# EDGAR Filing Document

**Accession Number:** 0001000249
**File Stem:** 0002071691-26-012658
**Filing Date:** 2026-5
**Character Count:** 85337
**Document Hash:** 8e2defd41fb9b693f1400ae265520db0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012658.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0002071691-26-012658

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST EAGLE VARIABLE FUNDS
- **CENTRAL INDEX KEY:** 0001000249

**ORGANIZATION NAME:**
- **EIN:** 133905310
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09092
- **FILM NUMBER:** 261042830

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **STREET 2:** 48TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 212-698-3393

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **STREET 2:** 48TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST EAGLE OVERSEAS VARIABLE FUND
- **DATE OF NAME CHANGE:** 20030305

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST EAGLE SOGEN OVERSEAS VARIABLE FUND
- **DATE OF NAME CHANGE:** 20000323

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOGEN VARIABLE FUNDS INC
- **DATE OF NAME CHANGE:** 19950907

## Series and Classes Contracts Data

### First Eagle Overseas Variable Fund (Series ID: S000011490)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000031720 | First Eagle Overseas Variable Fund | FEOVX           |

## Nport-Ex

First Eagle Overseas Variable Fund<br> Consolidated Schedule of Investments<br> March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks - 78.3%** | **Common Stocks - 78.3%** | **Common Stocks - 78.3%** |
| &nbsp;&nbsp;&nbsp;**Belgium - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV | 41513 | 3776208 |
| &nbsp;&nbsp;&nbsp;**Brazil - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Ambev SA, ADR | 1140984 | 3331673 |
| &nbsp;&nbsp;&nbsp;Itausa SA (Preference) | 826753 | 2231340 |
|  |  | **5563013** |
| &nbsp;&nbsp;&nbsp;**Canada - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;CAE, Inc. \* | 10808 | 281407 |
| &nbsp;&nbsp;&nbsp;Imperial Oil Ltd. | 66580 | 8720827 |
| &nbsp;&nbsp;&nbsp;North West Co., Inc. (The) | 6521 | 255618 |
| &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 31790 | 2398873 |
| &nbsp;&nbsp;&nbsp;Power Corp. of Canada | 65625 | 3159303 |
|  |  | **14816028** |
| &nbsp;&nbsp;&nbsp;**Chile - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Cia Cervecerias Unidas SA, ADR | 151598 | 1720637 |
| &nbsp;&nbsp;&nbsp;**China - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 187368 | 2936898 |
| &nbsp;&nbsp;&nbsp;Prosus NV | 110959 | 5136910 |
|  |  | **8073808** |
| &nbsp;&nbsp;&nbsp;**Faroe Islands - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Bakkafrost P/F | 18471 | 866323 |
| &nbsp;&nbsp;&nbsp;**Finland - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Kesko OYJ, Class B (a) | 43238 | 960245 |
| &nbsp;&nbsp;&nbsp;**France - 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Danone SA | 37422 | 2990285 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | 203465 | 4118996 |
| &nbsp;&nbsp;&nbsp;Laurent-Perrier | 9212 | 881403 |
| &nbsp;&nbsp;&nbsp;Legrand SA | 11721 | 1820912 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 9360 | 5116640 |
| &nbsp;&nbsp;&nbsp;Pluxee NV | 12776 | 157098 |
| &nbsp;&nbsp;&nbsp;Sodexo SA | 9861 | 506186 |
| &nbsp;&nbsp;&nbsp;Wendel SE | 6827 | 615052 |
|  |  | **16206572** |
| &nbsp;&nbsp;&nbsp;**Germany - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Brenntag SE | 8534 | 578078 |
| &nbsp;&nbsp;&nbsp;FUCHS SE (Preference) | 42232 | 1796489 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA (Preference) | 23218 | 1793571 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | 34622 | 4398856 |
|  |  | **8566994** |
| &nbsp;&nbsp;&nbsp;**Hong Kong - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group Ltd. | 199600 | 2217821 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings Ltd. | 398000 | 2277273 |
| &nbsp;&nbsp;&nbsp;Guoco Group Ltd. | 157670 | 1363774 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings Ltd. | 237200 | 1848497 |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings Ltd. | 55280 | 3973706 |
|  |  | **11681071** |
| &nbsp;&nbsp;&nbsp;**Indonesia - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Astra International Tbk. PT | 2497300 | 921912 |
| &nbsp;&nbsp;&nbsp;**Japan - 13.9%** |  |  |
| &nbsp;&nbsp;&nbsp;As One Corp. | 61520 | 866151 |
| &nbsp;&nbsp;&nbsp;Chofu Seisakusho Co. Ltd. | 11000 | 139238 |
| &nbsp;&nbsp;&nbsp;FANUC Corp. | 81600 | 2844327 |
| &nbsp;&nbsp;&nbsp;Hirose Electric Co. Ltd. | 12980 | 1699265 |
| &nbsp;&nbsp;&nbsp;Hoshizaki Corp. | 52900 | 1702965 |
| &nbsp;&nbsp;&nbsp;Kansai Paint Co. Ltd. | 193580 | 2902035 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | 6500 | 2313398 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | 66600 | 2178292 |
| &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | 121600 | 3173222 |
| &nbsp;&nbsp;&nbsp;Nagaileben Co. Ltd. | 24110 | 257156 |
| &nbsp;&nbsp;&nbsp;Nihon Kohden Corp. | 112300 | 1053775 |
| &nbsp;&nbsp;&nbsp;OBIC Business Consultants Co. Ltd. | 18300 | 731002 |
| &nbsp;&nbsp;&nbsp;Secom Co. Ltd. | 83220 | 3169918 |
| &nbsp;&nbsp;&nbsp;Shimano, Inc. | 26260 | 2741619 |
| &nbsp;&nbsp;&nbsp;SK Kaken Co. Ltd. | 6390 | 411713 |
| &nbsp;&nbsp;&nbsp;SMC Corp. | 9460 | 3720602 |
| &nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. | 57700 | 2246160 |
| &nbsp;&nbsp;&nbsp;T Hasegawa Co. Ltd. | 29300 | 529760 |
| &nbsp;&nbsp;&nbsp;TIS, Inc. | 125900 | 2691922 |
| &nbsp;&nbsp;&nbsp;USS Co. Ltd. | 58700 | 617454 |
|  |  | **35989974** |
| &nbsp;&nbsp;&nbsp;**Mexico - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV, ADR | 37561 | 4171525 |
| &nbsp;&nbsp;&nbsp;Grupo Mexico SAB de CV, Series B | 183724 | 1967322 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV | 1053525 | 3421032 |
|  |  | **9559879** |
| &nbsp;&nbsp;&nbsp;**Netherlands - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;HAL Trust | 4345 | 877383 |
| &nbsp;&nbsp;&nbsp;Heineken Holding NV | 20198 | 1437416 |
| &nbsp;&nbsp;&nbsp;Heineken NV | 17106 | 1315765 |
| &nbsp;&nbsp;&nbsp;Magnum Ice Cream Co. NV (The) \* | 63018 | 925788 |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV | 26154 | 507670 |
|  |  | **5064022** |
| &nbsp;&nbsp;&nbsp;**Norway - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Orkla ASA | 201269 | 2532897 |
| &nbsp;&nbsp;&nbsp;**Singapore - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | 114500 | 3277649 |
| &nbsp;&nbsp;&nbsp;UOL Group Ltd. | 243300 | 1847370 |
|  |  | **5125019** |
| &nbsp;&nbsp;&nbsp;**South Korea - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Fursys, Inc. | 13299 | 323000 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis Co. Ltd. | 6234 | 1608498 |
| &nbsp;&nbsp;&nbsp;KT&G Corp. | 34048 | 3661275 |

---

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Overseas Variable Fund<br> Consolidated Schedule of Investments<br> March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;NAVER Corp. | 9148 | 1245486 |
| &nbsp;&nbsp;&nbsp;NongShim Co. Ltd. | 2914 | 713612 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. (Preference) | 61354 | 4952715 |
| &nbsp;&nbsp;&nbsp;Samsung Life Insurance Co. Ltd. | 13847 | 1996569 |
|  |  | **14501155** |
| &nbsp;&nbsp;&nbsp;**Sweden - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class C | 24527 | 1215772 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | 96894 | 3669835 |
| &nbsp;&nbsp;&nbsp;L E Lundbergforetagen AB, Class B | 15636 | 888966 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | 95212 | 1255249 |
|  |  | **7029822** |
| &nbsp;&nbsp;&nbsp;**Switzerland - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA (Registered) | 22119 | 3905467 |
| &nbsp;&nbsp;&nbsp;Nestle SA (Registered) | 40804 | 4002507 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG | 8440 | 2780076 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Registered) | 1358 | 427705 |
|  |  | **11115755** |
| &nbsp;&nbsp;&nbsp;**Taiwan - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 10006 | 3381528 |
| &nbsp;&nbsp;&nbsp;**Thailand - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Bank PCL, NVDR | 274405 | 1398713 |
| &nbsp;&nbsp;&nbsp;Thai Beverage PCL | 729592 | 244697 |
|  |  | **1643410** |
| &nbsp;&nbsp;&nbsp;**Turkey - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AG Anadolu Grubu Holding A/S | 1120905 | 691604 |
| &nbsp;&nbsp;&nbsp;**United Kingdom - 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Berkeley Group Holdings plc \* | 40683 | 1863646 |
| &nbsp;&nbsp;&nbsp;Big Yellow Group plc, REIT | 80602 | 908623 |
| &nbsp;&nbsp;&nbsp;British American Tobacco plc | 99429 | 5772731 |
| &nbsp;&nbsp;&nbsp;Diageo plc | 102904 | 1913728 |
| &nbsp;&nbsp;&nbsp;Great Portland Estates plc, REIT | 186356 | 700273 |
| &nbsp;&nbsp;&nbsp;Haleon plc | 490919 | 2429556 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | 2127461 | 2636850 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc | 45371 | 3050762 |
| &nbsp;&nbsp;&nbsp;RELX plc | 58194 | 1906573 |
| &nbsp;&nbsp;&nbsp;Shell plc | 170137 | 7955796 |
| &nbsp;&nbsp;&nbsp;Unilever plc | 56337 | 3180765 |
|  |  | **32319303** |
| **Total Common Stocks<br> (Cost $153,227,459)** |  | **202107179** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Ounces** | **Value ($)** |
| **Commodities - 18.3%** | | |
| &nbsp;&nbsp;Gold bullion\*<br> (Cost $6,666,974) | 10073 | 47175065 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Short-Term Investments - 2.5%** | | |
| **Commercial Paper - 2.0%** | | |
| &nbsp;&nbsp;&nbsp;Cargill, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 04/01/2026 (b)(c) | 852000 | 851913 |
| &nbsp;&nbsp;&nbsp;General Motors Financial Co Inc Commercial Paper |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/01/2026 (b)(c) | 2437000 | 2436734 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 04/01/2026 (b) | 1045000 | 1044879 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06%, 04/01/2026 (b)(c) | 870000 | 869903 |
| **Total Commercial Paper<br> (Cost $5,204,000)** |  | **5203429** |
| **U.S. Treasury Obligations - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68%, 04/30/2026 (b) | 500000 | 498538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 05/14/2026 (b) | 250000 | 248913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 06/18/2026 (b) | 250000 | 248052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58%, 08/06/2026 (b) | 250000 | 246834 |
| **Total U.S. Treasury Obligations<br> (Cost $1,242,458)** |  | **1242337** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Investment Companies - 0.0%(d)** |  |  |
| &nbsp;&nbsp;&nbsp;JP Morgan U.S. Government Money Market Fund, Capital Shares 3.61% (e) (Cost $1,648) | 1648 | 1648 |
| **Total Short-Term Investments <br> (Cost $6,448,106)** |  | **6447414** |
| **Total Investments - 99.1%<br> (Cost $166,342,539)** |  | **255729658** |
| **Other assets less liabilities - 0.9%** |  | **2412132** |
| **Net Assets - 100.0%** |  | **258141790** |

---

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Overseas Variable Fund<br> Consolidated Schedule of Investments<br> March 31, 2026 (unaudited)

\* Non-income producing security.

(a) Represents a security that is subject to legal restrictions on resale due to compliance obligations of the
 Adviser. Total value of all such securities at March 31, 2026 amounted to $960,245, which represents approximately 0.37% of net assets
 of the Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Restricted Securities** | **Acquisition Date** | **Acquisition Date** |<br>**Cost** | **Carrying Value**<br>**Per**<br>**Share/Principal** |
| &nbsp;&nbsp;Kesko OYJ | &nbsp;&nbsp;07/09/24 | 11/18/25 | $814852 | $22.21 |

---

(b) The rate shown was the current yield as of March 31,
 2026.

(c) Securities exempt from registration under Rule 144A
 or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at March 31, 2026 amounted to
 $4,158,550, which represents approximately 1.61% of net assets of the Fund.

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

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

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Overseas Variable Fund<br> Consolidated Schedule of Investments<br> March 31, 2026 (unaudited)

**Forward Foreign Currency Exchange Contracts outstanding as of March 31, 2026**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement <br> Date** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| USD | 1529979 | EUR | 1316000 | Bank of New York Mellon | 04/01/2026 | $8880 |
| USD | 882641 | JPY | 136759000 | Bank of New York Mellon | 04/01/2026 | 20922 |
| USD | 2686345 | EUR | 2272000 | Goldman Sachs | 05/07/2026 | 55679 |
| USD | 483770 | GBP | 359000 | Goldman Sachs | 05/07/2026 | 8625 |
| USD | 956270 | JPY | 147836000 | Goldman Sachs | 05/07/2026 | 21641 |
| USD | 2369755 | EUR | 1967000 | JPMorgan Chase Bank | 06/03/2026 | 89562 |
| USD | 616703 | GBP | 448000 | JPMorgan Chase Bank | 06/03/2026 | 23818 |
| USD | 3812825 | EUR | 3216000 | UBS AG | 07/08/2026 | 79335 |
| USD | 1353233 | EUR | 1160000 | Bank of New York Mellon | 08/05/2026 | 5174 |
| **Total unrealized appreciation** | **Total unrealized appreciation** |  |  |  |  | 313636 |
| EUR | 1316000 | USD | 1526984 | Bank of New York Mellon | 04/01/2026 | (5885) |
| JPY | 136759000 | USD | 868055 | Bank of New York Mellon | 04/01/2026 | (6338) |
| GBP | 131000 | USD | 175785 | Goldman Sachs | 05/07/2026 | (2403) |
| JPY | 147836000 | USD | 941217 | Goldman Sachs | 05/07/2026 | (6587) |
| **Total unrealized depreciation** | **Total unrealized depreciation** |  |  |  |  | (21213) |
| **Net unrealized appreciation** | **Net unrealized appreciation** |  |  |  |  | $292423 |

---

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| ADR | American Depositary Receipt |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NVDR | Non-Voting Depositary Receipt |
| OYJ | Public Limited Company |
| Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| REIT | Real Estate Investment Trust |
| USD | United States Dollar |

---

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Overseas Variable Fund<br> Consolidated Schedule of Investments<br> March 31, 2026 (unaudited)

---

| | |
|:---|:---|
| **Industry Diversification for Portfolio Holdings** | **Percent of Net Assets** |
| Aerospace & Defense | 0.1% |
| Automobile Components | 0.6 |
| Banks | 4.2 |
| Beverages | 5.9 |
| Broadline Retail | 3.1 |
| Chemicals | 3.1 |
| Commercial Services & Supplies | 1.3 |
| Commodities | 18.3 |
| Consumer Staples Distribution & Retail | 1.8 |
| Electrical Equipment | 1.5 |
| Electronic Equipment, Instruments & Components | 1.6 |
| Entertainment | 0.2 |
| Financial Services | 4.3 |
| Food Products | 4.7 |
| Health Care Equipment & Supplies | 0.5 |
| Health Care Providers & Services | 0.3 |
| Hotels, Restaurants & Leisure | 0.2 |
| Household Durables | 0.8 |
| Household Products | 1.9 |
| Industrial Conglomerates | 2.7 |
| Insurance | 5 |
| Interactive Media & Services | 0.5 |
| IT Services | 1 |
| Leisure Products | 1.1 |
| Machinery | 4.5 |
| Metals & Mining | 0.8 |
| Office REITs | 0.3 |
| Oil, Gas & Consumable Fuels | 6.5 |
| Personal Care Products | 1.2 |
| Pharmaceuticals | 2.6 |
| Professional Services | 0.7 |
| Real Estate Management & Development | 2.3 |
| Semiconductors & Semiconductor Equipment | 1.3 |
| Software | 1.9 |
| Specialized REITs | 0.4 |
| Specialty Retail | 0.2 |
| Technology Hardware, Storage & Peripherals | 1.9 |
| Textiles, Apparel & Luxury Goods | 3.5 |
| Tobacco | 3.6 |
| Trading Companies & Distributors | 0.2 |
| Short-Term Investments | 2.5 |
| **Total Investments** | **99.1%** |

---

See Notes to Consolidated Schedule of Investments. (Continued)

Notes to Consolidated Schedule of Investments (unaudited)

**Note 1 — Organization**

First Eagle Variable Funds (the "Trust") is an open-end, diversified management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust consists of one portfolio, First Eagle Overseas Variable Fund (the "Fund"). The Trust is a Delaware statutory trust and was until March 31, 2004, a Maryland corporation, operating under the name First Eagle Variable Funds, Inc. The Fund seeks long-term growth of capital by investing primarily in equities, including common and preferred stocks, warrants or other similar rights, and convertible securities, issued by non-U.S. companies. The shares of the Fund may be purchased only by the separate accounts of insurance companies for the purpose of funding variable life insurance policies and variable annuity contracts. As of March 31, 2026, the Fund is offered as an investment option by two insurance companies and accordingly a decision by any insurance company to withdraw its participation may have a negative impact on the Fund.

First Eagle Investment Management, LLC (the "Adviser") is the investment adviser of the Fund. The Adviser is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). A controlling interest in First Eagle Holdings is owned by funds managed by Genstar Capital, LLC.

**Note 2 — Significant Accounting Policies**

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

**a)** **Investment in Subsidiaries** — The Fund may invest
 in certain precious metals through its investment in the First Eagle Overseas Variable Cayman
 Fund, Ltd. and the First Eagle Overseas Variable Delaware Fund LLC, wholly owned subsidiaries
 ("Subsidiaries"). The Fund may invest up to 25% of its total assets in shares
 of the Subsidiaries. The Subsidiaries have the ability to invest in commodities and securities
 consistent with the investment objective of the Fund. Substantially all of the Subsidiaries'
 assets are expected to represent physical gold bullion. Trading in bullion directly by the
 Fund presents the risk of tax consequences (e.g., a change in the Fund's tax status
 subjecting the Fund to be taxed at the Fund level on all of its income if the Fund's
 "non-qualifying income" exceeds 10% of the Fund's gross income in any taxable
 year). Trading in bullion by the Subsidiaries generally does not present the same tax risks.
 As of March 31, 2026, the First Eagle Overseas Variable Cayman Fund, Ltd. has $0
 in net assets, representing 0.00% of the Fund's net assets and the First Eagle Overseas
 Variable Delaware Fund LLC has $0 in net assets, representing 0.00% of the Fund's net
 assets. The consolidated financial statements include the accounts of the Fund and the Subsidiaries.
 All intercompany transactions and balances have been eliminated.

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

A portfolio security (including an option or warrant), other than a bond, which is traded on a U.S. national securities exchange or a securities exchange abroad is generally valued at the price of the official close (last quoted sales price if an official closing price is not available) as of the local market close on the primary exchange. If there are no round lot sales on such date, such security will be valued at the mean between the closing bid and asked prices (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively). Securities, other than bonds, traded in the over-the-counter market are valued at the mean between the last bid and asked prices prior to the time of valuation (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively), except if such unlisted security is traded on the NASDAQ in which case, it is valued at the NASDAQ Official Closing Price. Such prices are provided by approved pricing vendors or other independent pricing sources.

All bonds, whether listed on an exchange or traded in the over-the-counter market for which market quotations are available are generally priced at the evaluated bid price provided by an approved pricing service as of the close of trading on the NYSE (normally 4:00 p.m. Eastern Time), or dealers in the over-the-counter markets in the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. The Adviser's Valuation Committee, at least annually, will review the pricing service's inputs, methods, models and assumptions for its evaluated prices. Short-term debt maturing in 60 days or less is valued at evaluated bid prices.

Commodities (such as physical metals) are valued at a calculated evaluated mean price, as provided by an independent price source as of the close of the NYSE.

Forward foreign currency exchange contracts are valued at the current cost of covering or offsetting such contracts, by reference to forward currency rates at the time the NYSE closes, as provided by an independent pricing source.

The spot exchange rates, as provided by an independent price source as of the close of the NYSE, are used to convert foreign security prices into U.S. dollars.

Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the official close on the primary exchange or market on which it is traded. In the absence of such a quotation, a security may be valued at the last quoted sales price on the most active exchange or market as determined by the independent pricing agent. The Fund uses pricing services to identify the market prices of publicly traded securities in its portfolio. When market prices are determined to be "stale" as a result of limited market activity for a particular holding, or in other circumstances when market quotations are not readily available within the meaning of applicable regulations, such as for private placements, or when market prices have been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before the Fund's NAV is calculated, or determined to be unreliable for a particular holding, such holdings may be "fair valued" as described below.

Additionally, trading of foreign equity securities on most foreign markets is completed before the close of trading in U.S. markets. The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for market movement between the close of the foreign market and the close of the NYSE. The fair value pricing utilizes factors provided by an independent pricing service. The values assigned to the Fund's holdings therefore may differ on occasion from reported market values, especially during periods of higher market price volatility. The Adviser believes that relying on the procedures described above will result in prices that are more reflective of the actual market value of portfolio securities held by the Fund than relying solely on reported market values.

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

The Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value.

These inputs are used in determining the value of the Fund's investments and are summarized in the following fair value hierarchy:

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

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

Level 3 — Other significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The significant unobservable inputs that may be used in determining valuations for investments identified within Level 3 are market comparables and the enterprise value of a company. Indications of value and quotations may be observable at any given time, but are currently treated by the Fund as unobservable. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.

Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for marketability, probability of insolvency and probability of default may decrease (increase) the fair value measurement.

Fair valuation of securities, other financial investments or other assets (collectively, "securities") held by the Fund are determined in good faith by the Adviser as "valuation designee" under the oversight of the Board. The Board Valuation, Liquidity and Allocations Committee (the "Committee") oversees the execution of the valuation and liquidity procedures for the Fund. In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser the "valuation designee" to perform the Fund's fair value determinations. The Adviser's fair valuation process is subject to Board oversight and certain reporting and other requirements.

The following is a summary of the Fund's inputs used to value the Fund's investments as of March 31, 2026:

**First Eagle Overseas Variable Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $36981477 | $165125702 (a) | $– | $202107179 |
| Commodities<sup>\*</sup> |  | 47175065 |  | 47175065 |
| Short-Term Investments | 1648 | 6445766 |  | 6447414 |
| Forward Foreign Currency Exchange Contracts<sup>\*\*</sup> | – | 313636 | – | 313636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**36983125** | $**219060169** | $**–** | $**256043294** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency Exchange Contracts<sup>\*\*</sup> | $– | $(21213) | $– | $(21213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**–** | $**(21213)** | $**–** | $**(21213)** |

---

---

| | |
|:---|:---|
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details. |
| † | See Schedule of Investments for additional detailed categorizations. |
| \* | Represents gold bullion. |
| \*\* | Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts. |

---

**c)** **Forward Foreign Currency Exchange Contracts** — In
 connection with portfolio purchases and sales of securities denominated in foreign currencies,
 the Fund has entered into forward foreign currency exchange contracts. The Fund enters into
 forward foreign currency exchange contracts primarily to manage and/or gain exposure to certain
 foreign currencies. The Fund's currency transactions include portfolio hedging on portfolio
 positions. Portfolio hedging is the use of a forward foreign currency exchange contract (or
 other cash management position) with respect to one or more portfolio security positions
 denominated or quoted in a particular currency. Currency exchange transactions involve currencies
 of different countries that the Fund invests in and serve as hedges against possible variations
 in the exchange rates between these currencies and the U.S. dollar. The Fund engages in portfolio
 hedging with respect to the currency of a particular country in amounts approximating actual
 or anticipated positions in securities denominated in that currency. Hedging can reduce exposure
 to currency exchange movements but cannot eliminate that exposure. It is possible to lose
 money under a hedge.

Funds investing in forward foreign currency exchange contracts are exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the Fund is unable to enter into a closing position. Forward foreign currency exchange contracts outstanding at period end, if any, are listed after the Fund's Schedule of Investments. For the period ended March 31, 2026, the average monthly outstanding currency purchased and sold in U.S. dollars for forward foreign currency exchange contracts totaled $4,926,351 and $16,876,637, respectively.

The Fund adopted provisions surrounding disclosures of derivative instruments and hedging activities which require qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about currency-risk-related contingent features in derivative agreements.

In order to better define its contractual rights and to secure rights that may help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties.

An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter ("OTC") derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. With respect to certain counterparties, in accordance with the terms of the ISDA Master Agreement, the Fund may be required to post or receive collateral in the form of cash or debt securities issued by the U.S. Government or related agencies. Daily movement of cash collateral is subject to minimum threshold amounts. Cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as cash pledged. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Collateral received by the Fund is held in a segregated account at the Fund's custodian bank. These amounts are not reflected on the Fund's Consolidated Statement of Assets and Liabilities and are disclosed in the table below. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Rule 18f-4 under the 1940 Act permits the Fund to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, generally prohibits open-end funds, including the Fund, from issuing or selling any "senior security", except that the Fund may borrow from a bank if, immediately after such borrowing, there is "asset coverage" of at least 300%.

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if the Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Unless the Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires the Fund to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and comply with a relative or absolute limit on Fund leverage risk calculated based on value-at-risk ("VaR"). The DRMP is administered by the Adviser as a "derivatives risk manager". The derivatives risk manager is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board.

Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if the Fund's "derivatives exposure" (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception"). As of the date hereof, the Fund is relying on the Limited Derivatives User Exception.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Consolidated Statement of Assets and Liabilities.

At March 31, 2026, the Fund had the following forward foreign currency exchange contracts grouped into risk categories illustrated below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Gain or (Loss)<br> Derivative Recognized <br> in Income** | **Gain or (Loss)<br> Derivative Recognized <br> in Income** |
| <br>**Risk Type** |<br>**Asset Derivative**<br>**Fair Value** |<br>**Liability Derivative**<br>**Fair Value** | **Net Realized <br> Gains**<br>**(Losses)** | **Change in <br> Appreciation**<br>**(Depreciation)** |
| Foreign currency | $313636 | $21213 | $80209 | $200017 |

---

The following table presents the Fund's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Fund as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of Assets <br> Presented in the Statement <br> of Assets and Liabilities** | **Derivatives Available for <br> Offset** | **Collateral Received\*** | **Net Amount (Not Less <br> Than $0)** |
| Bank of New York Mellon | $34976 | $(12223) | $- | $22753 |
| Goldman Sachs | 85945 | (8990) |  | 76955 |
| JPMorgan Chase Bank | 113380 |  | (111510) | 1870 |
| UBS AG | 79335 | - | (79335) | - |
| **Total** | $313636 | $(21213) | $(190845) | $101578 |
| **<u>Counterparty</u>** | **Gross Amount of<br> Liabilities Presented in the <br> Statement of Assets and <br> Liabilities** | **Derivatives Available for <br> Offset** | **Collateral Pledged\*** | **Net Amount (Not Less <br> Than $0)** |
| Bank of New York Mellon | $12223 | $(12223) | $- | $- |
| Goldman Sachs | 8990 | (8990) | - | - |
| **Total** | $21213 | $(21213) | $- | $- |

---

\*The actual collateral received/pledged may be more than the amount reported due to over collateralization.

&nbsp;&nbsp;&nbsp;&nbsp;**d)** **Treasury Inflation-Protected Securities** — The Fund
 may invest in Treasury Inflation-Protected Securities ("TIPS"), which are specially
 structured bonds in which the principal amount is adjusted to keep pace with inflation. The
 principal value of TIPS will be adjusted upward or downward. These adjustments are recorded
 as increases or decreases to interest income on the Consolidated Statement of Operations
 and reflected in the market value of the securities. TIPS are subject to interest rate risk.

&nbsp;&nbsp;&nbsp;&nbsp;**e)** **Restricted Securities** — The Fund may invest
 in securities that are subject to legal or contractual restrictions on resale. These securities
 generally may be resold in transactions exempt from registration or to the public if the
 securities are registered. Disposal of these securities may involve time-consuming negotiations
 and expenses, and a prompt sale at an acceptable price may be difficult. Information regarding
 restricted securities, if any, is included at the end of the Fund's Schedule of Investments.

## 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 Variable Funds

- **b. Investment Company Act file number:** 811-09092

- **c. CIK number of Registrant:** 0001000249

- **d. LEI of Registrant:** 549300UMXVN8SCEUS118

- **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 Overseas Variable Fund

- **b. EDGAR series identifier (if any):** S000011490

- **c. LEI of Series:** 549300YW9SBSQRYPAQ67

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

- **a. Date of fiscal year-end:** 2026-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $259004443.46

**Total Liabilities:** $771495.07

**Net Assets:** $258232948.39

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000031720 | 7.02%                | 6.96%                | -9.23%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4794827.68              | $13415945.75                               |
| Month 2  | $2468214.13              | $16480545.99                               |
| Month 3  | $10026929.40             | $-37718197.78                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bangkok Bank PCL                            | Bangkok Bank PCL                            | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    274405 | NS      | $1398713.13   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Kaken Co. Ltd.                           | SK Kaken Co. Ltd.                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      6390 | NS      | $411713.44    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd. | Taiwan Semiconductor Manufacturing Co. Ltd. | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     10006 | NS      | $3381527.70   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Turkish Lira                                | Turkish Lira                                | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | TR        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HAL Trust                                   | HAL Trust                                   | CUSIP: N/A<br>LEI: 5493000O3IE3DNOY3R07       | Long             | EC               | CORP              | BM        |      4345 | NS      | $877382.81    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-6337.10     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                       | Global Payments, Inc.                       | CUSIP: 37961DD15<br>LEI: 549300NOMHGVQBX6S778 | Long             | STIV             | CORP              | US        |   1045000 | PA      | $1044878.99   | 0.40%             | 2026-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-2403.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $79334.96     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $21640.49     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Astra International Tbk. PT                 | Astra International Tbk. PT                 | CUSIP: N/A<br>LEI: 529900L49TRJOMG4DK47       | Long             | EC               | CORP              | ID        |   2497300 | NS      | $921912.42    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Japanese Yen                                | Japanese Yen                                | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | JP        |        -1 | OU      | $-0.01        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                  | Alibaba Group Holding Ltd.                  | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |    187368 | NS      | $2936897.72   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Bakkafrost P/F                              | Bakkafrost P/F                              | CUSIP: N/A<br>LEI: 2138007LH7OP4V112978       | Long             | EC               | CORP              | FO        |     18471 | NS      | $866322.48    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell plc                                   | Shell plc                                   | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    180634 | NS      | $8446647.97   | 3.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Magnum Ice Cream Co. NV (The)               | Magnum Ice Cream Co. NV (The)               | CUSIP: N/A<br>LEI: 25490052LLF3XH6G9847       | Long             | EC               | CORP              | NL        |     63018 | NS      | $925788.21    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-6587.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                   | Danone SA                                   | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |     37422 | NS      | $2990284.81   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Thai Beverage PCL                           | Thai Beverage PCL                           | CUSIP: N/A<br>LEI: 529900VZFHQZ684D8L07       | Long             | EC               | CORP              | TH        |    729592 | NS      | $244697.11    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Brenntag SE                                 | Brenntag SE                                 | CUSIP: N/A<br>LEI: NNROIXVWJ7CPSR27SV97       | Long             | EC               | CORP              | DE        |      8534 | NS      | $578078.30    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco plc                | British American Tobacco plc                | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |    100899 | NS      | $5858077.78   | 2.27%             |  |  |  | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.          | General Motors Financial Co., Inc.          | CUSIP: 37046UD16<br>LEI: 5493008B6JBRUJ90QL97 | Long             | STIV             | CORP              | US        |   2437000 | PA      | $2436734.37   | 0.94%             | 2026-04-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| As One Corp.                                | As One Corp.                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     61520 | NS      | $866151.44    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| NAVER Corp.                                 | NAVER Corp.                                 | CUSIP: N/A<br>LEI: 988400ULUQYDB2HQYJ61       | Long             | EC               | CORP              | KR        |      9148 | NS      | $1245486.34   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Indonesian Rupiah                           | Indonesian Rupiah                           | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | ID        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Svenska Handelsbanken AB                    | Svenska Handelsbanken AB, Class A           | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | EC               | CORP              | SE        |     95212 | NS      | $1255248.74   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Groupe Bruxelles Lambert NV                 | Groupe Bruxelles Lambert NV                 | CUSIP: N/A<br>LEI: 549300KV0ZEHT2KVU152       | Long             | EC               | CORP              | BE        |     41513 | NS      | $3776207.84   | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                    | Lloyds Banking Group plc                    | CUSIP: N/A<br>LEI: 549300PPXHEU2JF0AM85       | Long             | EC               | CORP              | GB        |   2127461 | NS      | $2636850.22   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kansai Paint Co. Ltd.                       | Kansai Paint Co. Ltd.                       | CUSIP: N/A<br>LEI: 549300ERRV6FTKH9NN70       | Long             | EC               | CORP              | JP        |    193580 | NS      | $2902034.78   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| OBIC Business Consultants Co. Ltd.          | OBIC Business Consultants Co. Ltd.          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     18100 | NS      | $723013.03    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Swiss Franc                                 | Swiss Franc                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | CH        |        -0 | OU      | $-0.01        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                    | U.S. Treasury Bills                         | CUSIP: 912797SN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    500000 | PA      | $498538.05    | 0.19%             | 2026-04-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pluxee NV                                   | Pluxee NV                                   | CUSIP: N/A<br>LEI: 213800RQNIQT48SEEO85       | Long             | EC               | CORP              | NL        |     12776 | NS      | $157098.07    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano, Inc.                               | Shimano, Inc.                               | CUSIP: N/A<br>LEI: 529900L32YT3P9DECR10       | Long             | EC               | CORP              | JP        |     26260 | NS      | $2741619.35   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever plc                                | Unilever plc                                | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |     56337 | NS      | $3180765.07   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Oil Ltd.                           | Imperial Oil Ltd.                           | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |     68307 | NS      | $8947033.62   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargill, Inc.                               | Cargill, Inc.                               | CUSIP: 14178MD13<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | STIV             | CORP              | US        |    852000 | PA      | $851913.35    | 0.33%             | 2026-04-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Nihon Kohden Corp.                          | Nihon Kohden Corp.                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    112300 | NS      | $1053774.56   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings, Inc.        | MS&AD Insurance Group Holdings, Inc.        | CUSIP: N/A<br>LEI: 529900CXROT5S2HMMP26       | Long             | EC               | CORP              | JP        |    121600 | NS      | $3173222.23   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| North West Co., Inc. (The)                  | North West Co., Inc. (The)                  | CUSIP: 663278208<br>LEI: 254900VT1HQAZR3IVM76 | Long             | EC               | CORP              | CA        |      6521 | NS      | $255617.95    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| New Mexican Pesos                           | New Mexican Pesos                           | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | MX        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Mexico SAB de CV                      | Grupo Mexico SAB de CV, Series B            | CUSIP: N/A<br>LEI: 529900JWLZAYET2ZGW20       | Long             | EC               | CORP              | MX        |    183724 | NS      | $1967321.88   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE         | LVMH Moet Hennessy Louis Vuitton SE         | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |      9211 | NS      | $5035189.65   | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX plc                                    | RELX plc                                    | CUSIP: N/A<br>LEI: 549300WSX3VBUFFJOO66       | Long             | EC               | CORP              | GB        |     58194 | NS      | $1906573.36   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Asset Holdings Ltd.                      | CK Asset Holdings Ltd.                      | CUSIP: N/A<br>LEI: 5299006GJZSGP78B8S35       | Long             | EC               | CORP              | KY        |    398000 | NS      | $2277273.21   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG                        | Schindler Holding AG                        | CUSIP: N/A<br>LEI: 5299007DRLI319H7Q933       | Long             | EC               | CORP              | CH        |      8440 | NS      | $2780075.88   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CAE, Inc.                                   | CAE, Inc.                                   | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |     10808 | NS      | $281407.35    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano SAB de CV        | Fomento Economico Mexicano SAB de CV        | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |     37561 | NS      | $4171524.66   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Chofu Seisakusho Co. Ltd.                   | Chofu Seisakusho Co. Ltd.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     11100 | NS      | $140503.99    | 0.05%             |  |  |  | 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        |      1648 | NS      | $1647.73      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd.                                | Nutrien Ltd.                                | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     37853 | NS      | $2856387.38   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group plc                 | Reckitt Benckiser Group plc                 | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |     45371 | NS      | $3050761.62   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Dollar                             | Canadian Dollar                             | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | CA        |        -0 | OU      | $-0.04        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Danish Krone                                | Danish Krone                                | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | DK        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                | Wal-Mart de Mexico SAB de CV                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |   1053525 | NS      | $3421031.91   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| FANUC Corp.                                 | FANUC Corp.                                 | CUSIP: N/A<br>LEI: 529900QTSW745LOKW705       | Long             | EC               | CORP              | JP        |     81600 | NS      | $2844326.51   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                 | Cie Financiere Richemont SA (Registered)    | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |     22119 | NS      | $3905466.40   | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrivarden AB                           | Industrivarden AB, Class C                  | CUSIP: N/A<br>LEI: 549300TM1DLIQI3B3T37       | Long             | EC               | CORP              | SE        |     24527 | NS      | $1215771.73   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Orkla ASA                                   | Orkla ASA                                   | CUSIP: N/A<br>LEI: 549300PZS8G8RG6RVZ52       | Long             | EC               | CORP              | NO        |    201269 | NS      | $2532896.68   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| TIS, Inc.                                   | TIS, Inc.                                   | CUSIP: N/A<br>LEI: 35380064HYEZXBQHDF07       | Long             | EC               | CORP              | JP        |    125900 | NS      | $2691921.79   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                                  | Legrand SA                                  | CUSIP: N/A<br>LEI: 969500XXRPGD7HCAFA90       | Long             | EC               | CORP              | FR        |     11721 | NS      | $1820911.53   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Sodexo SA                                   | Sodexo SA                                   | CUSIP: N/A<br>LEI: 969500LCBOG12HXPYM84       | Long             | EC               | CORP              | FR        |      9861 | NS      | $506185.48    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Fursys, Inc.                                | Fursys, Inc.                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     13299 | NS      | $322999.90    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $8624.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KT&G Corp.                                  | KT&G Corp.                                  | CUSIP: N/A<br>LEI: 988400ZJV6ISYBLQX875       | Long             | EC               | CORP              | KR        |     34048 | NS      | $3661274.46   | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                    | Ambev SA                                    | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |   1140984 | NS      | $3331673.28   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $5173.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp.                                   | SMC Corp.                                   | CUSIP: N/A<br>LEI: 353800O40V08DOZ70X62       | Long             | EC               | CORP              | JP        |      9460 | NS      | $3720602.02   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $55679.15     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Big Yellow Group plc                        | Big Yellow Group plc                        | CUSIP: N/A<br>LEI: 213800W7Q4V2ZI8LIW31       | Long             | EC               | CORP              | GB        |     80602 | NS      | $908623.06    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Investor AB                                 | Investor AB, Class B                        | CUSIP: N/A<br>LEI: 549300VEBQPHRZBKUX38       | Long             | EC               | CORP              | SE        |     96894 | NS      | $3669834.86   | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                    | U.S. Treasury Bills                         | CUSIP: 912797RG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    250000 | PA      | $246834.04    | 0.10%             | 2026-08-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-5885.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $89561.57     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia Cervecerias Unidas SA                   | Cia Cervecerias Unidas SA                   | CUSIP: 204429104<br>LEI: 529900BJW9B0O6LI2R39 | Long             | EC               | CORP              | CL        |    151598 | NS      | $1720637.30   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo plc                                  | Diageo plc                                  | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               | CORP              | GB        |    102584 | NS      | $1907776.59   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Great Portland Estates plc                  | Great Portland Estates plc                  | CUSIP: N/A<br>LEI: 213800JMEDD2Q4N1MC42       | Long             | EC               | CORP              | GB        |    186356 | NS      | $700272.72    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoshizaki Corp.                             | Hoshizaki Corp.                             | CUSIP: N/A<br>LEI: 5299001QAMLGU3SRBG20       | Long             | EC               | CORP              | JP        |     52900 | NS      | $1702965.11   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes SE                        | Dassault Systemes SE                        | CUSIP: N/A<br>LEI: 96950065LBWY0APQIM86       | Long             | EC               | CORP              | FR        |    199908 | NS      | $4046987.26   | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Nagaileben Co. Ltd.                         | Nagaileben Co. Ltd.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     24110 | NS      | $257155.55    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Guoco Group Ltd.                            | Guoco Group Ltd.                            | CUSIP: N/A<br>LEI: 3OIHUMDMI0Z4XVPQ8V78       | Long             | EC               | CORP              | BM        |    157670 | NS      | $1363774.35   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Power Corp. of Canada                       | Power Corp. of Canada                       | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               | CORP              | CA        |     65625 | NS      | $3159302.89   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| T Hasegawa Co. Ltd.                         | T Hasegawa Co. Ltd.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     29300 | NS      | $529760.48    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon plc                                  | Haleon plc                                  | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |    490919 | NS      | $2429555.78   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| UOL Group Ltd.                              | UOL Group Ltd.                              | CUSIP: N/A<br>LEI: 254900O9PRCWTMR86R25       | Long             | EC               | CORP              | SG        |    243300 | NS      | $1847369.50   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $23818.42     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| South Korea Won                             | South Korea Won                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | KR        |        43 | OU      | $0.03         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Itausa SA                                   | Itausa SA (Preference)                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    826753 | NS      | $2231340.09   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Mobis Co. Ltd.                      | Hyundai Mobis Co. Ltd.                      | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |      6234 | NS      | $1608498.30   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Indian Rupee                                | Indian Rupee                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | IN        |        86 | OU      | $0.90         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkeley Group Holdings plc                 | Berkeley Group Holdings plc                 | CUSIP: N/A<br>LEI: 2138009OQSSLVVHQAL78       | Long             | EC               | CORP              | GB        |     40683 | NS      | $1863645.52   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken Holding NV                         | Heineken Holding NV                         | CUSIP: N/A<br>LEI: 724500M1WJLFM9TYBS04       | Long             | EC               | CORP              | NL        |     20198 | NS      | $1437416.12   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Kesko OYJ                                   | Kesko OYJ, Class B                          | CUSIP: N/A<br>LEI: 743700OX6HSVMCAHPB95       | Long             | EC               | CORP              | FI        |     43238 | NS      | $960244.86    | 0.37%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Jardine Matheson Holdings Ltd.              | Jardine Matheson Holdings Ltd.              | CUSIP: N/A<br>LEI: 2138009KENVUNWOLPK41       | Long             | EC               | CORP              | BM        |     55280 | NS      | $3973705.70   | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Brazilian Real                              | Brazilian Real                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | BR        |         0 | OU      | $0.04         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| USS Co. Ltd.                                | USS Co. Ltd.                                | CUSIP: N/A<br>LEI: 5299000RRQD6UZXG4W72       | Long             | EC               | CORP              | JP        |     58700 | NS      | $617454.16    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| AG Anadolu Grubu Holding A/S                | AG Anadolu Grubu Holding A/S                | CUSIP: N/A<br>LEI: 789000K5XY4AZWGQQU40       | Long             | EC               | CORP              | TR        |   1120905 | NS      | $691603.72    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                    | U.S. Treasury Bills                         | CUSIP: 912797TD9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    250000 | PA      | $248051.63    | 0.10%             | 2026-06-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NongShim Co. Ltd.                           | NongShim Co. Ltd.                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      2914 | NS      | $713611.86    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $20922.43     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Secom Co. Ltd.                              | Secom Co. Ltd.                              | CUSIP: N/A<br>LEI: 529900TYCL9N3E9PGE47       | Long             | EC               | CORP              | JP        |     83220 | NS      | $3169917.78   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Music Group NV                    | Universal Music Group NV                    | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               | CORP              | NL        |     22965 | NS      | $445769.50    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Life Insurance Co. Ltd.             | Samsung Life Insurance Co. Ltd.             | CUSIP: N/A<br>LEI: 988400VYE6E0WYSM4S92       | Long             | EC               | CORP              | KR        |     13847 | NS      | $1996568.94   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Hongkong Land Holdings Ltd.                 | Hongkong Land Holdings Ltd.                 | CUSIP: N/A<br>LEI: 213800XCHYNRPAYGXW28       | Long             | EC               | CORP              | BM        |    237200 | NS      | $1848496.83   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd.                              | AIA Group Ltd.                              | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |    199600 | NS      | $2217821.03   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                   | Nestle SA (Registered)                      | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     40804 | NS      | $4002507.32   | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Laurent-Perrier                             | Laurent-Perrier                             | CUSIP: N/A<br>LEI: 96950036OIHAEGNGJ871       | Long             | EC               | CORP              | FR        |      9212 | NS      | $881403.42    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Hirose Electric Co. Ltd.                    | Hirose Electric Co. Ltd.                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     12980 | NS      | $1699264.97   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Gold bullion                                | Gold bullion                                | CUSIP: N/A<br>LEI: N/A                        | Long             | COMM             |  | US        |     10073 | OU      | $47175065.60  | 18.27%            |  |  |  | No            |                  2 | On Loan: No      |
| Heineken NV                                 | Heineken NV                                 | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |     16965 | NS      | $1304919.17   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Sompo Holdings, Inc.                        | Sompo Holdings, Inc.                        | CUSIP: N/A<br>LEI: 353800CWW4SRGEYEB512       | Long             | EC               | CORP              | JP        |     57700 | NS      | $2246159.60   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                                   | Prosus NV                                   | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |    110959 | NS      | $5136910.07   | 1.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Wendel SE                                   | Wendel SE                                   | CUSIP: N/A<br>LEI: 969500M98ZMIZYJD5O34       | Long             | EC               | CORP              | FR        |      6827 | NS      | $615052.20    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $8880.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp.                               | Keyence Corp.                               | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |      6500 | NS      | $2313397.88   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co. Ltd.                | Samsung Electronics Co. Ltd. (Preference)   | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     61354 | NS      | $4952715.06   | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| EURO                                        | EURO                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | XX        |    -90997 | OU      | $-105178.96   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Polish Zloty - New                          | Polish Zloty - New                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | PL        |         4 | OU      | $1.17         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                    | U.S. Treasury Bills                         | CUSIP: 912797QN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    250000 | PA      | $248912.92    | 0.10%             | 2026-05-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Schindler Holding AG                        | Schindler Holding AG (Registered)           | CUSIP: N/A<br>LEI: 5299007DRLI319H7Q933       | Long             | EC               | CORP              | CH        |      1358 | NS      | $427705.39    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| L E Lundbergforetagen AB                    | L E Lundbergforetagen AB, Class B           | CUSIP: N/A<br>LEI: 529900BPSFZS6O3A9R04       | Long             | EC               | CORP              | SE        |     15636 | NS      | $888966.47    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| British Pound                               | British Pound                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | GB        |     54317 | OU      | $71893.57     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FUCHS SE                                    | FUCHS SE (Preference)                       | CUSIP: N/A<br>LEI: 529900SNF9E1P5ZO4P98       | Long             | EC               | CORP              | DE        |     41970 | NS      | $1785343.76   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Swedish Krona                               | Swedish Krona                               | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | SE        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Electric Corp.                   | Mitsubishi Electric Corp.                   | CUSIP: N/A<br>LEI: 549300TRXM9Y6561AX39       | Long             | EC               | CORP              | JP        |     66600 | NS      | $2178292.38   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Stanley Black & Decker, Inc.                | Stanley Black & Decker, Inc.                | CUSIP: 85462DD18<br>LEI: 549300DJ09SMTO561131 | Long             | STIV             | CORP              | US        |    870000 | PA      | $869902.82    | 0.34%             | 2026-04-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Merck KGaA                                  | Merck KGaA                                  | CUSIP: N/A<br>LEI: 529900OAREIS0MOPTW25       | Long             | EC               | CORP              | DE        |     34622 | NS      | $4398855.83   | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd.                   | United Overseas Bank Ltd.                   | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |    114500 | NS      | $3277649.45   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co. KGaA                        | Henkel AG & Co. KGaA (Preference)           | CUSIP: N/A<br>LEI: 549300VZCL1HTH4O4Y49       | Long             | EC               | CORP              | DE        |     23218 | NS      | $1793571.34   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** First Eagle Variable Funds

**Signature:** Shuang Wu

**Name of Signer:** Shuang Wu

**Title:** Treasurer