# EDGAR Filing Document

**Accession Number:** 0002050541
**File Stem:** 0002071691-26-005291
**Filing Date:** 2026-2
**Character Count:** 53721
**Document Hash:** e0a4c2cccc2fbc0081e8965ef31ead4e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-005291.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002071691-26-005291

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24039
- **FILM NUMBER:** 26696581

**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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10105

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $64914308.90

**Total Liabilities:** $13026859.77

**Net Assets:** $51887449.13

**Cash Not Reported:** $7000.11

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -6.83068213 | **1-Year:** -147.85347671 | **5-Year:** -889.77212311 | **10-Year:** -3288.16688641 | **30-Year:** -2039.48571584

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

- **3-Month:** -191.53185314 | **1-Year:** -1625.40086219 | **5-Year:** -6947.16800611 | **10-Year:** -15768.60628903 | **30-Year:** -6823.02000205

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.06%                | 0.27%                | -0.22%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-357238.85              | $521221.22                                 |
| Month 2  | $100999.53               | $-204539.68                                |
| Month 3  | $15295.72                | $-428522.15                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2025 A                                              | CUSIP: 04052TDM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1614186.72   | 3.11%             | 2065-03-01      | Fixed         | 6.75%                 | Yes           |                  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      | $68292.77     | 0.13%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                    | Berks County Industrial Development Authority, Series 2017                                           | CUSIP: 08451PAV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $349691.40    | 0.67%             | 2042-11-01      | Fixed         | 3.75%                 | 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        |     40000 | PA      | $30159.59     | 0.06%             | 2044-11-01      | Fixed         | 5.00%                 | 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      | $1645928.89   | 3.17%             | 2044-06-30      | None          | 0.00%                 | No            |                  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      | $107842.79    | 0.21%             | 2032-08-01      | Fixed         | 3.00%                 | 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      | $26332.24     | 0.05%             | 2034-08-01      | Fixed         | 3.00%                 | 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      | $1010508.31   | 1.95%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | Buckeye Tobacco Settlement Financing Authority, Series 2020 B-3, Class 2                             | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $443931.60    | 0.86%             | 2057-06-01      | None          | 0.00%                 | 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      | $1986900.00   | 3.83%             | 2065-01-01      | Variable      | 12.00%                | Yes           |                  2 | On Loan: No      |
| California Public Finance Authority                                              | California Public Finance Authority, Series 2025 A                                                   | CUSIP: 13057TAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032250.50   | 1.99%             | 2065-06-01      | Fixed         | 6.62%                 | Yes           |                  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      | $73342.94     | 0.14%             | 2033-09-01      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | Capital Trust Authority, Series 2026A                                                                | CUSIP: 14055GAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500005.95    | 0.96%             | 2057-07-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Children's Trust Fund                                                            | Children's Trust Fund, Series 2008 B                                                                 | CUSIP: 16876QBM0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  12695000 | PA      | $380587.21    | 0.73%             | 2057-05-15      | None          | 0.00%                 | No            |                  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      | $270100.00    | 0.52%             | 2065-01-01      | Variable      | 12.00%                | Yes           |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                        | DuBois Hospital Authority, Series 2018                                                               | CUSIP: 263804BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $41623.53     | 0.08%             | 2048-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Central Vermont Telecommunications District                                 | East Central Vermont Telecommunications District, Series 2017 A                                      | CUSIP: 271524AJ9<br>LEI: 549300UHVQS0JED3EZ33 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10009.34     | 0.02%             | 2031-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| City of East Chicago IN                                                          | City of East Chicago, Series 2025                                                                    | CUSIP: 271592AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513390.95    | 0.99%             | 2044-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2024                                                       | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $567000.00    | 1.09%             | 2032-07-15      | Variable      | 12.00%                | 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      | $378750.00    | 0.73%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2025 B                                                     | CUSIP: 340618EB9<br>LEI: 549300HC854CNBLMWC48 | Long             | STIV             | MUN               | US        |    600000 | PA      | $420000.00    | 0.81%             | 2057-07-01      | Variable      | 10.00%                | Yes           |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                      | Florida Local Government Finance Commission                                                          | CUSIP: 34077KAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1255630.75   | 2.42%             | 2030-12-22      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                      | Florida Local Government Finance Commission                                                          | CUSIP: 34077KAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1251614.25   | 2.41%             | 2030-12-01      | Fixed         | 0.00%                 | Yes           |                  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      | $521303.60    | 1.00%             | 2064-11-15      | Fixed         | 6.88%                 | 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      | $1959434.12   | 3.78%             | 2055-12-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                              | Georgia Housing & Finance Authority                                                                  | CUSIP: 37353PUL1<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    700000 | PA      | $703689.80    | 1.36%             | 2050-12-01      | Fixed         | 4.90%                 | 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      | $494787.65    | 0.95%             | 2060-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | Greater Orlando Aviation Authority                                                                   | CUSIP: 392275FJ7<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041931.29   | 2.01%             | 2048-10-01      | Fixed         | 5.25%                 | 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      | $391520.16    | 0.75%             | 2058-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2017                                                              | CUSIP: 45204EUH9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     25000 | PA      | $22558.63     | 0.04%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2017                                                               | CUSIP: 45506DF34<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     10000 | PA      | $8988.96      | 0.02%             | 2033-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2017                                                               | CUSIP: 45506DF59<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     45000 | PA      | $38324.87     | 0.07%             | 2037-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2017                                                               | CUSIP: 45506DF91<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $431021.90    | 0.83%             | 2047-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan US Government Money Market Fund                                         | JPMorgan US Government Money Market Fund                                                             | CUSIP: 4812C0670<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        |     91608 | NS      | $91607.53     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Development Authority of Lagrange                                                | Development Authority of Lagrange, Series 2021 A                                                     | CUSIP: 503152DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $246620.34    | 0.48%             | 2052-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | City of Los Angeles Department of Airports                                                           | CUSIP: 5444453C1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018060.80   | 1.96%             | 2055-05-15      | Fixed         | 5.00%                 | No            |                  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      | $221905.98    | 0.43%             | 2054-07-01      | Fixed         | 5.00%                 | 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      | $1001747.50   | 1.93%             | 2049-11-01      | Variable      | 6.75%                 | 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      | $1043501.04   | 2.01%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  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      | $1486159.35   | 2.86%             | 2060-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Mckendree Pointe Community Development District                                  | Mckendree Pointe Community Development District, Series 2025                                         | CUSIP: 581515AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $397792.16    | 0.77%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  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      | $1023162.81   | 1.97%             | 2050-10-01      | Fixed         | 5.00%                 | 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      | $251807.35    | 0.49%             | 2056-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority                                               | Montana Facility Finance Authority, Series 2020 A                                                    | CUSIP: 612043LM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $416704.37    | 0.80%             | 2044-07-01      | Fixed         | 4.00%                 | 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        |    505000 | PA      | $372188.94    | 0.72%             | 2050-07-01      | 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      | $1558907.40   | 3.00%             | 2045-06-01      | 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      | $511431.10    | 0.99%             | 2035-12-01      | None          | 0.00%                 | Yes           |                  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      | $455388.30    | 0.88%             | 2057-01-01      | Fixed         | 5.50%                 | No            |                  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      | $1559115.36   | 3.00%             | 2056-07-01      | Fixed         | 6.50%                 | Yes           |                  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      | $633312.56    | 1.22%             | 2047-09-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | New Jersey Educational Facilities Authority, Series 2017 G                                           | CUSIP: 6460663U2<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |     45000 | PA      | $41155.00     | 0.08%             | 2031-07-01      | Fixed         | 3.25%                 | 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      | $17686.14     | 0.03%             | 2030-07-01      | Fixed         | 3.25%                 | No            |                  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      | $1166338.91   | 2.25%             | 2047-07-01      | Fixed         | 5.00%                 | 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      | $29009.11     | 0.06%             | 2037-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority                                                       | CUSIP: 64613CHS0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    750000 | PA      | $768953.18    | 1.48%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Series 2021 2                                                                      | CUSIP: 64966QWQ9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |    700000 | PA      | $700000.00    | 1.35%             | 2042-04-01      | Variable      | 2.55%                 | No            |                  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      | $1247514.19   | 2.40%             | 2069-05-01      | Fixed         | 5.00%                 | 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      | $3421.74      | 0.01%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  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      | $67983.55     | 0.13%             | 2038-09-01      | Fixed         | 3.25%                 | No            |                  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      | $23790.63     | 0.05%             | 2039-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Olney Hamilton Hospital District                                                 | Olney Hamilton Hospital District, Series 2024                                                        | CUSIP: 681280AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $723644.95    | 1.39%             | 2054-09-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                 | Onondaga Civic Development Corp., Series 2024 A                                                      | CUSIP: 682832KJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $542939.81    | 1.05%             | 2054-08-01      | Fixed         | 5.38%                 | No            |                  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      | $1992782.00   | 3.84%             | 2060-03-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                | Oregon State Facilities Authority, Series 2016 B                                                     | CUSIP: 68608JTY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10027.67     | 0.02%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                          | County of Palm Beach, Series 2021 A                                                                  | CUSIP: 696547HN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $736096.60    | 1.42%             | 2057-06-01      | Fixed         | 5.00%                 | 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        |    500000 | PA      | $518305.40    | 1.00%             | 2047-09-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | Pennsylvania Housing Finance Agency                                                                  | CUSIP: 70879QV83<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516280.70   | 2.92%             | 2050-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | Pennsylvania Housing Finance Agency                                                                  | CUSIP: 70879QZ63<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027248.95   | 1.98%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Point Phase 1 Public Infrastructure District No. 1                               | Point Phase 1 Public Infrastructure District No. 1, Series 2025 B                                    | CUSIP: 73058EAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505143.45    | 0.97%             | 2055-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| City of Port Isabel TX                                                           | City of Port Isabel, Series 2025                                                                     | CUSIP: 734523ED1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $697266.74    | 1.34%             | 2055-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 A                                                              | CUSIP: 744396KS0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502297.25    | 0.97%             | 2065-06-15      | Fixed         | 7.00%                 | Yes           |                  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      | $508681.25    | 0.98%             | 2060-12-01      | Fixed         | 6.75%                 | 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      | $2085806.31   | 4.02%             | 2060-06-15      | Fixed         | 7.38%                 | 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      | $188243.55    | 0.36%             | 2064-07-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 A                                                              | CUSIP: 74442PS22<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1275179.25   | 2.46%             | 2065-12-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 D                                                              | CUSIP: 74448DAR7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700956.13    | 1.35%             | 2030-06-16      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 B                                                              | CUSIP: 74448DAS5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700996.38    | 1.35%             | 2030-06-05      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 E                                                              | CUSIP: 74448DBC9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    201758 | PA      | $202039.76    | 0.39%             | 2030-09-30      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| City of Redmond OR                                                               | City of Redmond OR                                                                                   | CUSIP: 757657ZS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059251.87   | 2.04%             | 2052-06-01      | 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      | $536597.00    | 1.03%             | 2055-11-01      | Fixed         | 7.50%                 | No            |                  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      | $502609.30    | 0.97%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jacinto Unified School District                                              | San Jacinto Unified School District                                                                  | CUSIP: 797848KQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1444521.60   | 2.78%             | 2055-08-01      | Fixed         | 4.12%                 | 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      | $500722.10    | 0.97%             | 2061-06-01      | Fixed         | 6.25%                 | 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        |    250000 | PA      | $218838.23    | 0.42%             | 2041-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                      | Shelby County Health Educational & Housing Facilities Board, Series 2016 A                           | CUSIP: 821697Q36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $792727.83    | 1.53%             | 2037-09-01      | Fixed         | 5.00%                 | 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      | $20448.25     | 0.04%             | 2037-09-01      | Fixed         | 4.25%                 | Yes           |                  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      | $1000739.50   | 1.93%             | 2060-10-15      | Fixed         | 6.75%                 | Yes           |                  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      | $362719.18    | 0.70%             | 2065-08-15      | Fixed         | 7.25%                 | 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      | $1006208.00   | 1.94%             | 2056-10-15      | Fixed         | 4.80%                 | No            |                  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      | $1000165.10   | 1.93%             | 2043-08-15      | Fixed         | 7.15%                 | 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      | $544949.41    | 1.05%             | 2048-04-15      | Variable      | 5.87%                 | 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      | $506902.00    | 0.98%             | 2050-10-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| County of Washington OH                                                          | County of Washington, Series 2022                                                                    | CUSIP: 938154DX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $902675.11    | 1.74%             | 2052-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2021 A                                           | CUSIP: 93978LGG5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    300000 | PA      | $257577.00    | 0.50%             | 2050-07-01      | Fixed         | 5.00%                 | Yes           |                  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      | $718124.33    | 1.38%             | 2064-07-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                         | West Virginia Hospital Finance Authority, Series 2018 A                                              | CUSIP: 956622S47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $14040.82     | 0.03%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                         | West Virginia Hospital Finance Authority, Series 2018 A                                              | CUSIP: 956622S54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $279912.07    | 0.54%             | 2047-01-01      | Fixed         | 4.12%                 | No            |                  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      | $5000.57      | 0.01%             | 2037-11-01      | Fixed         | 6.12%                 | 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      | $68464.24     | 0.13%             | 2041-05-15      | Fixed         | 4.62%                 | No            |                  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      | $4197.54      | 0.01%             | 2050-05-15      | Fixed         | 5.00%                 | 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      | $510154.75    | 0.98%             | 2060-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government                                  | Wyandotte County-Kansas City Unified Government, Series 2015 A                                       | CUSIP: 98267VDD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $624587.67    | 1.20%             | 2032-09-01      | Fixed         | 5.75%                 | No            |                  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      | $64373.72     | 0.12%             | 2051-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | Bl Train Holdings West LLC                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               |  | US        |      6600 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

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

**Signature:** Shuang Wu

**Name of Signer:** Shuang Wu

**Title:** Treasurer