# EDGAR Filing Document

**Accession Number:** 0002060415
**File Stem:** 0002071691-26-000166
**Filing Date:** 2026-1
**Character Count:** 42060
**Document Hash:** e158e0e564cbcc603604b7c65291220e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-000166.hdr.sgml**: 20260114

**ACCESSION NUMBER**: 0002071691-26-000166

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260114

**DATE AS OF CHANGE**: 20260114

**EFFECTIVENESS DATE**: 20260114

**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:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24076
- **FILM NUMBER:** 26532186

**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           |

## Internal

```

Report of Independent Registered Public Accounting Firm

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

In planning and performing our audit of the financial
statements of First Eagle High Yield Municipal Completion
Fund (the "Fund") as of and for the periods ended
October 31, 2025, in accordance with the standards of the
Public Company Accounting Oversight Board (United States)
(PCAOB), we considered the Funds' internal control over
financial reporting, including controls over safeguarding
securities, as a basis for designing our auditing procedures
for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-CEN,
but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial
reporting. Accordingly, we do not express an opinion on the
effectiveness of the Fund's internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls. A company's internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.
A company's internal control over financial reporting
includes those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and
directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition,
use or disposition of a company's assets that could have a material
effect on the financial statements.

Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to
the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or
procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow management
or employees, in the normal course of performing their assigned
functions, to prevent or detect misstatements on a timely basis.
A material weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement
of the company's annual or interim financial statements will not be
prevented or detected on a timely basis.

Our consideration of the Fund's internal control over financial
reporting was for the limited purpose described in the first paragraph
and would not necessarily disclose all deficiencies in internal
control over financial reporting that might be material weaknesses
under standards established by the PCAOB. However, we noted no
deficiencies in the Fund's internal control over financial
reporting and their operations, including controls over safeguarding
securities, that we consider to be material weaknesses as defined
above as of October 31, 2025.

This report is intended solely for the information and use of the
Board of Trustees of First Eagle Completion Fund Trust and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.

/s/PricewaterhouseCoopers LLP
New York, New York
December 26, 2025

```

## Advisory

```

FIRST EAGLE COMPLETION FUND TRUST

(FIRST EAGLE HIGH YIELD MUNICIPAL COMPLETION FUND)

1345 Avenue of the Americas

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").

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;

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.

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

By:_____________________
Name: SHEELYN MICHAEL

Title: Secretary

FIRST EAGLE INVESTMENT MANAGEMENT, LLC

By:_____________________
Name: MEHDI MAHMUD

Title: President and CEO

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0002060415

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-10-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** Yes

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** First Eagle Completion Fund Trust

- **Item B.1.b - Investment Company Act file number:** 811-24076

- **Item B.1.c - CIK:** 0002060415

- **Item B.1.d - LEI:** 254900TB1T20N5EOZD53

- **Item B.2.a - Street 1:** 1345 Avenue of the Americas

- **Item B.2.b - City:** New York

- **Item B.2.c - State:** NY

- **Item B.2.e - Zip Code:** 10105

- **Item B.2.f - Telephone:** 800-334-2143

- **Item B.2.g - Public Website:** www.firsteagle.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** JPMorgan Chase Bank, N.A.

- **b. Street 1:** 4 Chase Metrotech Center

- **Street 2:** 16th Floor

- **c. City:** Brooklyn

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 11245

- **g. Telephone number:** 718-242-0609

- **h. Briefly describe the books and records kept at this location:** Custody and Accounting Records

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** SS&C GIDS, Inc.

- **b. Street 1:** 801 Pennsylvania Avenue

- **Street 2:** Suite 219324

- **c. City:** Kansas City

- **d. State, if applicable:** MO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 64105

- **g. Telephone number:** 800-334-2143

- **h. Briefly describe the books and records kept at this location:** Shareholder Transaction Records

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** First Eagle Investment Management, LLC

- **b. Street 1:** 1345 Avenue of the Americas

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10105

- **g. Telephone number:** 212-698-3300

- **h. Briefly describe the books and records kept at this location:** Certain Fund Portfolio Transaction Records and Fund Corporate Documents

- **Item B.4.a - Is this the first filing by the Registrant?:** Yes

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** First Eagle Funds

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 1

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                | Is Interested Person?   | Other Investment Company File Numbers                            |
|:---|:---|:---|
| Mandakini Puri      | No                      | 811-09092, 811-23592, 811-07762, 811-23925, 811-24039            |
| Peter Davidson      | No                      | 811-07762, 811-23925, 811-24039, 811-09092, 811-23592            |
| Jean D. Hamilton    | No                      | 811-23925, 811-23592, 811-07762, 811-09092, 811-24039            |
| Paul J. Lawler      | No                      | 811-22743, 811-07762, 811-09092, 811-23925, 811-24039, 811-23592 |
| Candace K. Beinecke | No                      | 811-09092, 811-23592, 811-24039, 811-23925, 811-07762            |
| Lisa Anderson       | No                      | 811-23592, 811-24039, 811-23925, 811-09092, 811-07762            |
| William M. Kelly    | No                      | 811-07762, 811-24039, 811-23925, 811-23592, 811-09092            |
| Mehdi Mahmud        | Yes                     | 811-09092, 811-07762, 811-23592, 811-24039, 811-23925            |
| Scott Sleyster      | No                      | 811-09092, 811-07762, 811-24039, 811-23925, 811-23592            |
| John P. Arnhold     | Yes                     | 811-23592, 811-23925, 811-09092, 811-24039, 811-07762            |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Seth Gelman

- **b. CRD Number, if any:** 004276435

- **c. Street Address 1:** 1345 Avenue of the Americas

- **d. City:** New York

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 10105

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** FEF Distributors, LLC

- **ii. SEC file number:** 8-51483

- **iii. CRD number:** 000046585

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** Yes

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** PRICEWATERHOUSECOOPERS, LLP

- **b. PCAOB Number:** 238

- **c. LEI, if any:** 5493002GVO7EO8RNNS37

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - First Eagle High Yield Municipal Completion Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** First Eagle High Yield Municipal Completion Fund

- **b. Series identification number, if any:** S000093420

- **c. LEI:** 549300FZB4XB5JCHXV67

- **d. Is this the first filing on this form by the Fund?:** Yes

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 1

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                            | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | First Eagle High Yield Municipal Completion Fund | C000261678                                | FHCMX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4(f)(17 CFR 270.18f-4(f))

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** First Eagle Investment Management, LLC

- **ii. SEC file number:** 801-50659

- **iii. CRD number:** 000108260

- **iv. LEI, if any:** 549300FZB4XB5JCHXV67

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** SS&C GIDS, Inc.

- **ii. SEC file number:** 084-00448

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MO

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** SS&C GIDS, Inc.

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** First Eagle Investment Management, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                     | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| BofA Securities, Inc.                    | 8-69787           |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $880,591.50               |
| J.P. Morgan Securities LLC               | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $30,687,622.04            |
| FMSBONDS, INC.                           | 8-23280           |    000007793 | 549300TUTBK58NSF2517 | FL      | US        | $2,405,302.00             |
| Raymond James & Associates, Inc.         | 8-10999           |    000000705 | U4ONQX15J3RO8XCKE979 | FL      | US        | $600,000.00               |
| D.A. Davidson & Co.                      | 8-02399           |    000000199 | 549300094RQ5A7DYLF51 | MT      | US        | $2,015,053.40             |
| ICE Securities Execution & Clearing, LLC | 8-70258           |    000299634 | 549300Q54HHOIVWCEN57 | NY      | US        | $795,258.80               |
| RBC Capital Markets, LLC                 | 8-45411           |    000031194 | 549300LCO2FLSSVFFR64 | NY      | US        | $1,169,214.00             |
| Duncan-Williams, Inc.                    | 8-18971           |    000006950 | 25490045VHLUZ7H92Y27 | TN      | US        | $500,000.00               |
| Wells Fargo Securities, LLC              | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $1,928,651.00             |
| Estrada Hinojosa & Company, Inc.         | 8-61971           |    000019299 | N/A                  | TX      | US        | $619,661.35               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $43,919,674.39

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $13,458,876.29

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** First Eagle Completion Fund Trust

**Date:** 2026-01-14

**Signature:** Brandon Webster

**Title:** CFO First Eagle Funds