# EDGAR Filing Document

**Accession Number:** 0002060415
**File Stem:** 0002071691-26-007379
**Filing Date:** 2026-3
**Character Count:** 69078
**Document Hash:** 15437337dbd289fee1a85bdb1883e021
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-007379.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0002071691-26-007379

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**PERIOD START**: 20261031

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24076
- **FILM NUMBER:** 26803823

**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

## Nport-Ex

First Eagle High Yield Municipal Completion Fund<br> Schedule of Investments<br> January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| **Municipal Bonds - 103.8%** |  |  |
| **Arizona 2.8%** |  |  |
| Industrial Development Authority of the City of Phoenix Arizona (The), |  |  |
| &nbsp;&nbsp;&nbsp;Downtown Phoenix Student Housing II LLC, Revenue, Series 2019 A, 5.00%, 07/01/2059 | 460000 | 433787 |
| **California 6.5%** |  |  |
| Kaweah Delta Health Care District Guild, |  |  |
| &nbsp;&nbsp;&nbsp;Revenue, Series 2015 B, 4.00%, 06/01/2045 | 455000 | 369505 |
| San Francisco City & County Airport Comm-San Francisco International Airport, |  |  |
| &nbsp;&nbsp;&nbsp;Revenue, Second Series, AMT, Series 2019 E, 5.00%, 05/01/2050 (a) | 150000 | 151113 |
| San Jacinto Unified School District, |  |  |
| &nbsp;&nbsp;&nbsp;GO, Series 2025, 4.13%, 08/01/2055 (a) | 500000 | 481414 |
|  |  | 1002032 |
| **Colorado 3.2%** |  |  |
| Colorado Health Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;BSLC Obligated Group, Revenue, Second Tier, Refunding, Series 2018 B, 5.00%, 09/15/2053 | 100000 | 90166 |
| Foster Farm Business Improvement District, |  |  |
| &nbsp;&nbsp;&nbsp;GO, Series 2025 A, 0.00%, 12/01/2055 (b)(c) | 575000 | 400725 |
|  |  | 490891 |
| **Connecticut 2.4%** |  |  |
| Connecticut State Health & Educational Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;University of Hartford (The), Revenue, Refunding, Series N, 4.00%, 07/01/2049 | 10000 | 7516 |
| Stamford Housing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 6.25%, 10/01/2060 | 350000 | 350522 |
|  |  | 358038 |
| **Florida 5.2%** |  |  |
| Capital Trust Authority, |  |  |
| &nbsp;&nbsp;&nbsp;AcadeMir Charter School Middle & Preparatory Academy Obligated Group, Revenue, Refunding, Series 2024 A, 5.25%, 06/01/2064 (b) | 250000 | 218048 |
| &nbsp;&nbsp;&nbsp;KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 6.13%, 06/15/2060 (b) | 195000 | 197827 |
| Florida Local Government Finance Commission, |  |  |
| &nbsp;&nbsp;&nbsp;Life Care ET, Inc., Revenue, Series 2025 A, 0.00%, 12/01/2030 (b)(c) | 150000 | 153347 |
| Miami-Dade County Industrial Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;AcadeMir Charter School Middle & Preparatory Academy Obligated Group, Revenue, Series 2022 A, 5.25%, 07/01/2052 (b) | 250000 | 224961 |
|  |  | 794183 |
| **Georgia 4.0%** |  |  |
| Atlanta Development Authority (The), |  |  |
| &nbsp;&nbsp;&nbsp;PRG - CAU Properties LLC, Revenue, Series 2025 A, 6.00%, 07/01/2055 (b) | 250000 | 257581 |
| Savannah Georgia Convention Center Authority, |  |  |
| &nbsp;&nbsp;&nbsp;Revenue, Series 2025 B, 6.00%, 06/01/2050 (b) | 350000 | 345535 |
|  |  | 603116 |
| **Illinois 13.8%** |  |  |
| Chicago Board of Education, |  |  |
| &nbsp;&nbsp;&nbsp;GO, Refunding, Series 2017 A, 7.00%, 12/01/2046 (b) | 500000 | 512633 |
| City of Chicago, |  |  |
| &nbsp;&nbsp;&nbsp;GO, Series 2019 A, 5.50%, 01/01/2049 | 400000 | 401247 |
| City of Galesburg, |  |  |
| &nbsp;&nbsp;&nbsp;Knox College/Illinois, Revenue, Refunding, Series 2021 A, 4.00%, 10/01/2046 | 600000 | 473720 |
| Illinois Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;Illinois Institute of Technology, Revenue, Refunding, Series 2019, 5.00%, 09/01/2038 | 130000 | 128071 |
| &nbsp;&nbsp;&nbsp;Plymouth Place Obligated Group, Revenue, Series 2022 A, 6.75%, 05/15/2058 | 140000 | 146672 |

---

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Completion Fund<br> Schedule of Investments<br> January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| **Illinois** |  |  |
| Schaumburg Cook & DuPage Counties, |  |  |
| &nbsp;&nbsp;&nbsp;Tax Allocation, Series 2025, 6.13%, 12/30/2038 (b) | 440000 | 444579 |
|  |  | 2106922 |
| **Indiana 2.2%** |  |  |
| Indiana Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;Global Preparatory Academy, Inc. Obligated Group, Revenue, Series 2025 A, 6.38%, 10/15/2060 (b) | 250000 | 249537 |
| &nbsp;&nbsp;&nbsp;Lutheran University Association, Inc. (The), Revenue, Series 2014, 5.00%, 10/01/2039 | 15000 | 14729 |
| &nbsp;&nbsp;&nbsp;Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 3.25%, 10/01/2033 | 10000 | 8834 |
| &nbsp;&nbsp;&nbsp;Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 5.00%, 10/01/2036 | 10000 | 10004 |
| &nbsp;&nbsp;&nbsp;Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 3.50%, 10/01/2037 | 20000 | 16969 |
| &nbsp;&nbsp;&nbsp;Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 5.00%, 10/01/2038 | 40000 | 39629 |
|  |  | 339702 |
| **Iowa 2.0%** |  |  |
| City of Coralville, |  |  |
| &nbsp;&nbsp;&nbsp;COP, Series 2016 E, 3.38%, 06/01/2036 | 5000 | 4212 |
| &nbsp;&nbsp;&nbsp;Revenue, Refunding, Series 2017 D-1, 4.00%, 05/01/2037 | 40000 | 35369 |
| Iowa Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.13%, 05/15/2059 | 300000 | 281758 |
|  |  | 321339 |
| **Kansas 0.4%** |  |  |
| City of Wichita, |  |  |
| &nbsp;&nbsp;&nbsp;Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2019 III, 5.00%, 05/15/2050 | 70000 | 59231 |
| **Missouri 2.5%** |  |  |
| Citizens Memorial Hospital District, |  |  |
| &nbsp;&nbsp;&nbsp;Revenue, Series 2024 D, 6.75%, 02/01/2053 | 75000 | 74707 |
| County of Boone, |  |  |
| &nbsp;&nbsp;&nbsp;Boone County Hospital, Revenue, Refunding, Series 2016, 4.00%, 08/01/2038 | 400000 | 309058 |
|  |  | 383765 |
| **Montana 0.8%** |  |  |
| Montana Facility Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;Montana Children's Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2050 | 165000 | 120644 |
| **New Hampshire 0.8%** |  |  |
| New Hampshire Business Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;Moonlight Bend Municipal Utility District, Revenue, Series 2025, 0.00%, 12/01/2035 (b)(d) | 250000 | 128556 |
| **New Jersey 2.1%** |  |  |
| New Jersey Educational Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.75%, 07/01/2037 | 20000 | 15223 |
| New Jersey Transportation Trust Fund Authority, |  |  |
| &nbsp;&nbsp;&nbsp;State of New Jersey, Revenue, Series 2025 AA, 5.00%, 06/15/2055 (a) | 300000 | 308358 |
|  |  | 323581 |
| **New York 8.2%** |  |  |
| New York Counties Tobacco Trust IV, |  |  |
| &nbsp;&nbsp;&nbsp;Revenue, Series 2005 A, 5.00%, 06/01/2045 | 840000 | 655013 |
| Onondaga Civic Development Corp., |  |  |
| &nbsp;&nbsp;&nbsp;Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.13%, 08/01/2044 | 500000 | 472775 |

---

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Completion Fund<br> Schedule of Investments<br> January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| **New York** |  |  |
| Westchester County Local Development Corp., |  |  |
| &nbsp;&nbsp;&nbsp;Westchester County Health Care Corp. Obligated Group, Revenue, Refunding, Series 2016, 3.75%, 11/01/2037 | 135000 | 116383 |
|  |  | 1244171 |
| **Ohio 9.1%** |  |  |
| County of Lucas, |  |  |
| &nbsp;&nbsp;&nbsp;Genacross Lutheran Services Obligated Group, Revenue, Refunding, Series 2025, 6.75%, 11/01/2030 (e)(f) | 100000 | 100682 |
| County of Washington, |  |  |
| &nbsp;&nbsp;&nbsp;Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, 6.75%, 12/01/2052 | 175000 | 179820 |
| Ohio Housing Finance Agency, |  |  |
| &nbsp;&nbsp;&nbsp;Green Oaks of Canal Winchester LLC, Revenue, Series 2025 A, 6.30%, 01/01/2045 | 300000 | 305719 |
| &nbsp;&nbsp;&nbsp;Green Oaks of Holland LLC, Revenue, Series 2025 A, 6.30%, 01/01/2045 | 300000 | 305719 |
| Southeastern Ohio Port Authority, |  |  |
| &nbsp;&nbsp;&nbsp;Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.50%, 12/01/2043 | 500000 | 489685 |
|  |  | 1381625 |
| **Pennsylvania 4.4%** |  |  |
| Berks County Industrial Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;Tower Health Obligated Group, Revenue, Refunding, Series 2017, 3.75%, 11/01/2042 | 20000 | 12828 |
| &nbsp;&nbsp;&nbsp;Tower Health Obligated Group, Revenue, Refunding, Series 2017, 4.00%, 11/01/2047 | 50000 | 32305 |
| Berks County Municipal Authority (The), |  |  |
| &nbsp;&nbsp;&nbsp;Tower Health Obligated Group, Revenue, Series 2024 B-1, 0.00%, 06/30/2044 (c) | 825000 | 589117 |
| DuBois Hospital Authority, |  |  |
| &nbsp;&nbsp;&nbsp;Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 4.00%, 07/15/2048 | 15000 | 11492 |
| &nbsp;&nbsp;&nbsp;Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2048 | 25000 | 22065 |
| Lancaster County Hospital Authority, |  |  |
| &nbsp;&nbsp;&nbsp;Moravian Manors Obligated Group, Revenue, Series 2019 A, 4.00%, 06/15/2044 | 25000 | 20267 |
|  |  | 688074 |
| **Rhode Island 4.0%** |  |  |
| Rhode Island Health and Educational Building Corp., |  |  |
| &nbsp;&nbsp;&nbsp;Properties LLC, Revenue, AG Insured, Series 2025 B, 5.63%, 07/01/2065 | 600000 | 614794 |
| **South Carolina 3.8%** |  |  |
| South Carolina Jobs-Economic Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;Connexion Communities Obligated Group, Revenue, Series 2025 A1, 6.75%, 10/15/2060 (b) | 430000 | 431888 |
| &nbsp;&nbsp;&nbsp;Libertas Academy Woodruff, Revenue, Series 2025 A, 7.25%, 08/15/2065 (b) | 150000 | 155553 |
|  |  | 587441 |
| **Tennessee 0.2%** |  |  |
| Shelby County Health Educational & Housing Facilities Board, |  |  |
| &nbsp;&nbsp;&nbsp;Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2013 A, 5.38%, 09/01/2041 | 30000 | 26247 |
| **Texas 16.5%** |  |  |
| City of Celina, |  |  |
| &nbsp;&nbsp;&nbsp;Legacy Celina Public Improvement District, Special Assessment, Series 2025, 6.13%, 09/01/2055 | 635000 | 624724 |
| City of Justin, |  |  |
| &nbsp;&nbsp;&nbsp;Timberbrook Public Improvement District No. 2 Impt Area No. 2, Special Assessment, Series 2025, 6.00%, 09/01/2055 (b) | 300000 | 300303 |
| Greater Texas Cultural Education Facilities Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;Texas Biomedical Research Institute, Revenue, Series 2024 A, 5.25%, 06/01/2054 | 500000 | 452560 |

---

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Completion Fund<br> Schedule of Investments<br> January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| **Texas** |  |  |
| Hunt Memorial Hospital District Charitable Health, |  |  |
| &nbsp;&nbsp;&nbsp;GO, Refunding, Series 2020, 3.00%, 02/15/2040 | 65000 | 53608 |
| New Hope Cultural Education Facilities Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;Sanctuary LTC LLC, Revenue, Series 2021 A-1, 5.50%, 01/01/2057 | 500000 | 458733 |
| &nbsp;&nbsp;&nbsp;SLF CHP LLC, Revenue, Series 2025 A, 6.50%, 07/01/2056 (b) | 450000 | 443174 |
| Nolan County Hospital District, |  |  |
| &nbsp;&nbsp;&nbsp;GO, Series 2014, 4.00%, 08/15/2037 | 220000 | 187638 |
|  |  | 2520740 |
| **Vermont 0.2%** |  |  |
| East Central Vermont Telecommunications District, |  |  |
| &nbsp;&nbsp;&nbsp;Revenue, Series 2016 A, 5.00%, 12/01/2035 (b) | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;Revenue, Refunding, Series 2017 A, 6.13%, 12/01/2040 (b) | 20000 | 20012 |
|  |  | 25012 |
| **Washington 2.2%** |  |  |
| Washington State Housing Finance Commission, |  |  |
| &nbsp;&nbsp;&nbsp;Spokane International Academy, Revenue, Series 2021 A, 5.00%, 07/01/2050 (b) | 400000 | 344348 |
| **West Virginia 0.4%** |  |  |
| West Virginia Hospital Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2043 | 40000 | 37626 |
| &nbsp;&nbsp;&nbsp;Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 4.13%, 01/01/2047 | 35000 | 27420 |
|  |  | 65046 |
| **Wisconsin 6.1%** |  |  |
| Public Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;CFC-SA LLC, Revenue, Series 2022 B, 6.00%, 02/01/2062 (b) | 200000 | 205176 |
| &nbsp;&nbsp;&nbsp;Queens University of Charlotte, Revenue, Refunding, Series 2022 A, 4.75%, 03/01/2052 | 30000 | 27176 |
| &nbsp;&nbsp;&nbsp;Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2024 A, 7.00%, 09/16/2030 (b) | 500000 | 501044 |
| &nbsp;&nbsp;&nbsp;SR 400 Peach Partners LLC, Revenue, Senior Lien, AMT, Series 2025, 5.75%, 06/30/2060 | 150000 | 155341 |
| Wisconsin Health & Educational Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;Chiara Communities, Inc., Revenue, Series 2018 B, 4.25%, 07/01/2033 | 50000 | 49109 |
|  |  | 937846 |
| **Total Municipal Bonds<br> (Cost $15,653,754)** |  | **15901131** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Short-Term Investments - 0.0%(g)** |  |  |
| **Investment Companies - 0.0%(g)** |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan US Government Money Market Fund 3.65% (h)<br> (Cost $2,950) | 2950 | 2950 |
| **Total Investments - 103.8%<br> (Cost $15,656,704)** |  | **15904081** |
| Floating Rate Note Obligations - (4.9%)(i) |  | (745000) |
| **Other assets less liabilities - 1.1%** |  | **169467** |
| **Net Assets - 100.0%** |  | **15328548** |

---

(a) All or a portion
 of the principal amount transferred to a Tender Option Bond ("TOB") Issuer in exchange for TOB residuals and cash.

(b) Securities exempt from
 registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities
 at January 31, 2026 amounted to $5,539,827, which represents approximately 36.14% of net assets of the Fund.

(c) Zero coupon bond until
 next reset date.

(d) Zero Coupon Security. Debt
 security that pays no cash income but is sold at a substantial discount from its value at maturity.

(e) Variable or floating rate
 security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying
 pool of assets. The interest rate shown was the current rate as of January 31, 2026.

(f) Security with "Put"
 features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is
 in effect on January 31, 2026.

(g) Represents less than 0.05%
 of net assets.

(h) Represents 7-day effective
 yield as of January 31, 2026.

(i) Face value of Floating
 Rate Notes issued in TOB transactions.

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Completion Fund<br> Schedule of Investments<br> January 31, 2026 (unaudited)

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| AMT | Alternative Minimum Tax |
| GO | General Obligation |

---

---

| | |
|:---|:---|
| <br>**Industry Diversification for Portfolio Holdings** | **Percent of Net**<br>**Assets** |
| Hospital | 18.7% |
| Continuing Care Retirement Community | 10.6 |
| Special Assessment Financing | 9.3 |
| Charter School | 9.1 |
| Student Housing | 8.5 |
| School District | 6.5 |
| Higher Education | 4.8 |
| Tobacco Master Settlement Agreement | 4.3 |
| State Multi-Family Housing | 4 |
| Economic/Industrial Development | 3.6 |
| Assisted Living | 3.5 |
| Nursing Home | 3 |
| Not-For-Profit Research Organization | 2.9 |
| Tax Increment Financing | 2.9 |
| General Obligation | 2.6 |
| General Obligation District (Other) | 2.6 |
| Appropriation | 2.3 |
| General Obligation Hospital/Health District | 1.6 |
| Toll Highway/Bridge/Tunnel | 1 |
| Airport | 1 |
| General Revenue Tax-Guaranteed | 0.8 |
| Telecom | 0.2 |
| Short-Term Investments | 0.0 \* |
| **Total Investments** | **103.8%** |

---

\* Less than 0.05%

See Notes to Schedule of Investments. (Continued)

Notes to Schedule of Investments (unaudited)

**Note 1 — Organization**

First Eagle High Yield Municipal Completion Fund (the "Fund") is a newly-organized, diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act") that continuously offers its shares of beneficial interest. The Fund is a series of First Eagle Completion Fund Trust (the "Trust") which was organized as a Delaware statutory trust on March 10, 2025, pursuant to a Declaration of Trust governed by the laws of the State of Delaware.

The Fund's primary investment objective is 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. The Fund seeks to achieve its investment objectives by investing 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 that pay interest that is exempt from regular federal personal income tax. The Fund may invest without limit in securities that generate income taxable to those shareholders subject to the federal alternative minimum tax.

The Fund currently 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. ("First Eagle Holdings"). A controlling interest in First Eagle Holdings is owned by funds managed by Genstar Capital, LLC.

**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)** **Investment Valuation** — The Fund's net asset value ("NAV") 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 computes its
 NAV per share as of the close of trading on each day the New York Stock Exchange ("NYSE")
 is open for trading.

The Fund's securities are valued by various methods, as described below:

Portfolio securities and other assets for which market quotes are readily available are valued at market value.

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 trading on the NYSE (normally 4:00 PM EST), 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 instruments and the various relationships between instruments 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 features of the instrument 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.

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.

Investment companies, including money market funds, are valued at their net asset value.

If a price is not available from an independent pricing service or broker, or if the price provided is believed to be unreliable, the security will be fair valued as described below. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. Fair value methods may include, but are not limited to, the use of market comparable and/or income approach methodologies. Using a fair value pricing methodology to value securities may result in a value that is different from a security's most recent sale price and from the prices used by other investment companies to calculate their NAV. Determination of fair value is uncertain because it involves subjective judgments and estimates. There can be no assurance that the Fund's valuation of a security will not differ from the amount that it realizes upon the sale of such security.

The Fund adopted provisions surrounding fair value measurements and disclosures that define fair value, establish a framework for measuring fair value in GAAP and expand disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.

The Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value.

These inputs are used in determining the value of the Fund's investments and are summarized in the following fair value hierarchy:

Level 1 — Quoted prices in active markets for identical securities;

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.);

Level 3 — Other significant unobservable inputs (including the Fund's own assumption in determining the fair value of investments).

Fair valuation of securities, other financial instruments or other assets (collectively, "securities") held by the Fund are determined in good faith by the Adviser as "valuation designee" under the oversight of the Trust's Board of Trustees (the "Board"). The Board Valuation, Liquidity and Allocations Committee (the "Committee") oversees the execution of the valuation procedures for the Fund. In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser the "valuation designee" to perform the Fund's fair value determinations. The Adviser's fair valuation process is subject to Board oversight and certain reporting and other requirements.

The following table summarizes the valuation of the Fund's investments under the fair value hierarchy levels as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| **Assets:** | | | | |
| Municipal Bonds | $— | $15901131 | $— | 15901131 |
| Short-Term Investments | 2950 |  |  | 2950 |
| **Total** | $**2950** | $**15901131** | $**—** | **15904081** |

---

† See Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

**b)** **Derivative Transactions** — 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 (as defined below). 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 hereof, the Fund relies on the Limited Derivatives
 User Exception.

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 nonrecourse 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 nonstandard settlement cycle securities, unless the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

**c)** **Tender Option Bonds** — Inverse floating rate interests ("Inverse Floaters")
 are issued in connection with municipal tender option bond ("TOB") financing
 transactions (secured borrowing) to generate leverage for the Fund. Such instruments are

 rate bonds sold to it by the Fund (the underlying security), and issues two classes of beneficial
 interests: short-term floating rate interests ("Floaters"), which are sold
 to other investors, and Inverse Floaters, which are purchased by the Fund. The Fund also
 may purchase Floaters issued by a TOB Trust. The Floaters have first priority on the
 cash flow from the underlying security held by the TOB Trust, have a tender option feature
 that allows holders to tender the Floaters back to the TOB Trust for their par amount and
 accrued interest at specified intervals and bear interest at prevailing short- term
 interest rates. Tendered Floaters are remarketed for sale to other investors for their par
 amount and accrued interest by a remarketing agent to the TOB Trust and are ultimately supported
 by a liquidity facility provided by a bank, upon which the TOB Trust can draw funds to pay
 such amount to holders of Tendered Floaters that cannot be remarketed. The Fund, as holder
 of the Inverse Floaters, is paid the residual 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 inInverse 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.

The Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "All or portion of principal amount transferred to a TOB Issuer in exchange for TOB Residuals and cash." with the Fund recognizing as liabilities, labeled "Payable for Floating Rate Note Obligation" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense" on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of "Accrued interest and dividends receivable" and "Interest expense and fees payable" on the Statement of Assets and Liabilities, respectively.

As of January 31, 2026, the aggregate value of Floaters issued by the Fund's TOB Trusts were as follows:

---

| | |
|:---|:---|
|  | **Floating Rate<br> Obligations:** |
| First Eagle High Yield Municipal Completion Fund | $745000 |

---

For the period ended January 31, 2026, the average amount of Floaters outstanding and the average annual interest rates and fees related to Inverse Floaters, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Average Floating**<br>**Rate Obligations**<br>**Outstanding** | **Average Annual**<br>**Interest Rate**<br>**and Fees** |
| First Eagle High Yield Municipal Completion Fund | $745000 | 2.42% |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** First Eagle Completion Fund Trust

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

- **c. CIK number of Registrant:** 0002060415

- **d. LEI of Registrant:** 254900AXKJJMYERORD49

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10105

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

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

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

- **c. LEI of Series:** 254900TB1T20N5EOZD53

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $16077412.83

**Total Liabilities:** $824324.97

**Net Assets:** $15253087.86

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -4.91728558 | **1-Year:** -139.02897038 | **5-Year:** -626.33363381 | **10-Year:** -1776.68061925 | **30-Year:** -1044.45266415

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

- **3-Month:** -35.59612576 | **1-Year:** -424.12128845 | **5-Year:** -1891.09732214 | **10-Year:** -4158.23040684 | **30-Year:** -1637.39581754

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261678 | 0.57%                | 0.39%                | 1.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $839.25                  | $17458.77                                  |
| Month 2  | $-5.25                   | $-15135.15                                 |
| Month 3  | $-1384.95                | $81160.22                                  |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                         | Title                                                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Indiana Finance Authority                                                    | Indiana Finance Authority, Series 2025 A                                             | CUSIP: 45470EEV3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    250000 | PA      | $249537.23    | 1.64%             | 2060-10-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Kaweah Delta Health Care District Guild                                      | Kaweah Delta Health Care District Guild, Series 2015 B                               | CUSIP: 486375HB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $369505.09    | 2.42%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                           | South Carolina Jobs-Economic Development Authority, Series 2025 A                    | CUSIP: 83704MFT8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    150000 | PA      | $155552.58    | 1.02%             | 2065-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                  | Ohio Housing Finance Agency, Series 2025 A                                           | CUSIP: 676900YF4<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    300000 | PA      | $305718.87    | 2.00%             | 2045-01-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                  | Ohio Housing Finance Agency, Series 2025 A                                           | CUSIP: 676900YD9<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    300000 | PA      | $305718.87    | 2.00%             | 2045-01-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                  | Connecticut State Health & Educational Facilities Authority, Series N                | CUSIP: 20775DDY5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |     10000 | PA      | $7515.95      | 0.05%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                       | Iowa Finance Authority, Series 2024 A                                                | CUSIP: 46247SFV1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    300000 | PA      | $281757.69    | 1.85%             | 2059-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority                                           | Montana Facility Finance Authority, Series 2020 A                                    | CUSIP: 612043LN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $120643.97    | 0.79%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                     | West Virginia Hospital Finance Authority, Series 2018 A                              | CUSIP: 956622S47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $37626.20     | 0.25%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                            | City of Celina, Series 2025                                                          | CUSIP: 15114CKY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $624724.30    | 4.10%             | 2055-09-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                          | Wisconsin Health & Educational Facilities Authority, Series 2018 B                   | CUSIP: 97671VBE4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     50000 | PA      | $49108.88     | 0.32%             | 2033-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                    | DuBois Hospital Authority, Series 2018                                               | CUSIP: 263804BQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $22064.57     | 0.14%             | 2048-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                               | New Jersey Transportation Trust Fund Authority                                       | CUSIP: 64613CHS0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    300000 | PA      | $308357.79    | 2.02%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                  | Washington State Housing Finance Commission, Series 2021 A                           | CUSIP: 93978LGG5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    400000 | PA      | $344348.32    | 2.26%             | 2050-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Coralville IA                                                        | City of Coralville, Series 2016 E                                                    | CUSIP: 218086CQ7<br>LEI: 549300UKC7MMW46X6P25 | Long             | DBT              | MUN               | US        |      5000 | PA      | $4211.54      | 0.03%             | 2036-06-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Southeastern Ohio Port Authority                                             | Southeastern Ohio Port Authority, Series 2015                                        | CUSIP: 841895AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $489685.40    | 3.21%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                    | Indiana Finance Authority, Series 2017                                               | CUSIP: 45506DF67<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     40000 | PA      | $39628.89     | 0.26%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                | Berks County Industrial Development Authority, Series 2017                           | CUSIP: 08451PAV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $12827.70     | 0.08%             | 2042-11-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| County of Boone MO                                                           | County of Boone, Series 2016                                                         | CUSIP: 098867GB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $309058.64    | 2.03%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Foster Farm Business Improvement District                                    | Foster Farm Business Improvement District, Series 2025 A                             | CUSIP: 350076AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $400724.29    | 2.63%             | 2055-12-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Schaumburg Cook & DuPage Counties IL                                         | Schaumburg Cook & DuPage Counties, Series 2025                                       | CUSIP: 806345AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $444578.55    | 2.91%             | 2038-12-30      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                         | New Hope Cultural Education Facilities Finance Corp., Series 2025 A                  | CUSIP: 64542PGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $443174.31    | 2.91%             | 2056-07-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                           | Rhode Island Health and Educational Building Corp., Series 2025 B                    | CUSIP: 762244PC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $614794.08    | 4.03%             | 2065-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                   | Illinois Finance Authority, Series 2022 A                                            | CUSIP: 45204FSQ9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    140000 | PA      | $146671.92    | 0.96%             | 2058-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                   | Illinois Finance Authority, Series 2019                                              | CUSIP: 45204E7C6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    130000 | PA      | $128071.06    | 0.84%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                             | Onondaga Civic Development Corp., Series 2024 A                                      | CUSIP: 682832KH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $472774.80    | 3.10%             | 2044-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan US Government Money Market Fund                                     | JPMorgan US Government Money Market Fund                                             | CUSIP: 4812C0670<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        |      2950 | NS      | $2950.47      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Memorial Hospital District                                          | Citizens Memorial Hospital District, Series 2024 D                                   | CUSIP: 174762EY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $74707.11     | 0.49%             | 2053-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                           | City of Wichita, Series 2019 III                                                     | CUSIP: 967249QU0<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |     70000 | PA      | $59231.43     | 0.39%             | 2050-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                    | DuBois Hospital Authority, Series 2018                                               | CUSIP: 263804BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $11492.39     | 0.08%             | 2048-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                    | Indiana Finance Authority, Series 2017                                               | CUSIP: 45506DF42<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10004.25     | 0.07%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hunt Memorial Hospital District Charitable Health                            | Hunt Memorial Hospital District Charitable Health, Series 2020                       | CUSIP: 445656FA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $53608.24     | 0.35%             | 2040-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                 | Savannah Georgia Convention Center Authority, Series 2025 B                          | CUSIP: 804828AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $345534.49    | 2.27%             | 2050-06-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2025                                                | CUSIP: 74448UAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    150000 | PA      | $155341.11    | 1.02%             | 2060-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| East Central Vermont Telecommunications District                             | East Central Vermont Telecommunications District, Series 2016 A                      | CUSIP: 271524AE0<br>LEI: 549300UHVQS0JED3EZ33 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5000.07      | 0.03%             | 2035-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                    | Indiana Finance Authority, Series 2014                                               | CUSIP: 45506DMT9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     15000 | PA      | $14728.69     | 0.10%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                | Berks County Industrial Development Authority, Series 2017                           | CUSIP: 08451PAW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $32304.97     | 0.21%             | 2047-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2024 A                                              | CUSIP: 74448DBB1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501043.75    | 3.28%             | 2030-09-16      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| East Central Vermont Telecommunications District                             | East Central Vermont Telecommunications District, Series 2017 A                      | CUSIP: 271524AL4<br>LEI: 549300UHVQS0JED3EZ33 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20012.27     | 0.13%             | 2040-12-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Nolan County Hospital District                                               | Nolan County Hospital District, Series 2014                                          | CUSIP: 65528GBM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $187638.26    | 1.23%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Industrial Development Authority                           | Miami-Dade County Industrial Development Authority, Series 2022 A                    | CUSIP: 59334GAM9<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |    250000 | PA      | $224960.48    | 1.47%             | 2052-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                         | Colorado Health Facilities Authority, Series 2018 B                                  | CUSIP: 19648FJA3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    100000 | PA      | $90165.50     | 0.59%             | 2053-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                    | Indiana Finance Authority, Series 2017                                               | CUSIP: 45506DF59<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     20000 | PA      | $16968.91     | 0.11%             | 2037-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                  | Shelby County Health Educational & Housing Facilities Board, Series 2013 A           | CUSIP: 821697H77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $26246.78     | 0.17%             | 2041-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority (The)                                          | Atlanta Development Authority (The), Series 2025 A                                   | CUSIP: 04777LDW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257580.93    | 1.69%             | 2055-07-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                   | Westchester County Local Development Corp., Series 2016                              | CUSIP: 95737TCC8<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    135000 | PA      | $116383.05    | 0.76%             | 2037-11-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                  | Florida Local Government Finance Commission, Series 2025 A                           | CUSIP: 34077KAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153346.98    | 1.01%             | 2030-12-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Lancaster County Hospital Authority                                          | Lancaster County Hospital Authority, Series 2019 A                                   | CUSIP: 51404PAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $20266.78     | 0.13%             | 2044-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Jacinto Unified School District                                          | San Jacinto Unified School District                                                  | CUSIP: 797848KQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $481413.45    | 3.16%             | 2055-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| County of Washington OH                                                      | County of Washington, Series 2022                                                    | CUSIP: 938154DX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $179819.82    | 1.18%             | 2052-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)        | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2019 A | CUSIP: 71885DEH1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    460000 | PA      | $433787.08    | 2.84%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                    | Indiana Finance Authority, Series 2017                                               | CUSIP: 45506DF34<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     10000 | PA      | $8834.23      | 0.06%             | 2033-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                         | New Hope Cultural Education Facilities Finance Corp., Series 2021 A-1                | CUSIP: 64542PGC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $458733.15    | 3.01%             | 2057-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                   | Stamford Housing Authority, Series 2025 A                                            | CUSIP: 852640AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350522.31    | 2.30%             | 2060-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Coralville IA                                                        | City of Coralville, Series 2017 D-1                                                  | CUSIP: 218080EC9<br>LEI: 549300UKC7MMW46X6P25 | Long             | DBT              | MUN               | US        |     40000 | PA      | $35369.46     | 0.23%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Justin TX                                                            | City of Justin, Series 2025                                                          | CUSIP: 482184AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300303.39    | 1.97%             | 2055-09-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Greater Texas Cultural Education Facilities Finance Corp.                    | Greater Texas Cultural Education Facilities Finance Corp., Series 2024 A             | CUSIP: 39237QBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $452560.15    | 2.97%             | 2054-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                     | New Hampshire Business Finance Authority, Series 2025                                | CUSIP: 63608TBA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $128556.38    | 0.84%             | 2035-12-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                  | New Jersey Educational Facilities Authority, Series 2017 F                           | CUSIP: 646066Z78<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |     20000 | PA      | $15223.47     | 0.10%             | 2037-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                           | South Carolina Jobs-Economic Development Authority, Series 2025 A1                   | CUSIP: 83704KAC4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    430000 | PA      | $431888.39    | 2.83%             | 2060-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Capital Trust Authority                                                      | Capital Trust Authority, Series 2024 A                                               | CUSIP: 14054WBM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $218047.68    | 1.43%             | 2064-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | San Francisco City & County Airport Comm-San Francisco International Airport         | CUSIP: 79766DSA8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151112.69    | 0.99%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Galesburg IL                                                         | City of Galesburg, Series 2021 A                                                     | CUSIP: 363433BB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $473719.86    | 3.11%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust IV                                           | New York Counties Tobacco Trust IV, Series 2005 A                                    | CUSIP: 62947YAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $655012.76    | 4.29%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                     | West Virginia Hospital Finance Authority, Series 2018 A                              | CUSIP: 956622S54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $27420.20     | 0.18%             | 2047-01-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| County of Lucas OH                                                           | County of Lucas, Series 2025                                                         | CUSIP: 549308CC6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    100000 | PA      | $100681.47    | 0.66%             | 2049-11-01      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                      | Capital Trust Authority, Series 2024 A                                               | CUSIP: 14054WAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $197827.32    | 1.30%             | 2060-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2022 B                                              | CUSIP: 74447DAG2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $205176.26    | 1.35%             | 2062-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| City of Chicago IL                                                           | City of Chicago, Series 2019 A                                                       | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    400000 | PA      | $401247.12    | 2.63%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                       | Berks County Municipal Authority (The), Series 2024 B-1                              | CUSIP: 084538JK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $589116.74    | 3.86%             | 2044-06-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                   | Chicago Board of Education, Series 2017 A                                            | CUSIP: 167505RM0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512633.20    | 3.36%             | 2046-12-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2022 A                                              | CUSIP: 74443DHJ3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     30000 | PA      | $27176.24     | 0.18%             | 2052-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-02

**Name of Applicant:** First Eagle Completion Fund Trust

**Signature:** Shuang Wu

**Name of Signer:** Shuang Wu

**Title:** Treasurer