Semiannual Report

June 30, 2021

Overseas Variable Fund

Advised by First Eagle Investment Management, LLC

Forward-Looking Statement Disclosure

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

Table of Contents

Letter from the President					4
Management's Discussion of Fund Performance					6
Fund Overview					10
Schedule of Investments					12
Statement of Assets and Liabilities					22
Statement of Operations					23
Statements of Changes in Net Assets					24
Financial Highlights					26
Notes to Financial Statements					28
Fund Expenses					38
General Information					42
Board Considerations for Continuation of Advisory Agreement					43

Letter from the President (unaudited)

Mehdi Mahmud

Dear Fellow Shareholders,

As I think back over the last six months, my feelings include both relief and worry. On the one hand, safety measures (social distancing, masks) have been set aside in many parts of the United States, work-from-home arrangements have given way to office reopening plans (some, including First Eagle's, on hybrid models), theaters and sports venues have welcomed the public, and people are once again planning and taking vacations. On the other hand, the delta variant of Covid-19 continues to flare up in many developed countries and to rage unchecked in some developing ones. In the US, some regions where infection rates are climbing have had to reinstate mask mandates.

On the economic front, the confluence of continued massive fiscal stimulus, sustained monetary support and a relatively effective vaccination campaign has led to a reopening of the US economy. Countrywide, unemployment is declining, economic activity is rebounding, and consumers are spending again after a year-plus of economic uncertainty. There may be stops and starts in the normalization of economic activity, but the direction is encouraging.

In turn, market action in the US has mimicked this sunnier turn of events. Dynamics that emerged in late 2020—marked by a shift in equity market leadership to cyclical companies in sectors such as energy, financials and materials that stand to profit from an economic revival—continued through the early part of 2021. International equities followed with strong returns, while bond yields rose. The second quarter saw these reflation trends begin to unwind, however, as growth stocks again outperformed value, large caps outperformed small, and US stocks outperformed international. Meanwhile, bond yields shrank.¹

Through this season of rising markets, we have been careful not to get carried away with unbounded enthusiasm. There remain risks on the horizon worthy of a wary eye, especially the fact that the Covid-19 pandemic remains unconquered. While the widespread distribution of vaccines is an important step, it is no silver bullet; the

¹  Based on S&P 500 Growth vs S&P 500 Value, Russell 1000 vs Russell 2000, S&P 500 vs MSCI EAFE. Bond yields represented by 10-year US Treasury. Source: FactSet

virus continues to propagate and mutate, and we don't yet know the extent to which vaccinations will serve to contain death rates over the long term. Risks also persist on the economic horizon, with government debt burdens rising rapidly as a result of monetary and fiscal stimulus in reaction to the pandemic. In addition, rhetoric out of Washington points to the possibility of higher corporate and personal tax rates and a generally less business-friendly environment, which could weigh on profit margins and discourage capital formation.

Further, there are signs that inflation may reemerge as a risk after 40 years of moderation. While the higher inflation we have seen in recent reports may be a near-term phenomenon attributed to base effects and the price distortions that have emerged as the economy reopens, there is the potential for a durable increase in prices as a result of a positive output gap in the economy and the uncertainties associated with the Federal Reserve's new average inflation-targeting policy framework. Many market participants believe the Fed's new approach may leave the central bank in a position of attempting to contain inflation after the fact, which historically has required more severe policy tightening than would have been needed if measures had been taken preemptively.

On balance, our perspective is constructive, albeit with healthy wariness of potential risks. Our firm has long been dedicated to avoiding the permanent impairment of our clients' capital. While our defensive measures may take different forms in different markets, we believe selectivity is key to our performance across all of our funds, and we dedicate the bulk of our collective energy to identifying securities that meet our exacting investment criteria.

I thank you for entrusting your assets to our stewardship.

Sincerely,

Mehdi Mahmud,
President

August 2021

Management's Discussion of Fund Performance (unaudited)

First Eagle Overseas Variable Fund

The net asset value ("NAV") of the Fund's shares increased 5.20% for the six months ended June 30, 2021, while the MSCI EAFE Index increased 8.83%. The Fund's cash and cash equivalents position was 11.7% as of June 30, 2021.

The five largest contributors to the performance of the Fund over the period were Imperial Oil Ltd. (oil, gas, & consumable fuels, Canada), Cie Financiere Richemont SA (textiles, apparel & luxury goods, Switzerland), Nutrien Ltd. (chemicals, Canada), Power Corp. of Canada (insurance, Canada) and Cie Cervecerias Unidas SA, ADR (beverages, Chile). Collectively, they contributed 2.75% of the Fund's performance over the period.

The five largest detractors were gold bullion, Secom Co. Ltd. (commercial services & supplies, Japan), As One Corp. (health care providers & services, Japan), Kansai Paint Co. Ltd. (chemicals, Japan), and Hiscox Ltd. (insurance, United Kingdom). Combined, they subtracted 1.61% from the Fund's performance over the period.

Matthew McLennan Co-Head of the Global Value Team Portfolio Manager				T. Kimball Brooker, Jr. Co-Head of the Global Value Team Portfolio Manager
Christian Heck Portfolio Manager				Alan Barr Portfolio Manager

August 2021

Management's Discussion of Fund Performance (unaudited)

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

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

The commentary represents the opinion of Mehdi Mahmud and the Global Value Team as of August 2021 and is subject to change based on market and other conditions. These materials are provided for informational purposes only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.

There are risks associated with investing in funds that invest in securities of foreign companies, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. These risks may be more pronounced with respect to investments in emerging markets. Funds whose investments are concentrated in a specific industry or sector may be subject to a higher degree of risk than funds whose investments are diversified and may not be suitable for all investors.

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

An outbreak of disease caused by a novel coronavirus (also known as "COVID-19") has developed into a global pandemic and resulted in, among other things, closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of COVID-19, and other epidemics and pandemics that may arise in the future, has affected and may continue to affect the economies of many nations, individual companies and the global markets, including their liquidity, in ways that cannot necessarily be foreseen at the present time.

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

The Fund's investments may subject it to the risks associated with investing in the European markets, including the risks associated with the United Kingdom's (''UK'') exit from the European Union (''Brexit''). Investments in a single region, even though representing a number of different countries within the region, may be affected by common economic forces and other factors. A number of countries in the European Union (the "EU'') have experienced, and may continue to experience, severe economic and financial difficulties, increasing the risk of investing in the European markets.

Management's Discussion of Fund Performance (unaudited)

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

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

In addition to investments in larger companies, the Fund may invest in small and medium-size companies, which historically have been more volatile in price than larger company securities, especially over the short term. Positions in smaller companies, especially when the Fund is a large holder of a small company's securities, also may be more difficult or expensive to trade. Among the reasons for the greater price volatility are the less certain growth prospects of smaller companies, the lower degree of liquidity in the markets for such securities and the greater sensitivity of smaller companies to changing economic conditions. In addition, smaller companies may lack depth of management, they may be unable to generate funds necessary for growth or development, or they may be developing or marketing new products or services for which markets are not yet established and may never become established. The Fund considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion. Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Fund considers large companies to be companies with market capitalizations of $10 billion or greater.

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

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

The Fund may invest in warrants. Warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments.

The Fund may invest in preferred stock. Unlike common stock, preferred stock generally pays a fixed dividend from a company's earnings and may have a preference over common stock on the distribution of a

Management's Discussion of Fund Performance (unaudited)

company's assets in the event of bankruptcy or liquidation. Preferred stockholders' liquidation rights are subordinate to the company's debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline."

Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities may gain or lose value due to changes in the issuer's operating results, financial condition, credit rating and changes in interest rates and other general economic, industry and market conditions.

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

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

All investments involve the risk of loss.

First Eagle Overseas Variable Fund

Fund Overview

Data as of June 30, 2021 (unaudited)

Investment Objective

The First Eagle Overseas Variable Fund seeks long-term growth of capital by investing primarily in equities, including common and preferred stocks, warrants or other similar rights, and convertible securities, issued by non-U.S. companies.

Average Annual Returns (%)				One Year				Five Years				Ten Years
First Eagle Overseas Variable Fund					21.66				6.14				5.23
MSCI EAFE Index					32.35				10.28				5.89
Consumer Price Index					5.39				2.43				1.87

Asset Allocation* (%)

Sectors* (%)
Consumer Staples					17.0
Financials					13.3
Industrials					11.5
Commodities					10.9
Materials					8.9
Consumer Discretionary					7.1
Health Care					5.2
Information Technology					4.6
Real Estate					4.1
Energy					2.6
Foreign Government Securities					2.0
Communication Services					1.1
Short-Term Investments					11.7

Countries*~ (%)

Japan					16.8
United States					13.5
United Kingdom					9.5
France					7.1
Canada					6.2
Hong Kong					4.7
South Korea					4.2
Switzerland					4.2
Sweden					3.2
Singapore					2.5
Belgium					2.4
Brazil					2.1
Mexico					1.9
Taiwan					1.9
Germany					1.6
Chile					1.2
Netherlands					1.0
Norway					0.9
Thailand					0.7
China					0.6
Ireland					0.5
Australia					0.4
Malaysia					0.3
Colombia					0.4
Peru					0.2
Turkey					0.2
Indonesia					0.1
Short-Term Investments					11.7

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

^  Less than 0.05%.

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

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

First Eagle Overseas Variable Fund | Fund Overview (unaudited)

Growth of a $10,000 Initial Investment

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

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

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

Top 10 Holdings* (%)

Gold bullion (Precious Metal)					10.9
Danone SA (Food Products, France)					2.5
Groupe Bruxelles Lambert SA (Diversified Financial Services, Belgium)					2.4
Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland)					2.3
British American Tobacco plc (Tobacco, United Kingdom)					2.2
Nutrien Ltd. (Chemicals, Canada)					1.9
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment, Taiwan)					1.9
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada)					1.9
FANUC Corp. (Machinery, Japan)					1.9
Nestle SA (Registered) (Food Products, Switzerland)					1.9
Total					29.8

*  Holdings in cash, commercial paper and other short-term cash equivalents have been excluded.

Percentages are based on total net assets.

First Eagle Overseas Variable Fund | Schedule of Investments | June 30, 2021 (unaudited)

Investments				Shares				Value ($)
Common Stocks — 75.4%
Australia — 0.4%
Newcrest Mining Ltd.					63,668				1,207,388
Belgium — 2.4%
Groupe Bruxelles Lambert SA					70,168				7,856,802
Brazil — 2.1%
Ambev SA, ADR					1,191,070				4,097,281
Itausa SA (Preference)					293,745				658,502
Wheaton Precious Metals Corp.					48,857				2,153,128
									6,908,911
Canada — 6.2%
Agnico Eagle Mines Ltd.					15,423				932,646
Barrick Gold Corp.					74,944				1,549,842
Franco-Nevada Corp.					5,037				730,966
Imperial Oil Ltd.					199,867				6,091,461
Nutrien Ltd.					104,634				6,341,867
Power Corp. of Canada					142,137				4,492,520
									20,139,302
Chile — 1.2%
Cia Cervecerias Unidas SA, ADR					200,517				4,038,412
China — 0.6%
Alibaba Group Holding Ltd., ADR*					7,950				1,802,901
France — 7.1%
Danone SA					114,083				8,026,304
Laurent-Perrier					16,331				1,870,609
Legrand SA					18,430				1,953,273
LVMH Moet Hennessy Louis Vuitton SE					663				521,554
Rexel SA*					54,384				1,138,701
Saint Jean Groupe SA*					451				12,834
Sanofi					44,011				4,623,910
Sodexo SA*					38,591				3,606,701
Wendel SE					10,768				1,449,053
									23,202,939
Germany — 1.6%
Brenntag SE					15,067				1,402,322
FUCHS PETROLUB SE (Preference)					31,961				1,555,363
Henkel AG & Co. KGaA (Preference)					21,350				2,254,859
									5,212,544

First Eagle Overseas Variable Fund | Schedule of Investments | June 30, 2021 (unaudited)

Investments				Shares				Value ($)
Hong Kong — 4.7%
CK Asset Holdings Ltd.					381,000				2,622,428
Great Eagle Holdings Ltd.					525,814				1,785,704
Guoco Group Ltd.					192,670				2,219,689
Hongkong Land Holdings Ltd.					345,600				1,645,898
Hysan Development Co. Ltd.					391,760				1,561,631
Jardine Matheson Holdings Ltd.					84,280				5,387,136
									15,222,486
Ireland — 0.5%
CRH plc					34,944				1,767,164
Japan — 16.8%
As One Corp.					14,980				1,955,044
Chofu Seisakusho Co. Ltd.					45,885				827,344
Daiichikosho Co. Ltd.					66,330				2,547,792
FANUC Corp.					25,380				6,086,069
Hirose Electric Co. Ltd.					20,480				2,996,111
Hoshizaki Corp.					21,600				1,834,979
Hoya Corp.					12,260				1,621,635
Kansai Paint Co. Ltd.					75,580				1,929,256
Keyence Corp.					6,000				3,021,740
Komatsu Ltd.					86,800				2,150,345
Mitsubishi Electric Corp.					232,300				3,372,355
Mitsubishi Estate Co. Ltd.					289,660				4,681,942
MS&AD Insurance Group Holdings, Inc.					58,800				1,700,038
Nagaileben Co. Ltd.					32,510				783,284
Olympus Corp.					19,464				387,157
Pilot Corp.					5,400				183,243
Secom Co. Ltd.					66,760				5,088,486
Shimano, Inc.					14,760				3,511,757
SK Kaken Co. Ltd.					2,038				751,402
SMC Corp.					5,460				3,230,107
Sompo Holdings, Inc.					135,600				5,022,386
T Hasegawa Co. Ltd.					44,600				987,627
USS Co. Ltd.					10,000				174,804
Yokogawa Electric Corp.					300				4,487
									54,849,390

First Eagle Overseas Variable Fund | Schedule of Investments | June 30, 2021 (unaudited)

Investments				Shares				Value ($)
Mexico — 1.4%
Fomento Economico Mexicano SAB de CV, ADR					39,793				3,362,906
Fresnillo plc					30,612				327,328
Grupo Mexico SAB de CV, Series B					13,037				61,320
Industrias Penoles SAB de CV*					56,206				775,842
									4,527,396
Netherlands — 1.0%
HAL Trust					4,494				791,247
Royal Dutch Shell plc, Class A					116,216				2,348,203
									3,139,450
Norway — 0.9%
Orkla ASA					299,930				3,056,630
Singapore — 2.0%
ComfortDelGro Corp. Ltd.					501,710				613,125
Haw Par Corp. Ltd.					428,413				4,368,122
United Overseas Bank Ltd.					20,400				392,851
UOL Group Ltd.					199,900				1,087,121
									6,461,219
South Korea — 4.2%
Fursys, Inc.					27,737				984,051
Hyundai Mobis Co. Ltd.					8,654				2,244,253
KT&G Corp.					57,281				4,292,769
Lotte Confectionery Co. Ltd.					2,996				368,785
Lotte Corp.					16,304				581,593
NAVER Corp.					2,888				1,071,646
NongShim Co. Ltd.					5,529				1,538,837
Samsung Electronics Co. Ltd. (Preference)					41,290				2,702,434
									13,784,368
Sweden — 3.2%
Industrivarden AB, Class C					34,092				1,247,974
Investor AB, Class A					234,956				5,363,336
Investor AB, Class B					76,760				1,769,350
Svenska Handelsbanken AB, Class A					183,538				2,071,767
									10,452,427
Switzerland — 4.2%
Cie Financiere Richemont SA (Registered)					61,595				7,467,077
Nestle SA (Registered)					48,694				6,069,565
									13,536,642

First Eagle Overseas Variable Fund | Schedule of Investments | June 30, 2021 (unaudited)

Investments				Shares				Value ($)
Taiwan — 1.9%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR					51,098				6,139,936
Thailand — 0.7%
Bangkok Bank PCL, NVDR					496,905				1,754,680
Thai Beverage PCL					1,093,992				550,159
									2,304,839
Turkey — 0.2%
AG Anadolu Grubu Holding A/S					195,340				486,850
United Kingdom — 9.5%
BAE Systems plc					46,787				338,084
Berkeley Group Holdings plc					42,810				2,722,063
British American Tobacco plc					182,859				7,099,608
Diageo plc					36,509				1,749,823
GlaxoSmithKline plc					165,226				3,248,194
Great Portland Estates plc, REIT					23,659				231,946
Hiscox Ltd.*					176,501				2,032,983
Linde plc					9,959				2,879,446
Lloyds Banking Group plc					5,169,632				3,344,011
Reckitt Benckiser Group plc					16,297				1,439,843
Ultra Electronics Holdings plc					8,610				272,895
Unilever plc					97,735				5,720,874
									31,079,770
United States — 2.6%
Newmont Corp.					63,362				4,015,884
Royal Gold, Inc.					8,457				964,944
Willis Towers Watson plc					14,573				3,352,082
									8,332,910
Total Common Stocks (Cost $150,855,661)									245,510,676
				Ounces
Commodities — 10.9%
Gold bullion* (Cost $17,539,483)					20,049				35,493,829

First Eagle Overseas Variable Fund | Schedule of Investments | June 30, 2021 (unaudited)

Investments				Principal Amount ($)				Value ($)
Foreign Government Securities — 2.0%
Colombia — 0.3%
Republic of Colombia 5.75%, 11/3/2027				COP	3,705,300,000				945,448
Indonesia — 0.1%
Republic of Indonesia 8.38%, 3/15/2024				IDR	6,025,000,000				453,649
Malaysia — 0.3%
Malaysia Government Bond 3.42%, 8/15/2022				MYR	4,480,000				1,098,413
Mexico — 0.5%
Mex Bonos Desarr Fix Rt 6.50%, 6/9/2022				MXN	15,730,000				796,545
8.00%, 12/7/2023				MXN	9,130,000				479,822
10.00%, 12/5/2024				MXN	8,170,000				457,724
									1,734,091
Peru — 0.3%
Republic of Peru 8.20%, 8/12/2026 (a)				PEN	2,452,000				790,973
Singapore — 0.5%
Republic of Singapore 3.13%, 9/1/2022				SGD	2,089,000				1,603,374
Total Foreign Government Securities (Cost $6,707,926)									6,625,948
				Number of Warrants
WARRANTS — 0.0% (b)
Switzerland — 0.0% (b)
Cie Financiere Richemont SA, expiring 11/22/2023* (Cost $—)					134,538				90,152
				Principal Amount ($)
Short-Term Investments — 11.7%
Commercial Paper — 10.8%
American Honda Finance Corp. 0.19%, 8/4/2021 (c)					1,077,000				1,076,819
0.17%, 8/18/2021 (c)					760,000				759,808

First Eagle Overseas Variable Fund | Schedule of Investments | June 30, 2021 (unaudited)

Investments				Principal Amount ($)				Value ($)
Commercial Paper — 10.8% (continued)
BASF SE 0.15%, 7/15/2021 (a)(c)					401,000				400,977
0.15%, 7/16/2021 (a)(c)					950,000				949,941
CenterPoint Energy, Inc. 0.12%, 7/1/2021 (c)					802,000				801,997
Entergy Corp. 0.12%, 7/1/2021 (a)(c)					1,379,000				1,378,995
Erste Abwicklungsanstalt 0.11%, 7/2/2021 (a)(c)					1,333,000				1,332,994
Export Development Corp. 0.05%, 8/17/2021 (c)					431,000				430,965
0.06%, 10/4/2021 (c)					311,000				310,959
FMS Wertmanagement 0.08%, 8/11/2021 (a)(c)					861,000				860,910
0.09%, 8/17/2021 (a)(c)					1,300,000				1,299,844
0.10%, 9/21/2021 (c)					844,000				843,809
General Motors Financial Co., Inc. 0.24%, 7/1/2021 (c)					2,564,000				2,563,982
Hitachi International Treasury Ltd. 0.10%, 7/1/2021 (c)					2,508,000				2,507,993
Hydro-Quebec 0.04%, 8/13/2021 (a)(c)					431,000				430,973
0.06%, 9/9/2021 (a)(c)					667,000				666,929
0.04%, 10/1/2021 (a)(c)					621,000				620,904
Kreditanstalt fuer Wiederaufbau 0.06%, 7/1/2021 (a)(c)					923,000				922,998
LVMH Moet Hennessy Louis Vuitton SE 0.14%, 8/2/2021 (c)					691,000				690,943
MetLife Short Term Funding LLC 0.02%, 7/22/2021 (a)(c)					402,000				401,987
Nederlandse Waterschapsbank NV 0.13%, 7/12/2021 (a)(c)					1,351,000				1,350,961
Nestle Capital Corp. 0.04%, 8/9/2021 (a)(c)					417,000				416,978
0.05%, 8/18/2021 (a)(c)					431,000				430,971
Nordea Bank Abp 0.12%, 8/11/2021 (a)(c)					1,669,000				1,668,844
0.11%, 8/13/2021 (c)					834,000				833,919

First Eagle Overseas Variable Fund | Schedule of Investments | June 30, 2021 (unaudited)

Investments				Principal Amount ($)				Value ($)
Commercial Paper — 10.8% (continued)
NRW Bank 0.06%, 8/4/2021 (c)					384,000				383,970
Province of Quebec 0.04%, 8/9/2021 (a)(c)					834,000				833,963
0.05%, 8/16/2021 (a)(c)					1,839,000				1,838,904
0.04%, 8/19/2021 (a)(c)					667,000				666,963
PSP Capital, Inc. 0.02%, 7/21/2021 (a)(c)					478,000				477,979
0.07%, 9/24/2021 (a)(c)					915,000				914,806
QUALCOMM, Inc. 0.12%, 8/3/2021 (a)(c)					417,000				416,961
Smithfield Foods, Inc. 0.18%, 7/1/2021 (c)					502,000				501,997
ST Engineering North America, Inc. 0.08%, 8/19/2021 (a)(c)					400,000				399,961
TotalEnergies Capital Canada Ltd. 0.11%, 8/2/2021 (a)(c)					1,382,000				1,381,886
0.10%, 8/16/2021 (a)(c)					547,000				546,936
0.07%, 9/1/2021 (a)(c)					735,000				734,883
Unilever Capital Corp. 0.06%, 7/30/2021 (a)(c)					481,000				480,972
0.03%, 8/3/2021 (a)(c)					777,000				776,949
United Parcel Service, Inc. 0.01%, 7/1/2021 (a)(c)					627,000				626,999
Total Commercial Paper (Cost $34,940,580)									34,940,529
U.S. Treasury Obligations — 0.9%
U.S. Treasury Bills 0.01%, 9/23/2021 (c)					1,500,000				1,499,825
0.02%, 11/12/2021 (c)					1,500,000				1,499,732
Total U.S. Treasury Obligations (Cost $2,999,843)									2,999,557

First Eagle Overseas Variable Fund | Schedule of Investments | June 30, 2021 (unaudited)

Investments				Shares				Value ($)
INVESTMENT COMPANIES — 0.0%(b)
JP Morgan U.S. Government Money Market Fund, Capital Shares 0.03% (d) (Cost $2,076)					2,076				2,076
Total Short-Term Investments (Cost $37,942,499)									37,942,162
Total Investments — 100.0% (Cost $213,045,569)									325,662,767
Liabilities in excess of other assets — 0.0%									(104,193	)
Net Assets — 100.0%									325,558,574

*  Non-income producing security.

(a)  Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at June 30, 2021 amounted to $24,024,341, which represents approximately 7.38% of net assets of the Fund.

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

(c)  The rate shown was the current yield as of June 30, 2021.

(d)  Represents 7-day effective yield as of June 30, 2021.

As of June 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation				$	115,321,581
Aggregate gross unrealized depreciation					(2,523,213	)
Net unrealized appreciation				$	112,798,368
Federal income tax cost				$	213,045,569

Forward Foreign Currency Exchange Contracts outstanding as of June 30, 2021

Currency Purchased				Currency Sold				Counterparty				Settlement Date				Unrealized Appreciation (Depreciation)
USD	1,475,420			EUR	1,213,000			JPMorgan Chase Bank				7/14/2021				$	36,734
USD	1,315,005			EUR	1,080,000			HSBC Bank plc				8/18/2021					33,133
USD	1,338,307			EUR	1,123,000			UBS AG				9/15/2021					4,599
USD	2,096,500			EUR	1,727,000			Goldman Sachs				10/20/2021					43,768
USD	1,397,136			GBP	989,000			Goldman Sachs				10/20/2021					28,631
USD	1,446,898			EUR	1,183,000			Bank of New York Mellon				11/17/2021					39,805
Total unrealized appreciation																	186,670
USD	1,077,812			GBP	783,000			UBS AG				9/15/2021					(5,500	)
Total unrealized depreciation																	(5,500	)
Net unrealized appreciation																$	181,170

First Eagle Overseas Variable Fund | Schedule of Investments | June 30, 2021 (unaudited)

Abbreviations

ADR  —  American Depositary Receipt

COP  —  Colombian Peso

EUR  —  Euro

Fix Rt  —  Fixed Rate

GBP  —  British Pound

IDR  —  Indonesian Rupiah

MXN  —  Mexican Peso

MYR  —  Malaysia Ringgit

NVDR  —  Non-Voting Depositary Receipt

PEN  —  Peruvian Sol

Preference  —  A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

REIT  —  Real Estate Investment Trust

SGD  —  Singapore Dollar

USD  —  United States Dollar

See Notes to Financial Statements.

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Statement of Assets and Liabilities

June 30, 2021 (unaudited)

				First Eagle Overseas Variable Fund
Assets
Investments, at Cost (Note 1)
Investments in securities of unaffiliated issuers				$	195,506,086
Gold bullion					17,539,483
Investments, at Value (Note 1)
Investments in securities of unaffiliated issuers					290,168,938
Gold bullion					35,493,829
Cash					27,589
Unrealized appreciation on forward foreign currency exchange contracts					186,670
Receivable for investment securities sold					425,946
Foreign tax reclaims receivable					499,203
Receivable for Fund shares sold					14,906
Accrued interest and dividends receivable					314,363
Other assets					86,378
Total Assets					327,217,822
Liabilities
Investment advisory fees payable (Note 2)					205,606
Payable for investment securities purchased					736,958
Distribution fees payable (Note 3)					68,535
Administrative fees payable (Note 2)					137,279
Trustee fees payable					1,433
Unrealized depreciation on forward foreign currency exchange contracts					5,500
Payable for Fund shares redeemed					184,213
Accrued expenses and other liabilities					319,724
Total Liabilities					1,659,248
Net Assets				$	325,558,574
Net Assets Consist of
Capital stock (par value, $0.001 per share)					12,100
Capital surplus					215,563,086
Total distributable earnings (losses)					109,983,388
Net Assets				$	325,558,574
Shares Outstanding					12,100,191
Net asset value per share and redemption proceeds per share				$	26.91

See Notes to Financial Statements

Statement of Operations

June 30, 2021 (unaudited)

				First Eagle Overseas Variable Fund
Investment Income
Interest (net of $3,730, foreign taxes withheld)				$	124,889
Dividends from unaffiliated issuers (net of $380,721 foreign taxes withheld)					3,266,614
Total Income					3,391,503
Expenses
Investment advisory fees (Note 2)					1,213,836
Distributions fees (Note 3)					404,612
Shareholder servicing agent fees					216,616
Administrative costs (Note 2)					166,883
Professional fees					145,026
Custodian and accounting fees					74,323
Shareholder reporting fees					47,077
Trustees' fees					6,074
Other expenses					18,700
Total Expenses					2,293,147
Expense reimbursement (Note 2)					(85,485	)
Net Expenses					2,207,662
Net Investment Income (Note 1)					1,183,841
Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Related Transactions (Note 1)
Net realized gains (losses) from:
Transactions in investment securities of unaffiliated issuers					8,420,664
Settlement of foreign currency and foreign currency transactions					(36,514	)
Settlement of forward foreign currency exchange contracts					(148,110	)
					8,236,040
Changes in unrealized appreciation (depreciation) of:
Investment securities of unaffiliated issuers and commodity related transactions (net of decrease in deferred capital gain country tax accruals of $9,087)					6,729,127
Foreign currency and foreign currency translations					(48,626	)
Forward foreign currency exchange contracts					376,119
					7,056,620
Net realized and unrealized gains (losses) on investments, commodity, foreign currency and forward contract related transactions					15,292,660
Net Increase in Net Assets Resulting from Operations				$	16,476,501

See Notes to Financial Statements

Statements of Changes in Net Assets

				First Eagle Overseas Variable Fund
				For the Six Months ended June 30, 2021 (Unaudited)				For the year ended December 31, 2020
Operations
Net investment income				$	1,183,841			$	2,322,291
Net realized gain from investments, commodity, foreign currency and forward contract related transactions					8,236,040				1,813,099
Change in unrealized appreciation (depreciation) of investments, commodity, foreign currency and forward contract related translations					7,056,620				16,818,508
Net increase in net assets resulting from operations					16,476,501				20,953,898
Distributions to Shareholders
Distributable earnings					—				(22,434,807	)
Decrease in net assets resulting from distributions					—				(22,434,807	)
Fund Share Transactions
Net proceeds from shares sold					7,334,163				18,255,085
Net asset value of shares issued for reinvested dividends and distributions					—				22,434,806
Cost of shares redeemed					(21,570,234	)			(57,208,335	)
Decrease in net assets from Fund share transactions					(14,236,071	)			(16,518,444	)
Net increase (decrease) in net assets					2,240,430				(17,999,353	)
Net Assets (Note 1)
Beginning of period					323,318,144				341,317,497
End of period				$	325,558,574			$	323,318,144
Changes in Shares Outstanding
Shares outstanding, beginning of period					12,640,605				13,254,004
Shares sold					278,789				839,875
Shares issued on reinvestment of distributions					—				894,887
Shares redeemed					(819,203	)			(2,348,161	)
Shares outstanding, end of period					12,100,191				12,640,605

See Notes to Financial Statements

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First Eagle Overseas Variable Fund

Financial Highlights

				Per share operating performance*
				Investment operation																Less dividends and distributions
Selected per share data for the year ended:				Net assets value, beginning of period				Net investment income				Net realized and unrealized gains (losses) on investments				Total investment operations				From net investment income				From capital gains				Total distributions				Net assets value, end of period
Six Months Ended June 30, 2021 (Unaudited)				$	25.58				0.10				1.23				1.33				—				—				—			$	26.91
December 31, 2020				$	25.75				0.18				1.55				1.73				(0.69	)			(1.21	)			(1.90	)		$	25.58
December 31, 2019				$	22.77				0.28				3.67				3.95				(0.08	)			(0.89	)			(0.97	)		$	25.75
December 31, 2018				$	27.71				0.26				(3.16	)			(2.90	)			(0.60	)			(1.44	)			(2.04	)		$	22.77
December 31, 2017				$	25.43				0.15				3.55				3.70				(0.31	)			(1.11	)			(1.42	)		$	27.71
December 31, 2016				$	24.81				0.16				1.12				1.28				(0.15	)			(0.51	)			(0.66	)		$	25.43

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

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

(b)  Not Annualized

(c)  Annualized

See Notes to Financial Statements

												Ratios/Supplemental data
												Ratios to Average Net Assets of
Selected per share data for the year ended:				Total return(a)				Net assets, end of period (thousands)				Operating expenses excluding earnings credits and/or fee waivers				Operating expenses including earnings credits and/or fee waivers				Net investment income excluding earnings credits and/or fee waivers				Net investment income including earnings credits and/or fee waivers				Portfolio turnover rate
Six Months Ended June 30, 2021 (Unaudited)					5.20	%(b)		$	325,559				1.42	%(c)			1.37	%(c)			0.68	%(c)			0.73	%(c)			3.95	%(b)
December 31, 2020					6.85	%		$	323,318				1.45	%			1.38	%			0.68	%			0.75	%			12.37	%
December 31, 2019					17.38	%		$	341,317				1.39	%			1.35	%			1.10	%			1.14	%			6.98	%
December 31, 2018					(10.55	)%		$	342,656				1.36	%			1.34	%			0.93	%			0.96	%			13.39	%
December 31, 2017					14.58	%		$	428,501				1.36	%			1.36	%			0.53	%			0.53	%			9.20	%
December 31, 2016					5.17	%		$	439,983				1.30	%			1.30	%			0.60	%			0.60	%			6.44	%

Notes to Financial Statements

Note 1 — Significant Accounting Policies

First Eagle Variable Funds (the "Trust") is an open-end, diversified management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust consists of one portfolio, First Eagle Overseas Variable Fund (the "Fund"). The Trust is a Delaware statutory trust and was until March 31, 2004 a Maryland Corporation operating under the name First Eagle Variable Funds, Inc. The First Eagle Overseas Variable Fund seeks long-term growth of capital by investing primarily in equities, including common and preferred stocks, warrants or other similar rights, and convertible securities, issued by non-U.S. companies. The shares of the Fund may be purchased only by the separate accounts of insurance companies for the purpose of funding variable life insurance policies and variable annuity contracts. At June 30, 2021, the Fund is offered as an investment option by two insurance companies and accordingly a decision by any insurance company to withdraw its participation may have a negative impact on the Fund.

First Eagle Investment Management, LLC (the "Adviser"), a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"), manages the Fund. A controlling interest in First Eagle Holdings is owned by BCP CC Holdings L.P., a Delaware limited partnership ("BCP CC Holdings"). BCP CC Holdings GP L.L.C., a Delaware limited liability company ("BCP CC Holdings GP"), is the general partner of BCP CC Holdings and has two managing members, Blackstone Capital Partners VI L.P. ("BCP VI") and Corsair IV Financial Services Capital Partners L.P. ("Corsair IV"). BCP VI and Corsair IV are indirectly controlled by The Blackstone Group, Inc. ("Blackstone") and Corsair Capital LLC ("Corsair"), respectively. Investment vehicles indirectly controlled by Blackstone and Corsair and certain co-investors own a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings.

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

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

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

Notes to Financial Statements

such bid or asked price for long or short positions, respectively), except if such unlisted security is traded on the NASDAQ in which case, it is valued at the NASDAQ Official Closing Price. Such prices are provided by approved pricing vendors or other independent pricing sources.

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

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

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

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

Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the official close on the primary exchange or market on which they are traded. In the absence of such a quotation, a security may be valued at the last quoted sales price on the most active exchange or market as determined by the independent pricing agent. The Fund uses pricing services to identify the market prices of publicly traded securities in its portfolio. When market prices are determined to be "stale" as a result of limited market activity for a particular holding or have been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before the Fund's NAV is calculated, or in other circumstances when market prices are unavailable, such as for private placements, or determined to be unreliable for a particular holding, such holdings may be "fair valued" in accordance with procedures approved by the Board of Trustees ("Board"). The values assigned to the Fund's holdings therefore may differ on occasion from reported market values.

Notes to Financial Statements

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

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

The Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Fund's investments and are summarized in the following fair value hierarchy:

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

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

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

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

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

Fair valuation of securities, other financial investments or other assets (collectively, "securities") held by the Fund are determined in good faith under the supervision and responsibility of the Board. The Board Valuation and Liquidity Committee (the "Committee") oversees the execution of the valuation and liquidity procedures for the Fund.

Notes to Financial Statements

The following is a summary of the Fund's inputs used to value the Fund's investments as of June 30, 2021:

Description				Level 1				Level 2				Level 3				Total
Assets:†
Common Stocks				$	63,434,927			$	182,075,749	(a)		$	—			$	245,510,676
Commodity*					—				35,493,829				—				35,493,829
Foreign Government Securities					—				6,625,948				—				6,625,948
Short-Term Investments					2,076				37,940,086				—				37,942,162
Warrant					90,152				—				—				90,152
Forward Foreign Currency Exchange Contracts**					—				186,670				—				186,670
Total				$	63,527,155			$	262,322,282			$	—			$	325,849,437
Liabilities:
Forward Foreign Currency Exchange Contracts**				$	—			$	(5,500	)		$	—			$	(5,500	)
Total				$	—			$	(5,500	)		$	—			$	(5,500	)

(a)  The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 1(a) for additional details.

†  See Schedule of Investments for additional detailed categorizations.

*  Represents gold bullion.

**  Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts.

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

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

Notes to Financial Statements

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

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

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

Funds investing in forward foreign currency exchange contracts are exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the Fund is unable to enter into a closing position. Forward foreign currency exchange contracts outstanding at period end, if any, are listed after the Fund's Schedule of Investments. For the six-month period ended June 30, 2021, the average monthly outstanding currency purchased and/or sold in U.S. dollars for forward foreign currency exchange contracts totaled $0 and $9,816,383 respectively.

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

Notes to Financial Statements

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

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

At June 30, 2021, the Fund had the following forward foreign currency exchange contracts grouped into appropriate risk categories illustrated below:

												Gain or (Loss) Derivative Recognized in Income
Risk Type				Asset Derivative Fair Value(1)				Liability Derivative Fair Value(2)				Net Realized Gains (losses)(3)				Change in Appreciation (Depreciation)(4)
Foreign currency				$	186,670			$	5,500			$	(148,110	)		$	376,119

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

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

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

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

Notes to Financial Statements

The following table presents the Fund's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Fund as of June 30, 2021:

Counterparty				Gross Amount of Assets Presented in the Statement of Assets and Liabilities				Derivatives Available for Offset				Collateral Received*				Net Amount (Not Less Than $0)
JPMorgan Chase Bank				$	36,734			$	—			$	—			$	36,734
HSBC Bank plc					33,133				—				—				33,133
UBS AG					4,599				(4,599	)			—				—
Goldman Sachs					72,399				—				—				72,399
Bank of New York Mellon					39,805				—				—				39,805
Total				$	186,670			$	(4,599	)		$	—			$	182,071
Counterparty				Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities				Derivatives Available for Offset				Collateral Pledged*				Net Amount (Not Less Than $0)
UBS AG				$	5,500			$	(4,599	)		$	—			$	901
Total				$	5,500			$	(4,599	)		$	—			$	901

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

f)  Treasury Inflation-Protected Securities — The Fund may invest in Treasury Inflation-Protected Securities ("TIPS") which are specially structured bonds in which the principal amount is adjusted to keep pace with inflation. The principal value of TIPS will be adjusted upward or downward and any increase or decrease in the principal amount of TIPS will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity. TIPS are subject to interest rate risk.

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