# EDGAR Filing Document

**Accession Number:** 0001000249
**File Stem:** 0001104659-23-030142
**Filing Date:** 2023-3
**Character Count:** 204680
**Document Hash:** b3cdc21e0574b12d251bd5b80bb027d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-030142.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001104659-23-030142

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST EAGLE VARIABLE FUNDS
- **CENTRAL INDEX KEY:** 0001000249
- **IRS NUMBER:** 133905310
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09092
- **FILM NUMBER:** 23716825

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020
- **BUSINESS PHONE:** 212-698-3393

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 101054300

**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           |

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES**

**Investment Company Act file number 811-09092**

**First Eagle Variable Funds**

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas<br> New York, NY 10105-4300<br> (Address of principal executive offices) (Zip code)

Sheelyn Michael<br> First Eagle Funds<br> 1345 Avenue of the Americas<br> New York, NY 10105<br> (Name and address of agent for service)

**Registrant's telephone number, including area code: 1-212-632-2700**

**Date of fiscal year end: December 31**

**Date of reporting period: December 31, 2022**

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

![](j2339872_aa001.jpg)

Annual Report

**December 31, 2022**

Overseas Variable Fund

Advised by First Eagle Investment Management, LLC

![](j2339872_aa002.jpg)

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**Forward-Looking Statement Disclosure**

One of our most important responsibilities as mutual fund managers is to communicate with shareholders in an open and direct manner. Some of our comments in our letters to shareholders are based on current management expectations and are considered "forward-looking statements". Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as "may", "will", "believe", "attempt", "seek", "think", "ought", "try" and other similar terms. We cannot promise future returns. Our opinions are a reflection of our best judgment at the time this report is compiled, and we disclaim any obligation to update or alter forward-looking statements as a result of new information, future events, or otherwise.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>2

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**Table of Contents**

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| | |
|:---|:---|
| **Letter from the President** | 4 |
| **Management's Discussion of Fund Performance** | 6 |
| **Fund Overview** | 10 |
| **Schedule of Investments** | 12 |
| **Statement of Assets and Liabilities** | 20 |
| **Statement of Operations** | 21 |
| **Statements of Changes in Net Assets** | 22 |
| **Financial Highlights** | 24 |
| **Notes to Financial Statements** | 26 |
| **Report of Independent Registered Public Accounting Firm** | 39 |
| **Fund Expenses** | 41 |
| **General Information** | 45 |
| **Board Review of Management's Liquidity Risk Management Program** | 46 |
| **Tax Information** | 47 |
| **Additional Information** | 48 |

---

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>3

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Letter from the President (unaudited)

![](j2339872_ba003.jpg)

Dear Fellow Shareholders,

In my letter to you last year, I referenced the famous opening lines of Charles Dickens's *A Tale of Two Cities* to highlight the extant dualities in the investment environment: Was it the "best of times" or the "worst of times"? In recent years, First Eagle has consistently warned of financial markets' complacency in the face of mounting distortions and risks. With inflation that turned out to be more persistent than initially assumed and a newly resolute Federal Reserve, the balance in 2022 shifted to the "worst of times" for those unaccustomed to market corrections.

We think the equity markets' pullback in 2022 largely represented a rational and mathematical response to higher interest rates. When rates are 0%, a $100 payout 10 years from now is worth $100 today; with interest rates at 4%, the same 10-year payout is worth only $60.

As the cost of money rose in 2022, assets with uncertain, option-like payoffs far in the future declined significantly in value, including some of the most speculative pandemic-era success stories—from special purpose acquisition companies (SPACs) to emerging tech names to cryptocurrencies. Meanwhile, stocks with consistent cash flows fared much better, as sectors like health care, consumer staples and materials demonstrated relative resilience in the challenging environment. At an aggregate level, the MSCI World Value Index outperformed the MSCI World Growth Index by more than 2,000 basis points in 2022.<sup>1</sup>

Bondholders may have been the cohort of investors most surprised by the year's events. After 40 years of steadily declining yields, most market participants had a limited frame of reference for the Fed's aggressive pace of rate hikes. For context, the Bloomberg US Aggregate Bond index, since its inception 40 years ago, had previously lost money on an annual basis only four times, the worst of which was a decline of only 2.9%; however, in 2022, the index was down 13.0%!<sup>1</sup> We wonder the extent to which this episode will alter investors' perceptions of risk in bond markets and structurally impact approaches to portfolio construction that were before now widely accepted, such as target date funds that tilt heavily toward supposedly "safe" fixed income investments for those in or near retirement. We have been wary of the very low yields available in public fixed income markets for some time and, in our view, were positioned appropriately for what transpired in 2022—whether through shorter-than-benchmark durations or exposure to floating-rate investments, depending on the specific mandate.

<sup>1</sup> Source: FactSet; data as of December 31, 2022.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>4

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Letter from the President (unaudited)

Though the Fed may have initially underestimated the persistence of inflation in the United States, it has since acted decisively and headed into year-end with a hawkish tilt. Despite this, futures markets currently assume that the fed funds terminal rate will peak shy of 5% before the central bank pivots to rate cuts in the second half of 2023.<sup>2</sup> We think this can be interpreted in one of two ways: Markets are either 1) confident in the Fed's ability to engineer a soft landing as it combats inflation, or 2) skeptical of the Fed's resolve if the economy slows. While we don't presume to be able to predict inflation, we note that the slow responsiveness of prices, particularly in the labor market, could result in a more circuitous path toward target-level inflation than soft-landing proponents expect. Labor-availability issues have pushed wage inflation to levels nearly double their norm, and wages historically have been difficult to walk back without job losses or an economic slowdown.<sup>3</sup>

While the Fund delivered negative absolute returns in the 12-month period covered in this report, it outpaced its benchmark. The energy sector in particular, buoyed by rising oil prices, contributed strongly to Fund performance. The Fund also holds gold and gold-related equities, which serve as a potential hedge against extreme risks and market turbulence. With overall flattish performance in these positions during the year, they played their part effectively.

So, to continue on the Dickens theme, do we have Great Expectations for the coming year? Not broadly, as we think the path ahead will remain volatile. Monetary policy takes time to transmit through the system, and it's reasonable to expect that the Fed's actions have yet to fully manifest in the economy. We will continue to look for opportunities where we can find them, but we remain wary of the many risks that are present.

As always, we seek to offer clients a differentiated range of investment options that meet their specific investment needs and we believe will demonstrate the potential for resilience through different states of the world. Across market cycles, macroeconomic conditions and disruptive events, we remain focused on our goal of delivering long-term shareholder value while avoiding the permanent impairment of your capital.

Sincerely,

![](j2339872_ba004.jpg)

**Mehdi Mahmud,**

President

February 2023

<sup>2</sup> Source: Bloomberg: data as of December 31, 2022.

<sup>3</sup> Source: Bloomberg, Haver/Federal Reserve Bank of Atlanta, First Eagle Investments; data as of November 30, 2022.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>5

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Management's Discussion of Fund <br>Performance (unaudited)

The net asset value ("NAV") of the Fund's shares decreased 8.17% for the 12 months ended December 31, 2022, while the MSCI EAFE Index decreased 14.45% for the same period. The Fund's cash and cash equivalents position was 2.6% as of December 31, 2022.

The five largest contributors to the performance of First Eagle Overseas Variable Fund during the period were Imperial Oil Ltd. (oil, gas & consumable fuels, Canada), Shell plc (oil, gas & consumable fuels, Netherlands), BAE Systems plc (aerospace & defense, United Kingdom), AG Anadolu Grubu Holding A/S (industrial conglomerates, Turkey) and British American Tobacco plc (tobacco, United Kingdom). Their combined contribution to the Fund's return was 2.14%.

The five largest detractors were Taiwan Semiconductor Manufacturing Co. Ltd. ADR (semiconductors & semiconductor equipment, Taiwan), Groupe Bruxelles Lambert NV (diversified financial services, Belgium), Fanuc Corp. (machinery, Japan), Shimano, Inc. (leisure products, Japan) and Power Corp. of Canada (insurance, Canada). Combined, they subtracted 2.82% from performance.

---

| | | |
|:---|:---|:---|
| ![](j2339872_ba005.jpg)  | ![](j2339872_ba006.jpg)  | ![](j2339872_ba007.jpg)  |
| **Matthew McLennan**<br> Co-Head of the Global Value Team<br>Portfolio Manager | **T. Kimball Brooker, Jr.**<br> Co-Head of the Global Value Team<br>Portfolio Manager | **Christian Heck**<br> Portfolio Manager |
| ![](j2339872_ba008.jpg)  |  |  |
| **Alan Barr**<br> Portfolio Manager |  |  |

---

February 2023

**The performance data quoted herein represent past performance and do not guarantee future results. Market volatility can dramatically impact a fund's' short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month-end are available by calling 800.334.2143.**

The commentary represents the opinion of Mehdi Mahmud and the Portfolio Management Team as of February 2023 and is subject to change based on market and other conditions. These materials are

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>6

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Management's Discussion of Fund Performance (unaudited)

provided for informational purposes only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.

**Duration** is a way of measuring a debt instrument's sensitivity to a potential change in interest rates.

**Federal funds rate** is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight on an uncollateralized basis.

**Floating-rate securities** are financial instruments whose interest rate is adjusted periodically based on movements in an underlying reference rate.

**Special-purpose acquisition company (SPACs)** are publicly listed entities formed solely to acquire one or more privately held companies.

**Target-date funds** are packaged asset-allocation products whose investment allocation shifts over time as their target date nears.

**Bloomberg US Aggregate Bond Index** measures the performance of investment grade, US dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS.

**MSCI EAFE Index** measures the performance of large and midcap securities across 21 developed markets countries around the world excluding the US and Canada.

**MSCI World Growth Index** measures the performance of large and midcap securities exhibiting growth style characteristics across 23 developed markets countries. Growth investment style characteristics are defined using long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend, and long-term historical sales per share growth trend.

**MSCI World Value Index** measures the performance of large and midcap securities exhibiting value style characteristics across 23 developed markets countries. Value investment style characteristics are defined using book value to price, 12-month forward earnings to price, and dividend yield.

Indexes are unmanaged and one cannot invest directly in an index.

All securities may be subject to adverse market trends. The value and liquidity of the Fund's portfolio holdings may fluctuate in response to events specific to the companies or stock or bond markets in which the Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiments or publicity. This may cause the Fund's portfolio to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer or the market as a whole. As a result, a portfolio of such securities may underperform the market as a whole. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility. Rapid changes in prices or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in price may be temporary or may last for extended periods.

The value of the Fund's portfolio holdings may fluctuate in response to the risk that the prices of equity securities, including common stock, rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than debt securities.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>7

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Management's Discussion of Fund Performance (unaudited)

There are risks associated with investing in funds that invest in securities of foreign companies, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. These risks may be more pronounced with respect to investments in emerging markets.

The COVID-19 pandemic and related quarantines and restrictions resulted in high unemployment, disruptions to supply chains and customer activity, and general concern and uncertainty, with corresponding impacts on financial markets worldwide. COVID-19 remains a risk with the potential that new variants could lead to increased government restrictions and consumer caution. Additionally, COVID-19 remains a challenge for global supply chain normalization. More recently, a number of major economies, including the United States, are adjusting to reduced levels of market and monetary support following periods of fiscal and monetary interventions, together with rising inflation and increases in interest rate targets by central banks. These circumstances have generated significant market stress and volatility, with market sentiment changing rapidly in response to changes in inflation or interest rate expectations.

To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. For example, political and economic conditions and changes in regulatory, tax, or economic policy in a country could significantly affect the market in that country and in surrounding or related countries and have a negative impact on a Fund's performance. Currency developments or restrictions, political and social instability, and changing economic conditions have resulted in significant market volatility. Currently, a substantial portion of the companies in which the Fund invests are domiciled in Canada, the European Union, the United Kingdom and Japan, although the operations of such companies may take place in other countries.

Canada is a significant exporter of natural resources, such as oil, natural gas and agricultural products. As a result, the Canadian economy is susceptible to adverse changes in certain commodities markets. It is also heavily dependent on trading with key partners, including the United States, Mexico, and China. Any reduction in trading with these key partners may adversely affect the Canadian economy. Canada's dependency on the economy of the United States, in particular, makes Canada's economy vulnerable to political and regulatory changes affecting the United States economy. These and other factors could negatively affect the Fund's performance.

The Fund's investments may subject it to the risks associated with investing in the European markets, including the risks associated with the United Kingdom's ("UK") exit from the European Union ("Brexit") and the war in Ukraine. Investments in a single region, even though representing a number of different countries within the region, may be affected by common economic forces and other factors. Further, political or economic disruptions, social unrest and armed conflicts in European countries, even in countries in which the Fund is not invested, may adversely affect security values and thus the Fund's holdings. The impact of Brexit on the United Kingdom and European economies could be significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on the United Kingdom and/or Europe for their business activities and revenues.

The Japanese economy is heavily dependent upon international trade and may be subject to considerable degrees of economic, political and social instability, which could negatively affect the Fund. Japan has also experienced natural disasters, such as earthquakes and tidal waves, of varying degrees of severity, which also could negatively affect the Fund.

In addition to investments in larger companies, the Fund may invest in small and medium-size companies, which historically have been more volatile in price than larger company securities, especially over the short term. Positions in smaller companies, especially when the Fund is a large holder of a small company's securities, also may be more difficult or expensive to trade. Among the reasons for the greater price volatility are the less certain growth prospects of smaller companies, the lower degree of liquidity in the markets for such securities and the greater sensitivity of smaller companies to changing economic conditions. In addition, smaller companies may lack depth of management, they may be unable to generate funds necessary for growth or development, or they may be developing or marketing new products or services for which markets are not yet established and

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>8

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Management's Discussion of Fund Performance (unaudited)

may never become established. The Fund considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion. Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Fund considers large companies to be companies with market capitalizations of $10 billion or greater.

Investments in gold and gold-related investments present certain risks, including political and economic risks affecting the price of gold and other precious metals including specific changes in U.S. and foreign regulatory policies, tax, currency or mining laws, increased environmental costs, international monetary and political policies, economic conditions within an individual country, trade imbalances, and trade or currency restrictions between countries. The price of gold, in turn, is likely to affect the market prices of securities of companies mining or processing gold, and accordingly, the value of investments in such securities may also be affected. Gold-related investments as a group have not performed as well as the stock market in general during periods when the U.S. dollar is strong, inflation is low and general economic conditions are stable. In addition, returns on gold-related investments have traditionally been more volatile than investments in broader equity or debt markets.

If one or more investors in the Fund initiate significant redemptions, it may be necessary to dispose of assets to meet the redemption request. This can make ordinary portfolio management and rebalancing decisions more complicated to implement and can result in the Fund's current expenses being allocated over a smaller asset base, which generally results in an increase in the Fund's expense ratio. The impact of these transactions is likely to be greater in highly volatile markets or less liquid markets when a significant investor purchases, redeems or owns a substantial portion of the Fund's shares.

Funds that invest in bonds are subject to credit and interest rate risk. The value of the Fund's portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. In addition, fluctuations in interest rates can affect the value of debt instruments held by the Fund. An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. A debt instrument's "duration" is a way of measuring a debt instrument's sensitivity to a potential change in interest rates. Longer duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. Generally, debt instruments with long maturities and low coupons have the longest durations. Recent market conditions and events, including a global public health crisis and actions taken by governments in response, may exacerbate the risk that borrowers will not be able to make payments of interest and principal when due. In addition, there is risk of significant future rate moves and related economic and markets impact.

Income generation and dividends are not guaranteed. If dividend paying stocks in the Fund's portfolio stop paying or reduce dividends the Fund's ability to generate income will be adversely affected.

An investment strategy that employs a "value" approach may pose a risk to the Fund that such investment strategy may not be successfully achieved. An investment made at a perceived "margin of safety" or "discount to intrinsic or fundamental value" can trade at prices substantially lower than when an investment is made, so that any perceived "margin of safety" or "discount to value" is no guarantee against loss. "Value" investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more "growth" oriented. In such an event, the Fund's investment returns would be expected to lag relative to returns associated with more growth-oriented strategies.

All investments involve the risk of loss.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>9

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First Eagle Overseas Variable Fund

**Fund Overview**

Data as of December 31, 2022 (unaudited)

**Investment Objective**

The First Eagle Overseas Variable 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.

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Returns (%)**  | **One-Year** | **Five-Years** | **Ten-Years** |
| First Eagle Overseas Variable Fund | -8.17 | 1.48 | 3.98 |
| MSCI EAFE Index | -14.45 | 1.54 | 4.67 |
| Consumer Price Index | 6.45 | 3.78 | 2.60 |

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**Asset Allocation\* (%)**

![](j2339872_ca009.jpg)

**Sectors\* (%)**

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| | |
|:---|:---|
| Consumer Staples | 21.5 |
| Financials | 14.3 |
| Industrials | 12.5 |
| Commodities | 10.7 |
| Consumer Discretionary | 9.5 |
| Materials | 8.1 |
| Energy | 5.2 |
| Real Estate | 4.8 |
| Health Care | 4.3 |
| Information Technology | 3.2 |
| Foreign Government Securities | 2.3 |
| Communication Services | 1.0 |
| Short-Term Investments | 2.6 |

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**Countries\*~ (%)**

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| | |
|:---|:---|
| United States | 17.5 |
| Japan | 15.4 |
| United Kingdom | 10.0 |
| Canada | 7.4 |
| France | 7.1 |
| Hong Kong | 4.8 |
| South Korea | 4.6 |
| Switzerland | 3.6 |
| Brazil | 3.2 |
| Mexico | 2.9 |
| China | 2.8 |
| Sweden | 2.7 |
| Singapore | 2.5 |
| Netherlands | 2.1 |
| Belgium | 2.1 |
| Germany | 2.0 |
| Taiwan | 1.4 |
| Chile | 1.0 |
| Thailand | 1.0 |
| Norway | 0.9 |
| Ireland | 0.5 |
| Turkey | 0.5 |
| Faroe Islands | 0.4 |
| Australia | 0.3 |
| Colombia | 0.3 |
| Peru | 0.2 |
| Indonesia | 0.2 |
| Short-Term Investments | 2.6 |

---

\* Asset Allocation, Sector and Countries percentages are based on total investments in the portfolio.

\*\*Includes short-term commercial paper (0.6% of total investments) that settles in 90 days or less, long-term commercial paper (1.4% of total investments) that settles in 91 days or greater and other short-term investments (0.6% of total investments), such as U.S treasury bills or money market funds.

~ Country allocations reflect country of risk (not currency of issue). Bonds of non-U.S. issuers may be U.S. dollar denominated.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's portfolio composition is subject to change at any time.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>10

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First Eagle Overseas Variable Fund \| Fund Overview

**Growth of a $10,000 Initial Investment**

![](j2339872_ca010.jpg)

**Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Performance data quoted herein does not reflect charges imposed by variable annuity contracts and variable life insurance policies issued by the life insurance companies through which the Fund is offered. If those account-level fees and expenses were reflected, performance would be lower.**

**The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.**

The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of companies from 21 developed market countries, excluding the United States and Canada. One cannot invest directly in an index. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

**Top 10 Holdings\* (%)**

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| | |
|:---|:---|
| Gold Bullion (Precious Metal) | 10.7 |
| Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada) | 3.3 |
| British American Tobacco plc (Tobacco, United Kingdom) | 2.8 |
| Unilever plc (Personal Products, United Kingdom) | 2.5 |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland) | 2.4 |
| Willis Towers Watson plc (Insurance, United States) | 2.3 |
| Danone SA (Food Products, France) | 2.3 |
| Groupe Bruxelles Lambert NV (Diversified Financial Services, Belgium) | 2.1 |
| Shell plc (Oil, Gas & Consumable Fuels, Netherlands) | 1.9 |
| Fomento Economico Mexicano SAB de CV (Beverages, Mexico) | 1.7 |
| **Total** | **32.0** |

---

\* Holdings in short-term investments, including cash and cash equivalents, have been excluded.

&nbsp;&nbsp;&nbsp;&nbsp;Percentages are based on total net assets.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>11

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First Eagle Overseas Variable Fund \| Schedule of Investments \| December 31, 2022

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| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 84.1%** | **Common Stocks — 84.1%** | **Common Stocks — 84.1%** |
| **Australia — 0.3%** | **Australia — 0.3%** | **Australia — 0.3%** |
| Newcrest Mining Ltd. | 60302 | 845574 |
| **Belgium — 2.1%** | **Belgium — 2.1%** | **Belgium — 2.1%** |
| Groupe Bruxelles Lambert NV | 66459 | 5311253 |
| **Brazil — 3.2%** | **Brazil — 3.2%** | **Brazil — 3.2%** |
| Ambev SA, ADR\* | 1592433 | 4331418 |
| Itausa SA (Preference) | 1097136 | 1764115 |
| Wheaton Precious Metals Corp. | 49406 | 1930786 |
|  |  | **8026319** |
| **Canada — 7.3%** | **Canada — 7.3%** | **Canada — 7.3%** |
| Agnico Eagle Mines Ltd. | 14608 | 759098 |
| Barrick Gold Corp. | 112491 | 1932596 |
| Franco-Nevada Corp. | 4772 | 650493 |
| Imperial Oil Ltd. | 172008 | 8378085 |
| Nutrien Ltd. | 49812 | 3637770 |
| Power Corp. of Canada | 140701 | 3309695 |
|  |  | **18667737** |
| **Chile — 1.0%** | **Chile — 1.0%** | **Chile — 1.0%** |
| Cia Cervecerias Unidas SA, ADR | 194720 | 2554726 |
| **China — 2.8%** | **China — 2.8%** | **China — 2.8%** |
| Alibaba Group Holding Ltd.\* | 297268 | 3261896 |
| Prosus NV\* | 54939 | 3793178 |
|  |  | **7055074** |
| **Faroe Islands — 0.4%** | **Faroe Islands — 0.4%** | **Faroe Islands — 0.4%** |
| Bakkafrost P/F | 17722 | 1106335 |
| **France — 7.1%** | **France — 7.1%** | **France — 7.1%** |
| Danone SA | 110784 | 5838952 |
| Laurent-Perrier | 15468 | 2218734 |
| Legrand SA | 17140 | 1374315 |
| LVMH Moet Hennessy Louis Vuitton SE | 692 | 503564 |
| Sanofi | 39932 | 3850506 |
| Sodexo SA | 33859 | 3239577 |
| Wendel SE | 10199 | 952679 |
|  |  | **17978327** |

---

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>12

------

First Eagle Overseas Variable Fund \| Schedule of Investments \| December 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Germany — 2.0%** | **Germany — 2.0%** | **Germany — 2.0%** |
| Brenntag SE | 13418 | 855732 |
| FUCHS PETROLUB SE (Preference) | 50285 | 1757691 |
| Henkel AG & Co. KGaA (Preference) | 37080 | 2570117 |
|  |  | **5183540** |
| **Hong Kong — 4.7%** | **Hong Kong — 4.7%** | **Hong Kong — 4.7%** |
| CK Asset Holdings Ltd. | 399000 | 2447137 |
| Great Eagle Holdings Ltd. | 525814 | 1154282 |
| Guoco Group Ltd. | 189670 | 1617698 |
| Hongkong Land Holdings Ltd. | 327300 | 1505847 |
| Hysan Development Co. Ltd. | 379760 | 1229823 |
| Jardine Matheson Holdings Ltd. | 80080 | 4073737 |
|  |  | **12028524** |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| CRH plc | 33096 | 1316234 |
| **Japan — 15.4%** | **Japan — 15.4%** | **Japan — 15.4%** |
| As One Corp. | 28160 | 1230238 |
| Chofu Seisakusho Co. Ltd. | 43385 | 633398 |
| Daiichikosho Co. Ltd. | 62730 | 1888392 |
| FANUC Corp. | 25980 | 3887818 |
| Hirose Electric Co. Ltd. | 15880 | 1991692 |
| Hoshizaki Corp. | 54500 | 1916331 |
| Kansai Paint Co. Ltd. | 83680 | 1024152 |
| Keyence Corp. | 2800 | 1087085 |
| Komatsu Ltd. | 82100 | 1774520 |
| Mitsubishi Electric Corp. | 245900 | 2436608 |
| Mitsubishi Estate Co. Ltd. | 300360 | 3890737 |
| MS&AD Insurance Group Holdings, Inc. | 102100 | 3264119 |
| Nagaileben Co. Ltd. | 30710 | 464516 |
| Nihon Kohden Corp. | 37500 | 910355 |
| Pilot Corp. | 10500 | 382280 |
| Secom Co. Ltd. | 63160 | 3603774 |
| Shimano, Inc. | 13860 | 2190142 |
| SK Kaken Co. Ltd. | 1938 | 612824 |

---

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>13

------

First Eagle Overseas Variable Fund \| Schedule of Investments \| December 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Japan — 15.4% (continued)** | **Japan — 15.4% (continued)** | **Japan — 15.4% (continued)** |
| SMC Corp. | 4360 | 1820535 |
| Sompo Holdings, Inc. | 67400 | 2981986 |
| T Hasegawa Co. Ltd. | 42200 | 930895 |
| USS Co. Ltd. | 12500 | 198338 |
|  |  | **39120735** |
| **Mexico — 2.3%** | **Mexico — 2.3%** | **Mexico — 2.3%** |
| Fomento Economico Mexicano SAB de CV, ADR | 57150 | 4464558 |
| Fresnillo plc | 18109 | 197862 |
| Grupo Mexico SAB de CV, Series B | 151077 | 530376 |
| Industrias Penoles SAB de CV\* | 54820 | 674219 |
|  |  | **5867015** |
| **Netherlands — 2.1%** | **Netherlands — 2.1%** | **Netherlands — 2.1%** |
| HAL Trust | 4459 | 573107 |
| Shell plc | 167960 | 4762907 |
|  |  | **5336014** |
| **Norway — 0.9%** | **Norway — 0.9%** | **Norway — 0.9%** |
| Orkla ASA | 313373 | 2261717 |
| **Singapore — 1.9%** | **Singapore — 1.9%** | **Singapore — 1.9%** |
| Haw Par Corp. Ltd. | 405713 | 2902400 |
| United Overseas Bank Ltd. | 19900 | 455826 |
| UOL Group Ltd. | 285200 | 1433924 |
|  |  | **4792150** |
| **South Korea — 4.3%** | **South Korea — 4.3%** | **South Korea — 4.3%** |
| Fursys, Inc.\* | 26270 | 632219 |
| Hyundai Mobis Co. Ltd. | 11390 | 1806663 |
| KT&G Corp.\* | 54252 | 3921201 |
| Lotte Confectionery Co. Ltd.\* | 2923 | 284543 |
| Lotte Corp.\* | 15442 | 377144 |
| NAVER Corp. | 5363 | 762731 |
| NongShim Co. Ltd.\* | 5238 | 1479342 |
| Samsung Electronics Co. Ltd. (Preference) | 39107 | 1567149 |
|  |  | **10830992** |

---

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>14

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First Eagle Overseas Variable Fund \| Schedule of Investments \| December 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Sweden — 2.7%** | **Sweden — 2.7%** | **Sweden — 2.7%** |
| Industrivarden AB, Class A | 2133 | 51881 |
| Industrivarden AB, Class C | 34092 | 827156 |
| Investor AB, Class A | 144160 | 2682053 |
| Investor AB, Class B | 76760 | 1389429 |
| L E Lundbergforetagen AB, Class B | 1363 | 58109 |
| Svenska Handelsbanken AB, Class A | 178231 | 1794429 |
|  |  | **6803057** |
| **Switzerland — 3.5%** | **Switzerland — 3.5%** | **Switzerland — 3.5%** |
| Cie Financiere Richemont SA (Registered) | 46412 | 6017778 |
| Schindler Holding AG | 15468 | 2909258 |
|  |  | **8927036** |
| **Taiwan — 1.4%** | **Taiwan — 1.4%** | **Taiwan — 1.4%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 46561 | 3468329 |
| **Thailand — 1.0%** | **Thailand — 1.0%** | **Thailand — 1.0%** |
| Bangkok Bank PCL, NVDR | 470605 | 2008874 |
| Thai Beverage PCL | 1036092 | 529754 |
|  |  | **2538628** |
| **Turkey — 0.5%** | **Turkey — 0.5%** | **Turkey — 0.5%** |
| AG Anadolu Grubu Holding A/S | 211060 | 1245617 |
| **United Kingdom — 10.0%** | **United Kingdom — 10.0%** | **United Kingdom — 10.0%** |
| BAE Systems plc | 269945 | 2788101 |
| Berkeley Group Holdings plc | 52245 | 2381817 |
| British American Tobacco plc | 179464 | 7099264 |
| Great Portland Estates plc, REIT | 71258 | 424694 |
| Lloyds Banking Group plc | 5020153 | 2739566 |
| Reckitt Benckiser Group plc | 51085 | 3541027 |
| Unilever plc | 129123 | 6478979 |
|  |  | **25453448** |
| **United States — 6.7%** | **United States — 6.7%** | **United States — 6.7%** |
| GSK plc | 82967 | 1433938 |
| Haleon plc\* | 584602 | 2313046 |
| Nestle SA (Registered) | 30697 | 3545793 |
| Newmont Corp. | 57732 | 2724951 |
| Royal Gold, Inc. | 9324 | 1051001 |

---

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>15

------

First Eagle Overseas Variable Fund \| Schedule of Investments \| December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Shares** | **Value ($)** |
| **United States — 6.7% (continued)** | **United States — 6.7% (continued)** | **United States — 6.7% (continued)** | **United States — 6.7% (continued)** |
| Willis Towers Watson plc |  | 24452 | 5980470 |
|  |  |  | **17049199** |
| **Total Common Stocks<br>(Cost $177,444,538)** | **Total Common Stocks<br>(Cost $177,444,538)** | **Total Common Stocks<br>(Cost $177,444,538)** | **213767580** |
|  | **Ounces** | **Ounces** |  |
| **Commodities — 10.7%** | **Commodities — 10.7%** | **Commodities — 10.7%** | **Commodities — 10.7%** |
| Gold Bullion\*<br>(Cost $11,540,956) |  | 14945 | 27253992 |
|  | **Principal Amount ($)** | **Principal Amount ($)** |  |
| **Foreign Government Securities — 2.3%** | **Foreign Government Securities — 2.3%** | **Foreign Government Securities — 2.3%** | **Foreign Government Securities — 2.3%** |
| **Colombia — 0.3%** | **Colombia — 0.3%** | **Colombia — 0.3%** | **Colombia — 0.3%** |
| Titulos de Tesoreria<br>Series B, 5.75%, 11/3/2027 | COP | 4917300000 | 767194 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| Republic of Indonesia<br>8.38%, 3/15/2024 | IDR | 6025000000 | 399640 |
| **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** |
| Mex Bonos Desarr Fix Rt<br>Series M, 8.00%, 12/7/2023 | MXN | 9130000 | 456971 |
| Series M 20, 10.00%, 12/5/2024 | MXN | 8560000 | 440258 |
| Series M, 5.75%, 3/5/2026 | MXN | 14980000 | 695323 |
|  |  |  | **1592552** |
| **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
| Republic of Peru<br>8.20%, 8/12/2026 (a) | PEN | 2172000 | 598179 |
| **Singapore — 0.6%** | **Singapore — 0.6%** | **Singapore — 0.6%** | **Singapore — 0.6%** |
| Republic of Singapore<br>1.25%, 11/1/2026 | SGD | 2253000 | 1589077 |
| **South Korea — 0.4%** | **South Korea — 0.4%** | **South Korea — 0.4%** | **South Korea — 0.4%** |
| Republic of Korea<br>1.25%, 3/10/2026 | KRW | 1264990000 | 924822 |
| **Total Foreign Government Securities<br>(Cost 6,665,645)** | **Total Foreign Government Securities<br>(Cost 6,665,645)** | **Total Foreign Government Securities<br>(Cost 6,665,645)** | **5871464** |

---

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>16

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First Eagle Overseas Variable Fund \| Schedule of Investments \| December 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of Warrants** | **Value ($)** |
| **Warrants — 0.1%** | **Warrants — 0.1%** | **Warrants — 0.1%** |
| **Switzerland — 0.1%** | **Switzerland — 0.1%** | **Switzerland — 0.1%** |
| Cie Financiere Richemont SA, expiring 11/22/2023\*<br>(Cost $—) | 117445 | 97802 |
|  | **Principal Amount ($)** |  |
| **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** |
| **Commercial Paper — 2.0%** | **Commercial Paper — 2.0%** | **Commercial Paper — 2.0%** |
| Centerpoint Energy, Inc.<br>4.55%, 1/3/2023 (b) | 1286000 | 1285350 |
| Entergy Corp.<br>4.55%, 1/3/2023 (a)(b) | 345000 | 344825 |
| Kreditanstalt fuer Wiederaufbau<br>4.50%, 3/29/2023 (b) | 2500000 | 2472688 |
| LVMH Moet Hennessy Louis Vuitton SE<br>4.15%, 2/3/2023 (a)(b) | 525000 | 522749 |
| Province of Quebec<br>3.86%, 1/23/2023 (a)(b) | 525000 | 523488 |
| **Total Commercial Paper<br>(Cost $5,150,624)** | **Total Commercial Paper<br>(Cost $5,150,624)** | **5149100** |
| **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** |
| U.S. Treasury Bills<br>4.30%, 3/2/2023 (b) (Cost $496,454) | 500000 | 496585 |
|  | **Shares** |  |
| **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
| JPMorgan U.S. Government Money Market Fund, <br>Capital Shares, 4.19% (c) (Cost $1,023,848) | 1023848 | 1023848 |
| **Total Short-Term Investments<br>(Cost $6,670,926)** | **Total Short-Term Investments<br>(Cost $6,670,926)** | **6669533** |
| **Total Investments — 99.8%<br>(Cost $202,322,065)** | **Total Investments — 99.8%<br>(Cost $202,322,065)** | **253660371** |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | **522571** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **254182942** |

---

\* Non-income producing security.

(a) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at December 31, 2022 amounted to $1,989,241, which represents approximately 0.78% of net assets of the Fund.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>17

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First Eagle Overseas Variable Fund \| Schedule of Investments \| December 31, 2022

(b) The rate shown was the current yield as of December 31, 2022.

(c) Represents 7-day effective yield as of December 31, 2022.

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $65510451 |
| Aggregate gross unrealized depreciation | (24075716) |
| Net unrealized appreciation | $41434735 |
| Federal income tax cost | $212081597 |

---

**Forward Foreign Currency Exchange Contracts outstanding as of December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br> Purchased** | **Currency<br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 832883 | GBP | 681000 | Goldman Sachs | 4/19/2023 | $7516 |
| **Total unrealized appreciation** | **Total unrealized appreciation** |  |  |  |  | 7516 |
| USD | 1094860 | EUR | 1052000 | JPMorgan Chase Bank | 1/18/2023 | (32391) |
| USD | 705623 | GBP | 615000 | JPMorgan Chase Bank | 1/18/2023 | (38172) |
| USD | 1095090 | EUR | 1052000 | UBS AG | 2/15/2023 | (34363) |
| USD | 1097699 | EUR | 1052000 | Bank of New York Mellon | 3/15/2023 | (33872) |
| USD | 916565 | EUR | 862000 | Goldman Sachs | 4/19/2023 | (12757) |
| **Total unrealized depreciation** | **Total unrealized depreciation** |  |  |  |  | (151555) |
| **Net unrealized depreciation** | **Net unrealized depreciation** |  |  |  |  | $(144039) |

---

**<u>Abbreviations</u>**

ADR — American Depositary Receipt

COP — Colombian Peso

EUR — Euro

Fix Rt — Fixed Rate

GBP — British Pound

IDR — Indonesian Rupiah

KRW — Korea (Rep.) Won

MXN — Mexican Peso

NVDR — Non-Voting Depositary Receipt

PEN — Peruvian Sol

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

SGD — Singapore Dollar

USD — United States Dollar

See Notes to Financial Statements.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>18

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Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| | **First Eagle<br>Overseas<br>Variable Fund** |
| **Assets** | **Assets** |
| **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** |
| Investments in non-affiliates | $190781109 |
| Gold bullion | 11540956 |
| **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** |
| Investments in non-affiliates | 226406379 |
| Gold bullion | 27253992 |
| Unrealized appreciation on forward foreign currency exchange contracts | 7516 |
| Foreign tax reclaims receivable | 667401 |
| Accrued interest and dividends receivable | 923516 |
| Other assets | 129005 |
| **Total Assets** | **255387809** |
| **Liabilities** | **Liabilities** |
| Investment advisory fees payable (Note 2) | 164453 |
| Distribution fees payable (Note 3) | 54818 |
| Administrative fees payable (Note 2) | 118474 |
| Trustee fees payable | 746 |
| Unrealized depreciation on forward foreign currency exchange contracts | 151555 |
| Payable for Fund shares redeemed | 155954 |
| Accrued expenses and other liabilities | 558867 |
| **Total Liabilities** | **1204867** |
| **Net Assets** | $**254182942** |
| **Net Assets Consist of** | **Net Assets Consist of** |
| Capital stock (par value, $0.001 per share) | $11443 |
| Capital surplus | 195009228 |
| Total distributable earnings (losses) | 59162271 |
| **Net Assets** | $**254182942** |
| Shares Outstanding | 11442742 |
| Net asset value per share and redemption proceeds per share | $22.21 |

---

See Notes to Financial Statements.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>20

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Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| | **First Eagle<br>Overseas<br>Variable Fund** |
| **Investment Income** | **Investment Income** |
| Interest (net of $8,614 foreign taxes withheld) | $520031 |
| Dividends from: |  |
| Non-affiliates (net of $637,128 foreign taxes withheld) | 6175644 |
| **Total Income** | **6695675** |
| **Expenses** | **Expenses** |
| Investment advisory fees (Note 2) | 2050268 |
| Distributions fee (Note 3) | 683423 |
| Shareholder servicing agent fees | 397505 |
| Administrative fees (Note 2) | 395014 |
| Professional fees | 269991 |
| Custodian and accounting fees | 173782 |
| Shareholder reporting fees | 57681 |
| Trustees' fees | 10893 |
| Interest expense | 2126 |
| Other expenses | 28773 |
| **Total Expenses** | **4069456** |
| Expense waiver (Note 2) | (255834) |
| Expense reductions due to earnings credits (Note 1) | (254) |
| **Net Expenses** | **3813368** |
| **Net Investment Income (Note 1)** | **2882307** |
| **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates | 16846533 |
| Commodity related transactions | 2368138 |
| Settlement of foreign currency and foreign currency transactions | (188670) |
| Settlement of forward foreign currency exchange contracts | 771965 |
|  | **19797966** |
| **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** |
| Investment in non-affiliates and commodity related transactions <br>(net of decrease in deferred capital gain country tax accruals of $50,138) | (47069545) |
| Foreign currency and foreign currency translations | (16131) |
| Forward foreign currency exchange contracts | (331129) |
|  | **(47416805)** |
| Net realized and unrealized gains (losses) on investments, commodity, <br>foreign currency and forward contract related transactions | (27618839) |
| **Net Decrease in Net Assets Resulting from Operations** | $**(24736532)** |

---

See Notes to Financial Statements.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>21

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Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **First Eagle Overseas<br>Variable Fund** | **First Eagle Overseas<br>Variable Fund** |
| | **For the year<br>ended <br>December 31,<br> 2022** | **For the year<br>ended <br>December 31,<br>2021** |
| **Operations** | **Operations** | **Operations** |
| Net investment income | $2882307 | $2438867 |
| Net realized gain on investments, commodity, foreign currency and <br>forward contract related transactions | 19797966 | 18930380 |
| Change in unrealized depreciation on investments, commodity, foreign <br>currency and forward contract related translations | (47416805) | (7218852) |
| **Net increase (decrease) in net assets resulting from operations** | **(24736532)** | **14150395** |
| **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** |
| Distributable earnings | (22146927) | (3844734) |
| **Decrease in net assets resulting from distributions** | **(22146927)** | **(3844734)** |
| **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** |
| Net proceeds from shares sold | 17183728 | 25576089 |
| Net asset value of shares issued for reinvested dividends and distributions | 22146927 | 3844734 |
| Cost of shares redeemed | (56934040) | (44374842) |
| **Decrease in net assets from Fund share transactions** | **(17603385)** | **(14954019)** |
| **Net decrease in net assets** | **(64486844)** | **(4648358)** |
| **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** |
| Beginning of period | 318669786 | 323318144 |
| **End of period** | $**254182942** | $**318669786** |
| **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** |
| Shares outstanding, beginning of period | 12080724 | 12640605 |
| Shares sold | 720371 | 965123 |
| Shares issued on reinvestment of distributions | 983871 | 151248 |
| Shares redeemed | (2342224) | (1676252) |
| **Shares outstanding, end of period** | **11442742** | **12080724** |

---

See Notes to Financial Statements.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>22

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First Eagle Overseas Variable Fund

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | |
| | **Change in Net Assets Resulting from Operations** | **Change in Net Assets Resulting from Operations** | **Change in Net Assets Resulting from Operations** | **Change in Net Assets Resulting from Operations** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** | |
| <br><br>**Selected per share data<br>for the year ended:** | **Net asset<br>value, <br>beginning <br>of year** | **Net <br>investment <br>Income** | **Net <br>realized <br>and <br>unrealized <br>gains <br>(losses) on <br>investments** | **Total <br>investment<br>operations** | **From net <br>investment <br>income** | **From <br>capital gains** | **Total <br>distributions** |<br>**Net asset <br>value, end <br>of year** |
| December 31, 2022 | $26.38 | 0.26 | (2.39) | (2.13) | (0.52) | (1.52) | (2.04) | $22.21 |
| December 31, 2021 | $25.58 | 0.20 | 0.93 | 1.13 | (0.25) | (0.08) | (0.33) | $26.38 |
| December 31, 2020 | $25.75 | 0.18 | 1.55 | 1.73 | (0.69) | (1.21) | (1.90) | $25.58 |
| December 31, 2019 | $22.77 | 0.28 | 3.67 | 3.95 | (0.08) | (0.89) | (0.97) | $25.75 |
| December 31, 2018 | $27.71 | 0.26 | (3.16) | (2.90) | (0.60) | (1.44) | (2.04) | $22.77 |

---

\* Per share amounts have been calculated using the average shares method.

(a) Performance data quoted herein does not reflect charges imposed by variable annuity contracts and variable life insurance policies issued by the life insurance companies through which the Fund is offered. If those account-level fees and expenses were reflected, performance would be lower.

See Notes to Financial Statements.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>24

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | |
| | | | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | |
|<br>**Selected per share data<br>for the year ended:** |<br>**Total <br>return(a)** |<br>**Net assets, <br>end of <br>year<br>(thousands)** | **Operating <br>expenses <br>excluding <br>earnings <br>credits <br>and/or fee <br>waivers** | **Operating <br>expenses <br>including <br>earnings <br>credits <br>and/or fee <br>waivers** | **Net <br>investment <br>income <br>excluding <br>earnings <br>credits <br>and/or fee <br>waivers** | **Net <br>investment<br>income <br>including <br>earnings <br>credits <br>and/or fee <br>waivers** |<br>**Portfolio<br>turnover<br>rate** |
| December 31, 2022 | (8.17)% | $254183 | 1.49% | 1.40% | 0.96% | 1.06% | 13.63% |
| December 31, 2021 | 4.44% | $318670 | 1.43% | 1.38% | 0.70% | 0.76% | 11.31% |
| December 31, 2020 | 6.85% | $323318 | 1.45% | 1.38% | 0.68% | 0.75% | 12.37% |
| December 31, 2019 | 17.38% | $341317 | 1.39% | 1.35% | 1.10% | 1.14% | 6.98% |
| December 31, 2018 | (10.55)% | $342656 | 1.36% | 1.34% | 0.93% | 0.96% | 13.39% |

---

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>25

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Notes to Financial Statements

**Note 1 — Significant Accounting Policies**

First Eagle Variable Funds (the "Trust") is an open-end, diversified management investment company registered under the Investment Company Act of 1940, as amended ("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. At December 31, 2022, 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"), a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"), manages the Fund. A controlling interest in First Eagle Holdings is owned by BCP CC Holdings L.P., a Delaware limited partnership ("BCP CC Holdings"). BCP CC Holdings GP L.L.C., a Delaware limited liability company ("BCP CC Holdings GP"), is the general partner of BCP CC Holdings and has two managing members, Blackstone Capital Partners VI L.P. ("BCP VI") and Corsair IV Financial Services Capital Partners L.P. ("Corsair IV"). BCP VI and Corsair IV are indirectly controlled by Blackstone Inc. ("Blackstone") and Corsair Capital LLC ("Corsair"), respectively. Investment vehicles indirectly controlled by Blackstone and Corsair and certain co-investors own a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings.

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 Codification Topic 946—Investment Companies, which is part of U.S. generally accepted accounting principles ("GAAP").

**a) Investment Valuation** — The Fund computes its net asset value 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

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>26

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Notes to Financial Statements

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-counter-market for which market quotations are readily available are generally priced at the evaluated bid price provided by an approved pricing service as of the close of 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 they are 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.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>27

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Notes to Financial Statements

When market prices are determined to be "stale" as a result of limited market activity for a particular holding or 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 in other circumstances when market quotations are not readily available within the meaning of applicable regulations, such as for private placements, or determined to be unreliable for a particular holding, such holdings may be "fair valued" in accordance with procedures adopted by the Board of Trustees ("Board"). The values assigned to the Fund's holdings therefore may differ on occasion from reported market values.

Additionally, trading of foreign equity securities on most foreign markets is completed before the close in trading in the U.S. markets. 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. 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 value, especially during periods of higher market price volatility. The Board and the Adviser believe relying on the procedures as just described 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 assumption 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.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>28

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Notes to Financial Statements

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. Effective September 8, 2022, and in accordance with Rule 2a-5 under the 1940 Act, the Fund's 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, and the Fund's fair valuation policy has been revised to incorporate changes required by Rule 2a-5.

The following is a summary of the Fund's inputs used to value the Fund's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $49210129 | $164557451<br> <sup>(a)</sup> | $— | $213767580 |
| Commodities\* |  | 27253992 |  | 27253992 |
| Foreign Government Securities |  | 5871464 |  | 5871464 |
| Warrants | 97802 |  |  | 97802 |
| Short-Term Investments | 1023848 | 5645685 |  | 6669533 |
| Forward Foreign Currency <br>Exchange Contracts\*\* |  | 7516 |  | 7516 |
| **Total** | $**50331779** | $**203336108** | $**—** | $**253667887** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency <br>Exchange Contracts\*\* | $— | $(151555) | $— | $(151555) |
| **Total** | $**—** | $**(151555)** | $**—** | $**(151555)** |

---

(a) The Funds have 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 1(a) 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.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>29

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Notes to Financial Statements

**b) Investment Transactions and Income** — Investment transactions are accounted for on a trade date basis. The specific identification method is used in determining realized gains and losses from investment transactions. Dividend income is recorded on the ex-dividend date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Interest income is recorded daily on the accrual basis. In computing investment income, the Fund accretes discounts and amortizes premiums on debt obligations using the effective yield method. Payments received from certain investments held by the Fund may be comprised of dividends, capital gains and return of capital. The Fund originally estimates the expected classification of such payments. The amounts may subsequently be reclassified upon receipt of information from the issuer.

**c) Expenses** — Expenses arising in connection with a Fund are charged directly to the Fund. Certain expenses are shared with the First Eagle Funds, an affiliated fund group, and certain other funds also managed by the Adviser. Generally, expenses that do not pertain specifically to a Fund are allocated to each Fund based upon the percentage the net assets a Fund bears to the total net assets of all the Funds that share the expense. Earnings credits may reduce shareholder servicing agent fees by the amount of interest earned on balances with such service provider.

**d) Foreign Currency Translation** — The books and records of the Fund are maintained in U.S. dollars. The market values of securities which are not traded in U.S. currency are recorded in the financial statements after translation to U.S. dollars based on the applicable exchange rates at the end of the period. The costs of such securities are translated at exchange rates prevailing when acquired. Related interest, dividends and withholding taxes are accrued at the rates of exchange prevailing on the respective dates of such transactions.

The net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period. The Fund does not isolate that portion of gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the securities. Accordingly, such foreign currency gains (losses) are included in the reported net realized and unrealized gains (losses) on investment transactions on the Statement of Operations. However, for federal income tax purposes the Fund does isolate the effect of changes in foreign exchange rates from the changes in market prices for realized gains and losses on debt obligations.

**e) 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

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>30

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Notes to Financial Statements

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 serves 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 twelve-month period ended December 31, 2022, the average monthly outstanding currency purchased and/or sold in U.S. dollars for forward foreign currency exchange contracts totaled $1,598,751 and $4,458,462 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 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

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>31

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Notes to Financial Statements

bank. These amounts are not reflected on the Fund's 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, implemented on August 19, 2022, 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, prohibits open-end funds, including the Fund, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

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 a fund is relying on the Limited Derivatives User Exception (as defined below), a fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a 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.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>32

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Notes to Financial Statements

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

At December 31, 2022, 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<sup>(1)</sup>** |<br>**Liability Derivative<br>Fair Value<sup>(2)</sup>** | **Net Realized<br>Gains<br>(losses)<sup>(3)</sup>** | **Change in <br>Appreciation<br>(Depreciation)<sup>(4)</sup>** |
| Foreign currency | $7516 | $151555 | $771965 | $(331129) |

---

(1) Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.

(2) Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.

(3) Statement of Operations location: Net realized gains (losses) on settlement of forward foreign currency exchange contracts.

(4) Statement of Operations location: Changes in unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount <br>of Assets <br>Presented in the <br>Statement of <br>Assets and <br>Liabilities** | **Derivatives <br>Available for <br>Offset** | **Collateral <br>Received\*** | **Net Amount <br>(Not Less <br>Than $0)** |
| Goldman Sachs | $7516 | $(7516) | $— | $— |
| **Counterparty** | **Gross Amount <br>of Liabilities <br>Presented in the <br>Statement of <br>Assets and <br>Liabilities** | **Derivatives <br>Available for <br>Offset** | **Collateral <br>Pledged\*** | **Net Amount <br>(Not Less <br>Than $0)** |
| Bank of New York Mellon | $33872 | $— | $— | $33872 |
| Goldman Sachs | 12757 | (7516) |  | 5241 |
| JPMorgan Chase Bank | 70563 |  |  | 70563 |
| UBS AG | 34363 |  |  | 34363 |
| Total | $151555 | $(7516) | $— | $144039 |

---

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

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>33

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Notes to Financial Statements

**f) 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 and any increase or decrease in the principal amount of TIPS will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity. TIPS are subject to interest rate risk.

**g) 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 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.

**h) United States Income Taxes** — No provision has been made for U.S. federal income taxes since it is the intention of the Fund to distribute to shareholders all taxable net investment income and net realized gains on investments, if any, within the allowable time limit, and to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to the regulated investment company. The Fund declares and pays such income and capital gains on an annual basis.

The Fund adopted provisions surrounding income taxes, which require the tax effects of certain tax positions to be recognized. These tax positions must meet a "more likely than not" standard that, based on their technical merits, have a more than 50% likelihood of being sustained upon examination. Management of the Trust has analyzed the Fund's tax positions taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund's financial statements.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Capital Loss<br>Carryforward** | **Capital Loss<br>Carryforward** |
|  | **Undistributed <br>Net Investment**<br>**Income** | **Undistributed <br>Net Realized**<br>**Gains** | **Net <br>Unrealized <br>Appreciation**<br>**(Depreciation)** | **Short-Term** | **Long-Term** |
| First Eagle Overseas <br>Variable Fund | $— | $17899690 | $41358104 | $— | $— |

---

The components of distributable earnings' differences between book basis and tax basis are primarily due to the treatment of passive foreign investment companies, the treatment of forward foreign currencies contracts and wash sales.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>34

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Notes to Financial Statements

Under the Regulated Investment Company Modernization Act of 2010 (the "Act"), net capital losses recognized by the Fund after December 31, 2022, may get carried forward indefinitely, and retain their character as short-term and/or long-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. The Fund did not have capital losses to carry forward prior to the Act.

**i) Reclassification of Capital Accounts** — As a result of certain differences in the computation of net investment income and net realized capital gains under federal income tax rules and regulations versus GAAP, the following amounts were reclassified within the capital accounts:

---

| | | | |
|:---|:---|:---|:---|
| | **Undistributed Net <br>Investment Income<br>(loss)** | **Undistributed Net <br>Realized Gains<br>(Losses)** | **Capital Surplus** |
| First Eagle Overseas Variable Fund | $3827987 | $(1594805) | $(2233182) |

---

The primary permanent differences causing such reclassification include the tax treatment of currency gains and losses and investments in passive foreign investment companies.

**j) Distributions to Shareholders** — Distributions to shareholders during the fiscal year ended December 31, 2022, which are determined in accordance with income tax regulations, are recorded on ex-dividend date.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<br>Ordinary Income** | **<br>Ordinary Income** | **<br>Long Term Capital Gains** | **<br>Long Term Capital Gains** |
| | **2022** | **2021** | **2022** | **2021** |
| First Eagle Overseas <br>Variable Fund | $6498571 | $3109013 | $15648356 | $735721 |

---

**k) Use of Estimates** — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**l) Foreign Taxes** — The Fund may be subject to foreign taxes on income, and gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

**m) New Accounting Pronouncements** — In June 2022, FASB issued Accounting Standards Update ("ASU") 2022-03, Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in the ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU is

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>35

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Notes to Financial Statements

effective for interim and annual reporting periods beginning after December 15, 2023, with the option of early adoption. Management is currently evaluating the impact, if any, of applying this ASU.

**Note 2 — Investment Advisory, Custody and Administration Agreements; Transactions with Related Persons**

For its services, the Adviser receives, pursuant to an Investment Advisory Agreement between the Fund and the Adviser (the "Advisory Agreement"), an annual advisory fee at an annual rate of 0.75% of the average daily net assets of the Fund.

The Adviser also performs certain administrative, accounting, operations, compliance and other services on behalf of the Fund, and in accordance with its agreement with the Adviser, the Fund reimburses the Adviser for costs (including personnel and other costs) related to those services. For the period ended December 31, 2022, the Fund reimbursed the Adviser $156,490 and had a payable to the Adviser of $118,474. These reimbursements may not exceed an annual rate of 0.05% of the Fund's average daily net assets. For the period ended December 31, 2022, these reimbursements exceeded the 0.05% annual rate and the Adviser refunded $255,834 to the Fund which are included under expense waiver in the Statement of Operations.

The Fund has entered into a custody agreement with J.P. Morgan Chase Bank, N.A. ("JPM"). The custody agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. JPM serves as custodian of the Fund's portfolio securities and other assets. JPM has directly entered into a sub- custodial agreement to maintain the custody of gold bullion in the Fund. Under the terms of the custody agreement between the Fund and JPM, JPM maintains and deposits in separate accounts, cash, securities and other assets of the Fund. JPM is also required, upon the order of the Fund, to deliver securities held by JPM and the sub-custodian, and to make payments for securities purchased by the Fund. JPM has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the United States are maintained in the custody of these entities.

The Fund has also entered into an agreement for administrative services with JPM, pursuant to which JPM provides certain financial reporting and other administrative services. JPM, as the Fund's administrator, receives annual fees separate from and in addition to the fees it receives for its services as the Fund's custodian.

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in various First Eagle Funds until distribution in accordance with the Plan. As of December 31, 2022, balances to the Plan are included in the fees payable to the Trustees on the Statement of Assets and Liabilities.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>36

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Notes to Financial Statements

**Note 3 — Plans of Distribution**

FEF Distributors, LLC (the "Distributor"), an affiliate of the Adviser and Subadviser, serves as the principal underwriter and distributor of the Fund's Common Shares pursuant to a distribution contract with the Fund. Under the terms of the Distribution Plan and Agreement (the "Plan") with the Distributor, pursuant to the provisions of Rule 12b-1 under the 1940 Act, the Fund pays the Distributor monthly a distribution fee at an annual rate of up to 0.25% of the Fund's average daily net assets. Under the Plan, the Distributor will use amounts payable by the Fund in their entirety for payment to insurance companies which are the issuers of variable contracts invested in shares of the Fund, in order to pay or reimburse such insurance companies for distribution and shareholder servicing-related expenses incurred or paid by such insurance companies. For the period ended December 31, 2022, the distribution fee incurred by the Fund was $683,423.

**Note 4 — Purchases and Sales of Securities**

For the period ended December 31, 2022, purchases and proceeds from sales of investments, excluding short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases<br>excluding<br>U.S. Government<br>Securities** | **Sales and<br>Maturities<br>excluding <br>U.S. Government<br>Securities** | **Purchases of<br>U.S. Government<br>Securities** | **Sales and <br>Maturities of<br>U.S. Government <br>Securities** |
| First Eagle Overseas <br>Variable Fund | $35085642 | $46549996 | $— | $— |

---

**Note 5 — Line of Credit**

On June 27, 2022, the Fund, together with the First Eagle Funds, renewed a $200 million committed, unsecured line of credit ("Credit Facility") with JPM for the Fund and First Eagle Funds, to be utilized for temporarily financing the purchase or sale of securities for prompt delivery in the ordinary course of business or for temporarily financing the redemption of shares of each Fund at the request of shareholders and other temporary or emergency purposes with a termination date of June 26, 2023. Under the Credit Facility arrangement, each Fund, on a pro rata basis, has agreed to pay a per annum rate of interest for borrowings generally based on 1.00% plus the higher of Daily Simple Secured Overnight Financing Rate plus a ten basis point credit spread adjustment, Overnight Bank Funding Rate or Effective Federal Funds Rate and a commitment fee of 0.20% per annum on the unused portion of the Credit Facility. A portion of the commitment fees related to the Credit Facility is paid by the Fund and is included in interest expense in the Statement of Operations. During the period ended December 31, 2022, the Fund had no borrowings under the agreement.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>37

------

Notes to Financial Statements

**Note 6 — Indemnification and Investment Risk**

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote. The Fund may have elements of risk not typically associated with investments in the United States due to its investments in foreign countries or regions. Such foreign investments may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities. The securities markets in many emerging-market countries are substantially smaller, less developed, less liquid and more volatile than the securities markets of developed countries.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Fund enters into derivatives which may represent off-balance sheet risk. Off- balance sheet risk exists when the maximum potential loss on a particular investment is greater than the value of such investment as reflected in the Statement of Assets and Liabilities.

**Note 7 — Subsequent Events**

In accordance with the provision surrounding Subsequent Events adopted by the Fund, management has evaluated the possibility of subsequent events existing in the Fund's financial statements. Management has determined that there are no material events that would require disclosure in the Fund's financial statements.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>38

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of First Eagle Variable Funds and Shareholders of First Eagle Overseas Variable Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of First Eagle Overseas Variable Fund (the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>39

------

Report of Independent Registered Public Accounting Firm

the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP<br>New York, New York<br>February 28, 2023

We have served as the auditor of one or more investment companies advised by First Eagle Investment Management, LLC since 2006.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>40

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Fund Expenses (unaudited)

**Example**

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including advisory fees; distribution fees (12b-1) and/or service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested on July 1, 2022 and held for the six-months ended December 31, 2022.

**Actual Expenses**

The table below titled "Based on Actual Total Return" provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During the Period".

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>41

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Fund Expenses (unaudited)

**Based on Actual Total Return<sup>(1)</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Actual Total<br>Return Without<br>Sales Charges<sup>(2)</sup>** | **Beginning<br>Account<br>Date<br>Value** | **Ending<br>Account<br>Value<br>6/30/22** | **Annualized <br>Expense <br>Ratio** | **Expenses<br>Paid for the<br>Period<sup>(3)</sup>** |
| **First Eagle Overseas <br>Variable Fund** | 2.26% | $1000 | $1022.60 | 1.33% | $6.78 |

---

(1) For the six-months ended December 31, 2022.

(2) Past performance does not guarantee future results. Assumes reinvestment of all dividends and capital gain distributions, if any, at net asset value. Total return is not annualized, as it may not be representative of the total return for the year.

(3) Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>42

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Fund Expenses (unaudited)

**Hypothetical Example for Comparison Purposes**

The table that follows titled "Based on Hypothetical Total Return" provides information about hypothetical account values and hypothetical expenses based on the actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5% hypothetical example relating to the Fund with the 5% hypothetical examples that appear in the shareholder reports of other funds.

This example is based on an investment of $1,000 invested on July 1, 2022 and held for the six-months ended December 31, 2022.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or back-end sales charges (loads). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>43

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Fund Expenses (unaudited)

**Based on Hypothetical Total Return<sup>(1)</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Hypothetical<br>Annualized<br>Total<br>Return** | **Beginning<br>Account<br>Date<br>Value** | **Ending<br>Account<br>Value** | **Annualized <br>Expense <br>Ratio** | **Expenses<br>Paid for the<br>Period<sup>(2)</sup>** |
| **First Eagle Overseas <br>Variable Fund** | 5.00% | $1000 | $1018.50 | 1.33% | $6.77 |

---

(1) For the six-months ended December 31, 2022.

(2) Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>44

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General Information

**Form N-PORT portfolio schedule**

The First Eagle Variable Funds files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT is available on the SEC's Web site at www.sec.gov. Additionally, you may obtain copies of Form N-PORT from the Fund upon request by calling 1.800.334.2143.

**Proxy voting policies, procedures and record**

You may obtain (1) a description of the Fund's proxy voting policies, (2) a description of the Fund's proxy voting procedures and (3) information regarding how the Fund voted any proxies related to portfolio securities during the most recent twelve-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Fund directly at 1.800.334.2143 or on the EDGAR Database on the SEC's Web site at www.sec.gov.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>45

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Fund Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the "Liquidity Rule"), the Fund has adopted and implemented a liquidity risk management program (the "LRMP") reasonably designed to assess and manage the Fund's liquidity risk, which is defined under the Liquidity Rule as the risk that the Fund is unable to meet investor redemption requests without significantly diluting the remaining investors' interests in the Fund. The Fund's Board has previously approved First Eagle Investment Management, LLC's Liquidity Management Committee ("First Eagle") to serve as the administrator of the Fund's LRMP. As part of its responsibilities as administrator, First Eagle has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

The Fund's LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Fund's LRMP includes: (1) no less than annual assessments of factors that influence the Fund's liquidity risk taking into account certain factors, as applicable, including the Fund's (i) investment strategy and liquidity of portfolio investments (during both normal and reasonably foreseeable stressed conditions), (ii) short-term and long-term cash flow projections (during both normal and reasonably foreseeable stressed conditions), and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources; (2) no less than monthly classifications of the Fund's investments into one of four liquidity classifications provided for in the Liquidity Rule; (3) a 15% of net assets limit on the acquisition of "illiquid investments" (as defined under the Liquidity Rule); (4) potential establishment of a minimum percentage of the Fund's assets to be invested in investments classified as "highly liquid" (as defined under the Liquidity Rule) (at present, however, the Fund invests primarily in "highly liquid" investments in the ordinary course, which means no such minimum threshold need be specified); and (5) reporting to the Fund's Board and/or to the SEC, as required.

At a meeting of the Board on June 14, 2022, the Board reviewed a written report prepared by First Eagle (the "LRMP Report") addressing the operation, adequacy, and effectiveness of the Fund's LRMP, including any material changes to the LRMP for the period from January 1, 2021 through December 31, 2021 (the "Reporting Period"). The LRMP Report stated that First Eagle concluded that the Fund's LRMP was reasonably designed to assess and manage the Fund's liquidity risk and was adequately and effectively implemented during the Reporting Period. The LRMP Report also stated that First Eagle concluded that the Fund's investment strategy is appropriate for an open-end fund and that its cash management program is appropriately monitored by the investment management team. The LRMP Report noted those changes to the LRMP approved by the Board earlier in the Reporting Period.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Fund, including liquidity risks presented by a Fund's investment portfolio, is found in the Fund's Prospectus and Statement of Additional Information.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>46

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Tax Information

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **% of Qualifying <br>Dividend <br>Income** | **% of Dividends<br>Eligible for <br>the Dividends <br>Received <br>Deduction** | **Long-Term<br>Capital Gains** | **Long-Term<br>Capital Gains <br>28%** |
| First Eagle Overseas Variable Fund | 0.00% | 0.00% | $14525805 | $1122551 |

---

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>47

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Additional Information (unaudited)

**Management of the Trust**

The business of the Trust is managed by its Board of Trustees, which elects officers responsible for the day to day operations of the Fund and for the execution of the policies formulated by the Board of Trustees.

Pertinent information regarding the members of the Board of Trustees and principal officers of the Trust is set forth below. Some of the Trustees and officers are employees of the Adviser and its affiliates. At least a majority of the Trust's Board of Trustees are not "interested persons" as that term is defined in the Investment Company Act.

**Independent Trustees<sup>(1)</sup>**

**Lisa Anderson \| Trustee \| December 2005 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born October 1950)

**Principal Occupation(s) During Past 5 Years:** Special Lecturer and James T. Shotwell Professor of International Relations Emerita at the Columbia University School of International and Public Affairs; prior to 2016, President of the American University in Cairo

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (10 portfolios) and First Eagle Credit Opportunities Fund (1 portfolio); Member Emerita, Human Rights Watch; Member, Advisory Board, School of Public Affairs, Sciences Po (Institute of Political Studies), Paris; Trustee, Hertie School of Governance (Berlin); Trustee, Tufts University; Trustee, Aga Khan University

**Candace K. Beinecke \| Trustee (Chair) \| December 1999 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born November 1946)

**Principal Occupation(s) During Past 5 Years:** Senior Partner, Hughes Hubbard & Reed LLP; prior to April 2017, Chair, Hughes Hubbard & Reed LLP

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (Chair) (10 portfolios) and First Eagle Credit Opportunities Fund (Chair) (1 portfolio); Board Member, ViacomCBS, Inc.; Lead Trustee, Vornado Realty Trust; Trustee and Co-Chair, Metropolitan Museum of Art; Trustee, Chairman, The Wallace Foundation; Director, Partnership for New York City

(1) Trustees who are not "interested persons" of the Trust as defined in the 1940 Act. The term of office of the Independent Trustees is indefinite.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>48

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Additional Information (unaudited)

**Independent Trustees<sup>(1)</sup>—(continued)**

**Peter W. Davidson \| Trustee \| December 2019 to present** <br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born May 1959)

**Principal Occupation(s) During Past 5 Years:** CEO, Aligned Climate Capital LLC; prior to 2019, CEO, Aligned Intermediary, Inc.; prior to 2015, Executive Director, Loan Programs Office, U.S. Department of Energy

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (10 portfolios) and First Eagle Credit Opportunities Fund (1 portfolio); Chairman, Summit Ridge Energy; Director, Beam Global; Director, pulsESG; Member, Council on Foreign Relations; Chair, JM Kaplan Fund; Trustee, St. Ann's School; Chairman, Green-Wood Cemetery

**Jean D. Hamilton \| Trustee \| March 2003 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born January 1947)

**Principal Occupation(s) During Past 5 Years:** Private Investor/Independent Consultant/Member, Brock Capital Group LLC

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (10 portfolios) and First Eagle Credit Opportunities Fund (1 portfolio); Director, RenaissanceRe Holdings Ltd; Chairman, Investment Committee, Thomas Cole National Historic Site; Member, Investment Advisory Committee, Liz Claiborne and Art Ortenberg Foundation; prior to June 2012, Director, Four Nations

**James E. Jordan \| Trustee \| December 1999 to present** <br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born April 1944)

**Principal Occupation(s) During Past 5 Years:** Private Investor and Independent Consultant

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (10 portfolios) and First Eagle Credit Opportunities Fund (1 portfolio); Director, JZ Capital Partners, Plc. (Guernsey investment trust company)

(1) Trustees who are not "interested persons" of the Trust as defined in the 1940 Act. The term of office of the Independent Trustees is indefinite.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>49

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Additional Information (unaudited)

**Independent Trustees<sup>(1)</sup>—(continued)**

**William M. Kelly \| Trustee \| December 1999 to present** <br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born February 1944)

**Principal Occupation(s) During Past 5 Years:** Private Investor

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (10 portfolios) and First Eagle Credit Opportunities Fund (1 portfolio); Trustee Emeritus, St. Anselm College; Vice President and Director, Sergi S. Zlinkoff Fund for Medical Research and Education; Savannah Book Festival Investment Committee

**Paul J. Lawler \| Trustee \| March 2002 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born May 1948)

**Principal Occupation(s) During Past 5 Years:** Private Investor

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (10 portfolios) and First Eagle Credit Opportunities Fund (1 portfolio); Trustee and Audit Chair, The American University in Cairo; Trustee, registered investment company advised by affiliates of The Blackstone Group, L.P. (1 portfolio); Director, Historic Eastfield Foundation

(1) Trustees who are not "interested persons" of the Trust as defined in the 1940 Act. The term of office of the Independent Trustees is indefinite.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>50

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Additional Information (unaudited)

**Interested Trustees<sup>(2)(3)</sup>**

**John P. Arnhold \| Trustee \| December 1999 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born December 1953)

**Principal Occupation(s) During Past 5 Years:** Director, First Eagle Holdings, Inc.; Managing Member, Arnhold LLC; prior to July 2017, Director, First Eagle Investment Management LLC; President, First Eagle Funds; President, First Eagle Variable Funds; Director, FEF Distributors, LLC; prior to March 2016, Co-President and Co-CEO First Eagle Holdings, Inc.; CIO and Chairman, First Eagle Investment Management, LLC; CEO and Chairman, FEF Distributors, LLC

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (10 portfolios) and First Eagle Credit Opportunities Fund (1 portfolio); Chairman and Director, Arnhold Ceramics; Director, The Arnhold Foundation; Director, The Mulago Foundation; Director, WNET.org; Trustee Emeritus, Trinity Episcopal Schools Corp.; Trustee, Jazz at Lincoln Center; Life Trustee, International Tennis Hall of Fame; Advisor, Investment Committee of the USTA; Managing Member, New Eagle Holdings Management Company, LLC; Director, Conservation International; Trustee, UC Santa Barbara Foundation; prior to January 2018, Director, First Eagle Amundi; prior to June 2016, Trustee, Vassar College

**Mehdi Mahmud \| Trustee \| September 2019 to present** <br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born September 1972)

**Principal Occupation(s) During Past 5 Years:** President and Chief Executive Officer, First Eagle Investment Management, LLC; President, First Eagle Funds, First Eagle Variable Funds and First Eagle Credit Opportunities Fund; Chief Executive Officer, First Eagle Alternative Credit, LLC; prior to March 2016, Chairman and Chief Executive Officer, Jennison Associates LLC

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (10 portfolios) and First Eagle Credit Opportunities Fund (1 portfolio); Director, First Eagle Amundi; Director, Third Point Reinsurance Ltd.

(2) Each of Messrs. Arnhold and Mahmud is treated as an Interested Trustee because of the profes- sional roles each holds or has held with the Adviser.

(3) The term of office of each Interested Trustee is indefinite.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>51

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Additional Information (unaudited)

**Trustee Emeritus<sup>(4)</sup>**

**Jean-Marie Eveillard \| Trustee Emeritus \| September 2019 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born January 1940)

**Principal Occupation(s) During Past 5 Years:** Senior Adviser to First Eagle Investment Management, LLC from March 2009 through June 2021; formerly, Senior Vice President, First Eagle Investment Management, LLC since January 2000; previously, Portfolio Manager of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, and First Eagle Variable Funds (portfolio management tenure: 1979-2004, March 2007-March 2009)

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 11

**Other Directorships/Trusteeships Held by Trustee:** Trustee Emeritus, First Eagle Funds (10 portfolios); Director, Varenne Capital Partners (French money management firm); Board member, Perspective (South African money management firm); Trustee, FIAF (Alliance Francaise); prior to March 2015, Trustee, The Frick Collection

**Officers<sup>(5)</sup>**

**Mehdi Mahmud \| President \| June 2017 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born September 1972)

**Principal Occupation(s) During Past Five (5) Years:** President and Chief Executive Officer, First Eagle Investment Management, LLC; President, First Eagle Funds and First Eagle Credit Opportunities Fund; Director, First Eagle Amundi; Chief Executive Officer, First Eagle Alternative Credit, LLC

**Robert Bruno \| Senior Vice President \| December 1999 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born June 1964)

**Principal Occupation(s) During Past Five (5) Years:** Senior Vice President, First Eagle Investment Management, LLC; President, FEF Distributors, LLC; Senior Vice President, First Eagle Funds and First Eagle Credit Opportunities Fund

(4) Mr. Eveillard, as Trustee Emeritus, is a former member of the Board of Trustees and is invited to attend all Board meetings. He is not a Trustee for purposes of the Trust's Declaration of Trust, Delaware law or the Investment Company Act.

(5) The term of office of each officer is indefinite. Length of time served represents time served as an officer of the Trust (or its predecessor entities), although various positions may have been held during the period.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>52

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Additional Information (unaudited)

**Officers<sup>(5)</sup>—(continued)**

**Joseph T. Malone \| Chief Financial Officer \| September 2008 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born September 1967)

**Principal Occupation(s) During Past Five (5) Years:** Senior Vice President, First Eagle Investment Management, LLC; Chief Financial Officer, First Eagle Funds and First Eagle Credit Opportunities Fund

**Albert Pisano \| Chief Compliance Officer \| July 2015 to present** <br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born April 1960)

**Principal Occupation(s) During Past Five (5) Years:** Chief Compliance Officer and Senior Vice President, First Eagle Investment Management, LLC; Chief Compliance Officer, First Eagle Funds and First Eagle Credit Opportunities Fund

**David O'Connor \| General Counsel \| December 2017 to present** <br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born February 1966)

**Principal Occupation(s) During Past Five (5) Years:** General Counsel and Senior Vice President, First Eagle Investment Management, LLC; General Counsel and Officer of First Eagle Funds and First Eagle Credit Opportunities Fund; General Counsel, First Eagle Holdings, Inc.; Secretary and General Counsel, FEF Distributors, LLC; Director, First Eagle Amundi; Director, First Eagle Investment Management, Ltd; Senior Vice President and Chief Legal Officer, First Eagle Alternative Credit, LLC

**Sheelyn Michael \| Secretary and Deputy General Counsel \| December 2017 to present (Deputy General Counsel); December 2018 to present (Secretary)**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born September 1971)

**Principal Occupation(s) During Past Five (5) Years:** Deputy General Counsel and Senior Vice President, First Eagle Investment Management, LLC; Secretary and Deputy General Counsel, First Eagle Funds and First Eagle Credit Opportunities Fund; Director, First Eagle Investment Management, Ltd

(5) The term of office of each officer is indefinite. Length of time served represents time served as an officer of the Trust (or its predecessor entities), although various positions may have been held during the period.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>53

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Additional Information (unaudited)

**Officers<sup>(5)</sup>—(continued)**

**Tricia Larkin \| Treasurer \| March 2016 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born July 1979)

**Principal Occupation(s) During Past Five (5) Years:** Senior Vice President, First Eagle Investment Management, LLC; Treasurer, First Eagle Funds and First Eagle Credit Opportunities Fund

**Michael Luzzatto \| Vice President \| December 2004 to present** <br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born April 1977)

**Principal Occupation(s) During Past Five (5) Years:** Senior Vice President, First Eagle Investment Management, LLC; Vice President, FEF Distributors, LLC; Vice President, First Eagle Funds and First Eagle Credit Opportunities Fund

(5) The term of office of each officer is indefinite. Length of time served represents time served as an officer of the Trust (or its predecessor entities), although various positions may have been held during the period.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>54

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First Eagle Variable Funds

**Trustees**

Lisa Anderson

John P. Arnhold

Candace K. Beinecke (Chair)

Peter Davidson

Jean D. Hamilton

James E. Jordan

William M. Kelly

Paul J. Lawler

Mehdi Mahmud

**Trustee Emeritus**

Jean-Marie Eveillard\*

**Officers**

Mehdi Mahmud

**President**

Robert Bruno

**Senior Vice President**

Joseph T. Malone

**Chief Financial Officer**

Albert Pisano

**Chief Compliance Officer**

David O'Connor

**General Counsel**

Sheelyn Michael

**Secretary & Deputy General Counsel**

Tricia Larkin

**Treasurer**

Michael Luzzatto

**Vice President**

**Investment Adviser**

First Eagle Investment Management, LLC

**1345 Avenue of the Americas <br>New York, NY 10105**

**Legal Counsel**

Sidley Austin LLP

**787 Seventh Avenue <br>New York, NY 10019**

**Custodian**

JPMorgan Chase Bank, N.A.

**4 Chase Metrotech Center, Floor 16,<br>Brooklyn, NY 11245**

**Shareholder Servicing Agent**

DST Systems, Inc.

**330 West 9th Street <br>Kansas City, MO 64105 <br>800.334.2143**

**Underwriter**

FEF Distributors, LLC

**1345 Avenue of the Americas <br>New York, NY 10105**

**Independent Registered Public <br>Accounting Firm**

PricewaterhouseCoopers LLP

**300 Madison Avenue <br>New York, NY 10017**

&nbsp;&nbsp;&nbsp;&nbsp;Additional information about the Trustees and Officers is included in the Funds' Statement of Additional Information.

\* Mr. Eveillard is a former member of the Board of Trustees and is invited to attend all Board meetings. He is not a Trustee for purposes of the Trust's Declaration of Trust, Delaware law or the Investment Company Act.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a currently effective prospectus of First Eagle Funds.

First Eagle Variable Funds: Overseas Variable Fund \| Annual Report \| December 31, 2022<br>55

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![](j2339872_za011.jpg)

**First Eagle Funds are offered by FEF Distributors, LLC**

1345 Avenue of the Americas, New York, NY 10105.

**First Eagle Investment Management, LLC**

1345 Avenue of the Americas, New York, NY 10105-0048<br>800.334.2143 www.firsteagle.com

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**Item 2.** **Code of Ethics.**

The Registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer. Copies of the code of ethics may be requested free of charge by calling 1-800-334-2143 (toll free).

**Item 3.** **Audit Committee Financial Expert.**

The Board of Trustees of the registrant has designated Paul J. Lawler, William M. Kelly and Jean Hamilton as Audit Committee Financial Experts. Mr. Lawler, Mr. Kelly and Ms. Hamilton are considered by the Board to be independent trustees.

**Item 4.** **Principal Accountant Fees and Services**

(a) <u>Audit Fees</u>:

For the years ended December 31, 2022 and December 31, 2021, the aggregate PricewaterhouseCoopers LLP (PwC) audit fees for professional services rendered to the registrant were approximately $39,745 and $38,400, respectively. Fees included in the audit fees category are those associated with the annual audits of the financial statements and services that are normally provided in connection with statutory and regulatory filings.

(b) <u>Audit Related Fees</u>:

For the years ended December 31, 2022 and December 31, 2021, the aggregate PwC fees for assurance and related services rendered to the registrant were approximately $0 and $0, respectively.

(c) <u>Tax Fees</u>:

For the years ended December 31, 2022 and December 31, 2021, the aggregate tax fees billed by PwC for professional services rendered to the registrant were approximately $46,060 and $44,500, respectively.

Fees included in the tax fees category comprise all services performed by professional staff in the independent accountant's tax division except those services related to audits. This category comprises fees for tax compliance and preparation of tax returns.

(d) <u>All Other Fees</u>:

In each of the years ended December 31, 2022 and December 31, 2021, there were no fees billed by PwC for products and services, other than 4(a)-(c) above, rendered to the registrant.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval by the committee or a designated member thereof. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit and non-audit services requiring fees of a de minimis amount is not permitted.

(e)(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) According to PwC, for the year ended December 31, 2022, the percentage of hours spent on the audit of the registrant's financial statements for the most recent year that were attributable to work performed by persons who are not full-time, permanent employees of PwC was 0%.

(g) Other than as described in the table above, the aggregate fees billed for the most recent year and the preceding year by the registrant's principal accountant for non-audit services rendered to the registrant ("covered"), its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser ("non-covered") that provides ongoing services to the registrant was $0 in 2022 and 2021.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants**

Not applicable at this time.

**Item 6.** **Schedule of Investments**

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8.** **Portfolio Managers of Closed-End Investment companies.**

Not applicable.

**Item 9.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10.** **Submission of Matters to a Vote of Security Holders.**

No material change to report at this time.

**Item 11.** **Controls and Procedures.**

(a) In the opinion of the principal executive officer and principal financial officer, based on their evaluation, the registrant's disclosure controls and procedures are adequately designed and are operating effectively to ensure (i) that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared; and (ii) that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent half-year (the registrant's second half-year in the case of an annual report) that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13.** **Exhibits.**

[(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR.](tm233987d1_ex99-codeeth.htm)

[(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)): Attached hereto.](tm233987d1_ex99-cert.htm)

(a)(3) Not applicable.

[(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)): Attached hereto.](tm233987d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| (Registrant) | First Eagle Variable Funds |
| By (Signature and Title)\* | */s/ Mehdi Mahmud* |
|  | Mehdi Mahmud, President |

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Date: March 8, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By (Signature and Title)\* | */s/ Mehdi Mahmud* |
|  | Mehdi Mahmud, President |

---

Date: March 8, 2023

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| | |
|:---|:---|
| By (Signature and Title)\* | */s/ Joseph T. Malone* |
|  | Joseph T. Malone, Principal Financial Officer |

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Date: March 8, 2023

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Codeeth

**Exhibit 99.CODEETH** 

**Code of Ethics**

**P** **ersonal Securities Transaction Policy**

![](tm233987d1_ex99-codeethimg01.jpg)

FIRST EAGLE INVESTMENT MANAGEMENT, LLC

FEF DISTRIBUTORS, LLC

FIRST EAGLE ALTERNATIVE CREDIT, LLC

FIRST EAGLE SEPARATE ACCOUNT MANAGEMENT, LLC

FIRST EAGLE INVESTMENT MANAGEMENT, LTD

FIRST EAGLE INVESTMENT MANAGEMENT, GMBH

AND

FIRST EAGLE FAMILY OF FUNDS

EFFECTIVE: October 1, 2021

&nbsp;&nbsp;**T** **able of Contents**

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| | |
|:---|:---|
| I. GENERAL POLICY STATEMENT | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standards of Conduct | 3 |
| II. CATEGORIES OF COVERED PERSONS | 4 |
| III. EXEMPT SECURITIES | 5 |
| IV. PRE-CLEARANCE EXEMPTIONS | 5 |
| V. PRE-CLEARANCE PROCEDURES | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. Personal Trading System | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. How Long Are Approvals Effective? | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. Special Pre-Clearance Requirements | 6 |
| VI. AFFILIATED CLOSED-END FUNDS – SPECIAL PRE-CLEARANCE PROCEDURES | 7 |
| VII. BLACKOUT PERIODS – CLIENT TRADES | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. Blackout Periods | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. De Minimis Transactions | 9 |
| VIII. BLACKOUT PERIODS – AFFILIATED OPEN AND CLOSED-END FUNDS | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. Blackout Period - Affiliated Open-End Funds | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Blackout Period - Affiliated Closed-End Funds | 9 |
| IX. SHORT-TERM (FREQUENT) TRADING IN OPEN-END MUTUAL FUNDS | 10 |
| X. BAN ON SHORT-TERM TRADING PROFITS | 10 |
| XI. RESTRICTED/WATCH LISTS | 11 |
| XII. PUBLIC OFFERINGS | 11 |
| XIII. PRIVATE PLACEMENTS– SPECIAL PRE-CLEARANCE PROCEDURES | 12 |
| XIV. REPORTABLE ACCOUNTS | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. Accounts Required to be Reported | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Reporting of Transactions - Designated Broker-Dealers | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. Reporting of Transactions - Non-Designated Broker-Dealers | 14 |
| XV. REPORTING AND CERTIFICATION REQUIREMENTS | 15 |
| XVI. EXEMPTIONS FROM THIS POLICY | 15 |
| XVII. CONSEQUENCES OF VIOLATIONS OF THIS POLICY | 15 |
| XVIII. REPORTING OF VIOLATIONS | 16 |
| XIX. QUESTIONS CONCERNING THIS POLICY | 16 |
| XX. CODE OF ETHICS OFFICE CONTACT INFORMATION | 16 |
| XXI. DEFINITIONS | 16 |

---

&nbsp;&nbsp;**C** **ode of Ethics: Personal Securities Transactions Policy**

&nbsp;&nbsp;**I. Ge**neral Policy Statement**

&nbsp;&nbsp;**Standards of Conduct**

Each officer, director, employee and certain designated Temporary Workers (each, a "Covered Person") of First Eagle is subject to this Code of Ethics. First Eagle has a fiduciary duty that requires Covered Persons to act in the best interest of Clients. As a firm, and as individuals, it must be understood that Clients always come first and that any abuse of the positions of trust and responsibility placed in the firm by Clients will not be tolerated. Furthermore, Covered Persons are obligated to avoid any action or activity that could produce conflicts between their own personal interests and those of Clients. To this end, each Covered Person must act with honesty, integrity, and high ethical standards deserving of Clients' trust. Covered Persons must exercise reasonable care and professional judgment to avoid engaging in actions that put First Eagle's image or reputation at risk.

At all times, Covered Persons must:

1. Place
 the interests of Clients ahead of their personal interests;

2. Not
 take inappropriate advantage of their positions;

3. Conduct
 all personal securities transactions in full compliance with the letter and spirit of the
 Code of Ethics and the Insider Trading Policy;

4. Avoid
 any actual or potential conflicts of interest or any abuse of their positions of trust and
 responsibility; and

5. Comply
 with all applicable Federal securities laws.

While First Eagle encourages Covered Persons and their families to develop personal investment programs, they must not take any action in connection with their personal investments that could cause the appearance of unfairness or impropriety. Accordingly, Covered Persons must follow the policies set forth below with respect to personal trading. All Covered Persons must comply with the Code of Ethics – adherence to the Code of Ethics is a basic condition of employment. Covered Persons are required to promptly report any violation of this Code of Ethics of which they become aware, whether their own or another Covered Person's, to the Code of Ethics Office. Reports of ethical concerns or Code of Ethics violations by others may also be made on a confidential, anonymous basis via the internet at <u>www.FirstEagle.ethicspoint.com</u> or via phone at (855) 325-9019.

*Application of the Code of Ethics to Disinterested Trustees*

Disinterested Trustees of the First Eagle Funds are only subject to the reporting requirement in Section VI and XV of the Code of Ethics. Disinterested Trustees are not subject to other provisions of the Code of Ethics but are subject to the requirements of the Federal Securities Laws and other applicable laws, such as the prohibition on trading in securities of an issuer while in possession of material non-public information.

**A glossary of certain terms contained within this Policy is set forth in the "Definitions" section at the end of this document for reference. Capitalized terms not defined in context are defined in the glossary.**

&nbsp;&nbsp;**II. C**ategories of Covered Persons**

Different requirements and limitations on Covered Persons are based on their activities and roles within First Eagle. Covered Persons are assigned to one of the categories listed below.

Please note that a Covered Person's category under this Policy may change if their position within First Eagle changes or if they are transferred to another department or to an affiliated company. It is the Covered Person's obligation to notify the Legal and Compliance Department of changes to their position. Legal and Compliance will review the status and will notify the Covered Person if their category changes. If there are any questions regarding a Covered Person's category, please contact Legal and Compliance.

---

| |
|:---|
| &nbsp;&nbsp;**Ac** **cess Person:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An Access Person is any Covered Person who satisfies the definition of "Access Person" defined in Rule 204A-1(e)(1) under the Advisers Act and/or with respect to a First Eagle Fund as defined in Rule 17j-1(a)(1) under the 1940 Act. An Access Person generally includes any Covered Person who:<br> 1) has access to non-public information regarding any Client's purchase or sale of Securities;<br> 2) has access to non-public information regarding Clients' portfolio holdings;<br> 3) is involved in making Securities recommendations to Clients;<br> 4) has access to Securities recommendations to Clients that are non-public; or<br> 5) is an Investment Person as defined below. |

---

---

| |
|:---|
| &nbsp;&nbsp;**In** **vestment Person**: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An Investment Person is an Access Person who, in connection with his/her regular functions and duties:<br> 1) makes, or participates in making, recommendations regarding the purchase or sale of Securities on behalf of any client;<br> 2) provides information or advice with respect to a purchase or sale of Securities to a portfolio manager; or<br> 3) helps execute a portfolio manager's investment recommendations.<br>Generally, Investment Persons include, but are not limited to, portfolio managers, research analysts and traders. |

---

---

| |
|:---|
| &nbsp;&nbsp;**T** **emporary Worker:** |
| &nbsp;&nbsp;A Temporary Worker's status is determined upon the start of his/her assignment with First Eagle. If a Covered Person hires a Temporary Worker, the Covered Person is required to notify the Human Resources Department, who in turn will notify the Legal and Compliance Department.<br>Temporary Workers may be designated as Access Persons or Investment Persons subject to the Code of Ethics and certain provisions of the Code of Business Conduct. Temporary Workers who are not designated as an Access Person or Investment Person are deemed to be non-access persons. Non-access persons generally will not be subject to the Code of Ethics.<br>Temporary Workers will be notified about their designation by the Legal and Compliance Department. The Legal and Compliance Department, with the assistance of the Temporary Worker's supervisor, will re-review the status of a Temporary Worker periodically thereafter. The Legal and Compliance Department will notify the Temporary Worker as to any change in designation and the imposition of Code of Ethics requirements. |

---

&nbsp;&nbsp;**III. E**xempt Securities**

SEC Rule 204A-1 treats all Securities as "Reportable Securities" with certain limited exceptions enumerated below. As a result, this Policy does not apply to any of the following types of Securities or instruments ("Exempt Securities").

&nbsp;&nbsp;&nbsp;&nbsp;1. Direct
 obligations of the United States Government, such as Treasury Notes, Treasury Bonds, Treasury
 Bills and U.S. Savings Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;2. Money
 market instruments, bankers' acceptances, bank certificates of deposit, commercial
 paper, and high-quality short-term debt instruments, including repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;*3.* Shares
 of unaffiliated **open-end** mutual funds.  ***Caution:*** *Shares of the First Eagle Funds or mutual funds sub-advised by First Eagle are **not** Exempt Securities and must be reported.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;4. Shares
 of unit investment trusts that are invested exclusively in unaffiliated open-end mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;5. Interests
 in 529 college savings plans that First Eagle does not manage, distribute, market or underwrite. **Note:** *Please refer to Section XIII for reporting of 529 accounts*.

Covered Persons may engage in transactions in any Exempt Security without pre-clearing or reporting any such transactions.

&nbsp;&nbsp;**IV. Pr**e-Clearance Exemptions**

The following types of transactions are not subject to the pre-clearance requirements of this Policy. Covered Persons are not required to pre-clear transactions for which they do not exercise investment discretion at the time of the transactions ("non-volitional transactions") and certain other automated transactions. The transactions listed below are, however, required to be reported through trade confirmations and/or account statements, *unless noted otherwise*.

&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases
 and sales of the First Eagle Open-End Mutual Funds. While First Eagle Open-End Mutual Funds
 are not subject to pre-clearance, please refer to Section VIII entitled "Short Term
 Trading in Open-End Mutual Funds for other limitations and restrictions that may apply." **Note:** *Covered Persons will be required to pre-clear **Affiliated Closed-End Funds**, which include Affiliated Business Development Companies and Affiliated Interval Funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* Transactions
 in Securities made in an account that is fully managed by a third party. **Note:** *The Covered Person will be required to submit documents demonstrating that the fiduciary has full discretion over the relevant account. The Covered Person will be required to complete and sign an initial and annual discretionary attestation.* 

&nbsp;&nbsp;&nbsp;&nbsp;*3.* Purchases
 and sales of Securities in accordance with a pre-set amount or pre-determined schedule effected
 through an automatic investment plan or dividend reinvestment plan (DRIP). This includes
 the automatic reinvestment of dividends, income or interest received from a Security in such
 plans or any other type of account. **Note**: *The purchase or sale of Securities outside of a pre-set amount and/or pre-determined schedule in such plans is subject to pre-clearance and reporting.* 

&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases
 of Securities due to an exercise of rights issued to the holders of a class of Securities
 must be pro rata, to the extent they are issued with respect to Securities of which a Covered
 Person has Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;5. Acquisitions
 or dispositions of Securities as the result of a stock dividend, stock split, reverse stock
 split, merger, consolidation, spin-off or other similar corporate distribution or reorganization
 applicable to holders of a class of Securities of which a Covered Person has Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;6. The
 automatic exercise or liquidation by an exchange of an in-the-money derivative instrument
 upon expiration, the delivery of Securities pursuant to a written option that is exercised
 against a Covered Person and the assignment of options.

&nbsp;&nbsp;&nbsp;&nbsp;7. Purchases
 or sales of broad-based market exchange traded funds ("BB ETFs"). Information
 pertaining to BB ETF's is posted on the personal trading system dashboard. Transactions
 in all other ETFs must be pre-cleared.

&nbsp;&nbsp;&nbsp;&nbsp;8. Purchases
 and sales of open-end mutual funds and variable insurance products, including funds organized
 outside the U.S. with a structure similar to that of open-end mutual funds that are not managed
 by First Eagle.

&nbsp;&nbsp;&nbsp;&nbsp;9. Gifts
 of Securities received, if the Covered Person does not control the timing of the gift.

&nbsp;&nbsp;&nbsp;&nbsp;10. Transactions
 in 529 College Savings Plans do not require pre-clearance and are not reportable. **Note:** *Please refer to Section XIII for reporting 529 accounts*.

&nbsp;&nbsp;**V. P**re-Clearance Procedures**

Covered Persons are required to obtain pre-approval for personal trades as described below.

**Note:** *Covered Persons must pre-clear transactions in Securities in which they have Beneficial Ownership. Additionally, a Covered Person must pre-clear Securities transactions for their spouse, domestic partner, minor children or any other person to whom a Covered Person provides significant financial support, as well as transactions in any other account over which they exercise investment discretion or trading authority, regardless of Beneficial Ownership.*

&nbsp;&nbsp;**A. Personal Trading System**

Covered Persons are required to pre-clear all personal transactions in Securities through the personal trading system, except for (i) transactions in Exempt Securities; and (ii) transactions listed under Pre-Clearance Exemptions.

Upon submitting a pre-clearance request through the personal trading system, a Covered Person will receive an approval or denial message in connection with their request. Although First Eagle retains records of all electronic pre-clearance requests, it is recommended that the Covered Person print and retain copies for their records. A link to the personal trading system can be found via the First Eagle Intranet.

&nbsp;&nbsp;**B. How Long Are Approvals Effective?**

Pre-clearance approvals for Securities ***traded in the local market or exchange of a Covered Person's country of residence*** are effective until the close of business on the day that a pre-clearance request has been approved. Pre-clearance approvals for Securities ***traded outside the local market or exchange of a Covered Person's country of residence*** are effective until the close of business on the business day following approval of a pre-clearance request. To make any modification to a previously pre-cleared trade request (for instance, date of execution or share quantity), a Covered Person must submit a new pre-clearance request and receive approval.

&nbsp;&nbsp;**C. Special Pre-Clearance Requirements**

Covered Persons may be subject to special pre-clearance requirements either in addition to, or in place of, those pre-clearance requirements described in this section. Such requirements may be necessary due to the risks presented by a particular position held within First Eagle. In such cases, the Code of Ethics Office will notify Covered Persons of any special pre-clearance requirements.

&nbsp;&nbsp;**VI**. Affiliated Closed-End Funds – Special Pre-Clearance Procedures**

Covered Persons who want to purchase or sell an Affiliated Closed-End Fund must submit a pre-clearance request through the personal trading system. In determining whether to grant approval for the trade, the Code of Ethics Office makes an assessment as to whether the transaction complies with this Policy, including the 60-Day Holding Period applicable to Affiliated Closed-End Funds. In addition, the respective Company's CCO (or designee) for third party funds sub-advised by a Company verifies that your transaction does not conflict with any specific Fund information. Your request will be denied if the transaction would violate any requirements of this Policy.

**Section 16 Requirements**

Common shares of closed-end funds are registered under Section 12 of the Exchange Act. As such, there are specific reporting requirements and trading prohibitions under Sections 16(a) and 16(b) of the Exchange Act and Section 30(h) of the Investment Company Act if you are deemed to be a "Section 16 Person" with respect to a closed-end fund that include special filing obligations with the SEC. The Legal and Compliance Department will notify you if you are deemed to be a Section 16 Person in connection with an Affiliated Closed-End Fund. Even though individuals are personally responsible to file the forms with the SEC under Section 16, the Legal and Compliance Department will manage the Section 16 filings on your behalf, if authorized by you. In connection with Affiliated Closed-End Funds, if you are a Section 16 Person, the Code of Ethics Office must provide your trade execution details to the Legal and Compliance Department or to the respective Company's CCO (or designee) for third party closed-end funds sub-advised by First Eagle or its affiliates within one business day for filing purposes.

In addition, Section 16(b) of the Exchange Act (together with Section 30 (h)) prohibits Section 16 Persons from profiting from the purchase and sale, or sale and purchase, of an applicable Closed- End Fund within a six-month period (referred to as "short-swing profits"). Any such profits realized are required to be forfeited to the applicable Closed-End Fund.

&nbsp;&nbsp;**VII. Bl**ackout Periods – Client Trades**

Potential conflicts of interest are of particular concern when a Covered Person buys or sells a Security at or near the same time as First Eagle buys or sells that Security or an Equivalent Security for Clients. The potential appearance of impropriety in such cases is particularly severe if the Covered Person acts as the portfolio manager or in another investment-related capacity for the Clients in question.

To reduce the potential for conflicts of interest and the potential appearance of impropriety that can arise in such situations, this Policy prohibits Covered Persons from trading for their Reportable Accounts during certain periods before, during and after trading is being conducted on behalf of Clients. The period during which personal securities transactions are prohibited is commonly referred to as a "blackout period." The applicable blackout period depends on (i) whether a transaction is classified as a De Minimis Transaction, as defined below; and (ii) whether the potential investor is an Access Person or an Investment Person.

First Eagle recognizes that the application of a blackout period during the period *prior* to Client transactions may result in inadvertent violations of this Policy from time to time. Covered Persons should consider carefully the potential consequences of the applicable blackout period before engaging in personal securities transactions in Securities or Equivalent Securities, which First Eagle holds, or might consider holding, in Client accounts.

Covered Persons who have any questions about the application of the blackout periods to a particular situation should contact the Code of Ethics Office before submission of a trade request.

The blackout periods below apply to both Securities and Equivalent Securities.

**Caution:** *Because of the many variations and complexities of options transactions, Covered Persons are strongly encouraged to seek guidance from the Code of Ethics Office if they are unsure whether a particular option is deemed to be an Equivalent Security.*

&nbsp;&nbsp;**A. Blackout Periods**

The blackout periods described below do not apply to: (i) Exempt Securities; or (ii) the transactions listed under Pre-Clearance Exemptions.

**<u>Orders Under Consideration</u>**

Covered Persons may not purchase or sell a Security or Equivalent Security if such person knows the Security or Equivalent Security is being considered for purchase or sale on behalf of a Client, even though no buy or sell orders have been placed at the time.

**<u>Same-Day Blackout Period</u>**

Access Persons may not purchase or sell a Security or Equivalent Security if there is a *pending* buy or sell order for a Client in the Security or Equivalent Security, until the order is executed, withdrawn or meets the De Minimis Exemption.

Investment Persons may not purchase or sell the same Security or Equivalent Security on a day during which a buy or sell is made on behalf of any Client in that same Security or Equivalent Security. **Note:** T*he De Minimis Exemption is not available to Investment Persons.*

**<u>Seven-Day Blackout Period</u>** **<u>– For Investment Persons only</u>**

The purchase or sale of a Security or Equivalent Security are prohibited within seven calendar days before and after the purchase or sale of the relevant Security or Equivalent Security by a Client.

**<u>Short Sale of Securities – For Investment Persons only</u>**

Short sales of any security held by a Client are not permitted. This prohibition also applies to effecting economically equivalent transactions, including, but not limited to, sales of uncovered call options, purchases of put options while not owning the underlying security, and short sales of bonds that are convertible into equity positions, swaps or other derivatives.

&nbsp;&nbsp;**B. De Minimis Transactions**

The following transactions by Access Persons are defined as "De Minimis Transactions" under this Policy:

Purchases and sales of a Security or an Equivalent Security where, ***in aggregate, the trade*** does not exceed 1,000 shares per day in that issuer and which the issuer has a total market capitalization of $25 billion or greater at the time of investment.

 

Such transactions present little or no risk of conflict with Client transactions because they involve a relatively small number of highly liquid Securities. However, it should be noted that issuer market capitalization amounts often change. Accordingly, a Covered Person may purchase a Security that has a market capitalization of greater than $25 billion only to find out that they cannot sell the Security at a later date because the market capitalization has fallen below $25 billion and their sale would be during a blackout period in connection with a Client trade in the same Security or Equivalent Security. If a Covered Person is unsure whether a Security meets the market capitalization criteria, please contact Legal and Compliance.

**Note**: *De Minimis Transactions are nevertheless (i) required to be pre-cleared and reported; and (ii) subject to a ban on short-term trading profits as described in the section "Ban on Short-Term Trading Profits."* 

&nbsp;&nbsp;**VIII. B**lackout Periods – Affiliated Open And Closed-End Funds**

&nbsp;&nbsp;**A. Blackout Period - Affiliated Open-End Funds**

A personal trading blackout may be put in place in connection with shares of Affiliated Open-End Mutual Funds up until the release of certain information regarding the Funds to the public. Reasons for a personal trading blackout with respect to a Fund may include but are not limited to: (i) an upcoming change in portfolio management; (ii) a planned reorganization of a Fund, including a merger into an existing Fund; or (iii) an anticipated dissolution/liquidation of a Fund. Please note that this type of information regarding the Funds is confidential and must not be discussed with, or disclosed to, anyone outside of First Eagle.

**Note**: *The blackout period applies to all share classes across all accounts in which Covered Persons are Beneficial Owners, including transactions in First Eagle 401(k) Plans if they are **not** effected through the firm's automatic investment plan, such as rebalancing transactions and fund transfers.*

Covered Persons are notified of such a personal trading blackout for the Funds in advance of the blackout period. Information pertaining to a firm-wide blackout period for a Fund is posted on the personal trading system dashboard.

&nbsp;&nbsp;**B. Blackout Period - Affiliated Closed-End Funds**

Affiliated Closed-End Funds may be subject to blackout periods surrounding a Fund's dividend declaration press release and quarterly earnings release that may prevent you from purchasing or selling the Fund. Affiliated Closed-End Funds may also be subject to blackout periods surrounding events involving Funds that have not yet been disclosed to the public.

**Note:** *Refer to the Closed-End Funds Dividend Blackout Calendar posted on the Compliance tab of the Company Intranet.*

&nbsp;&nbsp;**IX. S**hort-Term (Frequent) Trading in Open-End Mutual Funds**

Covered Persons are prohibited from engaging in market timing (frequent trading) in shares of any mutual fund including the First Eagle Open-End Mutual Funds. Frequent trading (including exchanges) of mutual fund shares, also known as "market-timing" may increase mutual fund transaction and administration costs and otherwise negatively affect a mutual fund's investment program, possibly diluting a mutual fund's value to its longer-term investors. The Board of Trustees of the First Eagle Funds have adopted a policy to deter inappropriate trading. The policy is set forth in the First Eagle Open-End Mutual Funds' prospectus, which governs all trading activity in the Funds.

Any activity that may be deemed to be frequent trading or market timing will be reviewed by the Code of Ethics Office, who will refer instances to the Chief Compliance Officer. The Chief Compliance Officer in consultation with members of the Legal and Compliance Department, will take disciplinary action as it deems appropriate.

Covered Persons must also comply with the holding period policy of any mutual fund held whether or not the mutual fund is part of the First Eagle Funds. Covered Persons are expected to abide by trading restrictions imposed by other mutual funds as described in the relevant prospectus.

&nbsp;&nbsp;**X. B**an on Short-Term Trading Profits**

Frequent personal trading can distract a Covered Person from their job and, in turn, conflict with their fiduciary duty to Clients. Short-term trading increases the risks of front running and of abuse of confidential information. Covered Persons are prohibited from profiting from the purchase and sale or sale and purchase (or in the case of derivatives – short sales or similar transactions) of a Security or Equivalent Security within 60 calendar days.

For clarity, except as otherwise noted, this prohibition also applies to short-term profiting through the use of derivatives and Equivalent Securities, either alone (e.g., exercising an option within 60 days of purchasing the option) or in combination with other securities transactions (e.g., selling the underlying or similar Security or Equivalent Security within 60 days of purchasing a call on such Security).

Any series of transactions made which violate (or are counter to) the spirit of the 60-day rule, such as the establishment of a long position and subsequent establishment of a short position (or vice versa), in the same Security or Equivalent Security, may be deemed a violation by the Code of Ethics Office.

A series of purchases and sales is measured on a last-in, first-out basis ("LIFO" accounting method) until all purchases and sales transactions of the same Security or Equivalent Security within a 60-calendar day period in a Reportable Account are matched. A purchase or sale is ordinarily deemed to occur on trade date. The purchase date is day 1, therefore day 61 is the first day a sale of those Securities may be made at a profit.

**The ban on short-term trading profits does not apply to the following:**

• Exempt Securities;

• Broad-Based ETFs or options on Broad-Based ETFs;

• Broad-Based Index Options and Index Futures; and

• Involuntary option assignment/transfer and exercise.

&nbsp;&nbsp;**XI. Re**stricted/Watch Lists**

From time to time, First Eagle may place restrictions on personal trading in the Securities of a company. Restrictions may be implemented, for example, to enhance an information barrier by preventing the appearance of impropriety in connection with trading, or by preventing the use or appearance of the use of inside information. Covered Persons are prohibited from trading in the Securities of any issuer on the firm's restricted list if the restrictions apply to personal account dealings.

First Eagle may also place the Securities of a company on a watch list. In such cases, the Code of Ethics Office reviews any personal trading activity in the Securities of an issuer on the watch list on a post-trade basis and evaluates whether there is any appearance of impropriety with respect to the personal trades by that Covered Person.

&nbsp;&nbsp;**XII. P**ublic Offerings**

Covered Persons may not participate in initial public offerings of equity and equity-related Securities. Acquisitions of Securities in other public offerings are subject to pre-clearance procedures. Public offerings give rise to potential conflicts of interest that are greater than those present in other types of personal securities transactions since such offerings are generally only offered to institutional and retail investors who have a relationship with the underwriters involved in the offering. To preclude any possibility of a Covered Person profiting from his/her position with First Eagle, the following rules apply to public offerings.

**Initial Public Offerings ("IPO's") – Equity Securities and certain Digital Investment Assets** 

As noted above, Covered Persons are prohibited from purchasing equity and equity related Securities in an IPO (including ICOs, initial coin offerings of digital or token assets).

**Note**: *This prohibition does not apply to Exempt Securities, to investments in public offerings if such an investment is available due to the Covered Person's existing investment in a Private Placement, or to Affiliated Closed-End Funds. However, Private Placements are subject to prior review and approval by the Covered Person's Department Manager and are subject to Legal and Compliance review. Additionally, **digital assets or coins** may be deemed securities by the SEC and as such employees are prohibited from participating in the initial public offering.*

**Secondary Offerings – Equity Securities**

Subject to pre-clearance approval and other provisions of this Code, Covered Persons are generally permitted to purchase equity and equity related Securities in secondary offerings of those Securities, unless First Eagle is participating in the offering on behalf of its Client accounts.

**Debt Offerings**

Subject to pre-clearance approval, Covered Persons are generally permitted to purchase debt Securities in public offerings of those Securities, unless First Eagle is participating in that offering on behalf of its Client accounts. Covered Persons cannot participate in any public offering of debt Securities if First Eagle is participating in the offering on behalf of its Client accounts unless it is an Exempt Security.

&nbsp;&nbsp;**XIII. Pr**ivate Placements– Special Pre-Clearance Procedures**

Acquisitions of Securities in unaffiliated Private Placements (including any Digital Investment Assets or loans) are subject to special pre-clearance procedures. Private Placements typically include investments in the acquisition of securities of, or loans to, non-firm hedge funds, PIPEs, limited partnerships, limited liability companies, S corporations, and other legal entities. Prior approval is required by the Covered Person's department manager and this approval must be submitted for review to the Code of Ethics Office. The form for this purpose is located in the personal trading system. In determining whether to grant approval, the following should be considered but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Whether
 the investment opportunity should be reserved for Clients;

&nbsp;&nbsp;&nbsp;&nbsp;· Whether
 the opportunity to invest has been offered to a Covered Person solely by virtue of their
 position at First Eagle; or

&nbsp;&nbsp;&nbsp;&nbsp;· Whether
 the opportunity to invest could be considered a favor or gift designed to influence a Covered
 Person's judgment as an employee of First Eagle or as compensation for services rendered
 to the issuer.

**Note**: *A Covered Person must provide documentation confirming their investment in an approved Private Placement to the Code of Ethics Office upon completion of their investment. The Covered Person must also notify, in advance, the Code of Ethics Office if there are any changes in the circumstances of their Private Placement investment (e.g., additional contributions, liquidation or dissolution of the company). Additional contributions to an existing Private Placement must be pre-cleared as new Private Placement investments. For IPOs stemming from an existing Private Placement, refer to the section "Public Offerings.*"

**Investment Persons who have acquired Beneficial Ownership of Securities in a Private Placement, must disclose the investment when playing a part in any consideration of an investment** **by a Client in the issuer of the Securities.** Any decision to make such an investment must be independently reviewed by the Head of a Covered Person's Investment Team or by a portfolio manager who does not have Beneficial Ownership of any Securities of the issuer. The Code of Ethics Office must also be consulted in such instances.

&nbsp;&nbsp;**XIV. Re**portable Accounts**

&nbsp;&nbsp;**A. Accounts Required to be Reported**

The following personal accounts are required to be reported to the Code of Ethics Office: (i) upon hire; (ii) upon a change in a Covered Person's category classification; (iii) before or at the time a new account is opened<sup>1</sup>; and (iv) annually, as described in the section "Reporting and Certification Requirements":

&nbsp;&nbsp;&nbsp;&nbsp;1. Accounts
 in the name of, or for the direct or indirect benefit of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Covered Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Covered Person's spouse, domestic partner, minor children and any other person to whom a Covered Person provides significant financial support, as well as to transactions in any other account over which they exercise investment discretion or trading authority, regardless of Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;*2.* Accounts
 that are fully managed by a third party where a Covered Person does not directly or indirectly
 influence or control investment selections for the account through recommendation, advice,
 pre-approval or otherwise (i.e., suggest or direct any particular purchase or sale of securities
 or consult a particular allocation of investments to be made). **Note**: *Covered Persons will be required to provide documentation to verify that the account is fully managed by their broker or financial adviser and they will be required to execute an initial attestation and annual certification thereafter.* 

<sup>1</sup> FEFD personnel (includes registered representatives and associated persons) must obtain **written authorization** from the Code of Ethics Office prior to opening a Reportable Account at any Broker-dealer (i.e., Designated or Non-Designated Broker-Dealer).

&nbsp;&nbsp;&nbsp;&nbsp;3. Accounts
 that have the ability to hold Reportable Securities, even if the account currently only holds
 Exempt Securities. **Example:** *If a Covered Person has a 401(k) Plan with a prior employer that includes a First Eagle Fund as an investment option, the account is required to be reported regardless of whether a Covered Person holds that particular First Eagle Fund in their account.* 

Examples of the types of accounts that a Covered Person must report if the account holds or has the ability to transact Reportable Securities include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Brokerage
 Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Individual
 Retirement Accounts ("IRAs"), including but not limited to, Traditional IRAs,
 Rollover IRAs, Contributory IRAs, Roth IRAs, SEP IRAs and SIMPLE IRAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 401(k)
 Plans and Other Retirement and Savings Accounts, including Personal Choice Retirement Accounts
 offered through the First Eagle 401(k) plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employee
 Stock Purchase Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Health
 Savings Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Automatic
 Investment Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dividend
 Reinvestment Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct
 Stock Purchase Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Deferred
 Compensation Plan Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Custodial
 Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trust
 Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Variable
 Annuity Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 529
 College Savings Plans.

&nbsp;&nbsp;&nbsp;&nbsp;4. Accounts
 that hold Digital Investment Assets (other than specifically designated Digital Currencies). **Note:** *Refer to glossary or personal trading system dashboard for a list of designated Digital Currencies that are not subject to reporting*.

If a Covered Person is unsure whether an account is required to be reported, please contact Legal and Compliance for guidance.

&nbsp;&nbsp;**B. Reporting of Transactions - Designated Broker-Dealers**

SEC Rules 204A-1 and 17j-1 require an adviser's employees who have been designated as Access Persons and Investment Persons to provide quarterly reports of their personal securities transactions no later than 30 days after the close of each calendar quarter.

To assist Covered Persons with this reporting requirement, First Eagle permits maintaining Reportable Accounts with broker-dealers that provide electronic feeds into the personal trading system as "Designated Broker-Dealers." A list of First Eagle's Designated Broker-Dealers is posted on the personal trading system dashboard. The Code of Ethics Office receives automated trade confirmations and/or account statements directly from these broker-dealers, thereby eliminating the need for a Covered Person's broker-dealer to submit copies of these documents in paper format. At the end of each calendar quarter, Covered Persons are required to review their Securities transactions via the personal trading system and affirm their accuracy.

Covered Persons are required to maintain their Reportable Accounts with a Designated Broker-Dealer, unless they have submitted an exception request in writing and received prior approval from the Code of Ethics Office to maintain the account(s) with a non-Designated Broker-Dealer. For more information, please refer to the section "Reporting of Transactions – Non-Designated Broker-Dealers."

If a Covered Person opens a new Reportable Account with a Designated Broker-Dealer, they must promptly notify Legal and Compliance in writing of the new account and provide account details. FEFD personnel (including registered representatives and associated persons) must obtain written authorization from the Code of Ethics Office prior to opening a Reportable Account at any broker-dealer (i.e., Designated or Non-Designated Broker-Dealer).

&nbsp;&nbsp;**C. Reporting of Transactions - Non-Designated Broker-Dealers**

Certain limited exceptions may be granted that would allow a Covered Person to maintain a Reportable Account with a non-Designated Broker-Dealer. For example, an exception may be granted based on the type of the account (e.g., a 401(k) account with a prior employer, a spousal 401(k) account with the spouse's employer, an employee stock purchase plan account or a direct stock purchase plan account). An exception may also be granted if a Covered Person's spouse works for another investment adviser or broker-dealer with their own designated or preferred broker-dealer requirement.

If the Covered Person is a new Access Person or Investment Person, they are required to transfer their Reportable Account(s) to a Designated Broker-Dealer within a reasonable period of time from the commencement of their employment with First Eagle or from the date they become an Access Person or Investment Person resulting from a change in their category classification, unless they have been granted an exception for the account(s).

Prior to opening an account with a Non-Designated Broker-Dealer, a Covered Person must submit a request in writing to the Code of Ethics Office. The notification must include the name of the broker-dealer, the type of account and the reason(s) for requesting the exception. The Code of Ethics Office will notify the Covered Person as to whether their request was approved or denied.

Covered Persons are required to submit duplicate trade confirmations and/or account statements no later than 30 days after the end of the calendar quarter. The Code of Ethics Office will send a FINRA Rule 3210 Letter to the broker-dealer requesting these documents. If the broker-dealer is unable to routinely provide the documents to First Eagle, Covered Persons are required to provide the documents to the Code of Ethics Office by the deadline. At the end of each calendar quarter, Covered Persons will be required to review the securities transactions via the personal trading system and affirm their accuracy. If the circumstances of the non-Designated Broker-Dealer account change in any way, it is the Covered Person's responsibility to notify the Code of Ethics Office immediately. Please note that the nature of the change in circumstances reported may cause the Designated Broker-Dealer exception to be revoked. Also note that an exception request must be made for each account to the Code of Ethics Office. Covered Persons may not assume that because an exception was granted in one instance that they would necessarily be permitted to open a new account with the same non-Designated Broker-Dealer or another non-Designated Broker-Dealer.

First Eagle treats all trade confirmations and account statements as confidential and only discloses such information to the personal trading system vendor, in connection with an audit request or upon a request by a regulatory authority.

&nbsp;&nbsp;**XV. Re**porting and Certification Requirements**

Under SEC Rule 204A-1, advisers must provide each Supervised Person with a copy of the Code of Ethics and any amendments. The Code of Ethics must also require each Supervised Person to acknowledge its receipt, in writing. For purposes of this Code, Supervised Persons are Covered Persons. In addition, Covered Persons are required to provide a complete report of their respective Securities holdings at the time the person becomes a Covered Person and at least once a year thereafter. The information supplied must be current as of a date not more than 45 days prior to the individual becoming a Covered Person (initial report) or prior to the date the report is submitted (annual report). The Code of Ethics Office provides Covered Persons with notification of, and instructions pertaining to, their initial and annual reporting and certification requirements.

**Covered Persons**

Within 10 days of becoming a Covered Person (either following the commencement of employment with First Eagle or due to a change in their category classification), Covered Persons are required to (1) certify their receipt and understanding of and compliance with the Code of Ethics; and (2) complete an initial report of personal Securities holdings and accounts and submit the report, along with any relevant documentation as requested by the Code of Ethics Office.

On an annual basis, Covered Persons are required to (1) re-certify their understanding of and compliance with the Code of Ethics; (2) provide information regarding their Securities holdings; and (3) certify to a list of their current Reportable Accounts.

**Disinterested Trustees**

Disinterested Trustees are required to report, with respect to any Securities transaction in which they have Beneficial Ownership, if they knew, or in the ordinary course of fulfilling their official duties as Disinterested Trustees, should have known, that 15 days immediately before or after the date of their transaction, the Security or Equivalent Security was purchased or sold by a First Eagle Fund or considered for purchase or sale by a First Eagle Fund. Such report shall be made not later than 30 days after the calendar quarter in which any Securities transaction was effected.

&nbsp;&nbsp;**XVI. E**xemptions from this Policy**

A Covered Person may apply for an exemption from a provision of this Policy by making a request in writing to the Code of Ethics Office. The request must fully describe the basis upon which the request is being made. As part of the consideration process, the Code of Ethics Office will determine if a Client may be disadvantaged by the request and consider any other relevant factors in deciding whether to grant or deny the request.

No exemptions may be granted for those sections of this Policy that are mandated by Rule 17j-1 or Rule 204A-1.

&nbsp;&nbsp;**XVII.** Consequences of Violations of this Policy**

Compliance with this Policy is considered a basic condition of employment with the firm. First Eagle takes this Policy and Covered Persons' obligations under it very seriously. Any violation of this Policy may constitute grounds for remedial action, which may include, without limitation: a letter of education, warning or censure, recertification of this Code, cancellation, liquidations or otherwise unwind the transaction, disgorgement of profits<sup>2</sup>, suspension of trading privileges, termination of officer title, and/or suspension or termination of employment. Situations that are questionable may be resolved against a Covered Person's personal interests. Violations of this Policy may also constitute violations of law, which could result in criminal or civil penalties for a Covered Person and First Eagle.

In addition, the Federal Securities Laws require companies and supervisors to reasonably supervise Covered Persons with a view toward preventing violations of law and violations of a company's Code of Ethics. As a result, all Covered Persons who have supervisory responsibility should endeavor to ensure that the Covered Persons they supervise, including Temporary Workers, are familiar with and remain in compliance with the requirements of this Policy.

<sup>2</sup> Any profits realized as a result of personal transactions that violate the Code of Ethics may be required to be disgorged to a charity or charitable foundation selected by First Eagle, in its sole discretion.

&nbsp;&nbsp;**XVIII.** Reporting of Violations**

Violations of this Code must be reported to the Code of Ethics Office and subsequently to each Company's CCO (or designee). As required by Rule 17j-1, in connection with any First Eagle Fund, the Code of Ethics Office will report on a quarterly basis or as needed, any material violations of this Policy to the Funds' CCO who in turn will report to the First Eagle Funds' Boards of Trustees.

&nbsp;&nbsp;**XIX. Q**uestions Concerning this Policy**

Given the seriousness of the potential consequences of violations of this Policy, all Covered Persons are urged to seek guidance with respect to issues that may arise. Determining whether a situation may create a potential conflict of interest, or the appearance of such a conflict, may not always be easy, and situations inevitably arise from time to time that require interpretation of this Policy as related to particular circumstances. If a Covered Person is unsure whether a proposed transaction is consistent with this Policy, please consult with the Code of Ethics Office.

&nbsp;&nbsp;**XX. C**ode of Ethics Office Contact Information**

For purposes of this Policy, the contact information is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Personal Trading Helpline: **(212) 373-5488**; or

&nbsp;&nbsp;&nbsp;&nbsp;· Outlook
 Group E-Mail Address: <u>CodeofEthics@FEIM.com</u> 

&nbsp;&nbsp;**XXI. D**efinitions**

The following definitions apply to terms that appear in this Policy. Additional definitions are contained in the text itself.

**1940 Act**

The Investment Company Act of 1940, as amended, and the rules and regulations thereunder.

**Access Person**

Any employee, director, trustee, officer, general partner of First Eagle or any Advisory Person of First Eagle, or anyone who has access to non-public information regarding the First Eagle Funds' or Clients purchase or sale of securities and is under First Eagle's supervision and control. For Disinterested Trustees of the First Eagle Funds, see "Application of the Code of Ethics to Disinterested Trustees."

**Advisers Act**

The Investment Advisers Act of 1940, as amended, and the rules and regulations thereunder.

**Advisory Person**

Any employee of First Eagle who, in connection with their regular function or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by a Client and whose functions relate to the making of any recommendations with respect to such purchases or sales, and shall include any natural person control relationship with First Eagle who obtains information concerning recommendations made to Clients with regard to the purchase or sale of a security.

**Affiliated Closed-End Funds**

Closed-end funds that are advised or sub-advised by First Eagle or its subsidiaries or distributed by FEFD. **Note**: Closed-end funds include business development companies and interval funds.

**Affiliated Open-End Funds**

Open-end mutual funds that are advised, sub-advised or distributed by First Eagle.

**Beneficial Ownership**

For purposes of this Policy, Beneficial Ownership is interpreted in the same way as it would under Rule 16a-1(a)(2) of the Exchange Act, and the rules thereunder. A Covered Person is considered to have Beneficial Ownership of Securities if they have or share a direct or indirect Pecuniary Interest in the Securities. Through indirect Pecuniary Interest, a Covered Person will generally be deemed to have Beneficial Ownership of Securities held by members of their immediate family sharing the same household and other individuals for whom the Covered Person provides significant economic support, and Securities held in investment vehicles for which the Covered Person serves as general partner or managing member, among other circumstances. See the definition of "Pecuniary Interest" below.

A Covered Person is also considered to have Beneficial Ownership of Securities held in a trust where (i) they act as trustee and either their or members of their immediate family have a vested interest in the principal or income of the trust; or (ii) the Covered Person acts as settlor of a trust, unless the consent of all of the beneficiaries is required in order for the trust to be revoked.

**Broad-Based Market Exchange Traded Fund ("BB ETF")**

Generally, an index designed to reflect the movement of an entire market. BB ETFs will have a minimum of 30 securities with no one security representing more than 25% of the index at the time of purchase.

**Clients**

Collectively, the First Eagle Funds, sub-advised Funds, private funds, private pooled vehicles and separately managed accounts.

**Control**

Shall have the same meaning as set forth in Section 2(a)(9) of the 1940 Act.

**Designated Broker-Dealer**

As determined by the CCO, a broker-dealer that directly provides First Eagle with automated trade confirmations and/or account statements for Covered Persons.

**Disinterested Trustee**

Disinterested Trustee of the First Eagle Funds shall mean a trustee thereof who is not an "interested person" of the First Eagle Funds within the meaning of Section 2(a)(19) of the Act.

**Digital Investment Asset**

An asset that is issued and transferred using distributed ledger or blockchain technology, including, but not limited to, so-called "coins", and "tokens."

**Digital Currency**

Any Digital Investment Asset that has been designated as a "virtual currency" based on the use of distributed ledger or blockchain technology to store and transfer value interests. As of the Effective Date of this Code of Ethics, First Eagle recognizes Bitcoin, Ethereum, and Litecoin as Digital Currencies, which will not be subject to pre-clearance or reporting. All other distributed ledger or blockchain technology stored value interests are deemed Digital Investment Assets and are subject to pre-clearance, unless specifically designated a Digital Currency by the Code of Ethics Office. A designation by First Eagle of any distributed ledger or blockchain technology stored value interests as a Digital Currency or Digital Investment Asset is solely for purposes of this Code of Ethics and should not be relied on for any other purpose.

**Equivalent Security**

An "Equivalent Security" for purposes of this Policy means any option (including options on digital investment assets and digital currencies), warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege at a price related to the value of the underlying Security, or similar Securities with a price derived from the value of the underlying Security.

**ETF**

An exchange-traded fund (ETF) is an investment vehicle that has many of the attributes of mutual funds but trades throughout the day on an exchange like a stock.

**Exchange Act**

Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

**Federal Securities Laws**

Including without limitation, the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Securities Act, the Exchange Act, the Sarbanes-Oxley Act of 2002, the Gramm-Leach-Bliley Act, the Dodd-Frank Act of 2010, any rules adopted by the SEC and other regulatory bodies under these statutes, the U.S.A. Patriot Act and Bank Secrecy Act as they apply to mutual funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of Treasury.

**First Eagle**

First Eagle Investment Management, LLC ("FEIM"), FEF Distributors, LLC, First Eagle Alternative Credit, LLC, First Eagle Separate Account Management, LLC, First Eagle Investment Management, LTD, First Eagle Investment Management, GMBH and the First Eagle Funds (individually or collectively, as the context may require).

**First Eagle Funds**

Open and Closed-End Funds that are part of the First Eagle Family of Funds (each a "First Eagle Fund" and collectively, the "First Eagle Funds").

**IPO**

An initial public offering, also referred to as a "new issue" under Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5130, means an offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the requirements of Section 13 or 15(d) of the Exchange Act to file public periodic reports with the SEC.

**Narrow-Based Security Indices for Futures**

As set out by the NFA/CFTC (which is different from how we determine narrow based indices for ETFs) an index is considered a narrow-based security index if it has any one of the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 index consists of nine or fewer component securities;

&nbsp;&nbsp;&nbsp;&nbsp;· One
 stock constitutes more than 30% of the index's weightings;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 five highest weighted stocks comprise more than 60 percent of the index's weightings;
 or

&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 in the lowest 25% of the index's weighting fall below specified thresholds of average
 daily trading volume.

**Non-Public Information**

Non-Public Information is information which has not been made available to investors generally. Information received in circumstances indicating that it is not yet in general circulation or when the recipient knows or should know that the information can only have been provided by an "insider" is also Non-Public Information.

**NYSE**

New York Stock Exchange

**Pecuniary Interest**

A Covered Person has a Pecuniary Interest in Securities if they have the opportunity to directly or indirectly benefit or share in any profit derived from a transaction in the Securities. The following are examples of an *indirect* pecuniary interest in Securities:

&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 held by members of a Covered Person's immediate family sharing the same household unless
 it can be established that profits derived from transactions in these Securities do not provide
 the Covered Person with any economic benefit, subject to review and approval by Legal and
 Compliance. Immediate family means any child, stepchild, grandchild, parent, stepparent,
 grandparent, spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law,
 daughter-in-law, brother-in-law or sister-in-law, and includes any adoptive relationship;

&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 held by any individual for whom the Covered Person provided significant economic support
 during the immediately preceding 12-month period, even if such individual does not share
 the same household;

&nbsp;&nbsp;&nbsp;&nbsp;· A
 Covered Person's interest as a general partner in Securities held by a partnership;
 or

&nbsp;&nbsp;&nbsp;&nbsp;· A
 Covered Person's interest as a managing-member in the Securities held by a limited
 liability company.

A Covered Person does not have a pecuniary interest in the Securities held by a corporation or similar entity in which they hold an equity interest, unless the Covered Person is a controlling shareholder of the entity or has or shares investment control over the Securities held by the corporation or similar entity.

**PIPEs**

Private investments in public equities.

**Policy**

This Personal Securities Transactions Policy, also referred to as the Code of Ethics.

**Private Placements**

A private placement is an offering of securities that is exempt from registration under various laws and rules, such as the Securities Act, including investments in limited partnerships and hedge funds. Although private placements are subject to the Securities Act, the Securities offered do not have to be registered with the SEC if the issuance of the securities conforms to an exemption from registration as set forth in the Securities Act and SEC rules. As used in this Code of Ethics, a private placement includes the offering of loans.

**Reportable Account**

An account that is required to be reported by Covered Persons under this Policy.

**SEC**

Securities and Exchange Commission.

**SEC Rule 204A-1**

Rule 204A-1 under the Advisers Act, also known as the "Code of Ethics Rule."

**Securities Act**

Securities Act of 1933, as amended, and the rules and regulations thereunder.

**Security**

The term "Security", as defined in Section 202(a)(18) of the Advisers Act, means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

For purposes of this Policy, commodities, futures and options traded on a commodities exchange, including currency futures, are not Securities. However, securities futures, financial futures and futures and options on narrow-based security indices of securities are Securities.

**Security Future**

A security future product is a future whose underlying instrument is either a single security or a narrow-based security index.

**Supervised Person**

Supervised Person means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser.

**Temporary Worker**

An intern, consultant or person working on a contract basis.

Revision History

First Eagle Investment Management, LLC and FEF Distributors, LLC

First Eagle Funds and First Eagle Variable Funds

Amended Dates: October 1, 2021; September 10, 2020, December 17, 2019; January 1, 2019, April 1, 2017; October 2014; September 2012; April 2012

First Eagle Credit Opportunities Fund

Date Adopted: October 1, 2021

First Eagle Alternative Credit, LLC

Date Adopted: October 1, 2021

First Eagle Global Opportunities Fund

Date Adopted: September 27, 2022

## Ex-99.Cert

**Exhibit 99.CERT** 

**CERTIFICATIONS**

I, **MEHDI MAHMUD**, certify that:

1. I have reviewed this report on Form N-CSR of the First Eagle
Variable Funds;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in the report any change in the registrant's internal control over financial reporting
that occurred during the most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit
committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 8, 2023 | /s/ Mehdi Mahmud |
|  | MEHDI MAHMUD |
|  | Principal Executive Officer |

---

**CERTIFICATIONS**

I, **JOSEPH T. MALONE,** certify that:

1. I have reviewed this report on Form N-CSR of the First Eagle
Variable Funds;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in the report any change in the registrant's internal control over financial reporting
that occurred during the most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit
committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 8, 2023 | /s/ Joseph T. Malone |
|  | JOSEPH T. MALONE |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002**

Name of Issuer: First Eagle Variable Funds

In connection with the Report on Form N-CSR for the above named issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Issuer.

---

| | |
|:---|:---|
| Date: March 8, 2023 | /s/ Mehdi Mahmud |
|  | MEHDI MAHMUD |
|  | Principal Executive Officer |

---

---

| | |
|:---|:---|
| Date: March 8, 2023 | /s/ Joseph T. Malone |
|  | JOSEPH T. MALONE |
|  | Principal Financial Officer |

---