# EDGAR Filing Document

**Accession Number:** 0002050541
**File Stem:** 0002071691-25-007731
**Filing Date:** 2025-11
**Character Count:** 70117
**Document Hash:** 8266c8218376a7681f07d5b51af5a69e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007731.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002071691-25-007731

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Eagle Tactical Municipal Opportunities Fund
- **CENTRAL INDEX KEY:** 0002050541

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24039
- **FILM NUMBER:** 251528198

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

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

## Nport-Ex

First Eagle Tactical Municipal Opportunities Fund

Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| **MUNICIPAL BONDS - 122.6%** |  |  |
| **Arizona 4.4%** |  |  |
| Arizona Industrial Development Authority, |  |  |
| &nbsp;&nbsp;ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, |  |  |
| &nbsp;&nbsp;6.75%, 03/01/2065 (a) | 1600000 | 1540622 |
| **Arkansas 1.5%** |  |  |
| Clarksville Public Educational Facilities Board, |  |  |
| &nbsp;&nbsp;University of the Ozarks, Revenue, Refunding, Series 2024 B, |  |  |
| &nbsp;&nbsp;6.25%,08/01/2056 | 500000 | 507512 |
| **California 10.3%** |  |  |
| Bay Area Toll Authority, |  |  |
| &nbsp;&nbsp;Revenue, Refunding, Series 2023 A, 3.30%, 10/01/2025 (b)(c) | 950000 | 950000 |
| California Infrastructure& Economic Development Bank, |  |  |
| &nbsp;&nbsp;Desertxpress Enterprises LLC, Revenue, AMT, Refunding, Series 2025 A, |  |  |
| &nbsp;&nbsp;9.50%, 01/01/2035 (a)(b)(d) | 600000 | 549227 |
| California Public Finance Authority, |  |  |
| &nbsp;&nbsp;Fontana Jurupa Hills Project Area, Tax Allocation, Third Tier, Series 2025 C, 12.00%, 09/01/2033 (a) | 185000 | 72351 |
| &nbsp;&nbsp;QSH/LB LLC, Revenue, Senior Lien, Series 2025 A, 6.63%, 06/01/2065 (a) | 1000000 | 1026130 |
| City of Los Angeles Department of Airports, |  |  |
| &nbsp;&nbsp;Revenue, AMT, Refunding, Series 2025 A, |  |  |
| &nbsp;&nbsp;5.00%, 05/15/2055 (e) | 1000000 | 1017088 |
|  |  | 3614796 |
| **District of Columbia 2.9%** |  |  |
| Metropolitan Washington Airports Authority Aviation, |  |  |
| &nbsp;&nbsp;Revenue, AMT, Refunding, Series 2025 A, |  |  |
| &nbsp;&nbsp;5.00%, 10/01/2050 (e) | 1000000 | 1019402 |
| **Florida 10.5%** |  |  |
| County of Palm Beach, |  |  |
| &nbsp;&nbsp;Provident Group - LU Properties LLC, Revenue, Series 2021 A, |  |  |
| &nbsp;&nbsp;5.00%, 06/01/2057 (a) | 850000 | 730205 |
| Florida Development Finance Corp., |  |  |
| &nbsp;&nbsp;AAF Operations Holdings LLC, Revenue, AMT, Series 2024 A, 10.00%, 07/15/2028 (a)(b)(d) | 700000 | 436625 |
| &nbsp;&nbsp;Brightline Florida Holdings LLC, Revenue, AMT, Series 2025 B, 10.00%, 06/15/2026 (a)(b)(d) | 600000 | 511149 |
| &nbsp;&nbsp;Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.25%, 07/01/2047 | 5000 | 4252 |
| &nbsp;&nbsp;Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.50%, 07/01/2053 | 500000 | 426833 |
| Florida Local Government Finance Commission, |  |  |
| &nbsp;&nbsp;Ponte Vedra Pine Co. LLC Obligated Group, Revenue, Series 2025 A, |  |  |
| &nbsp;&nbsp;6.88%, 11/15/2064 (a) | 500000 | 515621 |
| Greater Orlando Aviation Authority, |  |  |
| &nbsp;&nbsp;Revenue, AMT, Series 2024, |  |  |
| &nbsp;&nbsp;5.25%, 10/01/2048 (e) | 1000000 | 1040248 |
|  |  | 3664933 |
| **Georgia 2.1%** |  |  |
| Development Authority of Lagrange, |  |  |
| &nbsp;&nbsp;LaGrange College Obligated Group, Revenue, Refunding, Series 2021 A, |  |  |
| &nbsp;&nbsp;5.00%,10/15/2052 | 300000 | 244057 |
| Savannah Georgia Convention Center Authority, |  |  |
| &nbsp;&nbsp;Revenue, Series 2025 B, |  |  |
| &nbsp;&nbsp;6.25%, 06/01/2061 (a) | 500000 | 500454 |
|  |  | 744511 |
| **Idaho 2.1%** |  |  |
| Spring Valley Community Infrastructure District No.1, |  |  |
| &nbsp;&nbsp;Assessment Area 2, Special Assessment, Series 2025, |  |  |
| &nbsp;&nbsp;6.25%, 09/01/2054 (a) | 700000 | 713534 |
| **Illinois 5.7%** |  |  |
| Chicago Board of Education, |  |  |
| &nbsp;&nbsp;GO, Refunding, Series 2016 A, |  |  |
| &nbsp;&nbsp;7.00%,12/01/2044 | 1625000 | 1625441 |

---

See Notes to Schedule of Investments. <br> (Continued) 1

First Eagle Tactical Municipal Opportunities Fund

Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| **Illinois** |  |  |
| Illinois Finance Authority, |  |  |
| &nbsp;&nbsp;Roosevelt University, Revenue, Refunding, Series 2018 A, |  |  |
| &nbsp;&nbsp;6.13%, 04/01/2058 (a) | 400000 | 385061 |
|  |  | 2010502 |
| **Indiana 4.1%** |  |  |
| City of East Chicago, |  |  |
| &nbsp;&nbsp;Revenue, Series 2025, |  |  |
| &nbsp;&nbsp;6.50%, 07/15/2044 (a) | 500000 | 506663 |
| City of Valparaiso, |  |  |
| &nbsp;&nbsp;Lutheran University Association, Inc. (The), Revenue, Series 2025 A, |  |  |
| &nbsp;&nbsp;6.25%, 10/01/2050 (a) | 500000 | 501637 |
| Indiana Finance Authority, |  |  |
| &nbsp;&nbsp;Avondale Meadows Academy, Revenue, Refunding, Series 2017, 5.38%, 07/01/2047 | 500000 | 426438 |
| &nbsp;&nbsp;Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 3.50%, 10/01/2037 | 45000 | 37176 |
|  |  | 1471914 |
| **Kansas 1.8%** |  |  |
| Wyandotte County-Kansas City Unified Government, |  |  |
| &nbsp;&nbsp;Wyandotte County-Kansas City Unified Government Sales Tax, Revenue, Series 2015 A, |  |  |
| &nbsp;&nbsp;5.75%, 09/01/2032 | 650000 | 621178 |
| **Louisiana 0.6%** |  |  |
| Louisiana Local Government Environmental Facilities & Community Development Authority, |  |  |
| &nbsp;&nbsp;Provident Group - ULM Properties LLC, Revenue, Series 2019 A, |  |  |
| &nbsp;&nbsp;5.00%, 07/01/2054 (a) | 270000 | 218587 |
| **Massachusetts 7.3%** |  |  |
| Massachusetts Bay Transportation Authority, |  |  |
| &nbsp;&nbsp;Revenue, Series 2025 B, |  |  |
| &nbsp;&nbsp;5.00%, 07/01/2055 (e) | 1000000 | 1041619 |
| Massachusetts Development Finance Agency, |  |  |
| &nbsp;&nbsp;Care Communities LLC Obligated Group, Revenue, Series 2025 A-1, |  |  |
| &nbsp;&nbsp;6.50%, 07/15/2060 (a) | 1500000 | 1506427 |
|  |  | 2548046 |
| **Missouri 2.6%** |  |  |
| County of Boone, |  |  |
| &nbsp;&nbsp;Boone County Hospital, Revenue, Refunding, Series 2016, 3.00%, 08/01/2032 | 70000 | 55270 |
| &nbsp;&nbsp;Boone County Hospital, Revenue, Refunding, Series 2016, 3.00%, 08/01/2034 | 25000 | 18460 |
| &nbsp;&nbsp;Boone County Hospital, Revenue, Refunding, Series 2016, 4.00%, 08/01/2038 | 1130000 | 839139 |
|  |  | 912869 |
| **Montana 0.6%** |  |  |
| Montana Facility Finance Authority, |  |  |
| &nbsp;&nbsp;Montana Children's Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2044 | 90000 | 70003 |
| &nbsp;&nbsp;Montana Children's Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2050 | 190000 | 138446 |
|  |  | 208449 |
| **Nevada 1.3%** |  |  |
| State of Nevada Department of Business & Industry, |  |  |
| &nbsp;&nbsp;Desertxpress Enterprises LLC, Revenue, AMT, Series 2025 A, |  |  |
| &nbsp;&nbsp;9.50%, 01/01/2033 (a)(b)(d) | 500000 | 456920 |
| **New Jersey 5.3%** |  |  |
| New Jersey Economic Development Authority, |  |  |
| &nbsp;&nbsp;Kintock Group Obligated Group, Revenue, Refunding, Series 2017 A, |  |  |
| &nbsp;&nbsp;7.00%, 09/01/2047 (a) | 625000 | 633615 |

---

See Notes to Schedule of Investments. <br> (Continued) 2

First Eagle Tactical Municipal Opportunities Fund

Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| **New Jersey** |  |  |
| New Jersey Educational Facilities Authority, |  |  |
| &nbsp;&nbsp;Georgian Court University A New Jersey Non Profit Corp., Revenue, Refunding, Series 2017 G, 3.25%, 07/01/2031 | 35000 | 31866 |
| &nbsp;&nbsp;Georgian Court University A New Jersey Non Profit Corp., Revenue, Series 2017 G, 3.75%, 07/01/2037 | 35000 | 28316 |
| &nbsp;&nbsp;Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2047 | 1500000 | 1160314 |
|  |  | 1854111 |
| **New York 5.7%** |  |  |
| New York Counties Tobacco Trust IV, |  |  |
| &nbsp;&nbsp;Revenue, Series 2005 A, |  |  |
| &nbsp;&nbsp;5.00%, 06/01/2045 | 1750000 | 1381406 |
| Onondaga Civic Development Corp., |  |  |
| &nbsp;&nbsp;Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, |  |  |
| &nbsp;&nbsp;5.38%, 08/01/2054 | 125000 | 103538 |
| Rockland County Economic Assistance Corp., |  |  |
| &nbsp;&nbsp;Bon Secours Health System, Inc. Obligated Group, Revenue, Series 2025, |  |  |
| &nbsp;&nbsp;7.50%, 11/01/2055 | 500000 | 534455 |
|  |  | 2019399 |
| **Ohio 1.6%** |  |  |
| Buckeye Tobacco Settlement Financing Authority, |  |  |
| &nbsp;&nbsp;Revenue, Senior Lien, Refunding, Series 2020 B-3, |  |  |
| &nbsp;&nbsp;Class 2, 0.00%, 06/01/2057 (f) | 6000000 | 561022 |
| **Oklahoma 0.1%** |  |  |
| Norman Regional Hospital Authority, |  |  |
| &nbsp;&nbsp;Obligated Group, Revenue, Refunding, Series 2016, 4.00%, 09/01/2037 | 5000 | 3369 |
| &nbsp;&nbsp;Obligated Group, Revenue, Series 2019, 3.25%, 09/01/2039 | 10000 | 6757 |
|  |  | 10126 |
| **Oregon 3.0%** |  |  |
| City of Redmond, |  |  |
| &nbsp;&nbsp;GO, AMT, Series 2025 A, |  |  |
| &nbsp;&nbsp;5.50%, 06/01/2052 (e) | 1000000 | 1055339 |
| Oregon State Facilities Authority, |  |  |
| &nbsp;&nbsp;Willamette University, Revenue, Refunding, Series 2016 B, |  |  |
| &nbsp;&nbsp;5.00%, 10/01/2040 | 10000 | 10012 |
|  |  | 1065351 |
| **Pennsylvania 12.9%** |  |  |
| Allegheny County Higher Education Building Authority, |  |  |
| &nbsp;&nbsp;Carnegie Mellon University, Revenue, Refunding, Series 2008 A, |  |  |
| &nbsp;&nbsp;3.60%, 10/01/2025 (b)(c) | 600000 | 600000 |
| Berks County Industrial Development Authority, |  |  |
| &nbsp;&nbsp;Tower Health Obligated Group, Revenue, Refunding, Series 2017, |  |  |
| &nbsp;&nbsp;3.75%, 11/01/2042 | 125000 | 78079 |
| Berks County Municipal Authority (The), |  |  |
| &nbsp;&nbsp;Tower Health Obligated Group, Revenue, Series 2012 A, 5.00%, 11/01/2044 | 30000 | 22476 |
| &nbsp;&nbsp;Tower Health Obligated Group, Revenue, Series 2024 B-1, 0.00%, 06/30/2044 (g) | 1000000 | 705319 |
| DuBois Hospital Authority, |  |  |
| &nbsp;&nbsp;Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, |  |  |
| &nbsp;&nbsp;4.00%, 07/15/2048 | 55000 | 40232 |
| Pennsylvania Economic Development Financing Authority, |  |  |
| &nbsp;&nbsp;Noble Environmental, Inc., Revenue, AMT, Series 2025, |  |  |
| &nbsp;&nbsp;6.88%, 09/01/2047 (a) | 500000 | 512082 |
| Pennsylvania Housing Finance Agency, |  |  |
| &nbsp;&nbsp;Revenue, Series 2025-149A, 5.15%, 10/01/2050 (e) | 1500000 | 1516637 |
| &nbsp;&nbsp;Revenue, Refunding, Series 2025-150A, 5.25%, 10/01/2052 (e) | 1000000 | 1025809 |
|  |  | 4500634 |

---

See Notes to Schedule of Investments. <br> (Continued) 3

First Eagle Tactical Municipal Opportunities Fund

Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| **Puerto Rico 1.1%** |  |  |
| Children's Trust Fund, |  |  |
| &nbsp;&nbsp;Revenue, Series 2008 B, |  |  |
| &nbsp;&nbsp;0.00%, 05/15/2057 (f) | 12695000 | 371124 |
| **Tennessee 2.9%** |  |  |
| Shelby County Health Educational & Housing Facilities Board, |  |  |
| &nbsp;&nbsp;Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2013 A, 5.38%, 09/01/2041 (a) | 250000 | 218118 |
| &nbsp;&nbsp;Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 4.25%, 09/01/2037 (a) | 25000 | 20347 |
| &nbsp;&nbsp;Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 09/01/2037 (a) | 900000 | 789841 |
|  |  | 1028306 |
| **Texas 13.3%** |  |  |
| City of Port Isabel, |  |  |
| &nbsp;&nbsp;GO, Series 2025, |  |  |
| &nbsp;&nbsp;6.00%, 02/15/2055 | 690000 | 693945 |
| New Hope Cultural Education Facilities Finance Corp., |  |  |
| &nbsp;&nbsp;Sanctuary LTC LLC, Revenue, Series 2021 A-1, 5.50%, 01/01/2057 | 500000 | 448177 |
| &nbsp;&nbsp;SLF CHP LLC, Revenue, Series 2025 A, 6.50%, 07/01/2056 (a) | 800000 | 741262 |
| Olney Hamilton Hospital District, |  |  |
| &nbsp;&nbsp;GO, Series 2024, |  |  |
| &nbsp;&nbsp;6.25%, 09/15/2054 (a) | 700000 | 720560 |
| Texas Water Development Board, |  |  |
| &nbsp;&nbsp;Revenue, Series 2025, |  |  |
| &nbsp;&nbsp;4.80%, 10/15/2056 (h) | 1000000 | 1006515 |
| Tom Green County Cultural Education Facilities Finance Corp., |  |  |
| &nbsp;&nbsp;TLC Academy, Revenue, Series 2013 A, |  |  |
| &nbsp;&nbsp;7.15%, 08/15/2043 | 1000000 | 1000012 |
|  |  | 4610471 |
| **Utah 1.4%** |  |  |
| Point Phase 1 Public Infrastructure District No. 1, |  |  |
| &nbsp;&nbsp;Revenue, Series 2025 B, |  |  |
| &nbsp;&nbsp;8.50%, 03/15/2055 | 500000 | 501698 |
| **Washington 2.0%** |  |  |
| Washington State Housing Finance Commission, |  |  |
| &nbsp;&nbsp;Provident Group - SH II Properties LLC, Revenue, Series 2025 B, |  |  |
| &nbsp;&nbsp;7.00%, 07/01/2064 (a) | 700000 | 718552 |
| **West Virginia 0.8%** |  |  |
| West Virginia Hospital Finance Authority, |  |  |
| &nbsp;&nbsp;Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, |  |  |
| &nbsp;&nbsp;4.13%, 01/01/2047 | 355000 | 276828 |
| **Wisconsin 14.7%** |  |  |
| Public Finance Authority, |  |  |
| &nbsp;&nbsp;AMCP Franklin LLC, Revenue, Senior Lien, Series 2025 A-1, 6.75%, 12/01/2060 (a) | 500000 | 505583 |
| &nbsp;&nbsp;Dreamhouse 'Ewa Beach Public Charter School, Revenue, Refunding, Series 2025 A, 7.38%, 06/15/2060 (a) | 1350000 | 1319810 |
| &nbsp;&nbsp;Liberty Classical Schools Educational Services, Inc., Revenue, Series 2025 A, 7.00%, 06/15/2065 (a) | 500000 | 500911 |
| &nbsp;&nbsp;QCF Behavioral Hospitals I Obligated Group, Revenue, Series 2024 B, 0.00%, 07/01/2064 (a)(f) | 16500000 | 181909 |
| &nbsp;&nbsp;Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2025 D, 7.00%, 06/16/2030 (a) | 700000 | 708761 |
| &nbsp;&nbsp;Sarpy County Sanitary & Improvement District No. 379, Special Assessment, Series 2025 B, 7.00%, 06/05/2030 (a) | 700000 | 708744 |
| &nbsp;&nbsp;WVC, Revenue, Series 2025 A, 6.75%, 12/01/2065 (a) | 1250000 | 1266926 |
|  |  | 5192644 |
| **TOTAL MUNICIPAL BONDS<br> (Cost $42,689,039)** |  | **42964041** |

---

See Notes to Schedule of Investments. <br> (Continued) 4

First Eagle Tactical Municipal Opportunities Fund

Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **SHORT-TERM INVESTMENTS - 0.1%** |  |  |
| **INVESTMENT COMPANIES - 0.1%** |  |  |
| &nbsp;&nbsp;JP Morgan U.S. Government Money Market Fund, Capital Shares 4.12% (i) |  |  |
| &nbsp;&nbsp;(Cost $25,713) | 25713 | 25713 |
| **Total Investments - 122.7%<br> (Cost $42,714,752)** |  | **42989754** |
| Floating Rate Note Obligations - (17.1%) (j) |  | (6000000) |
| **Liabilities in excess of other assets - (5.6%)** |  | **(1964509)** |
| **Net Assets - 100.0%** |  | **35025245** |

---

(a) 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 September 30, 2025 amounted to $19,718,234, which represents approximately 56.30% of net assets of the Fund.

(b) Security with "Put"
 features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is
 in effect on September 30, 2025.

(c) Variable rate demand notes
 "VRDNs" are obligations which contain a floating or variable interest rate adjustment formula and an unconditional right
 of demand to receive payment of the principal balance plus accrued interest at specified dates. Unless otherwise noted, the coupon
 rate is determined based on factors including supply and demand, underlying credit, tax treatment, and current short term rates.
 The coupon rate shown represents the rate at period end.

(d) Variable or floating rate
 security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying
 pool of assets. The interest rate shown was the current rate as of September 30, 2025.

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

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

(g) Zero coupon bond until
 next reset date.

(h) When-issued security.

(i) Represents 7-day effective
 yield as of September 30, 2025.

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

---

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

---

See Notes to Schedule of Investments. <br> (Continued) 5

First Eagle Tactical Municipal Opportunities Fund

Schedule of Investments

September 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **Industry Diversification for Portfolio Holdings** | **Percent of Net <br> Assets** |
| Assisted Living | 11.6% |
| Higher Education | 10.0 |
| Charter School | 9.3 |
| Airport | 8.8 |
| Hospital | 8.8 |
| State Single-Family Housing | 7.3 |
| Tobacco Master Settlement Agreement | 6.6 |
| Continuing Care Retirement Community | 6.5 |
| Special Assessment Financing | 6.1 |
| Economic/Industrial Development | 5.7 |
| General Obligation | 5.0 |
| Student Housing | 4.8 |
| Sales & Excise Tax | 4.7 |
| School District | 4.6 |
| Public Transportation | 3.9 |
| Not-For-Profit Human Service Provider | 3.6 |
| Water & Sewer | 2.9 |
| Toll Highway/Bridge/Tunnel | 2.7 |
| General Obligation Hospital/Health District | 2.1 |
| Correctional Facility | 1.8 |
| Solid Waste | 1.5 |
| Local Multi-Family Housing | 1.4 |
| Miscellaneous Tax | 1.4 |
| Nursing Home | 1.3 |
| Tax Increment Financing | 0.2 |
| Short-Term Investments | 0.1 |
| **Total Investments** | **122.7%** |

---

See Notes to Schedule of Investments. <br> (Continued) 6

First Eagle Tactical Municipal Opportunities Fund

Notes to Schedule of Investments

**Note 1 — Organization**

First Eagle Tactical Municipal Opportunities Fund (the "Fund") is a newly-organized, non-diversified, closed-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"), and is operated as an "interval fund." The Fund was organized as a Delaware statutory trust on December 23, 2024, pursuant to a Declaration of Trust governed by the laws of the State of Delaware, as amended and restated by the Amended and Restated Declaration of Trust, dated as of April 3, 2025.

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: Class I Shares. The Fund has been granted exemptive relief (the "Exemptive Relief") from the Securities and Exchange Commission (the "SEC") that permits the Fund to issue multiple classes of shares and to impose asset-based distribution fees and early-withdrawal fees. The Fund may offer additional classes of shares in the future.

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"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain co-investors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P., a Delaware limited partnership.

On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held by funds indirectly controlled by Blackstone and Corsair and certain related co-investors in a transaction announced by First Eagle on March 3, 2025. Genstar Capital is a private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries.

The Adviser has agreed to pay all of the Fund's offering costs and organizational expenses. Offering costs and organizational expenses are not reimbursable to the Adviser by the Fund.

**Note 2 — Significant Accounting Policies**

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

**a) Investment Valuation** — The Fund's net asset value ("NAV") per share is computed by dividing the total current value of the assets of the Fund, less its liabilities, by the total number of shares outstanding at the time of such computation. The Fund computes its NAV per share as of the close of trading on each day the New York Stock Exchange ("NYSE") is open for trading.

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

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

All bonds, whether listed on an exchange or traded in the over-the-counter market for which market quotations are available are generally priced at the evaluated bid price provided by an approved pricing service as of the close of trading on the NYSE (normally 4:00 PM EST), or dealers in the over-the-counter markets in the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable instruments and the various relationships between instruments in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique features of the instrument in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. First Eagle Management's Valuation Committee, at least annually, will review the pricing service's inputs, methods, models, and assumptions for its evaluated prices.

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

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

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

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

The Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Fund's investments and are summarized in the following fair value hierarchy:

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

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

Level 3 — Other significant unobservable inputs (including the Fund's own assumptions 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 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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **First Eagle Tactical Municipal Opportunities Fund**<br>**Description†** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| **Assets:** |  |  |  |  |
| Municipal Bonds | $– | $42964041 | $– | $42964041 |
| Short-Term Investments | 25713 | – | – | 25713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**25713** | $**42964041** | $**–** | $**42989754** |

---

† See
 Schedule of Investments for additional detailed categorizations.

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 "(e)" All or a 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 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 September 30, 2025, the aggregate value of Floaters issued by the Fund's TOB Trusts was as follows:

---

| | |
|:---|:---|
|  | Floating Rate<br>Obligations |
| First Eagle Tactical Municipal Opportunities Fund | $6000000 |

---

For period ended September 30, 2025, the average amount of Floaters outstanding and the average annual interest rates and fees related to Inverse Floaters, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Average Floating**<br>**Rate Obligations**<br>**Outstanding** | **Average Annual**<br>**Interest Rate**<br>**and Fees** |
| First Eagle Tactical Municipal Opportunities Fund | $3975000 | 2.82% |

---

**c) 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.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** First Eagle Tactical Municipal Opportunities Fund

- **b. Investment Company Act file number:** 811-24039

- **c. CIK number of Registrant:** 0002050541

- **d. LEI of Registrant:** 254900LLE80TW1LUF777

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10105

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

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

- **a. Name of Series:** First Eagle Tactical Municipal Opportunities Fund

- **c. LEI of Series:** 254900LLE80TW1LUF777

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $42273340.91

**Total Liabilities:** $7289148.21

**Net Assets:** $34984192.70

**Cash Not Reported:** $0.17

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -6.16849078 | **1-Year:** -128.48070813 | **5-Year:** -743.01627588 | **10-Year:** -3117.72863993 | **30-Year:** -1871.83946060

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

- **3-Month:** -104.85542243 | **1-Year:** -1099.64576861 | **5-Year:** -4431.89594645 | **10-Year:** -10862.34794195 | **30-Year:** -4995.53715072

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -2.48%               | 1.03%                | 4.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-8226.56                | $-680770.75                                |
| Month 2  | $7765.20                 | $94236.10                                  |
| Month 3  | $6991.72                 | $859935.49                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Tom Green County Cultural Education Facilities Finance Corp.                     | Tom Green County Cultural Education Facilities Finance Corp., Series 2013 A                          | CUSIP: 889691AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000012.40   | 2.86%             | 2043-08-15      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2024 B                                                              | CUSIP: 74442PD44<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  16500000 | PA      | $181909.20    | 0.52%             | 2064-07-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2024                                                       | CUSIP: 340618DU8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |      5000 | PA      | $4252.32      | 0.01%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Boone MO                                                               | County of Boone, Series 2016                                                                         | CUSIP: 098867FX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $55269.75     | 0.16%             | 2032-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority                                               | Montana Facility Finance Authority, Series 2020 A                                                    | CUSIP: 612043LN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $138445.38    | 0.40%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                      | Shelby County Health Educational & Housing Facilities Board, Series 2016 A                           | CUSIP: 821697Q36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $789840.63    | 2.26%             | 2037-09-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | Pennsylvania Housing Finance Agency                                                                  | CUSIP: 70879QZ63<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025809.35   | 2.93%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                           | Berks County Municipal Authority (The), Series 2012 A                                                | CUSIP: 084538GX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $22476.24     | 0.06%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 B                                                              | CUSIP: 74448DAS5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $708744.47    | 2.03%             | 2030-06-05      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| City of East Chicago IN                                                          | City of East Chicago, Series 2025                                                                    | CUSIP: 271592AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506663.15    | 1.45%             | 2044-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                 | Onondaga Civic Development Corp., Series 2024 A                                                      | CUSIP: 682832KJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $103537.74    | 0.30%             | 2054-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                    | Berks County Industrial Development Authority, Series 2017                                           | CUSIP: 08451PAV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $78078.81     | 0.22%             | 2042-11-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| County of Boone MO                                                               | County of Boone, Series 2016                                                                         | CUSIP: 098867GB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $839139.36    | 2.40%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2018 A                                                            | CUSIP: 45204EJ66<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $385061.44    | 1.10%             | 2058-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 A                                                              | CUSIP: 74442ENA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1319810.36   | 3.77%             | 2060-06-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                             | New Hope Cultural Education Facilities Finance Corp., Series 2025 A                                  | CUSIP: 64542PGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $741261.60    | 2.12%             | 2056-07-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 A                                                              | CUSIP: 744396KS0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500911.15    | 1.43%             | 2065-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | Metropolitan Washington Airports Authority Aviation Revenue                                          | CUSIP: 592647PD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019401.87   | 2.91%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Point Phase 1 Public Infrastructure District No. 1                               | Point Phase 1 Public Infrastructure District No. 1, Series 2025 B                                    | CUSIP: 73058EAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501697.95    | 1.43%             | 2055-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority                                               | Montana Facility Finance Authority, Series 2020 A                                                    | CUSIP: 612043LM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $70003.35     | 0.20%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2025 B                                                     | CUSIP: 340618EB9<br>LEI: 549300HC854CNBLMWC48 | Long             | STIV             | MUN               | US        |    600000 | PA      | $511149.06    | 1.46%             | 2057-07-01      | Variable      | 10.00%                | Yes           |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                | State of Nevada Department of Business & Industry, Series 2025 A                                     | CUSIP: 641455AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $456919.85    | 1.31%             | 2065-01-01      | Variable      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Children's Trust Fund                                                            | Children's Trust Fund, Series 2008 B                                                                 | CUSIP: 16876QBM0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  12695000 | PA      | $371124.36    | 1.06%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                     | Savannah Georgia Convention Center Authority, Series 2025 B                                          | CUSIP: 804828AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500453.75    | 1.43%             | 2061-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2025 A                                              | CUSIP: 04052TDM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1540621.92   | 4.40%             | 2065-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                        | DuBois Hospital Authority, Series 2018                                                               | CUSIP: 263804BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $40231.81     | 0.11%             | 2048-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clarksville Public Educational Facilities Board                                  | Clarksville Public Educational Facilities Board, Series 2024 B                                       | CUSIP: 18233PBC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507511.65    | 1.45%             | 2056-08-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | Chicago Board of Education, Series 2016 A                                                            | CUSIP: 167505QY5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1625441.03   | 4.65%             | 2044-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Norman Regional Hospital Authority                                               | Norman Regional Hospital Authority, Series 2016                                                      | CUSIP: 656178DN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $3369.04      | 0.01%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | City of Los Angeles Department of Airports                                                           | CUSIP: 5444453C1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017088.59   | 2.91%             | 2055-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                      | Florida Local Government Finance Commission, Series 2025 A                                           | CUSIP: 34077UAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515621.45    | 1.47%             | 2064-11-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| City of Port Isabel TX                                                           | City of Port Isabel, Series 2025                                                                     | CUSIP: 734523ED1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $693945.35    | 1.98%             | 2055-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                             | Allegheny County Higher Education Building Authority, Series 2008 A                                  | CUSIP: 01728RES4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    600000 | PA      | $600000.00    | 1.72%             | 2037-12-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Olney Hamilton Hospital District                                                 | Olney Hamilton Hospital District, Series 2024                                                        | CUSIP: 681280AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $720559.35    | 2.06%             | 2054-09-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 A                                                              | CUSIP: 74442PS22<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1266925.63   | 3.62%             | 2065-12-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2019 A | CUSIP: 54628CHY1<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    270000 | PA      | $218586.60    | 0.62%             | 2054-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2017                                                               | CUSIP: 45506DF59<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     45000 | PA      | $37175.51     | 0.11%             | 2037-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2025 B                                           | CUSIP: 93978LJR8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    700000 | PA      | $718551.89    | 2.05%             | 2064-07-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2025 A-1                                            | CUSIP: 57563WAC2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506426.90   | 4.31%             | 2060-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                | Oregon State Facilities Authority, Series 2016 B                                                     | CUSIP: 68608JTY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10011.89     | 0.03%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                      | Shelby County Health Educational & Housing Facilities Board, Series 2013 A                           | CUSIP: 821697H77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $218118.25    | 0.62%             | 2041-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | New Jersey Educational Facilities Authority, Series 2017 G                                           | CUSIP: 6460663U2<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |     35000 | PA      | $31866.09     | 0.09%             | 2031-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| County of Boone MO                                                               | County of Boone, Series 2016                                                                         | CUSIP: 098867FZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $18459.68     | 0.05%             | 2034-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2024                                                       | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $426832.55    | 1.22%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan U.S. Government Money Market Fund                                      | JP Morgan U.S. Government Money Market Fund, Capital Shares                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |     25713 | NS      | $25712.55     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bay Area Toll Authority                                                          | Bay Area Toll Authority, Series 2023 A                                                               | CUSIP: 072024YE6<br>LEI: 5493001FUZGUQMIP5D78 | Long             | STIV             | MUN               | US        |    950000 | PA      | $950000.00    | 2.72%             | 2055-04-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government                                  | Wyandotte County-Kansas City Unified Government, Series 2015 A                                       | CUSIP: 98267VDD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $621178.35    | 1.78%             | 2032-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2024 A                                                     | CUSIP: 340618DY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    700000 | PA      | $436625.00    | 1.25%             | 2059-07-15      | Variable      | 10.00%                | Yes           |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | New Jersey Educational Facilities Authority, Series 2017 G                                           | CUSIP: 646067EN4<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |     35000 | PA      | $28315.65     | 0.08%             | 2037-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                             | New Hope Cultural Education Facilities Finance Corp., Series 2021 A-1                                | CUSIP: 64542PGC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $448177.60    | 1.28%             | 2057-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Rockland County Economic Assistance Corp.                                        | Rockland County Economic Assistance Corp., Series 2025                                               | CUSIP: 77356HAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534455.10    | 1.53%             | 2055-11-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | California Infrastructure & Economic Development Bank, Series 2025 A                                 | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    600000 | PA      | $549227.04    | 1.57%             | 2065-01-01      | Variable      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, Series 2025                                                           | CUSIP: 88285AKE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006515.00   | 2.88%             | 2056-10-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| City of Redmond OR                                                               | City of Redmond OR                                                                                   | CUSIP: 757657ZS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055339.15   | 3.02%             | 2052-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 D                                                              | CUSIP: 74448DAR7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $708761.13    | 2.03%             | 2030-06-16      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | New Jersey Educational Facilities Authority, Series 2017 F                                           | CUSIP: 646066Z94<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1160314.35   | 3.32%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | Pennsylvania Housing Finance Agency                                                                  | CUSIP: 70879QV83<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516636.35   | 4.34%             | 2050-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust IV                                               | New York Counties Tobacco Trust IV, Series 2005 A                                                    | CUSIP: 62947YAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1381406.25   | 3.95%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                         | West Virginia Hospital Finance Authority, Series 2018 A                                              | CUSIP: 956622S54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $276828.50    | 0.79%             | 2047-01-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Series 2025                                   | CUSIP: 708692CD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512082.45    | 1.46%             | 2047-09-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| County of Palm Beach FL                                                          | County of Palm Beach, Series 2021 A                                                                  | CUSIP: 696547HN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $730205.08    | 2.09%             | 2057-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Public Finance Authority                                              | California Public Finance Authority, Series 2025 A                                                   | CUSIP: 13057TAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026129.90   | 2.93%             | 2065-06-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                           | Berks County Municipal Authority (The), Series 2024 B-1                                              | CUSIP: 084538JK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $705319.10    | 2.02%             | 2044-06-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                              | California Public Finance Authority, Series 2025 C                                                   | CUSIP: 13057UAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $72351.30     | 0.21%             | 2033-09-01      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| Spring Valley Community Infrastructure District No. 1                            | Spring Valley Community Infrastructure District No. 1, Series 2025                                   | CUSIP: 850072AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $713533.73    | 2.04%             | 2054-09-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                     | Massachusetts Bay Transportation Authority Sales Tax Revenue                                         | CUSIP: 5755792G1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041618.56   | 2.98%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 A-1                                                            | CUSIP: 74441XJJ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505582.60    | 1.45%             | 2060-12-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| City of Valparaiso IN                                                            | City of Valparaiso, Series 2025 A                                                                    | CUSIP: 92031PAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501636.90    | 1.43%             | 2050-10-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Norman Regional Hospital Authority                                               | Norman Regional Hospital Authority, Series 2019                                                      | CUSIP: 656178EH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $6756.53      | 0.02%             | 2039-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | Greater Orlando Aviation Authority                                                                   | CUSIP: 392275FJ7<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040247.78   | 2.97%             | 2048-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                      | Shelby County Health Educational & Housing Facilities Board, Series 2016 A                           | CUSIP: 821697Q44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $20347.01     | 0.06%             | 2037-09-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | Buckeye Tobacco Settlement Financing Authority, Series 2020 B-3, Class 2                             | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $561022.20    | 1.60%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** First Eagle Tactical Municipal Opportunities Fund

**Signature:** Shuang Wu

**Name of Signer:** Shuang Wu

**Title:** Treasurer