# EDGAR Filing Document

**Accession Number:** 0001000249
**File Stem:** 0002071691-26-005294
**Filing Date:** 2026-2
**Character Count:** 49482
**Document Hash:** 300af48cf9f1251cf1d82638fcb8e0c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-005294.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002071691-26-005294

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09092
- **FILM NUMBER:** 26696585

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** First Eagle Variable Funds

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10105

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

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

- **a. Name of Series:** First Eagle Overseas Variable Fund

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $259180161.72

**Total Liabilities:** $647725.04

**Net Assets:** $258532436.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000031720 | 1.65%                | 1.85%                | 2.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $732134.45               | $3015068.44                                |
| Month 2  | $1129420.14              | $3598448.30                                |
| Month 3  | $1758613.51              | $4230877.31                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                        | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ambev SA                                    | Ambev SA                                    | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |   1183696 | NS      | $2923729.12   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo plc                                  | Diageo plc                                  | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               | CORP              | GB        |     46921 | NS      | $1011049.67   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems plc                             | BAE Systems plc                             | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |    118875 | NS      | $2735914.83   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Big Yellow Group plc                        | Big Yellow Group plc                        | CUSIP: N/A<br>LEI: 213800W7Q4V2ZI8LIW31       | Long             | EC               | CORP              | GB        |     48057 | NS      | $675812.50    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco plc                | British American Tobacco plc                | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |    108374 | NS      | $6143793.05   | 2.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Mining Corp.                        | Barrick Mining Corp.                        | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     35235 | NS      | $1534484.25   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Lloyds Banking Group plc                    | Lloyds Banking Group plc                    | CUSIP: N/A<br>LEI: 549300PPXHEU2JF0AM85       | Long             | EC               | CORP              | GB        |   2257693 | NS      | $2986282.91   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $3027.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-22894.89    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1325.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1187.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-55.89       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $24.56        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-2060.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $2623.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd.                     | Agnico Eagle Mines Ltd.                     | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      3158 | NS      | $535540.48    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia Cervecerias Unidas SA                   | Cia Cervecerias Unidas SA                   | CUSIP: 204429104<br>LEI: 529900BJW9B0O6LI2R39 | Long             | EC               | CORP              | CL        |    151598 | NS      | $1934390.48   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CAE, Inc.                                   | CAE, Inc.                                   | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |     10808 | NS      | $328677.22    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Oil Ltd.                           | Imperial Oil Ltd.                           | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |     90274 | NS      | $7799126.39   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Itausa SA                                   | Itausa SA (Preference)                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    868370 | NS      | $1849609.18   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Mexico SAB de CV                      | Grupo Mexico SAB de CV, Series B            | CUSIP: N/A<br>LEI: 529900JWLZAYET2ZGW20       | Long             | EC               | CORP              | MX        |    183724 | NS      | $1734754.50   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Corp. of Canada                       | Power Corp. of Canada                       | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               | CORP              | CA        |     68583 | NS      | $3645134.86   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano SAB de CV        | Fomento Economico Mexicano SAB de CV        | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |     39615 | NS      | $4003888.05   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE         | LVMH Moet Hennessy Louis Vuitton SE         | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |      6887 | NS      | $5190978.14   | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HAL Trust                                   | HAL Trust                                   | CUSIP: N/A<br>LEI: 5493000O3IE3DNOY3R07       | Long             | EC               | CORP              | BM        |      4345 | NS      | $721217.49    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Kesko OYJ                                   | Kesko OYJ, Class B                          | CUSIP: N/A<br>LEI: 743700OX6HSVMCAHPB95       | Long             | EC               | CORP              | FI        |     43238 | NS      | $975635.56    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| L E Lundbergforetagen AB                    | L E Lundbergforetagen AB, Class B           | CUSIP: N/A<br>LEI: 529900BPSFZS6O3A9R04       | Long             | EC               | CORP              | SE        |     14074 | NS      | $777045.22    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck KGaA                                  | Merck KGaA                                  | CUSIP: N/A<br>LEI: 529900OAREIS0MOPTW25       | Long             | EC               | CORP              | DE        |     34622 | NS      | $4941364.58   | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan US Government Money Market Fund    | JPMorgan US Government Money Market Fund    | CUSIP: 4812C0670<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        |    963209 | NS      | $963208.80    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Henkel AG & Co. KGaA                        | Henkel AG & Co. KGaA (Preference)           | CUSIP: N/A<br>LEI: 549300VZCL1HTH4O4Y49       | Long             | EC               | CORP              | DE        |     23218 | NS      | $1894236.76   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Laurent-Perrier                             | Laurent-Perrier                             | CUSIP: N/A<br>LEI: 96950036OIHAEGNGJ871       | Long             | EC               | CORP              | FR        |      9212 | NS      | $965674.06    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| USS Co. Ltd.                                | USS Co. Ltd.                                | CUSIP: N/A<br>LEI: 5299000RRQD6UZXG4W72       | Long             | EC               | CORP              | JP        |     58700 | NS      | $642331.38    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| KT&G Corp.                                  | KT&G Corp.                                  | CUSIP: N/A<br>LEI: 988400ZJV6ISYBLQX875       | Long             | EC               | CORP              | KR        |     35380 | NS      | $3489985.08   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Chofu Seisakusho Co. Ltd.                   | Chofu Seisakusho Co. Ltd.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     19200 | NS      | $247273.23    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiichikosho Co. Ltd.                       | Daiichikosho Co. Ltd.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     15708 | NS      | $168994.72    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| FANUC Corp.                                 | FANUC Corp.                                 | CUSIP: N/A<br>LEI: 529900QTSW745LOKW705       | Long             | EC               | CORP              | JP        |    116700 | NS      | $4541468.72   | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Bank PCL                            | Bangkok Bank PCL                            | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    298305 | NS      | $1603875.89   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Guoco Group Ltd.                            | Guoco Group Ltd.                            | CUSIP: N/A<br>LEI: 3OIHUMDMI0Z4XVPQ8V78       | Long             | EC               | CORP              | BM        |    157670 | NS      | $1433339.67   | 0.55%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Fursys, Inc.                                | Fursys, Inc.                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     13299 | NS      | $429744.51    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Pilot Corp.                                 | Pilot Corp.                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1700 | NS      | $52991.15     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Hirose Electric Co. Ltd.                    | Hirose Electric Co. Ltd.                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     13980 | NS      | $1547089.93   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Hongkong Land Holdings Ltd.                 | Hongkong Land Holdings Ltd.                 | CUSIP: N/A<br>LEI: 213800XCHYNRPAYGXW28       | Long             | EC               | CORP              | BM        |    254800 | NS      | $1770024.33   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mobis Co. Ltd.                      | Hyundai Mobis Co. Ltd.                      | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |      8115 | NS      | $2105691.43   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Matheson Holdings Ltd.              | Jardine Matheson Holdings Ltd.              | CUSIP: N/A<br>LEI: 2138009KENVUNWOLPK41       | Long             | EC               | CORP              | BM        |     55780 | NS      | $3806721.33   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| As One Corp.                                | As One Corp.                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     57320 | NS      | $878596.39    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Kansai Paint Co. Ltd.                       | Kansai Paint Co. Ltd.                       | CUSIP: N/A<br>LEI: 549300ERRV6FTKH9NN70       | Long             | EC               | CORP              | JP        |    193580 | NS      | $3058011.47   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp.                               | Keyence Corp.                               | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |      5000 | NS      | $1808625.01   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| NAVER Corp.                                 | NAVER Corp.                                 | CUSIP: N/A<br>LEI: 988400ULUQYDB2HQYJ61       | Long             | EC               | CORP              | KR        |      9148 | NS      | $1537793.40   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp.                   | Mitsubishi Electric Corp.                   | CUSIP: N/A<br>LEI: 549300TRXM9Y6561AX39       | Long             | EC               | CORP              | JP        |    117600 | NS      | $3428846.30   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Nagaileben Co. Ltd.                         | Nagaileben Co. Ltd.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     24110 | NS      | $277037.51    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| NongShim Co. Ltd.                           | NongShim Co. Ltd.                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      2914 | NS      | $872667.88    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Nihon Kohden Corp.                          | Nihon Kohden Corp.                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    112300 | NS      | $1208482.78   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                | Nutrien Ltd.                                | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     49331 | NS      | $3044709.32   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SMC Corp.                                   | SMC Corp.                                   | CUSIP: N/A<br>LEI: 353800O40V08DOZ70X62       | Long             | EC               | CORP              | JP        |     10460 | NS      | $3619169.29   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co. Ltd.                | Samsung Electronics Co. Ltd.                | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     37706 | NS      | $3160324.56   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co. Ltd.                | Samsung Electronics Co. Ltd. (Preference)   | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     64331 | NS      | $3993077.65   | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Secom Co. Ltd.                              | Secom Co. Ltd.                              | CUSIP: N/A<br>LEI: 529900TYCL9N3E9PGE47       | Long             | EC               | CORP              | JP        |     88720 | NS      | $3152593.67   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano, Inc.                               | Shimano, Inc.                               | CUSIP: N/A<br>LEI: 529900L32YT3P9DECR10       | Long             | EC               | CORP              | JP        |     29160 | NS      | $3049290.57   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Kaken Co. Ltd.                           | SK Kaken Co. Ltd.                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      6390 | NS      | $453232.06    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| T Hasegawa Co. Ltd.                         | T Hasegawa Co. Ltd.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     29300 | NS      | $528238.49    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd.                   | United Overseas Bank Ltd.                   | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |    119000 | NS      | $3241028.32   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| UOL Group Ltd.                              | UOL Group Ltd.                              | CUSIP: N/A<br>LEI: 254900O9PRCWTMR86R25       | Long             | EC               | CORP              | SG        |    261800 | NS      | $1778050.52   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Sodexo SA                                   | Sodexo SA                                   | CUSIP: N/A<br>LEI: 969500LCBOG12HXPYM84       | Long             | EC               | CORP              | FR        |      9861 | NS      | $505238.40    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Groupe Bruxelles Lambert NV                 | Groupe Bruxelles Lambert NV                 | CUSIP: N/A<br>LEI: 549300KV0ZEHT2KVU152       | Long             | EC               | CORP              | BE        |     43448 | NS      | $3863589.14   | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                   | Nestle SA (Registered)                      | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     37227 | NS      | $3695119.30   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Wendel SE                                   | Wendel SE                                   | CUSIP: N/A<br>LEI: 969500M98ZMIZYJD5O34       | Long             | EC               | CORP              | FR        |      6827 | NS      | $657498.04    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken NV                                 | Heineken NV                                 | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |     10435 | NS      | $860959.73    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Co.                       | Saudi Arabian Oil Co.                       | CUSIP: 80414PDE3<br>LEI: 5586006WD91QHB7J4X50 | Long             | STIV             | CORP              | SA        |   2000000 | PA      | $1978475.80   | 0.77%             | 2026-04-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd. | Taiwan Semiconductor Manufacturing Co. Ltd. | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     18499 | NS      | $5621661.11   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                    | U.S. Treasury Bills                         | CUSIP: 912797QN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    250000 | PA      | $246796.04    | 0.10%             | 2026-05-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                    | U.S. Treasury Bills                         | CUSIP: 912797RL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    250000 | PA      | $249163.86    | 0.10%             | 2026-02-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                    | U.S. Treasury Bills                         | CUSIP: 912797SN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    500000 | PA      | $494220.84    | 0.19%             | 2026-04-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                    | U.S. Treasury Bills                         | CUSIP: 912797TD9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    250000 | PA      | $245943.34    | 0.10%             | 2026-06-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Wheaton Precious Metals Corp.               | Wheaton Precious Metals Corp.               | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |      6544 | NS      | $769050.88    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1151.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-14341.21    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $53781.57     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $46211.09     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-2026.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $9642.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Gold bullion                                | Gold bullion                                | CUSIP: N/A<br>LEI: N/A                        | Long             | COMM             |  | US        |     10073 | OU      | $43445567.74  | 16.80%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1765.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-20167.47    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $41695.94     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| AG Anadolu Grubu Holding A/S                | AG Anadolu Grubu Holding A/S                | CUSIP: N/A<br>LEI: 789000K5XY4AZWGQQU40       | Long             | EC               | CORP              | TR        |   1120905 | NS      | $749498.47    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken Holding NV                         | Heineken Holding NV                         | CUSIP: N/A<br>LEI: 724500M1WJLFM9TYBS04       | Long             | EC               | CORP              | NL        |     20198 | NS      | $1479036.10   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG                        | Schindler Holding AG                        | CUSIP: N/A<br>LEI: 5299007DRLI319H7Q933       | Long             | EC               | CORP              | CH        |      8850 | NS      | $3328176.37   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG                        | Schindler Holding AG (Registered)           | CUSIP: N/A<br>LEI: 5299007DRLI319H7Q933       | Long             | EC               | CORP              | CH        |      1358 | NS      | $480517.17    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                                  | Legrand SA                                  | CUSIP: N/A<br>LEI: 969500XXRPGD7HCAFA90       | Long             | EC               | CORP              | FR        |     11721 | NS      | $1742476.35   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Life Insurance Co. Ltd.             | Samsung Life Insurance Co. Ltd.             | CUSIP: N/A<br>LEI: 988400VYE6E0WYSM4S92       | Long             | EC               | CORP              | KR        |     14742 | NS      | $1611522.61   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Thai Beverage PCL                           | Thai Beverage PCL                           | CUSIP: N/A<br>LEI: 529900VZFHQZ684D8L07       | Long             | EC               | CORP              | TH        |    729592 | NS      | $260868.37    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Orkla ASA                                   | Orkla ASA                                   | CUSIP: N/A<br>LEI: 549300PZS8G8RG6RVZ52       | Long             | EC               | CORP              | NO        |    210153 | NS      | $2340209.39   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrivarden AB                           | Industrivarden AB, Class C                  | CUSIP: N/A<br>LEI: 549300TM1DLIQI3B3T37       | Long             | EC               | CORP              | SE        |     24527 | NS      | $1097908.63   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                   | Danone SA                                   | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |     39943 | NS      | $3602822.37   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group plc                 | Reckitt Benckiser Group plc                 | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |     53643 | NS      | $4340756.53   | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Franco-Nevada Corp.                         | Franco-Nevada Corp.                         | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |      2699 | NS      | $559464.13    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TIS, Inc.                                   | TIS, Inc.                                   | CUSIP: N/A<br>LEI: 35380064HYEZXBQHDF07       | Long             | EC               | CORP              | JP        |     37700 | NS      | $1266553.85   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings, Inc.        | MS&AD Insurance Group Holdings, Inc.        | CUSIP: N/A<br>LEI: 529900CXROT5S2HMMP26       | Long             | EC               | CORP              | JP        |    127200 | NS      | $2986277.62   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresnillo plc                               | Fresnillo plc                               | CUSIP: N/A<br>LEI: 549300JXWH1UV5J0XV81       | Long             | EC               | CORP              | GB        |     15964 | NS      | $711842.14    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoshizaki Corp.                             | Hoshizaki Corp.                             | CUSIP: N/A<br>LEI: 5299001QAMLGU3SRBG20       | Long             | EC               | CORP              | JP        |     57500 | NS      | $1915269.22   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd.                              | AIA Group Ltd.                              | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |    224400 | NS      | $2309770.20   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Brenntag SE                                 | Brenntag SE                                 | CUSIP: N/A<br>LEI: NNROIXVWJ7CPSR27SV97       | Long             | EC               | CORP              | DE        |      8534 | NS      | $495348.35    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Sompo Holdings, Inc.                        | Sompo Holdings, Inc.                        | CUSIP: N/A<br>LEI: 353800CWW4SRGEYEB512       | Long             | EC               | CORP              | JP        |     60600 | NS      | $2056898.31   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Bakkafrost P/F                              | Bakkafrost P/F                              | CUSIP: N/A<br>LEI: 2138007LH7OP4V112978       | Long             | EC               | CORP              | FO        |     18471 | NS      | $944063.81    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Astra International Tbk. PT                 | Astra International Tbk. PT                 | CUSIP: N/A<br>LEI: 529900L49TRJOMG4DK47       | Long             | EC               | CORP              | ID        |   2497300 | NS      | $1002308.94   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                 | Cie Financiere Richemont SA (Registered)    | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |     23351 | NS      | $5035667.55   | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Great Portland Estates plc                  | Great Portland Estates plc                  | CUSIP: N/A<br>LEI: 213800JMEDD2Q4N1MC42       | Long             | EC               | CORP              | GB        |    112358 | NS      | $481064.04    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                                   | Prosus NV                                   | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |     91400 | NS      | $5659394.75   | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                  | Alibaba Group Holding Ltd.                  | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |    187368 | NS      | $3440256.77   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes SE                        | Dassault Systemes SE                        | CUSIP: N/A<br>LEI: 96950065LBWY0APQIM86       | Long             | EC               | CORP              | FR        |     16537 | NS      | $462014.91    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Investor AB                                 | Investor AB, Class B                        | CUSIP: N/A<br>LEI: 549300VEBQPHRZBKUX38       | Long             | EC               | CORP              | SE        |    104692 | NS      | $3730762.09   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon plc                                  | Haleon plc                                  | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |    530418 | NS      | $2680404.32   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| FUCHS SE                                    | FUCHS SE (Preference)                       | CUSIP: N/A<br>LEI: 529900SNF9E1P5ZO4P98       | Long             | EC               | CORP              | DE        |     35787 | NS      | $1593834.27   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkeley Group Holdings plc                 | Berkeley Group Holdings plc                 | CUSIP: N/A<br>LEI: 2138009OQSSLVVHQAL78       | Long             | EC               | CORP              | GB        |     40683 | NS      | $2141195.27   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell plc                                   | Shell plc                                   | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    194893 | NS      | $7219628.13   | 2.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Pluxee NV                                   | Pluxee NV                                   | CUSIP: N/A<br>LEI: 213800RQNIQT48SEEO85       | Long             | EC               | CORP              | NL        |     12776 | NS      | $200374.83    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Brazilian Real                              | Brazilian Real                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | BR        |         0 | OU      | $0.04         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnum Ice Cream Co. NV (The)               | Magnum Ice Cream Co. NV (The)               | CUSIP: N/A<br>LEI: 25490052LLF3XH6G9847       | Long             | EC               | CORP              | NL        |     47230 | NS      | $755751.94    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever plc                                | Unilever plc                                | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |     57910 | NS      | $3789032.08   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                | Wal-Mart de Mexico SAB de CV                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    517969 | NS      | $1614527.28   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Svenska Handelsbanken AB                    | Svenska Handelsbanken AB, Class A           | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | EC               | CORP              | SE        |     95212 | NS      | $1379387.93   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Asset Holdings Ltd.                      | CK Asset Holdings Ltd.                      | CUSIP: N/A<br>LEI: 5299006GJZSGP78B8S35       | Long             | EC               | CORP              | KY        |    413000 | NS      | $2088494.07   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| North West Co., Inc. (The)                  | North West Co., Inc. (The)                  | CUSIP: 663278208<br>LEI: 254900VT1HQAZR3IVM76 | Long             | EC               | CORP              | CA        |      3730 | NS      | $132916.32    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Dollar                             | Canadian Dollar                             | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | CA        |        -0 | OU      | $-0.02        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Swiss Franc                                 | Swiss Franc                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | CH        |        -0 | OU      | $-0.01        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Danish Krone                                | Danish Krone                                | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | DK        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EURO                                        | EURO                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |         2 | OU      | $2.64         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| British Pound                               | British Pound                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | GB        |         0 | OU      | $0.01         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Indonesian Rupiah                           | Indonesian Rupiah                           | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | ID        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Indian Rupee                                | Indian Rupee                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | IN        |        86 | OU      | $0.95         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Japanese Yen                                | Japanese Yen                                | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | JP        |        -1 | OU      | $-0.01        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| South Korea Won                             | South Korea Won                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | KR        |        43 | OU      | $0.03         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| New Mexican Pesos                           | New Mexican Pesos                           | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | MX        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Polish Zloty - New                          | Polish Zloty - New                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | PL        |         4 | OU      | $1.21         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedish Krona                               | Swedish Krona                               | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | SE        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Turkish Lira                                | Turkish Lira                                | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | TR        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Shuang Wu

**Name of Signer:** Shuang Wu

**Title:** Treasurer