Semiannual Report

June 30, 2022

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					20
Statement of Operations					21
Statements of Changes in Net Assets					22
Financial Highlights					24
Notes to Financial Statements					26
Fund Expenses					38
General Information					42
Board Considerations for Continuation of Advisory Agreement					43
Board Review of Management's Liquidity Risk Management Program					47

Letter from the President (unaudited)

Dear Fellow Shareholders,

Since my last letter to you, war has been added to the litany of geopolitical and macroeconomic challenges already facing world economies and markets, including inflation, shifting monetary policy, recession fears and the ongoing supply and demand impacts of Covid-19. Though Russia's invasion of Ukraine in late February was widely anticipated, the sharp repricing of risk assets that followed suggested the market may have been caught off guard by its scale, and investors were left with few places to hide in the first half of 2022.

I've written previously of our concerns about the markets' apparent complacency in the face of mounting risks, not the least of which was the impact of Covid-19 on economic and market dynamics. The massive fiscal and policy response to the initial outbreak of the virus in early 2020 produced distortions in the fortunes of companies and industries, as businesses representative of the "new economy" capitalized on the forced virtualization of global activity while more traditional organizations struggled under the weight of pandemic-related restrictions. As a result, we saw a sharp but bifurcated comeback in risk assets, as the predominantly growth-oriented stocks representative of the new economy were priced as if their Covid tailwinds would persist indefinitely, while old-line names typical of value stocks traded at levels suggesting their business models were becoming obsolete.

It has been our view that neither of these scenarios was likely to be true and that the normalization of economic activity would bring asset valuations closer to long-term equilibrium. This journey toward equilibrium began to emerge in late 2021 and has picked up steam here in 2022; though both were down through the end of June, the MSCI World Value Index outperformed the MSCI World Growth Index by more than 1,600 basis points during this period.¹ Tightening financial conditions appear to be among the primary drivers of this move. With inflation at 40-year highs and showing no sign of abating, the Federal Reserve embarked upon a new tightening cycle in March and ultimately raised its federal funds rate target by 150 basis points over the course of first half 2022. High-valuation stocks—including the growth-oriented, tech-related names that had been market darlings since the Covid swoon and for much of the post-global financial crisis era in general—suffered the most, as their future cash flows appeared less attractive to investors when discounted against higher prevailing interest rates. Higher interest rates also weighed on fixed income assets, particularly those with longer durations. A debt instrument's "duration" is a way of measuring a debt instrument's sensitivity to a potential change in interest rates.²

¹  Source: FactSet; data as of June 30, 2022.

²  Source: FactSet; data as of June 30, 2022.

Letter from the President (unaudited)

We are living in uncertain macroeconomic times. Some observers think recession is inevitable, especially in Europe, which still relies on Russian oil and natural gas for a major share of its energy needs. Sanctions have already been imposed on Russian exports, and additional sanctions are under discussion, further pressuring consumers and businesses straining under the weight of inflation. In the United States, many doubt the Fed can engineer a soft landing of the economy as it unwinds years of highly accommodative policy; two consecutive quarters of economic contraction helped to fuel these doubts. China's zero-Covid approach led to draconian lockdowns in a number of areas vital to global supply chains and slowed its economy, but policymakers in China have been rolling out targeted stimulus measures.

Volatility in both the equity and fixed income markets, which had been creeping higher since the fall, spiked in response to Russia's invasion of Ukraine and has trended higher since. Volatility can rattle investors and trigger fearful reactions, but selling into a falling market has the potential to inflict serious damage on long-term investment returns by permanently impairing investor capital.

While the Overseas Variable Fund delivered negative absolute returns in the six-month period covered in this report, it outpaced its benchmark and index-based peers thanks to careful stock selection. The energy sector in particular, buoyed by rising oil prices, contributed strongly to fund performance. Gold and gold-related equities, which the fund holds as a potential hedge against negative events and market turbulence, played their part effectively.

I thank you for entrusting your assets to our stewardship.

Sincerely,

Mehdi Mahmud

President

August 2022

Management's Discussion of Fund Performance (unaudited)

First Eagle Overseas Variable Fund

The net asset value ("NAV") of the Fund's shares decreased 10.20% in the six months ended June 30, 2022, while the MSCI EAFE Index declined 19.57%. The Fund's short-term investments, including cash and cash equivalents, comprised 3.5% of the portfolio as of June 30, 2022.

The five largest contributors to the performance of First Eagle Overseas Variable Fund during the period were Imperial Oil Limited (oil, gas and consumable fuels, Canada); British American Tobacco plc (tobacco, United Kingdom); BAE Systems plc (aerospace & defense, United Kingdom); Shell plc (oil, gas and consumable fuels, Netherlands); and CK Asset Holdings Limited (real estate management & development, Hong Kong). Their combined contribution to the Fund's return was 1.50%.

The five largest detractors were Compagnie Financière Richemont SA (textiles, apparel & luxury goods, Switzerland); Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (semiconductors and semiconductor equipment, Taiwan); Groupe Bruxelles Lambert SA (diversified financial services, Belgium); Shimano Inc. (leisure products, Japan); and Fanuc Corporation (machinery, Japan). Combined, they subtracted 2.64% from performance.

Matt 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 2022

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

Management's Discussion of Fund Performance (unaudited)

The commentary represents the opinion of Mehdi Mahmud and the Portfolio Management team as of August 2022 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.

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 prices 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, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility and may continue to negatively affect the price and liquidity of individual securities, national economies and global markets generally. Prices of individual securities and other investments, including those of a particular type, may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in price, public perceptions concerning these developments, and adverse investor sentiment or publicity. 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 price or time of its choosing and can result in losses. Changes in price may be temporary or may last for extended periods. If the Fund sells a portfolio position before it reaches its market peak, it may miss out on opportunities for better performance.

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.

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.

COVID-19 continues to spread globally. The COVID-19 pandemic has resulted in, among other things, closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, unprecedented levels of high unemployment, 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 invests are domiciled in Canada, the European Union, the United Kingdom and Japan, although the operations of such companies may take place in other countries.

Canada is a significant exporter of natural resources, such as oil, natural gas and agricultural products. As a result, the Canadian economy is susceptible to adverse changes in certain commodities markets. It is also heavily dependent on trading with key partners, including the United States, Mexico, and China.

Management's Discussion of Fund Performance (unaudited)

Any reduction in trading with these key partners may adversely affect the Canadian economy. Canada's dependency on the economy of the United States, in particular, makes Canada's economy vulnerable to political and regulatory changes affecting the United States economy. These and other factors could negatively affect the Fund's performance.

The Fund's investments may subject it to the risks associated with investing in the European markets, including the risks associated with the United Kingdom's ("UK") exit from the European Union ("Brexit"). 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. The impact of Brexit on the UK and European economies could be significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on the UK and/or Europe for their business activities and revenues. Any further exits from the European Union, or an increase in the belief that such exits are likely or possible, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties. Further, political or economic disruptions in European countries, even in countries in which the Fund is not invested, may adversely affect security values and thus the Fund's holdings.

The 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. The Japanese Yen has fluctuated widely during recent periods, may be affected by volatility elsewhere and has a history of unpredictable and volatile movements against the U.S. dollar. Japan has also experienced natural disasters, such as earthquakes and tidal waves, of varying degrees of severity, which also could negatively affect the Fund.

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

If one or more investors in the Fund initiate significant redemptions, it may be necessary to dispose of assets to meet the redemption request. This can make ordinary portfolio management and rebalancing decisions more complicated to implement and can result in the Fund's current expenses being allocated over a smaller asset base, which generally results in an increase in the Fund's expense ratio. The impact

Management's Discussion of Fund Performance (unaudited)

of these transactions is likely to be greater in highly volatile markets or less liquid markets when a significant investor purchases, redeems or owns a substantial portion of the Fund's shares.

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

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

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

All investments involve the risk of loss.

First Eagle Overseas Variable Fund

Fund Overview

Data as of June 30, 2022 (unaudited)

Investment Objective

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

Average Annual Returns (%)				One Year				Five Years				Ten Years
First Eagle Overseas Variable Fund					-10.84				1.96				4.77
MSCI EAFE Index					-17.77				2.20				5.40
Consumer Price Index					9.06				3.88				2.59

Asset Allocation* (%)

Sectors* (%)

Consumer Staples					19.3
Financials					14.1
Industrials					12.5
Commodities					10.5
Consumer Discretionary					9.0
Materials					7.8
Health Care					5.4
Real Estate					5.3
Energy					5.1
Information Technology					3.7
Foreign Government Securities					2.7
Communication Services					1.1
Short-Term Investments					3.5

Countries*~ (%)

United States					17.0
Japan					16.6
United Kingdom					10.4
Canada					7.4
France					6.7
Hong Kong					5.0
South Korea					4.4
Switzerland					3.1
China					2.8
Brazil					2.8
Singapore					2.8
Sweden					2.4
Mexico					2.3
Belgium					2.2
Netherlands					1.9
Germany					1.8
Taiwan					1.5
Chile					0.9
Norway					0.9
Thailand					0.9
Faroe Islands					0.5
Ireland					0.5
Malaysia					0.4
Colombia					0.4
Australia					0.3
Turkey					0.2
Peru					0.2
Indonesia					0.2
Short-Term Investments					3.5

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

**  Includes short-term commercial paper (1.1% of total investments) that settles in 90 days or less, long-term commercial paper (2.2% of total investments) that settles in 91 days or greater and other short-term investments (0.2% of total investments), such as U.S treasury bills or money market funds.

^  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

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)					10.5
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada)					3.4
British American Tobacco plc (Tobacco, United Kingdom)					3.0
Danone SA (Food Products, France)					2.4
Unilever plc (Personal Products, United Kingdom)					2.2
Groupe Bruxelles Lambert SA (Diversified Financial Services, Belgium)					2.2
Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland)					2.2
Willis Towers Watson plc (Insurance, United States)					1.9
Mitsubishi Estate Co. Ltd. (Real Estate Management & Development, Japan)					1.9
Shell plc (Oil, Gas & Consumable Fuels, Netherlands)					1.7
Total					31.4

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

  Percentages are based on total net assets.

First Eagle Overseas Variable Fund | Schedule of Investments | June 30, 2022 (unaudited)

Investments				Shares				Value ($)
Common Stocks — 83.3%
Australia — 0.3%
Newcrest Mining Ltd.					61,827				880,801
Belgium — 2.2%
Groupe Bruxelles Lambert SA					68,139				5,712,054
Brazil — 2.8%
Ambev SA, ADR					1,592,433				3,997,007
Itausa SA (Preference)					997,397				1,589,447
Wheaton Precious Metals Corp.					47,444				1,709,407
									7,295,861
Canada — 7.4%
Agnico Eagle Mines Ltd.					14,977				685,554
Barrick Gold Corp.					72,777				1,287,425
Franco-Nevada Corp.					4,892				643,500
Imperial Oil Ltd.					186,487				8,791,199
Nutrien Ltd.					51,071				4,069,848
Power Corp. of Canada					144,259				3,711,822
									19,189,348
Chile — 1.0%
Cia Cervecerias Unidas SA, ADR					194,720				2,459,314
China — 2.8%
Alibaba Group Holding Ltd.*					254,568				3,631,513
Prosus NV*					56,327				3,647,378
									7,278,891
Faroe Islands — 0.5%
Bakkafrost P/F					18,170				1,171,056
France — 6.7%
Danone SA					110,784				6,204,147
Euroapi SA*					1,780				28,081
Laurent-Perrier					15,859				1,618,733
Legrand SA					17,573				1,304,769
LVMH Moet Hennessy Louis Vuitton SE					714				437,595
Sanofi					40,941				4,128,739
Sodexo SA					37,475				2,650,769
Wendel SE					10,456				876,348
									17,249,181

First Eagle Overseas Variable Fund | Schedule of Investments | June 30, 2022 (unaudited)

Investments				Shares				Value ($)
Germany — 1.8%
Brenntag SE					13,757				900,784
FUCHS PETROLUB SE (Preference)					50,285				1,406,811
Henkel AG & Co. KGaA (Preference)					37,080				2,294,533
									4,602,128
Hong Kong — 5.0%
CK Asset Holdings Ltd.					399,000				2,835,022
Great Eagle Holdings Ltd.					525,814				1,179,854
Guoco Group Ltd.					189,670				1,911,616
Hongkong Land Holdings Ltd.					335,600				1,685,428
Hysan Development Co. Ltd.					379,760				1,145,707
Jardine Matheson Holdings Ltd.					82,180				4,318,059
									13,075,686
Ireland — 0.5%
CRH plc					33,933				1,170,988
Japan — 16.6%
As One Corp.					28,860				1,140,237
Chofu Seisakusho Co. Ltd.					44,485				578,760
Daiichikosho Co. Ltd.					64,330				1,875,999
FANUC Corp.					26,680				4,181,804
Hirose Electric Co. Ltd.					19,980				2,652,968
Hoshizaki Corp.					53,000				1,579,714
Hoya Corp.					4,624				395,735
Kansai Paint Co. Ltd.					85,880				1,096,352
Keyence Corp.					4,100				1,406,047
Komatsu Ltd.					84,200				1,874,896
Mitsubishi Electric Corp.					245,900				2,643,217
Mitsubishi Estate Co. Ltd.					335,260				4,859,040
MS&AD Insurance Group Holdings, Inc.					104,700				3,210,457
Nagaileben Co. Ltd.					31,510				440,371
Nihon Kohden Corp.					24,000				491,885
Olympus Corp.					18,864				382,283
Pilot Corp.					10,800				384,675
Secom Co. Ltd.					64,760				3,998,589
Shimano, Inc.					14,160				2,385,349

First Eagle Overseas Variable Fund | Schedule of Investments | June 30, 2022 (unaudited)

Investments				Shares				Value ($)
Japan — 16.6% (continued)
SK Kaken Co. Ltd.					1,938				463,503
SMC Corp.					4,460				1,985,322
Sompo Holdings, Inc.					90,300				3,988,366
T Hasegawa Co. Ltd.					43,300				882,425
USS Co. Ltd.					12,900				223,584
Yokogawa Electric Corp.					300				4,963
									43,126,541
Mexico — 1.7%
Fomento Economico Mexicano SAB de CV, ADR					45,975				3,102,853
Fresnillo plc					18,566				173,435
Grupo Mexico SAB de CV, Series B					151,077				625,584
Industrias Penoles SAB de CV					56,206				520,429
									4,422,301
Netherlands — 1.9%
HAL Trust					4,459				573,077
Shell plc					172,207				4,468,348
									5,041,425
Norway — 0.9%
Orkla ASA					295,336				2,365,848
Singapore — 2.2%
ComfortDelGro Corp. Ltd.					487,110				491,076
Haw Par Corp. Ltd.					416,013				3,290,390
United Overseas Bank Ltd.					20,400				385,399
UOL Group Ltd.					292,500				1,550,423
									5,717,288
South Korea — 4.0%
Fursys, Inc.					26,934				659,970
Hyundai Mobis Co. Ltd.					11,390				1,755,621
KT&G Corp.					55,624				3,525,716
Lotte Confectionery Co. Ltd.					2,996				275,257
Lotte Corp.					15,832				455,747
NAVER Corp.					5,498				1,025,523

First Eagle Overseas Variable Fund | Schedule of Investments | June 30, 2022 (unaudited)

Investments				Shares				Value ($)
South Korea — 4.0% (continued)
NongShim Co. Ltd.					5,370				1,110,333
Samsung Electronics Co. Ltd. (Preference)					40,096				1,611,675
									10,419,842
Sweden — 2.4%
Industrivarden AB, Class A					2,741				61,965
Industrivarden AB, Class C					34,092				762,103
Investor AB, Class A					149,856				2,699,030
Investor AB, Class B					76,760				1,265,908
Svenska Handelsbanken AB, Class A					178,231				1,529,919
									6,318,925
Switzerland — 3.1%
Cie Financiere Richemont SA (Registered)					51,432				5,532,189
Schindler Holding AG					13,015				2,379,912
									7,912,101
Taiwan — 1.5%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR					47,738				3,902,581
Thailand — 0.9%
Bangkok Bank PCL, NVDR					482,505				1,819,634
Thai Beverage PCL					1,062,292				493,515
									2,313,149
Turkey — 0.2%
AG Anadolu Grubu Holding A/S					211,060				599,876
United Kingdom — 10.4%
BAE Systems plc					276,772				2,802,038
Berkeley Group Holdings plc*					50,220				2,283,227
British American Tobacco plc					179,464				7,692,594
Great Portland Estates plc, REIT					71,258				498,990
Hiscox Ltd.					126,787				1,454,480
Lloyds Banking Group plc					5,020,153				2,582,902
Reckitt Benckiser Group plc					51,085				3,842,218
Unilever plc					129,123				5,864,817
									27,021,266

First Eagle Overseas Variable Fund | Schedule of Investments | June 30, 2022 (unaudited)

Investments				Shares				Value ($)
United States — 6.5%
GSK plc					160,448				3,457,911
Nestle SA (Registered)					33,177				3,877,488
Newmont Corp.					61,529				3,671,436
Royal Gold, Inc.					8,213				876,984
Willis Towers Watson plc					25,070				4,948,567
									16,832,386
Total Common Stocks (Cost $171,738,779)									216,078,837
				Ounces
Commodities — 10.5%
Gold Bullion* (Cost $11,654,969)					15,048				27,189,824
				Principal Amount ($)
Foreign Government Securities — 2.7%
Colombia — 0.4%
Titulos de Tesoreria Series B, 5.75%, 11/3/2027‡				COP	4,917,300,000				936,631
Indonesia — 0.2%
Republic of Indonesia 8.38%, 3/15/2024				IDR	6,025,000,000				425,663
Malaysia — 0.4%
Malaysia Government Bond 3.42%, 8/15/2022				MYR	4,480,000				1,018,143
Mexico — 0.6%
Mex Bonos Desarr Fix Rt Series M, 8.00%, 12/7/2023				MXN	9,130,000				445,211
Series M 20, 10.00%, 12/5/2024				MXN	8,560,000				431,220
Series M, 5.75%, 3/5/2026				MXN	14,980,000				662,437
									1,538,868
Peru — 0.2%
Republic of Peru 8.20%, 8/12/2026‡(a)				PEN	2,172,000				593,241
Singapore — 0.6%
Republic of Singapore 3.13%, 9/1/2022				SGD	2,089,000				1,506,107

First Eagle Overseas Variable Fund | Schedule of Investments | June 30, 2022 (unaudited)

Investments				Principal Amount ($)				Value ($)
South Korea — 0.3%
Republic of Korea 1.25%, 3/10/2026				KRW	1,264,990,000				893,101
Total Foreign Government Securities (Cost 7,776,883)									6,911,754
				Number of Warrants
Warrants — 0.0% (b)
Switzerland — 0.0% (b)
Cie Financiere Richemont SA, expiring 11/22/2023* (Cost $—)					117,445				63,973
Short-Term Investments — 3.5%
Commercial Paper — 3.3%
Avery Dennison Corp. 1.70%, 7/1/2022 (c)					250,000				249,987
BNG Bank NV 0.87%, 7/19/2022 (a)(c)					268,000				267,769
BP Capital Markets plc 1.22%, 8/16/2022 (c)					302,000				301,222
1.22%, 8/17/2022 (c)					500,000				498,677
Cargill, Inc. 1.50%, 7/1/2022 (a)(c)					250,000				249,990
CenterPoint Energy, Inc. 1.78%, 7/1/2022 (c)					922,000				921,952
Conagra Brands, Inc. 2.15%, 7/1/2022 (a)(c)					305,000				304,982
Engie SA 0.95%, 7/13/2022 (a)(c)					395,000				394,749
Entergy Corp. 1.70%, 7/1/2022 (a)(c)					338,000				337,984
Export Development Corp. 1.30%, 8/22/2022 (c)					300,000				299,176
General Motors Financial Co., Inc. 1.98%, 7/1/2022 (c)					848,000				847,954
Kreditanstalt fuer Wiederaufbau 0.98%, 7/25/2022 (a)(c)					250,000				249,790
LVMH Moet Hennessy Louis Vuitton SE 1.30%, 8/19/2022 (c)					250,000				249,385

First Eagle Overseas Variable Fund | Schedule of Investments | June 30, 2022 (unaudited)

Investments				Number of Warrants				Value ($)
Commercial Paper — 3.3% (continued)
LVMH Moet Hennessy Louis Vuitton, Inc. 1.00%, 7/27/2022 (a)(c)					500,000				499,366
Nestle Finance International Ltd. 0.87%, 7/19/2022 (a)(c)					332,000				331,735
PSP Capital, Inc. 0.91%, 7/11/2022 (a)(c)					552,000				551,732
0.91%, 7/12/2022 (c)					552,000				551,706
1.33%, 8/12/2022 (a)(c)					395,000				394,135
1.38%, 8/17/2022 (a)(c)					250,000				249,369
1.39%, 8/18/2022 (c)					303,000				302,215
Siemens Capital Co. LLC 0.75%, 7/20/2022 (a)(c)					500,000				499,561
Total Commercial Paper (Cost $8,556,708)									8,553,436
U.S. Treasury Obligations — 0.2%
U.S. Treasury Bills 0.86%, 7/21/2022 (c) (Cost $499,761)					500,000				499,718
				Shares
Investment Companies — 0.0% (b)
JPMorgan U.S. Government Money Market Fund, Capital Shares 1.32% (d) (Cost $1,904)					1,904				1,904
Total Short-Term Investments (Cost $9,058,373)									9,055,058
Total Investments — 100.0% (Cost $200,229,004)									259,299,446
Liabilities in Excess of Other Assets — 0.0%									(107,705	)
Net Assets — 100.0%									259,191,741

*  Non-income producing security.

‡  Value determined using significant unobservable inputs.

(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, 2022 amounted to $4,924,403, which represents approximately 1.90% 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, 2022.

(d)  Represents 7-day effective yield as of June 30, 2022.

First Eagle Overseas Variable Fund | Schedule of Investments | June 30, 2022 (unaudited)

As of June 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation				$	73,040,504
Aggregate gross unrealized depreciation					(13,880,836	)
Net unrealized appreciation				$	59,159,668
Federal income tax cost				$	200,229,004

Forward Foreign Currency Exchange Contracts outstanding as of June 30, 2022

Currency      Purchased				Currency Sold				Counterparty				Settlement Date				Unrealized Appreciation (Depreciation)
EUR	1,158,000			USD	1,204,922			JPMorgan Chase Bank				7/20/2022				$	9,810
USD	1,259,221			EUR	1,158,000			JPMorgan Chase Bank				7/20/2022					44,489
USD	726,701			GBP	589,000			JPMorgan Chase Bank				7/20/2022					9,542
USD	891,594			GBP	711,000			Goldman Sachs				8/17/2022					25,385
Net unrealized appreciation																$	89,226

Abbreviations

ADR  — American Depositary Receipt

COP  — Colombian Peso

EUR  — Euro

Fix Rt  — Fixed Rate

GBP  — British Pound

IDR  — Indonesian Rupiah

KRW  — South Korean Won

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.

Statement of Assets and Liabilities

June 30, 2022 (unaudited)

				First Eagle Overseas Variable Fund
Assets
Investments, at Cost (Note 1)
Investments in non-affiliates				$	188,574,035
Gold bullion					11,654,969
Investments, at Value (Note 1)
Investments in non-affiliates					232,109,622
Gold bullion					27,189,824
Cash					44,154
Unrealized appreciation on forward foreign currency exchange contracts					89,226
Receivable for investment securities sold					138,599
Foreign tax reclaims receivable					575,550
Receivable for Fund shares sold					926
Accrued interest and dividends receivable					366,829
Other assets					69,154
Total Assets					260,583,884
Liabilities
Investment advisory fees payable (Note 2)					166,399
Payable for investment securities purchased					331,468
Distribution fees payable (Note 3)					55,466
Administrative fees payable (Note 2)					97,398
Trustee fees payable					1,092
Payable for Fund shares redeemed					167,676
Accrued expenses and other liabilities					572,644
Total Liabilities					1,392,143
Net Assets				$	259,191,741
Net Assets Consist of
Capital stock (par value, $0.001 per share)					10,941
Capital surplus					185,877,544
Total distributable earnings (losses)					73,303,256
Net Assets				$	259,191,741
Shares Outstanding					10,941,071
Net asset value per share and redemption proceeds per share					23.69

See Notes to Financial Statements.

Statement of Operations

June 30, 2022 (unaudited)

				First Eagle Overseas Variable Fund
Investment Income
Interest (net of $4,358 foreign taxes withheld)				$	178,718
Non-cash dividend income from non-affiliates					23,469
Dividends from: Non-affiliates (net of $384,983 foreign taxes withheld)					3,382,170
Total Income					3,584,357
Expenses
Investment advisory fees (Note 2)					1,094,348
Distributions fees (Note 3)					364,783
Shareholder servicing agent fees					319,392
Administrative costs (Note 2)					165,409
Professional fees					126,126
Custodian and accounting fees					89,022
Shareholder reporting fees					40,543
Trustees' fees					5,768
Interest expense					1,038
Other expenses					8,474
Total Expenses					2,214,903
Expense reimbursement (Note 2)					(91,896	)
Net Expenses					2,123,007
Net Investment Income (Note 1)					1,461,350
Realized and Unrealized Gains ( Losses) on Investments and Foreign Currency Related Transactions (Note 1)
Net realized gains (losses) on:
Transactions from investments in non-affiliates					4,618,306
Commodity related transactions					2,311,798
Settlement of foreign currency and foreign currency transactions					(82,525	)
Settlement of forward foreign currency exchange contracts					628,460
					7,476,039
Changes in unrealized appreciation (depreciation) on:
Investment in non-affiliates and commodity related transactions (net of decrease in deferred capital gain country tax accruals of $19,347)					(39,306,618	)
Foreign currency and foreign currency translations					(42,199	)
Forward foreign currency exchange contracts					(97,864	)
					(39,446,681	)
Net realized and unrealized gains (losses) on investments, commodity, foreign currency and forward contract related transactions					(31,970,642	)
Net Decrease in Net Assets Resulting from Operations				($	30,509,292	)

See Notes to Financial Statements.

Statements of Changes in Net Assets

				First Eagle Overseas Variable Fund
				For the Six Months ended June 30, 2022 (Unaudited)				For the year ended December 31, 2021
Operations
Net investment income				$	1,461,350			$	2,438,867
Net realized gain on investments, foreign currency and forward contract related transactions					7,476,039				18,930,380
Change in unrealized (depreciation) on investments, foreign currency and forward contract related translations					(39,446,681	)			(7,218,852	)
Net increase (decrease) in net assets resulting from operations					(30,509,292	)			14,150,395
Distributions to Shareholders
Distributable earnings					—				(3,844,734	)
Decrease in net assets resulting from distributions					—				(3,844,734	)
Fund Share Transactions
Net proceeds from shares sold					6,612,057				25,576,089
Net asset value of shares issued for reinvested dividends and distributions					—				3,844,734
Cost of shares redeemed					(35,580,810	)			(44,374,842	)
Decrease in net assets from Fund share transactions					(28,968,753	)			(14,954,019	)
Net decrease in net assets					(59,478,045	)			(4,648,358	)
Net Assets (Note 1)
Beginning of period					318,669,786				323,318,144
End of period				$	259,191,741			$	318,669,786
Changes in Shares Outstanding
Shares outstanding, beginning of period					12,080,724				12,640,605
Shares sold					259,046				965,123
Shares issued on reinvestment of distributions					—				151,248
Shares redeemed					(1,398,699	)			(1,676,252	)
Shares outstanding, end of period					10,941,071				12,080,724

See Notes to Financial Statements.

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First Eagle Overseas Variable Fund

Financial Highlights

				Per share operating performance*
				Change in Net Assets Resulting from Operations																Less dividends and distributions
Selected per share data for the year ended:				Net asset 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 asset value, end of period
Six Months Ended June 30, 2022 (Unaudited)				$	26.38				0.13				(2.82	)			(2.69	)			—				—				—			$	23.69
December 31, 2021				$	25.58				0.20				0.93				1.13				(0.25	)			(0.08	)			(0.33	)		$	26.38
December 31, 2020				$	25.75				0.18				1.55				1.73				(0.69	)			(1.21	)			(1.90	)		$	25.58
December 31, 2019				$	22.77				0.28				3.67				3.95				(0.08	)			(0.89	)			(0.97	)		$	25.75
December 31, 2018				$	27.71				0.26				(3.16	)			(2.90	)			(0.60	)			(1.44	)			(2.04	)		$	22.77
December 31, 2017				$	25.43				0.15				3.55				3.70				(0.31	)			(1.11	)			(1.42	)		$	27.71

*  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, 2022 (Unaudited)					(10.20	)%(b)		$	259,192				1.52	%(c)			1.46	%(c)			0.94	%(c)			1.00	%(c)			5.56	%(b)
December 31, 2021					4.44	%		$	318,670				1.43	%			1.38	%			0.70	%			0.76	%			11.31	%
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	%

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, 2022, the Fund is offered as an investment option by two insurance companies and accordingly a decision by any insurance company to withdraw its participation may have a negative impact on the Fund.

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

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

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

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

Notes to Financial Statements

price for long or short positions, respectively). Securities, other than bonds, traded in the over-the-counter market are valued at the mean between the last bid and asked prices prior to the time of valuation (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively), except if such unlisted security is traded on the NASDAQ in which case, it is valued at the NASDAQ Official Closing Price. Such prices are provided by approved pricing vendors or other independent pricing sources.

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

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

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

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

Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the official close on the primary exchange or market on which they are traded. In the absence of such a quotation, a security may be valued at the last quoted sales price on the most active exchange or market as determined by the independent pricing agent. The Fund uses pricing services to identify the market prices of publicly traded securities in its portfolio. 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

Notes to Financial Statements

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.

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.

Notes to Financial Statements

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

Fair valuation of securities, other financial investments or other assets (collectively, "securities") held by the Fund are determined in good faith 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.

Effective September 8, 2022, and in accordance with Rule 2a-5 under the 1940 Act, the Fund's Board has designated the Adviser to perform the Fund's fair value determinations. While the Adviser's fair valuation process will be subject to Board oversight and certain reporting and other requirements, the Fund's fair valuation policy may be impacted by Rule 2a-5 and a greater number of the Fund's securities may be subject to fair value pricing.

The following is a summary of the Fund's inputs used to value the Fund's investments as of June 30, 2022:

Description†				Level 1				Level 2				Level 3‡				Total
Assets:
Common Stocks				$	50,757,630			$	165,321,207	(a)		$	—			$	216,078,837
Commodities*					—				27,189,824				—				27,189,824
Foreign Government Securities					—				5,381,882				1,529,872	(b)			6,911,754
Warrants					63,973				—				—				63,973
Short-Term Investments					1,904				9,053,154				—				9,055,058
Forward Foreign Currency Exchange Contracts**					—				89,226				—				89,226
Total				$	50,823,507			$	207,035,293			$	1,529,872			$	259,388,672

(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.

(b)  These investments are valued by brokers and pricing services. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 1.

†  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.

‡  Value determined using significant unobservable inputs.

Notes to Financial Statements

Fair Value Level 3 activity for the six month period ended June 30, 2022 was as follows:

				Foreign Government Securities
Beginning Balance — market value				$	—
Purchases(1)					—
Sales and repayments(2)					(84,876	)
Transfer In — Level 3					1,792,355
Transfer Out — Level 3					—
Accrued discounts/ (premiums)					(8,308	)
Realized Gains (Losses)					(14,972	)
Change in Unrealized Appreciation (Depreciation)					(154,327	)
Ending Balance — market value				$	1,529,872
Change in unrealized gains or (losses) relating to assets still held at reporting date				$	(154,327	)

(1)  Purchases include all purchases of securities and securities received in corporate actions.

(2)  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

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

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

d)  Foreign Currency Translation — The books and records of the Fund are maintained in U.S. dollars. The market values of securities which are not traded in

Notes to Financial Statements

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, 2022, the average monthly outstanding currency purchased and/or sold in U.S. dollars for forward foreign currency exchange contracts totaled $2,072,203 and $5,799,513 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.

Rule 18f-4 under the 1940 Act permits the Fund to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Fund, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if the Fund elects to

Notes to Financial Statements

treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Unless a fund is relying on the Limited Derivatives User Exception (as defined below), a fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a fund to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and comply with a relative or absolute limit on Fund leverage risk calculated based on value-at-risk ("VaR"). The DRMP is administered by a "derivatives risk manager," who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board.

Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if the Fund's "derivatives exposure" (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception"). As of the date hereof, the Fund is relying on the Limited Derivatives User Exception.

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, 2022, the Fund had the following forward foreign currency exchange contracts grouped into 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				$	89,226			$	—			$	628,460			$	(97,864	)

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

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

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

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

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, 2022:

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)
Goldman Sachs				$	25,385			$	—			$	(25,385	)		$	—
JP Morgan Chase Bank					63,841				—				—				63,841
Total				$	89,226			$	—			$	(25,385	)		$	63,841

*  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.

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

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

Notes to Financial Statements

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

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

k)  New Accounting Pronouncements — In June 2022, FASB issued Accounting Standards Update ("ASU") 2022-03, Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in the ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU is effective for interim and annual reporting periods beginning after December 15, 2023, with the option of early adoption. Management is currently evaluating the impact, if any, of applying this ASU.

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

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

The Adviser also performs certain administrative, accounting, operations, compliance and other services on behalf of the Fund, and in accordance with its agreement with the Adviser, the Fund reimburses the Adviser for costs (including personnel and other costs) related to those services. For the period ended June 30, 2022, the Fund reimbursed the Adviser $100,688 which are included under administrative costs in the Statement of Operations, and had a payable to the Adviser of $97,398. These reimbursements may not exceed an annual rate of 0.05% of the Fund's average daily net assets. For the six months ended June 30, 2022, these reimbursements exceeded the 0.05% annual rate and the Adviser refunded $91,896 to the Fund which are included under expense reimbursement in the Statement of Operations.

The Fund has entered into a custody agreement with J.P. Morgan Chase Bank, N.A. ("JPM"). The custody agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. JPM serves as custodian of the Fund's portfolio securities and other assets. JPM has directly entered into a sub-custodial agreement to maintain the custody of gold bullion in the Fund. Under the terms of the custody agreement between the Fund and JPM,

Notes to Financial Statements

JPM maintains and deposits in separate accounts, cash, securities and other assets of the Fund. JPM is also required, upon the order of the Fund, to deliver securities held by JPM and the sub-custodian, and to make payments for securities purchased by the Fund. JPM has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the United States are maintained in the custody of these entities.

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

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in various First Eagle Funds until distribution in accordance with the Plan. As of June 30, 2022, balances to the Plan are included in the fees payable to the Trustees on the Statement of Assets and Liabilities.

Note 3 — Plans of Distribution

Under the terms of the Distribution Plan and Agreement (the "Plan") with FEF Distributors, LLC (the "Distributor"), pursuant to the provisions of Rule 12b-1 under the 1940 Act, the Fund pays the Distributor monthly a distribution fee at an annual rate of up to 0.25% of the Fund's average daily net assets. Under the Plan, the Distributor will use amounts payable by the Fund in their entirety for payment to insurance companies which are the issuers of variable contracts invested in shares of the Fund, in order to pay or reimburse such insurance companies for distribution and shareholder servicing-related expenses incurred or paid by such insurance companies. For the period ended June 30, 2022, the distribution fee incurred by the Fund was $364,783.

Note 4 — Purchases and Sales of Securities

For the period ended June 30, 2022, purchases and proceeds from sales of investments, excluding short-term securities, were as follows:

Fund				Purchases excluding U.S. Government Securities				Sales and Maturities excluding U.S. Government Securities				Purchases of U.S. Government Securities				Sales and Maturities of U.S. Government Securities
First Eagle Overseas Variable Fund				$	15,157,763			$	18,834,232			$	—			$	—

Notes to Financial Statements

Note 5 — Line of Credit

On June 27, 2022, the Fund, together with the First Eagle Funds, renewed a $200 million committed, unsecured line of credit ("Credit Facility") with JPM for the Fund and First Eagle Funds, to be utilized for temporarily financing the purchase or sale of securities for prompt delivery in the ordinary course of business or for temporarily financing the redemption of shares of each Fund at the request of shareholders and other temporary or emergency purposes. Under the Credit Facility arrangement, the Fund has agreed to pay an annual commitment fee on the unused balance, allocated pro rata, based on the relative asset size of the Fund. A portion of the commitment fees related to the Credit Facility is paid by the Fund and is included in interest expense in the Statement of Operations. During the period ended June 30, 2022, the Fund had no borrowings under the agreement.

Note 6 — Indemnification and Investment Risk

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

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

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

Note 7 — Subsequent Events

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

Fund Expenses (unaudited)

Example

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

This example is based on an investment of $1,000 invested on January 1, 2022 and held for the six-months ended June 30, 2022.

Actual Expenses

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

Fund Expenses (unaudited)

Based on Actual Total Return⁽¹⁾

				Actual Total Return Without Sales Charges(2)				Beginning Account Date Value				Ending Account Value 6/30/22				Annualized Expense Ratio				Expenses Paid for the Period(3)
First Eagle Overseas Variable Fund					-10.20	%		$	1,000			$	898.00				1.46	%		$	6.87

(1)  For the six-months ended June 30, 2022.

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

(3)  Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Fund Expenses (unaudited)

Hypothetical Example for Comparison Purposes

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

This example is based on an investment of $1,000 invested on January 1, 2022 and held for the six-months ended June 30, 2022.

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

Fund Expenses (unaudited)

Based on Hypothetical Total Return⁽¹⁾

				Hypothetical Annualized Total Return				Beginning Account Date Value				Ending Account Value				Annualized Expense Ratio				Expenses Paid for the Period(2)
First Eagle Overseas Variable Fund					5.00	%		$	1,000			$	1,017.55				1.46	%		$	7.30

(1)  For the six-months ended June 30, 2022.

(2)  Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).