# EDGAR Filing Document

**Accession Number:** 0002060415
**File Stem:** 0001104659-26-000132
**Filing Date:** 2026-1
**Character Count:** 174741
**Document Hash:** 28796db98d1ae347443f49794c3e482a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-000132.hdr.sgml**: 20260102

**ACCESSION NUMBER**: 0001104659-26-000132

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**EFFECTIVENESS DATE**: 20260102

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24076
- **FILM NUMBER:** 26501755

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

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

## Series and Classes Contracts Data

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

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

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

OMB APPROVAL <br> <u> OMB Number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235-0570 Expires:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2026 Estimated average burden hours per response ......... 7.78</u>

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 811-24076

------

**FIRST EAGLE COMPLETION FUND TRUST**

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas

New York, NY 10105-4300

------

(Address of principal executive offices) (Zip code)

Sheelyn Michael

First Eagle Funds

1345 Avenue of the Americas

New York, NY 10105

------

(Name and address of agent for service)

Registrant's telephone number, including area code: 1-212-632-2700

Date of fiscal year end: <u>October 31</u>

Date of reporting period: <u>October 31, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N- CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549- 1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

**TABLE OF CONTENTS**

 [First Eagle High Yield Municipal Completion Fund](#classname73b0a8d0-6dc9-47e9-969f-bad6996294f4)<br> **[FHCMX](#classname73b0a8d0-6dc9-47e9-969f-bad6996294f4)** <br>

![Image](tm2531829d1_tsrimg002.jpg)

October 31, 2025

Annual Shareholder Report

FHCMX

**This Annual Shareholder Report contains important information about the shares of the Fund, and a material change that occurred for the period of September 30, 2025 to October 31, 2025.** You can find additional information about the Fund at https://www.firsteagle.com/first-eagle-fund-shareholder-reports. You can also request this information by contacting us at 800.334.2143.

#### First Eagle High Yield Municipal Completion Fund

# What Were the Fund's Costs for the Period September 30, 2025 to October 31, 2025
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| First Eagle High Yield Municipal Completion Fund | $0<sup>Footnote Reference1</sup> | 0.00%<sup>Footnote Reference2,</sup><sup>Footnote Reference3</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The cost of a $10,000 investment is based on the period September 30, 2025 to October 31, 2025. Had the class been open for the full fiscal year, the cost of a $10,000 investment would have been higher. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;Less than 0.005% |

---

# How Did the Fund Perform for period September 30, 2025 to October 31, 2025?
The NAV of First Eagle High Yield Municipal Completion Fund Shares increased 1.50% in the period since inception on September 30, 2025 and ended October 31, 2025. The S&P Municipal Yield Index increased 1.28% for the same period.

• Rhode Island Health and Educational Building Corp. Revenue was the leading contributor to performance.

• Berks County Municipal Authority was the largest detractor from performance.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2531829d1_tsrimg001.jpg)

---

| | | |
|:---|:---|:---|
| | **First Eagle High Yield Municipal Completion Fund \| $10,150** | **S&P Municipal Yield Index \| $10,128** |
| **9/30/25** | 10000 | 10000 |
| **10/31/25** | 10150 | 10128 |

---

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | |
|:---|:---|
| **Class/Index Name** | **Since Inception (9/30/25)** |
| First Eagle High Yield Municipal Completion Fund | 1.50% |
| S&P Municipal Yield Index | 1.28% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$15,019,280

* Number of Portfolio Holdings68

* Portfolio Turnover Rate-%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$-

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2531829d1_tsrimg004.jpg)

---

| |
|:---|
| **Value** |
| Municipal Bonds |
| Short-Term Investments 5.6%<sup>Footnote Reference2</sup> |

---

# Bond Credit Quality<sup>**Footnote Reference 3**</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| AA | 4.7% |
| A | 1.9% |
| BBB | 6.2% |
| BB or lower | 11.3% |
| N/R (Not Rated) | 70.3% |
| N/A (not applicable) | 5.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Total investments include the Fund's assets attributable to financial leverage. 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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (5.6% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |

---

![Image](tm2531829d1_tsrimg002.jpg)

#### First Eagle High Yield Municipal Completion Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2531829d1_tsrimg003.jpg)

FHCMX

First Eagle Investments

For more information, please scan the QR code to navigate to the Mutual Fund Shareholder Reports webpage. If you wish to view additional information about the Fund, including but not limited to financial statements, holdings, or the Fund's prospectus, please visit https://www.firsteagle.com/first-eagle-fund-shareholder-reports.

# Important Notice Regarding Delivery of Shareholder Materials
Unless we are notified otherwise, we send one copy of these materials to shareholders with the same residential address (provided they have the same last name or are reasonably believed to be family members) for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.334.2143 and we will send separate copies of these materials within 30 days after receiving your request.

**Item 2. Code of Ethics.**

The Registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer. Copies of the code of ethics may be requested free of charge by calling 1-800-334-2143 (toll free).

**Item 3. Audit Committee Financial Expert.**

The Board of Trustees of the registrant has designated Mandakini Puri, Paul J. Lawler, William M. Kelly and Jean Hamilton as Audit Committee Financial Experts. Ms. Puri , Mr. Lawler, Mr. Kelly and Ms. Hamilton are considered by the Board to be independent trustees.

**Item 4. Principal Accountant Fees and Services.**

(a) Audit Fees:

For the fiscal year ended October 31, 2025, the aggregate PricewaterhouseCoopers LLP (PwC) audit fees for professional services rendered to the registrant were approximately $52,356. Fees included in the audit fees category are those associated with the annual audits of the financial statements and services that are normally provided in connection with statutory and regulatory filings.

(b) Audit Related Fees:

For the fiscal year ended October 31, 2025, the aggregate PwC fees for assurance and related services rendered to the registrant were approximately $0.

(c) Tax Fees

In the fiscal year ended October 31, 2025, the aggregate tax fees billed by PwC for professional services rendered to the registrant were approximately $57,300.

Fees included in the tax fees category comprise all services performed by professional staff in the independent accountant's tax division except those services related to audits. This category comprises fees for tax compliance and preparation of tax returns.

(d) All Other Fees:

In the fiscal year ended October 31, 2025, there were no fees billed by PwC for products and services, other than 4(a)-(c) above, rendered to the registrant.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval by the committee or a designated member thereof. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit and non-audit services requiring fees of a de minimis amount is not permitted.

(e)(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) According to PwC, for the fiscal year ended October 31, 2025, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributable to work performed by persons who are not full-time, permanent employees of PwC was 0%.

(g) Other than as described in the table above, the aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant ("covered"), its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser ("non-covered") that provides ongoing services to the registrant was $0 in 2025.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants**

Not applicable to this report.

**Item 6. Investments.**

Please see the schedule of investments contained under Item 7 of this Form N-CSR.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](j25318292_aa001.jpg)

Annual Report

**October 31, 2025**

First Eagle High Yield Municipal Completion Fund

Advised by First Eagle Investment Management, LLC

![](j25318292_aa002.jpg)

------

**Forward-Looking Statement Disclosure**

One of our most important responsibilities as mutual fund managers is to communicate with shareholders in an open and direct manner. Some of our comments in our letters to shareholders are based on current management expectations and are considered "forward-looking statements". Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as "may", "will", "believe", "attempt", "seek", "think", "ought", "try" and other similar terms. We cannot promise future returns. Our opinions are a reflection of our best judgment at the time this report is compiled, and we disclaim any obligation to update or alter forward-looking statements as a result of new information, future events, or otherwise.

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

------

**Table of Contents**

**Item 7**

---

| | |
|:---|:---|
| **Schedule of Investments** | 4 |
| **Statement of Assets and Liabilities** | 12 |
| **Statement of Operations** | 13 |
| **Statement of Changes in Net Assets** | 14 |
| **Financial Highlights** | 16 |
| **Notes to Financial Statements** | 18 |
| **Report of Independent Registered Accounting Firm** | 27 |
| **Item 8 Changes in and Disagreements with Accountants** | 29 |
| **Item 9 Proxy Disclosures** | 29 |
| **Item 10 Remuneration Paid to Directors, Officers, and Others** | 29 |
| **Item 11 Statement Regarding Basis for Approval of Investment <br>Advisory Contract** | 29 |
| **General Information** | 32 |
| **Tax Information** | 33 |
| **Privacy Notice** | 34 |

---

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Completion Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Municipal Bonds — 103.2%** | **Municipal Bonds — 103.2%** | **Municipal Bonds — 103.2%** |
| **Arizona — 3.1%** | **Arizona — 3.1%** | **Arizona — 3.1%** |
| Industrial Development Authority of the City of <br>Phoenix Arizona (The), <br>Downtown Phoenix Student Housing II LLC, Revenue, <br>Series 2019 A, 5.00%, 07/01/2059 | 485000 | 470628 |
| **California — 6.7%** | **California — 6.7%** | **California — 6.7%** |
| Kaweah Delta Health Care District Guild, Revenue, <br>Series 2015 B, 4.00%, 06/01/2045 | 455000 | 372428 |
| San Francisco City & County Airport Comm-San <br>Francisco International Airport, Revenue, <br>Second Series, AMT, <br>Series 2019 E, 5.00%, 05/01/2050 (a) | 150000 | 151516 |
| San Jacinto Unified School District, GO, <br>Series 2025, 4.13%, 08/01/2055 (a) | 500000 | 485555 |
|  |  | **1009499** |
| **Colorado — 3.2%** | **Colorado — 3.2%** | **Colorado — 3.2%** |
| Colorado Health Facilities Authority,<br>BSLC Obligated Group, Revenue, <br>Second Tier, Refunding, <br>Series 2018 B, 5.00%, 09/15/2053 | 100000 | 83922 |
| Foster Farm Business Improvement District, GO, <br>Series 2025 A, 0.00%, 12/01/2055 (b)(c) | 575000 | 401190 |
|  |  | **485112** |
| **Connecticut — 2.3%** | **Connecticut — 2.3%** | **Connecticut — 2.3%** |
| Connecticut State Health & Educational <br>Facilities Authority,<br>University of Hartford (The), Revenue, Refunding, <br>Series N, 4.00%, 07/01/2049 | 10000 | 7539 |
| Stamford Housing Authority,<br>TJH Senior Living LLC Obligated Group, <br>Revenue, Refunding, <br>Series 2025 A, 6.25%, 10/01/2060 | 350000 | 350159 |
|  |  | **357698** |
| **Florida — 4.3%** | **Florida — 4.3%** | **Florida — 4.3%** |
| Capital Trust Authority,<br>AcadeMir Charter School Middle & Preparatory <br>Academy Obligated Group, Revenue, Refunding, <br>Series 2024 A, 5.25%, 06/01/2064 (b) | 250000 | 218064 |
| KIPP Miami Obligated Group, Revenue, Refunding, <br>Series 2024 A, 6.13%, 06/15/2060 (b) | 195000 | 197938 |

---

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Completion Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 4.3% (continued)** | **Florida — 4.3% (continued)** | **Florida — 4.3% (continued)** |
| Miami-Dade County Industrial Development Authority,<br>AcadeMir Charter School Middle & Preparatory <br>Academy Obligated Group, Revenue, <br>Series 2022 A, 5.25%, 07/01/2052 (b) | 250000 | 224805 |
|  |  | **640807** |
| **Georgia — 4.0%** | **Georgia — 4.0%** | **Georgia — 4.0%** |
| Atlanta Development Authority (The),<br>PRG — CAU Properties LLC, Revenue, <br>Series 2025 A, 6.00%, 07/01/2055 (b) | 250000 | 258272 |
| Savannah Georgia Convention Center <br>Authority, Revenue, <br>Series 2025 B, 6.00%, 06/01/2050 (b) | 350000 | 348176 |
|  |  | **606448** |
| **Illinois — 14.0%** | **Illinois — 14.0%** | **Illinois — 14.0%** |
| Chicago Board of Education, GO, Refunding, <br>Series 2017 A, 7.00%, 12/01/2046 (b) | 500000 | 519333 |
| City of Chicago, GO, <br>Series 2019 A, 5.50%, 01/01/2049 | 400000 | 393468 |
| City of Galesburg,<br>Knox College/Illinois, Revenue, Refunding, <br>Series 2021 A, 4.00%, 10/01/2046 | 600000 | 473340 |
| Illinois Finance Authority,<br>Illinois Institute of Technology, Revenue, Refunding, <br>Series 2019, 5.00%, 09/01/2038‡ (d) | 130000 | 113165 |
| Plymouth Place Obligated Group, Revenue, <br>Series 2022 A, 6.75%, 05/15/2058 | 140000 | 146748 |
| Schaumburg Cook & DuPage Counties, Tax Allocation, <br>Series 2025, 6.13%, 12/30/2038 (b) | 440000 | 441526 |
|  |  | **2087580** |
| **Indiana — 2.3%** | **Indiana — 2.3%** | **Indiana — 2.3%** |
| Indiana Finance Authority,<br>Global Preparatory Academy, Inc. Obligated <br>Group, Revenue, <br>Series 2025 A, 6.38%, 10/15/2060 (b) | 250000 | 249617 |
| Lutheran University Association, Inc. (The), Revenue, <br>Series 2014, 5.00%, 10/01/2039 | 15000 | 14428 |
| Lutheran University Association, Inc. (The), <br>Revenue, Refunding, <br>Series 2017, 3.25%, 10/01/2033 | 10000 | 8966 |

---

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Completion Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Indiana — 2.3% (continued)** | **Indiana — 2.3% (continued)** | **Indiana — 2.3% (continued)** |
| Lutheran University Association, Inc. (The), <br>Revenue, Refunding, <br>Series 2017, 5.00%, 10/01/2036 | 10000 | 9879 |
| Lutheran University Association, Inc. (The), <br>Revenue, Refunding, <br>Series 2017, 3.50%, 10/01/2037 | 20000 | 16912 |
| Lutheran University Association, Inc. (The), <br>Revenue, Refunding, <br>Series 2017, 5.00%, 10/01/2038 | 40000 | 38933 |
|  |  | **338735** |
| **Iowa — 2.1%** | **Iowa — 2.1%** | **Iowa — 2.1%** |
| City of Coralville, COP, <br>Series 2016 E, 3.38%, 06/01/2036 | 5000 | 4138 |
| Revenue, Refunding, <br>Series 2017 D-1, 4.00%, 05/01/2037 | 40000 | 34660 |
| Iowa Finance Authority,<br>Lifespace Communities, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2024 A, 5.13%, 05/15/2059 | 300000 | 281020 |
|  |  | **319818** |
| **Kansas — 0.4%** | **Kansas — 0.4%** | **Kansas — 0.4%** |
| City of Wichita,<br>Presbyterian Manors Obligated Group, <br>Revenue, Refunding, <br>Series 2019 III, 5.00%, 05/15/2050 | 70000 | 58965 |
| **Missouri — 2.5%** | **Missouri — 2.5%** | **Missouri — 2.5%** |
| Citizens Memorial Hospital District, Revenue, <br>Series 2024 D, 6.75%, 02/01/2053 | 75000 | 74428 |
| County of Boone,<br>Boone County Hospital, Revenue, Refunding, <br>Series 2016,4.00%, 08/01/2038 | 400000 | 304379 |
|  |  | **378807** |
| **Montana — 0.8%** | **Montana — 0.8%** | **Montana — 0.8%** |
| Montana Facility Finance Authority,<br>Montana Children's Home and Hospital, Revenue, <br>Series 2020 A, 4.00%, 07/01/2050 | 165000 | 122749 |
| **New Jersey — 2.2%** | **New Jersey — 2.2%** | **New Jersey — 2.2%** |
| New Jersey Educational Facilities Authority,<br>Rider University A New Jersey Non-Profit <br>Corp., Revenue, <br>Series 2017 F, 3.75%, 07/01/2037 | 20000 | 15303 |

---

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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First Eagle High Yield Municipal Completion Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New Jersey — 2.2% (continued)** | **New Jersey — 2.2% (continued)** | **New Jersey — 2.2% (continued)** |
| New Jersey Transportation Trust Fund Authority,<br>State of New Jersey, Revenue, <br>Series 2025 AA, 5.00%, 06/15/2055 (a) | 300000 | 310900 |
|  |  | **326203** |
| **New York — 8.1%** | **New York — 8.1%** | **New York — 8.1%** |
| New York Counties Tobacco Trust IV, Revenue, <br>Series 2005 A, 5.00%, 06/01/2045 | 840000 | 656236 |
| Onondaga Civic Development Corp.,<br>Crouse Health Hospital, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2024 A, 5.13%, 08/01/2044 | 500000 | 444703 |
| Westchester County Local Development Corp.,<br>Westchester County Health Care Corp. <br>Obligated Group, Revenue, Refunding, <br>Series 2016, 3.75%, 11/01/2037 | 135000 | 115412 |
|  |  | **1216351** |
| **Ohio — 8.2%** | **Ohio — 8.2%** | **Ohio — 8.2%** |
| County of Washington,<br>Marietta Area Health Care, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2022, 6.75%, 12/01/2052 | 175000 | 181309 |
| Ohio Housing Finance Agency,<br>Green Oaks of Canal Winchester LLC, Revenue, <br>Series 2025 A, 6.30%, 01/01/2045 | 300000 | 302942 |
| Green Oaks of Holland LLC, Revenue, <br>Series 2025 A, 6.30%, 01/01/2045 | 300000 | 302941 |
| Southeastern Ohio Port Authority,<br>Marietta Area Health Care, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2015, 5.50%, 12/01/2043 | 500000 | 459274 |
|  |  | **1246466** |
| **Pennsylvania — 4.3%** | **Pennsylvania — 4.3%** | **Pennsylvania — 4.3%** |
| Berks County Industrial Development Authority,<br>Tower Health Obligated Group, Revenue, Refunding, <br>Series 2017, 3.75%, 11/01/2042 | 20000 | 12609 |
| Tower Health Obligated Group, Revenue, Refunding, <br>Series 2017, 4.00%, 11/01/2047 | 50000 | 31595 |
| Berks County Municipal Authority (The),<br>Tower Health Obligated Group, Revenue, <br>Series 2024 B-1, 0.00%, 06/30/2044 (c) | 825000 | 567505 |

---

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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First Eagle High Yield Municipal Completion Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Pennsylvania — 4.3% (continued)** | **Pennsylvania — 4.3% (continued)** | **Pennsylvania — 4.3% (continued)** |
| DuBois Hospital Authority,<br>Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2018, 4.00%, 07/15/2048 | 15000 | 11232 |
| Lancaster County Hospital Authority,<br>Moravian Manors Obligated Group, <br>Revenue, Series 2019 A, 4.00%, 06/15/2044 | 25000 | 19833 |
|  |  | **642774** |
| **Rhode Island — 4.2%** | **Rhode Island — 4.2%** | **Rhode Island — 4.2%** |
| Rhode Island Health and Educational Building Corp.,<br>Properties LLC, Revenue, AG Insured, <br>Series 2025 B, 5.63%, 07/01/2065 | 600000 | 622977 |
| **South Carolina — 3.9%** | **South Carolina — 3.9%** | **South Carolina — 3.9%** |
| South Carolina Jobs-Economic Development Authority,<br>Connexion Communities Obligated Group, Revenue, <br>Series 2025 A1, 6.75%, 10/15/2060 (b) | 430000 | 431453 |
| Libertas Academy Woodruff, Revenue, <br>Series 2025 A, 7.25%, 08/15/2065 (b) | 150000 | 149284 |
|  |  | **580737** |
| **Tennessee — 0.2%** | **Tennessee — 0.2%** | **Tennessee — 0.2%** |
| Shelby County Health Educational & Housing <br>Facilities Board,<br>Trezevant Episcopal Home Obligated Group, <br>Revenue, Refunding, <br>Series 2013 A, 5.38%, 09/01/2041 | 30000 | 26372 |
| **Texas — 16.7%** | **Texas — 16.7%** | **Texas — 16.7%** |
| City of Celina,<br>Legacy Celina Public Improvement District, <br>Special Assessment, <br>Series 2025, 6.13%, 09/01/2055 (e) | 635000 | 635810 |
| City of Justin,<br>Timberbrook Public Improvement District No. 2 <br>Impt Area No. 2, Special Assessment, <br>Series 2025, 6.00%, 09/01/2055 (b)(e) | 300000 | 302048 |
| Greater Texas Cultural Education Facilities <br>Finance Corp.,<br>Texas Biomedical Research Institute, Revenue, <br>Series 2024 A, 5.25%, 06/01/2054 | 500000 | 461624 |
| Hunt Memorial Hospital District Charitable Health,<br>GO, Refunding, <br>Series 2020, 3.00%, 02/15/2040 | 65000 | 52035 |

---

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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First Eagle High Yield Municipal Completion Fund \| Schedule of Investments \| October 31, 2025

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| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 16.7% (continued)** | **Texas — 16.7% (continued)** | **Texas — 16.7% (continued)** |
| New Hope Cultural Education Facilities Finance Corp.,<br>Sanctuary LTC LLC, Revenue, <br>Series 2021 A-1, 5.50%, 01/01/2057 | 500000 | 460300 |
| SLF CHP LLC, Revenue, <br>Series 2025 A, 6.50%, 07/01/2056 (b) | 450000 | 424275 |
| Nolan County Hospital District, GO, <br>Series 2014, 4.00%, 08/15/2037 | 200000 | 172488 |
|  |  | **2508580** |
| **Vermont — 0.2%** | **Vermont — 0.2%** | **Vermont — 0.2%** |
| East Central Vermont Telecommunications <br>District, Revenue, <br>Series 2016 A, 5.00%, 12/01/2035 (b) | 5000 | 5000 |
| Revenue, Refunding, <br>Series 2017 A, 6.13%, 12/01/2040 (b) | 20000 | 20008 |
|  |  | **25008** |
| **Washington — 2.3%** | **Washington — 2.3%** | **Washington — 2.3%** |
| Washington State Housing Finance Commission,<br>Spokane International Academy, Revenue, <br>Series 2021 A, 5.00%, 07/01/2050 (b) | 400000 | 344495 |
| **West Virginia — 0.3%** | **West Virginia — 0.3%** | **West Virginia — 0.3%** |
| West Virginia Hospital Finance Authority,<br>Cabell Huntington Hospital Obligated Group, <br>Revenue, Refunding, <br>Series 2018 A, 5.00%, 01/01/2043 | 40000 | 37590 |
| Cabell Huntington Hospital Obligated Group, <br>Revenue, Refunding, <br>Series 2018 A, 4.13%, 01/01/2047 | 10000 | 7954 |
|  |  | **45544** |
| **Wisconsin — 6.9%** | **Wisconsin — 6.9%** | **Wisconsin — 6.9%** |
| Public Finance Authority,<br>CFC-SA LLC, Revenue, <br>Series 2022 B, 6.00%, 02/01/2062 (b) | 200000 | 205578 |
| Queens University of Charlotte, Revenue, Refunding, <br>Series 2022 A, 4.75%, 03/01/2052 | 30000 | 27326 |
| Sarpy County Sanitary & Improvement <br>District No. 376, Special Assessment, <br>Series 2024 A, 7.00%, 09/16/2030 (b) | 500000 | 498702 |
| SR 400 Peach Partners LLC, Revenue, <br>Senior Lien, AMT, <br>Series 2025, 5.75%, 06/30/2060 | 250000 | 258172 |

---

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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First Eagle High Yield Municipal Completion Fund \| Schedule of Investments \| October 31, 2025

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| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 6.9% (continued)** | **Wisconsin — 6.9% (continued)** | **Wisconsin — 6.9% (continued)** |
| Wisconsin Health & Educational Facilities Authority,<br>Chiara Communities, Inc., Revenue, <br>Series 2018 B, 4.25%, 07/01/2033 | 50000 | 48327 |
|  |  | **1038105** |
| **Total Municipal Bonds<br>(Cost $15,336,588)** | **Total Municipal Bonds<br>(Cost $15,336,588)** | **15500458** |
|  | **Shares** |  |
| **Short-Term Investments — 6.1%** | **Short-Term Investments — 6.1%** | **Short-Term Investments — 6.1%** |
| **Investment Companies — 6.1%** | **Investment Companies — 6.1%** | **Investment Companies — 6.1%** |
| JPMorgan US Government Money Market <br>Fund 4.07% (f) (Cost $915,553) | 915553 | 915553 |
| **Total Investments — 109.3%<br>(Cost $16,252,141)** | **Total Investments — 109.3%<br>(Cost $16,252,141)** | **16416011** |
| Floating Rate Note Obligations — (5.0%) (g) |  | (745000) |
| **Liabilities in Excess of Other Assets — (4.3%)** | **Liabilities in Excess of Other Assets — (4.3%)** | **(651731)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **15019280** |

---

‡ Value determined using significant unobservable inputs.

(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 October 31, 2025 amounted to $5,239,764, which represents approximately 34.89% of net assets of the Fund.

(c) Zero coupon bond until next reset date.

(d) Security fair valued as of October 31, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at October 31, 2025 amounted to $113,165, which represents approximately 0.75% of net assets of the Fund.

(e) When-issued security.

(f) Represents 7-day effective yield as of October 31, 2025.

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

**<u>Abbreviations</u>**

AMT — Alternative Minimum Tax

GO — General Obligation

As of October 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $193238 |
| Aggregate gross unrealized depreciation | (29370) |
| Net unrealized appreciation | $163868 |
| Federal income tax cost of investments | $16252143 |

---

See Notes to Financial Statements.

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Statement of Assets and Liabilities

October 31, 2025

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| | |
|:---|:---|
| | **First Eagle High <br>Yield Municipal <br>Completion Fund** |
| **Assets** | **Assets** |
| **Investments, at Cost (Note 2)** | **Investments, at Cost (Note 2)** |
| Investments in non-affiliates | $16252141 |
| **Investments, at Value (Note 2)** | **Investments, at Value (Note 2)** |
| Investments in non-affiliates | 16416011 |
| Receivable for investment securities sold | 636895 |
| Receivable for Fund shares sold | 50344 |
| Accrued interest and dividends receivable | 213464 |
| **Total Assets** | **17316714** |
| **Liabilities** | **Liabilities** |
| Payable for investment securities purchased | 1552260 |
| Payable for floating rate note obligations | 745000 |
| Interest expense and fees payable | 174 |
| **Total Liabilities** | **2297434** |
| **Commitments and contingent liabilities<sup>^</sup>** | **—** |
| **Net Assets** | $**15019280** |
| **Net Assets Consist of** | **Net Assets Consist of** |
| Paid in capital | $14855412 |
| Total distributable earnings (losses) | 163868 |
| **Net Assets** | $**15019280** |
| Shares outstanding | 1485428 |
| Net asset value per share and redemption proceeds per share: | $10.11 |

---

<sup>^</sup> See Note 3 in the Notes to the Financial Statements.

See Notes to Financial Statements.

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Statement of Operations

Period Ended October 31, 2025

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| | |
|:---|:---|
| | **First Eagle High <br>Yield Municipal <br>Completion Fund** |
| | **For the <br>Period 9/30/25<sup>†</sup> - <br>10/31/25** |
| **Investment Income** | **Investment Income** |
| Interest (net of $— foreign taxes withheld) | $26865 |
| Dividends from: | Dividends from: |
| Non-affiliates (net of $— foreign taxes withheld) | 28212 |
| **Total Income** | **55077** |
| **Expenses** | **Expenses** |
| Interest expense | 11 |
| **Total Expenses** | **11** |
| **Net Expenses** | **11** |
| **Net Investment Income (Note 2)** | **55066** |
| **Realized and Unrealized Gains (Losses) on Investments (Note 2)** | **Realized and Unrealized Gains (Losses) on Investments (Note 2)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates |  |
|  | **—** |
| **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** |
| Investment in non-affiliates | 163870 |
|  | **163870** |
| Net realized and unrealized gains on investments | 163870 |
| **Net Increase in Net Assets Resulting from Operations** | $**218936** |

---

† Inception date.

See Notes to Financial Statements.

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Statement of Changes in Net Assets

---

| | |
|:---|:---|
| | **First Eagle High Yield <br>Municipal Completion Fund** |
| | **For the Period <br>9/30/25<sup>†</sup> - 10/31/25** |
| **Operations** | **Operations** |
| Net investment income | $55066 |
| Net realized gain on investments |  |
| Change in unrealized appreciation on investments | 163870 |
| **Net increase in net assets resulting from operations** | **218936** |
| **Distributions to Shareholders** | **Distributions to Shareholders** |
| Distributable earnings: | (55087) |
| **Decrease in net assets resulting from distributions** | **(55087)** |
| **Fund Share Transactions** | **Fund Share Transactions** |
| Net proceeds from shares sold | 14800344 |
| Net asset value of shares issued for reinvested dividends and distributions | 55087 |
| **Increase in net assets from Fund share transactions** | **14855431** |
| **Net increase in net assets** | **15019280** |
| **Net Assets (Note 2)** | **Net Assets (Note 2)** |
| Beginning of period |  |
| **End of period** | $**15019280** |
| **Changes in Shares Outstanding** | **Changes in Shares Outstanding** |
| Shares outstanding, beginning of period |  |
| Shares sold | 1479979 |
| Shares issued on reinvestment of distributions | 5449 |
| **Shares outstanding, end of period** | **1485428** |

---

† Inception date.

See Notes to Financial Statements.

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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First Eagle High Yield Municipal Completion Fund

**Financial Highlights**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | |
| | **Change in Net Assets Resulting from Operations** | **Change in Net Assets Resulting from Operations** | **Change in Net Assets Resulting from Operations** | **Change in Net Assets Resulting from Operations** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** | |
| <br><br>**Selected per share data for <br>the period ended:** | **Net asset <br>value, <br>beginning<br>of period** | **Net<br>investment<br>Income** | **Net realized<br>and<br>unrealized<br>gains on<br>investments<sup>†</sup>** | **Total<br>investment<br>operations** | **From net <br>investment<br>income** | **From <br>capital gains** | **Total<br>distributions** |<br>**Net asset <br>value, end<br>of period** |
| **First Eagle High Yield Municipal Completion Fund** | **First Eagle High Yield Municipal Completion Fund** | **First Eagle High Yield Municipal Completion Fund** | **First Eagle High Yield Municipal Completion Fund** | **First Eagle High Yield Municipal Completion Fund** | **First Eagle High Yield Municipal Completion Fund** | **First Eagle High Yield Municipal Completion Fund** | **First Eagle High Yield Municipal Completion Fund** | **First Eagle High Yield Municipal Completion Fund** |
| For The Period <br>9/30/25<sup>^</sup>-<br>10/31/25 | $10.00 | 0.04 | 0.11 | 0.15 | (0.04) |  | (0.04) | $10.11 |

---

\* Per share amounts have been calculated using the average shares method.

<sup>†</sup> The amount shown for shares outstanding throughout the period does not accord with the aggregate gain/loss on that period because of the timing of sales and purchase of the Fund's shares in relation to fluctuating market value of the investments in the Fund.

<sup>^</sup> Inception date.

(a) Not Annualized.

(b) Annualized.

(c) Amount represents less than 0.005%.

See Notes to Financial Statements.

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | |
| | | | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | |
|<br>**Selected per share data for <br>the period ended:** | <br><br>**Total<br>return** |<br>**Net assets, <br>end of<br>period <br>(thousands)** | **Operating<br>expenses<br>excluding<br>earnings<br>credits<br>and/or fee<br>waivers** | **Operating<br>expenses<br>including<br>earnings<br>credits<br>and/or fee<br>waivers** | **Net<br>investment<br>income<br>excluding<br>earnings<br>credits<br>and/or fee <br>waivers** | **Net<br>investment<br>income<br>including<br>earnings<br>credits<br>and/or fee <br>waivers** |<br>**Portfolio<br>turnover<br>rate** |
| **First Eagle High Yield Municipal Completion Fund** | **First Eagle High Yield Municipal Completion Fund** | **First Eagle High Yield Municipal Completion Fund** | **First Eagle High Yield Municipal Completion Fund** | **First Eagle High Yield Municipal Completion Fund** | **First Eagle High Yield Municipal Completion Fund** | **First Eagle High Yield Municipal Completion Fund** | **First Eagle High Yield Municipal Completion Fund** |
| For The Period <br>9/30/25<sup>^</sup>-<br>10/31/25 | 1.50<br> %(a) | $15019 | —<br> %(b)(c) | —<br> %(b)(c) | 4.67<br> %(b) | 4.67<br> %(b) | 0.00<br> %(a) |

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First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Notes to Financial Statements

**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 "Common Shares"). 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 Common 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.

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Notes to Financial Statements

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.

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Notes to Financial Statements

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 October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Municipal Bonds | $— | $15387293 | $113165 | $15500458 |
| Short-Term Investments | 915553 |  |  | 915553 |
| **Total** | $**915553** | $**15387293** | $**113165** | $**16416011** |

---

† See Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

**b) Investment Transactions and Income** — Investment transactions are accounted for on a trade date basis. Interest income, adjusted for the accretion of discount and amortization of premiums, is recorded daily on an accrual basis. The specific identification method is used in determining realized gains and losses from investment transactions. In computing investment income, the Fund accretes discounts and amortizes premiums on debt obligation using the effective yield method.

**c) Expenses** — Expenses directly related to the Fund are charged to the Fund. Other operating expenses shared by several funds, also managed by the Adviser, are prorated among those funds on the basis of relative net assets or other appropriate methods. Earnings credits may reduce shareholder servicing agent fees by the amount of interest earned on balances with such service provider.

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Notes to Financial Statements

**d) 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.

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Notes to Financial Statements

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 in Inverse Floaters could negatively impact the Fund's performance and yield, especially when those Inverse Floaters provide the Fund with relatively greater leveraged exposure to the underlying securities held by the relevant TOB Trusts.

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

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 Tender Option Bond ("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

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Notes to Financial Statements

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 October 31, 2025, 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 |

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For period ended October 31, 2025, the average amount of Floaters outstanding (beginning October 22, 2025, when the Fund began investing in TOB transactions) were as follows. Most of the TOB in the Fund has not settled before October 31, 2025 thus did not incur interest expenses.

---

| |
|:---|
| **Average Floating<br>Rate Obligations<br>Outstanding** |
| $637000 |

---

**f) New Accounting Pronouncements** — In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. There is no material impact to the financial statements and related disclosures.

**g) United States Income Taxes** — The Fund intends to continue to qualify as a regulated investment company by complying with the requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its earnings to its shareholders.

Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Fund, timing differences and differing characterization of distributions made by the Fund as a whole.

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Notes to Financial Statements

At October 31, 2025, the components of accumulated earnings on a tax basis were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Capital Loss <br>Carryforward** | **Capital Loss <br>Carryforward** |
|  | **Undistributed <br>Tax-Exempt**<br>**Income** | **Undistributed <br>Ordinary**<br>**Income** | **Undistributed <br>Net Realized**<br>**Gains** | **Net Unrealized <br>Appreciation**<br>**(Depreciation)** | **Short-Term** | **Long-Term** |
| First Eagle <br>High Yield <br>Municipal <br>Completion <br>Fund | $— | $— | $— | $163868 | $— | $— |

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Late year ordinary losses incurred after December 31st and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. For the period ended October 31, 2025, the Fund did not have late year loss deferrals.

**h) Reclassification of Capital Accounts** — As a result of certain differences in the computation of net investment income and net realized capital gains under federal income tax rules and regulations versus GAAP, a reclassification has been made on the Statements of Assets and Liabilities to increase (decrease) distributable earnings and capital surplus for the Funds as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net <br>Investment Income<br>(loss)** | **Undistributed Net <br>Realized Gains <br>(Losses)** | **Capital Surplus** |
| First Eagle High Yield Municipal <br>Completion Fund | $21 | $(2) | $(19) |

---

**i) Distribution to Shareholders** — Distributions to shareholders during the fiscal year ended October 31, 2025, which are determined in accordance with income tax regulations, are recorded on ex-dividend date.

---

| | | | |
|:---|:---|:---|:---|
|  | **Tax-Exempt Income** | **Ordinary Income** | **Long Term Capital Gains** |
|  | **2025** | **2025** | **2025** |
| First Eagle High Yield Municipal <br>Completion Fund | $25171 | $29916 | $— |

---

**j) Use of Estimates** — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**k) Segment Reporting** — The Fund has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07")*. Adoption of the new standard impacted financial statement disclosure requirements only and did not affect the Fund's financial position or the results of its operations. Operating segments are

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Notes to Financial Statements

defined as components of a company that engage in business activities and for which discrete financial information is available and regularly reviewed by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess performance.

In accordance with ASC 280, the Fund has determined that it has a single operating segment which derives its revenues from investments made in accordance with the Fund's defined investment objective. The Fund's CODM is represented by the Adviser, through various committees. The Fund's net investment income, total returns, expense ratios, and net increase (decrease) in net assets resulting from operations which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the Fund's financial statements.

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

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

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

J.P. Morgan Chase Bank, N.A. ("JPM"), the Fund's administrator, accounting agent and primary custodian, holds the Fund's portfolio securities and other assets and is responsible for calculating the Fund's net asset value and maintaining the accounting records of the Fund. JPM, as the Fund's administrator, receives annual fees from the adviser on behalf of the Fund separate from and in addition to the fees it receives for its services as the Fund's custodian.

**Note 4 — Plans of Distribution**

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

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Notes to Financial Statements

**Note 5 — Purchases and Sales of Securities**

For the period ended October 31, 2025, purchases and sales of investments, excluding short-term investments, were $15,335,228 and $0, respectively.

**Note 6 — Indemnification and Investment Risk**

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

**Note 7 — Redemption In-Kind Transactions**

The redemption in-kind policy for the Fund reserves the right of the Fund to pay redemptions in-kind (i.e., payments in the form of marketable securities or, as needed, other traded assets, rather than cash) if the redemption request is large enough to affect the Fund's operations (for example, if it represents more than $250,000 or 1% of the Fund's assets). When receiving assets distributed in-kind, the recipient will bear applicable commissions or other costs on their sale. There were no redemptions in-kind during the period ended October 31, 2025.

**Note 8 — Subsequent Events**

Management has evaluated the possibility of subsequent events existing in the Fund's financial statements. Management has determined that there are no material events that would require disclosure in the Fund's financial statements.

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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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

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments of First Eagle High Yield Municipal Completion Fund (the "Fund") as of October 31, 2025, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period September 30, 2025 (inception date) through October 31, 2025, (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations, changes in its net assets, and the financial highlights for the period September 30, 2025 (inception date) through October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Report of Independent Registered Public Accounting Firm

/s/PricewaterhouseCoopers LLP

New York, New York

December 26, 2025

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

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, New York 10017

T: (646) 471 3000, www.pwc.com/us

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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**Item 8 Changes In and Disagreements with Accountants**

Not applicable.

**Item 9 Proxy Disclosures**

Not applicable.

**Item 10 Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Item 11 Statement Regarding Basis for Approval of Investment Advisory Contract**

At a meeting held on June 5, 2025, the Board of Trustees, including a majority of the independent trustees (the "Independent Trustees"), approved the Fund's advisory agreement (the "Advisory Agreement").

In response to a letter sent to the Adviser on behalf of the Independent Trustees requesting information about the Advisory Agreement and other arrangements and plans, the Trustees received extensive materials from the Adviser, including reviews of expense information and performance. The Trustees also had the benefit of presentations from and discussions with management.

Prior to approving the Advisory Agreement, the Independent Trustees met in executive session with their independent counsel to discuss management's responses to their information request and reviewed their legal and fiduciary obligations and the factors relating to their evaluation and approval. In their deliberations, Trustees attributed different weights to the various factors, and no factor alone was considered dispositive. At the conclusion of their review, the Trustees determined that the advisory fee structure was fair and reasonable under the circumstances and within the range of what could be negotiated at arm's length, and that the Advisory Agreement should serve the best interests of the Fund and its shareholders. The Trustees considered the following topics in reaching their conclusion to approve the Advisory Agreement:

**Nature, Quality, and Extent of Services to be Provided by Adviser**

• The Trustees reviewed the proposed services to be provided by the Adviser to the Fund. The Adviser would provide the Fund with investment research, advice and supervision and continuously furnish an investment portfolio consistent with the Fund's investment objectives, policies and restrictions as set forth in the Fund's Registration Statement. The Trustees were assured that service levels would not be in any way reduced by the Adviser's agreement with the Fund that the Adviser (subject to certain exceptions) would bear the Fund's expenses and would not charge an advisory fee to the Fund.

• The Trustees commented on the background and experience of the proposed Portfolio Managers, including experience with other funds and products within the First Eagle Complex and other managers.

• The Trustees commented on the representations received regarding the continued independent operations of the Adviser following the transaction with

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Genstar and appropriate resourcing of the investment and other core business functions. The Trustees also noted information provided on Genstar, including its track record of growing businesses, its likely time period of ownership of the business and possible later exit strategies, its familiarity with the investment management industry and other highly regulated financial services sectors, its support for management's strategic direction of the Adviser, and potential resources and other support that might be made available to the Adviser over time.

**Investment Performance**

• No performance was presented for the Fund given that it was newly organized and had not yet commenced operations.

• The Trustees noted investment performance associated with other Funds managed by the Adviser and following municipal strategies and received general market information suggesting possible return profiles and targets for the Fund. Performance forecasts were determined to be adequate and reflective of the Fund's investment objective and philosophy.

**Costs of Services To Be Provided and Profits To Be Realized by Adviser and its Affiliates From Relationship with Fund; Economies of Scale; Fall-Out Benefits**

• The Trustees understood that the Fund would charge no advisory fees and expenses generally would borne by the Adviser.

• As part of their analysis, the Trustees considered fees paid by other funds within the First Eagle Complex and fees charged by investment advisers to peer funds for services comparable to those to be provided. Consistent with the proposed terms, the Trustees understood that it was customary that a "completion fund" (like the Fund) not charge an advisory fee because it is just one component of the separately managed accounts' ("SMA's") portfolio. The Trustees discussed that fees charged by the Adviser to the SMAs and the economics to be realized by the Adviser from the SMA program are one element in a broad, overall understanding of the Adviser's business as it relates to the Fund. While necessarily theoretical, general and imprecise, the Trustees also discussed that the economics to be realized by the Adviser from the SMA program can be analyzed in ways that allow for a degree of comparability of the Fund's terms with those of other funds within the First Eagle Complex and other potential peer funds. Taking into account those considerations, the Trustees concluded that the Fund's fee structure and expense terms (including the absence of an advisory fee) were fair and reasonable under the circumstances.

• The Trustees also considered that the Adviser is paying all organizational expenses of the Fund and that the Adviser and its affiliates are investing significant resources in the development of the SMA platform. These activities were considered to be of significant benefit to the Fund and to represent an entrepreneurial commitment to investing in its launch and operations.

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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• While analyzing the effects of direct and indirect compensation to the Adviser and its affiliates (sometimes referred to as "fall-out benefits"), the Trustees considered again the role of the Fund in the overall SMA platform. The Trustees also considered the absence of affiliated broker-dealer relationships. The Trustees also noted, among other things, that the Fund does not charge Rule 12b-1 fees and, therefore, though an affiliate of FEIM is the principal underwriter, it would not be able to retain revenue associated with Rule 12b-1 fees (if any) on shareholders it services directly (if any). The Trustees noted that the Adviser also may be able over time to extend investment and operational efficiencies associated with the Fund to management of other types of accounts.

• In regard to economies of scale, it was noted that any expectations of scale benefits for either the Fund or the separately managed accounts that will invest in the Fund are necessarily speculative at this point.

• The Trustees reviewed the Adviser's financial condition and profitability. No near-term profits are anticipated in respect of management of the Fund or the SMA platform.

• The Trustees considered representations that there will not be any unfair burden imposed on the Fund in connection with the Genstar transaction, including that the fee terms would not increase for two years as a result of the transaction (noting that any expense arrangements, or those established in the future for reasons unrelated to the transaction, are expected to be governed in accordance with their terms).

• The possibility of new affiliations in light of the transaction were considered and it was determined that affiliates of Genstar were not anticipated to have meaningful service or trading relationships with the Fund.

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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General Information

**Form N-PORT portfolio schedule**

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Fund's Form N-PORT is available on the SEC's Web site at www.sec.gov. Additionally, you may obtain copies of Form N-PORT from the Fund upon request by calling 1.800.334.2143.

**Proxy voting policies, procedures and record**

You may obtain (1) a description of the Fund's proxy voting policies, (2) a description of the Fund's proxy voting procedures and (3) information regarding how the Fund voted any proxies related to portfolio securities during the most recent twelve-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Fund directly at 1.800.334.2143 or on the EDGAR Database on the SEC's Web site at www.sec.gov.

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Tax Information

**Fiscal Year Ended October 31, 2025 (unaudited)**

The Fund designates at the following amounts (or the maximum amount allowable) distributed during the fiscal year ended October 31, 2025, if any, as dividends exempt from federal income tax, capital gain dividends, dividends eligible for the corporate dividends received deduction and/or qualified dividend income:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **% of Qualifying <br>Dividend <br>Income** | **% of Dividends <br>Eligible for <br>the Dividends <br>Received <br>Deduction** | **Tax-Exempt <br>Income** | **Long-Term <br>Capital Gains** | **Long-Term <br>Capital <br>Gains <br>28%** |
| First Eagle High Yield Municipal <br>Completion Fund | 0.00% | 0.00% | $25171 | $— | $— |

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First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Privacy Notice

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

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| | |
|:---|:---|
| **FACTS** | <br>**WHAT DOES THE TRUST DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>◼ Social Security number, income, and assets<br>◼ account balances, payment history, and account activity<br>◼ credit history and credit scores<br>◼ name, address, telephone number, occupation<br>◼ online information, such as your IP address and data gathered from your browsing activity and location<br>◼ information we encounter in public records in the ordinary course of business |
| **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Trust chooses to share; and whether you can limit this sharing. |

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First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Privacy Notice

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

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

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First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Privacy Notice

✁

**Mail-in Form**

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

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✁

**What we do**

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

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First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Privacy Notice

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| | |
|:---|:---|
| **Why can't I limit all sharing?** | Federal law gives you the right to limit only<br>◼ sharing for affiliates' everyday business purposes—information about your creditworthiness<br>◼ affiliates from using your information to market to you<br>◼ sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| **What happens when I limit sharing for an account I hold jointly with someone else?** | Your choices will apply to everyone on your account. |

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**Definitions**

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| | |
|:---|:---|
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>◼ Affiliated companies include First Eagle Investments; First Eagle Holdings, Inc.; First Eagle Investment Management, LLC; FEF Distributors, LLC; First Eagle Separate Account Management, LLC; First Eagle Alternative Credit, LLC; Napier Park Global Capital Ltd; Napier Park Global Capital GmbH, Napier Park Global Capital (US) LP; First Eagle Investment Management Ltd; First Eagle Investment Management GmbH; First Eagle Investments Sarl; First Eagle Funds (Ireland) ICAV; First Eagle Amundi Sub-Funds (Luxembourg) SICAV; First Eagle Overseas Variable Fund, a portfolio of First Eagle Variable Funds, an open-end investment management company; First Eagle Credit Opportunities Fund, a closed-end interval fund; First Eagle Real Estate Debt Fund, a closed-end interval fund; First Eagle Tactical Municipal Opportunities Fund, a closed-end interval fund; First Eagle Private Credit Fund, a business development company; portfolios of First Eagle Funds, open-end investment management companies; First Eagle Global Equity ETF (FEGE) and First Eagle Overseas Equity ETF (FEOE), exchange traded funds; and any other First Eagle Funds and any sub-funds, as applicable. |

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First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Privacy Notice

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| | |
|:---|:---|
| **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>◼ Nonaffiliated third parties may include service providers such as the Trust's distributors, registrar and transfer agent for shareholder transactions, other parties providing individual shareholder servicing, accounting and recordkeeping services, attorneys, accountants, and auditors. |

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**Data Subject Rights**

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

**Special Notice for Residents of California**

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

**Other Important Information**

Sharing of Personal Information with Nonaffiliated Third Parties

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

• At your request;

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

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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Privacy Notice

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

• With third parties as part of a corporate business transaction such as a merger, joint venture, financing, reorganizing, or sale of company assets;

• As necessary to establish, defend, or otherwise manage a legal claim; or

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

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

What We do with Personal Information about Our Former Customers

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

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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First Eagle High Yield Municipal Completion Fund

**Trustees**

Lisa Anderson

John P. Arnhold

Candace K. Beinecke (Chair)

Peter Davidson

Jean D. Hamilton

William M. Kelly

Paul J. Lawler

Mehdi Mahmud

Mandakini Puri

Scott Sleyster

**Officers**

Mehdi Mahmud

**President**

Frank Riccio

**Senior Vice President**

Brandon Webster

**Chief Financial Officer**

Seth Gelman

**Chief Compliance Officer**

David O'Connor

**General Counsel**

Sheelyn Michael

**Secretary & Deputy General Counsel**

Michael Luzzatto

**Vice President**

Shuang Wu

**Treasurer**

**Investment Adviser**

First Eagle Investment Management, LLC

**1345 Avenue of the Americas New York, NY 10105**

**Legal Counsel**

Sidley Austin LLP

**787 Seventh Avenue New York, NY 10019**

**Custodian**

JPMorgan Chase Bank, N.A.

**4 Chase Metrotech Center, Floor 16, Brooklyn, NY 11245**

**Shareholder Servicing Agent**

SS&C GIDS, Inc.

**801 Pennsylvania Avenue, Suite 219324 Kansas City, MO 64105 800.334.2143**

**Underwriter**

FEF Distributors, LLC

**1345 Avenue of the Americas New York, NY 10105**

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

**300 Madison Avenue New York, NY 10017**

Additional information about the Trustees and Officers is included in the Fund's Statement of Additional Information.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a currently effective prospectus of First Eagle High Yield Municipal Completion Fund.

First Eagle High Yield Municipal Completion Fund \| Annual Report \| October 31, 2025

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![](j25318292_za003.jpg)

**First Eagle High Yield Municipal Completion Fund is offered by FEF Distributors, LLC,**

1345 Avenue of the Americas, New York, NY 10105.

**First Eagle Investment Management, LLC**

1345 Avenue of the Americas, New York, NY 10105-0048

800.334.2143 www.firsteagle.com

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**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Please see Renumeration Paid included under Item 7 of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

**Board Considerations for Approval of Advisory Agreement**

At a meeting held on June 5, 2025, the Board of Trustees, including a majority of the independent trustees (the "Independent Trustees"), approved the Fund's advisory agreement (the "Advisory Agreement").

In response to a letter sent to the Adviser on behalf of the Independent Trustees requesting information about the Advisory Agreement and other arrangements and plans, the Trustees received extensive materials from the Adviser, including reviews of expense information and performance. The Trustees also had the benefit of presentations from and discussions with management.

Prior to approving the Advisory Agreement, the Independent Trustees met in executive session with their independent counsel to discuss management's responses to their information request and reviewed their legal and fiduciary obligations and the factors relating to their evaluation and approval. In their deliberations, Trustees attributed different weights to the various factors, and no factor alone was considered dispositive. At the conclusion of their review, the Trustees determined that the advisory fee structure was fair and reasonable under the circumstances and within the range of what could be negotiated at arm's length, and that the Advisory Agreement should serve the best interests of the Fund and its shareholders. The Trustees considered the following topics in reaching their conclusion to approve the Advisory Agreement:

**Nature, Quality, and Extent of Services to be Provided by Adviser**

● The Trustees reviewed the proposed services to be provided by the Adviser to the Fund. The Adviser would provide the Fund with investment research, advice and supervision and continuously furnish an investment portfolio consistent with the Fund's investment objectives, policies and restrictions as set forth in the Fund's Registration Statement. The Trustees were assured that service levels would not be in any way reduced by the Adviser's agreement with the Fund that the Adviser (subject to certain exceptions) would bear the Fund's expenses and would not charge an advisory fee to the Fund.

● The Trustees commented on the background and experience of the proposed Portfolio Managers, including experience with other funds and products within the First Eagle Complex and other managers.

● The Trustees commented on the representations received regarding the continued independent operations of the Adviser following the transaction with Genstar and appropriate resourcing of the investment and other core business functions. The Trustees also noted information provided on Genstar, including its track record of growing businesses, its likely time period of ownership of the business and possible later exit strategies, its familiarity with the investment management industry and other highly regulated financial services sectors, its support for management's strategic direction of the Adviser, and potential resources and other support that might be made available to the Adviser over time.

**Investment Performance**

● No performance was presented for the Fund given that it was newly organized and had not yet commenced operations.

● The Trustees noted investment performance associated with other Funds managed by the Adviser and following municipal strategies and received general market information suggesting possible return profiles and targets for the Fund. Performance forecasts were determined to be adequate and reflective of the Fund's investment objective and philosophy.

**Costs of Services To Be Provided and Profits To Be Realized by Adviser and its Affiliates From Relationship with Fund; Economies of Scale; Fall-Out Benefits**

● The Trustees understood that the Fund would charge no advisory fees and expenses generally would borne by the Adviser.

● As part of their analysis, the Trustees considered fees paid by other funds within the First Eagle Complex and fees charged by investment advisers to peer funds for services comparable to those to be provided. Consistent with the proposed terms, the Trustees understood that it was customary that a "completion fund" (like the Fund) not charge an advisory fee because it is just one component of the separately managed accounts' ("SMA's") portfolio. The Trustees discussed that fees charged by the Adviser to the SMAs and the economics to be realized by the Adviser from the SMA program are one element in a broad, overall understanding of the Adviser's business as it relates to the Fund. While necessarily theoretical, general and imprecise, the Trustees also discussed that the economics to be realized by the Adviser from the SMA program can be analyzed in ways that allow for a degree of comparability of the Fund's terms with those of other funds within the First Eagle Complex and other potential peer funds. Taking into account those considerations, the Trustees concluded that the Fund's fee structure and expense terms (including the absence of an advisory fee) were fair and reasonable under the circumstances.

● The Trustees also considered that the Adviser is paying all organizational expenses of the Fund and that the Adviser and its affiliates are investing significant resources in the development of the SMA platform. These activities were considered to be of significant benefit to the Fund and to represent an entrepreneurial commitment to investing in its launch and operations.

● While analyzing the effects of direct and indirect compensation to the Adviser and its affiliates (sometimes referred to as "fall-out benefits"), the Trustees considered again the role of the Fund in the overall SMA platform. The Trustees also considered the absence of affiliated broker-dealer relationships. The Trustees also noted, among other things, that the Fund does not charge Rule 12b-1 fees and, therefore, though an affiliate of FEIM is the principal underwriter, it would not be able to retain revenue associated with Rule 12b-1 fees (if any) on shareholders it services directly (if any). The Trustees noted that the Adviser also may be able over time to extend investment and operational efficiencies associated with the Fund to management of other types of accounts.

● In regard to economies of scale, it was noted that any expectations of scale benefits for either the Fund or the separately managed accounts that will invest in the Fund are necessarily speculative at this point.

● The Trustees reviewed the Adviser's financial condition and profitability. No near-term profits are anticipated in respect of management of the Fund or the SMA platform.

● The Trustees considered representations that there will not be any unfair burden imposed on the Fund in connection with the Genstar transaction, including that the fee terms would not increase for two years as a result of the transaction (noting that any expense arrangements, or those established in the future for reasons unrelated to the transaction, are expected to be governed in accordance with their terms).

● The possibility of new affiliations in light of the transaction were considered and it was determined that affiliates of Genstar were not anticipated to have meaningful service or trading relationships with the Fund.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

No material change to report at this time.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the opinion of the principal executive officer and principal financial officer, based on their evaluation, the registrant's disclosure
controls and procedures are adequately designed and are operating effectively to ensure (i) that material information relating to
the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the
period in which this report is being prepared; and (ii) that information required to be disclosed by the registrant on Form N-CSR
is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and
forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over
financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to
materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

[(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR.](tm2531829d1_ex99-codeeth.htm)

(a)(2) Not applicable

[(a)(3) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)): Attached hereto](tm2531829d1_ex99-cert.htm)

[(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)): Attached hereto.](tm2531829d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | First Eagle High Yield Municipal Completion Fund |
| By (Signature and Title)\* | /s/ Mehdi Mahmud |
|  | Mehdi Mahmud, President |

---

Date January 2, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Mehdi Mahmud |
|  | Mehdi Mahmud, President |

---

Date January 2, 2026

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Brandon Webster |
|  | Brandon Webster, Principal Financial Officer |

---

Date January 2, 2026

\*Print the name and title of each signing officer under his or her signature.

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

**Code of Ethics**

**Personal Securities Transaction Policy**

![](tm2531829d1_ex99-codthimg01.jpg)

FIRST EAGLE INVESTMENT MANAGEMENT, LLC

FEF DISTRIBUTORS, LLC

FIRST EAGLE ALTERNATIVE CREDIT, LLC

FIRST EAGLE SEPARATE ACCOUNT MANAGEMENT, LLC

FIRST EAGLE INVESTMENT MANAGEMENT, LTD

FIRST EAGLE INVESTMENT MANAGEMENT, GMBH

AND

FIRST EAGLE FAMILY OF FUNDS

EFFECTIVE: April 1, 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| I. GENERAL POLICY STATEMENT | 3 |
| &nbsp;&nbsp;&nbsp;Standards of Conduct | 3 |
| II. CATEGORIES OF COVERED PERSONS | 4 |
| III. EXEMPT SECURITIES | 5 |
| IV. PRE-CLEARANCE EXEMPTIONS | 5 |
| V. PRE-CLEARANCE PROCEDURES | 6 |
| &nbsp;&nbsp;&nbsp;A. Personal Trading System | 6 |
| &nbsp;&nbsp;&nbsp;B. How Long Are Approvals Effective? | 7 |
| &nbsp;&nbsp;&nbsp;C. Special Pre-Clearance Requirements | 7 |
| VI. AFFILIATED CLOSED-END FUNDS – SPECIAL PRE-CLEARANCE PROCEDURES | 7 |
| VII. BLACKOUT PERIODS – CLIENT TRADES | 8 |
| &nbsp;&nbsp;&nbsp;A. Blackout Periods | 8 |
| &nbsp;&nbsp;&nbsp;B. De Minimis Transactions | 9 |
| VIII. BLACKOUT PERIODS – AFFILIATED OPEN AND CLOSED-END FUNDS | 9 |
| &nbsp;&nbsp;&nbsp;A. Blackout Period - Affiliated Open-End Funds | 9 |
| &nbsp;&nbsp;&nbsp;B. Blackout Period - Affiliated Closed-End Funds | 9 |
| IX. SHORT-TERM (FREQUENT) TRADING IN OPEN-END MUTUAL FUNDS | 10 |
| X. BAN ON SHORT-TERM TRADING | 10 |
| XI. RESTRICTED/WATCH LISTS | 11 |
| XII. PUBLIC OFFERINGS | 11 |
| XIII. PRIVATE PLACEMENTS– SPECIAL PRE-CLEARANCE PROCEDURES | 12 |
| XIV. REPORTABLE ACCOUNTS | 13 |
| &nbsp;&nbsp;&nbsp;A. Accounts Required to be Reported | 13 |
| &nbsp;&nbsp;&nbsp;B. Reporting of Transactions - Designated Broker-Dealers | 14 |
| &nbsp;&nbsp;&nbsp;C. Reporting of Transactions - Non-Designated Broker-Dealers | 14 |
| XV. REPORTING AND CERTIFICATION REQUIREMENTS | 15 |
| XVI. EXEMPTIONS FROM THIS POLICY | 16 |
| XVII. CONSEQUENCES OF VIOLATIONS OF THIS POLICY | 16 |
| XVIII. REPORTING OF VIOLATIONS | 16 |
| XIX. QUESTIONS CONCERNING THIS POLICY | 16 |
| XX. CODE OF ETHICS OFFICE CONTACT INFORMATION | 17 |
| XXI. DEFINITIONS | 17 |

---

**Code Of Ethics: Personal Securities Transactions Policy**

**I. General Policy Statement**

&nbsp;&nbsp;&nbsp;&nbsp;**Standards of Conduct**

Each officer, director, employee and certain designated Temporary Workers (each, a "Covered Person") of First Eagle is subject to this Code of Ethics. First Eagle has a fiduciary duty that requires Covered Persons to act in the best interest of Clients. As a firm, and as individuals, it must be understood that Clients always come first and that any abuse of the positions of trust and responsibility placed in the firm by Clients will not be tolerated. Furthermore, Covered Persons are obligated to avoid any action or activity that could produce conflicts between their own personal interests and those of Clients. To this end, each Covered Person must act with honesty, integrity, and high ethical standards deserving of Clients' trust. Covered Persons must exercise reasonable care and professional judgment to avoid engaging in actions that put First Eagle's image or reputation at risk.

At all times, Covered Persons must:

1. Place the interests of Clients ahead of their personal interests;

2. Not take inappropriate advantage of their positions;

3. Conduct all personal securities transactions in full compliance with the letter and spirit of the Code
of Ethics and the Insider Trading Policy;

4. Avoid any actual or potential conflicts of interest or any abuse of their positions of trust and responsibility;
and

5. Comply with all applicable Federal securities laws.

While First Eagle encourages Covered Persons and their families to develop personal investment programs, they must not take any action in connection with their personal investments that could cause the appearance of unfairness or impropriety. Accordingly, Covered Persons must follow the policies set forth below with respect to personal trading. All Covered Persons must comply with the Code of Ethics – adherence to the Code of Ethics is a basic condition of employment. Covered Persons are required to promptly report any violation of this Code of Ethics of which they become aware, whether their own or another Covered Person's, to the Code of Ethics Office. Reports of ethical concerns or Code of Ethics violations by others may also be made on a confidential, anonymous basis via the internet at <u>www.FirstEagle.ethicspoint.com</u> or via phone at (855) 325-9019.

*Application of the Code of Ethics to Disinterested Trustees*

Disinterested Trustees of the First Eagle Funds are only subject to the reporting requirement in Section VI and XV of the Code of Ethics. Disinterested Trustees are not subject to other provisions of the Code of Ethics but are subject to the requirements of the Federal Securities Laws and other applicable laws, such as the prohibition on trading in securities of an issuer while in possession of material non-public information.

**A glossary of certain terms contained within this Policy is set forth in the "Definitions" section at the end of this document for reference. Capitalized terms not defined in context are defined in the glossary.**

**II. Categories of Covered Persons**

Different requirements and limitations on Covered Persons are based on their activities and roles within First Eagle. Covered Persons are assigned to one of the categories listed below.

Please note that a Covered Person's category under this Policy may change if their position within First Eagle changes or if they are transferred to another department or to an affiliated company. It is the Covered Person's obligation to notify the Legal and Compliance Department of changes to their position. Legal and Compliance will review the status and will notify the Covered Person if their category changes. If there are any questions regarding a Covered Person's category, please contact Legal and Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;**ACCESS PERSON:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An Access Person is any Covered Person who satisfies the definition of "Access Person" defined in Rule 204A-1(e)(1) under the Advisers Act and/or with respect to a First Eagle Fund as defined in Rule 17j-1(a)(1) under the 1940 Act. An Access Person generally includes any Covered Person who:<br>1) has access to non-public information regarding any Client's purchase or sale of Securities;<br> 2) has access to non-public information regarding Clients' portfolio holdings;<br> 3) is involved in making Securities recommendations to Clients;<br> 4) has access to Securities recommendations to Clients that are non-public; or<br> 5) is an Investment Person as defined below.<br>

&nbsp;&nbsp;&nbsp;&nbsp;**INVESTMENT PERSON**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An Investment Person is an Access Person who, in connection with his/her regular functions and duties:<br>1) makes, or participates in making, recommendations regarding the purchase or sale of Securities on behalf of any client;<br> 2) provides information or advice with respect to a purchase or sale of Securities to a portfolio manager; or<br> 3) helps execute a portfolio manager's investment recommendations.<br>Generally, Investment Persons include, but are not limited to, portfolio managers, research analysts and traders.<br>

&nbsp;&nbsp;&nbsp;&nbsp;**TEMPORARY WORKER:**

---

| |
|:---|
| &nbsp;&nbsp;A Temporary Worker's status is determined upon the start of his/her assignment with First Eagle. If a Covered Person hires a Temporary Worker, the Covered Person is required to notify the Human Resources Department, who in turn will notify the Legal and Compliance Department. |
| &nbsp;&nbsp;Temporary Workers may be designated as Access Persons or Investment Persons subject to the Code of Ethics and certain provisions of the Code of Business Conduct. Temporary Workers who are not designated as an Access Person or Investment Person are deemed to be non-access persons. Non-access persons generally will not be subject to the Code of Ethics. |
| &nbsp;&nbsp;Temporary Workers will be notified about their designation by the Legal and Compliance Department. The Legal and Compliance Department, with the assistance of the Temporary Worker's supervisor, will re-review the status of a Temporary Worker periodically thereafter. The Legal and Compliance Department will notify the Temporary Worker as to any change in designation and the imposition of Code of Ethics requirements. |

---

**III. Exempt Securities**

SEC Rule 204A-1 treats all Securities as "Reportable Securities" with certain limited exceptions enumerated below. As a result, this Policy does not apply to any of the following types of Securities or instruments ("Exempt Securities").

&nbsp;&nbsp;&nbsp;&nbsp;1. Direct obligations of the United States Government, such as Treasury Notes, Treasury Bonds, Treasury Bills
and U.S. Savings Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;2. Money market instruments, bankers' acceptances, bank certificates of deposit, commercial paper,
and high-quality short-term debt instruments, including repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;3. Shares of unaffiliated **open-end** mutual funds.  ***Caution:*** *Shares of the First Eagle Funds or mutual funds sub-advised by First Eagle are **not** Exempt Securities and must be reported.* 

&nbsp;&nbsp;&nbsp;&nbsp;4. Shares of unit investment trusts that are invested exclusively in unaffiliated open-end mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;5. Interests in 529 college savings plans that First Eagle does not manage, distribute, market or underwrite. **Note:** *Please refer to Section XIV for reporting of 529 accounts*.

&nbsp;&nbsp;&nbsp;&nbsp;*6.* Shares of unaffiliated collective investment trusts. **Caution**: *Shares of First Eagle Investment Trusts and First Eagle managed collective investment trusts are **not** Exempt Securities and must be reported.* 

Covered Persons may engage in transactions in any Exempt Security without pre-clearing or reporting any such transactions.

**IV. Pre-Clearance Exemptions**

The following types of transactions are not subject to the pre-clearance requirements of this Policy. Covered Persons are not required to pre-clear transactions for which they do not exercise investment discretion at the time of the transactions ("non-volitional transactions") and certain other automated transactions. The transactions listed below are, however, required to be reported through trade confirmations and/or account statements, *unless noted otherwise*.

&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases and sales of the First Eagle Open-End Mutual Funds and First Eagle Collective Investment Trusts.
While First Eagle Open-End Mutual Funds and First Eagle Collective Investment Trusts are not subject to pre-clearance, please refer to
Section IX entitled "Short Term Trading in Open-End Mutual Funds for other limitations and restrictions that may apply." **Note:** *Covered Persons will be required to pre-clear **Affiliated Exchange Traded Funds** and **Affiliated Closed-End Funds**, which include Affiliated Business Development Companies and Affiliated Interval Funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;2. Transactions in Securities made in an account that is fully managed by a third party. **Note:** *The Covered Person will be required to submit documents demonstrating that the fiduciary has full discretion over the relevant account. The Covered Person will be required to complete and sign an initial and annual discretionary attestation.* 

&nbsp;&nbsp;&nbsp;&nbsp;3. Purchases and sales of Securities in accordance with a pre-set amount or pre-determined schedule effected
through an automatic investment plan or dividend reinvestment plan (DRIP). This includes the automatic reinvestment of dividends, income
or interest received from a Security in such plans or any other type of account. **Note**: *The purchase or sale of Securities outside of a pre-set amount and/or pre-determined schedule in such plans is subject to pre-clearance and reporting.* 

&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases of Securities due to an exercise of rights issued to the holders of a class of Securities must
be pro rata, to the extent they are issued with respect to Securities of which a Covered Person has Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;5. Acquisitions or dispositions of Securities as the result of a stock dividend, stock split, reverse stock
split, merger, consolidation, spin-off or other similar corporate distribution or reorganization applicable to holders of a class of Securities
of which a Covered Person has Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;6. The automatic exercise or liquidation by an exchange of an in-the-money derivative instrument upon expiration,
the delivery of Securities pursuant to a written option that is exercised against a Covered Person and the assignment of options.

&nbsp;&nbsp;&nbsp;&nbsp;7. Purchases or sales of unaffiliated broad-based market exchange traded funds ("BB ETFs"). Information
pertaining to BB ETF's is posted on the personal trading system dashboard. Transactions in all other ETFs including First Eagle
ETFs must be pre-cleared.

&nbsp;&nbsp;&nbsp;&nbsp;8. Purchases and sales of open-end mutual funds and variable insurance products, including funds organized
outside the U.S. with a structure similar to that of open-end mutual funds that are not managed by First Eagle.

&nbsp;&nbsp;&nbsp;&nbsp;9. Gifts of Securities received, if the Covered Person does not control the timing of the gift.

&nbsp;&nbsp;&nbsp;&nbsp;10. Transactions in 529 College Savings Plans do not require pre-clearance and are not reportable. **Note:** *Please refer to Section XIV for reporting 529 accounts*.

**V. Pre-clearance Procedures**

Covered Persons are required to obtain pre-approval for personal trades as described below.

**Note:** *Covered Persons must pre-clear transactions in Securities in which they have Beneficial Ownership. Additionally, a Covered Person must pre-clear Securities transactions for their spouse, domestic partner, minor children or any other person to whom a Covered Person provides significant financial support, as well as transactions in any other account over which they exercise investment discretion or trading authority, regardless of Beneficial Ownership.*

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Personal Trading System**

Covered Persons are required to pre-clear all personal transactions in Securities through the personal trading system, except for (i) transactions in Exempt Securities; and (ii) transactions listed under Pre-Clearance Exemptions.

Upon submitting a pre-clearance request through the personal trading system, a Covered Person will receive an approval or denial message in connection with their request. Although First Eagle retains records of all electronic pre-clearance requests, it is recommended that the Covered Person print and retain copies for their records. A link to the personal trading system can be found via the First Eagle Intranet.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **How Long Are Approvals Effective?**

Pre-clearance approvals for Securities ***traded in the local market or exchange of a Covered Person's country of residence*** are effective until the close of business on the day that a pre-clearance request has been approved. Pre-clearance approvals for Securities ***traded outside the local market or exchange of a Covered Person's country of residence*** are effective until the close of business on the business day following approval of a pre-clearance request. To make any modification to a previously pre-cleared trade request (for instance, date of execution or share quantity), a Covered Person must submit a new pre-clearance request and receive approval.

&nbsp;&nbsp;&nbsp;&nbsp;**C. Special Pre-Clearance Requirements**

Covered Persons may be subject to special pre-clearance requirements either in addition to, or in place of, those pre-clearance requirements described in this section. Such requirements may be necessary due to the risks presented by a particular position held within First Eagle. In such cases, the Code of Ethics Office will notify Covered Persons of any special pre-clearance requirements.

**VI. Affiliated Closed-End Funds – Special Pre-Clearance Procedures**

Covered Persons who want to purchase or sell an Affiliated Closed-End Fund must submit a pre-clearance request through the personal trading system. In determining whether to grant approval for the trade, the Code of Ethics Office makes an assessment as to whether the transaction complies with this Policy, including the 60-Day Holding Period applicable to Affiliated Closed-End Funds. In addition, the respective Company's CCO (or designee) for third party funds sub-advised by a Company verifies that your transaction does not conflict with any specific Fund information. Your request will be denied if the transaction would violate any requirements of this Policy.

**Section 16 Requirements**

Common shares of closed-end funds are registered under Section 12 of the Exchange Act. As such, there are specific reporting requirements and trading prohibitions under Sections 16(a) and 16(b) of the Exchange Act and Section 30(h) of the Investment Company Act if you are deemed to be a "Section 16 Person" with respect to a closed-end fund that include special filing obligations with the SEC. The Legal and Compliance Department will notify you if you are deemed to be a Section 16 Person in connection with an Affiliated Closed-End Fund. Even though individuals are personally responsible to file the forms with the SEC under Section 16, the Legal and Compliance Department will manage the Section 16 filings on your behalf, if authorized by you. In connection with Affiliated Closed-End Funds, if you are a Section 16 Person, the Code of Ethics Office must provide your trade execution details to the Legal and Compliance Department or to the respective Company's CCO (or designee) for third party closed-end funds sub-advised by First Eagle or its affiliates within one business day for filing purposes.

In addition, Section 16(b) of the Exchange Act (together with Section 30 (h)) prohibits Section 16 Persons from profiting from the purchase and sale, or sale and purchase, of an applicable Closed- End Fund within a six-month period (referred to as "short-swing profits"). Any such profits realized are required to be forfeited to the applicable Closed-End Fund.

**VII. Blackout Periods – Client Trades**

Potential conflicts of interest are of particular concern when a Covered Person buys or sells a Security at or near the same time as First Eagle buys or sells that Security or an Equivalent Security for Clients. The potential appearance of impropriety in such cases is particularly severe if the Covered Person acts as the portfolio manager or in another investment-related capacity for the Clients in question.

To reduce the potential for conflicts of interest and the potential appearance of impropriety that can arise in such situations, this Policy prohibits Covered Persons from trading for their Reportable Accounts during certain periods before, during and after trading is being conducted on behalf of Clients. The period during which personal securities transactions are prohibited is commonly referred to as a "blackout period." The applicable blackout period depends on (i) whether a transaction is classified as a De Minimis Transaction, as defined below; and (ii) whether the potential investor is an Access Person or an Investment Person.

First Eagle recognizes that the application of a blackout period during the period *prior* to Client transactions may result in inadvertent violations of this Policy from time to time. Covered Persons should consider carefully the potential consequences of the applicable blackout period before engaging in personal securities transactions in Securities or Equivalent Securities, which First Eagle holds, or might consider holding, in Client accounts.

Covered Persons who have any questions about the application of the blackout periods to a particular situation should contact the Code of Ethics Office before submission of a trade request.

The blackout periods below apply to both Securities and Equivalent Securities.

**Caution:** *Because of the many variations and complexities of options transactions, Covered Persons are strongly encouraged to seek guidance from the Code of Ethics Office if they are unsure whether a particular option is deemed to be an Equivalent Security.*

&nbsp;&nbsp;&nbsp;&nbsp;**A. Blackout Periods**

The blackout periods described below do not apply to: (i) Exempt Securities; or (ii) the transactions listed under Pre-Clearance Exemptions.

**<u>Orders Under Consideration</u>**

Covered Persons may not purchase or sell a Security or Equivalent Security if such person knows the Security or Equivalent Security is being considered for purchase or sale on behalf of a Client, even though no buy or sell orders have been placed at the time.

**<u>Same-Day Blackout Period</u>**

Access Persons may not purchase or sell a Security or Equivalent Security if there is a *pending* buy or sell order for a Client in the Security or Equivalent Security, until the order is executed, withdrawn or meets the De Minimis Exemption.

Investment Persons may not purchase or sell the same Security or Equivalent Security on a day during which a buy or sell is made on behalf of any Client in that same Security or Equivalent Security. **Note:** T*he De Minimis Exemption is not available to Investment Persons.*

**<u>Seven-Day Blackout Period – For Investment Persons only</u>**

The purchase or sale of a Security or Equivalent Security are prohibited within seven calendar days before and after the purchase or sale of the relevant Security or Equivalent Security by a Client.

**<u>Short Sale of Securities – For Investment Persons only</u>**

Short sales of any security held by a Client are not permitted. This prohibition also applies to effecting economically equivalent transactions, including, but not limited to, sales of uncovered call options, purchases of put options while not owning the underlying security, and short sales of bonds that are convertible into equity positions, swaps or other derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;**B. De Minimis Transactions**

The following transactions by Access Persons are defined as "De Minimis Transactions" under this Policy:

Purchases and sales of a Security or an Equivalent Security where, ***in aggregate, the trade*** does not exceed 1,000 shares per day in that issuer and which the issuer has a total market capitalization of $30 billion or greater at the time of investment.

Such transactions present little or no risk of conflict with Client transactions because they involve a relatively small number of highly liquid Securities. However, it should be noted that issuer market capitalization amounts often change. Accordingly, a Covered Person may purchase a Security that has a market capitalization of greater than $30 billion only to find out that they cannot sell the Security at a later date because the market capitalization has fallen below $30 billion and their sale would be during a blackout period in connection with a Client trade in the same Security or Equivalent Security. If a Covered Person is unsure whether a Security meets the market capitalization criteria, please contact Legal and Compliance.

**Note**: *De Minimis Transactions are nevertheless (i) required to be pre-cleared and reported; and (ii) subject to a ban on short-term trading as described in the section "Ban on Short-Term Trading."*

**VIII. Blackout Periods – AFFILIATED OPEN AND CLOSED-END FUNDS**

**A.** **Blackout Period - Affiliated Open-End Funds**

A personal trading blackout may be put in place in connection with shares of Affiliated Open-End Mutual Funds up until the release of certain information regarding the Funds to the public. Reasons for a personal trading blackout with respect to a Fund may include but are not limited to: (i) an upcoming change in portfolio management; (ii) a planned reorganization of a Fund, including a merger into an existing Fund; or (iii) an anticipated dissolution/liquidation of a Fund. Please note that this type of information regarding the Funds is confidential and must not be discussed with, or disclosed to, anyone outside of First Eagle.

**Note**: *The blackout period applies to all share classes across all accounts in which Covered Persons are Beneficial Owners, including transactions in First Eagle 401(k) Plans if they are **not** effected through the firm's automatic investment plan, such as rebalancing transactions and fund transfers.*

Covered Persons are notified of such a personal trading blackout for the Funds in advance of the blackout period. Information pertaining to a firm-wide blackout period for a Fund is posted on the personal trading system dashboard.

**B.** **Blackout Period - Affiliated Closed-End Funds**

Affiliated Closed-End Funds may be subject to blackout periods surrounding a Fund's dividend declaration press release and quarterly earnings release that may prevent you from purchasing or selling the Fund. Affiliated Closed-End Funds may also be subject to blackout periods surrounding events involving Funds that have not yet been disclosed to the public.

**Note:** *Refer to the Closed-End Funds Dividend Blackout Calendar posted on the Compliance tab of the Company Intranet.*

**IX. Short - Term (frequent) Trading in Open-End Mutual Funds**

Covered Persons are prohibited from engaging in market timing (frequent trading) in shares of any mutual fund including the First Eagle Open-End Mutual Funds. Frequent trading (including exchanges) of mutual fund shares, also known as "market-timing" may increase mutual fund transaction and administration costs and otherwise negatively affect a mutual fund's investment program, possibly diluting a mutual fund's value to its longer-term investors. The Board of Trustees of the First Eagle Funds have adopted a policy to deter inappropriate trading. The policy is set forth in the First Eagle Open-End Mutual Funds' prospectus, which governs all trading activity in the Funds.

Any activity that may be deemed to be frequent trading or market timing will be reviewed by the Code of Ethics Office, who will refer instances to the Chief Compliance Officer. The Chief Compliance Officer in consultation with members of the Legal and Compliance Department, will take disciplinary action as it deems appropriate.

Covered Persons must also comply with the holding period policy of any mutual fund held whether or not the mutual fund is part of the First Eagle Funds. Covered Persons are expected to abide by trading restrictions imposed by other mutual funds as described in the relevant prospectus.

**X. Ban on Short-Term Trading**

Frequent personal trading can distract a Covered Person from their job and, in turn, conflict with their fiduciary duty to Clients. Short-term trading increases the risks of front running and of abuse of confidential information. Covered Persons are prohibited from the purchase and sale or sale and purchase (or in the case of derivatives – short sales or similar transactions) of a Security or Equivalent Security within 60 calendar days.

For clarity, except as otherwise noted, this prohibition also applies to short-term trading through the use of derivatives and Equivalent Securities, either alone (e.g., exercising an option within 60 days of purchasing the option) or in combination with other securities transactions (e.g., selling the underlying or similar Security or Equivalent Security within 60 days of purchasing a call on such Security).

Any series of transactions made which violate (or are counter to) the spirit of the 60-day rule, such as the establishment of a long position and subsequent establishment of a short position (or vice versa), in the same Security or Equivalent Security, may be deemed a violation by the Code of Ethics Office.

A series of purchases and sales is measured on a last-in, first-out basis ("LIFO" accounting method) until all purchases and sales transactions of the same Security or Equivalent Security within a 60-calendar day period in a Reportable Account are matched. A purchase or sale is ordinarily deemed to occur on trade date. The purchase date is day 1, therefore day 61 is the first day a sale of those Securities may be made at a profit.

Note: If there are *extenuating circumstances* where a Covered Person needs to sell or close out a position within the 60-day window, they may request an exception to override from the Compliance Department by sending an e-mail to <u>codeofethics@firsteagle.com</u>. The Compliance Department will review the individual facts and circumstances of each request and may grant a one-time exception to sell or close out a position within the 60-day window. The Compliance Department review may include whether the Covered Person has an unexpected short-term liquidity need or significant financial hardship, a company declaring bankruptcy, or some other extenuating circumstances.

**The ban on short-term trading does not apply to the following:**

· Exempt
 Securities;

· Unaffiliated
 Broad-Based ETFs or options on Unaffiliated Broad-Based ETFs;

· Unaffiliated
 Broad-Based Index Options and Index Futures; and

· Involuntary
 option assignment/transfer and exercise.

**XI. Restricted/Watch Lists**

From time to time, First Eagle may place restrictions on personal trading in the Securities of a company. Restrictions may be implemented, for example, to enhance an information barrier by preventing the appearance of impropriety in connection with trading, or by preventing the use or appearance of the use of inside information. Covered Persons are prohibited from trading in the Securities of any issuer on the firm's restricted list if the restrictions apply to personal account dealings.

First Eagle may also place the Securities of a company on a watch list. In such cases, the Code of Ethics Office reviews any personal trading activity in the Securities of an issuer on the watch list on a post-trade basis and evaluates whether there is any appearance of impropriety with respect to the personal trades by that Covered Person.

**XII. Public Offerings**

Covered Persons may not participate in initial public offerings of equity and equity-related Securities. Acquisitions of Securities in other public offerings are subject to pre-clearance procedures. Public offerings give rise to potential conflicts of interest that are greater than those present in other types of personal securities transactions since such offerings are generally only offered to institutional and retail investors who have a relationship with the underwriters involved in the offering. To preclude any possibility of a Covered Person profiting from his/her position with First Eagle, the following rules apply to public offerings.

**Initial Public Offerings ("IPO's") – Equity Securities and certain Digital Investment Assets**

As noted above, Covered Persons are prohibited from purchasing equity and equity related Securities in an IPO (including ICOs, initial coin offerings of digital or token assets).

**Note**: *This prohibition does not apply to Exempt Securities, to investments in public offerings if such an investment is available due to the Covered Person's existing investment in a Private Placement, or to Affiliated Closed-End Funds. However, Private Placements are subject to prior review and approval by the Covered Person's Department Manager and are subject to Legal and Compliance review. Additionally, **digital assets or coins** may be deemed securities by the SEC and as such employees are prohibited from participating in the initial public offering.*

**Secondary Offerings – Equity Securities**

Subject to pre-clearance approval and other provisions of this Code, Covered Persons are generally permitted to purchase equity and equity related Securities in secondary offerings of those Securities, unless First Eagle is participating in the offering on behalf of its Client accounts.

**Debt Offerings**

Subject to pre-clearance approval, Covered Persons are generally permitted to purchase debt Securities in public offerings of those Securities, unless First Eagle is participating in that offering on behalf of its Client accounts. Covered Persons cannot participate in any public offering of debt Securities if First Eagle is participating in the offering on behalf of its Client accounts unless it is an Exempt Security.

**XIII. Private Placements– Special Pre-Clearance Procedures**

Acquisitions of Securities in unaffiliated Private Placements (including any Digital Investment Assets or loans) are subject to special pre-clearance procedures. Private Placements typically include investments in the acquisition of securities of, or loans to, non-firm hedge funds, PIPEs, limited partnerships, limited liability companies, S corporations, and other legal entities. Prior approval is required by the Covered Person's department manager and this approval must be submitted for review to the Code of Ethics Office. The form for this purpose is located in the personal trading system. In determining whether to grant approval, the following should be considered but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Whether the investment opportunity should be reserved for Clients;

&nbsp;&nbsp;&nbsp;&nbsp;· Whether the opportunity to invest has been offered to a Covered Person solely by virtue of their position
at First Eagle; or

&nbsp;&nbsp;&nbsp;&nbsp;· Whether the opportunity to invest could be considered a favor or gift designed to influence a Covered
Person's judgment as an employee of First Eagle or as compensation for services rendered to the issuer.

**Note**: *A Covered Person must provide documentation confirming their investment in an approved Private Placement to the Code of Ethics Office upon completion of their investment. The Covered Person must also notify, in advance, the Code of Ethics Office if there are any changes in the circumstances of their Private Placement investment (e.g., additional contributions, liquidation or dissolution of the company). Additional contributions to an existing Private Placement must be pre-cleared as new Private Placement investments. For IPOs stemming from an existing Private Placement, refer to the section "Public Offerings.*"

**Investment Persons who have acquired Beneficial Ownership of Securities in a Private Placement, must disclose the investment when playing a part in any consideration of an investment by a Client in the issuer of the Securities.** Any decision to make such an investment must be independently reviewed by the Head of a Covered Person's Investment Team or by a portfolio manager who does not have Beneficial Ownership of any Securities of the issuer. The Code of Ethics Office must also be consulted in such instances.

**XIV. Reportable Accounts**

&nbsp;&nbsp;&nbsp;&nbsp;**A. Accounts Required to be Reported**

The following personal accounts are required to be reported to the Code of Ethics Office: (i) upon hire; (ii) upon a change in a Covered Person's category classification; (iii) before or at the time a new account is opened<sup>1</sup>; and (iv) annually, as described in the section "Reporting and Certification Requirements":

&nbsp;&nbsp;&nbsp;&nbsp;1. Accounts in the name of, or for the direct or indirect benefit of:<br>
(a) A Covered Person; or (b) A Covered Person's spouse,
domestic partner, minor children and any other person to whom a Covered Person provides significant financial support, as well as to transactions
in any other account over which they exercise investment discretion or trading authority, regardless of Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;2. Accounts that are fully managed by a third party where a Covered Person does not directly or indirectly
influence or control investment selections for the account through recommendation, advice, pre-approval or otherwise (i.e., suggest or
direct any particular purchase or sale of securities or consult a particular allocation of investments to be made). **Note**: *Covered Persons will be required to provide documentation to verify that the account is fully managed by their broker or financial adviser and they will be required to execute an initial attestation and annual certification thereafter.* 

&nbsp;&nbsp;&nbsp;&nbsp;3. Accounts that have the ability to hold Reportable Securities, even if the account currently only holds
Exempt Securities. **Example:** *If a Covered Person has a 401(k) Plan with a prior employer that includes a First Eagle Fund as an investment option, the account is required to be reported regardless of whether a Covered Person holds that particular First Eagle Fund in their account.* 

Examples of the types of accounts that a Covered Person must report if the account holds or has the ability to transact Reportable Securities include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Brokerage Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Individual Retirement Accounts ("IRAs"), including but not limited to, Traditional IRAs, Rollover IRAs, Contributory IRAs,
Roth IRAs, SEP IRAs and SIMPLE IRAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 401(k) Plans and Other Retirement and Savings Accounts, including Personal Choice Retirement Accounts
offered through the First Eagle 401(k) plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employee Stock Purchase Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Health Savings Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Automatic Investment Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dividend Reinvestment Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct Stock Purchase Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Deferred Compensation Plan Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Custodial Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trust Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Variable Annuity Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 529 College Savings Plans.

<sup>1</sup> FEFD personnel (includes registered representatives and associated persons) must obtain written authorization from the Code of Ethics Office prior to opening a Reportable Account at any Broker-dealer (i.e., Designated or Non-Designated Broker-Dealer).

&nbsp;&nbsp;&nbsp;&nbsp;4. Accounts that hold Digital Investment Assets (other than specifically
designated Digital Currencies). **Note:** *Refer to glossary or personal trading system dashboard for a list of designated Digital Currencies that are not subject to reporting*.

If a Covered Person is unsure whether an account is required to be reported, please contact Legal and Compliance for guidance.

&nbsp;&nbsp;&nbsp;&nbsp;**B. Reporting of Transactions - Designated Broker-Dealers**

SEC Rules 204A-1 and 17j-1 require an adviser's employees who have been designated as Access Persons and Investment Persons to provide quarterly reports of their personal securities transactions no later than 30 days after the close of each calendar quarter.

To assist Covered Persons with this reporting requirement, First Eagle permits maintaining Reportable Accounts with broker-dealers that provide electronic feeds into the personal trading system as "Designated Broker-Dealers." A list of First Eagle's Designated Broker-Dealers is posted on the personal trading system dashboard. The Code of Ethics Office receives automated trade confirmations and/or account statements directly from these broker-dealers, thereby eliminating the need for a Covered Person's broker-dealer to submit copies of these documents in paper format. At the end of each calendar quarter, Covered Persons are required to review their Securities transactions via the personal trading system and affirm their accuracy.

Covered Persons are required to maintain their Reportable Accounts with a Designated Broker-Dealer, unless they have submitted an exception request in writing and received prior approval from the Code of Ethics Office to maintain the account(s) with a non-Designated Broker-Dealer. For more information, please refer to the section "Reporting of Transactions – Non-Designated Broker-Dealers."

If a Covered Person opens a new Reportable Account with a Designated Broker-Dealer, they must promptly notify Legal and Compliance in writing of the new account and provide account details. FEFD personnel (including registered representatives and associated persons) must obtain written authorization from the Code of Ethics Office prior to opening a Reportable Account at any broker-dealer (i.e., Designated or Non-Designated Broker-Dealer).

&nbsp;&nbsp;&nbsp;&nbsp;**C. Reporting of Transactions - Non-Designated Broker-Dealers**

Certain limited exceptions may be granted that would allow a Covered Person to maintain a Reportable Account with a non-Designated Broker-Dealer. For example, an exception may be granted based on the type of the account (e.g., a 401(k) account with a prior employer, a spousal 401(k) account with the spouse's employer, an employee stock purchase plan account or a direct stock purchase plan account). An exception may also be granted if a Covered Person's spouse works for another investment adviser or broker-dealer with their own designated or preferred broker-dealer requirement.

If the Covered Person is a new Access Person or Investment Person, they are required to transfer their Reportable Account(s) to a Designated Broker-Dealer within a reasonable period of time from the commencement of their employment with First Eagle or from the date they become an Access Person or Investment Person resulting from a change in their category classification, unless they have been granted an exception for the account(s).

Prior to opening an account with a Non-Designated Broker-Dealer, a Covered Person must submit a request in writing to the Code of Ethics Office. The notification must include the name of the broker-dealer, the type of account and the reason(s) for requesting the exception. The Code of Ethics Office will notify the Covered Person as to whether their request was approved or denied.

Covered Persons are required to submit duplicate trade confirmations and/or account statements no later than 30 days after the end of the calendar quarter. The Code of Ethics Office will send a FINRA Rule 3210 Letter to the broker-dealer requesting these documents. If the broker-dealer is unable to routinely provide the documents to First Eagle, Covered Persons are required to provide the documents to the Code of Ethics Office by the deadline. At the end of each calendar quarter, Covered Persons will be required to review the securities transactions via the personal trading system and affirm their accuracy. If the circumstances of the non-Designated Broker-Dealer account change in any way, it is the Covered Person's responsibility to notify the Code of Ethics Office immediately. Please note that the nature of the change in circumstances reported may cause the Designated Broker-Dealer exception to be revoked. Also note that an exception request must be made for each account to the Code of Ethics Office. Covered Persons may not assume that because an exception was granted in one instance that they would necessarily be permitted to open a new account with the same non-Designated Broker-Dealer or another non-Designated Broker-Dealer.

First Eagle treats all trade confirmations and account statements as confidential and only discloses such information to the personal trading system vendor, in connection with an audit request or upon a request by a regulatory authority.

**XV. Reporting and Certification Requirements**

Under SEC Rule 204A-1, advisers must provide each Supervised Person with a copy of the Code of Ethics and any amendments. The Code of Ethics must also require each Supervised Person to acknowledge its receipt, in writing. For purposes of this Code, Supervised Persons are Covered Persons. In addition, Covered Persons are required to provide a complete report of their respective Securities holdings at the time the person becomes a Covered Person and at least once a year thereafter. The information supplied must be current as of a date not more than 45 days prior to the individual becoming a Covered Person (initial report) or prior to the date the report is submitted (annual report). The Code of Ethics Office provides Covered Persons with notification of, and instructions pertaining to, their initial and annual reporting and certification requirements.

**Covered Persons**

Within 10 days of becoming a Covered Person (either following the commencement of employment with First Eagle or due to a change in their category classification), Covered Persons are required to (1) certify their receipt and understanding of and compliance with the Code of Ethics; and (2) complete an initial report of personal Securities holdings and accounts and submit the report, along with any relevant documentation as requested by the Code of Ethics Office.

On an annual basis, Covered Persons are required to (1) re-certify their understanding of and compliance with the Code of Ethics; (2) provide information regarding their Securities holdings; and (3) certify to a list of their current Reportable Accounts.

**Disinterested Trustees**

Disinterested Trustees are required to report, with respect to any Securities transaction in which they have Beneficial Ownership, if they knew, or in the ordinary course of fulfilling their official duties as Disinterested Trustees, should have known, that 15 days immediately before or after the date of their transaction, the Security or Equivalent Security was purchased or sold by a First Eagle Fund or considered for purchase or sale by a First Eagle Fund. Such report shall be made not later than 30 days after the calendar quarter in which any Securities transaction was effected.

**XVI. Exemptions from this Policy**

A Covered Person may apply for an exemption from a provision of this Policy by making a request in writing to the Code of Ethics Office. The request must fully describe the basis upon which the request is being made. As part of the consideration process, the Code of Ethics Office will determine if a Client may be disadvantaged by the request and consider any other relevant factors in deciding whether to grant or deny the request.

No exemptions may be granted for those sections of this Policy that are mandated by Rule 17j-1 or Rule 204A-1.

**XVII. Consequences of Violations of this Policy**

Compliance with this Policy is considered a basic condition of employment with the firm. First Eagle takes this Policy and Covered Persons' obligations under it very seriously. Any violation of this Policy may constitute grounds for remedial action, which may include, without limitation: a letter of education, warning or censure, recertification of this Code, cancellation, liquidations or otherwise unwind the transaction, disgorgement of profits<sup>2</sup>, suspension of trading privileges, termination of officer title, and/or suspension or termination of employment. Situations that are questionable may be resolved against a Covered Person's personal interests. Violations of this Policy may also constitute violations of law, which could result in criminal or civil penalties for a Covered Person and First Eagle.

In addition, the Federal Securities Laws require companies and supervisors to reasonably supervise Covered Persons with a view toward preventing violations of law and violations of a company's Code of Ethics. As a result, all Covered Persons who have supervisory responsibility should endeavor to ensure that the Covered Persons they supervise, including Temporary Workers, are familiar with and remain in compliance with the requirements of this Policy.

**XVIII. Reporting of Violations**

Violations of this Code must be reported to the Code of Ethics Office and subsequently to each Company's CCO (or designee). As required by Rule 17j-1, in connection with any First Eagle Fund, the Code of Ethics Office will report on a quarterly basis or as needed, any material violations of this Policy to the Funds' CCO who in turn will report to the First Eagle Funds' Boards of Trustees.

**XIX. Questions Concerning This Policy**

Given the seriousness of the potential consequences of violations of this Policy, all Covered Persons are urged to seek guidance with respect to issues that may arise. Determining whether a situation may create a potential conflict of interest, or the appearance of such a conflict, may not always be easy, and situations inevitably arise from time to time that require interpretation of this Policy as related to particular circumstances. If a Covered Person is unsure whether a proposed transaction is consistent with this Policy, please consult with the Code of Ethics Office.

<sup>2</sup> Any profits realized as a result of personal transactions that violate the Code of Ethics may be required to be disgorged to a charity or charitable foundation selected by First Eagle, in its sole discretion.

**XX. Code of Ethics Office Contact Information**

For purposes of this Policy, the contact information is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Personal
 Trading Helpline: **(212) 373-5488**; or

&nbsp;&nbsp;&nbsp;&nbsp;· Outlook
 Group E-Mail Address: <u>CodeofEthics@FEIM.com</u> 

**XXI. Definitions**

The following definitions apply to terms that appear in this Policy. Additional definitions are contained in the text itself.

**1940 Act**

The Investment Company Act of 1940, as amended, and the rules and regulations thereunder.

**Access Person**

Any employee, director, trustee, officer, general partner of First Eagle or any Advisory Person of First Eagle, or anyone who has access to non-public information regarding the First Eagle Funds' or Clients purchase or sale of securities and is under First Eagle's supervision and control. For Disinterested Trustees of the First Eagle Funds, see "Application of the Code of Ethics to Disinterested Trustees."

**Advisers Act**

The Investment Advisers Act of 1940, as amended, and the rules and regulations thereunder.

**Advisory Person**

Any employee of First Eagle who, in connection with their regular function or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by a Client and whose functions relate to the making of any recommendations with respect to such purchases or sales, and shall include any natural person control relationship with First Eagle who obtains information concerning recommendations made to Clients with regard to the purchase or sale of a security.

**Affiliated Closed-End Funds**

Closed-end funds that are advised or sub-advised by First Eagle or its subsidiaries or distributed by FEFD. **Note**: Closed-end funds include business development companies and interval funds.

**Affiliated Exchange-Traded Funds**

**Exchanged-traded funds that are advised or sub-advised by First Eagle or its subsidiaries or distributed by FEFD.**

**Affiliated Open-End Funds**

Open-end mutual funds that are advised, sub-advised or distributed by First Eagle.

**Beneficial Ownership**

For purposes of this Policy, Beneficial Ownership is interpreted in the same way as it would under Rule 16a-1(a)(2) of the Exchange Act, and the rules thereunder. A Covered Person is considered to have Beneficial Ownership of Securities if they have or share a direct or indirect Pecuniary Interest in the Securities. Through indirect Pecuniary Interest, a Covered Person will generally be deemed to have Beneficial Ownership of Securities held by members of their immediate family sharing the same household and other individuals for whom the Covered Person provides significant economic support, and Securities held in investment vehicles for which the Covered Person serves as general partner or managing member, among other circumstances. See the definition of "Pecuniary Interest" below.

A Covered Person is also considered to have Beneficial Ownership of Securities held in a trust where (i) they act as trustee and either their or members of their immediate family have a vested interest in the principal or income of the trust; or (ii) the Covered Person acts as settlor of a trust, unless the consent of all of the beneficiaries is required in order for the trust to be revoked.

**Broad-Based Market Exchange Traded Fund ("BB ETF")**

Generally, an index designed to reflect the movement of an entire market. BB ETFs will have a minimum of 30 securities with no one security representing more than 25% of the index at the time of purchase.

**Clients**

Collectively, the First Eagle Funds, sub-advised Funds, private funds, private pooled vehicles and separately managed accounts.

**Control**

Shall have the same meaning as set forth in Section 2(a)(9) of the 1940 Act.

**Designated Broker-Dealer**

As determined by the CCO, a broker-dealer that directly provides First Eagle with automated trade confirmations and/or account statements for Covered Persons.

**Disinterested Trustee**

Disinterested Trustee of the First Eagle Funds shall mean a trustee thereof who is not an "interested person" of the First Eagle Funds within the meaning of Section 2(a)(19) of the Act.

**Digital Investment Asset**

An asset that is issued and transferred using distributed ledger or blockchain technology, including, but not limited to, so-called "coins", and "tokens."

**Digital Currency**

Any Digital Investment Asset that has been designated as a "virtual currency" based on the use of distributed ledger or blockchain technology to store and transfer value interests. As of the Effective Date of this Code of Ethics, First Eagle recognizes Bitcoin, Ethereum, and Litecoin as Digital Currencies, which will not be subject to pre-clearance or reporting. All other distributed ledger or blockchain technology stored value interests are deemed Digital Investment Assets and are subject to pre-clearance, unless specifically designated a Digital Currency by the Code of Ethics Office. A designation by First Eagle of any distributed ledger or blockchain technology stored value interests as a Digital Currency or Digital Investment Asset is solely for purposes of this Code of Ethics and should not be relied on for any other purpose.

**Equivalent Security**

An "Equivalent Security" for purposes of this Policy means any option (including options on digital investment assets and digital currencies), warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege at a price related to the value of the underlying Security, or similar Securities with a price derived from the value of the underlying Security.

**ETF**

An exchange-traded fund (ETF) is an investment vehicle that has many of the attributes of mutual funds but trades throughout the day on an exchange like a stock.

**Exchange Act**

Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

**Federal Securities Laws**

Including without limitation, the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Securities Act, the Exchange Act, the Sarbanes-Oxley Act of 2002, the Gramm-Leach-Bliley Act, the Dodd-Frank Act of 2010, any rules adopted by the SEC and other regulatory bodies under these statutes, the U.S.A. Patriot Act and Bank Secrecy Act as they apply to mutual funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of Treasury.

**First Eagle**

First Eagle Investment Management, LLC ("FEIM"), FEF Distributors, LLC, First Eagle Alternative Credit, LLC, First Eagle Separate Account Management, LLC, First Eagle Investment Management, LTD, First Eagle Investment Management, GMBH and the First Eagle Funds (individually or collectively, as the context may require).

**First Eagle Funds**

Open and Closed-End Funds that are part of the First Eagle Family of Funds (each a "First Eagle Fund" and collectively, the "First Eagle Funds").

**IPO**

An initial public offering, also referred to as a "new issue" under Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5130, means an offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the requirements of Section 13 or 15(d) of the Exchange Act to file public periodic reports with the SEC.

**Narrow-Based Security Indices for Futures**

As set out by the NFA/CFTC (which is different from how we determine narrow based indices for ETFs) an index is considered a narrow-based security index if it has any one of the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;· Th e
 index consists of nine or fewer component securities;

· On e
 stock constitutes more than 30% of the index's weightings;

· The five highest weighted stocks comprise more than 60 percent of the index's weightings; or

&nbsp;&nbsp;&nbsp;&nbsp;· Securities in the lowest 25% of the index's weighting fall below specified thresholds of average
daily trading volume.

**Non-Public Information**

Non-Public Information is information which has not been made available to investors generally. Information received in circumstances indicating that it is not yet in general circulation or when the recipient knows or should know that the information can only have been provided by an "insider" is also Non-Public Information.

**NYSE**

New York Stock Exchange

**Pecuniary Interest**

A Covered Person has a Pecuniary Interest in Securities if they have the opportunity to directly or indirectly benefit or share in any profit derived from a transaction in the Securities. The following are examples of an *indirect* pecuniary interest in Securities:

&nbsp;&nbsp;&nbsp;&nbsp;· Securities held by members of a Covered Person's immediate family sharing the same household unless
it can be established that profits derived from transactions in these Securities do not provide the Covered Person with any economic benefit,
subject to review and approval by Legal and Compliance. Immediate family means any child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, and includes
any adoptive relationship;

&nbsp;&nbsp;&nbsp;&nbsp;· Securities held by any individual for whom the Covered Person provided significant economic support during
the immediately preceding 12-month period, even if such individual does not share the same household;

&nbsp;&nbsp;&nbsp;&nbsp;· A Covered Person's interest as a general partner in Securities held by a partnership; or

&nbsp;&nbsp;&nbsp;&nbsp;· A Covered Person's interest as a managing-member in the Securities held by a limited liability company.

A Covered Person does not have a pecuniary interest in the Securities held by a corporation or similar entity in which they hold an equity interest, unless the Covered Person is a controlling shareholder of the entity or has or shares investment control over the Securities held by the corporation or similar entity.

**PIPEs**

Private investments in public equities.

**Policy**

This Personal Securities Transactions Policy, also referred to as the Code of Ethics.

**Private Placements**

A private placement is an offering of securities that is exempt from registration under various laws and rules, such as the Securities Act, including investments in limited partnerships and hedge funds. Although private placements are subject to the Securities Act, the Securities offered do not have to be registered with the SEC if the issuance of the securities conforms to an exemption from registration as set forth in the Securities Act and SEC rules. As used in this Code of Ethics, a private placement includes the offering of loans.

**Reportable Account**

An account that is required to be reported by Covered Persons under this Policy.

**SEC**

Securities and Exchange Commission.

**SEC Rule 204A-1**

Rule 204A-1 under the Advisers Act, also known as the "Code of Ethics Rule."

**Securities Act**

Securities Act of 1933, as amended, and the rules and regulations thereunder.

**Security**

The term "Security", as defined in Section 202(a)(18) of the Advisers Act, means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

For purposes of this Policy, commodities, futures and options traded on a commodities exchange, including currency futures, are not Securities. However, securities futures, financial futures and futures and options on narrow-based security indices of securities are Securities.

**Security Future**

A security future product is a future whose underlying instrument is either a single security or a narrow- based security index.

**Supervised Person**

Supervised Person means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser.

**Temporary Worker**

An intern, consultant or person working on a contract basis.

Revision History

First Eagle Investment Management, LLC and FEF Distributors, LLC

First Eagle Funds and First Eagle Variable Funds

Amended Dates: April 1, 2025; December 19, 2024; December 14, 2022; October 1, 2021; September 10, 2020,

December 17, 2019; January 1, 2019, April 1, 2017; October 2014; September 2012; April 2012

First Eagle Alternative Credit, LLC and First Eagle Credit Opportunities Fund

Amended Date: April 1, 2025; December 19, 2024; December 14, 2022

Date Adopted: October 1, 2021

First Eagle Real Estate Debt Fund

Date Adopted: April 1, 2025

First Eagle Global Opportunities Fund

Date Amended: TBD

Date Adopted: September 27, 2022

## Ex-99.Cert

**Exhibit 99.CERT**

**<u>CERTIFICATIONS</u>**

I, MEHDI MAHMUD certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the First Eagle High Yield Municipal Completion Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 2, 2026 | /s/ Mehdi Mahmud |
|  | MEHDI MAHMUD |
|  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, BRANDON WEBSTER, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the First Eagle High Yield Municipal Completion Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 2, 2026 | /s/ Brandon Webster |
|  | BRANDON WEBSTER |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002**

Name of Issuer: First Eagle High Yield Municipal Completion Fund

In connection with the Report on Form N-CSR for the above named issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Issuer.

---

| | |
|:---|:---|
| Date: January 2, 2026 | /s/ Mehdi Mahmud |
|  | MEHDI MAHMUD |
|  | Principal Executive Officer |

---

---

| | |
|:---|:---|
| Date: January 2, 2026 | /s/ Brandon Webster |
|  | BRANDON WEBSTER |
|  | Principal Financial Officer |

---