing Finance Agency ("FHFA") to manage their daily operations. While these entities remain to date under the conservatorship of the FHFA, long-term, continued operation in government-run conservatorships is not sustainable. In addition, the U.S. Treasury entered into purchase agreements with these two entities to provide them with capital in exchange for senior preferred stock. Generally, their securities are neither issued nor guaranteed by the U.S. Treasury and are not backed by the full faith and credit of the U.S. government. In most cases, these securities are supported only by the credit of the issuing entity itself, standing alone. In recent periods, the values of U.S. government securities have been affected substantially by increased demand. Increases (or decreases) in demand of such securities may occur at any time and may result in increased volatility in the values of those securities.

*Zero Coupon Bonds.* Zero Coupon and Pay-in-Kind Securities do not immediately produce cash income. These securities are issued at an original issue discount, with the full value, including accrued interest, paid at maturity. Interest income may be reportable annually, even though no annual payments are made. Market prices of zero coupon bonds tend to be more volatile than bonds that pay interest regularly. Pay-in-kind securities are securities that have interest payable by delivery of additional securities. Upon maturity, the holder is entitled to receive the aggregate par value of the securities. Zero coupon and pay-in-kind securities may be subject to greater fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated securities paying cash interest at regular interest payment periods. Prices on non-cash-paying instruments may be more sensitive to changes in the issuer's financial condition, fluctuation in interest rates and market demand/supply imbalances than cash-paying securities with similar credit ratings, and thus may be more speculative. Special tax considerations are associated with investing in certain lower-grade securities, such as zero coupon or pay-in-kind securities.

**Change of Investment Objective**

The investment objective of the Fund is not a fundamental policy and, accordingly, may be changed by the Board of Trustees without shareholder approval. Shareholders will be notified in writing a minimum of 60 days in advance of any change in investment objective. Shareholder approval also is required to change the Fund's policy that is listed as "fundamental" below. Generally, the required shareholder vote is specified by the 1940 Act as a majority of the Fund's outstanding voting securities, which means for purposes of the Act (A) a vote of 67% or more of the voting securities present at a meeting of shareholders where at least 50% of the total outstanding voting securities are present at the meeting, or (B) a vote of more than 50% of the outstanding voting securities, whichever is less. Portions of the Fund's fundamental investment restrictions provide the Fund with flexibility to change their limitations in connection with changes in applicable law, rules, regulations or exemptive relief. The language used in these restrictions provides the

necessary flexibility to allow the Board of Trustees to respond efficiently to these kinds of developments without the delay and expense of a shareholder meeting.

**Investment Restrictions of the High Yield Municipal Completion Fund**

The following investment restrictions are fundamental policies of the High Yield Municipal Completion Fund. The Fund may not:

1. Change its sub-classification under the Investment Company Act from diversified to non-diversified;

2. Borrow money or issue senior securities, as defined for purposes of the 1940 Act Laws, Interpretations and Exemptions, except as permitted by the 1940 Act Laws, Interpretations and Exemptions;

3. Underwrite the securities of other issuers. This restriction does not prevent the Fund from engaging in transactions involving the acquisition, disposition or resale of its portfolio securities, regardless of whether the Fund may be considered to be an underwriter under the 1933 Act;

4. Make investments that will result in the concentration of its investments in the securities of issuers primarily engaged in the same industry or group of industries. The term concentration generally refers to the Fund investing more than 25% of its total assets in a particular industry or group of industries. This restriction does not limit the Fund's investments in (i) obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, (ii) tax-exempt obligations issued by governments or political subdivisions of governments or (iii) repurchase agreements collateralized by such obligations;

5. Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments. This restriction does not prevent the Fund from investing in issuers that invest, deal or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein;

6. Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments or as otherwise discussed below. This restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities in accordance with applicable law and without registering as a commodity pool operator under the Commodity Exchange Act. Nor does this restriction prevent the Fund from purchasing or selling precious metals directly or purchasing or selling precious metal commodity contracts or options on such contracts;

7. Make loans except to the extent permitted by the 1940 Act Laws, Interpretations and Exemptions. This restriction does not prevent the Fund from, among other things, purchasing debt obligations, entering repurchase agreements, loaning its assets to broker-dealers or institutional investors or investing in loans, including assignments and participation interests; and

The Fund has adopted a fundamental investment restriction pursuant to Rule 35d-1 under the 1940 Act (the "Names Rule Restriction"). Pursuant to the Names Rule Restriction, the Fund will normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in municipal bonds that pay interest that is exempt from regular federal personal income tax. The Fund will consider both direct investments and indirect investments (e.g., investments in other investment companies, derivatives and synthetic instruments with economic characteristics similar to the direct investments that meet the Names Rule Restriction) when determining compliance with the Name Rule Restriction. The Fund "counts" relevant derivative positions towards its "80% of assets" allocation and, in doing so, values each position at the price at which it is held on the Fund's books (generally market price, but anticipates valuing each such position for purposes of assessing compliance with this test at notional value).

The following investment restrictions are non-fundamental policies, which may be changed at the discretion of the Board of Trustees. Each of these operate as explanations or interpretations of a fundamental policy of the Fund. The Fund may not:

a. With respect to 75% of its total assets, purchase securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities), if, as a result, (i) more than 5% of the Fund's total

assets would be invested in the securities of that issuer, or (ii) the Fund would hold more than 10% of the outstanding voting securities of that issuer;

b. Borrow money in an amount that exceeds 33⅓% of its total assets (including the amount borrowed) less liabilities (other than borrowings). The Fund may borrow as a means to incur leverage, for temporary or emergency purposes, in anticipation of or in response to adverse market conditions, or for cash management purposes; and

c. Lend more than 33⅓% of its total assets.

Except for investments in illiquid securities and borrowing under non-fundamental restriction (b), the foregoing limitations will apply at the time of the purchase of a security. Several of these fundamental investment restrictions include the defined terms "1940 Act Laws, Interpretations and Exemptions." This term means the Investment Company Act and the rules and regulations promulgated thereunder, as such statute, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC and any exemptive order or similar relief granted to the Fund.

For purposes of investment restriction 4 above, an issuer shall be deemed the sole issuer of a security when its assets and revenues are separate from other governmental entities and its securities are backed only by its assets and revenues. Similarly, in the case of a nongovernmental user, such as an industrial corporation or a privately owned or operated hospital, if the security is backed only by the assets and revenues of the non-governmental user, then such nongovernmental user would be deemed to be the sole issuer. Where a security is also backed by the enforceable obligation of a superior or unrelated governmental entity or other entity (other than a bond insurer), it shall also be included in the computation of securities owned that are issued by such governmental or other entity.

For purposes of investment restriction 4 above, to the extent that the income from a municipal bond is derived principally from the assets and revenues of non-governmental users, the securities will be deemed to be from the industry of that non-governmental user. To the extent the Fund invests in other investment companies, it will consider the investments of the underlying investment companies when determining compliance with the limitation set forth in investment restriction 4 above, to the extent the Fund has sufficient information about such investments. For purposes of this limitation, all sovereign debt of a single country will be considered investments in a single industry.

For purposes of investment restriction 4 above, the Adviser, where applicable, may determine an "industry" by using a recognized industry classification service including, but not limited to, industry classifications established by Bloomberg, with certain modifications. The Adviser also may include additional industries as separate classifications, to the extent applicable. Because the Adviser has determined that certain categories within, or in addition to third-party classifications have unique investment characteristics, additional industries may be included as industry classifications. This policy will be interpreted to give broad authority to the Fund as to how to classify issuers within or among industries. The Fund may change the sources used for determining industry classifications without shareholder approval.

The foregoing limitations will apply at the time of purchase of a security. Several of these fundamental investment restrictions include the defined terms "1940 Act Laws, Interpretations and Exemptions." This term means the Investment Company Act and the rules and regulations promulgated thereunder, as such statute, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC and any exemptive order or similar relief granted to the Fund.

**Performance**

*Total Return.* From time to time, the Fund advertises its average annual total returns. Returns may be calculated both on a before-tax and an after-tax basis (and are so presented in the Prospectuses with respect to the Fund's largest and/or oldest share class). Returns are based on past performance and are not an indication of future performance.

Unless otherwise noted, results shown will reflect any fee waivers and/or expense reimbursements in effect during the periods presented.

As noted above, returns also may be calculated on certain after-tax bases under similar assumptions and using similar formulae as specified by the SEC. For example, returns may be calculated after taxes on distributions, which assume reinvestment of the amount of any distributions less applicable taxes on such distributions. Returns also may be calculated after taxes on distributions and the sale (redemption) of Fund shares. After-tax returns assume the highest individual federal income tax rate for each year included in the calculation. The effect of applicable tax credits, such as the foreign tax credit, is taken into account in accordance with federal tax law. Such returns do not reflect the effect of state and local

taxes, nor do they reflect the phase-outs of certain federal exemptions, deductions, and credits at various income levels, or the impact of the federal alternative minimum tax. In addition, actual after-tax returns depend on each investor's individual tax situation, which may differ from the returns presented. For instance, after-tax returns are not relevant to investors who hold their funds in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

Historical performance results for the Fund are not yet available as it is newly organized.

*Comparison of Portfolio Performance.* From time to time the Trust may discuss in sales literature and advertisements, specific performance grades or rankings or other information as published by recognized mutual fund statistical services, such as Morningstar, Inc. or Lipper Analytical Services, Inc., or by publications of general interest such as *Barron's, Business Week, Forbes, Fortune, Kiplinger's Personal Finance, Money, Morningstar Mutual Funds, The Wall Street Journal or Worth.* Criteria associated with the performance grades or rankings may vary widely. Any given performance grade or ranking should not be considered representative of the Fund's performance for any future period.

*Portfolio Turnover.* Purchases and sales of portfolio instruments will be made whenever appropriate, in the investment adviser's view, to achieve the Fund's investment objective. The rate of portfolio turnover is calculated by dividing the lesser of the cost of purchases or the proceeds from sales of portfolio instruments (excluding short-term U.S. government obligations and other short-term investments) for the particular fiscal year by the monthly average of the value of the portfolio instruments (excluding short-term U.S. government obligations and short-term investments) owned by the Fund during the particular fiscal year. There are transaction costs due to the bid/ask spread in the case of bonds or commissions in the case of stocks. Although higher portfolio turnover rates are likely to result in higher brokerage commissions (or wider spreads in the case of bonds) paid by the Fund, higher levels of realized capital gains and more short-term capital gain (taxable to individuals at ordinary income tax rates) than lower portfolio turnover rates, portfolio turnover is not a limiting factor when management deems portfolio changes appropriate to achieve the Fund's stated objective.

Portfolio turnover information is not available for the Fund because the Fund had not commenced operations as the date of this Statement of Additional Information.

**MANAGEMENT OF THE TRUST**

The business of the Trust is managed by its Board of Trustees, which elects officers responsible for the day-to-day operations of the Fund and for the execution of the policies formulated by the Board of Trustees.

Pertinent information regarding the members of the Board of Trustees and principal officers of the Trust is set forth below. Some of the Trustees and officers are employees of the Adviser and its affiliates. At least a majority of the Trust's Board of Trustees are not "interested persons" as that term is defined in the Investment Company Act.

**INDEPENDENT TRUSTEES<sup>(1)</sup>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <u>**<u>Name, Address and Age</u>**</u> | **Position(s)<br> Held with the<br> <u>Trust</u>** | **Term of<br> Office<sup>(2)</sup><br> and Length<br> of Time<br> <u>Served</u>** | **Principal<br> Occupation(s)<br> <u>During Past 5 Years</u>** | **Number of<br> Portfolios<br> in the Fund<br> Complex<br> Overseen by<br> <u>Trustee</u>** | **Other<br> Directorships/<br> Trusteeships<br> Held by Trustee<br> During Past<br> <u>Five (5) Years</u>** |
| &nbsp;&nbsp;&nbsp;Lisa Anderson<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born October 1950)<br>| Trustee | June 2025 to present | Special Lecturer and James T. Shotwell Professor of International Relations Emerita at the Columbia University School of International and Public Affairs; prior to January 2016, President of the American University in Cairo | 16 | Trustee, First Eagle Funds (11 portfolios); Trustee, First Eagle Variable Funds (1 portfolio); Trustee, First Eagle Credit Opportunities Fund; Trustee, First Eagle Real Estate Debt Fund; Trustee, First Eagle Tactical Municipal Opportunities Fund; Member Emerita, Human Rights Watch; Member, Advisory Board, School of Global Affairs and Public Policy, American University in Cairo; Member, Advisory Board, Kluge Center, Library of Congress, Washington, DC; Trustee, Hertie School of Governance (Berlin); Trustee, Tufts University; Trustee, Aga Khan University |
| &nbsp;&nbsp;&nbsp;Candace K. Beinecke\*<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born November 1946)<br>| Trustee<br> (Chair) | June 2025 to present | Senior Counsel, Hughes Hubbard & Reed LLP; prior to April 2017, Chair, Hughes Hubbard & Reed LLP | 16 | Trustee, First Eagle Funds (11 portfolios); Trustee, First Eagle Variable Funds (Chair) (1 portfolio); Trustee, First Eagle Credit Opportunities Fund (Chair); Trustee, First Eagle Real Estate Debt Fund; Trustee, First Eagle Tactical Municipal Opportunities Fund; Lead Trustee Vornado Realty Trust; Trustee and Co-Chair, Metropolitan Museum of Art; Director, Partnership for New York City |
| &nbsp;&nbsp;&nbsp;Peter W. Davidson<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born May 1959) | Trustee | June 2025 to present | Chief Executive Officer, Aligned Climate Capital LLC; prior to January 2019, Chief Executive Officer, Aligned Intermediary; prior to June 2015, Executive | 16 | Trustee, First Eagle Funds (11 portfolios); Trustee, First Eagle Variable Funds (1 portfolio); Trustee, First Eagle Credit Opportunities Fund; Trustee, First Eagle Real Estate Debt Fund; Trustee, |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Director of the Loan Program Office at the U.S. Department of Energy |  | First Eagle Tactical Municipal Opportunities Fund; Board member, BrightNight Holding; Summit Ridge Energy; Chairman, JM Kaplan Fund; Chairman, Green-Wood Cemetery; Board member, Nyle Water Systems; Member, Aligned Climate Capital LLC |
| &nbsp;&nbsp;&nbsp;Jean D. Hamilton<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born January 1947)<br>| Trustee | June 2025 to present | Private Investor/Independent Consultant/Member, Brock Capital Group LLC | 16.0 | Trustee, First Eagle Funds (11 portfolios); Trustee, First Eagle Variable Funds (1 portfolio); Trustee, First Eagle Credit Opportunities Fund; Trustee, First Eagle Real Estate Debt Fund; Trustee, First Eagle Tactical Municipal Opportunities Fund; Chairman, Investment Committee, Thomas Cole National Historic Site; Member, Investment Advisory Committee, Liz Claiborne and Art Ortenberg Foundation; prior to June 2012, Director, Four Nations; prior to May 2022, Director, RenaissanceRe Holdings Ltd |
| &nbsp;&nbsp;&nbsp;William M. Kelly<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born February 1944)<br>| Trustee | June 2025 to present | Private Investor | 16.0 | Trustee, First Eagle Funds (11 portfolios); Trustee, First Eagle Variable Funds (1 portfolio); Trustee, First Eagle Credit Opportunities Fund; Trustee, First Eagle Real Estate Debt Fund; Trustee, First Eagle Tactical Municipal Opportunities Fund; Trustee Emeritus, St. Anselm College |
| &nbsp;&nbsp;&nbsp;Paul J. Lawler<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born May 1948)<br>| Trustee | June 2025 to present | Private Investor | 16.0 | Trustee, First Eagle Funds (11 portfolios); Trustee, First Eagle Variable Funds (1 portfolio); Trustee, First Eagle Credit Opportunities Fund; Trustee, First Eagle Real Estate Debt Fund; Trustee, First Eagle Tactical Municipal Opportunities Fund; Trustee Emeritus, The American University in Cairo; Trustee, registered investment company advised by affiliates of Blackstone Inc. (1 portfolio); Director, Historic Eastfield Foundation |
| &nbsp;&nbsp;&nbsp;Mandakini Puri<br> 1345 Avenue of the Americas | Trustee | June 2025 to present | Independent Consultant and Private Investor; prior to May 2013, Managing | 16.0 | Trustee, First Eagle Funds (11 portfolios); Trustee, First Eagle Variable Funds (1 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;New York, New York 10105<br> (born February 1960) |  | Director and Co-Head of BlackRock Private Equity |  | portfolio); Trustee, First Eagle Credit Opportunities Fund; Trustee, First Eagle Real Estate Debt Fund; Trustee, First Eagle Tactical Municipal Opportunities Fund; Trustee, Vornado Realty Trust; Director, Alexander's Inc.; Trustee, V&A Americas Foundation; prior to June 2021, Member, Wharton School Graduate Executive Board; prior to June 2018, Director, Validus Holdings |
| &nbsp;&nbsp;&nbsp;Scott Sleyster<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born January 1960)<br>| Trustee September 2025 to present**<sup>(3)</sup>** | Executive Vice President and Head of Market Competitiveness at Prudential Financial | 16.0 | Trustee, First Eagle Funds (11 portfolios); Trustee, First Eagle Variable Funds (1 portfolio); Trustee, First Eagle Credit Opportunities Fund; Trustee, First Eagle Real Estate Debt Fund; Trustee, First Eagle Tactical Municipal Opportunities Fund; Board of directors, North Star Academy; Trustee, Princeton Theological Seminary; Member of Columbia University's Climate Board of Advisors |

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<sup>(1)</sup> Trustees who are not "interested persons" of the Trust as defined in the Investment Company Act.

<sup>(2)</sup> The term of office of each Independent Trustee is indefinite.

<sup>(3)</sup> Mr. Sleyster was nominated as a new Trustee in April 2025. He commenced service on the Board of Trustees upon his election and eligibility to serve as an Independent Trustee in September 2025.

\* Hughes Hubbard & Reed LLP has provided legal services to an entity in which one of the Adviser's parent companies holds indirectly a minority equity interest. That matter is now concluded. Ms. Beinecke, a senior counsel at the firm, had no role or economic interest in this matter. She is not a partner of the firm and will not share in the revenue from this matter, which, in any event, will represent only a de minimis percentage of firm revenue. The Board believes that this matter does not impact Ms. Beinecke's status as an Independent Trustee.

**INTERESTED TRUSTEES<sup>(1)</sup>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,<br> Address and<br> Age** | **Position(s)<br> Held with<br> the Trust** | **Term of<br> Office<sup>(2)</sup><br> and<br> Length<br> of Time<br> Served** | **Principal<br> Occupation(s)<br> During Past 5 Years** | **Number<br> of<br> Portfolios<br> in the<br> Fund<br> Complex<br> Overseen<br> by<br> Trustee** | **Other<br> Directorships/<br> Trusteeships<br> Held by Trustee<br> During Past<br> Five (5) Years** |
| John P. Arnhold<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born December 1953) | Trustee | June 2025 to present | Director, First Eagle Holdings, Inc.; Managing Member, Arnhold LLC; prior to July 2017, Director, First Eagle Investment Management LLC; President, First Eagle Funds; President, First Eagle Variable Funds; Director, FEF Distributors, LLC; prior to March 2016, Co-President and Co-CEO First Eagle Holdings, Inc.; CIO and Chairman, First Eagle Investment Management, LLC; CEO and Chairman, FEF Distributors, LLC | 16 | Trustee, First Eagle Funds (11 portfolios); Trustee, First Eagle Variable Funds (1 portfolio); Trustee, First Eagle Credit Opportunities Fund; Trustee, First Eagle Real Estate Debt Fund; Trustee, First Eagle Tactical Municipal Opportunities Fund; Chairman and Director, Arnhold Ceramics; Director, The Arnhold Foundation; Director, The Mulago Foundation; Director, WNET.org; Trustee Emeritus, Trinity Episcopal Schools Corp.; Trustee, Jazz at Lincoln Center; Life Trustee, International Tennis Hall of Fame; Advisor, Investment Committee of the USTA; Managing Member, New Eagle Holdings Management Company, LLC; Trustee, UC Santa Barbara Foundation; Director, Conservation International; prior to January 2018, Director, First Eagle Amundi; prior to June 2016, Trustee, Vassar College |
| Mehdi Mahmud<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born September 1972) | Trustee | June 2025 to present | President and Chief Executive Officer, First Eagle Investment Management, LLC; President, First Eagle Funds and First Eagle Variable Funds; Chief Executive Officer, First Eagle Alternative Credit, LLC; prior to March 2016, Chairman and Chief Executive Officer, Jennison Associates LLC | 16 | Trustee, First Eagle Funds (11 portfolios); Trustee, First Eagle Variable Funds (1 portfolio); Trustee, First Eagle Credit Opportunities Fund; Trustee, First Eagle Real Estate Debt Fund; Trustee, First Eagle Tactical Municipal Opportunities Fund; Director, First Eagle Amundi; Director, Third Point Reinsurance Ltd. |

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<sup>(1)</sup> Each of Messrs. Arnhold and Mahmud is treated as an Interested Trustee because of the professional roles each holds or has held with the Adviser. <br> <sup>(2)</sup> The term of office of each Interested Trustee is indefinite.

**OFFICERS**

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| | | | |
|:---|:---|:---|:---|
| <u>**<u>Name, Address and Age</u>**</u> | **Position(s)<br> Held with<br> <u>the Trust</u>** | **Term of Office<br> and Length of<br> <u>Time Served<sup>(1)</sup></u>** | **Principal Occupation(s)<br> <u>During Past Five (5) Years</u>** |
| &nbsp;&nbsp;&nbsp;Mehdi Mahmud<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born September 1972)  | President | June 2025 to present | President and Chief Executive Officer, First Eagle Investment Management, LLC; President, First Eagle Variable Funds; President, First Eagle Credit Opportunities Fund; President, First Real Estate Debt Fund; Director, First Eagle Amundi; Chief Executive Officer, First Eagle Alternative Credit, LLC |

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| | | | |
|:---|:---|:---|:---|
| Frank Riccio<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born March 1978) | Senior Vice President | June 2025 to present | Executive Managing Director, First Eagle Investment Management, LLC; President, FEF Distributors, LLC; Senior Vice President, First Eagle Variable Funds; Senior Vice President, First Eagle Credit Opportunities Fund; Senior Vice President, First Real Estate Debt Fund |
| Brandon Webster<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born September 1987) | Chief Financial Officer and Principal Financial Officer and Chief Accounting Officer | June 2025 to present | Director, Head of Fund Administration, First Eagle Investment Management, LLC; Chief Financial Officer, First Eagle Variable Funds; Chief Financial Officer, First Eagle Credit Opportunities Fund; Chief Financial Officer, First Eagle Real Estate Debt Fund; prior to July 2024, Director and Deputy Head of Fund Administration, Lord Abbett |
| Seth Gelman<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born August 1975) | Chief Compliance Officer | April 2023 to present | Chief Compliance Officer and Managing Director, First Eagle Investment Management, LLC; Chief Compliance Officer, First Eagle Variable Funds; Chief Compliance Officer, First Eagle Credit Opportunities Fund; Chief Compliance Officer, First Real Estate Debt Fund; prior to February 2023, Chief Compliance Officer of Insight Investment North America |
| David O'Connor<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born February 1966) | General Counsel | June 2025 to present | General Counsel and Executive Managing Director, First Eagle Investment Management, LLC; General Counsel, First Eagle Variable Funds; General Counsel, First Eagle Credit Opportunities Fund; General Counsel, First Real Estate Debt Fund; General Counsel, First Eagle Holdings, Inc.; Secretary and General Counsel, FEF Distributors, LLC; Director, First Eagle Amundi; Director, First Eagle Investment Management, Ltd; Senior Vice President and Chief Legal Officer, First Eagle Alternative Credit, LLC |
| Sheelyn Michael<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born September 1971) | Secretary and Deputy General Counsel | June 2025 to present | Deputy General Counsel and Managing Director, First Eagle Investment Management, LLC; Secretary and Deputy General Counsel, First Eagle Variable Funds; Secretary and Deputy General Counsel, First Eagle Credit Opportunities Fund; Secretary and Deputy General Counsel, First Eagle Real Estate Debt Fund; Director, First Eagle Investment Management, Ltd |
| Shuang Wu <br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born May 1990) | Treasurer | June 2025 to present | Vice President, First Eagle Investment Management, LLC; Treasurer, First Eagle Variable Funds; Treasurer, First Eagle Credit Opportunities Fund; Treasurer, First Eagle Real Estate Debt Fund; prior to December 2022, Vice President and Assistant Treasurer, Credit Suisse; prior to December 2020, Manager, PricewaterhouseCoopers |
| Michael Luzzatto<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born April 1977) | Vice President | June 2025 to present | Senior Vice President, First Eagle Investment Management, LLC; Vice President, FEF Distributors, LLC; Vice President, First Eagle Variable Funds; Vice President, First Eagle Credit Opportunities Fund; Vice President, First Eagle Real Estate Debt Fund |

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<sup>(1)</sup> The term of office of each officer is indefinite. Length of time served represents time served as an officer of the Trust (or its predecessor entities), although various positions may have been held during the period.

The following table describes the standing committees of the Board of Trustees of the Trust.

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| | | |
|:---|:---|:---|
| <u>**<u>Committee Name</u>**</u> | <u>**<u>Members</u>**</u> | <u>**<u>Function(s)</u>**</u> |
| Audit Committee | Peter W. Davidson<br> Jean D. Hamilton<br> William M. Kelly<br> Paul J. Lawler (Chair)<br> Mandakini Puri | Reviews the contract between the Trust and its independent registered public accounting firm (in this regard, assists the Board in selecting the independent registered public accounting firm and is responsible for overseeing that firm's |

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| | | |
|:---|:---|:---|
|  |  | compensation and performance); oversees the audit process, including audit plans; oversees the Fund's accounting and financial reporting policies, procedures and internal controls and acts as liaison to the independent registered public accounting firm; reviews financial statements contained in reports to regulators and shareholders with fund management and the independent registered public accounting firm; reviews and, as appropriate, approves in advance non-audit services provided by the independent registered public accounting firm to the Trust, the Adviser, and, in certain cases, other affiliates of the Trust. |
| Nominating and Governance Committee | Lisa Anderson<br> Candace K. Beinecke (Chair)<br> Peter W. Davidson | Nominates new Independent Trustees of the Trust. (The Nominating and Governance Committee does not consider shareholder recommendations.) Considers various matters relating to the governance and operations of the Board of Trustees, including committee structure and Trustee compensation. Additionally, the Nominating and Governance Committee includes a sub-committee responsible for administering the Trustees' deferred compensation plan. |
| Board Valuation, Liquidity and Allocations Committee | Lisa Anderson<br> Candace K. Beinecke<br> John P. Arnhold<br> Jean D. Hamilton (Chair)<br> William M. Kelly<br> Scott Sleyster | Monitors the execution of the valuation procedures, makes certain determinations in accordance with such procedures, and assists the Board in its oversight of the valuation of the Fund's securities by the Adviser; reviews and approves recommendations by the Adviser for changes to the Fund's valuation policies for submission to the Board for its approval; reviews the Adviser's quarterly presentations on valuation; oversees the implementation of the Fund's valuation policies by the Adviser; and monitors various matters associated with the Fund's liquidity risk management program. |

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The Board of Trustees considers these to be its primary working committees but also organizes additional special or ad hoc committees of the Board from time to time. There currently are two such additional committees, one (as a sub-committee of the Nominating and Governance Committee) responsible for administering the Trustees' deferred compensation plan, the other responsible for making various determinations as to the insurance policies maintained for the Fund and its Trustees and officers. Ms. Beinecke and Ms. Hamilton are currently the sole Trustees who serve on these additional committees.

**Organization of the Board**

The Chair of the Board of Trustees is an Independent Trustee, and the Trust has a separate President. The standing committees of the Board are described above.

The organization of the Board of Trustees in this manner reflects the judgment of the Trustees that it is in the interests of the Fund and its shareholders to have an independent member of the Board preside at Board meetings, supervise the Board agenda and otherwise serve as the "lead" Trustee both at meetings and in overseeing the business of the Fund between meetings. It is also the judgment of the Trustees that there are efficiencies in having working committees responsible for or to assist with specific aspects of the Board's business.

In reaching these judgments, the Trustees considered the Board's working experience with both its current and past Board leadership and committee structures, legal requirements under applicable law, including the Investment Company Act, the perceived expectations of shareholders, information available on industry practice generally, the number of portfolios within the Trust, the nature of the underlying investment programs, and the relationship between the Trust and its principal service providers. The Board may consider different leadership structures in the future and make changes to these arrangements over time.

**Board Oversight of Risk Management**

In considering risks related to the Fund, the Board consults and receives reports from officers and personnel of the Fund and the Adviser, who are charged with the day-to-day risk oversight function. Matters regularly reported to the Board include certain risks involving the Fund's investment portfolios, trading practices, operational matters, financial and accounting controls, and legal and regulatory compliance. The Board does not maintain a specific committee solely devoted to risk management responsibilities, but various standing committees of the Board and occasionally informal working groups of Trustees are involved in oversight of the risk management process. Risk management and Board-related reporting on risk management at the Adviser is not centralized in any one person or body. However, the Adviser has an Enterprise Risk Management function, which is part of the Legal and Compliance Department and led by the Head of Risk who reports to the General Counsel. The Risk Management team is functionally and hierarchically independent from the day-to-day business and operating units and is responsible for implementing firmwide risk governance framework and providing risk oversight including thematic reviews and internal audits.

**Trustee Qualifications**

All Trustees are expected to demonstrate various personal characteristics appropriate to their position, such as integrity and the exercise of professional care and business judgment. All Trustees also are expected to meet the necessary time commitments for service on the Board. The Board then generally views each Trustee appointment or nomination in the context of the Board's overall composition and diversity of backgrounds and considers each Trustee's individual professional experience and service on other boards of directors, as well as his or her current and prior roles (such as committee service) on the Board.

**The following summarizes the experience and qualifications of the Trustee:**

*Dr. Lisa Anderson.* Dr. Anderson has significant leadership experience at prominent academic institutions. She is currently serving as the Special Lecturer and James T. Shotwell Professor of International Relations Emerita at the Columbia University School of International and Public Affairs. Previously, she served as President of the American University in Cairo; Provost of that institution; and Dean of the Columbia School of International and Public Affairs. Dr. Anderson also serves on the boards or steering committees of various research and public affairs organizations. At First Eagle Funds, Dr. Anderson serves on the Board's Nominating and Governance Committee and the Board Valuation, Liquidity and Allocations Committee.

*Mr. John Arnhold.* Mr. Arnhold has significant executive and investment management experience. He previously was President of the First Eagle Funds and Chief Investment Officer of First Eagle Investment Management, LLC, the investment adviser to the Fund. Mr. Arnhold serves on the board of the Adviser's holding company and also serves on the boards of various charitable and educational institutions. At First Eagle Funds, Mr. Arnhold serves on the Board Valuation, Liquidity and Allocations Committee and was previously the Board's Chairman.

*Ms. Candace Beinecke*. Ms. Beinecke has significant executive and business advisory experience. She is Senior Counsel, and previously was the Senior Partner and the CEO and Chair, of Hughes Hubbard & Reed LLP, an international law firm. Ms. Beinecke also serves on the board of a major public real estate investment trust, and has served as a long standing member of the boards of a

public international industrial firm and a major public media company. Ms. Beinecke also serves and has served on the board of major charitable organizations. At First Eagle Funds, Ms. Beinecke serves as Chair of the Board of Trustees, as Chair of the Board's Nominating and Governance Committee, as a member of the Board Valuation, Liquidity and Allocations Committee and as a member of two specialized Board Committees (one of which is a sub-committee of the Nominating and Governance Committee).

*Mr. Peter Davidson*. Mr. Davidson has significant executive and investment management experience. He is the Chief Executive Officer of Aligned Climate Capital LLC, a U.S. registered investment adviser that focuses on investments in climate infrastructure projects. Since September 2016, Mr. Davidson has served as a director of Envision Solar International, Inc., a sustainable technology innovation company based in San Diego, California. Mr. Davidson is also an adjunct professor at Columbia University's School of International and Political Affairs. In May 2013, Mr. Davidson was appointed by President Obama to serve as the executive director of the Loan Program Office at the U.S. Department of Energy, a position he held until June 2015. At First Eagle Funds, he serves on the Board's Nominating and Governance Committee and the Board Valuation, Liquidity and Allocations Committee.

*Ms. Jean Hamilton*. Ms. Hamilton has significant professional and leadership experience in the financial services industry. Currently engaged as a private investor and consultant, she previously held a number of senior executive positions with Prudential Financial, Inc. Ms. Hamilton also serves on the boards of various charitable institutions. Prior to May 2022, Ms. Hamilton served on the board of an international reinsurance firm. At First Eagle Funds, Ms. Hamilton serves on the Board's Audit Committee, as Chair of the Board Valuation, Liquidity and Allocations Committee and on two specialized Board Committees (one of which is a sub-committee of the Nominating and Governance Committee).

*Mr. William Kelly*. Mr. Kelly has significant professional and leadership experience in the financial services industry, with an emphasis on the asset management sector. Currently engaged as a private investor and consultant, he previously was president of the investment management firm of Lingold & Associates. Mr. Kelly has served on the boards of various academic and charitable institutions. At First Eagle Funds, Mr. Kelly serves on the Board's Audit Committee and the Board Valuation, Liquidity and Allocations Committee.

*Mr. Paul Lawler.* Mr. Lawler has significant portfolio management experience as an institutional investment manager. Currently engaged as a private investor and consultant, he previously served as chief investment officer for the W.K. Kellogg Foundation and in senior investment roles at other prominent not-for-profit organizations. Mr. Lawler also serves on the board of a registered investment company advised by affiliates of Blackstone Inc. and on boards of various charitable institutions. At First Eagle Funds, Mr. Lawler serves as Chair of the Board's Audit Committee.

*Mr. Mehdi Mahmud.* Mr. Mahmud has significant executive and investment management experience. Currently, Mr. Mahmud serves as the President and Chief Executive Officer of First Eagle Investment Management, LLC, Chief Executive Officer of First Eagle Alternative Credit, LLC and President of First Eagle Funds, First Eagle Variable Funds and First Eagle Credit Opportunities Fund. Prior to that, Mr. Mahmud was Chief Executive Officer and Chairman of the Board of Directors of Jennison Associates LLC. Prior to these roles, he held several senior management positions at Jennison relating to product and business strategy, investment supervision of the firm's value, small-cap, opportunistic and income-equity capabilities, and oversight of key support areas including institutional, retail and sub-advisory client activities. He has also served in a variety of investment management roles at JP Morgan Investment Management and Credit Suisse Asset Management.

*Ms. Mandakini Puri.* Ms. Puri has significant executive and investment management experience. Currently an independent consultant and private investor, she serves on the boards of two NYSE-listed real estate investment trusts, and a non-profit organization. Prior to 2018, Ms. Puri served on the board of a global provider of reinsurance and asset management services. From 2011 to May 2013, she was a Managing Director and Co-Head of BlackRock Private Equity. Prior to that, Ms. Puri was a Senior Vice President at Merrill Lynch until July 2009, where she co-founded Merrill Lynch's private equity business in 1994 and was its Chief Investment Officer. At First Eagle Funds, Ms. Puri serves on the Board's Audit Committee.

*Mr. Scott Sleyster.* Mr. Sleyster has significant executive and investment management experience. Currently an Executive Vice President and head of Market Competitiveness for Prudential Financial and serves on the board of directors of North Star Academy and serves as a trustee of the Princeton Theological Seminary and is a member of Columbia University's Climate Board of Advisors. Prior to his current position, Mr. Sleyster has served as Chief Investment Officer, portfolio manager at Prudential. He also served as head of the Full-Service Retirement business, and chief financial officer for the Employee Benefits Division. Additionally, he has held roles in Prudential's Treasury, Derivatives, and Investment Management units.

Each Independent Trustee also was nominated based in part on his or her status as a person who is not an "interested person" of the Trust as defined in the Investment Company Act. Descriptions of Trustee experience should not be taken to suggest that any Trustee is expert in a particular subject.

**Compensation of Trustees and Officers**

Trustees of the Trust who are not Interested Trustees are paid by the Trust, First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund an annual fee of $230,000 and a fee of $12,000 for each in-person Board meeting and $1,000 (subject to the discretion of the Chair) for each meeting (other than a regularly scheduled meeting) of the Trust's Board of Trustees, provided that such meeting involves Trustee approval matters. Members of each of the Audit Committee and the Board Valuation, Liquidity and Allocations Committee are paid a fee of $10,000 for each meeting they attend. Members of other committees may be paid a fee of $3,500 for each meeting they attend. An executive session held on a separate day from a Board meeting is considered a separate in-person meeting for fee purposes. The chair of any ad hoc committee formed for the purpose of considering insurance matters is paid a fee of $10,000 per year. The Chair of the Board of Trustees receives an additional annual fee of $175,000 for serving in that position. The Chairs of the Board Valuation, Liquidity and Allocations Committee and Audit Committee receive an additional annual fee of $50,000 and the Chair of the Nominating and Governance Committee receives an additional annual fee of $25,000. Such fees are allocated, generally, between the Trust, First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund on a pro rata basis in relationship to their relative net assets. Each Trustee is reimbursed by the Trust for any expenses they may incur by reason of attending such meetings or in connection with services they may perform for the Trust. During the fiscal year ended October 31, 2025, an aggregate of $0 was paid, accrued or owed for Trustees' fees and expenses by the Trust.

The following table sets forth information regarding compensation of Trustees by the Trust and by the fund complex of which the Trust is a part for the fiscal year ended October 31, 2025. Officers of the Trust, a Trustee Emeritus and Interested Trustees do not receive any compensation from the Trust or any other fund in the fund complex. The Trust does not maintain a retirement plan for its Trustees.

**Trustee Compensation Table Fiscal Year Ended October 31, 2025**

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| | | |
|:---|:---|:---|
| **Name of Person, Position** | **Aggregate<br> Compensation<br> Paid or<br> Owed from<br> Registrant** | **Total<br> Compensation<br> Paid or<br> Owed from<br> Registrant<br> and Fund<br> Complex<br> Paid to<br> Trustees\*\*** |
| Lisa Anderson, Trustee |  | $317750 |
| John P. Arnhold, Trustee\* |  |  |
| Candace K. Beinecke, Trustee |  | $528250 |
| Peter W. Davidson, Trustee |  | $307750 |
| Jean D. Hamilton, Trustee |  | $427000 |
| William M. Kelly, Trustee |  | $354250 |
| Paul J. Lawler, Trustee |  | $363000 |
| Mehdi Mahmud, Trustee\* |  |  |
| Mandakini Puri, Trustee |  | $314250 |
| Scott Sleyster, Trustee\*\*\* |  | $218500 |

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\* Interested Trustees are not compensated by the Trust for their services.

\*\*&nbsp;&nbsp;&nbsp;&nbsp; The fund complex consists of the Fund, First Eagle Tactical Municipal Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Credit Opportunities Fund, the First Eagle Funds and the First Eagle Overseas Variable Fund. As of the date hereof, each Trustee served on the board of the Fund, that of the First Eagle Tactical Municipal Opportunities Fund, the First Eagle Real Estate Debt Fund, the First Eagle Credit Opportunities Fund, the First Eagle Funds and the First Eagle Overseas Variable Fund.

\*\*\*&nbsp;&nbsp;&nbsp;&nbsp; Mr. Sleyster was nominated as a new Trustee in April 2025. He commenced service on the Board of Trustees upon his election and eligibility to serve as an Independent Trustee in September 2025.

In addition, all persons serving as officers of the Trust (including the Fund's Chief Compliance Officer) are employed by the Adviser and the Adviser seeks reimbursement from the Trust for salary and benefits paid to some of those persons to the extent they provide services eligible for such reimbursement. This reimbursement program is described in more detail under the heading "Investment Advisory and Other Services-Payments to the Adviser." No reimbursement is sought for compensation of any amount that might be attributable and payable to such a person solely for service as an officer of the Trust. As a separate matter (though such compensation may be covered under the reimbursement program as a matter of convenience), the Trust and the Adviser agree each year as to the relative portion of the compensation of the Chief Compliance Officer to be paid by each party.

**Additional Information Regarding the Trustees**

The following table sets forth information as of the date of this Statement of Additional Information regarding ownership by the Trustees of the Trust of equity securities of the Trust or any other fund in the same fund complex for which each is also a director or trustee. ("Fund complex" has the same meaning as in the footnote to the Trustee Compensation Table above.) Dollar ranges of ownership are indicated as follows: A = None; B = $1 to $10,000; C = $10,001 to $50,000; D = $50,001 to $100,000; E = over $100,000.

**INDEPENDENT TRUSTEES**

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| | | |
|:---|:---|:---|
| **Name** | **Dollar<br> Range of<br> Equity<br> Securities <br> in <br> High Yield<br> Municipal<br> Completion <br>Fund** | **Aggregate <br>Dollar <br>Range of <br>Equity <br>Securities in <br>All Funds <br>Overseen <br> by Trustee** |
| Lisa Anderson | A | E |
| Candace K. Beinecke\* | A | E |
| Peter W. Davidson | A | A |
| Jean Hamilton | A | E |
| William M. Kelly | A | E |
| Paul J. Lawler | A | E |
| Mandakini Puri | A | A |
| Scott Sleyster | A | A |

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**INTERESTED TRUSTEES**

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| | | |
|:---|:---|:---|
| **Name** | **Dollar<br> Range of<br> Equity<br> Securities <br> in<br> High Yield<br> Municipal <br>Completion<br> Fund** | **Aggregate <br>Dollar <br>Range of <br>Equity <br>Securities in <br>All Funds <br>Overseen <br>by Trustee** |
| John P. Arnhold | A | E |
| Mehdi Mahmud | A | E |

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Since June 5, 2025 no independent Trustee who is a trustee of another investment company whose adviser and principal underwriter are the Adviser and FEF Distributors, respectively (i.e., First Eagle Funds), has held any other position with (i) the Trust (other than as a Trustee), (ii) an investment company having the same adviser or principal underwriter as the Fund or an adviser or principal underwriter that controls, is controlled by, or is under common control with the Adviser or the Distributor (other than as a Trustee), (iii) the Adviser, the Distributor or other affiliate of the Trust, or (iv) any person controlling, controlled by or under common control with the Adviser or the Distributor.

Since June 5, 2025, none of these individuals owns, beneficially or of record, securities issued by (i) the Adviser or the Distributor or (ii) any person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with the Adviser or the Distributor. Since June 5, 2025, none of these individuals or their immediate family members has an interest in a transaction with a "related person" of the company. A "related person" is (i) an executive officer of the Trust, (ii) an investment company having the same adviser or principal underwriter as the Fund or an adviser or principal underwriter that controls, is controlled by or is under common control with the Adviser or the Distributor, (iii) an executive officer of such an investment company, (iv) the Adviser or the Distributor, (v) an executive officer of the Adviser or the Distributor, (vi) a person directly or indirectly controlling, controlled by, or under common control with the Adviser or the Distributor, or (vii) an executive officer of a person described in clause (vi) above.

The Trust, the Adviser, and the Distributor have adopted a code of ethics under Rule 17j-1 of the Investment Company Act. This code of ethics permits personnel subject to the code to invest in securities, including securities that may be purchased or held by the Fund, with certain exceptions.

As of this Statement of Additional Information, to the knowledge of the Fund, the Trustees and officers of the Trust, as a group, owned beneficially less than 1% of the shares of the beneficial interest of the Fund. These percentages are based generally on ownership of the shares by the officers and Trustees, their immediate family members, and entities (such as family companies or trusts) whose investment activities they direct. Other entities in which an officer or Trustee has an interest may hold shares of the Fund, but those holdings generally are disregarded.

No shareholders owned 5.00% of the High Yield Municipal Completion Fund's securities since the Fund had not commenced operations prior to the date of this Statement of Additional Information.

To the knowledge of the Fund, share ownership shown above is record ownership unless marked as both record and beneficial ownership.

**INVESTMENT ADVISORY AND OTHER SERVICES**

**The Adviser**

As described in the Prospectus, the Adviser is the Trust's investment adviser and, as such, manages the High Yield Municipal Completion Fund. The Adviser's primary offices are located at 1345 Avenue of the Americas, New York, NY 10105. The Adviser is a subsidiary of FE Holdings. Based in New York City since 1937, FE Holdings, formerly Arnhold and S. Bleichroeder Holdings, Inc., traces its heritage to the German banking house Gebr. Arnhold, founded in Dresden in 1864. A controlling interest in FE Holdings is owned by funds managed by Genstar Capital, LLC ("Genstar Capital").

The Adviser also furnishes the Trust with office space and certain facilities required for the business of the Fund, and statistical and research data, and pays any compensation and expenses of the Trust's officers as such and an agreed portion of the compensation of the Chief Compliance Officer. Certain of these expenses (including rent and compensation expenses) are, however, separately subject to reimbursement to the Adviser from the Fund as described under the heading "Payments to the Adviser" below.

The Advisory Agreement will continue in effect only so long as such continuance is specifically approved at least annually (and in the case of Funds newly-organized after an initial term of two years) in conformity with the Investment Company Act. The Advisory Agreement provides that the Adviser will not be liable for any error of judgment or for any loss suffered by the Fund in connection with the matters to which the Advisory Agreement relates, except a loss resulting from willful misfeasance, bad faith, gross negligence or reckless disregard of duty. The Advisory Agreement provides that it will terminate automatically if assigned, within the meaning of the Investment Company Act, and that it may be terminated without penalty by either party upon not more than 60 days' nor less than 30 days' written notice.

The Fund does not pay management fees to the Adviser under the Advisory Agreement. In addition, under the Advisory Agreement, the Adviser is contractually responsible for and assumes the obligation for payment of the Fund's expenses included as "Other Expenses" of the Fund (excluding interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses). This obligation will continue in effect for so long as the Adviser serves as the investment adviser to the Fund pursuant to the Advisory Agreement. However, you will incur the management fees for the amount invested in the Fund through the separately managed account associated with such investment. You should read carefully the separately managed account brochure provided to you by First Eagle Separate Account Management LLC or your investment adviser for additional information on the separately managed account. The

brochure is required to include information about the fees charged to you by First Eagle Separate Account Management LLC and the fees paid by the sponsor to the Adviser and its affiliates. You pay no additional fees or expenses to purchase shares of the Fund.

**Portfolio Managers**

The following table provides information as of the date of this SAI relating to the other accounts managed by the portfolio managers and their investments in the Fund. Each of these portfolio managers receives significant input and support from a team of investment professionals. Additional information regarding these investment professionals is available on the following pages.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Number of<br> Registered<br> Investment<br> Companies<br> Managed and<br> Total Assets for<br> such Accounts\*** | **Beneficial Ownership<br> of Equity Securities<br> in Funds Managed by<br> each Portfolio Manager<br> (*Not including incentive-plan awards***)\*\* | **Beneficial Ownership<br> of Equity Securities<br> in Funds Managed by<br> each Portfolio Manager<br> (*Not including incentive-plan awards***)\*\* | **Number of<br> Other Pooled<br> Investment<br> Vehicles<br> Managed and<br> Total Assets for<br> such Accounts** | **Number of<br> Other<br> Accounts<br> Managed and<br> Total Assets<br> for such<br> Accounts** |
| John Miller | 2 accounts with $8.5 billion | First Eagle High Yield Municipal Fund<br> First Eagle Short Duration High Yield Municipal Fund | Over $1 million<br> None | 1 account with $26 million | 2 accounts with $118.5 million |
| David Blair |  |  |  |  | 1 account with $251,530 |

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\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The data provided herein includes the Fund, First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund, where applicable.

\*\*&nbsp;&nbsp;&nbsp;&nbsp; Beneficial ownership shown in the table does not reflect certain awards to the portfolio managers made under the Adviser's long-term incentive plan. Those awards are described in a separate table below.

As noted above, this table does not reflect participation by portfolio managers in the long-term incentive plan established by the Adviser. Awards under that plan are notionally allocated among various First Eagle Funds and result, over time, in payments for the benefit of the portfolio managers that are intended to generally replicate the investment performance of the relevant Funds, subject to customary vesting and forfeiture requirements. Notional investment amounts, when combined with the actual investments by a portfolio manager, would be as follows, in each case reflecting actual investments made as of the date of this SAI and incentive plan notional investments as of the date of this SAI:

The following table provides information as of the date of this SAI relating to the other accounts managed by the portfolio managers with respect to which the advisory fee is based on the performance of the account:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Number of<br> Registered<br> Investment<br> Companies<br> Managed and<br> Total Assets for<br> such Accounts\*** | **Number of<br> Other Pooled<br> Investment<br> Vehicles<br> Managed and<br> Total Assets for<br> such Accounts** | **Number of<br> Other<br> Accounts<br> Managed and<br> Total Assets<br> for such<br> Accounts** |
| John Miller |  |  |  |
| David Blair |  |  |  |

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\* The data provided herein includes the Fund, Trust, First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund, where applicable.

Performance fees for a particular account of the Adviser do not accrue to any particular portfolio manager. Portfolio manager compensation consists of salary and an annual bonus, with the performance bonus representing an important portion of total compensation. The bonus is awarded in the firm's discretion and generally will reflect the investment

performance of the Fund and any other account managed by each portfolio manager, the financial results of the firm as a whole, and the portfolio manager's contributions to the firm both as an individual and as a member of the firm's investment teams. The bonus may include an award under a long-term incentive plan established by the firm, which may be notionally allocated among certain of the First Eagle Funds, including those managed by such portfolio manager (and possibly other notional investments related to the Adviser's overall financial performance), or such other long-term or deferred performance-based plan that may be established by the firm. Additionally, each of the portfolio managers listed above may receive profit interests, which make them eligible, subject to customary vesting arrangements, for a share of the profits of the Adviser. Profits for this purpose are calculated firm-wide and therefore relate to investment products and business lines beyond those managed by the particular portfolio manager. Likewise, any notional incentive plan awards that relate to the Adviser's overall financial performance will give the recipient exposure to results that relate to products and business lines beyond those managed by the recipient.

Although the portfolio managers listed above may be assisted by a team of professionals, such as Associate Portfolio Managers, research analysts and trading personnel, no other person has final responsibility for Fund investment decisions. In order to provide you with additional information regarding the Adviser, the following table identifies the portfolio managers and the team of investment professionals assisting the High Yield Municipal Credit Teams and provides information regarding their professional backgrounds.

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| | |
|:---|:---|
| **Portfolio Managers** | **Principal Occupation(s) During Past 5 Years** |
| John V. Miller, CFA | Mr. Miller joined the Adviser in January 2024. Mr. Miller is head and chief investment officer of the High Yield Municipal Credit team. Previously, Mr. Miller was a senior managing director and head of municipal bonds at Nuveen Asset Management, where he worked for 27 years. Mr. Miller earned his bachelor's degree from Duke University, his master's degree from Northwestern University and his MBA from the University of Chicago Booth School of Business. Mr. Miller manages the Fund. |
| David Blair | David Blair is head of the Municipal Core SMA business. Prior to joining First Eagle in January 2025, David was a managing director and portfolio manager at Nuveen where he managed municipal separate account portfolios. Since 1996, he has worked at PIMCO and Nuveen, primarily as a municipal credit analyst and portfolio manager. David began his career in 1991 as a Certified Public Accountant and auditor for Arthur Andersen. He earned a BA in economics from the University of California, Santa Barbara and an MBA in finance from the University of Chicago. David holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Orange County. |

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*Portfolio Manager Beneficial Holdings*

As of the date of this Statement of Additional Information, none of the Fund's portfolio manager held shares of the Fund.

**Conflicts of Interest**

Personnel of the Adviser (including the Fund's portfolio managers identified above) serve as portfolio managers to certain clients and unregistered investment companies that utilize investment programs that are substantially similar to those of one or more funds managed by such personnel, including, in certain cases, proprietary and related accounts, and accounts that provide for incentive compensation (including performance fees). In addition, the Adviser currently serves, or may in the future serve, as investment adviser to other registered investment companies, unregistered investment companies or accounts (including proprietary accounts related to the Adviser or its affiliates), some of which may provide for incentive compensation (such as performance fees). Consequently, the Adviser's investment management activities present conflicts between the interests of the Fund and those of the Adviser and potentially among the interests of various accounts managed by the Adviser, principally with respect to allocation of investment opportunities among similar strategies. Although the Adviser has adopted allocation procedures intended to provide for equitable treatment of all accounts over time, it is possible that circumstances may arise requiring case-by-case treatment and that each client account will not necessarily participate in the same transaction. The allocation procedures generally contemplate similar treatment for like accounts, with exceptions for certain considerations, including primary allocations based on an account's investment objective or investments in an asset class, tax position, cash management requirements, concentration tolerance or minimum investment size policies. At times a portfolio manager may determine that an investment opportunity may be appropriate for only some accounts or accounts managed by the Adviser and/or may take different positions with respect to a particular security. In these cases, the Adviser may execute differing or opposite

transactions for one or more accounts, which may affect the market price or the execution of the transactions or both, to the detriment of one or more other accounts. Certain trading practices, such as consideration of research and brokerage services when selecting brokers, dealers or other execution parties, may give rise to conflicts of interest as discussed under the heading Portfolio Transactions and Brokerage. Conflicts also may be presented by portfolio manager compensation arrangements, in that they are not dependent on any particular level of investment performance. Generally, the portfolio managers have significant personal investments in First Eagle funds ,managed by the Adviser as a whole, but may not be invested in all of the funds that they manage (and are not invested in the Fund or another to the same extent).

Acting for more than one account also can present other conflicts and potential limitations on activities. For example, each account may have varying short- and long-term interests or may be subject to different account requirements. When such interests or account requirements conflict, the Adviser generally seeks to balance its respective interests in good faith. There also may be instances, especially with larger portfolio positions, when the activities of one or more accounts can operate to restrict further investment decisions for the position.

*Conflicts of Interest Relating to Affiliates.* The Adviser's affiliation with Genstar requires the Adviser to manage conflicts of interest associated with dealings the Funds may have with those businesses or funds, clients or portfolio companies associated with them. Other dealings may be more completely restricted. For example, the Funds may not be able to buy or sell property directly to or from Genstar or their associated accounts. There also may be limits on participation in underwritings or other securities offerings by Genstar or their associated funds, accounts or portfolio companies. The breadth of these affiliations at times may require the Funds to abstain from or restructure an otherwise attractive investment opportunity.

Investments in portfolio companies associated with Genstar may be restricted by the 1940 Act. To the extent such investments are permitted and a Fund invests in such a portfolio company (a portfolio company generally referring to a company owned by private equity funds managed by Genstar), conflicts of interest may arise from the presence of Genstar representatives on the company board or the payment of compensation by the company to Genstar or an affiliate. Moreover, the Adviser could have an incentive to allocate the Funds' assets to such a portfolio company since affiliates of the Adviser have a direct or indirect financial interest in its success. There also may be instances where Genstar could be involved in bankruptcy proceedings of current investments or of issuers in which the Funds would otherwise invest, with potentially divergent interests as between the Funds and Genstar.

**VOTING OF PROXIES**

The Board of Trustees has delegated to the Adviser the authority to vote proxies received by the Fund from the companies in which they invest (for this purpose, the "portfolio positions"). The Adviser has adopted policies and procedures (collectively, the "Policies") regarding the voting of such proxies, which policies have been reviewed and approved by the Board of Trustees as appropriate to their management of the Fund's assets. It is the policy of the Adviser to vote proxies on behalf of each client (e.g., the Fund) in a manner that serves the best interest of the client and enhances the economic value of the underlying portfolio securities held in the client's account.

The Policies provide for procedures that address conflicts of interest between the Adviser and a client with respect to voting proxies. With regard to the Adviser this may involve review of a proposed vote by their compliance personnel and, in certain circumstances, will require consultation with the Board of Trustees. The Adviser may abstain from voting from time to time when it determines that the costs associated with voting a proxy outweigh the benefits derived from exercising the right to vote or in other situations where voting may not be practical or desirable.

The Adviser utilizes Institutional Shareholder Services Inc. ("ISS"), a third-party proxy voting service, for recommendations as to voting on particular issues, for technical assistance in tracking instances in which the Fund has the opportunity to vote and in transmitting voting instructions to the relevant corporate issuer or its proxy tabulation agents. The Adviser utilizes ISS as a resource to enable it to make better-informed proxy voting decisions and to limit the potential for conflicts in the proxy voting process. The Adviser has analyzed and determined the relevant ISS proxy guidelines to be largely consistent with the views of the Adviser on various types of proxy proposals, which typically seek to be consistent with the best interests of the client and with enhancing the economic value of the underlying portfolio securities. While other services or recommendations may be considered from time to time, including Glass, Lewis & Co., LLC, the Adviser principally employs the proxy voting services provided by ISS. As a practical matter, in most cases, the Adviser votes client proxies in a manner consistent with the voting recommendation of ISS. However, the Adviser

evaluates individual proxies in accordance with the Policies and may determine to depart from the recommendation of its proxy voting service provider in voting a proxy.

Information regarding the proxy-voting record of the Trust for the most recent twelve-month period ended June 30 is available (i) without charge, upon request, by calling the Trust at 1-800-334-2143; or (ii) at www.firsteagle.com/sma/core-plus-municipal-separately-managed-account-sma. This information also is available on the SEC's website at <u>http://www.sec.gov.</u>

**DISTRIBUTOR OF THE FUND'S SHARES**

FEF Distributors, LLC serves as the Distributor of the Fund's shares. FEF Distributors, LLC is a registered broker-dealer and a member of the Financial Industry Regulatory Authority ("FINRA"). FEF Distributors, LLC is a wholly-owned subsidiary of the Adviser. FEF Distributors, LLC's principal business address is 1345 Avenue of the Americas, New York, NY 10105.

As of the date of this Statement of Additional Information, the Distributor received no fees for net underwriting discounts and commissions, no fees for compensation on redemptions and repurchases and no fees for other compensation from the Fund since the Fund had not yet commenced operations prior to the date of this Statement of Additional Information.

The Fund may enter into arrangements with financial intermediaries to provide sub-transfer agent services and other related services that otherwise could be handled by the Fund's transfer agent, SS&C GIDS, Inc. Services, that may include client statements, tax reporting, order-processing and client relations, will be handled by the separately managed account program. Please refer to the separately managed account brochure provided to you by First Eagle Separate Account Management LLC or your investment adviser for additional information on shareholder services. The institution rendering such services may be compensated on a per-account basis, as an asset-based fee, based on transaction fees or other charges, or on a cost reimbursement basis, or in some cases, a combination of these inputs. Accordingly, financial intermediaries may realize a profit in connection with such services. (The Adviser, the Distributor or an affiliate may make additional payments to intermediaries for these and other services, and their payments may be based on the same or other methods of calculation. See "Revenue Sharing" below.) While the Adviser and the Distributor consider these sub-transfer agency fees to be payments for services rendered, they represent an additional business relationship between these sub-transfer agents and the Fund that often results, at least in part, from past or present sales of Fund shares by the sub-transfer agents or their affiliates. While sub-transfer agency fees and service levels are set in the market, there generally is limited comparative information available about them. The Fund and the Adviser also face certain conflicts of interest when considering these relationships in that the counterparty is both a prospective service provider and, typically, a distribution partner.

As of the date of this Statement of Additional Information, no sub-transfer agency payments of this nature were made since the Fund had not yet commenced operations prior to the date of this Statement of Additional Information.

**Revenue Sharing**

The Distributor, the Adviser or an affiliate may, from time to time, out of its (or their) own resources, make substantial cash payments-sometimes referred to as "revenue sharing"-to broker-dealers or financial intermediaries for various reasons. The revenue sharing payments do not change the price paid by investors for the purchase of the Fund's shares or the amount the Fund will receive as proceeds from such sales. Although a broker-dealer or financial intermediary may seek revenue sharing payments to offset costs incurred by the firm in servicing its clients who have invested in the Fund, the aggregate amount of these payments to broker-dealers or financial intermediaries may be substantial and may exceed the actual costs incurred in engaging in these promotional activities or services. Accordingly, broker-dealers or financial intermediaries may realize a profit in connection with such activities or services.

Revenue sharing payments may support the delivery of services to the Fund or to shareholders in the Fund, including, without limitation, transaction processing and sub-accounting services. These payments also may serve as an incentive to sell shares of the Fund and/or to promote retention of customer assets in the Fund (both through the separately managed accounts through which the Fund is offered). As such, they may be made to firms that provide various marketing support or other promotional services relating to the Fund, including, without limitation, advertising, access on the part of the Distributor's personnel to sales meetings, sales representatives and/or management representatives of the broker-dealer or other financial intermediary, as well as inclusion of the Fund in various promotional and sales programs. Marketing support services also may include business planning assistance, educating broker-dealer personnel about the Fund and

shareholder financial planning assistance. To the extent that broker-dealers or financial intermediaries receiving revenue sharing payments sell more shares of the Fund, the Distributor, the Adviser or an affiliate benefit from the increase in Fund assets as a result of the distribution fees (if applicable) and management fees they receive from the Fund, respectively. However, the Distributor, the Adviser or an affiliate does not consider a broker-dealer or financial intermediary's sale of shares of the Fund when selecting brokers or dealers to effect portfolio transactions for the Fund.

Revenue sharing payments may be structured, among other means, (i) as a percentage of sales; (ii) as a percentage of net assets; (iii) as a flat fee per transaction; (iv) as a fixed dollar amount; or (v) as some combination of any of these. In many cases, they therefore may be viewed as encouraging sales activity or retention of assets in the Fund. Generally, any revenue sharing or other payments of the type just described will have been requested by the party receiving them, often as a condition of distribution, but are subject to negotiation as to their structure and scope. Various factors are used to determine whether to make revenue sharing payments. Possible considerations include, without limitation, the types of services provided by the broker-dealer or financial intermediary, sales of Fund shares (through separately managed accounts), the redemption rates on accounts of clients of the broker-dealer or financial intermediary or overall asset levels of the Fund held for or by clients of the broker-dealer or financial intermediary, the willingness of the broker-dealer or financial intermediary to allow the Distributor, the Adviser or an affiliate to provide educational and training support for the broker-dealer's or financial intermediary's sales personnel relating to the Fund, as well as the overall quality of the services provided by the broker-dealer or financial intermediary.

As of the date of this Statement of Additional Information, the parties with whom the Distributor, the Adviser and/or an affiliate of either have entered into written agreements to make revenue sharing payments are as follows. The Distributor, the Adviser and/or an affiliate may revise the terms of any existing revenue sharing arrangement and may enter into additional revenue sharing arrangements with other broker-dealers or financial intermediaries.

**Parties Having Revenue Sharing Agreements<br> with the Distributor, the Adviser or an Affiliate**

Shareholders or prospective investors should be aware that revenue sharing arrangements or other payments to intermediaries could create incentives on the part of the parties receiving the payments to consider selling more shares of the Fund relative to mutual funds either not making payments of this nature or making smaller such payments. A shareholder or prospective investor with questions regarding revenue sharing or other such payments may obtain more details by contacting his or her broker representative or other financial intermediary directly.

**Custodial Risks for Shares Held Through Financial Intermediaries**

Fund shares may be purchased and held only by or on behalf of separately managed account clients where First Eagle Separate Account Management LLC has an agreement to serve as investment adviser or sub-adviser to the account with the separately managed account program sponsor (typically a registered investment adviser or broker-dealer) or directly with the client. The manner in which these intermediary firms custody an investor's Fund shares or provide instructions to the Fund concerning an investor's shareholder account with the Fund will vary by firm. In addition, information or securities, held in the custody of an intermediary firm may be subject to risks of, among other things, misappropriation, cyber-attacks or other similar risks associated with internet security.

**FUND SHARES**

There is currently only one class of shares of beneficial interests of the High Yield Municipal Completion Fund. All shares issued and outstanding are redeemable at net asset value at the option of shareholders. When shares are held in a dealer's "street name", they generally are redeemable only through the dealer account in which they are held. Shares have no preemptive rights. Not all financial intermediaries will be authorized to sell and hold all classes of shares.

The Board of Trustees is authorized to reclassify and issue any shares of the Trust without shareholder approval. Accordingly, in the future, the Trustees may create additional series or classes of shares with different investment objectives, policies or restrictions. Any issuance of shares of another series or class would be governed by the Investment Company Act and Delaware law. Each share of the Fund is entitled to one vote for each dollar of net asset value and a proportionate fraction of a vote for each fraction of a dollar of net asset value. Generally, shares of the Fund vote together on any matter submitted to shareholders, except when otherwise required by the Investment Company Act or when a

matter does not affect any interest of a particular class, in which case only shareholders of such other class or classes whose interests may be affected shall be entitled to vote. Shareholders shall not be entitled to cumulative voting in the election of Trustees or on any other matter.

The Fund may suspend redemption privileges or postpone the date of payment for any period during which: (1) the NYSE is closed for other than customary weekend and holiday closings or the SEC determines that trading on the NYSE is restricted; (2) an emergency exists as defined by the rules of the SEC as a result of which it is not reasonably practicable for the Fund to dispose of securities owned by it, or to determine fairly the value of its assets; and (3) for such other periods as the SEC may permit.

The Fund may temporarily delay for more than seven days the disbursement of redemption proceeds from the Fund account held directly with the Fund based on a reasonable belief that financial exploitation of a Specified Adult has occurred, is occurring, has been attempted, or will be attempted. "Specified Adult" is defined in FINRA Rule 2165 to be an individual who is a natural person (i) age 65 and older or (ii) age 18 and older who the Fund's transfer agent reasonably believes has a mental or physical impairment that renders the individual unable to protect his or her own interests. Notice of such a delay will be provided in accordance with regulatory requirements. The Fund will immediately initiate an internal review of the facts and circumstances that caused the transfer agent to reasonably believe that the temporary hold is warranted under FINRA Rule 2165. However, the transfer agent and/or the Fund may not be aware of factors suggesting financial exploitation of a Specified Adult and may not be able to identify Specified Adults in all circumstances. Furthermore, neither the transfer agent nor the Fund is required to delay the disbursement of redemption proceeds and nor do they assume any obligation to do so.

Not all Trust shares are made generally available for purchase.

**COMPUTATION OF NET ASSET VALUE**

The Fund computes its net asset value once daily as of the close of trading on each day the New York Stock Exchange ("NYSE") is open for trading. As of the date of this Statement of Additional Information, the Exchange is closed on the following days: New Year's Day, Rev. Dr. Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The net asset value per share is computed by dividing the total current value of the assets of the Fund, less its liabilities, by the total number of shares outstanding at the time of such computation. The ongoing expenses of the Fund are treated as liabilities of the Fund for this purpose and therefore reduce the Fund's net asset value. Generally, expenses that do not pertain specifically to a class are allocated to the shares of each class, based upon the percentage that the net assets of such class bears to the Fund's total net assets and then pro rata to each outstanding share within a given class. Such expenses may include (1) management and administrative fees and expense reimbursements paid to the Adviser, (2) legal, bookkeeping and audit fees, (3) printing and mailing costs of shareholder reports, prospectuses, statements of additional information and other materials for current shareholders, (4) fees to the Trustees who are not affiliated with the Adviser, (5) third-party custodian, administrator, transfer agency and middle- and back-office expenses, (6) share issuance costs, (7) organization and startup costs, (8) interest, taxes and brokerage commissions, and (9) non-recurring expenses, such as litigation costs. Other expenses that are directly attributable to a class are allocated equally to each outstanding share within that class. Such expenses include shareholder servicing fees and fees paid to intermediaries for so-called sub-transfer agency fees, to the extent that such expenses pertain to a specific class rather than to the Fund as a whole.

A portfolio security (including an option), other than a bond, which is traded on a U.S. national securities exchange or a securities exchange abroad is generally valued at the price of the official close (last quoted sales price if an official closing price is not available) as of the local market close on the primary exchange. If there are no round lot sales on such date, such security will be valued at the mean between the closing bid and asked prices (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively). Securities other than bonds, traded in the over-the-counter market are valued at the mean between the last bid and asked prices prior to the time of valuation (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively), except if such unlisted security is traded on the NASDAQ in which case it is valued at the NASDAQ Official Closing Price. Such prices are provided by approved pricing vendors or other independent pricing sources.

All bonds, whether listed on an exchange or traded in the over-the-counter market for which market quotations are available are generally priced at the evaluated bid price provided by an approved pricing service as of the close of the NYSE (normally 4:00 p.m. Eastern Time), or dealers in the over-the-counter markets in the United States or abroad.

Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon-rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. The Adviser's Valuation Committee, at least annually, will review the pricing service's inputs, methods, models and assumptions for its evaluated prices. Short-term debt maturing in 60 days or less is valued at evaluated bid prices.

Swaps are marked-to-market daily based on valuations from independent pricing services or broker dealers. Pricing services utilize matrix pricing that considers comparisons to interest rate curves; credit spread curves, default possibilities and recovery rates. The Adviser's Valuation Committee, at least annually, will review the pricing service's inputs, methodologies, models and assumptions for its evaluated prices.

Exchange-traded options are valued at the official closing price and futures are valued at the settlement price determined by the relevant exchange. If the settlement price is not reported or otherwise unavailable, the options or futures will be valued at the mean of the last available bid-ask quotations (and if there is, only a bid and only an asked price during the trading day, valuation will be at such bid or ask for long and short positions, respectively). There may be situations when the above information is not available (including, but not limited to, when an option is out of the money near its expiration date). In the absence of an official closing price, the last sale price, a mean of the last available bid-ask quotation, or a bid for long positions or an ask for short positions, or the Bloomberg Options Valuation Model may be utilized to value the respective option. There may be situations when the above information is available but does not align with the pricing of the underlying equity security. If a fund holds a call option position (either a long or written short) on expiration date and that call option is out of the money at the market close, that option can be priced at $0 as it has ceased to exist, which is consistent with the Options Clearing Corporation provision whereby any open option on expiration date is automatically exercised if that option is $0.01 or more in-the-money.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price.

Inverse Floaters are evaluated using a third party model that takes into account the evaluated price of the underlying bond, leverage factors, gain share and floating rate levels.

Commodities (such as physical metals) are valued at a calculated evaluated mean price, as provided by an independent price source as of the close of the NYSE.

Forward currency contracts are valued at the current cost of covering or offsetting such contracts, by reference to forward currency rates at the time the NYSE closes, as provided by an independent pricing source.

The spot exchange rates, as provided by an independent price source as of the close of the NYSE are used to convert foreign security prices into U.S. dollars.

Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the official close on the primary exchange or market on which it is traded. In the absence of such a quotation, a security may be valued at the last quoted sales price on the most active exchange or market as determined by the independent pricing agent. The Fund uses pricing services to identify the market prices of publicly traded securities in their portfolios.

When market prices are determined to be "stale" as a result of limited market activity for a particular holding, or in other circumstances when market quotations are not readily available within the meaning of applicable regulations, such as for private placements, or when market prices have been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before the Fund's NAV is calculated, or determined to be unreliable for a particular holding, such holdings may be "fair valued" in accordance with procedures adopted by the Adviser's Valuation Committee. The fair value pricing utilizes factors provided by an independent pricing service. The values assigned to the Fund's holdings therefore may differ on occasion from reported market values, especially during periods of higher market price volatility. The Adviser believes relying on the procedures described above will result in prices that are more reflective of the actual market value of portfolio securities held by the Fund than relying solely on reported market values.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

The Fund's portfolio holdings are made public, as required by law, in the Fund's annual and semi-annual reports. These reports are filed with the SEC and mailed to shareholders within 60 days after the last day of the relevant period. (In addition, these reports are available upon request as described on the front cover of this Statement of Additional Information.) Also as required by law, the Fund's portfolio holdings are reported to the SEC within 60 days after the end of the Fund's relevant first and third fiscal quarterly period.

When authorized by appropriate executive officers of the Fund, portfolio holdings information may be given more frequently than as just described to third-party Fund service providers, financial intermediaries, various mutual fund rating and ranking organizations and certain affiliated persons of the Fund. As of the date of this Statement of Additional Information, these persons are limited to the Distributor, the Fund's custodian (JPMorgan Chase Bank, N.A.) (full portfolio daily, no lag) and internal and external accounting personnel (full portfolio daily, no lag), third party legal advisers, the Fund's independent registered public accounting firm, various portfolio management and/or trading systems, execution and/or compliance management systems and settlement systems (Charles River Development, Global Trading Analytics LLC, Electra Information Systems, SS&C Evare, AcadiaSoft ProtoColl Collateral System, GTSS, FX Connect, Omgeo FundApps and CapIQ) (disclosure may vary but may sometimes include full portfolio daily, no lag), ISS Governance (full portfolio weekly, no lag) and other proxy voting agents, ACA Performance Services in connection to GIPS verification (disclosure may vary but include full portfolio at month-end, no lag), portfolio analytics software provider FactSet Research Systems (full portfolio daily, no lag), Ernst & Young LLP, in connection with tax analysis (full portfolio monthly, no lag) and the following mutual fund rating/ranking organization, whose further dissemination is subject to the subscription rules of this rating/ranking organization: Lipper (full portfolio month-end, 45-day lag). On occasion the Fund may disclose one or more individual holdings to pricing or valuation services (or to broker-dealers acting as market makers) for assistance in considering the valuation of the relevant holdings. The Fund's regular pricing and fair valuation services are Refinitiv, ICE Data Services, Bloomberg L.P., IHS Markit, JPMorgan Pricing Direct, Inc (all such services have access to some or all of the portfolio daily, no lag). The Fund will also disclose information regarding portfolio transactions and portfolio holdings, to FIS Employee Compliance Manager (f/k/a FIS Protegent PTA), a personal trading compliance system (daily, no lag) through portfolio transaction reports in which the Fund's portfolio account is not identified.

Limited portfolio holdings information also may be released to other third parties more frequently than described above. By way of example, portfolio holdings information concerning a security held by the Fund may be disclosed to the issuer of that security. Likewise, a trade in process or being contemplated may be discussed with counterparties, potential counterparties and others involved in the transaction.

In each of the cases described in the preceding paragraph, the information provided is subject to limitations on use intended to prohibit the recipient from trading on or inappropriately further disseminating it. As part of the internal policies and procedures, conflicts between the interests of the investors and those parties receiving portfolio information will be considered. In addition to the Fund's policies and procedures in this area, a number of fund service providers maintain their own written procedures limiting use and further transmission of portfolio holdings information disclosed to them. Neither the Fund nor the Adviser (nor its affiliates) receives any compensation in connection with disclosure of information to these parties, and all such arrangements are pursuant to policies approved by the Board of Trustees, which has determined that they are appropriate and in the best interests of Fund shareholders. These Fund policies and procedures will be reviewed by the Trustees on an annual basis for adequacy and effectiveness, in connection with the Fund's compliance program under Rule 38a-1 under the Investment Company Act. Related issues will be brought to the attention of the Trustees on an as appropriate basis.

In addition, the Adviser manages other accounts such as separately managed accounts and other pooled investment vehicles that have the same or substantially similar investment objectives and strategies to those of the Fund, and therefore, the same or substantially similar portfolio holdings. The portfolio holdings of these accounts and/or funds are made available to certain parties on a more timely basis than Fund portfolio holdings are made publicly available as specified in this Statement of Additional Information. It is possible that any such recipient of these holdings could trade ahead of or against the Fund based on the information received.

The Fund or its affiliates may distribute non-specific information about the Fund and/or summary information about the Fund at any time. Such information will not identify any specific portfolio holding, but may reflect, among other things, the quality or character of the Fund's holdings and portfolio attribution/contribution.

Additionally, the Adviser or its personnel from time to time may comment to the press, Fund shareholders, prospective investors or shareholder or investor fiduciaries or agents (orally or in writing) on one or more of the Fund's portfolio securities or may state that the Fund recently purchased or sold one or more securities. This commentary also may include such statistical information as industry, country or capitalization exposure, credit quality information, specialized financial characteristics (alpha, beta, maturity, Sharpe ratio, standard deviation, default rate, etc.), price comparisons to various measures, portfolio turnover and the like. No comments may be made, however, if likely to permit, in the sole judgment of the Adviser, inappropriate trading of Fund shares or of Fund portfolio securities.

**HOW TO PURCHASE SHARES**

The methods of buying and selling shares and the sales charges applicable to purchases of shares of the Fund are described in the Trust's Prospectuses. The Trust typically does not offer or sell its shares to non-U.S. residents. For purposes of this policy, a U.S. resident is defined as an account with (i) a U.S. address of record (including Army Post Office (APO), Fleet Post Office (FPO) and Diplomatic Post Office (DPO) addresses) and (ii) all account owners residing in the United States at the time of sale. Any existing account that is updated to reflect a non-U.S. address also may be restricted from making additional investments.

**DIVIDENDS AND DISTRIBUTIONS**

It is the Fund's policy to make annual distributions of net investment income, net realized capital gains, and net tax-exempt income, if any. Unless you elect otherwise, your distributions will be reinvested in additional shares of the Fund at net asset value calculated as of the date immediately preceding the payment date. The Fund makes distributions on a per-share basis. As a result, on the ex-dividend date of such a payment, the net asset value of the Fund will be reduced by the amount of the payment.

As a supplement to their annual distributions of net investment income and net realized capital gains (which are intended to assure compliance with Subchapter M of the Internal Revenue Code of 1986 (the "Code")), the Fund makes monthly distributions of net investment income and net tax-exempt income throughout the year.

The amount of distributions by a Fund may vary from year-to-year based on a variety of circumstances, including market conditions, the composition of the Fund's portfolio, portfolio turnover, expenses borne by the Fund, and redemptions by shareholders.

**CONTRACTUAL ARRANGEMENTS**

The Fund is a party to contractual arrangements with various parties who provide services to the Fund, including the Adviser, the Distributor, the custodian, and the transfer agents, among others. Fund shareholders are not parties to, or intended ("third party") beneficiaries of, any such contractual arrangements, and such contractual arrangements are not intended to create in any individual investor or group of investors any right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the Fund. Also, while the Prospectus and this Statement of Additional Information describe pertinent information about the Trust and the Fund, neither the Prospectus nor this Statement of Additional Information represents a contract between the Trust or the Fund and any shareholder or any other party.

**TAX STATUS**

The following is a summary of certain material U.S. federal income tax considerations regarding the purchase, ownership and disposition of shares of the Fund. This summary is based upon the Code, regulations promulgated by the U.S. Treasury Department, current administrative interpretations and practices of the Internal Revenue Service ("IRS") (including administrative interpretations and practices expressed in private letter rulings which are binding on the IRS only with respect to the particular taxpayers who requested and received those rulings) and judicial decisions, all as currently in effect and all of which are subject to differing interpretations or to change, possibly with retroactive effect. No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax considerations described below. No advance ruling has been or will be sought from the IRS regarding any matter discussed in this summary. Except as otherwise discussed below, this summary does not discuss the impact that U.S. state and local taxes and taxes imposed by non-U.S. jurisdictions could have on the matters discussed in this summary. This summary is for general information only, and does not address all of the potential U.S. federal income tax consequences that may be applicable to the Fund or to all categories of shareholders, some of which may be subject to special tax rules.

Current and prospective shareholders are urged to consult their own tax advisors with respect to the specific U.S. federal, state, local and non-U.S. tax consequences of investing in the Fund. This summary assumes that shareholders hold shares of the Fund as capital assets, which generally means as property held for investment.

The Fund intends to elect and qualify annually as a "regulated investment company" (a "RIC") under Subchapter M of the Code. In order to qualify as a RIC for a taxable year, the Fund must, among other things, (a) derive at least 90% of its gross income from dividends, interest, payments with respect to certain securities loans, net income derived from an interests in a qualified publicly traded partnerships ("qualified PTPs"), gains from the sale or other disposition of stock, securities or foreign currencies or other income (such as gains from options, futures or forward contracts) derived with respect to the business of investing in such stock, securities or currencies; (b) diversify its holdings so that, at the end of each fiscal quarter, (i) at least 50% of the market value of its assets is represented by cash, cash items, U.S. government securities, securities of other RICs and other securities, with such other securities of any one issuer qualifying only if the Fund's investment is limited to an amount not greater than 5% of the value of the Fund's assets and not more than 10% of the voting securities of such issuer, and (ii) not more than 25% of the value of its assets is invested in the securities of any one issuer (other than U.S. government securities or securities of other RICs) or of two or more issuers which the Fund controls and which are determined, under Treasury regulations, to be engaged in the same or similar trades or businesses or related trades or businesses or in the securities of one or more qualified PTPs; and (c) distribute at least 90% of its investment company taxable income (which includes, among other items, dividends and interest net of expenses and net short-term capital gains in excess of net long-term capital losses) and at least 90% of its tax-exempt interest income (net of certain costs allocable to such income) for the year.

The Fund may invest in certain assets that do not constitute "securities" for purposes of the RIC qualification tests referred to in the previous paragraph and other assets, including various derivative and structured investment products the status of which as "securities" for such purposes may not be fully settled. Subject to the savings provisions described below, if a sufficient portion of the Fund's assets were not stock or such securities or if a sufficient portion of the Fund's gross income were not derived from stock or such securities for any taxable year, the Fund may fail to qualify as a RIC for such taxable year.

If the Fund fails to qualify for taxation as a RIC for any taxable year, the Fund's income will be taxed at the Fund level at the regular corporate rate and the tax consequences to shareholders would be different from those described in this section (for example, all distributions to shareholders generally would be taxed as ordinary income, even if those distributions are derived from tax-exempt interest or capital gains realized by the Fund). In addition, in order to requalify for taxation as a RIC that is accorded special tax treatment, the Fund may be required to recognize unrealized gains, incur substantial taxes on such unrealized gains, and make certain substantial distributions. The Fund intends to elect and qualify annually as a RIC under the Code.

If the Fund were otherwise to fail to satisfy the gross income test for a taxable year, it would nevertheless be considered to satisfy such test if its failure to satisfy the gross income test were due to reasonable cause and not willful neglect and if it were to satisfy certain procedural requirements. The Fund would be subject to an excise tax if it were to rely on this savings provision in order to meet the gross income test.

In addition, if the Fund were otherwise to fail to satisfy the asset diversification test, it would nevertheless be considered to satisfy such test if either (a) the failure to satisfy the asset test were *de minimis* and the Fund were to satisfy the asset test within a prescribed time period or (b) the Fund's failure to satisfy the asset diversification test were due to reasonable cause and not willful neglect, the Fund were to satisfy the test within a prescribed time period and the Fund were to satisfy certain procedural requirements. The Fund's failure to satisfy the asset diversification test would be considered *de minimis* if it were due to the Fund's ownership of assets the total value of which did not exceed the lesser of $10 million and 1 percent of the total value of the Fund's assets at the end of the fiscal quarter in which the test was being applied. The Fund would be subject to an excise tax if it were to rely on the savings provision described in (b) of this paragraph in order to meet the asset diversification test.

As a RIC, the Fund generally will not be subject to U.S. federal income tax on its investment company taxable income and net capital gains (the excess of net long-term capital gains over net short-term capital losses), if any, that it currently distributes to shareholders. The Fund intends to distribute to its shareholders, at least annually, substantially all of its investment company taxable income, net capital gains and net tax-exempt interest income.

For purposes of determining the amount of dividends that the Fund has distributed to its shareholders for a taxable year, the Fund may elect to treat certain dividend distributions paid in the following taxable year as having been paid in the earlier taxable year.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a non-deductible 4% excise tax. To prevent imposition of the excise tax, the Fund must distribute during each calendar year an amount equal to or exceeding the sum of (1) 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (2) 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending on October 31 of the calendar year, and (3) 100% of any ordinary income and capital gains for the preceding year that were not distributed during that year. A distribution will be treated as paid on December 31 of the current calendar year if it is declared by the Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year. Such distributions will be taxable to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received. To prevent application of the excise tax, the Fund intends to make its distributions in accordance with the calendar year distribution requirement.

Net capital loss carryforwards may be applied against any net realized capital gains in each succeeding year, until they have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the Code, the loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to limitation.

The Fund intends to qualify to pay "exempt-interest dividends" as defined in Section 852(b)(5) of the Code. Under such section if, at the close of each quarter of the Fund's taxable year, at least 50% of the value of the Fund's total assets consists of obligations exempt from U.S. federal income tax ("tax-exempt obligations") under Section 103(a) of the Code (relating generally to obligations of a state or local governmental unit), the Fund will be qualified to pay exempt-interest dividends to its shareholders. Exempt-interest dividends are dividends or any part thereof paid by the Fund that are attributable to interest on tax-exempt obligations and reported by the Fund as exempt-interest dividends.

Exempt-interest dividends will be excludable from a shareholder's gross income for U.S. federal income tax purposes. However, as described below, all or a portion of the exempt-interest dividends may be taken into account in determining the alternative minimum tax on shareholders who are individuals, and may be subject to state and local taxes. Exempt-interest dividends are included in determining the portion, if any, of an individual's social security and railroad retirement benefits subject to U.S. federal income taxes. Additionally, a shareholder may not deduct interest on indebtedness incurred or continue to purchase or carry shares of stock in a RIC, such as the Fund, to the extent that the RIC distributes exempt-interest dividends to the shareholder during the taxable year of the shareholder.

The Fund may realize and distribute taxable ordinary income or capital gains from time to time because of the Fund's investment activities, including its investments in tax-exempt obligations. The Fund's distribution of these amounts are generally taxable to shareholders whether received in cash or reinvested in additional shares. Dividends paid out of the Fund's investment company taxable income generally will be taxable to a shareholder as ordinary income. For example, although "market discount" is, as an economic matter, a substitute for additional interest, the amount of any market discount on a tax-exempt obligation is not treated as tax-exempt interest because such discount is not paid by the issuer of the obligation. As a result, all or a portion of the Fund's gains from the sale, retirement or other disposition of tax-exempt obligations purchased at a market discount will be treated as ordinary income. A market discount bond is a bond acquired in the secondary market at a price below its redemption value or adjusted issue price if issued with original issue discount. Alternatively, the Fund may elect to accrue market discount as ordinary income during the period in which the Fund holds the bond. These market discount rules may increase the amount of taxable ordinary income dividends received by shareholders. Additionally, if the Fund sells or otherwise disposes of a tax-exempt obligation, any gain or loss is generally treated as a capital gain or loss (except to the extent the market discount rules result in ordinary income), which may be distributed by the Fund in the form of taxable ordinary income dividends or capital gain dividends. The rules applicable to the Fund's distribution of investment company taxable income and net capital gains are described in greater detail below.

After the close of each fiscal year, the Fund will designate the portion of its distributions paid to shareholders constituting exempt-interest dividends, ordinary income dividends, qualified dividend income, capital gain dividends, dividends eligible for the corporate dividends-received deduction, and returns of capital.

The Code subjects interest received on certain otherwise tax-exempt securities to the federal alternative minimum tax. The alternative minimum tax applies to interest received on certain private activity bonds ("PABs") issued after August 7,

1986. PABs are bonds that, although tax-exempt, are used for purposes other than those generally performed by governmental units and that benefit non-governmental entities (e.g., bonds used for industrial development or housing purposes). Income received on such bonds is classified as an item of "tax preference," which could subject certain investors in such bonds, including shareholders of the Fund, to a federal alternative minimum tax. After the close of each year the Fund will report the portion of its distributions paid to shareholders during the previous year that constitute an item of tax preference for alternative minimum tax purposes.

The Fund has no current intention of lending its portfolio securities. If the Fund were to lend its portfolio securities, payments in lieu of interest made by the borrower to the Fund will not constitute "exempt interest" excluded from taxable income, even if the actual interest would have constituted qualified exempt interest had the Fund held the securities. Such payments in lieu of interest are taxable as ordinary income and such amounts cannot be distributed by the Fund to its shareholders in the form of exempt-interest dividends.

The Fund generally will only purchase a tax-exempt obligation if it is accompanied by an opinion of issuer's bond counsel or, in the case of derivative securities, sponsor's counsel, that the interest paid on those securities will not be subject to federal income tax. However, tax opinions are not binding on the IRS, and if any of those tax opinions are ultimately determined to be incorrect or if events occur after the security is acquired that impact the security's tax-exempt status, the Fund and its shareholders could be subject to substantial tax liability for the current or past years and shareholders may have to file amended tax returns and pay additional taxes, interest and penalties. In addition, an IRS assertion of taxability may impair the liquidity and the fair market value of the securities.

Dividends paid out of the Fund's investment company taxable income generally will be taxable to a U.S. shareholder as ordinary income. Provided that certain holding period requirements are met at the Fund and shareholder levels, certain dividends received by non-corporate shareholders (including individuals) from the Fund may be eligible for the reduced tax rates applicable in the case of long-term capital gains to the extent that the Fund receives "qualified dividend income" and reports a portion of its dividends as such in a written statement to shareholders. Provided that certain holding period requirements are met at the Fund and shareholder levels, certain dividends received by corporate shareholders from the Fund may be eligible for the corporate dividends-received deduction to the extent the Fund receives dividends paid by U.S. corporations and reports a portion of its dividends as such in a written statement to shareholders.

Distributions of net capital gains derived from sales of portfolio securities by the Fund, if any, and reported as capital gains distributions, are generally taxable to non-corporate shareholders at long-term capital gain rates, regardless of whether the shareholder has held the Fund's shares for more than one year, and are not eligible for the dividends-received deduction for corporate shareholders. Distributions of gains realized on collectibles held for one year or less, are taxable to a U.S. shareholder as short-term gains. Distributions of gains realized on collectibles held for greater than one year, to the extent properly reported as such by the applicable Fund, are taxable to non-corporate shareholders at a maximum 28% tax rate. Distributions in excess of the Fund's earnings and profits will first reduce the adjusted tax basis of a shareholder's shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to such shareholder (assuming the Fund shares are held as a capital asset). Shareholders will be notified annually as to the U.S. federal income tax status of distributions. After the close of each calendar year, the Fund will designate the portion of its distributions paid to shareholders constituting ordinary dividends, qualified dividend income, capital gain dividends, dividends eligible for the corporate dividends-received deduction, exempt-interest dividends, and returns of capital. Depending on the nature of the dividends, dividends are taxable to shareholders even if they are reinvested in additional shares of the Fund, and shareholders receiving such distributions will have a cost basis in each such share equal to the net asset value of a share of the Fund on the reinvestment date and will receive a report as to the net asset value of those shares.

Certain investments by the Fund may affect the timing, character and amount of income and gain the Fund recognizes. Additionally, certain investments by the Fund may increase or accelerate the Fund's recognition of income, including the recognition of taxable income in excess of the cash generated by such investments. Such income must be included in determining the amount of income which the Fund must distribute to maintain its status as a RIC and to avoid the imposition of U.S. federal income tax and the 4% excise tax. In such case, the Fund could be required to dispose of securities which it might otherwise have continued to hold or borrow to generate cash to satisfy its distribution requirements.

A Fund that invests in debt instruments that are at risk of or are in default may become subject to special tax issues regarding when the Fund may cease to accrue interest, original issue discount, or market discount, when and to what extent it may take deductions for bad debts or worthless securities, how payments received on defaulted instruments

should be allocated between principal and interest, and whether exchanges or modifications of debt instruments are taxable. These and other issues related to at-risk debt instruments also may affect the amount of income that a Fund is required to distribute to preserve its status as a RIC and to avoid becoming subject to federal income or excise tax.

Upon the sale or other disposition of shares of the Fund, a shareholder may realize a capital gain or loss which may be eligible for reduced U.S. federal income tax rates, generally depending upon the shareholder's holding period for the shares. Such gain or loss generally, as subject to exceptions described below, will be long-term capital gain or loss if the shares are held for more than one year and short-term capital gain or loss if the shares are held for one year or less. A redemption of shares by the Fund generally will be treated as a sale or exchange for these purposes. Any loss recognized on a sale or exchange will be disallowed to the extent the shares disposed of are replaced (including shares acquired pursuant to a dividend reinvestment plan) within a period of 61 days beginning 30 days before and ending 30 days after disposition of the shares. In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. If a shareholder holds a share for six months or less, any loss recognized on a sale or exchange will be disallowed to the extent of the exempt-interest dividends the shareholder received, except in the case of a regular dividend paid by the Fund if the Fund declares exempt-interest dividends on a daily basis in an amount equal to at least 90% of its net tax-exempt interest and distributes such dividends on a monthly or more frequent basis. To the extent, if any, a loss is not disallowed, it generally will be treated as a long-term capital loss to the extent of any distributions received by the shareholder with respect to such shares that are treated as long-term capital gains.

Under certain circumstances the sales charge incurred in acquiring shares of the Fund may not be taken into account in determining the gain or loss on the disposition of those shares. This rule applies if shares of the Fund are exchanged within 90 days after the date they were purchased and the new shares are acquired without a sales charge or at a reduced sales charge prior to January 31 of the calendar year following the date of disposition of the original shares. In that case, the gain or loss recognized on the exchange will generally be determined by excluding from the tax basis of the shares exchanged the sales charge that was imposed on the acquisition of those shares to the extent of such reduction to the sales charge upon the exchange. This exclusion applies to the extent that the otherwise applicable sales charge with respect to the newly acquired shares is reduced as a result of having incurred the initial sales charge. The portion of the initial sales charge that is excluded from the basis of the exchanged shares is instead treated as an amount paid for the new shares.

Certain U.S. shareholders, including individuals and estates and trusts, will be subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends from the Fund (but not exempt-interest dividends) and net gains from the disposition of shares of the Fund. U.S. shareholders are urged to consult their own tax advisers regarding the implications of the additional Medicare tax resulting from an investment in the Fund.

Non-corporate U.S. shareholders may be unable to deduct certain expenses, including any management fees incurred by the investor for the amount invested in the Fund through the separately managed accounts.

The Fund may be required to withhold U.S. federal income tax currently at the rate of 24% from all distributions and gross sale proceeds payable to shareholders who fail to provide the Fund with their correct taxpayer identification number or otherwise fail to comply with the applicable requirements of the backup withholding rules. Corporate shareholders and certain other shareholders specified in the Code generally are exempt from such backup withholding. Backup withholding is not an additional tax. Any amounts withheld may be allowed as a refund or a credit against the shareholder's U.S. federal income tax liability, provided that the required information is timely furnished to the IRS.

Dividends paid by the Fund to shareholders who are non-resident aliens or foreign entities generally will be subject to a 30% U.S. withholding tax under existing provisions of the Code unless a reduced rate of withholding is provided under an applicable tax treaty. However, certain "capital gain dividends", "exempt-interest dividends", "interest-related dividends" and "short-term capital gain dividends" paid by the Fund to a foreign shareholder and properly reported as such are eligible for an exemption from U.S. withholding tax. Interest-related dividends generally are dividends derived from certain interest income earned by the Fund that would not be subject to U.S. withholding tax if earned by a foreign shareholder directly. Short-term capital gain dividends generally are dividends derived from the excess of the Fund's net short-term capital gains over net long-term capital losses. The Fund does not intend to report interest-related or short-term capital gain dividends. Non-resident shareholders are urged to consult their own tax advisers concerning the applicability of U.S. withholding tax.

A non-U.S. shareholder generally will be exempt from U.S. federal income tax on any gains realized upon the sale or taxable disposition of shares of the Fund, unless the non-U.S. shareholder is a nonresident alien individual and is

physically present in the United States for more than 182 days during the taxable year and meets certain other requirements.

Under legislation known as "FATCA" (the Foreign Account Tax Compliance Act), and applicable "intergovernmental agreements" entered into thereunder, distributions paid by the Fund to "foreign financial institutions" and certain other foreign entities will be subject to U.S. withholding tax at a rate of 30% unless various certification, information reporting, due diligence and other applicable requirements (different from, and in addition to, those described above) are satisfied. In general, no such withholding will occur with respect to a U.S. person or non-U.S. individual that timely provides the Fund with a valid IRS Form W-9 or applicable W-8, respectively. Payments that are taken into account as effectively connected income are not subject to these withholding rules. Foreign shareholders should consult their own tax advisers regarding FATCA and the application of these requirements to their investments in the Fund.

If the Fund invests in underlying RICs, distributions of short-term capital gains by such underlying RICs would be recognized as ordinary income by the Fund and would not be able to be offset by the Fund's capital losses or capital loss carryforwards (if any). Losses of an underlying RIC would not offset any income or gain of the Fund. Losses realized by the Fund on the sale of shares of underlying RICs may be indefinitely or permanently deferred under the wash sale rules. Each of these effects is caused by the Fund's investment in the underlying RICs and may result in tax distributions to Fund shareholders being of higher magnitudes.

Since, at the time of an investor's purchase of the Fund's shares, a portion of the per share net asset value by which the purchase price is determined may be represented by realized or unrealized appreciation in the Fund's portfolio or undistributed income of the Fund, subsequent distributions (or a portion thereof) on such shares may economically represent a return of capital. However, such a subsequent distribution may be taxable to such investor even if the net asset value of the investor's shares is, as a result of the distributions, reduced below the investor's cost for such shares. Prior to purchasing shares of the Fund, an investor should carefully consider such tax liability which may be incurred by reason of any subsequent distributions of net investment income and capital gains.

Shareholders that are generally exempt from U.S. federal income tax, such as shareholders investing through tax qualified accounts and nonresident aliens or foreign entities, will not gain additional tax benefit from the exempt-interest dividends that are expected to be paid by the Fund or gain any other tax benefit. Because the Fund's pre-tax returns generally will be lower than those of funds that own taxable debt instruments of comparable quality, an investment in the Fund may not be suitable investment for those kinds of investors.

Different tax treatment is accorded a tax-deferred retirement account, such as an IRA. Shareholders should consult their tax advisers for more information.

Fund shareholders may be subject to state, local and foreign taxes on their Fund distributions and redemptions of Fund shares. Also, the tax consequences to a foreign shareholder of an investment in the Fund may be different from those described above. Shareholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund.

**PORTFOLIO TRANSACTIONS AND BROKERAGE**

The Adviser is responsible for decisions to buy and sell securities, futures and options on securities, on indices and on futures for the Fund, the selection of brokers, dealers and futures commission merchants to effect those transactions and the negotiations of brokerage commissions, if any. Broker-dealers and futures commission merchants may receive brokerage commissions on Fund portfolio transactions, including options and the purchase and sale of underlying securities or futures positions upon the exercise of options. Orders may be directed to any broker or futures commission merchant to the extent and in the manner permitted by applicable law.

Substantially all brokers through whom the Adviser executes orders provide proprietary research on general economic trends or particular issuers. Selected brokers provide third-party research and brokerage services, that is, services obtained by the broker from a third party that the broker then provides to the Adviser. The Adviser may obtain quotes and other market data information in this manner. Many brokers also invite investment personnel of the Adviser to attend investment conferences sponsored by such brokers.

Brokerage commissions generally are negotiated in the case of U.S. securities transactions, but in the case of foreign securities transactions may be fixed and may be higher than prevailing U.S. rates. Commission rates are established pursuant to negotiations with the executing parties based on the quantity and quality of the execution services.

The Adviser may utilize certain electronic communication networks ("ECNs") in executing transactions for certain types of securities. These ECNs may charge fees for their services, including access fees and transaction fees. The transaction fees, which are similar to commissions or markups/markdowns, will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in the cost of the securities purchased.

In addition, services may be acquired or received either directly from executing broker-dealers, or indirectly through other broker-dealers in step-out transactions or similar arrangements. A "step-out" is an arrangement by which an investment manager executes a trade through one broker-dealer but instructs that entity to step-out all or a portion of the trade to another broker-dealer. This second broker-dealer will clear, settle, and receive commissions for, the stepped-out portion.

Equity securities traded in over-the-counter markets, bonds, including convertible bonds, and loans are generally traded on a "net" basis with dealers acting as principal for their own accounts without a stated commission, although the price of the security usually includes a profit to the dealer. In underwritten offerings, securities are purchased at a fixed price which includes an amount of compensation to the underwriters, generally referred to as the underwriter's concession or discount. On occasion, certain money market instruments and U.S. government agency securities may be purchased directly from the issuer, in which case no commissions or discounts are paid.

In placing orders for portfolio securities or futures, the Adviser seeks to obtain best execution or the most favorable execution under the circumstances and in accordance with applicable law. Within this framework, the Adviser will consider the research and investment services provided by brokers, dealers or futures commission merchants who effect transactions for the Fund or who are parties to portfolio transactions with the Fund, the Adviser or the Adviser's other clients. Such research and investment services are those which brokerage houses customarily provide to institutional investors and include, but are not limited to, statistical and economic data research reports on particular companies and industries, and meetings with corporate executives (sometimes referred to as "corporate access").

Brokers, dealers or futures commission merchants furnishing such services may be selected for the execution of transactions of such other accounts, whose aggregate assets are generally significantly smaller than the Fund's, and the services furnished by such brokers, dealers or futures commission merchants may be used by the Adviser in providing investment management for the Fund. Commission rates are based on the quality and quantity of execution services provided by the executing party and reflect generally prevailing rates. In addition, the Adviser is authorized to pay higher commissions on brokerage transactions for the Fund to brokers in order to secure the research and investment services described above (sometimes referred to as "paying up") in accordance with applicable law. The use of commissions on brokerage transactions paid by the Fund and other investment accounts to pay for research and the investment services described above is sometimes referred to as "soft dollars" and is subject to review by the Board of Trustees from time to time as to the extent and continuation of this practice. When using soft dollars, the Adviser need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost. It is not the Adviser's practice to negotiate "execution only" commission rates, thus the Fund may be deemed to be paying for research, brokerage or other services provided by the broker that are included in the commission rate.

Section 28(e) of the Securities Exchange Act of 1934, as amended, is a "safe harbor" that permits an investment adviser to use commissions or "soft dollars" to obtain research and brokerage services that provide lawful and appropriate assistance in the investment decision-making process. The use of commissions to obtain such other services would be outside the parameters of Section 28(e). Since Section 28(e) generally relates only to the use of commissions on equity transactions, the use of commissions or other transaction costs paid on transactions in instruments other than equity securities typically would also be outside the parameters of Section 28(e).

The payment for eligible services under Section 28(e) by the Fund through soft dollars using Fund assets benefits the Adviser because the Adviser does not need to produce or pay for such research services, and as a result, the receipt of research in exchange for soft dollars may create a conflict of interest. Research or other services obtained in this manner may be used in servicing any or all of the Fund and other investment accounts, including in connection with accounts other than those that pay commissions to the broker relating to the research or other service arrangements. Such products and services may disproportionately benefit other investment accounts relative to the Fund based on the amount of brokerage commissions paid by the Fund and such other accounts. For example, research or other services that are paid for through one client's commissions may not be used in managing that account. In addition, other investment accounts may receive the benefit, including disproportionate benefits, of economies of scale or price discounts in connection with products and services that may be provided to the Fund and to such other investment accounts. Certain clients, including

the Fund, could bear more of the cost of soft dollar arrangements than other investment accounts. Moreover, the Adviser may be incentivized to select or recommend a broker-dealer based on the Adviser's interest in receiving research services, among the other factors that the Adviser considers, consistent with best execution.

In some instances, the Adviser may receive a product or service that may be used only partially for functions within Section 28(e) (e.g., an order management system, trade analytical software or proxy services). In such instances, the Adviser will make a good faith effort to determine the relative proportion of the product or service used to assist the Adviser in carrying out its investment decision-making responsibilities and the relative proportion used for administrative or other purposes outside Section 28(e). The proportion of the product or service attributable to assisting the Adviser in carrying out its investment decision-making responsibilities will be paid through brokerage commissions generated by Fund transactions and the proportion attributable to administrative or other purposes outside Section 28(e) will be paid for by the Adviser from its own resources.

Research and brokerage services obtained by the use of commissions arising from the Fund's portfolio transactions may be used by the Adviser in its other investment activities and thus, the Fund may not necessarily, in any particular instance, be the direct or indirect beneficiary of the research or brokerage services provided.

Independent third-party research is a component of the Fund's investment selection process and is generally paid for via brokerage commissions that bundle research costs either directly with the trade execution clearing and/or settlement services provided by a particular broker/dealer, or through step-out transactions with other broker-dealers. The Adviser's receipt of research on this basis benefits it because the Adviser does not need to produce or pay for such research services, and as a result, the receipt of research in exchange for soft dollars creates a conflict of interest. For example, the research effectively will be paid by client commissions that also will be used to pay for the execution, clearing and settlement services provided by the broker-dealer and will not be paid by the Adviser.

The Adviser may also receive research that is either paid for directly by the Adviser (sometimes referred to as "hard dollar" arrangements) or obtained utilizing soft dollars through a commission sharing arrangement ("CSA"). The Adviser has entered into CSAs under which the Adviser may execute transactions through, and obtain research from, a broker-dealer. Under a CSA, the Adviser may request that the broker-dealer allocate a portion of the commissions to another firm that provides research to the Adviser. To the extent that the Adviser continues to engage in CSAs, many of the same conflicts related to traditional soft dollar arrangements exist.

Although the Adviser will make a good faith determination that the amount of commissions paid is reasonable in light of the products or services provided by a broker, commission rates are generally negotiable and thus, selecting brokers on the basis of considerations that are not limited to the applicable commission rates will generally result in higher transaction costs than would otherwise be obtainable. The receipt of such products or services and the determination of the appropriate allocation in the case of "mixed use" products or services create a conflict of interest between the Adviser and the Fund.

In purchasing and selling debt instruments, the Adviser ordinarily places transactions with a broker-dealer acting as principal for the instruments on a net basis, with no brokerage commission being paid directly by the client (although the price may include undisclosed compensation, markups and markdowns) and may involve the designation of selling concessions. Debt instruments also may be purchased from underwriters at prices which include underwriting fees. Any transactions placed through broker-dealers as principals reflect the spread between the bid and ask prices. Funds that invest exclusively or primarily in debt instruments may nonetheless benefit from research and services received through the use of commissions generated by Funds investing in equity securities.

The Fund may, from time to time and to the extent permitted by applicable law, sell or purchase securities to or from companies or persons who are considered to be affiliated with the Fund solely because they are investment advisory clients of the Adviser or an affiliate. Such transactions will be effected for cash consideration, at the current market price of the particular securities, and no brokerage commissions or fees other than customary transfer fees shall be paid in connection with any such transactions. Additionally, all such transactions will be consistent with procedures adopted by the Board of Trustees.

As of the date of this Statement of Additional Information, the Fund paid no brokerage commissions since the Fund had not yet commenced operations prior to the date of this Statement of Additional Information. As of the date of this Statement of Additional Information there were no brokerage commissions (or options clearing charges) paid to a broker-dealer affiliate or related party of the Adviser since the Fund had not yet commenced operations prior to the date of this

Statement of Additional Information. As of the date of this Statement of Additional Information, no brokerage commissions were paid to firms which provided research, statistical or other services since the Fund had not yet commenced operations prior to the date of this Statement of Additional Information.

**CUSTODY OF PORTFOLIO**

The Trust's custodian and foreign custody manager for the Fund's assets (and those of the Subsidiaries) is JPMorgan Chase Bank, N.A., 4 Chase Metrotech Center, Floor 16, Brooklyn, New York, 11245.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

PricewaterhouseCoopers LLP ("PwC"), 300 Madison Avenue, New York, New York 10017-6204 serves as the Trust's independent registered public accountant. PwC audits the Fund's financial statements and renders its report thereon, which is included in the Annual Report to Shareholders.

**FINANCIAL STATEMENTS**

A copy of the Prospectus and annual or semi-annual reports for the Fund (when available) may be obtained free of charge at the telephone number and address listed on the cover of this Statement of Additional Information or by visiting www.firsteagle.com/sma/core-plus-municipal-separately-managed-account-sma. The annual shareholder report will be available without charge at www.firsteagle.com/sma/core-plusmunicipal-separately-managed-account-sma or by calling 800.334.2143 to request a paper copy.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees and Shareholders of First Eagle High Yield Municipal Completion Fund

***Opinion on the Financial Statement***

 ****

We have audited the accompanying statement of assets and liabilities of First Eagle High Yield Municipal Completion Fund (the "Fund") as of August 20, 2025, including the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Fund as of August 20, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

 ****

This financial statement is the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of this financial statement in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

September 26, 2025

We have served as the auditor of one or more investment companies advised by First Eagle Investment Management, LLC since 2006.

---

| | |
|:---|:---|
| **Statement of Assets and Liabilities** | **August 20, 2025** |
|  | First Eagle High<br> Yield Municipal<br> Completion Fund |
| **Assets** |  |
| Cash | $100000 |
| **Total Assets** | **100000** |
| **Net Assets** | **$100000** |
| **Net Assets Consist of** | **Net Assets Consist of** |
| Paid in Capital | 100000 |
| **Net Assets** | **$100000** |
| Shares Outstanding | 10000 |
| Net asset value per share and redemption proceeds per share | $10.00 |

---

See Notes to Financial Statement

**Notes to Financial Statement**

**Note 1 — Organization**

First Eagle High Yield Municipal Completion Fund (the "Fund") is a separate portfolio of First Eagle Completion Fund Trust (the "Trust"). The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is a Delaware statutory trust. The Fund intends to elect to be taxed as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended.

The Fund seeks to provide high current income exempt from regular federal income taxes. Capital appreciation is a secondary objective when consistent with the Fund's primary objective. To pursue its investment objective, the Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal bonds that pay interest that is exempt from regular federal personal income tax. Such municipal bonds may include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories that pay interest that is exempt from regular federal personal income tax and may include all types of municipal bonds. The Fund may invest without limit in securities that generate income taxable to those shareholders subject to the federal alternative minimum tax. Assuming the position pays interest income that is exempt from regular federal personal income tax, the Fund can "count" relevant derivative positions towards its "80% of assets" allocation and, in doing so, values each position at the price at which it is held on the Fund's books (generally market price, but anticipates valuing each such position for purposes of assessing compliance with this test at notional value). While the Fund may invest in securities with any time to maturity, the Fund is a long-term bond fund and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 years. A debt instrument's "duration" is a way of measuring a debt instrument's sensitivity to a potential change in interest rates.

The Fund offers one class of Shares.

First Eagle Investment Management, LLC (the "Adviser") is the investment adviser of the Fund. The Adviser is a subsidiary of First Eagle Holdings, Inc. ("FE Holdings"). A controlling interest in FE Holdings is owned by funds managed by Genstar Capital, LLC.

The Fund had no operations other than a sale to the Adviser of 10,000 shares of beneficial interest of the Fund for $100,000 ($10.00 per share).

**Note 2 — Significant Accounting Policies**

The following is a summary of significant accounting policies that are adhered to by the Fund. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards (the "FASB") Codification Topic 946—Investment Companies, which is part of U.S. generally accepted accounting principles ("GAAP").

a) Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

b) United States Income Taxes — The Fund anticipates that most of its dividends will consist of "exempt-interest dividends," which are excludable from gross income for U.S. federal income tax purposes. All or a portion of these dividends, however, may be subject to state and local taxes or to the federal alternative minimum tax. Additionally, some distributions by the Fund and any gain on the redemption or exchange of Fund shares for shares of another fund will be subject to U.S. federal income tax.

c) Indemnification — In the normal course of business, the Fund enters into contracts which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**Note 3 — Investment Advisory Agreement and Other Transactions with Related Persons**

Pursuant to an investment advisory agreement with the Fund (the "Advisory Agreement"), the Adviser is responsible for the management of the Fund's portfolio and also performs certain non-investment advisory, administrative, accounting, operations, legal, compliance and other services on behalf of the Fund. Under the Advisory Agreement, the Adviser is contractually responsible for and assumes the obligation for payment of the Fund's expenses included as "Other Expenses" of the Fund (excluding interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses). However, you will generally incur the management fees for the amount invested in the Fund through the separately managed account associated with such investment. Investors should read carefully the separately managed account brochure provided to them by First Eagle Separate Account Management LLC or their investment adviser. The brochure is required to include information about the fees charged to investors by First Eagle Separate Account Management LLC and the fees paid by the sponsor to the Adviser and its affiliates. Investors pay no additional fees or expenses to purchase shares of the Fund.

J.P. Morgan Chase Bank, N.A. ("JPM"), the Fund's administrator, accounting agent and primary custodian, holds the Fund's portfolio securities and other assets and is responsible for calculating the Fund's net asset value and maintaining the accounting records of the

Fund. JPM, as the Fund's administrator, receives annual fees from the adviser on behalf of the Fund separate from and in addition to the fees it receives from the adviser on behalf of the Fund for its services as the Fund's custodian.

**Note 4- Plans of Distribution**

FEF Distributors, LLC (the "Distributor"), an affiliate of the Adviser, serves as the principal underwriter and distributor of the Fund's shares pursuant to a distribution contract with the Fund.

**Note 5 — Subsequent Events**

In accordance with the provision surrounding Subsequent Events adopted by the Fund, management has evaluated the possibility of subsequent events existing in the Fund's financial statement. Management has determined that there are no material events that would require disclosure in the Fund's financial statement.

**<u>APPENDIX A</u>**

**RATINGS OF INVESTMENT SECURITIES**

The rating of a rating service represents the service's opinion as to the credit quality of the security being rated. However, the ratings are general and are not absolute standards of quality or guarantees as to the creditworthiness of an issuer. Consequently, the Fund's investment adviser believes that the quality of debt securities in which the Fund invests should be continuously reviewed. A rating is not a recommendation to purchase, sell or hold a security, because it does not take into account market value or suitability for a particular investor. When a security has received a rating from more than one service, each rating should be evaluated independently. Ratings are based on current information furnished by the issuer or obtained by the ratings services from other sources which they consider reliable. Ratings may be changed, suspended or withdrawn as a result of changes in or unavailability of such information, or for other reasons.

The following is a description of the characteristics of ratings used by Moody's Investors Service, Inc. ("Moody's") and Standard & Poor's Corporation ("S&P").

**Moody's Ratings**

**Aaa-**Bonds rated Aaa are judged to be the best quality. They carry the smallest degree of investment risk and are generally referred to as "giltedge." Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. Although the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such bonds.

**Aa-**Bonds rated Aa are judged to be high quality by all standards. Together with the Aaa group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa bonds or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risk appear somewhat larger than in Aaa bonds.

**A-**Bonds rated A possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment sometime in the future.

**Baa-**Bonds rated Baa are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

**Ba-**Bonds rated Ba are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and thereby not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.

**B-**Bonds rated B generally lack characteristics of the desirable investment. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

**Caa-**Bonds rated Caa are of poor standing. Such bonds may be in default or there may be present elements of danger with respect to principal or interest.

**Ca-**Bonds rated Ca represent obligations which are speculative in a high degree. Such bonds are often in default or have other marked shortcomings.

**C-**Bonds which are rated C are the lowest rated class of bonds, and can be regarded as having extremely poor prospects of ever attaining any real investment standing.

**1, 2, or 3**

Numerical modifiers 1, 2, 3 to each Moody's rating category from Aa through Caa to show standing within the rating category.

**S&P Ratings**

**AAA-**Bonds rated AAA have the highest rating. Capacity to pay principal and interest is extremely strong.

**AA-**Bonds rated AA have a very strong capacity to pay principal and interest and differ from AAA bonds only in small degree.

**A-**Bonds rated A have a strong capacity to pay principal and interest, although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than bonds in higher rated categories.

**BBB-**Bonds rated BBB are regarded as having an adequate capacity to pay principal and interest. Whereas they normally exhibit protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay principal and interest than for bonds in higher rated categories.

**BB-B-CCC-CC-**Bonds rated BB, B, CCC and CC are regarded, on balance, as predominantly speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligation. BB indicates the lowest degree of speculation among such bonds and CC the highest degree of speculation. Although such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.

**C-**A C rating is assigned to bonds that are currently highly vulnerable to nonpayment, have payment arrearages allowed by the terms of the documents, or bonds of an issuer that is the subject of a bankruptcy petition or similar action which have not experienced a payment default. The C rating may be assigned to bonds on which cash payments have been suspended in accordance with relevant terms of the instrument.

**D-**Bonds rated D are in payment default. The D rating category is used when payments on a bond are not made on the date due even if the applicable grace period has not expired, unless Standard & Poor's believes that such payments will be made during such grace period. The D rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action if payments on a bond are jeopardized.

**Plus (+) or minus (-)**

The S&P ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

FIRST EAGLE COMPLETION FUND TRUST

PART C

**OTHER INFORMATION**

Item 28. Exhibits

**<u>EXHIBIT</u>**

---

| | |
|:---|:---|
| (a)(1) | [Initial Declaration of Trust and Certificate of Trust dated March 10, 2025.(1)](https://www.sec.gov/Archives/edgar/data/2060415/000093041325001249/c112442_ex99-a.htm) |
| (a)(2) | [Amended and Restated Agreement and Declaration of Trust dated June 5, 2025. (filed herewith)](c113931_ex99-a2.htm) |
| (b) | [Bylaws dated June 5, 2025. (filed herewith)](c113931_ex99-b.htm) |
| (c) | The rights of holders of the securities being registered are set out in Articles Three and Five of the Trust Instrument referenced in Exhibit (a)(2) above and in Article Two of the Bylaws referenced in Exhibit (b) above. |
| (d) | [Investment Advisory Contract between the Registrant and First Eagle Investment Management, LLC (the "Adviser"). (filed herewith)](c113931_ex99-d.htm) |
| (e) | [Underwriting Agreement between the Registrant and FEF Distributors, LLC. (filed herewith)](c113931_ex99-e.htm) |
| (f) | Not applicable. |
| (g) | [Amended and Restated Global Custody Agreement between each entity managed by the Adviser and JPMorgan Chase Bank, N.A, dated April 18, 2017, with amended Exhibit A dated as of June 3, 2025. (filed herewith)](c113931_ex99-g.htm) |
| (h)(1) | [Transfer Agency Agreement between the First Eagle Funds, First Eagle Variable Funds and DST Systems, Inc.(2)](https://www.sec.gov/Archives/edgar/data/1818416/000110465920126990/a20-24824_1ex99dk2.htm) |
| (h)(2) | [Amendment to Transfer Agency Agreement between the Registrant and SS&C GIDS, INC. dated June 10, 2025. (filed herewith)](c113931_ex99-h2.htm) |
| (h)(3) | [Amended and Restated Fund Services Agreement between each entity managed by the Adviser and JPMorgan Chase Bank, N.A, dated September 9, 2020, with amended Exhibit A dated as of June 3, 2025. (filed herewith)](c113931_ex99-h3.htm) |
| (i) | [Opinion of Richards, Layton & Finger, P.A. with respect to the offering of shares of First Eagle High Yield Municipal Completion Fund. (filed herewith)](c113931_ex99-i.htm) |
| (j) | [Consent of Independent Registered Public Accounting Firm. (filed herewith)](c113931_ex99-j.htm) |
| (k) | Not applicable. |
| (l) | Not applicable. |
| (m) | Not applicable. |
| (n) | Not applicable. |
| (o) | Not applicable. |
| (p) | [Code of Ethics.(1)](https://www.sec.gov/Archives/edgar/data/2060415/000093041325001249/c112442_ex99-p.htm) |
| (q)(1) | [Power of Attorney. (filed herewith)](c113931_ex99-q1.htm) |
| (q)(2) | [Power of Attorney. (filed herewith)](c113931_ex99-q2.htm) |
| (q)(3) | [Power of Attorney. (filed herewith)](c113931_ex99-q3.htm) |
| (q)(4) | [Power of Attorney. (filed herewith)](c113931_ex99-q4.htm) |
| (q)(5) | [Power of Attorney. (filed herewith)](c113931_ex99-q5.htm) |
| (q)(6) | [Power of Attorney. (filed herewith)](c113931_ex99-q5.htm) |
| (q)(7) | [Power of Attorney. (filed herewith)](c113931_ex99-q7.htm) |
| (q)(8) | [Power of Attorney. (filed herewith)](c113931_ex99-q8.htm) |
| (q)(9) | [Power of Attorney. (filed herewith)](c113931_ex99-q9.htm) |

---

------

(1) Incorporated by reference to the applicable exhibit to the Registration Statement of First Eagle Completion Fund Trust under the Securities Act of 1933 (File No. 333-286532) on Form N-2, filed on April 15, 2025.

(2) Incorporated by reference to the applicable exhibit to the Registration Statement of First Eagle Credit Opportunities Fund under the Securities Act of 1933 (File No. 333-239995) on Form N-2, filed on November 19, 2020.

Item 29. Person Controlled or Under Common Control With Registrant

None.

Item 30. Indemnification

Reference is made to the provisions of [Article Three, Section Seven and Article Seven, Section Two of the Registrant's Trust Instrument referenced in Exhibit (a)(2) above and filed herewith](c113931_ex99-a2.htm), together with the entirety of [Article Six of the Registrant's Bylaws referenced in Exhibit (b) above and filed herewith](c113931_ex99-b.htm).

The general effect of these provisions, and related statutory indemnification benefits as may be available under Delaware or other applicable state or federal laws, is to protect trustees, officers, employees and agents of Registrant against legal liability and expenses incurred by reason of their service to Registrant. In accord with the foregoing, Registrant shall indemnify its trustees, officers, employees and agents against judgments, fines, penalties, settlements and expenses to the fullest extent authorized, and in the manner permitted, by applicable state and federal law.

In addition, the Registrant will maintain a trustees' and officers' errors and omissions liability insurance policy protecting directors and officers against liability for claims made by reason of any acts, errors or omissions committed in their capacity as trustees or officers. The policy will contain certain exclusions, among which is exclusion from coverage for active or deliberate dishonest or fraudulent acts and exclusion for fines or penalties imposed by law or other matters deemed uninsurable.

Insofar as indemnification for liability arising under the Securities Act of 1933, as amended (the "Act"), may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 31. Business and Other Connections of Investment Adviser

First Eagle Investment Management, LLC is the Registrant's investment adviser. Its primary office is located at 1345 Avenue of the Americas, New York, New York, 10105. In addition to the Registrant, First Eagle Investment Management, LLC acts as investment adviser to First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and to certain investment vehicles and accounts not subject to registration with the Securities and Exchange Commission.

First Eagle Investment Management, LLC is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"), a privately-owned holding company organized under the laws of the State of Delaware, which has a substantial amount of assets under management in the form of non-collective vehicle accounts, and, through the Adviser, Fund accounts, other pooled investment vehicles, and clients including corporations and major retirement plans. In connection with another subsidiary, FEF Distributors, LLC, a registered broker-dealer, the principal underwriter to the Registrant, First Eagle Holdings is substantially involved in the distribution of mutual fund shares. The business and other connections of the Adviser's officers are as follows:

---

| | | |
|:---|:---|:---|
| **Name** | **Position with the<br> Adviser** | **Business and Other<br> Connections** |
| Mehdi Mahmud | President and Chief Executive Officer | Trustee and President, First Eagle Funds and First Variable Funds; Director, First Eagle Amundi; Chief Executive Officer, First Eagle Alternative Credit, LLC; Trustee and President, First Eagle Credit Opportunities Fund; Trustee and President, First Eagle Real Estate Debt Fund |
| Melanie Dow | Chief Administrative Officer and Executive Managing Director | Chief Administrative Officer and Executive Managing Director, First Eagle Alternative Credit, LLC |
| David O'Connor | General Counsel, Executive Managing Director | General Counsel, First Eagle Funds and First Eagle Variable Funds; General Counsel, First Eagle Credit Opportunities Fund; General Counsel, First Eagle Real Estate Debt Fund; General Counsel, First Eagle Holdings, Inc.; Secretary and General Counsel and Manager, FEF Distributors, LLC; Director, First Eagle Amundi; Director, First Eagle Investment Management, Ltd; Head of Legal and Compliance & Chief Legal Officer, First Eagle Alternative Credit, LLC |
| Michael Constantino | Chief Financial Officer, Executive Managing Director | Head of Finance and Executive Managing Director, First Eagle Alternative Credit, LLC |
| Seth Gelman | Chief Compliance Officer, Managing Director | Chief Compliance Officer and Managing Director, First Eagle Investment Management, LLC; Chief Compliance Officer, First Eagle Funds and First Eagle Variable Funds; Chief Compliance Officer, First Eagle Credit Opportunities Fund; Chief Compliance Officer, First Eagle Real Estate Debt Fund; prior to February 2023, Chief Compliance Officer of Insight Investment North America |

---

Additional information regarding First Eagle Investment Management, LLC is provided in the body of this Registration Statement on Form N-1A under the heading "Investment Advisory and Other Services."

Item 32. Principal Underwriters

(a) FEF Distributors, LLC is the Registrant's distributor (the "Distributor"). It also serves
 as principal underwriter for First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Tactical Municipal Opportunities Fund and First Eagle
 Real Estate Debt Fund.

(b) The positions and offices of the Distributor's directors and officers who serve the Registrant are as follows:

---

| | | |
|:---|:---|:---|
| **Name and Business<br> Address\*** | **Position and Offices with<br> Underwriter** | **Position and Offices with Registrant** |
| Frank Riccio | President | Executive Managing Director |
| Robert Bruno | Manager | Executive Managing Director |
| David O'Connor | General Counsel and Manager | General Counsel |
| Modestino (Steve) Carullo | Chief Compliance Officer | AML Officer |
| Michael Luzzatto | Vice President | Managing Director |
| Michael Constantino | Manager | None |
| Chun Fong | Chief Financial Officer and FINOP | None |

---

\* The address of each person named above is 1345 Avenue of the Americas, New York, New York 10105.

(c) The Registrant has no principal underwriter which is not an affiliated person of the Registrant.

Item 33. Location of Accounts and Records

Omitted pursuant to Instruction 3 of Item 33 of Form N-1A.

Item 34. Management Services Not applicable.

Item 35. Undertakings

The Registrant undertakes to call a meeting of shareholders for the purpose of voting upon the question of removal of a director, if requested to do so by the holders of at least 10% of a Fund's outstanding shares, and that it will assist communication with other shareholders as required by Section 16(c) of the Investment Company Act of 1940.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for the effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and the Registrant has duly caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York, as of the 29th day of September 2025.

---

| | |
|:---|:---|
| **FIRST EAGLE COMPLETION FUND TRUST** | **FIRST EAGLE COMPLETION FUND TRUST** |
| (A Delaware statutory trust) |  |
| By: | /s/ Mehdi Mahmud |
| Name: | Mehdi Mahmud |
| Title: | President (Principal Executive Officer) |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| \* |  |  |
| Lisa Anderson | Trustee | September 29, 2025 |
| \* |  |  |
| John P. Arnhold | Trustee | September 29, 2025 |
| \* |  |  |
| Candace K. Beinecke | Trustee | September 29, 2025 |
| \* |  |  |
| Peter W. Davidson | Trustee | September 29, 2025 |
| \* |  |  |
| Jean D. Hamilton | Trustee | September 29, 2025 |
| \* |  |  |
| William M. Kelly | Trustee | September 29, 2025 |
| \* |  |  |
| Paul J. Lawler | Trustee | September 29, 2025 |
| \* |  |  |
| Mandakini Puri | Trustee | September 29, 2025 |
| \* |  |  |
| Scott Sleyster | Trustee | September 29, 2025 |
| /s/ Mehdi Mahmud |  |  |
| Mehdi Mahmud | Trustee | September 29, 2025 |
| /s/ Brandon Webster |  |  |
| Brandon Webster | Chief Financial Officer | September 29, 2025 |
|  | (Principal Financial Officer) and Chief Accounting Officer |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Mehdi Mahmud |
|  | Mehdi Mahmud, Attorney-in-Fact |

---

Exhibit Index

**<u>EXHIBIT</u>**

---

| | |
|:---|:---|
| (a)(2) | [Amended and Restated Agreement and Declaration of Trust dated June 5, 2025.](c113931_ex99-a2.htm) |
| (b) | [Bylaws dated June 5, 2025.](c113931_ex99-b.htm) |
| (d) | [Investment Advisory Contract between the Registrant and First Eagle Investment Management, LLC (the "Adviser").](c113931_ex99-d.htm) |
| (e) | [Underwriting Agreement between the Registrant and FEF Distributors, LLC.](c113931_ex99-e.htm) |
| (g) | [Amended and Restated Global Custody Agreement between each entity managed by the Adviser and JPMorgan Chase Bank, N.A, dated April 18, 2017, with amended Exhibit A dated as of June 3, 2025.](c113931_ex99-g.htm) |
| (h)(2) | [Amendment to Transfer Agency Agreement between the Registrant and SS&C GIDS, INC., dated June 10, 2025.](c113931_ex99-h2.htm) |
| (h)(3) | [Amended and Restated Fund Services Agreement between each entity managed by the Adviser and JPMorgan Chase Bank, N.A, dated September 9, 2020, with amended Exhibit A dated as of June 3, 2025.](c113931_ex99-h3.htm) |
| (i) | [Opinion of Richards, Layton & Finger, P.A. with respect to the offering of shares of First Eagle High Yield Municipal Completion Fund.](c113931_ex99-i.htm) |
| (j) | [Consent of Independent Registered Public Accounting Firm.](c113931_ex99-j.htm) |
| (q)(1) | [Power of Attorney.](c113931_ex99-q1.htm) |
| (q)(2) | [Power of Attorney.](c113931_ex99-q2.htm) |
| (q)(3) | [Power of Attorney.](c113931_ex99-q3.htm) |
| (q)(4) | [Power of Attorney.](c113931_ex99-q4.htm) |
| (q)(5) | [Power of Attorney.](c113931_ex99-q5.htm) |
| (q)(6) | [Power of Attorney.](c113931_ex99-q6.htm) |
| (q)(7) | [Power of Attorney.](c113931_ex99-q7.htm) |
| (q)(8) | [Power of Attorney.](c113931_ex99-q8.htm) |
| (q)(9) | [Power of Attorney.](c113931_ex99-q9.htm) |

---

## Ex-99.(A)(2)

***Exhibit 99.(a)(2)***

AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST<br> OF<br> FIRST EAGLE COMPLETION FUND TRUST

THIS AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST is made as of June 5, 2025 and amends and restates in its entirety the Agreement and Declaration of Trust of First Eagle Completion Fund Trust dated March 10, 2025.

Whereas, this Trust has been formed in accordance with the provisions hereinafter set forth;

NOW, THEREFORE, the Trustees will hold in trust all cash, securities and other assets that the Trust now possesses or may hereafter acquire from time to time in any manner and manage and dispose of the same upon the following terms and conditions for the benefit of the holders of Shares in the Trust.

ARTICLE I

<u>Name and Definitions</u>

<u>Section 1.</u> <u>Name</u>. This Trust shall be known as "First Eagle Completion Fund Trust" and the Trustees shall conduct the business of the Trust under that name or any other name as they may from time to time determine.

<u>Section 2.</u> <u>Definitions</u>. Whenever used herein, unless otherwise required by the context or specifically provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "By-Laws" shall mean the By-Laws of the Trust, as amended from time to time, which By-Laws are expressly herein incorporated by reference as part of the "governing instrument" within the meaning of the Delaware Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Certificate of Trust" means the certificate of trust, as amended or restated from time to time, filed by the Trustees in the Office of the Secretary of State of the State of Delaware in accordance with the Delaware Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Class" means a class of Shares of a Series of the Trust established in accordance with the provisions of Article III hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Commission" means the Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Declaration of Trust" means this Agreement and Declaration of Trust, as amended or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Delaware Act" means the Delaware Statutory Trust Act, 12 Del. C. § 3801 et seq., as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "DGCL" means Delaware General Corporation Law, 8 Del. C. § 100, et. seq., as amended from time to time, or any successor statute thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Initial Trustee(s)" means the person or persons who have signed this Declaration of Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Manager" means a party furnishing services to the Trust pursuant to an investment management or investment advisory agreement described in Article IV, Section 8(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "1940 Act" means the Investment Company Act of 1940 and the Rules and Regulations thereunder, all as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Person" means and includes individuals, corporations, partnerships, trusts, associations, joint ventures, estates and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof, whether domestic or foreign;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "Principal Underwriter" shall have the meaning given to it in the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Series" means each Series of Shares established and designated under or in accordance with the provisions of Article III hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "Shareholder" means a beneficial owner of outstanding Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "Shares" means the Shares of beneficial interest into which the beneficial interest in the Trust shall be divided, from time to time, and includes fractions of Shares as well as whole Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "Trust" means the Delaware statutory trust established under the Delaware Act by this Declaration of Trust and the filing of the Certificate of Trust in the Office of the Secretary of State of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "Trust Property" means any and all property, real or personal, tangible or intangible, that is from time to time owned or held by or for the account of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "Trustees" means the Initial Trustee, and all other Persons who may, from time to time, be duly elected or appointed to serve as Trustees in accordance with the provisions hereof, in each case so long as such Person shall continue in office in accordance with the terms of this Declaration of Trust, and reference herein to a Trustee or the Trustees shall refer to such Person or Persons in her or his or their capacity as Trustees hereunder.

ARTICLE II

<u>Purpose of Trust</u>

The purpose of the Trust is to conduct, operate and carry on the business of a management investment company registered under the 1940 Act through one or more Series investing primarily in securities, and to carry on such other business as the Trustees may, from time to time, determine pursuant to their authority under this Declaration of Trust.

ARTICLE III

<u>Shares</u>

<u>Section 1.</u> <u>Division of Beneficial Interests</u>. The beneficial interests in the Trust may be divided into one or more Series. Each Series may be divided into one or more Classes. Subject to the further provisions of this Article III and any applicable requirements of the 1940 Act, the Trustees shall have full power and authority, in their sole discretion, and without obtaining any authorization or vote of the Shareholders of any Series or Class thereof, (i) to divide the beneficial interests in the Trust or in each Series or Class thereof into Shares, with or without par value as the Trustees shall determine, (ii) to issue Shares without limitation as to number (including fractional Shares) to such Persons and for such amount and type of consideration, including cash or securities, at such time or times and on such terms as the Trustees may deem appropriate, (iii) to establish and designate and to change in any manner any Series or Class thereof and to fix such preferences, voting powers, rights, duties and privileges and business purpose of each Series or Class thereof as the Trustees may, from time to time, determine, which preferences, voting powers, rights, duties and privileges may be senior or subordinate to (or in the case of business purpose, different from) any existing Series or Class thereof and may be limited to specified property or obligations of the Trust or profits and losses associated with specified property or obligations of the Trust, (iv) to divide or combine the Shares of any Series or Class thereof into a greater or lesser number, or issue dividends in Shares with respect to Shares of any Series or Class, without thereby materially changing the proportionate beneficial interest of the Shares of such Series or Class in the assets held with respect to that Series or Class thereof, (v) to classify or reclassify any issued Shares of any Series or Class thereof into Shares of one or more Series or Classes thereof and (vi) to take such other action with respect to the Shares as the Trustees may deem desirable.

Subject to the distinctions permitted among Classes or otherwise in Shares of the same Series as established by the Trustees consistent with the requirements of the 1940 Act, each Share of a Series of the Trust shall represent an equal beneficial interest in the net assets of such Series, and each holder of Shares of a Series shall be entitled to receive such holder's pro rata share of distributions of income and capital gains, if any, made with respect to such Series. Upon redemption of the Shares of any Series or Class thereof, the applicable Shareholder shall be entitled to be paid solely out of the funds and property of such Series or Class thereof of the Trust.

All references to Shares in this Declaration of Trust shall be deemed to be Shares of any or all Series or Classes thereof, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust and each Class thereof, except as the context otherwise requires.

All Shares issued hereunder, including, without limitation, Shares issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and non-assessable. Except as otherwise provided by the Trustees, Shareholders shall have no appraisal, preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust.

<u>Section 2.</u> <u>Ownership of Shares</u>. The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent for the Trust, which books shall be maintained separately for the Shares of each Series (or Class). No certificates certifying the ownership of

Shares shall be issued except as the Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the issuance of Share certificates, the transfer of Shares of each Series (or Class) and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to the identity of the Shareholders of each Series (or Class) and as to the number of Shares of each Series (or Class) held, from time to time, by each Shareholder.

<u>Section 3.</u> <u>Transfer of Shares</u>. Except as otherwise provided by the Trustees, Shares shall be transferable on the books of the Trust only by the record holder thereof or by his duly authorized agent upon delivery to the Trustees or the Trust's transfer agent of a duly executed instrument of transfer, together with a Share certificate if one is outstanding, and such evidence of the genuineness of the execution and authorization thereof as may be required by the Trustees and of such other matters as may be required by the Trustees. Upon such delivery, and subject to any further requirements specified by the Trustees or contained in the By-Laws, the transfer shall be recorded on the books of the Trust. Until a transfer is so recorded, the record holder of Shares shall be deemed to be the holder of such Shares for all purposes hereunder and neither the Trustees nor the Trust, nor any transfer agent, shareholder servicing agent or similar agent, any officer, employee or agent of the Trust, shall be affected by any notice of a proposed transfer.

<u>Section 4.</u> <u>Investments in the Trust</u>. Investments may be accepted by the Trust from such Persons, at such times, on such terms, and for such consideration as the Trustees, from time to time, may authorize.

<u>Section 5.</u> <u>Status of Shares and Limitation of Personal Liability</u>. Shares shall be deemed to be personal property giving only the rights provided in this instrument. Every Shareholder, by virtue of having become a Shareholder, shall be held to have expressly assented and agreed to the terms hereof. The death, incapacity, dissolution, termination or bankruptcy of a Shareholder during the existence of the Trust shall not operate to dissolve the Trust, nor entitle the representative of any such Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but entitles such representative only to the rights of such Shareholder under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust Property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders as partners. Neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust shall have any power to bind personally any Shareholder, nor, except as specifically provided herein, to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay. Except as specifically provided herein, no Shareholder shall be personally liable for the debts, liabilities, obligations or expenses incurred by, contracted for, or otherwise existing with respect to, the Trust or by or on behalf of any Series or Class. Every note, bond, contract or other understanding issued by or on behalf of the Trust or Trustees relating to the Trust or to a Series or Class may include a recitation limiting the obligation represented thereby to the Trust or to one or more Series or Class and its respective assets (but the omission of such a recitation shall not operate to bind any Shareholder or Trustee of the Trust).

<u>Section 6.</u> <u>Establishment and Designation of Series (or Class)</u>. Pursuant to Section 3804 of the Delaware Act, the debts, liabilities, obligations, costs, charges, reserves and expenses

incurred, contracted for or otherwise existing with respect to a particular Series, whether such Series is now authorized and existing pursuant to the governing instrument of the Trust or is hereafter authorized and existing pursuant to said governing instrument, shall be enforceable against the assets associated with such Series only, and not against the assets of the Trust generally or any other Series thereof, and, except as otherwise provided in the governing instrument of the Trust, none of the debts, liabilities, obligations, costs, charges, reserves and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other Series thereof shall be enforceable against the assets of such Series. Without obtaining any authorization or vote of the Shareholders of any Series or Class thereof (except as otherwise required by the 1940 Act), the establishment and designation of any Series (or Class) of Shares shall be effective upon the adoption by a majority of the then Trustees of a resolution that sets forth such establishment and designation and the relative rights and preferences of such Series (or Class), whether directly in such resolution or by reference to another document including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution.

Shares of each Series (or Class) established pursuant to this Article III, unless otherwise provided in the resolution establishing such Series, shall have the following relative rights and preferences:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Assets Held with Respect to a Particular Series (or Class)</u>. All consideration received by the Trust for the issue or sale of Shares of a particular Series or Class thereof, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably be held with respect to that Series (or Class) for all purposes, subject only to the rights of creditors of such Series (or Class thereof to the extent provided below), and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, are herein referred to as assets held with respect to that Series (or Class thereof). In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments that are not readily identifiable as assets held with respect to any particular Series (and the Classes thereof) (collectively "General Assets"), the Trustees shall allocate such General Assets to, between or among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees, in their sole discretion, deem fair and equitable, and any General Assets so allocated to a particular Series (and the Classes thereof) shall be assets held with respect to that Series and such Classes. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. Separate and distinct records shall be maintained for each Series (and the Classes thereof) and the assets held with respect to each Series (and the Classes thereof) shall be held and accounted for separately from the assets held with respect to all other Series (and the Classes thereof) and the General Assets of the Trust not allocated to such Series or Classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Liabilities Attributable to a Particular Series (or Class)</u>. The assets of the Trust held with respect to each particular Series (or Class thereof) shall be charged exclusively with the liabilities of the Trust attributable to that Series or Class and all expenses, costs, charges and

reserves attributable to that Series or Class. Any general liabilities of the Trust that are not readily identifiable as being attributable to any particular Series (and the Classes thereof) shall be allocated and charged by the Trustees to and among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. All liabilities, expenses, costs, charges, and reserves so charged to a Series (and the Classes thereof) are herein referred to as "liabilities attributable to" that Series (or Class thereof). Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. All liabilities attributable to a particular Series shall be enforceable against the assets held with respect to such Series only and not against the assets of the Trust generally or against the assets held with respect to any other Series. Notice of this limitation on the liability of each Series shall be set forth in the Certificate of Trust or in an amendment thereto prior to the issuance of any Shares of a Series. To the extent that the Trustees, pursuant to Section 2 of Article VII hereof, include a Class limitation on liability in any note, bond, contract, instrument, certificate or undertaking made with respect to any Class, the parties to such note, bond, contract, instrument, certificate or undertaking shall look only to the assets of such Class in satisfaction of the liabilities arising thereunder and not to the assets of any other Class of the applicable Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Dividends, Distributions, Redemptions and Repurchases</u>. Notwithstanding any other provision of this Declaration of Trust, including, without limitation, Article VI, no dividend or distribution, including, without limitation, any distribution paid upon dissolution of the Trust or of any Series (or Class) thereof with respect to, nor any redemption or repurchase of, the Shares of any Series (or Class thereof) shall be effected by the Trust other than from the assets held with respect to such Series (or Class thereof), nor shall any Shareholder of any particular Series (or Class thereof) otherwise have any right or claim against the assets held with respect to any other Series or Class except to the extent that such Shareholder has such a right or claim hereunder as a Shareholder of such other Series or Class. The Trustees shall have full discretion, to the extent not inconsistent with the 1940 Act, to determine which items shall be treated as income and which items as capital; and each such determination and allocation shall be conclusive and binding upon the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Equality</u>. All the Shares of each particular Series (or Class thereof) shall represent an equal proportionate interest in the assets held with respect to that Series (or Class thereof), and each Share of any particular Series shall be equal to each other Share of that Series (subject to the liabilities attributable to that Series and such rights and preferences as may have been established and designated with respect to Classes, or otherwise, of Shares within such Series).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Fractions</u>. Any fractional Share of a Series (or Class thereof) shall carry proportionately all the rights and obligations of a whole Share of that Series or Class, including rights with respect to voting, receipt of dividends and distributions, redemption of Shares and dissolution of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Combination of Series</u>. The Trustees shall have the authority, without the approval of the Shareholders of any Series (or Class thereof), unless otherwise required by applicable law, to combine the assets and liabilities attributable to any two or more Series (or Classes) into assets and liabilities attributable to a single Series or Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Elimination of Series</u>. At any time that there are no Shares outstanding of any particular Series (or Class) previously established and designated, the Trustees may by resolution of a majority of the Trustees abolish that Series (or Class) and rescind the establishment and designation thereof and may thereafter establish a new Series (or Class) with such designation and otherwise as herein provided.

<u>Section 7.</u> <u>Indemnification of Shareholders</u>. If any Shareholder or former Shareholder shall be exposed to liability by reason of a claim or demand relating to such Person being or having been a Shareholder, and not because of such Person's acts or omissions, the Shareholder or former Shareholder (or such Person's heirs, executors, administrators, or other legal representatives or in the case of a corporation or other entity, its corporate or other general successor) shall be entitled to be held harmless from and indemnified out of the assets of the Trust against all cost and expense reasonably incurred in connection with such claim or demand, but only out of the assets held with respect to the particular Series (or Class thereof) of Shares of which such Person is or was a Shareholder and from or in relation to which such liability arose. The Series (or Class thereof) may, at its option, and shall, upon request by the Shareholder, assume the defense of any claim made against the Shareholder for any act or obligation of such Series and satisfy any judgment thereon.

ARTICLE IV

<u>Trustees</u>

<u>Section 1.</u> <u>Election of Trustees</u>. Upon the issuance of beneficial interests of the Trust, First Eagle Investment Management, LLC, a New York limited liability company, as initial shareholder of the Trust, shall elect the Trustees of the Trust; to the extent that persons so elected are different from the Initial Trustee, such persons shall replace the Initial Trustee as Trustees of the Trust. Each Trustee and officer of the Trust shall have duties including fiduciary duties (and liability therefore) identical to those of directors and officers of a private corporation for profit organized under the DGCL and shall not have any other duties, including any fiduciary duties, except for fiduciary duties identical to those of directors and officers of a private corporation for profit organized under the DGCL.

<u>Section 2.</u> <u>Number, Election and Tenure</u>. The Initial Trustee David O'Connor. After the initial election of Trustees, the number of Trustees shall be nine or such other number as shall, from time to time, be determined by the Trustees pursuant to Section 4 of this Article IV. Except as described above with respect to the Initial Trustee, each Trustee shall serve during the continued term of the Trust until she or he dies, resigns, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner, until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of her or his successor. In the event that less than the majority of the Trustees holding office have been elected by the Shareholders, to the extent required by the 1940 Act, the Trustees then in office shall call a Shareholders meeting for the election of Trustees. Any Trustee may resign at any time by written instrument signed by her or him and delivered to any officer of the Trust or to the secretary of any meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation

for any period following her or his resignation or removal, or any right to damages on account of such removal. The Shareholders may elect Trustees at any meeting of Shareholders called by the Trustees for that purpose. Any Trustee may be removed at any meeting of Shareholders by a majority vote of the outstanding Shares of the Trust, as defined in the 1940 Act.

<u>Section 3.</u> <u>Effect of Death, Resignation or Removal of a Trustee</u>. The death, declination to serve, resignation, retirement, removal, or incapacity of one or more Trustees, or all of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust. Whenever there shall be fewer than the designated number of Trustees, until additional Trustees are elected or appointed as provided herein to bring the total number of Trustees equal to the designated number, the Trustees in office, regardless of their number, shall have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by this Declaration of Trust. As conclusive evidence of such vacancy, a written instrument certifying the existence of such vacancy may be executed by an officer of the Trust or by a majority of the Trustees then in office. In the event of the death, declination, resignation, retirement, removal, or incapacity of all the then Trustees within a short period of time and without the opportunity for at least one Trustee being able to appoint additional Trustees to replace those no longer serving, the Trust's Manager is empowered to appoint new Trustees subject to the applicable provisions of the 1940 Act.

<u>Section 4.</u> <u>Powers</u>. Subject to the provisions of this Declaration of Trust, the business of the Trust shall be managed by the Trustees; the Trustees shall have full power and authority to do any and all acts and to make and execute any and all contracts and instruments that they may consider necessary or appropriate in connection with the management of the Trust, including the power to engage in securities transactions of all kinds on behalf of the Trust. Without limiting the foregoing, the Trustees may: adopt By-Laws not inconsistent with this Declaration of Trust providing for the regulation and management of the affairs of the Trust and may amend and repeal them; enlarge or reduce their number; remove any Trustee with or without cause at any time by written instrument signed by at least two-thirds of the number of Trustees prior to such removal, specifying the date when such removal shall become effective and fill vacancies caused by enlargement of their number or by the death, resignation or removal of a Trustee; elect and remove, with or without cause, such officers and appoint and terminate such agents as they consider appropriate; appoint from their own number and establish and terminate one or more committees consisting of two or more Trustees which may exercise the powers and authority of the Board of Trustees to the extent that the Board of Trustees determine; deposit all or any part of such assets in a system or systems for the central handling of securities or with a Federal Reserve Bank; provide for the issuance and distribution of Shares by the Trust directly or through one or more Principal Underwriters or otherwise; redeem, repurchase and transfer Shares pursuant to applicable law; declare and pay dividends and distributions to Shareholders from the assets available therefor; and in general exercise, or delegate to any officer of the Trust, to any committee of the Trustees and to any agent or employee of the Trust or to any such custodian, transfer or Shareholder servicing agent, or Principal Underwriter, such authority as they consider desirable. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Declaration of Trust, the presumption shall be in favor of a grant of power to the Trustees. Unless otherwise specified herein or in the By-Laws or required by law, any action by the Trustees shall be deemed effective if approved or taken by a majority of the Trustees present at a meeting of Trustees at which a quorum of Trustees is present,

within or without the State of Delaware.

Without limiting the foregoing, the Trustees shall have the power and authority to cause the Trust (or to act on behalf of the Trust):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To operate as and carry out the business of an investment company, and exercise all the powers necessary or appropriate to the conduct of such operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To invest and reinvest cash, to hold cash uninvested, and to subscribe for, invest in, reinvest in, purchase or otherwise acquire, own, hold, pledge, sell, assign, transfer, exchange, distribute, purchase or write options on, lend, enter into contracts for the future acquisition or delivery of, or otherwise deal in or dispose of, securities, indices, currencies, commodities or other property of every nature and kind, including, without limitation, all types of bonds, debentures, stocks, negotiable or non-negotiable instruments, obligations, evidences of indebtedness, certificates of deposit or indebtedness, commercial paper, repurchase agreements, bankers acceptances, and other securities, commodities or contracts of any kind, issued, created, guaranteed, or sponsored by any and all Persons, including, without limitation, states, territories, and possessions of the United States and the District of Columbia and any political subdivision, agency, or instrumentality thereof, the U.S. Government or any foreign government or any political subdivision of the U.S. Government or any foreign government, or any domestic or international instrumentality, or by any bank or savings institution, or by any corporation or organization organized under the laws of the United States or of any state, territory, or possession thereof, or by any corporation or organization organized under any foreign law, or in "when issued" contracts for any such securities; to change the investments of the assets of the Trust; and to exercise any and all rights, powers, and privileges of ownership or interest in respect of any and all such investments of every kind and description, including, without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers, and privileges in respect of any of said instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To sell, exchange, lend, pledge, mortgage, hypothecate, lease, or write options (including options on futures contracts) with respect to or otherwise deal in any property rights relating to any or all of the assets of the Trust or any Series or Class thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To vote or give assent, or exercise any rights of ownership, with respect to stock or other securities or property; and to execute and deliver proxies or powers of attorney to such Person or Persons as the Trustees shall deem proper, granting to such Person or Persons such power and discretion with relation to securities or property as the Trustees shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To set record dates for the determination of Shareholders with respect to various matters, which, for purposes of determining the Shareholders of any Series (or Class) who are entitled to receive payment of any dividend or of any other distribution shall be on or before the date for the payment of such dividend or such other payment, as the record date for determining the Shareholders of such Series (or Class) having the right to receive such dividend or distribution; without fixing a record date, the Trustees may for distribution purposes close the register or transfer books for one or more Series (or Classes) at any time prior to the payment of a distribution; nothing in this subsection shall be construed as precluding the Trustees from setting different record dates for different Series (or Classes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of securities or other property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To hold any security or property in a form not indicating any trust, whether in bearer, unregistered or other negotiable form, or in its own name or in the name of a custodian or a nominee or nominees or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer of any security or property which is held in the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by such corporation or issuer; and to pay calls or subscriptions with respect to any security or property held in the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To join with other security or property holders in acting through a committee, depository, voting trustee or otherwise, and in that connection to deposit any security or property with, or transfer any security or property to, any such committee, depositary or trustee, and to delegate to them such power and authority with relation to any security or property (whether or not so deposited or transferred) as the Trustees shall deem proper, and to agree to pay, and to pay, such portion of the expenses and compensation of such committee, depositary or trustee as the Trustees shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To compromise, arbitrate or otherwise adjust claims in favor of or against the Trust or any matter in controversy, including, but not limited to, claims for taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To enter into joint ventures, general or limited partnerships and any other combinations or associations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To borrow funds or other property in the name of the Trust or any Series thereof exclusively for Trust or the relevant Series purposes and in connection therewith issue notes or other evidences of indebtedness; and to mortgage and pledge the Trust Property or any part thereof to secure any or all of such indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To endorse or guarantee the payment of any notes or other obligations of any Person; to make contracts of guaranty or suretyship, or otherwise assume liability for payment thereof; and to mortgage and pledge the Trust Property or any part thereof to secure any of or all of such obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To purchase and pay for entirely out of Trust Property such insurance as the Trustees may deem necessary or appropriate for the conduct of the business, including, without limitation, insurance policies insuring the assets of the Trust or payment of distributions and principal on its portfolio investments, and insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisers, principal underwriters, or independent contractors of the Trust, individually against all claims and liabilities of every nature arising by reason of holding Shares, holding, being in or having held any such office or position, or by reason of any action alleged to have been taken or omitted by any such Person as Trustee, officer, employee, agent, investment adviser, principal underwriter, or independent contractor, including any action taken or omitted that may be determined to constitute negligence, whether or not the Trust would have the power to indemnify such Person against liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To adopt, establish and carry out pension, profit-sharing, Share bonus, Share purchase, savings, thrift and other retirement, incentive and benefit plans and trusts, including the purchasing of life insurance and annuity contracts as a means of providing such retirement and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) To enter into contracts of any kind and description;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) To interpret the investment policies, practices or limitations of any Series or Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) To establish a registered office and have a registered agent in the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) To invest part or all of the Trust Property (or part or all of the assets of any Series), or to dispose of part or all of the Trust Property (or part or all of the assets of any Series) and invest the proceeds of such disposition, in securities issued by one or more other investment companies registered under the 1940 Act (including investment by means of transfer or part of all of the Trust Property in exchange for an interest or interests in such one or more investment companies) all without any requirement of approval by Shareholders unless required by the 1940 Act. Any such other investment company may (but need not) be a trust (formed under the laws of the State of Delaware or of any other state) which is classified as a partnership for federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Subject to the 1940 Act, to engage in any other lawful act or activity in which a statutory trust organized under the Delaware Act may engage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) In general to carry on any other business in connection with or incidental to any of the foregoing powers, to do everything necessary, suitable or proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power hereinbefore set forth, either alone or in association with others, and to do every other act or thing incidental or appurtenant to or growing out of or connected with the aforesaid business or purposes, objects or powers.

The foregoing clauses shall be construed as objects and powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general power of the Trustees. Any action by one or more of the Trustees in their capacity as such hereunder shall be deemed an action on behalf of the Trust or the applicable Series, and not an action in an individual capacity.

The Trust shall not be limited to investing in obligations maturing before the possible dissolution of the Trust or one or more of its Series or Classes thereof. The Trust shall not in any way be bound or limited by any present or future law or custom in regard to investment by fiduciaries. The Trust shall not be required to obtain any court order to deal with any assets of the Trust or take any other action hereunder.

<u>Section 5.</u> <u>Payment of Expenses by the Trust</u>. The Trustees are authorized to pay or cause to be paid out of the principal or income of the Trust, or partly out of the principal and partly

out of income, as they deem fair, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust, or in connection with the management thereof, including, but not limited to, the Trustees compensation and such expenses and charges for the services of the Trust's officers, employees, investment adviser or manager, Principal Underwriter, auditors, counsel, custodian, transfer agent, Shareholder servicing agent, and such other agents or independent contractors and such other expenses and charges as the Trustees may deem necessary or proper to incur, which expenses, fees, charges, taxes and liabilities shall be allocated in accordance with Article III, Section 6 hereof.

<u>Section 6.</u> <u>Payment of Expenses by Shareholders</u>. The Trustees shall have the power to cause each Shareholder, or each Shareholder of any particular Series or Class, to pay directly, at such intervals as the Trustees may determine, in advance or arrears, for charges of the Trust's transfer agent, Shareholder servicing or similar agent, an amount fixed, from time to time, by the Trustees, by setting off such charges due from such Shareholder from declared but unpaid dividends owed such Shareholder and/or by reducing the number of Shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such Shareholder.

<u>Section 7.</u> <u>Ownership of Assets of the Trust</u>. The assets of the Trust shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees. Title to all of the assets of the Trust shall at all times be considered as vested in the Trust, except that the Trustees shall have power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees, or in the name of any other Person as nominee, on such terms as the Trustees may determine. The right, title and interest of the Trustees in the Trust Property shall vest automatically in each Person who may hereafter become a Trustee. Upon the resignation, removal or death of a Trustee, she or he shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

<u>Section 8.</u> <u>Service Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to such requirements and restrictions as may be set forth under applicable federal or state law and in the By-Laws, including, without limitation, on the date hereof the requirements of Section 15 of the 1940 Act, or any successor provision, the Trustees may, at any time and from time to time, contract for exclusive or nonexclusive investment advisory, management or administrative services for the Trust or for any Series (or Class thereof) with any corporation, trust, association or other organization; and any such contract may contain such other terms as the Trustees may determine, including, without limitation, authority for the Manager or administrator to delegate certain or all of its duties under such contracts to qualified investment advisers or administrators and to determine from time to time, without prior consultation with the Trustees, what investments shall be purchased, held, sold or exchanged and what portion, if any, of the assets of the Trust shall be held uninvested and to make changes in the Trust's investments, or such other activities as may specifically be delegated to such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustees may also, at any time and from time to time, contract with any

corporation, trust, association or other organization, appointing it exclusive or nonexclusive distributor or Principal Underwriter for the Shares of one or more of the Series (or Classes) or other securities to be issued by the Trust. Every such contract shall comply with such requirements and restrictions as may be set forth under applicable federal or state law and in the By-Laws, including, without limitation, at the date hereof the requirements of Section 15 of the 1940 Act, or any successor provision; and any such contract may contain such other terms as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees are also empowered, at any time and from time to time, to contract with any corporations, trusts, associations or other organizations, appointing it or them the custodian, transfer agent or Shareholder servicing agent for the Trust or one or more of its Series (or Classes). Every such contract shall comply with such requirements and restrictions as may be set forth under applicable federal or state law and in the By-Laws or stipulated by resolution of the Trustees. The Trustees are empowered, at any time and from time to time, to retain sub-agents (foreign or domestic) in connection with any service provider to the Trust or one or more of its Series (or Classes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to applicable law, the Trustees are further empowered, at any time and from time to time, to contract with any entity to provide such other services, including, without limitation, accounting and pricing services, to the Trust or one or more of the Series (or Classes thereof), as the Trustees determine to be in the best interests of the Trust and the applicable Series (or Class).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The fact that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of the Shareholders, Trustees, or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, manager, adviser, principal underwriter, distributor, or affiliate or agent of or for any corporation, trust, association, or other organization, or for any parent or affiliate of any organization, with which an advisory, management or administration contract, or Principal Underwriter's or distributor's contract, or transfer, shareholder servicing or other type of service contract may have been or may hereafter be made, or that any such organization, or any parent or affiliate thereof, is a Shareholder or has an interest in the Trust, or that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any corporation, trust, association or other organization with which an advisory, management or administration contract or Principal Underwriter's or distributor's contract, or transfer, shareholder servicing or other type of service contract may have been or may hereafter be made with the Trust or any Series of the Trust also has an advisory, management or administration contract, or principal underwriter's or distributor's contract, or transfer, shareholder servicing or other service contract with one or more other corporations, trusts, associations, or other organizations, or has other business or interests,

shall not affect the validity of any such contract or disqualify any Shareholder, Trustee or officer of the Trust from voting upon or executing the same, or create any liability or accountability to the Trust or its Shareholders, provided approval of each such contract is made pursuant to the

requirements of the 1940 Act.

<u>Section 9.</u> <u>Trustees and Officers as Shareholders</u>. Any Trustee, officer or agent of the Trust may acquire, own and dispose of Shares to the same extent as if he or she were not a Trustee, officer or agent; and the Trustees may issue and sell and cause to be issued and sold Shares to, and redeem such Shares from, any such Person or any firm or company in which such Person is interested, subject only to the general limitations contained herein or in the By-Laws relating to the sale and redemption of such Shares.

ARTICLE V

<u>Shareholders Voting Powers and Meetings</u>

<u>Section 1.</u> <u>Voting Powers, Meetings, Notice and Record Dates</u>. The Shareholders shall have power to vote only (i) for the election or removal of Trustees to the extent and as provided in Article IV, Section 2, and (ii) with respect to such additional matters relating to the Trust as may be required by the 1940 Act, this Declaration of Trust or as the Trustees may consider necessary or desirable. Each Shareholder shall be entitled to one vote for each dollar of net asset value (determined as of the applicable record date) of each Share owned by such Shareholder (number of Shares owned times net asset value per Share) on any matter on which such Shareholder is entitled to vote and each fractional dollar amount shall be entitled to a proportionate fractional vote. Notwithstanding any other provision of this Declaration of Trust, on any matter submitted to a vote of the Shareholders, all Shares of the Trust then entitled to vote shall be voted in aggregate, except (i) when required by the 1940 Act, Shares shall be voted by individual Series or Class; and (ii) when the matter involves any action that the Trustees have determined will affect only the interests of one or more Series or Classes, then only Shareholders of such Series or Classes shall be entitled to vote thereon. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy. A proxy may be given in writing. The By-Laws may provide that proxies may also, or may instead, be given by any electronic or telecommunications device or in any other manner. Notwithstanding anything else contained herein or in the By-Laws, in the event a proposal by anyone other than the officers or Trustees of the Trust is submitted to a vote of the Shareholders of one or more Series or Classes thereof or of the Trust, or in the event of any proxy contest or proxy solicitation or proposal in opposition to any proposal by the officers or Trustees of the Trust, Shares may be voted only in person or by written proxy at a meeting. Until Shares are issued, the Trustees may exercise all rights of Shareholders and may take any action required by law, this Declaration of Trust or the By-Laws to be taken by the Shareholders. Meetings of the Shareholders shall be called and notice thereof and record dates therefor shall be given and set as provided in the By-Laws.

<u>Section 2.</u> <u>Quorum and Required Vote</u>. Except when a larger quorum is required by applicable law, by the By-Laws or by this Declaration of Trust, (i) thirty-three and one-third percent (33-1/3%) of the Shares entitled to vote shall constitute a quorum at a Shareholders meeting and (ii) when any one or more Series (or Classes) is to vote as a single class separate from any other Shares, thirty-three and one-third percent (33-1/3%) of the Shares of each such Series (or Class) entitled to vote shall constitute a quorum at a Shareholders meeting of that Series (or Class). Except when a larger vote is required by any provision of this Declaration of Trust or the By-Laws or by applicable law, when a quorum is present at any meeting, a majority of the Shares

voted shall decide any questions and a plurality of the Shares voted shall elect a Trustee, provided that where any provision of law or of this Declaration of Trust requires that the holders of any Series shall vote as a Series (or that holders of a Class shall vote as a Class), then a majority of the Shares of that Series (or Class) voting on the matter (or a plurality with respect to the election of a Trustee) shall decide that matter insofar as that Series (or Class) is concerned.

<u>Section 3.</u> <u>Additional Provisions</u>. The By-Laws may include further provisions for Shareholders votes and meetings and related matters.

ARTICLE VI

<u>Net Asset Value, Distributions and Redemptions</u>

<u>Section 1.</u> <u>Determination of Net Asset Value, Net Income, and Distributions</u>. Subject to applicable law and Article III, Section 6 hereof, the Trustees, in their absolute discretion, may prescribe and shall set forth in the Registration Statement of the Trust as filed on Form N-1A or any successor form with the Commission (the "Registration Statement of the Trust") such bases and time or times for determining the net asset value of the Shares of any Series or Class, the net income attributable to the Shares of any Series or Class, or the declaration and payment of dividends and distributions on the Shares of any Series or Class, as they may deem necessary or desirable from time to time.

<u>Section 2.</u> <u>Redemptions and Repurchases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust shall purchase such Shares as are offered by any record holder of such Shares for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a Person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Trustees may, from time to time, authorize, and the Trust will pay therefor the net asset value thereof as determined by the Trustees (or on their behalf), in accordance with any applicable provisions of the By-Laws and applicable law. Unless extraordinary circumstances exist, payment for said Shares shall be made by the Trust to the Shareholder within seven (7) days after the date on which the request is made in proper form. The obligation set forth in this Section 2 is subject to the provisions regarding the suspension of the right of redemption that are set forth in the Registration Statement of the Trust, and as the Trustees, in their absolute discretion, may prescribe. In the case of a suspension of the right of redemption as provided herein, a record holder of such Shares may either withdraw the request for redemption or receive payment based on the net asset value per Share next determined after the termination of such suspension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The redemption price may, in any case or cases, be paid wholly or partly in-kind if the Trustees determine that such payment is advisable and in the interest of the remaining Shareholders of the Series or Class for which the Shares are being redeemed. The fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in-kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Trustees shall, at any time and in good faith, determine that direct or indirect ownership of Shares of any Series or Class has or may become concentrated in any Person to an extent that would disqualify any Series as a regulated investment company under the Internal Revenue Code of 1986, as amended (or any successor statute thereto), then the Trustees shall have the power (but not the obligation) by such means as they deem equitable (i) to involuntarily redeem any number, or principal amount, of Shares of such Person sufficient to maintain or bring the direct or indirect ownership of Shares into conformity with the requirements for such qualification, and (ii) to refuse to transfer or issue Shares to any Person whose acquisition of the Shares in question would result in such disqualification. Any such redemption shall be effected at the redemption price and in the manner provided in this Article VI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The holders of Shares shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares as the Trustees deem necessary to comply with the provisions of the Internal Revenue Code of 1986, as amended (or any successor statute thereto), or to comply with the requirements of any other taxing or regulatory authority, or as the Trustees may otherwise request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the requirements of the 1940 Act, the Board of Trustees may cause the Trust to redeem, at the price and in the manner provided in this Article VI, Shares of any Series or Class held by any Person (i) if such Person is no longer qualified to hold such Shares in accordance with such qualifications as may be established by the Trustees, (ii) if the net asset value of such Shares is below the minimum investment amount which is set forth in the Registration Statement of the Trust or (iii) if otherwise deemed by the Trustees to be in the best interest of the Trust or that particular Series (or Class) as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Shares redeemed shall, upon redemption, be deemed to be retired and restored to the status of unissued shares.

ARTICLE VII

<u>Compensation and Limitation of Liability of Trustees</u>

<u>Section 1.</u> <u>Compensation</u>. The Trustees as such shall be entitled to reasonable compensation from the Trust, and they may fix the amount of such compensation. Nothing herein shall in any way prevent the employment of any Trustee for advisory, management, legal, accounting, investment banking or other services and payment for the same by the Trust.

<u>Section 2.</u> <u>Indemnification and Limitation of Liability</u>. A Trustee, when acting in such capacity, shall not be personally liable to any Person, other than the Trust or a Shareholder to the extent provided in this Article VII, for any act, omission or obligation of the Trust, of such Trustee or of any other Trustee. The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, Manager, Principal Underwriter of the Trust or any other Person. The Trust (i) may indemnify an agent of the Trust or any Person who is serving or has served at the Trust's request as an agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise and (ii) shall indemnify each Person who is, or has been, a Trustee, officer or employee of the Trust and any Person who is serving or has served at the Trust's request as a director, officer, trustee, or employee of another organization in which the

Trust has any interest as a shareholder, creditor or otherwise, in the case of (i) and (ii), to the fullest extent consistent with the 1940 Act and in the manner provided in the By-Laws; provided that such indemnification shall not be available to any of the foregoing Persons in connection with a claim, suit or other proceeding by any such Person against the Trust or a Series (or Class) thereof. The indemnification provided or authorized by this Article VII shall not be deemed exclusive of any other rights, by indemnification or otherwise, to which any indemnitee may be entitled under the By-laws, a resolution of Shareholders or Trustees, an agreement or otherwise.

All persons extending credit to, contracting with or having any claim against the Trust or the Trustees shall look only to the assets of the appropriate Series (or Class thereof if the Trustees have included a Class limitation on liability in the agreement with such person as provided below), or, if the Trustees have yet to establish Series, of the Trust for payment under such credit, contract or claim; and neither the Trustees nor the Shareholders, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be personally liable therefor.

Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever executed or done by or on behalf of the Trust or the Trustees by any of them in connection with the Trust shall conclusively be deemed to have been executed or done only in or with respect to his or their capacity as Trustee or Trustees, and such Trustee or Trustees shall not be personally liable thereon. At the Trustees discretion, any note, bond, contract, instrument, certificate or undertaking made or issued by the Trustees or by any officer or officers may give notice that the Certificate of Trust is on file in the Office of the Secretary of State of the State of Delaware and that a statutory limitation on liability of Series exists and such note, bond, contract, instrument, certificate or undertaking may, if the Trustees so determine, recite that the same was executed or made on behalf of the Trust by a Trustee or Trustees in such capacity and not individually or by an officer or officers in such capacity and not individually and that the obligations of such instrument are not binding upon any of them or the Shareholders individually but are binding only on the assets and property of the Trust or a Series thereof, and may contain such further recital as such Person or Persons may deem appropriate including, without limitation, a requirement, in any note, bond, contract, instrument, certificate or undertaking made with respect to one or more Classes of any Series that the parties thereto look only to the assets of such Class or Classes in satisfaction of the liabilities arising thereunder. The omission of any such notice or recital shall in no way operate to bind any Trustees, officers or Shareholders individually.

<u>Section 3.</u> <u>Trustee's Good Faith Action; Expert Advice; No Bond or Surety</u>. The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. A Trustee shall be liable to the Trust and to any Shareholder solely for her or his own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or law. The Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust, and shall be under no liability for any act or omission in accordance with such advice, nor for failing to follow such advice. The Trustees shall not be required to give any bond as such, nor any surety if a bond is required.

<u>Section 4.</u> <u>Insurance</u>. The Trustees shall be entitled and empowered to the fullest extent permitted by law to purchase with Trust assets insurance for liability and for all expenses reasonably incurred or paid or expected to be paid by a Trustee, officer, employee or agent of the

Trust in connection with any claim, action, suit or proceeding in which she or he becomes involved by virtue of her or his capacity or former capacity with the Trust.

ARTICLE VIII

<u>Miscellaneous</u>

<u>Section 1.</u> <u>Liability of Third Persons Dealing with Trustees</u>. No Person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any transaction made or to be made by the Trustees or to see to the application of any payments made or property transferred to the Trust or upon its order.

<u>Section 2.</u> <u>Termination of Trust or Series</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless dissolved as provided herein, the Trust shall continue without limitation of time. The Trust may be dissolved at any time by vote of a majority of the Shares of each Series entitled to vote, voting separately by Series, or by the Trustees by written notice to the Shareholders. Any Series of Shares (or Class thereof) may be dissolved at any time by vote of a majority of the Shares of such Series or Class entitled to vote or by the Trustees by written notice to the Shareholders of such Series or Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the requisite Shareholder vote or action by the Trustees to dissolve the Trust or any one or more Series of Shares (or any Class thereof), after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated, of the Trust or of the particular Series (or any Class thereof) as may be determined by the Trustees, the Trust shall in accordance with such procedures as the Trustees consider appropriate reduce the remaining assets of the Trust or of the affected Series or Class to distributable form in cash or Shares (if any Series remain) or other securities, or any combination thereof, and distribute the proceeds to the Shareholders of the Series or Classes involved, ratably according to the number of Shares of such Series or Class held by the several Shareholders of such Series or Class on the date of distribution. Thereupon, the Trust or any affected Series (or Class thereof) shall terminate and the Trustees and the Trust shall be discharged of any and all further liabilities and duties relating thereto or arising therefrom, and the right, title and interest of all parties with respect to the Trust or such Series or Class shall be canceled and discharged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following completion of the dissolution of the Trust and winding up of its business, the Trustees shall cause a certificate of cancellation of the Trust's Certificate of Trust to be filed in accordance with the Delaware Act in order to terminate the Trust, which certificate of cancellation may be signed by any one Trustee.

<u>Section 3.</u> <u>Reorganization</u>.

accomplish such merger or consolidation), (ii) cause the Shares to be exchanged under or pursuant to any state or federal statute to the extent permitted by law or (iii) cause the Trust to reorganize under the laws of any state or other political subdivision of the United States, if such action is determined by the Trustees to be in the best interests of the Trust. Any agreement of merger or consolidation or exchange or certificate of merger may be signed by a majority of the Trustees and facsimile signatures conveyed by electronic or telecommunication means shall be valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant to and in accordance with the provisions of Section 3815(f) of the Delaware Act, and notwithstanding anything to the contrary contained in this Declaration of Trust, an agreement of merger or consolidation approved by the Trustees in accordance with this Section 3 of Article VIII may affect any amendment to the governing instrument of the Trust or effect the adoption of a new trust instrument of the Trust if the Trust is the surviving or resulting trust in the merger or consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees may, without any Shareholder approval or vote unless such approval or vote is required by the 1940 Act, create one or more statutory trusts to which all or any part of the assets, liabilities, profits or losses of the Trust or any Series or Class thereof may be transferred and may provide for the conversion of Shares in the Trust or any Series or Class thereof into beneficial interests in any such newly created trust or trusts or any series or classes thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything else herein, the Trustees may, without Shareholder approval (unless required by the 1940 Act), invest all or a portion of the Trust Property of any Series, or dispose of all or a portion of the Trust Property of any Series, and invest the proceeds of such disposition in interests issued by one or more other investment companies registered under the 1940 Act. Any such other investment company may (but not need) be a trust (formed under the laws of the State of Delaware or any other state or jurisdiction) (or series thereof) which is classified as a partnership for federal income tax purposes. Notwithstanding anything else herein, the Trustees may, without Shareholder approval unless such approval is required by the 1940 Act, cause a Series that is organized in the master/feeder fund structure to withdraw or redeem its Trust Property from the master fund and cause such Series to invest its Trust Property directly in securities and other financial instruments or in another master fund.

<u>Section 4.</u> <u>Amendments</u>. Except as specifically provided in this Section 4 of Article VIII, the Trustees may, without Shareholder vote, restate, amend or otherwise supplement this Declaration of Trust. Shareholders shall have the right to vote (i) on any amendment that would affect their right to vote granted in Article V, Section 1 hereof, (ii) on any amendment to this Section 4 of Article VIII, (iii) on any amendment that may be required to be approved by Shareholders by the 1940 Act, and (iv) on any amendment submitted to them by the Trustees. Any amendment required or permitted to be submitted to the Shareholders that, as the Trustees determine, shall affect the Shareholders of one or more Series (or Classes thereof) shall be authorized by a vote of the Shareholders of each Series or Class affected and no vote of Shareholders of a Series or Class not affected shall be required. Notwithstanding anything else herein, no amendment hereof shall limit the rights to insurance provided by Article VII, Section 4 with respect to any acts or omissions of Persons covered thereby prior to such amendment nor shall any such amendment limit the rights to indemnification referenced in Article VII, Section 2 hereof as provided in the By-Laws with respect to any actions or omissions of Persons covered

thereby prior to such amendment. The Trustees may, without Shareholder vote, restate, amend, or otherwise supplement the Certificate of Trust and By-laws as they deem necessary or desirable.

<u>Section 5.</u> <u>Filing of Copies, References, Headings</u>. The original or a copy of this instrument and of each restatement and/or amendment hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. Anyone dealing with the Trust may rely on a certificate by an officer of the Trust as to whether or not any such restatements and/or amendments have been made and as to any matters in connection with the Trust hereunder; and, with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust to be a copy of this instrument or of any such restatements and/or amendments. In this instrument and in any such restatements and/or amendments, references to this instrument, and all expressions such as "herein," "hereof" and "hereunder," shall be deemed to refer to this instrument as amended or affected by any such restatements and/or amendments. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or control or affect the meaning, construction or effect of this instrument. Whenever the singular number is used herein, the same shall include the plural; and the neuter, masculine and feminine genders shall include each other, as applicable. This instrument may be executed in any number of counterparts each of which shall be deemed an original.

<u>Section 6.</u> <u>Applicable Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a statutory trust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. Except with respect to claims arising under the federal securities laws, to the fullest extent permitted by applicable law, unless the Trust consents in writing to the selection of an alternative forum, the sole and exclusive forum for any Shareholder (including a beneficial owner) to bring (i) any derivative action or proceeding brought on behalf of the Trust, (ii) any action asserting a claim of breach of a fiduciary duty owed by any Trustee, officer or employee, if any, of the Trust to the Trust or the Trust's Shareholders, (iii) any action asserting a claim against the Trust, its Trustees, officers or employees, if any, arising pursuant to any provision of laws of the State of Delaware or the Trust's Amended and Restated Declaration of Trust or the Trust's By-laws, or (iv) to the maximum extent permitted by law, any other proceeding arising out of or relating to the Trust or the Shareholder's interest in the Trust, shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, and in all cases subject to the Delaware courts' having personal jurisdiction over the indispensable parties named as defendants. Any person purchasing or otherwise acquiring or holding any interest in shares of the Trust shall be (i) deemed to have notice of and consented to the provisions of this Section 6, and (ii) deemed to have waived any argument relating to the inconvenience of the forums referenced above in connection with any action or proceeding described in this Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the first sentence of Section 6(a) of this Article VIII, there

shall not be applicable to the Trust, the Trustees or this Declaration of Trust (x) the provisions of section 3540 of Title 12 of the Delaware Code or (y) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

<u>Section 7.</u> <u>Provisions in Conflict with Law or Regulations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of the Declaration of Trust are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, the regulated investment company provisions of the Internal Revenue Code of 1986, as amended (or any successor statute thereto), and the regulations thereunder, with the Delaware Act or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of the Declaration of Trust; provided, however, that such determination shall not affect any of the remaining provisions of the Declaration of Trust or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of the Declaration of Trust shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of the Declaration of Trust in any jurisdiction.

<u>Section 8.</u> <u>Statutory Trust Only</u>. It is the intention of the Trustees to create a statutory trust pursuant to the Delaware Act. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment, or any form of legal relationship other than a statutory trust pursuant to the Delaware Act. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

<u>Section 9.</u> <u>Derivative Actions</u>. Except with respect to claims arising under the federal securities laws, in addition to the requirements set forth in Section 3816 of the Delaware Act, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed. For purposes of this Section 9(a), a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a

majority of any committee established to consider the merits of such action, has a personal financial interest in the transaction at issue, and a Trustee shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a Shareholder demand by virtue of the fact that such Trustee receives remuneration for his service on the Board of Trustees of the Trust or on the boards of one or more Trusts that are under common management with or otherwise affiliated with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless a demand is not required under paragraph (a) of this Section 9, Shareholders eligible to bring such derivative action under the Delaware Act who hold at least 10% of the outstanding Shares of the Trust, or 10% of the outstanding Shares of the Series or Class to which such action relates, shall join in the request for the Trustees to commence such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless a demand is not required under paragraph (a) of this Section 9, the Trustees must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim. The Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and shall require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action.

For purposes of this Section 9, the Board of Trustees may designate a committee of one Trustee to consider a Shareholder demand if necessary to create a committee with a majority of Trustees who do not have a personal financial interest in the transaction at issue.

IN WITNESS WHEREOF, the Trustees named below do hereby amend and restate this Declaration of Trust as of June 5, 2025.

---

| |
|:---|
| TRUSTEES |
| */s/* Lisa Anderson |
| Lisa Anderson, Trustee |
| */s/* John P. Arnhold |
| John P. Arnhold, Trustee |
| */s/* Candace K. Beinecke |
| Candace K. Beinecke, Trustee |
| */s/* Peter W. Davidson |
| Peter W. Davidson, Trustee |
| */s/* Jean D. Hamilton |
| Jean D. Hamilton, Trustee |
| */s/* Mandakini Puri |
| Mandakini Puri, Trustee |
| */s/* William M. Kelly |
| William M. Kelly, Trustee |
| */s/* Paul J. Lawler |
| Paul J. Lawler, Trustee |
| */s/* Mehdi Mahmud |
| Mehdi Mahmud, Trustee |

---

## Ex-99.(B)

***Exhibit 99.(b)***

BY-LAWS

OF

FIRST EAGLE COMPLETION FUND TRUST

A Delaware Statutory Trust

INTRODUCTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Agreement and Declaration of Trust</u>. These By-Laws shall be subject to the Agreement and Declaration of Trust, as from time to time in effect (the "Declaration of Trust"), of First Eagle Funds, a Delaware statutory trust (the "Trust"). In the event of any inconsistency between the terms hereof and the terms of the Declaration of Trust, the terms of the Declaration of Trust shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Definitions</u>. Capitalized terms used herein and not herein defined are used as defined in the Declaration of Trust.

ARTICLE I

Offices

Section 1. <u>Principal Office</u>. The Trustees shall fix and, from time to time, may change the location of the principal executive office of the Trust at any place within or outside the State of Delaware.

Section 2. <u>Delaware Office</u>. The Trustees shall establish a registered office in the State of Delaware and shall appoint as the Trust's registered agent for service of process in the State of Delaware an individual resident of the State of Delaware or a Delaware corporation or a corporation authorized to transact business in the State of Delaware; in each case the business office of such registered agent for service of process shall be identical with the registered Delaware office of the Trust.

Section 3. <u>Other Offices</u>. The Trustees may at any time establish branch or subordinate offices at any place or places where the Trust intends to do business.

ARTICLE II

Meetings of Shareholders

Section 1. <u>Place of Meetings</u>. Meetings of Shareholders shall be held at any place designated by the Trustees, or as determined by the Trustees in their sole discretion, held by conference telephone or similar communication equipment, so long as all Shareholders participating in the meeting can hear one another, and all such Shareholders shall be deemed to be present in person at such meeting. In the absence of any such designation, Shareholders' meetings shall be held at the principal executive office of the Trust.

Section 2. <u>Call of Meetings</u>. Meetings of the Shareholders may be called at any time by the Trustees or by the President for the purpose of taking action upon any matter requiring the vote or authority of the Shareholders as herein provided or provided in the Declaration of Trust or upon any other matter as to which such vote or authority is deemed by the Trustees or the President to be necessary or desirable. To the extent required by the 1940 Act, meetings of the Shareholders for the purpose of voting on the removal of any Trustee shall be called promptly by the Trustees upon the written request of Shareholders holding at least ten percent (10%) of the outstanding Shares entitled to vote.

Section 3. <u>Notice of Meetings of Shareholders</u>. All notices of meetings of Shareholders shall be sent or otherwise given in accordance with Section 4 of this Article II not less than ten (10) nor more than ninety (90) days before the date of the meeting. The notice shall specify (i) the place, date and hour of the meeting, and (ii) the general nature of the business to be transacted. The notice of any meeting at which Trustees are to be elected also shall include the name of any nominee or nominees whom at the time of the notice are intended to be presented for election.

If action is proposed to be taken at any meeting for approval of (i) a contract or transaction in which a Trustee has a direct or indirect financial interest, (ii) an amendment of the Agreement and Declaration of Trust of the Trust, (iii) a reorganization of the Trust, or (iv) a voluntary dissolution of the Trust, the notice shall also state the general nature of that proposal.

Section 4. <u>Manner of Giving Notice; Affidavit of Notice</u>. Notice of any meeting of Shareholders shall be given either personally or by first-class mail or telegraphic or other written communication, charges prepaid, addressed to the Shareholder at the address appearing on the books of the Trust or its transfer agent or given by the Shareholder to the Trust for the purpose of notice. If no such address appears on the Trust's books or is given, notice shall be deemed to have been given if sent to the Shareholder by first-class mail or telegraphic or other written communication to the Trust's principal executive office, or if published at least once in a newspaper of general circulation in the county where that office is located. Notice shall be deemed to have been given at the time when delivered personally or deposited in the mail or sent by telegram or other means of written communication or, where notice is given by publication, on the date of publication.

If any notice addressed to a Shareholder at the address appearing on the books of the Trust is returned to the Trust by the United States Postal Service marked to indicate that the Postal Service is unable to deliver the notice to the Shareholder at that address, all future notices or reports shall be deemed to have been duly given without further mailing if available to the Shareholder on written demand of the Shareholder to the Trust.

An affidavit of the mailing or other means of giving any notice of any meeting of Shareholders shall be filed and maintained in the minute book of the Trust.

Section 5. <u>Adjourned Meeting; Notice</u>. Any meeting of Shareholders, whether or not a quorum is present, may be adjourned from time to time by the vote of the majority of the Shares represented at that meeting, either in person or by proxy.

When any meeting of Shareholders is adjourned to another time or place, notice need not be given of the adjourned meeting at which the adjournment is taken, unless a new record date of the adjourned meeting is fixed or unless the adjournment is for more than sixty (60) days from the date set for the original meeting in which case the Trustees shall set a new record date. If notice of any such adjourned meeting is required, notice shall be given to each Shareholder of record entitled to vote at the adjourned meeting in accordance with the provisions of Sections 3 and 4 of this Article II. At any adjourned meeting, the Trust may transact any business which might have been transacted at the original meeting.

Section 6. <u>Voting</u>. The Shareholders entitled to vote at any meeting of Shareholders shall be determined in accordance with the provisions of the Declaration of Trust of the Trust, as in effect at such time. The Shareholders' vote may be by voice vote or by ballot, provided, however, that any election for Trustees must be by ballot if demanded by any Shareholder before the voting has begun. On any matter other than elections of Trustees, any Shareholder may vote part of the Shares in favor of the proposal and refrain from voting the remaining Shares or vote them against the proposal, but if the Shareholder fails to specify the number of Shares which the Shareholder is voting affirmatively, it will be conclusively presumed that the Shareholder's approving vote is with respect to the total Shares that the Shareholder is entitled to vote on such proposal.

Section 7. <u>Waiver of Notice by Consent of Absent Shareholders</u>. The actions taken at a meeting of Shareholders, however called and noticed and wherever held, shall be as valid as though taken at a meeting duly held after regular call and notice if a quorum is present, either in person or by proxy, and if either before or after the meeting, a majority of the persons entitled to vote were present in person or by proxy or signed a written waiver of notice or a consent to a holding of the meeting or an approval of the minutes. The waiver of notice or consent need not specify either the business to be transacted or the purpose of any meeting of Shareholders.

Attendance by a person at a meeting shall also constitute a waiver of notice of that meeting, except when the person objects at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened and except that attendance at a meeting is not a waiver of any right to object to the consideration of matters not included in the notice of the meeting if that objection is expressly made at the beginning of the meeting.

Section 8. <u>Shareholder Action by Written Consent Without a Meeting</u>. Except as provided in the Declaration of Trust or the 1940 Act, any action that may be taken at any meeting of Shareholders may be taken without a meeting and without prior notice if a consent in writing setting forth the action so taken is signed by Shareholders having not less than the minimum number of votes that would be necessary to authorize or take that action at a meeting at which all Shareholders entitled to vote on that action were present and voted. All such consents shall be filed with the Secretary of the Trust and shall be maintained in the Trust's records. Any Shareholder giving a written consent or a transferee of the Shares or a personal representative of the Shareholder or their respective proxy holders may revoke the consent by a writing received by the Secretary of the Trust before written consents of the number of votes required to authorize the proposed action have been filed with the Secretary.

If the consents of all Shareholders entitled to vote have not been solicited in writing and if

the unanimous written consent of all such Shareholders shall not have been received, the Secretary shall give prompt notice of the action approved by the Shareholders without a meeting. This notice shall be given in the manner specified in Section 4 of this Article II.

Section 9. <u>Record Date for Shareholder Notice, Voting and Giving Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of determining the Shareholders entitled to vote or act at any meeting or adjournment thereof, the Trustees may fix in advance a record date which shall not be more than ninety (90) days nor less than ten (10) days before the date of any such meeting. Without fixing a record date for a meeting, the Trustees may for voting and notice purposes close the register or transfer books for one or more Series (or Classes) for all or any part of the period between the earliest date on which a record date for such meeting could be set in accordance herewith and the date of such meeting.

If the Trustees do not so fix a record date or close the register or transfer books of the affected Series (or Classes), the record date for determining Shareholders entitled to notice of or to vote at a meeting of Shareholders shall be at the close of business on the business day next preceding the day on which notice is given or if notice is waived, at the close of business on the business day next preceding the day on which the meeting is held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The record date for determining Shareholders entitled to give consent to action in writing without a meeting, (i) when no prior action of the Trustees has been taken, shall be the day on which the first written consent is given, or (ii) when prior action of the Trustees has been taken, shall be such date as determined for that purpose by the Trustees, or if no record date is fixed by the Trustees, the record date shall be the close of business on the day on which the Trustees adopt the resolution. Nothing in this Section 9 of Article II shall be construed as precluding the Trustees from setting different record dates for different Series (or Classes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Only Shareholders of record on the record date as herein determined shall have any right to vote or to act at any meeting or give consent to any action relating to such record date, notwithstanding any transfer of Shares on the books of the Trust after such record date.

Section 10. <u>Proxies</u>. Subject to the provisions of the Declaration of Trust, every Person entitled to vote for Trustees or on any other matter shall have the right to do so either in person or by proxy, provided that either (i) an instrument authorizing such a proxy to act is executed by the Shareholder in writing and dated not more than eleven (11) months before the meeting, unless the instrument specifically provides for a longer period or (ii) an electronic, telephonic, computerized or other alternative to execution of a written instrument authorizing the proxy to act which authorization is received not more than eleven (11) months before the meeting. A proxy shall be deemed executed by a Shareholder if the Shareholder's name is placed on the proxy (whether by manual signature, typewriting, telegraphic transmission or otherwise) by the Shareholder or the Shareholder's attorney-in-fact or other authorized agent. A valid proxy which does not state that it is irrevocable shall continue in full force and effect unless revoked before the vote pursuant to that proxy by a written notice of revocation of the proxy by the person who executed it delivered to the Trust; by a subsequent proxy executed by, or attendance at the meeting and voting in person

by, the person executing that proxy; by such person using any electronic, telephonic, computerized or other alternative means authorized by the Trustees for authorizing the proxy to act; or by a written notice to the Trust of the death or incapacity of the maker of that proxy. A proxy with respect to Shares held in the name of two or more Persons shall be valid if executed by any one of them unless at or prior to exercise of the proxy the Trust receives a specific written notice to the contrary from any of them. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger.

Section 11. <u>Inspectors of Election</u>. Before any meeting of Shareholders, the Trustees may appoint any person(s) other than nominees for office to act as inspector(s) of election at the meeting or its adjournment. If no inspector(s) of election are so appointed, the Chair of the meeting may appoint inspector(s) of election at the meeting. If any person appointed as an inspector fails to appear or fails or refuses to act, the Chair of the meeting may appoint a person to fill the vacancy.

The inspector(s) shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Determine the number of Shares outstanding and the voting power of each, the Shares represented at the meeting, the existence of a quorum and the authenticity, validity and effect of proxies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Receive votes, ballots or consents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Hear and determine all challenges and questions in any way arising in connection with the right to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Count and tabulate all votes or consents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Determine when the polls shall close;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Determine the result; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Do any other acts that may be proper to conduct the election or vote with fairness to all Shareholders.

ARTICLE III

Trustees

Section 1. <u>Powers</u>. Subject to the applicable provisions of the 1940 Act, the Declaration of Trust and these By-Laws relating to action required to be approved by the Shareholders, the business and affairs of the Trust shall be managed and all powers shall be exercised by or under the direction of the Trustees.

Section 2. <u>Number of Trustees</u>. The exact number of Trustees within any limits specified in the Declaration of Trust shall be fixed from time to time by a resolution of the Trustees.

Section 3. <u>Vacancies</u>. Vacancies in the authorized number of Trustees may be filled

as provided in the Declaration of Trust.

Section 4. <u>Place of Meetings and Meetings by Telephone</u>. All meetings of the Trustees may be held at any place that has been designated in the notice for such meeting or as designated by the Trustees. In the absence of such a designation, regular meetings shall be held at the principal executive office of the Trust. Except as provided under the 1940 Act, any regular or special meeting may be held by conference telephone or similar communication equipment, so long as all Trustees participating in the meeting can hear one another, and all such Trustees shall be deemed to be present in person at such meeting.

Section 5. <u>Regular Meetings</u>. Regular meetings of the Trustees shall be held without call at such time as shall from time to time be fixed by the Trustees. Such regular meetings may be held without notice.

Section 6. <u>Special Meetings</u>. Special meetings of the Trustees for any purpose or purposes may be called at any time by the President or any Vice President or the Secretary or any two (2) Trustees.

Notice of the time and place of special meetings shall be delivered personally or by telephone to each Trustee or sent by first-class mail, by telegram or telecopy (or similar electronic means) or by nationally recognized overnight courier, charges prepaid, addressed to each Trustee at that Trustee's address as it is shown on the records of the Trust. In case the notice is mailed, it shall be deposited in the United States mail at least seven (7) calendar days before the time of the holding of the meeting. In case the notice is delivered personally or by telephone or by telegram, telecopy (or similar electronic means) or overnight courier, it shall be given at least twenty-four (24) hours before the time of the holding of the meeting. Any oral notice given personally or by telephone may be communicated either to the Trustee or to a person at the office of the Trustee who the person giving the notice has reason to believe will promptly communicate it to the Trustee. The notice need not specify the purpose of the meeting or the place if the meeting is to be held at the principal executive office of the Trust.

Section 7. <u>Quorum</u>. A third of the authorized number of Trustees shall constitute a quorum for the transaction of business, except to adjourn as provided in Section 9 of this Article III. Every act or decision done or made by a majority of the Trustees present at a meeting duly held at which a quorum is present shall be regarded as the act of the Trustees, subject to the provisions of the Declaration of Trust. A meeting at which a quorum is initially present may continue to transact business notwithstanding the withdrawal of Trustees if any action taken is approved by at least a majority of the required quorum for that meeting.

Section 8. <u>Waiver of Notice</u>. Notice of any meeting need not be given to any Trustee who either before or after the meeting signs a written waiver of notice, a consent to holding the meeting, or approves the minutes of the meeting. The waiver of notice or consent need not specify the purpose of the meeting. All such waivers, consents or approvals shall be filed with the records of the Trust or made a part of the minutes of the meeting. Notice of a meeting shall also be deemed given to any Trustee who attends the meeting without protesting before or at its commencement the lack of notice to that Trustee.

Section 9. <u>Adjournment</u>. A majority of the Trustees present, whether or not constituting a quorum, may adjourn any meeting to another time and place.

Section 10. <u>Notice of Adjournment</u>. Notice of the time and place of holding an adjourned meeting need not be given unless the meeting is adjourned for more than forty-eight (48) hours, in which case notice of the time and place shall be given before the time of the adjourned meeting in the manner specified in Section 6 of this Article III.

Section 11. <u>Action Without a Meeting</u>. Unless the 1940 Act requires that a particular action be taken only at a meeting at which the Trustees are present in person, any action to be taken by the Trustees at a meeting may be taken without such meeting by the written consent of a majority of the Trustees then in office. Any such written consent may be executed and given by telecopy or similar electronic means. Such written consents shall be filed with the minutes of the proceedings of the Trustees. If any action is so taken by the Trustees by the written consent of less than all of the Trustees, prompt notice of the taking of such action shall be furnished to each Trustee who did not execute such written consent, provided that the effectiveness of such action shall not be impaired by any delay or failure to furnish such notice.

Section 12. <u>Fees and Compensation of Trustees</u>. Trustees and members of committees may receive such compensation, if any, for their services and such reimbursement of expenses as may be fixed or determined by resolution of the Trustees. This Section 12 shall not be construed to preclude any Trustee from serving the Trust in any other capacity as an officer, agent, employee, or otherwise and receiving compensation for those services.

Section 13. <u>Delegation of Power to Other Trustees</u>. Any Trustee may, by power of attorney, delegate his or her power for a period not exceeding six (6) months at any one time to any other Trustee or Trustees; provided that in no case shall fewer than two (2) Trustees personally exercise the powers granted to the Trustees, except as otherwise expressly provided herein or by resolution of the Trustees. Except where applicable law may require a Trustee to be present in person, a Trustee represented by another Trustee pursuant to such power of attorney shall be deemed to be present for purposes of establishing a quorum and satisfying the required vote of Trustees.

ARTICLE IV

Committees

Section 1. <u>Committees of Trustees</u>. The Trustees may by resolution designate one or more committees, each consisting of two (2) or more Trustees, to serve at the pleasure of the Trustees. The Trustees may designate one or more Trustees as alternate members of any committee who may replace any absent member at any meeting of the committee. Any committee to the extent provided in the resolution of the Trustee, shall have the authority of the Trustees, except with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the approval of any action which under applicable law requires approval by a majority of the entire authorized number of Trustees or certain Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the filling of vacancies of Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the fixing of compensation of the Trustees for services generally or as a member of any committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amendment or termination of the Declaration of Trust or any Series or Class or amendment of the By-Laws or the adoption of new By-Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the amendment or repeal of any resolution of the Trustees which by its express terms is not so amendable or repealable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a distribution to the Shareholders of the Trust, except at a rate or in a periodic amount or within a designated range determined by the Trustees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the appointment of any other committees of the Trustees or the members of such new committees.

Section 2. <u>Meetings and Action of Committees</u>. Meetings and action of committees shall be governed by and held and taken in accordance with the provisions of Article III of these By-Laws, with such changes in the context thereof as are necessary to substitute the committee and its members for the Trustees generally, except that the time of regular meetings of committees may be determined either by resolution of the Trustees or by resolution of the committee. Special meetings of committees may also be called by resolution of the Trustees. Alternate members shall be given notice of meetings of committees and shall have the right to attend all meetings of committees. The Trustees may adopt rules for the governance of any committee not inconsistent with the provisions of these By-Laws.

ARTICLE V

Officers

Section 1. <u>Officers</u>. The officers of the Trust shall be a President, a Chief Financial Officer, a Chief Compliance Officer and a Secretary. The Trust may also have, at the discretion of the Trustees, a Chief Operations Officer, one or more Vice Presidents (including Senior, Executive and/or Assistant Vice Presidents), one or more Assistant Secretaries, a Treasurer, one or more Assistant Treasurers, and such other officers as may be appointed in accordance with the provisions of Section 3 of this Article V. Any number of offices may be held by the same person; additionally, any office other than that of the President may be held by more than one person (with the relevant authority and duties of the office divided between or among such persons in a manner consented to by the President). The Board of Trustees of the Trust may also have a Chairperson of the Board (Chair) to be an officer of the Board of Trustees. The Chair, if there be one, shall be a Trustee and may but need not be a Shareholder; and any other officer may but need not be a Trustee or Shareholder.

Section 2. <u>Election of Officers</u>. The officers of the Trust, except such officers as may be appointed in accordance with the provisions of Section 3 or Section 5 of this Article V, shall be chosen by the Trustees, and each shall serve at the pleasure of the Trustees, subject to the rights, if any, of an officer under any contract of employment.

Section 3. <u>Subordinate Officers</u>. The Trustees may appoint and may empower the

President to appoint and remove such other officers as the business of the Trust may require (including a Chief Operations Officer), each of whom shall hold office for such period, have such authority and perform such duties as are provided in these By-Laws or as the Trustees may from time to time determine.

Section 4. <u>Removal and Resignation of Officers</u>. Subject to the rights, if any, of an officer under any contract of employment, any officer may be removed, either with or without cause, by the Trustees at any regular or special meeting of the Trustees or by the principal executive officer or by such other officer upon whom such power of removal may be conferred by the Trustees.

Any officer may resign at any time by giving written notice to the Trust. Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice; and unless otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Trust under any contract to which the officer is a party.

Section 5. <u>Vacancies in Offices</u>. A vacancy in any office because of death, resignation, removal, disqualification or other cause shall be filled in the manner prescribed in these By-Laws for regular appointment to that office. The President (or the Chair in his or her absence) may make temporary appointments to a vacant office pending action by the Trustees.

Section 6. <u>Chair</u>. The Chair, if such person is elected, shall, if present, preside at meetings of the Trustees, shall function as the lead Trustee and shall exercise and perform such other powers and duties as may be from time to time assigned to him or her by the Trustees or prescribed by the Declaration of Trust or these By-Laws.

Section 7. <u>President</u>. Subject to such powers, if any, as may be given by the Trustees to the Chair, if there be such an officer, the President shall be the chief executive officer of the Trust and shall, subject to the ultimate control of the Trust by the Trustees and the Chair, have general direction and control of the business and the officers of the Trust. He or she shall preside at all meetings of the Shareholders (or, if not present, appoint a delegate to do so), and in the absence of the Chair or if there be none, at all meetings of the Trustees. He or she shall have the general powers and duties of management usually vested in the office of President of a corporation and shall have such other powers and duties as may be prescribed by the Trustees (collectively or by the Chair), the Declaration of Trust or these By-Laws. The Board may appoint Co-Presidents, each of which shall have the power of the President.

Section 8. [Reserved]

Section 9. <u>Chief Compliance Officer</u>. Subject to the ultimate control of the Trust by the Trustees, the Chief Compliance Officer of the Trust shall be responsible for the design, oversight and periodic review of the Trust's procedures for compliance with applicable Federal securities laws. The designation, compensation and removal of the Chief Compliance Officer shall be subject to approval by the Trustees as contemplated by Rule 38a-1 under the Investment Company Act of 1940. The Chief Compliance Officer shall have other powers and perform such other duties as may be prescribed by the Trustees (collectively or by the Chair), the President or

by these By-Laws.

Section 10. <u>Chief Financial Officer</u>. Subject to the ultimate control of the Trust by the Trustees, the Chief Financial Officer shall be the chief financial and accounting officer of the Trust, shall oversee all aspects of the Trust's financial controls and accounting function and also shall keep and maintain, or cause to be kept and maintained, adequate and correct books and records of accounts of the properties and business transactions of the Trust and each Series and Class thereof, including accounts of the assets, liabilities, receipts, disbursements, gains, losses, capital and retained earnings of all Series and Classes thereof. The books of account shall at all reasonable times be open to inspection by any Trustee. The Chief Financial Officer also shall have responsibility to assure the proper implementation of financial controls and full compliance with all financial control and reporting requirements of the Sarbanes-Oxley Act of 2002 and shall be responsible for planning and directing ledger accounts, financial statements and accounting and cost control systems and shall deposit all monies and other valuables in the name and to the credit of the Trust with such depositaries as may be designated by the Board of Trustees. He or she shall disburse the funds of the Trust as may be ordered by the Trustees, shall render to the President and/or the Trustees, whenever each may request it, an account of the Trust's financial condition or of its ledger and deposits. He or she shall have the general powers and duties of management usually vested in the office of the chief financial officer of a corporation (and as such shall fulfill the function of "principal financial officer" under the Sarbanes-Oxley Act of 2002) and shall have other powers and perform such other duties as may be prescribed by the Trustees (collectively or by the Chair), the President (or his or her designee) or by these By-Laws.

Section 11. <u>Vice Presidents</u>. The Vice Presidents (which may include Senior, Executive and/or Assistant Vice Presidents) shall have such powers and perform such duties as from time to time may be prescribed for them respectively by the Trustees (collectively or by the Chair), the President or by these By-Laws. In the absence or disability of the President, the Chair or the Trustees shall designate one or more of the Vice Presidents to perform all the duties of each such officer and when so acting shall have all powers of and be subject to all the restrictions upon such officer.

Section 12. <u>Secretary</u>. The Secretary shall keep or cause to be kept at the principal executive office of the Trust or such other place as the Trustees may direct a book of minutes of all meetings and actions of Trustees, committees of Trustees and Shareholders with the time and place of holding, whether regular or special, and if special, how authorized, the notice given, the names of those present at Trustees' meetings or committee meetings, the number of Shares present or represented at meetings of Shareholders and the proceedings.

The Secretary shall keep or cause to be kept at the principal executive office of the Trust or at the office of the Trust's transfer agent or registrar, a Share register or a duplicate Share register showing the names of all Shareholders and their addresses, the number and classes of Shares held by each Shareholder.

The Secretary shall give or cause to be given notice of all meeting of the Shareholders required to be given by these By-Laws or by applicable law and shall have such other powers and perform such other duties as may be prescribed by the Trustees (collectively or by the Chair), the President (or his or her designee) or by these By–Laws.

Section 13. <u>Treasurer</u>. The Treasurer (if such person shall be elected) shall support the Chief Financial Officer in any aspect of the Chief Financial Officer's duties relating to the Trust's financial controls and accounting function as the Chief Financial Officer, in consultation with the President, deems desirable or appropriate. When authorized by the Chief Financial Officer, whether pursuant to special or standing instructions, the Treasurer shall disburse the funds of the Trust and maintain appropriate accounts thereof in the Trust's ledger. The Treasurer also shall have other powers and perform such other duties as may be prescribed by the Trustees (collectively or by the Chair), the President, the Chief Financial Officer or by these By-Laws. If there should not be a Chief Financial Officer, the President may designate the Treasurer to fulfill the function of "principal financial officer" under the Sarbanes-Oxley Act of 2002.

ARTICLE VI

Indemnification of Trustees, Officers,

Employees and Other Agents

Section 1. <u>Agents, Proceedings, Expenses</u>. For the purpose of this Article, "agent" means any person who is or was a Trustee, officer, employee or other agent of the Trust or is or was serving at the request of the Trust as a trustee, director, officer, employee or agent of another organization in which the Trust has any interest as a Shareholder, creditor or otherwise: "proceeding" means any threatened, pending or completed claim, action, suit or proceeding, whether civil, criminal, administrative or investigative (including appeals); and "expenses" includes, without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties and all other liabilities whatsoever.

Section 2. <u>Indemnification</u>. Subject to the exceptions and limitations contained in Section 3 below, every agent shall be indemnified by the Trust to the fullest extent permitted by law against all liabilities and against all expenses reasonably incurred or paid by him or her in connection with any proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been an agent.

Section 3. <u>Limitations, Settlements</u>. No indemnification shall be provided hereunder to an agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) who shall have been adjudicated by the court or other body before which the proceeding was brought to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office (collectively, "disabling conduct"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any proceeding disposed of (whether by settlement, pursuant to a consent decree or otherwise) without an adjudication by the court or other body before which the proceeding was brought that such agent was liable to the Trust or its Shareholders by reason of disabling conduct, unless there has been a determination that such agent did not engage in disabling conduct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by the court or other body before which the proceeding was brought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by at least a majority of those Trustees who are neither Interested Persons (within the meaning of the 1940 Act) of the Trust nor are parties to the proceeding based upon a review of readily available facts (as opposed to a full trial-type inquiry); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry); provided, however, that indemnification shall be provided hereunder to an agent with respect to any proceeding in the event of (1) a final decision on the merits by the court or other body before which the proceeding was brought that the agent was not liable by reason of disabling conduct, or (2) the dismissal of the proceeding by the court or other body before which it was brought for insufficiency of evidence of any disabling conduct with which such agent has been charged.

Section 4. <u>Insurance, Rights Not Exclusive</u>. The rights of indemnification herein provided may be insured against by policies maintained by the Trust on behalf of any agent, shall be severable, shall not be exclusive of or affect any other rights to which any agent may now or hereafter be entitled and shall inure to the benefit of the heirs, executors and administrators of any agent.

Section 5. <u>Advance of Expenses</u>. Expenses incurred by an agent in connection with the preparation and presentation of a defense to any proceeding may be paid by the Trust from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such agent that such amount will be paid over by him or her to the Trust if it is ultimately determined that he or she is not entitled to indemnification under this Article VI; provided, however, that (a) such agent shall have provided appropriate security for such undertaking, (b) the Trust is insured against losses arising out of any such advance payments or (c) either a majority of the Trustees who are neither Interested Persons of the Trust nor parties to the proceeding, or independent legal counsel in a written opinion, shall have determined, based upon a review of readily available facts (as opposed to a trial-type inquiry or full investigation), that there is reason to believe that such agent will be found entitled to indemnification under this Article VI.

Section 6. <u>Fiduciaries of Employee Benefit Plan</u>. This Article does not apply to any proceeding against any Trustee, investment manager or other fiduciary of an employee benefit plan in that person's capacity as such, even though that person may also be an agent of this Trust as defined in Section 1 of this Article. Nothing contained in this Article shall limit any right to indemnification to which such a Trustee, investment manager, or other fiduciary may be entitled by contract or otherwise which shall be enforceable to the extent permitted by applicable law other than this Article.

ARTICLE VII

Records and Reports

Section 1. <u>Maintenance and Inspection of Share Registrar</u>. The Trust shall maintain at its principal executive office or at the office of its transfer agent or registrar, if either be appointed and as determined by resolution of the Trustees, a record of its Shareholders, giving the names and

addresses of all Shareholders and the number and Series (and, as applicable, Class) of Shares held by each Shareholder, and the number and date of certificates issued for the same and the number and date of cancellation of every certificate surrendered for cancellation. Subject to such reasonable standards (including standards governing what information and documents are to be furnished and at whose expense) as may be established by the Trustees from time to time, the record of the Trust's Shareholders shall be open to inspection upon the written request of any Shareholder at any reasonable time during usual business hours for a purpose reasonably related to the holder's interests as a Shareholder.

Section 2. <u>Maintenance and Inspection of By-Laws</u>. The Trust shall keep at its principal executive office the original or a copy of these By-Laws as amended to date, which shall be open to inspection by the Shareholders at all reasonable times during office hours.

Section 3. <u>Maintenance and Inspection of Other Records</u>. The accounting books and records and minutes of proceedings of the Shareholders and the Trustees and any committee or committees of the Trustees shall be kept at such place or places designated by the Trustees or in the absence of such designation, at the principal executive office of the Trust. The minutes shall be kept in written form and the accounting books and records shall be kept either in written form or in any other form capable of being converted into written form. Minute books shall be open to inspection upon the written request of any Shareholder at reasonable times during usual business hours for a purpose reasonably related to the Shareholder's interests as a Shareholder. Any such inspection may be made in person or by an agent and shall include the right to copy. Notwithstanding the foregoing, the Trustees shall have the right to keep confidential from Shareholders for such period of time as the Trustees deem reasonable, any information which the Trustees reasonably believe to be in the nature of trade secrets or other information the disclosure of which the Trustees in good faith believe is not in the best interests of the Trust or could damage the Trust or its business or which the Trust is required by law or by agreement with a third party to keep confidential.

Section 4. <u>Inspection by Trustees</u>. Every Trustee shall have the absolute right at any reasonable time to inspect all books, records, and documents of every kind and the physical properties of the Trust. This inspection by a Trustee may be made in person or by an agent or attorney and the right of inspection includes the right to copy and make extracts of documents.

Section 5. <u>Financial Statements</u>. A copy of any financial statements and any income statement of the Trust for each semi-annual period of each fiscal year and accompanying balance sheet of the Trust as of the end of each such period that has been prepared by the Trust shall be kept on file in the principal executive office of the Trust for at least twelve (12) months and each such statement shall be exhibited at all reasonable times to any Shareholder demanding an examination of any such statement or a copy shall be mailed to any such Shareholder.

The semi-annual income statements and balance sheets referred to in this section shall be accompanied by the report, if any, of any independent accountants engaged by the Trust or the certificate of an authorized officer of the Trust that the financial statements were prepared without audit from the books and records of the Trust.

ARTICLE VIII

General Matters

Section 1. <u>Checks, Drafts, Evidence of Indebtedness</u>. All checks, drafts, or other orders for payment of money, notes or other evidences of indebtedness issued in the name of or payable to the Trust shall be signed or endorsed in such manner and by such person or persons as shall be designated from time to time in accordance with the resolution of the Board of Trustees.

Section 2. <u>Contracts and Instruments; How Executed</u>. The Trustees, except as otherwise provided in these By-Laws, may authorize any officer or officers, agent or agents, to enter into any contract or execute any instrument in the name of and on behalf of the Trust and this authority may be general or confined to specific instances; and unless so authorized or ratified by the Trustees or within the agency power of an officer, no officer, agent, or employee shall have any power or authority to bind the Trust by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any amount.

Section 3. <u>Certificates for Shares</u>. The Trustees may at any time authorize the issuance of Share certificates for any one or more Series or Classes. In that event, each Shareholder of an affected Series or Class shall be entitled upon request to receive a certificate evidencing such Shareholder's ownership of Shares of the relevant Series or Class (in such form as shall be prescribed from time to time by the Trustees). All certificates shall be signed in the name of the Trust by the President or Vice President and by the Treasurer or an Assistant Treasurer or the Secretary or any Assistant Secretary, certifying the number of Shares and the Series of Shares owned by the Shareholders. Any or all of the signatures on the certificate may be facsimile. In case any officer, transfer agent, or registrar who has signed or whose facsimile signature has been placed on a certificate shall have ceased to be that officer, transfer agent, or registrar before that certificate is issued, it may be issued by the Trust with the same effect as if that person were an officer, transfer agent or registrar at the date of issue. Notwithstanding the foregoing, the Trust may adopt and use a system of issuance, recordation and transfer of its Shares by electronic or other means.

Section 4. <u>Lost Certificates</u>. Except as provided in this Section 4, no new certificates for Shares shall be issued to replace an old certificate unless the latter is surrendered to the Trust and canceled at the same time. The Trustees may, in the event any Share certificate or certificate for any other security is lost, stolen, or destroyed, authorize the issuance of a replacement certificate on such terms and conditions as the Trustees may require, including a provision for indemnification of the Trust secured by a bond or other adequate security sufficient to protect the Trust against any claim that may be made against it, including any expense or liability on account of the alleged loss, theft, or destruction of the certificate or the issuance of the replacement certificate.

Section 5. <u>Representation of Shares of Other Entities held by Trust</u>. The President or any Vice President or any other person authorized by the Trustees or by any of the foregoing designated officers, is authorized to vote or represent on behalf of the Trust any and all Shares of any corporation, partnership, trusts, or other entities, foreign or domestic, standing in the name of the Trust. The authority granted may be exercised in person or by a proxy duly executed by such designated person.

Section 6. <u>Fiscal Year</u>. The fiscal year of the Trust shall be fixed and refixed or changed from time to time by the Trustees. The fiscal year of the Trust shall be the taxable year of each Series and Class of the Trust.

Section 7. <u>Seal</u>. The seal of the Trust, if utilized, shall consist of the words "First Eagle Funds –Delaware" in a circle. However, the seal shall not be necessary to be placed on, and its absence shall not impair the validity of, any document, instrument or other paper executed and delivered by or on behalf of the Trust.

ARTICLE IX

Amendments

Section 1. <u>Amendment</u>. Except as otherwise provided by applicable law or by the Declaration of Trust, these By-Laws may be restated, amended, supplemented or repealed by the Trustees without Shareholder vote or approval, provided that no restatement, amendment, supplement or repeal hereof shall limit the rights to indemnification or insurance provided in Article VI hereof with respect to any acts or omissions of agents (as defined in Article VI) of the Trust prior to such amendment.

Section 2. <u>Incorporation by Reference into Agreement and Declaration of Trust by the Trust</u>. These By-Laws and any amendments thereto shall be deemed incorporated by reference in the Declaration of Trust.

## Ex-99.(D)

***Exhibit 99.(d)***

**FIRST EAGLE COMPLETION FUND TRUST<br> (FIRST EAGLE HIGH YIELD MUNICIPAL COMPLETION FUND)**

<br> 1345 Avenue of the Americas<br> New York, New York 10105

**INVESTMENT ADVISORY AGREEMENT**

This Investment Advisory Agreement, is entered into as of June 5, 2025 by and between FIRST EAGLE COMPLETION FUND TRUST, a Delaware statutory trust (the "Trust") with respect to FIRST EAGLE HIGH YIELD MUNICIPAL COMPLETION FUND (a portfolio of the Trust and referred to herein as the "Fund") and FIRST EAGLE INVESTMENT MANAGEMENT, LLC, a registered investment adviser organized under the laws of the State of Delaware (the "Adviser"), and shall become effective upon the consummation of the change of ownership of First Eagle Holdings, Inc. ("FE Holdings"), parent company of the Adviser.

**WITNESSETH:**

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Fund is a separate portfolio and series of shares of the Trust with assets and liabilities thereof limited to such portfolio under the terms set out in the Trust's Agreement and Declaration of Trust;

WHEREAS, the Investment Advisory Agreement dated June 5, 2025 by and between the Trust and the Adviser will terminate automatically due to the event of its assignment (as defined in the 1940 Act) from the prospective change of ownership of FE Holdings and this Agreement has been approved by the shareholder(s) of the Fund.

NOW, THEREFORE, the parties agree as follows:

1. The Trust hereby appoints the Adviser to act as investment adviser to the Fund, for the period and on the terms set forth in this Agreement. The Adviser accepts such appointment and agrees to render the services herein described, for the compensation herein provided.

2. Subject to the supervision of the Board of Trustees of the Trust (the "Board of Trustees"), the Adviser shall manage the investment operations of the Fund and the composition of the Fund's portfolio, including the purchase, retention and disposition thereof, in accordance with the Fund's investment objective, policies and restrictions as stated in the Prospectus and Statement of Additional Information of the Fund and subject to the following understandings:

(a) The Adviser shall provide supervision of the Fund's investments and determine from time to time what investments, securities or commodity futures contracts and options thereon ("futures") will be purchased, retained, sold or loaned by the Fund, and what portion of the assets will be invested or held uninvested.

(b) The Adviser shall use its best judgment in the performance of its duties under this Agreement.

(c) The Adviser, in the performance of its duties and obligations under this Agreement, shall act in conformity with the Agreement and Declaration of Trust, the Prospectus and Statement of Additional Information of the Fund and with the instructions and directions of the Board of Trustees and will conform to and comply with the requirements of the 1940 Act and all other applicable federal and state laws and regulations.

(d) The Adviser shall determine the investments, securities and futures to be purchased or sold by the Fund and will place orders pursuant to its determinations with or through such persons, brokers, dealers or futures commission merchants (which may include affiliates of the Adviser) in conformity with the policy with respect to brokerage as set forth in the Fund's Prospectus and Statement of Additional Information or as the Board of Trustees may direct from time to time. In providing the Fund with investment management, it is recognized that the Adviser will give primary consideration to securing most favorable prices and efficient executions. Consistent with this policy, the Adviser may consider the financial responsibility, research and investment information and other services provided by brokers,

dealers or futures commission merchants who may effect or be a party to any such transaction or other transactions to which other clients of the Adviser may be a party. It is understood that neither the Fund nor the Adviser has adopted a formula for allocation of the Fund's investment business. It is also understood that it is desirable for the Fund that the Adviser have access to supplemental investment and market research and security and economic analysis provided by brokers or futures commission merchants who may execute brokerage transactions at a higher cost to the Fund than may result when allocating brokerage to other brokers or futures commission merchants on the basis of seeking the most favorable prices and efficient executions. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities or futures for the Fund with such brokers or futures commission merchants, subject to review by the Board of Trustees, from time to time, with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers or futures commission merchants may be useful to the Adviser in connection with its services to other clients.

On occasions when the Adviser deems the purchase or sale of a security or a futures contract to be in the best interest of the Fund as well as other clients, the Adviser, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities or futures contract to be so sold or purchased in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or futures contract so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Adviser in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to such other clients.

(e) The Adviser shall maintain all books and records with respect to the Fund's portfolio transactions that the Fund is required to keep under Rule 31a-1 under the 1940 Act.

(f) The Adviser shall provide the Fund on each business day with information relating to all transactions concerning the Fund's assets.

(g) The investment management services provided by the Adviser hereunder are not to be deemed exclusive, and the Adviser shall be free to render similar services to others.

(h) Nothing herein shall prohibit the Board of Trustees from approving the payment by the Trust of additional compensation to others for consulting services, supplemental research and security and economic analysis.

3. The Fund has delivered (or will deliver the same as soon as available) to the Adviser copies of each of the following documents and will deliver to it all future amendments and supplements, if any:

(a) Certified resolutions of the Board of Trustees authorizing the appointment of the Adviser and approving the form of this Agreement;

(b) The Registration Statement under the 1940 Act, as amended, on Form N-1A (the "Registration Statement"), as filed with the Securities and Exchange Commission (the "Commission") relating to the Fund and all amendments thereto;

(c) The Fund's Notification of Registration of under the 1940 Act on Form N-8A as filed with the Commission and all amendments thereto; and

(d) Prospectus and Statement of Additional Information of the Fund (such Prospectus and Statement of Additional Information, as currently in effect and as amended or supplemented, from time to time, being herein called the "Prospectus").

4. The Adviser shall authorize and permit any of its directors, officers and employees who may be elected as directors or officers of the Fund to serve in the capacities in which they are elected. Services to be furnished by the Adviser under this Agreement may be furnished through the medium of any of such directors, officers or employees.

5. The Adviser shall keep the Fund's books and records required to be maintained by it pursuant to paragraph 2 hereof. The Adviser agrees that all records which it maintains for the Fund are the property of the Fund and it will surrender

promptly to the Fund any of such records upon the Fund's request. The Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 of the Commission under the 1940 Act any such records as are required to be maintained by the Adviser pursuant to paragraph 2 hereof.

6. (a) The Adviser shall receive no compensation from the Fund for its services provided pursuant to this Agreement. The Fund understands and agrees, however, that the Adviser and its affiliates expect to receive compensation from third parties in connection with the Adviser's provision of services hereunder.

(b) The Adviser will provide investment, advisory, research and statistical facilities and all clerical services relating to research, statistical and investment work. During the term of this Agreement, the Adviser will pay all expenses incurred in connection with its obligations under this Agreement, except any expenses that are paid by a party other than us under the terms of any other agreement to which the Fund is a party or a third-party beneficiary. The Adviser assumes and shall pay for maintaining its staff and personnel and shall, at the Adviser's expense, provide the equipment, office space and facilities necessary to perform the Adviser's obligations under this Agreement.

(i) The Adviser shall also be responsible for and hereby assumes the obligation for payment of all of the Fund's expenses that might otherwise be required to be included as "other expenses" of the Fund for purposes of Item 3 of Form N-lA (other than expenses described in (b)(ii) of this paragraph 6), including, without limitation, the following expenses: (1) expenses of the Fund's independent public accountants; (2) expenses of the Fund's transfer agent(s), registrar, dividend disbursing agent(s) and shareholder recordkeeping services; (3) expenses of the Fund's custodian, including any recordkeeping services provided by the custodian; (4) expenses relating to obtaining quotations for calculating the value of the Fund's net assets; (5) expenses relating to the preparation of such reports and other materials as may reasonably be requested by the Fund's Trustees; (6) expenses relating to the maintenance of the Fund's tax records; (7) expenses, including expenses relating to the procurement of legal services, incident to meetings of the Fund's shareholders, the preparation and mailing of the Fund's prospectuses and reports to the Fund's shareholders, the filing of reports with regulatory bodies, the maintenance of the Fund's existence and qualification to do business and the registration of shares with federal and state securities authorities; (8) fees and expenses of the Fund's Trustees and officers, and the fees and expenses of any legal counsel or any other persons engaged by such persons in connection with the discharge of their duties as Trustees or officers; (9) costs of printing certificates representing the Fund's shares; (10) the Fund's pro rata portion of the fidelity bond required by Section 17(g) of the Act or other insurance premiums; and (11) association membership dues.

(ii) The Fund shall bear, and the Adviser will not be required to pay hereunder: (1) taxes or governmental fees; (2) brokers' commissions; (3) costs, including any interest expenses, of borrowing money and other leveraging methods; (4) acquired fund fees and expenses; (5) extraordinary expenses, including extraordinary legal expenses and expenses incurred in connection with litigation, proceedings, or other claims and/or the legal obligations of us to indemnify the Fund's trustees, officers, employees, shareholders, distributors and agents with respect thereto; and (6) the Fund's organizational and offering expenses to the extent authorized by the Board of Trustees, and any other expenses that are capitalized in accordance with generally accepted accounting principles. For the avoidance of doubt, any service required by the Trust that is not a responsibility of the Adviser hereunder may be separately contracted with the Adviser and its affiliates, in which case the Adviser or such affiliate will be separately compensated.

7. The Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the matters to which this Agreement relates, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the 1940 Act) or a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement.

8. This Agreement shall continue for an initial two-year term after the effective date hereof and from year to year thereafter, but only so long as such year to year continuance is specifically approved at least annually in conformity with the requirements of the 1940 Act; provided, however, that this Agreement may be terminated by the Fund at any time, without the payment of any penalty, by the Board of Trustees or by vote of a majority of the outstanding voting interests (as defined in the 1940 Act) of the Fund, or by the Adviser at any time, without the payment of any penalty, on not more than 60 days' nor less than 30 days' written notice to the other party. This Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act) by the Adviser.

9. Nothing in this Agreement shall limit or restrict the right of any of the Adviser's directors, officers, or employees who may also be a director, officer or employee of the Fund to engage in any other business or to devote time and attention in part to the management or other aspects of any business, whether of a similar or a dissimilar nature, nor limit or restrict the Adviser's right to engage in any other business or to render services of any kind to any other corporation, firm, individual or association.

10. Except as otherwise provided herein or authorized by the Board of Trustees, from time to time, the Adviser shall for all purposes herein be deemed to be an independent contractor and shall have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

11. During the term of this Agreement, the Fund agrees to furnish the Adviser at its principal office all prospectuses, proxy statements, reports to Shareholders, sales literature, or other material prepared for distribution to Shareholders of the Fund or the public, which refer to the Adviser in any way, prior to use thereof and not to use such material if the Adviser reasonably objects in writing within five business days (or such other time as may be mutually agreed) after receipt thereof. In the event of termination of this Agreement, the Fund will continue to furnish to the Adviser copies of any of the above-mentioned materials which refer in any way to the Adviser. Sales literature may be furnished to the Adviser hereunder by first class or overnight mail, facsimile transmission equipment or hand delivery. The Fund shall furnish or otherwise make available to the Adviser such other information relating to the business affairs of the Fund as the Adviser at any time, or from time to time, reasonably requests in order to discharge its obligations hereunder.

12. This Agreement constitutes the entire Agreement between the parties with respect to the subject matter hereof. This Agreement may be amended by mutual consent, but the consent of the Fund must be approved in conformity with the requirements of the 1940 Act.

13. Any notice or other communication required to be given pursuant to this Agreement shall be deemed duly given if delivered or mailed by registered mail, postage prepaid, (1) to the Adviser at 1345 Avenue of the Americas, New York, NY 10105, Attention: General Counsel; or (2) to the Fund at 1345 Avenue of the Americas, New York, NY 10105, Attention: Secretary.

14. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. Anything herein to the contrary notwithstanding, this Agreement shall not be construed to require, or to impose any duty upon, either of the parties to do anything in violation of any applicable laws or regulations.

15. The Fund may use the name "First Eagle" in connection with the name of the Fund or any variant thereof, only for so long as this Agreement or any extension, renewal or amendment hereof remain in effect, including any similar agreement with any organization which shall have succeeded to the Adviser's business as investment adviser, or the Distribution and Services Agreement between the Fund and FEF Distributors, LLC (the "Distributor") or any extension, renewal or amendment thereof, remains in effect, including any similar agreement with any organization which shall have succeeded to the Distributor's business as distributor. At such time as such Agreement shall no longer be in effect, the Fund will (to the extent that it lawfully can) cease to use such a name or any other name indicating that it is advised by, managed by or otherwise connected with the Adviser, the Distributor or any organization which shall have so succeeded to such businesses. In no event shall the Fund use the names "First Eagle Investment Management," or any variant thereof if the Adviser's or Distributor's functions are transferred or assigned to a company of which First Eagle Holdings, Inc. ("FE Holdings") does not have control. In the event that such Agreement shall no longer be in effect or the Adviser's or Distributor's functions are transferred or assigned to a company of which FE Holdings does not have control, the Fund shall use its best efforts to legally change its name by filing the required documentation with appropriate state and federal agencies.

16. If any occasion should arise in which the Adviser gives any advice to its clients concerning the shares of the Trust, the Adviser will act solely as investment counsel for such clients and not in any way on behalf of the Trust except to the extent that the Adviser is acting as principal underwriter of the Shares of the Fund. In connection with purchases or sales of portfolio securities for the account of the Fund, neither the Adviser nor any of its Trustees, officers or employees will act as a principal.

[**Signature Page Follows**]

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.

FIRST EAGLE COMPLETION FUND TRUST

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| | |
|:---|:---|
| By: | /s/ Sheelyn Michael |

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Name: SHEELYN MICHAEL

Title: Secretary

FIRST EAGLE INVESTMENT MANAGEMENT, LLC

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|:---|:---|
| By: | /s/ Mehdi Mahmud |

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Name: MEHDI MAHMUD

Title: President and CEO

## Ex-99.(E)

***Exhibit 99.(e)***

**FIRST EAGLE COMPLETION FUND TRUST**<br> **(First Eagle HIGH YIELD MUNICIPAL COMPLETION Fund)**

1345 Avenue of the Americas

New York, New York 10105

**<u>Underwriting Agreement</u>**

This Underwriting Agreement, is entered into as of June 5, 2025 by and between First Eagle Completion Fund Trust (the "Trust"), a Delaware statutory trust currently consisting of the portfolios listed on Schedule A, attached hereto, together with all other portfolios subsequently established and made subject to this Agreement and FEF Distributors, LLC, and shall become effective upon the consummation of the change of ownership of First Eagle Holdings, Inc. ("FE Holdings"), parent company of FEF Distributors, LLC.

Whereas, the Underwriting Agreement entered into as of June 5, 2025 by and between the Trust and FEF Distributors, LLC will terminate automatically due to the event of its assignment (as defined in the 1940 Act) from the prospective change of ownership of FE Holdings;

Whereas, the Trust's Board of Trustees has selected FEF Distributors, LLC to act as principal underwriter (as such term is defined in Section 2(a)(29) of the Investment Company Act of 1940, as amended (the "1940 Act")) of the shares of beneficial interest of the Trust and FEF Distributors, LLC is willing to act as such principal underwriter and to perform the duties and functions of underwriter in the manner and on the conditions hereinafter set forth.

Accordingly, the Trust hereby agrees with FEF Distributors, LLC as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Copies of Trust Documents</u>. The Trust will furnish FEF Distributors, LLC promptly with copies of any registration statements filed by it with the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "1933 Act"), and the 1940 Act, together with any financial statements and exhibits included therein, and all amendments or supplements thereto hereafter filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Registration and Sale of Additional Shares</u>. The Trust will from time to time use its best efforts to register under the 1933 Act such authorized shares of beneficial interest not already so registered as FEF Distributors, LLC may reasonably be expected to sell as agent on behalf of the Trust. To the extent that there will be available for sale such number of shares as FEF Distributors, LLC may reasonably be expected to sell, the Trust, subject to the necessary approval of its shareholders, will, from time to time as may be necessary, increase the number of authorized shares. This Agreement relates to the issue and sale of shares that are duly authorized and registered and available for sale by the Trust, including repurchased and redeemed shares if and to the extent that they may be legally sold and if, but only if, the Trust sees fit to sell them. FEF Distributors, LLC and the Trust will cooperate in taking such action as may be necessary from time to time to qualify shares of the Trust for sale in New York and in any other states mutually agreeable to FEF Distributors, LLC and the Trust, and to maintain such qualification, provided that such shares are duly registered under the 1933 Act.

The Trust represents to FEF Distributors, LLC that all registration statements and prospectuses filed by the Trust with the SEC under the 1933 Act and under the 1940 Act with respect to the shares have been prepared in conformity with the requirements of said Acts and the rules and regulations of the SEC thereunder. As used in this Agreement, the terms "registration statement" and "prospectus" shall mean any registration statement and prospectus, including the statement of additional information incorporated by reference therein, filed with the SEC and any amendments and supplements thereto which at any time shall have been filed with the SEC. The Trust represents and warrants to FEF Distributors, LLC that any registration statement and prospectus, when such registration statement becomes effective, will contain all statements required to be stated therein in conformity with said Acts and the rules and regulations of the SEC; that all statements of fact contained in any such registration statement and prospectus will be true and correct when such registration statement becomes effective; and that neither any registration statement nor any prospectus when such registration statement becomes effective will include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Trust may, but shall not be obligated to, propose from

time to time such amendment or amendments to any registration statement and such supplement or supplements to any prospectus as, in the light of future developments, may, in the opinion of the Trust's counsel, be necessary or advisable. If the Trust shall not propose such amendment or amendments and/or supplement or supplements within fifteen days after receipt by the Trust of a written request from FEF Distributors, LLC to do so with respect to a material change, FEF Distributors, LLC may, at FEF Distributors, LLC's option, terminate this Agreement or decline to make offers of the Trust's securities until such amendments are made. The Trust shall not file any amendment to any registration statement or supplement to any prospectus without giving FEF Distributors, LLC reasonable notice thereof in advance; <u>provided</u>, <u>however</u>, that nothing contained in this Agreement shall in any way limit the Trust's right to file at any time such amendments to any registration statement and/or supplements to any prospectus, of whatever character, as the Trust may deem advisable, such right being in all respects absolute and unconditional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Solicitation of Orders</u>. FEF Distributors, LLC will use its best efforts (but only in states in which FEF Distributors, LLC may lawfully do so) to obtain from investors orders for shares of beneficial interest of the Trust authorized for issue by the Trust and registered under the 1933 Act, <u>provided</u> that FEF Distributors, LLC may in its discretion refuse to accept orders for shares from any particular applicant. FEF Distributors, LLC may, as agent for the Trust, solicit dealers for orders to purchase shares of beneficial interest of the Trust and may enter into selling agreements with any such dealers, the form of such agreements to be as mutually agreed upon, from time to time, by FEF Distributors, LLC and the Trust. Each dealer must be a member of the Financial Industry Regulatory Authority, Inc. ("FINRA") or a foreign dealer not eligible for membership in FINRA who has agreed in acting under the selling agreement to abide by the rules and regulations of FINRA and not to use the United States mails or any means of interstate commerce in connection with the sales of such shares unless such foreign dealer is registered under the Securities Exchange Act of 1934, as amended, or such registration is not required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Sale of Shares</u>. Subject to the provisions of paragraph 5 hereof and to such minimum purchase requirements as may from time to time be currently indicated in the Trust's prospectus, FEF Distributors, LLC is authorized to sell as agent on behalf of the Trust authorized and unissued shares of beneficial interest of the Trust registered under the 1933 Act. Such sales may be made by FEF Distributors, LLC on behalf of the Trust by transmitting promptly any orders received by FEF Distributors, LLC for the purchase and redemption of shares to the Trust's transfer agent. The sales price to the public of such shares shall be the public offering price as defined in paragraph 6 hereof.

Whenever in their judgment such action is warranted by unusual market, economic or political conditions, or by abnormal circumstances of any kind deemed by the parties hereto to render sales of the Trust's shares not in the best interest of the Trust, the parties hereto may decline to accept any orders for, or make any sales of, any shares until such time as those parties deem it advisable to accept such orders and to make such sales, and both parties shall mutually agree to any such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Sale of Shares to Investors by the Trust</u>. Any right granted to FEF Distributors, LLC to accept orders for shares or make sales on behalf of the Trust will not apply to shares issued in connection with the merger or consolidation of any other investment company with the Trust or its acquisition, by purchase or otherwise, of all or substantially all the assets of any investment company or substantially all the outstanding shares of any such Trust, and such right shall not apply to shares that may be offered by the Trust to shareholders by virtue of their being shareholders of the Trust, including shares issued in payment of any dividend or distribution by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Public Offering Price</u>. All shares of the Trust sold to investors by FEF Distributors, LLC as agent for the Trust will be sold at the public offering price. The public offering price for all accepted orders will be the net asset value per share next computed after receipt of such an order, plus any applicable sales charge adjusted to the nearest full cent, as may from time to time be currently indicated in the Trust's prospectus with respect to such order. Net asset value per share shall be computed in the manner provided in the Trust's Declaration of Trust, as now in effect or as it may be amended. The time of receipt of such an order shall be the time of its receipt by FEF Distributors, LLC or by a dealer selected by FEF Distributors, LLC as provided in paragraph 3 if transmitted on the day of receipt by such dealer to FEF Distributors, LLC prior to the close of its business on that day. The Trust will not, without notifying FEF Distributors, LLC in advance, change the sales charges or dealer discounts applicable to the sales of its shares from those set forth in its then-current prospectus. FEF Distributors,

LLC may also purchase as principal shares of the Trust's beneficial interest at net asset value and sell such shares at the public offering price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Underwriting Discount</u>. The Trust shall receive from FEF Distributors, LLC the applicable net asset value on all orders for sales of shares of beneficial interest accepted by FEF Distributors, LLC as agent of the Trust if the net sale price thereof has been deemed, in accordance with the Trust's Declaration of Trust, to be an asset of the Trust in connection with a computation of net asset value for the sale of any other shares or the purchase or redemption of any shares. FEF Distributors, LLC shall be entitled to retain so much of the difference between the public offering price and the applicable net asset value as is not reallowed by FEF Distributors, LLC as a discount to dealers. Such reallowance shall be the same for all dealers and shall conform to such dealer discounts, if any, as may from time to time be currently indicated in the Trust's prospectus. FEF Distributors, LLC will reimburse the Trust for any increase in any issue tax paid by it which is attributable to such sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Notice of Sale; Delivery of Payments</u>. FEF Distributors, LLC will promptly notify the Trust's transfer agent or shareholders' servicing agent of any orders for sales of shares of beneficial interest accepted by FEF Distributors, LLC, and FEF Distributors, LLC will deliver to the Trust's shareholders' servicing agent all payments pursuant to orders for sales accepted by FEF Distributors, LLC no later than the first business day following the receipt by FEF Distributors, LLC in its home office of such payments, and, unless payment is not required under paragraph 7, in no event later than seven days after the receipt by FEF Distributors, LLC of such order, or, in case an extension of time is granted by FINRA, to the dealer submitting the order, in no event later than the expiration of such extension of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Purchase of Shares</u>. FEF Distributors, LLC is authorized to purchase as agent on behalf of the Trust shares of beneficial interest of the Trust from record holders thereof. Such purchases may be made by FEF Distributors, LLC on behalf of the Trust by accepting orders placed with FEF Distributors, LLC by such holders. The purchase price per share for all accepted orders will be the net asset value per share next computed after receipt of such an order, in the manner provided in the Trust's Declaration of Trust, as now in effect or as it may be amended. The time of receipt of such an order shall be the time of its receipt by FEF Distributors, LLC or by a dealer selected by FEF Distributors, LLC as provided in paragraph 3 if transmitted on the day of receipt by such dealer to FEF Distributors, LLC prior to the close of its business on that day. FEF Distributors, LLC will promptly notify the Trust's transfer agent or shareholders' servicing agent of any such order accepted by FEF Distributors, LLC and will, if the shares subject to such order have been deemed to be no longer outstanding in connection with a computation of net asset value for the sale of any shares by the Trust or the purchase or redemption of any shares by it, deliver to such agent a proper request for purchase of such shares by the Trust and any stock certificates for such shares not later than the first business day following the receipt by FEF Distributors, LLC in its home office of such request and certificates, and in no event later than seven days after the receipt by FEF Distributors, LLC of such order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Suspension of Sales and Purchases</u>. If and whenever the determination of net asset value is suspended pursuant to the Trust's Declaration of Trust, and such suspension has become effective, until such suspension is terminated, no further orders for the sale or purchase of shares shall be accepted by FEF Distributors, LLC except such orders placed with FEF Distributors, LLC before FEF Distributors, LLC had knowledge of the suspension. In addition, the Trust reserves the right to suspend sales and purchases and its authority to accept orders for sales and purchases of shares on behalf of the Trust if, in the judgment of a majority of its Board of Trustees or a majority of the Executive Committee of its Board of Trustees, if such Committee exists, it is in the best interests of the Trust to do so, such suspension to continue for such period as may be determined by such majority; and in that event, no shares will be sold or purchased by the Trust or by FEF Distributors, LLC on behalf of the Trust while such suspension remains in effect except for shares necessary to cover orders accepted by FEF Distributors, LLC before FEF Distributors, LLC had knowledge of the suspension. The Trust will notify FEF Distributors, LLC promptly of any such suspension of the determination of net asset value or of any such suspension of sales and purchases of shares.

The Trust agrees to advise FEF Distributors, LLC immediately in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of any request by the SEC for amendments to the registration statement or prospectus then in effect or for additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the event of the issuance by the SEC of any stop order suspending the effectiveness of the registration statement or prospectus then in effect or the initiation of any proceeding for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of the happening of any event, to the best of its knowledge, which makes untrue any statement of a material fact made in the registration statement or prospectus then in effect or which requires the making of a change in such registration statement or prospectus in order to make the statements therein not misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) of all actions of the SEC with respect to any amendments to any registration statement or prospectus which may from time to time be filed with the SEC that materially affect the performance of its services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Expenses</u>. The Trust will pay all fees and expenses in connection with the preparation and filing of any registration statement and prospectus or amendments thereto under the 1933 Act covering the issue and sale of its shares and in connection with the qualification of shares for sale in the various states and countries in which the Trust shall determine it advisable to qualify such shares for sale, the costs of all stock certificates and the fees and expenses of its transfer agent or shareholders' servicing agent or registrar. It will also pay any issue taxes (subject to partial reimbursement under paragraph 7 hereof). FEF Distributors, LLC will pay all expenses of printing prospectuses and other sales literature (except copies of prospectuses and other sales literature which may from time to time be sent to existing shareholders of the Trust), all fees and expenses in connection with its qualification as a dealer in the various states and countries, and all other expenses in connection with the sale and offering for sale of the shares of the Trust which are not payable by the Trust pursuant to the provisions of this paragraph 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Conformity with Law</u>. FEF Distributors, LLC agrees that in selling and purchasing the shares of the Trust FEF Distributors, LLC will duly conform in all respects with the laws of the United States and any state or country in which such shares may be offered for sale by FEF Distributors, LLC pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Indemnification</u>. FEF Distributors, LLC agrees to indemnify and hold harmless the Trust and each of its Trustees and officers and each person, if any, who controls the Trust within the meaning of Section 15 of the 1933 Act against any and all losses, claims, damages, liabilities or litigation expenses (including legal and other expenses) to which the Trust or such Trustees, officers or controlling person may become subject under such Act or under any other statute, at common law or otherwise, arising out of the acquisition of any shares by any person or the sale of any shares by any person to the Trust through FEF Distributors, LLC which (i) may be based upon any wrongful act by FEF Distributors, LLC or any of its employees or representatives or (ii) may be based upon any untrue statement or alleged untrue statement of a material fact contained in a registration statement or prospectus covering shares of the Trust or any amendment thereof or supplement thereto or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished or confirmed in writing to the Trust by FEF Distributors, LLC; <u>provided</u>, <u>however</u>, that in no case is its indemnity in favor of a director or officer or any other person deemed to protect such director or officer or other person against any liability to which any such person would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of his duties or by reason of his reckless disregard of obligations and duties under this Agreement.

The Trust agrees to indemnify and hold harmless FEF Distributors, LLC and each of its directors and officers and each person, if any, who controls FEF Distributors, LLC within the meaning of Section 15 of the 1933 Act against any and all losses, claims, damages, liabilities or litigation expenses (including legal and other expenses) to which FEF Distributors, LLC or such directors, officers or controlling person may become subject under such Act or under any other statute, at common law or otherwise, arising out of the acquisition of any shares by any person or the sale of any shares by any person to the Trust through FEF Distributors, LLC which (i) may be based upon any wrongful act by the Trust or any of its employees or representatives, or (ii) except as described in

clause (ii) of the preceding paragraph, may be based upon any untrue statement or alleged untrue statement of a material fact contained in a registration statement or prospectus covering shares of the Trust or any amendment thereof or supplement thereto or omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; <u>provided</u>, <u>however</u>, that in no case is the Trust's indemnity in favor of a director or officer or any other person deemed to protect such director or officer or other person against any liability to which any such person would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of his duties or by reason of his reckless disregard of obligations and duties under this Agreement. FEF Distributors, LLC hereby waives any rights to indemnification concerning its obligations and duties hereunder to which FEF Distributors, LLC might be entitled under the Trust's By-Laws.

FEF Distributors, LLC is not authorized to give any information or to make any representations on behalf of the Trust in connection with the sale or purchase of shares of the Trust other than the information and representations contained in a registration statement or prospectus covering shares of the Trust, as such registration statement and prospectus may be amended or supplemented from time to time. No person other than FEF Distributors, LLC is authorized to act as agent for the Trust in connection with the offering or sale of shares of the Trust to the public or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Duration and Termination of this Agreement</u>. This Agreement shall become effective as of the date hereof and will continue from year to year, but only so long as (after an initial two-year term) such continuance is specifically approved at least annually by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Trust. In addition, the Trust may not renew or perform this Agreement unless the terms thereof and any renewal thereof have been approved by the vote of a majority of Trustees of the Trust who are not interested persons of FEF Distributors, LLC or of the Trust cast at a meeting called for the purpose of voting on such approval in accordance with the 1940 Act. This Agreement may, on 60 days' written notice, be terminated at any time without the payment of any penalty by the Board of Trustees of the Trust, by vote of a majority of the outstanding voting securities of the Trust, or by FEF Distributors, LLC. This Agreement shall automatically terminate in the event of its assignment. In interpreting the provisions of this paragraph 14, the definitions contained in Section 2(a) of the 1940 Act and rules thereunder (particularly the definitions of "interested person", "assignment", "voting security" and "vote of a majority of the outstanding voting securities") shall be applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Amendment of this Agreement</u>. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. If the Trust should at any time deem it necessary or advisable in the best interests of the Trust that any amendment of this Agreement be made in order to comply with the recommendations or requirements of the SEC or other governmental authority or to obtain any advantage under state or federal tax laws, it should notify FEF Distributors, LLC of the form of such amendment, and the reasons therefor, and if FEF Distributors, LLC should decline to assent to such amendment, the Trust may terminate this Agreement forthwith. If FEF Distributors, LLC should at any time request that a change be made in the Trust's Declaration of Trust or By-Laws, or in its methods of doing business, in order to comply with any requirements of federal law or regulations of the SEC or of a national securities association of which FEF Distributors, LLC is or may be a member, relating to the sale of the shares of the Trust, and the Trust should not make such necessary change within a reasonable time, FEF Distributors, LLC may terminate this Agreement forthwith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust recognizes that, except to the extent otherwise agreed to by the parties hereto, its directors, officers and employees may from time to time serve as directors, trustees, officers and employees of

corporations and business trusts (including other investment companies), and that FEF Distributors, LLC or its affiliates may enter into distribution or other agreements with other corporations and trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Board of Trustees of any additional portfolios indicates by vote that such portfolios are to be made parties to this Agreement, whether such portfolios were in existence at the time of the effective date of this Agreement or subsequently formed, Schedule A hereto shall be amended to reflect the addition of such new portfolios and such new portfolios shall thereafter become parties hereto. In the event that any of the portfolios on Schedule A terminates its registration as a management investment company, or otherwise ceases operations, Schedule A shall be amended to reflect the deletion of such portfolio and any of its classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall be governed by the internal laws of the State of New York without giving effect to principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) FEF Distributors, LLC also agrees that if, as a result of its breach of this warranty, the Trust is subjected to any fine, penalty, or other regulatory sanction or damages, FEF Distributors, LLC will reimburse the Trust for such fine, penalty or damages and any related costs and expenses, including but not limited to attorney fees and expenses.

[Remainder of page intentionally left blank; signature page follows]

---

| | |
|:---|:---|
| First Eagle Completion Fund Trust | First Eagle Completion Fund Trust |
| By: | /s/ Sheelyn Michael |
|  | Name: Sheelyn Michael |
|  | Title: Secretary |

---

The foregoing Agreement is hereby<br> accepted as of the date thereof.

FEF Distributors, LLC

---

| | |
|:---|:---|
| By: | /s/ Frank Riccio |
|  | Name: Frank Riccio |
|  | Title: Senior Vice President |

---

**SCHEDULE A**

<u>PORTFOLIOS OF FIRST EAGLE COMPLETION FUND TRUST</u>

First Eagle High Yield Municipal Completion Fund

## Ex-99.(G)

![](x2_c113931x55x1.jpg)

***Exhibit 99.(g)***

**AMENDED AND RESTATED GLOBAL CUSTODY AGREEMENT** 

***between***

**EACH FIRST EAGLE ENTITY SET FORTH ON EXHIBIT A HERETO** 

***and***

**JPMORGAN CHASE BANK, N.A.**

**SECURITIES SERVICES**

**jpmorgan.com**

**Table of Contents**

**1.** **INTENTION OF THE PARTIES; DEFINITIONS** **1** 

1.1. Intention of
 the Parties 1

1.2. Definitions;
 Interpretation 1

**2.** **WHAT J.P. MORGAN IS REQUIRED TO DO** **4** 

2.1. Set Up Accounts 4

2.2. Cash Account 5

2.3. Segregation of Assets; Nominee Name 5

2.4. Settlement of Transactions 6

2.5. Contractual Settlement Date Accounting 6

2.6. Actual Settlement Date Accounting 7

2.7. Income Collection (AutoCredit®) 7

2.8. Miscellaneous Administrative Duties 7

2.9. Corporate Actions 8

2.10. Class Action Litigation 8

2.11. Proxies 8

2.12. Statements of Account 9

2.13. Access to J.P. Morgan's Records 9

2.14. Maintenance of Financial Assets at Subcustodian
 Locations 10

2.15. Tax Relief Services 10

2.16. Foreign Exchange Transactions 10

2.17. Notifications 10

2.18. Sealed Envelopes 10

**3.** **INSTRUCTIONS** **13** 

3.1. Acting on Instructions;
 Method of Instruction and Unclear Instructions 13

3.2. Verification
 and Security Procedures 13

3.3. Instructions;
 Contrary to Law/Market Practice 13

3.4. Cut-Off Times 13

3.5. Electronic Access 13

**4.** **FEES, EXPENSES AND OTHER AMOUNTS OWING TO J.P. MORGAN** **14** 

4.1. Fees and Expenses 14

4.2. Overdrafts 14

4.3. J.P. Morgan's Right Over Securities;
 Set-off 14

**5.** **SUBCUSTODIANS AND SECURITIES DEPOSITORIES** **15** 

5.1. Appointment
 of Subcustodians; Use of Securities Depositories 15

5.2. Liability for
 Subcustodians 15

**6.** **ADDITIONAL PROVISIONS** **16** 

6.1. Representations
 of the Customer and J.P. Morgan 16

6.2. The Customer
 is Liable to J.P. Morgan Even if it is Acting for Another Person 16

6.3. Special Settlement
 Services 17

**7.** **WHEN J.P. MORGAN IS LIABLE TO THE CUSTOMER** **17** 

7.1. Standard of
 Care; Liability 17

7.2. Force Majeure 18

7.3. J.P. Morgan
 May Consult With Counsel 18

---

| | | |
|:---|:---|:---|
| 7.4. | J.P. Morgan Provides Diverse Financial Services and May Generate Profits as a Result | 18 |
| 7.5. | Assets Held Outside J.P. Morgan's Control | 19 |
| 7.6. | Ancillary Services | 19 |
| 7.7. | Service Locations | 19 |
| **8.** | **TAXATION** | **19** |
| 8.1. | Tax Obligations | 19 |
| 8.2. | Tax Relief Services | 20 |
| **9.** | **TERMINATION** | **20** |
| 9.1. | Termination | 20 |
| 9.2. | Exit Procedure | 21 |
| 9.3. | Inactive Securities Accounts | 21 |
| **10.** | **MISCELLANEOUS** | **22** |
| 10.1. | Notifications | 22 |
| 10.2. | Successors and Assigns | 22 |
| 10.3. | Entire Agreement and Amendments | 22 |
| 10.4. | Information Concerning Deposits at J.P. Morgan's Non-U.S. Branch | 22 |
| 10.5. | Insurance | 22 |
| 10.6. | Security Holding Disclosure | 23 |
| 10.7. | U.S. Regulatory Disclosure | 23 |
| 10.8. | Governing Law and Jurisdiction | 23 |
| 10.9. | Severability; Waiver; and Survival | 24 |
| 10.10. | Confidentiality | 24 |
| 10.11. | Use of J.P. Morgan's Name | 24 |
| 10.12. | Counterparts | 25 |
| 10.13. | No Third Party Beneficiaries | 25 |
| Exhibit A List of Entities | Exhibit A List of Entities | 27 |
| Schedule 1 List of Subcustodians and Markets Used by J.P. Morgan | Schedule 1 List of Subcustodians and Markets Used by J.P. Morgan | 28 |
| Schedule 2 Form of Board Resolution | Schedule 2 Form of Board Resolution | 29 |
| Schedule 3 List of J.P. Morgan Investor Services Custody Restricted Markets | Schedule 3 List of J.P. Morgan Investor Services Custody Restricted Markets | 30 |
| Annex A Electronic Access | Annex A Electronic Access | 31 |

---

**AMENDED AND RESTATED GLOBAL CUSTODY AGREEMENT**

This agreement, dated April 18, 2017 (the "Agreement"), is between JPMORGAN CHASE BANK, N.A. ("J.P. Morgan"), with a place of business at 383 Madison Ave., Floor 11, New York, New York, 10179; and each entity managed by First Eagle Investment Management, LLC, or First Eagle Alternative Credit, that is set forth on Exhibit A (each, the "Customer") with a place of business at 1345 Avenue of the Americas, New York, NY 10105.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **INTENTION OF THE PARTIES; DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** **Intention of the Parties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement sets out the terms on which J.P. Morgan will provide custodial, settlement, asset
servicing and other associated services to the Customer. J.P. Morgan will be responsible for the
performance of only those duties expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investing in Financial Assets and cash in foreign jurisdictions may involve risks of loss or other
burdens and costs. The Customer acknowledges that J.P. Morgan is not providing any legal, tax or
investment advice in connection with the services under this Agreement and will not be liable for any
losses resulting from Country Risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The terms and conditions of this Agreement are applicable only to the services which are specified
in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** **Definitions; Interpretation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Definitions

As used herein, the following terms have the meaning hereinafter stated.

**"Account"** has the meaning set forth in Section 2.1.

**"Account Assets"** has the meaning set forth in Section 4.3(a).

**"Affiliated Subcustodian Bank"** means a Subcustodian that is both a subsidiary of JPMorgan Chase & Co. and either (i) a bank chartered or incorporated in the United States of America or (ii) a branch or subsidiary of such a bank.

**"AML/Sanctions Requirements"** means (a) any Applicable Law (including but not limited to the rules and regulations of the United States Office of Foreign Assets Control) applicable to J.P. Morgan, or to any J.P. Morgan Affiliate engaged in servicing any Account, which governs (i) money laundering, the financing of terrorism, insider dealing or other unlawful activities, or the use of financial institutions to facilitate such activities or (ii) transactions involving individuals or institutions which have been prohibited by, or subject to, sanctions of any governmental authority; and (b) any J.P. Morgan policies and procedures reasonably designed to assure compliance with any such Applicable Law.

**"Applicable Law"** means any applicable statute, treaty, rule, regulation or law (including common law) and any applicable decree, injunction, judgment, order, formal interpretation or ruling issued by a court or governmental entity.

**"Authorized Person"** means any person who has been designated by written notice from the Customer in the form as provided by J.P. Morgan (or by written notice in the form as provided by J.P. Morgan from any agent designated by the Customer, including, without limitation, an investment manager) to act on behalf of the Customer under this Agreement and any person who has been given an access code by a security administrator appointed by the Customer which allows the provision of Instructions. Such persons will continue to be Authorized Persons until such time as J.P. Morgan receives and has had reasonable time to act upon Instructions from the Customer (or its agent) that any such person is no longer an Authorized Person.

**"Cash Account"** has the meaning set forth in Section 2.1(a)(ii).

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**"Confidential Information"** means all non-public information concerning the Customer or the Accounts which J.P. Morgan receives in the course of providing services under this Agreement. Nevertheless, the term Confidential Information shall not include information which is or becomes available to the general public other than as a direct result of J.P. Morgan's breach of the terms of this Agreement or information which J.P. Morgan obtains on a non-confidential basis from a person who is not known to be subject to any obligation of confidence to any person with respect to that information.

**"Corporate Action"** means any subscription right, bonus issue, stock repurchase plan, redemption, exchange, tender offer, or similar matter with respect to a Financial Asset in the Securities Account that requires discretionary action by the beneficial owner of the Financial Asset, but does not include rights with respect to class action litigation or proxy voting.

**"Country Risk"** means the risk of investing or holding assets in a particular country or market, including, but not limited to, risks arising from nationalization, expropriation or other governmental actions; the country's financial infrastructure, including prevailing custody, tax and settlement practices; laws applicable to the safekeeping and recovery of Financial Assets and cash held in custody; the regulation of the banking and securities industries, including changes in market rules; currency restrictions, devaluations or fluctuations; and market conditions affecting the orderly execution of securities transactions or the value of assets.

**"Eligible Foreign Custodian"** means (i) a banking institution or trust company, incorporated or organized under the laws of a country other than the United States, that is regulated as such by that country's government or an agency thereof, and (ii) a majority-owned direct or indirect subsidiary of a U.S. Bank (as defined in rule 17f-5(a)(7)) or bank holding company which subsidiary is incorporated or organized under the laws of a country other than the United States. In addition, an Eligible Foreign Custodian shall also mean any other entity that shall have been so qualified by exemptive order, rule or other appropriate action of the SEC.

"**Eligible Securities Depository**" shall have the same meaning as in rule 17f-7(b)(1)(i)-(vi) as the same may be amended from time to time, or that has otherwise been made exempt pursuant to an SEC exemptive order; provided that, prior to the compliance date with rule 17f-7 for a particular securities depository the term "securities depositories" shall be as defined in (a)(1)(ii)-(iii) of the 1997 amendments to rule 17f-5.

**"Entitlement Holder"** means the person named on the records of a Securities Intermediary as the person having a Security Entitlement against the Securities Intermediary.

**"Financial Asset"** means a Security, Gold, and Silver, and refers, as the context requires, either to the asset itself or to the means by which a person's claim to it is evidenced, including, without limitation, for a Security, a security certificate or a Security Entitlement and for Gold and Silver, the serial numbers or other identification marks. "Financial Asset" does not include cash.

**"Fund"** means each separate portfolio of the First Eagle Funds and First Eagle Variable Funds.

"**Gold**" means gold bars, custodied on an allocated basis, unless otherwise agreed in writing by the parties.

**"Instruction"** means an instruction that has been verified in accordance with a Security Procedure or, if no Security Procedure is applicable, that J.P. Morgan believes, in its commercially reasonable discretion, to have been given by an Authorized Person.

**"J.P. Morgan Affiliate"** means an entity controlling, controlled by, or under common control with J.P. Morgan.

**"J.P. Morgan Indemnitees"** means J.P. Morgan, J.P. Morgan Affiliates, Subcustodians, and their respective nominees, directors, officers, employees and agents.

**"Liabilities"** means any liabilities, losses, claims, costs, damages, penalties, fines, obligations, taxes (other than taxes based solely on J.P. Morgan's income), or expenses of any kind whatsoever (whether actual or contingent and including, without limitation, attorneys', accountants', consultants' and experts' fees and disbursements reasonably incurred and, where relevant, any and all amounts owing to J.P.

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Morgan by Customer's counterparty in connection with collateral Accounts or control Accounts established at J.P. Morgan pursuant to the Customer's Instruction) outstanding from time to time.

**"Proxy Voting Service"** has the meaning set forth in Section 2.11(a).

**"Sealed Envelope"** means a sealed envelope which the Customer requests J.P. Morgan to hold in custody. Nothing in this definition shall obligate J.P. Morgan to accept any such Sealed Envelope.

**"Secured Liabilities"** means Customer's obligation to (i) pay any unpaid fees to J.P. Morgan, and (ii) repay any extension of credit made by J.P. Morgan or its Affiliates in the normal course of business for the purpose of (A) clearing and settling purchases or sales of Securities for which Customer has not yet delivered sufficient cash into the Cash Account or Securities into the Securities Account, (B) funding any cash payment related to clearing and settling the purchase or sale of an asset or other investment vehicle, including cash payments related to a purchase or sale of foreign currencies or precious metals for which Customer has not yet delivered sufficient cash into the Cash Account, or (C) the advancement of funds in relation to Contractual Settlement Date Accounting as described in Section 2.5, which in each case was intended by J.P. Morgan to be a short-term extension of credit when made.

**"Securities"** means shares, stocks, debentures, bonds, notes or other like obligations, whether issued in certificated or uncertificated form, and any certificates, receipts, warrants or other instruments representing rights to receive, purchase or subscribe for the same that are commonly traded or dealt in on securities exchanges or financial markets and any other property as may be acceptable to J.P. Morgan for the Securities Account.

**"Securities Account"** means each Securities custody account on J.P. Morgan's records to which Financial Assets are or may be credited under this Agreement.

**"Securities Depository"** means any securities depository, clearing corporation, dematerialized book entry system or similar system for the central handling of Securities, whether or not acting in that capacity. The term 'Securities Depository' as used in this Agreement when referring to a securities depository located in the U.S. shall mean a 'securities depository' as defined in rule 17f-4(c)(6).

**"Security Entitlement"** means the rights and property interests of an Entitlement Holder with respect to a Financial Asset as set forth in Part 5 of Article 8 of the Uniform Commercial Code of the State of New York, as the same may be amended from time to time.

**"Securities Intermediary"** means J.P. Morgan, a Subcustodian, a Securities Depository and any other financial institution which in the ordinary course of business maintains Securities custody accounts for others and acts in that capacity.

**"Security Procedure"** means a security procedure to be followed by the Customer upon the issuance of an instruction and/or by J.P. Morgan upon the receipt of an instruction, so as to enable J.P. Morgan to verify that such instruction is authorized, as set forth in service level documentation in effect from time to time with respect to the services set forth in this Agreement, or as otherwise agreed in writing by the parties. A Security Procedure may, without limitation, involve the use of algorithms, codes, passwords, encryption or telephone call backs, and may be updated by J.P. Morgan from time to time upon notice to the Customer. The Customer acknowledges that the Security Procedure is designed to verify the authenticity of, and not to detect errors in, instructions. For the avoidance of doubt, the parties agree that a SWIFT message issued in the name of the Customer through any third party utility that the parties have agreed as an utility through which instructions may be provided hereunder and authenticated in accordance with that utility's customary procedures, shall be deemed to be an authorized instruction; provided that nothing in the foregoing clause shall require Customer to use SWIFT messaging as a method for providing Instructions.

"**Silver**" means silver bars, custodied on an allocated basis, unless otherwise agreed in writing by the parties.

**"Subcustodian"** means any of the subcustodians appointed by J.P. Morgan from time to time to hold Financial Assets and act on its behalf in different jurisdictions (and being at the date of this Agreement the entities listed in 0 – List of Subcustodians and Markets Used by J.P. Morgan) and includes any Affiliated Subcustodian Bank.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interpretation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Headings are for convenience of reference only and shall not in any way form part of or affect the construction or interpretation
of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Unless otherwise expressly stated to the contrary herein, references to articles and sections are to articles and sections
of this Agreement and references to sub-sections and paragraphs are to sub-sections of the Sections and paragraphs of the sub-sections
in which they appear.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Unless the context requires otherwise, references in this Agreement to "persons" shall include legal as well as
natural entities; references importing the singular shall include the plural (and vice versa); use of the generic masculine pronoun
shall include the feminine (and vice versa); use of the term "including" shall be deemed to mean "including but
not limited" to, and references to appendices and numbered sections shall be to such addenda and provisions herein; all such
addenda are hereby incorporated in this Agreement by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Unless the context requires otherwise, any reference to a statute or a statutory provision shall include such statute or provision
as from time modified to the extent such modification applies to any service provided hereunder. Any reference to a statute or
a statutory provision shall also include any subordinate legislation made from time to time under that statute or provision.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **WHAT J.P. MORGAN IS REQUIRED TO DO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** **Set Up Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will establish and maintain the following accounts ("Accounts"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) one or more Securities Accounts in the name of the Customer (or in another name requested by the Customer that is acceptable
to J.P. Morgan) for the safekeeping of Financial Assets, which may be held by J.P. Morgan, a Subcustodian or a Securities Depository
for J.P. Morgan on behalf of the Customer, including as an Entitlement Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) one or more cash accounts in the name of the Customer (each, a "Cash Account") (or in another name requested by
the Customer that is acceptable to J.P. Morgan) for the safekeeping of any and all cash in any currency received by or on behalf
of J.P. Morgan for the account of the Customer.

Notwithstanding paragraph 2.1(a)(ii), cash held in respect of those markets where the Customer is required to have a cash account in its own name held directly with the relevant Subcustodian or Securities Depository will be held in that manner and will not be part of the Cash Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the request of the Customer, additional Accounts may be opened in the future, and such additional Accounts shall be subject
to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Customer requests the opening of any additional Account for the purpose of holding collateral pledged
by the Customer to a securities exchange, clearing corporation, or other central counterparty (a "Counterparty") to
secure trading activity by the Customer, or the pledge to a Counterparty of cash or individual Securities held in an Account, that
Account (or the pledged cash or Securities) shall be subject to the collateral arrangements in effect between J.P. Morgan and the
Counterparty in addition to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon thirty (30) days' prior notice to the Customer, J.P. Morgan may close any Account that it reasonably determines
to be dormant. In the case of a dormant Cash Account, J.P. Morgan may, upon closure of the Account, pay any de minimis balances
in that Cash Account into another Cash

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Account of the Customer, and is authorized to enter into with Customer any foreign exchange transactions needed to facilitate the payment, as contemplated by Section 2.16 of this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) J.P. Morgan's obligation to open Accounts pursuant to Section 2.1(a) is conditional upon J.P. Morgan receiving such of
the following documents as J.P. Morgan may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a certified copy of the Customer's constitutional documents as in force at the time of receipt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) evidence reasonably satisfactory to J.P. Morgan of the due authorization and execution of this Agreement by the Customer (for
example by a certified copy of a resolution of the Customer's board of directors or equivalent governing body, substantially
in the form set out in Schedule 1 Form of Board Resolution);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) fund manager mandate completed by the fund manager designated by the Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) information about the Customer's financial status, such as its audited and unaudited financial statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the case of any Account opened in a name other than that of the Customer, documentation with respect to that name similar
to that set forth in sub-sections (i) – (iv).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.** **Cash Account** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any amount standing to the credit of the Cash Account will be either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) deposited during the period it is credited to the Accounts in one or more deposit accounts at J.P. Morgan's head office
or at one of its non-U.S. branch offices and will constitute a debt owing to the Customer by J.P. Morgan as banker, provided that
(A) any cash so deposited with a non-U.S. branch office will be payable exclusively by that branch office in the applicable currency,
subject to compliance with Applicable Law, including, without limitation, any restrictions on transactions in the applicable currency
imposed by the country of the applicable currency and (B) from time to time, J.P. Morgan may, in its discretion, pay interest on
any such deposit account at a rate to be determined by J.P. Morgan (or charge interest if, at the time, the prevailing interest
rate in the relevant market for similar deposits in the same currency is negative); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) placed by J.P. Morgan with a bank or other financial institution in the country in which the applicable currency is issued,
in which case the deposit will constitute a debt owing to the Customer by that bank or other financial institution and not J.P.
Morgan, payable exclusively in the applicable currency at that bank or financial institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any amounts credited by J.P. Morgan to the Cash Account on the basis of a notice or an interim credit from a third party, may
be reversed if J.P. Morgan does not receive final payment in a timely manner. J.P. Morgan will notify the Customer promptly of
any such reversal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.** **Segregation of Assets; Nominee Name** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will identify in its books that Financial Assets credited to the Customer's Securities Account belong to
the Customer (except as may be otherwise agreed by J.P. Morgan and the Customer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent permitted by Applicable Law or market practice, J.P. Morgan will require each Subcustodian to identify in its
own books that Financial Assets held at such Subcustodian by J.P. Morgan on behalf of its customers belong to customers of J.P.
Morgan, such that it is readily apparent that the Financial Assets do not belong to J.P. Morgan or the Subcustodian. J.P. Morgan

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will notify Customer promptly following J.P. Morgan becoming aware of a Sub-Custodian that holds Customer's Financial Assets failing to segregate customer assets from its proprietary assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan is authorized, in its discretion to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) hold in bearer form such Financial Assets as are customarily held in bearer form or are delivered to J.P. Morgan or its Subcustodian
in bearer form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) hold Financial Assets in or deposit Financial Assets with any Securities Depository;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) hold Financial Assets in omnibus accounts on a fungible basis and to accept delivery of Financial Assets of the same class
and denomination as those deposited by the Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) register in the name of the Customer, J.P. Morgan, a Subcustodian, a Securities Depository or their respective nominees, such
Financial Assets as are customarily held in registered form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) decline to accept any asset or property which it deems to be unsuitable or inconsistent with its custodial operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.** **Settlement of Transactions** 

Subject to Article 3 and Section 4.2 of this Agreement, J.P. Morgan will act in accordance with Instructions with respect to settlement of transactions. Settlement of transactions will be conducted in accordance with prevailing standards of the market in which the transaction occurs. Without limiting the generality of the foregoing, the Customer authorizes J.P. Morgan to deliver Financial Assets or payment in accordance with applicable market practice in advance of receipt or settlement of consideration expected in connection with such delivery or payment, and the Customer acknowledges and agrees that such action alone will not of itself constitute negligence, fraud, or willful misconduct of J.P. Morgan, and the risk of loss arising from any such action will be borne by the Customer. In the case of the failure of the Customer's counterparty (or other appropriate party) to deliver the expected consideration as agreed, J.P. Morgan will notify the Customer of such failure. If the Customer's counterparty continues to fail to deliver the expected consideration, J.P. Morgan will provide information reasonably requested by the Customer that J.P. Morgan has in its possession to allow the Customer to enforce rights that the Customer has against the Customer's counterparty, but neither J.P. Morgan nor its Subcustodians will be obliged to institute legal proceedings, file a proof of claim in any insolvency proceeding or take any similar action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.** **Contractual Settlement Date Accounting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will effect book entries on a contractual settlement date accounting basis as described below with respect to the
settlement for those Financial Assets and transactions as to which J.P. Morgan customarily offers contractual settlement date accounting.
J.P. Morgan reserves the right to restrict in good faith the availability of contractual settlement date accounting for credit
or operational reasons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Sales: On the settlement date for a sale, J.P. Morgan will credit the Cash Account with the proceeds of the sale and post the
Securities Account as pending delivery of the relevant Financial Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchases: On the settlement date for a purchase (or earlier, if market practice requires delivery of the purchase price before
the settlement date), J.P. Morgan will debit the Cash Account for the settlement amount. J.P. Morgan will then post the Securities
Account as awaiting receipt of the expected Financial Assets. The Customer will not be entitled to the delivery of Financial Assets
until J.P. Morgan or a Subcustodian actually receives them.

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Upon request, J.P. Morgan shall provide the Customer with a list of those markets for which it provides contractual settlement date accounting. J.P. Morgan may add markets to or remove markets from such list upon reasonable notice to the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan may reverse any debit or credit made pursuant to Section 2.5(a) prior to a transaction's actual settlement
upon notice to the Customer in cases where J.P. Morgan reasonably believes that the transaction will not settle in the ordinary
course within a reasonable time. The Customer will be responsible for any Liabilities resulting from such reversal. The Customer
acknowledges that the procedures described in Section 2.5 are of an administrative nature, and J.P. Morgan does not undertake to
make loans of cash and/or Financial Assets available to the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.** **Actual Settlement Date Accounting** 

With respect to settlement of any transaction that is not posted to the Account on the contractual settlement date as referred to in Section 2.5, J.P. Morgan will post such transaction on the date on which the cash or Financial Assets received as consideration for the transaction is actually received and settled by J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7.** **Income Collection (AutoCredit®)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will monitor information publicly available in the applicable market about forthcoming income payments on the Financial
Assets held in the Securities Account, and will promptly notify the Customer of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan will credit the Cash Account with income proceeds on Financial Assets on the anticipated payment date, net of any
taxes that are withheld by J.P. Morgan or any third party ("AutoCredit") for those Financial Assets and/or markets
for which J.P. Morgan customarily offers an AutoCredit service. However, J.P. Morgan reserves the right to restrict in good faith
the availability of AutoCredit for credit or operational reasons. Upon request, J.P. Morgan shall provide the Customer with a list
of AutoCredit eligible markets. J.P. Morgan may add markets to or remove markets from the list of AutoCredit markets upon notice
to the Customer that is reasonable in the circumstances. J.P. Morgan may reverse AutoCredit credits upon oral or written notification
to the Customer if J.P. Morgan believes that the corresponding payment will not be received by J.P. Morgan within a reasonable
period or the credit was incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) When the AutoCredit service is not available, income on Financial Assets, net of any taxes withheld by J.P. Morgan or any third
party, will be credited only after actual receipt and reconciliation by J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) J.P. Morgan will use reasonable efforts to contact appropriate parties to collect unpaid interest, dividends or redemption
proceeds and notify the Customer of the late payment, but neither J.P. Morgan nor its Subcustodians will be obliged to file any
formal notice of default, institute legal proceedings, file a proof of claim in any insolvency proceeding or take any similar action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8.** **Miscellaneous Administrative Duties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Until J.P. Morgan receives Instructions to the contrary, J.P. Morgan will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) present all Financial Assets for which J.P. Morgan has received notice of a call for redemption or that have otherwise matured,
and all income and interest coupons and other income items that call for payment upon presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) execute in the name of the Customer such certificates as may be required to obtain payment in respect of Financial Assets;
and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) exchange interim or temporary documents of title held in the Securities Account for definitive documents of title.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that, as a result of holding of Financial Assets in an omnibus account, the Customer receives fractional interests
in Financial Assets arising out of a Corporate Action or class action litigation, J.P. Morgan will credit the Customer with the
amount of cash the Customer would have received, as reasonably determined by J.P. Morgan, had the Financial Assets not been held
in an omnibus account, and the Customer shall relinquish to J.P. Morgan its interest in such fractional interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If some, but not all, of an outstanding class of Financial Assets is called for redemption, J.P. Morgan may allot the amount
redeemed among the respective beneficial holders of such a class of Financial Assets on a pro rata basis or in a similar manner
J.P. Morgan deems fair and equitable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) J.P. Morgan reserves the right to reverse any transactions that are credited to the Accounts due to mis-postings and other
similar actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9.** **Corporate Actions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will act in accordance with local market practice to obtain information concerning Corporate Actions that is publicly
available in the local market. J.P. Morgan also will review information obtained from sources to which J.P. Morgan subscribes for
information concerning such Corporate Actions. J.P. Morgan will promptly provide that information (or summaries that reflect the
material points concerning the applicable Corporate Action) to the Customer or its Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan will act in accordance with the Customer's Instructions in relation to such Corporate Actions. If the Customer
fails to provide J.P. Morgan with timely Instructions with respect to any Corporate Action, neither J.P. Morgan nor its Subcustodians
or their respective nominees will take any action in relation to that Corporate Action, except as otherwise agreed in writing by
J.P. Morgan and the Customer or as may be set forth by J.P. Morgan as a default action in the notification it provides under Section
2.9(a) with respect to that Corporate Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) When instructed by the Customer, subject to availability in the market, J.P. Morgan, or a J.P. Morgan Affiliate, shall place
orders for the sale of rights offerings that the Customer received from Corporate Actions. A current list of markets in which this
service is being offered is available from J.P. Morgan on request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10.** **Class Action Litigation** 

Any notices received by J.P. Morgan's corporate actions department about settled securities class action litigation that requires action by affected owners of the underlying Financial Assets will be promptly notified to the Customer if J.P. Morgan, using reasonable care and diligence in the circumstances, identifies that the Customer was a shareholder and held the relevant Financial Assets in custody with J.P. Morgan at the relevant time. J.P. Morgan will not make filings in the name of the Customer in respect to such notifications except as otherwise agreed in writing between the Customer and J.P. Morgan. The services set forth in this Section 2.10 are available only in certain markets, details of which are available from J.P. Morgan on request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11.** **Proxies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will monitor information distributed to holders of Financial Assets about upcoming shareholder meetings, promptly
notify the Customer of such information and, subject to Section 2.11(c), act in accordance with the Customer's Instructions
in relation to such meetings (the "Proxy Voting Service").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Proxy Voting Service is available only in certain markets, details of which are available from J.P. Morgan on request.
Provision of the Proxy Voting Service is conditional upon receipt by J.P. Morgan of a duly completed enrollment form as well as
all documentation that may be required for certain markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Proxy Voting Service does not include physical attendance at shareholder meetings. Requests for physical attendance at
shareholder meetings can be made but they will be evaluated and agreed to by J.P. Morgan on a case by case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Customer acknowledges that the provision of the Proxy Voting Service may be precluded or restricted under a variety of
circumstances. These circumstances include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Financial Assets being on loan or out for registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the pendency of conversion or another corporate action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Financial Assets being held in a margin or collateral account at J.P. Morgan or another bank or broker, or otherwise in
a manner which affects voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) local market regulations or practices, or restrictions by the issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) J.P. Morgan being required to vote all shares held for a particular issue for all of J.P. Morgan's customers on a net
basis (i.e., a net yes or no vote based on voting instructions received from all its customers). Where this is the case, J.P. Morgan
will notify the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12.** **Statements of Account** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will provide the Customer with electronic access to Account information (the "Information") that will
enable the Customer to generate or receive reports and statements of account for each Account and to identify Account Assets as
well as Account transactions. The Customer will review the Information and give J.P. Morgan written notice of (i) any suspected
error or omission or (ii) the Customer's inability to access any such Information. The Customer will provide J.P. Morgan
such notice within a reasonable time after (x) the Information is made available to the Customer or (y) the Customer discovers
that it is unable to access the Information, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Customer acknowledges that Information available to it electronically with respect to transactions posted after the close
of the prior business day may not be accurate due to mis-postings, delays in updating Account records, and other causes. J.P. Morgan
will not be liable for any loss or damage arising out of any such information accessed electronically that is subsequently updated
or corrected by the close of business on the first business day after the original transaction was posted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13.** **Access to J.P. Morgan's Records** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will, upon reasonable written notice, allow the Customer's auditors and independent public accountants such
reasonable access to the records of J.P. Morgan relating to the Accounts as may be required in connection with their examination
of books and records pertaining to the Customer's affairs. Subject to restrictions under the relevant local law, J.P. Morgan
shall direct any Subcustodian to permit the Customer's auditors and independent public accountants, reasonable access to
the records of any Subcustodian of Financial Assets held in the Securities Account as may be required in connection with such examination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan will, upon reasonable written notice, allow the Customer reasonable access during normal working hours to the records
of J.P. Morgan relating to the Accounts. The Customer shall

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reimburse J.P. Morgan for the reasonable cost of copying, collating and researching archived information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14.** **Maintenance of Financial Assets at Subcustodian Locations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless Instructions require another location acceptable to J.P. Morgan, Financial Assets will be held in the country or jurisdiction
in which their principal trading market is located, where such Financial Assets may be presented for payment, where such Financial
Assets were acquired, or where such Financial Assets are located. J.P. Morgan reserves the right to refuse to accept delivery of
Financial Assets or cash in countries and jurisdictions other than those referred to in 0 - List of Subcustodians and Markets Used
by J.P. Morgan, as in effect from time to time. J.P. Morgan may modify 0 – List of Subcustodians and Markets Used by J.P.
Morgan from time to time upon notice to the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan reserves the right to restrict the services it provides in certain markets that are deemed by J.P. Morgan to be
restricted markets from time to time. A current list of these markets, and a summary of the related restrictions, is set forth
on Schedule 2 - List of J.P. Morgan Investor Services Custody Restricted Markets. J.P. Morgan may update Schedule 2 - List of J.P.
Morgan Investor Services Custody Restricted Markets from time to time upon notice to the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15.** **Tax Relief Services** 

J.P. Morgan will provide tax relief services as provided in Section 8.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16.** **Foreign Exchange Transactions** 

To facilitate the administration of the Customer's trading and investment activity, J.P. Morgan may, but will not be obliged to, enter into spot or forward foreign exchange contracts with the Customer, or an Authorized Person, and may also provide foreign exchange contracts and facilities through J.P. Morgan Affiliates or Subcustodians. Instructions, including standing Instructions, may be issued with respect to such contracts and facilities, but J.P. Morgan may establish rules or limitations concerning any foreign exchange contract or facility made available. In all cases where J.P. Morgan or J.P. Morgan Affiliates or Subcustodians enter into foreign exchange contracts or facilities with the Customer, J.P. Morgan will not be executing or otherwise placing any foreign exchange transaction as the Customer's agent, and such transactions will be governed by the terms and conditions of such foreign exchange contracts or facilities (as the case may be). Such foreign exchange contracts and facilities shall not be deemed as part of the custodial, settlement or associated services under this Agreement. With respect to the Customer's foreign exchange contracts or facilities with J.P. Morgan, J.P. Morgan will be acting as the Customer's principal counterparty on such foreign exchange contracts or facilities (as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17.** **Notifications** 

If the Customer has agreed to access information concerning the Accounts through J.P. Morgan's website, J.P. Morgan may make any notifications required under this Agreement, other than notifications pursuant to Article 9, by posting it on the website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.18.** **Sealed Envelopes** 

From time to time, at the Customer's request, J.P. Morgan may agree to hold certain Sealed Envelopes in custody for the Customer. Notwithstanding anything in this Agreement to the contrary, J.P. Morgan's sole responsibility with regards to Sealed Envelopes will be to hold them in J.P. Morgan's or in a Subcustodian's possession. J.P. Morgan shall not be responsible for verifying the content of any Sealed Envelope purported to contain assets or assessing the value, validity or transferability of any such assets (including the existence or value of any investments contained in any Sealed Envelope). With respect to Sealed Envelopes, neither J.P. Morgan nor its Subcustodians will be obligated to perform any service or action described in this Agreement, including, but not limited to, asset servicing, tax services, corporate actions, income or dividend collection, settlement services or class action litigation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.19.** **Compliance With Securities And Exchange Commission ("SEC") Rule 17f-5 ("Rule 17f-5").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer's board of directors (or equivalent body) (hereinafter 'Board') hereby delegates to J.P. Morgan,
and, except as to the country or countries as to which J.P. Morgan may, from time to time, advise Customer that it does not accept
such delegation, J.P. Morgan hereby accepts the delegation to it, of the obligation to perform as Customer's 'Foreign
Custody Manager' (as that term is defined in rule 17f-5(a)(3) as promulgated under the Investment Company Act of 1940, as
amended ("1940 Act")), including for the purposes of: (i) selecting Subcustodians to hold foreign Financial Assets and
Cash, (ii) evaluating the contractual arrangements with such Subcustodians (as set forth in rule 17f-5(c)(2)), (iii) monitoring
such foreign custody arrangements (as set forth in rule 17f-5(c)(3)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the foregoing, J.P. Morgan shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide written reports notifying Customer's Board of the placement of Financial Assets and Cash with particular Subcustodians
and of any material change in the arrangements with such Subcustodians, with such reports to be provided to Customer's Board
at such times as the Board deems reasonable and appropriate based on the circumstances of Customer's foreign custody arrangements
(and until further notice from Customer such reports shall be provided not less than quarterly with respect to the placement of
Financial Assets and Cash with particular Subcustodians and with reasonable promptness upon the occurrence of any material change
in the arrangements with such Subcustodians);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercise such reasonable care, prudence and diligence in performing as Customer's Foreign Custody Manager as a person
having responsibility for the safekeeping of foreign Financial Assets and cash would exercise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in selecting a Subcustodian, first have determined that foreign Financial Assets and cash placed and maintained in the safekeeping
of such Subcustodian shall be subject to reasonable care, based on the standards applicable to custodians in the relevant market,
after having considered all factors relevant to the safekeeping of such foreign Financial Assets and cash, including, without limitation,
those factors set forth in rule 17f-5(c)(1)(i)-(iv);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) determine that the written contract with a Subcustodian requires that the Subcustodian shall provide reasonable care for foreign
Financial Assets and Cash based on the standards applicable to custodians in the relevant market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) have established a system to monitor the continued appropriateness of maintaining foreign Financial Assets and cash with particular
Subcustodians and of the governing contractual arrangements; it being understood, however, that in the event that J.P. Morgan shall
have determined that the existing Subcustodian in a given country would no longer afford foreign Financial Assets and cash reasonable
care and that no other Subcustodian in that country would afford reasonable care, J.P. Morgan shall promptly so advise Customer
and shall then act in accordance with the Instructions of Customer with respect to the disposition of the affected foreign Financial
Assets and cash.

Subject to (b)(i)-(v) above, J.P. Morgan is hereby authorized to place and maintain foreign Financial Assets and cash on behalf of Customer with Subcustodians pursuant to a written contract deemed appropriate by J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan shall use reasonable efforts for markets for which it is acting as Foreign Custody Manager to use as its Subcustodians
entities that are Eligible Foreign Subcustodians. In cases where due to (i) Applicable Law in a market or (ii) market practice
or market conditions it is not practicable to have the subcustody services performed by an Eligible Foreign Custodian, J.P. Morgan
shall promptly advise the Customer of the circumstances, including any mitigants that may support a conclusion that the arrangement
may nevertheless comply with rule 17f-5.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as expressly provided herein, Customer shall be solely responsible to assure that the maintenance of foreign Financial
Assets and cash hereunder complies with the rules, regulations, interpretations and exemptive orders as promulgated by or under
the authority of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) J.P. Morgan represents to Customer that it is a U.S. Bank as defined in rule 17f-5(a)(7). Customer represents to J.P. Morgan
that: (1) the foreign Financial Assets and cash being placed and maintained in J.P. Morgan's custody are subject to the 1940 Act,
as the same may be amended from time to time; (2) its Board: (i) has determined that it is reasonable to rely on J.P. Morgan to
perform as Customer's Foreign Custody Manager (ii) or its investment adviser shall have determined that Customer may maintain
foreign Financial Assets and cash in each country in which Customer's Financial Assets and cash shall be held hereunder and
determined to accept Country Risk. Nothing contained herein shall require J.P. Morgan to make any selection or to engage in any
monitoring on behalf of Customer that would entail consideration of Country Risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) J.P. Morgan shall provide to Customer such information relating to Country Risk as is specified in Appendix 1 hereto. Customer
hereby acknowledges that: (i) such information is solely designed to inform Customer of market conditions and procedures and is
not intended as a recommendation to invest or not invest in particular markets; and (ii) J.P. Morgan has gathered the information
from sources it considers reliable, but that J.P. Morgan shall have no responsibility for inaccuracies or incomplete information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.20.** **Compliance with SEC Rule 17f-7 ("rule 17f-7").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan shall, for consideration by Customer, provide an analysis of the custody risks associated with maintaining Customer's
foreign Financial Assets with each Eligible Securities Depository used by J.P. Morgan as of the date hereof (or, in the case of
an Eligible Securities Depository not used by J.P. Morgan as of the date hereof, prior to the initial placement of Customer's
foreign Financial Assets at such Depository) and at which any foreign Financial Assets of Customer are held or are expected to
be held. The foregoing analysis will be provided to Customer at J.P. Morgan's Website. In connection with the foregoing,
(i) Customer shall notify J.P. Morgan of any Eligible Securities Depositories at which it does not choose to have its foreign Financial
Assets held and hereby covenants that it will not issue any Instructions to J.P. Morgan to hold its foreign Financial Assets at
such Eligible Securities Depositories, (ii) Customer hereby waives, and releases J.P. Morgan from, any liability that J.P Morgan
may incur to Customer in connection with any Instructions delivered to J.P. Morgan in contravention of such notification and (iii)
Customer shall be solely liable for any Instructions delivered to J.P. Morgan in contravention of such notification. J.P. Morgan
shall monitor the custody risks associated with maintaining Customer's foreign Financial Assets at each such Eligible Securities
Depository on a continuing basis and shall promptly notify Customer or its adviser of any material changes in such risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan shall exercise reasonable care, prudence and diligence in performing the requirements set forth in Section 2.19(a)
above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Attached as Schedule 2 is a list of the Securities Depositories currently used through J.P. Morgan's network, identifying
which of those Securities Depositories are not Eligible Securities Depositories. In the exercise of diligence, J.P. Morgan shall
determine the eligibility under rule 17f-7 of each Securities Depository included on Schedule 2 hereto and shall promptly advise
Customer if any Securities Depository listed as an Eligible Securities Depository ceases to be eligible. (J.P. Morgan may amend
Schedule 2 from time to time and shall advise the Customer of such change via electronic means).

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&nbsp;&nbsp;&nbsp;&nbsp;**3.** **INSTRUCTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** **Acting on Instructions; Method of Instruction and Unclear Instructions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Customer authorizes J.P. Morgan to accept, rely upon and/or act upon any Instructions. The Customer will indemnify J.P.
Morgan Indemnitees against, and hold each of them harmless from, any Liabilities that may be imposed on, incurred by, or asserted
against J.P. Morgan Indemnitees as a result of any action or omission taken in accordance with any Instruction unless the Liabilities
result from an act of negligence, fraud or willful misconduct on the part of the J.P. Morgan Indemnitees with respect to the manner
in which such Instructions are followed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent possible, instructions to J.P. Morgan shall be sent via electronic instruction or trade information system acceptable
to J.P. Morgan or via facsimile transmission. Where reasonably practicable, the Customer will use automated and electronic methods
of sending instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan shall promptly notify an Authorized Person if J.P. Morgan determines that an Instruction does not contain all information
reasonably necessary for J.P. Morgan to carry out the Instruction. J.P. Morgan may decline to act upon an Instruction if it does
not receive clarification or confirmation satisfactory to it. J.P. Morgan will not be liable for any loss arising from any reasonable
delay in carrying out any such Instruction while it seeks any such missing information, clarification or confirmation or in declining
to act upon any Instruction for which it does not receive clarification satisfactory to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** **Verification and Security Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan and the Customer shall comply with any applicable Security Procedures with respect to the delivery or authentication
of Instructions and shall ensure that any codes, passwords or similar devices are reasonably safeguarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Either party may record any of their telephone communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.** **Instructions; Contrary to Law/Market Practice** 

J.P. Morgan need not act upon Instructions that it reasonably believes are contrary to law, regulation or market practice. J.P. Morgan shall be under no duty to investigate whether any Instructions comply with Applicable Law or market practice. In the event that J.P. Morgan does not act upon such Instructions, J.P. Morgan will notify the Customer where reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.** **Cut-Off Times** 

J.P. Morgan has established cut-off times for receipt of Instructions, which will be made available to the Customer. If J.P. Morgan receives an Instruction after its established cut-off time, J.P. Morgan will attempt on a reasonable efforts basis to act upon the Instruction on the day requested only if J.P. Morgan deems it practicable to do so or otherwise as soon as practicable after the day on which the Instruction was received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5.** **Electronic Access** 

Access by the Customer to certain applications or products of J.P. Morgan via J.P. Morgan's website or otherwise shall be governed by this Agreement and the terms and conditions set forth in Annex A Electronic Access.

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&nbsp;&nbsp;&nbsp;&nbsp;**4.** **FEES, EXPENSES AND OTHER AMOUNTS OWING TO J.P. MORGAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** **Fees and Expenses** 

The Customer will pay J.P. Morgan for its services under this Agreement such fees as may be agreed upon in writing from time to time, together with J.P. Morgan's reasonable out-of-pocket or incidental expenses related to the Financial Assets, including, but not limited to, legal fees and tax or related fees incidental to processing charged directly or indirectly by governmental authorities, issuers or their agents. The Customer will pay J.P. Morgan for J.P. Morgan's other reasonable out-of-pocket or incidental expenses, as may be agreed upon in writing, from time to time. Invoices will be payable within thirty (30) days of the date of the invoice. If the Customer disputes an invoice, it shall nevertheless pay, on or before the date that payment is due, such portion of the invoice that is not subject to a bona fide dispute. J.P. Morgan may deduct amounts invoiced from the Cash Account except such portion of the invoice that the Customer has objected to within thirty (30) days of the date of the invoice (or such other period as the parties may agree in writing). Without prejudice to J.P. Morgan's other rights, J.P. Morgan reserves the right to charge interest on overdue amounts from the due date until actual payment at such rate as J.P. Morgan customarily charges for similar overdue amounts. Unless expressly specified in this Agreement, fees and expenses hereunder excludes any price or cost that J.P. Morgan may charge as the Customer's counterparty in the event J.P. Morgan enters into a principal transaction with the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.** **Overdrafts** 

If a debit to any currency in the Cash Account results or would result in a debit balance, then J.P. Morgan may, in its discretion, (i) advance an amount equal to the overdraft, (ii) refuse to settle in whole or in part the transaction causing such debit balance, or (iii) if any such transaction is posted to the Securities Account, reverse any such posting. If J.P. Morgan elects to make such an advance, the advance will be deemed a loan to the Customer, payable on demand, bearing interest at the applicable rate charged by J.P. Morgan from time to time, for such overdrafts, from the date of such advance to the date of payment (including after the date any judgment may be entered against the Customer with respect to any overdraft) and otherwise on the terms on which J.P. Morgan makes similar overdrafts available from time to time. No prior action or course of dealing on J.P. Morgan's part with respect to the settlement of transactions on the Customer's behalf will be asserted by the Customer against J.P. Morgan for J.P. Morgan's refusal to make advances to the Cash Account or refusal to settle any transaction for which the Customer does not have sufficient available funds in the applicable currency in the Account. The Customer shall be deemed to be in default with respect to any such advance upon the occurrence of any event of the type specified in section 365(e)(1) of the U.S. Bankruptcy Code, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.** **J.P. Morgan's Right Over Securities; Set-off** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without prejudice to J.P. Morgan's rights under Applicable Law, J.P. Morgan and J.P. Morgan Affiliates shall have, and
the Customer grants to J.P. Morgan and J.P. Morgan Affiliates, a first priority, perfected and continuing security interest in
and a lien on all cash, Financial Assets and any other property of every kind that are credited to the Account or otherwise held
for the Customer by J.P. Morgan ("Account Assets") as security for any and all Secured Liabilities of the Customer
to J.P. Morgan and/or any of J.P. Morgan Affiliates, and J.P. Morgan shall be entitled to withhold delivery of such Account Assets,
and with one business days' prior notice to the Customer and an opportunity for the Customer to satisfy such Secured Liabilities
to J.P Morgan, sell or otherwise realize any of such Account Assets and to apply the proceeds and any other monies credited to
the Cash Account in satisfaction of such Secured Liabilities. For this purpose, J.P. Morgan may make such currency conversions
as may be necessary at its then current rates for the sale and purchase of the relevant currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without prejudice to J.P. Morgan's rights under Applicable Law, J.P. Morgan may set off against any Secured Liabilities
of the Customer owed to J.P. Morgan or any of J.P. Morgan Affiliates, any

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amount in any currency (i) standing to the credit of any of the Customer's accounts (whether deposit or otherwise) with any J.P. Morgan branch or office or with any J.P. Morgan Affiliate and/or (ii) owed to the Customer by any J.P. Morgan branch or office or by any J.P. Morgan Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **SUBCUSTODIANS AND SECURITIES DEPOSITORIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.** **Appointment of Subcustodians; Use of Securities Depositories** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan is authorized under this Agreement to act through and hold the Customer's Financial Assets with Subcustodians.
J.P. Morgan will use reasonable care in the selection, monitoring and continued appointment of such Subcustodians. In addition,
J.P. Morgan and each Subcustodian may deposit Financial Assets with, and hold Financial Assets in any Securities Depository on
such terms as such Securities Depository customarily operates, and the Customer will provide J.P. Morgan with such documentation
or acknowledgements that J.P. Morgan may require to hold the Financial Assets in such Securities Depository. On the basis of such
terms, a Securities Depository may have a security interest or lien over, or right of set-off in relation to the Financial Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any agreement that J.P. Morgan enters into with a Subcustodian for holding J.P. Morgan's customers' assets will provide
that such assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian
or its creditors except a claim for payment for their safe custody or administration, or, in the case of cash deposits, except
for liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency or similar law, and that the
beneficial ownership thereof will be freely transferable without the payment of money or value other than for safe custody or administration,
unless required otherwise by Applicable Law in the relevant market. J.P. Morgan shall be responsible for all claims for payment
of fees for safe custody or administration so that no Subcustodian exercises any claim for such payment against the Customer's
assets. Where a Subcustodian deposits Financial Assets with a Securities Depository, J.P. Morgan will direct the Subcustodian to
identify on its records that the Financial Assets deposited by the Subcustodian at such Securities Depository belong to J.P. Morgan,
as agent of the Customer. This Section 5.1(b) will not apply to the extent of any special agreement or arrangement made by the
Customer with any particular Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan is not responsible for the selection or monitoring of any Securities Depository and will not be liable for any
act or omission by (or the insolvency of) any Securities Depository. In the event the Customer incurs a loss due to an act or omission,
negligence, willful misconduct or insolvency of a Securities Depository, J.P. Morgan will make reasonable efforts, in its discretion,
to seek recovery from the Securities Depository, but J.P. Morgan will not be obligated to institute legal proceedings, file a proof
of claim in any insolvency proceeding or take any similar action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.** **Liability for Subcustodians** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 7.1(b), J.P. Morgan will be liable for direct losses incurred by the Customer that result from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the failure by a Subcustodian to use reasonable care in the provision of custodial services by it in accordance with the standards
prevailing in the relevant market or from the fraud or willful misconduct of such Subcustodian in the provision of custodial services
by it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the insolvency of any Affiliated Subcustodian Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 5.1(a) and J.P. Morgan's duty to use reasonable care in the monitoring of a Subcustodian's financial
condition as reflected in its published financial statements and other publicly available financial information concerning it customarily
reviewed by J.P. Morgan in its oversight process, J.P. Morgan will not be responsible for any losses (whether direct or indirect)

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incurred by the Customer that result from the insolvency of any Subcustodian which is not a branch or an Affiliated Subcustodian Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan reserves the right to add, replace or remove Subcustodians. J.P. Morgan will give prompt notice of any such action,
which will be advance notice if practicable. Upon request by the Customer, J.P. Morgan will identify the name, address and principal
place of business of any Subcustodian and the name and address of the governmental agency or other regulatory authority that supervises
or regulates such Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **ADDITIONAL PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.** **Representations of the Customer and J.P. Morgan** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Customer or Fund, as applicable, represents, warrants and covenants that (i) it has full authority and power, and has obtained
all necessary authorizations and consents (including from the Customer's underlying clients, if applicable), to deposit and
control the Financial Assets, Sealed Envelopes and cash in the Accounts, to use J.P. Morgan as its custodian in accordance with
the terms of this Agreement, to incur overdraft, to grant a lien over Account Assets as contemplated by Section 4.3 and to enter
into foreign exchange transactions; (ii) assuming execution and delivery of this Agreement by J.P. Morgan, this Agreement is the
Customer's legal, valid and binding obligation, enforceable against the Customer in accordance with its terms and it has
full power and authority to enter into and has taken all necessary corporate action to authorize the execution of this Agreement;
(iii) it has not relied on any oral or written representation made by J.P. Morgan or any person on its behalf, and acknowledges
that this Agreement sets out to the fullest extent the duties of J.P. Morgan; (iv) each Fund is a resident of the United States
and shall notify J.P. Morgan of any changes in residency; (v) the Financial Assets, Sealed Envelopes and cash deposited in the
Accounts (other than those assets (A) pledged to a Counterparty pursuant to Section 2.1(c) or (B) held in Accounts established
pursuant to certain account control agreements among the Customer, J.P. Morgan and secured party named therein, (A) and (B) collectively
referred to as "Control Account Assets") are not subject to any encumbrance or security interest whatsoever and the
Customer undertakes that, so long as Liabilities of the Customer under or in connection with this Agreement are outstanding, it
will not create or permit to subsist any encumbrance or security interest over such Financial Assets, Sealed Envelopes or cash
(other than Control Account Assets); (vi) no delivery of Account Assets by the Customer to J.P. Morgan and no Instruction by the
Customer with respect to such Account Assets will contravene Applicable Law; and (vii) none of the Financial Assets, Sealed Envelopes
and cash to be held under this Agreement are "plan assets" as defined in Section 3(42) of the Employee Retirement Income
Security Act of 1974, as amended, or the regulations thereunder except as otherwise expressly notified to J.P. Morgan.

J.P. Morgan may rely upon the certification of such other facts as may be required to administer J.P. Morgan's obligations under this Agreement and the Customer shall indemnify J.P. Morgan against all Liabilities arising directly or indirectly from any such certification given by Customer or a representative of Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan represents and warrants that (i) assuming execution and delivery of this Agreement by the Customer, this Agreement
is J.P. Morgan's legal, valid and binding obligation, enforceable against J.P. Morgan in accordance with its terms and (ii)
it has full power and authority to enter into and has taken all necessary corporate action to authorize the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.** **The Customer is Liable to J.P. Morgan Even if it is Acting for Another Person** 

If the Customer is acting as an agent or for another person as envisaged in Section 2.1(a) in respect of any transaction, cash or Financial Asset, J.P. Morgan nevertheless will treat the Customer as its principal for all purposes under this Agreement. In this regard, the Customer will be liable to J.P. Morgan as a principal in respect of any transactions relating to the Account. The foregoing will not affect

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any rights J.P. Morgan might have against the Customer's principal or the other person envisaged by Section 2.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.** **Special Settlement Services** 

J.P. Morgan may, but shall not be obliged to, make available to the Customer from time to time special settlement services (including continuous linked settlement) for transactions involving Financial Assets, cash, foreign exchange, and other instruments or contracts. The Customer shall comply, and shall cause its Authorized Persons to comply, with the requirements of any external settlement agency through which such settlements may be processed, including, without limitation, its rules and by-laws, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **WHEN J.P. MORGAN IS LIABLE TO THE CUSTOMER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.** **Standard of Care; Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will use reasonable care in performing its obligations under this Agreement. J.P. Morgan will not be in violation
of this Agreement with respect to any matter as to which it has satisfied its obligation of reasonable care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan will only be liable for the Customer's direct losses and only to the extent they result from J.P. Morgan's
fraud, negligence, willful misconduct or material breach in performing its duties as set out in this Agreement and to the extent
provided in Section 5.2(a). Under no circumstances will J.P. Morgan be liable for (i) any loss of profits (whether direct or indirect)
or (ii) any indirect, incidental, consequential or special damages of any form, incurred by any person or entity, whether or not
foreseeable and regardless of the type of action in which such a claim may be brought, with respect to the Accounts, J.P. Morgan's
performance or non-performance under this Agreement, or J.P. Morgan's role as custodian or banker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Customer will indemnify J.P. Morgan Indemnitees against, and hold them harmless from, any Liabilities that may be imposed
on, incurred by or asserted against any J.P. Morgan Indemnitees in connection with or arising out of (i) J.P. Morgan's performance
under this Agreement, provided that the J.P. Morgan Indemnitee has not acted with negligence or engaged in fraud or willful misconduct
or material breach in connection with the Liabilities in question or (ii) any J.P. Morgan Indemnitee's status as a holder
of record of the Customer's Financial Assets *.* J.P. Morgan Indemnitee shall notify the Customer in writing promptly
after determining that it will seek indemnity under this Section 7.1 for any litigation or proceeding brought against such J.P.
Morgan Indemnitee. A J.P. Morgan Indemnitee shall not consent to the entry of any judgment or enter into any settlement in any
such litigation or proceeding without the Customer's prior written consent, which consent will not be unreasonably withheld
or delayed, where such entry of judgment or settlement involves will result in the Customer making a payment in excess of $50,000.

Nevertheless, the Customer will not be obligated to indemnify any J.P. Morgan Indemnitee under this Section 7.1(c) with respect to any Liability for which J.P. Morgan is liable under Section 5.2(a) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except for any Liability owing to a third party (other than an Affiliate of J.P. Morgan or a Subcustodian for which J.P. Morgan
is liable under Section 5.2 of this Agreement) asserting a claim against J.P. Morgan for which J.P. Morgan is entitled to be indemnified
under this Agreement, under no circumstances will Customer be liable for any indirect, incidental, consequential or special damages
(including, without limitation, lost profits or business) of any form, whether or not foreseeable and regardless of the type of
action in which such a claim may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Customer agrees that J.P. Morgan provides no service in relation to, and therefore has no duty or responsibility to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) question Instructions or make any suggestions to the Customer or an Authorized Person regarding such Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) supervise or make recommendations with respect to investments or the retention of Financial Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) advise the Customer or an Authorized Person regarding any default in the payment of principal or income on any Financial Asset
other than as provided in Section 2.7(b) of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) evaluate or report to the Customer or an Authorized Person regarding the financial condition of any broker, agent or other
party to which J.P. Morgan is instructed to deliver Financial Assets or cash. J.P. Morgan is not responsible or liable in any way
for the genuineness or validity of any Security or instrument received, delivered or held by J.P. Morgan in physical form that
appears to be genuine and valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.** **Force Majeure** 

J.P. Morgan will maintain and update from time to time business continuation and disaster recovery procedures with respect to its global custody business that it determines from time to time meet reasonable commercial standards. J.P. Morgan will provide Customer with a copy of a general summary of such business continuation and disaster recovery procedures upon request. J.P. Morgan will have no liability, however, for any damage, loss, expense or liability of any nature that the Customer may suffer or incur, caused by an act of God, fire, flood, epidemics, earthquakes or other disasters, civil or labor disturbance, war, terrorism, act of any governmental authority or other act or threat of any authority (de jure or de facto), nationalization, expropriation, legal constraint, fraud or forgery (other than on the part of J.P. Morgan or its employees), malfunction of equipment or software (except where such malfunction is primarily and directly attributable to J.P. Morgan's negligence in maintaining the equipment or software), currency re-denominations, currency restrictions, failure of or the effect of rules or operations of any external funds transfer system, inability to obtain (or interruption of) external communications facilities, power failures or any other cause beyond the reasonable control of J.P. Morgan (including, without limitation, the non-availability of appropriate foreign exchange).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.** **J.P. Morgan May Consult With Counsel** 

J.P. Morgan will be entitled to rely on, and may act upon the advice of professional advisors (which may be the professional advisors of the Customer) in relation to matters of Applicable Law or market practice and will not be liable to the Customer under this Agreement for any action taken or omitted pursuant to such advice; provided that J.P. Morgan has selected and retained such professional advisers using reasonable care and acts reasonably in reliance on the advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.** **J.P. Morgan Provides Diverse Financial Services and May Generate Profits as a Result** 

The Customer hereby authorizes J.P. Morgan to act under this Agreement notwithstanding that: (a) J.P. Morgan or any of its divisions, branches or J.P. Morgan Affiliates may have a material interest in transactions entered into by the Customer with respect to the Account or that circumstances are such that J.P. Morgan may have a potential conflict of duty or interest, including the fact that J.P. Morgan or J.P. Morgan Affiliates may act as a market maker in the Financial Assets to which Instructions relate, provide brokerage services to other customers, act as financial adviser to the issuer of such Financial Assets, act in the same transaction as agent for more than one customer, have a material interest in the issue of the Financial Assets; or earn profits from any of the activities listed herein and (b) J.P. Morgan or any of its divisions, branches or J.P. Morgan Affiliates may be in possession of information tending to show that the Instructions received may not be in the best interests of the Customer. J.P. Morgan is not under any duty to disclose any such information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5.** **Assets Held Outside J.P. Morgan's Control** 

J.P. Morgan will not be obliged to (a) hold Financial Assets or cash with any person not agreed to by J.P. Morgan or (b) register or record Financial Assets in the name of any person not agreed to by J.P. Morgan. Furthermore, J.P. Morgan will not be obliged to register or record on J.P. Morgan's records Financial Assets held outside of J.P. Morgan's control. If, however, the Customer makes any such request and J.P. Morgan agrees to the request, the consequences of doing so will be at the Customer's own risk. J.P. Morgan shall not be liable for any losses incurred as a result and may be precluded from providing some of the services referred to in this Agreement (for example, and without limitation, income collection, proxy voting, class action litigation and Corporate Action notification and processing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6.** **Ancillary Services** 

J.P. Morgan and its Subcustodians may use third party delivery services and providers of information regarding matters such as pricing, proxy voting, corporate actions and class action litigation and use local agents to provide extraordinary services such as attendance at annual meetings of issuers of Securities. Although J.P. Morgan will use reasonable care (and cause its Subcustodians to use reasonable care) in the selection and retention of such third party providers and local agents, it will not be responsible for any errors or omissions made by them in providing the relevant information or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7.** **Service Locations** 

J.P. Morgan maintains various operational/service centers and locations in the United States and other jurisdictions. The services provided under this Agreement may be provided from one or more such locations. J.P. Morgan may change the operational/service centers and locations as it deems necessary or appropriate for its business concerns.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **TAXATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.** **Tax Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Customer will pay or reimburse J.P. Morgan, and confirms that J.P. Morgan is authorized to deduct from any cash received
or credited to the Cash Account, any taxes or levies required by any revenue or governmental authority for whatever reason in respect
of the Customer's Accounts. For the avoidance of doubt, J.P. Morgan hereby agrees that it may not deduct those taxes or levies
applicable to one Fund from the Cash Account or Cash Accounts of another Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Customer will provide to J.P. Morgan (upon reasonable request) such certifications, declarations, documentation, and information
as it may require in connection with taxation, and warrants that, when given, this information is true, complete and correct in
every respect. The Customer undertakes to notify J.P. Morgan as soon as reasonably practicable if any information requires updating
or correcting. J.P. Morgan provides no service of controlling or monitoring, and therefore has no duty in respect of, or liability
for any taxes, penalties, interest or additions to tax, whether payable or paid, that result from

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the inaccurate completion of documents by the Customer or any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the provision to J.P. Morgan or a third party of inaccurate or misleading information by the Customer or any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the withholding of material information by the Customer or any third party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any delay by any revenue authority or any other cause beyond J.P. Morgan's control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If J.P. Morgan does not receive appropriate certifications, documentation and information then, as and when appropriate and
required by a revenue or governmental authority, tax shall be deducted

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from all income received in respect of the Financial Assets issued (including, but not limited to, withholding under United States Foreign Account Tax Compliance Act, United States non-resident alien tax and/or backup withholding tax, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Customer will be responsible in all events for the timely payment of all taxes relating to the Financial Assets in the
Securities Account; provided, however, that J.P. Morgan will be responsible for any penalty or additions to tax (including interest)
due solely as a result of J.P. Morgan's negligent acts or omissions with respect to paying or withholding tax or reporting
interest, dividend or other income paid or credited to the Cash Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.** **Tax Relief Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of this Section 8.2, J.P. Morgan will provide a "relief at source" service to obtain
a reduction of withholding tax and any refund of any tax paid or tax credits as may be available in the applicable market in respect
of income payments on Financial Assets credited to the Securities Account that J.P. Morgan believes may be available to the Customer.
To defray expenses pertaining to nominal tax claims, J.P. Morgan may, in its reasonable discretion decline to pursue tax claims
of a de minimis value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provision of a tax relief service by J.P. Morgan is conditional upon J.P. Morgan receiving from the Customer (to the extent
reasonably requested by J.P. Morgan) (i) a declaration of its identity and place of residence and (ii) certain other documentation
(pro forma copies of which are available from J.P. Morgan), prior to the receipt of Financial Assets in the Securities Account
and/or the payment of income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan will perform tax relief services only with respect to taxation levied by the revenue authorities of the countries
advised to the Customer from time to time and J.P. Morgan may, by notification in writing, in its absolute discretion, supplement
or amend the countries in which the tax relief services are offered. Other than as expressly provided in this Section 8.2, J.P.
Morgan will have no responsibility with regard to the Customer's tax position or status in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.** **Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The initial term of this Agreement shall be for a period of five (5) years following the date on which J.P. Morgan commenced
providing services under the Agreement (the "Initial Term"). Following the Initial Term, the Customer may terminate
this Agreement by giving not less than ninety (90) days' prior written notice to J.P. Morgan. J.P. Morgan may terminate this
Agreement on one hundred and eighty (180) days' prior written notice to the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 9.1(a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Either party may terminate this Agreement immediately on written notice to the other party in the event that a material breach
of this Agreement by the other party has not been cured within thirty (30) days of that party being given written notice of the
material breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Either party may terminate this Agreement immediately on written notice to the other party upon the other party being declared
bankrupt, entering into a composition with creditors, obtaining a suspension of payment, being put under court controlled management,
being subject to an involuntary order for the transfer of all or part of its business by a statutory authority, having any of its
issued shares suspended from trading on any exchange on which they are listed (if applicable) or being the subject of a similar
measure;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) J.P. Morgan may terminate this Agreement by giving not less than sixty (60) days' prior written notice to the Customer
in the event that J.P. Morgan reasonably determines that the Customer has ceased to satisfy J.P. Morgan's customary credit
requirements and/or reputational or regulatory concerns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Customer may terminate this Agreement immediately on written notice within sixty (60) days following an assignment of this
Agreement (a) to any J.P. Morgan Affiliate or subsidiary of J.P. Morgan or (b) in connection with a merger, reorganization, stock
sale or sale of all or substantially all of J.P. Morgan's custody business, for which J.P. Morgan did not obtain Customer's
consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Customer may terminate this Agreement at any time during the Initial Term by giving not less than ninety (90) days'
prior written notice to J.P. Morgan upon payment of a termination fee. During the first and second years of the Initial Term, the
termination fee will be an amount equal to the lesser of (i) $2 million and (ii) six (6) times the average monthly fees paid during
the six (6) month period prior to the Customer's notice of termination, or since the date on which J.P. Morgan commenced
providing services under this Agreement if such period is less than six (6) months. During the third year of the Initial Term,
the termination fee will be an amount equal to the lesser of (i) $1.25 million and (ii) four (4) times the average monthly fees
paid during the four (4) month period prior to the Customer's notice of termination. During the fourth and fifth year of
the Initial Term, the termination fee will be zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.** **Exit Procedure** 

The Customer will provide J.P. Morgan full details of the persons to whom J.P. Morgan must deliver Financial Assets and cash within a reasonable period before the effective time of termination of this Agreement. If the Customer fails to provide such details in a timely manner, J.P. Morgan shall be entitled to continue to be paid fees under this Agreement until such time as it is able to deliver the Financial Assets and cash to a successor custodian, but J.P. Morgan may take such steps as it reasonably determines to be necessary to protect itself following the effective time of termination, including ceasing to provide transaction settlement services in the event that J.P. Morgan is unwilling to assume any related credit risk. J.P. Morgan will in any event be entitled to deduct any amounts owing to it from the Cash Account prior to delivery of the Financial Assets and cash. In the event that insufficient funds are available in the Cash Account, the Customer agrees that J.P. Morgan may, in such manner and, at such time or times as J.P. Morgan in its sole discretion sees fit, liquidate any Financial Assets that J.P. Morgan in its sole discretion may select, in the Securities Account in order to deduct such amount from the proceeds (and, accordingly, J.P. Morgan will be entitled to sell Financial Assets and apply the sale proceeds in satisfaction of amounts owing to it). The Customer will reimburse J.P. Morgan promptly for all out-of-pocket expenses it incurs in delivering Financial Assets upon termination. Termination will not affect any of the liabilities either party owes to the other arising under this Agreement prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.** **Inactive Securities Accounts** 

J.P. Morgan reserves the right to charge a reasonable account maintenance fee for any inactive Securities Account in respect of which J.P. Morgan has not received any Instructions for at least one (1) year. The Customer shall be notified by J.P. Morgan of such fee at its address last known to J.P. Morgan, and J.P. Morgan may automatically deduct such fee from the Cash Account. In the event that insufficient funds are available in the Cash Account, the Customer agrees that J.P. Morgan may, in its sole discretion, liquidate any Financial Assets from the Securities Account in such manner and at such time or times as J.P. Morgan deems appropriate in order to deduct the amount of the maintenance fee from the proceeds.

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&nbsp;&nbsp;&nbsp;&nbsp;**10.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.** **Notifications** 

Notices pursuant to Section 9 of this Agreement shall be sent or served by registered mail, nationally recognized delivery services, courier services or hand delivery to the address of the respective parties as set out on the first page of this Agreement, unless at least two (2) days' prior notice of a new address is given to the other party in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.** **Successors and Assigns** 

This Agreement will be binding on each of the parties' hereto and their respective successors and assigns. The parties agree that neither party can assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party, which consent will not be unreasonably withheld or delayed; except that J.P. Morgan may assign this Agreement without the Customer's consent (a) to any J.P. Morgan Affiliate of J.P. Morgan or (b) in connection with a merger, reorganization, stock sale or sale of all or substantially all of J.P. Morgan's custody business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.** **Entire Agreement and Amendments** 

This Agreement, including any Schedules, Exhibits, Annexes and Riders (and any separate agreement which J.P. Morgan and the Customer may enter into with respect to any Cash Account), sets out the entire agreement between the parties in connection with the subject matter hereof, and this Agreement supersedes any other agreement, statement or representation relating to custody, whether oral or written. To the extent inconsistent with this Agreement, J.P. Morgan's electronic access terms and conditions shall not apply to matters arising under this Agreement. Amendments must be in writing and, except where this Agreement provides for amendments by notice from J.P. Morgan, signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.** **Information Concerning Deposits at J.P. Morgan's Non-U.S. Branch** 

Under U.S. federal law, deposit accounts that the Customer maintains in J.P. Morgan's foreign branches (outside of the U.S.) are not insured by the Federal Deposit Insurance Corporation. In the event of J.P. Morgan's liquidation, foreign branch deposits have a lesser preference than U.S. deposits, and such foreign deposits are subject to cross-border risks.

To the extent any amount standing to the credit of the Cash Account is deposited in one or more deposit accounts at J.P. Morgan London Branch, please note that J.P. Morgan London Branch is a participant in the UK Financial Services Compensation Scheme (the "FSCS"). The terms of the FSCS offer protection in connection with deposits to certain types of claimants to whom J.P. Morgan London Branch provides services in the event that they suffer a financial loss as a direct consequence of J.P. Morgan London Branch being unable to meet any of its obligations and, subject to the FSCS rules regarding eligible deposits, the Customer may have a right to claim compensation from the FSCS. Subject to the FSCS rules, the maximum compensation payable by the FSCS, as at the date of this Agreement, in relation to eligible deposits is £75,000. For the purposes of establishing such maximum compensation, all the Customer's eligible deposits at J.P. Morgan London Branch are aggregated and the total is subject to such maximum compensation.

For further information about the compensation provided by the FSCS, refer to the FSCS website at www.FSCS.org.uk.

Further information is also available online at www.jpmorgan.com/pages/deposit-guarantee-scheme-directive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5.** **Insurance** 

The Customer acknowledges that J.P. Morgan will not be required to maintain any insurance coverage specifically for the benefit of the Customer. J.P. Morgan will, however, provide summary information regarding its own general insurance coverage to the Customer upon written request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6.** **Security Holding Disclosure** 

With respect to Securities and Exchange Commission Rule 14b-2 under the U.S. Shareholder Communications Act regarding disclosure of beneficial owners to issuers of Securities, J.P. Morgan is instructed not to disclose the name, address or Securities positions of the Customer in response to shareholder communications requests regarding the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7.** **U.S. Regulatory Disclosure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 ("USA PATRIOT Act") requires J.P. Morgan to implement reasonable procedures to verify the identity of any
person that opens a new account with it. Accordingly, the Customer acknowledges that Section 326 of the USA PATRIOT Act and J.P.
Morgan's identity verification procedures require J.P. Morgan to obtain information which may be used to confirm the Customer's
identity, including, without limitation, the Customer's name, address and organizational documents ("identifying information").
The Customer agrees to provide J.P. Morgan with and consents to J.P. Morgan obtaining from third parties any such identifying information
required as a condition of opening an account with or using any service provided by J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Customer hereby acknowledges that J.P. Morgan is obliged to comply with AML/Sanctions Requirements and that J.P. Morgan
shall not be liable for any action it or any J.P. Morgan Affiliate reasonably takes to comply with any AML/Sanctions Requirement,
including identifying and reporting suspicious transactions, rejecting transactions, and blocking or freezing funds, Financial
Assets, or other assets. The Customer shall cooperate with J.P. Morgan's performance of its due diligence and other obligations
concerning AML/Sanctions Requirements, including with regard to any Beneficial Owners (as defined below). In addition, the Customer
agrees that (i) J.P. Morgan may defer acting upon an Instruction pending completion of any review under its policies and procedures
for compliance with AML/Sanctions Requirements and (ii) Customer's utilization of Accounts as omnibus accounts to hold assets
of Beneficial Owners is subject to J.P. Morgan's discretion. Furthermore, J.P. Morgan shall not be obliged to hold any "penny
stock" (or other Financial Asset raising special anti-money laundering concerns) in any Account in which a Beneficial Owner
has an interest, or to settle any transaction in which a Beneficial Owner has an interest, that relates to any "penny stock"
or any such other Financial Asset. For the purposes of this section, "Beneficial Owner" means any person, other than
the Customer, who has a direct or indirect beneficial ownership interest in any assets held in any of the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.8.** **Governing Law and Jurisdiction** 

This Agreement will be construed, regulated and administered under the laws of the United States or the State of New York, as applicable, without regard to New York's principles regarding conflict of laws, except that the foregoing shall not reduce any statutory right to choose New York law or forum. The United States District Court for the Southern District of New York will have the sole and exclusive jurisdiction over any lawsuit or other judicial proceeding relating to or arising from this Agreement. If that court lacks federal subject matter jurisdiction, the Supreme Court of the State of New York, New York County will have sole and exclusive jurisdiction. Either of these courts will have proper venue for any such lawsuit or judicial proceeding, and the parties waive any objection to venue or their convenience as a forum. The parties agree to submit to the jurisdiction of any of the courts specified and to accept service of process to vest personal jurisdiction over them in any of these courts. The parties further hereby knowingly, voluntarily and intentionally waive, to the fullest extent permitted by Applicable Law, any right to statutory prejudgment interest and a trial by jury with respect to any such lawsuit or judicial proceeding arising or relating to this Agreement or the transactions contemplated hereby. To the extent that in any jurisdiction the Customer or J.P. Morgan may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, the Customer or J.P. Morgan (as applicable) shall not claim, and it hereby irrevocably waives, such immunity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.9.** **Severability; Waiver; and Survival** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If one or more provisions of this Agreement are held invalid, illegal or unenforceable in any respect on the basis of any particular
circumstances or in any jurisdiction, the validity, legality and enforceability of such provision or provisions under other circumstances
or in other jurisdictions and of the remaining provisions will not in any way be affected or impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein, no failure or delay on the part of either party in exercising any power or right under
this Agreement operates as a waiver, nor does any single or partial exercise of any power or right preclude any other or further
exercise, or the exercise of any other power or right. No waiver by a party of any provision of this Agreement, or waiver of any
breach or default, is effective unless it is in writing and signed by the party against whom the waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties' rights, protections and remedies under this Agreement shall survive its termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10.** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 10.10(b), J.P. Morgan will hold all Confidential Information in confidence and will not disclose any Confidential
Information except as may be required by Applicable Law, a regulator with jurisdiction over J.P. Morgan's business, or with
the consent of the Customer, provided that prior to disclosing any such Confidential Information pursuant to Applicable Law or
as required by any such regulator in connection with a request for information specific to Customer, J.P. Morgan shall provide
Customer with written notice within a reasonable time prior to disclosing Confidential Information to the extent practicable and
legally permissible in order to permit Customer to seek a protective order prohibiting the disclosure of such Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Customer authorizes J.P. Morgan to disclose Confidential Information to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Subcustodian subcontractor, agent, Securities Depository, securities exchange, broker, third party agent, proxy solicitor,
issuer, or any other person that J.P. Morgan believes is reasonably required in connection with J.P. Morgan's provision of
relevant services under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) its professional advisors, auditors or public accountants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) its branches and J.P. Morgan Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any revenue authority or any governmental entity in relation to the processing of any tax claim.

Except where J.P. Morgan is instructed to provide Confidential Information to a party designated by the Customer, J.P. Morgan agrees that any person to whom it discloses any Confidential Information pursuant to clauses (i), (ii), or (iii) above has agreed to keep such Confidential Information confidential or has an internal policy to keep confidential client information confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as (i) otherwise required by Applicable Law, (ii) required for disclosure in the Customer's Registration Statement,
or (iii) needed to enforce the terms of this Agreement, the parties shall hold the terms and conditions, including, without limitation,
any commercial terms, of this Agreement in confidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11.** **Use of J.P. Morgan's Name** 

The Customer agrees not to use (or permit the use of) J.P. Morgan's name in any document, publication or publicity material relating to the Customer, including, but not limited to, notices, sales literature, stationery, advertisements, etc., without the prior written consent of J.P. Morgan (which consent shall not be unreasonably withheld), provided that no prior consent is needed if the document in which J.P. Morgan's name is used merely states that J.P. Morgan is acting as custodian to the Customer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.12.** **Counterparts** 

This Agreement may be executed in several counterparts each of which will be deemed to be an original and together will constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.13.** **No Third Party Beneficiaries** 

A person who is not a party to this Agreement shall have no right to enforce any term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.14.** **Cyber-security** 

J.P. Morgan will implement and maintain an information security program to safeguard customer information, and will provide Customer with a written summary of such program upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.15.** **Obligations of Each Customer Several; Funds as Customers** 

(a) Although each Customer and J.P. Morgan are entering into this agreement for convenience, each Customer and J.P. Morgan intend that this Agreement constitute a separate agreement between each Customer and J.P. Morgan such that each reference to Customer shall be read solely as a reference to a single entity.

(b) J.P. Morgan acknowledges and agrees that the obligations assumed by the Customer hereunder shall be limited in all cases to the assets of the Customer and that J.P. Morgan may not seek satisfaction of any such obligation from the officers, agents, employees, trustees, directors or shareholders of the Customer or of any other Customer hereto, and to the extent such trustees or officers are regarded as entering into this Agreement, they do so only as trustees or officers and not individually and that the obligations of this Agreement are not binding upon any such trustee, officer, employee or shareholder individually, but are binding only upon the assets and property of such Customer. J.P. Morgan hereby agrees that such trustees, officers, employees or shareholders shall not be personally liable under this Agreement and that J.P. Morgan shall look solely to the property of the Customer for the performance of the Agreement or payment of any claim under the Agreement.

(c) This Agreement is an agreement entered into between J.P. Morgan and, with respect to each Customer that is also a Fund, each Fund, severally. With respect to any obligation of the Customer on behalf of any Fund arising out of this Agreement, J.P. Morgan shall look for payment or satisfaction of such obligation solely to the assets of the Fund to which such obligation relates with the same effect as if J.P. Morgan had separately contracted with the Customer by separate written instrument with respect to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.16.** **Additional Customers** 

(a) Any additional entity (each an "Additional Customer") may be added to this Agreement as a Customer upon execution of this Agreement by J.P. Morgan and such Additional Customer. Any such joinder shall not require the prior written approval of, or the execution of any amendment to this Agreement by, any other Customer.

(b) Following the execution of this Agreement by J.P. Morgan and Additional Customer (i) each Additional Customer shall automatically be and become a party to this Agreement as a "Customer" hereunder with the same force and effect as if originally named herein as a Customer; (ii) without limiting the generality of the foregoing, each Additional Customer shall expressly assume all obligations and liability of a Customer under this Agreement; and (iii) Exhibit A to this Agreement shall be automatically amended and restated to include each Additional Customer.

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| | | | |
|:---|:---|:---|:---|
| **FIRST EAGLE FUNDS, on behalf of the separate portfolios listed on Exhibit A** | **FIRST EAGLE FUNDS, on behalf of the separate portfolios listed on Exhibit A** | **FIRST EAGLE VARIABLE FUNDS, on behalf of the separate portfolios listed on Exhibit A** | **FIRST EAGLE VARIABLE FUNDS, on behalf of the separate portfolios listed on Exhibit A** |
| **By:<br> Name:<br> Title:<br> Date:** | ![](x2_c113931x83x1.jpg) | **By:<br> Name:<br> Title:<br> Date:** | ![](x2_c113931x83x1.jpg) |
| **FIRST EAGLE GLOBAL CAYMAN FUND, LTD.** | **FIRST EAGLE GLOBAL CAYMAN FUND, LTD.** | **FIRST EAGLE OVERSEAS CAYMAN FUND, LTD.** | **FIRST EAGLE OVERSEAS CAYMAN FUND, LTD.** |
| **By:<br> Name:<br> Title:<br> Date:** | ![](x2_c113931x83x2.jpg) | **By:<br> Name:<br> Title:<br> Date:** | ![](x2_c113931x83x2.jpg) |
| **FIRST EAGLE US VALUE CAYMAN FUND, LTD.** | **FIRST EAGLE US VALUE CAYMAN FUND, LTD.** | **FIRST EAGLE GOLD CAYMANS FUND, LTD.** | **FIRST EAGLE GOLD CAYMANS FUND, LTD.** |
| **By:<br> Name:<br> Title:<br> Date:** | ![](x2_c113931x83x2.jpg) | **By:<br> Name:<br> Title:<br> Date:** | ![](x2_c113931x83x2.jpg) |
| **FINANCIERE ROUGE LLC**<br> By First Eagle Funds, its sole member | **FINANCIERE ROUGE LLC**<br> By First Eagle Funds, its sole member | **FINANCIERE BLEUE LLC**<br> By First Eagle Funds, its sole member | **FINANCIERE BLEUE LLC**<br> By First Eagle Funds, its sole member |
| **By:<br> Name:<br> Title:<br> Date:** | ![](x2_c113931x83x2.jpg) | **By:<br> Name:<br> Title:<br> Date:** | ![](x2_c113931x83x2.jpg) |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |  |  |
| **By:<br> Name:<br> Title:<br> Date:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](x2_c113931x83x3.jpg) |  |  |

---

Global Custody Agreement - New York - General - DOCUMENT ID: [D2817270] - May 2016

![](x2_c113931x83x4.jpg)

**IN WITNESS WHEREOF,** the parties have executed this Amendment as of the date first above written.

---

| | | | |
|:---|:---|:---|:---|
| **FIRST EAGLE FUNDS**, on behalf of the separate portfolios listed on Exhibit A | **FIRST EAGLE FUNDS**, on behalf of the separate portfolios listed on Exhibit A | **FIRST EAGLE VARIABLE FUNDS**, on behalf of the separate portfolios listed on Exhibit A | **FIRST EAGLE VARIABLE FUNDS**, on behalf of the separate portfolios listed on Exhibit A |
| By: | ![](x2_c113931x84x1.jpg) | By: | ![](x2_c113931x84x1.jpg) |
| Name: | Joseph Malone | Name: | Joseph Malone |
| Title: | CFO First Eagle Funds | Title: | CFO First Eagle Funds |
| **FIRST EAGLE GLOBAL CAYMAN FUND, LTD.** | **FIRST EAGLE GLOBAL CAYMAN FUND, LTD.** | **FIRST EAGLE OVERSEAS CAYMAN FUND, LTD.** | **FIRST EAGLE OVERSEAS CAYMAN FUND, LTD.** |
| By: | ![](x2_c113931x84x1.jpg) | By: | ![](x2_c113931x84x1.jpg) |
| Name: | Joseph Malone | Name: | Joseph Malone |
| Title: | CFO First Eagle Funds | Title: | CFO First Eagle Funds |
| **FIRST EAGLE US VALUE CAYMAN FUND, LTD.** | **FIRST EAGLE US VALUE CAYMAN FUND, LTD.** | **FIRST EAGLE GOLD CAYMAN FUND, LTD.** | **FIRST EAGLE GOLD CAYMAN FUND, LTD.** |
| By: | ![](x2_c113931x84x1.jpg) | By: | ![](x2_c113931x84x1.jpg) |
| Name: | Joseph Malone | Name: | Joseph Malone |
| Title: | CFO First Eagle Funds | Title: | CFO First Eagle Funds |
| **FIRST EAGLE CREDIT OPPORTUNITIES FUND** | **FIRST EAGLE CREDIT OPPORTUNITIES FUND** |  |  |
| By: | ![](x2_c113931x84x2.jpg) |  |  |
| Name: | David O'Connor |  |  |
| Title: | General Counsel |  |  |
|  |  | **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
|  |  | By: | ![](x2_c113931x84x3.jpg) |
|  |  | Name: | Carl Mehldau |
|  |  | Title: | Vice President |
|  |  | Date: | August, 25, 2020 |

---

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE SMALL CAP OPPORTUNITY FUND** | **FIRST EAGLE SMALL CAP OPPORTUNITY FUND** |
| **By:** | ![](x2_c113931x84x1.jpg) |
| **Name:** | Joseph Malone |
| **Title:** | CFO First Eagle Funds |
| **Date:** | 4/21/21 |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| **By:** | ![](x2_c113931x84x3.jpg) |
| **Name:** | **Carl Mehldau** |
| **Title:** | **Vice President** |
| **Date** | **April 21, 2021** |

---

with respect to the addition of the above Additional Customer pursuant to Section 10.16(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | | | |
|:---|:---|:---|:---|
| **FIRST EAGLE GLOBAL REAL ASSETS FUND** | **FIRST EAGLE GLOBAL REAL ASSETS FUND** | **FIRST EAGLE GLOBAL REAL ASSETS CAYMAN FUND, LTD.** | **FIRST EAGLE GLOBAL REAL ASSETS CAYMAN FUND, LTD.** |
| By: | ![](x2_c113931x84x1.jpg) | By: | ![](x2_c113931x84x1.jpg) |
| Name: | Joseph Malone | Name: | Joseph Malone |
| Title: | SVP | Title: | SVP |
| Date: | 11/30/21 | Date: | 11/30/21 |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |  |  |
| By: | ![](x2_c113931x84x3.jpg) |  |  |
| Name: | Carl Mehldau |  |  |
| Title: | Vice President |  |  |
| Date: | 12/7/2021 |  |  |

---

with respect to the addition of the above Additional Customer pursuant to Section 10.16(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | | | |
|:---|:---|:---|:---|
| **FIRST EAGLE GLOBAL OPPORTUNITIES FUND** | **FIRST EAGLE GLOBAL OPPORTUNITIES FUND** | **FIRST EAGLE U.S. SMID CAP OPPORTUNITY FUND** | **FIRST EAGLE U.S. SMID CAP OPPORTUNITY FUND** |
| By: | ![](x2_c113931x84x2.jpg) | By: | ![](x2_c113931x84x1.jpg) |
| Name: | David O'Connor | Name: | Joseph Malone |
| Title: | Trustee | Title: | Chief Financial Officer |
| Date: | June 28, 2022 | Date: | June 28, 2022 |
| **FIRST EAGLE GLOBAL OPPORTUNITIES FUND, LTD.** | **FIRST EAGLE GLOBAL OPPORTUNITIES FUND, LTD.** |  |  |
| By: | ![](x2_c113931x84x1.jpg) |  |  |
| Name: | Joseph Malone |  |  |
| Title: | Chief Financial Officer |  |  |
| Date: | June 28, 2022 |  |  |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |  |  |
| By: | ![](x2_c113931x84x3.jpg) |  |  |
| Name: | Carl Mehldau |  |  |
| Title: | Vice President |  |  |
| Date: | June 28, 2022 |  |  |

---

with respect to the addition of the above Additional Customer pursuant to Section 10.16(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | | | |
|:---|:---|:---|:---|
| **FIRST EAGLE REAL ESTATE LENDING FUND** | **FIRST EAGLE REAL ESTATE LENDING FUND** | **FIRST EAGLE FUNDS (ON BEHALF OF FIRST EAGLE SHORT DURATION HIGH YIELD MUNICIPAL FUND)** | **FIRST EAGLE FUNDS (ON BEHALF OF FIRST EAGLE SHORT DURATION HIGH YIELD MUNICIPAL FUND)** |
| By: | ![](x2_c113931x89x3.jpg) | By: | ![](x2_c113931x89x4.jpg) |
| Name: | David P. O'Connor | Name: | Michael Luzzatto |
| Title: | Trustee | Title: | Vice President |
| Date: |  | Date: |  |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |  |  |
| By: | ![](x2_c113931x84x3.jpg) |  |  |
| Name: | Carl Mehldau |  |  |
| Title: | Executive Director |  |  |
| Date: | April 18, 2024 |  |  |

---

with respect to the addition of the above Additional Customer pursuant to Section 10.16(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE GLOBAL INCOME BUILDER CAYMAN FUND, LTD.** | **FIRST EAGLE GLOBAL INCOME BUILDER CAYMAN FUND, LTD.** |
| By: | ![](x2_c113931x89x1.jpg) |
| Name: | Brandon Webster |
| Title: | CFO of First Eagle Mutual Funds |
| Date: | 9/4/2024 |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x2_c113931x84x3.jpg) |
| Name: | Carl Mehldau |
| Title: | Executive Director |
| Date: | September 5, 2024 |

---

with respect to the addition of the above Additional Customer pursuant to Section 10.16(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE REAL ESTATE DEBT CAYMAN FUND, LTD.** | **FIRST EAGLE REAL ESTATE DEBT CAYMAN FUND, LTD.** |
| By: | ![](x2_c113931x89x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 4/3/2025 |
| **FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND** | **FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND** |
| By: | ![](x2_c113931x89x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 4/3/2025 |
| **FIRST EAGLE CORE PLUS MUNICIPAL FUND** | **FIRST EAGLE CORE PLUS MUNICIPAL FUND** |
| By: | ![](x2_c113931x89x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 4/3/2025 |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x2_c113931x90x1.jpg) |
| Name: | Nicole Olech |
| Title: | Vice President |
| Date: | 4/6/2025 |

---

with respect to the addition of the above Additional Customer pursuant to Section 10.16(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE OVERSEAS VARIABLE DELAWARE FUND, LLC** | **FIRST EAGLE OVERSEAS VARIABLE DELAWARE FUND, LLC** |
| By: | ![](x2_c113931x89x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 6/3/2025 |
| **FIRST EAGLE HIGH YIELD MUNICIPAL COMPLETION FUND** | **FIRST EAGLE HIGH YIELD MUNICIPAL COMPLETION FUND** |
| By: | ![](x2_c113931x89x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 6/3/2025 |
| **FIRST EAGLE REAL ESTATE DEBT SECURITY TRS, LLC** | **FIRST EAGLE REAL ESTATE DEBT SECURITY TRS, LLC** |
| By: | ![](x2_c113931x89x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 6/3/2025 |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x2_c113931x84x3.jpg) |
| Name: | Carl Mehldau |
| Title: | Executive Director |
| Date: | June 4, 2025 |

---

with respect to the addition of the above Additional Customer pursuant to Section 10.16(a) hereof.

**EXHIBIT A<br> LIST OF ENTITIES<br> (as of June 3, 2025)**

**First Eagle Funds:**

First Eagle Global Fund

First Eagle Overseas Fund

First Eagle U.S. Value Fund

First Eagle Gold Fund

First Eagle Global Income Builder Fund

First Eagle High Yield Municipal Fund

First Eagle Rising Dividend Fund

First Eagle Small Cap Opportunity Fund

First Eagle Global Real Assets Fund

First Eagle U.S. Smid Cap Opportunity Fund

First Eagle Short Duration High Yield Municipal Fund

First Eagle Core Plus Municipal Fund

First Eagle Global Cayman Fund, Ltd.

First Eagle Overseas Cayman Fund, Ltd.

First Eagle US Value Cayman Fund, Ltd.

First Eagle Gold Cayman Fund Ltd.

First Eagle Global Real Assets Cayman Fund, Ltd.

First Eagle Global Income Builder Cayman Fund, Ltd.

**First Eagle Variable Funds:**

First Eagle Overseas Variable Fund

First Eagle Overseas Variable Delaware Fund, LLC

**First Eagle Completion Fund Trust**

First Eagle High Yield Municipal Completion Fund

*Below are closed end funds with their own separate trusts:*

First Eagle Credit Opportunities Fund

First Eagle Real Estate Debt Fund

First Eagle Real Estate Debt Cayman Fund, Ltd.

First Eagle Real Estate Debt Security TRS, LLC

First Eagle Tactical Municipal Opportunities Fund

First Eagle Global Opportunities Fund

First Eagle Global Opportunities Fund, Ltd.

**List of Subcustodians and Markets Used by J.P. Morgan**

Global Custody Agreement - New York - General - DOCUMENT ID: [D2817270] - May 2016 <br> Page 28

![](x2_c113931x83x4.jpg)

![](x2_c113931x94x1.jpg)

**Print Date : 19-Apr-21**

**Agent and Cash Network<br> (Custody & Fund Services)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Market** | **Subcustodian** | **Cash Correspondent Bank** |
| Argentina | HSBC Bank Argentina S.A.<br> Bouchard 557, 18th Floor<br> Buenos Aires C1106ABJ<br> Argentina | HSBC Bank Argentina S.A.<br> Buenos Aires |
| Australia | JPMorgan Chase Bank N.A. **<sup>J.P. Morgan affiliate</sup>**<br> Level 18, 85 Castlereagh Street <br> Sydney NSW 2000 <br> Australia | Australia and New Zealand Banking Group Ltd. Melbourne<br>JPMorgan Chase Bank N.A., Sydney Branch (for clients utilizing J.P. Morgan's domestic AUD solution) **<sup>J.P. Morgan affiliate</sup>**<br> Sydney |
| Austria | UniCredit Bank Austria AG <br> Julius Tandler Platz - 3, <br> Vienna A-1090 <br> Austria | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt |
| Bahrain | HSBC Bank Middle East Limited <br> Road No 2832 <br> Al Seef 428 <br> Bahrain | HSBC Bank Middle East Limited <br> Al Seef |
| Bangladesh | Standard Chartered Bank <br> Portlink Tower, Level-6, 67 Gulshan Avenue, <br> Gulshan <br> Dhaka 1212 <br> Bangladesh | Standard Chartered Bank<br> Dhaka |
| Belgium | BNP Paribas Securities Services SCA (for clients contracting with J.P. Morgan (Suisse) SA and for all Belgian Bonds settling in the National Bank of Belgium (NBB))<br> 3, Rue d'Antin<br>Paris 75002<br> France<br>J.P. Morgan Bank Luxembourg S.A. (for clientscontracting with JPMorgan Chase Bank, N.A.) **<sup>J.P. Morgan affiliate</sup>**<br> European Bank & Business Centre, 6, route deTreves | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |

---

---

| | | |
|:---|:---|:---|
| Correspondent banks are listed for information only.<br> Strictly Private and Confidential | Page 1 of 12 | ![](logo.jpg) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Market** | **Subcustodian** | **Cash Correspondent Bank** |
| | Senningerberg L-2633<br> Luxembourg<br>J.P. Morgan Luxembourg S.A. (for clientscontracting with this entity) **<sup>J.P. Morgan affiliate</sup>**<br> European Bank & Business Centre, 6, route deTreves<br> Senningerberg L-2633 <br> Luxembourg <br>J.P. Morgan Bank (Ireland) PLC (for clientscontracting with this entity) **<sup>J.P. Morgan affiliate</sup>**<br> 200 Capital Dock, 79 Sir John Rogerson's Quay<br> Dublin D02 RK57 <br> Ireland | |
| Bermuda | HSBC Bank Bermuda Limited <br> 37 Front Street <br> Hamilton HM 11 <br> Bermuda | HSBC Bank Bermuda Limited <br> Hamilton |
| Botswana | Standard Chartered Bank Botswana Limited <br> 5th Floor, Standard House, P.O. Box 496, <br> Queens Road, The Mall <br> Gaborone <br> Botswana | Standard Chartered Bank Botswana Limited <br> Gaborone |
| Brazil | J.P. Morgan S.A. DTVM **<sup>J.P. Morgan affiliate</sup>**<br> Av. Brigadeiro Faria Lima, 3729, Floor 06 <br> Sao Paulo SP 04538 905 <br> Brazil | J.P. Morgan S.A. DTVM **<sup>J.P. Morgan affiliate</sup>**<br> Sao Paulo |
| Bulgaria | Citibank Europe plc <br> Serdika Offices, 10th Floor, 48 Sitnyakovo <br> Blvd<br> Sofia 1505<br> Bulgaria | ING Bank N.V. <br> Sofia |
| Canada | CIBC Mellon Trust Company (Note: Clients please refer to your issued settlement instructions)<br> 1 York Street, Suite 900<br> Toronto Ontario M5J 0B6<br> Canada<br>Royal Bank of Canada (Note: Clients please refer to your issued settlement instructions)<br> 155 Wellington Street West<br> Toronto M5V 3L3<br> Canada | Canadian Imperial Bank of Commerce (For clients utilizing J.P. Morgan's domestic CAD solution)<br> Toronto<br>Royal Bank of Canada<br> Toronto<br>|
| Chile | Banco Santander Chile <br> Bandera 140 <br> Santiago <br> Chile | Banco Santander Chile <br> Santiago |
| China A-Share <br> **Please refer to your Client Relationship Team for additional subcustodial options** | JPMorgan Chase Bank (China) CompanyLimited (Note: For CIBM Direct Only) **<sup>J.P. Morgan affiliate</sup>**<br> 41st floor, Park Place, No. 1601, West NanjingRoad, Jingan District<br> Shanghai null <br> The People's Republic of China | JPMorgan Chase Bank (China) CompanyLimited (Note: For CIBM Direct Only) **<sup>J.P. Morgan affiliate</sup>**<br> Shanghai <br>HSBC Bank (China) Company Limited (Note: Clients please refer to your issued settlement |

---

---

| | | |
|:---|:---|:---|
| Correspondent banks are listed for information only.<br> Strictly Private and Confidential | Page 2 of 12 | ![](logo.jpg) |

---

---

| | | |
|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
|  | HSBC Bank (China) Company Limited (Note: Clients please refer to your issued settlement instructions) <br> 33/F, HSBC Building, Shanghai IFC, 8 CenturyAvenue, Pudong<br> Shanghai 200120 <br> The People's Republic of China | instructions) <br> Shanghai |
| China B-Share | HSBC Bank (China) Company Limited <br> 33/F, HSBC Building, Shanghai IFC, 8 CenturyAvenue, Pudong<br> Shanghai 200120 <br> The People's Republic of China | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> Hong Kong <br>JPMorgan Chase Bank, N.A., New York **<sup>J.P. Morgan affiliate</sup>** |
| China Connect | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> 18th Floor Tower 2, The Quayside, 77 Hoi BunRoad, Kwun Tong<br> Hong Kong null | JPMorgan Chase Bank, N.A., Hong Kong **<sup>J.P. Morgan affiliate</sup>** |
| Colombia | Cititrust Colombia S.A. <br> Carrera 9 A #99-02, 3rd Floor <br> Bogota <br> Colombia | Cititrust Colombia S.A. <br> Bogota |
| Costa Rica | Banco BCT S.A. <br> 150 Metros Norte de la Catedral <br> Metropolitana, Edificio BCT <br> San Jose <br> Costa Rica | Banco BCT S.A. <br> San Jose |
| Croatia | Privredna banka Zagreb d.d. <br> Radnicka cesta 50 <br> Zagreb 10000 <br> Croatia | Zagrebacka banka d.d. <br> Zagreb |
| Cyprus | HSBC Continental Europe, Greece <br> 109-111, Messogion Ave. <br> Athens 11526 <br> Greece | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Czech Republic | UniCredit Bank Czech Republic and Slovakia,a.s.<br> BB Centrum - FILADELFIE, Zeletavska 1525-1, <br> Prague 1 <br> Prague 140 92 <br> Czech Republic | Ceskoslovenská obchodní banka a.s. <br> Prague |
| Denmark | Nordea Bank Abp<br> Christiansbro, Strandgade 3, P.O. Box 850<br> Copenhagen DK-0900<br> Denmark | Nordea Bank Abp<br> Copenhagen |
| Egypt | Citibank N.A., Egypt<br> Boomerang Building, Plot 46, Zone J, 1st<br> district, 5th Settlement,<br> New Cairo 11511<br> Egypt | Citibank N.A., Egypt<br> New Cairo |
| Estonia | Access to the market via Clearstream Banking<br> S.A., Luxembourg in its capacity as<br> International Central Securities Depository | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Finland | Nordea Bank Abp | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>** |

---

---

| | | |
|:---|:---|:---|
| Correspondent banks are listed for information only.<br> Strictly Private and Confidential | Page 3 of 12 | ![](logo.jpg) |

---

---

| | | |
|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
|  | Satamaradankatu 5<br> Helsinki FIN-00020 Nordea<br> Finland | Frankfurt am Main |
| France | BNP Paribas Securities Services SCA (for clients contracting with J.P. Morgan (Suisse) SA and for Physical Securities and Ordre de Mouvement (ODMs) held by clients)<br> 3, Rue d'Antin<br> Paris 75002<br> France<br>J.P. Morgan Bank Luxembourg S.A. (for clientscontracting with this entity) **<sup>J.P. Morgan affiliate</sup>**<br> European Bank & Business Centre, 6, route deTreves<br> Senningerberg L-2633 <br> Luxembourg <br>J.P. Morgan Bank Luxembourg S.A. (for clientscontracting with JPMorgan Chase Bank, N.A.) **<sup>J.P. Morgan affiliate</sup>**<br> European Bank & Business Centre, 6, route deTreves<br> Senningerberg L-2633 <br> Luxembourg <br>J.P. Morgan Bank (Ireland) PLC (for clientscontracting with this entity) **<sup>J.P. Morgan affiliate</sup>**<br> 200 Capital Dock, 79 Sir John Rogerson's Quay <br> Dublin D02 RK57 <br> Ireland | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Germany | J.P. Morgan AG (for domestic German custody<br> clients only) **<sup>J.P. Morgan affiliate</sup>**<br> Taunustor 1 (TaunusTurm)<br> Frankfurt am Main 60310<br> Germany<br>Deutsche Bank AG<br> Alfred-Herrhausen-Allee 16-24<br> Eschborn D-65760<br> Germany | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Ghana | Standard Chartered Bank Ghana PLC<br> Accra High Street, P.O. Box 768<br> Accra null<br> Ghana | Standard Chartered Bank Ghana PLC<br> Accra |
| Greece | HSBC Continental Europe, Greece<br> 109-111, Messogion Ave.<br> Athens 11526<br> Greece | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Hong Kong | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> 18th Floor Tower 2, The Quayside, 77 Hoi Bun<br> Road, Kwun Tong<br> Hong Kong | JPMorgan Chase Bank, N.A., Hong Kong **<sup>J.P. Morgan affiliate</sup>** |
| Hungary | Deutsche Bank AG<br> Hold utca 27<br> Budapest H-1054 | UniCredit Bank Hungary Zrt. |

---

---

| | | |
|:---|:---|:---|
| Correspondent banks are listed for information only.<br> Strictly Private and Confidential | Page 4 of 12 | ![](logo.jpg) |

---

---

| | | |
|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
|  | Hungary |  |
| Iceland | Islandsbanki hf.<br> Kirkjusandur 2<br> Reykjavik IS-155<br> Iceland | Islandsbanki hf.<br> Reykjavik |
| India | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> 6th Floor, Paradigm B Wing, Mindspace, Malad (West)<br> Mumbai 400 064<br> India | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> Mumbai |
| Indonesia | PT Bank HSBC Indonesia<br> WTC 3 Building - 8th floor<br> Jl. Jenderal Sudirman Kav. 29-31<br> Jakarta 12920<br> Indonesia | PT Bank HSBC Indonesia<br> Jakarta |
| Ireland | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> 383 Madison Avenue<br> New York 10017<br> United States | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Israel | Bank Leumi le-Israel B.M.<br> 35, Yehuda Halevi Street<br> Tel Aviv 65136<br> Israel | Bank Leumi le-Israel B.M.<br> Tel Aviv |
| Italy | J.P. Morgan Bank (Ireland) PLC (for clients contracting with this entity. Clients contracting with J.P. Morgan Bank Luxembourg S.A. please refer to your issued settlement instructions) **<sup>J.P. Morgan affiliate</sup>**<br> 200 Capital Dock, 79 Sir John Rogerson's Quay <br> Dublin D02 RK57 <br> Ireland <br>BNP Paribas Securities Services SCA (for clients contracting with J.P. Morgan Chase Bank, N.A. and J.P. Morgan (Suisse) SA. Clients contracting with J.P. Morgan Bank Luxembourg S.A. please refer to your issued settlement instructions)<br> Piazza Lina Bo Bardi 3<br> Milan 20124<br> Italy | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Japan | Mizuho Bank Ltd. (Note: Clients please refer to your issued settlement instructions)<br> 2-15-1, Konan, Minato-ku<br> Tokyo 108-6009<br> Japan<br>MUFG Bank, Ltd. (Note: Clients please refer to your issued settlement instructions)<br> 1-3-2 Nihombashi Hongoku-cho, Chuo-ku<br> Tokyo 103-0021<br> Japan | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> Tokyo |
| Jordan | Standard Chartered Bank<br> Shmeissani Branch, Al-Thaqafa Street,<br> Building #2 P.O. Box 926190<br> Amman | Standard Chartered Bank<br> Amman |

---

---

| | | |
|:---|:---|:---|
| Correspondent banks are listed for information only.<br> Strictly Private and Confidential | Page 5 of 12 | ![](logo.jpg) |

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| | | |
|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
|  | Jordan |  |
| Kazakhstan | Citibank Kazakhstan JSC<br> Park Palace, Building A, Floor 2, 41 Kazybek Bi<br> Almaty 050010<br> Kazakhstan | Subsidiary Bank Sberbank of Russia Joint<br> Stock Company<br> Almaty |
| Kenya | Standard Chartered Bank Kenya Limited<br> Chiromo, 48 Westlands Road<br> Nairobi 00100<br> Kenya | Standard Chartered Bank Kenya Limited<br> Nairobi |
| Kuwait | HSBC Bank Middle East Limited<br> Al Hamra Tower, Abdulaziz Al Sager Street<br> Sharq Area<br> Kuwait City<br> Kuwait | HSBC Bank Middle East Limited<br> Kuwait City |
| Latvia | Access to the market via Clearstream Banking S.A., Luxembourg in its capacity as International Central Securities Depository | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Lithuania | Access to the market via Clearstream Banking S.A., Luxembourg in its capacity as International Central Securities Depository | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Luxembourg | BNP Paribas Securities Services SCA,<br> Luxembourg Branch<br> 60 Avenue John F. Kennedy<br> Luxembourg L-1855<br> Luxembourg | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Malawi<br> **Clients may be required to upgrade certain clauses in their existing agreement prior to entry** | Standard Bank PLC<br> Kaomba Centre, Cnr Glyn Jones Road &<br> Victoria Avenue, P.O. Box 1111<br> Blantyre<br> Malawi | Standard Bank PLC<br> Blantyre |
| Malaysia | HSBC Bank Malaysia Berhad<br> 2 Leboh Ampang, 12th Floor, South Tower<br> Kuala Lumpur 50100<br> Malaysia | HSBC Bank Malaysia Berhad<br> Kuala Lumpur |
| Mauritius | The Hongkong and Shanghai Banking<br> Corporation Limited<br> HSBC Centre 18 Cybercity<br> Ebene Mauritius | The Hongkong and Shanghai Banking Corporation Limited<br> Ebene |
| Mexico | Banco Nacional de Mexico S.A.<br> Act. Roberto Medellin No. 800 3er Piso Norte<br> Colonia Santa Fe<br> Mexico, D.F. 1210<br> Mexico | Banco Santander (Mexico) S.A.<br> Ciudad de México, C.P. |
| Morocco | Société Générale Marocaine de Banques<br> 55 Boulevard Abdelmoumen<br> Casablanca 20100<br> Morocco | Attijariwafa Bank S.A.<br> Casablanca |
| Namibia | Standard Bank Namibia Limited<br> Erf 137, Standard Bank Centre, Chasie Street,<br> Hill Top, Kleine Kuppe<br> Windhoek | The Standard Bank of South Africa Limited<br> Johannesburg |

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|:---|:---|:---|
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| | | |
|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
|  | Namibia |  |
| Netherlands | J.P. Morgan Bank Luxembourg S.A. (for clients contracting with this entity)<br> European Bank & Business Centre, 6, route de<br> Treves<br> Senningerberg L-2633<br> Luxembourg<br>J.P. Morgan Bank Luxembourg S.A. (for clientscontracting with JPMorgan Chase Bank, N.A.) **<sup>J.P. Morgan affiliate</sup>**<br> European Bank & Business Centre, 6, route de <br> Treves <br> Senningerberg L-2633 <br> Luxembourg <br>BNP Paribas Securities Services SCA (for clients contracting with J.P. Morgan (Suisse) SA)<br> 3, Rue d'Antin<br>Paris 75002<br> France<br>J.P. Morgan Bank (Ireland) PLC (for clientscontracting with this entity) **<sup>J.P. Morgan affiliate</sup>**<br> 200 Capital Dock, 79 Sir John Rogerson's Quay <br> Dublin D02 RK57 <br> Ireland | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| New Zealand | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> Level 13, 2 Hunter Street <br> Wellington 6011 <br> New Zealand | JPMorgan Chase Bank, N.A. New Zealand Branch (for clients utilizing J.P. Morgan's domestic NZD solution) **<sup>J.P. Morgan affiliate</sup>**<br> Wellington <br>ANZ Bank New Zealand Limited<br> Wellington |
| Nigeria | Stanbic IBTC Bank Plc<br> Plot 1712, Idejo Street Victoria Island<br> Lagos<br> Nigeria | Stanbic IBTC Bank Plc<br> Lagos |
| Norway | Nordea Bank Abp<br> Essendropsgate 7, P.O. Box 1166<br> Oslo NO-0107<br> Norway | Nordea Bank Abp<br> Oslo |
| Oman | HSBC Bank Oman S.A.O.G.<br> 2nd Floor Al Khuwair<br> P.O. Box 1727<br> Seeb PC 111<br> Oman | HSBC Bank Oman S.A.O.G.<br> Seeb |
| Pakistan | Standard Chartered Bank (Pakistan) Limited<br> P.O. Box 4896, Ismail Ibrahim Chundrigar Road<br> Karachi 74000<br> Pakistan | Standard Chartered Bank (Pakistan) Limited<br> Karachi |
| Panama | Citibank N.A. Panama Branch<br> Punta Pacifica, | Citibank N.A. Panama Branch<br> Panama |

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|:---|:---|:---|
| Correspondent banks are listed for information only.<br> Strictly Private and Confidential | Page 7 of 12 | ![](logo.jpg) |

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| | | |
|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
|  | Calle Punta Darien,<br> Torre De Las Americas,<br> Torre B, Piso 14<br> Panama<br> Panama |  |
| Peru | Citibank del Perú S.A.<br> Canaval y Moreryra 480 Piso 3, San Isidro<br> San Isidro, L-27 L-27<br> Lima, Peru | Banco de Crédito del Perú<br> Lima 012 |
| Philippines | The Hongkong and Shanghai Banking Corporation Limited<br> 7/F HSBC Centre, 3058 Fifth Avenue West,<br> Bonifacio Global City<br> Taguig City 1634<br> Philippines | The Hongkong and Shanghai Banking<br> Corporation Limited<br> Taguig City |
| Poland | Bank Handlowy w. Warszawie S.A.<br> ul. Senatorska 16<br> Warsaw 00-923<br> Poland | mBank S.A.<br> Warsaw |
| Portugal | BNP Paribas Securities Services SCA<br> 3, Rue d'Antin<br>Paris 75002<br> France | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Qatar | HSBC Bank Middle East Limited<br> Building 150, Airport Road<br> Doha<br> Qatar | The Commercial Bank (P.Q.S.C.)<br> Doha |
| Romania | Citibank Europe plc<br> 145 Calea Victoriei, 1st District<br> Bucharest 10072<br> Hungary | ING Bank N.V.<br> Bucharest |
| Russia | Commercial Bank "J.P. Morgan BankInternational" (Limited Liability Company) **<sup>J.P. Morgan affiliate</sup>**<br> 10, Butyrsky Val, White Square Business <br> Centre, Floor 12 <br> Moscow 125047 <br> Russia | Sberbank of Russia<br> Moscow<br>JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> New York<br>|
| Saudi Arabia | J.P. Morgan Saudi Arabia Company **<sup>J.P. Morgan affiliate</sup>**<br> Al Faisaliah Tower, Level 8, P.O. Box 51907<br> Riyadh 11553<br> Saudi Arabia | JPMorgan Chase Bank, N.A. - Riyadh Branch **<sup>J.P. Morgan affiliate</sup>**<br> Riyadh |
| Serbia | Unicredit Bank Srbija a.d.<br> Rajiceva 27-29<br> Belgrade 11000<br> Serbia | Unicredit Bank Srbija a.d.<br> Belgrade |
| Singapore | DBS Bank Ltd<br> 10 Toh Guan Road, DBS Asia Gateway, Level<br> 04-11 (4B)<br> Singapore 608838<br> Singapore | Oversea-Chinese Banking Corporation<br> Singapore |
| Slovak Republic | UniCredit Bank Czech Republic and Slovakia,<br> a.s.<br> Sancova 1/A<br> Bratislava SK-813 33 | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |

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|:---|:---|:---|
| Correspondent banks are listed for information only.<br> Strictly Private and Confidential | Page 8 of 12 | ![](logo.jpg) |

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| | | |
|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
|  | Slovak Republic |  |
| Slovenia | UniCredit Banka Slovenija d.d.<br> Smartinska 140<br> Ljubljana SI-1000<br> Slovenia | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| South Africa | FirstRand Bank Limited<br> 1 Mezzanine Floor, 3 First Place, Bank City Cnr<br> Simmonds and Jeppe Streets<br> Johannesburg 2001<br> South Africa | The Standard Bank of South Africa Limited<br> Johannesburg |
| South Korea | Kookmin Bank Co. Ltd. (Note: Clients please refer to your issued settlement instructions)<br> 84, Namdaemun-ro, Jung-gu<br> Seoul 100-845<br> South Korea<br>Standard Chartered Bank Korea Limited (Note: Clients please refer to your issued settlement instructions)<br> 47 Jongro, Jongro-Gu<br> Seoul 3160<br> South Korea | Kookmin Bank Co. Ltd. (Note: Clients please refer to your issued settlement instructions)<br> Seoul<br>Standard Chartered Bank Korea Limited (Note: Clients please refer to your issued settlement instructions)<br> Seoul<br>|
| Spain | CACEIS Bank Spain, S.A.U.<br> Parque Empresarial La Finca, Paseo Club<br> Deportivo 1, Edificio 4, Planta 2, Pozuelo de<br> Alarcón<br> Madrid 28223<br> Spain | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Sri Lanka | The Hongkong and Shanghai Banking<br> Corporation Limited<br> 24 Sir Baron Jayatillaka Mawatha<br> Colombo 1<br> Sri Lanka | The Hongkong and Shanghai Banking<br> Corporation Limited<br> Colombo |
| Sweden | Nordea Bank Abp<br> Hamngatan 10<br> Stockholm SE-105 71<br> Sweden | Svenska Handelsbanken<br> Stockholm |
| Switzerland | UBS Switzerland AG<br> 45 Bahnhofstrasse<br> Zurich 8021<br> Switzerland | UBS Switzerland AG<br> Zurich |
| Taiwan | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> 8th Floor, Cathay Xin Yi Trading Building, No.<br> 108, Section 5, Xin Yi Road<br> Taipei 11047<br> Taiwan | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> Taipei |
| Tanzania<br> **Clients may be required to upgrade certain clauses in their existing agreement prior to entry** | Stanbic Bank Tanzania Limited<br> Stanbic Centre, Corner Kinondoni and A.H.<br> Mwinyi Roads, P.O. Box 72648<br> Dar es Salaam<br> Tanzania | Stanbic Bank Tanzania Limited<br> Dar es Salaam |
| Thailand | Standard Chartered Bank (Thai) Public<br> Company Limited<br> 14th Floor, Zone B, Sathorn Nakorn Tower, 90<br> North Sathorn Road Bangrak, Silom, Bangrak<br> Bangkok 10500 | Standard Chartered Bank (Thai) Public Company Limited<br> Bangkok |

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| | | |
|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
|  | Thailand |  |
| Tunisia | Union Internationale de Banques Societe<br> Generale SA<br> 10, Rue d'Egypte, Tunis Belvedere<br> Tunis 1002<br> Tunisia | Banque Internationale Arabe de Tunisie S.A.<br> Tunis |
| Turkey | Citibank A.S.<br> Tekfen Tower, Eski Buyukdere Cad No:209 K:2,<br> Levent<br>Istanbul 34394<br> Turkey | JPMorgan Chase Bank, N.A. Istanbul Branch **<sup>J.P. Morgan affiliate</sup>**<br> Istanbul |
| Uganda | Standard Chartered Bank Uganda Limited<br> 5 Speke Road, PO Box 7111<br> Kampala<br> Uganda | Standard Chartered Bank Uganda Limited<br> Kampala |
| Ukraine<br> **Restricted service only. Please contact your Relationship Manager for further information** | Joint Stock Company "Citibank"<br> 16-G Dilova Street<br> Kiev 03150<br> Ukraine | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> New York<br>Joint Stock Company "Citibank"<br> Kiev |
| United Arab Emirates | HSBC Bank Middle East Limited<br> Emaar Square, Level 4, Building No. 5, P.O.<br> Box 502601<br> Dubai<br> United Arab Emirates | First Abu Dhabi Bank P.J.S.C<br> Dubai |
| United Kingdom | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> 383 Madison Avenue<br> New York 10017<br> United States<br>Deutsche Bank AG Depository and Clearing<br> Centre<br> 10 Bishops Square<br> London E1 6EG<br> United Kingdom | JPMorgan Chase Bank, N.A., London **<sup>J.P. Morgan affiliate</sup>** |
| United States | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> 383 Madison Avenue<br> New York 10017<br> United States | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> New York |
| Uruguay | Banco Itaú Uruguay S.A.<br> Zabala 1463<br> Montevideo 11000<br> Uruguay | Banco Itaú Uruguay S.A.<br> Montevideo |
| Vietnam | HSBC Bank (Vietnam) Ltd.<br> 106 Nguyen Van Troi Street, Phu Nhuan<br> District<br> Ho Chi Minh City<br> Vietnam | HSBC Bank (Vietnam) Ltd.<br> Ho Chi Minh City |
| WAEMU (Benin, Burkina Faso, Guinea- Bissau, Ivory Coast, Mali, Niger, Senegal, Togo)<br> **Clients may be required to** **upgrade certain clauses in** | Standard Chartered Bank Côte d'Ivoire S.A. <br> 23 Boulevard de la Republique 1 <br> Abidjan 01 B.P. 1141 <br> Ivory Coast | Standard Chartered Bank Côte d'Ivoire S.A. <br> Abidjan |

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| Correspondent banks are listed for information only.<br> Strictly Private and Confidential | Page 10 of 12 | ![](logo.jpg) |

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|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
| &nbsp;&nbsp;**their existing agreement** **prior to entry** | | |
| Zambia | Standard Chartered Bank Zambia Plc<br> Standard Chartered House, Cairo Road P.O.<br> Box 32238<br> Lusaka 10101<br> Zambia | Standard Chartered Bank Zambia Plc<br> Lusaka |
| Zimbabwe<br> **Clients may be required to upgrade certain clauses in their existing agreement prior to entry** | Stanbic Bank Zimbabwe Limited<br> Stanbic Centre, 3rd Floor, 59 Samora Machel<br> Avenue<br> Harare<br> Zimbabwe | Stanbic Bank Zimbabwe Limited<br> Harare |

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**Schedule 2 Form of Board Resolution**

To: JPMorgan Chase Bank, N.A.

___________________________20____

We hereby certify that the following is a true copy of the minutes of the Board of Directors of _______________________________\* (the **"Company"**) which was duly called and held on ___________________________20____ and at which a duly qualified quorum was present throughout and entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;1. There was produced to the meeting a form of Custody Agreement provided
 by JPMorgan Chase Bank, N.A. ("J.P. Morgan") for use in connection with the
 opening of one or more cash and securities accounts and the conduct of such other transactions
 between the Company and J.P. Morgan as referred to therein. The form of Custody Agreement
 produced had been completed by an officer of the Company, and in particular it was noted
 that details of the Authorized Persons (as defined therein) and details of persons authorized
 to give instructions on behalf of the Company had been provided to J.P. Morgan. Details
 of any Fund Managers and Advisers had also been provided to J.P. Morgan. The indemnities
 given to J.P. Morgan in the Custody Agreement were also noted. The meeting considered
 the form of the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2. IT WAS RESOLVED that the form of Custody Agreement (together with
 the Schedules and Appendices), completed in the manner and form produced at the meeting,
 be and is hereby approved and that _______________________________\*\* be and he/she is
 hereby authorized, for and on behalf of the Company, to sign and deliver the same together
 with such changes and amendments thereto as he/she may in his/her sole discretion think
 fit.

&nbsp;&nbsp;&nbsp;&nbsp;3. There was produced to the meeting a form of power of attorney (**"power of attorney"**) to be given by the Company to J.P. Morgan to enable J.P. Morgan
 to provide tax reclaim services as provided for in the Custody Agreement. The meeting
 considered the form of the power of attorney and in particular the indemnities contained
 in it. IT WAS RESOLVED that that power of attorney be and it is hereby approved and that
 it be executed under seal in accordance with the Company's constitution.

DIRECTOR <br>SECRETARY

\*Name of Company in full.

\*\*Name of signer of the Agreement.

Global Custody Agreement - New York - General - DOCUMENT ID: [D2817270] - May 2016

![](x2_c113931x105x1.jpg)

![](x2_c113931x106x1.jpg)

**Schedule 3**

**J.P. Morgan Investor Services Global Custody Restricted Markets Schedule**

The following table identifies certain markets that J.P. Morgan has determined to be restricted markets and provides summary information about the nature of the restrictions applicable in each. J.P. Morgan reserves the right to update this Schedule from time to time upon notice to Customer.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Market** | &nbsp;&nbsp;**Restrictions** |
| &nbsp;&nbsp;Costa Rica | &nbsp;&nbsp;If J.P. Morgan's Costa Rican Subcustodian exits the market or becomes an unacceptable provider of subcustody services, J.P. Morgan may cease to provide custody services with respect to Securities that are safekept in Costa Rica. Although J.P. Morgan will work with customers to mitigate the impact of any decision to exit the market, it may not be practicable to give significant advance notice of the exit. |
| &nbsp;&nbsp;Iceland | &nbsp;&nbsp;Until further notice from J.P. Morgan, no deposits of Icelandic currency will be held in the Customer's Cash Account except for the proceeds of sales of Securities safekept in Iceland ("Icelandic Securities") or where income and corporate action proceeds are paid in local currency.<br>Until further notice from J.P. Morgan, any credit of Icelandic currency to the Customer's Cash Account with J.P. Morgan will be conditional and subject to reversal by J.P. Morgan upon notice to Customer except to the extent that the funds are able to be applied at Customer's Instruction to the purchase of Icelandic Securities or J.P. Morgan is able to repatriate the funds from J.P. Morgan's Icelandic Subcustodian via a foreign exchange transaction (upon Instruction received from Customer). In this regard, Customer will be entitled to no more than Customer's pro rata share of any recoveries that J.P. Morgan is able to obtain, as reasonably determined by J.P. Morgan. |
| &nbsp;&nbsp;Malawi | &nbsp;&nbsp;Local currency will be held in one or more separate cash accounts that the Customer opened with J.P. Morgan's Malawi Subcustodian that are in the Customer's name and payable exclusively by J.P. Morgan's Malawi Subcustodian. In respect of the cash accounts, J.P. Morgan's Malawi Subcustodian will be the Customer's local agent bank and pursuant to a power of attorney, J.P. Morgan will have a right to instruct J.P. Morgan's Malawi Subcustodian in respect to the one or more separate cash accounts that the Customer directly opened in the Customer's name at the Subcustodian.<br>Due to the unclear standards in the Malawi market with respect to the completion and submission of corporate action elections, J.P. Morgan will be subject to a "reasonable efforts" standard of care with respect to any Corporate Action related to Securities safekept in Malawi ("Malawi Securities").<br>If J.P. Morgan's Malawi Subcustodian exits the market or becomes an unacceptable provider of subcustody services, J.P. Morgan may cease to provide custody services with respect to Malawi Securities. Although J.P. Morgan will work with customers to mitigate the impact of any decision to exit the market, it may not be practicable to give significant advance notice of the exit. |
| &nbsp;&nbsp;Tanzania | &nbsp;&nbsp;Local currency will be held in one or more separate cash accounts that the Customer opened |

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J.P. Morgan Investor Services Global Custody

![](x2_c113931x106x1.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;**Market** | &nbsp;&nbsp;**Restrictions** |
|  | &nbsp;&nbsp;with J.P. Morgan's Tanzanian Subcustodian that are in the Customer's name and payable exclusively by J.P. Morgan's Tanzanian Subcustodian. In respect of the cash accounts, J.P. Morgan's Tanzanian Subcustodian will be the Customer's local agent bank and pursuant to a power of attorney, J.P. Morgan will have a right to instruct J.P. Morgan's Tanzanian Subcustodian in respect to the one or more separate cash accounts that the Customer directly opened in the Customer's name at the Subcustodian. <br>Due to the unclear standards in the Tanzanian market with respect to the completion and submission of corporate action elections, J.P. Morgan will be subject to a "reasonable efforts" standard of care with respect to any Corporate Action related to Securities safekept in Tanzania ("Tanzanian Securities"). <br>If J.P. Morgan's Tanzanian Subcustodian exits the market or becomes an unacceptable provider of subcustody services, J.P. Morgan may cease to provide custody services with respect to Tanzanian Securities. Although J.P. Morgan will work with customers to mitigate the impact of any decision to exit the market, it may not be practicable to give significant advance notice of the exit. |
| &nbsp;&nbsp;Ukraine (for<br> Ukrainian<br> Equities<br> only) | &nbsp;&nbsp;Customer should refer to the current version of the applicable J.P. Morgan's Ukraine briefing memo regarding the account structure and corporate action nuances of the Ukrainian market.<br>For client opening accounts in Ukraine and unincorporated client types in particular, due to unclear standards in the Ukrainian market with respect to the completion and submission of corporate action elections, J.P. Morgan will be subject to a "reasonable efforts" standard of care with respect to any Corporate Action related to equity Securities safekept in Ukraine. |
| &nbsp;&nbsp;West<br> African<br> Economic<br> and<br> Monetary<br> Union<br> ("WAEMU") | &nbsp;&nbsp;Local currency will be held in one or more separate cash accounts that the Customer opened with J.P. Morgan's WAEMU Subcustodian that are in the Customer's name and payable exclusively by J.P. Morgan's WAEMU Subcustodian. In respect of the cash accounts, J.P. Morgan's WAEMU Subcustodian will be the Customer's local agent bank and pursuant to a power of attorney, J.P. Morgan will have a right to instruct J.P. Morgan's WAEMU Subcustodian in respect to the one or more separate cash accounts that the Customer directly opened in the Customer's name at the Subcustodian.<br>If J.P. Morgan's WAEMU Subcustodian exits the market or becomes an unacceptable provider of subcustody services, or if market conditions otherwise deteriorate within one or more of the member states of WAEMU, J.P. Morgan may cease to provide custody services with respect to Securities issued in member states of WAEMU that are settled and safekept at Dépositaire Central/Banque de Règlement S.A. Although J.P. Morgan will work with customers to mitigate the impact of any decision to exit the market, it may not be practicable to give significant advance notice of the exit. |
| &nbsp;&nbsp;Zimbabwe | &nbsp;&nbsp;Until further notice from J.P. Morgan, any credit of U.S. Dollars to the Customer's Cash Account with J.P. Morgan applied at Customer's Instruction to the purchase or sale of Securities safekept in Zimbabwe (the "Zimbabwe Securities") will be conditional and subject to reversal by J.P. Morgan upon notice to Customer except to the extent that the funds are able to be repatriated or J.P. Morgan is able to repatriate the funds from J.P. Morgan's Zimbabwean Subcustodian via a foreign exchange transaction (upon Instruction received from Customer). In this regard, Customer will be entitled to no more than Customer's pro rata share of any recoveries that J.P. |

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J.P. Morgan Investor Services Global Custody

![](x2_c113931x106x1.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;**Market** | &nbsp;&nbsp;**Restrictions** |
|  | &nbsp;&nbsp;Morgan is able to obtain, as reasonably determined by J.P. Morgan.<br>If J.P. Morgan's Zimbabwean Subcustodian exits the market or becomes an unacceptable provider of subcustody services, or if market conditions otherwise deteriorate, J.P. Morgan may cease to provide custody services with respect to Zimbabwe Securities. Although J.P. Morgan will work with customers to mitigate the impact of any decision to exit the market, it may not be practicable to give significant advance notice of the exit. |

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J.P. Morgan Investor Services Global Custody

**Annex A Electronic Access**

&nbsp;&nbsp;&nbsp;&nbsp;1. J.P. Morgan may permit the Customer and its Authorized Persons
 to access certain electronic systems and applications (collectively, the "Products")
 and to access or receive electronically Data (as defined below) in connection with the
 Agreement. J.P. Morgan may, from time to time, introduce new features to the Products
 or otherwise modify or delete existing features of the Products in its sole discretion.
 J.P. Morgan shall endeavor to give the Customer reasonable notice of its termination
 or suspension of access to the Products, but may do so immediately if J.P. Morgan determines,
 in its sole discretion, that providing access to the Products would violate Applicable
 Law or that the security or integrity of the Products is at risk. Access to the Products
 shall be subject to the Security Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;2. In consideration of the fees paid by the Customer to J.P. Morgan
 and subject to any applicable software license addendum in relation to J.P. Morgan-owned
 or sublicensed software provided for a particular application and Applicable Law, J.P.
 Morgan grants to the Customer a non-exclusive, non-transferable, limited and revocable
 license to use the Products and the information and data made available through the Products
 or transferred electronically (the "Data") for the Customer's internal
 business use only. The Customer may download the Data and print out hard copies for its
 reference, provided that it does not remove any copyright or other notices contained
 therein. The license granted herein will permit use by the Customer's Authorized
 Person, provided that such use shall be in compliance with the Agreement, including this
 Annex. The Customer acknowledges that elements of the Data, including prices, corporate
 action information, and reference data, may have been licensed by J.P. Morgan from third
 parties and that any use of such Data beyond that authorized by the foregoing license,
 may require the permission of one or more third parties in addition to J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Customer acknowledges that there are security, corruption,
 transaction error and access availability risks associated with using open networks such
 as the internet, and the Customer hereby expressly assumes such risks. The Customer is
 solely responsible for obtaining, maintaining and operating all software (including antivirus
 software, anti-spyware software, and other internet security software) and personnel
 necessary for the Customer to access and use the Products. All such software must be
 interoperable with J.P. Morgan's software. Each of the Customer and J.P. Morgan
 shall be responsible for the proper functioning, maintenance and security of its own
 systems, services, software and other equipment.

&nbsp;&nbsp;&nbsp;&nbsp;4. In cases where J.P. Morgan's web site is unexpectedly down
 or otherwise unavailable, J.P. Morgan shall, absent a force majeure event, provide other
 appropriate means for the Customer or its Authorized Persons to instruct J.P. Morgan
 or obtain reports from J.P. Morgan. J.P. Morgan shall not be liable for any Liabilities
 arising out of the Customer's use of, access to or inability to use the Products
 via J.P. Morgan's web site in the absence of J.P. Morgan's gross negligence
 or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;5. Use of the Products may be monitored, tracked, and recorded. In
 using the Products, the Customer hereby expressly consents to such monitoring, tracking,
 and recording. Individuals and organizations should have no expectation of privacy unless
 local law, regulation, or contract provides otherwise. J.P. Morgan shall own all right,
 title and interest in the data reflecting the Customer usage of the Products or J.P.
 Morgan's web site (including, but not limited to, general usage data and aggregated
 transaction data). J.P. Morgan may use and sublicense data obtained by it regarding the
 Customer's use of the Products or J.P. Morgan's web site, as long as J.P.
 Morgan does not disclose to others that the Customer was the source of such data or the
 details of individual transactions effected using the Products or web site.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Customer shall not knowingly use the Products to transmit (i)
 any virus, worm, or destructive element or any programs or data that may be reasonably
 expected to interfere with or disrupt the Products or servers connected to the Products;
 (ii) material that violates the rights of another, including but not limited to the intellectual
 property rights of another; and (iii) "junk mail", "spam", "chain
 letters" or unsolicited mass distribution of e-mail.

Global Custody Agreement - New York - General - DOCUMENT ID: [D2817270] - May 2016

![](x2_c113931x105x1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;7. The Customer shall promptly and accurately designate in writing
 to J.P. Morgan the geographic location of its users upon written request. The Customer
 further represents and warrants to J.P. Morgan that the Customer shall not access the
 service from any jurisdiction which J.P. Morgan informs the Customer or where the Customer
 has actual knowledge that the service is not authorized for use due to local regulations
 or laws, including applicable software export rules and regulations. Prior to submitting
 any document which designates the persons authorized to act on the Customer's behalf,
 the Customer shall obtain from each individual referred to in such document all necessary
 consents to enable J.P. Morgan to process the data set out therein for the purposes of
 providing the Products.

&nbsp;&nbsp;&nbsp;&nbsp;8. The Customer will be subject to and shall comply with all applicable
 laws, rules and regulations concerning restricting collection, use, disclosure, processing
 and free movement of the Data (collectively, the "Privacy Regulations").
 The Privacy Regulations may include, as applicable, the Federal "Privacy of Consumer
 Financial Information" Regulation (12 CFR Part 30), as amended from time to time,
 issued pursuant to Section 504 of the Gramm-Leach-Bliley Act of 1999 (15 U.S.C. §6801,
 et seq.), the Health and Insurance Portability and Accountability Act of 1996 (42 U.S.C.
 §1320d), The Data Protection Act 1998 and Directive 95/46/EC of the European Parliament
 and of the Council of 24 October 1995 on the protection of individuals with regard to
 processing of personal data and the free movement of such data.

&nbsp;&nbsp;&nbsp;&nbsp;9. The Customer shall be responsible for the compliance of its Authorized
 Persons with the terms of the Agreement, including this Annex.

Global Custody Agreement - New York - General - DOCUMENT ID: [D2817270] - May 2016

![](x2_c113931x105x1.jpg)

**Appendix 1**

**<u>Information Regarding Country Risk</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To aid Customer in its determinations regarding Country Risk, J.P.
 Morgan shall furnish annually, and upon the initial placing of Financial Assets and cash
 into a country, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Opinions of local counsel concerning:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Whether applicable foreign law would restrict the access of Customer's
 independent public accountants to books and records kept by a Subcustodian located in
 that country which pertain to the Customer's account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Whether applicable foreign law would restrict Customer's ability
 to recover its Financial Assets and cash in the event of the bankruptcy of a Subcustodian
 located in that country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Whether applicable foreign law would restrict Customer's ability
 to recover Financial Assets that are lost while under the control of a Subcustodian located
 in the country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Whether applicable foreign law would restrict the Customer's
 right as foreign investors to convert Customer's cash or cash equivalents into U.S. dollars
 which have not yet been invested in securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A market profile with respect to the following topics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) securities regulatory environment, (ii) foreign ownership restrictions, (iii) foreign exchange, (iv) securities settlement and registration, (v) taxation, and (vi) securities depositories (including depository risk assessment), if any.

2. To aid Customer in monitoring Country Risk, J.P. Morgan shall furnish
 board the following additional information:

NewsFlashes, including with respect to changes in the information in market profiles

Global Custody Agreement - New York - General - DOCUMENT ID: [D2817270] - May 2016

![](x2_c113931x105x1.jpg)

## Ex-99.(H)(2)

***Exhibit 99.(h)(2)***

**AMENDMENT**<br> **TO**<br> **AGENCY AGREEMENT**

**THIS AMENDMENT** ("Amendment") is made this 10<sup>th</sup> day of June 2025, (the "Effective Date") by and among **SS&C GIDS, INC.**, ("SS&C"), **FIRST EAGLE FUNDS, FIRST EAGLE VARIABLE FUNDS, FIRST EAGLE CREDIT OPPORTUNITIES FUND, FIRST EAGLE REAL ESTATE DEBT FUND, FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND, and FIRST EAGLE HIGH YIELD MUNICIPAL COMPLETION FUND** (collectively, the "Funds"). SS&C and the Funds are parties to the **AGENCY AGREEMENT** executed on March 1, 2016 and as subsequently amended, including this Amendment ("Agency Agreement").

**WHEREAS,** the parties intend to include additional products under Schedule I of the Agency Agreement;

**NOW, THEREFORE**, in consideration of the mutual promises, undertakings, covenants and conditions set forth herein, the Funds and SS&C agree to amend the Agency Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Schedule I. List of Funds</u>** . Schedule I, List of Funds is deleted in its entirety and replaced
 with a new Schedule I, List of Funds attached hereto.

2.  **<u>Effect on Agreement</u>.** As of the date hereof, this Amendment shall amend the Agency Agreement
 and to the extent of any conflict between the Agency Agreement and this Amendment, this
 Amendment shall control. Except as specifically modified by this Amendment, the terms
 and conditions of the Agency Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF**, the parties have caused this Amendment to be executed by their respective duly authorized officers, to be effective as of the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| **FIRST EAGLE FUNDS** | **FIRST EAGLE FUNDS** | **FIRST EAGLE VARIABLE FUNDS** | **FIRST EAGLE VARIABLE FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](x2_c113931x112x1.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](x2_c113931x112x1.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](x2_c113931x112x2.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](x2_c113931x112x2.jpg) |
| By: | Michael Luzzatto | By: | Michael Luzzatto |
| Title: | Vice President | Title: | Vice President |
| **FIRST EAGLE CREDIT OPPORTUNITIES FUND** | **FIRST EAGLE CREDIT OPPORTUNITIES FUND** | **FIRST EAGLE REAL ESTATE DEBT FUND** | **FIRST EAGLE REAL ESTATE DEBT FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](x2_c113931x112x1.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](x2_c113931x112x1.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](x2_c113931x112x4.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](x2_c113931x112x4.jpg) |
| By: | Michael Luzzatto | By: | David P. O'Connor |
| Title: | Vice President | Title: | Trustee |

---

---

| | |
|:---|:---|
| **FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND** | **FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND** |
| ![](x2_c113931x113x1.jpg) | ![](x2_c113931x113x1.jpg) |
| By: | Sheelyn Michael |
| Title: | Secretary and Deputy General Counsel |
| **FIRST EAGLE HIGH YIELD MUNICIPAL COMPLETION FUND** | **FIRST EAGLE HIGH YIELD MUNICIPAL COMPLETION FUND** |
| ![](x2_c113931x113x2.jpg) | ![](x2_c113931x113x2.jpg) |
| By: | Sheelyn Michael |
| Title: | Secretary and Deputy General Counsel |

---

---

| |
|:---|
| **SS&C GIDS, INC.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](x2_c113931x113x3.jpg) |

---

By: <u>Nicholas Wright</u> <br>Title: <u>Authorized Signatory</u>

**Schedule I**

**LIST OF FUNDS**

Effective June 10, 2025

---

| | | |
|:---|:---|:---|
| **FUND/DESCRIPTION** | **Class** | **CUSIP** |
| First Eagle Credit Opportunities Fund | A | 32010B205 |
| First Eagle Credit Opportunities Fund | A-2 | 32010B304 |
| First Eagle Credit Opportunities Fund | I | 32010B106 |
| First Eagle Rising Dividend Fund | A | 32008F853 |
| First Eagle Rising Dividend Fund | C | 32008F846 |
| First Eagle Rising Dividend Fund | I | 32008F663 |
| First Eagle Rising Dividend Fund | R6 | 32008F325 |
| First Eagle Global Fund | A | 32008F507 |
| First Eagle Global Fund | C | 32008F705 |
| First Eagle Global Fund | I | 32008F606 |
| First Eagle Global Fund | R6 | 32008F580 |
| First Eagle Global Income Builder Fund | A | 32008F697 |
| First Eagle Global Income Builder Fund | C | 32008F689 |
| First Eagle Global Income Builder Fund | I | 32008F671 |
| First Eagle Global Income Builder Fund | R6 | 32008F416 |
| First Eagle Global Real Assets Fund | A | 32008F192 |
| First Eagle Global Real Assets Fund | I | 32008F184 |
| First Eagle Global Real Assets Fund | R6 | 32008F176 |
| First Eagle Gold Fund | A | 32008F408 |
| First Eagle Gold Fund | C | 32008F788 |
| First Eagle Gold Fund | I | 32008F770 |
| First Eagle Gold Fund | R6 | 32008F457 |
| First Eagle High Yield Municipal Fund | A | 32008F739 |
| First Eagle High Yield Municipal Fund | C | 32008F721 |
| First Eagle High Yield Municipal Fund | I | 32008F713 |
| First Eagle High Yield Municipal Fund | R6 | 32008F366 |
| First Eagle Overseas Fund | A | 32008F101 |
| First Eagle Overseas Fund | C | 32008F804 |
| First Eagle Overseas Fund | I | 32008F200 |
| First Eagle Overseas Fund | R6 | 32008F549 |
| First Eagle Overseas Variable Fund |  | 32008B100 |
| First Eagle Short Duration High Yield Municipal Fund | A | 32008F135 |
| First Eagle Short Duration High Yield Municipal Fund | C | 32008T200 |
| First Eagle Short Duration High Yield Municipal Fund | I | 32008F127 |
| First Eagle Short Duration High Yield Municipal Fund | R6 | 32008F119 |
| First Eagle Small Cap Opportunity Fund | A | 32008F226 |
| First Eagle Small Cap Opportunity Fund | C | 32008T309 |
| First Eagle Small Cap Opportunity Fund | I | 32008F234 |
| First Eagle Small Cap Opportunity Fund | R6 | 32008F218 |
| First Eagle U.S. Smid Cap Opportunity Fund | A | 32008F168 |
| First Eagle U.S. Smid Cap Opportunity Fund | I | 32008F150 |
| First Eagle U.S. Smid Cap Opportunity Fund | R6 | 32008F143 |

---

---

| | | |
|:---|:---|:---|
| **FUND/DESCRIPTION** | **Class** | **CUSIP** |
| First Eagle U.S. Fund | A | 32008F887 |
| First Eagle U.S. Fund | C | 32008F879 |
| First Eagle U.S. Fund | I | 32008F861 |
| First Eagle U.S. Fund | R6 | 32008F499 |
| First Eagle Real Estate Debt Fund | A2 | 32009F209 |
| First Eagle Real Estate Debt Fund | A3 | 32009F308 |
| First Eagle Real Estate Debt Fund | A4 | 32009F407 |
| First Eagle Real Estate Debt Fund | I | 32009F100 |
| First Eagle Core Plus Municipal Fund | A | 32008T606 |
| First Eagle Core Plus Municipal Fund | C | 32008T705 |
| First Eagle Core Plus Municipal Fund | I | 32008T804 |
| First Eagle Tactical Municipal Opportunities Fund | I | 31990B102 |
| First Eagle High Yield Municipal Completion Fund | M | 32010N100 |

---

## Ex-99.(H)(3)

***Exhibit 99.(h)(3)***

**AMENDED AND RESTATED FUND SERVICES AGREEMENT<br> BETWEEN**

**EACH FIRST EAGLE ENTITY SET FORTH ON EXHIBIT A HERETO <br> AND**

**JPMORGAN CHASE BANK, N.A.**

**SECURITIES SERVICES<br> jpmorgan.com**

---

| | | |
|:---|:---|:---|
| **Table of Contents** | **Table of Contents** |  |
| **1.** | **INTENTION OF THE PARTIES; DEFINITIONS** | **1** |
| 1.1. | Intention of the Parties | 1 |
| 1.2. | Definitions; Interpretation | 1 |
| **2.** | **WHAT J.P. MORGAN IS REQUIRED TO DO** | **3** |
| 2.1. | The Services | 3 |
| 2.2. | No Duty to Monitor Compliance | 4 |
| 2.3. | No Responsibility for Tax Returns | 4 |
| 2.4. | Storage of Records | 4 |
| 2.5. | Compliance with Laws and Regulations | 4 |
| 2.6. | Change Control | 4 |
| **3.** | **INSTRUCTIONS** | **5** |
| 3.1. | Acting on Instructions; Method of Instruction; and Unclear Instructions | 5 |
| 3.2. | Verification and Security Procedures | 5 |
| 3.3. | Instructions Contrary To Applicable Law/Market Practice | 5 |
| 3.4. | Cut-Off Times | 6 |
| 3.5. | Electronic Access | 6 |
| **4.** | **FEES AND EXPENSES OWING TO J.P. MORGAN** | **6** |
| 4.1. | Fees and Expenses | 6 |
| **5.** | **ADDITIONAL PROVISIONS** | **7** |
| 5.1. | Representations of the Customer and J.P. Morgan | 7 |
| 5.2. | The Customer to Provide Certain Information to J.P. Morgan | 7 |
| 5.3. | Information Used to Provide the Service | 7 |
| 5.4. | Know Your Customer Rules | 7 |
| **6.** | **WHERE J.P. MORGAN IS LIABLE TO THE CUSTOMER OR THE FUNDS** | **8** |
| 6.1. | Standard of Care; Liability | 8 |
| 6.2. | Force Majeure | 8 |
| 6.3. | J.P. Morgan May Consult with Counsel | 8 |
| 6.4. | Limitations of J.P. Morgan's Liability | 9 |
| **7.** | **TERM AND TERMINATION** | **10** |
| 7.1. | Term and Termination | 10 |
| 7.2. | Other Grounds for Termination | 10 |
| 7.3. | Consequences of Termination | 10 |
| 7.4. | Transition following Termination | 10 |
| **8.** | **MISCELLANEOUS** | **11** |
| 8.1. | Notices | 11 |
| 8.2. | Successors and Assigns | 11 |
| 8.3. | Entire Agreement | 11 |
| 8.4. | Insurance | 11 |
| 8.5. | Governing Law and Jurisdiction | 11 |
| 8.6. | Severability; Waiver; and Survival | 12 |
| 8.7. | Confidentiality | 12 |
| 8.8. | Use of J.P. Morgan's Name | 13 |

---

---

| | | |
|:---|:---|:---|
| 8.9. | Delegation | 13 |
| 8.10. | Counterparts | 13 |
| 8.11. | No Third Party Beneficiaries | 13 |
| 8.12. | Cyber-security | 13 |
| 8.13. | Obligations of Each Customer Several; Funds as Customers | 13 |
| **Exhibit A** List of Entities | **Exhibit A** List of Entities | 15 |
| **Schedule 1** Accounting and NAV Calculation Services | **Schedule 1** Accounting and NAV Calculation Services | 16 |
| **APPENDIX A** Net Asset Value Error Correction Policy and Procedures | **APPENDIX A** Net Asset Value Error Correction Policy and Procedures | 17 |
| **Schedule 2** Fund Administration Services | **Schedule 2** Fund Administration Services | 19 |
| **Schedule 3** OTC Derivative Administration Solutions | **Schedule 3** OTC Derivative Administration Solutions | 21 |
| **Annex A** Electronic Access | **Annex A** Electronic Access | 22 |

---

**AMENDED AND RESTATED FUND SERVICES AGREEMENT**

This agreement, dated September 9, 2020 (this "Agreement"), is between each entity managed by First Eagle Investment Management, LLC or First Eagle Alternative Credit, LLC, that is set forth on Exhibit A, each of whose principal place of business is at 1345 Avenue of the Americas, New York, NY 10105 (each, the "Customer"), and JPMORGAN CHASE BANK, N.A. with a place of business at 70 Fargo Street, Boston, MA 02210 ("J.P. Morgan").

**1.** **INTENTION OF THE PARTIES; DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** **Intention of the Parties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Customer that is a Fund is a management investment company registered
 under the Investment Company Act of 1940, with the purpose of investment of its assets in certain types of securities and
 instruments, as more fully described in the Funds' Registration Statement, as amended from time to time.

(b) The Customer has requested J.P. Morgan to provide Accounting and NAV
 Calculation Services, Fund Administration Services and OTC Derivative Administration Solutions, which J.P. Morgan has agreed
 to do subject to the terms and conditions appearing in this Agreement and the Schedules hereto. J.P. Morgan will be responsible
 for the performance of only those duties set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** **Definitions; Interpretation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As used in this Agreement and the Schedules and Appendices
 to this Agreement, the following terms have the meaning hereinafter stated.

**"Accounting and NAV Calculation Services"** means the services described in Schedule 1 Accounting and NAV Calculation Services.

**"Advisers Act"** means the Investment Advisers Act of 1940, as amended.

**"Affiliate"** means an entity controlling, controlled by, or under common control with, J.P. Morgan or the Customer, as the case may be.

**"Applicable Law"** means any applicable statute (including the 1940 Act, the Advisers Act, the Securities Act of 1933, as amended (**"1933 Act"**) and the Securities Exchange Act of 1934, as amended, (**"1934 Act"**)), treaty, rule, regulation or law (including common law) and any applicable decree, injunction, judgment, order, formal interpretation or ruling issued by a court or governmental entity.

**"Articles"** means the formation documents (such as articles of incorporation or declaration of trust) of the Customer, as amended from time to time.

**"Authorized Person"** means any person who has been designated by the Customer (or by any agent designated by the Customer, including the Investment Adviser) to act on behalf of the Customer under this Agreement and any person who has been given an access code by a security administrator appointed by the Customer which allows the provision of Instructions. Such persons will continue to be Authorized Persons until such time as J.P. Morgan receives, and has had reasonable time to act upon, Instructions from the Customer (or its agent) that any such person is no longer an Authorized Person.

**"Board"** means the board of trustees of the Customer.

**"Change"** has the meaning given in Section 2.6.

**"Change Control"** means the process set out in Section 2.6.

**"Change Request"** has the meaning given in Section 2.6.

Fund Services Agreement - US Mutual Funds - June 2016

![](x2_c113931x116x1.jpg)

**"Confidential Information"** means and includes all non-public information concerning the Customer and/or the Funds which J.P. Morgan receives in the course of providing services under this Agreement. Nevertheless, the term Confidential Information shall not include information which is or becomes available to the general public by means other than J.P. Morgan's breach of the terms of this Agreement or information which J.P. Morgan develops independently without using the Customer's confidential information or obtains on a non-confidential basis from a person who is not known to be subject to any obligation of confidence to any person with respect to that information.

**"Fees"** means the payments described in Article 4, to be made by the Customer to J.P. Morgan for the Services.

**"Fund Administration Services"** means the services described in Schedule 2 Fund Administration Services.

**"Fund(s)"** means each separate portfolio of the First Eagle Funds and First Eagle Variable Funds.

**"Instruction"** means an instruction that has been verified in accordance with a Security Procedure or, if no Security Procedure is applicable, which J.P. Morgan believes in good faith to have been given by an Authorized Person.

**"Investment Adviser"** means any person or entity appointed as investment adviser or manager of any of the Funds, in accordance with the Registration Statement.

**"J.P. Morgan Indemnitees"** means J.P. Morgan, its Affiliates, and their respective nominees, directors, officers, employees and agents.

**"Liabilities"** means any liabilities, losses, claims, costs, damages, penalties, fines, obligations, taxes (other than taxes based solely on J.P. Morgan's income) or expenses of any kind whatsoever (including, without limitation, reasonable attorneys', accountants', consultants' or experts' fees and disbursements).

**"1940 Act"** means the Investment Company Act of 1940, as amended.

**"OTC Derivative Administration Solutions"** means the services described in Schedule 3 OTC Derivative Administration Solutions.

**"OTC Derivative Contract"** means any contract of a type that J.P. Morgan, acting reasonably, determines to be an over-the-counter derivative.

**"Prospectus"** means the prospectus of the applicable Fund as supplemented, updated or amended from time to time.

**"Registration Statement"** means the registration statement on Form N-1A or Form N-2 of the applicable Fund, filed under the 1933 Act and the 1940 Act, as amended or supplemented, updated or amended from time to time.

**"SEC"** means the United States Securities and Exchange Commission.

**"Security Procedure"** means any security procedure to be followed by Customer upon the issuance of an Instruction and/or by J.P. Morgan upon the receipt of an Instruction, so as to enable J.P. Morgan to verify that such Instruction is authorized, as set forth in the operating procedures documentation in effect from time to time between the parties with respect to the services set forth in this Agreement, or as otherwise agreed in writing by the parties. A Security Procedure may, without limitation, involve the use of algorithms, codes, passwords, encryption and telephone call backs and may be updated by J.P. Morgan from time to time upon notice to the Customer. The Customer acknowledges that Security Procedures are designed to verify the authenticity of, and not detect errors in, Instructions. For the avoidance of doubt, the parties agree that a SWIFT message issued in the name of the Customer through any third party utility agreed upon by the parties as being a method for providing Instructions and authenticated in accordance with that utility's customary procedures, shall be deemed to be an authorized Instruction; provided that nothing in the foregoing clause shall require Customer to use SWIFT messaging as a method for providing Instructions.

Fund Services Agreement - US Mutual Funds - June 2016

![](x2_c113931x116x1.jpg)

**"Service Commencement Date"** means the first date on which J.P. Morgan is entitled to receive Fees under this Agreement.

**"Services"** means the Accounting and NAV Calculation Services, Fund Administration Services, and OTC Derivative Administration Solutions.

**"Share Transaction"** means a purchase, redemption, repurchase offer, or exchange transaction of Shares.

**"Shareholder Records"** means the records maintained by the Transfer Agent containing information concerning the Shareholders and Share Transactions.

**"Shares"** means the shares issued by the Customer or the Funds.

**"Shareholder"** means a holder of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings are for reference and convenience only and are not intended to affect interpretation.

(c) References to articles and sections are to articles and sections of this Agreement and references
 to sub-sections and paragraphs are to sub-sections of the Sections and paragraphs of the sub-sections in which they appear.

(d) Unless the context requires otherwise, references in this Agreement to "persons" shall
 include legal as well as natural entities; references importing the singular shall include the plural (and vice versa); use
 of the generic masculine pronoun shall include the feminine; use of the term "including" shall be deemed to mean
 "including but not limited to," and references to appendices and numbered sections shall be to such addenda and
 provisions herein; all such addenda are hereby incorporated in this Agreement by reference.

**2.** **WHAT J.P. MORGAN IS REQUIRED TO DO** 

&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** **The Services.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Customer hereby appoints J.P. Morgan to act as administrator
 of and to provide the Services with respect to each of the Customers and J.P. Morgan agrees to act as administrator of and
 to provide the Services with respect to each of the Customers (subject to any limitations notified by the Customer to J.P.
 Morgan in writing and subject to any requirements or restrictions imposed on the performance of such functions by any statutory
 provisions for the time being in force), until this Agreement is terminated as hereinafter provided.

(b) Customer will endeavor to provide J.P. Morgan with advance notice of
 material amendments to the Articles, Registration Statement or the Prospectus, and will provide such amendments to J.P. Morgan
 promptly after effectiveness. J.P. Morgan shall not be required to act in accordance with any amendments to the Articles,
 Registration Statement or the Prospectus that it does not receive a reasonable amount of time prior to such amendment or revision
 becoming effective or that are in any way inconsistent with the terms and conditions of this Agreement, but J.P. Morgan will
 use its best efforts to implement any such amendment. If any such proposed amendment is inconsistent with the terms and conditions
 of this Agreement, the Customer shall promptly submit a Change Request in accordance Section 2.6.

(c) J.P. Morgan shall act as an agent of the Customer and/or the Funds solely
 with respect to the duties of J.P. Morgan described in this Agreement.

(d) The Customer acknowledges that J.P. Morgan is not providing any legal,
 tax or investment advice in providing the Services.

Fund Services Agreement - US Mutual Funds - June 2016

![](x2_c113931x116x1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;**2.2.** **No Duty to Monitor Compliance.** 

Each party hereto acknowledges that the duty of J.P. Morgan in its capacity as the provider of any of the Services shall not constitute a duty to monitor the compliance of any other party hereto or their delegates or any other person whatsoever (other than J.P. Morgan or any of its Affiliates or sub-contractors) with any restriction or guideline imposed on any of the Funds or the Investment Adviser by the Registration Statement and any other document, or by law or regulation or otherwise with regard to any of the Funds or the Investment Adviser, except as expressly set forth in this Agreement and further, that the duties of J.P. Morgan in its capacity as the provider of any of the Services, shall not extend to enforcing compliance of any of the Funds, the Investment Adviser, their respective delegates or any other person whatsoever (other than J.P. Morgan or any of its Affiliates or sub-contractors) with any such restrictions or guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;**2.3.** **No Responsibility for Tax Returns.** 

Notwithstanding anything herein to the contrary, while J.P. Morgan shall provide the Customer with information regarding taxable events in the United States in relation to the Customer and/or the Funds, J.P. Morgan is not responsible for preparing or filing any tax reports or returns on behalf of the Shareholders or the Funds except as expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**2.4.** **Storage of Records.** 

J.P. Morgan is authorized to maintain all accounts, registers, corporate books and other documents on magnetic tape or disc, or on any other mechanical or electronic system; provided that they are capable of being reproduced in legible form in accordance with Applicable Law. All such records for the Funds are the property of the Customer. If requested by Customer, J.P. Morgan shall provide a copy of any and all such records to the Customer. Where any Authorized Person, including any Fund's auditor, wishes to inspect such documents maintained by J.P. Morgan, J.P. Morgan shall provide legible documents, for the discharge of the Fund's and its auditors' legal and regulatory duties. The applicable Funds shall be responsible for the payment of any reasonable research and copying costs associated with any such request, in accordance with J.P. Morgan's customary practices.

&nbsp;&nbsp;&nbsp;&nbsp;**2.5.** **Compliance with Laws and Regulations.** 

J.P. Morgan will comply with Applicable Law in the United States with respect to the provision of the Services. The Customer shall comply (and to cause the Funds to comply) with Applicable Law in the United States and in each state in which the Customer conducts business, to the extent that compliance with such Applicable Law is relevant to the provision or receipt of the Services or the marketing of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;**2.6.** **Change Control.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If either party wishes to propose any amendment or modification to, or variation
 of, the Services including the scope or details of the Services (a **"Change"**) then it shall notify the other
 party of that fact by sending a written request (a **"Change Request"**) to the party, specifying in as much
 detail as is reasonably practicable the nature of the Change. J.P. Morgan shall maintain a log of all Change Requests.

(b) Promptly following the receipt of a Change Request the parties shall agree in writing whether
 to implement the Change Request, whether the Fees should be modified in light of the change to the Services, and the basis
 upon which J.P. Morgan will be compensated for implementing the Change Request.

(c) If a change to Applicable Law requires a change to the provision of the Services, or an
 increase in J.P. Morgan's costs or risk associated with provision of the Services, the parties shall follow the

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| | |
|:---|:---|
| Change Control processes set forth in this Section. J.P. Morgan shall bear its own costs with respect to implementing such a Change Request except that: | Change Control processes set forth in this Section. J.P. Morgan shall bear its own costs with respect to implementing such a Change Request except that: |
| (i) | J.P. Morgan shall be entitled to charge the Customer for any changes to software that has been developed or customized for the Customer; and |
| (ii) | J.P. Morgan shall be entitled to charge the Customer for any changes required as a result of the change in Applicable Law affecting the Customer and/or any of its Funds in a materially different way than it affects J.P. Morgan's other customers, or which the Customer wishes J.P. Morgan to implement in a way different from what J.P. Morgan reasonably intends to implement for its other customers. |

---

**3.** **INSTRUCTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** **Acting on Instructions; Method of Instruction; and Unclear Instructions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Customer authorizes J.P. Morgan to accept, rely upon and/or act upon any
 Instructions received by it without inquiry. The Customer will indemnify the J.P. Morgan Indemnitees against, and hold each
 of them harmless from, any Liabilities that may be imposed on, incurred by, or asserted against the J.P. Morgan Indemnitees
 as a result of any action or omission taken in accordance with any Instruction unless the Liabilities result from an act of
 negligence, fraud or willful misconduct on the part of the J.P. Morgan Indemnitees with respect to the manner in which such
 Instructions are followed.

(b) J.P. Morgan shall promptly notify an Authorized Person or Shareholder, as applicable, if
 J.P. Morgan determines that an Instruction does not contain all information reasonably necessary for J.P. Morgan to carry
 out the Instruction. J.P. Morgan may decline to act upon an Instruction if it does not receive clarification or confirmation
 satisfactory to it. J.P. Morgan will not be liable for any loss arising from any reasonable delay in carrying out any such
 Instruction while it seeks such missing information, clarification or confirmation or in declining to act upon any Instruction
 for which it does not receive clarification satisfactory to it.

(c) Where reasonably practicable, the Customer will use automated and electronic methods of
 sending Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** **Verification and Security Procedures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan and the Customer shall comply with any applicable Security Procedures
 with respect to the delivery or authentication of Instructions and shall ensure that any codes, passwords or similar devices
 are reasonably safeguarded.

(b) Either party may record any of its telephone communications.

&nbsp;&nbsp;&nbsp;&nbsp;**3.3.** **Instructions Contrary To Applicable Law/Market Practice.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan need not act upon Instructions which it reasonably believes to
 be contrary to law, regulation or market practice but J.P. Morgan shall be under no duty to investigate whether any Instructions
 comply with Applicable Law or market practice. In the event J.P. Morgan does not act upon such Instructions, J.P. Morgan will
 promptly notify Customer.

(a) J.P. Morgan shall not incur liability by refusing in good faith to perform any duty or
 obligation herein which in its reasonable judgment is improper or unauthorized.

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&nbsp;&nbsp;&nbsp;&nbsp;**3.4.** **Cut-Off Times.** 

J.P. Morgan has established cut-off times for receipt of Instructions, which will be made available to the Customer. If J.P. Morgan receives an Instruction (other than Instructions relating to a Share Transaction, which shall be processed by J.P. Morgan in accordance with the Registration Statement) after its established cut-off time, J.P. Morgan will attempt to act upon the Instruction on the day requested if J.P. Morgan deems it practicable to do so or otherwise as soon as practicable after that day.

&nbsp;&nbsp;&nbsp;&nbsp;**3.5.** **Electronic Access.** 

Access by the Customer to certain applications or products of J.P. Morgan via J.P. Morgan's web site or otherwise shall be governed by this Agreement and the terms and conditions set forth in Annex A Electronic Access.

**4.** **FEES AND EXPENSES OWING TO J.P. MORGAN** 

&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** **Fees and Expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Customer will pay J.P. Morgan for the Services under this Agreement the
 Fees as set forth in the Fee Schedule as attached hereto, or as otherwise agreed upon in writing between the Customer and
 J.P. Morgan from time to time. J.P. Morgan may make reasonable amendments to the Fees at any time should either (i) the Customer's
 actual investment portfolio and/or trading activity differ significantly from the assumptions used to develop J.P. Morgan's
 fee proposal or (ii) the Customer's service requirements change.

(b) In addition to the Fees provided for above, the Customer shall be responsible for, and
 shall reimburse J.P. Morgan for, the payment of all governmental or similar fees, charges, taxes, duties and imposts levied
 in or by any relevant authority in the United States on or in respect of the Customer and/or any Fund which are incurred by
 J.P. Morgan. The Customer shall reimburse J.P. Morgan for reasonable out-of-pocket or incidental expenses related to the Funds,
 including, but not limited to, market data charges, pricing vendors charges, travel costs, telephone, postage and stationery
 and expenses of a similar nature as J.P. Morgan may incur in the execution of its duties under this Agreement and including
 the costs and expenses, by the Customer's request or with the Customer's agreement, incurred by J.P. Morgan and
 its agents in determining the value of assets in connection with its duty as the calculator of the Net Asset Value of the
 Funds or any Shares and in connection with the performance of its duties pursuant to this Agreement. The Customer will pay
 J.P. Morgan for J.P. Morgan's other reasonable out-of-pocket or incidental expenses, as may be agreed upon in writing,
 from time to time.

(c) Invoices will be payable within thirty (30) days of the date of the receipt of invoice.
 If the Customer disputes an invoice, it shall nevertheless pay on or before the date that payment is due such portion of the
 invoice that is not subject to a bona fide dispute. J.P. Morgan may deduct amounts invoiced from the accounts held by J.P.
 Morgan for the benefit of the Customer except to the extent that the Customer has objected to the invoice within thirty (30)
 days of the date of receipt of invoice (or such other period as the parties may agree in writing). Without prejudice to J.P.
 Morgan's other rights, J.P. Morgan reserves the right to charge interest on overdue amounts from the due date until
 actual payment at a rate as J.P. Morgan customarily charges for similar overdue amounts.

(d) J.P. Morgan shall be reasonably compensated, at the customary hourly rates, for remediation
 efforts conducted by J.P. Morgan at the Customer's request to review and re-execute certain Instructions.

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**5.** **ADDITIONAL PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**5.1.** **Representations of the Customer and J.P. Morgan.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Customer represents and warrants that (i) assuming execution and delivery
 of this Agreement by J.P. Morgan, this Agreement is the Customer's legal, valid and binding obligation, enforceable
 against the Customer in accordance with its terms, (ii) it has full power and authority to enter into and has taken all necessary
 corporate action to authorize the execution of this Agreement, (iii) there is no material administrative, civil or criminal
 proceeding pending or, to the knowledge of the Customer, threatened against the Customer, and (iv) it has not relied on any
 oral or written representation made by J.P. Morgan or any person on its behalf, and acknowledges that this Agreement sets
 out to the fullest extent the duties of J.P. Morgan.

(b) J.P. Morgan represents and warrants that (i) assuming execution and delivery of this Agreement
 by the Customer, this Agreement is J.P. Morgan's legal, valid and binding obligation, enforceable against J.P. Morgan
 in accordance with its terms;(ii) it has full power and authority to enter into, and has taken all necessary corporate action
 to authorize the execution of, this Agreement; (iii) any and all information J.P. Morgan provided to Customer or its representatives
 in connection with the Customer's evaluation of J.P. Morgan's experience and capabilities to provide the Services
 was at the time it was provided true, correct and complete in all material respects; and (iv) it has established and maintains
 and enforces written policies and procedures reasonably designed to prevent material and intentional violations of Applicable
 Law relating to J.P. Morgan's duties as a service provider hereunder (including federal securities laws prohibiting
 unlawful use and disclosure of material, non-public information regarding an issuer (such as Customer) or a security (such
 as Customer's shares) by J. P. Morgan as a service provider hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;**5.2.** **The Customer to Provide Certain Information to J.P. Morgan.** 

The Customer will promptly provide to J.P. Morgan such information about itself and its financial status as J.P. Morgan may reasonably request, including the Customer's organizational documents and its current audited and unaudited financial statements, its Registration Statement and any contracts, regulatory documents or opinions from a lawyer or accountant that relate to the Services described in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**5.3.** **Information Used to Provide the Service.** 

The Customer agrees with J.P. Morgan that any information the Customer or the Investment Adviser provides to J.P. Morgan pursuant to this Agreement shall be complete and accurate to enable J.P. Morgan to perform its responsibilities pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**5.4.** **Know Your Customer Rules.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan, by Applicable Law, is required to implement reasonable procedures
 to verify the identity of a person seeking to commence a commercial relationship with J.P. Morgan. The Customer acknowledges
 that J.P. Morgan's identity verification procedures require it to request certain information from the Customer or third
 parties regarding the Customer. The Customer agrees to provide J.P. Morgan with, and consents to J.P. Morgan obtaining from
 third parties, any such information as a condition of using any service provided by J.P. Morgan hereunder. To the extent that
 the Customer fails to provide or to consent to the provision of any such information, such failure shall be grounds for J.P.
 Morgan to not open any account or provide any Services and/or to close any account or discontinue providing the Services.

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**6.** **WHERE J.P. MORGAN IS LIABLE TO THE CUSTOMER OR THE FUNDS** 

&nbsp;&nbsp;&nbsp;&nbsp;**6.1.** **Standard of Care; Liability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will use reasonable care in performing its obligations under this
 Agreement. J.P. Morgan will not be responsible for any loss or damage suffered by the Customer or the Funds with respect to
 any matter as to which J.P. Morgan has satisfied its obligation of reasonable care unless the same results from an act of
 negligence, fraud or willful misconduct on the part of J.P. Morgan.

(b) J.P. Morgan will be liable for the Customer's and/or any Fund's direct damages
 to the extent they result from J.P. Morgan's fraud, negligence, or willful misconduct in performing its duties as set
 out in this Agreement. Nevertheless, under no circumstances will J.P. Morgan be liable for any indirect, incidental, consequential
 or special damages (including, without limitation, lost profits or business) of any form incurred by any person or entity,
 whether or not foreseeable and regardless of the type of action in which such a claim may be brought, resulting from J.P.
 Morgan's performance under this Agreement, or J.P. Morgan's role as a service provider to the Customer.

(c) The Customer will indemnify the J.P. Morgan Indemnitees against, and hold them harmless
 from, any Liabilities that may be imposed on, incurred by or asserted against any of the J.P. Morgan Indemnitees in connection
 with or arising out of J.P. Morgan's performance under this Agreement, provided the J.P. Morgan Indemnitees have not
 acted with negligence or engaged in fraud or willful misconduct in connection with the Liabilities in question.

(d) No Shareholder of the Customer (or any Fund thereof), or any Board trustee, officer, employee
 or agent of the Customer (or any Fund thereof), shall be subject to claims against or obligations of the Customer (or any
 Fund thereof) to any extent whatsoever. J.P. Morgan agrees that the obligations assumed by the Customer (or any Fund thereof)
 under this Agreement shall be limited in all cases to the Customer (and specifically to the relevant Fund and its assets),
 and J.P. Morgan shall not seek satisfaction of any such obligation from the Shareholders or any Shareholder of the Customer
 (or the relevant Fund) or from any other Fund of the Customer, or from any Board trustee, officer, employee or agent of the
 Customer (or any Fund thereof).

&nbsp;&nbsp;&nbsp;&nbsp;**6.2.** **Force Majeure.** 

J.P. Morgan will maintain and update from time to time business continuation and disaster recovery procedures with respect to its global business that it determines from time to time meet reasonable commercial standards. J.P. Morgan will have no liability, however, for any damage, loss, expense or liability of any nature that the Customer or any of the Funds may suffer or incur, caused by an act of God, fire, flood, civil or labor disturbance, war, terrorism, act of any governmental authority or other act or threat of any governmental authority (de jure or de facto), legal constraint, fraud or forgery (other than on the part of J.P. Morgan or its employees), malfunction of equipment or software (except where such malfunction is primarily and directly attributable to J.P. Morgan's negligence in maintaining the equipment or software), failure of or the effect of rules or operations of any external funds transfer system, inability to obtain or interruption of external communications facilities, or any cause beyond the reasonable control of J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;**6.3.** **J.P. Morgan May Consult with Counsel.** 

J.P. Morgan will be entitled to rely on, and may act upon the advice of professional advisors in relation to matters of Applicable Law or market practice (which may be the professional advisors of the Customer or the Funds), and shall not be liable to the Customer under this Agreement for any action taken or omitted pursuant to such advice provided that J.P. Morgan has selected and retained such professional advisers using reasonable care and acts reasonably in reliance on the advice.

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&nbsp;&nbsp;&nbsp;&nbsp;**6.4.** **Limitations of J.P. Morgan's Liability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan may rely on information provided to it by or on behalf of the Funds,
 or which was prepared or maintained by the Customer or any third party on behalf of the Funds, in the course of discharging
 its duties under this Agreement. J.P. Morgan shall not be liable to any person for any Liabilities suffered by any person
 as a result of J.P. Morgan: (i) having relied upon the authority, accuracy, truth or completeness of information including,
 without limitation, information supplied to J.P. Morgan by the Customer or by the Investment Adviser or any third party (other
 than an Affiliate or subcontractor of J.P. Morgan involved in the provision of the Services), including but not limited to,
 information in relation to trades in respect of the Funds or expenses of the Funds; (ii) having relied upon the authority,
 accuracy, truth and completeness of information furnished to J.P. Morgan by any pricing services, data services, or provider
 of other market information or information concerning securities held by the Funds.

(b) J.P. Morgan shall not be liable for any error in data that is transitioned to J.P. Morgan
 at the time it begins to provide the Services with respect to the Funds provided that J.P. Morgan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall use reasonable efforts to mitigate any Losses arising as a result of
 any such error of which it is aware; and

(ii) shall notify the Customer as soon as practicable after becoming aware of the error.

J.P. Morgan and the Customer shall mutually agree on any remediation efforts to correct any such error in data and any compensation to remediate any such error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan shall not be liable for any Liabilities resulting from a failure
 by any person to provide J.P. Morgan with any information or notice that is reasonably necessary for the provision of the
 Services save for Liabilities which result directly from an act of negligence, fraud or willful misconduct on the part of
 the J.P. Morgan Indemnitees. J.P. Morgan shall use reasonable efforts to find alternative sources of information in the event
 of any such failure. In the event of any such failure that may affect the performance of the Services, J.P. Morgan shall promptly
 notify the Customer.

(d) J.P. Morgan shall not be liable for any Liabilities whatsoever incurred or suffered by
 any party hereto, whether on their own account or for the account of the Funds, as a result of the failure of the Customer
 or its agents, officers or employees to comply with the laws or regulations of any jurisdiction in which Shares are offered.

(e) J.P. Morgan's responsibilities with respect to the correction of an error in calculating
 the net asset value of any Fund shall be subject to the NAV correction policy and procedures attached to this Agreement as
 APPENDIX A Net Asset Value Error Correction Policy and Procedures to Schedule 1 of this Agreement.

(f) The Customer agrees that the accounting reports provided by J.P. Morgan, as well as any
 share class or other similar reports, are to enable the Customer to fulfill its statutory reporting and investor subscription/redemption
 obligations, and are not for investment, treasury or hedging purposes. Accordingly, notwithstanding any other provision in
 this Agreement, the Customer agrees that J.P. Morgan shall have no liability whatsoever for any Liabilities incurred by the
 Customer as result of use of the accounting reports for investment, treasury or hedging purposes, including, but not limited
 to, for the purpose of currency overlay transactions.

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**7.** **TERM AND TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;**7.1.** **Term and Termination** 

The initial term of this Agreement shall be for a period of five (5) years following the date on which J.P. Morgan commenced providing services under the Agreement (the "Initial Term"). Following the Initial Term, the Customer may terminate this Agreement by giving not less than ninety (90) days' prior written notice to J.P. Morgan. J.P. Morgan may terminate this Agreement on one hundred and eighty (180) days' prior written notice to the Customer. The Customer may terminate this Agreement at any time during the Initial Term by giving not less than ninety (90) days' prior written notice to J.P. Morgan upon payment of a termination fee. During the first and second years of the Initial Term, the termination fee will be an amount equal to the lesser of (i) $1.5 million and (ii) six (6) times the average monthly fees paid during the six (6) month period prior to the Customer's notice of termination, or since the date on which J.P. Morgan commenced providing services under this Agreement if such period is less than six (6) months. During the third year of the Initial Term, the termination fee will be an amount equal to the lesser of (i) $1 million and (ii) four (4) times the average monthly fees paid during the four (4) month period prior to the Customer's notice of termination. During the fourth and fifth year of the Initial Term, the termination fee will be zero.

&nbsp;&nbsp;&nbsp;&nbsp;**7.2.** **Other Grounds for Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of the termination of the custody agreement between J.P. Morgan
 and the Customer, J.P. Morgan may terminate this Agreement in whole or in part and cease to provide the Services simultaneously
 with the transition of the assets of the Customer to a successor custodian, provided that if the Agreement is terminated during
 the initial term, the termination fee described in Section 7.1 shall apply.

(b) Notwithstanding Section 7.2(a), either party may terminate this Agreement immediately upon
 written notice to the other party following the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the other party being declared bankrupt, entering into a composition with creditors,
 obtaining a suspension of payment, being put under court controlled management or being the subject of a similar measure;

(ii) the relevant federal or state authority withdrawing its authorization of either party;
 or

(iii) the other party committing any material breach of this Agreement and failing to remedy
 such breach (if capable of remedy) within 90 days of being given written notice of the material breach, unless the parties
 agree to extend the period to remedy the breach.

&nbsp;&nbsp;&nbsp;&nbsp;**7.3.** **Consequences of Termination.** 

Termination of this Agreement under the provisions of this Article 7 will be without prejudice to the performance of any party's obligations under this Agreement with respect to all outstanding transactions at the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;**7.4.** **Transition following Termination.** 

As soon as reasonably practicable following its resignation or termination of appointment becoming effective and subject to payment of any amount owing to J.P. Morgan under this Agreement, J.P. Morgan agrees to transfer such records and related supporting documentation as are held by it under this Agreement, to any replacement provider of the Services or to such other person as the Customer may direct. Except as otherwise provided in Section 7.2, J.P. Morgan shall provide the Services until a replacement administrator is in place, subject to the terms and conditions of this Agreement (including Article 4). J.P. Morgan will also provide reasonable assistance to its successor, for such transfer, subject to the payment of such reasonable expenses and charges as J.P. Morgan customarily charges

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for such assistance. The Customer undertakes to use its best efforts to appoint a new administrative service provider as soon as possible.

**8.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;**8.1.** **Notices.** 

Notices pursuant to Article 7 of this Agreement shall be sent or served by registered mail, nationally recognized delivery services, such as Federal Express (FedEx) or United Parcel Service (UPS), etc., courier services or hand delivery to the address of the respective parties as set out on the first page of this Agreement, unless notice of a new address is given to the other party in writing. Notice will not be deemed to be given unless it has been received.

&nbsp;&nbsp;&nbsp;&nbsp;**8.2.** **Successors and Assigns.** 

This Agreement will be binding on each of the parties hereto and their respective successors and assigns. The parties agree that neither party can assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party, which consent will not be unreasonably withheld or delayed; except J.P. Morgan may assign this Agreement without Customer's consent to (a) any Affiliate of J.P. Morgan or (b) in connection with a merger, reorganization, stock sale or sale of all or substantially all of J.P. Morgan's fund servicing business.

&nbsp;&nbsp;&nbsp;&nbsp;**8.3.** **Entire Agreement.** 

This Agreement, including any Schedules, Exhibits, Appendices and Annexes, sets out the entire Agreement between the parties in connection with the subject matter hereof, and this Agreement supersedes any other agreement, statement, or representation relating to the Services under this Agreement, whether oral or written. Amendments must be in writing and signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;**8.4.** **Insurance.** 

The Customer acknowledges that J.P. Morgan will not be required to maintain any insurance coverage specifically for the benefit of the Customer or the Funds. J.P. Morgan will, however, provide summary information of its own general insurance coverage to the Customer upon written request.

&nbsp;&nbsp;&nbsp;&nbsp;**8.5.** **Governing Law and Jurisdiction.** 

This Agreement will be construed, regulated and administered under the laws of the United States or State of New York, as applicable, without regard to New York's principles regarding conflict of laws, except that the foregoing shall not reduce any statutory right to choose New York law or forum. The United States District Court for the Southern District of New York will have the sole and exclusive jurisdiction over any lawsuit or other judicial proceeding relating to or arising from this Agreement. If that court lacks federal subject matter jurisdiction, the Supreme Court of the State of New York, New York County will have sole and exclusive jurisdiction. Either of these courts will have the proper venue for any such lawsuit or judicial proceeding, and the parties waive any objection to venue or their convenience as a forum. The parties agree to submit to the jurisdiction of any of the courts specified and to accept service of process to vest personal jurisdiction over them in any of these courts. The parties further hereby knowingly, voluntarily and intentionally waive, to the fullest extent permitted by Applicable Law, any right to a trial by jury with respect to any such lawsuit or judicial proceeding arising or relating to this Agreement or the transactions contemplated hereby. To the extent that in any jurisdiction the Customer or J.P. Morgan may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, the Customer or J.P. Morgan (as applicable) shall not claim, and it hereby irrevocably waives, such immunity.

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&nbsp;&nbsp;&nbsp;&nbsp;**8.6.** **Severability; Waiver; and Survival.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If one or more provisions of this Agreement are held invalid, illegal or unenforceable
 in any respect on the basis of any particular circumstances or in any jurisdiction, the validity, legality and enforceability
 of such provision or provisions under other circumstances or in other jurisdictions and of the remaining provisions will not
 in any way be affected or impaired.

(b) Except as otherwise provided herein, no failure or delay on the part of either party in
 exercising any power or right under this Agreement operates as a waiver, nor does any single or partial exercise of any power
 or right preclude any other or further exercise, or the exercise of any other power or right. No waiver by a party of any
 provision of this Agreement, or waiver of any breach or default, is effective unless it is in writing and signed by the party
 against whom the waiver is to be enforced.

(c) The parties' rights, protections, and remedies under this Agreement shall survive
 its termination.

&nbsp;&nbsp;&nbsp;&nbsp;**8.7.** **Confidentiality.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 8.7(b), J.P. Morgan will hold all Confidential Information
 in confidence with the same level of care as if such Confidential Information was its own and will not disclose any Confidential
 Information except as may be required by Applicable Law, a regulator with jurisdiction over J.P. Morgan's business,
 or with the consent of the Customer provided that prior to disclosing any such Confidential Information pursuant to Applicable
 Law or as required by any such regulator in connection with a request for information specific to Customer, J.P. Morgan shall
 provide Customer with written notice within a reasonable time prior to disclosing Confidential Information to the extent practicable
 and legally permissible in order to permit Customer to seek a protective order prohibiting the disclosure of such Confidential
 Information.

(b) The Customer authorizes J.P. Morgan to disclose Confidential Information to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any subcontractor, agent, service provider, vendor or any other person that
 J.P. Morgan believes is reasonably required in connection with J.P. Morgan's provision of relevant services under this
 Agreement;

(ii) its professional advisors, auditors or public accountants;

(iii) its branches and J.P. Morgan Affiliates; and

(iv) any revenue authority or any governmental entity in relation to the processing of any tax
 claim.

Except where J.P. Morgan is instructed to provide Confidential Information to a party designated by the Funds, J.P. Morgan agrees that any person to whom it discloses any Confidential Information pursuant to clauses (i), (ii), or (iii) above has agreed to keep such Confidential Information confidential or has an internal policy to keep confidential client information confidential to the same extent as required of J.P. Morgan pursuant to this Agreement and J.P. Morgan shall be responsible and liable for any breach of confidentiality by any such person, except in the case of disclosure required by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as (i) otherwise required by Applicable Law, (ii) required for disclosure
 in the Customer's Registration Statement, or (iii) needed to enforce the terms of this Agreement, the parties shall
 hold the terms and conditions of this Agreement, including, without limitation, any commercial terms, in confidence.

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&nbsp;&nbsp;&nbsp;&nbsp;**8.8.** **Use of J.P. Morgan's Name.** 

The Customer agrees not to use (or permit the use of) J.P. Morgan's name in any document, publication or publicity material relating to the Customer or the Funds, including but not limited to notices, sales literature, stationery, advertisements, etc., without the prior consent of J.P. Morgan (which consent shall not be unreasonably withheld), provided that no prior consent is needed if the document in which J.P. Morgan's name is used merely states that J.P. Morgan is acting as administrator to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;**8.9.** **Delegation.** 

J.P. Morgan may delegate to a reputable agent any of its functions herein. However, J.P. Morgan will remain responsible to the Funds for any such delegation. To the extent reasonably practicable, J.P. Morgan will consult with the Customer before it implements the delegation of a material portion of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;**8.10.** **Counterparts.** 

This Agreement may be executed in several counterparts each of which will be deemed to be an original and together will constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**8.11.** **No Third Party Beneficiaries.** 

A person who is not a party to this Agreement shall have no right to enforce any term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**8.12.** **Cyber-security.** 

J.P. Morgan will implement and maintain an information security program to safeguard customer information, and will provide Customer with a written summary of such program upon request.

&nbsp;&nbsp;&nbsp;&nbsp;**8.13.** **Obligations of Each Customer Several; Funds as Customers.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Although each Customer and J.P. Morgan are entering into
 this agreement for convenience, each Customer and J.P. Morgan intend that this Agreement constitute a separate agreement between
 each Customer and J.P. Morgan such that each reference to Customer shall be read solely as a reference to a single entity.

(b) J.P. Morgan acknowledges and agrees that the obligations assumed by
 the Customer hereunder shall be limited in all cases to the assets of the Customer and that J.P. Morgan may not seek satisfaction
 of any such obligation from the officers, agents, employees, trustees, directors or shareholders of the Customer or of any
 other Customer hereto, and to the extent such trustees or officers are regarded as entering into this Agreement, they do so
 only as trustees or officers and not individually and that the obligations of this Agreement are not binding upon any such
 trustee, officer, employee or shareholder individually, but are binding only upon the assets and property of such Customer.
 J.P. Morgan hereby agrees that such trustees, officers, employees or shareholders shall not be personally liable under this
 Agreement and that J.P. Morgan shall look solely to the property of the Customer for the performance of the Agreement or payment
 of any claim under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**8.14** **Additional Customers.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any additional entity (each an "Additional Customer")
 may be added to this Agreement as a Customer upon execution of this Agreement by J.P. Morgan and such Additional Customer.
 Any such joinder shall not require the prior written approval of, or the execution of any amendment to this Agreement by,
 any other Customer.

(b) Following the execution of this Agreement by J.P. Morgan an Additional
 Customer (i) each Additional Customer shall automatically be and become a party to this Agreement as a "Customer"
 hereunder with the same force and effect as if originally named herein as a Customer; (ii) without limiting the generality
 of the foregoing, each Additional Customer hereby shall expressly assume all obligations and liability of a Customer under
 this Agreement; and (iii) Exhibit A to this Agreement shall be automatically amended and restated to include each Additional
 Customer.

Fund Services Agreement - US Mutual Funds - June 2016

![](x2_c113931x116x1.jpg)

**AS WITNESS** the hand of the duly authorized officers of the parties hereto:

---

| | |
|:---|:---|
| **FIRST EAGLE FUNDS**, on behalf of the separate portfolios listed on Exhibit A | **FIRST EAGLE FUNDS**, on behalf of the separate portfolios listed on Exhibit A |
| By: | ![](x2_c113931x132x1.jpg) |
| Name: | David O'Connor |
| Title: | General Counsel |
| **FIRST EAGLE GLOBAL CAYMAN FUND, LTD.** | **FIRST EAGLE GLOBAL CAYMAN FUND, LTD.** |
| By: | ![](x2_c113931x132x2.jpg) |
| Name: | Joseph Malone |
| Title: | SVP |
| **FIRST EAGLE US VALUE CAYMAN FUND, LTD.** | **FIRST EAGLE US VALUE CAYMAN FUND, LTD.** |
| By: | ![](x2_c113931x132x2.jpg) |
| Name: | Joseph Malone |
| Title: | SVP |
| **FIRST EAGLE CREDIT OPPORTUNITIES FUND** | **FIRST EAGLE CREDIT OPPORTUNITIES FUND** |
| By: | ![](x2_c113931x132x1.jpg) |
| Name: | David O'Connor |
| Title: | General Counsel |

---

---

| | |
|:---|:---|
| **FIRST EAGLE VARIABLE FUNDS**, on behalf of the separate portfolios listed on Exhibit A | **FIRST EAGLE VARIABLE FUNDS**, on behalf of the separate portfolios listed on Exhibit A |
| By: | ![](x2_c113931x132x2.jpg) |
| Name: | Joseph Malone |
| Title: | CFO First Eagle Funds |
| **FIRST EAGLE OVERSEAS CAYMAN FUND, LTD.** | **FIRST EAGLE OVERSEAS CAYMAN FUND, LTD.** |
| By: | ![](x2_c113931x132x2.jpg) |
| Name: | Joseph Malone |
| Title: | SVP |
| **FIRST EAGLE GOLD CAYMAN FUND, LTD.** | **FIRST EAGLE GOLD CAYMAN FUND, LTD.** |
| By: | ![](x2_c113931x132x2.jpg) |
| Name: | Joseph Malone |
| Title: | SVP |

---

---

| | |
|:---|:---|
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x2_c113931x132x3.jpg) |
| Name: | Kevin Powers |
| Title: | Executive Director |

---

Fund Services Agreement - US Mutual Funds - June 2016

![](logo1.jpg)

**AS WITTNESS** the hand of the duly authorized officers of the parties hereto:

---

| | |
|:---|:---|
| **FIRST EAGLE CREDIT OPPORTUNITIES FUND SPV, LLC** | **FIRST EAGLE CREDIT OPPORTUNITIES FUND SPV, LLC** |
| By: | ![](x2_c113931x132x2.jpg) |
| Name: | Joseph Malone |
| Title: | SVP |
| Date: | 2/5/21 |

---

---

| | |
|:---|:---|
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x2_c113931x133x1.jpg) |
| Name: | Gregory Cook |
| Title: | Executive Director |
| Date: | February 8, 2021 |

---

Fund Services Agreement – U.S. Mutual Funds – June 2016

![](logo1.jpg)

**AS WITTNESS** the hand of the duly authorized officers of the parties hereto:

---

| | |
|:---|:---|
| **FIRST EAGLE SMALL CAP OPPORTUNITY FUND** | **FIRST EAGLE SMALL CAP OPPORTUNITY FUND** |
| By: | ![](x2_c113931x132x2.jpg) |
| Name: | Joseph Malone |
| Title: | CFO First Eagle Funds |
| Date: | 4/21/21 |

---

---

| | |
|:---|:---|
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x2_c113931x133x1.jpg) |
| Name: | Gregory Cook |
| Title: | Executive Director |
| Date: | 4/21/2021 |

---

With respect to the addition of the above Additional Customer pursuant to Section 8.14(a) hereof.

Fund Services Agreement – U.S. Mutual Funds – June 2016

![](logo1.jpg)

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE REAL ESTATE LENDING FUND** | **FIRST EAGLE REAL ESTATE LENDING FUND** |
| By: | ![](x2_c113931x135x1.jpg) |
| Name: | David P. O'Connor |
| Title: | Trustee |
| Date: |  |

---

---

| | |
|:---|:---|
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x2_c113931x133x1.jpg) |
| Name: | Greg Cook |
| Title: | Executive Director |
| Date: | April 24, 2024 |

---

---

| | |
|:---|:---|
| **FIRST EAGLE FUNDS (ON BEHALF OF FIRST EAGLE SHORT DURATION HIGH YIELD MUNICIPAL FUND)** | **FIRST EAGLE FUNDS (ON BEHALF OF FIRST EAGLE SHORT DURATION HIGH YIELD MUNICIPAL FUND)** |
| By: | ![](x2_c113931x135x2.jpg) |
| Name: | Michael Luzzatto |
| Title: | Vice President |
| Date: |  |

---

with respect to the addition of the above Additional Customer pursuant to Section 8.14(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE GLOBAL INCOME BUILDER CAYMAN FUND, LTD.** | **FIRST EAGLE GLOBAL INCOME BUILDER CAYMAN FUND, LTD.** |
| By: | ![](x2_c113931x136x1.jpg) |
| Name: | Brandon Webster |
| Title: | CFO of First Eagle Mutual Funds |
| Date: | 9/4/2024 |

---

---

| | |
|:---|:---|
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x2_c113931x133x1.jpg) |
| Name: | Greg Cook |
| Title: | Executive Director |
| Date: | September 5, 2024 |

---

with respect to the addition of the above Additional Customer pursuant to Section 8.14(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE CREDIT OPPORTUNITIES FUND BSL SPV I, LLC** | **FIRST EAGLE CREDIT OPPORTUNITIES FUND BSL SPV I, LLC** |
| By: | ![](x2_c113931x136x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 10/22/2024 |

---

---

| | |
|:---|:---|
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x2_c113931x133x1.jpg) |
| Name: | Greg Cook |
| Title: | Executive Director |
| Date: | October 23, 2024 |

---

with respect to the addition of the above Additional Customer pursuant to Section 8.14(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE REAL ESTATE DEBT CAYMAN FUND, LTD.** | **FIRST EAGLE REAL ESTATE DEBT CAYMAN FUND, LTD.** |
| By: | ![](x2_c113931x136x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 4/3/2025 |

---

---

| | |
|:---|:---|
| **FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND** | **FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND** |
| By: | ![](x2_c113931x136x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 4/3/2025 |

---

---

| | |
|:---|:---|
| **FIRST EAGLE CORE PLUS MUNICIPAL FUND** | **FIRST EAGLE CORE PLUS MUNICIPAL FUND** |
| By: | ![](x2_c113931x136x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 4/3/2025 |

---

---

| | |
|:---|:---|
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x2_c113931x133x1.jpg) |
| Name: | Greg Cook |
| Title: | Executive Director |
| Date: | April 9, 2025 |

---

with respect to the addition of the above Additional Customer pursuant to Section 8.14(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE OVERSEAS VARIABLE DELAWARE FUND, LLC** | **FIRST EAGLE OVERSEAS VARIABLE DELAWARE FUND, LLC** |
| By: | ![](x2_c113931x136x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 6/3/2025 |

---

---

| | |
|:---|:---|
| **FIRST EAGLE HIGH YIELD MUNICIPAL COMPLETION FUND** | **FIRST EAGLE HIGH YIELD MUNICIPAL COMPLETION FUND** |
| By: | ![](x2_c113931x136x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 6/3/2025 |

---

---

| | |
|:---|:---|
| **FIRST EAGLE REAL ESTATE DEBT SECURITY TRS, LLC** | **FIRST EAGLE REAL ESTATE DEBT SECURITY TRS, LLC** |
| By: | ![](x2_c113931x136x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 6/3/2025 |

---

---

| | |
|:---|:---|
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x2_c113931x133x1.jpg) |
| Name: | Greg Cook |
| Title: | Executive Director |
| Date: | June 3, 2025 |

---

with respect to the addition of the above Additional Customer pursuant to Section 8.14(a) hereof.

**EXHIBIT A**

**LIST OF ENTITIES<br> (as of June 3, 2025)**

**First Eagle Funds**

First Eagle Global Fund<br> First Eagle Overseas Fund<br> First Eagle U.S. Value Fund<br> First Eagle Gold Fund<br> First Eagle Global Income Builder Fund<br> First Eagle High Yield Municipal Fund<br> First Eagle Rising Dividend Fund<br> First Eagle Small Cap Opportunity Fund<br> First Eagle Global Real Assets Fund<br> First Eagle U.S. Smid Cap Opportunity Fund<br> First Eagle Short Duration High Yield Municipal Fund<br> First Eagle Core Plus Municipal Fund<br> First Eagle Global Cayman Fund, Ltd.<br> First Eagle Overseas Cayman Fund, Ltd.<br> First Eagle US Value Cayman Fund, Ltd.<br> First Eagle Gold Cayman Fund Ltd.<br> First Eagle Global Real Assets Cayman Fund, Ltd.<br> First Eagle Global Income Builder Cayman Fund, Ltd.

**First Eagle Variable Funds**

First Eagle Overseas Variable Fund

First Eagle Overseas Variable Delaware Fund, LLC

**First Eagle Completion Fund Trust**

First Eagle High Yield Municipal Completion Fund

*Below are closed end funds with their own separate trusts:*

First Eagle Credit Opportunities Fund<br> First Eagle Credit Opportunities Fund SPV, LLC<br> First Eagle Credit Opportunities Fund BSL SPV I, LLC<br> First Eagle Real Estate Debt Fund<br> First Eagle Real Estate Debt Cayman Fund, Ltd.<br> First Eagle Real Estate Debt Security TRS, LLC<br> First Eagle Tactical Municipal Opportunities Fund<br> First Eagle Global Opportunities Fund<br> First Eagle Global Opportunities Fund, Ltd.

**Schedule 1 Accounting and NAV Calculation Services**

---

| |
|:---|
| NAV calculation/fund valuation: |
| Calculation of NAV based on a single valuation per day |
| Standard transactional and NAV materiality thresholds |
| Share class accounting with market standard allocation methodology |
| Support both GAAP and tax-based records |
| Utilizing standard NAV delivery timeframes |
| Asset pricing and reporting |
| Standard automated vendor inputs, including international fair valuation |
| Standard valuation oversight reporting (*e.g*., fair value reports, broker prices, etc.) |
| Capital stock processing and reconciliation |
| Automated data files from transfer agent using market standard formats |
| Automated NAV transmissions to transfer agent using market standard formats |
| Cash availability reporting for money market funds |
| Portfolio trades processing |
| Market standard automated trade files |
| Corporate actions processing |
| Portfolio income recognition |
| Automated expense processing |
| Cash Reconciliations |
| Asset reconciliations |
| NAV dissemination |
| -Standard JP Morgan automated tools and reporting |
| Audit reporting and coordination |
| External audit, SSAE16, and client due diligence coordination |
| Standard accounting data extracts |
| ASC 820 and 815 support |
| Standard client reporting |
| Standard end-of-day accounting information |
| Standard risk oversight reporting (e.g.. aged receivables, stale prices, etc.) using Views Portfolio Reporting (VPR) |

---

Fund Services Agreement - US Mutual Funds - June 2016

![](x2_c113931x141x1.jpg)

**APPENDIX A Net Asset Value Error Correction Policy and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As used in this Agreement and the Schedules and Appendices to this Agreement, the following terms have
 the meaning hereinafter stated:

**"NAV Error"** is defined as one or more errors in the computation of net asset value which, when considered cumulatively, result in a difference between the originally computed NAV and the corrected NAV of at least $0.010 per share. This computation is based upon the actual difference and is not based upon the rounding of the NAV to the nearest cent per share.

**"Per Share NAV Error"** is the difference between the originally computed per share NAV, and the amount that would have been computed had the errors not occurred.

**"NAV Error Period"** comprises those days during which a NAV Error existed.

**"Fund Loss"** refers to a situation where a Fund has either paid excessive redemption proceeds as a result of an overstatement of the NAV or received insufficient subscription proceeds as a result of an understatement of the NAV. When such a Fund Loss occurs, the individual Shareholders effecting transactions received a corresponding benefit (a **"Shareholder Benefit"**).

**"Fund Benefit"** means a situation where a Fund has either paid insufficient redemption proceeds as a result of an understatement of NAV or received excessive subscription proceeds as a result of an overstatement of NAV. When such a Fund Benefit occurs, the individual Shareholders effecting transactions suffer a corresponding loss (a **"Shareholder Loss"**).

The term **"responsible person"** means a person who, by virtue of negligence, fraud, or willful misconduct, caused or contributed to an NAV Error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The following Procedures will be utilized by J.P. Morgan with respect to NAV Error corrections:

(a) If the error in the computation of the net asset value is less than $0.010 per share, no action shall be taken.
 At the request of Customer, J.P. Morgan will prepare and deliver a written memo to the Customer explaining the cause of error
 and any remediation.

(b) If a Per Share NAV Error is less than one half of one percent of the originally computed Per Share NAV, J.P.
 Morgan, on behalf of the Funds, will determine whether total Fund Losses exceeded total Fund Benefits for the NAV Error Period.
 If the Fund incurred a net loss, the Customer will be responsible for obtaining reimbursement for such loss from the responsible
 person or persons. If the Fund had a net benefit, no action need be taken; however, such net benefit should not be carried
 forward to any analyses performed in the future for other NAV Errors that may arise.

(c) If the Per Share NAV Error equals or exceeds one half of one percent of the originally computed per share
 NAV, 1) account adjustments should be made to compensate Shareholders for Shareholder Losses, and 2) the Customer will be
 responsible for obtaining reimbursement for such loss from the responsible person or persons for Fund Losses.

(i) With respect to individual Shareholder Losses, the Customer will be responsible for causing the Fund (or responsible party)
 to pay to individual Shareholders any additional redemption proceeds owed and either refund excess subscription monies paid
 or credit the Shareholder account as of the date of the NAV Error, for additional shares. Nevertheless, no correction of a
 given individual Shareholder account shall be made unless the applicable Shareholder Loss for such Shareholder equals or exceeds
 a de minimis amount of $20.

(ii) With respect to Fund Losses, the Customer will be responsible for causing either the responsible person or persons or
 the individual Shareholders to reimburse the Fund for the

Fund Services Agreement - US Mutual Funds - June 2016

![](x2_c113931x141x1.jpg)

---

| | |
|:---|:---|
|  | amount of the Fund's Losses. (Note that there is no netting of Fund Losses (as described in (c)(i)above) where the error equals or exceeds ½ of 1% of NAV, to the extent benefits were paid out by the Fund to Shareholders as account adjustments). |
| (d) | In the case of an error that fluctuates above and below one half of one percent, individual Shareholder adjustments should be effected for those days where the NAV Error was equal to or exceeded one half of one percent. With respect to the remaining days, the Fund level process described above in Section 2(b) may be applied. |
| (e) | If there is a subsequent discovery of an error which affects a NAV Error Period that had previously been corrected in the manner described above, the subsequently discovered NAV Error should be analyzed in isolation without taking into consideration the previously corrected NAV Errors. |
| (f) | In cases where a NAV Error has occurred, the Customer, upon J.P. Morgan's request, will instruct the Transfer Agent to reprocess transactions and to adjust each Shareholder's Shares upwards or downwards accordingly, at the expense of the responsible person or persons. If the Transfer Agent does not agree to reprocess transactions resulting from a NAV Error for which J.P. Morgan is a responsible person, J.P. Morgan's liability will be limited to the amount it would have been liable for had the reprocessing occurred. |
| (g) | In cases where J.P. Morgan is not the responsible person with regard to an NAV Error, J.P. Morgan shall be entitled to reasonable compensation for the work it performs with respect to the remediation of the NAV Error. |
| (h) | In cases where J.P. Morgan is a responsible person with regard to an NAV Error, but not the sole responsible person, the Fund, to the extent customary under industry practice, shall seek recovery from each such responsible person, for its proportional share of the applicable Fund Loss or Shareholder Loss. |
| (i) | Subject to the other provisions of this Appendix and to the terms and conditions of this Agreement, in connection with any NAV Error caused by J.P. Morgan's fraud, negligence, or willful misconduct, for which J.P. Morgan is not otherwise excused under this Agreement, J.P. Morgan shall pay to the Customer (i) the applicable Fund Loss or Shareholder Loss resulting from such NAV Error, and (ii) any other Liabilities incurred by the Customer as a result of, or in connection with, such NAV Error, including any such Liabilities incurred in complying with the requirements of this Appendix. |

---

Fund Services Agreement - US Mutual Funds - June 2016

![](x2_c113931x141x1.jpg)

**Schedule 2 Fund Administration Services**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;***Fund Expense Administration*** | &nbsp;&nbsp;&nbsp;***Fund Expense Administration*** |
| ▪ | Prepare fund expense budgets (monthly and annually) |
|  | Annual budgets |
|  | Quarterly and monthly adjustments as required |
|  | True-ups and other expense adjustments as required |
| ▪ | Expense cap and basis point analysis (monthly and annually) |
|  | By class and by contractual fee (12b-1, advisory, administration, etc.) type (twice a month) |
| ▪ | Fund invoice payments |
|  | Validate, approve and process fund invoices upon receipt |
|  | Asset-based fee payments (management fees, distribution fees, etc.) |
| ▪ | Periodic multi-class dividend distributions (monthly, quarterly, annually) |
|  | Calculation, verification, and communication of income, capital gains, excise, special distributions and income projections |
| ▪ | Performance (NAV total return) reporting |
|  | Before tax calculations |
|  | Core performance reporting utilizing Unity Performance with Core frequency |
| ▪ | Standard survey preparation and dissemination |
| ▪ | Preparation and dissemination of vendor/trustee 1099-Misc Forms (annually) |
| ▪ | Preparation and dissemination of ICI primary and secondary reporting (annually) |
|  | Including treasury income and asset tests |
| ▪ | Preparation and filing of Form 24F-2 (annually) |
| ▪ | Calculation of portfolio turnover and cost rollforward (semi-annually and annually) |
| ▪ | Financial Statement and prospectus/statement of additional income (SAI) support (annually) |
|  | Calculate and provide specific financial and compliance data to support financial statement process |
| ▪ | Quarterly Board materials |
|  | Standard Financial Administration-related board materials utilizing Investor Services-resident data |
|  | Standard report package includes: |
|  | Broker Commission |
|  | Top 10 Holdings |
|  | Top 10 Industries |
|  | 144A Illiquid Reporting |
| &nbsp;&nbsp;&nbsp;***Compliance Services*** | &nbsp;&nbsp;&nbsp;***Compliance Services*** |
| ▪ | 1940 Act compliance monitoring |
|  | Portfolio diversification 5b-1 |
|  | Industry concentration 8b-1 using standard industry schema |
|  | Borrowing provision 18f-1 (300% leverage) |
|  | Illiquid securities 22e |
|  | Securities Related Businesses 12d3 |
|  | Investment Companies 12d-1 |
| ▪ | Voting shares 12d2 |
|  | Investment Company Names test 35d1 |
|  | Perform research into daily results |
| ▪ | Communication of compliance monitoring results |
|  | Communication of warnings and violations as applicable |
| ▪ | Breach review – investigation and research of potential warnings and violations |

---

Fund Services Agreement - US Mutual Funds - June 2016

![](x2_c113931x141x1.jpg)

---

| | |
|:---|:---|
| ▪ | Prospectus / Statement of Additional Information (SAI) Monitoring |
|  | Communication of compliance monitoring results |
|  | Communication of warnings and violations as applicable |
|  | Breach review – investigation and research of potential warnings and violations |
| ▪ | Update Prospectus / SAI rules as required (per client instruction) |
| ▪ | IRS Subchapter M Diversification testing |
|  | Diversification testing under Section 851(b)(3) for Mutual Funds |
|  | Diversification testing under Section 817(h) for Variable Annuities |
|  | 50% Tax Exempt Test under Section 852(b)(5) for tax-exempt (Municipal) Funds |
|  | 90% Gross Income testing under Section 851(b)(2) |
| ▪ | Communication of warnings and violations where required and cure analysis |
| ▪ | Core Compliance-related board materials utilizing IS-resident data |
| ▪ | Look-through for fund of funds custodied at JP Morgan |
| ▪ | 10666 (Section 18) asset coverage testing |
| &nbsp;&nbsp;&nbsp;***Delivery of Standard Reporting Package*** | &nbsp;&nbsp;&nbsp;***Delivery of Standard Reporting Package*** |
| &nbsp;&nbsp;&nbsp;***Financial Reporting Services*** | &nbsp;&nbsp;&nbsp;***Financial Reporting Services*** |
| ▪ | Preparation and review of semi- and annual- financial statements with 60 day turnaround time |
|  | Creation, distribution, and review of up to3 production drafts |
| ▪ | Preparation, review, and coordination with printer of Form N-CSR |
|  | Prepare and review line item 1 of Form N-CSR and assist in the coordination and filing |
| ▪ | Preparation, review, and coordination of filing of Form N-Q |
|  | Creation, distribution, and review of up to 2-3 production drafts |
| ▪ | Preparation, review, and filing of Form N-SAR |
| ▪ | Provide audit coordination support |

---

Fund Services Agreement - US Mutual Funds - June 2016

![](x2_c113931x141x1.jpg)

**Schedule 3 OTC Derivative Administration Solutions**

---

| | |
|:---|:---|
| ***OTC Derivatives Accounting*** | ***OTC Derivatives Accounting*** |
| **Base Position Management** | **Base Position Management** |
| § | Calculation of cash flow events for supported instruments or receipt of cash events for non-supported instruments |
| § | Processing of OTC valuation and cash data into the J.P. Morgan accounting system |
| § | Reconciliation of J.P. Morgan accounting system OTC positions to the client or client's fund manager |
| § | Reconciliation of the J.P. Morgan accounting system OTC positions, fees and coupons to the Clearing Broker |
| § | Cash break management in relation to the accounting ledger |
| § | Sourcing Valuation on a directed frequency from the Investment Manager |
| **OTC Derivative Trade and Instruction Capture** | **OTC Derivative Trade and Instruction Capture** |
| **Trade and Instruction Capture Management** | **Trade and Instruction Capture Management** |
| § | Trade capture via FpML and / or J.P. Morgan pre-formatted .CSV template – full trade data to be supplied |
| **Valuation - Provision of a Third Party Provided Valuation** | **Valuation - Provision of a Third Party Provided Valuation** |
| **Lifecycle and Position Management** | **Lifecycle and Position Management** |
| § | Sourcing of OTC derivative valuation from a relevant third party pricing provider –single source |
| § | Entry of Clearing House sourced OTC derivative valuation into the J.P. Morgan accounting system |
| § | Standard Client Reporting |
| § | Dual sourcing – available, subject to an additional fee |

---

Fund Services Agreement - US Mutual Funds - June 2016

![](x2_c113931x141x1.jpg)

**Annex A Electronic Access**

&nbsp;&nbsp;&nbsp;&nbsp;1. J.P. Morgan may permit the Customer and its Authorized Persons to access certain electronic systems
 and applications (collectively, the "Products") and to access or receive electronically Data (as defined below)
 in connection with the Agreement. J.P. Morgan may, from time to time, introduce new features to the Products or otherwise
 modify or delete existing features of the Products in its sole discretion. J.P. Morgan shall endeavor to give the Customer
 reasonable notice of its termination or suspension of access to the Products, but may do so immediately if J.P. Morgan determines,
 in its sole discretion, that providing access to the Products would violate Applicable Law or that the security or integrity
 of the Products is at risk. Access to the Products shall be subject to the Security Procedures.

2. In consideration of the fees paid by the Customer to J.P. Morgan and subject to any applicable software license addendum
 in relation to J.P. Morgan-owned or sublicensed software provided for a particular application and Applicable Law, J.P. Morgan
 grants to the Customer a non-exclusive, non-transferable, limited and revocable license to use the Products and the information
 and data made available through the Products or transferred electronically (the "Data") for the Customer's
 internal business use only. The Customer may download the Data and print out hard copies for its reference, provided that
 it does not remove any copyright or other notices contained therein. The license granted herein will permit use by the Customer's
 Authorized Person, provided that such use shall be in compliance with the Agreement, including this Annex. The Customer acknowledges
 that elements of the Data, including prices, corporate action information, and reference data, may have been licensed by J.P.
 Morgan from third parties and that any use of such Data beyond that authorized by the foregoing license, may require the permission
 of one or more third parties in addition to J.P. Morgan.

3. The Customer acknowledges that there are security, corruption, transaction error and access availability risks associated
 with using open networks such as the internet, and the Customer hereby expressly assumes such risks. The Customer is solely
 responsible for obtaining, maintaining and operating all software (including antivirus software, anti-spyware software, and
 other internet security software) and personnel necessary for the Customer to access and use the Products. All such software
 must be interoperable with J.P. Morgan's software. Each of the Customer and J.P. Morgan shall be responsible for the
 proper functioning, maintenance and security of its own systems, services, software and other equipment.

4. In cases where J.P. Morgan's web site is unexpectedly down or otherwise unavailable, J.P. Morgan shall, absent a
 force majeure event, provide other appropriate means for the Customer or its Authorized Persons to instruct J.P. Morgan or
 obtain reports from J.P. Morgan. J.P. Morgan shall not be liable for any Liabilities arising out of the Customer's use
 of, access to or inability to use the Products via J.P. Morgan's web site in the absence of J.P. Morgan's gross
 negligence or willful misconduct.

5. Use of the Products may be monitored, tracked, and recorded. In using the Products, the Customer hereby expressly consents
 to such monitoring, tracking, and recording. Individuals and organizations should have no expectation of privacy unless local
 law, regulation, or contract provides otherwise. J.P. Morgan shall own all right, title and interest in the data reflecting
 the Customer usage of the Products or J.P. Morgan's web site (including, but not limited to, general usage data and
 aggregated transaction data). J.P. Morgan may use and sublicense data obtained by it regarding the Customer's use of
 the Products or J.P. Morgan's web site, as long as J.P. Morgan does not disclose to others that the Customer was the
 source of such data or the details of individual transactions effected using the Products or web site.

6. The Customer shall not knowingly use the Products to transmit (i) any virus, worm, or destructive element or any programs
 or data that may be reasonably expected to interfere with or disrupt the Products or servers connected to the Products; (ii)
 material that violates the rights of another, including but not limited to the intellectual property rights of another; and
 (iii) "junk mail", "spam", "chain letters" or unsolicited mass distribution of e-mail.

Fund Services Agreement - US Mutual Funds - June 2016

![](x2_c113931x141x1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;7. The Customer shall promptly and accurately designate in writing to J.P. Morgan the geographic location
 of its users upon written request. The Customer further represents and warrants to J.P. Morgan that the Customer shall not
 access the service from any jurisdiction which J.P. Morgan informs the Customer or where the Customer has actual knowledge
 that the service is not authorized for use due to local regulations or laws, including applicable software export rules and
 regulations. Prior to submitting any document which designates the persons authorized to act on the Customer's behalf,
 the Customer shall obtain from each individual referred to in such document all necessary consents to enable J.P. Morgan to
 process the data set out therein for the purposes of providing the Products

8. The Customer will be subject to and shall comply with all applicable laws, rules and regulations concerning restricting
 collection, use, disclosure, processing and free movement of the Data (collectively, the "Privacy Regulations").
 The Privacy Regulations may include, as applicable, the Federal "Privacy of Consumer Financial Information" Regulation
 (12 CFR Part 30), as amended from time to time, issued pursuant to Section 504 of the Gramm-Leach-Bliley Act of 1999 (15 U.S.C.
 §6801, et seq.), the Health and Insurance Portability and Accountability Act of 1996 (42 U.S.C. §1320d), The Data
 Protection Act 1998 and Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection
 of individuals with regard to processing of personal data and the free movement of such data.

9. The Customer shall be responsible for the compliance of its Authorized Persons with the terms of the Agreement, including
 this Annex

Fund Services Agreement - US Mutual Funds - June 2016

![](x2_c113931x141x1.jpg)

## Ex-99.(I)

***Exhibit 99.(i)***

![](x3_c113931x131x1.jpg)

September 26, 2025

First Eagle Completion Fund Trust

1345 Avenue of the Americas

New York, NY 10105

Ladies and Gentlemen:

Re: <u>First Eagle Completion Fund Trust</u>

We have acted as special Delaware counsel for First Eagle Completion Fund Trust, a Delaware statutory trust (the "Trust"), in connection with the matters set forth herein. At your request, this opinion is being furnished to you. Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Trust Agreement, except that reference herein to any document shall mean such document as in effect on the date hereof.

We have examined originals or copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A certified copy of the Certificate of Trust of the Trust which was filed with the Secretary of
State of the State of Delaware (the "Secretary of State") on March 10, 2025 (the "Certificate of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agreement and Declaration of Trust of the Trust, dated as of March 10, 2025, by the trustees
named therein, as amended and restated by the Amended and Restated Agreement and Declaration of Trust of the Trust, dated as of
June 5, 2025, by the trustees named therein (the "Trust Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The By-laws of the Trust (the "By-laws"), as in effect on the date hereof as approved
by the Board of Trustees of the Trust (the "Board");

![](x3_c113931x131x2.jpg)

First Eagle Completion Fund Trust

September 26, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust's Registration Statement on Form N-1A (the "Registration Statement")
to be filed with the Securities and Exchange Commission on or about September 26, 2025, with respect to the issuance of shares
(the "Shares") of beneficial interest in the series of the Trust (the "Series") designated as First Eagle
High Yield Municipal Completion Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A certificate of the Secretary of the Trust with respect to certain matters including with respect
to the Board's approval of the issuance of the Shares, dated on or about the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Certificate of Good Standing for the Trust, dated September 25, 2025, obtained from the Secretary
of State.

We have not reviewed any documents other than the foregoing documents for purposes of rendering our opinions as expressed herein. In particular, we have not reviewed any document (other than the foregoing documents) that is referred to in or incorporated by reference into any document reviewed by us. We have assumed that there exists no provision of any such other document that bears upon or is inconsistent with our opinions as expressed herein. We have conducted no independent factual investigation of our own but have relied solely upon the foregoing documents, the statements and information set forth therein and the additional matters recited or assumed herein, all of which we have assumed to be true, complete and accurate in all material respects.

With respect to all documents examined by us, we have assumed (i) the authenticity of all documents submitted to us as authentic originals, (ii) the conformity with the originals of all documents submitted to us as copies or forms, and (iii) the genuineness of all signatures.

For purposes of this opinion, we have assumed (i) that the Trust Agreement and the By-Laws constitute the entire agreement among the parties thereto with respect to the subject matter thereof, including with respect to the creation, operation and termination of the Trust, and that the Trust Agreement, the By-laws and the Certificate of Trust are in full force and effect and will not be amended in a manner material to the opinions expressed herein, (ii) except to the extent provided in paragraph 1 below, the due organization, due establishment or due formation, as the case may be, and valid existence in good standing of the Series of the Trust and of each party to the documents examined by us under the laws of the jurisdiction governing its organization, establishment or formation, (iii) the legal capacity of natural persons who are parties to the documents examined by us, (iv) that each of the parties to the documents examined by us has the power and authority to execute and deliver, and to perform its obligations under, such documents, (v) the due authorization, execution and delivery by all parties thereto of all documents examined by us, (vi) the payment by each person to whom a Share has been or is to be issued by the Trust (collectively, the "Shareholders") for such Share, in accordance with the Trust Agreement and as contemplated by the Registration Statement, (vii) that the Shares are issued and sold to the Shareholders in accordance with the Trust Agreement and as contemplated by the Registration Statement, and (viii) that any amendment or restatement of any document reviewed by us has been

First Eagle Completion Fund Trust

September 26, 2025

accomplished in accordance with, and was permitted by, the relevant provisions of said document prior to its amendment or restatement from time to time. We have not participated in the preparation of the Registration Statement and assume no responsibility for its contents. We note that Shareholders may be required to make certain payments provided for in Article IV Section 6 of the Trust Agreement.

This opinion is limited to the laws of the State of Delaware (excluding the securities laws of the State of Delaware), and we have not considered and express no opinion on the laws of any other jurisdiction, including federal laws and rules and regulations relating thereto. Our opinions are rendered only with respect to Delaware laws and rules, regulations and orders thereunder which are currently in effect.

Based upon the foregoing, and upon our examination of such questions of law and statutes of the State of Delaware as we have considered necessary or appropriate, and subject to the assumptions, qualifications, limitations and exceptions set forth herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust is validly existing in good standing as a statutory trust under the Delaware Statutory Trust Act, 12 Del. C. § 3801, <u>et</u>. <u>seq</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares of the Trust have been duly authorized and, when issued, will be validly issued, fully paid and nonassessable beneficial interests in the Trust.

This opinion may be relied upon by you in connection with the matters set forth herein, including in connection with the delivery of your legal opinion relating to the Shares.

We consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statements. In giving the foregoing consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Richards, Layton & Finger, P.A. |

---

JWP/CZD

## Ex-99.(J)

***Exhibit 99.(j)***

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement on Form N-1A of First Eagle High Yield Municipal Completion Fund of our report dated September 26, 2025, relating to the financial statement of First Eagle High Yield Municipal Completion Fund, which appears in such Registration Statement. We also consent to the reference to us under the heading "Independent Registered Public Accounting Firm" in such Registration Statement.

/s/PricewaterhouseCoopers LLP<br> New York, New York<br> September 26, 2025

## Ex-99.(Q)(1)

***Exhibit 99.(q)(1)***

**FIRST EAGLE FUNDS**

**FIRST EAGLE VARIABLE FUNDS**

**FIRST EAGLE CREDIT OPPORTUNITIES FUND**

**FIRST EAGLE REAL ESTATE DEBT FUND**

**FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND**

**FIRST EAGLE COMPLETION FUND TRUST**

**POWER OF ATTORNEY**

***All Trusts***: The person whose signature appears below hereby appoints Mehdi Mahmud, Sheelyn Michael and David O'Connor and each of them, each of whom may act without the joinder of others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of shares of each of the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund and First Eagle Completion Fund Trust.

***Further appointment and authority as to First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund***: The above appointment and signature and filing authority, for each of the foregoing individuals and for this purpose only also to Seth Gelman, each of whom may act without the joinder of others, specifically shall extend to filings as may be required to be made by or for the person as a "Section 16 reporting person" and in particular on SEC Form 3, Form 4 and/or Form 5 required under said Section 16. In this regard, however, it is understood that it is solely the obligation of the reporting person to timely advise the Fund of any transactions in shares or other securities of the Fund as may be relevant to these reporting obligations.

---

| | |
|:---|:---|
| /s/ Lisa Anderson | /s/ Lisa Anderson |
| Name: | Lisa Anderson |
| Title: | Trustee |
| Date: | September 11, 2025 |

---

## Ex-99.(Q)(2)

***Exhibit 99.(q)(2)***

**FIRST EAGLE FUNDS**

**FIRST EAGLE VARIABLE FUNDS**

**FIRST EAGLE CREDIT OPPORTUNITIES FUND**

**FIRST EAGLE REAL ESTATE DEBT FUND**

**FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND**

**FIRST EAGLE COMPLETION FUND TRUST**

**POWER OF ATTORNEY**

***All Trusts***: The person whose signature appears below hereby appoints Mehdi Mahmud, Sheelyn Michael and David O'Connor and each of them, each of whom may act without the joinder of others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of shares of each of the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund and First Eagle Completion Fund Trust.

***Further appointment and authority as to First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund***: The above appointment and signature and filing authority, for each of the foregoing individuals and for this purpose only also to Seth Gelman, each of whom may act without the joinder of others, specifically shall extend to filings as may be required to be made by or for the person as a "Section 16 reporting person" and in particular on SEC Form 3, Form 4 and/or Form 5 required under said Section 16. In this regard, however, it is understood that it is solely the obligation of the reporting person to timely advise the Fund of any transactions in shares or other securities of the Fund as may be relevant to these reporting obligations.

---

| | |
|:---|:---|
| /s/ John Arnhold | /s/ John Arnhold |
| Name: | John Arnhold |
| Title: | Trustee |
| Date: | September 11, 2025 |

---

## Ex-99.(Q)(3)

***Exhibit 99.(q)(3)***

**FIRST EAGLE FUNDS**

**FIRST EAGLE VARIABLE FUNDS**

**FIRST EAGLE CREDIT OPPORTUNITIES FUND**

**FIRST EAGLE REAL ESTATE DEBT FUND**

**FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND**

**FIRST EAGLE COMPLETION FUND TRUST**

**POWER OF ATTORNEY**

***All Trusts***: The person whose signature appears below hereby appoints Mehdi Mahmud, Sheelyn Michael and David O'Connor and each of them, each of whom may act without the joinder of others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of shares of each of the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund and First Eagle Completion Fund Trust.

***Further appointment and authority as to First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund***: The above appointment and signature and filing authority, for each of the foregoing individuals and for this purpose only also to Seth Gelman, each of whom may act without the joinder of others, specifically shall extend to filings as may be required to be made by or for the person as a "Section 16 reporting person" and in particular on SEC Form 3, Form 4 and/or Form 5 required under said Section 16. In this regard, however, it is understood that it is solely the obligation of the reporting person to timely advise the Fund of any transactions in shares or other securities of the Fund as may be relevant to these reporting obligations.

---

| | |
|:---|:---|
| /s/ Candace K. Beinecke | /s/ Candace K. Beinecke |
| Name: | Candace K. Beinecke |
| Title: | Trustee |
| Date: | September 11, 2025 |

---

## Ex-99.(Q)(4)

***Exhibit 99.(q)(4)***

**FIRST EAGLE FUNDS**

**FIRST EAGLE VARIABLE FUNDS**

**FIRST EAGLE CREDIT OPPORTUNITIES FUND**

**FIRST EAGLE REAL ESTATE DEBT FUND**

**FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND**

**FIRST EAGLE COMPLETION FUND TRUST**

**POWER OF ATTORNEY**

***All Trusts***: The person whose signature appears below hereby appoints Mehdi Mahmud, Sheelyn Michael and David O'Connor and each of them, each of whom may act without the joinder of others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of shares of each of the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund and First Eagle Completion Fund Trust.

***Further appointment and authority as to First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund***: The above appointment and signature and filing authority, for each of the foregoing individuals and for this purpose only also to Seth Gelman, each of whom may act without the joinder of others, specifically shall extend to filings as may be required to be made by or for the person as a "Section 16 reporting person" and in particular on SEC Form 3, Form 4 and/or Form 5 required under said Section 16. In this regard, however, it is understood that it is solely the obligation of the reporting person to timely advise the Fund of any transactions in shares or other securities of the Fund as may be relevant to these reporting obligations.

---

| | |
|:---|:---|
| /s/ Peter Davidson | /s/ Peter Davidson |
| Name: | Peter Davidson |
| Title: | Trustee |
| Date: | September 11, 2025 |

---

## Ex-99.(Q)(5)

***Exhibit 99.(q)(5)***

**FIRST EAGLE FUNDS**

**FIRST EAGLE VARIABLE FUNDS**

**FIRST EAGLE CREDIT OPPORTUNITIES FUND**

**FIRST EAGLE REAL ESTATE DEBT FUND**

**FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND**

**FIRST EAGLE COMPLETION FUND TRUST**

**POWER OF ATTORNEY**

***All Trusts***: The person whose signature appears below hereby appoints Mehdi Mahmud, Sheelyn Michael and David O'Connor and each of them, each of whom may act without the joinder of others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of shares of each of the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund and First Eagle Completion Fund Trust.

***Further appointment and authority as to First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund***: The above appointment and signature and filing authority, for each of the foregoing individuals and for this purpose only also to Seth Gelman, each of whom may act without the joinder of others, specifically shall extend to filings as may be required to be made by or for the person as a "Section 16 reporting person" and in particular on SEC Form 3, Form 4 and/or Form 5 required under said Section 16. In this regard, however, it is understood that it is solely the obligation of the reporting person to timely advise the Fund of any transactions in shares or other securities of the Fund as may be relevant to these reporting obligations.

---

| | |
|:---|:---|
| /s/ Jean D. Hamilton | /s/ Jean D. Hamilton |
| Name: | Jean D. Hamilton |
| Title: | Trustee |
| Date: | September 11, 2025 |

---

## Ex-99.(Q)(6)

***Exhibit 99.(q)(6)***

**FIRST EAGLE FUNDS**

**FIRST EAGLE VARIABLE FUNDS**

**FIRST EAGLE CREDIT OPPORTUNITIES FUND**

**FIRST EAGLE REAL ESTATE DEBT FUND**

**FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND**

**FIRST EAGLE COMPLETION FUND TRUST**

**POWER OF ATTORNEY**

***All Trusts***: The person whose signature appears below hereby appoints Mehdi Mahmud, Sheelyn Michael and David O'Connor and each of them, each of whom may act without the joinder of others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of shares of each of the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund and First Eagle Completion Fund Trust.

***Further appointment and authority as to First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund***: The above appointment and signature and filing authority, for each of the foregoing individuals and for this purpose only also to Seth Gelman, each of whom may act without the joinder of others, specifically shall extend to filings as may be required to be made by or for the person as a "Section 16 reporting person" and in particular on SEC Form 3, Form 4 and/or Form 5 required under said Section 16. In this regard, however, it is understood that it is solely the obligation of the reporting person to timely advise the Fund of any transactions in shares or other securities of the Fund as may be relevant to these reporting obligations.

---

| | |
|:---|:---|
| /s/ William M. Kelly | /s/ William M. Kelly |
| Name: | William M. Kelly |
| Title: | Trustee |
| Date: | September 11, 2025 |

---

## Ex-99.(Q)(7)

***Exhibit 99.(q)(7)***

**FIRST EAGLE FUNDS**

**FIRST EAGLE VARIABLE FUNDS**

**FIRST EAGLE CREDIT OPPORTUNITIES FUND**

**FIRST EAGLE REAL ESTATE DEBT FUND**

**FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND**

**FIRST EAGLE COMPLETION FUND TRUST**

**POWER OF ATTORNEY**

***All Trusts***: The person whose signature appears below hereby appoints Mehdi Mahmud, Sheelyn Michael and David O'Connor and each of them, each of whom may act without the joinder of others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of shares of each of the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund and First Eagle Completion Fund Trust.

***Further appointment and authority as to First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund***: The above appointment and signature and filing authority, for each of the foregoing individuals and for this purpose only also to Seth Gelman, each of whom may act without the joinder of others, specifically shall extend to filings as may be required to be made by or for the person as a "Section 16 reporting person" and in particular on SEC Form 3, Form 4 and/or Form 5 required under said Section 16. In this regard, however, it is understood that it is solely the obligation of the reporting person to timely advise the Fund of any transactions in shares or other securities of the Fund as may be relevant to these reporting obligations.

---

| | |
|:---|:---|
| /s/ Paul Lawler | /s/ Paul Lawler |
| Name: | Paul Lawler |
| Title: | Trustee |
| Date: | September 11, 2025 |

---

## Ex-99.(Q)(8)

***Exhibit 99.(q)(8)***

**FIRST EAGLE FUNDS**

**FIRST EAGLE VARIABLE FUNDS**

**FIRST EAGLE CREDIT OPPORTUNITIES FUND**

**FIRST EAGLE REAL ESTATE DEBT FUND**

**FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND**

**FIRST EAGLE COMPLETION FUND TRUST**

**POWER OF ATTORNEY**

***All Trusts***: The person whose signature appears below hereby appoints Mehdi Mahmud, Sheelyn Michael and David O'Connor and each of them, each of whom may act without the joinder of others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of shares of each of the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund and First Eagle Completion Fund Trust.

***Further appointment and authority as to First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund***: The above appointment and signature and filing authority, for each of the foregoing individuals and for this purpose only also to Seth Gelman, each of whom may act without the joinder of others, specifically shall extend to filings as may be required to be made by or for the person as a "Section 16 reporting person" and in particular on SEC Form 3, Form 4 and/or Form 5 required under said Section 16. In this regard, however, it is understood that it is solely the obligation of the reporting person to timely advise the Fund of any transactions in shares or other securities of the Fund as may be relevant to these reporting obligations.

---

| | |
|:---|:---|
| /s/ Mandakini Puri | /s/ Mandakini Puri |
| Name: | Mandakini Puri |
| Title: | Trustee |
| Date: | September 11, 2025 |

---

## Ex-99.(Q)(9)

***Exhibit 99.(q)(9)***

**FIRST EAGLE FUNDS**

**FIRST EAGLE VARIABLE FUNDS**

**FIRST EAGLE CREDIT OPPORTUNITIES FUND**

**FIRST EAGLE REAL ESTATE DEBT FUND**

**FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND**

**FIRST EAGLE COMPLETION FUND TRUST**

**POWER OF ATTORNEY**

***All Trusts***: The person whose signature appears below hereby appoints Mehdi Mahmud, Sheelyn Michael and David O'Connor and each of them, each of whom may act without the joinder of others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of shares of each of the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund and First Eagle Completion Fund Trust.

***Further appointment and authority as to First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund***: The above appointment and signature and filing authority, for each of the foregoing individuals and for this purpose only also to Seth Gelman, each of whom may act without the joinder of others, specifically shall extend to filings as may be required to be made by or for the person as a "Section 16 reporting person" and in particular on SEC Form 3, Form 4 and/or Form 5 required under said Section 16. In this regard, however, it is understood that it is solely the obligation of the reporting person to timely advise the Fund of any transactions in shares or other securities of the Fund as may be relevant to these reporting obligations.

---

| | |
|:---|:---|
| /s/ Scott Sleyster | /s/ Scott Sleyster |
| Name: | Scott Sleyster |
| Title: | Trustee |
| Date: | September 11, 2025 |

---