# EDGAR Filing Document

**Accession Number:** 0002050541
**File Stem:** 0002071691-26-012661
**Filing Date:** 2026-5
**Character Count:** 98694
**Document Hash:** d885157ad4d11780c1404818c652a2b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012661.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0002071691-26-012661

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20261231

**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:** 261042833

**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<br> Schedule of Investments<br> March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Municipal Bonds - 115.5%** | **Municipal Bonds - 115.5%** | **Municipal Bonds - 115.5%** |
| **Arizona 2.6%** |  |  |
| Arizona Industrial Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 03/01/2065 (a) | 1600000 | 1616802 |
| **Arkansas 0.4%** |  |  |
| Arkansas Development Finance Authority, |  |  |
| &nbsp;&nbsp;Revenue, Series 2026 A, |  |  |
| &nbsp;&nbsp;6.75%, 07/01/2061 (a) | 250000 | 246928 |
| **California 6.4%** |  |  |
| California Infrastructure & Economic Development Bank, |  |  |
| &nbsp;&nbsp;Desertxpress Enterprises LLC, Revenue, AMT, Refunding, Series 2025 B, |  |  |
| &nbsp;&nbsp;12.00%, 11/02/2026 (a)(b)(c)(d) | 2685000 | 1423050 |
| California Public Finance Authority, |  |  |
| &nbsp;&nbsp;Fontana Jurupa Hills Project Area, Tax Allocation, Third Tier, Series 2025 C, |  |  |
| &nbsp;&nbsp;12.00%, 09/01/2033 (a) | 185000 | 74895 |
| &nbsp;&nbsp;QSH/LB LLC, Revenue, Senior Lien, Series 2025 A, |  |  |
| &nbsp;&nbsp;6.63%, 06/01/2065 (a) | 1000000 | 1027367 |
| City of Los Angeles Department of Airports, |  |  |
| &nbsp;&nbsp;Revenue, AMT, Refunding, Series 2025A, |  |  |
| &nbsp;&nbsp;5.00%, 05/15/2055 (e) | 1000000 | 1006104 |
| San Francisco City & County Airport Comm-San Francisco International Airport, |  |  |
| &nbsp;&nbsp;Revenue, Second Series, AMT, Series 2019 E, |  |  |
| &nbsp;&nbsp;5.00%, 05/01/2050 (e) | 500000 | 500541 |
|  |  | 4031957 |
| **Colorado 3.6%** |  |  |
| Flying Horse North Metropolitan District No. 5, |  |  |
| &nbsp;&nbsp;GO, Series 2026 A, |  |  |
| &nbsp;&nbsp;0.00%, 12/01/2055 (f) | 500000 | 366243 |
| Foster Farm Business Improvement District, |  |  |
| &nbsp;&nbsp;GO, Series 2025 A, |  |  |
| &nbsp;&nbsp;0.00%, 12/01/2055 (a)(f) | 2800000 | 1913390 |
|  |  | 2279633 |
| **District of Columbia 3.2%** |  |  |
| Metropolitan Washington Airports Authority Aviation, |  |  |
| &nbsp;&nbsp;Revenue, AMT, Refunding, Series 2025A, |  |  |
| &nbsp;&nbsp;5.00%, 10/01/2050 (e) | 1000000 | 1007821 |
| &nbsp;&nbsp;Aviation, Revenue, AMT, Refunding, Series 2019 A, |  |  |
| &nbsp;&nbsp;5.00%, 10/01/2049 (g) | 1000000 | 1003334 |
|  |  | 2011155 |
| **Florida 9.8%** |  |  |
| Capital Projects Finance Authority, |  |  |
| &nbsp;&nbsp;PRG - UnionWest Properties LLC, Revenue, Series 2024 B, |  |  |
| &nbsp;&nbsp;0.00%, 06/01/2062 (a)(f) | 2000000 | 168530 |
| Capital Trust Authority, |  |  |
| &nbsp;&nbsp;QSH/St Augustine LLC, Revenue, Series 2026 A, |  |  |
| &nbsp;&nbsp;8.50%, 07/01/2057 (a) | 500000 | 497286 |
| Florida Development Finance Corp., |  |  |
| &nbsp;&nbsp;AAF Operations Holdings LLC, Revenue, AMT, Refunding, Series 2024, |  |  |
| &nbsp;&nbsp;12.00%, 07/15/2028 (a)(b)(c) | 1575000 | 551250 |
| &nbsp;&nbsp;Brightline Florida Holdings LLC, Revenue, AMT, Series 2025 B, |  |  |
| &nbsp;&nbsp;10.00%, 06/15/2026 (a)(b)(c) | 600000 | 414000 |
| &nbsp;&nbsp;Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, |  |  |
| &nbsp;&nbsp;5.50%, 07/01/2053 | 505000 | 376225 |
| Florida Local Government Finance Commission, |  |  |
| &nbsp;&nbsp;Life Care ET, Inc., Revenue, Series 2025 A, |  |  |
| &nbsp;&nbsp;0.00%, 12/01/2030 (a)(f) | 1250000 | 1280789 |
| &nbsp;&nbsp;Ponte Vedra Pine Co. LLC Obligated Group, Revenue, Series 2025 A, |  |  |
| &nbsp;&nbsp;6.88%, 11/15/2064 (a) | 500000 | 518227 |
| &nbsp;&nbsp;Sanctuary At Village On The Isle LLC (The), Revenue, Series 2025 A, |  |  |
| &nbsp;&nbsp;0.00%, 12/22/2030 (a)(f) | 1250000 | 1282720 |
| Greater Orlando Aviation Authority, |  |  |
| &nbsp;&nbsp;Revenue, AMT, Series 2024, |  |  |
| &nbsp;&nbsp;5.25%, 10/01/2048 (e) | 1000000 | 1035311 |
|  |  | 6124338 |

---

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

First Eagle Tactical Municipal Opportunities Fund<br> Schedule of Investments<br> March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| **Georgia 1.9%** |  |  |
| Georgia Housing & Finance Authority, |  |  |
| &nbsp;&nbsp;Revenue, GNMA Insured, Series 2025 G, |  |  |
| &nbsp;&nbsp;4.90%, 12/01/2050 (e) | 700000 | 700755 |
| Savannah Georgia Convention Center Authority, |  |  |
| &nbsp;&nbsp;Revenue, Series 2025 B, |  |  |
| &nbsp;&nbsp;6.25%, 06/01/2061 (a) | 500000 | 494247 |
|  |  | 1195002 |
| **Illinois 1.5%** |  |  |
| City of Galesburg, |  |  |
| &nbsp;&nbsp;Knox College, Revenue, Refunding, Series 2021 A, |  |  |
| &nbsp;&nbsp;4.00%, 10/01/2046 | 675000 | 504245 |
| Illinois Finance Authority, |  |  |
| &nbsp;&nbsp;Benedictine University, Revenue, Refunding, Series 2017, |  |  |
| &nbsp;&nbsp;5.00%, 10/01/2038 | 25000 | 22395 |
| &nbsp;&nbsp;Roosevelt University, Revenue, Refunding, Series 2018 A, |  |  |
| &nbsp;&nbsp;6.13%, 04/01/2058 (a) | 400000 | 386595 |
|  |  | 913235 |
| **Indiana 1.6%** |  |  |
| City of Valparaiso, |  |  |
| &nbsp;&nbsp;Lutheran University Association, Inc. (The), Revenue, Series 2025 A, |  |  |
| &nbsp;&nbsp;6.25%, 10/01/2050 (a) | 500000 | 496009 |
| Indiana Finance Authority, Avondale Meadows Academy, Revenue, Refunding, Series 2017, |  |  |
| &nbsp;&nbsp;5.38%, 07/01/2047 | 500000 | 432243 |
| Lutheran University Association, Inc. (The), Revenue, Series 2014, |  |  |
| &nbsp;&nbsp;4.00%, 10/01/2044 | 45000 | 33671 |
| Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, |  |  |
| &nbsp;&nbsp;3.25%, 10/01/2033 | 10000 | 8481 |
| Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, |  |  |
| &nbsp;&nbsp;3.50%, 10/01/2037 | 45000 | 36172 |
|  |  | 1006576 |
| **Kansas 1.9%** |  |  |
| City of Wichita, |  |  |
| &nbsp;&nbsp;Larksfield Place Retirement Communities, Inc., Revenue, Series VII 2025 A, |  |  |
| &nbsp;&nbsp;6.75%, 06/01/2060 | 500000 | 507739 |
| &nbsp;&nbsp;Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2018 I, |  |  |
| &nbsp;&nbsp;4.63%, 05/15/2041 | 75000 | 68638 |
| Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2019 III, |  |  |
| &nbsp;&nbsp;5.00%, 05/15/2050 | 5000 | 4198 |
| Wyandotte County-Kansas City Unified Government, Wyandotte County-Kansas City Unified Government Sales Tax, Revenue, Series 2015 A, |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 09/01/2032 | 650000 | 622360 |
|  |  | 1202935 |
| **Louisiana 0.3%** |  |  |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Provident Group - ULM Properties LLC, Revenue, Series 2019 A, |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 07/01/2054 (a) | 270000 | 218490 |
| **Maryland 4.0%** |  |  |
| Montgomery County Housing Opportunities Commission, Revenue, Series 2026 A, |  |  |
| &nbsp;&nbsp;5.00%, 07/01/2066 (e) | 1000000 | 996267 |
| Revenue, FHA Insured, Series 2026 A, |  |  |
| &nbsp;&nbsp;5.15%, 01/01/2071 (e) | 1500000 | 1512155 |
|  |  | 2508422 |

---

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

First Eagle Tactical Municipal Opportunities Fund<br> Schedule of Investments<br> March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| **Massachusetts 4.0%** |  |  |
| Massachusetts Bay Transportation Authority, |  |  |
| &nbsp;&nbsp;Sales Tax, Revenue, Series 2025 B, |  |  |
| &nbsp;&nbsp;5.00%, 07/01/2055 (e) | 1000000 | 1024916 |
| 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 | 1457500 |
|  |  | 2482416 |
| **Michigan 1.2%** |  |  |
| Grand Rapids Economic Development Corp., |  |  |
| &nbsp;&nbsp;Michigan Christian Home Obligated Group, Revenue, Refunding, Series 2025 A, |  |  |
| &nbsp;&nbsp;6.13%, 11/01/2060 | 500000 | 491767 |
| Michigan State Housing Development Authority, |  |  |
| &nbsp;&nbsp;Revenue, Series 2025 C, |  |  |
| &nbsp;&nbsp;5.10%, 06/01/2056 (e) | 250000 | 252808 |
|  |  | 744575 |
| **Missouri 3.0%** |  |  |
| County of Boone, |  |  |
| &nbsp;&nbsp;Boone County Hospital, Revenue, Refunding, Series 2016, |  |  |
| &nbsp;&nbsp;3.00%, 08/01/2032 | 135000 | 106861 |
| &nbsp;&nbsp;Boone County Hospital, Revenue, Refunding, Series 2016, |  |  |
| &nbsp;&nbsp;3.00%, 08/01/2034 | 35000 | 25918 |
| &nbsp;&nbsp;Boone County Hospital, Revenue, Refunding, Series 2016, |  |  |
| &nbsp;&nbsp;4.00%, 08/01/2038 | 1320000 | 986421 |
| Health & Educational Facilities Authority of the State of Missouri, |  |  |
| &nbsp;&nbsp;Bsds, Inc., Revenue, Series 2026, |  |  |
| &nbsp;&nbsp;6.50%, 06/01/2056 (a) | 750000 | 732368 |
|  |  | 1851568 |
| **Montana 0.8%** |  |  |
| Montana Facility Finance Authority, |  |  |
| &nbsp;&nbsp;Montana Children's Home and Hospital, Revenue, Series 2020 A, |  |  |
| &nbsp;&nbsp;4.00%, 07/01/2050 | 740000 | 516552 |
| **Nevada 0.3%** |  |  |
| State of Nevada Department of Business & Industry, |  |  |
| &nbsp;&nbsp;DesertXpress Enterprises LLC, Revenue, AMT, Series 2025 B, |  |  |
| &nbsp;&nbsp;12.00%, 11/02/2026 (a)(b)(c)(d) | 365000 | 193450 |
| **New Hampshire 3.0%** |  |  |
| New Hampshire Business Finance Authority, |  |  |
| &nbsp;&nbsp;Revenue, Series 2024, |  |  |
| &nbsp;&nbsp;0.00%, 12/01/2034 (a)(h) | 600000 | 325590 |
| &nbsp;&nbsp;Revenue, Series 2026, |  |  |
| &nbsp;&nbsp;0.00%, 12/01/2040 (a)(h) | 3000000 | 1024515 |
| &nbsp;&nbsp;Moonlight Bend Municipal Utility District, Revenue, Series 2025, |  |  |
| &nbsp;&nbsp;0.00%, 12/01/2035 (a)(h) | 1000000 | 513166 |
|  |  | 1863271 |
| **New Jersey 4.2%** |  |  |
| 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 | 632747 |
| New Jersey Educational Facilities Authority, |  |  |
| &nbsp;&nbsp;Georgian Court University A New Jersey Non Profit Corp., Revenue, Series 2017 G, |  |  |
| &nbsp;&nbsp;3.75%, 07/01/2037 | 35000 | 28838 |
| &nbsp;&nbsp;Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, |  |  |
| &nbsp;&nbsp;3.25%, 07/01/2030 | 20000 | 17762 |
| &nbsp;&nbsp;Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, |  |  |
| &nbsp;&nbsp;5.00%, 07/01/2047 | 1525000 | 1162509 |
| New Jersey Transportation Trust Fund Authority, |  |  |
| State of New Jersey, Revenue, Series 2025 AA, |  |  |
| &nbsp;&nbsp;5.00%, 06/15/2055 (e) | 750000 | 763860 |
|  |  | 2605716 |

---

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

First Eagle Tactical Municipal Opportunities Fund<br> Schedule of Investments<br> March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| **New York 7.7%** |  |  |
| New York Counties Tobacco Trust IV, |  |  |
| &nbsp;&nbsp;Revenue, Series 2005 A, |  |  |
| &nbsp;&nbsp;5.00%, 06/01/2045 | 2000000 | 1534061 |
| New York State Housing Finance Agency, |  |  |
| &nbsp;&nbsp;Revenue, Series 2025 D-1, |  |  |
| &nbsp;&nbsp;5.00%, 05/01/2069 (e) | 1245000 | 1235954 |
| Onondaga Civic Development Corp., |  |  |
| &nbsp;&nbsp;Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, |  |  |
| &nbsp;&nbsp;5.38%, 08/01/2054 | 625000 | 567565 |
| 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 | 525795 |
| Westchester County Healthcare Corp., |  |  |
| &nbsp;&nbsp;Westchester County Health Care Corp. Obligated Group, Revenue, Senior Lien, Series 2010 B, |  |  |
| &nbsp;&nbsp;6.13%, 11/01/2037 | 5000 | 4997 |
| Westchester County Local Development Corp., |  |  |
| &nbsp;&nbsp;QSH/Tarrytown LLC, Revenue, Senior Lien, Series 2026 A, |  |  |
| &nbsp;&nbsp;6.38%, 12/01/2055 (a) | 290000 | 293679 |
| &nbsp;&nbsp;QSH/Tarrytown LLC, Revenue, Senior Lien, Series 2026 A, |  |  |
| &nbsp;&nbsp;6.50%, 12/01/2065 (a) | 665000 | 674867 |
|  |  | 4836918 |
| **North Carolina 1.8%** |  |  |
| North Carolina Medical Care Commission, |  |  |
| &nbsp;&nbsp;ASHF HoldCo 1 LLC Obligated Group, Revenue, Series 2026 A, |  |  |
| &nbsp;&nbsp;7.00%, 11/01/2055 (a) | 1140000 | 1145953 |
| **Ohio 5.3%** |  |  |
| Buckeye Tobacco Settlement Financing Authority, |  |  |
| &nbsp;&nbsp;Revenue, Senior Lien, Refunding, Series 2020 B-3, Class 2, |  |  |
| &nbsp;&nbsp;0.00%, 06/01/2057 (h) | 16000000 | 1166723 |
| City of Lakewood, |  |  |
| &nbsp;&nbsp;GO, |  |  |
| &nbsp;&nbsp;4.00%, 04/09/2026 | 500000 | 500129 |
| County of Lucas, |  |  |
| &nbsp;&nbsp;Genacross Lutheran Services Obligated Group, Revenue, Refunding, Series 2025, |  |  |
| &nbsp;&nbsp;6.75%, 11/01/2030 (b)(c) | 1000000 | 998031 |
| County of Washington, |  |  |
| &nbsp;&nbsp;Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, |  |  |
| &nbsp;&nbsp;6.75%, 12/01/2052 | 655000 | 668660 |
|  |  | 3333543 |
| **Oklahoma 0.2%** |  |  |
| Norman Regional Hospital Authority, |  |  |
| &nbsp;&nbsp;Norman Regional Hospital Authority Obligated Group, Revenue, Series 2019, |  |  |
| &nbsp;&nbsp;3.25%, 09/01/2038 | 100000 | 68078 |
| &nbsp;&nbsp;Obligated Group, Revenue, Refunding, Series 2016, |  |  |
| &nbsp;&nbsp;4.00%, 09/01/2037 | 5000 | 3408 |
| &nbsp;&nbsp;Obligated Group, Revenue, Series 2019, |  |  |
| &nbsp;&nbsp;3.25%, 09/01/2039 | 35000 | 23806 |
|  |  | 95292 |

---

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

First Eagle Tactical Municipal Opportunities Fund<br> Schedule of Investments<br> March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| **Oregon 5.2%** |  |  |
| City of Redmond, |  |  |
| &nbsp;&nbsp;GO, AMT, Series 2025 A, |  |  |
| &nbsp;&nbsp;5.50%, 06/01/2052 (e) | 1000000 | 1039111 |
| Oregon State Facilities Authority, |  |  |
| &nbsp;&nbsp;ISF Magnolia Gardens LLC Obligated Group, Revenue, Refunding, Series 2025 A-1, |  |  |
| &nbsp;&nbsp;7.25%, 03/01/2060 (a) | 2000000 | 2136010 |
| Yamhill County Hospital Authority, |  |  |
| &nbsp;&nbsp;Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, |  |  |
| &nbsp;&nbsp;5.00%, 11/15/2051 | 75000 | 63900 |
|  |  | 3239021 |
| **Pennsylvania 9.5%** |  |  |
| Berks County Industrial Development Authority, |  |  |
| &nbsp;&nbsp;Tower Health Obligated Group, Revenue, Refunding, Series 2017, |  |  |
| &nbsp;&nbsp;4.00%, 11/01/2031 | 90000 | 68575 |
| &nbsp;&nbsp;Tower Health Obligated Group, Revenue, Refunding, Series 2017, |  |  |
| &nbsp;&nbsp;4.00%, 11/01/2032 | 10000 | 7546 |
| &nbsp;&nbsp;Tower Health Obligated Group, Revenue, Refunding, Series 2017, |  |  |
| &nbsp;&nbsp;3.75%, 11/01/2042 | 555000 | 352357 |
| Berks County Municipal Authority (The), |  |  |
| &nbsp;&nbsp;Tower Health Obligated Group, Revenue, Series 2012 A, |  |  |
| &nbsp;&nbsp;5.00%, 11/01/2044 | 175000 | 134399 |
| &nbsp;&nbsp;Tower Health Obligated Group, Revenue, Series 2024 B-1, |  |  |
| &nbsp;&nbsp;0.00%, 06/30/2044 (f) | 2386000 | 1755128 |
| DuBois Hospital Authority, |  |  |
| &nbsp;&nbsp;Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, |  |  |
| &nbsp;&nbsp;4.00%, 07/15/2048 | 55000 | 41646 |
| Pennsylvania Economic Development Financing Authority, |  |  |
| &nbsp;&nbsp;Noble Environmental, Inc., Revenue, AMT, Series 2025, |  |  |
| &nbsp;&nbsp;6.88%, 09/01/2047 (a) | 1000000 | 1044686 |
| Pennsylvania Housing Finance Agency, |  |  |
| &nbsp;&nbsp;Revenue, Series 2025-149A, |  |  |
| &nbsp;&nbsp;5.15%, 10/01/2050 (e) | 1500000 | 1521886 |
| &nbsp;&nbsp;Revenue, Refunding, Series 2025-150A, |  |  |
| &nbsp;&nbsp;5.25%, 10/01/2052 (e) | 1000000 | 1014571 |
|  |  | 5940794 |
| **Puerto Rico 0.6%** |  |  |
| Children's Trust Fund, |  |  |
| &nbsp;&nbsp;Revenue, Series 2008 B, |  |  |
| &nbsp;&nbsp;0.00%, 05/15/2057 (h) | 12695000 | 373263 |
| **Rhode Island 2.5%** |  |  |
| **Rhode Island Health and Educational Building Corp.,** |  |  |
| &nbsp;&nbsp;&nbsp;Chartercare Health of Rhode Island Obligated Group, Revenue, |  |  |
| &nbsp;&nbsp;9.25%, 10/01/2056 | 1500000 | 1549205 |
| **South Carolina 2.2%** |  |  |
| South Carolina Jobs-Economic Development Authority, |  |  |
| &nbsp;&nbsp;Connexion Communities Obligated Group, Revenue, Series 2025 A1, |  |  |
| &nbsp;&nbsp;6.75%, 10/15/2060 (a) | 1000000 | 1007555 |
| &nbsp;&nbsp;Libertas Academy Woodruff, Revenue, Series 2025 A, |  |  |
| &nbsp;&nbsp;7.25%, 08/15/2065 (a) | 350000 | 360471 |
|  |  | 1368026 |
| **Tennessee 3.9%** |  |  |
| &nbsp;&nbsp;Metropolitan Nashville Airport Authority (The), |  |  |
| &nbsp;&nbsp;Revenue, AMT, Series 2026 B, |  |  |
| &nbsp;&nbsp;5.50%, 07/01/2056 (g) | 1200000 | 1253898 |
| Shelby County Health Educational & Housing Facilities Board, |  |  |
| &nbsp;&nbsp;Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2013 A, |  |  |
| &nbsp;&nbsp;5.38%, 09/01/2041 | 450000 | 403159 |
| &nbsp;&nbsp;Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, |  |  |
| &nbsp;&nbsp;4.25%, 09/01/2037 (a) | 25000 | 20621 |
| &nbsp;&nbsp;Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, |  |  |
| &nbsp;&nbsp;5.00%, 09/01/2037 (a) | 900000 | 796307 |
|  |  | 2473985 |

---

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

First Eagle Tactical Municipal Opportunities Fund<br> Schedule of Investments<br> March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| **Texas 8.4%** | | |
| City of Pilot Point, |  |  |
| &nbsp;&nbsp;Maverick Farms Public Improvement District Major Improvement Area, Special Assessment, Series 2026, |  |  |
| &nbsp;&nbsp;7.00%, 09/15/2056 (i) | 1265000 | 1239796 |
| New Hope Cultural Education Facilities Finance Corp., |  |  |
| &nbsp;&nbsp;Sanctuary LTC LLC, Revenue, Series 2021 A-1, |  |  |
| &nbsp;&nbsp;5.50%, 01/01/2057 | 500000 | 452685 |
| &nbsp;&nbsp;SLF CHP LLC, Revenue, Series 2025 A, |  |  |
| &nbsp;&nbsp;6.50%, 07/01/2056 (a) | 1600000 | 1560302 |
| Texas Water Development Board, |  |  |
| &nbsp;&nbsp;State Revolving Fund, Revenue, Series 2025, |  |  |
| &nbsp;&nbsp;4.80%, 10/15/2056 (e) | 1000000 | 994627 |
| Tom Green County Cultural Education Facilities Finance Corp., |  |  |
| &nbsp;&nbsp;TLC Academy, Revenue, Series 2013 A, |  |  |
| &nbsp;&nbsp;7.15%, 08/15/2043 | 1000000 | 1000254 |
|  |  | 5247664 |
| **Utah 3.3%** |  |  |
| County of Utah, |  |  |
| &nbsp;&nbsp;IHC Health Services, Inc. Obligated Group, Revenue, Series 2018 C, |  |  |
| &nbsp;&nbsp;2.65%, 04/01/2026 (c)(j) | 990000 | 990000 |
| Point Phase 1 Public Infrastructure District No. 1, |  |  |
| &nbsp;&nbsp;Revenue, Series 2025 B, |  |  |
| &nbsp;&nbsp;8.50%, 03/15/2055 | 500000 | 503932 |
| Utah Charter School Finance Authority, |  |  |
| &nbsp;&nbsp;Revenue, Series 2018 A, |  |  |
| &nbsp;&nbsp;5.88%, 10/15/2028 (a)(b)(c) | 570000 | 545123 |
|  |  | 2039055 |
| **Washington 1.1%** |  |  |
| 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 | 719462 |
| **Wisconsin 10.1%** |  |  |
| Public Finance Authority, |  |  |
| &nbsp;&nbsp;AMCP Franklin LLC, Revenue, Senior Lien, Series 2025 A-1, |  |  |
| &nbsp;&nbsp;6.75%, 12/01/2060 (a) | 500000 | 505164 |
| &nbsp;&nbsp;Dreamhouse 'Ewa Beach Public Charter School, Revenue, Refunding, Series 2025 A, |  |  |
| &nbsp;&nbsp;7.38%, 06/15/2060 (a) | 2100000 | 2064622 |
| &nbsp;&nbsp;Liberty Classical Schools Educational Services, Inc., Revenue, Series 2025 A, |  |  |
| &nbsp;&nbsp;7.00%, 06/15/2065 (a) | 500000 | 499844 |
| &nbsp;&nbsp;QCF Behavioral Hospitals I Obligated Group, Revenue, Series 2024 B, |  |  |
| &nbsp;&nbsp;0.00%, 07/01/2064 (a)(h) | 16500000 | 189367 |
| &nbsp;&nbsp;Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2025 D, |  |  |
| &nbsp;&nbsp;7.00%, 06/16/2030 (a) | 700000 | 697178 |
| &nbsp;&nbsp;Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2026 A, |  |  |
| &nbsp;&nbsp;7.00%, 01/26/2031 (a) | 172116 | 169598 |
| &nbsp;&nbsp;Sarpy County Sanitary & Improvement District No. 379, Special Assessment, Series 2025 B, |  |  |
| &nbsp;&nbsp;7.00%, 06/05/2030 (a) | 700000 | 697311 |
| &nbsp;&nbsp;Sarpy County Sanitary & Improvement District No. 379, Special Assessment, Series 2025 E, |  |  |
| &nbsp;&nbsp;7.00%, 09/30/2030 (a) | 201758 | 200689 |
| &nbsp;&nbsp;WVC, Revenue, Series 2025 A, |  |  |
| &nbsp;&nbsp;6.75%, 12/01/2065 (a) | 1250000 | 1272654 |
|  |  | 6296427 |
| **Total Municipal Bonds<br> (Cost $72,984,942)** |  | **72271629** |
| **Investments** | **Number of<br> Warrants** | **Value ($)** |
| **Warrants - 0.0%** | **Warrants - 0.0%** | **Warrants - 0.0%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 0.0%** |  |  |
| &nbsp;&nbsp;Bl Train Holdings West LLC, expiring 12/1/2035\*‡ |  |  |
| &nbsp;&nbsp;(Cost $–) | 6606 |  |

---

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

First Eagle Tactical Municipal Opportunities Fund<br> Schedule of Investments<br> March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Short-Term Investments - 0.0%(k)** | **Short-Term Investments - 0.0%(k)** | **Short-Term Investments - 0.0%(k)** |
| **Investment Companies - 0.0%(k)** |  |  |
| &nbsp;&nbsp;JP Morgan U.S. Government Money Market Fund, Capital Shares 3.61% (l) |  |  |
| &nbsp;&nbsp;(Cost $28,629) | 28629 | 28629 |
| **Total Investments - 115.5%<br> (Cost $73,013,571)** |  | **72300258** |
| Floating Rate Note Obligations - (21.3%)(m) |  | (13315000) |
| **Other assets less liabilities - 5.8%** |  | **3627933** |
| **Net Assets - 100.0%** |  | **62613191** |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (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 March 31, 2026 amounted to $34,091,374, which represents approximately 54.45% of net assets of the Fund. |
| (b) | 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 March 31, 2026. |
| (c) | 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 March 31, 2026. |
| (d) | Represents a security that is subject to legal restrictions on resale due to compliance obligations of the Adviser. Total value of all such securities at March 31, 2026 amounted to $1,616,500, which represents approximately 2.58% of net assets of the Fund. |

---

---

| | | | |
|:---|:---|:---|:---|
| Restricted Securities | Acquisition Date | Cost | Carrying Value<br> Per<br> Share/Principal |
| California Infrastructure & Economic Development Bank | 11/26/25 - 12/12/25 | $2203913 | $53.00 |
| State of Nevada Department of Business & Industry | 11/26/25 | 365000 | 53.00 |
|  |  | $**2568913** |  |

---

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

(f) Zero coupon bond until
 next reset date.

(g) All or a portion of the
 principal amount transferred to a Tender Option Bond ("TOB") Issuer in exchange for TOB residuals and cash. The TOB trust
 is a recourse trust. The inverse floaters are pledged as collateral. As of the end of the reporting period, the aggregate value of
 these inverse floaters pledged is $497,232.

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

(i) When-issued security.

(j) 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.

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

(l) Represents 7-day effective
 yield as of March 31, 2026.

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

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

First Eagle Tactical Municipal Opportunities Fund<br> Schedule of Investments<br> March 31, 2026 (unaudited)

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| AMT | Alternative Minimum Tax |
| FHA | Federal Housing Administration |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |

---

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

First Eagle Tactical Municipal Opportunities Fund<br> Schedule of Investments<br> March 31, 2026 (unaudited)

---

| | |
|:---|:---|
| <br>**Industry Diversification for Portfolio Holdings** | **Percent of Net**<br>**Assets** |
| Assisted Living | 17.4% |
| Hospital | 13.7 |
| Continuing Care Retirement Community | 11.2 |
| Airport | 9.3 |
| Charter School | 9 |
| State Single-Family Housing | 7.5 |
| Tobacco Master Settlement Agreement | 4.9 |
| Local Multi-Family Housing | 4.8 |
| Special Assessment Financing | 4.8 |
| Higher Education | 4.3 |
| Economic/Industrial Development | 3.4 |
| General Obligation District (Other) | 3.1 |
| Sales & Excise Tax | 2.6 |
| General Obligation | 2.5 |
| General Revenue Tax-Guaranteed | 2.5 |
| Public Transportation | 2.1 |
| Not-For-Profit Human Service Provider | 2 |
| Student Housing | 1.8 |
| Solid Waste | 1.7 |
| Water & Sewer | 1.6 |
| Appropriation | 1.2 |
| Correctional Facility | 1 |
| Miscellaneous Tax | 0.8 |
| Nursing Home | 0.7 |
| Metro Development District | 0.6 |
| Loan Pool | 0.5 |
| Private/Religious School | 0.4 |
| Tax Increment Financing | 0.1 |
| Other | 0 |
| Short-Term Investments | 0.0 \* |
| **Total Investments** | **115.5%** |

---

\* Less than 0.05%

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

Notes to Schedule of Investments (unaudited)

**Note 1 — Organization**

First Eagle Tactical Municipal Opportunities Fund (the "Fund") is a 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 six classes to Common Shares: Class A-1 Shares, Class A-2 Shares, Class A-3 Shares, Class A-4 Shares, Class I Shares and Class W Shares. Class A-1 Shares, Class A-2 Shares, Class A-3 Shares, Class A-4 Shares and Class W Shares are offered starting April 30, 2026. 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"). A controlling interest in First Eagle Holdings is owned by funds managed by Genstar Capital, LLC.

**Note 2 — Significant Accounting Policies**

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

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

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

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

All bonds, whether listed on an exchange or traded in the over-the-counter market for which market quotations are available are generally priced at the evaluated bid price provided by an approved pricing service as of the close of trading on the NYSE (normally 4:00 PM EST), or dealers in the over-the-counter markets in the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable instruments and the various relationships between instruments in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique features of the instrument in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. 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 Fund'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 March 31, 2026:

**First Eagle Tactical Municipal Opportunities Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| **Assets:** | | | | |
| Municipal Bonds | $— | $72271629 | $— | $72271629 |
| Warrants |  |  |  |  |
| Short-Term Investments | 28629 |  |  | 28629 |
| **Total** | $**28629** | $**72271629** | $**—** | $**72300258** |

---

† See Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

^ Fair value represents zero.

**b)** **Tender Option Bonds** —
 Inverse floating rate interests ("Inverse Floaters") are issued in connection
 with municipal tender option bond ("TOB") financing transactions (secured borrowings)

 (a "TOB Trust") that holds long-term fixed rate bonds sold to it by the Fund
 (the "underlying security"), and issues two classes of beneficial interests: short-term floating
 rate interests ("Floaters"), which are sold to other investors, and Inverse Floaters,
 which are purchased by the Fund. The Fund also may purchase Floaters issued by a TOB Trust.
 The Floaters have first priority on the cash flow from the underlying security held by the
 TOB Trust, have a tender option feature that allows holders to tender the Floaters back to
 the TOB Trust for their par amount and accrued interest at
specified intervals and bear interest at prevailing short-term interest rates. Tendered Floaters are remarketed for sale to other investors
for their par amount and accrued interest by a remarketing agent to the TOB Trust and are ultimately supported by a liquidity facility
provided by a bank, upon which the TOB Trust can draw funds to pay such amount to holders of Tendered Floaters that cannot be remarketed.
The Fund, as holder of the Inverse Floaters, is paid the residual cash flow from the underlying security. Accordingly, the Inverse Floaters
provide the Fund with leveraged exposure to the underlying security. When short-term
interest rates rise or fall, the interest payable on the Floaters issued by a TOB Trust will, respectively, rise or fall, leaving less
or more, respectively, residual interest cash flow from the underlying security available for payment on the Inverse Floaters. Thus,
as short-term interest rates rise, Inverse Floaters produce less income for the Fund, and as short-term interest rates decline, Inverse
Floaters produce more income for the Fund. The price of Inverse Floaters is expected to decline when interest rates rise and increase
when interest rates decline, in either case generally more so than the price of a bond with a similar maturity, because of the effect
of leverage. As a result, the price of Inverse Floaters is typically more volatile than the price of bonds with similar maturities, especially
if the relevant TOB Trust is structured to provide the holder of the Inverse Floaters relatively greater leveraged exposure to the underlying
security (e.g., if the par amount of the Floaters, as a percentage of the par amount of the underlying security, is relatively greater).
Upon the occurrence of certain adverse events (including a credit ratings downgrade of the underlying security or a substantial decrease
in the market value of the underlying security), a TOB Trust may be collapsed by the remarketing agent or liquidity provider and the
underlying security liquidated, and the Fund could lose the entire amount of its investment in the Inverse Floater and may, in some cases,
be contractually required to pay the shortfall, if any, between the liquidation value of the underlying security and the principal amount
of the Floaters. Consequently, in a rising interest rate environment, the Fund's investments 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.

As of March 31, 2026, 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 | $13315000 |

---

For the period ended March 31, 2026, the average amount of Floaters outstanding and the average annual interest rates and fees related to Floating Rate Obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Average Floating<br> Rate Obligations <br> Outstanding** | **Average Annual <br> Interest Rate <br> and Fees** |
| First Eagle Tactical Municipal Opportunities Fund | $12038111 | 2.53% |

---

**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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $76788506.99

**Total Liabilities:** $14229844.05

**Net Assets:** $62558662.94

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -9.62040976 | **1-Year:** -187.97523986 | **5-Year:** -936.09025875 | **10-Year:** -4182.96627361 | **30-Year:** -3594.90095515

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

- **3-Month:** -168.01486961 | **1-Year:** -1683.36407942 | **5-Year:** -7645.26040460 | **10-Year:** -18786.54672117 | **30-Year:** -10180.52739403

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.17%                | 0.77%                | -1.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $47114.63                | $229198.35                                 |
| Month 2  | $0.00                    | $120907.13                                 |
| Month 3  | $122327.02               | $-1203626.12                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2026                      | CUSIP: 60636AXZ1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    750000 | PA      | $732367.65    | 1.17%             | 2056-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                            | New York State Housing Finance Agency                                                                | CUSIP: 64987J6X4<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1235953.58   | 1.98%             | 2069-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Series 2025 A                                    | CUSIP: 83704MFT8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    350000 | PA      | $360470.64    | 0.58%             | 2065-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| 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      | $1000253.60   | 1.60%             | 2043-08-15      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | Capital Trust Authority, Series 2026 A                                                               | CUSIP: 14055GAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497286.45    | 0.79%             | 2057-07-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2024 B                                                              | CUSIP: 74442PD44<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  16500000 | PA      | $189367.20    | 0.30%             | 2064-07-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| County of Boone MO                                                               | County of Boone, Series 2016                                                                         | CUSIP: 098867FX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $106861.17    | 0.17%             | 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        |    740000 | PA      | $516552.26    | 0.83%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2024                                                | CUSIP: 63608TAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $325590.36    | 0.52%             | 2034-12-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Series 2026 A                                                | CUSIP: 65820YVU7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1145952.62   | 1.83%             | 2055-11-01      | Fixed         | 7.00%                 | Yes           |                  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      | $796307.22    | 1.27%             | 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      | $1014571.20   | 1.62%             | 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        |    175000 | PA      | $134399.42    | 0.21%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2014                                                               | CUSIP: 45506DMV4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     45000 | PA      | $33671.76     | 0.05%             | 2044-10-01      | Fixed         | 4.00%                 | 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      | $697311.23    | 1.11%             | 2030-06-05      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority                                                       | CUSIP: 64613CHS0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    750000 | PA      | $763859.63    | 1.22%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  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        |    625000 | PA      | $567565.31    | 0.91%             | 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        |    555000 | PA      | $352357.12    | 0.56%             | 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        |   1320000 | PA      | $986421.08    | 1.58%             | 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      | $386594.36    | 0.62%             | 2058-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Foster Farm Business Improvement District                                        | Foster Farm Business Improvement District, Series 2025 A                                             | CUSIP: 350076AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $1913389.52   | 3.06%             | 2055-12-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | Metropolitan Washington Airports Authority Aviation Revenue                                          | CUSIP: 592647GP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003333.50   | 1.60%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2026 A                                                              | CUSIP: 74448DBL9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    172116 | PA      | $169598.01    | 0.27%             | 2031-01-26      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 A                                                              | CUSIP: 74442ENA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2064621.93   | 3.30%             | 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        |   1600000 | PA      | $1560301.92   | 2.49%             | 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      | $499844.45    | 0.80%             | 2065-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                       | Westchester County Local Development Corp., Series 2026 A                                            | CUSIP: 95737TGC4<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    665000 | PA      | $674866.87    | 1.08%             | 2065-12-01      | Fixed         | 6.50%                 | 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      | $1007821.38   | 1.61%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 E                                                              | CUSIP: 74448DBC9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    201758 | PA      | $200688.30    | 0.32%             | 2030-09-30      | Fixed         | 7.00%                 | Yes           |                  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      | $503931.40    | 0.81%             | 2055-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BL Train Holdings West LLC                                                                           | CUSIP: 05594N118<br>LEI: N/A                  | N/A              | DO               |  | US        |      6600 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | 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      | $414000.00    | 0.66%             | 2057-07-01      | Variable      | 10.00%                | Yes           |                  2 | On Loan: No      |
| Norman Regional Hospital Authority                                               | Norman Regional Hospital Authority, Series 2019                                                      | CUSIP: 656178EG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $68077.60     | 0.11%             | 2038-09-01      | Fixed         | 3.25%                 | No            |                  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      | $373263.47    | 0.60%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | Michigan State Housing Development Authority                                                         | CUSIP: 594654K20<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252808.30    | 0.40%             | 2056-06-01      | Fixed         | 5.10%                 | 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      | $494246.60    | 0.79%             | 2061-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan US Government Money Market Fund                                         | JPMorgan US Government Money Market Fund                                                             | CUSIP: 4812C0670<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        |     28629 | NS      | $28629.04     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2024                                                       | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $551250.00    | 0.88%             | 2032-07-15      | Variable      | 12.00%                | Yes           |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                | Oregon State Facilities Authority, Series 2025 A-1                                                   | CUSIP: 68608JB42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2136010.60   | 3.41%             | 2060-03-01      | Fixed         | 7.25%                 | 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      | $1616801.76   | 2.58%             | 2065-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| City of Wichita KS                                                               | City of Wichita, Series 2019 III                                                                     | CUSIP: 967249QU0<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |      5000 | PA      | $4198.20      | 0.01%             | 2050-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                        | DuBois Hospital Authority, Series 2018                                                               | CUSIP: 263804BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $41646.38     | 0.07%             | 2048-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                               | Montgomery County Housing Opportunities Commission                                                   | CUSIP: 613347TP8<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996267.20    | 1.59%             | 2066-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                    | Berks County Industrial Development Authority, Series 2017                                           | CUSIP: 08451PAM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $7546.12      | 0.01%             | 2032-11-01      | Fixed         | 4.00%                 | 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      | $3407.97      | 0.01%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | Capital Projects Finance Authority, Series 2024 B                                                    | CUSIP: 140427CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $168529.80    | 0.27%             | 2062-06-01      | Variable      | 0.00%                 | Yes           |                  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      | $1006104.00   | 1.61%             | 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      | $518226.75    | 0.83%             | 2064-11-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                      | Florida Local Government Finance Commission, Series 2025 A                                           | CUSIP: 34077KAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1282720.00   | 2.05%             | 2030-12-22      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                | State of Nevada Department of Business & Industry, Series 2025 B                                     | CUSIP: 25457VBV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $193450.00    | 0.31%             | 2065-01-01      | Variable      | 12.00%                | Yes           |                  2 | On Loan: No      |
| City of Pilot Point TX                                                           | City of Pilot Point, Series 2026                                                                     | CUSIP: 721614BJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1239796.39   | 1.98%             | 2056-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                                | County of Utah, Series 2018 C                                                                        | CUSIP: 917393CY4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    990000 | PA      | $990000.00    | 1.58%             | 2058-05-15      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 A                                                              | CUSIP: 74442PS22<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1272653.50   | 2.03%             | 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      | $218490.43    | 0.35%             | 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      | $36171.78     | 0.06%             | 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      | $719461.89    | 1.15%             | 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      | $1457500.35   | 2.33%             | 2060-07-15      | Fixed         | 6.50%                 | Yes           |                  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        |    450000 | PA      | $403159.01    | 0.64%             | 2041-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| County of Boone MO                                                               | County of Boone, Series 2016                                                                         | CUSIP: 098867FZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $25918.26     | 0.04%             | 2034-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                      | Florida Local Government Finance Commission, Series 2025 A                                           | CUSIP: 34077KAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1280789.38   | 2.05%             | 2030-12-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2024                                                       | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    505000 | PA      | $376225.00    | 0.60%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2026                                                | CUSIP: 63608TBF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1024515.00   | 1.64%             | 2040-12-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Flying Horse North Metropolitan District No. 5                                   | Flying Horse North Metropolitan District No. 5, Series 2026A                                         | CUSIP: 34407WAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $366243.10    | 0.59%             | 2055-12-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority/The                                     | Metropolitan Nashville Airport Authority/The                                                         | CUSIP: 592190SX1<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1253898.12   | 2.00%             | 2056-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Washington OH                                                          | County of Washington, Series 2022                                                                    | CUSIP: 938154DX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $668660.16    | 1.07%             | 2052-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Grand Rapids Economic Development Corp.                                          | Grand Rapids Economic Development Corp., Series 2025 A                                               | CUSIP: 386246HK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $491766.65    | 0.79%             | 2060-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                               | City of Wichita, Series VII 2025 A                                                                   | CUSIP: 967249RT2<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507739.55    | 0.81%             | 2060-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                    | Berks County Industrial Development Authority, Series 2017                                           | CUSIP: 08451PAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $68574.35     | 0.11%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Series 2017 A                                             | CUSIP: 64577HSU6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    625000 | PA      | $632746.63    | 1.01%             | 2047-09-01      | Fixed         | 7.00%                 | Yes           |                  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      | $622359.79    | 0.99%             | 2032-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | New Jersey Educational Facilities Authority, Series 2017 F                                           | CUSIP: 646066Y87<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |     20000 | PA      | $17761.83     | 0.03%             | 2030-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2017                                                               | CUSIP: 45506DF34<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     10000 | PA      | $8481.21      | 0.01%             | 2033-10-01      | Fixed         | 3.25%                 | No            |                  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      | $28838.29     | 0.05%             | 2037-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2017                                                               | CUSIP: 45506DF91<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $432242.85    | 0.69%             | 2047-07-01      | Fixed         | 5.38%                 | 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      | $452685.05    | 0.72%             | 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      | $525794.75    | 0.84%             | 2055-11-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | Utah Charter School Finance Authority, Series 2018 A                                                 | CUSIP: 91754TVR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $545123.26    | 0.87%             | 2048-04-15      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board                                                                        | CUSIP: 88285AKE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994627.30    | 1.59%             | 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      | $1039110.76   | 1.66%             | 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      | $697178.30    | 1.11%             | 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        |   1525000 | PA      | $1162509.48   | 1.86%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2025                                                | CUSIP: 63608TBA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $513166.10    | 0.82%             | 2035-12-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| City of Lakewood OH                                                              | City of Lakewood                                                                                     | CUSIP: 512606W42<br>LEI: 549300ZW46UCCG619014 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500128.90    | 0.80%             | 2026-04-09      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Series 2025 A1                                   | CUSIP: 83704KAC4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007555.30   | 1.61%             | 2060-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | San Francisco City & County Airport Comm-San Francisco International Airport                         | CUSIP: 79766DSA8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500541.15    | 0.80%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | Arkansas Development Finance Authority, Series 2026 A                                                | CUSIP: 04108KZ76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $246927.50    | 0.39%             | 2061-07-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | Pennsylvania Housing Finance Agency                                                                  | CUSIP: 70879QV83<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1521885.96   | 2.43%             | 2050-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| City of Galesburg IL                                                             | City of Galesburg, Series 2021 A                                                                     | CUSIP: 363433BB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $504244.98    | 0.81%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust IV                                               | New York Counties Tobacco Trust IV, Series 2005 A                                                    | CUSIP: 62947YAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1534061.00   | 2.45%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                       | Westchester County Local Development Corp., Series 2026 A                                            | CUSIP: 95737TGB6<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    290000 | PA      | $293679.09    | 0.47%             | 2055-12-01      | Fixed         | 6.38%                 | Yes           |                  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        |   1000000 | PA      | $1044686.30   | 1.67%             | 2047-09-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| County of Lucas OH                                                               | County of Lucas, Series 2025                                                                         | CUSIP: 549308CC6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $998030.70    | 1.60%             | 2049-11-01      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                              | Georgia Housing & Finance Authority                                                                  | CUSIP: 37353PUL1<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700755.30    | 1.12%             | 2050-12-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                               | Montgomery County Housing Opportunities Commission                                                   | CUSIP: 613347TQ6<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512154.35   | 2.42%             | 2071-01-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2017                                                              | CUSIP: 45204EUH9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     25000 | PA      | $22395.15     | 0.04%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  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      | $1027367.00   | 1.64%             | 2065-06-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Yamhill County Hospital Authority                                                | Yamhill County Hospital Authority, Series 2016 A                                                     | CUSIP: 98464UAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $63899.94     | 0.10%             | 2051-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                               | City of Wichita, Series 2018 I                                                                       | CUSIP: 967249QE6<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |     75000 | PA      | $68637.58     | 0.11%             | 2041-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                               | Rhode Island Health and Educational Building Corp.                                                   | CUSIP: 762244PF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1549205.25   | 2.48%             | 2056-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                           | Berks County Municipal Authority (The), Series 2024 B-1                                              | CUSIP: 084538JK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2386000 | PA      | $1755127.52   | 2.81%             | 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      | $74895.03     | 0.12%             | 2033-09-01      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| Westchester County Healthcare Corp.                                              | Westchester County Healthcare Corp., Series 2010 B                                                   | CUSIP: 957366DW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $4996.89      | 0.01%             | 2037-11-01      | Fixed         | 6.12%                 | No            |                  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      | $1024915.87   | 1.64%             | 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      | $505164.00    | 0.81%             | 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      | $496008.65    | 0.79%             | 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        |     35000 | PA      | $23806.22     | 0.04%             | 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      | $1035310.93   | 1.65%             | 2048-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | California Infrastructure & Economic Development Bank, Series 2025 B                                 | CUSIP: 13034A7E4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | STIV             | MUN               | US        |   2685000 | PA      | $1423050.00   | 2.27%             | 2065-01-01      | Variable      | 12.00%                | Yes           |                  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      | $20620.38     | 0.03%             | 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        |  16000000 | PA      | $1166723.20   | 1.87%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

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

**Signature:** Shuang Wu

**Name of Signer:** Shuang Wu

**Title:** Treasurer