# EDGAR Filing Document

**Accession Number:** 0001000249
**File Stem:** 0001752724-23-043694
**Filing Date:** 2023-2
**Character Count:** 47000
**Document Hash:** 96e09b6360119b9e65963d6481040b0d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043694.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043694

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20221231

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09092
- **FILM NUMBER:** 23676229

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## 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:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $255388410.24

**Total Liabilities:** $1048913.67

**Net Assets:** $254339496.57

**Cash Not Reported:** $1.02

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000031720 | 2.92%                | 9.73%                | -0.59%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $374864.18               | $6723877.24                                |
| Month 2  | $797273.98               | $22733256.63                               |
| Month 3  | $8901757.47              | $-11049941.70                              |

**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        |     470605 | NS      | $2008873.92   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| United Mexican States                       | Mex Bonos Desarr Fix Rt                                     | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |    8560000 | PA      | $440258.07    | 0.17%             | 2024-12-05      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Lotte Corp.                                 | Lotte Corp.                                                 | CUSIP: N/A<br>LEI: 988400HKP8IPW74L3K25       | Long             | EC               | CORP              | KR        |      15442 | NS      | $377144.51    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Kaken Co. Ltd.                           | SK Kaken Co. Ltd.                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       1938 | NS      | $612823.83    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd. | Taiwan Semiconductor Manufacturing Co. Ltd.                 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      46561 | NS      | $3468328.89   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| HAL Trust                                   | HAL Trust                                                   | CUSIP: N/A<br>LEI: 5493000O3IE3DNOY3R07       | Long             | EC               | CORP              | BM        |       4459 | NS      | $573106.76    | 0.23%             |  |  |  | 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      | $-32391.14    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Singapore                       | Republic of Singapore                                       | CUSIP: N/A<br>LEI: 549300ZSV6VOGFH1ER70       | Long             | DBT              | NUSS              | SG        |    2253000 | PA      | $1589076.53   | 0.62%             | 2026-11-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Newcrest Mining Ltd.                        | Newcrest Mining Ltd.                                        | CUSIP: N/A<br>LEI: 5299006MN50OZJUJI655       | Long             | EC               | CORP              | AU        |      60302 | NS      | $845573.59    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| CenterPoint Energy, Inc.                    | CenterPoint Energy, Inc.                                    | CUSIP: 1518T3N32<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | STIV             | CORP              | US        |    1286000 | PA      | $1285350.43   | 0.51%             | 2023-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                  | Alibaba Group Holding Ltd.                                  | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |     297268 | NS      | $3261896.02   | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Bakkafrost P/F                              | Bakkafrost P/F                                              | CUSIP: N/A<br>LEI: 2138007LH7OP4V112978       | Long             | EC               | CORP              | FO        |      17722 | NS      | $1106335.17   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Gold Corp.                          | Barrick Gold Corp.                                          | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     112491 | NS      | $1932595.38   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell plc                                   | Shell plc                                                   | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |     167960 | NS      | $4762907.25   | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                   | Danone SA                                                   | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |     110784 | NS      | $5838951.79   | 2.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi                                      | Sanofi                                                      | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |      39932 | NS      | $3850506.48   | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Thai Beverage PCL                           | Thai Beverage PCL                                           | CUSIP: N/A<br>LEI: 529900VZFHQZ684D8L07       | Long             | EC               | CORP              | TH        |    1036092 | NS      | $529754.18    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK plc                                     | GSK plc                                                     | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |      82967 | NS      | $1433938.16   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkeley Group Holdings plc                 | Berkeley Group Holdings plc                                 | CUSIP: N/A<br>LEI: 2138009OQSSLVVHQAL78       | Long             | EC               | CORP              | GB        |      52245 | NS      | $2381817.21   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Brenntag SE                                 | Brenntag SE                                                 | CUSIP: N/A<br>LEI: NNROIXVWJ7CPSR27SV97       | Long             | EC               | CORP              | DE        |      13418 | NS      | $855731.32    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco plc                | British American Tobacco plc                                | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |     179464 | NS      | $7099264.59   | 2.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Komatsu Ltd.                                | Komatsu Ltd.                                                | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               | CORP              | JP        |      82100 | NS      | $1774519.76   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| As One Corp.                                | As One Corp.                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      28160 | NS      | $1230238.33   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| NAVER Corp.                                 | NAVER Corp.                                                 | CUSIP: N/A<br>LEI: 988400ULUQYDB2HQYJ61       | Long             | EC               | CORP              | KR        |       5363 | NS      | $762731.53    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                    | Svenska Handelsbanken AB, Class A                           | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | EC               | CORP              | SE        |     178231 | NS      | $1794428.73   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Franco-Nevada Corp.                         | Franco-Nevada Corp.                                         | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       4772 | NS      | $650493.38    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Province of Quebec Canada                   | Province of Quebec                                          | CUSIP: 74800KNP3<br>LEI: 549300WN65YFEQH74Y36 | Long             | STIV             | NUSS              | CA        |     525000 | PA      | $523487.65    | 0.21%             | 2023-01-23      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Groupe Bruxelles Lambert NV                 | Groupe Bruxelles Lambert NV                                 | CUSIP: N/A<br>LEI: 549300KV0ZEHT2KVU152       | Long             | EC               | CORP              | BE        |      66459 | NS      | $5311253.08   | 2.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                    | Lloyds Banking Group plc                                    | CUSIP: N/A<br>LEI: 549300PPXHEU2JF0AM85       | Long             | EC               | CORP              | GB        |    5020153 | NS      | $2739565.85   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Kansai Paint Co. Ltd.                       | Kansai Paint Co. Ltd.                                       | CUSIP: N/A<br>LEI: 549300ERRV6FTKH9NN70       | Long             | EC               | CORP              | JP        |      83680 | NS      | $1024151.65   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Wheaton Precious Metals Corp.               | Wheaton Precious Metals Corp.                               | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |      49406 | NS      | $1930786.48   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Shimano, Inc.                               | Shimano, Inc.                                               | CUSIP: N/A<br>LEI: 529900L32YT3P9DECR10       | Long             | EC               | CORP              | JP        |      13860 | NS      | $2190141.89   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Estate Co. Ltd.                  | Mitsubishi Estate Co. Ltd.                                  | CUSIP: N/A<br>LEI: 353800KOFMRGOXSJ5Z65       | Long             | EC               | CORP              | JP        |     300360 | NS      | $3890736.57   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Oil Ltd.                           | Imperial Oil Ltd.                                           | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |     172008 | NS      | $8378085.38   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Eagle Holdings Ltd.                   | Great Eagle Holdings Ltd.                                   | CUSIP: N/A<br>LEI: 529900V6LG3TC9XC5S67       | Long             | EC               | CORP              | BM        |     525814 | NS      | $1154281.83   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Nihon Kohden Corp.                          | Nihon Kohden Corp.                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      37500 | NS      | $910354.74    | 0.36%             |  |  |  | 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        |     102100 | NS      | $3264119.51   | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Kreditanstalt fuer Wiederaufbau             | Kreditanstalt fuer Wiederaufbau                             | CUSIP: 48246UQV1<br>LEI: 549300GDPG70E3MBBU98 | Long             | STIV             | CORP              | DE        |    2500000 | PA      | $2472688.13   | 0.97%             | 2023-03-29      | None          | 0.00%                 | 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        |     151077 | NS      | $530376.29    | 0.21%             |  |  |  | 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        |        692 | NS      | $503563.75    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Asset Holdings Ltd.                      | CK Asset Holdings Ltd.                                      | CUSIP: N/A<br>LEI: 5299006GJZSGP78B8S35       | Long             | EC               | CORP              | KY        |     399000 | NS      | $2447136.59   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG                        | Schindler Holding AG                                        | CUSIP: N/A<br>LEI: 5299007DRLI319H7Q933       | Long             | EC               | CORP              | CH        |      15468 | NS      | $2909257.54   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Newmont Corp.                               | Newmont Corp.                                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      57732 | NS      | $2724950.40   | 1.07%             |  |  |  | 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        |      57150 | NS      | $4464558.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Chofu Seisakusho Co. Ltd.                   | Chofu Seisakusho Co. Ltd.                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      43385 | NS      | $633398.50    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                | Nutrien Ltd.                                                | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |      49812 | NS      | $3637770.36   | 1.43%             |  |  |  | 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      | $-12757.31    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FANUC Corp.                                 | FANUC Corp.                                                 | CUSIP: N/A<br>LEI: 529900QTSW745LOKW705       | Long             | EC               | CORP              | JP        |      25980 | NS      | $3887818.18   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                 | Cie Financiere Richemont SA (Registered)                    | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |      46412 | NS      | $6017778.18   | 2.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrivarden AB                           | Industrivarden AB, Class C                                  | CUSIP: N/A<br>LEI: 549300TM1DLIQI3B3T37       | Long             | EC               | CORP              | SE        |      34092 | NS      | $827155.69    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Orkla ASA                                   | Orkla ASA                                                   | CUSIP: N/A<br>LEI: 549300PZS8G8RG6RVZ52       | Long             | EC               | CORP              | NO        |     313373 | NS      | $2261716.92   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Gold, Inc.                            | Royal Gold, Inc.                                            | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |       9324 | NS      | $1051001.28   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| United Mexican States                       | Mex Bonos Desarr Fix Rt                                     | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |    9130000 | PA      | $456970.87    | 0.18%             | 2023-12-07      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Legrand SA                                  | Legrand SA                                                  | CUSIP: N/A<br>LEI: 969500XXRPGD7HCAFA90       | Long             | EC               | CORP              | FR        |      17140 | NS      | $1374314.89   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Sodexo SA                                   | Sodexo SA                                                   | CUSIP: N/A<br>LEI: 969500LCBOG12HXPYM84       | Long             | EC               | CORP              | FR        |      33859 | NS      | $3239576.86   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Fursys, Inc.                                | Fursys, Inc.                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      26270 | NS      | $632219.46    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| KT&G Corp.                                  | KT&G Corp.                                                  | CUSIP: N/A<br>LEI: 988400ZJV6ISYBLQX875       | Long             | EC               | CORP              | KR        |      54252 | NS      | $3921200.69   | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                    | Ambev SA                                                    | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |    1592433 | NS      | $4331417.76   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic of Korea                           | Republic of Korea                                           | CUSIP: N/A<br>LEI: 549300O0QCVSQGPGDT58       | Long             | DBT              | NUSS              | KR        | 1264990000 | PA      | $924822.03    | 0.36%             | 2026-03-10      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| SMC Corp.                                   | SMC Corp.                                                   | CUSIP: N/A<br>LEI: 353800O40V08DOZ70X62       | Long             | EC               | CORP              | JP        |       4360 | NS      | $1820534.62   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresnillo plc                               | Fresnillo plc                                               | CUSIP: N/A<br>LEI: 549300JXWH1UV5J0XV81       | Long             | EC               | CORP              | GB        |      18109 | NS      | $197862.50    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Investor AB                                 | Investor AB, Class A                                        | CUSIP: N/A<br>LEI: 549300VEBQPHRZBKUX38       | Long             | EC               | CORP              | SE        |     144160 | NS      | $2682053.19   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems plc                             | BAE Systems plc                                             | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |     269945 | NS      | $2788100.84   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Investor AB                                 | Investor AB, Class B                                        | CUSIP: N/A<br>LEI: 549300VEBQPHRZBKUX38       | Long             | EC               | CORP              | SE        |      76760 | NS      | $1389429.51   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia Cervecerias Unidas SA                   | Cia Cervecerias Unidas SA                                   | CUSIP: 204429104<br>LEI: 529900BJW9B0O6LI2R39 | Long             | EC               | CORP              | CL        |     194720 | NS      | $2554726.40   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Haw Par Corp. Ltd.                          | Haw Par Corp. Ltd.                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |     405713 | NS      | $2902399.93   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Willis Towers Watson plc                    | Willis Towers Watson plc                                    | CUSIP: N/A<br>LEI: 549300WHC56FF48KL350       | Long             | EC               | CORP              | IE        |      24452 | NS      | $5980470.16   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group plc                 | Reckitt Benckiser Group plc                                 | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |      51085 | NS      | $3541026.71   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH plc                                     | CRH plc                                                     | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |      33096 | NS      | $1316233.70   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                    | U.S. Treasury Bills                                         | CUSIP: 912796YB9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |     500000 | PA      | $496585.35    | 0.20%             | 2023-03-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hysan Development Co. Ltd.                  | Hysan Development Co. Ltd.                                  | CUSIP: N/A<br>LEI: 5299007BABFLKIH9HL03       | Long             | EC               | CORP              | HK        |     379760 | NS      | $1229823.03   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Great Portland Estates plc                  | Great Portland Estates plc                                  | CUSIP: N/A<br>LEI: 213800JMEDD2Q4N1MC42       | Long             | EC               | CORP              | GB        |      71258 | NS      | $424694.50    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoshizaki Corp.                             | Hoshizaki Corp.                                             | CUSIP: N/A<br>LEI: 5299001QAMLGU3SRBG20       | Long             | EC               | CORP              | JP        |      54500 | NS      | $1916330.86   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Nagaileben Co. Ltd.                         | Nagaileben Co. Ltd.                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      30710 | NS      | $464516.50    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever plc                                | Unilever plc                                                | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |     129123 | NS      | $6478978.73   | 2.55%             |  |  |  | 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      | $-33871.60    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Guoco Group Ltd.                            | Guoco Group Ltd.                                            | CUSIP: N/A<br>LEI: 3OIHUMDMI0Z4XVPQ8V78       | Long             | EC               | CORP              | BM        |     189670 | NS      | $1617698.21   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Power Corp. of Canada                       | Power Corp. of Canada                                       | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               | CORP              | CA        |     140701 | NS      | $3309694.87   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| T Hasegawa Co. Ltd.                         | T Hasegawa Co. Ltd.                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      42200 | NS      | $930894.86    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon plc                                  | Haleon plc                                                  | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |     584602 | NS      | $2313045.70   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Lotte Confectionery Co. Ltd.                | Lotte Confectionery Co. Ltd.                                | CUSIP: N/A<br>LEI: 988400SZXKR6WK05R430       | Long             | EC               | CORP              | KR        |       2923 | NS      | $284542.55    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| UOL Group Ltd.                              | UOL Group Ltd.                                              | CUSIP: N/A<br>LEI: 254900O9PRCWTMR86R25       | Long             | EC               | CORP              | SG        |     285200 | NS      | $1433923.76   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Itausa SA                                   | Itausa SA (Preference)                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    1097136 | NS      | $1764114.60   | 0.69%             |  |  |  | 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        |    1023848 | NS      | $1023847.56   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichikosho Co. Ltd.                       | Daiichikosho Co. Ltd.                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      62730 | NS      | $1888391.73   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrias Penoles SAB de CV                | Industrias Penoles SAB de CV                                | CUSIP: N/A<br>LEI: 549300WA2HB7776CB324       | Long             | EC               | CORP              | MX        |      54820 | NS      | $674218.62    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Mobis Co. Ltd.                      | Hyundai Mobis Co. Ltd.                                      | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |      11390 | NS      | $1806662.99   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| United Mexican States                       | Mex Bonos Desarr Fix Rt                                     | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |   14980000 | PA      | $695322.92    | 0.27%             | 2026-03-05      | Fixed         | 5.75%                 | 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      | $-38172.35    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Matheson Holdings Ltd.              | Jardine Matheson Holdings Ltd.                              | CUSIP: N/A<br>LEI: 2138009KENVUNWOLPK41       | Long             | EC               | CORP              | BM        |      80080 | NS      | $4073737.23   | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| USS Co. Ltd.                                | USS Co. Ltd.                                                | CUSIP: N/A<br>LEI: 5299000RRQD6UZXG4W72       | Long             | EC               | CORP              | JP        |      12500 | NS      | $198338.46    | 0.08%             |  |  |  | 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        |     211060 | NS      | $1245616.82   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE         | LVMH Moet Hennessy Louis Vuitton SE                         | CUSIP: 50244MP30<br>LEI: IOG4E947OATN0KJYSD45 | Long             | STIV             | CORP              | FR        |     525000 | PA      | $522749.06    | 0.21%             | 2023-02-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| NongShim Co. Ltd.                           | NongShim Co. Ltd.                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       5238 | NS      | $1479341.56   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Cie Financiere Richemont SA                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               |  | CH        |     117445 | NS      | $97802.03     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Secom Co. Ltd.                              | Secom Co. Ltd.                                              | CUSIP: N/A<br>LEI: 529900TYCL9N3E9PGE47       | Long             | EC               | CORP              | JP        |      63160 | NS      | $3603773.58   | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Colombia                        | Republic of Colombia                                        | CUSIP: N/A<br>LEI: 549300MHDRBVRF6B9117       | Long             | DBT              | NUSS              | CO        | 4917300000 | PA      | $767194.36    | 0.30%             | 2027-11-03      | Fixed         | 5.75%                 | 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      | $-34362.96    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Hongkong Land Holdings Ltd.                 | Hongkong Land Holdings Ltd.                                 | CUSIP: N/A<br>LEI: 213800XCHYNRPAYGXW28       | Long             | EC               | CORP              | BM        |     327300 | NS      | $1505846.94   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                   | Nestle SA (Registered)                                      | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |      30697 | NS      | $3545793.10   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Laurent-Perrier                             | Laurent-Perrier                                             | CUSIP: N/A<br>LEI: 96950036OIHAEGNGJ871       | Long             | EC               | CORP              | FR        |      15468 | NS      | $2218734.58   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic of Peru                            | Republic of Peru                                            | CUSIP: 715638AX0<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    2172000 | PA      | $598178.75    | 0.24%             | 2026-08-12      | Fixed         | 8.20%                 | Yes           |                  2 | On Loan: No      |
| Hirose Electric Co. Ltd.                    | Hirose Electric Co. Ltd.                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      15880 | NS      | $1991691.81   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Pilot Corp.                                 | Pilot Corp.                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      10500 | NS      | $382280.10    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Gold bullion                                | Gold bullion                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | COMM             |  | US        |      14945 | OU      | $27253991.78  | 10.72%            |  |  |  | No            |                  2 | On Loan: No      |
| Entergy Corp.                               | Entergy Corp.                                               | CUSIP: 29366GN31<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | STIV             | CORP              | US        |     345000 | PA      | $344825.05    | 0.14%             | 2023-01-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Sompo Holdings, Inc.                        | Sompo Holdings, Inc.                                        | CUSIP: N/A<br>LEI: 353800CWW4SRGEYEB512       | Long             | EC               | CORP              | JP        |      67400 | NS      | $2981985.72   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                                   | Prosus NV                                                   | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |      54939 | NS      | $3793177.89   | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Wendel SE                                   | Wendel SE                                                   | CUSIP: N/A<br>LEI: 969500M98ZMIZYJD5O34       | Long             | EC               | CORP              | FR        |      10199 | NS      | $952678.60    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp.                               | Keyence Corp.                                               | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |       2800 | NS      | $1087085.39   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co. Ltd.                | Samsung Electronics Co. Ltd. (Preference)                   | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |      39107 | NS      | $1567148.79   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrivarden AB                           | Industrivarden AB, Class A                                  | CUSIP: N/A<br>LEI: 549300TM1DLIQI3B3T37       | Long             | EC               | CORP              | SE        |       2133 | NS      | $51881.10     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Indonesia                       | Republic of Indonesia                                       | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        | 6025000000 | PA      | $399640.21    | 0.16%             | 2024-03-15      | Fixed         | 8.38%                 | 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      | $7516.19      | 0.00%             |  |  |  | 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        |       1363 | NS      | $58109.24     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd.                     | Agnico Eagle Mines Ltd.                                     | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |      14608 | NS      | $759098.14    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| FUCHS PETROLUB SE                           | FUCHS PETROLUB SE (Preference)                              | CUSIP: N/A<br>LEI: 529900SNF9E1P5ZO4P98       | Long             | EC               | CORP              | DE        |      50285 | NS      | $1757691.32   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp.                   | Mitsubishi Electric Corp.                                   | CUSIP: N/A<br>LEI: 549300TRXM9Y6561AX39       | Long             | EC               | CORP              | JP        |     245900 | NS      | $2436608.42   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd.                   | United Overseas Bank Ltd.                                   | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |      19900 | NS      | $455826.30    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co. KGaA                        | Henkel AG & Co. KGaA (Preference)                           | CUSIP: N/A<br>LEI: 549300VZCL1HTH4O4Y49       | Long             | EC               | CORP              | DE        |      37080 | NS      | $2570117.01   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

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

**Signature:** Tricia Larkin

**Name of Signer:** Tricia Larkin

**Title:** Treasurer