# EDGAR Filing Document

**Accession Number:** 0001000249
**File Stem:** 0001752724-25-211702
**Filing Date:** 2025-8
**Character Count:** 48269
**Document Hash:** 48a8a0e399f992b527421262fdb48925
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211702.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211702

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**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:** 251272991

**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:** 2025-06-30

**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:** $248219065.23

**Total Liabilities:** $1552031.10

**Net Assets:** $246667034.13

**Cash Not Reported:** $100797.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000031720 | 3.35%                | 2.05%                | 2.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1328309.75              | $6111957.54                                |
| Month 2  | $2197675.64              | $1776804.41                                |
| Month 3  | $566333.44               | $4894699.41                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                        | Title                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bangkok Bank PCL                            | Bangkok Bank PCL                                            | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    349005 | NS      | $1493338.42   | 0.61%             |  |  |  | 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      | $-26669.85    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SK Kaken Co. Ltd.                           | SK Kaken Co. Ltd.                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      7990 | NS      | $474389.78    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd. | Taiwan Semiconductor Manufacturing Co. Ltd.                 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     22641 | NS      | $5127960.09   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HAL Trust                                   | HAL Trust                                                   | CUSIP: N/A<br>LEI: 5493000O3IE3DNOY3R07       | Long             | EC               | CORP              | BM        |      4345 | NS      | $621199.19    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                  | Alibaba Group Holding Ltd.                                  | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |    230468 | NS      | $3262493.38   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Bakkafrost P/F                              | Bakkafrost P/F                                              | CUSIP: N/A<br>LEI: 2138007LH7OP4V112978       | Long             | EC               | CORP              | FO        |     17629 | NS      | $793510.19    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell plc                                   | Shell plc                                                   | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    182592 | NS      | $6412539.29   | 2.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                   | Danone SA                                                   | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |     50540 | NS      | $4135351.39   | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                                   | Sanofi SA                                                   | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     18911 | NS      | $1830844.14   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Thai Beverage PCL                           | Thai Beverage PCL                                           | CUSIP: N/A<br>LEI: 529900VZFHQZ684D8L07       | Long             | EC               | CORP              | TH        |    729592 | NS      | $264075.03    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Brenntag SE                                 | Brenntag SE                                                 | CUSIP: N/A<br>LEI: NNROIXVWJ7CPSR27SV97       | Long             | EC               | CORP              | DE        |      8534 | NS      | $565377.25    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco plc                | British American Tobacco plc                                | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |    127571 | NS      | $6065537.74   | 2.46%             |  |  |  | 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      | $-418740.09   | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| As One Corp.                                | As One Corp.                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     49420 | NS      | $852811.29    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| NAVER Corp.                                 | NAVER Corp.                                                 | CUSIP: N/A<br>LEI: 988400ULUQYDB2HQYJ61       | Long             | EC               | CORP              | KR        |     10486 | NS      | $2036223.88   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                    | Svenska Handelsbanken AB, Class A                           | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | EC               | CORP              | SE        |     98916 | NS      | $1324216.89   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Franco-Nevada Corp.                         | Franco-Nevada Corp.                                         | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |      1725 | NS      | $283207.82    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Groupe Bruxelles Lambert NV                 | Groupe Bruxelles Lambert NV                                 | CUSIP: N/A<br>LEI: 549300KV0ZEHT2KVU152       | Long             | EC               | CORP              | BE        |     47362 | NS      | $4042859.31   | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                    | Lloyds Banking Group plc                                    | CUSIP: N/A<br>LEI: 549300PPXHEU2JF0AM85       | Long             | EC               | CORP              | GB        |   2917061 | NS      | $3067342.14   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Kansai Paint Co. Ltd.                       | Kansai Paint Co. Ltd.                                       | CUSIP: N/A<br>LEI: 549300ERRV6FTKH9NN70       | Long             | EC               | CORP              | JP        |    204480 | NS      | $2803561.42   | 1.14%             |  |  |  | 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      | $169244.32    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Wheaton Precious Metals Corp.               | Wheaton Precious Metals Corp.                               | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     10943 | NS      | $982681.40    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Pluxee NV                                   | Pluxee NV                                                   | CUSIP: N/A<br>LEI: 213800RQNIQT48SEEO85       | Long             | EC               | CORP              | NL        |     13195 | NS      | $287697.48    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano, Inc.                               | Shimano, Inc.                                               | CUSIP: N/A<br>LEI: 529900L32YT3P9DECR10       | Long             | EC               | CORP              | JP        |     28160 | NS      | $4082649.37   | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Oil Ltd.                           | Imperial Oil Ltd.                                           | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |    104545 | NS      | $8305252.87   | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Eagle Holdings Ltd.                   | Great Eagle Holdings Ltd.                                   | CUSIP: N/A<br>LEI: 529900V6LG3TC9XC5S67       | Long             | EC               | CORP              | BM        |    174040 | NS      | $304183.95    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Nihon Kohden Corp.                          | Nihon Kohden Corp.                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     90100 | NS      | $1072283.23   | 0.43%             |  |  |  | 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        |    142200 | NS      | $3178967.49   | 1.29%             |  |  |  | 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        |    114409 | NS      | $692996.19    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                    | U.S. Treasury Bills                                         | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    250000 | PA      | $246125.20    | 0.10%             | 2025-11-13      | None          | 0.00%                 | No            |                  2 | 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        |      6260 | NS      | $3276358.66   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Asset Holdings Ltd.                      | CK Asset Holdings Ltd.                                      | CUSIP: N/A<br>LEI: 5299006GJZSGP78B8S35       | Long             | EC               | CORP              | KY        |    441500 | NS      | $1950910.85   | 0.79%             |  |  |  | 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      | $-10691.67    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG                        | Schindler Holding AG                                        | CUSIP: N/A<br>LEI: 5299007DRLI319H7Q933       | Long             | EC               | CORP              | CH        |     10937 | NS      | $4072612.83   | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| CAE, Inc.                                   | CAE, Inc.                                                   | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |     10808 | NS      | $316759.52    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp.                               | Newmont Corp.                                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     11932 | NS      | $695158.32    | 0.28%             |  |  |  | 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        |     44000 | NS      | $4531120.00   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp.                        | Barrick Mining Corp.                                        | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     29383 | NS      | $611754.06    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Chofu Seisakusho Co. Ltd.                   | Chofu Seisakusho Co. Ltd.                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     30900 | NS      | $391546.49    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                | Nutrien Ltd.                                                | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     53894 | NS      | $3138786.56   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp.                            | CVS Caremark Corp.                                          | CUSIP: 12665JU15<br>LEI: 549300EJG376EN5NQE29 | Long             | STIV             | CORP              | US        |    417000 | PA      | $416944.21    | 0.17%             | 2025-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FANUC Corp.                                 | FANUC Corp.                                                 | CUSIP: N/A<br>LEI: 529900QTSW745LOKW705       | Long             | EC               | CORP              | JP        |    126400 | NS      | $3431417.21   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                 | Cie Financiere Richemont SA (Registered)                    | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |     27524 | NS      | $5208445.69   | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrivarden AB                           | Industrivarden AB, Class C                                  | CUSIP: N/A<br>LEI: 549300TM1DLIQI3B3T37       | Long             | EC               | CORP              | SE        |     25642 | NS      | $928541.56    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Orkla ASA                                   | Orkla ASA                                                   | CUSIP: N/A<br>LEI: 549300PZS8G8RG6RVZ52       | Long             | EC               | CORP              | NO        |    233573 | NS      | $2543958.62   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Gold, Inc.                            | Royal Gold, Inc.                                            | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      2397 | NS      | $426282.48    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TIS, Inc.                                   | TIS, Inc.                                                   | CUSIP: N/A<br>LEI: 35380064HYEZXBQHDF07       | Long             | EC               | CORP              | JP        |     39800 | NS      | $1333685.00   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                                  | Legrand SA                                                  | CUSIP: N/A<br>LEI: 969500XXRPGD7HCAFA90       | Long             | EC               | CORP              | FR        |     13986 | NS      | $1874523.06   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Sodexo SA                                   | Sodexo SA                                                   | CUSIP: N/A<br>LEI: 969500LCBOG12HXPYM84       | Long             | EC               | CORP              | FR        |     10748 | NS      | $661501.46    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Fursys, Inc.                                | Fursys, Inc.                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     13299 | NS      | $432350.04    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| KT&G Corp.                                  | KT&G Corp.                                                  | CUSIP: N/A<br>LEI: 988400ZJV6ISYBLQX875       | Long             | EC               | CORP              | KR        |     39566 | NS      | $3734496.97   | 1.51%             |  |  |  | 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      | $-29753.17    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                    | Ambev SA                                                    | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |   1343830 | NS      | $3238630.30   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SMC Corp.                                   | SMC Corp.                                                   | CUSIP: N/A<br>LEI: 353800O40V08DOZ70X62       | Long             | EC               | CORP              | JP        |      9160 | NS      | $3282599.83   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                    | U.S. Treasury Bills                                         | CUSIP: 912797NA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    500000 | PA      | $492969.82    | 0.20%             | 2025-10-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fresnillo plc                               | Fresnillo plc                                               | CUSIP: N/A<br>LEI: 549300JXWH1UV5J0XV81       | Long             | EC               | CORP              | GB        |     27599 | NS      | $548582.24    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Big Yellow Group plc                        | Big Yellow Group plc                                        | CUSIP: N/A<br>LEI: 213800W7Q4V2ZI8LIW31       | Long             | EC               | CORP              | GB        |     37436 | NS      | $520419.53    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems plc                             | BAE Systems plc                                             | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |    141337 | NS      | $3668103.14   | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Investor AB                                 | Investor AB, Class B                                        | CUSIP: N/A<br>LEI: 549300VEBQPHRZBKUX38       | Long             | EC               | CORP              | SE        |    134531 | NS      | $3986609.20   | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia Cervecerias Unidas SA                   | Cia Cervecerias Unidas SA                                   | CUSIP: 204429104<br>LEI: 529900BJW9B0O6LI2R39 | Long             | EC               | CORP              | CL        |    165749 | NS      | $2141477.08   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Haw Par Corp. Ltd.                          | Haw Par Corp. Ltd.                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |    306813 | NS      | $2891585.62   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Willis Towers Watson plc                    | Willis Towers Watson plc                                    | CUSIP: N/A<br>LEI: 549300WHC56FF48KL350       | Long             | EC               | CORP              | IE        |     11338 | NS      | $3475097.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group plc                 | Reckitt Benckiser Group plc                                 | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |     63710 | NS      | $4340371.48   | 1.76%             |  |  |  | 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      | $11245.39     | 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      | $-14421.71    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.          | General Motors Financial Co., Inc.                          | CUSIP: 37046TU10<br>LEI: 5493008B6JBRUJ90QL97 | Long             | STIV             | CORP              | US        |    620000 | PA      | $619922.13    | 0.25%             | 2025-07-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Diageo plc                                  | Diageo plc                                                  | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               | CORP              | GB        |     53373 | NS      | $1345859.29   | 0.55%             |  |  |  | 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      | $552908.13    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoshizaki Corp.                             | Hoshizaki Corp.                                             | CUSIP: N/A<br>LEI: 5299001QAMLGU3SRBG20       | Long             | EC               | CORP              | JP        |     48700 | NS      | $1678107.34   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Nagaileben Co. Ltd.                         | Nagaileben Co. Ltd.                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     24110 | NS      | $358665.20    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever plc                                | Unilever plc                                                | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |     71309 | NS      | $4352512.05   | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Cargill, Inc.                               | Cargill, Inc.                                               | CUSIP: 14177TU10<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | STIV             | CORP              | US        |    278000 | PA      | $277966.36    | 0.11%             | 2025-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Guoco Group Ltd.                            | Guoco Group Ltd.                                            | CUSIP: N/A<br>LEI: 3OIHUMDMI0Z4XVPQ8V78       | Long             | EC               | CORP              | BM        |    157670 | NS      | $1404477.07   | 0.57%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Power Corp. of Canada                       | Power Corp. of Canada                                       | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               | CORP              | CA        |     79697 | NS      | $3112967.45   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| T Hasegawa Co. Ltd.                         | T Hasegawa Co. Ltd.                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     29300 | NS      | $597635.67    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon plc                                  | Haleon plc                                                  | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |    586335 | NS      | $3013545.98   | 1.22%             |  |  |  | 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      | $-15118.56    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                    | U.S. Treasury Bills                                         | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    250000 | PA      | $247269.34    | 0.10%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UOL Group Ltd.                              | UOL Group Ltd.                                              | CUSIP: N/A<br>LEI: 254900O9PRCWTMR86R25       | Long             | EC               | CORP              | SG        |    278000 | NS      | $1352597.82   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| MISUMI Group, Inc.                          | MISUMI Group, Inc.                                          | CUSIP: N/A<br>LEI: 353800SJWGE5BEK2V032       | Long             | EC               | CORP              | JP        |     26900 | NS      | $359343.32    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Itausa SA                                   | Itausa SA (Preference)                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    917593 | NS      | $1849338.93   | 0.75%             |  |  |  | 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      | $11563.44     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan U.S. Government Money Market Fund | JP Morgan U.S. Government Money Market Fund, Capital Shares | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    944370 | NS      | $944370.07    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichikosho Co. Ltd.                       | Daiichikosho Co. Ltd.                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     83092 | NS      | $935357.64    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mobis Co. Ltd.                      | Hyundai Mobis Co. Ltd.                                      | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |      8435 | NS      | $1789470.11   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkeley Group Holdings plc                 | Berkeley Group Holdings plc                                 | CUSIP: N/A<br>LEI: 2138009OQSSLVVHQAL78       | Long             | EC               | CORP              | GB        |     44014 | NS      | $2332079.23   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken Holding NV                         | Heineken Holding NV                                         | CUSIP: N/A<br>LEI: 724500M1WJLFM9TYBS04       | Long             | EC               | CORP              | NL        |     22577 | NS      | $1684687.86   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Kesko OYJ                                   | Kesko OYJ, Class B                                          | CUSIP: N/A<br>LEI: 743700OX6HSVMCAHPB95       | Long             | EC               | CORP              | FI        |     37063 | NS      | $914128.19    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Matheson Holdings Ltd.              | Jardine Matheson Holdings Ltd.                              | CUSIP: N/A<br>LEI: 2138009KENVUNWOLPK41       | Long             | EC               | CORP              | BM        |     64780 | NS      | $3113502.39   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| USS Co. Ltd.                                | USS Co. Ltd.                                                | CUSIP: N/A<br>LEI: 5299000RRQD6UZXG4W72       | Long             | EC               | CORP              | JP        |     60800 | NS      | $670072.64    | 0.27%             |  |  |  | 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        |    114085 | NS      | $745464.25    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| BMW US Capital LLC                          | BMW US Capital LLC                                          | CUSIP: 0556C2U19<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | STIV             | CORP              | US        |    278000 | PA      | $277966.67    | 0.11%             | 2025-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NongShim Co. Ltd.                           | NongShim Co. Ltd.                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      3079 | NS      | $894974.29    | 0.36%             |  |  |  | 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      | $-21749.02    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Secom Co. Ltd.                              | Secom Co. Ltd.                                              | CUSIP: N/A<br>LEI: 529900TYCL9N3E9PGE47       | Long             | EC               | CORP              | JP        |     95520 | NS      | $3431548.92   | 1.39%             |  |  |  | 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        |     16226 | NS      | $1527931.35   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Hongkong Land Holdings Ltd.                 | Hongkong Land Holdings Ltd.                                 | CUSIP: N/A<br>LEI: 213800XCHYNRPAYGXW28       | Long             | EC               | CORP              | BM        |    255300 | NS      | $1473081.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd.                              | AIA Group Ltd.                                              | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |    237600 | NS      | $2152286.21   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                   | Nestle SA (Registered)                                      | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     30469 | NS      | $3029422.16   | 1.23%             |  |  |  | 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      | $-120055.22   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Laurent-Perrier                             | Laurent-Perrier                                             | CUSIP: N/A<br>LEI: 96950036OIHAEGNGJ871       | Long             | EC               | CORP              | FR        |     10066 | NS      | $1112209.55   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Hirose Electric Co. Ltd.                    | Hirose Electric Co. Ltd.                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     11880 | NS      | $1433892.26   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Pilot Corp.                                 | Pilot Corp.                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     10800 | NS      | $305504.61    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Gold bullion                                | Gold bullion                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | COMM             |  | US        |     10689 | OU      | $35365549.77  | 14.34%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-76865.27    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Heineken NV                                 | Heineken NV                                                 | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |      2788 | NS      | $243233.08    | 0.10%             |  |  |  | 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      | $105.09       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sompo Holdings, Inc.                        | Sompo Holdings, Inc.                                        | CUSIP: N/A<br>LEI: 353800CWW4SRGEYEB512       | Long             | EC               | CORP              | JP        |     67800 | NS      | $2043139.61   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                                   | Prosus NV                                                   | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |    104849 | NS      | $5882710.95   | 2.38%             |  |  |  | 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      | $27717.68     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Wendel SE                                   | Wendel SE                                                   | CUSIP: N/A<br>LEI: 969500M98ZMIZYJD5O34       | Long             | EC               | CORP              | FR        |      6827 | NS      | $722045.79    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp.                               | Keyence Corp.                                               | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |      1100 | NS      | $439811.12    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co. Ltd.                | Samsung Electronics Co. Ltd. (Preference)                   | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     72496 | NS      | $2659509.50   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG                        | Schindler Holding AG (Registered)                           | CUSIP: N/A<br>LEI: 5299007DRLI319H7Q933       | Long             | EC               | CORP              | CH        |      1424 | NS      | $517320.56    | 0.21%             |  |  |  | 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        |     10026 | NS      | $500474.26    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd.                     | Agnico Eagle Mines Ltd.                                     | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      4781 | NS      | $569612.22    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                    | U.S. Treasury Bills                                         | CUSIP: 912797MG9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    250000 | PA      | $248907.83    | 0.10%             | 2025-08-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-51888.55    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| FUCHS SE                                    | FUCHS SE (Preference)                                       | CUSIP: N/A<br>LEI: 529900SNF9E1P5ZO4P98       | Long             | EC               | CORP              | DE        |     38356 | NS      | $2119842.03   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp.                   | Mitsubishi Electric Corp.                                   | CUSIP: N/A<br>LEI: 549300TRXM9Y6561AX39       | Long             | EC               | CORP              | JP        |    172700 | NS      | $3714599.99   | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co. Ltd.                | Samsung Electronics Co. Ltd.                                | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     62698 | NS      | $2772607.22   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck KGaA                                  | Merck KGaA                                                  | CUSIP: N/A<br>LEI: 529900OAREIS0MOPTW25       | Long             | EC               | CORP              | DE        |     26667 | NS      | $3457599.15   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd.                   | United Overseas Bank Ltd.                                   | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |     14400 | NS      | $407573.50    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co. KGaA                        | Henkel AG & Co. KGaA (Preference)                           | CUSIP: N/A<br>LEI: 549300VZCL1HTH4O4Y49       | Long             | EC               | CORP              | DE        |     24347 | NS      | $1913274.49   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

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

**Signature:** Shuang Wu

**Name of Signer:** Shuang Wu

**Title:** Treasurer