# EDGAR Filing Document

**Accession Number:** 0002050541
**File Stem:** 0002071691-26-005520
**Filing Date:** 2026-3
**Character Count:** 54269
**Document Hash:** b3bd4ca9efd194797b2696173f8179e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-005520.hdr.sgml**: 20260313

**ACCESSION NUMBER**: 0002071691-26-005520

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260313

**DATE AS OF CHANGE**: 20260313

**EFFECTIVENESS DATE**: 20260313

**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:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24039
- **FILM NUMBER:** 26752902

**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

## Advisory

```

FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND

MANAGEMENT AGREEMENT

This Management Agreement (this "Agreement"), is entered into as
of April 3, 2025 by and between FIRST EAGLE TACTICAL MUNICIPAL
OPPORTUNITIES FUND, a Delaware statutory trust (the "Fund") and
FIRST EAGLE INVESTMENT MANAGEMENT, LLC, a registered
investment adviser organized under the laws of the State of
Delaware (the "Adviser"), and shall become effective upon the
consummation of the change of ownership of First Eagle Holdings,
Inc. ("FE Holdings"), parent company of the Adviser.

WITNESSETH:

WHEREAS, the Fund is a newly organized non-diversified, closed-
end management investment company registered under the
Investment Company Act of 1940, as amended (together with the
rules promulgated thereunder, the "1940 Act") that intends to
operate as an interval fund under the 1940 Act;

WHEREAS, the Adviser is registered as an investment adviser under
the Investment Advisers Act of 1940, as amended (together with the
rules promulgated thereunder, the "Advisers Act");

WHEREAS, the Management Agreement dated April 3, 2025 by and
between the Fund and the Adviser will terminate automatically due
to the event of its assignment (as defined in the 1940 Act) from the
prospective change of ownership of FE Holdings and this Agreement
has been approved by the shareholder(s) of the Fund.

WHEREAS, the Fund desires to retain the Adviser to provide
investment advisory services and administrative non-investment
advisory services to the Fund in the manner and on the terms and
conditions hereinafter set forth; and

WHEREAS, the Adviser is willing to provide services to the Fund in
the manner and on the terms and conditions hereinafter set forth.
NOW, THEREFORE, the parties agree as follows:
1. The Fund hereby appoints the Adviser to act as investment
adviser, for the period and on the terms set forth in this Agreement.
The Adviser accepts such appointment and agrees to render the
services herein described, for the compensation herein provided.
2. Subject to the supervision of the Board of Trustees of the Fund
(the "Board"), the Adviser shall manage the investment operations of
the Fund and the composition of the Fund's portfolio, including the
purchase, retention and disposition thereof, in accordance with the
Fund's investment objective, policies and restrictions as stated in
the Prospectus and Statement of Additional Information (each as
defined herein) of the Fund and subject to the following
understandings:
(a) The Adviser shall provide supervision of the Fund's investments
and determine from time to time what investments, securities or
other instruments will be purchased, retained, sold or loaned by the
Fund, and what portion of the assets will be invested or held
uninvested.
(b) The Adviser shall use its best judgment in the performance of its
duties under this Agreement.
(c) The Adviser, in the performance of its duties and obligations
under this Agreement, shall act in conformity with the Amended and
Restated Agreement and Declaration of Trust, as may be further
amended and/or restated from time to time, the Prospectus and
Statement of Additional Information of the Fund, the Fund's
compliance policies and procedures, and with the instructions and
directions of the Board and will conform to and comply with the
requirements of the 1940 Act and all other applicable federal and
state laws and regulations.

(d) The Adviser shall determine the investments, securities and other
instruments to be purchased or sold by the Fund and will place
orders pursuant to its determinations with or through such persons,
brokers, dealers or other market participants (which may include
affiliates of the Adviser) in conformity with the policy with respect to
brokerage as set forth in the Fund's Prospectus and Statement of
Additional Information or as the Board may direct from time to time.
In providing the Fund with investment management, it is recognized
that the Adviser will give primary consideration to securing most
favorable prices and efficient executions. Consistent with this policy,
the Adviser may consider the financial responsibility, research and
investment information and other services provided by brokers,
dealers or other market participants who may effect or be a party to
any such transaction or other transactions to which other clients of
the Adviser may be a party. It is understood that neither the Fund nor
the Adviser has adopted a formula for allocation of the Fund's
investment business. It is also understood that it is desirable for the
Fund that the Adviser have access to supplemental investment and
market research and security and economic analysis provided by
brokers or other market participants who may execute brokerage
transactions at a higher cost to the Fund than may result when
allocating brokerage to other brokers or other market participants on
the basis of seeking the most favorable prices and efficient
executions. Therefore, the Adviser is authorized to place orders for
the purchase and sale of securities or other instruments for the Fund
with such brokers or other market participants, subject to review by
the Board, from time to time, with respect to the extent and
continuation of this practice. Subject to such policies as the Board
may determine, or as may be mutually agreed to by the Adviser and
the Board, the Adviser shall not be deemed to have acted unlawfully
or to have breached any duty created by this Agreement or otherwise
solely by reason of its having caused the Fund to pay a broker or
dealer that provides brokerage and research services (within the
meaning of Section 28(e) of the Securities Exchange Act of 1934, as
amended (the "1934 Act"), and any Commission guidance issued
thereunder) to the Adviser an amount of commission for effecting an
investment transaction in the Fund that is in excess of the amount of
commission or spread that another broker or dealer would have
charged for effecting that transaction if, but only if, the Adviser
determines in good faith that such commission or spread was
reasonable in relation to the value of the brokerage and research
services provided by such broker or dealer viewed in terms of either
that particular transaction or the overall responsibility of the Adviser
with respect to the accounts for which it exercises investment
discretion (as such term is defined in Section 3(a)(35) of the 1934
Act). It is understood that the services provided by such brokers or
other market participants may be useful to the Adviser in connection
with its services to other clients.
On occasions when the Adviser deems the purchase or sale of a
security or other instruments to be in the best interest of the Fund as
well as other clients, the Adviser, to the extent permitted by
applicable laws and regulations, may, but shall be under no
obligation to, aggregate the securities or other instruments to be so
sold or purchased in order to obtain the most favorable price or
lower brokerage commissions and efficient execution. In such event,
allocation of the securities or other instruments so purchased or
sold, as well as the expenses incurred in the transaction, will be
made by the Adviser in the manner it considers to be the most
equitable and consistent with its fiduciary obligations to the Fund
and to such other clients.
(e) The Adviser shall be responsible for voting any proxies solicited
by an issuer of securities held by the Fund in the best interest of the
Fund and in accordance with the Adviser's proxy voting policies and
procedures, as they may be amended from time to time. The Fund
has been provided with a copy of the Adviser's proxy voting policies
and procedures and has been informed as to how it can obtain
further information from the Adviser about proxy voting activities
undertaken on behalf of the Fund. The Adviser shall be responsible
for reporting the Fund's proxy voting activities as required through
periodic filings on Form N-PX.
(f) The Adviser shall maintain all books and records with respect to
the Fund's portfolio transactions that the Fund is required to keep
under Rule 31a-1 under the 1940 Act.
(g) The Adviser shall provide the Fund on each business day with
information relating to all transactions concerning the Fund's assets.
(h) The investment management services provided by the Adviser
hereunder are not to be deemed exclusive, and the Adviser shall be
free to render similar services to others.
(i) Nothing herein shall prohibit the Board from approving the
payment by the Fund of additional compensation to others for
consulting services, supplemental research and security and
economic analysis.

(j) The Adviser is hereby authorized to enter into one or more sub-
advisory agreements (each, as may be amended from time to time in
accordance with its terms, a "Sub-Advisory Agreement") with other
investment advisers (each a "Sub-Adviser") pursuant to which the
Adviser may obtain the services of the Sub-Adviser(s) to assist the
Adviser in fulfilling its responsibilities hereunder, subject to the
oversight of the Adviser and/or the Fund, with the scope of such
services and oversight to be set forth in each Sub-Advisory
Agreement.
3. The Fund has delivered (or will deliver the same as soon as
available) to the Adviser copies of each of the following documents
and will deliver to it all future amendments and supplements, if any:
(a) Certified resolutions of the Board authorizing the appointment of
the Adviser and approving the form of this Agreement;
(b) The Registration Statement under the 1940 Act, as amended, on
Form N-2 (the "Registration Statement"), as filed with the Securities
and Exchange Commission (the "Commission") relating to the Fund
and all amendments thereto;
(c) The Fund's Notification of Registration of under the 1940 Act on
Form N-8A as filed with the Commission and all amendments
thereto; and
(d) Prospectus and Statement of Additional Information of the Fund
(such Prospectus and Statement of Additional Information, as
currently in effect and as amended or supplemented, from time to
time, being herein called the "Prospectus" and "Statement of
Additional Information", respectively).
4. The Adviser shall authorize and permit any of its directors, officers
and employees who may be elected as directors or officers of the
Fund to serve in the capacities in which they are elected.
Services to be furnished by the Adviser under this Agreement may be
furnished through the medium of any of such directors, officers or
employees.
5. The Adviser shall keep the Fund's books and records required to
be maintained by it pursuant to paragraph 2 hereof. The Adviser
agrees that all records which it maintains for the Fund are the
property of the Fund and it will surrender promptly to the Fund any of
such records upon the Fund's request. The Adviser further agrees to
preserve for the periods prescribed by Rule 31a-2 of the Commission
under the 1940 Act any such records as are required to be
maintained by the Adviser pursuant to paragraph 2 hereof.
6. (a) For the investment advisory services provided pursuant to this
Agreement by the Adviser, the Fund will pay monthly an investment
management fee at the annual rate of 0.95% of the average daily
value of the Fund's Managed Assets. "Managed Assets" means the
total assets of the Fund (including any assets attributable to
borrowings for investment purposes) minus the sum of the Fund's
accrued liabilities (other than liabilities representing borrowings for
investment purposes). Upon any termination of this Agreement
before the end of any month, the fee for such part of a month shall
be prorated and shall be payable upon the date of termination of this
Agreement.
(b) The Adviser will provide investment, advisory, research and
statistical facilities and all clerical services relating to research,
statistical and investment work. In this regard, and notwithstanding
anything in this Agreement to the contrary, it is understood that this
Agreement does not obligate the Adviser to pay for the maintenance
of the Fund's general ledger and securities cost ledger or for pricing
of the Fund's securities. The Adviser will not be required hereunder
to pay any expenses of the Fund other than those above enumerated
in this paragraph 6(b). In particular, but without limiting the
generality of the foregoing, the Adviser will not be required to pay
(and shall be reimbursed by the Fund if the Adviser incurs) any of the
following types of expenses: organizational and offering expenses
(including without limitation out-of-pocket expenses, but not
overhead or employee costs of the Adviser), brokers' commissions;
legal or auditing expenses of the Fund or related to investments and
assets of the Fund; costs of obtaining ratings on the Fund's
investments; calculating individual asset values and the Fund's net
asset value (including the cost and expenses of any third-party
valuation services, including engagement of such valuation service
provider by the Adviser or its affiliates); out-of-pocket expenses,
including travel expenses, incurred by the Adviser, or members of its
investment team, or payable to third parties in performing due
diligence on prospective investments and, if necessary, enforcing the
Fund's rights; U.S. federal, state and local taxes or governmental fees;
any direct expenses of issue, sale, underwriting, distribution, redemption
or repurchase of the Fund's securities, including all costs and expenses
associated with the preparation and distribution of an offering memorandum, a
subscription agreement, if applicable, a registration statement or a
shareholder application form; federal and state registration fees; the
Fund's fidelity bond; the expenses of registering or qualifying
securities for sale; the cost of preparing and distributing (as
applicable) reports and notices to stockholders, financial
statements and maintaining books and records, costs of preparing
tax returns, costs of compliance with the Sarbanes-Oxley Act of
2002, as amended ("Sarbanes-Oxley"), and attestation and costs of
filing reports or other documents with the SEC (or other regulatory
bodies) and other reporting and compliance costs, including
registration and listing fees, and the compensation of professionals
responsible for the preparation or review of the foregoing; the fees or
disbursements of dividend, disbursing, shareholder, transfer or other
agent; the fees or disbursements of custodians of the Fund's assets;
administration fees payable under any administration agreement
and any sub-administration agreements, including related expenses;
debt service and other costs of borrowings or other financing
arrangements, including structuring expenses, legal costs and rating
agency fees; the Fund's proportionate share of expenses related to
co-investments; amounts payable to third parties relating to, or
associated with, making or holding investments, including
placement fees, structuring expenses and legal costs; cost and
expenses relating to any special purpose vehicles held by the Fund;
any necessary insurance premiums; costs incurred in connection
with any claim, litigation, arbitration, mediation, government
investigation or dispute in connection with the business of the Fund
and the amount of any judgment or settlement paid in connection
therewith, or the enforcement of the Fund's rights against any person
and indemnification or contribution expenses payable by the Fund to
any person and other extraordinary expenses not incurred in the
ordinary course of the Fund's business; and direct fees and
expenses associated with independent audits, agency, consulting,
information technology and legal costs; the costs of specialty and
custom software expense for monitoring risk, compliance and
overall investments; the costs of any reports, proxy statements or
other notices to the Fund's shareholders (including printing and
mailing costs), the costs of any shareholders' meetings and the
compensation of investor relations personnel responsible for the
preparation of the foregoing and related matters; fees and expenses
of directors that are not affiliated with the Adviser; costs of hedging;
commissions and other compensation payable to brokers or
dealers; and all other charges and costs of the Fund's operations.
The Fund shall reimburse the Adviser or its affiliates for any
expenses of the Fund as may be reasonably incurred as specifically
provided for in this Agreement (including, for the avoidance of doubt,
any of the above expenses incurred by the Adviser or its affiliates on
the Fund's behalf) or as specifically agreed to by the Board. The Fund
also shall reimburse the Adviser or its affiliates for the costs and
expenses incurred in providing certain additional non-investment
advisory administrative, accounting, operations, legal, compliance
and other services to the Fund, including overhead and personnel
costs associated with such services. For the avoidance of doubt, any
service required by the Fund that is not a responsibility of the Adviser
hereunder may be separately contracted with the Adviser and its
affiliates, in which case the Adviser or such affiliate will be
separately compensated.
7. (a) Subject to Section 7(b), the Adviser, any Sub-Adviser, each of
their directors, trustees, officers, shareholders or members (and
their shareholders or members, including the owners of their
shareholders or members), agents, employees, controlling persons
(as determined under the 1940 Act ("Controlling Persons")) and any
other person or entity Affiliated with, or acting on behalf of, the
Adviser or any Sub-Adviser (each an "Indemnified Party" and,
collectively, the "Indemnified Parties") will not be liable to the Fund
for error of judgment or mistake of law or for any action taken or
omitted to be taken by the Adviser or any Sub-Adviser in connection
with the performance of any of their duties or obligations under this
Agreement or otherwise as an investment adviser of the Fund
(except to the extent specified in Section 36(b) of the 1940 Act
concerning loss resulting from a breach of fiduciary duty with
respect to the receipt of compensation for services), and the Fund
will indemnify, defend and protect the Indemnified Parties (each of
whom will be deemed a third party beneficiary hereof) and hold
them harmless from and against all losses, damages, liabilities,
costs and expenses (including reasonable attorneys' fees and
amounts reasonably paid in settlement) ("Losses") incurred by the
Indemnified Parties in or by reason of any pending, threatened or
completed action, suit, investigation or other proceeding (including
an action or suit by or in the right of the Fund or its security holders)
arising out of or otherwise based upon the performance of any of the
Indemnified Parties' duties or obligations under this Agreement, any
Sub-Advisory Agreement, or otherwise as an investment adviser of
the Fund to the extent such Losses are not fully reimbursed by
insurance and otherwise to the fullest extent such indemnification
would not be inconsistent with the Organizational Documents, the
1940 Act, the laws of the State of Delaware and other applicable law.

(b) Notwithstanding Section 7(a) to the contrary, nothing contained
herein will protect or be deemed to protect any of the Indemnified
Parties against, or entitle or be deemed to entitle any of the
Indemnified Parties to indemnification in respect of, any Losses to
the Fund or its security holders to which the Indemnified Parties
would otherwise be subject by reason of willful misfeasance, bad
faith or gross negligence in the performance of the Adviser's or a
Sub-Adviser's duties or by reason of the reckless disregard of the
Adviser's or Sub-Adviser's duties and obligations under this
Agreement or any Sub-Advisory Agreement (to the extent applicable,
as the same will be determined in accordance with the 1940 Act and
any interpretations or guidance by the SEC or its staff thereunder).
8. This Agreement shall continue for an initial two-year term after the
effective date hereof and from year to year thereafter, but only so
long as such year to year continuance is specifically approved at
least annually in conformity with the requirements of the 1940 Act;
provided, however, that this Agreement may be terminated by the
Fund at any time, without the payment of any penalty, by the Board
or by vote of a majority of the outstanding voting interests (as defined
in the 1940 Act) of the Fund, or by the Adviser at any time, without
the payment of any penalty, on not less than 60 days' written notice
to the Fund. This Agreement shall terminate automatically in the
event of its assignment (as defined in the 1940 Act) by the Adviser.
9. The services of the Adviser to the Fund are not exclusive, and the
Adviser may engage in any other business or render similar or
different services to others including, without limitation, the direct or
indirect sponsorship or management of other investment-based
accounts or commingled pools of capital, however structured,
having investment objectives similar to or different from those of the
Fund, and nothing in this Agreement shall limit or restrict the right of
any of the Adviser's shareholders (and their shareholders or
members, including the owners of their shareholders or members),
directors, officers, or employees who may also be a director, officer
or employee of the Fund to engage in any other business or to devote
time and attention in part to the management or other aspects of
any business, whether of a similar or a dissimilar nature or to receive
any fees or compensation in connection therewith (including fees for
serving as a director of, or providing consulting services to, one or
more of the Fund's portfolio companies, subject to applicable law).
The Adviser assumes no responsibility under this Agreement other
than to render the services set forth herein. Nothing in this
Agreement shall restrict any of the aforementioned from buying,
selling or trading any securities or other instruments for their own
account or for the account of others for whom they or may be acting,
provided that such activities will not adversely affect or otherwise
impair the performance by the Adviser of its duties and obligations
under this Agreement and under the Advisers Act.
10. Except as otherwise provided herein or authorized by the Board,
from time to time, the Adviser shall for all purposes herein be
deemed to be an independent contractor and shall have no authority
to act for or represent the Fund in any way or otherwise be deemed
an agent of the Fund.
11. During the term of this Agreement, the Fund agrees to furnish the
Adviser at its principal office all prospectuses, proxy statements,
reports to Shareholders, sales literature, or other material prepared
for distribution to Shareholders of the Fund or the public, which refer
to the Adviser in any way, prior to use thereof and not to use such
material if the Adviser reasonably objects in writing within five
business days (or such other time as may be mutually agreed) after
receipt thereof. In the event of termination of this Agreement, the
Fund will continue to furnish to the Adviser copies of any of the
above-mentioned materials which refer in any way to the Adviser.
Sales literature may be furnished to the Adviser hereunder by first
class or overnight mail, facsimile transmission equipment or hand
delivery. The Fund shall furnish or otherwise make available to the
Adviser such other information relating to the business affairs of the
Fund as the Adviser at any time, or from time to time, reasonably
requests in order to discharge its obligations hereunder.
12. This Agreement constitutes the entire Agreement between the
parties with respect to the subject matter hereof. This Agreement
may be amended by mutual consent, but the consent of the Fund
must be approved in conformity with the requirements of the 1940
Act.
13. Any notice or other communication required to be given pursuant
to this Agreement shall be deemed duly given if delivered or mailed
by registered mail, postage prepaid, (1) to the Adviser at 1345
Avenue of the Americas, New York, NY 10105, Attention: General
Counsel; or (2) to the Fund at 1345 Avenue of the Americas, New
York, NY 10105, Attention: Secretary.
14. Except for the Indemnified Parties (with respect to Section 7
hereof) each being an intended beneficiary of the applicable
sections of this Agreement, this Agreement is for the sole benefit of
the parties hereto and nothing herein express or implied will give or
be construed to give to any person, other than the parties hereto, any
legal or equitable rights hereunder.
15. If any provision of this Agreement, or the application of any
provision to any person or circumstance, shall be held to be
inconsistent with any present or future law, ruling, rule or regulation
of any court or governmental or regulatory authority having
jurisdiction over the subject matter hereof, such provision shall be
deemed to be rescinded or modified in accordance with such law,
ruling, rule or regulation, and the remainder of this Agreement, or the
application of such provision to persons or circumstances other
than those as to which it shall be held inconsistent, shall not be
affected thereby.
16. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York. Anything herein
to the contrary notwithstanding, this Agreement shall not be
construed to require, or to impose any duty upon, either of the
parties to do anything in violation of any applicable laws or
regulations.
17. The Fund may use the name "First Eagle" in connection with the
name of the Fund or any variant thereof, only for so long as this
Agreement or any extension, renewal or amendment hereof remain
in effect, including any similar agreement with any organization
which shall have succeeded to the Adviser's business as investment
adviser, or any extension, renewal or amendment thereof, remains in
effect. At such time as such Agreement shall no longer be in effect,
the Fund will (to the extent that it lawfully can) cease to use such a
name or any other name indicating that it is advised by, managed by
or otherwise connected with the Adviser, or any organization which
shall have so succeeded to such businesses. In no event shall the
Fund use the names "First Eagle Investment Management," or any
variant thereof if the Adviser's functions are transferred or assigned
to a company that is not controlled by or under common control with
First Eagle Investment Management, LLC. In the event that such
Agreement shall no longer be in effect or the Adviser's functions are
transferred or assigned to a company that is not controlled by or
under common control with First Eagle Investment Management,
LLC does not have control, the Fund shall use its best efforts to
legally change its name by filing the required documentation with
appropriate state and federal agencies.
18. If any occasion should arise in which the Adviser gives any advice
to its clients concerning the shares of the Fund, the Adviser will act
solely as investment counsel for such clients and not in any way on
behalf of the Fund except to the extent that the Adviser is acting as
principal underwriter of the Shares of the Funds. In connection with
purchases or sales of portfolio securities for the account of a Fund,
neither the Adviser nor any of its Trustees, officers or employees will
act as a principal.

IN WITNESS WHEREOF, the parties hereto have caused this
instrument to be executed by their officers designated below as of
the day and year first above written.

FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND
/s/SheelynM.Michael
Name: Sheelyn M. Michael
Title: Secretary and Deputy General Counsel

FIRST EAGLE INVESTMENT MANAGEMENT, LLC
/s/MehdiMahmud
Name: Mehdi Mahmud
Title: Chief Executive Officer

```

## Other

```

April 3, 2025
First Eagle Real Estate Debt Fund
1345 Avenue of the Americas New
York, NY 10105

Re: Expense Limitation for First Eagle Tactical Municipal
Opportunities Fund (the "Fund")

Dear First Eagle Tactical Municipal Opportunities Fund:
First Eagle Investment Management, LLC (the "Investment Adviser")
and the Fund hereby confirm their agreement as follows during the
Limitation Period (as defined below).

For the periods noted on Schedule A attached hereto (each a
"Limitation Period"), the Investment Adviser agrees to waive fees
and/or reimburse annual operating expenses (excluding interest,
taxes, brokerage commissions, acquired fund fees and expenses,
dividend and interest expenses relating to short sales, and
extraordinary expenses, if any) ("Annual Operating Expenses") so
that the Annual Operating Expenses of each respective class (a
"Class") of the Fund's shares are limited to the respective rate per
annum, as noted on Schedule A, of that respective Class' average
daily net assets (each an "Expense Limitation"). Commitment fees
relating to borrowings are treated as interest for purposes of this
section, as are interest and related charges and expense associated
with operation of the tender option bond trusts to be sponsored by
the Fund and the issuance of the "inverse floater" securities to the
Fund.

The Fund agrees to repay the Investment Adviser out of assets
attributable to its respective Class noted on Schedule A for any fees
waived or expenses reimbursed by the Investment Adviser pursuant
to the terms of this letter, provided that the repayment does not
cause that Class' Annual Operating Expenses to exceed the expense
limitation in place at the time the fees were waived and/or the
expenses were reimbursed, or the expense limitation in place at the
time the Fund repays the Investment Adviser, whichever is lower. Any
such repayment must be made within three years after the date in
which the Fund incurred the expense.

The Investment Adviser understands that it shall look only to the
assets attributable to the respective Class of the Fund for
performance of this Agreement and for payment of any claim the
Investment Adviser may have hereunder, and no other Class of the
Fund, nor any of the Trust's trustees, officers, employees, agents, or
shareholders, whether past, present or future, shall be personally
liable therefor.

This Agreement is made and is to be performed principally in the
State of New York, and except insofar as the Investment Company
Act of 1940, as amended, or other federal laws and regulations may
be controlling, this Agreement shall be governed by, and construed
and enforced in accordance with, the laws of the State of New York.
Any amendment to this Agreement shall be in writing signed by the
parties hereto, and requires approval of the Board of Trustees of the
Trust, including a majority of the Trustees who are not "interested
persons" of the Trust as that term is defined in the Investment
Company Act of 1940.

If you are in agreement with the foregoing, please sign the form of
acceptance on the enclosed counterpart hereof and return the
same.

FIRST EAGLE TACTICAL MUNICIPAL
OPPORTUNITIES FUND
By:/s/SheelynM.Michael
Name: Sheelyn M. Michael
Title: Secretary and Deputy General Counsel

Agreed and Acknowledged:
FIRST EAGLE INVESTMENT MANAGEMENT, LLC
By:/s/MehdiMahmud
Name: Mehdi Mahmud
Title: President and Chief Executive Officer

SCHEDULE A
Class
Limitation Period
Expense Limitation I Upon effectiveness of the Fund's registration
statement through April 30, 2027
0.25%

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of First Eagle Tactical Municipal
Opportunities Fund

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

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

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

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

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

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

/s/PricewaterhouseCoopers LLP
New York, New York

February 27, 2026

```

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

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0002050541

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

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

**Item A.1.a - Report for period ending:** 2025-12-31

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

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

- **Item B.1.a - Full name of Registrant:** First Eagle Tactical Municipal Opportunities Fund

- **Item B.1.b - Investment Company Act file number:** 811-24039

- **Item B.1.c - CIK:** 0002050541

- **Item B.1.d - LEI:** 254900LLE80TW1LUF777

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

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

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

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

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

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

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

**Location books Record: 1**

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

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

- **c. City:** New York

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

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

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

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

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

**Location books Record: 2**

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

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

- **Street 2:** 16th Floor

- **c. City:** Brooklyn

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

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

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

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

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

**Location books Record: 3**

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

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

- **Street 2:** Suite 219324

- **c. City:** Kansas City

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

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

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

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

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

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

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

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

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

### Item B.6 - Organization

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

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

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

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

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

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

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

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

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

### Item B.8 - Directors

| Name                | Is Interested Person?   | Other Investment Company File Numbers                                       |
|:---|:---|:---|
| Candace K. Beinecke | No                      | 811-07762, 811-09092, 811-23592, 811-23925, 811-24076, 811-24120            |
| Jean D. Hamilton    | No                      | 811-07762, 811-09092, 811-23592, 811-23925, 811-24076, 811-24120            |
| John P. Arnhold     | Yes                     | 811-07762, 811-09092, 811-23592, 811-23925, 811-24076, 811-24120            |
| Lisa Anderson       | No                      | 811-07762, 811-09092, 811-23592, 811-23925, 811-24076, 811-24120            |
| Mandakini Puri      | No                      | 811-07762, 811-09092, 811-23592, 811-23925, 811-24076, 811-24120            |
| Mehdi Mahmud        | Yes                     | 811-07762, 811-09092, 811-23592, 811-23925, 811-24076, 811-24120            |
| Paul J. Lawler      | No                      | 811-07762, 811-09092, 811-22743, 811-23592, 811-23925, 811-24076, 811-24120 |
| Peter W. Davidson   | No                      | 811-07762, 811-09092, 811-23592, 811-23925, 811-24076, 811-24120            |
| Scott Sleyster      | No                      | 811-07762, 811-09092, 811-23592, 811-23925, 811-24076, 811-24120            |
| William M. Kelly    | No                      | 811-07762, 811-09092, 811-23592, 811-23925, 811-24076, 811-24120            |

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

**Chief compliance officer Record: 1**

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

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

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

- **d. City:** New York

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

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

- **g. Zip code:** 10105

- **h. Telephone number:** XXXXXX

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

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

**CCO employer Record: 1**

- **i. Name of the person:** —

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

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

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

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

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

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

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

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

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

- **Item B.15.a.i - Release numbers:**
  - IC-34126
  - IC-34330

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

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

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

- **iii. CRD number:** 000046585

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

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

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

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

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

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

**Public accountant Record: 1**

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

- **b. PCAOB Number:** 238

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

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

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

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

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

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

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

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

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

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

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - First Eagle Tactical Municipal Opportunities Fund

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

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

- **c. LEI:** 254900LLE80TW1LUF777

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

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

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [x] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

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

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

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

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

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

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

Did the Fund rely on the following rules?

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

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

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

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

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

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

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

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

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

**Investment Advisers Record: 1**

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

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

- **iii. CRD number:** 000108260

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

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

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

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

**Transfer Agents Record: 1**

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

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

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

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

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

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

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

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

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

**Pricing Services Record: 1**

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

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

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

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

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

**Pricing Services Record: 2**

- **i. Full name:** PricingDirect Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

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

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

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

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

**Item C.12. Custodians.**

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

**Custodians Record: 1**

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

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

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

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

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

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

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

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

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

**Shareholder Servicing Agents Record: 1**

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

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

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

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

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

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

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

**Administrators Record: 2**

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

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

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

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

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

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

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

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

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

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

| Name                        | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| B. C. Ziegler and Company   | 8-00094           |    000000061 | 549300NLEOFP92P38Q71 | IL      | US        | $4,645,706.00             |
| J.P. Morgan Securities LLC  | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $82,658,084.54            |
| D.A. Davidson & Co.         | 8-02399           |    000000199 | 549300094RQ5A7DYLF51 | MT      | US        | $7,302,365.50             |
| Truist Securities, Inc.     | 8-17212           |    000006271 | CSVTK36R0PNGXEM7NS14 | GA      | US        | $6,804,844.00             |
| FMSBONDS, INC.              | 8-23280           |    000007793 | 549300TUTBK58NSF2517 | FL      | US        | $12,269,554.05            |
| Morgan Stanley & Co. LLC    | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $25,060,115.75            |
| TD SECURITIES (USA) LLC     | 8-36747           |    000018476 | SUVUFHICNZMP2WKHG940 | NY      | US        | $6,400,000.00             |
| Barclays Capital, Inc.      | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $13,006,365.20            |
| Wells Fargo Securities, LLC | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $11,602,375.10            |
| BofA Securities, Inc.       | 8-69787           |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $5,761,647.95             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $207,886,189.24

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

- **Item C.19.a - Fund's monthly average net assets:** $30,247,407.45

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

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** —

## N-CEN: Part G: Attachments

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

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

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

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

- [ ] iv. Change in accounting principles and practices

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

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

## N-CEN: Signature

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

**Registrant:** First Eagle Tactical Municipal Opportunities Fund

**Date:** 2026-03-13

**Signature:** Brandon Webster

**Title:** CFO First Eagle Funds